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    Monday, October 29, 2018
    Central GA EMC Donates Unclaimed Capital Credits

    Central Georgia EMC, an electric membership cooperative headquartered in Jackson, presented checks to the Henry County Board of Education, Henry County Development Authority and the Henry County Chamber of Commerce totaling $72,510 for community and economic development activities. The checks were presented by Central Georgia EMC’s Warren E. Holder.

    The funds come from unclaimed capital credits that remain with Central Georgia EMC after five years. Unclaimed capital credits were once remitted to the state of Georgia Department of Revenue, under Georgia’s Disposition of Unclaimed Property Act. Unclaimed capital credits remaining after five years can now stay in the communities served by Central Georgia EMC for the sole purposes of funding education, economic development and 501 (c) (3) charitable organizations in the EMC service area.
    Capital credits are margins over and above the cost of providing service for members of Central Georgia EMC for a specific year, after Central Georgia EMC’s financial obligations have been met.

    According to cooperative business principles, capital credits may be returned to each customer-owner on a pro-rata basis with a schedule determined by the respective EMC management and the board of directors. Unclaimed capital credit amounts will fluctuate annually, depending on the amount of capital credits refunded to customer-owners in a given year.

    Central Georgia EMC has always been a tremendous partner for economic development in Henry County, and we greatly appreciate their support. The Development Authority will continue to use these credits to support education, workforce development and marketing initiatives in Henry County.

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