Your Ozark Electric Cooperative Board of Directors has authorized the retirement of $3,029,101 in Capital Credits (Patronage Capital) for the years of 1991,1992, & one half of 1993. Cooperative members who were ACTIVE members during any of those years and who are still members today will receive a credit on their December billing statement. Those who were members in the retired years but are no longer current members will receive a check in the mail
Allocating and returning Capital Credits is just one of several advantages of being a member of an electric cooperative. Ozark Electric Cooperative does not earn profits in the sense that other businesses do. Other utility businesses return profits to investors and stockholders. Not us. Ozark Electric is a member-owned, not-for-profit cooperative; therefore, any margins or revenues remaining after expenses have been paid, are allocated each year to the members in proportion to their usage of the co-op’s services.
The allocations are made to the members’ accounts each year; however, it may take several years before those years’ Capital Credits are retired. Why is this? Because during periods of growth rather than return Capital Credits, the co-op must use those monies to pay expenses. Otherwise, there would have to be more frequent rate increases or loans would have to be secured to cover expenses in order to pay Capital Credits.
The allocations are based on the total dollar amount of services purchased during the years being retired and refunded. Capital Credits represent each member’s share of the cooperative’s margins and ownership of the co-op.
A member who terminates service no longer receives additional Capital Credits allocations. However, the balance in the member’s Capital Credits account is maintained until it is retired in full. It is the member’s responsibility to notify the co-op of any changes in address so the member can be located when the co-op retires Capital Credits allocated to their account.
Upon death of a member, Capital Credits remaining in the member’s account belong to the member’s estate. The heir of the estate should submit an Affidavit of Heirship in order to claim the deceased member’s Capital Credit retirement. You can download the affidavit from our website at www.ozarkelectric.com or give us a call to receive one.
Did you know that as a cooperative member, you can easily connect to your Ozark Electric account anytime and anywhere via a variety of internet devices through our SmartHub mobile and Web app? With the SmartHub app, you can:
• Check your electricity usage.
• Pay your bill.
• Contact our office.
• Report a service interruption.
• Check Ozark Electric’s news feed.
With SmartHub, the power of data is in your hands through convenient account management and detailed usage information. SmartHub delivers accurate, timely account information and allows you to make payments in a secure environment with the touch of a button, right from your mobile device or on your PC. The two-way communication available with SmartHub allows you to notify us of account and service issues while providing us a way to let you know about special offers, programs, events, and more.
To scan and download the SmartHub mobile app, just click on the menu item above labeled “My Account” then click on “Mobile Apps”. Or you can access SmartHub through our Web page; just click on the icon link at the top right of this page.
Why not check out Ozark Electric’s SmartHub mobile and Web app today? We think you’ll be happy with this more convenient and timely way to manage your electricity account.