In August 2022, our Board of Directors authorized a special, one-time allocation of capital credits to members. All members who purchased electric and/or internet services from 2015 through 2021 will receive a share of this special allocation and will receive notices in the mail in mid-September.
What is the special allocation for?
As a member-owned cooperative, each year we track our revenues and expenses separately for providing electric service and internet service. After our financial report is accepted by the board, we allocate to members your share of our earnings for the services you purchase from us – electric service, internet service, or both.
This special allocation is different. It is related to an investment that the co-op held for several years and recently sold. This investment was an integral part of how we provided services to all members. Because of this connection to the services we provide, we are also making a special, one-time allocation of the earnings from the sale of the investment.
In mid-September, you will receive a statement that shows your share of this special one-time allocation. Because the investment was held for multiple years, we are allocating the gain to the members who purchased services from us over the past 7 years in a manner consistent with the Bylaws.
When will this allocation be retired?
The earnings from the sale of the investment are currently being used to fund service improvements for members. Our Board of Directors will authorize retirement of this special one-time allocation in the future. Retirements may take place over several years. You will receive a check for your share of a retirement when it is authorized by the board.