Dear Callaway Electric Cooperative Members:
Be sure to see your August 2024 electric statement for details about your portion of the cooperative’s margins for 2023.
Callaway Electric Cooperative is member-owned, operating to make sure that member needs are always met, not to make a profit. In fact, Article VII of the Callaway Electric Cooperative Bylaws, provides that any money paid to the cooperative by the members for electric service over and above the cost of power and operations; and any non-operating income less losses, shall be considered “Patronage Capital” (also referred to as Capital Credits) and may be retired under conditions as set forth in the bylaws.
The “Patronage Capital” or “Capital Credit” amount listed on your statement this month (August 2024) will be retired, or returned to you at such time as the Board of Directors, subject to bylaw restrictions and approval of the cooperative's lenders, determine that the financial condition of the cooperative will not be impaired by the retiring of these credits.
Please do not pay the amount or deduct the amount from your electric bill.