Talquin Electric Cooperative Inc

“The cooperative's membership is compromised of any person, firm, association, corporation or body politic 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.”

“Any member, meeting the qualifications to serve, can obtain 15 members' signatures to be placed on the board of trustees election ballot at the annual meeting.”

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

“Each board member received a copy of the final 990 through electronic mail prior to filing th ereturn. The director of finance reviews and approves the return prior to filing.”

“The conflict of interest policy of the cooperative covers directors, officers and key employees. Conflicts must be disclosed to the president or general manager immediately and are relayed to the board of trustees. The individual is given 30 days to comply with the policy or be removed from their position.”

“The general manager's salary is set by the board of trustees. A compensation committee recommends the salary based on national surveys. The full board of trustees approves the general manager's salary. The compensation of officers and key employees is set by the general manager. Compensation studies for positions in similar industries are used as a basis for compensation.”

“The governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“John hallas works exclusively for talquin water & wastwater, inc., but the cooperative pays his salary as he is an employee of the cooperative. Therefore he spends all of his hours as a key employee working for talquin water & wastwater, inc.”

“The accounting records of the cooperative are maintained in accordance with the accounting practices prescribed by the rural utilities service (rus) of the united states department of agriculture. These accounting practices do not record expenses in the general expense categories provided in part ix, lines 1-23. The cooperative separetely reports certain expense classifications, but other expeneses that are described in lines 1-23 are reported on line 24 under the expense categories required by rus. Additionally, the irs' instructions for the 2024 version of the form 990 state: the organization must separately report the amount, if any, of unrelated business income taxes that it paid or accrued during the tax year on line 24. The cooperative paid $2,000 in estimated tax payments during 2024 for its 2024 return.”

“Change in memberships -510. Change in accumulated other comprehensive income 202,274. Change in other equities 442,289. Rounding -1.”