As a member-owned, not-for-profit electric cooperative, Bartholomew County REMC is different than other utilities, because you – our members – are at the center of everything we do. With the COVID-19 pandemic, many in our community are facing financial difficulties. Our mission “to enrich the wellbeing of our membership and community” has given us a keen focus on finding ways to help you during this challenging time.
With our members’ wellbeing at heart, the BCREMC board of directors unanimously approved a 2019 special capital credit retirement, totaling $1.1 million. This early retirement of capital will affect members who received electric service from us in 2019. Additionally, Hoosier Energy, our wholesale power provider, approved a special 2019 retirement totaling $336,000 that will be passed onto members. Qualified members will receive the refund on their July electric bill.
The average total refund for a residential member is approximately $90. See https://www.indianaconnection.org/special-capital-credit-refund-coming-your-way/ for more details.
Because you are a member-owner of Bartholomew County REMC, you share in the margins of the cooperative. At the close of each fiscal year, all revenue received in excess of expenses (i.e., margins) is allocated back to our membership in the form of capital credits. This allocation is based on the amount of electricity purchased during the same year. Capital credits are retained as capital, typically for 25 years, to operate the cooperative, and then are refunded to the members as financial conditions allow.
In addition to the $45 membership refund credited on your May bill, we are pleased to offer this special early retirement of the 2019 capital credits. You are our members, our friends and our neighbors, and we hope these bill credits will give you a little financial relief during this difficult time.