Lumbee River Electric Membership Corp

“Lumbee river 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 is the governing body of the cooperative.”

“All members of lumbee river emc are entitled to one vote with respect to electing the governing board of directors. There are 13 directors that are elected every 3 years.”

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

“No review was or will be conducted.”

“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 best course of action in a particular situation." a copy of the policy is posted on-line at each office location. Employees are notified once a year about the policy and are expected to review it. 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.”

“The executive committee will review the comparable data (nreca national compensation survey for rural electric systems) and determine the compensation for the ceo following a review done in january of each year. Compensation of other officers of the organization is reviewed each july. After careful consideration of labor market information, price index for the preceding 12-month period, and an assessment of general economic conditions directly affecting the cooperative and its ability to pay its employees, the board of directors, upon recommendation of the ceo, shall make a determination of the plan adjustment to be applied to the pay rate of each employee.”

“The organization has developed a performance matrix that takes into account employee performance and how close the employee is to the top of their pay range based on their job title, experience and performance. Compensation adjustments are based on where the individual falls within the performance matrix.”

“The annual report is posted on the organizations website. Financial information is also printed in the november issue of the carolina country magazine and employee newsletter that is mailed to all members. Other governing documents including the form 990 are available upon request.”

“No documents available to the public”

“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 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 participant is, the greater the increase in that individual's change in actuarial value with all other things being equal.”

“Form 990, part ix, line 4 benefits paid to or for members patronage dividends paid to members' accounts in accordance with the pre- existing obligation in lumbee river 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. Irs instructions for line 4 changed in 2011 to include patronage dividends paid by section 501(c)(12) organizations to their members. Accordingly, these amounts are now reported on line 4.”

“Net increase in memberships 10,170 benefits paid to members not exp per gaap 5,129,933 cash patronage received not rev per gaap 3,228,533 book tax difference on equity investments 412,766 net retirement of capital credits -4,228,958 ciac not revenue per gaap -2,324,972 other comprehensive loss -349,095 total 1,878,377”