Because Jay County REMC is a cooperative, owned by its members, it does not technically earn profits. Instead, any revenues over and above the cost of doing business are considered “margins.” These margins represent an interest-free loan of operating capital by the membership to the cooperative. This capital allows Jay County REMC to finance operations and — to a certain extent — construction, with the intent that this capital will be repaid in later years.
As a cooperative member, you have the unique opportunity to be an owner-member in our business. Each year, we take all remaining margins and hold them aside to return to our members. These margins are called capital credits. The capital credits distributed to each member are determined by the electric use on his or her account for the specific year being returned.
Paying back capital credits immediately is not ideal, because we want to keep our focus on maintaining a safe and reliable system. By keeping capital credits in the cooperative’s financials for a period of time, we are able to do necessary system maintenance and construction. As the board of directors review our financials each year, board members determine when those capital credits can be returned to members.
Capital credits are calculated by Jay County REMC for everyone who purchased electricity during a year in which the utility earned margins. No special action is required to start a capital credits account. Membership with Jay County REMC activates a capital credits account.
The amount of capital credits earned in a given year is based upon the amount of capital contributed through payment of your monthly bills. The more electric service purchased, the greater the capital credits account —although the percentage will remain the same. The sum of monthly bills for a year is multiplied by a percentage to determine capital credits.
If you were or are a member of the Jay County REMC and are eligible for a capital credit refund, you will receive a letter in the mail or you can contact us at 260-726-7121 to confirm whether or not you are eligible for capital credits.
We are not currently issuing any capital credits.
If the member named on the account is deceased, an authorized heir may claim the credit. Simply fill out the Natural Deceased Person form found below and return to our office at 484 S 200 W Portland, IN 47371.
If an estate is still active, the executor may complete the paperwork. The form will need to be notarized and returned. Payments will be processed each month and mailed to you based on the information provided.
It is illegal to have an account in the name of a person (or persons) that is deceased, so your help in updating our records is appreciated. Please direct any questions to Becky Napert, Jay County REMC business manager, 260-726-7121 or 800-835-7362.
When to use this Application: This Application is to be used when Jay County Rural Electric Membership Corporation (the "Cooperative") has allocated and/or retired capital credits to a former business or entity member that no longer exists under Indiana law (the "Entity"). Examples of entities are corporations, limited liability companies and unincorporated associations, like partnerships.
Complete this form as soon as possible once the Entity is no longer in existence (so that in the future, any retired capital credits will automatically be paid to the correct person or entity). This form also can be used if Cooperative has issued a payment check for retired capital credits to the Entity. In that eve, the proper successor in interest, beneficiary, or person authorized to collect and distrubte the payment will fill out this Application so the payment check can be reissued to the proper successor in interest/beneficiary/recipient.
Who can submit this application: The person (or entity) submitting this Application (the "Applicant") must be:
A. Entitled to assume Entity's capital credit account and receive payment of the Entity's retired capital credits;
B. The Individual (or entity) authorized by all such proper recipients to receive payment of the Entity's retired capital credits; or
C. Authorized by the Entity to submit this Application
When to use this Application: This application is to be used when Jay County Rural Electric Membership Corporation (the "Cooperative") has allocated and/or retired capital credits to a natural person who is deceased.
Who can submit this application: The person (or entity) submitting this Application (the "Applicant") must have the legal standing to assume the deceased's capital credit account and receive payment of the deceased's retired capital credits.
Capital Credit Claim Forms are to be used for people who were members during the claim years (1969-1973) but are no longer members today.