OEC board of trustees approves $5.3 million in capital credits to be paid to members
OEC’s board of trustees has authorized the distribution of over $5.3 million in capital credits to members of the cooperative who purchased electricity during parts of 2008 — $1.6 million of which is being passed on by Western Farmers Electric Cooperative (WFEC, OEC's wholesale power provider) to those who were members from 1977 to 1987.
More than 20,400 current members and almost 3,900 former members are set to receive a capital credit check, which might have already arrived.
Capital credits are somewhat similar to the dividends paid to shareholders of investor-owned utilities, except the co-op’s “shareholders” are the members it serves, and the “dividends” are the capital credits. It is one of the things that makes the cooperative business unique.
Despite a diligent effort to notify former co-op members, there are more than 2,800 who still need to update their addresses in order to receive their capital credits. Please visit www.okcoop.org/capitalcredits and, if you see a name you recognize on the list who could’ve been an OEC member during 2008, 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 www.okcoop.org/capitalcredits and return it along with the appropriate paperwork to transfer all remaining capital credits into your name.
The average capital credit refund will be $91. Checks will not be 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 www.okcoop.org/capitalcredits along with appropriate forms. Mail paperwork and supporting documents to OEC, P.O. Box 1208, Norman, OK, 73070.