In March of this year, West Florida Electric Cooperative retired capital credits to members in its four-county service area in the amount of $823,378.06.
Because we are a cooperative and not-for-profit, any funds left over after bills have been paid go into a capital credits account for each co-op member. Then, as your board of trustees determines the co-op is in good financial shape, this capital is paid to the members.
Capital credit refunds are to you (our members) what dividends are to stockholders at for-profit companies, a return of capital. Our goal is to provide you with electricity at a price that is as close to cost as possible. That way, more of your money stays in your pocket up front.
This year, those who were members during the final six months of 1992 and the first six months of 1993 received capital credits through a check in the mail – approximately 8,982 checks were sent this year. This reflects the member’s investment in the cooperative being returned on a 25 year rotation. Over the years, those funds have helped us keep our rates reasonable, reduced the amount of money we needed to borrow from outside lenders and helped build, maintain and expand a reliable electric distribution system.
We are pleased to be able to return capital to our members. As we are celebrating our 81st year of operation this year, we have returned 56 years of accumulated capital credits.
In this issue of the Current Light Flashes (CLF), you will find a list of unclaimed capital credits. Checks were mailed to these individuals, but 745 of those were returned to the cooperative.
In an effort to find them, the co-op is publishing their names in our publication and on our website. If your name is listed in that section of the CLF, please contact the cooperative to verify ownership and provide your current mailing address. If you believe you know the current address of someone on the list, we would greatly appreciate you asking them to contact us by calling 800.342.7400.
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