What Are Capital Credits?
As a not-for-profit electric cooperative, Carroll EMC returns excess operating revenue back to its Members in the form of capital credits. As you’ve heard before, Carroll EMC is owned by the Members it serves. Once you become a Member of the cooperative and pay the $15 membership fee, you also become part-owner. Capital credits represent each Member-owner’s share of Carroll EMC’s margins or operating revenue remaining after operating expenses. This is what sets us apart from investor-owned-utilities.
The Board of Directors announces the retirement of funds from a specific set of years, and the amount a Member receives is calculated based on their use of electricity for those years. Eligible Members will receive their check after the Board of Directors have finalized financial conditions. Members receive their capital credits as a check in the mail which can be cashed, deposited or applied as a credit to their electric account.
What Are Unclaimed Capital Credits?
Unclaimed capital credits are simply those checks that have not been claimed by Members. The cooperative shares a list of Members whose checks were issued but were returned undeliverable or have otherwise been unclaimed.
Carroll EMC is attempting to locate former members whose capital credit checks were issued in 2017, but which have been returned by the U. S. Post Office as “undeliverable” or have otherwise been unclaimed.
The last possible date to claim these funds is October 1, 2023. Funds which are not claimed by this date will be used for economic development, education or donated for charitable uses, as permitted by O.C.G.A. § 44-12-236.
To claim a refund or submit any questions about this notice or the list, please contact 770-832-3552.