Panola-Harrison Electric Cooperative Inc

“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 non-profits 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 percent) of the value of total Cooperative property.”

“A draft copy of the IRS FORM 990 and appropriate schedules is provided to each director. It is then reviewed by the PHEC Board of Directors meeting prior to filing the FORM 990. When the FORM 990 is approved by the board, it is then electronically filed.”

“The General Manager and/or the Accounting Manager approves/prepares all vendor applications. Procedures are 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 the 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, abbreviated financial reports, and other policies are made available upon request and may 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.”

“Increase in memberships: $1,055; Capital credits retired from equity: ($560,467); Decrease in the amount recognized as periodic post benefit cost for postretirement healthcare benefits: ($271,270); Member patronage allocation for 2020: $922,651.”

“On May 1, 2020, the Cooperative adopted ASU 2014-09, Revenue from Contracts with Customers (ASC Topic 606). The ASU requires the Cooperative to accrue electric utility revenue from the most recent meter read date through the end of the period.”