2026-09-24T14:15:32-05:00 2025-12-31 422973612 GREERWALKER ADVISORS LLC 227 WEST TRADE ST SUITE 1100 CHARLOTTE NC 28202 990 2025-01-01 203311003 SERC RELIABILITY CORPORATION SERC 7043577372 13320 BALLANTYNE CORPORATE PL 200 CHARLOTTE NC 28277 JASON BLAKE PRESIDENT & CEO 7043577372 2026-09-23 1 PAULA P TILLEY P00051456 7043770239 2026-09-23 2025 JASON BLAKE 13320 BALLANTYNE CORPORATE PL 200 CHARLOTTE NC 28277 48960088 0 X WWW.SERC1.ORG X 2005 NC THE MISSION OF THE SERC RELIABILITY CORPORATION (SERC) IS TO ASSURE EFFECTIVE AND EFFICIENT REDUCTION OF RISKS TO THE RELIABILITY AND SECURITY OF THE BULK POWER SYSTEM. SERC PROVIDES STATUTORY FUNCTIONS CALLED FOR IN SECTION 215 OF THE FEDERAL POWER ACT, IN ACCORDANCE WITH ITS DELEGATION AGREEMENT BETWEEN SERC AND THE NORTH AMERICAN ELECTRIC RELIABILITY CORPORATION (NERC). SERC PROVIDES THE FOLLOWING FUNCTIONS: ANALYZE EVENTS TO IDENTIFY LESSONS LEARNED THAT WILL IMPROVE RELIABILITY; PROMOTE BPS RELIABILITY, ADEQUACY AND SECURITY; HELP DEVELOP RELIABILITY STANDARDS FOR THE NORTH AMERICAN BULK POWER SYSTEM (BPS) AND THE SERC REGION; MONITOR AND ENFORCE APPROVED MANDATORY RELIABILITY STANDARDS; REGISTER AND CERTIFY RESPONSIBLE ENTITIES UNDER THE RELIABILITY COMPLIANCE PROGRAM; ASSESS THE BPS PAST, PRESENT, AND FUTURE RISK PROFILE IN ORDER TO ASSURE RELIABILITY, ADEQUACY, AND SECURITY; AND TRAIN OPERATING PERSONNEL TO ASSURE COMPETENCE. 18 18 120 831 0 0 0 31547616 30681582 2793717 834889 726794 0 6718 31516471 35074845 0 0 0 0 26729818 28608303 0 0 0 5436580 6769277 32166398 35377580 -649927 -302735 32981748 33849482 18590229 19749307 14391519 14100175 X THE MISSION OF THE SERC RELIABILITY CORPORATION (SERC) IS TO ASSURE EFFECTIVE AND EFFICIENT REDUCTION OF RISKS TO THE RELIABILITY AND SECURITY OF THE BULK POWER SYSTEM. SERC PROVIDES STATUTORY FUNCTIONS CALLED FOR IN SECTION 215 OF THE FEDERAL POWER ACT, IN ACCORDANCE WITH ITS DELEGATION AGREEMENT BETWEEN SERC AND THE NORTH AMERICAN ELECTRIC RELIABILITY CORPORATION (NERC). SERC PROVIDES THE FOLLOWING FUNCTIONS: ANALYZE EVENTS TO IDENTIFY LESSONS LEARNED THAT WILL IMPROVE RELIABILITY; PROMOTE BPS RELIABILITY, ADEQUACY AND SECURITY; HELP DEVELOP RELIABILITY STANDARDS FOR THE NORTH AMERICAN BULK POWER SYSTEM (BPS) AND THE SERC REGION; MONITOR AND ENFORCE APPROVED MANDATORY RELIABILITY STANDARDS; REGISTER AND CERTIFY RESPONSIBLE ENTITIES UNDER THE RELIABILITY COMPLIANCE PROGRAM; ASSESS THE BPS PAST, PRESENT, AND FUTURE RISK PROFILE IN ORDER TO ASSURE RELIABILITY, ADEQUACY, AND SECURITY; AND TRAIN OPERATING PERSONNEL TO ASSURE COMPETENCE. 