Holston Electric Cooperative Inc

“As a cooperative, we are owned by the members we serve.”

“Members are eligible to vote for any representative running for election. There are seven districts, each with a representative. Representatives serve a three year term.”

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

“The Form 990 is prepared by an independent accounting firm using the information provided by the Director of Finance. The Form 990 is then re-examined by the Director of Finance once the independent accounting firm submits a first draft and recommends revisions. A final copy is then presented to the Board of Directors before it is filed.”

“The conflict of interest policy is monitored by the board of directors annually at the organizational meeting. The General Manager, Director of Finance, and each director signs a statement of code of conduct. Within this code of conduct is language regarding conflicts of interest. Approval of the code of conduct is recorded in the minutes.”

“The personnel committee of the Board of Directors annually reviews the performance of the General Manager. The committee reviews competitive salary survey data, including a competitive range for general managers in comparable organizations and develops a salary recommendation that is presented to the full board of directors for a vote. The decision is documented in the minutes of the board meeting. The personnel committee compares the General Manager's salary to the salaries of other general managers of electric utilities both nationally and within the state. Officer and key employee salaries are determined by the General Manager using similar evaluation and salary comparison criteria as used by the personnel committee. The cooperative's pay grades and compensation are competitive. Pay grades are reviewed annually and may be adjusted by a competitive factor as determined by the results of competitive market surveys.”

“The cooperative's governing documents are the bylaws. The bylaws are given to all new members. The bylaws are also made available on our website and upon request. The conflict of interest is available upon request. Financial statements are presented annually at the member's annual meeting. The financial statements are also published annually in our member publication.”

“Change in memberships -3,975. Margins Assigned/Assignable to Members 8,090,405.”