UNCLAIMED CAPITAL CREDITS DUE TO YVEA MEMBERS
Click this link UNCLAIMED MONIES to see a list of names of those who have patronage capital refund checks that have either been returned by the postal service as undeliverable or have remained uncashed for more than 3 years. These monies must be claimed within 30 days after this notice of October 1, 2016. You may claim your funds by calling Yampa Valley Electric Association at 970-871-2251or toll free at (888) 873-9832 ext. 2251 or send an email to firstname.lastname@example.org. You will be ask to identify yourself, provide current mailing address and telephone number, and verify the years and/or location of your service with YVEA.
We strongly encourage you to contact us to update your information so that future funds may be distributed.
Yampa Valley Electric is a not-for-profit corporation formed as a membership cooperative. As such, anyone receiving electric service from YVEA is considered a member of the cooperative. Each year’s margins (profits) are allocated back to the members in the form of capital credits according to each member’s revenue for the year. These allocations are then paid back to the members as the financial position of the Association allows.
The Association mails out capital credit allocation cards to members every year, and there always seems to be some confusion about what the information on these cards means.
The traditional letters tell members how much money YVEA allocated to their capital credit account from the previous year. YVEA allocates patronage capital back to its members if there are margins at the end of the each calendar year. The allocation is based on each individual member’s use of electricity.
When financial conditions of the Association permit and upon Board approval, YVEA pays capital credits distributions. Even if members move, changed post office box or no longer receive electricity from YVEA, they need to keep the Association updated of their new address so future payments can be sent to them.
The money is not readily available to members; the cards are only for their records. The money that is allocated to their account cannot be applied to your electric bill as a credit. Member equity is the essential tool for YVEA to build, maintain and upgrade facilities necessary in providing members with reliable, economical electric service. So when members receive the red post card in the mail, it is not a bill, so please don’t pay it. It is just information about how much YVEA will pay members in future years.
Upon the death of either spouse in a joint membership, the name of the deceased person is removed and the membership is then held solely by the surviving spouse. A joint membership is not eligible for an early discounted estate retirement upon the death of one of its members. The Association does not pay allocated capital credits out of the normal rotation other than to estates of deceased individuals, and we do not pay interest on capital credits allocated and not yet retired. To attain a copy of the deceased capital credit member form, click on the blue highlighted text.
An individual member or both joint members may assign the undistributed capital credits account in writing only to successors in occupancy of all or part of your premises served by YVEA. Use the Affidavit of Transfer form to assign the credits. For more information see notice pertaining to capital credit equity accounts.