Dear Member,
In 2024, Adams Electric is retiring (returning) $2.7 million in patronage capital credits back to its members. Referred to by the cooperative as “Ownership Rewards,” the co-op surpassed $55 million for total rewards retired (returned) to members.
Ownership Rewards exist because Adams Electric is a not-for-profit electric cooperative owned by its members. We don’t have shareholders or investors who take a portion of the revenue we collect.
The third cooperative principle refers to members’ economic participation. Economic participation is best measured through members’ ownership or equity in the cooperative. Each member’s ownership is tracked separately and fluctuates because of two main factors.
- Allocation of Margins. Revenue we record that’s more than what we need to operate the co-op belongs to our members. To record how much of that surplus belongs to each member, the board of directors allocates (accounts for) it based on how much of that surplus is attributable to that member. Allocations increase members’ ownership or equity in the cooperative.
- Return of Ownership Rewards. The board of directors decides annually if, and how much, money can be retired (returned) to members while still maintaining an appropriate financial position for the cooperative. This retirement (return) of funds decreases members’ ownership or equity in the cooperative.
While we can never be sure that each year will bring a retirement (return) of Ownership Rewards, the board of directors strongly believes that you should be rewarded as a member of the cooperative and will do its best to continue this practice in the future.
It’s our privilege to represent you in this cooperative and an honor to continue to send you a retirement (return) on your ownership in the cooperative.
Adams Electric Cooperative is a member-owned organization,and members as well as former members may receive retired patronage capital credits (Ownership Rewards). As a member or former member, you were provided with an Ownership Rewards check from Adams Electric in March 2024. As members move off our lines or relocate to different properties, they may have an unclaimed Ownership Rewards check of $50 or more that was issued, but not cashed or deposited. Adams Electric wants to ensure these unclaimed funds are paid to the rightful consumer-member before the funds are turned over to the state and then used as appropriate under applicable law. Therefore, members and former members are urged to check the list to see if we owe you money. To inquire about any potentially unclaimed Ownership Rewards, please call 800-726-2324.
Do we owe you money? - If you see your name on this list, please contact the co-op. You are owed Ownership Rewards from previous years that were never claimed.