Estate Retirement

Capital credits are the primary source of equity for most cooperatives. Allocating and retiring capital credits are two practices that make cooperatives different from other businesses.

As a cooperative, Codington-Clark Electric Co-op annually return margins (income minus expenses) to the patrons by allocating capital credits for the most recent year and if financial conditions permit, by retiring (refunding) allocations from prior years. Capital credits reflect each member's ownership in the cooperative. We keep record of each member's patronage and capital credit account balance.

To facilitate the settlement of estates, the Co-op may retire capital credits of deceased patrons or former patrons; provided, the legal representative of the estate submits to the Co-op a written request to retire the capital credited to the decedent and the Co-op's board of directors approves such written request. A copy of the request form is available below.

Recognizing the time value of money and using present value of money justification, the Co-op will discount the settlement and pay to the estate an amount equal to sixty (60) percent of the decedent's capital credit account unretired balance, coincident with the date of the request for the estate settlement retirement.

Whenever the retirement of capital credits is authorized by the board, the Co-op will first deduct from the amount authorized payable to an estate, the amount of any debts or obligations owing from the patron to the Co-op.

For questions or further information, contact the Co-op's business office.

Download the Form:

• Download the Estate Settlement Request Form

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