Mississippi County Electric Cooperative Inc

“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.”

“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 v.p. Of finance and administration, as well as, board members review form 990 before filing with the irs.”

“Any individual board of director or employee who believes that they or an immediate member of their family might have a real or apparent conflict of interest is to file a notice of disclosure as well as abstain from: participating in discussions with respect to the subject of the conflict, using personal influence to affect deliberations, making motions, voting, executing agreements, or taking actions on behalf of the organization where the conflict of interest might pertain by law, agreement or otherwise. All disclosures of real or apparent conflict shall be noted in the minutes of the board of directors. At the discretion of the board of directors or the president/ceo, a person with a real or apparent conflict of interest may be excused from all or a portion of discussion or deliberations with respect to the subject of the conflict.”

“The board of directors determines the compensation of the ceo. The board references nreca's salary survey and compares the salary to state organizations when making the determination. The board's last reference to the nreca's salary survey was in 2022.”

“Consideration for officers is compared to the nreca salary survey to determine if they are within an acceptable salary range. The board's last reference to the nreca's salary survey was in 2022. The ceo makes the determination to raise the salary within the appropriate range. An annual cost of living adjustment is calculated by the ceo and vice president of finance and administration using inflation and the cost of living adjustment for social security.”

“The governing documents are made available to the public upon request.”

“The amount listed as personal property rent is pole rental income and is excluded from unrelated business income.”

“Amount noted on this line relates to patronage dividends allocated after 2022 year end for the 2022 year.”

“Patronage allocated $ 6,165,607 increase in retired capital credits 69,071 change in membership fees (540) retirement of capital credits (1,499,996) change in funded status of postretirement benefit obligations 873,720 book to tax depreciation difference 10,876,388 ubi interest expense 47,486 ----------------- other changes in net assets $ 16,531,736”

“The organization does not allocate generation & transmission (g&t) capital credits until the year they are paid in cash to the organization. Once the organization receives the capital credit cash payment, the capital credit retirement is paid out in the same rotation as the organizations patronage capital. Below is a reconciliation of net margin to current year capital credits and patronage allocated: net margin 12/31/2022 before g&t and patronage allocation $3,239,461 g&t capital credits allocations for 2022 (0) interest and dividend income 752,200 g&t capital credits retired in cash in 2022 2,173,946 ---------------- patronage allocated to members for 2022 (line 14) 6,165,607 g&t capital credits allocations for 2022 0 interest and dividend income (752,200) g&t capital credits retired in cash in 2021 (2,173,946) book to tax depreciation difference (10,876,388) ubi interest expense (47,486) ----------------- revenue less expenses (line 19) (13,850,020)”