Salem Electric

“There is only one class of membership for all residential, commercial, general service and industrial customers.”

“The one class of members all have one vote per member to elect directors, vote on changes to the cooperative's articles or bylaws and any other action that needs approval of the general membership.”

“In regards to sale, dissolution, merger or conversion of the cooperative, the members must ratify the decision of the board of directors. The voting requirements are as follows: two-thirds of the members need to vote on the matter to represent a quorum, no proxy votes, and two-thirds affirmative vote is required to approve the action.”

“The Form 990 is prepared by staff. Once the form is prepared, it is sent to the company's attorney and auditor for review. After it is reviewed, it is presented, unsigned, to the board of directors for review at a board meeting prior to filing.”

“The cooperative reviews compliance statements, contracts and transactions for conflicts of interest as part of our regular course of business.”

“The board of directors fill out evaluation forms on the general manager annually. They annually do a survey of Oregon and Washington electric co-ops regarding general manager salaries and compensation. They then have a formula they apply to the results to assist in their determination of the general manager's compensation. The general manager annually reviews salary surveys of electric utilities and other businesses in the northwest of comparable size for management staff. The general manager then evaluates results with compensation given to the general manager by the board and compensation provided by supervised staff from the wage and salary program to determine compensation for management staff.”

“Unaudited financial statements are mailed to all members prior to our annual meeting and are available on our website. Audited financial statements, bylaws, board policies and other organizational documents are available upon request.”

“The cooperative has determined that the margin allocated to members best reflects the benefits paid to or for members arising from the clarification of the instructions that patronage dividends paid by section 501(c)(12) organizations are to be reported here. This methodology was chosen because it makes our reporting consistent with how it would be reported if we were a taxable cooperative in that the amount allocated to members would be a deduction from income. This arises from our legal obligation from our bylaw 7.5 stating that "Net savings of the cooperative...shall be appropriated among and credited to the patrons of the cooperative in proportion to the dollar amounts of their patronage of the cooperative during the fiscal year involved."”

“Included in other expenses below.”

“Included in other expenses below.”

“The other changes in net assets for fund balances results from the following items: allocated 2024 margin reported as benefits paid to members for 990: 4,373,912, capital credits authorized for payment: (2,463,764), unclaimed capital credits retained by the cooperative: 379,223, changes in other comprehensive income arising from post-retirement benefits obligation: (155,326), Total: 2,134,045.”