As a non for profit Electric Cooperative, any money left over at the end of the year, after all of the bills have been paid, is considered a margin. Normally, margins will be and should be positive. Positive margins are allocated to the Members of the Cooperative each year. Each Members' share of the allocated margins is considered a capital credit. The amount assigned to a Member is based on how much electricity the Member used.
Cooperatives retain capital credits for a number of years and reinvest them back into the Cooperative. By holding onto capital credit allocations, the Cooperative can lessen or eliminate the need to raise rates or borrow money. Essentially, the money is used to assist in operating the Cooperative.
The decision to return capital credits is left up to the Board of Directors. Some of the deciding factors as to when to retire capital credits include the Cooperative's level of equity, the lender requirements and the length of the time that assets are depreciated.
MJM issues capital credit checks based on the last known information we have on file. If MJM has not received notification of a death, divorce, dissolved business, etc., the checks may need to be rewritten in a new name or names.
In such cases, you will need to send certain documentation and forms to MJM to ensure we are reissuing a capital credit check to the right person(s), fairly and legally. Click on the buttons below to find out which documentation to send. After all documents are returned to us, a new check will be issued.
Please mail paperwork to:
MJM Electric Cooperative
Attn: Capital Credits Dept
P.O. Box 80
Carlinville, IL, 62626
FOR ALL SITUATIONS: Please be aware that MJM cannot reissue a check under a new name until the original check is voided or expired. If you have received a check in the mail from us that needs to be rewritten, please return it to us with the rest of the paperwork so that we may void it. Otherwise, the Cooperative must wait for the check's expiration date to pass, which may be 180 days after the issue date.
Attn: Capital Credits Dept
P.O. Box 80
Carlinville, IL, 62626
The following paperwork is required:
1. A photocopy of the Death Certificate(s) or other proof of the date of death, such as an obituary or funeral home paperwork
2. A photocopy of the Member's will (only if the total allocation amount [current + future] is greater than $200. Call for amount.)
3. The Estate Affidavit form, which you can download and complete by selecting this link: Estate Affidavit Form
4. Trusts also require the Trust Affidavit form.
Please note: The checks must be divided among all legal heirs unless one of the following conditions is met:
- The total allocation amount is less than $50
- A will can be provided stating otherwise
- Proof of death can be provided for the other heirs
- We receive a signed note from the other heirs stating they do not wish to claim their share of the capital credits.
- For those who divorced BEFORE ending their MJM service: The capital credits will go to the spouse who continued to live at the MJM-served residence after the divorce. Please send a copy of the divorce decree as proof of who stayed in the residence.
- For those who divorced AFTER ending their MJM service: The capital credits will be divided between the two ex-spouses. Please note that full ownership of the capital credits transfers to the last living member.
Please fill out and send to us a Trust Affidavit.
Please fill out and send to us a Partnership Affidavit, LLC Affidavit or Corporation Affidavit.
Ownership of capital credits transfers to the last living member of the partnership/LLC/Corporation. If all previous owners are deceased, the heirs of the last surviving partner can claim the capital credits using the appropriate form and the paperwork for deceased Members (see top of page).
Please fill out and send to us an Assignment of Capital Credits form.