N OV E M B E R
2 01 8
SECONEWS DUNCAN’S DI G EST
They say money doesn’t grow on trees, but as a m e m b e r, yo u r 2018 Capital Credits retirement has sprouted and arrives in your N ovember bill. You, along with 200,000+ residents are members of a not-for-profit cooperative founded in 1938 as Sumter Electric Cooperative with just 500 members. Things have changed over the years. Those meager roots planted 80 years ago have thrived. Your membership branches into ownership through energy purchases – the proverbial fertilizer of patronage capital. Ownership is defined through the annual process of allocating each member’s share of the co-op’s margins from the prior year. The annual amounts for each member who purchases electric service during the year are referred to as Capital Credit allocations. Capital Credits are the accumulation of all prior year’s revenue after the coop’s operating costs and expenses are paid. These credits are allocated on a
Jim Duncan, CEO
pro-rata basis to each SECO Energy member’s account as Capital Credits. During its October meeting, SECO’s Board of Trustees approved a record $5.5 million to be returned (retired) to members. Since SECO’s inception, the co-op has retired more than $63.3 million to current and former members. This year’s Capital Credits return is rooted in sound financial stewardship by SECO’s Board, the leadership team and our dedic ated employe es . 271901 Each member receiving a 2018 Capital Credits retirement will see the amount on their spruced-up November billing statement listed as a line item labeled “Capital Credits Ret.” Business members with retirements over $1,000 will receive a check. If you move out of SECO territory, keep your mailing address updated so we can send future Capital Credit retirements.
JIM DUNCAN, Chief Executive Officer
2
If you have questions about Capital Credits, visit SECOEnergy.com > Your Co-op > Capital Credits.
173702