Edna Samicandro, left, and Sheila Williams, center, of Bay County Utility Services, accept a capital credit check presented by Robert Byrd, GCEC District 3, Group 3 trustee.
Gulf Coast Electric Cooperative (GCEC) is a member-owned, nonprofit organization. At the end of each year, after all operating expenses have been paid, a prorated percentage of its margins—referred to as capital credits—are allocated to GCEC members based on the amount they spent on electricity during the year.
The decision to make a refund and how much to refund is made by the board of trustees and is based on the cooperative’s financial health.
In late 2020, GCEC refunded $300,000. Of this, $50,000 was paid to estates of deceased patrons. The remaining $250,000 was split, with 25% going to those who were members in 1983 and 75% going to those who were members in 2019.
City of Wewahitchka Mayor Phillip Gaskin, left, accepts a capital credit check presented by Doug Birmingham, GCEC president and District 2, Group 2 trustee.
From left, Rick Hess, Nicole Kennedy and Beth Biddle of Ebro Greyhound Park accept a capital credit check presented by Betty Moore, GCEC treasurer and District 1, Group 1 trustee.
Carl Goodson, GCEC District 2, Group 1 trustee, left, presents a capital credit check to David Rich, owner of Rich’s IGA in Wewahitchka.
Steve Moss, Bay District Schools District 5 member, left, and Bill Husfelt, superintendent of Bay District School, right, accept a capital credit check presented by Jimmy Black, GCEC vice president and District 3, Group 2 trustee, second from right, and Sunny Brown, GCEC communications specialist, second from left.
Eddie Jones, GCEC District 2, Group 3 trustee, left, presents a capital credit check to Wewahitchka High School Principal Jay Bidwell, right.
Tom Lewis, chairperson of the Gulf Coast State College Board of Trustees, left, and Dr. John Holdnak, president of Gulf Coast State College, center, accept a capital credit check presented by Rupert Brown, GCEC secretary and District 3, Group 1 trustee, second from left; Kristin Douglas, GCEC vice president of marketing and communications, second from right; and Sunny Brown, GCEC communications specialist, right.