Capital credit refunds approved
At the September 2017 meeting, after review of the cooperative’s financial position, the Board of Directors voted to return capital credits to current and former members of the cooperative.
“For many years now, EnerStar’s strategic focus has been to simultaneously improve the cooperative’s financial status while upgrading our utility infrastructure,” said Mike Clark, EnerStar CEO. “We are pleased to say we are accomplishing our goal.”
As a non-profit electric cooperative, EnerStar allocates annual operating margins, or profits, to members receiving service during the year. These margins are based on usage and are called capital credits. Capital credits represent the member’s equity and remain on file until EnerStar’s board of directors determines a general refund may be issued.
At the meeting, the board voted to issue approximately $687,525 in capital credit refund checks to members who received electric service for years 1982 to 1984. These checks are expected to be mailed the second week of December to those who received electric service during that time period.