At its May meeting, the ECI REC Board of Directors approved the retirement of $601,038—100% of ECI REC’s 2010 margins and 8.4% of its 2016 margins—to members of the Cooperative. In June, 7,478 member-accounts that received electricity from East-Central Iowa REC in these years should receive money back. These dollars represent your share of the deferred patronage dividends (profits) the Cooperative earned during these years. In the past 10 years, ECI REC has returned $5,443,390 to its membership.

Over sixty-six percent (66.1%) of the 7,478 member-accounts receiving money back are active member-accounts currently receiving electricity from ECI REC. These active member-accounts will see a credit on their June bills. The remaining 2,535 member-accounts that are no longer active (not currently receiving electricity from ECI REC) will receive their credits in the form of a check that will be placed in the mail. If you do not receive a credit on your June bill, you did not receive electric service from ECI REC in 2010 or 2016. Email the Urbana office at csr@ecirec.coop or call 877-850-4343 if you have any questions.

Since ECI REC is a nonprofit organization, members pay for their electricity at cost, and any margins left over at the end of the year after all expenses are covered are allocated in the form of patronage dividends. These margins include operating margins, which are generated directly by the sale of electricity to you. They also include non-operating margins, which consist of interest from our investment of spare cash and patronage dividend allocations. ECI REC receives these allocations through memberships with other cooperatives from which we purchase goods and services.

As owners of the Cooperative, members provide equity by allowing ECI REC to hold on to these margins for a certain length of time. They are used to finance operations and system improvements, to cover the cost of maintaining the electric distribution system, and more.

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