The check's in the mail
Earlier this month, West Florida Electric Cooperative’s board of trustees approved payment of capital credit checks totaling $700,000. WFEC repays capital credits, which are each member’s ownership equity in the Co-op’s system from a certain year, once a year.
Like most cooperatives, WFEC returns net margins to its members in the form of a cash patronage refund, after reserves are set aside. Since electric cooperatives started out with no initial capital from members, cash from net margins must be used to repay government loans. Over a period of years, these funds take the place of federal investment.
Through WFEC’s bylaws, you, the member, have agreed to use margins this way. WFEC maintains credit accounts showing your share of the net margins for each year, and you receive a "notice of patronage capital" postcard that tells the amount of your share. The card also explains that the monetary amount shown can’t be applied to your current electric bill.
If you move away from WFEC’s service area, you should continue to update your forwarding address. It might be a while before you’re supposed to get a capital credit check, but when the time comes, WFEC needs to know where to find you. Many former members have missed out on getting their capital credit checks because nobody knew where to send them.
Also, any member who assumes responsibility for a meter that has been in someone else’s name should contact WFEC about changing the name on that account. Only the member whose name is on the account is eligible to receive the capital credits for that account, regardless who pays for the meter.
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