RECC membersreceived refunds on their electric bills for December, for the retirement of $268,957 in capital credit equity earned in 1982. Over 1,000 members still served by the co-op saw a refund credit on their billing statements mailed January7, while 1,549 members who no longer have an active account received refund checks.
“Capital credits represent our members’ ownership in the cooperative,” says RECC Board chairman Jimmy Ayers. “As a not-for-profit cooperative, we strive for a relatively small operating margin each year, to meet our financial obligations and to be prepared for unexpected costs such as a large storm. When we have that margin at the end of the year, we re-invest the money in our system and can eventually pay it back to the members.” The latest capital credit retirement brings the total retirements made to RECC members to over $3.4 million.