Broad River Electric is a cooperative, which means we are a not-for-profit entity. We don't answer to shareholders—we answer to you. And when we have a good financial year, you benefit.
This is how it works: At an electric cooperative, all revenues that exceed expenses are called margins. Each year, we distribute all available margins to each of our member-owners active accounts, based on the amount of power that member purchased during the year.
Capital credits represent each member’s ownership of the cooperative.
Your capital credits remain on our books in your name until they are retired. Because capital credit retirements are made a number of years after the credits are earned and allocated to your account, members should always keep the cooperative informed of your current mailing address.
It's possible that these capital credits may not be available for payment for several years. During this time, we're using the money to pay for improvements to our system: for poles, wire, and other material.
- Member-owners who no longer have an active account receive a check for their share in the mail.
- If you've moved off our system and think you have unclaimed capital credits due you, please contact our office
- You may also be owed other refunds.
- After two years, all unclaimed funds are turned over to the South Carolina Treasurer's office and their unclaimed property program Palmetto Payback.
We also have former members that are owed refunds that have not been claimed. That list can be found here.
Some former members may have uncleared consumer refund checks from Broad River Electric in amounts over $50.00. If not claimed, these funds will be turned over to the SC State Treasurer's unclaimed property program. These funds can be, by contacting the Broad River Electric main office in Gaffney at 866-OUR-COOP. See list of unclaimed refunds.
If a member passes away, the administrator of their estate must notify the cooperative in order to claim the remaining capital credits balance.
The administrator of the estate of a deceased Broad River Electric account holder may receive estate payment for capital credit refunds exceeding $100 by doing ALL of the following:
- Providing a copy of the death certificate of the deceased member
- Submitting Broad River’s Certification of Entitlement form, completed in full
- Providing an affidavit for “collection of personal property pursuant to small estate proceeding” (from Probate Court)
- Original documentation designating that person as the Court Appointed Representative of the Estate (from Probate Court)
IMPORTANT THINGS TO KNOW
- Estate payments are mailed after the approval of the Broad River Electric Board of Directors.
- Payments to estates are made for funds up through the year of the death of the member.
- A receipt will be mailed to recipients along with a self-addressed, pre-stamped envelope. Please sign and return the receipt to the cooperative
- Certification of Entitlement to Broad River Electric Cooperative Capital Credits forms must be notarized. Broad River Electric staff that can notarize these documents, free of charge.
- All situations are unique. Please contact a Member Services Representative for more information at 866-687-2667
Broad River Electric Cooperative could owe you or someone you know some money.
There are unclaimed capital credits owed to members/former members whom Broad River Electric has been unable to locate.
A complete list is available to members and former members. An administrative fee of $4.00 per month, per account, is applied to all unclaimed monies.