Kaua‘i Island Utility Cooperative (KIUC) will begin issuing 2013 patronage capital refunds and updated patronage capital account information beginning June 9.
Patronage capital comes from the money the cooperative has left over after paying all of its expenses and meeting its lenders’ expectations for financial stability. At the end of the year, that money is credited to each member’s patronage capital account according to the amount the member paid for electricity.
KIUC will again be issuing bill credits to active member accounts during the June billing period. However, members with inactive accounts with a refund amount of $10 or more will receive a check. If the amount is less than $10, it will remain in the member’s patronage account until the cumulative amount reaches $10 or more, after which a check will be sent.
KIUC is returning $1.4 million to members this year. The average patronage capital amount is about $16.
Since becoming a cooperative in 2002, KIUC has built $85.3 million in equity and has returned $30.5 million to its members, including $22.8 million in patronage capital.