The Garden Valley Technologies Board of Directors has approved a Discounted Capital Credit Buyout Program. For the first time in its history, GVT members can choose to receive a lump sum payout of their capital credit balance for the years 2002-2022 at a 50% discounted value. For example, if a member has a $2,000 capital credit balance, the discounted buyout amount would be $1,000. With a cap set at $3,000,000, the Discounted Capital Credit Buyout Program operates on a first-come, first-served basis. Letters were mailed to all past and current members in mid-September and included details about the program, current capital credit balance, payout amount, and an application for the program. Please see complete program details on our website at www.gvtel.com/capitalcredits.
To apply for the Discounted Capital Credit Buyout Program:
- Application window: 9:00am Monday, October 9, 2023 through 5:00pm Thursday, October 12, 2023 on a first come, first-served basis. Applications will ONLY be accepted during this application window.
- Applications received before or after the timeframe listed above will not be accepted.
- Two ways for you to apply:
- Go online at www.gvtel.com/capitalcredits/ and complete the application (this is recommended)
- In person at one of our Retail Stores in Erskine, Bagley, or Thief River Falls
- Mailed applications will NOT be accepted.
- Applications will be processed in the order they are received, emphasizing the program’s fairness.
- If dropping off your application in person, the application must be completed prior to arriving.
- Members whose applications are received before the $3,000,000 cap is reached will be issued their discounted capital credits in the form of a check via regular mail in December 2023.
- All applications received after the $3,000,000 cap has been met will not be eligible for a discounted payout. Those members will maintain their current capital credit balance and will receive future payouts as scheduled.
- Proper taxpayer identification must be included with all applications (Social Security Number or EIN).
- Applications for joint memberships must be signed by both members.
- Any uncollectable balance on a member’s account will be deducted from the discounted distribution.
- The Discounted Capital Credit Buyout Program is completely voluntary, you are not required to participate. GVT plans to continue with quarterly 85+ payouts and will future capital credit yearly distributions based on the Cooperative’s financial condition.
Application Drop Off Locations:
Monday, October 9: 9am – 5pm | Tuesday, Oct. 10 – Thursday, October 12: 8am – 5pm
Mon, Oct. 9 – Thurs, Oct. 12
206 Vance Ave. S.
Thief River Falls
Mon, Oct. 9 – Thurs, Oct. 12
1412 3rd St. W (New GVT Retail Store)
Monday Oct. 9
Old Kubiak’s Location
Corner of 1st St. & Gatchell Ave (one block from GVT)
Tues, Oct. 10 – Thurs, Oct. 12
105 Main Ave. N (GVT Retail Store)