Notice of Available Refund of Salem Electric Capital Credits
Who are we looking for?
We are looking for people who received service from Salem Electric in 2002 and 2003 and have unclaimed capital credits allocated to them. The names of members who have unclaimed capital credits are listed in a special insert within the Statesman Journal newspaper published March 23, 2022. The list is also posted below, and available in our office located at 633 7th Street NW, Salem, OR 97304. If your name appears on the list, or if you are the legal heir of a deceased member named on the list, you may be eligible to claim the credits.
The Salem Electric Board of Directors has declared that the capital credits will be forfeited and retained by Salem Electric unless claims to payment are made in writing by the persons or entity legally entitled thereto.
Claims must be received by Salem Electric, P.O. Box 5588, Salem, OR 97304, on or before December 8, 2022.
Request a claim form:
Call: 503-362-3601 Monday–Thursday 7:00 a.m.–5:30 p.m.
Salem Electric is a not-for-profit electric cooperative. At the end of each fiscal year, if revenues exceed expenses, margins (operating revenue less operating expense) are allocated to members as capital credits based on the amount the member paid to Salem Electric for electric service during the year. An allocation notice detailing the amount of capital credits earned is mailed to members each spring, typically during the month of May. Capital credits are then invested in the cooperative in the form of working capital, new construction, infrastructure maintenance, debt reduction, and other capital purposes approved by the Salem Electric Board of Directors. Capital credits are eventually refunded back to members by action of the Board of Directors after approximately 20 years.
No, allocated credits have no monetary value until the Board takes action to refund a portion of the credits (based on the current financial condition of the cooperative).
Each year the Board decides whether the current financial condition of the cooperative allows for capital credit refunds. The Board has adopted a policy of annually refunding 5% of the outstanding credits, which are currently being refunded in order of seniority after approximately 20 years. Capital credits are typically refunded each fall during the month of October.
When your credits become payable, a capital credit claim form will be mailed to you. You have the option to receive a check, have the credits applied to your current Salem Electric account, or donate your credits to Salem Electric’s member assistance program.
Because capital credits are used for the capital needs of the cooperative, they are not immediately payable when you leave Salem Electric’s service. Capital credits are refunded based on the Board’s current policy of annually refunding 5% of the outstanding credits, in order of seniority after approximately 20 years. To ensure payment of your capital credits, keep the cooperative informed of your current mailing address.
If a member should die before their credits have been refunded, the member’s heir can claim the credits by contacting Salem Electric. The member’s capital credit account will remain open until all of the credits have been refunded.
Yes, credits can be assigned (given) to another person or entity, or donated to Salem Electric’s member assistance program by completing the proper documentation.
If credits are not claimed within four years after becoming payable, they may be forfeited through action by the Board of Directors and returned to Salem Electric.