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Lynches River Refunds Capital Credits to Members

Article published on Monday, August 31, 2009

The Board of Trustees of Lynches River Electric Cooperative today announced the refund of nearly $460,000 in capital credits to consumers who were members of the cooperative in 1987.

"We are running ahead of schedule to refund over 7000 capital credit checks because this year our annual meeting is September 26," said Lynches River's Interim CEO Bob Wannamaker.

"Our Board of Trustees and our employees understand how rising electricity costs, of which we have little control in today's economy, affect members' budgets," said Wannamaker. "The Board and employees have consistently worked to hold down operating expenses, without sacrificing service, so our members would receive their capital credit refund this year. I want to publicly thank the Board and employees for their efforts on our members' behalf," Wannamaker said.

Lynches River is able to return capital credits to its members after the board has determined the cooperative's finances are sound. Capital credit funds are derived from margins, money Lynches River has left over at the end of the year after the co-op has received all revenue and paid expenses.

Capital credits are allocated to members and held in their accounts for a predetermined amount of time. During that time Lynches River uses the capital credits to pay for new construction, storm repair and other expenses. "Using capital credits in this manner reduces the amount of money Lynches River would need to obtain from other sources," said Wannamaker.

Lynches River Electric Cooperative is a member-owned electric cooperative committed to delivering reliable electric energy and related services at a competitive price, which will improve the quality of life of its customers and communities.

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