GreyStone’s philosophy as a cooperative revolves around members reaping the benefits for which the cooperative was formed. Instead of assigning money at the end of each year to nonmember shareholders, we return it to those who own and use GreyStone Power – you, the member-owner. And we do this in the form of capital credit checks.
What are capital credits?
Each year, GreyStone thanks our members for their investment in this not-for-profit cooperative and returns a portion of prior years’ margins (known as profits in a for-profit business). Capital credits checks, mailed every fall (near the end of September or early October), represent a portion of the margin from the most recent year and the oldest previous year(s). This year, members are receiving a return on their investment in GreyStone from the years 1996 and 2014. Only those receiving power from GreyStone in those years will receive checks.
The amount of each check is determined by the proportion of each member’s energy use. GreyStone has returned more than $79.3 million in capital credits to members since 1936, and the latest installment amount to be returned to members for their investment in the cooperative is $5 million.
What happens to a member’s capital credits if they pass away?
The heirs of an estate may apply for the balance of a deceased member’s capital credits. To do so, you may download and complete this Application for Deceased Patrons Capital Credit. If there is a will, it should have been probated or filed with the Probate Court.
Why are some capital credits unclaimed?
Often members move out of GreyStone’s service area without leaving a forwarding address. This leaves GreyStone with no way to send members their checks for the balance of retired margins from several years ago.
What will happen to the unclaimed money?
In the past, unclaimed balances were given to the State of Georgia. But in 2005 the state legislature passed House Bill 431, allowing cooperatives like GreyStone to use these unclaimed funds to support community programs, education and economic development.
How can I find out if I have money that I haven’t claimed?
After four years unclaimed balances are listed in a searchable database on GreyStone’s website. Simply type in the name your electric service was under and check to see if your name and former address appears on the list. If it does, contact us (see ‘How do I file a claim?’ below). If a listed member has passed away, the legal heir may be eligible for the funds. Click here to search the database.
How do I file a claim?
If you believe you are entitled to an unclaimed capital credit balance, contact us at 770.942.6576 or email firstname.lastname@example.org. At least three forms of identification will be required in order to receive funds, including a photo identification and a document showing proof of former residence at the address shown in our database.
How do I file for capital credits related to Redesignation or Dissolution of a Commercial Entity?
If a business or other commercial entity has been purchased or has changed ownership, please complete the Redesignation Application