The Cooperative shall at all times be operated on a cooperative non-profit basis
for the mutual benefit of its patrons. No interest or dividends shall be paid or
payable by the Cooperative on any capital furnished by its patrons.
In the furnishing of electric energy the Cooperative's operations shall be so conducted
that all patrons, members and non-members alike, will through their patronage furnish
capital for the Cooperative. In order to induce patronage and to assure that the
Cooperative will operate on a non-profit basis the Cooperative is obligated to account
on a patronage basis to all its patrons, members and nonmembers alike, for all amounts
received and receivable from the furnishing of electric energy in excess of operating
costs and expenses properly chargeable against the furnishings of electric energy.
All such amounts in excess of operating costs and expenses at the moment of receipt
by the Cooperative are received with the understanding that they are furnished by
the patrons, members and non-members alike as capital. The Cooperative is obligated
to pay by credits to a capital account for each patron all such amounts in excess
of operating costs and expenses. The books and records of the Cooperative shall
be set up and kept in such a manner that the end of each fiscal year the amount
of capital, if any, furnished by each patron is clearly reflected and credited in
an appropriate record to the capital account of each patron, and the cooperative
shall within a reasonable time after the close of the fiscal year notify each patron
of the amount of capital so credited to his accounts All such amounts credited to
the capital account of any patron shall have the same status as though they had
been paid to the patron in cash in pursuance of the legal obligation to do so and
the patron had then furnished the Cooperative corresponding amounts for capital.
Annually, active members receive a capital credit statement showing the amount of
contribution to the capital account for the calendar year. This amount is determined
by how much electricity is used during the previous year. This is not a check and
cannot be cashed, or credited, toward your bill. It is simply a statement of the
status of your capital credit account.
If you leave the system, the amount of capital credits that have been allocated
to you will remain in your name. When we retire the capital credits for the year,
or years, you were on our service, your will be refunded also. For this reason,
we advise our members who leave our system to keep us updated with a current address.
Uncashed Capital Credit Checks