2025-05-15T16:16:54-05:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 6116 EXECUTIVE BLVD 500 NORTH BETHESDA MD 20852 990 2023-07-01 530204609 NATIONAL ASSOCIATION OF REGULATORY UTILITY COMMISSIONERS NATI 2028982208 1101 VERMONT AVENUE NW 401 WASHINGTON DC 20005 ANTHONY T CLARK EXECUTIVE DIRECTOR 2028982208 2025-05-14 1 0 DAVID J SHERDEL CPA P01306021 3017705100 2025-05-14 2023 2025-03-06 01:10:19Z X ANTHONY T CLARK 1101 VERMONT AVENUE NW 401 WASHINGTON DC 20005 17696664 0 X WWW.NARUC.ORG X 1889 DC TO SERVE THE PUBLIC INTEREST BY IMPROVING THE QUALITY AND EFFECTIVENESS OF PUBLIC UTILITY REGULATION. 46 46 56 79 0 0 10168236 8994211 5613385 6059946 111655 389588 52799 66875 15946075 15510620 1474574 1243152 0 0 8358725 7741054 0 0 0 5365569 5403773 15198868 14387979 747207 1122641 16319185 16132010 5895975 3561907 10423210 12570103 X FOUNDED IN 1889, THE NATIONAL ASSOCIATION OF REGULATORY UTILITY COMMISIONERS (NARUC) IS A NON-PROFIT ORGANIZATION DEDICATED TO REPRESENTING THE STATE PUBLIC SERVICE COMMISIONS WHO REGULATE THE UTILITIES THAT PROVIDE ESSENTIAL SERVICES SUCH AS ENERGY, TELECOMMUNICATIONS, WATER AND TRANSPORTATION. 0 0 8129579 1243152 139934 EDUCATION, GRANTS AND RESEARCH - PURPOSE IS TO STUDY THE DEVELOPMENT OF DIVERSE ENERGY RESOURCES, INCLUDING CLEAN ENERGY; TO STUDY EMERGING ISSUES IN THE ELECTRIC POWER AND NATURAL GAS INDUSTRIES, INCLUDING COMPETITIVE MARKET FORCES, ENERGY SECURITY AND RESILIENCE, AND SYSTEM PLANNING AS IT RELATES TO GRID MODERNIZATION; TO EXCHANGE INFORMATION ABOUT NEW UTILITY COMMISSIONS IN DEVELOPING COUNTRIES WORLWIDE; AND TO FACILITATE TRAINING AND CONSULTING SUPPORT TO STATE COMMISSIONS. 2050952 4375321 MEETINGS - PURPOSE IS TO PROMOTE THE STUDY AND DISCUSSION OF MEANS TO MAKE PUBLIC UTILITIES AND CARRIERS MORE RESPONSIVE TO THE NEEDS OF THE PUBLIC. 1366693 1544691 GOVERNMENT AFFAIRS - PURPOSE IS TO ASSIST ITS PRINCIPAL MEMBERS, STATE REGULATORY AGENCIES ENGAGED IN THE REGULATION OF PUBLIC UTILITIES, AS A LIAISON TO AND ADVOCATE BEFORE THE U.S. CONGRESS, AGENCIES AND THE FEDERAL COURTS. 725649 POLICY DEVELOPMENT - PURPOSE IS TO PROVIDE STAFF SUPPORT AND GUIDANCE TO ITS COMMITTEES RESPONSIBLE FOR DEVLEOPING THE ASSOCIATION'S POLICY POSITIONS ON ISSUES INVOLVED IN THE REGULATION OF TELECOM, ENERGY AND WATER UTILITIES. THESE POLICY POSITIONS ARE SUBSEQUENTLY ADOPTED BY THE NARUC BOARD OF DIRECTORS TO REPRESENT THE CONSENSUS VIEWS OF NARUC'S MEMBERSHIP. 