Black River Electric

“The cooperative has members as provided for in its bylaws.”

“The cooperative has members who elect members of the governing body as provided for in its bylaws.”

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

“The form 990 is reviewed in detail by the cooperative's governing body, with all supporting documentation made available to them before being filed.”

“Black river electric cooperative's conflict of interest policy is directed to trustees/directors, officers, as well as other management personnel who can influence the actions of the cooperative. Disclosure and determination of the presence of a potential conflict of interest for any management personnel is made to the chief executive officer(or if she or he is the one with the conflict to the board chair), who then brings the matter to the attention of the board or a duly appointed committee thereof. Disclosure involving trustees/directors is to be made to the board chair (or if she or he is the one with the conflict to vice-chair), who then brings the matter to the attention of the board or a duly appointed committee thereof. In addition, each trustee/director, officer, and other management personnel are required to annually complete a disclosure statement identifying any potential transactions over prior year which could present itself as a potential conflict of interest.”

“A duly appointed committee of trustees, wage & salary committee, is organized on an annual basis. This committee reviews salaries of all employees including ceo, officers, and key employees. In addition, the committee also annually reviews statewide salary surveys, market place cola, as well as recommendations of independent wage survey conducted by third party. The recommendation of the wage & salary committee is then brought before the full board at the next board meeting where it is considered, discussed, adopted or rejected. Executive sessions are also used in this compensation process.”

“SEE 15A. ABOVE”

“The financial statements (audited annual statements) and bylaws are available to the public on the cooperative's website (www.blackriver.coop) in pdf format. Other governing documents and conflict of interest policy are available to the public upon request through public inspection at the cooperative headquarters or providing copies to members upon request to one of the cooperative's management employees.”

“Membership fees 1,880 benefits paid to members 5,413,647 other equities 269,939 retirement of patronage capital -4,062,412 total 1,623,054”