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TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is atwww.irs.gov/form990.
OMB No. 1545-0047
2013
Open to Public
Inspection
Inspection
Name of the organization
Coast Electric Power Association
Employer identification number
64-0169075
64-0169075
| Return Reference | Explanation |
|---|---|
| Form 990, Part VI, Section A, line 6 | Because Coast Electric Power Association is chartered and incorporated under Mississippi law as a not-for-profit cooperative, the charter requires that each person receiving electric service from the association be a member. |
| Form 990, Part VI, Section A, line 7a | At each annual meeting of the members, one-third (1/3) of the total number of directors shall be elected by ballot, by and from the members, to serve for a term of three (3) years as provided by law. If the election of directors shall not be held at the annual meeting, or if such annual meeting is not held, each director shall hold office until their successors shall have been elected and qualified. |
| Form 990, Part VI, Section A, line 7b | The business and affairs of the Association are managed by the Board of Directors which exercises all of the powers of the Association except such as are by law, or by the Certificate of Consolidation of the Association, or by the bylaws, conferred upon or reserved to the members. |
| Form 990, Part VI, Section B, line 11 | Once the Form 990 is completed, the VP of Financial & Administrative Services and the accounting department supervisor reviews the Form 990. After the Form 990 has been reviewed by these individuals, each member of the board of directors receives a copy of the form for his/her review. The VP of Financial & Administrative Services and the accounting department supervisor present a general overview of the forms' questions and answers. Once the presentation is complete, the board members are given an opportunity to ask questions. Once all questions have been satisfactorily answered, the President/CEO will sign the e-file authorization form allowing the Form 990 to be transmitted to the Internal Revenue Service. |
| Form 990, Part VI, Section B, line 12c | New vendors are reviewed for possible conflicts with directors/officers. Directors/officers are required to report any new affiliations they may enter into. |
| Form 990, Part VI, Section B, line 15 | An executive compensation review was presented to the Board of Directors. The following components were included in the review: (1) Compensation Strategy; (2) Total Executive Compensation Philosophy Statement; (3) Elements of a Compensation Program; (4) Detailed Market Data; (5) Form 990 Explanation; (6) Discussion of Goal Sharing Programs; (7) Review of Current Benefits and Incentives. A recommendation was made to the Board concerning the range movement for the CEO pay grade based on information from the detailed market survey. The CEO and top management pay is based on a pay for performance system where the performance evaluation "grade" is entered into a comprehensive spreadsheet. The spreadsheet is designed to compute a pay raise based on a matrix of four performance levels (average, good, excellent and outstanding) divided into the lower third, middle third and upper third of the pay range. |
| Form 990, Part VI, Section C, line 19 | Coast Electric Power Association's governing documents, conflict of interest policy, and financial statements are available to the public upon request at the main office in Kiln, Mississippi. |
| Form 990, Part IX, Line 4 | The instructions to the 2013 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. Coast Electric Power Association has interpreted the words "patronage dividends paid" in the instructions to mean margins that are assigned or assignable to the members. According to Coast Electric Power Association's bylaws, the net margins of the cooperative are assigned and allocated to the members. Therefore, the amount listed in Part IX, Line 4 represents the entire net margins assignable to the members for the calendar year ended December 31, 2013. |
| Form 990, Part XI, line 9: | Change in memberships 2,365. Retirement of capital credits -3,000,701. Actuarial gain (loss) 870,700. Gain on retirement of capital credits 813,254. Assignment of Current Year Margins to Members 12,647,928. |
| Form 990, Part XII, Line 2C | Coast Electric Power Association has not changed its process of selection or oversight for the year ended December 31, 2013. |
| Form 990 | Attachment to 2013 Form 990 Coast Electric Power Association EIN: 64-0169075 SECTION 409A DOCUMENT CORRECTION UNDER SECTIONS IV.B, VII.C & VII.E OF IRS NOTICE 2010-6 STATEMENT REQUIRED UNDER SECTION XII.B OF IRS NOTICE 2010-6 Coast Electric Power Association (the "Taxpayer") hereby attaches to its 2013 Form 990 this statement containing the following information required by Section XII.B of IRS Notice 2010-6: (1) The name and taxpayer identification number of the service provider (hereinafter collectively referred to as the "Service Provider") and the document failures affecting the Service Provider are: Robert J. Occhi SSN: XXX-XX-XXXX (Available to the IRS upon request) IV.B, VII.C and VII.E (2) The nonqualified deferred compensation plan with respect to which such failures have occurred is the Employment Agreement and Deferred Compensation Plan with Robert J. Occhi, Employee. (3) Each document failure is eligible for the correction under the terms of Notice 2010-6 and is corrected under Sections IV.B, VII.C and VII.E thereof, as applicable. The Taxpayer has taken all actions required and otherwise met all requirements for correction of each document failure as of December 31, 2013, the last day of the Taxpayer's taxable year in which the correction is made. The date of correction of each document failure is March 26, 2013. No event causing the inclusion of an amount in income under Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), by the Service Provider has occurred. (4) The present value of the amount involved in each document failure described in Sections IV.B, VII.C and VII.E of Notice 2010-6 is approximately Four Hundred Forty-Five Thousand Five Hundred Sixty and NO/100 Dollars ($445,560.00) as of March 26, 2013. No amount is required to be reported by the Taxpayer as includible in income under Section 409A(a) of the Code as part of the correction and no percentage of the amount involved in each document failure is required to be included in income under Section 409A(a) of the Code as part of the correction. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2013
Additional Data
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