Vermont Business MagazineVermont Electric Cooperative (VEC) has announced the distribution of $500,000 in patronage capital funds to member-owners in 2015. Patronage capital is each member’s share of remaining funds after the cooperative utility pays its operating expenses. It is the member’s equity in the co-op and one of the benefits of being a member-owner. The VEC Board of Directors determines annually whether the co-op is in a strong enough financial position to return portions of patronage capital to members, and, if so, they decide which years and what percentage from those years to refund. Including this distribution, VEC has returned $1,850,000 patronage capital dollars to active and former members.
Patronage capital will be distributed to active members as a credit on their September electric bill. Former members with a refund of at least $10 will be sent a refund check. Both active and former members have the option of donating their patronage capital dollars to VEC’s Community Fund.
“Being able to return patronage capital to the member-owners is one of the many benefits of a cooperative. It reflects the outstanding work of the VEC Team. Whether it is the line-workers, the member services team, or the back-office staff, everyone at VEC contributes to building and sustaining a strong and healthy cooperative for our members,” said David Hallquist, CEO.
Source: VEC. 9.9.2015. For more information about VEC Patronage capital, visit VEC’s website atwww.vermontelectric.coop