Rebates which may equate to around one month’s bill are coming next month to members of Kaua‘i Island Utility Cooperative, a KIUC spokesperson said. Representatives of the U.S. Department of Agriculture’s Rural Utilities Service (RUS) and the National Rural Utilities
Rebates which may equate to around one month’s bill are coming next month to members of Kaua‘i Island Utility Cooperative, a KIUC spokesperson said.
Representatives of the U.S. Department of Agriculture’s Rural Utilities Service (RUS) and the National Rural Utilities Cooperative Finance Corporation (NRUCFC) have approved KIUC leaders’ request to give rebates totaling around $1.8 million dollars back to members.
The process is known as “retiring patronage capital” in co-op lingo.
“This is the way co-ops work. If there’s money (margins) left at the end of the year after all our bills are paid, each member is given a share of these margins allocated to their patronage-capital accounts and, with the approvals from RUS and NRUCFC, the time has come for members to receive a refund,” said Alton Miyamoto, president and chief executive officer of KIUC.
“That’s the philosophy behind member ownership. There’s a lot of excitement around here today (Tuesday),” Miyamoto added. “We’re thrilled with the approval from RUS/NRUCFC.”
“Being paid for patronizing your own company is another significant, tangible benefit of being a member of a cooperative,” said Gregg Gardiner, KIUC board chairman.
“The board of directors of KIUC couldn’t be happier with the news from RUS/NRUCFC,” said Gardiner.
“As a cooperative, we are here to provide a service, not a profit,” said Faye Akasaki, KIUC vice president of member services, the department responsible for issuing the refunds.
“Now it’s time to get to work and get those refunds out next month,” she added. “This is one of the best things about being a cooperative — giving back to members their fair share of the margins.”
Members can expect refunds in mid-May, she concluded.
