Suwannee Valley Electric Cooperative

“The cooperative was formed by the members to provide electric service at cost on a cooperative basis.”

“The members of the cooperative vote on the board of directors. Elections are done on a one member one vote basis.”

“The membership must approve/vote on: 1. Election/removal of a new officer 2. Bylaw changes 3. Dissolution or a sale of a substantial portion of assets”

“From time to time the entire board will go into executive session for discussing items of a sensitive and confidential nature. When this occurs, management and others in attendance are removed from the meeting room. Items discussed in executive session are not documented. However, actions taken by the board after executive sessions are adjourned are fully documented in the written minutes.”

“After the draft has been prepared by an independent audit firm, a copy of the Form 990 is sent to the CFO and CEO and presented at the next board meeting. Specific sections of the 990 may be highlighted through a PowerPoint by the CFO at the meeting, but the entire report is available for review to all trustees. After approval at the board meeting, it is filed with the IRS.”

“Board members review and sign the conflict of interest form annually at the September board meeting. Officers, Key Employees, Purchasing Coordinator and Fleet Supervisor also review and sign the form annually.”

“The General Counsel and Director of Administrative Services sends out the performance evaluation form to all trustees which they then complete and return to her. Once all forms are collected, she gives them to the board president along with the job wage comparison data acquired from the Wage Compensation Consultant. The board to go into executive session where they decide on CEO's raise. The Board President then notifies General Counsel and Director of Administrative Services what the raise will be. She then types it up, has President sign and files it in CEO Personnel File.”

“The bylaws are available on both the website and at the office upon request. All other documents and financial statements are available to the membership upon request.”

“The instructions to the Form 990 indicate that organizations exempt under Section 501 (c)(12) should report patronage dividends paid to their members in Part IX, Line 4 of the Form 990. Suwannee Valley Electric Cooperative has interpreted the words "patronage dividends paid" in the instructions to mean margins that are assigned or assignable to the members. Suwannee Valley Electric Cooperative assigns the net margins to its members each year. Therefore, the amount listed in Part IX, Line 4 represents the net margins assignable to the members for the calendar year.”

“Change in Memberships 970. Retirements -103,637. Unclaimed patronage reassigned 420,447. Other comprehensive income 35,221. Assignment of net margins to members 3,071,933. Capital Credit Gains 60,071.”