French Broad Electric Membership Corp

“French broad electric membership corporation is an electric membership corporation that delivers electricity to the members of the cooperative. The members elect the board of directors, which comprise the governing body of the corporation. Each member has one vote.”

“All members of the french broad electric membership corporation receive one vote with respect to selecting the corporations's board of directors.”

“Certain decisions of the governing body are subject to approval by the members as provided for in its bylaws.”

“Accounting personnel review the 990 for accuracy before furnishing it to the chief executive officer and the board of directors for their approval.”

“The board of directors sets the salary of the general manager and is responsible for any job review or increase in pay.”

“The general manager is responsible for the job review of each upper management position. This review is conducted as deemed necessary, and merit raises are considered based on past job performance, additional responsibilities, and the financial position of the cooperative.”

“All new members are offered the opportunity to receive a copy of the bylaws and service rules and regulations when they sign up for service. This information is also available on the fbemc website. A financial report is mailed to each member every year in the annual meeting notice. The governing documents, conflict of interest policy, and financial statements are available upon request at the organization's headquarters.”

“Included in form 990, part vii, column (f) and schedule j, part ii, column (c) is the actuarial increase in defined benefit plans. The contribution rate for participants in the nreca r&s defined benefit pension plan is the same for all individuals in the plan. The change in actuarial value for each participant, however, varies with age. In other words, the older a plan participant is, the greater the increase in that individual's change in actuarial value, all other things being equal.”

“Form 990, part ix, line 4 benefits paid to or for members patronage dividends are credited to members' accounts in accordance with the pre-existing obligation in cooperative's by-laws. The corporation is obligated to pay by credits to a capital account for each patron all such amounts in excess of operating costs and expenses. Patronage dividends of section 501(c)(12) organizations are reported on line 4.”

“Patronage div paid to memb not exp per gaap 455,506 non-cash patronage allocations 82,049 other 26 ciac not revenue per gaap -669,216 patronage capital retirements -565,563 oci -2,122,897 total -2,820,095”