LIHUE Kauai Island Utility Cooperative will begin issuing $2.5 million in 2018 patronage capital retirement bill credits to cooperative members this month.
LIHUE — Kauai Island Utility Cooperative will begin issuing $2.5 million in 2018 patronage capital retirement bill credits to cooperative members this month.
“We had excellent financial results in 2018, which allows us to exercise one of the fundamental benefits of being a not-for-profit cooperative that is owned by the members it serves,” said Allan Smith, chair of the KIUC Board of Directors.
Patronage capital is money that the cooperative has left over after paying all of its expenses and meeting its lenders’ expectations for financial stability. At the end of the year, money is credited to each member’s patronage capital account according to the amount the member paid for electricity. This is the member’s equity in KIUC.
As additional member equity funds come in year after year, KIUC is able to return some of its accrued capital credits by issuing patronage capital retirements to members. KIUC’s elected board and the bylaws determine how and when capital credits are returned to members.
At its meeting on April 23, 2019, the board approved the $2.5 million disbursement.
Since becoming a cooperative in 2002, KIUC has built $116 million in equity and has returned $37.6 million to its members, including $32 million in patronage-capital retirements.
The amount of each individual member’s retirement is based on energy usage. This year, the average amount to be returned is about $34, based on usage of roughly 500 kWh per month.
Most members will see their retirement amount as a credit on their monthly bill. Members with inactive accounts with a refund amount of $10 or more will receive a check. If the amount is less than $10, it will remain in the member’s patronage account until the cumulative amount reaches $10 or more, after which a check will be sent.
A list of frequently asked questions will be sent to members along with a statement of their patronage capital account.
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Mahalo, now you need security at the KIUC gas pumps in Port Allen. Memorial day Friday weekend I saw a guy filling up his BOAT and truck and a line of people behind him. Got pictures where do I send?? That is BIG money being stolen from the members!!!!!!!!!!!!!!!!!
That’s nice! NOW KIUC needs to put cameras up at their Port Allen Gas pump. Memorial Day wknd Friday I saw a guy filling his BOAT and truck with a line of trucks behind him. Where do I send pictures????? THIEVES!!
KIUC “Retirement Credit” has no cash value, only toward a continuing bill. Persons selling may not cash out this credit, so it becomes an unsolicited donation into KIUC accounts…. We sold in 2010 from Princeville and were NOT allowed to receive a cash value for our unused annual credit for 2010. Thank you for the continued falsehood….