0 0 12900538 2496755 THE COMPLIANCE MONITORING AND ENFORCEMENT PROGRAM (CMEP) IS THE LARGEST PROGRAM AREA AT SERC, AND IS IMPLEMENTED PURSUANT TO SERC'S DELEGATION AGREEMENT AND THE NERC UNIFORM CMEP DEVELOPED UNDER SECTION 215(C) OF THE FEDERAL POWER ACT AND APPROVED BY THE FEDERAL ENERGY REGULATORY COMMISSION. THE SERC CMEP IS IMPLEMENTED BY PERSONNEL THAT ARE INDEPENDENT OF STAKEHOLDERS AND REGISTERED ENTITIES. THE SERC CMEP IS FURTHER DIVIDED INTO FIVE AREAS: COMPLIANCE MONITORING; COMPLIANCE PROGRAMS AND SERVICES; ENTITY ASSESSMENT AND MITIGATION; ORGANIZATION REGISTRATION AND CERTIFICATION; AND ENFORCEMENT.1.) THE COMPLIANCE MONITORING AREA IS RESPONSIBLE FOR CONDUCTING COMPLIANCE AUDITS, SPOT CHECKS, AND COMPLIANCE INVESTIGATIONS; FOR SERVING AS SUBJECT MATTER EXPERTS FOR ALL STANDARDS; AND FOR IMPLEMENTING THE PROCESS FOR TECHNICAL FEASIBILITY EXCEPTIONS (TFE) TO THE NERC CRITICAL INFRASTRUCTURE PROTECTION (CIP) RELIABILITY STANDARDS.2.) THE COMPLIANCE PROGRAMS AND SERVICES AREA IS RESPONSIBLE FOR IMPLEMENTING AND DEPLOYING CMEP-RELATED ANALYTICS AND COMPLIANCE ASSESSMENTS.3.) THE ENTITY ASSESSMENT AND MITIGATION AREA IS RESPONSIBLE FOR IMPLEMENTING AND DEPLOYING ENTITY INHERENT RISK ASSESSMENTS (IRA) AND INTERNAL CONTROLS EVALUATIONS (ICE); FOR SERVING AS THE SINGLE POINT OF CONTACT FOR ALL NON-COMPLIANCE ISSUES DISCOVERED AND/OR SELF-REPORTED TO THE REGION; FOR DETERMINING THE COMPLETE SCOPE OF VIOLATIONS; FOR DETERMINING THE ACTUAL AND POTENTIAL RISK POSED BY VIOLATIONS TO BPS RELIABILITY; AND FOR REVIEWING REGISTERED ENTITY MITIGATING ACTIVITIES TO ENSURE THAT ENTITIES CORRECT ISSUES AND PREVENT RECURRENCE THROUGH APPROPRIATE MITIGATION.4.) THE ORGANIZATION REGISTRATION AND CERTIFICATION AREA IS RESPONSIBLE FOR REGISTERING OWNERS, OPERATORS, AND USERS OF THE BPS REQUIRED TO COMPLY WITH NERC RELIABILITY STANDARDS; AND FOR CERTIFYING APPLICABLE ENTITIES WHO PERFORM RELIABILITY-RELATED FUNCTIONS.5.) THE ENFORCEMENT AREA EVALUATES ALL POSSIBLE VIOLATIONS OF RELIABILITY STANDARDS BY SERC REGISTERED ENTITIES AND CONDUCTS A THOROUGH ASSESSMENT TO DETERMINE IF A VIOLATION ACTUALLY OCCURRED. THE ENFORCEMENT STAFF NOTIFIES THE REGISTERED ENTITY OF ITS FINDINGS REGARDING THE VIOLATION AND ANY APPLICABLE PENALTIES OR SANCTIONS. THE ENFORCEMENT STAFF MAY ALSO ENGAGE IN SETTLEMENT NEGOTIATIONS WITH THE REGISTERED ENTITY. THE PROPOSED ENFORCEMENT ACTION, ALONG WITH ANY PROPOSED PENALTY OR SANCTIONS, IS SUBMITTED TO NERC FOR ITS REVIEW AND APPROVAL, AND SUBSEQUENT SUBMITTAL TO FERC. IF A REGISTERED ENTITY CHALLENGES THE FINDINGS OF THE VIOLATION AND/OR PENALTY, THE ENFORCEMENT STAFF PROSECUTES THE CASE BEFORE A HEARING BODY MADE UP OF REPRESENTATIVES FROM THE NERC BOARD OF TRUSTEES AND SERC BOARD OF DIRECTORS. 