Wood County Electric Cooperative

“Members”

“An individual or entity that makes application for membership, agrees to purchase Electric Service from the Cooperative, agrees to comply with and be bound by the Articles of Incorporation, By-Laws, and other Governing Documents shall be a member of the Cooperative. No Membership may be shared or held by more than one person simultaneously.”

“Members have the right to vote for Directors or any other matter noted on the ballot before or at the annual meeting of the membership. Members may also have the right to remove Directors based on defined parameters provided for in the by-laws.”

“Sent electronically and reviewed at a meeting prior to filing.”

“Full disclosure required annually.”

“For all employees the cooperative uses a compensation study for like industry positions and where available the use of the Form 990 of like organizations for comparative purposes. From time to time the cooperative will make use of consultants to help with compensation determination for all employees.”

“Governing documents are made available to each new member. Financial information is made available annually at the annual meeting of the membership. All information inlcuding the conflict of interest policy is available at the cooperative's headquarters.”

“Column B, average hours per week were provided by each officer, director, key employee and highly compensated employee. Hours include time spent in meetings, travel, preparation for meetings and general day to day duties. Amounts in Column F include nontaxable benefits for health insurance, contributions to the defined benefit pension plan, and the change in the actuarial present value of the defined benefit pension plan. The change in the actuarial value for each participant in the defined benefit pension plan varies with age. The older the participant the greater the increase in that individual's change in actuarial value. The actuarial value for each participant ranges from 13% to 64% of the total in Column F. All benefit plans are available to all eligible employees.”

“The cooperative operates on a not for profit basis for the mutual benefit of its members. Amounts paid for cooperative services by members in excess of the cost of service are furnished by the members as capital. Each member is credited with their share of the excess on a patronage basis annually. All amounts credited to the capital credit account on any member shall have the same status as though they had been paid in cash pursuant to a legal obligation and the members had then furnished the cooperative corresponding amounts of capital.”

“Audited financial statements were prepared for the fiscal year ending 09/30/2024 by an independent certified public accountant.”

“Accounting records are maintained in accordance with the Uniform System of Accounts 1767B-1 as prescribed by the Federal Energy Regulator Commission of Class A and B utilities modified for electric borrowers of the USDA Rural Utilities Service. The Uniform System of Accounts 1767B-1 does not record expenses in the provided general expense categories on lines 1 through 23.”

“Difference is for credit allocation to members on a cooperative basis, the cash payment of allocated credits to members, the effect of FAS 158 adjustments, changes for items escheated by state law and for changes for items considered to be undeliverable.”

“Audited financial statements were prepared for the fiscal year ended 09/30/2024.”