As a Rural Electric Cooperative, Canoochee EMC is owned by its members. At the end of each year, the margins are assigned to the members. Once again Canoochee’s Board of Directors is pleased to report another successful year in 2015. The assignment of margins, capital credits, for 2015 is $3.5 million.
The goal of the cooperative is to provide reliable power at a reasonable cost. The capital credit allocation is held in order for the cooperative to keep its operation on a sound financial basis. The allocated amounts are recorded on the books of the cooperative in each member’s individual equity account.
The cooperative strives to operate efficiently while maintaining a strong capital base. The Board of Directors continually monitors the cooperative’s financial position.
You are receiving this notice because your assignment for 2015 is greater than $5. This is an assignment only and not a retirement.
When will I be paid for my Capital Credits? When the board determines that the financial position allows for a return of capital, a general retirement will be announced, and the oldest capital will be returned first. Canoochee retired a total of $585,000 in 2015 for the years 1978 and 1979. All returns are determined by the board’s assessment of the cooperatives financial position and the cooperatives future capital needs.
The Board of Directors would like to thank you for your continued support in helping us achieve our goal: To keep energy affordable and reliable. Canoochee EMC appreciates the opportunity to provide you with low-cost, reliable electricity. It truly is a honor and a privilege to serve you. We look
forward to serving you in the future.
The Board of Directors:
Herbert A. Daniel, Jr., President Connie L. Thrift, Vice President
W. Kenneth Durrence, Treasurer LaNell M. Oliver, Secretary
Robert E. Dasher Bob Floyd
Lavanda Lynn Kimberly S. Blocker