In April, the Board of Directors of East-Central Iowa Rural Electric Cooperative voted to retire $783,775 in patronage back to its member accounts. Dividends from the Cooperative’s profits in 1995, 2006, and/or 2012 were returned in June. ECI REC sent checks to former members.
The 90-day window to cash these checks has now passed, and the people listed in the latest Heartland Link (page 12-13) have not yet cashed their checks. These dividends will be forfeited to the Cooperative if not claimed within one (1) year.
Past members no longer receiving power from ECI REC are still eligible to claim dividends from these years, but ECI REC will require personal identification and/or legal documentation from these people to confirm their membership.
Current members received credit on their June bills, according to Teresa Floyd, ECI REC manager of finance and consumer services. “By crediting members’ bills and not mailing checks, we saved over $5,000.” Members receiving electricity during the applicable years saw a line item on their bill labeled: “Deferred Patronage Dividend.” If a current member-consumer did not purchase electricity from the Cooperative in 1995, 2006, and/or 2012, there was no credit.
If you have any questions about the credit you received, or did not receive, please call us toll-free 877.850.4343.
If you know of someone listed in the Heartland Link, please contact that person, or next of kin, and ask them to contact our office. People not able to present the necessary documentation may not contact ECI REC on the behalf of a listed member.