Tideland returns $1.39 million in member margins
In November, Tideland Electric Membership Corporation's board of directors authorized a general retirement of $800,000 to those members and former members of the cooperative that received service in the years 1994 and 1995. When combined with refunds to the estates of deceased members, capital credit retirements total $1,396,506 for fiscal year 2023.
Capital credits represent member margins that are collected through electric bill revenues and reinvested in the cooperative’s utility infrastructure. At the end of each year, Tideland’s expenses are deducted from revenue to determine the cooperative’s net operating margins for the year. Those margins are proportionally assigned to each Tideland EMC member as capital credits based on a percentage of what each member paid for electricity during the calendar year. By utilizing member capital to maintain the electric system, Tideland is able to minimize its reliance on outside lenders thus reducing borrowing costs for the entire membership.
Facts about this year’s refund:
- Tideland EMC is retiring 100% of margins for 1994 and 47.82% of margins for 1995.
- A check will be mailed if a member’s refund is at least $50.00.
- If the member has an active account that is past-due the credit will be applied to his/her account.
- If the member has an inactive account with an unpaid balance, a credit will be applied to the debt.
- If the refund is $49.99 or less, the refund will be applied to their primary active account. These credits will be applied to the member's December billing so please do not regard them as a payment for services billed in November.
- If the refund is $49.99 or less and the member has no active account or debt, the refund will go to their capital credit gains for future distribution. Gains are refunded when the gains amount reaches the minimum check amount. We currently do not create gains &/or general retirement checks for less than $50.00.
- Checks will be mailed to former members at their last known address for refunds of $50 or more. Undeliverable or unclaimed refunds are eventually escheated to the North Carolina Department of Treasury. You may search nccash.com for unclaimed refunds.
In addition to the general retirement, capital credit refunds are made to the estates of deceased members throughout the year. For 2023, those retirements totaled $596,506.
If you are the executor/heir/next-of-kin of a deceased member please see our capital credits page for the necessary form and instructions to initiate a capital credit refund request.
Tideland EMC serves 24,117 accounts in Beaufort, Hyde, Washington, Pamlico, Craven and Dare counties.
