Panola-Harrison Electric Cooperative Inc

“All customers must apply for membership and pay a ten dollar 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 of the governing body: (1) the election of directors; (2) the removal of directors or an officer; (3) membership in other organizations other than non-profit organizations that support rural electrification; and (4) the sale, mortgage or lease of useful property and facilities with a value in excess of ten percent of the value of total cooperative property.”

“A draft paper copy of the irs form 990 and appropriate schedules is provided to each director and is reviewed at the board meeting prior to filing the form.”

“When approving new vendors or contractors, the organization makes an effort to obtain information that would identify a possible conflict of interest. All new vendors must be approved by the accounting manager. The payment of invoices are monitored by the accounting manager and general manager to insure no payments are made to known interested/related parties that are not within the guidelines of this policy.”

“Compensation is reviewed based on internal guidelines and external industry reports.”

“The form 990, abbreviated financial reports, and other policies are made available upon request to be viewed at the cooperative. Each member is given a copy of the cooperative bylaws when they make application for service. In addition, an abbreviated financial report is given to all members attending the annual meeting.”

“Net increase in memberships, $1,122. Payment of capital credits retired, $-450,640. Net decrease in provision for retirement benefits, $-227,700. 2016 member patronage $1,194,122 allocated.”