Vermont Business MagazineVermont Electric Cooperative (VEC) has announced a distribution to members of $1.5 million in patronage capital funds, the largest capital distribution in the co-op’s 80 year history. This will be the sixth consecutive year that VEC members have received a patronage capital distribution.
“Once again, we are proud to be able to put money back into the pockets of our members,” said Mike Bursell, VEC’s chief financial officer said in a press release announcing the distribution. “Our members are our community – and the community, after all, built the co-op,” he said.
As all electric co-ops do, VEC allocates any money that’s left over after paying its operating expenses to its members. This “patronage capital” is kept in is kept in reserve and used to help the co-op secure good borrowing rates and invest in infrastructure, that allows the co-op to provide safe, reliable power to its members and maintain stability over time.
Annually, theVEC Board of Directors determines whether the co-op is in a strong enough financial position to return portions of patronage capital to members.
This year’s distribution will take the form of a September bill credit for eligible members. People who were members during the years from which patronage capital is being returned but who are no longer members will be sent a refund check, as long as their credit amounts to $10 or more.
Both active and former members can choose to donate their patronage capital dollars to VEC’s Community Fund, which supports local organizations.
For more information about VEC Patronage capital, visit VEC’s website atwww.vermontelectric.coopor call 1-800-832-2667.
About Vermont Electric Cooperative
Vermont Electric Cooperative (VEC), established in 1938, is a non-profit, member-owned electric distribution utility that provides safe, affordable, and reliable electric service to approximately 32,000 members in 75 communities in northern Vermont. Nationally recognized for innovative and advanced use of technology, VEC is the largest locally-owned electric distribution utility in Vermont.www.vermontelectric.coop
Source:Johnson, VT-9.5.2018 Vermont Electric Cooperative