UNCLAIMED CAPITAL CREDITS

CAPITAL CREDITS EXPLAINED

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.

CHECK RECIPIENT LIST

Northeast Oklahoma Electric Cooperative members are entitled to a portion of any profit made by the company. As approved by the NOEC board of trustees, refund checks were mailed to members in September 2021. These checks represented the following patronage capital retirement:

• 100% of remaining unretired patronage from 1988 totaling $412,475

• 50% of 1989 patronage totaling $310,866

• 9.59% of 2020 patronage totaling $494,289

• Estate closings totaling $151,000

Only checks totaling $10 or more were mailed to eligible members. Checks were not mailed to members whose patronage capital accounts totaled less than $10. These accounts will continue to accumulate funds with each retirement. When an account reaches $10 or more, a check will be issued following the next retirement. NOEC makes every effort to ensure members receive patronage capital that is rightfully theirs. To accomplish this, it is important for NOEC to have your current mailing address. Checks are often returned marked “undeliverable.” Many of these do not have the correct 911 address.

A full listing of unclaimed checks is provided here: