It is with great pleasure to provide you with a bit of good news. Iowa Lakes Electric Cooperative board of directors recently voted to pay out more than $1.54 million in capital credits. Member-owners will receive these credits on this month's billing statement.
Iowa Lakes Electric Cooperative buys its power from two generation and transmission cooperatives, (Corn Belt Power Cooperative and Northwest Iowa Power Cooperative). Your cooperative received a $1.54 million capital credits dividends retirement from Corn Belt Power Cooperative related to our 2020 business with Corn Belt and your board of directors elected to, in turn, pass this retirement through to our membership right away. The credits will show up as a credit on this month's billing statement - a reduction in the amount owed as illustrated on the billing image below.
Patronage dividends, also known as capital credits, are a benefit of the cooperative from of doing business. As of the end of 2020, a total of $20,230,600 has been returned to the membership in the form of capital credits retirements.
Additionally, your Cooperative plans on retiring approximately $209,000 in capital credits related to 2004 along with $700,000 in capital credits related to 2019. So, if you did business with the Cooperative during either 2004 and/or 2019, make sure to watch your bill that you receive in July this year for your share of these capital credits.