Jefferson Energy Cooperative is a non-profit, member-owned electric cooperative. Although cooperatives are considered non-profit organizations, they still have to make a certain amount of margins to satisfy the requirements of their lenders. As part of the cooperative business model, these margins are treated as capital, contributed by the membership to the cooperative, to help keep rates low, and to reduce the cost of borrowing funds for capital needs such as power line construction, transformers, inventory, and other equipment.
At the beginning of each year, members are allocated a portion of the previous year’s margins – called Capital Credits – based on the amount of electricity purchased from Jefferson Energy Cooperative that year.
The Jefferson Energy by-laws and Equity Management policy allow for Capital Credit retirement if the board of directors determines it will not adversely affect or impair the cooperative’s financial position. Additionally, the board of directors determines when and how much money may be refunded through what is called a general retirement. Once a retirement of capital is approved, members will receive a check for their portion of the margins retired for the service years designated by the board of directors.
Jefferson Energy Cooperative’s by-laws also provide for the early retirement of a deceased member’s capital credits in a discounted, present-valued, lump sum payout. The lump sum payout may be refunded for all remaining service years, up to and including the year of the death of the member. A representative of the deceased member’s estate must complete a Capital Credit Estate Application in order to receive the discounted lump sum payment.
As a member of Jefferson Energy Cooperative, you not only get the benefit of affordable, reliable electric service, but the opportunity to receive a return on your investment in the form of Capital Credits. For more information on Capital Credits, please call a Member Service Representative at 1-877-JEFFERSON.
In compliance with O.C.G.A. § 44-12-236 of The Disposition of Unclaimed Property Act, Jefferson Energy Cooperative is attempting to locate members whose capital credit checks were issued in 2011, but which have been returned by the United States Post Office as “undeliverable” or have otherwise been unclaimed. These returned capital credits are for patronage allocated during years 1977 - 1978.
A current list of these members, and their last known addresses, is posted on the JEC website (www.jec.coop) and maintained at our corporate office located at 3077 Highway 17 North, Wrens, Georgia for review from 8:00 a.m.–5:00 p.m., Monday through Friday. If you believe you may be entitled to receive a patronage capital allocation that was paid by Jefferson Energy Cooperative in 2011, please contact Customer Service at 1-877-JEFERSON. To claim these funds, you must show adequate proof of identity as well as provide information relating to your membership account with Jefferson Energy Cooperative.
The last possible date to claim these funds is September 29, 2017. If capital credit refunds are not claimed by this date, they will be used for economic development, education, or donated for charitable uses, as permitted by O.C.G.A. § 44-12-236.
You can search the Unclaimed Capital Credit lists by name or by address below.