In April, the Board of Directors of East-Central Iowa Rural Electric Cooperative voted to retire $523,441 in patronage back to its members. Dividends from the Cooperative’s profits in 1997 and 1998 were returned in June. ECI REC sent checks to former members. The 90-day window to cash these checks has now passed, and the people listed here have not yet cashed their checks. These dividends will be forfeited to the Cooperative if not claimed within one (1) year.
Past members no longer receiving power from ECI REC are still eligible to claim dividends from these years, but ECI REC will require personal identification and/or legal documentation from these people to confirm their membership.
Current members received credit on their June bills. Members receiving electricity during the applicable years saw a line item on their bill labeled: “Deferred Patronage Dividend.” If a current member did not purchase electricity from the Cooperative in 1997 and/or 1998, there was no credit.
If you have any questions about the credit you received, or did not receive, please call us toll-free at 877-850-4343.
If you know of someone listed here, please contact that person, or next of kin, and ask them to contact our office. People not able to present the necessary documentation should not contact ECI REC on the behalf of a listed member.
Patronage represents the margins, or profits, that the Cooperative earns on electricity purchased by its member accounts. These margins are the member accounts’ equity in East-Central Iowa REC. The Cooperative uses this equity to maintain its poles and wires, rebuild its distribution system, and pay expenses. When ECI REC’s financial condition allows, these margins are returned back to the members who generated them. Within the past ten years, the Cooperative has returned more than $5,539,282 to its members.