Cherokee County Electric Cooperative Association

“The cooperative has one class of members. Each member has the right to receive electricity, to vote, and to receive patronage capital.”

“The members of the cooperative have the right to vote for directors or any other matter noted on the ballot at the annual meeting of the membership. An appointed nominating committee composed of 1 member from each director district selects 1 nominee from each appropriate district. A member may also be nominated by petition with a minimum of fifty (50) signatures of members from the appropriate district. Directors are then elected by mail ballot. Ten percent (10%) of the total number of members of the cooperative constitutes a quorum for the mail ballot election. The elected directors are responsible for governing the cooperative.”

“SEE ABOVE.”

“The board of directors determines whether the form 990 will be reviewed by all directors, an existing committee, or a special committee appointed for such purpose prior to filing. Once the return is completed, it is provided to the directors or the committee responsible for reviewing. Employees of the cooperative responsible for filing are available to respond to questions or provide background as needed. Once the directors responsible for reviewing the form 990 are satisfied it is accurate and complete, the return is filed. Subsequently, the return is made available to all directors for their review.”

“Each director, officer, and key employee of the cooperative is covered under the conflict of interest policy. The board of directors interprets and enforces the policy. The cooperative's legal counsel annually reviews the policy with all officials. The minutes of all board meetings record all disclosures, votes, authorizations, and other actions taken under the policy. Each official annually completes and signs the conflict of interest certificaton and disclosure form and delivers the completed and signed form to the president or general manager. If an official discovers any information or fact that could impact another official's compliance with the policy, then the official must disclose the information or fact to the president or general manager.”

“The compensation of the general manager is determined by the board of directors and is reviewed annually. Surveys of area cooperatives and national compensation surveys are used in determining compensation. The board of directors compares the compensaton packages with other cooperatives of comparable size for general managers and executives with comparable responsibilities and assesses the performance of the cooperative and the general manager through the year.”

“The salaries of all other cooperative employees are set by the general manager using comparable informaton for employees with similar responsibilities in cooperatives of similar size.”

“The cooperative's governing documents, conflict of interest policy and financial statements are available to the public by submitting a written request on a member information request form to the general manager. If the request meets certain requirements described in the cooperative's policy, the member will be furnished the information requested.”

“2024 patronage capital to be allocated = $3687679”

“Retirement of Patronage Capital = -$2574432”