OEC board of trustees approves $2 million in capital credits to be paid to members from 2009, 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 2009 and 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?
Capital credits can be compared to dividends paid to the shareholders of investor-owned utilities, except a cooperative’s “shareholders” are the members or consumers it serves, and the “dividends” are the capital credits. This practice of returning profits to consumers sets OEC and other cooperatives apart from other types of businesses. This proven business model has thrived for hundreds of years.
What qualifies members to receive capital credits?
We attempt to retire capital credits on at least a 15-year cycle, when the board of trustees determines that the financial condition of the cooperative will not be impaired, and that satisfactory progress is being made toward OEC’s equity management goals.
What if those owed money are no longer members?
Some who were members in 2009 and/or 2010 might no longer be members but are still owed 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 2009 and/or 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 www.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 2009 and/or 2010 but didn’t receive a check
Checks were not issued for less than $25 unless a member has no further credits due for future years. Credits 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.
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