Umatilla Electric Cooperative members who received power in 2015 will receive a Capital Credits refund in April.
At this time, UEC’s Board of Directors has approved a total of $1 million to be returned to members, which represents a portion of the cooperative’s 2015 margins.
Each member will receive approximately 1 percent of the amount they spent on energy received from UEC during 2015. If the amount is $10 or greater, you will receive a check that will be mailed on approximately April 10. Amounts under $10 get held until future retirements bring the aggregate up to $10.
UEC is operated on a not-for-profit basis. When you pay your electric bill, you also are accumulating equity in the cooperative.
The equity comes from UEC’s remaining funds once all the bills have been paid. This equity, called margins, is annually earmarked for members based on the amount they contributed to previous year margins.
Whether this refund is taxable depends on whether you claimed your electric bills as a business expense. Most refunds for residential bills are not taxable; check with a tax accountant if you are in doubt.
If you no longer receive service from Umatilla Electric, please notify UEC of changes in your mailing address so any future refunds will reach you.
If you have questions regarding your refund, please call Umatilla Electric at 541-567-6414 in Hermiston or 541-481-2220 in Boardman. Our toll free number is 1-800-452-2273.
