Edgecombe-Martin County Emc

“Edgecombe-martin is an electric membership corporation that delivers electricity to the members of the cooperative. The members elect the board of directors, which is the governing body of the cooperative.”

“Members of the governing board are elected by the membership of the cooperative. The board has monthly meetings and an annual meeting that is open to the entire membership.”

“Certain decisions of the governing board are subject to approval by the members as provided for in the by-laws.”

“Ceo and vp of finance review a draft of the 990 with board prior to filing the return.”

“Officers, directors and key employees are required to disclose interests that could give rise to conflicts at each monthly board meeting.”

“Ceo compensation is determined by the board of directors after a review and comparison with surveys of similar organizations.”

“Compensation of other officers, key employees and staff are determined by the ceo after consultation with managerial staff and comparison with information from other similar organizations.”

“Governing documents and policies are available upon request. Financial data is provided to the members at the annual meeting and is also included on the 990 which is available upon request or on the internet.”

“Part vii section a column f the cooperative participates in the nreca group defined pension plan. As part of this plan, participants are required to recognize the actuarial increase in the value of their account on the form 990. The contribution rate for participants in the plan is the same for all individuals in the plan. However, the change in actuarial value for each participant varies with age. In other words, the older a participant is, the greater the increase in that individual's change in actuarial value, with all other things being equal.”

“Part ix, line 4 - benefits paid to or for members patronage dividends are paid to members' accounts in accordance with the pre-existing obligation in edgecome-martin county emc's by-laws. The cooperative is obligated to pay by credits to a capital account for each patron all such amounts in excess of operating costs and expenses. Part ix line 17 - travel costs travel costs include the expenses of purchasing, leasing, operating, and repairing any vehicles owned by the corporation and used in the corporation's activities. Travel costs also include transportation costs, meals and lodging, and per diem payments.”

“Noncash patronage not rev per gaap 587,414 patronage div paid to members not exp per gaap 3,304,443 net increase in memberships 60 contributions in aid of const not rev per gaap -381,573 retirement of capital credits -1,158,932 total 2,351,412”