FORM 990, PAGE 6, PART VI, LINE 6 |
THERE IS ONLY ONE CLASS OF MEMBERS. ALL MEMBERS HAVE THE RIGHT TO ELECT THE MEMBERS OF THE BOARD OF DIRECTORS (THE GOVERNING BODY OF MLEC). |
FORM 990, PAGE 6, PART VI, LINE 7A |
MEMBERS ARE ASSIGNED TO DISTRICTS BASED ON THE LOCATION OF THEIR SERVICE. EACH DISTRICT'S MEMBERS ELECT REPRESENTATIVES TO SERVE ON THE BOARD OF DIRECTORS. DIRECTORS SERVE FOUR YEAR TERMS. |
FORM 990, PAGE 6, PART VI, LINE 7B |
CHANGES TO THE BY-LAWS AS WELL AS ANY SALE OR TERMINATION OF THE COOPERATIVE WOULD HAVE TO BE APPROVED BY THE MEMBERS. |
FORM 990, PAGE 6, PART VI, LINE 11B |
IRS FORM 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD OF DIRECTORS PRIOR TO ITS SUBMITTAL TO THE IRS. THE FORM IS ALSO REVIEWED BY THE CEO AND CFO. |
FORM 990, PAGE 6, PART VI, LINE 15A |
DETERMINATION OF THE CEO'S COMPENSATION IS CONDUCTED ANNUALLY BY THE BOARD AND INCLUDES COMPARABILITY DATA. THE PROCESS IS DELIBERATIVE AND THE RESULTS ( AND EFFECTIVE DATE) ARE DOCUMENTED. |
FORM 990, PAGE 6, PART VI, LINE 19 |
ALL MEMBERS ARE FURNISHED A COPY OF THE "BY-LAWS AND RULES AND REGULATIONS" UPON APPLICATION FOR MEMBERSHIP, OR UPON REQUEST. AUDITED FINANCIAL STATEMENTS ARE FURNISHED AS A SUMMARY IN THE ANNUAL REPORT (WITH NARRATIVE) IN THE TENNESSEE MAGAZINE. ADDITIONAL DETAIL IS FURNISHED UPON REQUEST. |
FORM 990, PART XI, LINE 9 |
AMORT. OF ACTUARIAL GAIN-POST RETIREMENT BEN. -544,501 ACTUARIAL GAIN ARISING DURING PERIOD 6,977,681 NET CHANGE IN MEMBERSHIPS 795 TOTAL 6,433,975 |