Fall River Electric Cooperative customers in Teton Valley have something to celebrate this holiday season.
This week the co-op sent checks to the owner-members totaling over $2.6 million dollars as part of its patronage capital program.
This is the largest payout of patronage capital in the Cooperative’s 84-year history.
Since Fall River Electric operates as a nonprofit coop and is owned by the customers, when revenues collected exceed operating costs, the extra revenues become patronage capital, which is then given back on a cycled payment.
These cash back payments will be especially beneficial to members who are dealing with near record inflation. Additionally, payments can be likened to an infusion of capital into our area’s economy just in advance of the holidays.
The amount of cash back that a member receives is based on how much electricity they purchased during the years being retired. This year, members are receiving patronage capital earned in 2004 through a portion of early 2005.
Fall River Electric Cooperative payments a benefit of membership
Fall River Electric’s CEO/General Manager Bryan Case said, “Cash back payments made to our customers are a unique and tremendous benefit of being a member of our Cooperative. It is made possible with the approval of our elected Board of Directors”.
“They analyze the financial health of our Cooperative and only pay out patronage capital when it is in the best interest of our entire membership.” Case added, “Fortunately our staff and management continue to do an outstanding job of managing our financial and physical resources, so our equity has dramatically improved in recent years, now at 48 percent, which is a significant contributing factor to the board’s ability to retire patronage capital to our owner-members.”
During the Cooperative’s 84-year history, members have received over $30 million dollars in patronage capital. To learn more about Fall River Electric’s patronage capital program, click this link on the Co-op’s website at https://www.fallriverelectric.com/patronage-capital.
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