Capital Credit Refunds Exceed $4.4 Million
Capital credit checks will be mailed the first week of August.
General Manager/CEO Dan L. Brown announces Cuivre River Electric Cooperative will return a record amount of $4.4 million of member equity this year. These funds, also called "capital credits," will be distributed next month.
The refund process, determined by the Board of Directors, is in keeping with the cooperative's long-standing tradition to acknowledge members' ownership interest by refunding a portion of their equity investment. This decision to issue refunds and the amount that can be refunded is made on a year-by-year basis.
Most current members will receive a check. The exceptions: active members with refunds less than $10 or with a 60-day past-due balance. They will receive their refunds as energy bill credits.
Current refunds include 50% of members' 1992 equity and 25% of their 2012 equity. All who received Cuivre River electric service in these years are eligible.
Manager of Finance and Accounting Susan Dollins reports the average check amount for members who had service during 2012 is $42. The average for members who had service in both 1992 and 2012 is about $111.
"For long-term members, the refund amount equals almost one month of free electricity," says Dollins.
Checks will be mailed in early August, with members' account numbers and refund years noted on the check stub.
Capital credits and member control make cooperatives very different from most Missouri utilities. The cooperative is accountable to, owned and governed by the people it serves.
Things you should know:
Your capital credits are reserved for you even if you discontinue Cuivre River service. Cuivre River will attempt to reach you when refunds are made if a current address is on file.
Checks expire after six months. Checks returned by mail are held while they remain valid. After six months they are applied as bill credits to their respective active accounts. By request, they may also be donated to Operation Round Up to help families in need.
To claim a check returned by mail, or request re-issue of a lost check, you must provide valid identification.
In accordance with Cuivre River Bylaws, if your check is unclaimed after two years, your name is published in two consecutive issues of a local newspaper in the county where you last received Cuivre River service. Checks unclaimed after 60 days of this publication requirement are assigned to the Cooperative.
If you call to establish new service in the future, tell us if you've previously been a member to keep records current.
For more information check the FAQs on the next page, or call Pam Reale, 800.392.3709, ext. 214.