SVEC will still retire the capital credit of the member but just not mail out a check. The cooperative will list on its website all past members who currently have unclaimed retired capital credit monies.
SVEC does not retire the remaining capital credits in lump sums. The capital credits can be transferred into up to three beneficiaries who will continue to receive the capital credits retirement until the capital credits are exhausted and the member no longer has an ownership stake in the cooperative.
At the end of each year the board of SVEC determines if the cooperative is in a financial position to retire capital credits. There are certain requirements the cooperative must meet before the board can consider retiring capital credits. Fortunately for more than the past 20 years the cooperative has been able to retire capital credits to the membership every year.
If you believe that you or a person you are a legal beneficiary of have unclaimed capital credits, go to our unclaimed capital credits webpage and submit the online form there to begin the process of validating your claim.
SVEC's residential members do not need to report payments of retired capital credits as income when they file their taxes. Commercial members, however. should consult their tax adviser regarding the taxable nature of their capital credits.