Union Rural Electric (URE) is attempting to locate former members who have unclaimed funds remaining from the 2018 general retirement refund, which included capital credits from service years 1999 and 2017.
Capital credits differentiate electric cooperatives from investor-owned utilities. They represent each member’s economic share of the co-op and are a direct benefit of membership in URE.
As a not-for-profit cooperative, URE annually allocates to electric members any revenue that remains after expenses are paid. The allocation is based on the amount of electricity purchased during a particular year and is applied to each member’s capital credits account.
Allocated capital credits are retired, or refunded, after a period of time to members, provided the co-op’s financial position is not jeopardized. During that period of time, the cooperative uses the capital credits funds as operating capital. URE’s board of trustees must approve all capital credits refunds.
The cooperative’s Code of Regulations also provides for the reallocation of capital credits. Members are granted a period of four years plus a 60-day public notice period to claim the capital credits refunded to them under the general retirement program. At the end of that time, unclaimed capital credits are reallocated to the membership.
URE has prepared a list of names of former members with unclaimed funds remaining from the 2018 general retirement refund, which included capital credits from service years 1999 and 2017.
The unclaimed funds list is available on our Member Credits page. Printed copies are available at the URE office.