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We Returned More than $7 Million in Capital Credits

We Returned More than $7 Million in Capital Credits

Posted on December 29th, 2022

Who remembers taking home a “vintage” report card from school? It was a single card stock proudly displaying the school’s name, student’s name, grade and teacher’s name on the front with printed columns on one side which reflected your adherence to (or lack of) citizenship, cooperation and other respective categories. The flip side gave way to your scholastic performance in subjects like English, math and science and was reflected as a letter grade (which many years ago, was easy to change)! The same report card was used for all four quarters of the school year, and at the end of the year, you were able to take it home for your parents to either proudly display or to hide.

I think about how First Electric would fair with a report card. In my humble opinion, our recent retirement of capital credits would get a solid A+ with over $7.55 million retired this year! The total represents a percentage of margins based upon years 2002 through 2005 and 2018 through 2021. We began this practice back in the 1940s, and I’m pleased to share that we have refunded more than $140 million to you – our members.

Okay, I joke about the report cards, but the co-op employees and directors work daily to serve our membership. First Electric members and Connect2First customers receive surveys to rate the level of service they receive. So, in essence, there actually is a report card. The surveys ask a variety of questions, but when asked about employees’ knowledge and professionalism, all scored in the mid 90s. Now, that’s an A to proudly display!

We don’t get graded on a curve, and it can’t be accomplished without all employees doing their equal part. One thing that I would like to note is our employee group has an innate desire to help our members. Yes, it’s part training, but ultimately, it’s a desire within them to help and serve. If you have a chance to visit with a co-op employee, you will notice that quality immediately!

In 2023, we hope to provide you with the best service from electric to fiber that we can accomplish. Not for the grade, but for the commitment we have made to you as members of the cooperative and customers of Connect2First. On behalf of the board, here’s to a prosperous year!

Rick Love

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