LIHU‘E — The Kaua‘i Island Utility Cooperative announced on Friday that it will begin issuing 2010 patronage capital refunds and updated patronage capital account information to members as early as next week.
“This year, instead of sending checks, KIUC will be issuing bill credits to member accounts during the July billing period to avoid the added expense of cutting individual checks,” said Barbara Nagamine, manager of KIUC member services, the department responsible for assessing the credits.
Patronage capital comes from the money a cooperative has left over after paying all of its expenses in a given year, a KIUC statement said. At the end of the year, that money is credited to each member’s patronage capital account according to the amount the member paid for energy used.
“If the refund amount is more than $10 and the account is inactive, it will be refunded in the form of a check,” Nagamine said. “If it is less than $10 and the account is inactive, it will remain in the member’s patronage account until the cumulative amount is $10 or more. The average residential consumer of 425 kilowatt hours per month can expect a retirement amount of approximately $10.66.”