As a nonprofit electric cooperative, SECO allocates its annual operating margins (revenue in excess of expenses) back to its members in the form of Capital Credits. Each year, the Board of Directors reviews the financial condition and the capital purchases budget for the upcoming year to determine how much cash can be used to retire Capital Credits.
Historically, SECO, has aggressively placed operating margins back into the hands of its members. Currently, all years prior to 2005 have been retired.
In the event of a death of an individual account member, their Capital Credits become payable. In the event of the death of one member on a joint account, that individual's proportionate share of Capital Credits becomes payable.
In either case, we require:
A copy of the death certificate
A copy of Personal Representative Appointment papers (if an estate)
An Indemnity Bond (if no estate)
Once the necessary paperwork has been received, the request for Capital Credit payment is approved at the next monthly board meeting. A check will then be prepared as instructed.