Patronage Check Info

WHAT YOU WILL NEED TO PLACE A PATRONAGE REFUND CLAIM: (Deadline for all claims is July 18, 2021) Depending on the type of claim, you will need the following items: All claims require a Current Photo ID,  a beneficiary claim also requires a Death Certificate, A claim placed on behalf of someone else also requires Power of Attorney Documentation, a Business Entity claim also requires Articles of Incorporation listing the claimant as an officer of the business entity.

Deadline for claims- July 18, 2021

Depending on the claim, you may need the following items:


A Current Photo ID- All claims


A Death Certificate- Beneficiary
(health dept. of deceased or mortuary)


Power of Attorney Documentation-
On behalf of someone else

Business Entity

Articles of Incorporation listing the claimant as an officer of the business entity.

Please download and fill the following form.

Forms can be mailed, faxed or hand-delivered to Boone REMC. Forms should be complete and photocopies of all documentation should be included. Checks for claimed amounts should be issued within 4 to 6 weeks of receiving all of the appropriate documentation. As a not-for-profit, Boone REMC returns all unclaimed returns to the general membership. This cycle represents 3 years of retired capital credits. 

Sharing in your co-op’s success

 

 

One tangible benefit of being an REMC customer — that literally puts money back in your pocket — is your access to what is called “patronage.” The public notification for unclaimed patronage dollars will be published on May 18 for the retirement of profits through 2018. 

 

Patronage is simply your share of your electric cooperative ownership. This concept of returning your financial investment in your electric utility back to you is something you may not be used to. But your REMC is a not-for-profit organization. It operates at cost, not to grow profits.

 

Each REMC customer’s investment in the REMC is used for substations, poles, wire, transformers and equipment to keep the lights on. This investment is part of your monthly electric bill. 

 

Having customers actually invest in their electric company’s electric system is different than what investor-owned utilities (like Duke) do. At investor-owned utilities, stockholders pay the necessary costs to keep the utility running. But as an REMC customer, you are, in fact, an owner of your electric utility and as an owner you’re responsible for making sure your utility has what it needs to operate.

 

As an owner, you also enjoy tangible benefits. For instance, you have a voice in how your REMC is run. Each year you can vote for your co-op’s board of directors, or you can even run for a seat on the board. And, just as stockholders receive dividends from investor-owned utilities, REMC customers are entitled to allocations from their cooperative.

 

The amount of those allocations is based on each customer’s energy use. Customers and former customers have capital credits accounts where the equity of the co-op is maintained.

 

At the end of each year your REMC board calculates the co-op’s operating margin— the amount that income exceeds expenses. This margin may be used to improve or expand the co-op’s electric system or to meet other capital needs. Using the margin to pay for these necessary expenses means the REMC doesn’t need to borrow money to ensure that it can continue to provide safe, reliable and affordable service.

 

If there is excess revenue after these necessary expenses are accounted for, it is allocated back to you as capital credits. When the co-op’s financial strength permits, the board issues those profits back to the REMC customers.

Checks are mailed to customers and former customers that the REMC has addresses for. (That’s why it’s important to make sure your REMC has your correct address.) If patronage checks are returned to the co-op because they were sent to the wrong addresses, the REMC will typically publish the names of those whose checks are unclaimed in Electric Consumer with the hope that those customers and former customers or their heirs will contact the REMC and claim their patronage.

Amounts of those checks may range from a few dollars to several hundred dollars depending on the amount of electricity each account holder used.

 

You may wonder why your REMC is sending you money back in the first place. It all boils down to the fact that, unlike investor-owned electric companies, the REMC provides at-cost electric service. It’s not in business to make a profit. Since you’re a part owner of your REMC, you share in its success