Tideland EMC Refunds $1.3 Million in Member Capital

For fiscal year 2024, Tideland Electric Membership Corporation has returned $1.3 in capital credits to members and former members of the not-for-profit cooperative. The total is comprised of two types of refunds: a general retirement of $800,000 and the retirement of $561,278 to the estates of deceased members. Members who received electric service from the cooperative during the years 1995 and 1996 were included in the general retirement issued this month.

The $800,000 general retirement was authorized by Tideland EMC’s board of directors at their November meeting. Depending on the size of the refund and individual account status, members received their refund either as a December electric bill credit or in the form of a check. Checks payable to members of the co-op who no longer have an active account are mailed to the last known mailing address on file with the cooperative. Checks were issued on December 9 and may take time to reach their intended destination due to the holiday season.

Tideland EMC is a member-owned cooperative providing electric utility service at cost. Therefore, any funds remaining after all expenses have been paid are eventually returned to Tideland members and former members through a series of capital credit refunds.

The amount returned to an individual member is based on the total amount they paid for electricity during the year for which the refund is made. In the past decade, Tideland EMC has returned more than $12.8 million in capital credits to its membership.

During the years that member capital is retained, Tideland EMC reinvests those funds in system improvements thus reducing the co-op’s borrowing costs. The decision to retire capital credits is based on the co-op meeting financial performance goals as established by the U.S. Department of Agriculture’s Rural Utilities Service.

Unclaimed capital credits are eventually forwarded to North Carolina Escheats at the State Treasurer’s office. Former members can search for unclaimed capital credits online at nccash.com and are encouraged to contact the co-op to provide an up-to-date mailing address for future refunds.

If a member or former member of the co-op has passed away, the estate executor or clerk of court is asked to complete a capital credit refund application. The request form may be downloaded at tidelandemc.com.

Tideland EMC serves 25,000 accounts in Beaufort, Hyde, Washington, Pamlico, Craven and Dare counties.

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