CVEC issues capital credit refunds
Published 2:59 pm Thursday, June 2, 2016
ARRINGTON — The Board of Directors of Central Virginia Electric Cooperative (CVEC) recently authorized $1.1 million in capital credit refunds to cooperative member-owners.
According to a press release, the funds were distributed by mailed check, if the refund exceeded $100, while bill credits are now being applied for refunds below $100.
Vice President and CFO Tina Mallia said, “One of the benefits of belonging to a cooperative is that it is a not-for-profit organization that provides a service at cost and returns any remaining funds.”
This is the seventh-consecutive year that CVEC has issued capital credit refunds, reaching a total of $14.2 million returned to the members over the years.