Montezuma Valley Irrigation Company

“Shareholders pay dues on a per share basis for water to be delivered to their property by the Organization. Shareholders also pay a flat fee on an annual basis to cover maintenance costs. Proposed increases to either of these revenue streams are subject to a vote by the shareholders.”

“Before filing, a draft of the return is presented to the Board and General Manager, and explained by the preparer. All policy questions are reviewed and discussed for accuracy and explanations are reviewed for completeness. Any clarifications are noted and input before filing.”

“New Board members receive instruction and policy statements as to the conflict of interest policy of the Organization.Monitoring of the conflict of interest policy is an on going excercise. The Board conducts regular monthly meetings as well as special meetings when necessary. Board members who find themselves in a conflict situation are required to disclose the circumstances to the Board immediately and if necessary, resign from service.”

“The salary of the Organization's general manager is established and reviewed annually by the Governing Board. Factors considered when administering and establishing that salary are the experience and education of the employee,and salaries paid by other organizations for comparable duties and responsibilities.On a yearly basis, goals and objectives are mutually set for the Organization and the General Manager by the Govering Board. Those objectives are monitored through the year along with accomplishments and progress of the general manager toward meeting Organization objectives. Another factor considered in the salary review process is current and expected economic conditions as they affect the Organization and its ability to support higher salaries.”

“The Organization's bylaws, conflict of interest policy,financial statements and Form 990 are available to the shareholders on an individual request basis. A shareholder may request a copy of any of these documents and collect them at the Organization main officeAll of these documents are made available at the annual shareholders meeting held in January of each year.”