Vermont Business Magazine This fall VEC will be returning $1.2 million in patronage capital to its members. This will be the seventh consecutive year that VEC members have received a patronage capital distribution, with over $6 million refunded over that time period.
“Once again, we are proud to put money back into our members’ pockets,” said Michael Bursell, VEC’s chief financial officer. “Our members are our community – and the community, after all, built the co-op.”
As all electric co-ops do, VEC allocates any money that’s left after paying its operating expenses to its members. This “patronage capital” is kept in reserve and used to help the co-op secure good borrowing rates and invest in infrastructure, which allows the co-op to provide safe, reliable power to its members and maintain stability over time.
Annually, the VEC 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 who paid electric charges in 1997 and/or 2018. Former members will be sent a refund check, as long as their refund amounts to $10 or more.
Both active and former members can choose to donate their patronage capital refund to VEC’s Community Fund, which supports local organizations.
For more information about patronage capital, visit https://www.vermontelectric.coop/programs-services/patronage-capital or call 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: VEC 8.30.2019