Capital Credits: It Pays to be a Co-op Member
Polk-Burnett returns $1.86 Million in Capital Credits in September 2017 to active and former members who purchased electricity in 1994, 1995, 1996 and/or 2014.
General Manager Steve Stroshane announced that Polk-Burnett will return $860,000 in Capital Credits this year to co-op members who purchased electricity in 1995-96 and/or 2014. Beyond the regular annual distribution, a special Capital Credit retirement of $1 million will be paid to co-op members who purchased electricity in 1994-95.
Capital Credits are allocated to co-op members each year, based on electricity purchased. Active members with Capital Credit amounts of $20 or more will be mailed a check the week of September 25; a bill credit will be applied for amounts less than $20. Former members will be mailed a check of $10 or more; lesser amounts will be left to accrue for future payouts.
A total of 16,323 active co-op members and 6,722 inactive members will receive Capital Credits this year.
Special retirement is part of $3.7 million nuclear waste settlement
Board President Ed Gullickson announced at the annual meeting in June that Polk-Burnett received $3.7 million from Dairyland Power Cooperative as part of a settlement from the federal government for failure to provide permanent storage for nuclear waste.
"We will invest $2.7 million into a project that replaces deteriorating underground cable and improves reliability for members,” said Gullickson. “This accelerates work that would have taken years to complete and aligns with our mission to provide reliable power."
Beyond investing in system upgrades, the co-op will retire an additional $1 million in Capital Credits in September. The special retirement will be paid out to members who purchased electricity in 1994 and 1995.
“If you were a co-op member in 1994, 1995, 1996 and/or 2014, you will get money back,” said General Manager Steve Stroshane. “Capital Credits are distributed annually and are a direct benefit of cooperative membership.”
“As a member-owned, not-for-profit electric cooperative, Polk-Burnett operates at cost. Any money left after annual expenses is allocated and returned to members, according to our cooperative business principles,” said Stroshane.
For more information about Capital Credits, contact the co-op's billing office, 800-421-0283, ext. 335.
Why is my neighbor's Capital Credit a larger (or smaller) amount?
Capital Credits are based on your total payments to the cooperative for kilowatt-hours of energy purchased, including the fixed charges. If you receive a smaller credit than your neighbor, it's because you used and paid for less electricity during the period in which the capital credit allocation was earned.
Why aren't I getting a Capital Credit distribution?
The Capital Credit distribution cycle is determined by the board of directors. Even if you don't receive a return this year, you will earn a Capital Credit allocation for all years that you are a Polk-Burnett member. Once you're eligible for a distribution on those allocations, you'll receive them even if you're no longer receiving electric service from Polk-Burnett, so it is important to make sure Polk-Burnett always has your current mailing address.
What if I'm no longer an active co-op member?
A check will be mailed to you if we have your current mailing address. The minimum distribution to inactive members is $10. Distributions that do not meet the minimum will be held on inactive electric accounts and distributed by check when the retired amount meets the $10 minimum.
What happens to unclaimed Capital Credits?
Polk-Burnett was required to give unclaimed Capital Credits to the State of Wisconsin prior to 1987. Now we can use these unclaimed funds for education and we are proud to offer continuing education scholarships to the children of our members. Polk-Burnett's scholarship program is based on community service and recognizes graduating seniors who make a difference in the lives of others. Read more about Polk-Burnett's Community Service Scholarship Program.