Clay Electric's board of trustees declared a $12 million Capital Credits refund in December 2020 for current and former members who received service from the co-op from 1991 through 2019. This is the second disbursement in 2020. Refunds are traditionally disbursed each March. The trustees opted to retire the Capital Credits three months early to help relieve the financial pinch that many families and businesses are feeling this year due to the COVID-19 pandemic. Capital Credits will not be refunded again until 2022.
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 1990 through 2018), 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.
If you think you may have unclaimed Capital Credits, you can check here. You will need to provide either the last name the account was in and the last four digits of the social security number; the account number; or the location information.