Story Contact: Blake House
Phone: 678-455-1510
E-Mail: blake.house@sawnee.com

 

SAWNEE EMC ANNOUNCES A SPECIAL RETIREMENT OF PATRONAGE CAPITAL

(Cumming, July 21, 2008)— Sawnee Electric Membership Corporation, a member-owned, “not-for-profit” electric cooperative, announced today that it is preparing a refund through a special general retirement of patronage capital, to customers who were members in 1983 and/or 1984.  The Cooperative stated that approximately $1.36 million will be returned to eligible members; current members who received service during this period will receive a credit on their electric bill and former members who no longer receive service from Sawnee will receive a check in the mail.

The refund represents the revenue in excess of operating costs and other funds received from associated organizations that were assigned to each member’s electric account for the year 1983 and a portion of the funds assigned for 1984.  The refund will be issued in the form of a credit in the month of August for existing consumers who were members in 1983 and/or 1984.  However, the former members who no longer have an active electric account with Sawnee EMC will be mailed a check to their last known address on or around August 15, 2008.

“We are so glad to be able to make this “special” general retirement of patronage capital at this time” remarks Michael A. Goodroe, President and CEO of Sawnee EMC.  “It is important for Sawnee EMC to demonstrate through this action that the cooperative business model works for our members and our organization” he added.  “This decision was carefully considered by our Board and at this time, given the overall financial health of the organization, we are pleased to undertake this action”. 

Blake House, V.P. of Marketing and Member Services, added that “the cooperative routinely evaluates patronage capital refunds; for 2008, the refund relates to 1983 and 1984, and the average refund for each residential account from those years is $51.00 from this combined action”.  “This is a welcomed relief to our members during higher summer bills, stressful economic times and increasing pressure from natural gas and gasoline costs” he added.  “There may come a time when we cannot make a general retirement of patronage capital, but for 2008, we are pleased to be able to do so”. 

Patronage capital retirements are reviewed annually by Sawnee’s Board of Directors and based on the overall financial health of the organization, the bylaws of the corporation and other governing restrictions, a decision is rendered on whether a refund should be made or not.

It is also important to remember that Sawnee EMC refunds patronage capital upon demand to the estates of deceased members.  If you are the executor of an estate and you have not previously requested a patronage capital refund, you should contact our Customer Service Center at 770-887-2363 to learn more about this program.

Former members of Sawnee EMC can also see if they are owed previous refunds by visiting our Website where we have published the names of individuals we were unable to contact concerning past patronage capital refunds.  To find out if you or someone you know has an unclaimed refund, simply visit our Web site at www.sawnee.com.  Once you are on the homepage, click on “Unclaimed Property For 2002” (e.g. link on the left side of the page).  At this site you will also find a downloadable request form and a list of previous unclaimed property recipients.  Feel free to contact Sawnee EMC if you are not sure and need further assistance with this review. 

Sawnee EMC is a locally owned and operated electric cooperative that supports the principles that have made cooperatives the most successful public-private partnership in our government’s history.  These cooperative principles also anchor Sawnee EMC firmly in the communities they serve and help ensure that they keep their members’ best interest at heart.

About Sawnee EMC:

Sawnee Electric Membership Corporation is an electric distribution cooperative headquartered in Cumming, Georgia.  Sawnee serves electricity to over 148,000 accounts in seven (7) counties of greater north Georgia.  Sawnee’s assets exceed $467 million with annual energy sales of 3.01 billion kWh and annual revenue of $291 million.  With over 300 dedicated employees, Sawnee’s team of professionals meets the needs of its member-owners through its complex network of over 9,700 miles of distribution facilities.  We are more than just electricity, we’re service.