C & L Electric Cooperative Corporation

“There is only one class of members. All members have one vote each. The members elect the governing body and approve whether the company can be sold.”

“The organization's members purchase electric energy from the Cooperative. Each member is entitled to one vote. The members annually hold a meeting to elect board members, passing upon reports and to transact such other business that may come before the meeting. Upon dissolution of the cooperative, after all debts and liabilities have been paid and all capital furnished through patronage has been retire, the remaining property and assets of the cooperative shall be distributed among the members and former members in accordance with the applicable provision of the law.”

“Financial management of the company reviews the Form 990 before filing with the IRS.”

“No person shall be eligible to become or remain a board member of the Cooperative who is in any way employed or financially interested in a competing enterprise or business selling electric energy or supplies to the Cooperative, or a business primarily engaged in selling electrical appliances, fixtures or supplies to the members of the Cooperative. The board policy states that each director will abstain from any decision that impacts his/her personal welfare or the personal welfare of close relatives of the director other than matters which are obviously covered by board policies.”

“A national, regional and state compensation survey is reviewed annually. The board of directors approves the CEO's salary annually.”

“Information is provided to each new member, certain by-law provisions are published annually in member magazines, annual reports are mailed to members, and Form 990 is available upon request.”

“Personal property rental revenues excluded from unrelated business income are related to pole rental income.”

“Difference between tax and book.”