Canoochee Electric Membership Corp

“The corporation has members as provided for in its bylaws which are included as a part of this return.”

“The corporation has members who elect members of the governing body as provided for in its bylaws which are included as a part of this return.”

“Certain decisions of the governing body are subject to approval by members as provided for in its bylaws which are included as a part of this return.”

“Form 990 is reviewed by the board as provided for in the corporation's policy which is included as a part of this return.”

“The corporation regularly and consistently monitors and enforces compliance with their conflict of interest policy as provided for in its policy which is included as a part of this return.”

“Ceo compensation is reviewed and approved as provided for in the corporation's policy which is included as a part of this return. Key employee compensation is reviewed and approved as provided for in the corporation's policy which is included as a part of this return.”

“The corporation makes its bylaws, conflict of interest policy, and financial statements available to the public as part of its form 990. The form 990 is available upon reasonable request as reflected in part vi, section c, line 18.”

“Capital credit allocations result from the payment of interest to cooperative financial institutions and the purchase of wholesale power, supplies and services from other cooperative organizations. The expense associated with purchases from and payments to such cooperative organizations are a direct component of the cost of electric distribution service provided by the corporation to its members.”

“The corporation is a member of a number of cooperatives and organizations where an officer or director of the corporation may serve as the corporation's representative on the board of directors. These individuals serve at the pleasure of the corporation and can serve only as long as they represent the corporation. The following individuals served in such positions: lavanda lynn - director of georgia energy cooperative (gec); director of georgia electric membership corporation (gemc); oglethorpe power corporation (opc) member representative; green power emc (green power) member representative gec is a not-for-profit corporation organized to provide (1) planning services by determining the individual and aggregate power supply requirements of its members; (2) procurement services by identifying potential long-term sources of power, developing a technical and economic assessment of such sources, and negotiating appropriate contracts with third parties to procure the power supply necessary to satisfy its members' determined need for future resources resulting from planning services; and (3) administrative services by coordinating member activities and representing the interests of the members in relation to power supply, operation and transmission contracts to which the member is party. The corporation paid $10,908,534 for the services provided by gec during 2024. Gemc is a not-for-profit corporation organized to (1) foster, develop and encourage the program of rural electrification in the state of georgia; (2) further the general welfare and to promote the interest of its members, to further the safety, stability, security and prosperity of electric cooperatives, and to aid in solving the problems common to electric cooperatives; (3) disseminate information relating to the rural electrification program, to cooperate with federal, state and municipal agencies in the promotion of rural electrification and national, state, community and rural development, to provide services and informational programs that will stimulate local growth, stability and security, and strengthen the electric cooperative program in georgia; and (4) otherwise assist the members of gemc to provide electric energy to inhabitants of member service areas at the lowest possible cost consistent with sound economy. The corporation paid $360,974 for the services provided by gemc during 2024. Opc is a not-for-profit georgia electric membership corporation owned by its 38 retail electric distribution cooperative members. Opc provides wholesale electric service to its members for a substantial portion of their power requirements from a combination of its generation assets and power purchased from power marketers and other suppliers. The corporation paid $28,238,902 for the services provided by opc during 2024. Green power is a not-for-profit corporation organized to (1) furnish electrical energy and service; (2) assist its members in the efficient and economical use of energy; (3) engage in research and promote and develop energy conservation and sources and methods of conserving, producing, converting and delivering energy; and (4) engage in any lawful act or activity necessary or convenient to effect the foregoing purposes. The corporation paid $424,461 for the services provided by green power during 2024.”

“Customer accounts 1,963,352. Customer service & informational 596,245. Other deductions 262,280.”

“The accounting records of the corporation are maintained in accordance with the accounting practices prescribed by the rural utilities service (rus) of the united states department of agriculture and in accordance with accounting principles generally accepted in the united states of america (gaap). These accounting practices do not record expenses in the general expense categories provided on part ix, lines 1 - 23. The corporation separately reports certain expense classifications, but other expenses that are described in lines 1 - 23 will be reported on line 24 under the expense categories required by rus. Form 990 requires 501(c)12 organizations to report patronage capital credits as an expense. Gaap does not recognize this amount as an expense. The result was $5,063,097 more expense on form 990, part ix.”

“Patronage capital credits 5,063,097. Increase in memberships 2,080. Accumulated other comprehensive income 276,379. Capital credit retirements -859,560. Patronage to capital credits gains -327.”

“The board of directors and its designees assume responsibility for oversight of its financial audits and the selection of its independent auditors. This process has not changed since the prior year. The annual financial statements audit has been completed for the calendar years 2024 and 2023.”