10-Dec-2019BARC RETURNS $784,000 TO THE COMMUNITY
Millboro, VA - BARC Electric Cooperative is pleased to announce that the board of directors has declared patronage capital refunds (similar to a dividend) totaling $784,000, to be issued in the month of December. This is $34,000 greater than forecasted and results from strong financial and operating performance over the past year.
Refunds will be issued to members living in Bath, Rockbridge, Alleghany, Highland and Augusta counties who had electric service in 1997. If those members are still active, they will receive either a check or a credit on their electric bill. Those who are no longer served by BARC will receive a check for their portion of the retired capital credits.
BARC CEO Mike Keyser explained, “Giving this money back to our members is part of what makes electric cooperatives so different from other utilities. Owned by those we serve, we make decisions based on what’s best for the cooperative and its members.” He added, “We’re delighted to return this money during the Christmas season because that’s when a lot of members need it the most.”
As a cooperative, BARC is owned by its customers. Amounts paid for electricity cover BARC’s operating costs and provide for capital needs. Amounts above these needs are considered margins and held as an investment in the organization. Each year, the Board of Directors determines whether to return to its members a portion of that investment (similar to a dividend).
BARC Electric Cooperative wishes everyone a Merry Christmas, and strives to improve the quality of life in the community it serves in everything the cooperative does.
BARC Electric Cooperative is a customer-owned electric cooperative serving 13,000 residents, farms and businesses across five counties in Virginia. To continue to serve and meet the needs of its members, BARC constructed the first community solar garden in the Commonwealth and provides high-speed Internet, telephone and television service through BARC Connects, its wholly-owned fiber-to-the-home subsidiary. This institution is an equal opportunity provider and employer. To learn more about all the exciting things happening at BARC, visit www.barcelectric.com and www.barcconnects.net.