2200094 THE SECOND LARGEST PROGRAM AT SERC IS THE RELIABILITY ASSESSMENTS AND PERFORMANCE ANALYSIS (RAPA) PROGRAM. SERC'S RAPA PROGRAM PROVIDES ANALYSIS, DATA GATHERING, AND ANALYSIS OF EVENTS ON THE BPS. THE RAPA FUNCTION IDENTIFIES RELIABILITY RISKS TO THE BPS IN THE SERC FOOTPRINT FOR THE PURPOSE OF INTEGRATED RISK ANALYSIS. RAPA'S MISSION IS TO PROMOTE A CULTURE OF RELIABILITY EXCELLENCE AMONG THE OWNERS OF BPS ASSETS. THE PROGRAM ACCOMPLISHES THIS MISSION BY IDENTIFYING RISKS TO RELIABILITY, ANALYZING PERFORMANCE AND PRIORITIZING SIGNIFICANT RISKS.SERC CONDUCTS AN INDEPENDENT RELIABILITY ASSESSMENT OF THE BPS WITHIN THE SERC REGION, INCLUDING DATA GATHERING AND ANALYSIS. THE ASSESSMENT PROGRAM USES INFORMATION FROM ITS INTERNAL DATA COLLECTION SOURCES ALONG WITH OTHER PROGRAMS, SUCH AS NERC TRANSMISSION AVAILABILITY DATA SYSTEM (TADS), GENERATING AVAILABILITY DATA SYSTEMS (GADS), AND DEMAND RESPONSE AVAILABILITY DATA SYSTEM (DADS). SERC EVALUATES THE OVERALL RELIABILITY, PERFORMANCE, AND ADEQUACY OF THE SERC REGION AND REPORTS ITS RESULTS TO NERC. SERC'S WORK SUPPORTS NERC'S OBLIGATION TO PERFORM SIMILAR ANALYSIS OF THE INTERCONNECTED NORTH AMERICAN BPS. 3272257 296962 THE THIRD LARGEST PROGRAM IS TRAINING, EDUCATION, AND OPERATOR CERTIFICATION. THE SERC TRAINING, EDUCATION, AND OPERATOR CERTIFICATION PROGRAM PROVIDES EDUCATION AND TRAINING NECESSARY TO OBTAIN ESSENTIAL KNOWLEDGE ON THE OPERATIONS OF THE BPS. SERC TRAINING AND EDUCATION PROGRAMS SUPPORT THE CONTINUING EDUCATION CERTIFIED SYSTEM OPERATORS IN THE SERC REGION. THE PROGRAM'S TARGET AUDIENCE IS BPS OPERATING PERSONNEL, SYSTEM OPERATORS, OPERATIONS SUPPORT PERSONNEL, AND TRAINING PERSONNEL. SERC SUPPORTS THE DEVELOPMENT OF SERC'S STAFF TRAINING AND EDUCATION IN POWER SYSTEM OPERATING TOPICS.SERC ALSO PROVIDES EDUCATION TO REGISTERED ENTITIES THROUGH ROBUST OUTREACH ENGAGEMENTS, FOCUSING PRIMARILY ON COMPLIANCE ACTIVITIES, INTERNAL CONTROLS, AND EMERGING RELIABILITY ISSUES. 1227043 1227043 19599932 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 13 0 1 120 1 0 0 0 0 0 0 0 0 0 0 0 0 X 18 18 0 0 1 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X GEORGE KROGSTIE 7043577372 13320 BALLANTYNE CORPORATE PL STE CHARLOTTE NC 28277 LONNI DIECK LEAD INDEPENDENT DIRECTOR 4.00 X X 166690 0 0 DEBORAH WHEELER INDEPENDENT DIRECTOR 3.00 X 150000 0 0 SHIRLEY BLOOMFIELD INDEPENDENT DIRECTOR 3.00 X 152669 0 0 PANDELIS XANTHAKOS DIRECTOR 2.00 X 0 0 0 LISA JOHNSON CHAIR 3.00 X X 0 0 0 VICKY BUDREAU DIRECTOR 2.00 