Kootenai Electric Cooperative Inc

“Kootenai electric cooperative, inc. Has one class of members.”

“There is one class of membership for all members and each member is entitled to one vote.”

“The members must approve significant decisions of the governing body as defined in its articles of incorporation and bylaws. Each member is entitled to one vote.”

“No committees have broad authority to act on behalf of the governing board.”

“After the form 990 has been prepared by the independent accountants, management reviews the form for accuracy and completeness. Once management believes the form is complete and accurate, the form is provided to the board. Management is available to answer any questions the board may have, and the form is signed and filed.”

“The conflict of interest policy covers all directors, officers and key employees of the cooperative. The board of directors interprets and enforces the policy. The cooperative's legal counsel annually reviews this policy with all directors, officers and key employees. The minutes of all board meetings record any disclosures, votes, authorizations and other actions taken under this policy. Each director, officer, and key employee completes and signs, annually, a disclosure questionnaire form. If anyone discovers any information or fact that could impact another's compliance with this policy, it must be disclosed to the board. Depending upon the nature and severity of the violation of this policy, a director may be disqualified and removed from the board and an employee may be terminated.”

“Each year, the board of directors reviews and approves compensation for the general manager. Revisions to salary ranges are based on labor market surveys, economic conditions, the financial condition of the cooperative, and any other pertinent factors available at the time. The cooperative utilizes wage and benefit survey data collected by milliman, inc. Including the spokane/inland northwest compensation survey, the northwest utilities salary and wage survey, the northwest benefits survey, and data collected by national rural cooperative association's (nreca) national compensation system. In addition to an annual review of the general manager's compensation, the general manager recommends an annual compensation budget for all employees, which is approved by the board. Revisions to salary ranges are based on labor market surveys, economic conditions, the financial condition of the cooperative, and any other pertinent factors available at the time. The cooperative utilizes wage and benefit survey data collected by milliman, inc. Including the spokane/inland northwest compensation survey, the northwest utilities salary and wage survey, the northwest benefits survey, and data collected by national rural cooperative association's (nreca) national compensation system.”

“The cooperatives bylaws, articles of incorporation, and annual reports are posted on the organization's website. Copies of the cooperative's form 990, annual report from our external auditors and the associated financial statements, cfc form 7, and conflicts of interest policy are available upon request. Kec members can also access board meeting agendas, meeting minutes and the last three years of filed irs form 990 by logging into their account online.”

“Included in other compensation is the estimated current year increase or decrease in the value of the defined benefit plan for the employees of the cooperative who are covered by the pension plan.”

“The cooperative has interpreted the instructions to part ix, line 4, to mean patronage capital allocated for the year, rather than patronage capital retired. This is consistent with the by-laws of the cooperative.”

“The labor, pension, other employee benefits and payroll taxes reported on lines 5-10 are already included in distribution expense, administrative & general expense and customer expense. Therefore, these amounts are being subtracted out as an other deduction on line 24e in the amount of $17,297,144.”

“Retirement of capital credits -5,582,945. Unclaimed capital credits 99,340. Abandoned capital credits 367,017. Discount on early retirement of capital credits 3,674,964. Other comprehensive income 191,198. 2024 margins allocated to members in 2025 1,113,066.”