The Board of Directors of DTC Communications announced Friday it will refund $1.2 million this month in capital credits to members. DTC ranks among the highest in the state in member refunds.
The capital credit refunds will be issued to current and former members who paid for service in 1997 from DTC Communications. DTC?s unique structure as a member-owned cooperative gives it the option, based on its financial strength, of offering these capital credit refunds.
?DTC Communications is pleased to be able to provide our members with such a sizeable refund,? said Leslie Greer, CEO. ?It is a tribute to our entire organization that this marks the thirteenth consecutive year DTC?s financial strength has made it possible to distribute a capital credit refund.?
Greer added, ?Members who have moved or changed their names since 1997 should contact our customer service office with the updated information. We want to make sure everyone receives their refunds in a timely manner.?
Current and former members of DTC who paid for service during 1997 should receive checks by the end of August. Members? checks will be based on what they paid that year. Therefore, the amounts will vary from member to member.
Federal guidelines for non-profit telecommunications cooperatives allow the Board of Directors to return periodically to members capital credit refunds in the form of direct payments, when financial strength permits. These accrued reserves, ownership of which is permanently retained by members, are utilized to operate the company, upgrade and expand services, and implement new technologies.