Sawnee Electric Membership Corporation is preparing to refund about $10.6 million to eligible members through a general retirement of patronage capital for the years 1991-93.
The action will provide a refund to individuals and businesses that were members receiving service from the utility during those years.
The average refund will be about $165; however, each member’s refund will vary based on the amount of revenue they contributed over the three-year period.
For existing Sawnee EMC members who received service in 1991, ’92 and/or ’93, the refund will be in the form of a credit on their March 2014 electric bill.
Former members who no longer have an active account but have a valid forwarding address 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 what is known as “patronage capital” in the records of the cooperative. Each member’s assignment is based on the amount of capital they provided through their electric bills for that year.
The assignment of patronage capital is required by state law, and Sawnee EMC retires that capital to members when the board of directors determines doing so will not impair the cooperative’s overall financial position.
Sawnee also retires patronage capital throughout the year, on a voluntary basis, to the estates of deceased members.
During 2013, the cooperative issued about 700 patronage capital retirements to the estates of deceased members, totaling more than $410,000.
Executors of the estates of former members should contact Sawnee’s Customers Service Center at (770) 887-2363 or by email at firstname.lastname@example.org.