Snapping Shoals EMC Supports Economic Development in Henry
Snapping Shoals EMC, an electric membership cooperative headquartered in Covington, recently presented the Henry County Development Authority with a check for $3,000 for community and economic development activities. The check was presented by Snapping Shoals EMC’s Ray Cheek.
As a non-profit organization SSEMC's capital credits, or margins, are the revenues that are over and above the cost of providing service for the electric co-op's customer-owners. These are required by lending institutions to establish financial strength for loans.
Snapping Shoals EMC routinely refunds these capital credits to its members when its board of directors determines it is appropriate to do so. Despite all of our efforts to locate past members, there are always those whom we cannot locate to return their patronage capital. Legislation passed in 2005 allows EMCs to retain these unclaimed capital credits that historically would be turned over to the state. The unclaimed funds are used to support Snapping Shoals EMC's various educational programs, as well as other community and economic development projects.