| Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder |
Prairie Land Electric Cooperative, Inc. is a not-for-profit membership organization whose members have identical voting rights and are assigned margins in accordance with the Cooperative's bylaws |
| Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body |
Each member shall be entitled to only one vote and all Board members are elected by the membership |
| Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders |
The Board members ratify all amendments to the Cooperative's bylaws. |
| Form 990, Part VI, Line 11b: Form 990 Review Process |
The Form 990 is reviewed by the Director of Finance and CEO. It is then presented to the Board of Trustees for review, and signed by Board President. |
| Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts |
The Conflict of Interest Policy is reviewed annually by the Board of Trustees and Senior Management. Then the Conflict of Interest Certification and Disclosure Form is completed. |
| Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management |
Prairie Land Cooperative enrolled in the NRECA Compensate program to evaluate and grade each position within our Cooperative. NRECA then provides Prairie Land Electric Cooperative with the regional and national wage range for a position with similar responsibilities. All wages are within the pay range for employees. The Board of Trustees approves the CEO wages annually. |
| Form 990, Part VI, Line 19: Other Organization Documents Publicly Available |
Governing documents (bylaws) are located on our website for viewing. The conflict of interest policy is available upon request. The financial statements are sent to NRUCFC and shared with RUS for inclusion in the RUS Statistical Report. The financial statements are also made available at the annual meeting and in an annual report to all members. All other documents are available upon request. |
| Other Changes In Net Assets Or Fund Balances - Other Increases |
Captial Credit Gains = $38869 |
| Other Changes In Net Assets Or Fund Balances - Other Increases |
Current Year Margins Assigned to Members = $6283536 |
| Other Changes In Net Assets Or Fund Balances - Other Increases |
Other Changes = $248863 |
| Other Changes In Net Assets Or Fund Balances - Other Decreases |
Retirement of Capital Credits = -$1539186 |
| Form 990, Part IX, Line 4 |
The instructions to the 2019 Form 990 indicate that organizations exempt under Section 501(c)(12) should report "patronage dividends paid" to their members in Part IX, LIne 4 of the Form 990. The Cooperative has interpreted the words "patronage dividends paid" in the instructions to mean margins that are assigned or assignable to the members. The Cooperative assigns the net margins to its members each year. Therefore, the amount listed in Part IX, LIne 4 represents the net margins assignable to the members for the calendar year ended December 31, 2019. |
Attach to Form 990 or 990-EZ.