Posted: Friday, January 18th 2013 at 4:37pm
Sawnee EMC announces $5.4M refund of Patronage Capital for '90
CUMMING - Sawnee Electric Membership Corporation (Sawnee EMC) announced Friday it is preparing to refund $5.4 million to eligible members through a general retirement of patronage capital for the year 1990. This action will provide a refund to individuals and businesses that were members and received electric service from Sawnee EMC during 1990.
Because Sawnee EMC is a non-profit electric cooperative, each year its members receive an assignment of “patronage capital” in the records of the Cooperative based on the amount of capital they provided through their electric bills for that year. This is defined in the Bylaws as an “allocation of the revenue in excess of operating costs and expenses” and is required by Georgia law. Sawnee EMC retires this patronage capital to the members when the Board of Directors determines that doing so will not impair the Cooperative’s overall financial position.
Sawnee EMC members that received service in 1990 will be eligible to receive this general retirement of patronage capital.
Over $5.4 million will be distributed to these members, with the average refund being about $122.74. However, it should be noted that each member’s refund will vary based on the amount of revenue that member contributed during 1990.
For current members of Sawnee EMC, a credit will be placed on their March 2013 electric bill. Former members, with valid addresses on record with Sawnee EMC and who were members of the Cooperative in 1990, will be mailed a check to their last known address on or around April 1.
Sawnee, headquartered in Cumming, has customers in Fulton, Cherokee, Dawson, Forsyth, Lumpkin, Hall and Gwinnett counties.
Link: Sawnee EMC
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