KEYSTONE HEIGHTS – Clay Electric Cooperative’s board of trustees has declared a $12 million Capital Credits refund for members who received service from 1990 through 2018.

Capital Credits reflect the cooperative’s not-for-profit and member-owned status and represent each member’s pro-rata share of any margins left over at the end of the year after all expenses are paid. Capital Credits are a unique benefit of being served by an electric cooperative. Investor-owned electric utilities send their margins (profits) to stockholders, and municipally-owned utilities return their profits to city coffers for use in road-paving or similar projects.

Before Clay Electric’s nine-member board of trustees decided whether a refund could be made, it carefully considered a variety of data and economic conditions. Following this review, the board decided it was prudent to refund $12 million to entitled members and former members. This year’s refund will be the 46th consecutive time that the cooperative has refunded Capital Credits.

Current members of the co-op who are entitled to a refund will receive a credit on their March bills. The number of Capital Credits bill credits scheduled for this year is approximately 136,000. The average amount of a bill credit this year is $37.33.

For those entitled to a refund but who no longer receive service from Clay, a refund check will be mailed around March 13. The co-op is scheduled to mail approximately 74,000 refund checks to this group. The minimum amount to be refunded by check is $10. The average check amount this year is $70.14.

Former members of the cooperative who receive a refund check should cash their check within 90 days. If the check is not cashed and remains unclaimed after 90 days, a $1 maintenance fee will be assessed each month against the Capital Credits refund. Regions Bank will cash Capital Credit checks and waive the check cashing fee from March 14-March 21 at two locations: Regions Bank, 4100 NW 16th Blvd., in Gainesville, and Regions Bank, 570 Blanding Blvd., in Orange Park, FL

If a member of the cooperative has any questions about Capital Credits, they should contact their district office.