Capital Credits: Our Appreciation for Your Patronage

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.

Recently, GCEC refunded $500,000. Of this, $50,000 was paid to estates of deceased patrons. The remaining $450,000 was split, with 25% going to those who were members in 1984 and 75% going to those who were members in 2020.

City of Wewahitchka
City of Wewahitchka Mayor Phillip Gaskin, left, accepts a capital credit check presented by Doug Birmingham, GCEC treasurer and District II, Group 2 trustee.

Rich’s IGA
Carl Goodson, GCEC vice president and District II, Group 1 trustee, right, presents a capital credit check to David Rich, owner of Rich’s IGA in Wewahitchka.

Eastern Shipbuilding
GCEC District III, Group 3 Trustee Robert Byrd, right, presents a capital credit check to Joey D’Isernia of Eastern Shipbuilding.

Gulf Coast Electric Cooperative District I, Group 1 Trustee Betty Moore, who serves as secretary of the board, presents a capital credit check to Stocky Hess of Ebro Greyhound Park.

Wewahitchka High School
April Bostwick of Wewahitchka High School, left, accepts a capital credit check from GCEC District II, Group 3 Trustee Eddie Jones.

Bay County
GCEC District III, Group 2 Trustee and President Jimmy Black, left, presents a capital credit check to Ray Spradlin of Bay County.