$2 Million back in the hands of some electric customers
Cherryland Electric Cooperative members will have $2 million returned to them in October.
At a cooperative, members are the owners and any excess profits are returned to them over time. The excess revenue, called margins, is assigned back to the members as patronage capital. Some members receive credit on their electric bills and some get a check in the mail.
"This is an advantage of being part of an electric cooperative," said Cherryland General Manager Tony Anderson. "Thanks to sound management practices by our board, this money will go to work in our local economy. I'm sure this will come in handy to our members."
Cherryland's board of directors approved the patronage capital refund at their regular monthly meeting on Monday.ã??