Singing River Electric Power Association

“Singing River Electric Power Association 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 Singing River Electric Power Association 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.”

“Tammy Hultz, Manager of Accounting & Finance, and Michael R. Smith, General Manager & CEO, reviewed a completed copy of the Form 990. The Form 990 was 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. Michael R. Smith then signed the IRS e-file authorization form allowing the Form 990 to be electronically filed with the Internal Revenue Service.”

“Singing River Electric Power Association 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.”

“Singing River Electric Power Association 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 Singing River Electric Power Association. The General Manager & CEO uses comparable compensation data when reviewing and evaluating the compensation of the other employees.”

“Singing River Electric Power Association 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 2015 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. Singing River Electric Power Association has interpreted the words "patronage dividends paid" in the instructions to mean margins that are assigned or assignable to the members. Singing River Electric Power Association assigns the net margins to its members each year. Therefore, the amount listed in Part IX, Line 4 represents the net margins assignable to the members for the calendar year ended December 31, 2015.”

“Change in Memberships 2,555. Actuarial Gain 6,934,800. Retirement of Capital Credits -2,493,006. Capital Credit Gains 1,409,659. Net Margins Assigned/Assignable to Members 11,154,128.”

“The filing organization did not change its processes of oversight and selection for the year ended December 31, 2015.”