Four County Electric Membership Corp

“The organization operates as a cooperative. Any person, business, organization, association, or agency is eligible to become a member of, and receive electric service from, four county emc. However, no person shall have more than one membership in the cooperative.”

“The board of directors is elected by the membership at the annual meeting of the members. Each active member is allowed one vote.”

“Active members must approve of the disposal of a significant percentage of the organization's assets.”

“The 990 is reviewed by accounting personnel before furnishing it to the chief executive officer and the board of directors for their approval. This review includes comparing the 990 to the audited financial statements and required annual filings with the rural utilities service.”

“Conflicts of interest are covered under the organization's code of conduct, which states, "employees are encouraged to talk to supervisors, managers, or other appropriate personnel about observed illegal or unethical behavior, as well as actual or suspected violations of the policy of which they are aware, or concerns about the past course of action in a particular situation". A copy of the policy is posted at each office location and a copy can be requested from a supervisor. Employees are notified once a year about the policy. Employees are expected to cooperate in internal investigations of misconduct. Directors are similarly encouraged to discuss such issues with fellow directors or with the president of the board. Once a year,members of the board of directors provide written documentation of any known conflicts of interest. No such conflicts were noted during the reporting year.”

“The organization periodically uses the services of a consulting service which compares the organization's compensation with that of similar organizations for all classes of employees. Salaries of management personnel, including the chief executive officer, are reviewed by the board of directors, and files are maintained for the review process by which merit raises are granted.”

“A copy of the bylaws are provided to new members. A condensed financial statement is provided to the members as a part of the organization's annual report. The full financial statements are available upon request from the organization's office. The conflict of interest policy is a part of the organization's code of conduct, which is available upon request from the organization's office.”

“Fas 158 amortization adjustment -674,600. Contributions in aid of construction -2,899,030.”

“Process has not changed from the prior year.”