Allocation and Payment of Dividends
The Board of Directors approved a dividend payment this year in the amount of $556,734, including $421,913 from the cooperative and payments from Northeast Power of 26% of their 1992 dividend totalling $134,821. Access Energy Cooperative will pay back 57% of the 1990 dividend, and 13% of 2005.
Allocating Margins:
Your patronage dividend allocation statement notice was mailed to you in May. Once a satisfactory level of margins or profits has been determined each year by the Board of Directors, they assign the rest of the margins to our members – that's you – according to the amount of purchases you made that year. Each member has a dividend account with the cooperative, and each spring these margins are assigned or added to these accounts. This is called assigning, or allocating, margins.
Payment of Dividends:
Next the amount of dividends recorded in these dividend accounts is reviewed, as well as the cooperative's current financial position. The Board then determines whether or not to generate a dividend refund for that year. This year, the Board has authorized to pay back $556,734.
Dividend checks will be available to pick up at the annual meeting on August 1st. Any checks not picked up will be mailed in September. Checks will be sent to the most current address we have on file. The cooperative will not be printing checks for amounts under $5.00. These amounts will be added to next year’s refund.
Access Energy also offers discounting of patronage dividends to estates. If you need to contact us about an estate, or any other questions regarding patronage dividends, please call our office or e-mail our finance staff at finance@accessenergycoop.com.