NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP: Form 990, tax year 2011
View the entire original 990 at ProPublica ↗
- Organization
- NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP (EIN 52-0891669)
- Tax period
- 2011-06-01 to 2012-05-31
- Filed
- 2013-01-14
- IRS object ID
- 201310149349300516
- Schema version
- 2011v1.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2013-01-14T11:12:31-06:00 | Timestamp |
| Tax Period End Date | 2012-05-31 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 861065772 | EIN |
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DELOITTE TAX LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1750 TYSONS BOULEVARD | AddressLine1 |
| City | MCLEAN | City |
| State | VA | State |
| ZIP Code | 22102 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2011-06-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 520891669 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | NATIONAL RURAL UTILITIES COOPERATIVE | BusinessNameLine1 |
| Business Name Line2 | FINANCE CORPORATION | BusinessNameLine2 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | NATI | NameControl |
| Phone | 7034671800 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20701 COOPERATIVE WAY | AddressLine1 |
| City | DULLES | City |
| State | VA | State |
| ZIP Code | 20166 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | STEVEN L LILLY | Name |
| Title | SVP AND CFO | Title |
| Phone | 7034671800 | Phone |
| Date Signed | 2013-01-14 | DateSigned |
| Authorize Third Party | 0 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | KRISTINA RASMUSSEN | Name |
| PTIN | P00143920 | PTIN |
| Phone | 7032511000 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2011 | TaxYear |
| Build TS | 2016-03-07 17:11:31Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | STEVEN L LILLY | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20701 COOPERATIVE WAY | AddressLine1 |
| City | DULLES | City |
| State | VA | State |
| ZIP Code | 20166 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 1249646034 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c | X | Organization501c |
| Web Site | WWW.NRUCFC.COOP | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1969 | YearFormation |
| State Legal Domicile | VA | StateLegalDomicile |
| Activity Or Mission Description | TAX EXEMPT COOPERATIVE ORGANIZATION PROVIDING FINANCING TO RURAL ELECTRIC COOPERATIVES | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 23 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 23 | NbrIndependentVotingMembers |
| Total Nbr Employees | 238 | TotalNbrEmployees |
| Total Nbr Volunteers | 0 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 0 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 0 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 1395981969 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 1240520159 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 3855863 | InvestmentIncomePriorYear |
| Investment Income Current Year | 3888007 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 4934676 | OtherRevenuePriorYear |
| Other Revenue Current Year | 5069000 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 1404772508 | TotalRevenuePriorYear |
| Total Revenue Current Year | 1249477166 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 2123427 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 1378844 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 43368134 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 39879244 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 1184302428 | OtherExpensePriorYear |
| Other Expenses Current Year | 1090366164 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 1229793989 | TotalExpensesPriorYear |
| Total Expenses Current Year | 1131624252 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 174978519 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 117852914 | RevenuesLessExpensesCY |
| Total Assets BOY | 20128724345 | TotalAssetsBOY |
| Total Assets EOY | 19889857994 | TotalAssetsEOY |
| Total Liabilities BOY | 19447065976 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 19400559170 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 681658369 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 489298824 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | TO BRIDGE THE FINANCIAL NEEDS OF THE RURAL ELECTRIC NETWORK WITH THE EXPECTATIONS OF THE GLOBAL CAPITAL MARKETS, ONE COOPERATIVE AT A TIME. NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION ("CFC") IS A MEMBER-OWNED COOPERATIVE ASSOCIATION INCORPORATED UNDER THE LAWS OF THE DISTRICT OF COLUMBIA IN APRIL 1969. CFC'S PRINCIPAL PURPOSE IS TO PROVIDE ITS MEMBERS WITH FINANCING TO SUPPLEMENT THE LOAN PROGRAMS OF THE RURAL UTILITIES SERVICE ("RUS") OF THE UNITED STATES DEPARTMENT OF AGRICULTURE. CFC MAKES LOANS PRIMARILY TO ITS RURAL ELECTRIC MEMBERS SO THEY CAN ACQUIRE, CONSTRUCT AND OPERATE ELECTRIC DISTRIBUTION, GENERATION, TRANSMISSION AND RELATED FACILITIES. CFC ALSO PROVIDES ITS MEMBERS WITH CREDIT ENHANCEMENTS IN THE FORM OF LETTERS OF CREDIT AND GUARANTEES OF DEBT OBLIGATIONS. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Expense | 1028533939 | Expense |
| Revenue | 1245589023 | Revenue |
| Description | INTEREST EXPENSE - CFC PROVIDES LOANS TO ITS MEMBERS, RURAL ELECTRIC COOPERATIVES AND THEIR RELATED ORGANIZATIONS. CFC RAISES FUNDS IN THE CAPITAL MARKETS AND PAYS A RATE OF RETURN COMMENSURATE WITH CURRENT ECONOMIC CONDITIONS FOR THE USE OF THOSE FUNDS. THESE BORROWED FUNDS PERMIT CFC TO MEET THE BORROWING NEEDS OF ITS MEMBERS SO THEY CAN CONTINUE TO PROVIDE ELECTRIC AND POWER SERVICE TO THE CONSUMERS AND BUSINESSES IN THE RURAL TERRITORIES SERVICED BY THOSE MEMBERS/BORROWERS. CFC OPERATES IN SUCH MANNER TO ACHIEVE THE LOWEST COST OF FUNDING AVAILABLE TO IT AND PASSES THE COSTS AND RESULTING SAVINGS ALONG TO ITS BORROWERS. | Description |
Activity2 Activity2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | 19781544 | Expense |
| Revenue | 136 | Revenue |
| Description | RESULTS OF FORECLOSED ASSETS - AS PART OF OUR NORMAL OPERATING ACTIVITIES AS A LENDER, WE MAY BE REQUIRED TO FORECLOSE ON ASSETS OR BUSINESS OPERATIONS OF BORROWERS WHO DEFAULT ON THEIR LOANS DUE TO US. OUR OBJECTIVE IS TO REHABILITATE THE FORECLOSED ASSETS OR BUSINESS OPERATIONS IN ORDER SELL THEM AT A PRICE THAT MAXIMIZES OUR RECOVERY ON THOSE DEFAULTED LOANS. THE INVESTMENT IN FORECLOSED ASSETS OR BUSINESS OPERATIONS DOES NOT REPRESENT A NEW OR SEPARATE LINE OF BUSINESS FOR CFC. THE RESULTS OF OPERATIONS OF FORECLOSED ASSETS REPRESENTS THE COMBINED OPERATING LOSSES FROM CFC'S WHOLLY OWNED SUBSIDIARY CARIBBEAN ASSET HOLDINGS ("CAH") AND DENTON REALTY PARTNERS LP, RESPECTIVELY FOR THE YEAR ENDED MAY 31, 2012. DURING FISCAL YEAR 2012, THE OPERATING COMPANIES OF CFC'S WHOLLY OWNED SUBSIDIARY CAH, EXPERIENCED $19,621,000 IN LOSSES FROM OPERATIONS WHICH ARE COMPRISED OF TELECOMMUNICATIONS AND CABLE TELEVISION SERVICES IN THE U.S. VIRGIN ISLANDS, BRITISH VIRGIN ISLANDS AND ST. MAARTEN. DENTON REALTY PARTNERS ("DRP") HOLDS ASSETS INCLUDING A LAND DEVELOPMENT LOAN, LIMITED PARTNERSHIP INTERESTS IN CERTAIN REAL ESTATE DEVELOPMENTS AND DEVELOPED LOST AND LAND, RAW LAND AND UNDERGROUND MINERAL RIGHTS IN TEXAS. THESE FORECLOSED ASSETS ARE HELD BY TWO WHOLLY OWNED SUBSIDIARIES OF CFC. DURING THE YEAR, DRP EXPERIENCED LOSS FROM OPERATIONS OF $161,000. | Description |
Activity3 Activity3
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | 15465000 | Expense |
| Description | LOSS ON EARLY EXTINGUISHEMENT OF DEBT - WE REDEEM OUTSTANDING DEBT EARLY ON OCCASION TO MANAGE LIQUIDITY AND INTEREST RATE RISK. WHEN WE REDEEM OUTSTANDING DEBT EARLY, WE RECOGNIZE A GAIN OR LOSS RELATED TO THE DIFFERENCE BETWEEN THE AMOUNT PAID TO REDEEM THE DEBT AND THE NET BOOK VALUE OF THE EXTINGUISHED DEBT AS A COMPONENT OF NON-INTEREST EXPENSE IN THE GAIN (LOSS) ON EARLY EXTINGUISHMENT OF DEBT LINE ITEM. IN AUGUST 2011 AND OCTOBER 2011, WE REDEEMED A TOTAL OF $500 MILLION OF OUR $1,500 MILLION, 7.25% SERIES C MEDIUM-TERM NOTES WITH AN ORIGINAL MATURITY OF MARCH 1, 2012 AT A PREMIUM. BOTH THE PREMIUM AND UNAMORTIZED ISSUANCE COSTS TOTALING $16 MILLION WERE RECORDED AS A LOSS ON EXTINGUISHMENT OF DEBT DURING THE YEAR ENDED MAY 31, 2012. | Description |
Activity Other ActivityOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | 2579584 | Expense |
| Grants | 1378844 | Grants |
