From the by M.D. Fletcher |
January 2010 |
|
Well, I don't know about you but I'm glad that's over. The naught decade has finally passsed and we can all hope that the next ten years are a little kinder to us all. Of course, my magic 8-ball says it's too soon to tell, but I predict the next ten years will be a lot like the last ten years, only different. All we can do is our best to make things just a little better. One of the important ways the Cooperative strives to make things just a little better is through our Scholarship Program. Since 1986, Columbus Electric has awarded hundreds of scholarships to deserving members and their immediate families. Many of these have gone on to be teachers, veterinarians, business owners and various other professionals. The Scholarship Program is also a clearly identifiable demonstration of one of our fundamental underlying principles, that of involvement in the communities we serve. The funding for the program comes from unclaimed capital. Unclaimed capital is created in several ways, the most common being returned Capital Credit checks. The Cooperative periodically retires Capital Credits. Capital Credits represent the amount of capital contributed by individual members that exceeds what the Cooperative needs for its operation. In other words, Capital Credits are profits earned during any given year and they are returned on a first-in, first-out basis. Whether or not Capital Credits are returned depends on the financial condition of the cooperative and the Board of Trustee's determination of what's best for the members over the long run. Lower rates are a high priority at Columbus Electric and the cash generated by excess capital is generally used in lieu of additional financing, thereby avoiding having to raise rates to finance system improvements. Individual member-consumer records, however, are kept forever until the Capital Credits are eventually returned. The last Capital Credit rotation was for credits earned in 1972. Of the $100,000-plus sent out, about a third was returned to the cooperative as undeliverable. Now, absent the Scholarship Program, those funds would have to be returned to the state government, which as we all know, would promptly squander it north of I-40. |
So, thanks to the Scholarship Program, those funds are instead put to good use in furthering the education of the families of our members. Replenishing the Scholarship Program is always a challenge. The Board of Trustees has recently implemented a Round-Up Program in which members may elect to have the Co-op round-up their monthly electric bill to the next highest dollar. So if your bill is, say, $98.50, you may authorize our staff to bill you $99.00 and the additional fifty cents would go into the Scholarship Fund. Then at the end of the year, we would include a total funds contributed statement in your January billing, The average additional amount would be six bucks, which, in and of itself doesn't seem like much but if everybody did it, would make a huge and beneficial difference to the recipients of the scholarships. In this way, members will be helping members and we will all benefit. All it takes is a phone call to the office or a note on your next payment to get started making this relatively painless yet important difference. So do it for the kids, ok? Now, there are a number of folks out there receiving this newsletter that are not currently members but at one time or another had asked to continue to receive the newsletter after they had moved on. These are generally people of discerning literary taste who, despite that fact, have happened somehow to appreciate my humble monthly offering in this space. To these folks I say, God bless you and I hope those mood elevators keep working for you. But there's no such thing as a free lunch (except, of course, if you happen to be elected to Congress) so I would appeal to these gifted and articulate individuals to kick in a buck or two to the Scholarship Program as well. And when I say a buck or two, I mean folding money, for goodness sake. It's all tax-deductible and you'll be making a positive contribution to some well-deserving young person's life and future livelihood. There are few things more powerful than an education so, quick like a bunny, make your check out to the Columbus Electric Scholarship Fund and drop it in the mail back to this office. You'll feel good about it and I will personally appreciate it. And together, we'll make things a little better. |
