Iowa Lakes is a not-for-profit 501c(12) Cooperative, and member-owners that have purchased electricity and services from Iowa Lakes Electric Cooperative share in the profits or margins that remain after year end. Those margins remaining after operating expenses are reinvested for a short period of time to provide member-owners with competitive, reliable and safe electric service.
Iowa Lakes Electric Cooperative's Board of Directors, democratically elected by it's member-owners, decides when the Cooperative's equity base is sufficient to return capital credits to member-owners. As of December 2009, Iowa Lakes Electric Cooperative has returned over $7 million in capital credits and $3.6 million in margin rebates to member-owners.
Capital credits are normally returned to the member-owners after 15 years and are used as equity capital, whereas margin rebates are promptly returned to current member-owners who have utilized Iowa Lakes Electric Cooperative's electric service from the current or prior year.
Click here to view a list of unclaimed property. If you are or know someone on this list, please call 800-225-4532 and speak with Barb at ext. 6744.
Heirs of member-owners of Iowa Lakes Electric Cooperative may choose payment of capital credits of estates on a discounted basis on remaining years or continue with normal retirement and receive a check annually until the entire amount is paid out.
Form A: Application for Payment of Deferred Patronage Dividends
Estate retired on a discounted basis. Heirs will receive one check that will be the total patronage due, minus the forfeited amount for early withdrawal. Should the heirs choose Form A, applications are processed on a quarterly basis. The applications must be properly completed, notarized and received in our office by March, June, September or December in order for payment to be processed. The Board of Directors approves the applications on a quarterly basis.
Form B: Application for Payment of Deferred Patronage Dividends of Deceased Member to Third Party and Indemnifying Release.
Estate continues normal retirement. A check will be issued on a yearly basis until all patronage is paid out. If Form B is chosen, the annual dividend payments due the estate will be processed and mailed during the summer of each year. This form must also be completed, notarized and returned to us at your earliest convenience.