Capital Credit Checks to be Mailed in December
One of the many benefits of being a member-owner of Umatilla Electric Cooperative is sharing in any margins generated by the business, or Capital Credits. The UEC Board of Directors recently approved a total of $3.9 million to be returned to members this month, representing the remaining 2003 and 2004 margins.
As a not-for-profit organization, when you pay your electric bill, you are also accumulating equity in your cooperative. The equity you earn comes from UEC’s remaining funds once all the bills have been paid. This equity, called margins, is annually earmarked for members based on the amount they contributed to the previous year margins.
Whether this refund is taxable generally depends on whether or not you claimed your electric bills as a business expense. Most refunds for residential bills are not taxable; however it would be wise to check with a tax accountant if you are in doubt.
If you no longer receive electric service from UEC, please keep us informed of changes in your mailing address so that any future refunds will reach you.
If you have questions regarding your refund, please call UEC at 567-6414 in Hermiston, 481-2220 in Boardman, or 1-800-452-2273 toll-free.