One of the many reasons Mid-Carolina members look forward to springtime is because it's the time for checks to appear in some members' mailboxes.
Capital Credits are a benefit of membership in a member-owned utility. Each year Mid-Carolina uses the revenues that exceed operating costs as equity.
These funds and borrowed capital allow Mid-Carolina to serve a growing number of members while implementing the latest technology to provide the best possible service. As a not-for-profit utility, Mid-Carolina later returns these revenues to the member-owners who originally paid them in their electric bills.
MCEC has been returning Capital Credits to our members annually since 1980. Every year, our members receive Capital Credits statements.
The amount of Capital Credits returned to you is determined by total revenues received over expenses for the cooperative and your total energy billings for the year.
If you move, be sure to provide your forwarding address. We will send future capital credit statements and, if the Board retires capital credits in the future, checks to your last known address in our system.
You do not normally have to report your Capital Credits payment on your income tax return. However, if you have any questions concerning tax liability, consult your tax preparer.
For more information about Capital Credits, call Customer Service at 749-6400.
Mid-Carolina Electric Cooperative is trying to locate former members with unclaimed capital credits. Members receiving service between 1991 and 1999 were mailed a capital credit check(s) and the check(s) was either not cashed or returned to the cooperative by the postal service.
Please click here to see if we are holding unclaimed capital credits for you. If your name appears on the list, please submit a Claim Form by clicking here. Businesses that need to claim credits will also need to fill out this form.
Unclaimed capital credits are subject to an administrative fee of $5 per month for each account.
Each year Mid-Carolina Electric has a review of expenses completed by an independent accounting firm. The financial statements are reported each year in South Carolina Living. The report is also published in the attached document below.