Wasco Electric Cooperative Inc

“Wasco Electric Cooperative, Inc is a member owned cooperative; ownership is by members who receive electricity and related services provided by the cooperative.”

“The members elect the directors at the annual meeting each year for three year terms.”

“Bylaws require the directors be approved and ratified by a vote of the members.”

“Form 990 is prepared by the corporation's independent Certified Public Accountant firm and then submitted to the cooperative and their attorney for review. After the return has been approved, it is presented to the directors at the next monthly meetings. All questions are addressed before the return is filed.”

“The conflict of interest policy is reviewed in january of each year. The policy includes the types of conflicts which must be disclosed and the methods used to address issues.”

“Compensation data is gathered from national and statewide organizations which compile information from utilities regarding compensation for various positions in the industry. This information is evaluated annually for all officer and management positions.”

“Compensation data is gathered from national and statewide organizations which compile information from utilities regarding compensation for various positions in the industry. This information is evaluated annually for all officer and management positions.”

“Governing documents, policies, and financial statements are available upon written request at the Wasco Electric Cooperative, Inc office.”

“Benefits paid to members = $366681”

“Capital credit retirements = -$424967”

“Change in membership = $1040”

“Retired capital credit gain = $82871”

“Company has a fiscal year end of september 30 and obtains an audit for the fiscal year and not their tax year, which ends on december 31.”

“The irs instructions state 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 $366,681 of its 2024 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 2024 margins allocated, if any, as patronage dividends are also recorded as a reconciling item on schedule d part xiii of the form 990.”