Coos-Curry Electric Cooperative Inc

“The organization is a Cooperative formed to provide electric service to its members. The members elect the governing body and approve changes in the by-laws. Members receive a share of the Cooperatives annual margins through the allocation of margins to each member's account, based on each member's patronage or use of electric service.”

“There is one class of membership for all members. A member is entitled to one vote to elect directors and revisions to the by-laws.”

“The Board of Directors reviews the Form 990 prior to submission.”

“The Board of Directors and employees undersign to the fact that they have received, read and understand the conflict of interest policy. The policy is reviewed annually by the Board members, and supervisors review the policy with employees.”

“The Board of Directors evaluate the CEO's performance. An independent compensation consultant is retained every third year to assist the Board in determining the CEO's compensation package. Supervisors of other key employees (all employees) set annual goals and assess each employee's performance on a regular basis. The methodology of developing a wage scale range for job positions within the organization is approved by the Board of Directors using an established compensation policy. All changes to compensation of key employees (all employees) must be approved in writing by the CEO.”

“Documents and information legally required to be provided are done so upon request. Financial statements are provided to all members through publication of the annual meeting materials, and other member communications.”

“Capital credit retirement = -$2138089”

“Decrease in memberships = -$0”

“Discount on early retirement of cap credits = $97834”

“Increase in memberships = $665”

“Net loss from subsidiary = -$275132”

“Other comprehensive income = $8000”

“Other net activity = -$47871”

“Patronage capital to be allocated = $3675403”

“Unclaimed patronage capital activity = $327283”

“The IRS instructions clarify that patronage dividends paid by 501(c)(12) organizations should be reported in the statement of functional expenses on line 4. The Cooperative has allocated 100% of its current year margins as patronage dividends to its members and reported this amount on line 4. The Cooperative's accounting system follows generally accepted accounting principles (GAAP) which do not report patronage dividends as an expense; as such, the current year margins are also recorded as a reconciling item on Schedule D Part XIII of the Form 990.”