| Description | GUARANTEE LOSS PROVISION - WE MAINTAIN A GUARANTEE LIABILITY THAT REPRESENTS OUR CONTINGENT AND NON-CONTINGENT EXPOSURE RELATED TO GUARANTEES AND STANDBY LIQUIDITY OBLIGATIONS ASSOCIATED WITH OUR MEMBER'S DEBT. THE GUARANTEE LIABILITY IS INCLUDED IN THE OTHER LIABILITIES LINE ITEM ON THE CONSOLIDATED BALANCE SHEET, AND THE PROVISION FOR GUARANTEE LIABILITY IS REPORTED IN NON-INTEREST EXPENSE AS A SEPARATE LINE ITEM ON THE CONSOLIDATED STATEMENT OF OPERATIONS. THE CONTINGENT PORTION OF THE GUARANTEE LIABILITY REPRESENTS MANAGEMENT'S ESTIMATE OF OUR EXPOSURE TO LOSSES WITHIN THE GUARANTEE PORTFOLIO. THE METHODOLOGY USED TO ESTIMATE THE CONTINGENT GUARANTEE LIABILITY IS CONSISTENT WITH THE METHODOLOGY USED TO DETERMINE THE ALLOWANCE FOR LOAN LOSS.GRANTS - AS A COOPERATIVE FORMED UNDER THE LAWS OF THE DISTRICT OF COLUMBIA, CFC IS REQUIRED TO ALLOCATE A MINIMUM OF 1/4 OF 1% OF ITS NET EARNINGS TO AN EDUCATIONAL FUND. COOPERATIVES ARE REQUIRED BY THIS ACT TO MAKE GRANTS IN SUPPORT OF EDUCATING THE PUBLIC ABOUT COOPERATIVE PRINCIPLES. THE EDUCATION FUND GRANTS MADE BY CFC ARE MAINLY TO STATEWIDE MEMBERSHIP ORGANIZATIONS THAT USE THESE GRANTS TO EDUCATE CUSTOMERS AND CITIZENS ABOUT COOPERATIVE PRINCIPLES. ADDITIONALLY, CFC MANAGES A VOLUNTARY FUND ESTABLISHED FOR THE PURPOSE OF ASSISTING COOPERATIVES IN DEFENDING THEIR COOPERATIVE TERRITORIES AND PROTECTING COOPERATIVE PRINCIPLES.LOSS ON WHOLE LOAN SALE - CFC ACCOUNTS FOR THE SALE OF LOANS IN SECURITIZATION TRANSACTIONS BY DERECOGNIZING FINANCIAL ASSETS WHEN CONTROL HAS BEEN SURRENDERED. DEFERRED TRANSACTION COSTS AND UNAMORTIZED DEFERRED LOAN ORIGINATION COSTS RELATED TO THE LOANS SOLD ARE INCLUDED IN THE CALCULATION OF THE GAIN OR LOSS ON THE SALE.CREDIT LOSS ALLOWANCE - AS PART OUR SERVICES WE MAY ENTER INTO ARRANGEMENTS FOR UNADVANCED COMMITMENTS WITH OUR MEMBERS. UNADVANCED COMMITMENTS REPRESENT AMOUNTS FOR WHICH WE HAVE APPROVED AND EXECUTED LOAN CONTRACTS, BUT FUNDS HAVE NOT BEEN ADVANCED. WE DO NOT MAINTAIN AN ALLOWANCE FOR THE MAJORITY OF OUR UNADVANCED LOAN COMMITMENTS AS THE LOANS ARE GENERALLY SUBJECT TO MATERIAL ADVERSE CHANGE CLAUSES THAT WOULD NOT REQUIRE US TO LEND OR CONTINUE TO LEND TO A BORROWER EXPERIENCING A MATERIAL ADVERSE CHANGE IN THEIR BUSINESS OR CONDITION, FINANCIAL OR OTHERWISE. THE METHODOLOGY USED TO DETERMINE AN ESTIMATE OF PROBABLE LOSSES FOR UNADVANCED COMMITMENTS RELATED TO COMMITTED LINES OF CREDIT THAT ARE NOT SUBJECT TO MATERIAL ADVERSE CHANGE CLAUSE AT THE TIME OF EACH LOAN ADVANCE IS CONSISTENT WITH THE METHODOLOGY USED TO DETERMINE THE ALLOWANCE FOR LOAN LOSSES. THE ALLOWANCE FOR UNADVANCED COMMITMENTS IS INCLUDED IN THE OTHER LIABILITIES LINE ITEM ON THE CONSOLIDATED BALANCE SHEET. CHANGES TO THE ALLOWANCE FOR UNADVANCED COMMITMENTS ARE RECORDED IN THE CONSOLIDATED STATEMENT OF OPERATIONS IN OTHER NON-INTEREST EXPENSE. | Description |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Other Program Service Exp | 2579584 | TotalOfOtherProgramServiceExp |
| Total Of Other Program Service Grnt | 1378844 | TotalOfOtherProgramServiceGrnt |
| Total Program Service Expense | 1066360067 | TotalProgramServiceExpense |
| Described In501 C3 | 0 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Subject To Proxy Tax | 0 | SubjectToProxyTax |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 1 | ReportLandBldgEquip |
| Report Invest Oth Securities | 0 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 0 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 0 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 1 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 1 | ForeignOffice |
| Foreign Activities | 1 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 1 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 0 | TaxExemptBonds |
| Excess Benefit Transaction | 0 | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | 0 | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 1 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 1 | DisregardedEntity |
| Related Entity | 1 | RelatedEntity |
| Related Org Controlled Entity | 1 | RelatedOrgControlledEntity |
| Transaction Related Entity | 0 | TransactionRelatedEntity |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 83 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | 1 | ComplianceWithBackupWitholding |
| Number Of Employees | 238 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 0 | UnrelatedBusinessIncome |
| Foreign Financial Account | 1 | ForeignFinancialAccount |
| Name Of Foreign Country | VI | NameOfForeignCountry |
| Name Of Foreign Country | OC | NameOfForeignCountry |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributions |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | 0 | FundsToPayPremiums |
| Premiums Paid | 0 | PremiumsPaid |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 23 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 23 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 1 | MembersOrStockholders |
| Election Of Board Members | 1 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 0 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 0 | CompensationProcessOther |
| Investment In Joint Venture | 1 | InvestmentInJointVenture |
| Written Policy Or Procedure | 1 | WrittenPolicyOrProcedure |
| States Where Copy Of Return Is Filed | AZ | StatesWhereCopyOfReturnIsFiled |
| States Where Copy Of Return Is Filed | GA | StatesWhereCopyOfReturnIsFiled |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ROBERT GEIER | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 7034671800 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20701 COOPERATIVE WAY | AddressLine1 |
| City | DULLES | City |
| State | VA | State |
| ZIP Code | 20166 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (40 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer | Key EmployeeKeyEmployee | Highest Compensated EmployeeHighestCompensatedEmployee |
|---|---|---|---|---|---|---|---|---|
| FREDERICK C ANDERSON | ||||||||
| DIRECTOR | 8.40 | X | 42350 | 0 | 0 | |||
| RAY BEAVERS | ||||||||
| DIRECTOR | 7.80 | X | 36850 | 0 | 0 | |||
| FRED BROG | ||||||||
| DIRECTOR | 11.60 | X | 39650 | 0 | 0 | |||
| RAPHAEL BRUMBELOE | ||||||||
| DIRECTOR | 6.80 | X | 40550 | 0 | 0 | |||
| GRANT CLAWSON | ||||||||
| DIRECTOR | 4.30 | X | 31450 | 0 | 0 | |||
| WALTER K CROOK | ||||||||
| DIRECTOR | 8.40 | X | 35450 | 0 | 0 | |||
| JAMES DOERSTLER | ||||||||
| DIRECTOR | 9.70 | X | 42050 | 0 | 0 | |||
| JIMMY EWING JR | ||||||||
| DIRECTOR | 6.00 | X | 40700 | 0 | 0 | |||
| MICHAEL J GUIDRY | ||||||||
| DIRECTOR | 5.60 | X | 26500 | 0 | 0 | |||
| CHRISTOPHER L HAMON | ||||||||
| DIRECTOR | 15.00 | X | 41450 | 0 | 0 | |||
| MIKE CAMPBELL | ||||||||
| DIRECTOR | 0.00 | X | 0 | 0 | 0 | |||
| SCOTT W HANDY | ||||||||
| DIRECTOR | 8.40 | X | 40100 | 0 | 0 | |||
| JIM C HERRON | ||||||||
| DIRECTOR | 2.10 | X | 12000 | 0 | 0 | |||
| WILLIAM A KOPACZ | ||||||||
| DIRECTOR | 11.10 | X | 41450 | 0 | 0 | |||
| LYLE KORVER | ||||||||
| DIRECTOR | 6.80 | X | 40700 | 0 | 0 | |||
| GLENN MILLER | ||||||||
| DIRECTOR | 7.20 | X | 42500 | 0 | 0 | |||
| RANDY D RENTH | ||||||||
| DIRECTOR | 8.60 | X | 41150 | 0 | 0 | |||
| DWIGHT ROSSOW | ||||||||
| DIRECTOR | 9.90 | X | 36800 | 0 | 0 | |||
| R WAYNE STRATTON | ||||||||
| DIRECTOR | 3.70 | X | 37600 | 0 | 0 | |||
| J DAVID WASSON JR | ||||||||
| DIRECTOR | 8.30 | X | 45100 | 0 | 0 | |||
| CURTIS NOLAN | ||||||||
| DIRECTOR | 5.70 | X | 22800 | 0 | 0 | |||
| KIRK THOMPSON | ||||||||
| DIRECTOR | 7.70 | X | 26800 | 0 | 0 | |||
| DELBERT MARVIN CRANFORD | ||||||||
| PRESIDENT-DIRECTOR | 10.40 | X | 47350 | 0 | 0 | X | ||
| BURNS MERCER | ||||||||
| VICE PRESIDENT-DIRECTOR | 5.40 | X | 44950 | 0 | 0 | X | ||
| JOEL CUNNINGHAM | ||||||||
| SECRETARY/TREASURER-DIRECTOR | 10.40 | X | 39950 | 0 | 0 | X | ||
| SHELDON PETERSEN | ||||||||
| GOVERNOR AND CEO | 65.00 | 1511720 | 0 | 109608 | X | |||
| RICHARD LAROCHELLE | ||||||||
| SVP CORPORATE RELATIONS | 60.00 | 722551 | 0 | 104714 | X | |||
| JOHN EVANS | ||||||||
| EVP OPERATIONS | 55.00 | 653278 | 0 | 100451 | X | |||
| JOHN LIST | ||||||||
| SVP & GENERAL COUNSEL | 60.00 | 644299 | 0 | 94548 | X | |||
| STEVEN LILLY | ||||||||
| SVP & CHIEF FINANCIAL OFF | 60.00 | 627261 | 0 | 107680 | X | |||
| LAWRENCE ZAWALICK | ||||||||
| SVP AFFILIATE ORGANIZATIONS | 55.00 | 481259 | 0 | 91143 | X | |||
| JONATHON ANDREW DON | ||||||||
| SVP TREASURER | 60.00 | 373726 | 0 | 79773 | X | |||
| JOHN BORAK | ||||||||
| SVP CREDIT RISK MGMT | 60.00 | 351195 | 0 | 95310 | X | |||
| KRISHNA MURTHY | ||||||||
| VP PORTFOLIO MANAGEMENT | 48.00 | 286672 | 0 | 149603 | X | |||
| JOHN SUTER | ||||||||
| VP CAPITAL MARKET FUNDING | 50.00 | 262954 | 0 | 105580 | X | |||
| STEVEN KETTLER | ||||||||
| VP PORTFOLIO MANAGEMENT | 65.00 | 382457 | 0 | 52960 | X | |||
| ROBERTA ARONSON | ||||||||
| VP DEPUTY GENL COUNSEL | 55.00 | 341016 | 0 | 91584 | X | |||
| MICHAEL CARR | ||||||||
| VP CHIEF INFORMATION OFF | 50.00 | 300341 | 0 | 72428 | X | |||
| JOSEPH SIEKIERSKI | ||||||||
| VP CORPORATE SERVICES | 40.00 | 281778 | 0 | 86057 | X | |||
| ROBIN REED | ||||||||
| VP PORTFOLIO MANAGEMENT | 55.00 | 266647 | 0 | 63357 | X | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 8383404 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 1404796 | TotalOtherCompensation |
| Number Individuals GT100 K | 134 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| THE WHITING TURNER CONTRACTING COMPANY | |||||
