Central Florida Electric Cooperative Inc

“The bylaws state that for a person/entity to receive service, the person/entity has to be a member of the cooperative. Each member receives one vote. A member may have multiple electric accounts, but only one memebership is allowed. There is only one class of members.”

“Cfec members elect the board of trustees (members of the governing body).”

“The board of trustees is elected by the members. The members must also approve any changes to the articles of incorporation or the by-laws and any decisions by the board of trustees where previous authority has not been granted by the governing documents.”

“The executive vice president/general manager and the chief financial officer review the form 990 in detail. A copy of the form 990 is presented to the board of trustees before filing and approved. The form 990 is prepared by an independent public accounting firm.”

“Cfec has a written conflict of interest policy. The policy is monitored constantly and representations are obtained on an annual basis evidencing compliance with the policy by trustees and employees.”

“An outside independent consultant prepares a salary survey annually. The survey is used by the board of trustees to determine compensation for the executive vice president/general manager. The board of trustees reviews the general manager's performance on an annual basis.”

“An outside independent consultant prepares a salary survey annually. The general manager uses the salary survey to set compensation for other employees of cfec.”

“Governing documents, conflict of interest policy, and financial statements are available for review by cfec's members at its headquarters office. Documents, policy, and financial statements are available as soon as possible after the request is made.”

“Central florida electric cooperative, inc. (cfec) is a community oriented, member-owned organization that provides reliable service to its members-owners at the lowest rate possible, while being fiscally and environmentally responsible. To be the finest example of an electric cooperative where excellent service, competitive rates and concern for the consumer, community and environment guide our every action.”

“Form 990, part ix, line 4 - benefits paid to or for members the irs's instructions for the 2014 version of the form 990, part ix, line 4 state: "enter the payments made by the organization to provide benefits to members (... Patronage dividends paid by section 501(c)(12) organizations to their members. Statement of functional expenses, line 4 is entitiled "benefits paid to or for members." significant industry-wide dicussions began regarding the need for the irs' clarification and whether "patronage dividends 'paid" means capital credits allocated, capital credits retired or some other amount. For purposes of this form 990, the amount reported on line 4 represents the amount reported in the audited statement of revenue and changes in patronage capital for the year ended december 31, 2014 and other benefits paid to members in the amount 214,418.”

“Patronage capital allocated difference between book/tax 1,140,043 rental expenses netted against revenue 3,524 homeguard expenses netted against revenue -9,480 rental expenses netted against revenues -3,524 benefits paid to members 214,418 home guard expense netted against revenues 9,480”

“Retirement health change in oblig 483,581 increase in membership fees 340 benefits paid to members -214,418”