Sawnee Electric Membership Corporation recently announced it is planning a refund to members through a "special retirement" of capital from the year 1986.
This action will give those customers who were members of Sawnee EMC in 1986 a credit on their April 2010 energy bill.
Because Sawnee EMC is a nonprofit electric cooperative, each year members receive an assignment of "patronage capital" in Sawnee's records. This capital is based on the amount of money customers paid in their electric bills.
These funds, required by Georgia law, are later returned to members when the board of directors determines doing so will not impair the cooperative's financial condition.
"It is important for Sawnee EMC to demonstrate through this and many other actions that the cooperative business model works for our members and our organizations," said Michael Goodroe, president and CEO.
The average refund is expected to be about $99, but individual refunds will vary based on the amount of capital contributed by the member in 1986 and any current balances.
For current members, a credit will be placed on their April electric bill. Former qualifying members who no longer receive service from Sawnee will be mailed a check to their last known address on or near April 16.
In total, Sawnee EMC is planning to give $3.1 million through the patronage capital refunds.
In addition, the cooperative gives refunds on demand each month to the estates of deceased members.
Executors of estates of former members can contact (770) 887-2363 to find out more.