Alabama Rural Electric Association of Cooperatives

“The Association's board of directors consists of the CEO/General Manager and a cooperative board member from each of the cooperative member systems.”

“There are two classes of memberships, members and associate members.”

“Each member of the board of directors of the Association is nominated by the governing bodies of the member cooperatives. The board of directors of the Association elects an executive committee, which exercises all of powers of the board of directors in accordance with the policy of the Association and the direction of the board of directors, during intervals between the meetings of the board of directors.”

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

“The Form 990 was reviewed by the Chief Executive Officer and the Chief Financial Officer before it was filed with the Internal Revenue Service. A copy was then provided to the board of directors before it was filed with the Internal Revenue Service.”

“Management monitors the compliance with the conflict of interest policy.”

“The salary of the President & CEO is reviewed each year by the executive committee and is adjusted based on industry comparison using published compensation surveys. The other employees' salaries are reviewed and adjusted each year by the President & CEO based on members' compensation surveys and performance. The board of directors approves salary adjustments as part of the overall annual budget approval.”

“Copies of the governing documents (Bylaws, Articles of Incorporation, etc.), policies, Form 990, and financial statements are available at the Association office upon request. The Association's Form 990 is also posted on www.guidestar.org.”

“Net Gain Arising From Other Post-Retirement Benefit Plan 38,868.”