X 0 0 0 VIRGIL HOBBS DIRECTOR 2.00 X 0 0 0 CHRISTOPHER PETERS CO-CHAIR 3.00 X X 0 0 0 DOUG LEGO DIRECTOR 2.00 X 0 0 0 ERIC LAVERTY DIRECTOR 2.00 X 0 0 0 TODD HILLMAN DIRECTOR 2.00 X 0 0 0 LEE RAGSDALE DIRECTOR 2.00 X 0 0 0 RICKY ERIXTON DIRECTOR 2.00 X 0 0 0 BETH MCFARLAND DIRECTOR 2.00 X 0 0 0 CHIP WHITWORTH DIRECTOR 2.00 X 0 0 0 TIM LYONS DIRECTOR 2.00 X 0 0 0 VENONA GREAFF DIRECTOR 2.00 X 0 0 0 DENVER YORK DIRECTOR 2.00 X 0 0 0 JASON BLAKE PRESIDENT/CEO 40.00 X 837299 0 85047 TIMOTHY PONSETI VP - OPERATIONS 40.00 X 497182 0 76781 HOLLY HAWKINS VP - GEN. COUNSEL & CORP. 40.00 X 492661 0 50259 GEORGE KROGSTIE CFO & CORPORATE TREASURER 40.00 X 437848 0 85056 BRIAN THUMM VP - RISK & STRATEGY 40.00 X 371619 0 69991 MELINDA MONTGOMERY SR. DIR.-ENGINEERING & ADV 40.00 X 333057 0 60737 WILLIAM PETERSON DIR. - ENTITY DEVELOP. 40.00 X 269723 0 75827 EDWARD FRANKS DIR. - RELIABILITY ASSURANCE 40.00 X 268234 0 67998 JON TAUBER DIRECTOR - ENFORCEMENT 40.00 X 312538 0 76189 GAURAV KARANDIKAR DIRECTOR - RAPA & TECH SVCS 40.00 X 267090 0 62055 4556610 0 709940 13 0 1 0 HARKER LLC 122 W BLAND STREET SUITE A CHARLOTTE NC 28203 CONSTRUCTION & ENGINEERING 496798 POWERGEM LLC 632 PLANK ROAD SUITE 101 CLIFTON PARK NY 12065 PROFESSIONAL SERVICES 134140 ABEL SOLUTIONS LLC 44 MILTON AVENUE ALPHARETTA GA 30009 IT CONSULTING 130739 SYNCHRONICITY WEB DESIGNS LLC 15720 BRIXHAM HILL AVE SUITE 300 CHARLOTTE NC 28277 IT CONSULTING 101260 4 31547616 31547616 PENALTY SANCTIONS 900099 2496755 2496755 WORKSHOP REVENUE 900099 296962 296962 2793717 775190 775190 13836847 13836847 48396 0 -48396 -48396 -48396 CONTRACTS 900099 6718 6718 6718 35074845 2752039 0 775190 3473104 1727138 1745966 18952359 12465080 6487279 2675645 1645107 1030538 2062114 1281550 780564 1445081 971523 473558 78704 78704 59845 59845 39678 39678 1495997 309010 1186987 269405 34051 235354 1046320 149257 897063 1323198 1323198 979946 789989 189957 415082 212871 202211 842006 842006 97986 97986 DUES, SUBSCRIPTIONS, & 70694 13557 57137 PROPERTY TAX 27341 27341 BANK & CREDIT CARD FEES 23075 799 22276 35377580 19599932 15777648 0 224324 575671 3084609 4275623 0 344546 836970 1029417 5317551 3909940 1390761 1407611 14412810 14068699 13032274 12147915 32981748 33849482 5860249 6282573 43110 46905 12686870 13419829 18590229 19749307 X 14391519 14100175 14391519 14100175 32981748 33849482 -302735 11391 0 X X 0 1 X 1 0 X 31547616 31547616 31547616 31547616 15012469 16535147 775189 775189 32322805 2800435 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 368604 25465 343139 1312725 938687 374038 3636222 2945788 690434 1407611 RIGHT-OF-USE