Craighead Electric returns funds to members
The Board of Directors and Wayne Honeycutt, President/CEO of Craighead Electric Cooperative announces the refunding of $679,728 in capital credits to its members. This refund represents the members' share of the remaining revenue less the cost of operation for the years 1976 and 1977. Member equity is retained and used along with borrowed funds to finance the building of new lines, rebuild existing lines and improve and upgrade the system. When it is financially feasible the equity (capital credits) are refunded to the membership.
The checks will be mailed to Craighead members in December. Each member's refund amount is based on their total electric bill for the years for which capital credits are being refunded. With this refund of $679 thousand, the total amount returned to Craighead Electric members totals over $7,919,600.
If you are no longer a member of the cooperative and received a check last year you will automatically receive your check for the years 1976 and 1977. All other past members please contact the customer service office at 870-932-8301 to update your mailing information to insure former members receive their refund check.
Craighead Electric's philosophy of operating on sound, conservative business principles makes it possible to provide the most reliable service at the lowest possible cost and to return margins to those we serve. Capital credit refunds are one of the major differences between a not-for-profit electric cooperative and a for profit investor owned electric company.
Craighead Electric Cooperative serves over 27,000 members and operates and maintains over 4,600 miles of line throughout parts of 8 counties in northeast Arkansas.