![]() ![]() This is not the only retirement of patronage capital made by Sawnee EMC throughout the year. “It is important for us to demonstrate through this, and many other actions, that the cooperative business model still works for our members and our organization,” states Michael Goodroe, Sawnee EMC’s President and CEO. Former members who no longer have an active account with Sawnee, and have a valid forwarding address on file, will be mailed a check to their last known address on or around April 5, 2022. It should be noted that each member’s refund will vary based on the amount of revenue they contributed to the cooperative, via their power bills, during 2003 or 2004.Įxisting Sawnee EMC members, who are receiving a refund, will receive their patronage capital retirement in the form of a credit on their March 2022 electric bill. The Board approves a retirement after it determines that doing so will not impair Sawnee’s overall financial position.Īll members who received electric service from Sawnee EMC at any time during 2003 or 2004 are eligible to receive an allocated portion of this general patronage capital retirement.Īpproximately $7.8 million will be distributed to these members, with the average refund being approximately $65.49. Sawnee EMC’s Board of Directors regularly considers the retirement of patronage capital to its members for certain periods and certain events. Patronage capital is defined in Sawnee’s Bylaws as an “allocation of the revenue in excess of operating costs and expenses” and is required by Georgia law. Each member’s assignment is based on the amount of revenue they provided the Cooperative through their electric bills during a particular year. This action will provide funds to individuals and businesses who were members of the cooperative and received electric service from Sawnee at any time during 2003 or 2004.īecause Sawnee EMC is a not-for-profit electric cooperative, each year its members receive an assignment of what is called “patronage capital” in the records of the Cooperative. This includes funds assigned for the balance of year 2003 and all of 2004. (CUMMING, GA) - Sawnee Electric Membership Corporation (Sawnee EMC) announced today that it is preparing to return approximately $7.8 million to approximately 120,208 eligible current and former Sawnee members, through a general retirement of patronage capital. ![]()
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