The Indian Lake School District will be heading into 2021 with a check from the Logan County Cooperative.
According to a posting on the school’s Facebook page, Ryan Smith from the co-op presented the check for more than $10,500 to Superintendent Rob Underwood for Indian Lake Local Schools from their Capital Credits program.
The money will go back into the district’s general fund.
An electric cooperative operates on an at-cost basis by annually allocating money to each member, based upon the member’s purchase of electricity, and operating revenue remaining at the end of the year; later, as financial condition permits, these allocated amounts—capital credits—are retired and returned to members.
Capital credits represent the most significant source of equity for Logan County Electric Cooperative. Since a cooperative’s members are also the people the co-op serves, capital credits reflect each member’s ownership in, and contribution of capital to, the cooperative.