Central Georgia EMC, an electric membership cooperative headquartered in Jackson, delivered 22 checks this month totaling $93,430 to area Chambers of Commerce, school boards, and Industrial Development Authorities throughout its service territory, including Henry County.
Central Georgia EMC’s Warren E. Holder presented checks to the Henry County Board of Education, Henry County Development Authority and the Henry County Chamber of Commerce totaling $28,200 for community and economic development activities.
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 unique cooperative business principles, capital credits may be returned to each member on a pro-rata basis with a schedule determined by the respective EMC management and the board of directors. The amount of unclaimed capital credits will fluctuate annually, depending on the amount of capital credits refunded to members in a given year.
Source: Henry Herald - October 29, 2015