Freeborn Mower Electric Cooperative (FMEC) is owned and controlled by the members who use its service. It operates according to a not-for-profit business model. As a cooperative, any margin (revenue) remaining after all expenses have been paid, is returned to the members in proportion to their use of the cooperative's services, in the form of Capital Credits. This is called the Capital Credit allocation process.
Each year, the cooperative's board of directors determines whether the cooperative's financial position will allow for the return, (retirement) of the allocated Capital Credits and if so, the amount of the retirement.
A member who terminates service with the cooperative, no longer receives additional Capital Credit allocations, however the balance in the member's account is maintained until it is retired in full. It is important to notify FMEC of any address change until your account is depleted. In the case of a member's death, Capital Credits become part of the deceased member's estate. Please contact our office for more information on Capital Credits.
By law, we must hold unclaimed Capital Credits for a period of seven years in order to allow people time to claim them. After that period of time, we use unclaimed Capital Credits to fund scholarships or other nonprofit programs. If we did not use them for scholarship or non-profits, we would by statute, be required to give the money to the State of Minnesota.
We do our best to locate lost members.