Glades Electric Cooperative Inc

“All people or entities who purchase energy from glades electric cooperative, inc. Are members of the organization. Margins are allocated to members accounts based on usage. Each member has a single vote regarding election of the governing body of the cooperative.”

“The members of glades electric cooperative, inc. May elect members of the governing body at the annual meeting. Each year, an annual meeting is held at which the membership votes to elect three trustees for a three year term.”

“The membership must approve decisions that involve substantial transfers of cooperative assets, amendments to the cooperatives bylaws, as well as other decisions requiring approval of the membership by law, the articles of incorporation, and/or the cooperatives bylaws.”

“The completed form 990 was first reviewed by the chief financial officer. A copy of the form 990 was then presented to the board of trustees at a board meeting prior to filing the form with the internal revenue service. Once reviewed and approved by the board of trustees, the ceo signed and transmitted the return to the internal revenue service.”

“Certain cooperative policies are reviewed each month. At any board meeting in which a conflict may arise due to business transactions, the applicable trustees will recuse themselves from voting on the matter.”

“The compensation of the ceo is determined annually at the board of trustees discretion utilizing an executive compensation analysis prepared by the independent contractor, intandem llc, which incorporates nrecas nationalcompensation system and the economic research institutes salary assessor.”

“For other employees of the cooperative, the ceo utilizes a market model compensation plan prepared by independent contractor, intandem, llc. To make an overall compensation adjustment recommendation to the board of trustees for their approval which is allocated among employees per the plan. Union personnel receive a contracted amount which was approved by the board of trustees.”

“Glades electric cooperatives governing documents, conflict of interest policy, and financial statements are available to the public upon request at the main office in moore haven, florida.”

“Assignement of margins to members $ 6,721,667Gain on retirement of capital credits $ 159,923Retirement of capital credits $ -199,815Other changes $ 65,254 Total $ 6,747,029”

“Form 990, Part IX, Line 4The instructions to the 2024 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. The Cooperative has interpreted the words patronage dividends paid in the instructions to mean margins that are assigned or assignable to the members. The 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 ended December 31, 2024.”