It pays to be a member!

Members of Horry Electric Cooperative have a share in the earnings of their electric cooperative. This year, members of Horry Electric Cooperative are receiving a portion of the capital credits assignment for 1988 and 2011. The allowable retirement this year is $1,600,000 less $250,000 in estate payments. The total amount being distributed is $1,350,000, which includes the $1,309,372.35 balance of 1988 and $310,627.65 of 2011.

“If you were a member in 2011, you will receive 3.6% of your 2011 assignment,” says Heather Johnson, capital credits accountant  for Horry Electric Cooperative. “If you were a member in 1988, you will receive the remaining unretired balance of your assignment for that year.”

Due to the expense of processing and issuing checks, capital credit refunds below $10 will be credited to the individual’s electric account. “So, if you don’t get a check, you’ll see a credit on your electric bill,” says Johnson.

A total of 20,434 checks were mailed earlier this week and the accounts of 41,046 active members were credited.

Member economic participation is one of the seven cooperative principles, and it’s another way Horry Electric Cooperative is looking out for you.

What are Capital Credits?

Details, plus an explanation of the calculation for 2012 were published in the April 2012 edition of South Carolina Living Magazine.

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