725649 12272873 0 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 1 1 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 49 0 1 56 1 0 0 0 0 0 0 0 0 0 0 X 46 46 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X ANTHONY T CLARK 2028982208 1101 VERMONT AVE NW SUITE 401 WASHINGTON DC 20005 MICHAEL A CARON PRESIDENT 5.00 X X 0 0 0 JULIE FEDORCHAK FIRST VICE PRESIDENT 5.00 X X 0 0 0 TRICIA PRIDEMORE SECOND VICE PRESIDENT 5.00 X X 0 0 0 TONOLA BROWN-BLAND TREASURER 5.00 X X 0 0 0 ABIGAIL ANTHONY BOARD MEMBER 1.00 X 0 0 0 ALICE REYNOLDS BOARD MEMBER 1.00 X 0 0 0 ANDREW GILES FAY BOARD MEMBER 1.00 X 0 0 0 ANN RENDAHL BOARD MEMBER 1.00 X 0 0 0 ART GRAHAM BOARD MEMBER 1.00 X 0 0 0 BOB ANTHONY BOARD MEMBER 1.00 X 0 0 0 BRANDON PRESLEY BOARD MEMBER 1.00 X 0 0 0 CARLETON SIMPSON BOARD MEMBER 1.00 X 0 0 0 CHARLOTTE R LANE BOARD MEMBER 1.00 X 0 0 0 CHRIS NELSON BOARD MEMBER 1.00 X 0 0 0 DALLAS WINSLOW BOARD MEMBER 1.00 X 0 0 0 DANIEL SCRIPPS BOARD MEMBER 1.00 X 0 0 0 DAVID CLARK BOARD MEMBER 1.00 X 0 0 0 DAVID E ZIEGNER BOARD MEMBER 1.00 X 0 0 0 DAVID W DANNER BOARD MEMBER 1.00 X 0 0 0 EMILE THOMPSON BOARD MEMBER 1.00 X 0 0 0 ERIC SKRMETTA BOARD MEMBER 1.00 X 0 0 0 FLOYD B MCKISSICK JR BOARD MEMBER 1.00 X 0 0 0 GLADYS M BROWN DUTRIEUILLE BOARD MEMBER 1.00 X 0 0 0 HAYLEY WILLIAMSON BOARD MEMBER 1.00 X 0 0 0 JASON HOLSMAN BOARD MEMBER 1.00 X 0 0 0 JEFFREY A HUGHES BOARD MEMBER 1.00 X 0 0 0 JEHMAL HUDSON BOARD MEMBER 1.00 X 0 0 0 JENIFER FRENCH BOARD MEMBER 1.00 X 0 0 0 JEREMY ODEN BOARD MEMBER 1.00 X 0 0 0 JOHN HAMMOND JR BOARD MEMBER 1.00 X 0 0 0 JOHN W BETKOSKI III PAST PRESIDENT 1.00 X 0 0 0 JOSHUA BYRNES BOARD MEMBER 1.00 X 0 0 0 KATHERINE PERETICK BOARD MEMBER 1.00 X 0 0 0 KENNETH HILL BOARD MEMBER 1.00 X 0 0 0 KENT CHANDLER BOARD MEMBER 1.00 X 0 0 0 KIMBERLY W DUFFEY BOARD MEMBER 1.00 X 0 0 0 LEO ASUNCION JR BOARD MEMBER 1.00 X 0 0 0 LILLIAN MATEO-SANTOS BOARD MEMBER 1.00 X 0 0 0 MAIDA J COLEMAN BOARD MEMBER 1.00 X 0 0 0 MARY THRONE BOARD MEMBER 1.00 X 0 0 0 MARY-ANNA HOLDEN BOARD MEMBER 1.00 X 0 0 0 MATTEW SCHUERGER BOARD MEMBER 1.00 X 0 0 0 RON GERWATOWSKI BOARD MEMBER 1.00 X 0 0 0 SARAH FREEMAN BOARD MEMBER 1.00 X 0 0 0 TAMMY CORDOVA BOARD MEMBER 1.00 X 0 0 0 TIM SCHRAM BOARD MEMBER 1.00 X 0 0 0 GREG R WHITE EXECUTIVE DIRECTOR 40.00 2.00 X 345233 0 54885 JAMES B RAMSAY GENERAL COUNCIL 40.00 X 290197 0 48919 AIDA P TIMM SR. DIRECTOR, FINANCE & GR 40.00 1.00 X 247069 0 40105 REGINA DAVIS SR. DIRECTOR, COMMUNICAT 40.00 X 226933 0 27287 HISHAM CHOUEIKI PRINCIPAL TECHNICAL ADVISO 40.00 X 213969 0 42816 MICHELLE A MALLOY SR DIRECTOR OF MEETING/MEMBER