Clay Electric Cooperative Inc

“Clay electric cooperative, inc. Had 144,535 members as of december 31, 2016.”

“Clay electric cooperative, inc. Had nine members on the board of trustees at the end of the year. The board of trustee members serve three-year terms and each board member represents one trustee district within the cooperative's service area. Their terms are staggered in such a way that only three are up for election by the members each year.”

“The business and affairs of the cooperative are managed by a board of trustees which shall exercise all the powers of the cooperative except such as by law, the articles of incorporation or the bylaws. If an amendment of the bylaws is proposed by the board of trustees the amendment must be presented to the membership.”

“The top financial official presented paper copies of the 2016 form 990 to the board of trustees for their review at their monthly board meeting on october 26, 2017.”

“It is a requirement that incumbents of certain positions within the cooperative and the board of trustees annually complete and sign the conflict of interest certification and disclosure form and deliver it to the general manager/ceo or board president.”

“Comparability data was used to determine the compensation for the ceo and was approved by the board of trustees. Board meeting minutes document the deliberations and decisions on the compensation arrangement. Board meeting minutes on november 21, 2016, reflect a performance appraisal and compensation review for the ceo. Comparability data was used to evaluate the compensation for the other officers and key employees.”

“The governing documents (included in the member handbook), financial statements (included in the kilowatt newsletter) and conflict of interest policy are made available to the general public on the website at www.clayelectric.com.”

“Compensation for trustees varies as a result of differences in amount of participation in meetings and benefits taken by individual trustees.”

“Distribution operations 12,443,008. General & administration 3,571,745. Customer service and information ex 2,564,862. Equipment rent and maintenance 2,087,761. Transmission expense 1,451,677. Tax expense 606,727. Employee benefits 464,334. Generation expense 454,686. Other 193,938. Merchandising expense 178,508. Sales expense 17,580.”

“The cooperative's records are maintained in accordance with the uniform system of accounts prescribed by the federal energy regulatory commission (18cfr.part 101) as modified and adopted by the rural utilities service (rus) in 7.cfr.1767. Those practices utilize the allocation of certain expenses based on labor charges or other allocation bases. As a result, it would require significant effort to break out expenses in the functional categories provided on the statement of functional expenses. Management has opted to classify its expenses on the statement of functional expenses in the same manner it reports its financial results to lenders, regulators and members.”

“Memberships issued, net 9,465. Retirement of capital credits -6,000,212. Benefits paid to members 17,607,487. Other comprehensive income 6,354,528.”

“The board of directors have assigned members to an audit committee to oversee the financial statement audit and select the independent financial statement auditor.”