Peace River Electric Cooperative

“The organization is organized as not-for-profit corporation under the laws of the state of florida and operates as an electric distribution cooperative. It is a membership organization and all members have identical rights under the cooperative's organizational documents and the statutes of the state of florida.”

“Under the cooperative's organizing documents and the laws of the state of florida, there is only one class of membership. Any person or business within the geographic service area of the cooperative is eligible to become a member upon application and payment of the membership fee. The members vote in elections of the board of directors.”

“Changes made to the bylaws of the organization must be approved by the members of the organization.”

“Irs form 990 is reviewed by the general manager/ceo of the cooperative. Before the form 990 is filed with the irs, a copy is provided to each member of the board of directors for review.”

“Officers and directors are required to disclose any interests that could lead to a conflict of interest each year on a questionnaire provided by the cooperative. Management reviews the responses to each of the questionnaires.”

“Each year the board of directors reviews the nreca compensation study which represents compensation for 900 electric cooperatives. The board uses the data in the compensation study as well as the recommendations of an independent consultant to determine the compensation of the general manager/ceo. The final compensation is then approved by the board of directors and is documented in the minutes of the meetings of the board of directors.”

“The ceo uses the nreca compensation survey of 900 electric cooperatives as well as the recommendations of an independent consultant to determine the compensation of officers and key employees.”

“The financial statements are included in the organization's annual report which is sent out to the membership of the organization and is also made available on the organization's website. Corporate bylaws are made available on the organization's website. Any other governing documents and the conflict of interest policy are made available upon request.”

“Form 990, part ix, line 4 - benefits paid to or for members the irs' instructions for the 2018 version of 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 entitled "benefits paid to or for member." significant industry- wide discussions 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 the purposes of this form 990, the amount reported on line 4 represents the amount of 2018 capital credits allocated. This amount was approved by the board of directors during the spring of 2019.”

“Dividend allocated to cooperative from assoc coop 0 on accrual basis 1,918,541 on cash basis -319,279 margins assigned 4,102,084 increase in other equities 231,225 increase in membership 8,655 rounding 0 decrease in accum post retirement benefits -50,705 capital credits retired -1,416,790 total 4,473,731”