At Access Energy Cooperative, every member is an owner of the business. Unlike other electric utilities, your co-op exists to make sure your needs are met, not to make a profit. As a member-owner, you share in the margins earned in the form of dividend checks.
We work hard every day to keep your rates as low as possible. But it’s nice to know that when there are margins earned, they go back to you!
Access Energy Cooperative offers special payment options of patronage dividends to estates. If the person to whom the check is made out to has passed away, please submit the information below, or notify our office.
For any further questions, call our finance department at 319-385-1577 or 1-866-242-4232. Or you can complete the information below by selecting “Dividend Information” and send to them.
Access Energy is organized as a cooperative, owned by its members. As a cooperative, Access Energy does not earn profits. Instead, any revenues and other income over and above the cost of doing business during a given year are considered “margins”.
A percentage of these margins is “allocated” to each member’s dividend account for those members of the cooperative who bought power from us during the year. Patronage dividends are not the same as cash or stock. The members’ account accrues dividends until the Board of Directors authorizes a payment.
Access Energy is a member of a power supply cooperative, Northeast Missouri Electric Power Cooperative (Northeast Power), which in turn allocates their margins to their members. All patronage dividends allocated to Access Energy from Northeast Power are also allocated to our members.
At the April 2020 board meeting, your board of directors approved an allocation of $2,035,032. This amount included $1,434,011 that was allocated to us by Northeast Power. These allocations are added to each members patronage dividend account and a notice is mailed to each member receiving an allocation.
If you are a member of the cooperative, you have a dividend account. You receive a notice each year an allocation is made notifying you of how much was allocated to your account.
Patronage dividends are held by the cooperative in your dividend account as capital contributions until paid back to the members in the form of patronage divided checks.
Patronage dividends are used for a variety of operating and capital costs and are typically repaid to members of record for the year in which they were earned. This membership capital allows us to conduct our daily business and to help reduce the cost of borrowing and hold down rates.
The board of directors considers a retirement of patronage dividends annually. When a patronage dividend retirement is authorized by the board, both the dollar amount and year(s) to which the allocations relate are specified.
In 2019, your board of directors approved a retirement of $1,134,767. This amount included a portion from Northeast Power.
If you were a member of the cooperative during 1998, 2003, 2004, 2005, and/or 2018, checks were distributed at the annual meeting on August 6, 2019, for a portion of the patronage dividends allocated to you for each of these years. Checks not picked up at the annual meeting were mailed out after the meeting.