Matanuska Electric Association Inc

“The association has one class of member-owners, entitled to one vote each, that elects the board of directors to represent them.”

“The association has one class of member-owners, entitled to one vote each, that elects the board of directors to represent them.”

“The association has one class of member-owners, entitled to one vote each, whose authorization is required for the association to sell, lease, or otherwise dispose of all or a substantial portion of the association's property, or authorize the merger or consolidation of the association with another cooperative or entity.”

“The draft form 990 was reviewed by the association's tax advisor, and then reviewed with the board finance committee and provided to the board of directors prior to filing with the irs.”

“The association bylaws and management policies provide guidelines for avoiding and disclosing potential conflicts of interest. The agenda for each regular monthly meeting of the board of directors includes an agenda item for director disclosures.”

“The process for determining the compensation for the chief executive officer was based on an updated employment agreement and compensation market analysis. This process was last undertaken by the board of directors in 2024. Form 990, part vi, section b, line 15b: board officers, like other board members, do not receive a salary, but are paid a fixed fee for each day of attendance at a meeting of the board. The fee is determined annually based on the average fixed fee paid to board members of other non-profit electric cooperatives in alaska serving more than 20,000 members. The process for determining the compensation for a key employee other than the chief executive officer is based on performance evaluations by the chief executive officer. Adjustments are made in accordance with board policies 102-2, delegation of authority by the board of directors to the chief executive officer, and 302-1, nonrepresented compensation plan.”

“The association bylaws provide for the members ability to examine and make copies of the books and records of the association at a reasonable time and for a proper purpose in accordance with alaska statutes.”

“The organization has changed their accounting period to a 9/30/24 tax year end, and since there is no calendar year ending within the short period return, there is no compensation reported on part vii and no amounts to report for w-2 and form 1099's for calendar year 2024.”

“Increase in memberships -1,025. Increase in other margins & equities 410,540. Patronage capital retired -427,274. Patronage dividends paid (assignable to members) 5,380,781.”

“The organization has changed their accounting period to a 9/30/24 tax year end however audited financial statements are prepared and issued based upon a 12/31/24 year end.”