Sulphur Springs Valley Electric Cooperative is returning a quarter of a million dollars to members who had service with the cooperative in 1986 and/or 2007.
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Former SSVEC members (those who no longer have an active account) and have an amount greater than $20 will be issued a check, which will be mailed to the address on file at SSVEC.
SSVEC Chief Executive Officer Creden W. Huber explained the process of returning capital credits.
“SSVEC members’ monthly electric bill payments cover not only the cost of electric energy, but the equipment to bring power to them, operating costs and funds to pay back principal and interest on borrowed money. At the end of the year margins (any money in excess of expenses) is calculated. The margins are then allocated — that is, entered on the books of the cooperative for each member based on the amount of electricity he has purchased. This money is known as capital credits and is each member’s ‘ownership’ of (or equity in) SSVEC. He added, “This equity is vital in holding down electric rates and assuring that your electric service is modern and up-to-date by investing the money in lines, poles and equipment.”
Huber also reminded members of the Sulphur Springs Valley Electric Cooperative Foundation which is funded through unclaimed patronage capital credits.
“Members can donate their capital credits to the Foundation,” he said. “Individuals may sign their capital credits checks and return them to the cooperative or may donate future capital credit payments to the Foundation. A form has been included with the capital credit checks mailed. The Foundation funds the cooperative’s three major youth programs: the Washington Youth Tour, the Youth Engineering and Science Fair and the SSVEC Foundation Scholarship program.”
All members are advised to keep the cooperative updated on their current mailing address to ensure they receive future capital credit payments.
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