Mid-Rivers Telephone Cooperative, Inc., recently released a payment of capital credits to the Cooperative’s members and patrons, with a capital credit retirement totaling $1,134,545.95. The 2024 retirement includes a portion of the 1996 patronage allocation and portion of the 2023 patronage allocation.
Retirement and payment of capital credits is made only if the financial condition of the cooperative permits, as determined by the Board of Trustees.
For the first time, Mid-Rivers was able to apply the retirement amounts as credits on active patron accounts this year, in response to requests from many patrons during previous years’ retirements. All active patrons received their full capital credit retirement as a credit to their September bill, allowing every dollar of the retirement to go back to patrons rather than being lost in the mail or misplaced. The 2023 allocation amount is also printed on active patrons’ September billing statement.
Checks to inactive patrons for the 2024 retirement will be mailed August 30, 2024.
Cooperative businesses are owned and democratically controlled by their members. Receiving a capital credit retirement is one of the many benefits of utilizing the services of a cooperative. Any profit is distributed to patrons in proportion to their use, or “patronage,” of the cooperative’s services. Mid-Rivers uses both the “first-in, first-out” and the percentage methods of distribution, allowing both new and past patrons the opportunity to share in the benefits of the cooperative by receiving capital credit payments.
Including the 2024 payment, Mid-Rivers has returned over $57 million in capital credits to its patrons.
