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Clay Electric's board of trustees declared a $6 million Capital Credits refund in January 2016 for current and former members who received service from the co-op from 1988 through 2014.
Capital Credits refunds are available to members of the co-op because Clay Electric is not-for-profit. As a result, at the end of each year when it's determined how much revenue exceeds total expenses, the difference is assigned to members as Capital Credits based on the amount each member was billed for electricity during the year.
For present members entitled to a pro rata share of the refund (must have received service sometime from 1988 through 2014), they received a credit on their March electric bill. Issuing a credit on an electric bill helps the co-op reduce expenses such as check printing, envelopes, postage, bank fees, etc. Former members were mailed their Capital Credits check to their latest address on file.
Also, as a special service for its business members, the co-op offers flexibility in the distribution of Capital Credits refunds in order to accommodate the particular needs of a business. For example, a business with multiple accounts may desire to have a single check issued (or perhaps a credit) to a single account as opposed to several accounts. To discuss your particular needs, call 1-800-224-4197 between 8 a.m. and 5 p.m. and ask for the Capital Credits section of the Finance and Administrative Department of the cooperative.