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COOPERATIVE SPIRIT


Members to Receive $1 Million in Capital Credit Refunds


One of the most enjoyable benefits of being a member/owner of your cooperative is receiving capital credit refunds. Your board of trustees recently ap-


proved returning $1 million in capital credits this year.


The amount will appear as a Te purchase of Kay Electric’s ‘Oklahoma Proud’ T-shirts raised funds to help


co-op members who were victims of the May tornadoes in the Oklahoma City area. Showing off their shirts are (back row leſt to right) Darrell White, Roger Penick, Lo- gan Wells, Blake Leibovitz, and Terry Ishmael. Standing in font are Bill Gillespie, Jon Van Pelt, and Kim Ford.


Oklahoma Proud!


Employees Help Tornado Victims through Purchase of Co-op T-Shirts A group of employees is wearing their support for victims of the May


tornadoes. They purchased T-shirts Kay Electric Co-op, Blackwell, sold to raise funds to help tornado victims who are also members of electric co-ops. KEC’s Member Services Representative Austin Partida designed the


shirts which have ‘OKLAHOMA PROUD’ on front. On the back, electric lines and utility poles run along the top of the state of Oklahoma with the phrase ‘Cooperative lines of love.’ In thanking VVEC’s employees for purchasing the shirts, KEC’s CEO, Joe Harris, says KEC sold over 1,800 shirts and raised over $30,000 for the Touchstone Energy Cooperative Oklahoma Relief Fund, which was set up by the Oklahoma Association of Electric Cooperatives. This relief fund is allocating all proceeds to four Oklahoma distribution cooperatives that were affected by the May tornadoes. Employees ordered them for themselves and family members.


credit on your October electric bill. Capital Credits are unique to the


cooperative form of business. Clyde Willard, VVEC’s director of finance, says about 65-percent of the $1 million - or about $650,000 – will be paid to members who were receiving electricity from VVEC in 2012. The remaining 35-percent – about $350,000 – is being returned to members who were receiv- ing power in 1981. Refund amounts are based on the electric usage of each member during those two years. As in the past, the credit will ap- pear as a ‘patronage refund’ and will be subtracted from the total amount due on the October bill. Willard says members with mul- tiple accounts will receive one credit on their membership account, and that credit will reflect the total accumulated capital credits from all their accounts. Willard says this is the 20th con-


secutive year capital credits have been returned, adding $14,593,490 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 the individual’s capital credit ac- count until it reaches the $5 minimum.


August 2013 VVEC Power Circuit 3


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