 |
| Capital Credits are Monies SECO Pays Back to Members The payment is credited to members' bills each year, usually in November Each year, SECO’s Board of Trustees and CEO complete their third quarter review of your Co-op’s financial condition. Once it is concluded that the fiscal status of the Cooperative remains positive, the Board allocates the return of monies to the membership. As a result, most members will find that they have a credit applied to their bill during the month of November. Collectively, the SECO membership received $1 million worth of Capital Credits during the month of November 2007. During the last ten years SECO has given back over $13.4 million to the membership in the form of Capital Credits. SECO customers have always enjoyed getting this particular credit just before the holidays. (See story in November 2007 SECO News pdf.) Some of our newer members may not be familiar with Capital Credits, (see pdf brochure), especially if they were served previously by an investor-owned or municipal utility. Simply put, these credits are the accumulation of all prior year’s revenue after all the Co-op’s expenses have been paid. These credits are applied on a pro-rata basis to each SECO member’s account and represent a portion of the total monies paid to the Co-op by each customer. The member/owners of SECO enjoy many benefits unique in the electric utility industry. They get to choose who represents you on the Co-op’s Board of Trustees. You get to vote on any changes proposed to the Co-op’s bylaws and you accumulate equity in the business. And as an owner, you get the benefits of a sharing mechanism like Capital Credits. As a not-for-profit utility, your electric cooperative keeps the focus where it ought to be – on what’s good for you, the members, and your community. SECO is accountable to our members because we’re local. Our directors and employees live here. Our kids and grand kids go to the same schools. We have a stake in the local economy and the well-being of the community at large. In the cooperative business model we work hard every day to earn the continued trust of our membership through quality customer service, consistent communication, strong policies, fiscal responsibility and efficient procedures. Capital Credits are but one example of the many benefits that come from being a member of a democratic electric cooperative. Page last updated: Friday, July 25, 2008 |
|
|
