Snapping Shoals EMC recently awarded $3,000 to the Henry County Development Authority. The funds were allocated from the co-op’s unclaimed capital credits and will be used by the group in several areas.
“We are delighted to again receive the very generous contribution from Snapping Shoals EMC’s unclaimed capital credits,” said Charlie Moseley, Executive Director of the Henry County Development Authority. “Snapping Shoals 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, including programs for the Henry County Library System and the Academy for Advanced Studies.”
As a non-profit organization SSEMC’s capital credits, or margins, are the revenues that are over and above the cost of providing service for the electric co-op’s customer-owners. These are required by lending institutions to establish financial strength for loans. Snapping Shoals EMC routinely refunds these capital credits to its members when its board of directors determines it is appropriate to do so. Despite all of our efforts to locate past members, there are always those whom we cannot locate to return their patronage capital. Legislation passed in 2005 allows EMCs to retain these unclaimed capital credits that historically would be turned over to the state. The unclaimed funds are used to support Snapping Shoals EMC’s various educational programs, as well as other community and economic development projects.