SERVICES 40.00 X 213935 0 51828 ERIN HAMMEL SR. DIRECTOR, INTERNAL PRO 40.00 X 210149 0 28264 DANIELLE BYRNETT SR. DIRECTOR CENTER FOR PA 40.00 X 205045 0 39528 1952530 0 333632 27 0 1 0 JACKOTECH 5691 SYCAMORE CANYON DR KISSIMMEE FL 34758 AUDIO VISUAL 204467 THE CADMUS GROUP LLC ONE CENTER PLAZA STE 320 BOSTON MA 02108 CONSULTING SERVICES 200654 CONVERGE STRATEGIES LLC 50 HOLBROOK ST BOSTON MA 02130 CONSULTING SERVICES 184509 CLIFTONLARSONALLEN LLP 2900 SOUTH QUINCY ST SUITE 150 ARLINGTON VA 22206 ACCOUNTING SERVICES 160012 4 8994211 8994211 MEETINGS AND SEMINARS 541900 4082924 4082924 MEMBER ASSESSMENTS 541900 1544691 1544691 MEETING SPONSORSHIP 541900 191333 191333 CONTRACTS 541900 139934 139934 SUBSCRIPTION AND SALES 541900 101064 101064 6059946 237143 237143 2338489 2186044 152445 152445 152445 ADMINISTRATIVE FEES 561000 33900 33900 MISCELLANEOUS 900099 32975 32975 66875 15510620 6059946 0 456463 1076636 1076636 29457 29457 137059 137059 1080221 354970 725251 24545 24545 4266058 3766776 499282 249556 194924 54632 1705074 1405284 299790 415600 324618 90982 138270 138270 122962 122962 57985 57985 617734 329106 288628 97273 70934 26339 766469 598791 167678 1436152 1310911 125241 1424280 1410869 13411 89764 70016 19748 MISCELLANEOUS 326993 266965 60028 SUBSCRIPTIONS 179018 165579 13439 REGISTRATION 94350 84153 10197 PRINTING AND REPRODUCTI 47523 45622 1901 5000 630203 -625203 14387979 12272873 2115106 0 1702217 2537344 2207034 1569830 469177 121655 75481 263692 1420565 1280560 229768 140005 10020730 10541812 1614778 957672 16319185 16132010 1949677 1583812 771823 660156 956528 0 2217947 1317939 5895975 3561907 X 10287877 12378770 135333 191333 10423210 12570103 16319185 16132010 1122641 1024252 0 X X 0 1 X 1 1 1 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 0 0 7315620 7315620 7315620 7315620 10379371 3063751 7315620 10379371 10379371 10379371 10379371 1.00000 0 0 823950 683945 140005 197205 197205 0 399410 399410 0 140005 DEPOSITS 60651 RIGHT OF USE ASSET 863255 ACCRUED INTEREST RECEIVABLE 33766 957672 ACCRUED SEVERANCE PAYABLE 121646 DUE TO COMMITTEES 27604 OPERATING LEASE LIABILITY 1168689 1317939 X 16966237 1024252 489350 1513602 15452635 57985 57985 15510620 14819344 489350 489350 14329994 57985 57985 14387979 PART X, LINE 2: NARUC IS A NONPROFIT ORGANIZATION AS DEFINED BY THE INTERNAL REVENUE CODE (IRC) SECTION 501(C)(4). INCOME DERIVED FROM ITS EXEMPT PURPOSE ACTIVITIES IS NOT SUBJECT TO INCOME TAX. NARUC IS SUBJECT TO FEDERAL AND DISTRICT OF COLUMBIA TAX ON ANY UNRELATED BUSINESS INCOME. NARUC IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE ORGANIZATION'S FEDERAL AND STATE INCOME TAX RETURNS ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE AND STATE TAX AUTHORITIES, GENERALLY FOR A PERIOD OF THREE YEARS AFTER THE RETURNS ARE FILED. NARUC IS NOT AWARE OF ANY ACTIVITIES THAT WOULD JEOPARDIZE ITS TAX-EXEMPT STATUS. AS OF JUNE 30, 2024, THERE ARE NO UNCERTAIN TAX POSITIONS. 0 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 PROGRAM SERVICES TECHNICAL ASSISTANCE 1223168 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 PROGRAM SERVICES TECHNICAL ASSISTANCE 278422 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 PROGRAM SERVICES TECHNICAL ASSISTANCE 312586 SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 0 0 PROGRAM SERVICES TECHNICAL ASSISTANCE 107867 SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 0 0 PROGRAM SERVICES TECHNICAL ASSISTANCE 175449 SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 0 0 PROGRAM SERVICES TECHNICAL ASSISTANCE 877509 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 PROGRAM SERVICES TECHNICAL ASSISTANCE 166100 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, 0 0 PROGRAM SERVICES TECHNICAL ASSISTANCE 1356550 MIDDLE EAST & NORTH AFRICA 0 0 PROGRAM SERVICES TEHCNICAL ASSISTANCE 242209 0 0 0 0 0 0 4497651 242209 4739860 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, TECHNICAL ASSISTANCE 27171 0 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, TECHNICAL ASSISTANCE 9300 0 EUROPE (INCLUDING ICELAND & GREENLAND) TECHNICAL ASSISTANCE 48295 0 0 3 TECHNICAL ASSISTANCE RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, 1 5729 TECHNICAL ASSISTANCE SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 1 7764 TECHNICAL ASSISTANCE EAST ASIA AND THE PACIFIC 1 20000 TECHNICAL ASSISTANCE SUB-SAHARAN AFRICA 1 18800 0 0 0 0 0 0 PART I, LINE 2: NARUC'S INTERNAL POLICY OUTLINES PROCEDURES FOR MONITORING, REVIEW AND EXPENDITURE APPROVAL TO ENSURE COMPLIANCE WITH FEDERAL REQUIREMENTS AND PROJECT BUDGET CONSISTENCY. ASSIGNED STAFF PROVIDE FISCAL AND ADMINISTRATIVE OVERSIGHT OF ALL GRANTS. MONITORING IS ACCOMPLISHED THROUGH DIFFERENT LEVELS OF REVIEWS PERFORMED BY NARUC STAFF, INCLUDING ON SITE REVIEWS. 