Members Get $2 Million Back in Capital Credits Retirement
Contact: Renee Whitener, Director of Public Relations, Blue Ridge Electric Membership Corporation, (828) 758-2383, Ext. 3213; or E-mail: Renee Whitener
Lenoir, North Carolina (June 10, 2009) – Thanks to a $2 million capital credits retirement of the 2008 margins approved earlier this year by the Board of Directors of Blue Ridge Electric Membership Corporation, Blue Ridge Electric members recently received money back during the month of May and early June.
Members due a capital credits refund of $25 or more received a check in the mail. Those due less than $25 received their funds in the form of a credit on their electric bill.
Checks are sent to members receiving a larger capital credits refund so that they have the opportunity to spend their refund the way they wish. On the other hand, a bill credit is given to members receiving less than $25 because members have said it’s more convenient to have a smaller amount credited to their bill instead of having to cash a check for a nominal amount.
Capital credits are a unique benefit of belonging to a cooperative as the funds go directly back to local residents and businesses who utilize the cooperative’s service. Each member of a cooperative owns a part of that cooperative, and that ownership is represented by capital credits. Capital credits are the working capital of the cooperative until they’re retired in the form of a refund to members. Each year, the Board of Directors decides on a capital credits retirement based on the financial health of the cooperative.
Since its inception, Blue Ridge Electric has returned more than $26 million to its members in annual capital credits retirements.
Blue Ridge Electric is not-for-profit, member owned electric cooperative some 73,000 members in Caldwell, Watauga, Ashe, and Alleghany counties as well as parts of Wilkes, Avery, and Alexander counties.
