OEC board of trustees approves $2 million in capital credits to be paid to members from 2010
OEC’s board of trustees has authorized the distribution of over $2 million in capital credits to members of the cooperative who purchased electricity during parts of 2010.
“The issuing of capital credits each year truly highlights what a cooperative is,” said CEO Patrick Grace. “We’ve been working together since 1937 to provide an affordable, reliable service — capital credits signify what it truly means to come together for a common cause. Plus, we would much rather return dividends to the members we serve rather than far-off investors.”
Over 26,000 current and former members received a check in September.
What are capital credits?
Unlike investor-owned utility companies that strive to generate profits for shareholders, electric cooperatives like OEC operate on an at-cost basis. Any profits made by OEC – referred to as margins – are returned to the consumer-members. Capital credits represent these dividends.
What qualifies members to receive capital credits?
Capital credits are allocated to each member based on the amount paid to OEC over the years. Currently, we “retire” or issue capital credit checks on a 10-15 year.
What if those owed money are no longer members?
Some who were members in 2010 might no longer be members but are still owed capital credits. Please visit okcoop.org/capitalcredits and, if you see a name you recognize on the list who could’ve been an OEC member during 2010, please have that person submit the online form and any accompanying documents. All address updates must be received in writing.
If you see the name of a family member who is deceased and you are the rightful heir, you can download the form from okcoop.org/capitalcredits and return it along with the appropriate paperwork to transfer all remaining capital credits into your name.
I was a member in 2010 but didn’t receive a check
Checks were not issued for less than $25 unless a member has no further refunds due for future years. Refunds of less than $25 are retained until and added to the next distribution.
A full list of names – both individuals and businesses owed money – can be found at okcoop.org/capitalcredits along with appropriate forms. Mail paperwork and supporting documents to OEC, P.O. Box 1208, Norman, OK, 73070.
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