Withlacoochee River Electric

“The organization is organized as a not-for-profit corporation under the laws of the state of florida and operates as an electric distribution cooperative. It is therefore a membership organization and all members have identical rights under the cooperative's organizational documents and the statutes of the state of florida.”

“Under the cooperative's organizing documents and the laws of the state of florida, there is only one class of membership. Any person or business within the geographic service area of the cooperative is eligible to become a member upon application and payment of the membership fee. The members vote in elections of the board of trustees.”

“The general manager, accounting and finance manager, controller and accounting all review the 990. Additionally, form 990 will be emailed to each board member prior to submittal.”

“The organization obtains a conflict of interest statement from each employee and member of the board of trustees annually.”

“Form 990, part vi, line 15a - compensation for top officials a compensation study was conducted by an outside consultant for the year ended december 31, 2008. The organization used the results of that study as well as other factors to determine compensation for 2024. Minutes of meetings of the board of trustees will show approval of the salary for the executive vice president. Form 990, part vi, line 15b - compensation for officers a compensation study was conducted by an outside consultant for the year ended december 31, 2008. The organization used the results of that study as well as other factors to determine compensation for 2024.”

“The financial statements are included in the organization's annual report which is sent out to the membership of the organization. The governing documents and conflict of interest policy are not currently made 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." significant industry-wide discussions began regarding the need for the irs' clarification and whether "patronage dividends paid" means capital credits allocated, capital credits retired or some other amount. Withlacoochee river electric cooperative, inc. [wrec] prides itself with a prompt filing of its annual form 990. It intends to continue that tradition and not wait upon additional guidance that may come from the internal revenue service or other sources. For purposes of this form 990, the amount reported on line 4 represents the amount reported in the audited statement of revenue, expenses and changes in patronage capital for the year ended december 31, 2024.”

“Form 990, part ix, line 24 unrelated business taxes paid in 2024 federal taxes (990t) paid in 2024 - $191,200. State taxes (f-1120) paid in 2024 - $ 50,999.”

“Increase in memberships 41,220. Earnings of subsidiary 3,941,835. Rounding -3.”

“The board of trustees reviews and approves the audited financial statements.”