Special Photo: Central Georgia EMC’s Brandon Stooksbury (far left), and Warren Holder (far right), present checks totaling $7,500 to: Clayton Economic Development Director Grant Wainscott, Yulonda Beauford, of the Clayton Chamber, and Susan Patrick, of Clayton County Public Schools.
Central Georgia Electric Membership Corp., recently presented the Clayton County Chamber of Commerce, the Clayton County Department of Economic Development, and Clayton County Public Schools with checks totaling $7,500, said a spokeswoman for the consumer-owned cooperative utility company.
Christy Chewning said these checks will be used for community and economic development activities.
“These funds come from unclaimed capital credits that remain with [Central Georgia EMC] after five years,” she said. “Unclaimed capital credits remaining after five years can now stay in the communities served by Central Georgia EMC for the sole purpose of funding education, economic development and [non-profit organizations].”
Capital credits, she said, is money (credits) left over after the costs of servicing members of Central Georgia EMC for a specific year have been met, after the company’s financial duties have been discharged.
“According to unique cooperative business principles, capital credits may be returned to each member on a pro-rata basis, on a schedule determined by the respective EMC management and board of directors,” she said.
Chewning said the amount of unclaimed capital credits will vary annually. The amount is dependent on the number of credits returned to members in a given year.
The utility company, headquartered in Jackson, delivered 22 checks last month, said the spokeswoman. The checks totaled $144,890, and were handed to area chambers, school boards and industrial development authorities, she said.