Your board of directors is pleased to approve another record-breaking general retirement of capital credits.Capital credits are the year-end margins earned by your cooperative. They are allocated to each member based on their electric usage for that year. These monies are a source of equity and may be returned to you when the co-op is in a sound financial position. We’ve been fortunate enough to make annual refunds to our members for as far back as co-op records go. The oldest non-retired margins on our books are for the year 1995.
In an effort to reach the members that have been with us the longest as well as touch those that are among the newest, the refund years will consist of the following:
1995 remaining margins 100% $252,888.31
1996 remaining margins 35% $242,788.79
2019 remaining margins 3.5% $115,130.95
Total Approximate Refund $610,808.05
If you were a member of Albemarle EMC during these years, and are an active member, you will receive a capital credits refund in April in the form of a credit on your electric bill. The credit will be a line item on your bill stating “Capital Credit Refund.” If a member has several accounts, the capital credit system adds them together. The credit will only be posted on one account. Anyone that received power during these years but is no longer an active member, will receive a check. This is why it is so important for you to give us a good forwarding address when you move off our lines.