Money to be infused into local households & businesses in February!
One of the seven guiding principles of being a cooperative is Concern for Community which translates into how Fall River Electric can work to help sustain the communities we serve while focusing on the needs of our owner-members. We can all agree that 2020 has been a challenging year. Part of Fall River’s long-term strategic planning has been to set some goals to improve the financial health of the Cooperative, equity being one of the measurements. “Our board has established an equity ratio range of 40 to 45 percent and we are on the top of that range”, according to CEO/General Manager Bryan Case. Being at 45 percent equity ratio means the Cooperative has the financial strength and financial flexibility to give back dollars to its owner-members as opposed to keeping those dollars for future expenses.
Because of the equity position Fall River Electric is in and the Co-op’s over-all financial strength combined with the steps taken by Fall River’s staff to control costs and limit expenditures, the board felt confident infusing much needed money back into our communities. Fall River’s elected board has approved the disbursement of one million dollars as an instant owner rebate to be paid out to all members of the Co-op who contributed to net margins in 2020. The amount of each member’s rebate will be determined by the amount a member paid into the Cooperative in 2020 and will be issued as a credit on their account as seen on members’ February 2021 billing statement.
“We generated revenue above what we budgeted for, we’re conservative in our spending and we’ve tightened our belt,” added Case. “Since actual net margins have exceeded budgeted net margin expectations, Fall River Electric Cooperative can return a portion of this year net margins back instantly to our owner-members when they likely need it most.”
Fall River Electric intends for this one-time instant owner rebate to provide help to its members while boosting the economies of the communities Fall River serves thus truly embracing the tenants of Concern for Community.