On Friday, Jan. 22, Sawnee Electric Membership Corporation announced that they will be returning $8 million to over 105,000 eligible and current members. This return will provide funds to customers who were members of Sawnee EMC and received service from them at any time during 2003.
As stated in a press release from Sawnee EMC, the corporation is a not-for-profit electric cooperative, and each year its members receive an assignment of what is called “patronage capital” in the records of the Cooperative. Each member’s assignment is based on the amount of revenue they provided to the Cooperative through a specific year’s electric bills.
Patronage capital is defined in Sawnee EMC’s bylaws as an “allocation of the revenue in excess of operating costs and expenses” and is required by Georgia law. All members who received electric service from Sawnee EMC during 2003 are eligible to receive a portion of the patronage capital retirement.
Approximately $8 million will be distributed to eligible members, with the average allocation being around $75.61. Each member’s fund will be varied due to the amount of revenue they contributed to the cooperative from their power bills in 2003.
Eligible members will receive their patronage capital retirement in the form of a credit on their March 2021 electric bill. Former members who no longer have an account with Sawnee EMC will be mailed a check to their last known address on or around April 5, 2021.
“It is important to demonstrate through this, and many other actions, that the cooperative business model still works for our members and our organization,” said Michael Goodroe, Sawnee EMC’s president and CEO.
This is not the only retirement of patronage capital made by Sawnee EMC throughout the year. During the past 12 months, Sawnee EMC has issued $409,264 in patronage capital retirements to the estates of 330 deceased members.
If executors of the estates of deceased members have not yet received their refund and would like to see if they qualify for a voluntary early retirement or patronage capital, they should contact customer service at (770) 887-2363 or email@example.com.
For additional information about the retirement of patronage capital, please use the above customer service contacts or visit www.sawnee.com/patcap.