Wheatland Electric Cooperative, Inc., will retire another $500,000 in Capital Credits this month, bringing the total amount returned to our membership this year to $1 million.
Eligible members will see their capital credits refund in December, either through SmartHub or their paper bill. The Wheatland Electric Cooperative Board of Trustees voted in May to retire Wheatland's first round of credits - also $500,000 - to members in August, as an early payout in the wake of the COVID-19 crisis.
Trustees evaluate the financial condition of the cooperative every year to determine if they can retire capital credits. One of the seven cooperative principles is members' economic participation. Specifically, members control the capital of their cooperative, at least part of which remains common property. Surpluses can be allocated for many purposes, including benefitting members in proportion to their transactions within the cooperative.
Capital credits is just one way we honor the cooperative spirit! The credit amount that members will receive this December is based on the amount of electricity used (kilowatt-hours) in 1988, 1989 and 2019, and their duration of membership. These allocations reflect members' contributions of capital to the cooperative and ownership of the cooperative during these two calendar years.
So, the more electricity you buy and the longer you use service, the more monetary equity (allocations) you accumulate. Capital credits are just one more way it pays to be a cooperative member! Questions? Learn more at https:// www.weci.net/capital-credits or contact your local Wheatland office today.