1 THE CADMUS GROUP LLC 100 5TH AVENUE SUITE 100 WALTHAM MA 02451 042793775 0 65279 TECHNICAL ASSISTANCE HUNTERSTON CONSULTING PO BOX 474 NORTHPORT MI 49670 833410571 0 11175 TECHINCAL ASSISTANCE PLUGGED IN STRATEGIES 9492 OLYMPIA DRIVE EDEN PRAIRIE MN 55347 821060591 0 14662 TECHNICAL ASSISTANCE CONVERGE STRATEGIES LLC 50 HOLBROOK STREET BOSTON MA 02130 820679269 0 93385 TECHNICAL ASSISTANCE ENERGY AND ENVIRONMENTAL ECONOMICS 4 MONTGOMERY STREET SUITE 1500 SAN FRANCISCO CA 94104 943218646 0 69566 TECHNICAL ASSISTANCE - ARMENIA THE NATIONAL ASSOCIATION OF STATE ENERGY OFFICIALS 1300 NORTH 17TH STREET SUITE 1275 ALEXANDRIA VA 22209 521474553 501(C)(3) 0 54443 TECHNICAL ASSISTANCE E9 INSIGHT 3020 JEFFERSON STREET BOULDER CO 80304 464276371 0 204433 TECHNICAL ASSISTANCE ELECTRIC POWER RESEARCH INSTITUTE INC PO BOX 10412 PALO ALTO CA 94303 237175375 501(C)(3) 0 23360 TECHNICAL ASSISTANCE ELEVATED ENGAGEMENT 1233 CHARTWELL CARRIAGE WAY N EAST LANSING MI 48823 920800565 0 43320 TECHNICAL ASSISTANCE ENERGY MARKET GROUP 2818 CONNECTICUT AVE NW STE 5 WASHINGTON DC 20008 562356623 0 24159 TECHNICAL ASSISTANCE ROCKY MOUNTAIN INSTITUTE 22830 TWO RIVERS ROAD BASALT CO 81621 742244146 501(C)(3) 0 201916 TECHNICAL ASSISTANCE STRATEGEN CONSULTING INC 10265 ROCKINGHAM DR STE 100-4061 SACRAMENTO CA 95827 810680092 0 36751 TECHNICAL ASSISTANCE THE BRATTLE GROUP INC ONE BEACON STREET STE 2600 BOSTON MA 02108 043254813 0 124205 TECHNICAL ASSISTANCE E3 MODELING 44 MONTGOMERY ST STE 1500 SAN FRANCISCO CA 94104 825684871 0 71096 TECHNICAL ASSISTANCE WI-HER LLC 8212 OLD COURTHOUSE RD STE A VIENNA VA 22182 263355555 0 33286 TECHNICAL ASSISTANCE ENCOLOR LLC 8855 NOLENE STREAM ST LAS VEGAS NV 89131 854021112 0 5600 TECHNICAL ASSISTANCE 3 13 TECHNICAL ASSISTANCE 1 21500 TECHNICAL ASSISTANCE 1 4607 TECHNICAL ASSISTANCE 1 3350 PART I, LINE 2: NARUC'S INTERNAL POLICY OUTLINES PROCEDURES FOR MONITORING, REVIEW AND EXPENDITURE APPROVAL TO ENSURE COMPLIANCE WITH FEDERAL REQUIREMENTS AND PROJECT BUDGET CONSISTENCY. ASSIGNED STAFF PROVIDE FISCAL AND ADMINISTRATIVE OVERSIGHT OF ALL GRANTS. MONITORING IS ACCOMPLISHED THROUGH DIFFERENT LEVELS OF REVIEWS PERFORMED BY NARUC STAFF, INCLUDING ON SITE REVIEWS. 1 X 0 1 0 0 0 0 0 0 0 GREG R WHITE EXECUTIVE DIRECTOR 345233 0 0 0 0 0 13427 0 41458 0 400118 0 0 0 JAMES B RAMSAY GENERAL COUNCIL 290197 0 0 0 0 0 11405 0 37514 0 339116 0 0 0 AIDA P TIMM SR. DIRECTOR, FINANCE & GR 247069 0 0 0 0 0 9781 0 30324 0 287174 0 0 0 MICHELLE A MALLOY SR DIRECTOR OF MEETING/MEMBER SERVIC 213935 0 0 0 0 0 8384 0 43444 0 265763 0 0 0 HISHAM CHOUEIKI PRINCIPAL TECHNICAL ADVISO 213969 0 0 0 0 0 8505 0 34311 0 256785 0 0 0 REGINA DAVIS SR. DIRECTOR, COMMUNICAT 226933 0 0 0 0 0 9315 0 17972 0 254220 0 0 0 DANIELLE BYRNETT