clear
Thursday February 11th, 2016 12:15PM

Sawnee EMC announces $5.4M refund of Patronage Capital for '90

By Staff
CUMMING - Sawnee Electric Membership Corporation (Sawnee EMC) announced Friday it is preparing to refund $5.4 million to eligible members through a general retirement of patronage capital for the year 1990. This action will provide a refund to individuals and businesses that were members and received electric service from Sawnee EMC during 1990.

Because Sawnee EMC is a non-profit electric cooperative, each year its members receive an assignment of "patronage capital" in the records of the Cooperative based on the amount of capital they provided through their electric bills for that year. This is defined in the Bylaws as an "allocation of the revenue in excess of operating costs and expenses" and is required by Georgia law. Sawnee EMC retires this patronage capital to the members when the Board of Directors determines that doing so will not impair the Cooperative's overall financial position.

Sawnee EMC members that received service in 1990 will be eligible to receive this general retirement of patronage capital.

Over $5.4 million will be distributed to these members, with the average refund being about $122.74. However, it should be noted that each member's refund will vary based on the amount of revenue that member contributed during 1990.

For current members of Sawnee EMC, a credit will be placed on their March 2013 electric bill. Former members, with valid addresses on record with Sawnee EMC and who were members of the Cooperative in 1990, will be mailed a check to their last known address on or around April 1.

Sawnee, headquartered in Cumming, has customers in Fulton, Cherokee, Dawson, Forsyth, Lumpkin, Hall and Gwinnett counties.
© Copyright 2016 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Missing Ga. bank director arrested in Brunswick
A bank director accused of losing millions of investors' dollars before vanishing last year was arrested Tuesday during a traffic stop in a city in south Georgia.
7:00PM ( 2 years ago )
S&P 500 index has its best year since 1997
The stock market closed out a record year with more all-time highs on Tuesday, giving U.S. indexes their biggest annual gains in almost two decades.
6:56PM ( 2 years ago )
Colorado readies for 'Green Wednesday' pot sales
Police were adding extra patrols around pot shops in eight Colorado towns that plan to allow recreational sales to anyone over 21 on Jan. 1.
1:52PM ( 2 years ago )
Business News
Sex offender held in Hall County for failing to register
A 47-year-old man was booked into the Hall County Jail Tuesday, being held without bond for allegedly failing to register as a sex offender, his second such arrest.
6:09PM ( 2 years ago )
Pharmacy robberies may involve same suspect
Oakwood Police Tuesday afternoon released details in a pharmacy robbery they're investigating, similar to one that happened in the Hall County Tuesday morning.
5:46PM ( 2 years ago )
Victim critical following apartment fire
A 41-year-old woman was in critical but stable condition Tuesday after being rescued from an apartment fire in Forsyth County late Monday afternoon.
3:16PM ( 2 years ago )
Local/State News
Gainesville to update alcohol code for wine sampling
Some new rules are on the way for Gainesville businesses that offer wine samplings, thanks to an update to the city's alcoholic beverage ordinance presented Thursday morning to city council members.
10:37AM ( 1 hour ago )
Cleveland-based bank holding company declares dividend
Mountain Valley Bancshares, Inc., the parent bank holding company of Mountain Valley Community Bank, has declared a cash dividend for shareholders.
By AccessWDUN staff
10:16AM ( 1 hour ago )
UPDATED: Union General Hospital CEO, physician among six arrested; hospital issues statement
The CEO of a hospital in Union County was arrested Thursday afternoon by Union County sheriff's deputies, along with four other hospital employees and one former employee.
By Brian Stewart, Bryan Pirkle
8:17PM ( 6 days ago )
Hall Planning Commission sets tone for subdivision growth
The fact that three subdivisions were part of the Hall County Planning Commission’s agenda is an indication that the area’s economy is expanding.
10:46PM ( 1 week ago )
Federal Reserve concerned about how global pressures could affect the U.S. economy
The Federal Reserve sounded a note of concern Wednesday about how global pressures could affect a slowing U.S. economy, while keeping a key interest rate unchanged.
By The Associated Press
9:45PM ( 2 weeks ago )