15-Dec-20162016 Patronage Capital Checks on the Way
Patronage capital payments (similar to a dividend) totaling $750,000 were issued today to BARC customer-owners. This amount is 36%, or $200,000, higher than what was issued in 2015. The checks were mailed to customers living in Bath, Rockbridge, Alleghany, Highland, and Augusta counties who had electric service in 1994 and 1995. Checks are expected to arrive in time for Christmas.
As a cooperative, BARC is owned by its customers. Amounts paid for electricity cover BARC’s operating costs and provide for capital needs. Amounts above these needs are considered margins and held as an investment in the organization. Each year, the Board of Directors determines whether to return to its customer-owners a portion of that investment (similar to a dividend).
“BARC is very pleased to be able to return a record amount back to the local communities that we serve with electricity. We strive to improve the quality of life in our community, and returning our excess margins is just another way we do that, ” said Michael Keyser, CEO & General Manager.
BARC Electric Cooperative wishes everyone a Merry Christmas, and hopes that this infusion into the community helps to make the New Year a little brighter.