NAEC returns $5.1 million to members
North Arkansas Electric Cooperative returned $5,149,337 in capital credits to members in December.
“The refunding of capital credits sets NAEC and other electric cooperatives apart from investor-owned utilities,” said CEO Mel Coleman. “We want those we serve to know they are not customers. They are members. They are owners.”
Any margins NAEC makes are assigned to members based on the amount of electricity each used. Every spring, members receive a capital credits certificate that states their portion of the previous year’s margins that were assigned to their account. NAEC uses those margins as operating capital for a period of time. Every fall, the NAEC board evaluates the co-op’s overall financial condition and decides the amount of capital the cooperative can refund.
“We are proud to have given more than $36 million back to our members since being founded in 1939,” Coleman said.
This year’s retirement represented 15.95 percent of the margins assigned for 1995, 91.07 percent of the margins assigned for 1996 and 16.09 percent of the margins assigned for 2017. Only members who purchased electricity from NAEC during those years received a refund in 2018.
Members with a refund of less than $50 have a credit on their December statement. Members with a refund of $50 or more received a check in the mail the first week of December. Non-active members with a refund of more than $2 received a check as well.
Members with questions about their capital credits may call NAEC at 870-895-3221; email firstname.lastname@example.org; or visit the co-op’s Salem, Mountain Home or Ash Flat offices from 8 a.m. to 4:30 p.m. weekdays.
North Arkansas Electric Cooperative serves more than 36,650 member accounts throughout eight counties. The cooperative’s headquarters is located in Salem, and full-service offices are located in Ash Flat and Mountain Home. For more information, visit www.naeci.com or call 870-895-3221.