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YOU get the credit at Annual Meeting!


PEC Day is Saturday, September 28 Look for your annual meeting program in the mail.


Your special invitation to PEC’s 77th


Be sure to keep the Annual Meeting


of the Members should be arriving soon in your mailbox. 0450300500 This highly anticipated


Programs will be mailed soon!


yearly event, commonly referred to as “PEC Day,” will be held at the Pontotoc County Agri-Plex, located at the corner of J.A. Richardson Loop and Broadway in Ada on Saturday, September 28, 2013.


Allocated Patronage Dividend Based Upon Patronage Taxable Income for 2012 Tax Purposes


The Notice of Patronage Taxable Income Allocation for Tax Purposes is issued in accordance with the Bylaws of People’s Electric Cooperative. The amount of patronage taxable income for the calendar year 2011 that exceeds patronage book income due to 2012 net temporary book/tax diff erences is $10,979,416.99. The majority of this allocation is a result of the leaseback transaction that was approved at 2002’s Annual Meeting and completed in 2004. The allocation factor is 0.2116876706 for residential accounts, 0.298016925 for general service/commercial accounts, and 0.1267649004 for large power accounts. To determine your amount of this allocation, multiply the allocation factor by the total amount of your electric bill for 2012. This allocated amount is not immediately available as either cash or credit on your electric bill. These notices are redeemable only at the discretion of PEC’s Board of Directors, and are not required to be reported by you for income tax purposes until redeemed for cash and then only if you receive an income tax deduction for the payment made to the cooperative during 2012. Accordingly, it is unlikely that residential patrons will be required to report such allocations even when paid to them in cash or credited to their electric bill. If you have any questions concerning this allocation please call Debbie Christian or Carlton Tilley at (580) 332-3031.


2 | September 2013


program (shown at left) that you should receive in the mail. You’ll need it to present to registration workers as soon as you arrive. Your program will enter you in all of this year’s prize drawings, and you’ll also need it to receive your portion of the cooperative’s profi ts in the form of capital credits. This year, over $750,000 will be


How Do Capital Credits Work?


Because People’s Electric Cooperative operates at cost, any excess revenues, called margins, are returned to members in the form of capital credits.


Your capital credits


retirements are returned each year at


PEC Day or by mail.


4 PEC tracks how much 5


electricity you buy and how much money you pay for it throughout the year.


People’s Electric Co-op has retired more than


$17 million


When PEC’s financial condition permits, your board of trustees


decides to retire, or pay, the capital credits.


to members since 1987.


3 1


At the end of the year, PEC completes


financial matters and determines


whether there are excess revenues, called margins.


PEC allocates the margins to members as capital credits based upon their use of electricity during the year.


2


returned. Also, the fi rst 3,000 members to register will receive this year’s registration gift--Grande Chef 2-piece cutting board set. A grand prize drawing for


$1,000 will be held at the end of the business meeting, and you must be present to win.


Top right: The McKamey’s will perform on the big red barn stage at 10:20 am & 11:50 am.


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