On November 29, 2012, Senator Udall of Colorado submitted a bill to amend Section 501(c)(12) as it relates to mutual ditch and irrigation companies. The… Read More »AHC Cooperative Tax Brief: Proposed Amendment to Section 501(c)(12) for Water Companies
A 2008 case and its follow-up in 2011 addressed several issues arising from common provisions in power purchase agreements. These issues involve spinning reserve requirements, dispatch rights, and the applicable heat rate formula. The underlying dispute emphasizes the need to clearly address the parties’ bargain in the power purchase agreement (PPA), preferably with the input of the parties’ legal counsel.Read More »Electric Coop vs. Power Supplier: Feuding PPA Parties Illustrate “Real Life” Disputes Involving Common PPA Provisions
This post is a repost from CFC’s Solutions News Bulletin, Sept. 24, 2012, Vol. 14, No. 36.
At the September board meeting of the National Renewables Cooperative Organization (NRCO), John List, CFC senior vice president, Member Services, discussed the funding behind current and future renewable energy projects. The regularly scheduled meeting was hosted by Indianapolis, Ind.-based Wabash Valley Power.Read More »State of Renewable Energy Financing for Coops
In another lawsuit concerning cooperatives’ capital credit practices, a North Carolina trial court ruled in favor of a cooperative that we previously wrote about in another blog post.
The court ruled, based on the facts at issue, that the cooperative had no fiduciary duty to the plaintiffs, which were a group of deceased members’ estates. In addition, it declared that the cooperative had authority to adopt a procedure for retiring deceased members’ capital credits on an accelerated and discounted basis. However, it expressly did not rule on whether the cooperative, in practice, properly discounted the capital credits. In other words, the court reserved judgment on the specific manner of discounting the particular capital credits at issue in this case. Read More »Cooperative Litigation Update: N.C. Court Rules on Coop’s Discounting Program
Earlier this past July, the Texas Court of Appeals ruled on important aspects of the cooperative lawsuit concerning Denton County Electric Cooperative, Inc., d/b/a CoServ Electric (“CoServ”). The court ruled, among other things, that (i) the cooperative was not subject to certain statutory rules governing non-profit corporations, and (ii) the electric cooperative statute did not impose a fiduciary duty on the cooperative itself. Read More »Cooperative Litigation Update: Texas Cooperative Lawsuit Considered on Appeal
AHC attorney David R. Cook recently spoke to a group of cooperative accountants about the role of accountants in cooperatives’ board meetings. The presentation focused on the duties of directors, officers, and in-house accountants to the cooperative and to each other.Read More »The Role of the Cooperative Accountant
In the latest Cooperative Tax Brief, AHC Attorney David Cook discusses a recent ruling by the Service that an international financing cooperative (“Finco”) with foreign… Read More »AHC Cooperative Tax Brief: U.S. Cooperative Fulfills Global Needs
AHC attorney David Cook will present a webinar for the National Association of Accountants for Cooperatives entitled “An Annual Update on Cooperative Taxation.” The webinar… Read More »AHC Attorney David Cook To Present NSAC Webinar on Cooperative Taxation
The latest Cooperative Tax Brief discusses a recent technical advice memorandum concerning the Member Income Test for Telephone Cooperatives. The Service ruled that funds received by… Read More »IRS Provides Guidance on Member Income Test for Telephone Cooperatives
The latest AHC Cooperative Taxation Brief discusses the Internal Revenue Service’s recent private letter ruling that confirms its long-held stance on discounting capital credits. The… Read More »IRS Confirms the Propriety of Discounting Capital Credits
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