International Brotherhood of Electrical Workers

“The organization has 20 members.”

“Each member has the power to nominate two trustees to the board.”

“Under powersouth's bylaws, certain actions are voted on by the members including the sale of substantially all of its property, expulsion of a member as well as matters dealing with mergers and other issues.”

“The president/ceo reviews the form 990 with the executive committee who then reports to the board of trustees. The board members receive a copy of the form 990 for review. Once the form 990 has been reviewed by the governing body, the return is filed with the internal revenue service.”

“The organization does not have a formal conflict of interest policy however internal procedures and other policies provide the organization with guidance on conflicts of interest.”

“The organization does not have a formal policy however internal procedures provide the organization with guidance on document retention and destruction per the usda guidelines for rural utility service.”

“Compensation process: powersouth's systematic salary compensation plan for management, supervisory, technical and clerical employees was developed by korn ferry and has been used since the 1980's. Korn ferry evaluates jobs on three major factors: (1) required job knowledge and skills (2) the degree of thinking and problem solving required for decision making and (3) the degree of accountability for actions and the consequences of those actions. After evaluation, each job is assigned a point value and a salary range. Each year, korn ferry reviews the salary ranges of our jobs and compares them to the market to determine where we relate to others in our industry. From the information obtained through extensive surveys conducted by korn ferry (korn ferry energy industry and local area survey databases), it will determine if our midpoints are below, above or equal to the market average. This ensures internal equity and external competitiveness. If needed, korn ferry makes a recommendation to adjust our pay structure (salary ranges) based on the market and its movement. Powersouth's board of trustees is informed of this information and has the final decision as to what action is taken. We proceed as the board of trustees advise.”

“Form 990 and audited financial statements are available to the public upon request. Certain governance documents are available via alabama secretary of state website as well as posted to emma operated by the municipal securities rulemaking board.”

“There was no change in the audit oversight process or selection process during the year.”

“Powersouth energy cooperative p.o. Box 550 andalusia, al 36420 employer identification number: 63-0238274 for the year ending december 31, 2022 powersouth energy cooperative is making the de minimis safe harbor election under reg. Sec. 1.263(a)-1(f).”

“Powersouth energy cooperative p.o. Box 550 andalusia, al 36420 employer identification number: 63-0238274 for the year ending december 31, 2022 powersouth energy cooperative is making the election to capitalize repair and maintenance costs under reg. Sec. 1.263(a)-3(n).”