Longtime Sawnee EMC customers could see some money.
Recently, Cumming-based Sawnee EMC announced it is set to retire about $9.9 million to more than 101,000 current and former members through a general retirement of patronage capital. The company’s board recently approved the decision after it was “determined that doing so would not impair Sawnee’s overall financial position.”
“It is important for us to demonstrate through this and many other actions that the EMC business model still works for our members and our organization,” said Michael Goodroe, Sawnee’s president and CEO, in a news release.
The retirement includes all remaining assignments for 1999 and all amounts assigned for 2000 and is open to all — including individuals, businesses and government entities — that were members or received electric service over the two-year period.
Since Sawnee is a non-profit cooperative, each year members receive a “patronage capital,” or allocation of revenue after operating cost and expenses, and each assignment is determined based on how much the customer paid in power bills that year.
The average refund will be about $95. Those who are still members will receive a credit on their electric bill in March and those who are no longer customers and have a forwarding address on file will be mailed a check to their last known address.
Sawnee also voluntarily refunds patronage capital to deceased members and issued about 442 retirements worth nearly $471,000 over the last year.
For more information on the retirement and patronage capital, contact Sawnee’s customer service department at (770) 887-2363, email@example.com or send a tweet to @SawneeAssist.