Patronage Account
Guthrie County REC is a nonprofit energy delivery, which means our members own the cooperative not private investors. We are committed to providing you with safe, reliable, affordable and environmentally responsible power to our members who use our services.
Every year Guthrie County REC issues thousands of dollars back to its members in the form of what is known as patronage dividends. These dividends are refunded to our members because the Guthrie County REC needs only to cover the cost of yearly operations. Any capital over and above that cost (net profit) is collected and allocated back to our members.
As a member of the Cooperative you share in the profits of you Cooperative. The time you are a member of the Cooperative you will accrue capital in the Cooperative during the years of service. The actual cash amount that is allocated back is determined by the Cooperative’s Board of Directors. The Board of Directors may deed to hold patronage to maintain adequate cash flow; to preserve enough equity in the cooperative; and to reinvest dollars in the system improvements, new services and capital budget.
Each year you will receive in the mail a allocation outlining the total amount of equity your account has accumulated during the years of service. This allocation statement is sent as a courtesy so that you may be kept informed of your investments in your Cooperative.
Always keep the Guthrie Co. REC informed of all changes to your account. This is the appropriate way to keep your Patronage Account correct. Such changes are address changes, changes to names on accounts, these are just to list a few ideas.
Guthrie Co. REC publishes a list of all unclaimed patronage dividends in our newsletter each year. As provided by Iowa law, Guthrie Co. REC may deem any unclaimed dividends to be forfeited after three years. The abandoned property shall be used for education or economic development purposes deemed fit by the cooperative.
If you suspect you may have unclaimed dividends with Guthrie County REC, contact us at 641.747.2206 or 888.747.2206. Be sure to include your name, current address and phone number in your correspondence with Guthrie County REC. If you are making a claim on behalf of a deceased individual, please call our office.
ESTATES
Guthrie Co. REC members approved to start paying out estates all at one. Before the REC can pay out to the estates, the active account has to be put into a new owners name or disconnection of service. The REC will only pay out to one person for the estate then it is that persons responsibility to divide the check up. Guthrie Co. REC requires an uncertified copy of a death certificate, proof of executorship and a waiver, you can get the waiver from the REC office
Agreement Termination membership form
Waiver of Immediate Payment
If you are interested in finding out more information on the process of the estates, please contact Guthrie Co. REC at 641.747.2206 or 888.747.2206.
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