Sawnee Electric Membership Corporation is preparing to refund about $5.4 million to eligible members through a general retirement of patronage capital for the year 1990.
This action will provide a refund to individuals and businesses that were members receiving service from the utility during that year.
The average refund will be about $122; however, each member’s refund will vary based on the amount of revenue they contributed during 1990.
Current Sawnee members will have a credit placed on their March 2013 electric bill, while former members will be mailed a check to their last known address around April 1.
Because Sawnee EMC is a nonprofit electric cooperative, each year its members receive an assignment of “patronage capital” in the records of the cooperative. Each assignment is based on the amount of capital they provided through electric bills for that year.
The assignment of patronage capital is required by state law, and the Sawnee EMC retires that capital to the members when the board of directors determines doing so will not impair the cooperative’s overall financial position.
For more information, call Sawnee EMC’s Customer Service Department at (770) 887-2363 or e-mail email@example.com.