Sumter Electric Cooperative Inc

“Classes of members or stockholders the sumter electric cooperative has members comprised of any person, firm, association, corporation or subdivision who agrees to (1) purchase utility services from the cooperative, (2) comply with the articles of incorporation and by-laws, and (3) pay the membership fee.”

“Election of members and their rights members vote for a trustee to represent their district.”

“Decisions subject to approval of members the board of trustees is required to receive member approval on all by-law and article of incorporation changes. Member approval is obtained through a vote at the annual meeting.”

“Organization's process to review form 990 the board finance and audit committee, chief executive officer, vice president of financial & administrative services, and controller have reviewed and approved the 990. The board of trustees received an electronic copy of the final 990 prior to filing. Trustees were asked for comments prior to submission.”

“Enforcement of conflict policy the conflict of interest policy covers all cooperative personnel, including trustees and employees. Any conflicts are required to be reported to the compliance officer or the board of trustees. Willful violation of the policy may require drastic action, including dismissal from the board or termination of employment.”

“Form 990, part vi, line 15a - compensation process for top official the board of trustees review, evaluate and approve annually the ceo's compensation. A variety of sources are utilized to determine salary: form 990 from other organizations and reputable market compensation surveys. Form 990, part vi, line 15b - compensation process for officers the ceo reviews and approves on an annual basis salaries for all employees including executives. Various reputable market compensation surveys, form 990 from other cooperatives are utilized to determine salaries.”

“Governing documents disclosure explanation no documents available to the public”

“The irs' instructions for the 2024 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 entitled "benefits paid to or for members." 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, 2024 and other benefits paid to member in the amount of $3,919,886 and $1,404 of utility assistance provided to various members.”

“The software used to prepare the form 990 is not currently designed to report income tax expense from unrelated business income separately on line 24 as required by the instructions for form 990. Income tax expense for unrelated business income is therefore included in line 24(e). The amount of federal and state income tax expense included in line 24(e) from unrelated business income is $5,550.”

“Increase in membership 45,310. Assigned capital credits, not paid 18,690,599. Change in other equities 1,165,720. Unclaimed patronage capital 1,016,483. Change in aoci -205,179. Angel funds expenses 1,404. Capital credits, cash received -4,223,327. Rounding 2.”