KEYSTONE HEIGHTS, Fla. – Current and former members of Clay Electric will receive a credit as a result of capital credits accrued between 1988 and 2016.
The capital credits "reflect the cooperative’s not-for-profit and member-owned status and represent each member’s pro-rata share of any margins left over at the end of the year after all expenses are paid," Clay Electric officials said in a statement.
Approximately 133,700 current members of the co-op who are entitled to a refund will receiver a credit on their March bills. The average amount of a bill credit this year is $38.66. Approximately 69,000 former members will also receive refund checks. The minimum amount to be refunded by check is $10. The average check amount is $63.91.
Former members who receive a refund check should cash their check within 90 days. If the check is not cashed and remains unclaimed after 90 days, a $1 maintenance fee will be assessed each month against the Capital Credits refund.
If a member or former member of the cooperative has any questions about Capital Credits, they should contact their district office.
Before Clay Electric’s nine-member board of trustees decided whether a refund could be made, "it carefully considered a variety of data and economic conditions. Following this review, the board decided it was prudent to refund $12 million to entitled members and former members. This year’s refund will be the 44th consecutive time that the cooperative has refunded Capital Credits," Clay Electric officials said in a statement.