Just in time for the holiday season, the Umatilla Electric Cooperative Board of Directors is delivering a special gift to its member-owners — $6 million in capital credits.
The distribution represents the cooperative’s commitment to operating on a not-for-profit basis and returning excess margins to its members. Checks will be mailed this month to member-owners who received service during 2011, 2019 and 2021, with amounts based on their energy usage during those years.
“Being able to give back to our members during the Christmas season is always a gratifying time for our cooperative,” said UEC Board President Bryan Wolfe.
As a member-owned cooperative, Umatilla Electric operates differently from investor-owned utilities. When members pay their electric bills, they build equity in the cooperative. Any funds collected above operational costs — known as margins — are assigned annually to member-owners as capital credits.
Each year, the member-elected board of directors reviews the cooperative’s financial position to determine the most prudent amount of capital credits to distribute while maintaining the cooperative’s financial health.
Member-owners who received service during the specified years will automatically receive their checks, though amounts of $10 or less will be retained in member-owners’ capital credits accounts until reaching that threshold in future distributions.
For member-owners looking to make a difference in their community, UEC offers the option to donate all or part of their capital credits refund to the UCARE program. This initiative provides assistance to members facing financial challenges, with Umatilla Electric matching member contributions to amplify the program’s impact during the holiday season.
The cooperative also maintains a list of unclaimed capital credits from previous years. Member-owners who received service in 2005, 2006 and 2018 but haven’t received their payments may be listed on the unclaimed capital credits roster, available here. These unclaimed credits must be claimed by December 31, 2024, or they will be forfeited to the cooperative.
Since initiating capital credits refunds in 1960, Umatilla Electric has returned nearly $130 million to its member-owners. This consistent practice of returning margins to member-owners distinguishes the cooperative model from traditional utilities.
Members with questions about their capital credits or those who need to update their mailing address can contact Umatilla Electric at 541-567-6414.
