There may be a check waiting for you or someone you know. Check the Unclaimed Capital Credits list and contact Itasca-Mantrap if you or someone you know is on the list. Capital Credits that remain unclaimed will be donated to charitable organizations.
Capital Credits Frequently Asked Questions
Because Itasca-Mantrap is a cooperative, owned by its members, it does not technically earn profits. Instead, any revenues over and above the cost of doing business are considered “margins.” These margins represent the members’ equity or ownership of the cooperative. This capital allows Itasca-Mantrap to finance operations and - to a certain extent - construction, with the intent that this capital will be repaid to you in later years.
Allocated capital credits appear as an entry on the permanent financial records of the association and reflect your equity or ownership in Itasca-Mantrap. When capital credits are retired, a check is issued to you and your equity in the association is reduced.
You should receive the allocation information annually after the finances for the previous year have been audited.
Capital credits are calculated by Itasca-Mantrap for everyone who purchased electricity during a year in which the utility earned margins. No special action is required to start a capital credits account. Your membership with Itasca-Mantrap activates your capital credits account.
The amount of capital credits you earn in a given year is based upon the amount of capital you contribute to the association through payment of your monthly bills. The more electric service you buy, the greater your capital credits account.
The percentage of your total payment that is allocated as capital credits varies from year to year, depending upon the success of the cooperative. Capital credits are only allocated for a year in which Itasca-Mantrap earns margins. Since capital credits are a member’s share of margins, no credits are allocated for a year with no margins.
No. Capital credits are calculated based upon a member’s monthly bills. If you are billed for service for even one month, you will accumulate some capital credits, if Itasca-Mantrap earned margins in that year.
No. Allocated capital credits may not be used to pay current bills. Your electric bill is due now, whereas you may not receive your capital credits for many years.
The capital credits of a deceased member may be paid without waiting for general retirement. However, these estate payments are not automatic. A representative of the estate must request the credits by submitting the necessary documentation and a copy of the death certificate. These will be considered by the Itasca-Mantrap Board of Directors. If retirement is approved by the Board, a check will be issued to the estate and the account closed. Forms may be picked up at the Itasca-Mantrap office or requested by phone.
Not necessarily. The Board of Directors must authorize a retirement before you receive a check. When considering a retirement, the Board analyzes the financial health of the association.
Your capital credits remain on the books in your name and member number until they are retired. Because payments are made approximately 18-20 years after credits are earned, you should ensure that Itasca-Mantrap always has your current mailing address.