Benefits of Membership
Membership has its benefits. Being a member allows you to vote on the Board of Trustees. Once elected, these seven trustees decide on the policies and procedures that are implemented by the cooperative's staff.
Membership also entitles you to a share of the margins, also referred to as capital credits. Capital credits are funds left over after all expenses are paid. Capital credits are retained for up to twenty years to use as working capital. They keep BEMC financially sound during emergencies such as hurricanes. Capital credits are also used to retire debt and build equity in the distribution system. Each year, the Board of Trustees votes on whether or not to retire capital credits from certain years. If you were a member during the years for which capital credits are retired, you are entitled to a portion of those funds. The amount is based on how much electricity you used those years. Click here to learn more about capital credits.
All cooperative businesses adhere to these seven cooperative principles:
1. Voluntary and Open Membership
2. Democratic Member Control
3. Members' Economic Participation
4. Autonomy and Independence
5. Education, Training, and Information
6. Cooperation Among Cooperatives
7. Concern for Community
Click here to learn more about our cooperative principles.