The best part about operating a cooperative is being able to serve our members. Because every member powers a little piece of Wise Electric, we think it’s only right to offer these benefits in return.
Members of a cooperative can rest assured that their interests are a priority. Cooperatives are not driven by profits, so our first and foremost goal is providing safe, reliable and affordable electricity for our members. We work hard to facilitate a better quality of life for our members and strive to embody the seven principles of a cooperative. Learn more about them at the link below.
Wise Electric is a non-profit cooperative established in 1938 for the purpose of electrifying large unpopulated rural Counties requiring large amounts of capital. Wise Electric is owned by its members/customers and therefore the membership is the stockholders and entitled to any margins or profits. Due to the structure of a rural cooperative and need for funds while keeping rates affordable, Wise Electric’s operations are conducted so the membership will through their patronage furnish capital for the Cooperative. In order to induce patronage and to assure that the Cooperative will operate on a non-profit basis, the Cooperative is obligated to account on a patronage basis to the members all profits in excess above operating expenses related to the furnishing of electric energy. Wise Electric acknowledges that this patronage capital received from the membership is to be used for capital and that the cooperative is obligated to pay by credits to the capital account of each member all margins in excess of operating cost and expenses. The Coop will keep records so at the end of the year the amount of the capital credit, if any, by each member is clearly reflected and credited to their account as capital credits.
At any time the Board of the Cooperative determines the financial condition of the Coop and as long as the Cooperative will not be impaired, the member’s capital credits may be retired or paid ether in full or partial payment. These capital credits are paid in order of priority according to the year in which the capital was furnished. Wise Electric has been retiring or paying these credits accordingly and have retired all capital credits up to 2000. These credits are applied to current member’s bill around December or a check is issued to members who no longer have an account.
Just as members own Wise Electric, Wise is a member of Brazos Electric that provides Wise and other Cooperatives with energy through transmission services, Brazos is non-profit just as Wise is and provides capital credits in the same fashion. Brazos has retired or paid these credits out to Wise Electric and Wise has passed these credits on to its membership paying Brazos credits through 1982.
If you have any questions concerning Capital Credits please contact the main office.
Rheem Marathon® Water Heaters – Marathon water heaters are the longest lasting and most energy efficient heaters on the market. Six-month interest free financing is available to members in good standing with the cooperative.