Tri-County Electric Cooperative Inc

“The cooperative was formed by the members to provide electric service at cost on a cooperative basis.”

“The members of the cooperative vote on the board of directors. Elections are done on a one member one vote basis by district.”

“The following acts require approval of the members of the cooperative: 1. Dissolution/liquidation of the cooperative 2. Merger or consolidation of the cooperative with another organization. 3. The disposal of a substantial portion of the cooperative's assets.”

“Management presented a copy of the form 990 to the board for discussion, review and approval prior to filing. The discussion and review was performed at the board meeting immediately before filing the form 990.”

“The board of directors and officers are required to review and be familiar with the policies outlined in the cooperative's conflict of interest policy. The board of directors and officers are required to disclose any action or situation that might violate the policy to the full board of directors as soon as possible. The conflict of interest policy is reviewed on an annual basis. If any disclosure arises, the general manager reviews the contract and/or purchase procedures. Additionally, the general manager and staff evaluate employee relationships with vendors and other outside entities for possible conflict of interests.”

“The board of directors use a compensation survey and compare compensation reported on other cooperative irs forms 990 when determining the compensation of the general manager. The survey shows comparative salaries for general managers from similarly situated cooperatives located in texas and the nation.”

“The general manager and senior staff use an independent consultant to evaluate the pay structure for the cooperative. The independent consultant uses a compensation survey and compares compensation reported on other cooperative irs forms 990 when determining the compensation of the cooperative's other employees meeting the definition of officer and key employees, if any. The survey includes salaries from similarly situated cooperatives throughout texas and the nation.”

“The cooperative provides a summarized copy of the audited financial statements to the members of the cooperative at the annual meeting. The cooperative will provide a complete copy of the audited financial statements, conflict of interest policy, or governing documents to any member who requests a copy. All requests must be made in writing.”

“Form 990, part ix the cooperative's accounting records are maintained in accordance with the uniform system of accounts required by its regulatory agency. The uniform system of accounts does not record expenses in the expense categories provided on part ix lines 1-23. Therefore, other expenses line 24 includes expenses that are described in lines 1-23, but reported using the uniform system of accounts.”

“The cooperative's responsibility and aim is to provide excellent and innovative customer service as reflected in top quality electric service reliability, affordable rates, employee teamwork and the highest degree of integrity in all cooperative endeavors.”

“Net change in memberships 70,113 patronage capital dividend 9,696,427 equity method subsidiary 9,380,283 other equity changes -23,123,559 total -3,976,736”