At the September board meeting, the Crow Wing Power Board of Directors approved the retirement of the remaining general capital credits from 2009, totaling just under $2 million. Active members will see their credits applied as a bill credit in November, while inactive members will receive a check mailed the same month.
Earlier this year, the Board decided to shift the retirement of capital credits from spring to fall, when there is a clearer view of the cooperative’s financial health for the year. This allows the Board to balance its commitment to returning capital credits while ensuring the financial stability of the cooperative.
As a member-owner of Crow Wing Power, you are part of a not-for-profit cooperative. One key advantage of membership is receiving capital credits, which represent margins above and beyond the cost of operations. These margins are returned to members based on the amount of electricity they used during the retirement year. Until they are refunded, these credits are reinvested into the cooperative to help maintain and improve infrastructure and services.
We take unclaimed capital credits seriously. If a member moves or changes their contact information without updating their records with us, they may miss receiving their capital credits. That’s why it’s essential to keep your address and contact details up to date. This way, we can ensure that you receive your rightful share, whether through a bill credit or mailed check. Make sure to check cwpower.com/capital-credits to search your name for unclaimed capital credits.
Unclaimed capital credits are held for up to seven years, during which time we make every effort to track down former members who may have moved or changed addresses. If, after this period, credits remain unclaimed, they are not simply forgotten. By law, we are required to either turn over unclaimed funds to the state or donate them to a charitable organization. In accordance with our board policy, we choose to donate these funds to local community colleges and schools, where they provide scholarships and educational opportunities for students. This approach ensures that unclaimed capital credits are reinvested into our community, continuing to benefit both members and the next generation.
Capital Credit Retirement is just one way Crow Wing Power is working for you!