Clay Electric Cooperative’s Board of Trustees has declared a $12 million Capital Credits refund for members who received service from 1993 through 2021.
Capital Credits reflect the cooperative’s not-for-profit and member-owned status and represent each member’s pro-rata share of any margins left over at the end of the year after all expenses are paid. Capital Credits are a unique benefit of being served by an electric cooperative. Investor-owned electric utilities send their margins (profits) to stockholders, and municipally-owned utilities return their profits to city coffers for use in road-paving or similar projects.
Before Clay Electric’s board of trustees decided whether a refund could be made, it carefully considered a variety of data and economic conditions. Following this review, the board decided it was prudent to refund $12 million to entitled members and former members. This year’s refund will be the 49th consecutive time that the cooperative has refunded Capital Credits.
Current members of the co-op who are entitled to a refund will receive a credit on their March bills. Multiple accounts with the same member number will receive a credit on the account associated with the membership.
About 146,000 Capital Credits bill credits are scheduled for this year.
For those entitled to a refund but who no longer receive service from Clay, a refund check will be mailed around March 23. The co-op is scheduled to mail around 54,300 refund checks to this group. The minimum amount to be refunded by check in most cases is $10 and the identifying customer number on the check should be preceded by three zeros (for example, CC#0001571429).
Former members of the cooperative who receive a refund check should cash their check within 90 days. If the check is not cashed and remains unclaimed after 90 days, a $1 maintenance fee will be assessed each month against the Capital Credits refund.
There could be former memberships whose joint relationship may not print on the check. If a former member is unable to deposit or cash the check because of the missing name, they should call the co-op at 1-800-224-4917 to have the check reissued.
If a member of the cooperative has any questions about Capital Credits, they should contact their district office.
If you think you may have unclaimed Capital Credits, you can check here (https://www.clayelectric.com/capital-credits-lookup). You will need to provide either the last name the account was in and the last four digits of the social security number; the account number; or the location information.