Palmetto Electric Cooperative | About Us

Unclaimed Capital Credit Checks

Click the link below to view a list of people or businessess that have unclaimed Capital Credit Checks. If these refunds are not claimed, they will escheat to the State of South Carolina and not be recoverable from Palmetto Electric Cooperative.

Unclaimed Capital Credit Check List.

Capital Credits are the difference between your Cooperative's operating costs and revenues. Because Palmetto Electric is a non-profit cooperative, any revenues left over after expenses are returned to you, our member-owners. Each spring, we send you a statement showing the amount of your Capital Credits for the previous year. Capital Credits are then paid with board approval after review of Palmetto Electric's financial statement.

Capital Credits will be disbursed in May for members who attend our Annual Meeting and had service in 1983 and/or 2011. Capital credits of $10.00 or less will be applied to the members' active accounts. Members with capital credits greater than $10.00 will be issued checks as usual. Inactive members will be issued checks in December when the remaining Capital Credits are disbursed. The amount of electricity you used during those years will determine the amount of your capital credits.

Capital credits represent excess operating capital and ownership equity in the Cooperative. The $1.5 million that Palmetto Electric is returning this year is a return on your investment in your electric cooperative. This is one of the many benefits of being a member-owner of Palmetto Electric Cooperative.

Why not consider donating your Capital Credits to Palmetto Electric's Operation Round Up program? This is a tax deductible donation and all proceeds assist needy individuals and organizations in Beaufort, Hampton, and Jasper counties. To make arrangements to donate your Capital Credits contact one of our local offices or call toll free 1-800-922-5551.

As a member of Palmetto Electric Cooperative, you are also one of our owners. You elect the board of directors and you have a voice in the way your Co-op is managed.

Cooperatives exist to provide members with electric service on a non-profit basis. Investor-owned utilities, on the other hand, create a rate structure that will maximize their profits so they can pay dividends to their stockholders.

Cooperatives also collect more money than it costs to provide electricity, but in a Co-op these "margins" do not belong to the corporation. Capital Credits belong to individual consumers who pay their monthly electric bills.

These excess earnings are accumulated in order to provide financial stability for your Cooperative. This financial stability helps keep rates at a competitive level by reducing the amount of funds that have to be borrowed by your Cooperative.

Each time you pay your electric bill you are making an investment in your Cooperative. This excess capital is the only form of equity a consumer-owned utility has, and as it accumulates it is assigned to each member's capital credits account.

Whenever Palmetto Electric Cooperative's finances permit, we return capital credits to our members. The decision is made by our board of directors after a thorough examination of the Co-op's financial position.

Prior to our Annual Meeting, members receive a statement with their total billings for electrical service for the previous year, which is referred to as patronage. This statement indicates the amount of capital credits accrued under each account. The amount of capital credits is determined by the excess revenues over expenses for the cooperative.

If you move out of the Palmetto Electric service area, you should leave your forwarding address with us so we can send your capital credits refund to you.

At this time, the only way an account can be "retired" or refunded in full is upon the death of the member.

You do not normally have to report your capital credits payment on your income tax. However, if you have questions concerning tax liability, contact the IRS or your tax preparer.