| 14900 CONFERENCE CENTER DRIVE STE | CHANTILLY | VA | 20151 | BUILDING CONTRACTOR | 13508840 |
| HOGAN LOVELLS US LLP | |||||
| 555 THIRTEENTH STREET NW | WASHINGTON | DC | 200041109 | LEGAL | 2174365 |
| SAPIENT CORP | |||||
| PO BOX 414715 | BOSTON | MA | 022414715 | IS CONTRACTORS | 1875187 |
| DELOITTE & TOUCHE LLP | |||||
| PO BOX 277694 | ATLANTA | GA | 303847894 | AUDITORS | 1781750 |
| FULBRIGHT & JAWORSKI LLP | |||||
| 2200 ROSS AVENUE | DALLAS | TX | 75201 | LEGAL | 1283346 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 15 | NumberOfContractorsGT100K |
Program Service Revenue ProgramServiceRevenue (5 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| INTEREST FROM PSA | 522200 | 939515473 | 939515473 |
| DERIVATVE CASH SETTLEM | 522200 | 264924256 | 264924256 |
| RECOVERY FOR LOAN LOSS | 522200 | 18108236 | 18108236 |
| OTHER INCOME-LOAN FEES | 522200 | 17829679 | 17829679 |
| REIMBURSED EXPENSES | 522200 | 142515 | 142515 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 1240520159 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 3934028 | TotalRevenueColumn |
| Exclusion | $3,934,028 | ExclusionAmount |
Gross Amount Sales Assets GrossAmountSalesAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | 122847 | Other |
Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | 168868 | Other |
Gain Or Loss GainOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | -46021 | Other |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -46021 | TotalRevenueColumn |
| Exclusion | -$46,021 | ExclusionAmount |
Other Revenue Misc OtherRevenueMisc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | MANAGEMENT FEES | Description |
| Business Code | 522200 | BusinessCode |
| Total Revenue Column | 5069000 | TotalRevenueColumn |
| Related Or Exempt Function Income | 5069000 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 5069000 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 1249477166 | TotalRevenueColumn |
| Related Or Exempt Function Income | 1245589159 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $3,888,007 | ExclusionAmount |
Grants To Domestic Orgs GrantsToDomesticOrgs
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1378844 | Total |
| Program Services | 1378844 | ProgramServices |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 7849665 | Total |
| Management And General | 7849665 | ManagementAndGeneral |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 22414878 | Total |
| Management And General | 22414878 | ManagementAndGeneral |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 5207373 | Total |
| Management And General | 5207373 | ManagementAndGeneral |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2624379 | Total |
| Management And General | 2624379 | ManagementAndGeneral |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1782949 | Total |
| Management And General | 1782949 | ManagementAndGeneral |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2599785 | Total |
| Management And General | 2599785 | ManagementAndGeneral |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1206070 | Total |
| Management And General | 1206070 | ManagementAndGeneral |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1546039 | Total |
| Management And General | 1546039 | ManagementAndGeneral |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 535754 | Total |
| Management And General | 535754 | ManagementAndGeneral |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2209935 | Total |
| Management And General | 2209935 | ManagementAndGeneral |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3806805 | Total |
| Management And General | 3806805 | ManagementAndGeneral |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2939444 | Total |
| Management And General | 2939444 | ManagementAndGeneral |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2144350 | Total |
| Management And General | 2144350 | ManagementAndGeneral |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1747446 | Total |
| Management And General | 1747446 | ManagementAndGeneral |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1028533939 | Total |
| Program Services | 1028533939 | ProgramServices |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 4311680 | Total |
| Management And General | 4311680 | ManagementAndGeneral |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 561308 | Total |
| Management And General | 561308 | ManagementAndGeneral |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices | Management And GeneralManagementAndGeneral |
|---|---|---|---|
| FORECLOSED ASSETS | 19781544 | 19781544 | |
| LOSS ON EARLY EXTINGUIS | 15465000 | 15465000 | |
| OTHER EXPENSES | 1776325 | 1776325 | |
| GUARANTEE LOSS PROVISIO | 726000 | 726000 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 474740 | Total |
| Program Services | 474740 | ProgramServices |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1131624252 | Total |
| Program Services | 1066360067 | ProgramServices |
| Management And General | 65264185 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 56803036 | BOY |
| EOY | 33610197 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 233288109 | BOY |
| EOY | 152766733 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 149072455 | BOY |
| EOY | 184965093 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 18807705402 | BOY |
| EOY | 18739092967 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 5404039 | BOY |
| EOY | 5157001 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 117805811 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 15035374 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 88794307 | BOY |
| EOY | 102770437 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 58600825 | BOY |
| EOY | 59045008 | EOY |
Investments Program Related InvestmentsProgramRelated
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 280811395 | BOY |
| EOY | 223476219 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 448244777 | BOY |
| EOY | 388974339 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 20128724345 | BOY |
| EOY | 19889857994 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2478771144 | BOY |
| EOY | 3423217407 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 17687268 | BOY |
| EOY | 26131431 | EOY |
Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 6924035316 | BOY |
| EOY | 8027405108 | EOY |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 9547017269 | BOY |
| EOY | 7261695854 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 479554979 | BOY |
| EOY | 662109370 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 19447065976 | BOY |
| EOY | 19400559170 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Do Not Follow SFAS117 | X | DoNotFollowSFAS117 |
Cap Stck Trst Prin Current Funds CapStckTrstPrinCurrentFunds
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 994400 | BOY |
| EOY | 995400 | EOY |
Paid In Cap Srpls Land Bldg Eqp Fund PaidInCapSrplsLandBldgEqpFund
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 680663969 | BOY |
| EOY | 488303424 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 681658369 | BOY |
| EOY | 489298824 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 20128724345 | BOY |
| EOY | 19889857994 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 117852914 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | -310212459 | ReconcilationOtherChanges |
| Info In Schedule O Part XII | X | InfoInScheduleOPartXII |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Consolidated | X | FinancialStatementConsolidated |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequired |
Schedule D IRS990ScheduleD
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 14012447 | InvestmentCostOrOtherBasis |
| Other Cost Or Other Basis | 24595492 | OtherCostOrOtherBasis |
| Book Value | 38607939 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 47431597 | OtherCostOrOtherBasis |
| Depreciation | 1274598 | Depreciation |
| Book Value | 46156999 | BookValue |
Leasehold Improvements LeaseholdImprovements
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 26706242 | OtherCostOrOtherBasis |
| Depreciation | 12473376 | Depreciation |
| Book Value | 14232866 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 5060033 | OtherCostOrOtherBasis |
| Depreciation | 1287400 | Depreciation |
| Book Value | 3772633 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 102770437 | TotalOfBookValueLandBuildings |
Other Liabilities OtherLiabilities (5 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| GUARANTEE LIABILITY | $28,406,574 |
| OTHER ACCRUED EXPENSES | $6,884,587 |
| CREDIT LOSSES ALLOWANCE | $217,000 |
| MEMB APP FEES-MEMBERSHIP APPL | $9,000 |
| DERIVATIVE LIABILITY -SFAS133 | $626,592,209 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 662109370 | TotalOfAmounts |
Schedule F IRS990ScheduleF
Accts Actvs Out US Table AcctsActvsOutUSTable
| Field | Value | IRS element (for citing) |
