As a member of Northeast Oklahoma Electric Cooperative, you’ll be pleased to know that your cooperative is always working to improve your investment.
Capital Credits are just one of the many benefits of cooperative membership. Capital Credits are the amount of money left over at the end of a business year once all the operating expenses have been paid. The remaining money is allocated to the member-owners of the cooperative. Members begin accumulating patronage capital with their first kilowatt hour of usage. These funds are allocated yearly to each member’s patronage account, based on kWh usage.
After ensuring the financial stability of the cooperative won’t be compromised, the Board of Trustees may authorize retirement of a portion of the patronage capital in a manner consistent with the bylaws.
There is a $10 check minimum. This means those members with patronage capital checks of amounts less than $10 will not receive a check. That amount will be reserved and allowed to accumulate over time with each annual retirement. When a member’s account reaches that $10 amount or greater, a check will be issued with that year’s general retirement.
For the past two months, during the COVID-19 pandemic, we have been working with those individuals whose ability to pay for service(s) has been impacted. Effective Monday, June 1, we will begin the process of collecting these outstanding balances.