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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 990-EZ 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
2015
Open to Public
Inspection
Inspection
Name of the organization
CAPITAL ELECTRIC COOPERATIVE INC
Employer identification number
45-0217628
45-0217628
| Return Reference | Explanation |
|---|---|
| Form 990, Part IV, Line 12a | Capital Electric receives an annual audit by an independent accounting firm (Eide Bailley, LLP) that covers an audit year of January through December. However, because our final audit results are not available by a board meeting that precede the due date of this return, we cannot complete the reconciliation of revenue per Audited Financial Statements and thus, answered no to this question. |
| Form 990, Part VI, Section A, Line 6 | Capital Electric is a cooperative owned by its members. The Cooperative members elect the Board of Directors. Members also approve significant decisions such as bylaw changes, have the ability to reinstate expelled board members, call special meetings, remove a director, as well as have final vote whether the Cooperative should sell, lease, or dispose of a substantial amount of the Cooperative's property. |
| Form 990, Part VI, Section A, Line 7a | Capital Electric is a cooperative owned by its members. The Cooperative members elect the Board of Directors. Members also approve significant decisions such as bylaw changes, have the ability to reinstate expelled board members, call special meetings, remove a director, as well as have final vote whether the Cooperative should sell, lease, or dispose of a substantial amount of the Cooperative's property. |
| Form 990, Part VI, Section A, Line 7b | Capital Electric is a cooperative owned by its members. The Cooperative members elect the Board of Directors. Members also approve significant decisions such as bylaw changes, have the ability to reinstate expelled board members, call special meetings, remove a director, as well as have final vote whether the Cooperative should sell, lease, or dispose of a substantial amount of the Cooperative's property. |
| Form 990, Part VI, Section B, Line 11b | A copy of the IRS Form 990 and all required schedules are disseminated to and reviewed by each Board member. |
| Form 990, Part VI, Section B, Line 12c | Capital Electric monitors and enforces compliance with its conflict of interest policy by having each director, former director, key employee, and highly compensated employee complete an annual questionnaire (as provided by NRECA) that involves conflict of interest questions. |
| Form 990, Part VI, Section B, Line 15 | Comparability data is used by the Board of Directors to deliberate in an executive session and make decisions regarding compensation. This process is done annually and was last done in 2015. |
| Form 990, Part VI, Section C, Line 19 | Upon becoming a member, a person/organization receives a copy of Capital Electric's bylaws. Each year, in June, an annual meeting is held for all members. Summarized financials are included in the annual meeting booklet (mailed to each member prior to the annual meeting) and the audited financial statement information is presented by the independent auditor at the meeting. Otherwise, governing documents, the conflict of interest policy, and financial statements can be reviewed with a member upon request. |
| Form 990, Part VII, Section A, Line 1a | Column F, Other Compensation is constituted of employer paid benefits such as medical, long term disability, life insurance, employer paid 401k (defined contribution) and an employer paid defined benefit plan. The value reflected for other compensation as it relates to the defined benefit plan is based on the change in actuarial value and not on the actual employer contribution. |
| Form 990, Part X, Line 30 | Because the directions for the IRS Form 990 changes in 2011 by clarifying that patronage dividends paid by section 501(c)(12) organizations to their members should be reported on line 4 of Part IX; and our interpretation of "patronage dividends paid by section 501(c)(12) organizations to their member" is referring to patronage allocations related to the year being reported; and accordingly are now to be shown as an expense and therefore no longer GAAP accounting: The statement of functional expense reflects these changes to directions and accordingly, the patronage allocation is shown as an expense under benefits paid to or for our member. |
| Form 990, Part XI, Line 4 | Because the directions for the IRS Form 990 changes in 2011 by clarifying that patronage dividends paid by section 501(c)(12) organizations to their members should be reported on line 4 of Part IX; and our interpretation of "patronage dividends paid by section 501(c)(12) organizations to their member" is referring to patronage allocations related to the year being reported; and accordingly are now to be shown as an expense and therefore no longer GAAP accounting: The statement of functional expense reflects these changes to directions and accordingly, the patronage allocation is shown as an expense under benefits paid to or for our member. |
| Form 990, Part XI, Line 9 | As a cooperative, Capital Electric paid out capital credits to its current and former member in 2015, including $482,909 in general retirements, $47,780 in estate retirements (calculated using pre-discount amount of $68,357 offset by discount of $-20,578) and other miscellaneous net payments and adjustments. Furthermore, to reconcile to net assets, the capital credits of $1,187,553 from 2015 margins allocated in April, 2016 but reflected as "benefits paid to or for members" on the 2015 IRS Form 990 for tax purposes, are added back in to equity to reconcile the timing of accrual versus tax accounting. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2015
Additional Data
| Software ID: | 15000352 |
| Software Version: | v1.00 |