Gulf Coast Electric Cooperative

“Classes of members or stockholders: membership is comprised of any person, firm, association, corporation, or body politic or subdivision thereof who (1) has made a written application for membership, (2) agreed to purchase cooperative electric energy, (3)agreed to comply with and be bound by the articles of incorporation and bylaws of the cooperative and any rules and regulations adopted by the board, and (4) paid the membership fee.”

“Election of members and their rights: members of the cooperative elect the governing board to three year terms.”

“Decisions subject to approval of members: the bylaws of the cooperative require approval by the members for such decisions as changes in the bylaws, the sale, mortgage or lease of all or any substantial portion of the cooperative's property.”

“Organization's process to review form 990: the form 990 is reviewed by the chief executive officer, then presented to the board of trustees for approval before being executed and filed.”

“Each member of the board of trustees completes a statement annually affirming that there have been no instances over the previous year making them out of compliance with the guidelines detailed in the cooperative conflict of interest policy.”

“Compensation process for top official: each year, the chief executive officer's performance is evaluated by the board of trustees, an independent body, using comparability pay data from other cooperatives. The chief executive officer evaluates the performance of the department mangers and uses comparability pay data from other cooperatives. The board of trustees approves the payroll increases to the department managers and employees. The chief executive officer evaluates the performance of the department mangers and uses comparability pay data from other cooperatives. The board of trustees approves the payroll increases to the department managers and employees. Compensation process for officers: the chief executive officer evaluates the performance of the department mangers and uses comparability pay data from other cooperatives. The board of trustees approves the payroll increases to the department managers and employees.”

“Governing documents disclosure explanation: each year, the financial statements for the previous year are printed in the members' magazine prior to the members' annual meeting. Copies of the form 990, other governing documents, and policies are maintained in each cooperative office and are available for public review upon request.”

“The unrelated business income taxes paid or accrued during the tax year was $232.”

“Change in memberships 1,710. Amort. Of unrecognized prior service costs & actuarial gain 85,077.”