Members Are Receiving Refunds From South River EMC
October 26, 2012
Being a member of South River Electric Membership Corporation has benefits. This month, the nonprofit electric cooperative refunded $2,460,609 to its members as a portion of capital credits from the year 1994.
As a cooperative, South River EMC does not earn profits, but any revenue exceeding the cost of doing business is allocated to be returned to the members based upon their kilowatt-hour purchases for that year. South River EMC uses the money as operating capital for around 19 years before it is returned to the members.
The Cooperative mailed 12,903 checks totaling $1,959,308. An additional 104 refunds were applied to outstanding balances and 1,229 refunds that were less than $50 were applied to the members’ electric accounts. Several refunds were held because the Cooperative does not have a valid forwarding address. These refunds will be held for three years, at which time, those refunds that have not been claimed will be escheated to the state.
Cumberland County schools will receive $19,259.11, Harnett County schools will receive $15,655.23 and $4,176.26 will go to Sampson County schools.
South River EMC is a locally-owned and operated electric cooperative, which provides electric service to 42,000 homes, farms and businesses in parts of Harnett, Cumberland, Sampson, Johnston and Bladen counties.