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Membership Equals Ownership FAQs
Capital Credits
As a member of Southeastern Indiana REMC,
you are a part owner of the electric cooperative. As a part owner, you are
entitled to a return of patronage or capital credits when your Board of
Directors determines that the financial condition of your cooperative is
sufficient to return allocated
patronage in cash.
(FAQ’s) Frequently Asked Questions
What is a Capital Credit?
Capital credits represent
REMC’s accrued operating margins. These accrued margins are allocated each
year to you based upon what you
contributed by purchasing electricity.
How are refunds of capital credits determined?
The board of directors may make a
general retirement of capital credits whenever REMC is in a
sound financial position and can make
distribution of cash without
jeopardizing planned growth and activities affecting the
reliability of
service to our members.
What years are being refunded?
Your board of directors made the
decision to refund capital credits for the period between 1961 and
1977.
How do I receive my refund?
If you still have an active account with
the REMC and you were a member receiving electric service any time
between 1961 thru 1977, your
present day active account will be
credited.
If you are no longer an
active member receiving electric service from the REMC and we have a valid
911 address where you presently receive
your mail, a check will be mailed to
you for the refund of your capital credits from 1961 thru 1977.
If you view the “unclaimed capital
credit funds” list and identify a name or business that you believe
is your account from 1961 thru 1977, you
will need to contact
our office and provide proof of identity and our staff will research the historical data to verify your claim. Depending upon the
number of requests, the research process may take some time. Your
patience is appreciated.
If you view the “unclaimed capital
credit funds” list and you identify a name or business in which you
are the beneficiary, you will be required
to sign an “Agent of
Appointment Form” (affidavit), have it notarized and mail or drop the
form at our office to be researched. Depending upon the
number of such
requests, the research process may take some time. Your patience is
appreciated.
How do I get the “Agent of Appointment” form?
Forms for business or
residential accounts can be downloaded from this website and printed, or
obtained at our office.
What happens to unclaimed capital credits?
Pursuant to the statutes of the
State of Indiana and contained in Article XII Section 3 of the
Corporate Bylaws, the Cooperative shall recover
any capital credits
which remain unclaimed for a period of two (2) years following the
attempted payment by the Cooperative to a member or former member.
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