Capital Credits for you!
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.
All about capital credits
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.
All of the credits earned by members of the Jay County REMC through the years 1969, 1970, 1971, 1972 and 1973.
If the member named on the account is deceased, an authorized heir may claim the credit. Simply contact our office at 260-726-7121 or 800-835-7362 and request the capital credit form. 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.
This form will be need to be filled out and notarized along with the Affidavit of Closed Estate form and the Affidavit for Transfer form. If the estate is Open or Active we will need the certified estate letters along with a notarized Exhibit A.
Affidavit of Closed Estate form is for closed estates that were over the amount of $50,000. This form will need to be filled out along with the Exhibit A form. Both forms will need to be notarized before returning them to the REMC.
Affidavit for Transfer form is for estates that have been closed and were under $50,000, or if no estate was created or if there was a Will. This form will need to be filled out along with the Exhibit A form and notarized before returning to the REMC.
Capital Credit Claim form is for living inactive members whose address is incorrect in our system. This form will need to be filled out and returned to the REMC.
If you are not a direct heir of the deceased member, but you are an heir of an heir of the deceased member, then you will need to fill out an Heirship Affidavit showing each level of heirship. Each Heirship Affidavit will need to be filled out and notarized before returning it to the REMC.