Capital credits are an important part of the cooperative difference.
As a not-for-profit cooperative, Medina Electric Cooperative allocates any margins to members and retires them as the financial position of the cooperative allows. At the November meeting, the board reviewed the cooperative financials to determine what money needs to be reinvested in the system and made a decision to approve the retirement of $2.15 million in capital credits this year.
For current members, these were issued as a credit on December bills. If you look at the back of your December bill, where charges are broken down, you will see a line item that shows your capital credits return. Members who connected service with the cooperative within the last year may not have a bill credit, but they can look forward to one in future years.
For former members who are due a return, credits were mailed as checks. That is one reason it is important to keep your mailing address updated with the cooperative if you move out of Medina EC’s service area.
More than $36 million in capital credits have been returned to members since Medina EC was formed in 1938.
To learn more about capital credits and how they are allocated to members’ accounts and eventually retired, visit MedinaEC.org/CapitalCredits. Sometimes, capital credits checks remain uncashed and unclaimed. To check if you or anyone you know has unclaimed capital credits, search by last name on the MedinaEC.org/CapitalCredits page.
There really is a difference in the cooperative business model: You get reliable, affordable electricity—and money back in the form of capital credits.