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Oper­a­tion at cost is part of the coop­er­a­tive dif­fer­ence

York Elec­tric Coop­er­a­tive isn’t like oth­er utilities—you, as a con­sumer and a mem­ber, own a por­tion of the coop­er­a­tive. And one ben­e­fit of that mem­ber­ship involves the allo­ca­tion of excess rev­enue, called mar­gins, in the form of cap­i­tal cred­its. YEC oper­ates at cost— col­lect­ing enough rev­enue to run and expand the coop­er­a­tive but with no need to raise rates to gen­er­ate prof­its for dis­tant share­hold­ers. When YEC has mon­ey left over, it’s allo­cat­ed back to you and oth­er mem­bers as cap­i­tal cred­its. When your coop­er­a­tive’s finan­cial posi­tion per­mits, YEC retires, or pays, the cap­i­tal cred­its to mem­bers in cash or as a bill cred­it.

This month YEC will retire $700,000 in cap­i­tal cred­its to peo­ple who were mem­bers in 1988, 1989 and 2010. Mem­bers will receive a cap­i­tal cred­it check in the mail unless the amount due to you is less than $10. If your refund is less than $10, the amount will be print­ed on your util­i­ty bill state­ment as a line item cred­it. Your refund is based on your pow­er con­sump­tion and YEC’s total rev­enue over oper­at­ing expens­es.

Mem­bers do not receive a check the same year they earned cap­i­tal cred­its because YEC uses mem­bers’ equi­ty to fund sys­tem improve­ments. If we could­n’t get the oper­at­ing cap­i­tal from mem­ber pay­ments, the mon­ey would have to be bor­rowed from the bank or some oth­er source, which would cause elec­tric rates to go up.

Unclaimed checks

There are many mem­bers who had cap­i­tal cred­it checks mailed to them in the past but did not cash them. In most cas­es, the checks have been returned by the postal ser­vice because it could not locate the mem­bers at the address on file. If you received elec­tri­cal ser­vice from YEC at any time and think you may have an unclaimed cap­i­tal cred­it check, look for your name in the search­able list­ing. If your name or the name of some­one you know is list­ed, please con­tact our office at (803) 684‑4248.

Being able to return cap­i­tal cred­its is a direct reflec­tion on the finan­cial strength and sta­bil­i­ty of your coop­er­a­tive, and that’s some­thing in which we can all take pride. It’s just one more way YEC is look­ing out for you.

 

Paul Basha
Pres­i­dent and Chief Exec­u­tive Offi­cer
Relat­ed Top­ics:
Unclaimed Cap­i­tal Cred­its