December 2015 Issue
· Capital Credits
· Meter upgrade commences
· Directors earn credentials
· December Calendar
North Itasca Electric to distribute more than $154,000 in capital credits
by Jared Echternach, CEO
I am pleased to report that your Board of Directors has authorized a capital credit retirement of more than $154,000 in 2015. Checks are scheduled to be mailed in mid-December just in time for the holiday season. Members with fewer than $10 in capital credit allocations will have their amount rolled over into the next retirement.
Each year since 1985 your Board of Directors has authorized a retirement of capital credits to the members attempting to maintain a 20-year rotation. This year your Board of Directors authorized what is known as a hybrid method of retirement, retiring the remaining 20 percent of the co-op allocation from 1993 and 2 percent of the co-op allocation from all remaining unretired years. The philosophy behind the hybrid method of retirement is that more members and newer members will receive a capital credit check from their cooperative and experience the cooperative difference.
As a member of North Itasca Electric Cooperative you are also an owner. Any margins realized at the end of the year are allocated to the members based on the amount of electricity used. We credit this amount on an annual basis to a patronage allocation account in your name. This allocation is held by the cooperative as equity which allows us to reduce borrowing costs while maintaining your distribution plant. You can be proud of the fact that more than $4 million has been returned to members in the history of the cooperative.
Meter upgrade commences
Over the past year your cooperative has upgraded the metering equipment at each of our substations as part of a two-phase meter upgrade project. The second phase of this project is to replace the meters at each of our service locations.
We have hired Chapman Metering, a respected installation contractor who works closely with electric cooperatives, to complete our meter replacement project. This work will begin the first part of December and will take two to three months to complete. Chapman Metering crews will be working throughout our service area and will be driving white vehicles with their company logo (shown) displayed on the side. Crews will only need to access the cooperative’s metering equipment and do not need to access your home or business.
If you have any questions about this process, please contact North Itasca Electric at (218) 743-3131.
Directors earn credentials
Congratulations to directors Jim White (left) and Larry Salmela who recently earned their Credentialed Cooperative Director (CCD) Certificates.
This curriculum emphasizes foundational governance knowledge in addition to skills required
of electric cooperative directors.
December 2015 Calendar of Events
Stop and Stitch at Marcell Family Center, 9:30 a.m.-2 p.m. Bring $1, project to work on and a sack lunch. Come and go. Contact Rhonda 259-9220 or Judy at 832-3237 Note change of date for December.
Christmas Open House and Sale at North Itasca Electric Co-op headquarters in Bigfork, 8 a.m. -4:30 p.m. on Thursday; 8 a.m. until Santa leaves on Friday.
Lake Country Seniors Christmas Party, 12 noon. Timberwolf Restaurant, Marcell.
Blackduck Senior Center’s annual Omelet Brunch, Bazaar and Bake Sale, 9 a.m. - 1 p.m. Everyone welcome.
Jingle Bell Sale at Bigfork City Hall;10 a.m.-6 p.m. Fri., 10 a.m-2 p.m. Sat.
Annual craft/bake sale at the Effie Community Center, 10 a.m. to 3 p.m.