Co-op Members Receive Annual Refunds
Being a member of South River Electric Membership Corporation has benefits. In October, the nonprofit electric cooperative refunded capital credits totaling $3,958,291 to its current and past members.
As a cooperative, South River EMC doesn’t earn profits, any money remaining at the end of the year, called margins, is allocated for return to the members based upon their electricity purchases for that year. South River EMC uses the money as operating capital before it’s returned.
The Cooperative mailed 14,922 checks totaling $2,766,799 to current and former members. For active members whose total was $100 or less, the refund was applied to their electric account. For any past members with an outstanding balance with the Cooperative, their refund was applied to that balance.
This year, the Cooperative is returning 20 percent of the amount allocated to members for 2016 as well as partial allocations from 1998 and 1999. The remaining 2016 amount will be refunded in about 19 years, unless a member leaves South River EMC and chooses the early-retirement option.
Although the Cooperative does try to keep an address on file for members who move out of the service area, this is not always possible. If you received electricity from South River EMC prior to 1998, South River EMC might have money that belongs to you. Simply visit sremc.com (click on the My Cooperative tab and Capital Credits) to review a full list of unclaimed capital credits. If your name is on the list, simply call the office or download and complete the form to claim your money.
South River EMC is a locally-owned and operated electric cooperative, which provides electric service to 43,000 homes, farms and businesses in parts of Harnett, Cumberland, Sampson, Johnston and Bladen counties.