Withlacoochee River Electric Cooperative’s Board of Trustees authorized a $14 million dollar capital credit refund to its members.
The credit will appear on WREC’s December statement and applies to members who have had service with the cooperative for more than one year.
Capital credits are the accumulation of all prior year’s revenue after the co-op’s expenses have been paid. These credits are applied on a pro rata basis to each member’s account and represent a portion of the total monies paid to the co-op by each member.
“While WREC faces many of the same economic challenges our members face, we are very pleased to be able to return $14 million in capital credits to our members this year,” said Billy Brown, WREC’S general manager.
Capital credits are unique to the cooperative business model. Counting this year’s refund, WREC members have received more that $237 million capital credits since 1990.