Salmon River Electric Cooperative Inc

“Businesses and individuals which receive electricity from the cooperative.”

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

“The cpa firm prepares the form by inputting information from the audited financial statements. The board and management then review the form for accuracy and completeness of the numbers and information. Upon approval, the form is finalized and signed by management.”

“The board of directors reviews 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 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, but generally does not provide printed policies or financial information, in accordance with board policy. Some documents are available on the organizations website. For those documents not on the organizations website, the public can utilize the contact us option on the website or visit the office to request information.”

“Other changes in fund balance total $508,263. The fund balance total is the sum of the following: capital credit retirement of $(341,042), change in membership of $260, income from subsidary less dividends totaling $148,305, and patronage capital to be allocated of $700,740.”

“Explanation of benefits paid to members part ix line 4 the cooperative has interpreted the instructions for part ix, line 4 of the form 990, regarding patronage dividends paid, to include the total amount of capital credits to be allocated for the tax year.”