Beaver Creek Cooperative Telephone Company

“Effective january 1, 2021 all management of the company is conducted by consolidated business services, llc; the company no longer has employees.”

“The organization operates as a telephone cooperative consisting of members. To be eligible for membership a person must: (i) receive retail communication service from the cooperative, as such phrase is defined from time to time by the board; (ii) reside in the cooperative's service area, as determined from time to time by the board; (iii) provide a continuing or periodic communication revenue stream for the cooperative. Any two persons who occupy the same household, may apply for a joint membership and, subject to their compliance with the requirements set forth (as described above) may be accepted for such membership upon application by both parties. Any provisions relating to the rights and liabilities of membership shall apply equally with respect to the holders of a joint membership.”

“Members of the governing body are elected by vote. No member may hold more than one membership in the cooperative. Each member shall be entitled to one vote. The board of directors may cause to be submitted by mail ballot any questions to be voted at any meeting of the members including the election of directors. The ballot may be cast only in a sealed envelope which is authenticated by the member's signature. A vote so cast shall be counted as if the member were present and voting in person. An election committee of not less than three (3) persons shall be appointed by the board of directors sufficiently in advance of the meeting, to ensure validation of the mailed ballots. In the exercise of its responsibility, the election committee shall have available to it the advice of counsel provided by the cooperative. The election committee's decisions shall be final.”

“These bylaws may be amended or repealed by vote of a majority of the members present, or, when authorized, voting by mail as well as in person, at any regular or special meeting of the members, provided that notice of the meeting shall have contained a notice of the proposed amendment or repeal. However, the provisions relating to the vote required for sale or lease of substantially all or part of the property of the cooperative other than in the regular course of business shall not be amended or repealed except by the affirmative vote of not less than two-thirds of all the members of the cooperative at any annual or special meeting.”

“The organization does not have committees with authority to act on behalf of the governing body.”

“Documentation for the 990 is provided to our tax preparer, aldrich cpas + advisors by consolidated business services. President / ceo has the opportunity to review prepared document prior to signing.”

“Employees have an obligation to conduct business within guidelines that prohibit actual or potential conflicts of interest. Employees are to contact their manager for more information or questions about conflicts of interest. No "presumption of guilt" is created by the mere existence of a relationship with outside firms. However, if employees have any influence on transactions involving purchases, contracts, or leases, it is imperative that they disclose to the president of bct as soon as possible the existence of any actual or potential conflict of interest so that safeguards can be established to protect all parties.”

“Compensation of key employees and top management is determined through comparability data including independent salary surveys, however all bct employees were transferred to cbs effective 1/1/21. Compensation of the ceo is part of a management services agreement with consolidated business services, llc.”

“Governing documents and financial statements are available upon request.”

“Net increase/(decrease) in membership 72. Excise tax refunds 1,544. Equity gain/(loss) in subsidiary -15,654.”