JACKSONVILLE, Ark. (KTHV) -- First Electric Cooperative returned $9,009,418 to its members in December.
The not-for-profit electric cooperative returns any profits to members in the form of capital credits. Revenue collected that is not needed to cover the cost of providing service is assigned back to members based on the amount of electricity used during the year.
The First Electric Cooperative Board of Directors reviews the cooperative’s financial position each year and determines the amount of capital credits to refund. The amount of money members receive is based on how much electricity they used during the year or years that are being refunded.
This year’s capital credits calculation represents a complete retirement of 1992 through 1995 and a portion of all years from 2005 through 2016. Capital credit checks were mailed in December. Members whose refund was less than $30 receive a credit on their December electric bill.
Throughout First Electric's 80-year history, more than $95.6 million has been refunded to members since the practice began in the 1940s.
First Electric serves more than 94,000 active accounts throughout 18 counties in central and southeast Arkansas. The cooperative’s headquarters is located in Jacksonville with full-service offices in Benton, Heber Springs, Perryville and Stuttgart. For more information, call 800-489-7405 or visit www.firstelectric.coop or www.facebook.com/FirstElectric.