Fall River Rural Elect Cooperative Inc

“Businesses and individuals which receive electric service from the cooperative.”

“Each year, the board of directors appoints a nominating committee. The nominating committee meets and nominates a slate of candidates to run for election to the board. Nominations by petition are also accepted for candidates to run for election to the board. The candidates are placed on a ballot and members of the organization vote at an annual meeting to elect members of the board. Voting is allowed in person at the meeting, by mail-in ballot, or electronically.”

“Changes in the by-laws require approval by the members of the cooperative.”

“After the form 990 has been prepared by the independent accountants, the general manager and staff review the form for accuracy and completeness. Once the general manager believes the form 990 is complete and accurate, it is submitted to the board for their review. Following the board members review, the board formally approves a motion to accept the form 990. Following the acceptance by the board, the general manager signs the form 990 and files it.”

“The general manager ensures the enforcement of the policy. The general manager reviews any potential conflicts of interest, at least annually, and discusses them with the board in order to determine the appropriate course of action, if necessary, in accordance with the policy.”

“The board of directors review the general managers current compensation and, to the extent possible, compares it to the compensation of general managers of other comparably-sized electric cooperatives within the region. Additionally, the board reviews the general managers compensation relative to the compensation of the other executive-level positions within the geographical area as a measure of reasonableness. After consideration of these factors, along with the performance of the individual under review, the board approves the general managers compensation package.”

“The organization responds to member inquiries for information and provides policies electronically on the organizations website, along with board meeting schedules and approved minutes, in accordance with board policy. For information not on the organizations website, documents are available for review upon request.”

“Other changes in fund balance totalled $374,990 which $141,325 is net income from fall river enterprises, inc. And $233,665 is from other changes in equity.”

“The cooperative has interpreted the instructions for part ix, line 4 of the 2024 form 990, regarding patronage dividends paid, to include the total amount of capital credits retired during the tax year.”