Membership in a non-profit electric cooperative does have its privileges and Capital Credits are one of those. A cooperative does not have profits, the cooperative has margins. Simply stated margins are revenues less expenses. The Woodbury County REC members are allocated a share of these margins, called Capital Credits, which are based on the amount of dollars spent on electricity during the year. Each year the Woodbury County REC members are notified of their share of the margins for the preceding year. From the time of the allocation to the actual payment, the money is used for line maintenance and construction. Capital Credits are not paid back to the members until the financial condition of the cooperative permits, at that time the Board of Directors may refund your Capital Credits to you even if you are no longer a member of Woodbury County REC. It is important that if you move off the Woodbury County REC line that you keep your mailing address updated so that when there is a General Retirement of Capital Credits that you will receive your check.
Woodbury County REC does refund 100% of Capital Credits to an estate. When a member, or a previous member that has moved off the Woodbury County REC line, is deceased the estate can request the Capital Credits refunded in full. The account can no longer be in the deceased name, any outstanding bills must be paid, papers showing the executor, and proof of death (copy of obituary, funeral card or death certificate) would be needed to get Board approval and then a check would be written.
The last General Retirement of Capital Credits was November 2021. The remaining portion of 2007 and 25% of 2008 was refunded. Below is a list of checks that have not been cashed. Some of the checks have been returned to Woodbury County REC as undeliverable. If you know a person that is listed please give us a current mailing address, call 1-800-469-3125 or 712-873-3125.