WHAT’S NEW?
SMECO belongs to its members. As owners, members have a responsibility to help finance their business. They do this by using our services and by allowing the Co-op to retain any money collected in excess of actual operating costs. The money is used to build and maintain the facilities needed to serve the Co-op’s members and to service our long-term debt. This money is considered to be capital furnished by the members—capital that will be returned to the members at a later date.
Capital Credits are refunded at the discretion of the Board of Directors whenever the Board determines that the financial condition of the Co-op will not be impaired. Because you may receive Capital Credits in the future, it is imperative that you keep the Co-op informed of your current address.
When you discontinue service with SMECO, we ask you to give the Co-op a current mailing address and notify SMECO of any subsequent address changes so that Capital Credit refunds can continue to be sent to you.
SMECO also needs to be notified by a relative or other legal representative when a customer passes away so that the account can be put in another person’s name. SMECO will refund the deceased customer’s Capital Credits to his or her estate if the account was listed solely in the deceased customer’s name. For an estate to receive a refund, a relative or representative must provide SMECO with a certified death certificate or other legal document.
Please note that customers do not receive lump-sum refund checks upon discontinuing service with SMECO, and that refunds are usually made on an annual basis upon Board approval, after considering the financial condition of the Co-op.
If you have any questions conerning your Capital Credits, contact us by .