Farmers’ Electric Cooperative to issue capital credit checks totaling nearly $700,000
This website brought to you in part by the following sponsor:
Find out how to advertise here - Email us! [email protected]
The Board of Directors of Farmers’ Electric Cooperative unanimously voted to issue capital credit checks totaling nearly $700,000 at its regular meeting in October. The checks will be issued and mailed in early December.
“Each year the board of directors must take a look at a number of alternatives, including whether or not issue the capital credit monies,” explained Dan Bryan, Executive Vice-President and CEO of Farmers Electric Cooperative. “It is not an easy task.”
Capital credits are the profits, or margins, 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 a period of three years or more. The minimum capital credit check to be issued will be $5.
FEC’s Board of Directors voted to pay a percentage of the capital credit monies from 1983 through 1998. The total allocation to be issued in December is $696,336.
With this latest capital credit issuance, Farmers Electric Cooperative has issued a total of $10,230,368 over the years.
The issuance of capital credit monies to member/owners is just one of the differences between electric cooperative membership and investor-owned utilities (IOU’s). IOU profits are given to shareholders who have purchased stock in the company.
If any individual has been a member of FEC for over three years and has not received a capital credit check by Dec. 31, contact the FEC office at 660-646-4281 or 1-800-279-0496.