More than $1.4 million dollars in capital credits were retired by the San Isabel Electric Board of Directors at their August meeting. More than 21,000 checks were mailed to Members on Friday, September 8th.
Checks range from $10 to hundreds of dollars for residents, school districts, and businesses, with a few larger businesses and government agencies receiving several thousand dollars.
Most utilities pocket left over money as profit when revenues are more than expenses. Because San Isabel Electric is a not-for-profit electric utility, that excess revenue is set aside for member-owners as a capital credit, based on the amount of energy each member purchases. When it’s financially safe to do so, the Board of Directors retires (returns) the capital credits to members. Members receive their share as a check right in their mailbox.
“Huerfano Re-1 School District, as a vastly underfunded rural school district, is certainly very grateful and appreciative of the San Isabel Electric Board of Directors for taking the action to provide capital credits to its consumers, thereby generating unexpected funds for our school district. Our credit funds will be used in a manner to serve all our district students fairly and equitably. Huerfano Re-1 again thanks SIEA for being the type of utility company that appreciates its members and demonstrates this by retiring the capital credit. Huerfano Re-1 is a thankful recipient of $2,530 dollars for 2023,” Huerfano Re-1 School District Superintendent Mike Moore said.
“Retiring capital credit represents our promise to give back to those who have invested their hard-earned money and trusted us to provide safe, affordable, reliable electricity.” San Isabel Electric General Manager Ryan Elarton said.
Nearly $3 million in capital credits has been returned to the membership in the past two years.
This year, members from 1983-84, 1990-92, and 2021-22 received capital credits checks in the mail, reflecting all or part of their ownership of the cooperative during those years.
Members are encouraged to leave forwarding addresses with San Isabel Electric should they move off the system. In the case of a member’s death, a representative of the estate should contact San Isabel Electric to determine the status of the member’s capital credit checks, both now and in the future.
San Isabel Electric attempts to notify members whose checks have not been cashed by listing their names in a notice of unclaimed capital credits April 1 each year in Colorado Country Life and updating the searchable unclaimed capital credit database on the co-op’s website.
If the capital credit is not claimed within three years of when the name is first published, the Board of Directors returns the money to the communities we serve in the form of community donations, sponsorships, and scholarships.
For more information about San Isabel Electric’s capital credit program, visit siea.com/capitalcredits.
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As a not-for-profit cooperative utility, San Isabel Electric provides affordable, reliable electricity with exceptional service to communities throughout southern Colorado. Serving 20,000 member-owners and 25,000 meters, San Isabel Electric has been keeping the lights on since 1938. We don’t just serve communities. We are part of communities.
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