CUMMING - Sawnee Electric Membership Corporation (Sawnee EMC) says it is preparing to retire $10.6 million to approximately 63,900 eligible members through a general retirement of patronage capital for the years 1991, 1992 and 1993.
This action will provide a refund to individuals and businesses that were members and received electric service from Sawnee EMC during this three-year period.
Because Sawnee EMC is a non-profit electric cooperative and each year its members receive an assignment of what is known as "patronage capital" in the records of the Cooperative. Each member's refund is based on the amount of their electric bills for that year.
Over $10.6 million will be distributed, with the average refund being about $165. However, it should be noted that each member's refund will vary based on the amount of revenue they contributed during these time periods.
For existing Sawnee EMC members who received service in 1991, 1992 and/or 1993, the general patronage capital retirement will be given in the form of a "credit" on their March 2014 electric bill. Former members who no longer have an active account with Sawnee EMC, but have a valid forwarding address, will be mailed a check to their last known address on or around April 1, 2014.