This year, South River EMC refunded $4,240,491.90 to current and past members.
As a not-for-profit cooperative, we don’t technically earn profits. Instead, any money remaining at the end of the year, called margins, is returned to the members who purchased energy from the Cooperative during that year.
Following is a breakdown of the numbers:
- 8,432 members received refund checks.
- 35,191 current members had their refund applied to their electric account.
- The remaining refunds for inactive members have been applied to outstanding balances or have been moved to a “hold” status because we do not have a valid current address or the amount is less than $50.
This year, the Cooperative is returning 20% of the amount allocated to members for 2022, as well as the remainder of the 2007 year; and 34% of the 2008 year. The remaining 2022 amount will be refunded in 19 years, unless a member leaves South River EMC and chooses the early retirement option. That's all part of being a member.
Capital credits in more detail
See answers to the most frequently asked questions about capital credits.