Common questions/answers about unclaimed capital credits
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 non-profit cooperative and returns a portion of three year’s margins (known as profits in a for-profit business). Capital credit checks, mailed every fall, represent a portion of the margin from the most recent year and the balance of the margin from two previous years. For example, in the fall of 2008 checks were sent out for a portion of 2007 and for the balance of margins in 1988 and 1989. The amount of each check is determined by the proportion of each member’s energy use. As of 2008, GreyStone Power has returned $41 million through capital credit checks to our members.
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, request an Application for Deceased Patrons Capital Credit from Mary York by calling 770-370-2825. A will should have been probated or an administrator must be named in order for the application to be processed.
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 memberservices@greystonepower.com. 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.
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