West Florida Electric’s board of trustees approved Capital Credits refunds in March 2021 for current and former members who received service from the co-op in 1994 and 1995. Refunds are scheduled to be disbursed in April.
After all expenses are paid at the end of the year, any revenue (margins) above operating costs is assigned on the cooperative books to members who used the service on a pro-rated basis. The co-op retains these funds, called Capital Credits, to use as operating funds. Portions of these Capital Credits are refunded to the members on a first in-first out (FIFO) basis when operating margins are sufficient to do so.
Capital Credit refunds are available to members of the co-op because West Florida Electric Cooperative is not-for-profit. As a result, at the end of each year when it’s determined how much revenue exceeds total expenses, the difference is assigned to members as Capital Credits based on the amount each member was billed for electricity during the year.
For present members entitled to a pro-rata share of the refund (must have received service sometime from 1994 through 1995), current and former members were mailed their Capital Credits check to their latest address on file.
Former Members: If you think you may have unclaimed Capital Credits, you will need to contact WFEC at 800-342-7400.