SVEC announced today that its board of trustees has elected to retire approximately $775,000 in capital credits to be returned to members this year. This retirement brings the total amount of capital credits retired over the life of the cooperative to about $13.5 million.
SVEC is a not-for-profit member-owned business that operates at cost. Revenues above the cost of doing business are allocated to the members annually in the form of capital credits.
SVEC’s board of trustees can vote to retire capital credits if the financial condition of the cooperative will not be impaired. The decision to retire capital credits again this year was made In light of the continued financial strength and sound management of the co-op.
Active members who were also members at any time from 1987 through 2012 can expect to receive a capital credit retirement this year. Members with a retirement of $5 or more will receive a check. A retirement of less than $5 will be applied as a reduction to the bill the member receives in May for their April electricity use. If the member with a retirement of less than $5 has a Prepay account, the retirement will be applied as a credit to that account.
Inactive members who no longer purchase electricity from SVEC will receive a check. The minimum amount is $5.00. If the amount is less than $5.00, that amount will be combined with any future capital credit retirements and paid out to the inactive member when the total amount is $5.00 or more.
“It is important for both active and inactive members to maintain a current valid address on file with SVEC, so that we can return their retirements to them,” says SVEC Director of Member Services John Robinson. “In accordance with the co-op’s bylaws, we set aside unclaimed retired capital credits for three years. In the fourth year, if it is still unclaimed, a retired capital credit is considered “abandoned” and is distributed to active members.”
SVEC maintains a searchable list of active and inactive members with unclaimed capital credits on its website.