|---|---|---|
| Region | CENTRAL AMERICA AND THE CARIBBEAN - | Region |
| Number Of Offices | 1 | NumberOfOffices |
| Number Of Employees | 5 | NumberOfEmployees |
| Type Of Activities Conducted | INVESTMENTS | TypeOfActivitiesConducted |
| Total Expenditures | 201558061 | TotalExpenditures |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Subtotal Number Of Offices | 1 | SubtotalNumberOfOffices |
| Subtotal Number Of Employees | 5 | SubtotalNumberOfEmployees |
| Cont Number Of Offices | 0 | ContNumberOfOffices |
| Cont Number Of Employees | 0 | ContNumberOfEmployees |
| Total Number Of Offices | 1 | TotalNumberOfOffices |
| Total Number Of Employees | 5 | TotalNumberOfEmployees |
| Subtotal Amount Spent | 201558061 | SubtotalAmountSpent |
| Cont Amount Spent | 0 | ContAmountSpent |
| Total Amount Spent | 201558061 | TotalAmountSpent |
| Transfer To Foreign Corp | 0 | TransferToForeignCorp |
| Interest In Foreign Trust | 0 | InterestInForeignTrust |
| Own Foreign Corp | 1 | OwnForeignCorp |
| Passive Foreign Invest Co | 0 | PassiveForeignInvestCo |
| Foreign Partnership | 0 | ForeignPartnership |
| Boycott Countries | 0 | BoycottCountries |
Form990 Schedule F Part V Form990ScheduleFPartV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Explanation | CFC FOLLOWS U.S. GAAP ACCOUNTING. AMOUNTS REPORTED IN PART I, COLUMN (F) REPRESENTS THE CARRYING VALUE, NET OF EARNINGS AND/OR IMPAIRMENT CHARGES OF CFC'S INVESTMENT IN ORGANIZATIONS IN FOREIGN COUNTRIES AS OF THE END OF THE TAX YEAR AND DO NOT REFLECT EXPENDITURES MADE BY CFC INTO THESE COUNTRIES. | Explanation |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Records Maintained | 1 | RecordsMaintained |
Recipient Table RecipientTable (48 entries)
| Address Line1AddressUS/AddressLine1 | CityAddressUS/City | StateAddressUS/State | ZIP CodeAddressUS/ZIPCode | EIN Of RecipientEINOfRecipient | IRC SectionIRCSection | Amount Of Cash GrantAmountOfCashGrant | Purpose Of GrantPurposeOfGrant |
|---|---|---|---|---|---|---|---|
| ALASKA POWER ASSOCIATION | |||||||
| 703 WEST TUDOR ROAD SUITE 200 | ANCHORAGE | AK | 995036650 | 920069880 | 501 (C)(6) | 11600 | PARTICIPATION IN YOUTH LEADERSHIP PROGRAMS |
| ARKANSAS ELECTRIC COOPERATIVES INC | |||||||
| PO BOX 194208 | LITTLE ROCK | AR | 72219 | 710219756 | 501 (C)(12) | 23200 | ORIENTATION TO COOPERATIVE PRINCIPLES AND LEADERSHIP |
| ALABAMA RURAL ELECTRIC ASSOCIATION OF COOPERATIVES | |||||||
| PO BOX 244014 | MONTGOMERY | AL | 361244014 | 630264081 | 501 (C)(6) | 14400 | DIRECTOR TRAINING CONFERENCE |
| ASSOCIATION OF ILLINOIS ELECTRIC COOPERATIVES | |||||||
| PO BOX 3787 | SPRINGFIELD | IL | 627083787 | 370159736 | 502 (C)(6) | 40400 | FARMER TRAINING AND PROMOTION |
| ASSOCIATION OF MISSOURI ELECTRIC COOPERATIVES | |||||||
| PO BOX 1645 | JEFFERSON CITY | MO | 65102 | 430631824 | 501 (C)(6) | 25600 | COOPERATIVE YOUTH LEADERSHIP CONFERENCE AND WASHINGTON YOUTH TOUR |
| COLORADO RURAL ELECTRIC ASSOCIATION | |||||||
| 5400 NORTH WASHINGTON STREET | DENVER | CO | 80216 | 840411220 | 501 (C)(6) | 13600 | DIRECTOR AND EMPLOYEE TRAINING |
| ELECTRIC POWER ASSOCIATIONS OF MISSISSIPPI | |||||||
| PO BOX 3300 | RIDGELAND | MS | 391583300 | 640200697 | 501 (C)(6) | 13200 | COOPERATIVE YOUTH LEADERSHIP WORKSHOP |
| FLORIDA ELECTRIC COOPERATIVES ASSOCIATION INC | |||||||
| 2916 APALACHEE PARKWAY | TALLAHASSEE | FL | 32301 | 590633990 | 501 (C)(6) | 10000 | LEADERSHIP CONFERENCE FOR DIRECTORS & MANAGERIAL STAFF |
| GEORGIA ELECTRIC MEMBERSHIP CORPORATION | |||||||
| PO BOX 1707 | TUCKER | GA | 300851707 | 580530279 | 501 (C)(6) | 23600 | EDUCATION BOOTH AT SUNBELT AGRICULTURAL EXPOSITION |
| GOLDEN STATE POWER COOPERATIVE | |||||||
| 14619 HAMLIN STREET | VAN NUYS | CA | 91411 | 680441905 | 501 (C)(6) | 5200 | ASSISTANCE TO START-UP CO-OPS WITH SEMINARS AND SPEAKERS |
| GRAND CANYON STATE ELECTRIC COOPERATIVE ASSOCIATION | |||||||
| 120 NORTH 44TH STREET | PHOENIX | AZ | 85034 | 866056759 | 501 (C)(6) | 11200 | COOPERATIVE YOUTH LEADERSHIP CONFERENCE AND WASHINGTON YOUTH TOUR |
| IDAHO COOPERATIVE UTILITIES ASSOCIATION INC | |||||||
| PO BOX 1898 | BOISE | ID | 837011898 | 820502739 | 502 (C)(6) | 19200 | ICUA YOUTH RALLY AND THE ICUA MEMBERS CONFERENCE |
| INDIANA STATEWIDE ASSOCIATION OF RURAL ELECTRIC COOPERATIVES INC | |||||||
| PO BOX 24517 | INDIANAPOLIS | IN | 46224 | 351499808 | 501 (C)(6) | 24400 | TRAINING PROGRAMS FOR EMPLOYEES AND CO-OP BOARD MEMBERS |
| IOWA ASSOCIATION OF ELECTRIC COOPERATIVES | |||||||
| 8525 DOUGLAS AVE SUITE 48 | DES MOINES | IA | 50322 | 420662488 | 502 (C)(6) | 47200 | MONTHLY MAGAZINE AND OTHER COMMUNICATIONS PROGRAMS FOR MEMBERS-CONSUMERS IN IOWA |
| KANSAS ELECTRIC COOPERATIVES INC | |||||||
| PO BOX 4267 | TOPEKA | KS | 666044267 | 480541902 | 501 (C)(12) | 16800 | INFORMATIONAL PUBLICATION FOR DISTRIBUTION TO CO-OP MEMBERS AND PUBLIC |
| MICHIGAN ELECTRIC COOPERATIVE ASSOCIATION | |||||||
| 2859 W JOLLY ROAD | OKEMOS | MI | 488641182 | 382214287 | 501 (C)(6) | 9600 | YOUTH TOUR TO WASHINGTON AND MICHIGAN ELECTRIC TEEN DAYS SUMMER CAMP |
| MINNESOTA RURAL ELECTRIC ASSOCIATION | |||||||
| 11640 - 73RD AVENUE NORTH | MAPLE GROVE | MN | 55369 | 410417193 | 501 (C)(6) | 24000 | TRAINING AND EDUCATION FOR NEW COOPERATIVE BOARD MEMBERS |
| MONTANA ELECTRIC COOPERATIVES' ASSOCIATION | |||||||
| PO BOX 1306 | GREAT FALLS | MT | 59403 | 810229220 | 501 (C)(6) | 14400 | MEMBERS AND YOUTH TO WASHINGTON, DC TOUR |
| NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION | |||||||
| 4301 WILSON BOULEVARD | ARLINGTON | VA | 222031860 | 530116145 | 501 (C)(6) | 85096 | FOR OPERATION AND CAPITAL EXPENDITURES ASSOCIATED WITH COOPERATIVE.COM WEB SITE |
| NEBRASKA RURAL ELECTRIC ASSOCIATION | |||||||
| PO BOX 82048 | LINCOLN | NE | 68501 | 470394033 | 501 (C)(6) | 32800 | NREA WASHINGTON YOUTH TOUR |
| NEVADA RURAL ELECTRIC ASSOCIATION | |||||||
| PO BOX 365 | WELLS | NV | 89835 | 880237046 | 501 (C)(6) | 6400 | BUILDING A GRASSROOTS PROGRAM |
| NEW MEXICO RURAL ELECTRIC COOPERATIVE ASSOCIATION INC | |||||||
| 614 DON GASPAR AVENUE | SANTA FE | NM | 87501 | 850155370 | 501 (C)(6) | 10400 | DIRECTOR TRAINING COURSES FROM NRECA |
| NEW YORK STATE RURAL ELECTRIC COOPERATIVE ASSOCIATION INC | |||||||
| 9 WILSON AVENUE | HARTWICK | NY | 14810 | 161264464 | 501 (C)(6) | 5600 | RURAL ELECTRIC YOUTH TOUR TO WASHINGTON |
| NORTH CAROLINA ASSOCIATION OF ELECTRIC COOPERATIVES INC | |||||||
| PO BOX 27306 | RALEIGH | NC | 27611 | 561189186 | 501 (C) | 15600 | BRIGHT IDEAS PROGRAM -- CLASSROOM SUPPORT FOR TEACHERS |
| NORTH DAKOTA ASSOCIATION OF RURAL ELECTRIC COOPERATIVES | |||||||
| P O BOX 727 | MANDAN | ND | 585540727 | 450231058 | 501 (C) | 22800 | "COOPERATIVE CONNECTIONS" ORIENTATION PROGRAM |
| NORTHEAST ASSOCIATION OF ELECTRIC COOPERATIVES INC | |||||||
| 9 WILSON AVENUE | BATH | NY | 148101633 | 222153529 | 501 (C)(12) | 16400 | EDUCATION/TRAINING FOR DIRECTORS & EMPLOYEES |
| OHIO RURAL ELECTRIC COOPERATIVES | |||||||
| PO BOX 26036 | COLUMBUS | OH | 432260036 | 510174617 | 501 (C)(6) | 19600 | CHILDREN OF MEMBERS SCHOLARSHIP PROGRAM |
| OKLAHOMA ASSOCIATION OF ELECTRIC COOPERATIVES INCORPORATED | |||||||
| PO BOX 54309 | OKLAHOMA CITY | OK | 731541309 | 730556236 | 501 (C)(6) | 17200 | PUBLICATION OF "A PARTNERSHIP OF PROGRESS" |
| OREGON RURAL ELECTRIC COOPERATIVE ASSOCIATION | |||||||
| 1750 LIBERTY ST SE | SALEM | OR | 97302 | 930593238 | 501 (C)(6) | 13600 | LEGISLATOR EDUCATION ON CO-OP OPERATIONS |
| PENNSYLVANIA RURAL ELECTRIC ASSOCIATION | |||||||
| PO BOX 1266 | HARRISBURG | PA | 171081266 | 236291530 | 501 (C)(6) | 17600 | COOPERATIVE COMMUNICATION WORKSHOP |
| SOUTH DAKOTA RURAL ELECTRIC ASSOCIATION INC | |||||||
| PO BOX 1138 | PIERRE | SD | 57501 | 460231254 | 501 (C)(12) | 15600 | 2011 YOUTH EXCURSION |
| TENNESSEE ELECTRIC COOPERATIVE ASSOCIATION | |||||||
| PO BOX 100912 | NASHVILLE | TN | 37224 | 620461379 | 501 (C)(6) | 13200 | YOUTH LEADERSHIP SUMMIT |
| TEXAS ELECTRIC COOPERATIVES INC | |||||||
| 1122 COLORADO ST STE 2400 | AUSTIN | TX | 787012167 | 741007829 | 277 | 39600 | LOCAL PAGES EDITORS EDUCATION PROGRAM |
| THE ASSOCIATION OF LOUISIANA ELECTRIC COOPERATIVES INC | |||||||
| 10725 AIRLINE HIGHWAY | BATON ROUGE | LA | 708164299 | 720400467 | 501 (C)(6) | 8000 | RURAL ELECTRIC YOUTH TOUR TO WASHINGTON |
| THE ELECTRIC COOPERATIVES OF SOUTH CAROLINA INC | |||||||
| 808 KNOX ABBOTT DRIVE | CAYCE | SC | 29033 | 570308664 | 502 (C)(6) | 26400 | NRECA TRAINING COURSES ON A STATEWIDE BASIS |
| UTAH RURAL ELECTRIC ASSOCIATION | |||||||
| 10714 SOUTH JORDAN GATEWAY | SOUTH JORDAN | UT | 84095 | 870402010 | 501 (C)(6) | 8000 | LEGISLATOR EDUCATION/UREA YOUTH LEADERSHIP CHALLENGE |
| VIRGINIA MARYLAND & DELAWARE ASSOCIATION OF ELECTRIC COOPERATIVES | |||||||
| PO BOX 2340 | GLEN ALLEN | VA | 230582340 | 540553861 | 501 (C)(6) | 18400 | 2012 MEMBER COOPERATIVE DIRECTOR TRAINING |
| WASHINGTON RURAL ELECTRIC COOPERATIVE ASSOCIATION | |||||||
| PO BOX 7219 | OLYMPIA | WA | 985077219 | 911236389 | 501 (C)(6) | 10800 | WRECA 2012 ANNUAL MEETING PROGRAM |
