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.