As a rural electric cooperative member, you are part owner of a business. Basically you have pooled your money with other members and created equity for your Rural Electric Cooperative to buy electricity and provide services at an affordable cost.
As a locally owned business, your Rural Electric Cooperative is committed to the people it serves and the communities in its area. Because Cooperatives are member-owned and operated, one of the principles your Rural Electric Cooperative follows is a commitment to returning your investment. This is done in the form of patronage dividend.
Since Cooperatives are nonprofit, they return any margin to members through the patronage dividend process. The amount returned is in relation to the individual member's transactions with the Cooperative.
Patronage dividends are returned to Cooperative members on a rotating schedule.
Your Board of Directors approved a retirement of patronage dividends to the members in the amount of $283,316.69. This represents the remaining unpaid patronage dividends for 2001, 76% of the remaining unpaid patronage dividends for 2002, and 20% of the patronage dividend assigned for 2015. Patronage dividends are returned to Cooperative members on a rotating schedule. Patronage dividend checks will be mailed around November 15, 2016.
When you think about your Rural Electric Cooperative, think about being an owner of a local business, because that is what you are. Reap the benefits from the Cooperative services provided today and look forward to a return on your investment in the future.