| COOPERATIVE NETWORK ELECTRIC DIVISION | |||||||
| 1 SOUTH PINCKNEY STREET | MADISON | WI | 537032869 | 391128018 | 501(C) | 18400 | YOUTH LEADERSHIP CONFERENCE |
| WYOMING RURAL ELECTRIC ASSOCIATION | |||||||
| 2312 CAREY AVENUE | CHEYENNE | WY | 820013627 | 830207211 | 501 (C)(12) | 8800 | LINEMAN SCHOLARSHIP; AG IN THE CLASSROOM AND SPONSORSHIP OF YOUTH TOUR |
| CARROLL ELECTRIC COOPERATIVE | |||||||
| 920 HIGHWAY 62 SPUR | BERRYVILLE | AR | 72616 | 710027635 | 501 (C)(12) | 85143 | INTEGRITY FUND GRANT TO SUPPORT MEMBER FROM BEING ACQUIRED BY ANOTHER ENTITY. |
| RED RIVER VALLEY CO-OP POWER | |||||||
| 109 2ND AVENUE EAST | HALSTAD | MN | 56548 | 410497361 | 501 (C)(12) | 48719 | INTEGRITY FUND GRANT TO SUPPORT MEMBER'S RIGHT TO PROVIDE SERVICE IN A DISPUTE WITH ANOTHER ENTITY. |
| ROCK ENERGY COOPERATIVE | |||||||
| PO BOX 1758 | JANESVILLE | WI | 53547 | 390574424 | 501 (C)(12) | 14658 | INTEGRITY FUND GRANT TO SUPPORT MEMBER'S RIGHT TO PROVIDE SERVICE IN A DISPUTE WITH ANOTHER ENTITY. |
| THE ELECTRIC COOPERATIVES OF SOUTH CAROLINA INC | |||||||
| 808 KNOX ABBOTT DRIVE | CAYCE | SC | 29033 | 570308664 | 501 (C) | 114309 | INTEGRITY FUND GRANT TO SUPPORT MEMBER FROM BEING ACQUIRED BY ANOTHER ENTITY. |
| CHOCTAWHATCHEE ELECTRIC CO-OP (CHELCO) | |||||||
| 1350 W BALDWIN AVE | DE FUNIAK SPRINGS | FL | 324350512 | 590192831 | 501(C)(12) | 49538 | INTEGRITY FUND GRANT - MUNI TERRITORY THREAT |
| COOKSON HILLS ELECTRIC COOPERATIVE | |||||||
| 1002 EAST MAIN STREET | STIGLER | OK | 74462 | 730543457 | 501(C)(12) | 6182 | INTEGRITY FUND GRANT TO SUPPORT MEMBER'S RIGHT TO PROVIDE SERVICE IN A DISPUTE WITH ANOTHER ENTITY. |
| EAST-CENTRAL IOWA REC | |||||||
| 2400 BING MILLER LANE | URBANA | IA | 523450248 | 421445092 | 501(C)(12) | 122280 | INTEGRITY FUND GRANT - MUNI TERRITORY THREAT |
| FLORIDA ELECTRIC COOPERATIVES ASSOCIATION | |||||||
| 2916 APALACHEE PARKWAY | TALLAHASSEE | FL | 32301 | 590633990 | 501(C)(6) | 20000 | INTEGRITY FUND GRANT - IOU TERRITORY THREAT |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Nbr Of501 C3 And Govt Grants | 0 | TotalNbrOf501C3AndGovtGrants |
| Total Nbr Of Other Organizations | 55 | TotalNbrOfOtherOrganizations |
Form990 Schedule I Part IV Form990ScheduleIPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | PROCEDURE FOR MONITORING GRANTS IN THE U.S.: | Identifier |
| Return Reference | PART I, LINE 2: | ReturnReference |
| Explanation | SCHEDULE I, PART I, LINE 2: INTEGRITY FUND IN ORDER TO BE APPROVED FOR A GRANT FROM THE INTEGRITY FUND, A RURAL ELECTRIC SYSTEM MUST ESTABLISH THAT A SIGNIFICANT PORTION OF ITS SERVICE TERRITORY, OR PRESENT OR ANTICIPATED CONSUMERS, OR ITS FACILITIES FACE A THREAT OF ACQUISITION BY A COMPETING UTILITY, OR THE SYSTEM FACES A THREAT TO ITS RIGHT. A RURAL ELECTRIC SYSTEM MUST SUBMIT COPIES OF PAID INVOICES SUPPORTING THE REQUESTED AMOUNT FOR EACH DISBURSEMENT FROM THE GRANT. IN ADDITION, A COVER LETTER MUST ACCOMPANY EACH REQUEST, SAYING THAT MANAGEMENT HAS REVIEWED THE DISBURSEMENT REQUEST AND STATING THAT (1) TRUE AND CORRECT COPIES OF PAID INVOICES SUPPORTING THE AMOUNT OF THIS REQUEST ARE BEING SUBMITTED, (2) SUCH COSTS HAVE BEEN INCURRED AND PAID BY THE RURAL ELECTRIC COOPERATIVE IN CONNECTION WITH THE PURPOSE FOR WHICH THE INTEGRITY FUND GRANT WAS APPROVED, AND (3) THE EXPENSES ARE REIMBURSABLE UNDER THE TERMS AND CONDITIONS OF THE INTEGRITY FUND. EDUCATION FUND EACH STATEWIDE ASSOCIATION SUBMITS AN APPLICATION FORM DESCRIBING THE PROGRAM FOR WHICH THE GRANT WILL BE USED. EARLIER IN THE YEAR, THEY SUBMIT A MEMBERSHIP LIST OF THE ASSOCIATION VERIFIED BY THE GENERAL MANAGER. CFC USES THAT LIST AS WELL AS ITS OWN MEMBERSHIP LIST TO CALCULATE HOW MUCH EACH ASSOCIATION IS ALLOTTED DURING THE FISCAL YEAR. OUR FORMULA IS BASED UPON THE NUMBER OF SYSTEMS WITHIN AN ASSOCIATION, THE TOTAL NUMBER OF CO-OPS WHICH ARE MEMBERS OF CFC AND OF THE ASSOCIATION, AND THE NUMBER OF CO-OPS THAT ARE 100% CFC BORROWERS. THE SENIOR VICE PRESIDENT OF CFC'S CORPORATE RELATIONS GROUP APPROVES THE APPLICATIONS MADE BY THE ASSOCIATIONS. THE CHECKS ARE DISBURSED PUBLICLY BEFORE THE ASSOCIATION'S BOARD OF DIRECTORS OR AT THE ASSOCIATION'S ANNUAL MEETINGS TO PROVIDE ENERGY SERVICES TO CONSUMERS. | Explanation |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | X | TravelForCompanions |
| Idemnification Gross Up Payments | X | IdemnificationGrossUpPayments |
| Housing Allowance Or Residence | X | HousingAllowanceOrResidence |
| Written Policy Re T And E Expenses | 0 | WrittenPolicyReTAndEExpenses |
| Substantiation Required | 0 | SubstantiationRequired |
| Compensation Committee | X | CompensationCommittee |
| Independent Consultant | X | IndependentConsultant |
| Form990 Of Other Organizations | X | Form990OfOtherOrganizations |
| Written Employment Contract | X | WrittenEmploymentContract |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 0 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 1 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
| Comp Based On Revenue Of Filing Org | 0 | CompBasedOnRevenueOfFilingOrg |
| Comp Based On Revenue Related Orgs | 0 | CompBasedOnRevenueRelatedOrgs |
| Comp Based Net Earnings Filing Org | 0 | CompBasedNetEarningsFilingOrg |
| Comp Based Net Earnings Relate Orgs | 0 | CompBasedNetEarningsRelateOrgs |
| Any Non Fixed Payments | 1 | AnyNonFixedPayments |
| Initial Contract Exception | 0 | InitialContractException |
Form990 Schedule J Part II Form990ScheduleJPartII (15 entries)
| Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg | Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SHELDON PETERSEN | |||||||||||||
| 1105937 | 0 | 329332 | 0 | 76451 | 0 | 84262 | 0 | 23601 | 0 | 1619583 | 0 | 0 | 0 |
| RICHARD LAROCHELLE | |||||||||||||
| 558680 | 0 | 121293 | 0 | 42578 | 0 | 100803 | 0 | 16300 | 0 | 839654 | 0 | 0 | 0 |
| JOHN EVANS | |||||||||||||
| 478014 | 0 | 128330 | 0 | 46934 | 0 | 86074 | 0 | 24842 | 0 | 764194 | 0 | 0 | 0 |
| JOHN LIST | |||||||||||||
| 458756 | 0 | 136293 | 0 | 49250 | 0 | 83244 | 0 | 26089 | 0 | 753632 | 0 | 0 | 0 |
| STEVEN LILLY | |||||||||||||
| 489703 | 0 | 131293 | 0 | 6265 | 0 | 94694 | 0 | 27212 | 0 | 749167 | 0 | 0 | 0 |
| LAWRENCE ZAWALICK | |||||||||||||
| 355313 | 0 | 88400 | 0 | 37546 | 0 | 82264 | 0 | 11188 | 0 | 574711 | 0 | 0 | 0 |
| JONATHON ANDREW DON | |||||||||||||
| 287601 | 0 | 74863 | 0 | 11262 | 0 | 63744 | 0 | 27852 | 0 | 465322 | 0 | 0 | 0 |
| JOHN BORAK | |||||||||||||
| 219628 | 0 | 85752 | 0 | 45815 | 0 | 79902 | 0 | 21037 | 0 | 452134 | 0 | 0 | 0 |
| KRISHNA MURTHY | |||||||||||||
| 187448 | 0 | 57180 | 0 | 42044 | 0 | 116438 | 0 | 26784 | 0 | 429894 | 0 | 0 | 0 |
| JOHN SUTER | |||||||||||||
| 187871 | 0 | 51930 | 0 | 23153 | 0 | 105974 | 0 | 26167 | 0 | 395095 | 0 | 0 | 0 |
| STEVEN KETTLER | |||||||||||||
| 188490 | 0 | 43952 | 0 | 150015 | 0 | 36295 | 0 | 25832 | 0 | 444584 | 0 | 0 | 0 |
| ROBERTA ARONSON | |||||||||||||
| 268074 | 0 | 65852 | 0 | 7090 | 0 | 76499 | 0 | 23326 | 0 | 440841 | 0 | 0 | 0 |
| MICHAEL CARR | |||||||||||||
| 215857 | 0 | 61160 | 0 | 23324 | 0 | 55763 | 0 | 30065 | 0 | 386169 | 0 | 0 | 0 |
| JOSEPH SIEKIERSKI | |||||||||||||
| 169476 | 0 | 67809 | 0 | 44493 | 0 | 77206 | 0 | 18732 | 0 | 377716 | 0 | 0 | 0 |
| ROBIN REED | |||||||||||||
| 195944 | 0 | 53520 | 0 | 17183 | 0 | 56320 | 0 | 10511 | 0 | 333478 | 0 | 0 | 0 |
Form990 Schedule J Part III Form990ScheduleJPartIII (4 entries)
| Return ReferenceReturnReference | ExplanationExplanation |
|---|---|
| PART I, LINE 1A | THE PERQUISITES PROVIDED TO THE CEO ARE LIMITED TO AN ANNUAL AUTOMOBILE ALLOWANCE AS WELL AS AN ANNUAL SPOUSAL AIR TRAVEL ALLOWANCE. ADDITIONALLY, THE CEO RECEIVES AN ANNUAL EXECUTIVE PHYSICAL PAID FOR BY CFC. ONE HIGHLY COMPENSATED EMPLOYEE LISTED IN PART VII, SECTION A RECEIVED A GROSS UP PAYMENT REPRESENTING A TEMPORARY HOUSING ALLOWANCE AND TAXABLE RELOCATION REIMBURSEMENT FOR PERSONAL USE DUE TO A RELOCATION TO HEADQUARTERS. THESE PAYMENTS WERE TREATED AS TAXABLE COMPENSATION. |
| PART I, LINE 1B | THESE PAYMENTS WERE TREATED AS TAXABLE COMPENSATION. TO PROVIDE THE ANNUAL AUTOMOBILE AND SPOUSAL AIR TRAVEL PERQUISITES IN AN EFFICIENT FASHION, THE BOARD AUTHORIZES AN ANNUAL ALLOWANCE RATHER THAN PROVIDING UNLIMITED REIMBURSEMENT OR USE OF A COMPANY-OWNED VEHICLE. THE AMOUNT OF EACH ALLOWANCE IS AUTHORIZED ANNUALLY BY THE BOARD AND IS DETERMINED BASED ON THE ESTIMATED COST FOR OPERATION AND MAINTENANCE OF AN AUTOMOBILE AND THE ANTICIPATED COST OF AIR TRAVEL BY THE CEO'S SPOUSE. THESE PAYMENTS WERE TREATED AS TAXABLE COMPENSATION. CFC DOES NOT HAVE A FORMAL POLICY REGARDING PAYMENTS OR REIMBURSMENT OF THESE EXPENSES. THE PAYMENT FOR THE GROSS-UP, TAXABLE HOUSING AND RELOCATION ALLOWANCE WAS MADE IN ACCORDANCE WITH A WRITTEN RELOCATION AGREEMENT. |
