South River EMC mails refunds to members
Being a member of South River Electric Membership Corporation has benefits. This month, the nonprofit electric cooperative refunded $2,630,157.55 to its members as capital credits from the years 1994 and part of 1995.
As a cooperative, South River EMC does not earn profits, but any revenue exceeding the cost of doing business is allocated to be returned to the members based upon their kilowatt-hour purchases for that year. South River EMC uses the money as operating capital for around 19 years before it is returned to the members.
The Cooperative mailed 14,160 checks totaling $2,139,672.34. An additional 4,315 refunds were applied to outstanding balances. Several refunds were held because the Cooperative does not have a valid forwarding address. Although the Cooperative does try to keep an address for members who move out of the service territory, this is not always possible. If you feel you may be eligible, you can visit sremc.com (click on the My Cooperative tab and Capital Credits) and see a listing of unclaimed credits.
Murphy-Brown LLC, the livestock subsidiary of Smithfield Foods, Inc. will receive a refund of $23,884.83. Also of note, Cumberland County Schools will receive $21,692.66 and Harnett County Schools will receive $16,160.
South River EMC is a locally-owned and operated electric cooperative, which provides electric service to 42,000 homes, farms and businesses in parts of Harnett, Cumberland, Sampson, Johnston and Bladen counties.
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