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POWER CIRCUIT


Visit us on the Internet at: www.vvec.com SEPTEMBER 2011


Published for the members of Verdigris Valley Electric Cooperative A Supplement to Oklahoma Living.


Trustees Vote to Return $500,000 in Capital Credits to Members


Privilege VVEC and KAMOPower Support Area Schools Through Taxes p. 3


Cooperative ownership has it’s privileges. Your board of trustees has recently approved returning $500,000 in capi- tal credits to VVEC members. The amount will appear as a credit on your October electric bill. Capital credits are one of the benefits of cooperative ownership and are unique to the cooperative form of business. According to the co-op’s auditing firm – Briscoe, Burke & Grigsby – one dollar in five of the co- op’s equity has been returned to the members in the form of capital credit retirements. Clyde Willard, VVEC director of finance, says about 65 percent of that amount, or about $325,000, will be paid to members who were receiving electricity from the co-op in 2009. The remaining 35 percent, or about $175,000, is being returned to mem- bers who were receiving power in 1980. Refund amounts are based on the usage of each member during 1980 and 2009.


As in the past, the credit will be identified as a ‘patronage refund’ and will be subtracted from the total amount due on your October bill. Willard says members with multiple


accounts will receive one credit on their membership account. That one credit will reflect the total accumu- lated capital credit refund from all of their accounts. Willard says this is the 18th consec- utive year capital credits have been re- turned, adding $12,593,490 has been returned since VVEC was founded. Former VVEC members will be sent a check for their refund if it is $5 or more. Lesser amounts will be held in each individual’s capital credit


account until it reaches the $5 minimum.


If you have questions about your capital credit refund, please call one of our consumer representatives at 371-2584 or 1-800- 870-5948 between 7:30 a.m. and 4 p.m. Monday through Fri- day.


Members Owed Capital Credits Listed on Co-op’s Web Site


A list of members who have not collected their Capital Credits can be found on


our Web site – www.VVEC.com. Frequently, members don’t give us a forwarding address when they move off of co-op lines, or don’t keep us up-to-date as they move, so we don’t know where to send their Capital Credit checks. If you know a former member, please encourage him or her to visit the Web site to see if they are on the list. Or call us if you have information on how to reach someone on the list.


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