| PART I, LINE 4B | CFC OFFERS A PENSION RESTORATION PLAN WHICH IS A COMPONENT OF THE RETIREMENT SECURITY PLAN TO OFFICERS OF THE COMPANY. THE PENSION RESTORATION PLAN, WHICH IS A 457(F) PLAN, RESTORES THE VALUE OF THE RETIREMENT SECURITY PLAN FOR EACH OFFICER TO THE LEVEL IT WOULD BE IF THE IRS LIMITS ON ANNUAL PAY AND ANNUAL ANNUITY BENEFITS WERE NOT IN PLACE. THE BENEFIT AND PAYOUT FORMULA UNDER THIS RESTORATION COMPONENT OF THE RETIREMENT SECURITY PLAN IS SIMILAR TO THAT UNDER THE QUALIFIED PLAN COMPONENT. HOWEVER, EACH OF THE NAMED EXECUTIVE OFFICERS HAS SATISFIED THE PROVISIONS ESTABLISHED TO RECEIVE THE BENEFIT FROM THIS PLAN. SINCE THERE IS NO LONGER A RISK OF FORFEITURE OF THE BENEFIT UNDER THE PENSION RESTORATION PLAN, DISTRIBUTIONS ARE MADE FROM THE PLAN TO EACH NAMED EXECUTIVE OFFICER ANNUALLY. FOR 2011 THE FOLLOWING DISTRIBUTIONS WERE MADE: JOHN BORAK $ 4,783 JOHN EVANS $ 77,910 RICHARD LAROCHELLE $ 187,790 STEVEN LILLY $ 93,036 JOHN LIST $ 101,493 SHELDON PETERSEN $ 362,324 LAWRENCE ZAWALICK $ 88,694 |
| PART I, LINE 7 | CFC'S SHORT-TERM CASH INCENTIVE PROGRAM IS A ONE-YEAR CASH INCENTIVE THAT IS TIED TO THE ANNUAL PERFORMANCE OF THE ORGANIZATION AS A WHOLE. WE BELIEVE THAT BY PAYING A SHORT-TERM INCENTIVE TIED TO THE ACHIEVEMENT OF ANNUAL OPERATING GOALS, ALL EMPLOYEES, INCLUDING NAMED EXECUTIVE OFFICERS, WILL FOCUS THEIR EFFORTS ON THE MOST IMPORTANT STRATEGIC OBJECTIVES WHICH HELP US TO FULFILL OUR MISSION TO OUR MEMBERS AND OUR OBLIGATIONS TO THE FINANCIAL MARKETS. THE SHORT-TERM INCENTIVE PROGRAM PROVIDES ANNUAL CASH INCENTIVE OPPORTUNITIES BASED UPON THE LEVEL OF THE POSITION WITHIN OUR BASE PAY STRUCTURE, RANGING FROM 15 PERCENT - 25 PERCENT OF BASE PAY. EXECUTIVE OFFICERS ARE ELIGIBLE TO RECEIVE SHORT-TERM CASH INCENTIVE COMPENSATION UP TO 25 PERCENT OF THEIR BASE PAY. KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES ARE ELIGIBLE TO RECEIVE SHORT-TERM CASH INCENTIVE COMPENSATION UP TO 20 PERCENT OF THEIR BASE PAY. THE LONG-TERM INCENTIVE PROGRAM IS A THREE-YEAR PLAN THAT IS TIED TO CFC'S LONG-TERM STRATEGIC OBJECTIVES. THE LONG-TERM INCENTIVE PROGRAM WAS IMPLEMENTED TO CREATE DYNAMIC TENSION BETWEEN SHORT-TERM OBJECTIVES AND LONG-TERM GOALS. EXECUTIVE OFFICERS, KEY EMPLOYEES AND HIGHLY COMPENSATED EMPLOYEES ARE ELIGIBLE TO PARTICIPATE IN THE PLAN AND RECEIVE PERFORMANCE UNITS THAT ARE CALCULATED AT 20% - 25% OF BASE PAY. THE VALUE OF THE PERFORMANCE UNITS WILL RANGE FROM $0 TO $150 PER PERFORMANCE UNIT ACCORDING TO THE LEVEL OF NATIONAL RURAL'S SECURED DEBT RATINGS BY THE RATING AGENCIES. |
Schedule L IRS990ScheduleL
Form990 Schedule L Part IV Form990ScheduleLPartIV (5 entries)
| RelationshipRelationship | Amount Of TransactionAmountOfTransaction | Description Of TransactionDescriptionOfTransaction | Sharing Of RevenuesSharingOfRevenues |
|---|---|---|---|
| NATIONAL COOPERATIVE SERVICES CORPORATION | |||
| MEMBER/BORROWER W/ CFC'S CEO AS BOARD MEMBER | 1225803 | INTEREST EARNED ON INVESTMENTS/ CERTIFICATES | 0 |
| NATIONAL COOPERATIVE SERVICES CORPORATION | |||
| MEMBER/BORROWER W/ CFC'S CEO AS BOARD MEMBER | 531153 | GUARANTEE FEES | 0 |
| NATIONAL COOPERATIVE SERVICES CORPORATION | |||
| MEMBER/BORROWER W/ CFC'S CEO AS BOARD MEMBER | 3156000 | MANAGEMENT FEES | 0 |
| NATIONAL COOPERATIVE SERVICES CORPORATION | |||
| MEMBER/BORROWER W/ CFC'S CEO AS BOARD MEMBER | 13156000 | INTEREST EARNED ON LOANS. | 0 |
| NATIONAL RURAL TELECOMMUNICATIONS COOPERATIVE | |||
| MEMBER/BORROWER W/ CFC'S CEO AS BOARD MEMBER | 7708 | COMMITMENT AND GUARANTEE FEES | 0 |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (9 entries)
| Return ReferenceReturnReference | ExplanationExplanation | IdentifierIdentifier |
|---|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION IS A NON-STOCK, MEMBERSHIP ORGANIZATION. AS OF MAY 31, 2012, THERE WERE 1,029 MEMBERS AND ASSOCIATES. MEMBERSHIP INCLUDED: CLASS A. THERE WERE 838 CLASS A MEMBERS - COOPERATIVE OR NONPROFIT CORPORATIONS, PUBLIC CORPORATIONS, UTILITY DISTRICTS, AND OTHER PUBLIC BODIES, WHICH HAVE RECEIVED OR ARE ELIGIBLE TO RECEIVE A LOAN OR COMMITMENT FOR A LOAN FROM THE RURAL UTILITIES SERVICE OR ANY SUCCESSOR AGENCY, AND WHICH ARE ENGAGED OR PLANNING TO ENGAGE IN THE FURNISHING OF UTILITY SERVICES TO THEIR MEMBERS AND PATRONS FOR THEIR USE AS ULTIMATE CONSUMERS. CLASS B. THERE WERE 71 CLASS B MEMBERS - COOPERATIVE OR NONPROFIT CORPORATIONS WHICH ARE FEDERATIONS OF CLASS A MEMBERS OR OF OTHER CLASS B MEMBERS, OR BOTH, OR WHICH ARE OWNED AND CONTROLLED BY CLASS A MEMBERS OR BY OTHER CLASS B MEMBERS, OR BOTH, AND WHICH ARE ENGAGED OR PLANNING TO ENGAGE IN THE FURNISHING OF UTILITY SERVICES PRIMARILY TO CLASS A MEMBERS OR OTHER CLASS B MEMBERS. CLASS C. THERE WERE 66 CLASS C MEMBERS - STATEWIDE AND REGIONAL ASSOCIATIONS WHICH ARE WHOLLY-OWNED OR CONTROLLED BY CLASS A MEMBERS OR CLASS B MEMBERS, OR BOTH, OR WHICH ARE WHOLLY-OWNED SUBSIDIARIES OF A CFC MEMBER, AND WHICH DO NOT FURNISH UTILITY SERVICES BUT WHICH SUPPLY OTHER FORMS OF SERVICE TO THEIR MEMBERS. CLASS D THERE WAS 1 CLASS D MEMBER. CLASS D MEMBERS ARE NATIONAL ASSOCIATIONS OF COOPERATIVES COMPRISED OF CLASS A, CLASS B AND CLASS C MEMBERS. IN ORDER TO BE ELIGIBLE FOR MEMBERSHIP TO CFC, A NATIONAL ASSOCIATION MUST HAVE, AT THE TIME OF ADMISSION TO CFC, MEMBER COOPERATIVES DOMICILED IN AT LEAST 80% OF THE STATES OF THE UNITED STATES. IN ADDITION TO MEMBERS, ASSOCIATES (NUMBERING 53) ARE NOT-FOR-PROFIT ENTITIES ORGANIZED ON A COOPERATIVE BASIS WHICH ARE OWNED, CONTROLLED OR OPERATED BY CLASS A, B OR C MEMBERS AND WHICH PROVIDE NON-ELECTRIC SERVICES PRIMARILY FOR THE BENEFIT OF CONSUMERS. ASSOCIATES ARE NOT ENTITLED TO VOTE AT ANY MEETING OF THE MEMBERS AND ARE NOT ELIGIBLE TO BE REPRESENTED ON OUR BOARD OF DIRECTORS. | |
| FORM 990, PART VI, SECTION A, LINE 7A | THE DIRECTORS THAT COMPRISE CFC'S BOARD OF DIRECTORS ARE DIVIDED INTO THREE CLASSES; TWO CONSISTING OF SEVEN DIRECTORS EACH AND THE THIRD OF EIGHT DIRECTORS. IF THE BOARD OF DIRECTORS IN ITS DISCRETION SO DETERMINES, THEN THERE MAY BE ONE ADDITIONAL AT-LARGE DIRECTOR ELECTED TO SERVE ON THE BOARD OF DIRECTORS OF CFC FROM TIME TO TIME. DIRECTORS IN EACH CLASS SERVE FOR TERMS OF THREE YEARS AND THE EXPIRATION OF EACH CLASS OF DIRECTORS' TERMS OCCUR IN DIFFERENT YEARS. UPON EXPIRATION OF THE TERM OF A DIRECTOR, MEMBERS FROM THAT DIRECTOR'S REGION ELECT A DIRECTOR TO REPRESENT THEM ON CFC'S BOARD. ELECTIONS FOR THOSE DIRECTORS WHOSE TERMS ARE EXPIRING ARE HELD ANNUALLY. A DIRECTOR MAY NOT BE ELECTED TO SERVE MORE THAN TWO CONSECUTIVE TERMS ON THE CFC BOARD. | |
| FORM 990, PART VI, SECTION B, LINE 11 | THE BOARD OF DIRECTORS OF NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION ("CFC") REVIEWED THE 2011 FORM 990 FOR FISCAL YEAR ENDED MAY 31, 2012 AT A REGULARLY SCHEDULED BOARD MEETING PRIOR TO FILING THE FORM 990 WITH THE INTERNAL REVENUE SERVICE. A DRAFT OF THE FORM 990 WAS PREPARED BY CFC STAFF, REVIEWED BY INTERNAL COUNSEL AND SENIOR MANAGEMENT, REVIEWED BY EXTERNAL TAX ADVISORS, DELOITTE TAX LLP, AND PRESENTED TO THE BOARD FOR REVIEW. A DETAILED PRESENTATION ABOUT THE FORM 990 WAS MADE BY CFC STAFF TO THE BOARD AT A REGULARLY SCHEDULED BOARD MEETING. | |
| FORM 990, PART VI, SECTION B, LINE 12C | CONFLICTS OF INTERESTS ARE ADDRESSED BY CFC THROUGH ITS RELATED PERSON TRANSACTIONS AND RELATED CREDITS POLICY (THE "POLICY"). CFC ESTABLISHED THE POLICY IN MAY 2007, AS AMENDED FROM TIME TO TIME, TO FACILITATE DISCLOSURE WITH RESPECT TO TRANSACTIONS IN WHICH ITS EXECUTIVE OFFICERS, DIRECTORS AND KEY EMPLOYEES HAVE A SUBSTANTIAL INTEREST. A RELATED PERSON TRANSACTION IS DEFINED AS ANY TRANSACTION IN WHICH (I) CFC WAS, IS, OR PROPOSES TO BE A PARTICIPANT, (II) THE AMOUNT INVOLVED EXCEEDS $120,000 AND (III) A RELATED PERSON HAS OR WILL HAVE A DIRECT OR INDIRECT MATERIAL INTEREST IN QUESTION. THE POLICY APPLIES TO ALL EXECUTIVE OFFICERS, DIRECTORS AND KEY EMPLOYEES OF CFC ("COVERED EMPLOYEES") AND REQUIRES SIMILAR DISCLOSURE TO THAT REQUIRED BY ITEM 404 OF REGULATION S-K OF THE SECURITIES ACT OF 1933, AS AMENDED. THE POLICY IS CONSISTENTLY MONITORED AND ENFORCED AT EACH REGULARLY SCHEDULED MEETING OF CFC'S BOARD. PURSUANT TO THE POLICY, EACH COVERED EMPLOYEE THAT IS AWARE OF A POTENTIAL CONFLICT OF INTEREST BETWEEN THEMSELVES AND CFC IS REQUIRED TO COMPLETE A RELATED PERSON DISCLOSURE NOTICE AT EACH BOARD MEETING DESCRIBING SUCH CONFLICT. OUTSIDE OF REGULARLY SCHEDULED BOARD MEETINGS, COVERED EMPLOYEES ARE REQUIRED TO COMPLETE RELATED PERSON DISCLOSURE NOTICES WHENEVER THEY BECOME AWARE OF A POTENTIAL CONFLICT OF INTEREST. THE RELATED PERSON DISCLOSURE NOTICE REQUIRES A DESCRIPTION OF THE PARTIES INVOLVED IN THE TRANSACTION, THE APPROXIMATE DOLLAR AMOUNT OF THE TRANSACTION, AS WELL AS AN UPDATE WITH RESPECT TO THE TIMING AND STATUS OF THE TRANSACTION. UPON RECEIPT OF A RELATED PERSON DISCLOSURE NOTICE, CFC'S GENERAL COUNSEL IS RESPONSIBLE FOR THE REVIEW, APPROVAL AND RATIFICATION OF ANY RELATED PERSON TRANSACTION. THOSE RELATED PERSON TRANSACTIONS INVOLVING A SUBSTANTIAL INTEREST OF CFC'S GENERAL COUNSEL ARE REQUIRED TO BE REFERRED TO THE BOARD FOR REVIEW, APPROVAL AND RATIFICATION. IN REVIEWING AND APPROVING RELATED PERSON TRANSACTIONS, THE