Claverack is a member-owned, not-for-profit electric cooperative. As a not-for-profit, any funds remaining after expenses have been paid each year, also known as margins, are allocated back to our members. These allocated funds, called capital credits, accumulate each year you remain an active member on our lines.
What is the Notice of 2023 Capital Credits Allocation that I received in the mail?
The allocation notice mailed in June of 2024 shows the capital credits which have been allocated to your account(s) for the year 2023. You will notice that there are two types of allocations – Coop and G&T.
The cooperative allocation is based on the amount you paid to the cooperative for electric service during 2023. The G&T allocation is a result of capital credits assigned to Claverack REC from Allegheny Electric Cooperative and is based on the amount of electricity you purchased for the year.
Rather than being returned immediately to members, capital credits are often first used as working capital for new construction and system improvements, reducing long-term debt, and helping keep rates as low as possible.
Once new construction and system improvement needs are met, and based on the financial condition of the cooperative, the board of directors may authorize a retirement of capital credits. When a retirement of capital credits occurs, all active members will receive their retirement in the form of a bill credit. Inactive members will receive their retirement in the form of a check. It is very important that all inactive members (members who no longer have service with Claverack) update the cooperative with address changes as they occur so that we can ensure your retirement checks will reach you.
Please note that the "Notice of 2023 Capital Credits Allocation" is not a bill, nor can these amounts be applied to your electric service account, this is simply an informational notice.
When can I expect to receive my next capital credit retirement?
Claverack is pleased to announce that $916,000 in capital credits will be returned to past and current members of the cooperative who had active service during the years 1993, 2008, and/or 2009.
Active members will receive their portion of the retirement of capital credits on the bill that you receive in July 2024.
Former members (who no longer have service with the cooperative) will receive a check by mail if it is greater than $10 (credits remain on the account until the $10 level is reached, at which point a check will be issued.) These checks will be mailed in early July. Please be sure that your mailing address is always up-to-date with us so your check is successfully delivered.
IMPORTANT INFORMATION:
Unfortunately, we have been unable to deliver checks to many former members because we don't have their current address. We need your help to locate these former members so that we can return their funds. Click here for more information and to review the full list.