Tideland refunding $1.26 million in member equity for fiscal year 2025

On Thursday, November 20, Tideland EMC's board of directors approved a general retirement of member equity totaling $661,000 for members who had service with the cooperative in 1996. In addition to the general retirement, the cooperative anticipates that equity refunds to the estates of deceased members will total $600,000 by year-end. When combined, that represents a refund of $1.26 million for fiscal year 2025. 

Capital credits represent member margins that are collected through electric bill revenues and reinvested in the cooperative’s utility infrastructure. At the end of each year, Tideland’s expenses are deducted from revenue to determine the cooperative’s net operating margins. Those margins are proportionally allocated to each Tideland EMC member as capital credits based on a percentage of what each member individually paid for electricity during the calendar year. By utilizing member capital to maintain our electric system, Tideland is able to minimize its reliance on outside lenders thus reducing borrowing costs for the entire membership. That's why there is almost a 30-year lag between the time capital credits are allocated and ultimately retired. 

This year’s $661,000 general retirement will be distributed through both checks and electric bill credits

• Active account holders will receive a check in December if their account is current and their refund is $50 or more.
• All other active members with 1996 service will receive a bill credit on their December statement.
• Former members will receive a mailed check (for refunds of $50 or more) to their last known address.

These capital credit refunds serve as an important reminder to members and former members to:

• Keep your mailing address current with Tideland even if you no longer have active service so we can deliver future checks.
• Make sure your estate planning documents make reference to your Tideland membership so the executor can apply for any remaining capital credit funds.
• Avoid keeping accounts active in the names of deceased members. Any subsequent payments will continue to accrue to the deceased member's account. 
• Unclaimed capital credits are eventually forwarded to North Carolina Escheats at the State Treasurer’s office or the state of the member's last known address. To search for unclaimed cash in North Carolina click here.