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        <ExplanationTxt>THE ASSOCIATION IS A NONPROFIT CORPORATION AND IS EXEMPT FROM INCOME TAXES UNDER THE INTERNAL REVENUE CODE SECTION 501(C) 6. THE ASSOCIATION IS ALSO EXEMPT FROM STATE INCOME TAXES.TAX YEARS 2023-2025 REMAIN SUBJECT TO EXAMINATION FOR FEDERAL INCOME TAX PURPOSES AND TAX YEARS 2022-2025 REMAIN SUBJECT TO EXAMINATION FOR STATE INCOME TAX PURPOSES. THE ASSOCIATION USES A LOSS CONTINGENCY APPROACH FOR EVALUATING UNCERTAIN TAX POSITIONS.THE ASSOCIATION CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATIONS, AUDITS, CHANGES IN TAX LAWS AND NEW AUTHORITATIVE RULINGS.</ExplanationTxt>
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        <ExplanationTxt>THE MEMBERS OF NECA ARE ELECTRICAL CONTRACTORS WHO MEET THE REQUIREMENTS OF MEMBERSHIP AS OUTLINED IN THE GOVERNING DOCUMENTS. EACH ELIGIBLE MEMBER IS ALLOWED TO VOTE IN ELECTIONS AND APPROVE VARIOUS TRANSACTIONS AS SPECIFIED IN THEIR GOVERNING DOCUMENTS.</ExplanationTxt>
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