Some residents in the San Isabel Electric Association service area received more than a bill in the mail this past summer as the electric cooperative sent out capital credit checks to their members.
$265,000 dollars were distributed to San Isabel Electric-served schools, businesses and residents in September, paying members back for their capital investment in San Isabel in 1983.
“It’s a great time of the year to reinforce our members’ knowledge about the investment they have made and continue to make in their cooperative and about the benefits of this investment,” said San Isabel Electric general manager Reg Rudolph. “We’re working year-round to keep rates and operating costs low in order to return as much capital as possible to our owners, while still providing the high-quality service our members deserve."
Annually San Isabel Electric, a not-for-profit electric membership corporation, distributes revenues above operating costs to individuals and businesses that buy energy from the cooperative. With the exception of a few smaller amounts, the majority of residential checks range from $10 to $50. Some businesses garner even larger sums, which are allocated in proportion to usage.
For example: The Pueblo County School District 70 has several schools on San Isabel’s lines, and over the course of the last few years has received between $5,000 and $8,300.
“We’ve always enjoyed a good working relationship with San Isabel Electric. They not only provide excellent service to many of the schools in the district, but are also there to financially contribute to the continuing educational needs of students. We just couldn’t ask for a better business partner in our community,” said District 70 Superintendent Daniel J. Lere.
The check total is determined by the amount of electricity used by the member during the year for which the capital has been retired. Members are currently receiving checks for the capital they invested several years ago. The Cooperative does not immediately distribute the full amount of capital at the end of each year in order to keep rates low in case unforeseen changes occur.
“Portions of the capital from each year are given out over time to allow us to plan for the future and ensure strength and stability within our coverage area," said Rudolph.
Due to the lapse of time between an investment in the Cooperative and the full distribution of capital for each year, members are encouraged to leave forwarding addresses with San Isabel should they move off the system. In the case of a member’s death, a representative of the estate should contact SIEA to determine the status of the member’s capital credit checks, both now and in the future.
For more information about capital credits, please call 719-647-6267 or toll free at 800-279-7432 or visit their website at www.siea.com.
San Isabel Electric Association, Inc. is a rural electric cooperative, serving over 23,000 members in all or parts of seven counties in Southern Colorado.