Adams Electric’s board of directors voted in February to return $2.4 million in capital credits, known by co-op members as “Ownership Rewards,” which brings the amount returned for all years to nearly $52 million.
“We call it Ownership Rewards at Adams Electric because being a member-owner really means something at the cooperative,” says Glenn Bange, board president. “We exist because of our member-owners, and they are at the forefront of everything we do. We’re pleased to be able to return these margins to them.”
Issued as a check mailed in March, Ownership Rewards are a benefit of being a current or former member-owner of an electric cooperative. For more than 50 years, members have received a return on their investment in Adams Electric based upon their share of the cooperative's net profits. Members who move off co-op lines will continue to receive Ownership Rewards until their investment is completely returned. Each investment is based on a members total use of kilowatt hours over the lifetime of their membership.
Recipients may choose to donate these rewards back to other cooperative members in need, through the co-op’s Project Helping Hand (PHH) program. Current and former members may forward their Ownership Rewards checks by signing the back, indicating for deposit to ACCF PHH, and returning the check to Adams Electric. All PHH donations will receive an acknowledgement letter at year’s end from the Adams County Community Foundation, which helps administer PHH program funds.
For more information on Ownership Rewards of Adams Electric, or the cooperative, call 1-800-726-2324.