Pay your bill, invest in your co-op: $2.5 million to YEC members

Coop­er­a­tives are unlike any oth­er util­i­ty. We are owned by those we proud­ly serve. If you are a mem­ber of YEC, you are an own­er of YEC, so your month­ly pay­ment goes far­ther than sim­ply pay­ing for the elec­tric­i­ty you use. Your pay­ment is a tan­gi­ble way for you to exer­cise one of the Sev­en Coop­er­a­tive Prin­ci­ples, “mem­bers’ eco­nom­ic par­tic­i­pa­tion.” Your dol­lar goes to work for you by help­ing your co-op build equi­ty and invest in your ener­gy future for reli­able, afford­able pow­er and then it is returned to you as a cap­i­tal cred­it.

LaToya Ellis in her office
YEC’s Finan­cial Accoun­tant LaToya Ellis has 20 years of expe­ri­ence in cap­i­tal cred­it pay­ments to mem­bers. She and the oth­er account­ing team mem­bers work to sup­port each oth­er to uphold the integri­ty of your coop­er­a­tive’s finan­cial health, ensur­ing you get pay­ments each year.

Each year, your coop­er­a­tive’s finan­cial health is eval­u­at­ed by your board of trustees. Return­ing cap­i­tal cred­its to mem­bers not only shows your coop­er­a­tive is in great shape, but it also pro­vides a return on your invest­ment. As a mem­ber, your bill pay­ment allows you to add equi­ty to your coop­er­a­tive, build­ing wealth that helps secure low-inter­est loans, low ser­vice rates for mem­bers and invest­ment in sys­tem main­te­nance and improve­ments that increase ser­vice reli­a­bil­i­ty.

Cap­i­tal cred­its are returned from the mar­gins gen­er­at­ed by York Elec­tric Coop­er­a­tive, or the mon­ey exceed­ing the cost to oper­ate. This eval­u­a­tion deci­sion by the board of trustees pro­por­tion­al­ly allo­cates mon­ey to rein­vest into the future of the coop­er­a­tive and the amount of mon­ey to give back to mem­bers.

This year, your board of trustees vot­ed to return $2.5 mil­lion to mem­bers who were served by the coop­er­a­tive in 2000, 2001 and 2020. For amounts under $15, mem­bers should expect a cred­it on their elec­tric bills dur­ing the month of May 2022. For any amount more than $15, please expect a check in the mail. Remem­ber, YEC is always look­ing out for you.

For more infor­ma­tion con­cern­ing Cap­i­tal Cred­its, call our Mem­ber Ser­vices Depart­ment at 803–684-4248.

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Capital Credits FAQ

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.

Cat­e­go­ry: Cap­i­tal Cred­its FAQ

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.

Cat­e­go­ry: Cap­i­tal Cred­its FAQ

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.

Cat­e­go­ry: Cap­i­tal Cred­its FAQ

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.

Cat­e­go­ry: Cap­i­tal Cred­its FAQ

No. Allo­cat­ed Cap­i­tal Cred­its may not be used to pay cur­rent bills. While your elec­tric bill is due month­ly, you will not be enti­tled to your Cap­i­tal Cred­its until the board of trustees autho­rizes a refund. This will take place over many years, since York Elec­tric needs the funds to grow.

Cat­e­go­ry: Cap­i­tal Cred­its FAQ

The rep­re­sen­ta­tive of the estate can have the bal­ance of Cap­i­tal Cred­its trans­ferred into the heir’s name and the bal­ance will be paid out as the board of trustees approves refunds.

Cat­e­go­ry: Cap­i­tal Cred­its FAQ

Your Cap­i­tal Cred­its remain in your name and mem­ber num­ber until they are retired. You just need to ensure that York Elec­tric has your cur­rent mail­ing address.

Cat­e­go­ry: Cap­i­tal Cred­its FAQ

Cap­i­tal Cred­its are a ben­e­fit of mem­ber­ship in a mem­ber-owned util­i­ty. Each year, YEC uses the rev­enues that exceed oper­at­ing costs as equi­ty. These funds and bor­rowed cap­i­tal allow YEC to serve a grow­ing num­ber of mem­bers while imple­ment­ing the lat­est tech­nol­o­gy to pro­vide the best pos­si­ble ser­vice. As a not-for-prof­it util­i­ty, YEC lat­er returns these rev­enues to the mem­bers who orig­i­nal­ly paid them in their elec­tric bills.

Each year, our mem­bers receive Cap­i­tal Cred­it checks. Mem­bers will 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. The amount of Cap­i­tal Cred­its returned is deter­mined by total rev­enues received over expens­es for the coop­er­a­tive and your total ener­gy billings for the year. They are paid peri­od­i­cal­ly with board approval after review of YEC’s finan­cial sta­tus.

If you leave YEC’s ser­vice area, your Cap­i­tal Cred­its remain in your name and mem­ber num­ber until they are retired. There­fore, you need to make sure YEC has your cur­rent mail­ing address.

Cat­e­go­ry: Cap­i­tal Cred­its FAQ

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.

Cat­e­go­ry: Cap­i­tal Cred­its FAQ