It pays to be a member of Medina Electric Cooperative. At their November meeting, the board of directors voted to return $1.85 million in capital credits to members of the cooperative.
Current members will notice the credit on their electric bill. Past members who are due a credit will receive a check once it reaches $5. It’s important to update Medina EC of any address changes, even after you close your account so your capital credits check can be delivered. If your address has recently changed, be sure to call us at 1-866-632-3532 to update your information. If you think you have unclaimed credits, the unclaimed capital credits list can be found at MedinaEC.org/Unclaimed.
Capital credits are important to the cooperative business model and are earned by every member based on the amount of their electric use. It’s the members’ share of the cooperative’s margins during the time they have membership. Before they are retired, these margins represent an interest-free loan of operating capital by the membership to the cooperative. As a not-for-profit, Medina EC returns excess capital to members in later years, based on the cooperative’s financial condition.
In the past 81 years, Medina EC has returned over $28 million to its members. It’s just one of the things that makes cooperatives different than many other utilities.
You can learn more about Medina EC and capital credits at MedinaEC.org/CapitalCredits.