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  2. Capital Credits
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Capital Credits


 

capital credits

Capital Credits Q&A

What’s the difference between allocated and retired capital credits?

Allocated capital credits appear as an entry on the permanent financial records of the co-op and reflect your equity or ownership in SEC.  When capital credits are retired, a check is issued to you and your equity in the co-op is reduced.

How often will I receive an allocation notice?

You should receive an allocation notice annually after the accounting records from the previous year have been closed out and audited by the Cooperative’s independent public accounting firm.

How are capital credits calculated?

The amount of capital credits you earn in a given year is based upon the amount of capital you contribute to the co-op through payment of your monthly bills. The more electric service you buy, the greater your capital credits account – although the percentage will remain the same. The sum of your monthly bills for a year is multiplied by a percentage to determine your capital credits.

What do I have to do to start accumulating capital credits?

Capital credits are calculated by SEC for every member that purchased electricity during a year in which the utility earned margins.  No special action is required to start a capital credits account. Your membership activates your capital credits account.

Do I have to be a member for an entire year to earn capital credits?

No. Capital credits are calculated based upon a member’s patronage. If you are billed for service for even one month, you will accumulate some capital credits if SEC earned margins in that year.

What happens to the capital credits of a member that dies?

The capital credits of a deceased member may be paid at a discount without waiting for a general retirement. However, these estate payments are not automatic. A representative of the deceased member must contact SEC to initiate the process. If the membership is jointly held by a spouse, the estate will only be retired after both the member and spouse are deceased.

Will I receive a capital credit check every year?

Not necessarily. The Board of Directors must authorize a retirement before you receive a check. When considering a retirement, the Board analyzes the financial health of the association and will not authorize a retirement if SEC cannot afford it.

What happens to my capital credits when I leave the SEC service area?

They remain on the books in your name until they are retired. You should ensure that SEC has your current mailing address.


 

Unclaimed Capital Credits

In the link below are the names of persons who failed to claim Capital Credit refund checks that were issued in December 2021 and due them as a member of Southside Electric Cooperative. These payments were made to active members and deceased members’ estates who received electric service from the Cooperative. If your name is listed below, please contact Southside Electric Cooperative at 1-800-552-2118 (toll-free) within 120 days (August 2021).

If you fail to make a claim within 120 days of this notification these unclaimed capital credits will be handled in accordance with Article VII Section 3 (Unclaimed Patronage Capital – Capital Credits) of the Bylaws of Southside Electric Cooperative. 

Unclaimed Capital Credits

 

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Mailing address for payments only:
P.O. Box 63045 
Charlotte, NC 28263-3045

Mailing address for all non-payment correspondence:
P.O. Box 7
Crewe, VA 23930

Phone# - 1-800-552-2118
Outage# - 866-878-5514

 

 

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  • Home
  • My Cooperative
    • About SEC
    • Contact Us
    • Board of Directors
    • Meeting Minutes & Documents
    • Capital Credits
    • Broadband
    • Office Locations
    • Newsletters
  • Member Services
    • My Account
    • EZpay
    • Membership Application
    • Programs & Services
    • Net Metering
    • Vegetation Management
      • Overview
      • Line Maintenance
      • Brush Control
      • Aerial Trim
      • Planting Tips
    • Rates & Fees
    • Insurance Claim Form
  • My Community
    • Cooperative Living Magazine
    • Scholarships
    • Youth Tour
    • Day in the Life of a Lineworker
    • United We Light: Project Bolivia
    • Energy Assistance
    • Careers
    • For Kids
      • Kids Corner
    • Southside Opportunity Fund Golf Classic
    • Community Workshops
  • Outages & Safety
    • Outage Texting
    • Outage Center
    • Overhead Line Safety
    • Generator Safety
    • Outage & Storm Preparedness
    • Fire Safety
    • Major Outage FAQs
    • VA 811
    • VA Department of Emergency Management
  • Save Energy
    • Ways to Save
    • Electric Vehicles
  • Government Relations
    • VMDAEC Legislative Map
    • Who's My Legistator?
    • CO-OPS VOTE
    • Virginia Department of Elections
    • Virginia Public Access Project
    • Path To U.S Citizenship
    • VMDAEC Legislative Guide