August 24, 2007

FKEC Board of Directors Vice President Gretchen Holland (center) presents a capital credit refund check for $1,162.04 to Key Largo Fisheries owners Rick Hill (left) and Tom Hill.

FKEC Refunds Nearly $800,000 in Capital Credits

A total of $792,903 is being refunded to Florida Keys Electric Cooperative members as Capital Credits this year.

As a not-for-profit cooperative utility, Florida Keys Electric Cooperative allocates its margins -- the revenues earned in excess of the cost of doing business -- to its members. Margins are retained by FKEC for a number of years to improve the electric system and to avoid borrowing money. These margins are then returned to members as Capital Credits.

This year's Capital Credit refund represents 40 percent of FKEC's margins from 1990. Refunds are based on the amount of revenue each member paid in 1990, so refund amounts vary in proportion to the amount of electricity each member used that year.

FKEC has issued 11,556 refunds in the following amounts: 35 larger than $1,500; 24 from $1,000 to $1,500; 544 from $100 to $1,000; 793 from $50 to $100; 2,984 from $25 to $50; 4,031 from $10 to $25; and 3,145 less than $10.

Active account holders due less than $20 do not receive checks; they instead receive credits on their monthly bills.

Key Largo Volunteer Fire-Rescue Department received a check for $383.12, which they will return to Monroe County because the county paid their electric bill when the capital credits were accrued. Pictured from left: Firefighter David Garrido, FKEC Vice President Gretchen Holland, Firefighter Maritza Guatemala, FKEC President David Ritz presenting the check to Lieutenant/Director Mike Jenkins, Fire Station Manager Linda Newman, FKEC Director Jim Boilini, Firefighter Luis Cespedes, and Logistics Officer Frank Moc. Jenkins also works for the electric utility as a System Operator.

Members receiving checks in the wrong name or in the name of a deceased member should contact either the Tavernier office (852-2431) or the Marathon office (743-5344) for the appropriate forms.

Capital Credits transfer forms currently available online:  

* Application to Transfer Capital Credits of Deceased Members (4 pages)
* Affidavit of Transfer of Capital Credits for Active Corporations (2 pages)
* Affidavit of Transfer of Capital Credits for Dissolved Corporations (2 pages)

NOTE: You must have the free Adobe Acrobat Reader installed on your computer to view these files.

For Questions & Answers about Capital Credits, click here.