BY GLENN PUIT email@example.com
Traverse City Record-Eagle
---- — GRAWN — Cherryland Electric Cooperative is returning $3 million in capital credits to its members.
Cherryland General Manager Tony Anderson said the amount was voted on by the cooperative’s board of directors Monday. It is the most ever returned to members in the cooperative’s history.
“If you are a member of the cooperative you are also an owner — therefore you get a share of our profit every year,” Anderson said.
Anderson said the capital credit refunds for active members will be applied as a credit toward their October bill. Those who were Cherryland members in 1991, 1992, 1993 and 2012, but who are not members anymore, will receive their refund in the form of a check.
Cherryland serves 34,000 members in six northern Michigan counties, including Grand Traverse, Leelanau, Benzie, Manistee, Wexford and Kalkaska. Anderson said the amount of the return shows that both Cherryland and its power supplier, Wolverine Electric Cooperative, are doing well.
“It tells us that the co-op is very healthy and our power supplier, Wolverine, is very healthy,” Anderson said. “That in turn trickles down to our members. It speaks a lot to the health and viability to the whole co-op (system.)”