Capital Credit Checks Come in December
Posted on December 1st, 2020
First Electric energized its first line near Jacksonville on April 15, 1938. It was set in a strong foundation – much like the foundation which is you – our membership. As a member-owned cooperative, you benefit from the margins earned which comes in the form of capital credit retirement. Last year, First Electric retired over $9.66 million. Since 1940 it has totaled more than $114.8 million.
One of our most important tasks at the November board meeting is to review the cooperative’s financial position and determine the amount of capital credits to refund. Our commitment is to do our jobs safely, efficiently and in the most cost-effective manner possible. If we execute it properly, the revenue collected that is not needed to cover the cost of providing service is assigned back to you. We determine the amount of money refunded to you based on how much electricity you used during the year or years that are being refunded.
The most popular question when it comes to capital credit retirement is, “will I get a refund?” That depends, you may or may not receive a refund. If you received service from us during the years retired, you should receive a refund. If your refund is less than $30, then it will be shown as a line item on your December bill. If your refund is $30 or greater, then you will receive a check in the mail. Members who are eligible will receive it in December – which puts a little extra jingle in your pocket during the holidays.
“Each December I am thankful for the capital credit check that I receive from First Electric. It’s a good business model and benefit of being a member of First Electric. This year’s pandemic has been especially challenging for many friends and family and the co-op has gone above and beyond to help us all by giving us a $50 COVID credit, not charging late fees and working with members on payment arrangements.” – Buddy Metcalf of Perryville
Thank you, Buddy, for those kind words!
From our family to yours - Merry Christmas and Happy New Year!
Sincerely,
Rick Love, Chairman