In May, the Board of Directors of East-Central Iowa Rural Electric Cooperative voted to retire $616,993 in patronage back to its members. These margins— 100% of 2003, 9.76% of 2015, and 5.49% of 2016 margins—were credited to current members on June bills. Former members were sent checks. The 90-day window to cash these checks has now passed, and the people listed below have not yet cashed their checks. These dividends will be forfeited to the Cooperative if not claimed within one (1) year.
If you know of someone listed, please contact that person, or their next of kin, and ask them to contact our office. ECI REC will require personal identification and/or legal documentation from these people to confirm their membership before dividends can be claimed. People not able to present the necessary documentation should not contact ECI REC on the behalf of a listed member. This list was current at the time of this printing.
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. In the past 10 years, ECI REC has returned $5,427,553 to its members.