| Return Reference | Explanation |
|---|---|
| Form 990, Part VI, Section A, Line 6 | The cooperative has approximately 12,000 member/owners |
| Form 990, Part VI, Section A, Line 7a | Every member/owner has one vote for cooperative trustees. Each of the trustees serve 3 year terms and must live within a defined district. Once elected, trustees represent all member/owners, therefore member/owners are not limited to voting for the trustee representing only their district. |
| Form 990, Part VI, Section A, Line 7b | Elected trustees make decisions concerning governance of the cooperative on behalf of the member/owners. However a change to the bylaws is subject to a vote by the member/owners |
| Form 990, Part VI, Section B, Line 11b | The Form 990 is distributed to the trustees in its entirety for their review. The form is then discussed at a regularly scheduled board meeting, after which corrections and/or adjustments are made if necessary. |
| Form 990, Part VI, Section B, Line 12c | The conflict of interest policy states that trustees and employees are required to discuss any potential conflict of interest issues with the CEO as they arise. |
| Form 990, Part VI, Section B, Line 15 | The wage and salary structure for all positions at the cooperative is compiled annually by an independent 3rd party contractor. The salary structure is then reviewed and approved by the board of trustees annually. |
| Form 990, Part VI, Section C, Line 19 | Code of Regulations and Articles of Incorporation are available to the public in the lobby of our office at 15461 US Highway 36, Marysville, Ohio. The conflict of interest policy is also available upon request. Audited financial statements are available for viewing on the cooperative's website under URL https://ure.com/wp-content/uploads/URE-Audited-Financial-Statements-Dec-2023-and-2022.pdf |
| Form 990, Part VII, Section A, Line 1a | Retired Trustee D'Onofrio deferred a portion of his income during the years he served on the cooperative's board. Those amounts were reported in previous Form 990s in the years earned. The deferred income has been included as an asset of the cooperative as well as a liability. The amount reported in Part VII as reportable compensation to Trustee D'Onofrio was paid out of his deferred compensation balance. |
| Form 990, Part VIII, Line 11a 11b 11c | During 2023, the Cooperative entered into an agreement with a third party related to a load within its electric service territory. The Cooperative ceded the right to provide service to the load in exchange for a lump sum payment of $3,500,000, which represented the present value of the projected margins over the next 20 years. |
| Form 990, Part IX, Line 4 | "Benefits paid to or for members" is for patronage dividends paid to members and is interpreted to mean current year margins to be allocated to members in the following year in accordance with the cooperative's bylaws. This is not an expense according to Generally Accepted Accounting Principles and was not recorded as an expense on the books of the cooperative in either the prior year or the current year. This is a reconciling item between book net income and tax net income on Schedule D, Part XII, Line 4b. |
| Form 990, Part IX, Line 24a - 24d | Many of the expenses listed on these lines have been spread over many expense accounts according to their function and are included in expenses categorized by function. |
| Form 990, Part XI, Line 9 | Other changes in net assets or fund balances include: 1)Margins to be allocated in the following year ($3,289,204 increase), 2) Capital Credit retirements ($2,750,651 decrease), 3) Capital credits forfeited back to the cooperative ($5,028 increase), 4) Escheat process ($62,862 increase), 5) Changes to Post Retirement Benefit Fund including actuarial gain ($32,627 decrease), 6)Youth scholarships paid out ($7,500 decrease), 7)Change in Equity of Scholarship Fund ($35,698 increase) |
| Software ID: | 23018249 |
| Software Version: | v1.00 |