Are you a past member of MVEA? You may have a refund waiting for you!
Since your electricity is provided by an electric cooperative, you are an owner of Mountain View Electric Association, Inc. As a member, your investment in the cooperative is returned to you in the form of capital credits. This is part of what distinguishes a cooperative from an investor-owned utility. Since cooperatives do not earn profits, any margins that remain once all expenses have been paid for the year are divided between all of the members for that particular year based on their usage for that year. Capital credits are refunded when the Board of Directors finds the cooperative financially capable of refunding this money.
At the October 2012 Board Meeting, the Directors voted to refund capital credits in the amount of $3.5 million, which represents the balance of the 1996 allocation and a portion of the 1997 allocation! The remainder of the 1997 allocation wiill be maintained in the member's name and carried forward to a future refund. In mid-December we mail checks to all members of record for 1996 and 1997with a minimum check amount of $10.
If a member is deceased the legal representative for that member may apply for the capital credits. The capital credits can be refunded over the normal course of retirement or in a discounted lump-sum payment.
One of the problems MVEA has is finding people that have moved and not left forwarding addresses so we can mail them capital credit checks. Many people will move several times after leaving MVEA and don’t think to update their new address. It is worth cash to do so! We mail a refund check to the last known address and if it is returned by the post office, their name is listed in the local newspapers. However, if the money goes unclaimed for seven years, it is reallocated to the current members.
So don’t miss out on your share of the cooperative. Please keep MVEA informed of any address changes. If you have any questions on capital credits or want to check to see if we have unclaimed capital credits in your name, you can use the search engine below, call either MVEA office or email to email@example.com.
Search by last name or business name: