ATTICA - Approximately 12,400 former and current members of North Central Electric Cooperative are receiving patronage capital credit refunds this week.
At its November meeting, the North Central Board of Trustees approved a patronage capital credit refund of $579,486, marking the 33rd consecutive year the cooperative has retired capital credits to current and former members. Since 1980, the cooperative has refunded nearly $16.2 million in capital credits.
For the third year, the majority of refunds will be issued as credits on members' bills rather than issued as checks. Applying capital credit refunds to members' monthly electric bills is a more efficient way of refunding capital credits because it saves on postage, paper, printing costs and banking fees. Bills were mailed or emailed to members Dec. 1.
For former members and cooperative members whose refund total is $100 or more, a check was being mailed this week.
"Allocating and retiring excess revenue to members helps distinguish cooperatives," North Central Electric Board President Duane Frankart said. "We're proud to support our communities by putting money back into the local economy - and into the pockets of those we serve. It makes our business model special and positively reflects on the cooperative's financial strength and
North Central serves approximately 9,700 consumers-owners and maintains 1,781 miles of line in Seneca, Crawford and Wyandot counties, plus portions of Huron, Richland, Sandusky, Hancock and Wood counties.