WFEC issues capital credit checks
If you held a West Florida Electric Cooperative account in 1979, you are due to receive a capital credit check from the Co-op this year. WFEC’s board of trustees has approved payment of capital credit checks totaling nearly $425,000 to approximately 6,300 recipients who were WFEC members in 1979. 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 the amount of your share will appear on your WFEC in the early summer. 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’s use.
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