Business : ECI REC Board of Directors Vote to Return $503,805 to members

Many ECI REC member-consumers will receive a pleasant surprise on the June electric bills!

At its May board meeting the board of directors of East-Central Iowa Rural Electric Cooperative voted to retire $503,805 in patronage back to its member-consumers. Patronage represents the margins, or profits that Cooperative has earned on its member-consumers purchased electricity in past years. These margins are the member-consumers contribution to the equity in East-Central Iowa REC. The Cooperative uses this equity to maintain their poles and wires, rebuild the distribution system, and pay expenses. When ECI’s financial condition allows, they return these margins back to the member-consumers who generated them.

ECI REC no longer sends checks, but places a credit on members June bills. If current members purchased electricity from East-Central in 1993, 2004, or 2005, they need to look for a line on their bill, “Deferred Patronage Dividend”. Harry Ruth, CEO of the cooperative states, crediting member’s bills, rather than mailing checks out, saves the cooperative thousands of dollars in paper, postage and administrative costs.

 If members did not receive a credit on their June bill, they did not receive electric service from East-Central in 1993, 2004 or 2005. In-active, or past members that purchased electricity from East-Central in 1993, 2004, or 2005, but no longer receive electrical services from the cooperative will be mailed a check, if the amount due to them is $5.00 or more. Call the Urbana office at 877-850-4343 or 319-443-4343 if you have any questions.

Since 2003 East-Central has returned more than $4,261,419 to its members. If you have any questions about the credit you received, or did not receive, please call us toll-free 877.850.4343.