Trustees Allocate 2016 Margins
This Notice of Patronage Allo- cation is issued in accordance with the Bylaws of Northfork Electric Cooperative, Inc.
After reviewing the 2016 year- HQG ¿QDQFLDO VWDWHPHQWV 1)(&¶V Board of Trustees approved to allo-
cate $826,256.01 in excess mar- gins. Margins are calculated each year by subtracting total operating expenses from total operating rev- enues. These margins are allocated to members’ capital account based on the dollar amount of electricity
Procedure for Nomination of Trustees Northfork Electric Cooperative Bylaws state:
Section 5.05. Nominations. It shall be the duty of the Board of Trustees WR DSSRLQW QRW OHVV WKDQ QLQHW\
QRU PRUH WKDQ RQH KXQGUHG ¿IW\
days prior to the date of a meeting of the members at which trustees are to be elected, a Committee on Nominations, consisting of not less than three (3) nor more than nine (9) persons who are members of the Cooperative, but are not incumbent trustees or close relatives of such trustees or known candidates to EHFRPH WUXVWHHV 7KH &RPPLWWHH VKDOO SUHSDUH DQG SRVW DW WKH SULQFLSDO RffiFH of the Cooperative at least sixty (60) days prior to the meeting a list of nomi- nations for trustees to be elected, listing separately the nominee or nominees ZLWK UHVSHFW WR HDFK SRVLWLRQ WR EH HOHFWHG DW WKH PHHWLQJ $Q\ ¿IWHHQ or more members of the Cooperative, acting together, may make additional nominations in writing over their signature, in like manner showing clearly which Committee-nominated candidate is being opposed, not less than forty- ¿YH
GD\V SULRU WR WKH PHHWLQJ DQG WKH 6HFUHWDU\ VKDOO YHULI\ WKDW DW OHDVW ¿IWHHQ
RI WKH VLJQLQJ PHPEHUV DUH LQ JRRG VWDQGLQJ ZLWK WKH &RRSHUDWLYH DQG WKDW WKH QRPLQHH LV LQ JRRG VWDQGLQJ DQG TXDOL¿HV WR VHUYH DV WUXVWHH IRU WKH GLVWULFW IRU ZKLFK KH VKH LV QRPLQDWHG 2QFH YHUL¿HG WKH 6HFUHWDU\ VKDOO post such nominations at the same place where the list of nominations made by the Committee is posted. The 9735-001 Secretary shall mail to the mem- bers with the notice of the meeting, or separately, but not less than thirty (30) days prior to the date of the meeting, a statement of the trustees to be elected for each position, and the names and addresses of all nominees, showing sep- arately those nominated by the Committee and those nominated by petition, if any. The chairman at such meeting shall announce nominations make for each position to be elected. Notwithstanding the provisions contained in the 6HFWLRQ IDLOXUH WR FRPSO\ ZLWK DQ\ RI VXFK SURYLVLRQV VKDOO QRW DffHFW LQ DQ\ manner whatsoever the validity of any action taken by the Board of Trustees after the election of trustees.
purchased from the cooperative during 2016. This allocated patron- age capital is combined with total patronage capital that has not been retired (paid) and provides working capital for the cooperative. To determine your amount of this allocation, all members on rates 101 through 708 should multiply the allocation factor E\ WKH WRWDO DPRXQW
of your electric bill for 2016. All members on rate 900 should multiply the allocation factor 0.01787131 by the total amount of your electric bill for 2016. This allocated amount is not immediately available as either cash or credit on your electric bill. These notices are redeemable only at the discretion of NFEC’s Board of Trustees, and are not required to be reported by you for income tax purposes until redeemed for cash and then only if you receive an income tax deduction for the payment made to the cooperative in 2016. Accordingly, it is unlikely that residential patrons will be required to report such allocations even when paid to them in cash or credited to their electric bill. If you have any questions concerning this allocation notice, please contact us at 580-928-3366 DQG DVN IRU /LVD 'DLOH\ RU -Hff Mohr.
Want information about your cooperative, a recipe from a past issue of Sparks & Flashes, or to pay your bill online? Then visit our website!
www.nfecoop.com
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