Capital Credit Quick Facts
- As a not-for-profit organization any profit MVEC makes above and beyond
our operating expenses is returned to our members-owners. Your share
of these margins is called Capital Credits.
- $14,125,449 million in Capital Credits has been returned to members
since the first dividend was paid out in 1958.
- Mid year, net margins are allocated to each member in proportion to
the member’s cooperative purchases during the year. Therefore,
the allocation amount given is your share of the profit for the previous
year.
- The amount of Capital Credit checks varies due to the amount of electricity
used by the member for the given year.
Capital Credit Distribution
MVEC’s Board of Directors determine when to retire Capital Credits.
This is based on the cooperatives financial position. In the meantime,
MVEC utilizes the money as working capital for operating and reinvesting
in the cooperative until a determination is made.
- Current Members – receive their Capital Credit
as a bill credit on their March electric bill (due in April). Some patrons
have lived at more than one location over a period of years.
We are in the process of combining these different accounts
into one Capital Credit number. Until this is completed, some patrons
may receive a check for an older account and others may have a credit
for the older account on their electric bill.
- Former Members – a check is sent for the year being retired. It is important you keep your address current with our office so you receive your Capital Credit check(s).
- If you are unsure we have your current address e-mail us at info@mvec.net. In the subject line type Capital Credits – Attn. Darlene or Joan. Include your complete address and telephone number. Your address will not be changed in our system until you receive a telephone confirmation from MVEC.
Estate/Senior Capital Credit Retirement
- Members who are 70 years or older may request payment of their Capital Credits at a discounted rate.
- Each year the Board of Directors authorizes a specific amount of money allowed for retirement of Senior and/or Estate Capital Credits.
- If funds are available at the time MVEC receives a request, a check will be processed within 30 days. If not, your application will be put on file and paid out after January 1 of the following year, as authorized by the Board of Directors.
- The rate of discount is subject to change.
Unclaimed Capital Credits
These are funds the cooperative has tried to deliver to former or current
members who have moved from their last know address OR did not cash a
check that was sent to them.
We are looking for you
The following list of PAST MVEC members have approximately $50 or more due to them for checks issued in December 2003 through March 2008. Checks represent those who received electricity from MVEC for the years 1982-1988. The checks cover MVEC’s allocation only. The balance of 1988 Capital Credits representing wholesale supplier margins will be retained until funded by Great River Energy.
The last known address represents the service address or last forwarding address received at MVEC.
If you locate your name below in the alphabetical listing for unclaimed
Capital Credits please complete the Request
for Capital Credits Form.
Form requirements:
- Complete the entire form
- Forms must be notarized
- Mail to: 125 Minnesota Valley Electric Drive,
Jordan, MN 55352
If your name does not appear in this listing and you feel you’re
entitled to unclaimed Capital Credits please contact us by e-mail at info@mvec.net
and include Capital Credits in the subject line along with your name and
daytime phone number.
Please note this web site is updated periodically.
For more information contact:
Darlene or Joan
(952) 492.2313 or (800) 282.6832
info@mvec.net
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