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2012-04-05

BEC board approves $1.84M returned in capital credits

BEC

At the March board meeting, Bandera Electric Cooperative's Board of Directors voted to return $1,847,241 in capital credits to members who received electric service from the cooperative in 1983, 1984, 1985, and/or 2011. This brings the total of capital credits returned to BEC Members since inception to more than $13.6 million.

Current members will receive their allocation as a credit on their April bill. Individuals that are no longer members who are due an allocation will be mailed a check at the end of April. The amount that each Member will receive in capital credits is in direct proportion with the amount they paid on their electric bill for the allotted time period.

As a not-for-profit cooperative, when BEC generates more funds than are needed to operate they are returned to Member-owners in the form of capital credits. Each year the board reviews the financial stability of the cooperative to determine if capital credits can be returned.

If retired capital credits remain unclaimed for three years, they are escheated to the State of Texas. The state can then decide to allocate a portion of that money back to BEC.

Any money allocated back is used for energy-efficiency programs, economic development and scholarships that benefit our Members and their communities. Members can view a list of current unclaimed capital credits at

www.banderaelectric.com/capcred