Refunds being mailed to eligible members this month
Northeastern REMC is a nonprofit cooperative owned by its members. When revenues exceed expenses, the unused funds are considered margins. Each year margins are allocated to members in the form of patronage capital. The amount a member receives is based on the dollar amount of electricity a member purchases in the given year. This patronage capital reflects a member’s ownership in NREMC.
The cooperative uses this capital to fund operating activities and reduce borrowing, with the intent of later refunding that capital back to members. After reviewing the cooperative’s finances each year, the board of directors determines whether a portion of patronage capital can be returned to members.
This year the board of directors has approved a patronage capital retirement representing the balance of 1993 and a portion of 1994. Checks to members receiving power these years will be mailed this month. With this mailing, NREMC has refunded over $33 million to members over the years.
Receiving patronage capital refunds is just one of the real values of being a member of Northeastern REMC!