Just in time for the holiday season, the Umatilla Electric Cooperative Board of Directors is delivering a special gift to our member-owners — $1 million in capital credits.
The distribution represents the cooperative's commitment to operating on a not-for-profit basis and returning excess margins to its members. Checks will be mailed this month to member-owners who received service during 2012, with amounts based on their energy usage during that year.
“Being able to give back to our members during the Christmas season is always a gratifying time for our cooperative,” says Bryan Wolfe, UEC Board Chair.
As a member-owned cooperative, Umatilla Electric operates differently from investor-owned utilities. When members pay their electric bills, they build equity in the cooperative. Any funds collected above operational costs — known as margins — are assigned annually to member-owners as capital credits.
Each year, the member-elected board of directors reviews the cooperative’s financial position to determine the most prudent amount of capital credits to distribute while maintaining the cooperative's financial health.
Member-owners who received service during the specified years will automatically receive their checks, though amounts of $10 or less will be retained in member-owners capital credits accounts until reaching that threshold in future distributions.
For member-owners looking to make a difference in their community, UEC offers the option to donate all or part of their capital credits refund to the UCARE program. This initiative assists members facing financial challenges, with Umatilla Electric matching member contributions to amplify the program's impact during the holiday season.
The cooperative also maintains a list of unclaimed capital credits from previous years. Member-owners who received service in 2008, 2017, and 2019. but haven't received their payments may be listed on the unclaimed capital credits roster. These unclaimed credits must be claimed by December 31, 2025, or they will be forfeited to the cooperative.
Members with questions about their capital credits or those who need to update their mailing address can contact Umatilla Electric at (541) 567-6414.
Through this tradition of returning capital credits, Umatilla Electric Cooperative continues to demonstrate the tangible benefits of cooperative membership while spreading holiday cheer throughout its service territory.