Capital Credits: Claiming the Unclaimed
Getting retired capital credits to former members
Retired capital credits are previously allocated financial margins given to co-op members.
Boards of directors at each electric co-op decide if and when to retire capital credits. Nationwide, since 1990, co-ops have retired nearly $13 billion to members, according to an NRECA analysis.
Under the 1995 federal Uniform Unclaimed Property Act, retired capital credits are presumed abandoned if unclaimed by the owner within a period between one and seven years. And then there’s the issue of what ultimately happens to unclaimed capital credits. Statutes in 34 states permit electric cooperatives or their charitable entities to retain unclaimed capital credits, with some limiting use of those funds. In the other 13 states where co-ops operate, there are no such statutes, and the unclaimed capital credits escheat to the state.
The full article containing the information above can be found here.
Coleman County Electric's Unclaimed Property List