Thanks for Your Patronage
MVEC retires $824,000 to members
At its September meeting, the Cooperative’s Board of Directors approved retirement of deferred patronage dividends totaling over $800,000 from the years of 1997 and 2013.
One of the benefits of membership in a cooperative is that you, as both a customer and a member, own a portion of the business. That ownership has value, not only in reliable service and affordable rates, but also in patronage dividend earnings.
As a not-for-profit electric cooperative, all profits are eventually returned to the members based on the percentage each paid that year. MVEC allocates these operating margins to each individual member as patronage dividends and keeps track of how much each member is owed. The money is invested into new plant and equipment helping to keep our rates low. Each year, based on the financial health of the Cooperative, the Board retires some portion of the allocated dividends and returns it to the members in cash.
Checks are scheduled for mailing in late October to current members and to former members at addresses on record. If your retired patronage dividends are under $5 they will be held until the accumulated amount is over $5.
Patronage dividend checks are considered void after 120 days from issuance so please promptly deposit your check upon receipt. Also, be sure to notify the Cooperative of address changes after you move out of our service area so future patronage checks can be properly delivered to you.