Farmer’s Electric Cooperative will issue more than $1 million in captial credits to its members this year.
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For the second consecutive year, the seven-man Board of Directors of Farmers’ Electric Cooperative has voted to issue capital credit monies in excess of $1 million. Capital credit checks totaling $1,103.753.18 will be issued and mailed this December.
In December of 1998, the FEC Board issued capital credit checks totaling $1,097,034.31.
“Our board always has a number of alternatives to look at before they decide whether or not to issue capital credit monies,” explained FEC Executive Vice-President/CEO Dan Bryan. “The board chose to go with the maximum amount they could return to the members.”
Capital credits are the profits, called margins by cooperatives, that are left over from revenues after all operating expenses are deducted. Each year, margins are allocated to members receiving electrical service from the cooperative. To receive a capital credit check, a resident or business must be a member of FEC for three years or more. The minimum capital credit check to be issued will be $5.
FEC’s Board of Directors is paying 100 percent of the capital credit monies allocated in 1980, which totaled $524,258. The Board then voted to issue two percent of the capital credit monies allocated for each year form 1981 through 1996, which totaled another $309,495. Projected deceased estates capital credits total an additional $270,000.
Over the years, Farmers’ Electric Cooperative has returned $8,775,432 to its members.
If any individual has been a member of FEC for over three years and has not received a capital credit check by Dec. 31, please contact the FEC office at 660-646-4281 or 1-800-279-0496.