KEYSTONE HEIGHTS— Clay Electric Cooperative’s Board of Trustees has declared a $12 million capital credits refund for members who received service from 1992 through 2020.
The co-op said in a news release that capital credits reflect the cooperative’s not-for-profit and member-owned status and represent each member’s pro-rata share of any margins left over at the end of the year after all expenses are paid.
“Capital credits are a unique benefit of being served by an electric cooperative,” the co-op said. “Investor-owned electric utilities send their margins (profits) to stockholders, and municipally owned utilities return their profits to city coffers for use in road-paving or similar projects.”
The co-op said that before Clay Electric’s nine-member board of trustees decided whether a refund could be made, it carefully considered a variety of data and economic conditions.
“Following this review, the board decided it was prudent to refund $12 million to entitled members and former members,” it said. This year’s refund will be the 48th consecutive time that the cooperative has refunded capital credits.”
Current members of the co-op who are entitled to a refund will receive a credit on their March bills. Multiple accounts with the same member number will receive a credit on the account associated with the membership.
The number of bill credits scheduled for this year is about 142,500. The average amount of a bill credit this year is $38.35.
For those entitled to a refund but who no longer receive service from Clay, a refund check will be mailed around March 24. The co-op is scheduled to mail around 57,000 refund checks to this group. The minimum amount to be refunded by check in most cases is $10.
The average check amount this year is $55.60. Former members of the cooperative who receive a refund check should cash their check within 90 days. If the check is not cashed and remains unclaimed after 90 days, a $1 maintenance fee will be assessed each month against the capital credits refund.
There could be former memberships whose joint relationship may not print on the check. If a former member is unable to deposit or cash the check because of the missing name, they should call the co-op at 1-800-224-4917 to have the check reissued.
If a member of the cooperative has any questions about capital credits, they should contact their district office.
