In December, the Garden Valley Technologies Board of Directors returned over $459,000 in unretired capital credits to members age 85 years or older. This payout was part of a successful program designed to ensure our older members have the option to receive 100% of their unretired capital credits. This is the second consecutive year GVT has offered this payout program. In 2020, 627 members received $1.6M in unretired capital credit payouts as part of our 85+ program.
Capital credits are one of the many benefits of being a GVT member. Because co-ops operate at cost, any excess revenues (called margins) are allocated and retired to members in the form of capital credits. “As a member-owned cooperative, it’s rewarding to see these dollars go back to people in our local communities,” explains Timothy Brinkman, CEO/General Manager of GVT. “Unlike a private company or corporation, our members earn money back for every dollar they spend with us.” This capital credit payout comes just 7 months after GVT issued more than 17,200 checks to members totaling over $2.4 million. Meaning our members received almost $3.0 million in capital credit payouts in 2021 alone.
Payments of capital credits at this time of year made the holiday season a little brighter for 167 members who were part of the program. We have been pleased with the success of the 85+ program over the last two years and want to thank those who were able to participate. Based upon the Cooperative’s financial condition and other considerations, the Board of Directors will determine if this is something we will continue in the future.