Singing River Electric Cooperative

“The Cooperative is a not-for-profit membership organization whose members have identical voting rights and are assigned margins in accordance with the organization's bylaws.”

“The members of the Cooperative may elect one or more members of the governing body at the annual meeting.”

“The business and affairs of the organization are managed by the Board of Directors which exercises all of the powers of the organization except such as are by law, or by the Certificate of Incorporation of the organization, or by the bylaws conferred upon or reserved to the members. The organization's bylaws include certain provisions in which a majority of the membership would need to approve such transactions. An example would be decisions to sell, lease, or otherwise dispose of more than ten percent of the organization's property.”

“The Chief Financial Officer and the General Manager, & CEO review a completed copy of the Form 990. The Form 990 is then presented to and reviewed with the board of directors at a board meeting prior to filing the form with the Internal Revenue Service. The presentation of the form to the directors is reflected in the board minutes. The General Manager & CEO then signs the e-file authorization form allowing the Form 990 to be electronically filed with the Internal Revenue Service.”

“The Cooperative has a board policy named the "Board of Directors and Officers Code of Ethics." The policy includes a certification of compliance, and each board member and officer signs the certificate annually to state they have read and fully understood the "Board of Directors and Officers Code of Ethics and recognize that he/she is subject to the code.”

“The Cooperative has a board policy that is named the "General Manager and CEO Evaluation and Compensation." A committee from the Board of Directors completes an evaluation regarding the General Manager & CEO's performance. The compensation is compared to national, state, and regional compensation for other general managers of similar size to the Cooperative. The General Manager & CEO uses comparable compensation data when reviewing and evaluating the compensation of the other employees.”

“The Cooperative allows the public to inspect a copy of the bylaws, financial statements, and conflict of interest policy at the main office. Information such as membership guide, rate schedules, and bylaws can also be found on www.singingriver.com.”

“The instructions to the Form 990 indicate that organizations exempt under Section 501(c)(12) should report "patronage dividends paid" to their members in Part IX, Line 4 of the Form 990. The Cooperative has interpreted the words "patronage dividends paid" in the instructions to mean margins that are assigned or assignable to the members. The Cooperative assigned the 2024 net margins to its members as well as an amount representing deferred revenue that will be recognzied in 2025. Therefore, the amount listed in Part IX, Line 4 represents the current year net margins assigned to the members plus the portion of deferred revenue that will be recognized in 2025.”

“Change in Memberships 3,930. Actuarial Gain/Loss -1,744,387. Retirement of Capital Credits -5,114,813. Capital Credits Unclaimed 2,255,796. Net Margins Assigned/Assignable to Members 12,931,286. Deferred Credits 3,000,000.”

“The filing organization did not change its processes of oversight and selection for the year ended December 31, 2024.”