Members who were part of our cooperative in 1986 and 1987 will receive capital credit checks this month as part of our patronage capital retirement. But what do all of those fancy words mean?
Steuben County REMC is a not-for-profit organization, meaning that any money collected that is over-and-above our budget needs is allocated as patronage and invested in the cooperative. On an annual basis, our board reviews our financial position and decides if this patronage can be returned to the membership in the form of a capital credit retirement.
This year’s retirement was from 1986 and 1987. So, if you were a member in 1986 or 1987, your name was on the account, and you paid your bills, you will receive a portion of what you paid into the co-op that year. That’s the beauty of being a co-op member!
If you have questions about your capital credits, please contact the office at 260-665-3563.
HOW DO CAPITAL CREDITS WORK?
Because electric co-ops operate at cost, any excess revenues are returned to you in the form of capital credits.
- Steuben County REMC tracks how much electricity you use and pay for throughout the year.
- At the end of the year, we assess the finances to see if there is excess revenue.
- If financial conditions allow, the board of directors will pay out the capital credits in the form of a check to you.
- Steuben County REMC allocates the excess revenues as “capital credits” to members, based on how much electricity you’ve used.
Steuben County REMC has retired OVER $4.5MILLION to members since 1998
