Oklahoma Electric Cooperative

“The form 990 is prepared and reviewed by an outside accounting firm. Prior to filing, the form 990 is reviewed by the cooperative's top management officials including the ceo and the cfo. The form 990 will be sent via first class mail or emailed to the board of trustees for review.”

“The following shall be eligible to become a member of, and, at one or more premises owned or directly used or occupied by the applicant, to receive electric service from, oklahoma electric cooperative: any natural person, firm, association, electric membership corporation, foreign electric cooperative, corporation, domestic or foreign, business or other trust, partnership, federal agency, state or political subdivision or agency thereof, or any body politic.”

“The organization's members purchase electric energy from the cooperative. Each member is entitled to one vote. Changes to the articles of incorporation and bylaws require a majority vote by the members. In addition, the members annually hold a meeting to elect trustees, 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 retired, the remaining property and assets of the cooperative shall be distributed among the members and former members in proportion to their patronage. Members of the cooperative may vote on items of business at annual and district meetings provided a quorum is present.”

“Each member is entitled to one vote. Members of the cooperative may vote on items of business at annual and district meetings provided a quorum is present.”

“Officers, key employees and trustees are covered under the conflict of interest policy. Each of these persons has a duty to disclose actual or potential conflicts of interest. With regards to potential financial interests, the interested person shall present all material facts to the board of trustees at which time the disinterested trustees shall make a determination whether a conflict exists. Should a conflict be identified, the interested person has 30 days to comply with the policy . If compliance is not attained, the board will sanction, disqualify and/or remove the trustee as allowed by the by-laws. If any other official is determined to be out of compliance with this policy, the board will act or authorize the ceo to act as appropriate.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Compensation amounts for listed officers were not reported as the entity is no longer a not for profit entity and thus is not required to disclose compensation information.”

“Oklahoma electric cooperative has voluntarily terminated their 501(c)(12) status and is now operating as a taxable entity. Per irs guidance, oec is filing a final form 990 for tax year 2019. The organization has filed form 1120 u.s. Corporation income tax return for the 2019 tax. Oec balance sheet items are reflected on the 1120 avecc return for the tax year 2019 and thus are not included on this return.”

“Oklahoma electric cooperative (oec) is voluntarily relinquishing its tax-exempt status as it anticipates that in the next year or two 85% or more of its income will consist of amounts collected from members. Oec is following verbal guidance from irs to file 990 and check box indicating the entity has been terminated to indicate the entity is taxable. Oec filed form 1120 for tax year ending 12/31/2019.”

“Form 990 is being amended to include an attachment regarding the termination of exempt status to the electronic file that was inadvertently omitted from the original filing.”