GENERAL COUNSEL, AND WHEN APPLICABLE, THE BOARD, MUST TAKE INTO ACCOUNT THE BUSINESS PURPOSE OF THE TRANSACTION, WHETHER THE TRANSACTION IS ENTERED INTO ON AN ARMS-LENGTH BASIS ON TERMS FAIR TO CFC AND WHETHER SUCH TRANSACTION WOULD VIOLATE CFC'S CODE OF ETHICS. DIRECTOR COMPENSATION ARRANGEMENTS, EXECUTIVE OFFICER COMPENSATION ARRANGEMENTS AND KEY EMPLOYEE COMPENSATION ARRANGEMENTS ARE EACH EXCLUDED FROM THE DEFINITION OF RELATED PERSON TRANSACTIONS, AS WELL AS TRANSACTIONS IN WHICH THE RELATED PERSON'S INTEREST ARISES ONLY FROM THE PERSON'S POSITION AS A DIRECTOR OF ANOTHER ENTITY THAT IS A PARTY TO THE TRANSACTIONS. FINALLY, RELATED CREDITS ARE ALSO EXCLUDED FROM THE DEFINITION OF A RELATED PERSON TRANSACTION. A RELATED CREDIT IS DEFINED AS THE EXTENSION OF CREDIT TO OR FOR THE BENEFIT OF COVERED EMPLOYEES (DEFINED AS RELATED PERSONS UNDER THE POLICY) OR RELATED ENTITIES THAT ARE MADE ON SUBSTANTIALLY THE SAME TERMS AND FOLLOW THE UNDERWRITING PROCEDURES THAT ARE NO LESS STRINGENT THAN THOSE PREVAILING AT THE TIME FOR COMPARABLE TRANSACTIONS GENERALLY OFFERED BY CFC. THE POLICY PROHIBITS CFC FROM EXTENDING CREDIT IN THE FORM OF A PERSONAL LOAN TO A RELATED PERSON. RELATED ENTITIES INCLUDE CFC'S MEMBER COOPERATIVES AS WELL AS ANY COOPERATIVE, PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY OR TRUST FOR WHICH A RELATED PERSON SERVES AS AN OFFICER, DIRECTOR, EMPLOYEE OR IN ANY OTHER FIDUCIARY CAPACITY OR WHICH IS CONTROLLED BY A RELATED PERSON. THE BOARD HAS DELEGATED TO THE CEO, WITH AUTHORITY TO REDELEGATE TO SUCH OFFICER OF CFC AS THE CEO DEEMS APPROPRIATE, THE AUTHORITY TO APPROVE ALL RELATED CREDITS IN AN AMOUNT EQUAL TO OR LESS THAN $250,000 AND EMERGENCY AND CERTAIN OTHER LINES OF CREDIT. RELATED CREDITS IN EXCESS OF $250,000 MUST BE APPROVED BY THE BOARD. ALL RELATED PERSONS ARE REQUIRED TO ABSTAIN FROM PARTICIPATING, DIRECTLY OR INDIRECTLY, IN THE CREDIT APPROVAL PROCESS INVOLVING A RELATED CREDIT. ADDITIONALLY, ALL RELATED PERSON ARE REQUIRED TO LEAVE THE BOARD MEETING WHILE THE RELATED CREDIT IS BEING CONSIDERED AND DISCUSSED AND RELATED PERSONS ARE NOT PROVIDED WITH ANY WRITTEN MATERIALS PERTAINING TO SUCH RELATED CREDIT. | |
| FORM 990, PART VI, SECTION B, LINE 15A | CFC'S EXECUTIVE COMPENSATION COMMITTEE (THE "COMMITTEE"), WHICH IS COMPRISED OF CFC EXECUTIVE COMMITTEE BOARD MEMBERS, DETERMINES AND APPROVES THE COMPENSATION OF CFC'S GOVERNOR AND CHIEF EXECUTIVE OFFICER (THE "CEO"). THE COMMITTEE ANNUALLY REVIEWS AND APPROVES APPROPRIATE CORPORATE GOALS AND OBJECTIVES RELATED TO THE CEO'S COMPENSATION AND EVALUATES PERFORMANCE IN LIGHT OF THOSE GOALS AND OBJECTIVES. THE CEO'S COMPENSATION IS COMPRISED OF BASE PAY, SHORT AND LONG TERM INCENTIVE COMPENSATION AND PERQUISITES. IN FISCAL YEAR 2012, AN INDEPENDENT COMPENSATION CONSULTANT WAS ENGAGED BY THE COMPENSATION COMMITTEE TO CONDUCT A COMPENSATION SURVEY AND PROVIDE COMPENSATION DATA FOR THE CEO POSITION USING PEER ORGANIZATIONS IDENTIFIED BY THE INDEPENDENT CONSULTANT THROUGH DISCUSSION WITH THE COMPENSATION COMMITTEE. THE INDEPENDENT CONSULTANT INCLUDED COMPANIES IN THE COMPENSATION COMPARISON GROUP THAT WERE SIMILAR TO CFC IN ASSET SIZE, INDUSTRY AND BUSINESS DESCRIPTION. THE GROUP INCLUDED FINANCIAL INSTITUTIONS THAT ARE PRIVATE MARKET, COMMERCIAL AND/OR MISSION-DRIVEN LENDERS, OFFERING FULL SERVICE FINANCING, INVESTMENT AND RELATED SERVICES. THE COMPANIES TARGETED AS PEER COMPANIES INCLUDED THREE MEMBERS OF THE FARM CREDIT SYSTEM AND 10 REGIONAL BANKS OR FINANCIAL SERVICES COMPANIES. THESE COMPANIES WERE CHOSEN BECAUSE THEIR BUSINESSES ARE SIMILAR TO CFC'S, ALTHOUGH CFC IS NOT FOCUSED ON PROFITS LIKE THE INSTITUTIONS IN THE PEER GROUP, THE COMPENSATION COMMITTEE BELIEVES THAT THESE COMPANIES EMPLOY EXECUTIVES THAT HAVE SKILLS AND EXPERTISE CONSISTENT WITH WHAT CFC WOULD SEEK IF IT HAD TO REPLACE THE CEO. THE TARGETED COMPANIES HAD ASSETS RANGING FROM APPROXIMATELY 50 PERCENT TO 200 PERCENT OF CFC'S DECEMBER 2010 TOTAL ASSETS OF $20,560 MILLION, AND INCLUDED SEVEN COMPANIES WITH GREATER TOTAL ASSETS THAN CFC'S. THE COMPARATOR GROUP CONSISTED OF FINANCIAL SERVICES ORGANIZATIONS NEW YORK COMMUNITY BANCORP, INC., ASTORIA FINANCIAL CORP., NELNET, INC., WEBSTER FINANCIAL CORP., FLAGSTAR BANCORP, PEOPLE'S UNITED FINANCIAL CORP., WASHINGTON FEDERAL INC., HUDSON CITY BANCORP INC., FIRST NIAGARA FINANCIAL GROUP, AND FEDERAL AGRICULTURAL MORTGAGE CORPORATION, AS WELL AS THREE FARM CREDIT SYSTEM PEERS. ALTHOUGH HUDSON CITY BANCORP INC.'S 2010 ASSETS ARE OUTSIDE OF THE NORMAL TARGETED ASSET RANGE, THE INDEPENDENT CONSULTANT RECOMMENDED THAT THIS COMPANY REMAIN IN THE PEER GROUP. THE INDEPENDENT CONSULTANT LED THE COMPENSATION COMMITTEE THROUGH AN ASSESSMENT OF CEO COMPENSATION DATA AT THE COMPARISON GROUP COMPANIES USING BOTH A ONE-YEAR AND A THREE-YEAR COMPENSATION ANALYSIS. THE INDEPENDENT CONSULTANT'S DATA INCLUDED BOTH ACTUAL COMPENSATION AND TARGET COMPENSATION BASED ON INFORMATION OBTAINED FROM EACH COMPARATOR GROUP COMPANY'S MOST RECENT ANNUAL REPORT OR PROXY STATEMENT. THE ELEMENTS OF COMPENSATION REVIEWED INCLUDE: CURRENT BASE SALARY AS WELL AS ANY ADDITIONAL BONUS, INCENTIVES OR SPECIAL AWARDS. THE COMPENSATION COMMITTEE REVIEWED TOTAL COMPENSATION DATA FOR THE COMPARATOR GROUP FOR INFORMATIONAL PURPOSES AND USED THIS DATA SOLELY TO DETERMINE THE COMPETITIVENESS OF OUR CEO BASE PAY. AFTER REVIEWING THE PERFORMANCE OF THE ORGANIZATION AND THE EVALUATION OF THE CEO'S PERFORMANCE BY EACH BOARD MEMBER, IT WAS THE ASSESSMENT OF THE COMMITTEE THAT THE CEO AND THE ORGANIZATION PERFORMED EXTREMELY WELL DURING ANOTHER VOLATILE BUSINESS YEAR. THE COMMITTEE ALSO TOOK INTO CONSIDERATION THE INFORMATION PROVIDED BY THE INDEPENDENT CONSULTANT, INDICATING THAT EXECUTIVE PAY INCREASES WERE PROJECTED TO AVERAGE ABOUT 3 PERCENT FOR CALENDAR YEAR 2011. THEREFORE, IN RECOGNITION OF HIS STRONG PERFORMANCE AND LEADERSHIP, THE COMPENSATION COMMITTEE INCREASED THE CEO'S BASE PAY 3 PERCENT TO $813,700, EFFECTIVE JANUARY 1, 2012. IN ADDITION, IN RECOGNITION OF THE CEO'S SUCCESSFUL LEADERSHIP AND STRATEGIC GUIDANCE OF CFC THROUGH THE RECENT DOWN ECONOMY, THE BOARD OF DIRECTORS AUTHORIZED A ONE-TIME CASH AWARD OF $100,000 PAID TO THE CEO IN DECEMBER 2011. CFC'S SHORT-TERM CASH INCENTIVE PROGRAM IS A ONE-YEAR CASH INCENTIVE THAT IS TIED TO THE ANNUAL PERFORMANCE OF THE ORGANIZATION AS A WHOLE. CORPORATE PERFORMANCE IS MEASURED USING A BALANCED SCORECARD APPROVED BY THE BOARD OF DIRECTORS PRIOR TO THE START OF THE FISCAL YEAR. THE BALANCED SCORECARD IS A PERFORMANCE MANAGEMENT TOOL THAT ARTICULATES THE CORPORATE STRATEGY INTO SPECIFIC, QUANTIFIABLE, MEASURABLE GOALS. THE SCORECARD IS DIVIDED INTO FOUR QUADRANTS, REFLECTING CRUCIAL AREAS OF BUSINESS PERFORMANCE. SPECIFIC GOALS ARE ESTABLISHED WITHIN THOSE QUADRANTS TO FOCUS ALL EMPLOYEES ON THE TARGET RESULTS AND MEASURES THAT MUST BE ACHIEVED IF WE ARE TO SUCCEED AT REALIZING OUR STRATEGIC PLAN. THE INTENT IS TO ALIGN ORGANIZATIONAL, DEPARTMENTAL AND INDIVIDUAL INITIATIVES TO ACHIEVE A COMMON SET OF GOALS. EVERY EMPLOYEE PARTICIPATES IN THE SHORT-TERM INCENTIVE PROGRAM, AND THE CORPORATE STRATEGIC GOALS ARE THE SAME FOR ALL EMPLOYEES, INCLUDING THE NAMED EXECUTIVE OFFICERS. THE BOARD OF DIRECTORS ESTABLISHES CORPORATE GOALS AND MEASURES THAT THEY BELIEVE ARE ACHIEVABLE ONLY IF EACH INDIVIDUAL PERFORMS WELL IN HIS OR HER ROLE AND CFC MEETS ITS INTERNAL BUSINESS PLAN GOALS. THE SHORT-TERM INCENTIVE PROGRAM PROVIDES ANNUAL CASH INCENTIVE OPPORTUNITIES BASED UPON THE LEVEL OF THE POSITION WITHIN CFC'S BASE PAY STRUCTURE, RANGING FROM 15% - 25% OF BASE PAY. THE CEO IS ELIGIBLE FOR AN ANNUAL INCENTIVE OPPORTUNITY AT 25% OF HIS BASE PAY. THE LONG-TERM INCENTIVE PROGRAM IS A THREE-YEAR PLAN THAT IS TIED TO CFC'S LONG-TERM STRATEGIC OBJECTIVES. THE MEASURE FOR ALL ACTIVE LONG-TERM INCENTIVE PLANS IS THE ACHIEVEMENT OF BOND RATING TARGETS FOR CFC'S SENIOR SECURED DEBT BY RATING AGENCIES: STANDARD & POOR'S CORPORATION AND MOODY'S INVESTORS SERVICE. ELIGIBLE PARTICIPANTS IN THE PLAN CYCLE WILL RECEIVE PERFORMANCE UNITS THAT ARE CALCULATED AT 15% - 25% OF BASE PAY, DIVIDED BY THE TARGET OBJECTIVE, CURRENTLY $100. THE CEO'S PERFORMANCE UNITS ARE CALCULATED AT 25% OF HIS BASE PAY DIVIDED BY THE TARGET OBJECTIVE. THE COMMITTEE ALSO CONSIDERS PERQUISITES FOR THE CEO IN CONNECTION WITH ITS ANNUAL REVIEW OF THE CEO'S TOTAL COMPENSATION PACKAGE DESCRIBED ABOVE. THE PERQUISITES PROVIDED TO CFC'S CEO ARE LIMITED TO AN ANNUAL AUTOMOBILE ALLOWANCE AS WELL AS AN ANNUAL SPOUSAL AIR TRAVEL ALLOWANCE. TO PROVIDE THESE PERQUISITES IN AN EFFICIENT FASHION, THE BOARD AUTHORIZES AN ANNUAL ALLOWANCE RATHER THAN PROVIDING UNLIMITED REIMBURSEMENT OR USE OF A COMPANY-OWNED VEHICLE. THE AMOUNT OF EACH ALLOWANCE IS AUTHORIZED ANNUALLY BY THE BOARD AND IS DETERMINED BASED ON THE ESTIMATED COST FOR OPERATION AND MAINTENANCE OF AN AUTOMOBILE AND THE ANTICIPATED COST OF AIR TRAVEL BY THE CEO'S SPOUSE. ADDITIONALLY, CFC'S CEO RECEIVES AN ANNUAL EXECUTIVE PHYSICAL PAID FOR BY CFC. THE COMMITTEE DESIGNATES THE POWER TO REVIEW AND APPROVE ALL EMPLOYEE COMPENSATION TO THE CEO, WHO EXERCISES HIS JUDGMENT TO SET THE ANNUAL BASE PAY FOR THE OTHER NAMED EXECUTIVE OFFICERS AND KEY EMPLOYEES, AS WELL AS EACH EMPLOYEE BASED ON GENERAL MARKET DATA, OVERALL PERFORMANCE AND LEADERSHIP ACCOMPLISHMENTS. IN DETERMINING THE BASE COMPENSATION PAID TO CFC'S EXECUTIVE OFFICERS AND KEY EMPLOYEES, THE CEO REVIEWED NATIONAL, CREDIBLE COMPENSATION SURVEYS FOR FINANCIAL SERVICES ORGANIZATIONS OF SIMILAR ASSET SIZE TO OBTAIN A GENERAL UNDERSTANDING OF CURRENT COMPENSATION PRACTICES AND TO ENSURE THAT THE BASE PAY COMPONENT IS COMPETITIVE, MEANING GENERALLY WITHIN THE 50TH PERCENTILE OF COMPARATIVE PAY FOR SIMILAR POSITIONS. THE CEO DID NOT REVIEW OR CONSIDER THE UNDERLYING ORGANIZATIONS COMPRISING THE SURVEY INFORMATION, BUT INSTEAD CONSIDERED ONLY THE AGGREGATE COMPENSATION DATA. EACH EXECUTIVE OFFICER AND KEY EMPLOYEE IS ELIGIBLE TO PARTICIPATE IN CFC'S SHORT TERM AND LONG TERN INCENTIVES PLANS AS DESCRIBED ABOVE WITH RESPECT TO CFC'S CEO. CFC DOES NOT PROVIDE SIGNIFICANT PERQUISITES OR PERSONAL BENEFITS TO ITS EXECUTIVE OFFICERS OR KEY EMPLOYEES. | |
