FORM 990, PART VI, SECTION A, LINE 6 |
CLAVERACK RURAL ELECTRIC COOPERATIVE IS OWNED BY THOSE WHO RECEIVE ELECTRIC SERVICE FROM THE COOPERATIVE. |
FORM 990, PART VI, SECTION A, LINE 7A |
THE ENTIRE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP OF THE COOPERATIVE. |
FORM 990, PART VI, SECTION A, LINE 7B |
THE COOPERATIVE MAY SELL, LEASE OR OTHERWISE DISPOSE OF ALL OR SUBSTANTIALLY ALL OF ITS ASSETS ONLY WHEN AUTHORIZED BY THE AFFIRMATIVE VOTE OF TWO THIRDS OR THE ENTIRE MEMBERSHIP OF THE COOPERATIVE. ALSO, THE BYLAWS OUTLINE THE PROCESS BY WHICH MEMBERS COULD PETITION FOR THE REMOVAL OF A BOARD MEMBER. |
FORM 990, PART VI, SECTION B, LINE 11 |
THE DRAFT OF THE FORM 990 IS REVIEWED WITH THE AUDIT, RATE & BUDGET COMMITTEE. THE FORM 990 IS THEN DISTRIBUTED AND REVIEWED AT THE MEETING OF THE BOARD OF DIRECTORS. THE BOARD, UPON THEIR SATISFACTION WITH THE FORM, WILL TAKE ACTION, AUTHORIZING THE CEO TO SIGN AND FILE THE FORM 990 |
FORM 990, PART VI, SECTION B, LINE 12C |
THE POLICY AND COMPLIANCE ARE REVIEWED ANNUALLY. |
FORM 990, PART VI, SECTION B, LINE 15A |
THE COMPENSATION OF THE CEO IS NEGOTIATED AFTER A REVIEW OF COMPARABLE POSITIONS ON A NATIONAL, REGIONAL, AND LOCAL LEVEL. VARIOUS SURVEY DATA IS USED TO INCLUDE A NATIONAL COMPENSATION SURVEY OF ELECTRIC COOPERATIVES. THE SALARY IS THEN INCLUDED AS A CONTRACTUAL ITEM IN THE CEO'S EMPLOYMENT CONTRACT. THE CONTRACT IS A THREE WAY AGREEMENT BETWEEN THE CEO, THE ORGANIZATION AND C&T ENTERPRISES, INC. A TAXABLE HOLDING COMPANY IN WHICH CLAVERACK OWNS 50%. C&T PROVIDES MANAGEMENT SERVICES WHICH INCLUDES PAYROLL AND BENEFITS FOR ALL EMPLOYEES INCLUDING THE CEO. |
FORM 990, PART VI, SECTION C, LINE 19 |
THE FORM 990 IS AVAILABLE TO THE PUBLIC UPON REQUEST |
FORM 990, PART XI, LINE 9: |
CHANGE IN OTHER COMPREHENSIVE LOSS -88,076. MEMBERSHIP REFUNDS -3,295. |
FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS: |
PLEASE NOTE THAT $3,537,931 WAS ALLOCATED TO CLAVERACK MEMBERS IN 2014. THIS AMOUNT CONSISTED OF OPERATING MARGINS TOTALING $2,488,916 AND CAPITAL CREDITS TOTALING $1,049,015. CLAVERACK ALSO RETIRED $1,072,302 OF CAPITAL CREDITS TO ITS MEMBERS IN 2014. THIS AMOUNT OF $1,072,302 IS STATED IN PART I, LINE 14. |
ADDITIONAL 990 DISCLOSURE: |
CLAVERACK RURAL ELECTRIC COOPERATIVE IS A PARTY TO A MANAGEMENT SERVICES CONTRACT WITH C&T ENTERPRISES INC. C&T ENTERPRISES IS A FOR-PROFIT HOLDING COMPANY WHICH IS OWNED BY CLAVERACK AND TRI-COUNTY ELECTRIC COOPERATIVE INC. CLAVERACK AND TRI-COUNTY EACH OWN 50% OF THE STOCK OF C&T ENTERPRISES. UNDER THE TERMS OF THE CONTRACT, C&T ASSIGNS EMPLOYEES TO CLAVERACK AND PROVIDES ALL PAYROLL AND RELATED SERVICES. C&T ALSO ADMINISTERS THE PAYROLL AND BENEFITS OF THE CLAVERACK PRESIDENT & CEO. |