ASSETS 11050029 DEFERRED COMPENSATION 1097886 12147915 DEFERRED COMPENSATION 1097886 SHORT-TERM LEASE LIABILITY 622285 LONG-TERM LEASE LIABILITY 11699658 13419829 X 35094954 11391 48396 59787 35035167 39678 39678 35074845 35386298 48396 48396 35337902 39678 39678 35377580 PART X, LINE 2: DURING THE YEAR ENDED DECEMBER 31, 2025, THE CORPORATION RECEIVED APPROVAL FROM THE INTERNAL REVENUE SERVICE TO CHANGE ITS FEDERAL TAX-EXEMPT STATUS FROM A 501(C)(6) ORGANIZATION TO A 501(C)(3) CHARITABLE ORGANIZATION, EFFECTIVE FEBRUARY 4, 2025. AS A RESULT, THE CORPORATION IS NOW ELIGIBLE TO RECEIVE TAX-DEDUCTIBLE CONTRIBUTIONS AND IS SUBJECT TO THE REQUIREMENTS AND RESTRICTIONS APPLICABLE TO 501(C)(3) ENTITIES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE CORPORATION RECORDS LIABILITIES FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN WHEN THOSE POSITIONS ARE DEEMED UNCERTAIN TO BE UPHELD IN AN EXAMINATION BY TAXING AUTHORITIES. NO LIABILITIES FOR UNCERTAIN INCOME TAX POSITIONS WERE RECORDED AS OF DECEMBER 31, 2025 AND 2024. PART XI, LINE 2D - OTHER ADJUSTMENTS: GAIN/LOSS ON SALE OF FIXED ASSETS PART VI, LINE 1E: SOFTWARE, COMPUTERS, AND FURNITURE MAKE UP THE AMOUNT IN THE "OTHER" FIXED ASSET CLASS. X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 JASON BLAKE PRESIDENT/CEO 508835 0 302000 0 26464 0 46500 0 38547 0 922346 0 0 0 TIMOTHY PONSETI VP - OPERATIONS 344073 0 126324 0 26785 0 46500 0 30281 0 573963 0 0 0 HOLLY HAWKINS VP - GEN. COUNSEL & CORP. 337970 0 136991 0 17700 0 46500 0 3759 0 542920 0 0 0 GEORGE KROGSTIE CFO & CORPORATE TREASURER 299053 0 124386 0 14409 0 46500 0 38556 0 522904 0 0 0 BRIAN THUMM VP - RISK & STRATEGY 278852 0 85790 0 6977 0 46500 0 23491 0 441610 0 0 0 MELINDA MONTGOMERY SR. DIR.-ENGINEERING & ADV 262019 0 68358 0 2680 0 46545 0 14192 0 393794 0 0 0 JON TAUBER DIRECTOR - ENFORCEMENT 256667 0 54658 0 1213 0 44661 0 31528 0 388727 0 0 0 WILLIAM PETERSON DIR. - ENTITY DEVELOP. 220913 0 48207 0 603 0 39390 0 36437 0 345550 0 0 0 EDWARD FRANKS DIR. - RELIABILITY ASSURANCE 217821 0 46980 0 3433 0 38649 0 29349 0 336232 0 0 0 GAURAV KARANDIKAR DIRECTOR - RAPA & TECH SVCS 220608 0 44009 0 2473 0 38119 0 23936 0 329145 0 0 0 LONNI DIECK LEAD INDEPENDENT DIRECTOR 166690 0 0 0 0 0 0 0 0 0 166690 0 0 0 SHIRLEY BLOOMFIELD INDEPENDENT DIRECTOR 152669 0 0 0 0 0 0 0 0 0 152669 0 0 0 PART I, LINE 1A OCCASIONAL TAXABLE COMPENSATION IN THE FORM OF GIFT CERTIFICATES IS GROSSED UP FOR TAXES FOR ALL EMPLOYEES. PART I, LINE 4B SCHEDULE J, PART I, LINE 4B: 457B PLAN: LARRY BLAKE $23,500 457B PLAN: TIMOTHY PONSETI $20,299 457B PLAN: HOLLY HAWKINS $14,644 457B PLAN: GEORGE KROGSTIE $10,073 457B PLAN: BRIAN THUMM $4,161 FORM 990, PART VI, SECTION A, LINE 4 SERC (TAXPAYER) WAS ORIGINALLY INCORPORATED AS A 501(C)(6) CORPORATION. UPON CONTEMPLATION OF THE TAXPAYER'S OPERATIONS, IT WAS DETERMINED THAT THE TAXPAYER SHOULD BE CLASSIFIED AS A 501(C)(3) ORGANIZATION. ON SEPTEMBER 24, 2024, FERC APPROVED AN AMENDMENT TO SERC'S BYLAWS AND ARTICLES OF INCORPORATION TO IDENTIFY AS A 501(C)(3) ORGANIZATION. IN 2025, SERC SUBMITTED FORM 1023 TO APPLY FOR EXEMPTION UNDER SECTION 501(C)(3) WHICH WAS APPROVED. FORM 990, PART VI, SECTION A, LINE 6 SERC RELIABILITY CORPORATION IS AN ORGANIZATION WITH MEMBERS WHO DESIGNATE THE REPRESENTATIVE TO THE GOVERNING BODY, WHICH MAKES SIGNIFICANT DECISIONS FOR THE ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 7A EACH BOARD MEMBER HAS A VOTE IN ELECTING MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B THE SERC RELIABILITY CORPORATION MEMBERS' BODY HAS THE AUTHORITY TO ELECT BOARD MEMBERS AND CHANGE BY-LAWS. FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE AND AUDIT COMMITTEE REVIEWS AND AUTHORIZES THE FILING OF THE 990. A COMPLETE COPY OF THE 990 IS PROVIDED TO THE BOARD OFFICERS BEFORE IT IS FILED, AND A REDACTED COPY IS PROVIDED TO THE REMAINING BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 12C SERC HAS A WRITTEN CONFLICT OF INTEREST POLICY, IN WHICH ALL EMPLOYEES AND BOARD MEMBERS ARE REQUIRED TO REVIEW AND COMPLETE A WRITTEN QUESTIONNAIRE ON CONFLICTS ON AN ANNUAL BASIS. ALL SERC STAFF CONFLICTS ARE CONSOLIDATED ON A "SERC STAFF RECUSAL REQUIREMENTS" DOCUMENT. EACH SERC REPRESENTATIVE MUST RECUSE HIMSELF OR HERSELF FROM PARTICIPATION IN ANY PARTICULAR MATTER INVOLVING THE SUBJECT OF A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE OFFICERS OF THE INDEPENDENT BOARD MEET IN EXECUTIVE SESSION TO REVIEW AND APPROVE THE SALARY AND INCENTIVE PAY FOR THE OFFICERS OF THE ORGANIZATION. THE BOARD OFFICERS RELY UPON INDUSTRY DATA AND COMPENSATION STUDIES PERFORMED TO DETERMINE THE REASONABLENESS OF THE EXECUTIVES' COMPENSATION PACKAGES. INDUSTRY AND COMPENSATION STUDY DATA IS REFRESHED ANNUALLY. THE DELIBERATION AND DECISION IS CONTEMPORANEOUSLY SUBSTANTIATED IN MEETING MINUTES. THE BOARD-APPOINTED HUMAN RESOURCE AND COMPENSATION COMMITTEE REVIEWS AND ENDORSES THE PRESIDENT'S RECOMMENDATIONS REGARDING THE COMPENSATION OF KEY EMPLOYEES AND OTHER HIGHEST PAID EMPLOYEES. THE COMMITTEE RELIES UPON INDUSTRY DATA AND COMPENSATION STUDIES PERFORMED TO DETERMINE REASONABLENESS OF THE COMPENSATION OF HIGHEST PAID EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR.