Florida Electric Cooperatives Association Inc

“The association has members that pay annual dues and consist of electric cooperatives.”

“Florida electric cooperative association, inc. Has 17 members and each member elects two directors to serve on the board. Those directors are approved and seated by the full florida electric cooperatives association board.”

“Since the governing board is comprised of members, all decisions made by them are subject to the approval of those members.”

“Form 990 and accompanying schedules are prepared by an independent accounting firm. Form 990 and accompanying schedules are first reviewed by the director of accounting and the executive director. Form 990 and accompanying schedules are then provided to the board members as part of their board meeting package and reviewed and approved by the entire board of directors at their meeting. All issues and questions are resolved with the independent accounting firm prior to filing with the internal revenue service center.”

“The association monitors compliance consistently through an annual review of all transactions.”

“The process for determining top management compensation includes an independent compensation committee which reviews internal compensation, as well as average compensation in their related industry. The decision is approved by the board and all board decisions are documented in the organization's minutes as they occur. Each year, the board uses a compensation survey conducted by an outside agency to establish the vice president's compensation.”

“The association makes its governing documents and three most current financial statements and form 990s available to the public upon request.”

“The organization has adopted the principles of fasb asu no. 2016-14 (asc 958) for its audited financial statements for the period ended december 31, 2018. To date, form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have included the net asset categories in our audited consolidated financial statements on existing form 990, part x, lines 27-29 as follows: net assets without donor restrictions: $348,896 net assets with donor restrictions: $434,294 total net assets: $783,190 unrestricted net assets: $348,896 temporarily restricted net assets: $434,294 permanently restricted net assets: $0 total net assets: $783,190”

“During the tax year, the organization did not make changes to the its oversight process nor its selection process.”