During the November Regular Meeting, the KEA Board of Directors unanimously approved the retirement of $565,660 in Capital Credits to be paid back to the membership. This return of capital will be distributed next month.
Active members will see this return of capital as a credit on their December monthly bill (received 1st of January), while inactive members will be mailed checks. The amount of money returned to each member depends on how long they’ve been a member with KEA.
KEA’s Board of Directors has made it a priority to return capital credits to the oldest records on file. Yesterday’s decision results in a complete retirement of KEA’s oldest record on file with an additional $200,000 to be applied to the member’s oldest records on file.
As a member-owned Cooperative, KEA is distinguished from other forms of incorporation in that profit-making or economic stability are balanced by the interests of the community. Cooperatives are dedicated to the values of openness, social responsibility and caring for others.
KEA’s bylaws allow operating margins to either be retained for reasonable cash reserves, or be returned to the membership in the form of Capital Credit retirements. Each year, the KEA Board of Directors reviews the Cooperative’s finances and decides how much can be returned to the membership.
Including this Capital Credit retirement, KEA has retired approximately $12,818,950 in capital credits back to you. Receiving Capital Credit payments are one of the many advantages of owning your electric company.