TRI-COUNTY RETURNING $500,000 IN CAPITAL CREDITS TO MEMBERS
MANSFIELD, PA (Dec. 12, 2022) — Tri-County Rural Electric Cooperative will be returning
$500,000 in capital credits refunds to members and former members of the cooperative this month.
The Tri-County board of directors voted at its October monthly meeting to approve the retirement of capital credits allocated to members’ accounts in 1990 and 2021.
Current Tri-County members who received electric service from the cooperative in those retirement years will receive a credit on their December electric bills.
Tri-County issues checks to all inactive members who are entitled to a capital credits refund but no longer receive electric service from the cooperative. The checks will be mailed around Dec. 15.
Capital credits reflect margins the cooperative realizes at the end of each year. Margins are revenues that remain after all expenses have been paid.
Because cooperatives are member-owned, not-for-profit businesses, margins are allocated back to the members in the form of capital credits. The amount of the allocation to a member’s account is based on that member’s energy consumption during the retirement years.
“I am extremely pleased the cooperative is in a strong financial position and able to return capital credits to members again this year,” said Rachel Hauser, Tri-County president and co- CEO.
Hauser noted the cooperative has returned over $7.6 million in capital credits to members since 2012 and has retired capital credits for 11 consecutive years.
Gerald A. “Arnie” Kriner of Liberty, chairman of Tri-County’s board of directors, said the board always considers the financial standing of the cooperative before approving the return of capital credits to members.
“The ability to return capital credit refunds to members reflects on the financial health of the electric cooperative,” Kriner said. “That Tri-County has been able to navigate the challenging economic conditions of the past several years and provide a capital credits refunds is a testament to sound management on behalf of the membership.”
Kriner added that capital credits refunds are one of the many benefits of being a member of an electric cooperative.
“Co-ops exist to make sure the needs of their members are being met, not to make a profit,” said Kriner. “When we have a solid financial year, the members are able to enjoy the rewards of membership by receiving a capital credits refund.”
With headquarters in Mansfield, Pa., Tri-County Rural Electric Cooperative provides electric distribution service to nearly 17,000 members in Tioga, Potter, Bradford, Lycoming, McKean, Cameron and Clinton counties.
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