The Osage Valley Electric Cooperative Board of Directors has approved the refund of capital credits in the amount of $919,934.
Capital credits are the net margin, or in other words, the income remaining after deducting all expenses.
This amount is divided among the members in proportion to the amount each member used for that year.
The capital credits are distributed to the members as the board of directors determines the cooperative is financially able.
Capital credits represent an important source of financing for the cooperative. By retaining capital credits, the cooperative uses the accumulated equity as a basis for securing loans to build, improve and maintain the system.
It also allows the cooperative to save thousands of dollars in interest costs each year.
This refund will be on the Aug. 1st electric bill of the Osage Valley Electric Cooperative members.
Former members eligible for a refund will receive a check in the mail.