Panola-Harrison Electric

“All consumers must apply for membership and pay a ten dollar ($10) membership fee before receiving electric service. Membership entitles the owner to one vote. No one person may have more than one vote.”

“Members elect the Board of Directors (seven Board members) at the annual meeting. Each Board member serves a three-year term with no limits on the number of terms they may serve.”

“The Cooperative membership must approve the following decisions as a governing body: (1) The election of Directors; (2) The removal of directors or an officer; (3) membership in other organizations other than nonprofits that support rural electrification; and (4) the sale, mortgage, or lease of useful property and facilities with a value in excess of ten percent (10%) of the value of the total Cooperative property.”

“A draft copy of the IRS Form 990 and appropriate schedules is provided to each director. It is then reviewed at the PHEC Board of Directors meeting prior to filing the form 990. Upon approval of the Form 990 and schedules by the Board, the form 990 is electronically filed.”

“The General Manager and/or the Accounting Manager approves/prepares all vendor applications with procedures in place to help identify possible conflicts of interest. All vendor invoices are reviewed by the managers. Annual Conflict of Interest policies are completed and reviewed by appropriate personnel.”

“The PHEC Board of Directors review and approve compensation for the General Manager using the same guidelines the General Manager uses to determine salaries and wages for all other employees. The decision regarding the General Managers' compensation arrangement is recorded in the minutes of the Board meeting. The General Manager uses published wage and salary reports provided to electric cooperatives from a national source to help in determination of wages and salaries. In addition, compensation is based on internal job descriptions and job performance evaluations.”

“The Form 990 and Schedules, abbreviated financial reports, and other policies are made available upon request and may be viewed at the Cooperative.”

“The Cooperative Bylaws are available on the Cooperative's website. An abbreviated calendar year-end financial statement is provided to all members upon attending the annual meeting. Other reports and policies are available upon request and may be viewed at the Cooperative.”

“Independent Contractors for Distribution Expenses $1,355,521; Independent Contractors for Capitalized Costs $3,502,855; Engineering Services $26,108; Outage/Communication Services $123,005; Job Safety Training/Fees related to incidents $48,685”

“Increase in Memberships $235 Decrease in amount recognized in periodic post benefit cost for postretirement healthcare benefits ($346,380) . Membership patronage allocation for 2024: ($238,142) . Capital Credit Retirements: $0.”