Plug Into the Power of Your Co-op
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In November and December of each year, the Co-op publishes the election information and candidate form in the newsletter. Return the completed form to the co-op to be considered as a candidate by the Nominating Committee from your district. The Nominating Committee must choose two names to appear on the ballot. If more than two candidates are interested in running for a board seat, any persons not chosen may get 20 signatures from members in their district on a Nomination by Petition form, and upon submitting it the co-op with 20 valid names by the deadline for the petition, you can also be a candidate on the ballot. Directors are elected by voters in their district. Ballots are mailed to each eligible member. They may be returned by mail, in person or members may vote at the annual meeting.
Directors serve three year terms.
Any questions on voting or elections can be answered by a quick phone call to the office at 1-800-494-6272.
If you would like to attend a Board Meeting please contact the Administrative Assistant at the Co-op for details.
What are capital credits?
Each member of our Co-op is a part-owner and is entitled to share in the financial returns of the organization. Investor-owned utilities return a portion of any profits back to their shareholders. Electric co-ops operate on an at-cost basis. This means that McLeod Co-op Power allocates 100 percent of its margins (revenue less expenses) to its members who purchased electricity during the year, and retires (or pays back) those margins at a future date to those very members. We call those capital credit allocations. Between the years those margins are allocated and retired, the Co-op uses those funds as operating capital to help the Co-op pay debt and maintain the appropriate equity-to-assets balance.
Most years the Co-op is able to retire capital credits from previous years.
The Board of Directors determines, based on the Co-op’s financial position, the amount of capital credits that will be paid out. Current members receive a credit on the bill they are sent in December. Those who are no longer members will receive a check in the mail.
If unable to view the attached video for any reason, please contact us at 320.864.3148