SR. DIRECTOR CENTER FOR PA 205045 0 0 0 0 0 8269 0 31259 0 244573 0 0 0 ERIN HAMMEL SR. DIRECTOR, INTERNAL PRO 210149 0 0 0 0 0 8288 0 19976 0 238413 0 0 0 PART I, LINE 4B THERE IS A 457(B) PLAN THAT ONLY SENIOR DIRECTORS CAN PARTICIPATE IN - GREG WHITE, JAMES RAMSAY, AIDA TIMM, REGINA DAVIS, MICHELLE MALLOY, DANIELLE BYRNETT, ERIN HAMMEL, JENNIFER MURPHY, AND CYNTHIA HOWELL. NARUC DID NOT MAKE ANY DISCRETIONARY CONTRIBUTIONS TO THE PLAN DURING THE YEAR. MICHELLE MALLOY MADE ELECTIVE DEFERRALS TO THE PLAN DURING CALENDAR YEAR 2023. FORM 990, PART VI, SECTION A, LINE 1A EXECUTIVE COMMITTEE SHALL CONSIST OF VOTING MEMBERS IN THE CAPACITY OF THE PRESIDENT, THE FIRST VICE PRESEIDENT, THE SECOND VICE PRESIDENT, AND TWO ADDITIONAL MEMBERS APPOINTED BY THE PRESIDENT. THE EXECUTIVE COMMITTEE SHALL RECOMMEND THE SELECTION OF THE EXECUTIVE DIRECTOR AND SHALL PROVIDE POLICY GUIDANCE AND SUPERVISE THE ACTIVITIES OF THE EXECUTIVE DIRECTOR WITHIN THE FRAMEWORK OF POLICIES ADOPTED BY THE BOARD OF DIRECTORS. THE EXECUTIVE SHALL RECOMMEND POLICY REVISIONS TO THE BOARD OF DIRECTORS AND SHALL UNDERTAKE OTHER ACTIONS AND RESPONIBILITIES AS DELEGATED BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 6 NARUC'S MEMBERS INCLUDE THE GOVERNMENTAL AGENCIES THAT ARE ENGAGED IN THE REGULATION OF UTILITIES AND CARRIERS IN THE FIFTY STATES, THE DISTRICT OF COLUMBIA, PUERTO RICO AND THE VIRGIN ISLANDS. NARUC'S MEMBER AGENCIES REGULATE THE ACTIVITIES OF TELECOMMUNICATIONS, ENERGY AND WATER UTILITIES. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE ASSOCIATION ELECT THE OFFICERS OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS OF THE ASSOCIATION MUST APPROVE CHANGES TO THE BYLAWS AND THE CONSTITUTION. FORM 990, PART VI, SECTION B, LINE 11B THE CFO AND EXECUTIVE DIRECTOR CONDUCT AN INITIAL REVIEW AND THEN PASS THE RETURN ON TO THE ASSOCIATION'S AUDIT COMMITTEE FOR REVIEW AND APPROVAL BEFORE THE FORM 990 IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD REQUIRES FULL DISCLOSURE OF ALL ACTUAL AND POTENTIAL CONFLICTS OF INTEREST. EACH COVERED OFFICIAL SHALL DISCLOSE ANY AND ALL FACTORS THAT MAY BE CONSTRUED AS A CONFLICT OF INTEREST. BOTH THROUGH AN ANNUAL DISCLOSURE PROCESS AND WHENEVER SUCH ACTUAL OR POTENTIAL CONFLICT OCCURS, THE BOARD WILL DETERMINE WHETHER A CONFLICT OF INTEREST EXISTS AND WHETHER OR NOT SUCH CONFLICT MATERIALLY AND ADVERSELY AFFECTS THE INTERESTS OF NARUC. A COVERED OFFICIAL WHOSE POTENTIAL CONFLICT IS UNDER REVIEW MAY NOT DEBATE, VOTE OR OTHERWISE PARTICIPATE IN