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January 17, 2014 Sawnee EMC Announces $10.6 Million Retirement of Patronage Capital
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Blake House, VP of Member Services CUMMING, GA - January 17, 2014 When we listen to the news, or read the newspaper, it is sometimes hard to get any good news that affects our pocketbook. It seems the cost of everything, from groceries to medicine, continues to increase… But thankfully, we occasionally do get some good financial news. Sawnee Electric Membership Corporation (Sawnee EMC) announced today that it is preparing to retire $10.6 million to approximately 63,900 eligible members through a general retirement of patronage capital for the years 1991, 1992 and 1993. This action will provide a refund to individuals and businesses that were members and received electric service from Sawnee EMC during this three (3) year time period. Because Sawnee EMC is a non-profit electric cooperative, each year its members receive an assignment of what is known as “patronage capital” in the records of the Cooperative. Each member’s assignment is based on the amount of capital they provided through their electric bills for that year. Patronage capital is defined in Sawnee’s Bylaws as an “allocation of the revenue in excess of operating costs and expenses” and is required by Georgia law. Sawnee EMC retires patronage capital to the members who provided it, when the Board of Directors determines that doing so will not impair the Cooperative’s overall financial position. Sawnee EMC members that received service in 1991, 1992 and/or 1993 are eligible to receive this general retirement of patronage capital, at this time. Over $10.6 million will be distributed to these members, with the average refund being about $165. However, it should be noted that each member’s refund will vary based on the amount of revenue they contributed during these time periods. For existing Sawnee EMC members who received service in 1991, 1992 and/or 1993, the general patronage capital retirement will be given in the form of a “credit” on their March 2014 electric bill. Former members who no longer have an active account with Sawnee EMC, but have a valid forwarding address, will be mailed a check to their last known address on or around April 1, 2014. “It is important for us to demonstrate through this, and many other actions, that the cooperative business model, being deployed at Sawnee EMC, still works for our members and our organization,” states Michael Goodroe, Sawnee’s President and CEO. This is not the only retirement of patronage capital made by Sawnee EMC throughout the year. Blake House, Vice President of Member Services states that, “Sawnee retires patronage capital, on a voluntary basis, to the estates of deceased members.” During 2013, Sawnee EMC issued approximately 700 patronage capital retirements to estates of deceased members, totaling over $410,000. Executors of estates of former Sawnee EMC members should contact Sawnee’s Customer Service Center at (770) 887-2363 or by email at customerservice@sawnee.com, to find out if their family member’s estate could potentially qualify for a patronage capital retirement. Sawnee EMC is a member-owned electric cooperative and it supports the principles that make electric cooperatives one of the most successful public/private partnerships in history. Cooperative principles anchor Sawnee EMC firmly in the communities in which it serves. For additional information about this general retirement of patronage capital, please call Sawnee’s Customer Service Department at (770) 887-2363 or send an email to CustomerService@sawnee.com or send a tweet to @sawneeassist. About Sawnee EMC Sawnee Electric Membership Corporation is an electric distribution cooperative headquartered in Cumming, Georgia. Sawnee serves electricity to approximately 155,000 accounts in seven (7) counties of greater north Georgia. Sawnee’s assets exceed $486 million, with energy sales of 3.3 billion kWh and annual revenue of $343 million. With a team of approximately 300 dedicated professionals and over 10,000 miles of distribution line, Sawnee stands ready at all times to meet the needs of its members/owners. SEMC strives daily to live up to their motto… “At Sawnee EMC, We’re More Than Electricity, We’re Service”. |