Virginia Chamber of Commerce issued the following announcement on Jan. 3.
CREWE, Va – In 2018, Southside Electric Cooperative’s (SEC) Board of Directors approved a $3 million capital credit retirement.
Any revenue that SEC, a not-for-profit electric utility, earns over and above the cost of providing safe and reliable electric service is considered margins, representing members’ equity in the co-op. This equity allows SEC to finance its yearly operations, with the intent that these funds will be repaid to members in later years. This concept is an essential part of how the Cooperative operates both successfully and responsibly.
SEC gives these funds back to its members when it is financially able to do so.
Members earn capital credits based on the amount of capital contributed to the Cooperative through the
payment of monthly electric bills. The more electricity that is purchased, the greater the capital credit
account. No special action is required to begin receiving capital credits – membership in the Cooperative
activates this benefit automatically.
In December, members who earned less than $25 were issued credits on their bills. Members with refunds equal to or above $25 received checks through the mail.
Over the last three decades, SEC has returned more than $54 million to its membership. That includes about $11 million in just the last decade.
SEC members who may be leaving the Cooperative are encouraged to provide SEC with a current mailing address so that capital credits can be returned as they are retired.
Southside Electric Cooperative is a not-for-profit, member-owned electric cooperative that serves more than 56,000 homes and businesses in portions of 18 counties in central and southern Virginia. Headquartered in Crewe, SEC has district offices in Altavista, Crewe, Dinwiddie and Powhatan. For more information, visit www.sec.coop.
Original source can be found here.