| FORM 990, PART VI, SECTION C, LINE 19 | CFC'S BYLAWS, AS AMENDED, AND ANNUAL AND PERIODIC FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC THROUGH THE SECURITIES AND EXCHANGE COMMISSION'S ("SEC") WEBSITE. CFC'S ARTICLES OF INCORPORATION AND BYLAWS, AS AMENDED, ARE ALSO AVAILABLE ON CFC'S WEBSITE AT WWW.NRUCFC.COOP. CFC'S CONFLICT OF INTEREST POLICY, TITLED THE RELATED PERSONS TRANSACTIONS AND RELATED CREDITS POLICY, IS ALSO AVAILABLE ON CFC'S WEBSITE AT WWW.NRUCFC.COOP. CFC'S BYLAWS ARE FILED AS EXHIBIT 3.2 TO THE FORM 10-Q FOR THE QUARTER ENDED FEBRUARY 28, 2011, FILED ON APRIL 13, 2011. CFC'S ANNUAL AND PERIODIC FINANCIAL STATEMENTS ARE PERIODICALLY FILED WITH THE SEC ON FORM 10-K AND FORM 10-Q. CFC'S ARTICLES OF INCORPORATION ARE FILED AS EXHIBIT 3.1 TO REGISTRATION STATEMENT NO. 2-46018, FILED ON OCTOBER 12, 1972, HOWEVER, THIS FILING IS NOT CURRENTLY PUBLICLY AVAILABLE. | |
| FORM 990, PART XI, LINE 5: | PATRONAGE CAPITAL DISTRIBUTION -46,220,572. MEMBERSHIP FEES 1,000. OTHER COMPREHENSIVE INCOME -559,249. EDUCATION FUND -71,744. DERIVATIVE FORWARD VALUE -216,243,594. FAIR VALUE ADJ. FORECLOSED ASSETS -47,714,845. INTEGRITY FUND 596,545. TOTAL TO FORM 990, PART XI, LINE 5: -310,212,459. | CHANGES IN NET ASSETS OR FUND BALANCES: |
| FORM 990, PART XI, LINE 2C | WHILE THERE IS NO A SEPERATE AUDIT PERFORMED OF THE CFC FINANCIAL STATEMENTS, THE CFC FINANCIAL STATEMENTS ARE CONSOLIDATED WITH THE STATEMENTS OF NATIONAL COOPERATIVE SERVICES CORPORATION AND RURAL TELEPHONE FINANCE COOPERATIVE. THE CONSOLIDATED FINANCIAL STATEMENTS ARE AUDITED. CFC'S AUDIT COMMITTEE IS SOLELY RESPONSIBLE FOR THE NOMINATION, APPROVAL, COMPENSATION, EVALUATION AND DISCHARGE OF THE INDEPENDENT PUBLIC ACCOUNTANTS. THE INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS REPORT DIRECTLY TO THE AUDIT COMMITTEE AND THE AUDIT COMMITTEE IS RESPONSIBLE FOR THE RESOLUTION OF DISAGREEMENTS BETWEEN MANAGEMENT AND THE INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS. CONSISTENT WITH SECURITIES AND EXCHANGE COMMISSION REQUIREMENTS, THE AUDIT COMMITTEE HAS ADOPTED A POLICY TO PRE-APPROVE ALL AUDIT AND PERMISSIBLE NON-AUDIT SERVICES PROVIDED BY THE INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS. THE POLICY PROVIDES THAT PRE-APPROVAL IS NOT REQUIRED FOR CERTAIN PERMISSIBLE NON-AUDIT SERVICES OF A DE MINIMIS AMOUNT. THE COMMITTEE MEETS WITH OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM, INTERNAL AUDITORS, CHIEF EXECUTIVE OFFICER AND FINANCIAL MANAGEMENT EXECUTIVES TO REVIEW THE SCOPE AND RESULTS OF AUDITS AND RECOMMENDATIONS MADE BY THOSE PERSONS WITH RESPECT TO INTERNAL AND EXTERNAL ACCOUNTING CONTROLS AND SPECIFIC ACCOUNTING AND FINANCIAL REPORTING ISSUES AND TO ASSESS CORPORATE RISK. THE BOARD HAS ADOPTED A WRITTEN CHARTER FOR THE AUDIT COMMITTEE WHICH MAY BE FOUND ON OUR WEBSITE, WWW.NRUCFC.COOP. THE PROCESS HAS NOT CHANGED FROM THE PRIOR PERIOD. | ORGANIZATION'S FINANCIAL STATEMENTS AUDITED BY INDEPENDENT ACCOUNTANTS. |
| FORM 990, PART VI, QUESTION 16B | PART VI., SECTION B., QUESTION 16. AS A LENDER, CFC, FROM TIME TO TIME, MAY HAVE TO FORECLOSE ON THE ASSETS OF A BORROWER. AS PART OF SUCH ACTIONS, THE COMPANY MAY RECEIVE INTERESTS IN JOINT VENTURES WITH TAXABLE ENTITIES. CFC TAKES SUCH INTERESTS ONLY IN THE INTEREST OF MAXIMIZING ITS RECOVERY ON THE LOAN RECEIVABLE. CFC DOES NOT ENTER INTO JOINT VENTURES WITH TAXABLE ENTITIES AS PART OF ITS CORE LENDING BUSINESS. TO DATE, THE COMPANY'S INVESTMENT IN THESE JOINT VENTURES HAS BEEN NOMINAL. CFC HAS DEVELOPED A WRITTEN POLICY THAT REQUIRES THE COMPANY TO EVALUATE ITS PARTICIPATION IN JOINT VENTURE ARRANGEMENTS AND TAKE STEPS TO SAFEGUARD THE COMPANY'S 501(C)(4) TAX EXEMPT STATUS. | POLICY OR PROCEDURE REGARDING JOINT VENTURE ARRANGEMENTS |
Schedule R IRS990ScheduleR
Form990 Schedule R Part I Form990ScheduleRPartI (6 entries)
| Address Line1AddressUS/AddressLine1 | CityAddressUS/City | StateAddressUS/State | ZIP CodeAddressUS/ZIPCode | EINEIN | Primary ActivitiesPrimaryActivities | Legal Domicile StateLegalDomicileState | Total IncomeTotalIncome | EOY AssetsEOYAssets | Direct Controlling Entity NADirectControllingEntityNA | Business Name Line1DirectControllingEntityName/BusinessNameLine1 |
|---|---|---|---|---|---|---|---|---|---|---|
| CFC ADVANTAGE LLC | ||||||||||
| C/O NRUCFC 20701 COOPERATIVE WAY | DULLES | VA | 20166 | 205755206 | BUY AND SELL LOANS | VA | 0 | 33873 | N/A | |
| DENTON REALTY PARTNERS LP | ||||||||||
| C/O NRUCFC 20701 COOPERATIVE WAY | DULLES | VA | 20166 | 062967876 | HOLDING COMPANY | DE | 0 | 21409317 | DENTON REALTY HOLDINGS LLC AND DENTON REALTY INVESTORS LLC | |
| DENTON REALTY HOLDINGS LLC | ||||||||||
| C/O NRUCFC 20701 COOPERATIVE WAY | DULLES | VA | 20166 | 061673239 | HOLDING COMPANY | DE | N/A | |||
| DENTON REALTY INVESTORS LLC | ||||||||||
| C/O NRUCFC 20701 COOPERATIVE WAY | DULLES | VA | 20166 | HOLDING COMPANY | DE | N/A | ||||
| CARIBBEAN ASSET HOLDINGS LLC | ||||||||||
| C/O NRUCFC 20701 COOPERATIVE WAY | DULLES | VA | 20166 | 264752447 | HOLDING COMPANY | DE | 0 | 264465000 | N/A | |
| DRP COUNTRY LAKES LLC | ||||||||||
| C/O NRUCFC 20701 COOPERATIVE WAY | DULLES | VA | 20166 | 272847626 | OWN OPERATE MANAGE AND SELL IMPROVE REAL PROPERTY | TX | 0 | 5138054 | N/A | |
Form990 Schedule R Part IV Form990ScheduleRPartIV (4 entries)
| Address Line1AddressUS/AddressLine1 | CityAddressUS/City | StateAddressUS/State | ZIP CodeAddressUS/ZIPCode | EINEIN | Primary ActivityPrimaryActivity | Legal Domicile Foreign CountryLegalDomicileForeignCountry | Business Name Line1DirectControllingEntityName/BusinessNameLine1 | Type Of EntityTypeOfEntity | Share Of EOY AssetsShareOfEOYAssets | Percentage OwnershipPercentageOwnership | Legal Domicile StateLegalDomicileState |
|---|---|---|---|---|---|---|---|---|---|---|---|
| DTR HOLDINGS LLC | |||||||||||
| C/O CAH 20701 COOPERATIVE WAY | DULLES | VA | 20166 | 660728522 | HOLDING COMPANY | VQ | CARIBBEAN ASSET HOLDINGS LLC | C | 244178000 | 1.00000 | |
| VI POWERNET LLC | |||||||||||
| C/O DTR HOLDINGS LLC 20701 COOPERAT | DULLES | VA | 20166 | 660728523 | HOLDING COMPANY | VQ | DTR HOLDINGS LLC | C | 20412000 | 1.00000 | |
| BVI ASSET HOLDINGS LLC | |||||||||||
| C/O CAH 20701 COOPERATIVE WAY | DULLES | VA | 20166 | 264752636 | HOLDING COMPANY | CARIBBEAN ASSET HOLDINGS LLC | C | 6236000 | 1.00000 | DE | |
| STM ASSET HOLDINGS LLC | |||||||||||
| C/O CAH 20701 COOPERATIVE WAY | DULLES | VA | 20166 | 264752724 | HOLDING COMPANY | CARIBBEAN ASSET HOLDINGS LLC | C | 13846000 | 1.00000 | DE | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Ann Rents Royalties | 0 | ReceiptOfIntAnnRentsRoyalties |
| Gift Grant Or Cap Contr To Other Org | 0 | GiftGrantOrCapContrToOtherOrg |
| Gift Grant Or Cap Contr Fr Other Org | 0 | GiftGrantOrCapContrFrOtherOrg |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrg |
| Loans Or Guarantees From Other Org | 0 | LoansOrGuaranteesFromOtherOrg |
| Sale Of Assets To Other Org | 0 | SaleOfAssetsToOtherOrg |
| Purchase Of Assets From Other Org | 0 | PurchaseOfAssetsFromOtherOrg |
| Exchange Of Assets | 0 | ExchangeOfAssets |
| Rental Of Facilities To Other Orgs | 0 | RentalOfFacilitiesToOtherOrgs |
| Rental Of Facilities Fr Other Orgs | 0 | RentalOfFacilitiesFrOtherOrgs |
| Perform Of Services For Other Orgs | 0 | PerformOfServicesForOtherOrgs |
| Perform Of Services By Other Orgs | 0 | PerformOfServicesByOtherOrgs |
| Sharing Of Facilities | 0 | SharingOfFacilities |
| Sharing Of Paid Employees | 0 | SharingOfPaidEmployees |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrg |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrg |
| Other Transfer To Other Org | 0 | OtherTransferToOtherOrg |
| Other Transfer From Other Org | 0 | OtherTransferFromOtherOrg |
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