Oconee Electric Membership Corporation

“Individuals and entities requesting service are required to pay a one-time membership fee.”

“The corporation has seven members of its board of directors. A board election is held annually in conjunction with the corporation's annual member meeting. The members are the only ones allowed to vote in the annual election of board members.”

“Certain decisions, such as changes to the corporation's corporate by-laws, must be presented to and approved by the members. Generally, such changes, if any, are presented at the corporation's annual member meeting.”

“Form 990 was reviewed with the board of directors by the accounting firm that prepared the form 990 along with certain members of management.”

“Conflict of interest policy was approved by the board of directors effective december 31, 2008. This policy is reviewed annually with the board of directors by the ceo.”

“The ceo submits a report to the board of directors using the ceo performance assessment form. The board then rates the ceo's performance. Using the current year nreca compensation survey, the board then determines the amount of annual increase for the ceo. The ceo rates the employee's performance. Using the current year nreca compensation survey, the ceo then determines the amount of annual increase for the employee.”

“Such information is available to the public upon receipt of a reasonable request.”

“Patronage dividends 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 the electric service provided by the corporation to its members.”

“Consumer accounts 739,701. Customer service and informational 182,888. Taxes 134,792. Annual meeting 35,286. Rents 3,114.”

“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. 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.”

“Retirements of patronage capital -404,537. Donated capital 2,658. Increase in memberships 725. Capital credit gains 68,276. Benefits paid to members 3,092,307.”

“The corporation's process has not changed in the past year.”