Progressive Rural Telephone

“The Cooperative is a member owned cooperative. To receive service, you must make application and purchase a $10 membership. The Cooperative had approximately 3,642 members at December 31, 2017.”

“The Members of the Cooperative elect the Board of Directors (the Board) at the Cooperative's Annual Meeting held in October each year. The Members are the only ones allowed to vote in the annual Board election.”

“Certain decisions, such as the sale of the Cooperative, are subject to approval by the Members of the Cooperative at an Annual Meeting or Called Meeting held for such purpose.”

“Management and the Board of Directors reviewed the Cooperative's Form 990 with the Board's accountant prior to filing the Form 990.”

“All salaries are approved by the Board of Directors. Management obtains as much information as possible from other surrounding telephone cooperatives and supplements this information with annual salary information published by the National Telecommunications Cooperative Association.”

“The Cooperative makes its governing documents, conflicts of interest policy, and financial statements available to the public at its home office upon receipt of a reasonable request. The Cooperative distributes at its Annual Meeting a two page copy of its balance sheet and income statement taken from its annual audited financial statements.”

“TAXES 171,338.”

“Memberships refunded, net -1,260. Other comprehensive income 300,239. Retirement of Members' Patronage Capital -140,389.”

“The Cooperative's process has not changed since the prior year. The Board of Directors and its designees assume responsibility for oversight of the Cooperative's financial audits and the selection of the Cooperative's audit firm.”