Jones-Onslow Electric Membership Corporation

“Jones-onslow electric membership corporation is a member owned nonprofit cooperative organized to provide electric service to approximately 79,000 members in the counties of onslow, jones, duplin, lenoir, pender and craven in the state of north carolina”

“All the members of jones-onslow electric membership corporation receive one vote with respect to selecting the corporation's board of directors.”

“Decisions by the board of directors are subject to the approval of a majority of the members”

“The form 990 was presented at a board meeting for discussion and review.”

“Jones-onslow electric membership corporation regularly and consistently monitors and enforces compliance with its written conflict of interest policy”

“Ceo compensation is determined by an executive compensation committee. A comparative analysis of compensation is performed by an independent consultant and is used in determining compensation. The minutes of the board of directors show approval of the compensation for the ceo. An independent consulting firm also reviews other higher compensated officers and key employees. This information is assessable by the board and is recorded in the board minutes.”

“Ceo compensation is determined by an executive compensation committee. A comparative analysis of compensation is performed by an independent consultant and is used in determining compensation. The minutes of the board of directors show approval of the compensation for the ceo. An independent consulting firm also reviews other higher compensated officers and key employees. This information is assessable by the board and is recorded in the board minutes.”

“The financial statements are mailed or emailed to each member as part of the annual report and they are available upon request at the corporate office located in jacksonville.”

“Part vii section a column f the corporation 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 are 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 participant is, the greater the increase in that individual's change in actuarial value with all other things being equal.”

“990 part 1 line 14 and part ix line 4 patronage dividends paid to members' accounts was in accordance with the pre-existing obligation of jones-onslow electric membership corporation'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.”

“Noncash patronage cap alloc not rev per irs 3,251,657 patronage div paid to members' accts not exp 1,512,799 book/tax difference on other income 191,265 contributions in aid of const not rev per gaap -3,166,116 retirement of capital credits -1,780,679 other comprehensive loss -1,634,390 total -1,625,464”