Wheatland Retires $750k in Capital Credits During Harvest Days
Did you know you actually own Wheatland Electric Cooperative? As a member-owner, you are entitled to margins, also known as the Co-op’s profits. This is one of the many, but perhaps most recognizable, benefits of being a member of a cooperative. Your share of the cooperative’s profits are called capital credits.
Wheatland Electric recently retired $750,000 in capital credits, to both active and inactive members. Wheatland Electric members who purchased electricity in 1987 and 2016 received a capital credits allocation. The board allocated 65 percent of the $750,000 to the retirement of allocations for 1987 and 35 percent to retirement of allocations made in 2016. These retirements were made through a check or bill credit, depending on the amount you were owed and whether you were an active member of Wheatland.
Capital Credits Harvest Days were held in each of our seven district offices in early December. Hundreds of members stopped at their local office for refreshments and to pick up their capital credits check.
Residential members weren’t the only ones to receive a check. Both the City of Lakin and the City of Great Bend received a capital credits check. The City of Lakin received retirements for allocations from both 1987 and 2016, which made it one of the largest checks in our west territory. The City of Great Bend received retirements for allocations from 2016 and received the largest check in our eastern territory.
The Board of Trustees felt that it was important to retire a portion of the capital credits from 2016. Wheatland acquired the eastern portion of our service territory through the Aquila acquisition in 2007. The last time Wheatland made a general capital credits retirement was in 2006 for allocations made in 1986, so members in our eastern service territory haven’t received capital credits since becoming a Wheatland member. Last year, was the first year Wheatland has been able to allocate capital credits since 2006. “We wanted our members in the east to reap some of the same benefits as our long-time members. It was a good opportunity for Wheatland to show the benefits of being a cooperative member. There are many benefits that come with co-op membership, but perhaps one of the best benefits is capital credits,” said Bruce Mueller, general manager of Wheatland Electric.
Thank you to everyone who visited us at capital credits Harvest Days and thank you for helping build, sustain, and grow Wheatland. We appreciate you, our members!