Not necessarily. The board of trustees must authorize a refund before you receive a check. When considering a refund, the board analyzes the financial status of the cooperative and will not authorize a refund if it is not in the best interest of the membership.
How are Capital Credits calculated?
The amount of Capital Credits you earn in a given year is based upon the amount of electricity purchased. Each member receives a credit based on a percentage for each dollar of electricity purchased.
What do I have to do to start accumulating Capital Credits?
Capital Credits are calculated by York Electric for every member who purchased electricity during a year in which the utility earned margins. No special action is required to start a Capital Credit account. Your membership with York Electric activates your Capital Credit account.
How often will I receive an allocation notice?
You should receive an allocation notice each year after a financial audit of York Electric has been completed. During the month of May, members receive Capital Credit checks in the mail unless the amount due to them is less than $15. If the member’s refund is less than $15, the amount will be distributed and printed on their utility billing statement as a line item credit.
What are Capital Credits?
York Electric is a cooperative. A cooperative is owned by its members and does not technically earn profits. Instead, any revenues over the cost of doing business are considered “margins.” These margins represent an interest-free loan of operating capital by the membership of the cooperative. This capital allows York Electric to finance operations and, to a certain extent, construction. The utility then returns this capital to the members in later years.
Are there any options available to me if I need assistance paying my bill?
If a situation should occur in which you are unable to pay all or a portion of your bill, please notify member services at 803-684-4248 as soon as possible. They may be able to set up a payment arrangement to allow you more time. They may also be able to provide you with a list of help agencies that can offer additional assistance. As a not for profit, cooperative members are expected to pay the costs which they incur. We cannot disregard payments owed to an account.
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