United Cooperative Services distributed member dividends totaling $4.7 million to current and former member-owners in parts of 14 counties.
For more than 30 years, United’s Board of Directors has elected to allocate member dividends. As a result, approximately 50,000 member accounts will be the beneficiaries of a member dividend check and more than 24,000 member accounts will have their member dividends applied to their October bills.
“Since 2000, United has distributed more than $50 million in member dividends,” said United CEO Ray Beavers. “These member dividends represent the member-owners’ return on equity in United Cooperative Services.”
When members pay their electric bill each month, they’re not only paying for service but investing in the company in which they own. As a result of that equity stake in the business, United members share in cooperative margins. After paying for all operating costs for the fiscal year, members may receive a part of the money left over.
Member equity is the essential tool for United to build, maintain and upgrade the facilities necessary in providing service.
“Receiving a member dividend demonstrates how this electric cooperative is united with and committed to its members,” said Beavers.
“United’s electric rates have a history of being among the lowest in Texas — something the co-op hopes its members are as proud about as United’s 153 employees and the seven board members who direct the policies that exemplify what a member-owned electric cooperative embodies,” said Beavers.