The BKD CPAs & Advisors, LLP, of West Des Moines, recently finalized its annual audit of Clarke Electric Cooperative.
Cheryl Clausen made a presentation of the audited 2020 financial statements to the board of directors at its April board meeting. The report showed all financial and operational documents to be fairly presented and in accordance with government auditing standards. As part of the process, the auditors review the statement of operations, equity, cash flows, and deferred patronage schedule to determine how to allocate 2020 margins.
During the meeting, your co-op’s Board of Directors also authorized the distribution of $350,000 in capital credits to current and former members of the cooperative. This allocation will include refunding the remainder of the 2003 allocation and a portion of the 2004 allocation.
Active (current) members will receive a credit to their primary electric account in December for the amount of their capital credit. Issuing credits saves postage and labor costs for the co-op and its members. Also, by applying capital credits to the December bill, the cooperative hopes to help offset the higher electric bills that many members see at this time of year. Checks are mailed to inactive (former) members. Inactive account distributions of less than $5 will roll over to future years and a check will be issued when the minimum amount of $5 is reached.
As a not-for-profit electric cooperative, Clarke Electric returns patronage to its members like you. It is important for you to keep an updated address on file with the cooperative if you are no longer a member.
Clarke Electric’s rates are set to bring in enough money to pay operating costs, make payments on any loans and provide an emergency reserve. At the end of each calendar year, we subtract operating expenses from the total amount of money collected during the year; the balance is the “margin.” This margin is allocated to each member based on the amount each member paid for electricity.