La Plata Electric Association’s board of directors allocated $512,100 in unclaimed capital credits at its March meeting to support a variety of local organizations and initiatives.
Funds were allocated as follows:
$50,000 to the Community Foundation Serving Southwest Colorado to support community pandemic recovery.$60,000 to LPEA’s Round Up Foundation, which provides grants to local non-profits.$102,100 to LPEA’s annual scholarship programs.$150,000 to LPEA’s Innovative Projects Fund, which supports local initiatives.$150,000 to LPEA’s Rate Stabilization Fund, to safeguard business operations in emergency situations.Capital credits represent ownership of LPEA and are credited to members based on the amount of electricity they use. Each fall, the LPEA Board of Directors determines how much should be retired that year. Those funds are then returned to members either as a bill credit or as a check. Sometimes, these checks go uncashed, or LPEA is not able to find a valid address on file to remit them. After three years, these funds become “unclaimed” and are then used for educational, charitable or other purposes as set forth in the LPEA Bylaws.
For more information, call 247-5786 or visit www.lpea.coop.