SUCH DETERMINATION. IF IT IS DETERMINED THAT AN ACTUAL OR POTENTIAL CONFLICT DOES EXIST, THE BOARD SHALL DETERMINE AN APPROPRIATE REMEDY. THE BOARD OF DIRECTORS MAY DELEGATE ITS AUTHORITY TO REVIEW AND REMEDY POTENTIAL CONFLICTS OF INTEREST TO THE NARUC EXECUTIVE COMMITTEE. ONLY DISINTERESTED MEMBERS OF THE EXECUTIVE COMMITTEE MAY PARTICIPATE IN ANY SUCH REVIEW. THE EXECUTIVE COMMITTEE SHALL INFORM THE BOARD OF ITS DETERMINATION AND RECOMMENDED ACTION. THE BOARD SHALL RETAIN THE RIGHT TO MODIFY OR REVERSE SUCH DETERMINATION AND ACTION, AND SHALL RETAIN THE ULTIMATE ENFORCEMENT AUTHORITY WITH RESPECT TO THE INTERPRETATION AND APPLICATION OF THIS POLICY. ON AN ANNUAL BASIS, EACH MEMBER OF THE BOARD OF DIRECTORS SHALL BE PROVIDED WITH A COPY OF THIS POLICY, AND SHALL COMPLETE AND SIGN THE ACKNOWLEDGEMENT AND DISCLOSURE FORM. FORM 990, PART VI, SECTION B, LINE 15 NARUC EXECUTIVE DIRECTOR COMPENSATION: THE PROCESS OF DETERMINING THE EXECUTIVE DIRECTOR COMPENSATION IS MADE BY THE EXECUTIVE COMMITTEE MEMBERS WHO ARE NOT EMPLOYEES OF THE ASSOCIATION AND RECEIVE NO COMPENSATION FROM THE ASSOCIATION. NARUC RELIES ON INDUSTRY SALARY SURVEYS, EXECUTIVE COMPENSATION REVIEWS BY A PROFESSIONAL MANAGEMENT FIRM, AND OTHER COMPARABLE INFORMATION TO REVIEW THE COMPENSATION OF THE EXECUTIVE DIRECTOR. THE EXECUTIVE DIRECTOR IN CONSULTATION WITH THE NARUC DEPARTMENT HEADS DETERMINES THE COMPENSATION OF OTHER KEY PERSONNEL. NARUC STAFF COMPENSATION: NARUC RELIES ON INDUSTRY SALARY SURVEYS, COMPENSATION ANALYSIS BY A PROFESSIONAL MANAGEMENT FIRM, AND OTHER COMPARABLE INFORMATION TO REVIEW THE COMPENSATION OF THE EXECUTIVE DIRECTOR AND KEY PERSONNEL. GENERALLY, EVERY 3-4 YEARS THE ASSOCIATION ENLISTS A THIRD-PARTY CONSULTANT TO PERFORM A COMPENSATION ANALYSIS FOR EACH NARUC STAFF POSITION. THE ANALYSIS REPORT PROVIDES SALARY RANGES FOR EACH STAFF POSITION. THESE RANGES ARE SHARED WITH DEPARTMENT DIRECTORS AND USED WHEN DETERMINING THE COMPENSATION OF OTHER KEY PERSONNEL AND MAKING FUTURE HIRING DECISIONS. FORM 990, PART VI, SECTION C, LINE 19 THE ASSOCIATION MAKES ITS FINANCIAL STATEMENTS, CONFLICT OF INTEREST AND GOVERNING DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: NO CHANGES FROM PRIOR YEAR. NATIONAL REGULATORY RESEARCH INSTITUTE (NRRI) 1101 VERMONT AVE NW STE 401 WASHINGTON DC 20005 261439365 RESEARCH DE 501(C)(3) LINE 11 NATIONAL ASSOCIATION OF REGULATORY UTILITY COMMISSIONERS 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 NATIONAL REGULATORY RESEARCH INSTITUTE Q 64148 FMV