What are capital credits? Each month when you pay your bill, you are paying into a member-owned cooperative. Being a nonprofit company, we give back our profits to the members. Capital credit returns are based on the profit for the year and using the percentage you paid into the cooperative, in order to calculate each member’s share.
What is the difference between capital credit allocation and retirement/disbursement? When income exceeds expenses in any given year, margins are allocated to each member’s capital credit account according to their usage; this is called capital credit allocation. Capital credits are periodically retired/returned to members when the Board determines that it will not jeopardize the financial condition of the cooperative to do so.
I just started service how long before I get a check? Endeavor has retired capital credits through the year 2002. When considering a retirement, the Board analyzes the financial health of the Cooperative and makes a decision accordingly. We are not able to give an exact timeframe.
Can capital credits be applied toward my Endeavor Communications bill? Banking policies prevent us from accepting endorsed capital credit checks as a form of payment on your account.
Can members cash their capital credit checks at Endeavor Communications office? No. You may cash these at a financial institution.
I received a check in the mail, but it’s in the name of a former resident. What should I do? We send checks to the last known address of former co-op members. Do not open the check; please mark “Return to Sender” on the envelope and put it back in the mail.
If the check is in my spouse’s name and he/she is deceased, can I sign it? No; you should return the check to Endeavor Communications. Please request an estate packet to complete at which time we will close the account and reissue you a check.
If there are two names on my check, do both people have to endorse the check? Yes; your bank will most likely require both signatures.
I normally receive a capital credit check but have not received it yet. Capital credits are paid out in arrears. While it is possible that we have not paid out profits for a year, it’s far more likely that payments just have not been distributed yet.
What do I need to do?
- If a check was mailed and we receive the check back in our office with a forwarding address, we will mail it to the forwarding address.
- If it comes back marked undeliverable, you will need to complete the unclaimed capital credit process.
- If the check is not received back in our office, we can put a stop payment fee on the check and re-issue a check minus the fee for the stop payment. If you do not want us to put a stop payment on the check, you can wait until the check expires which will be 6 months from the issue date. At that time, the process for unclaimed capital credits would need to be completed.
- If a check was not mailed because your address was marked undeliverable, please complete the process for unclaimed capital credits.
As always if you need some help, just call us at 1-800-922-6677.
Do I have to claim capital credits as income on my tax returns? Check with your tax advisor they are the experts.
How long do members have to cash their checks? Checks may be cashed within 120 days.
How can I be sure to get capital credit statements or retirements if I move out of Endeavor Communications service area? Keep your address current with us, so we can forward payments to you when capital credits are retired in the future. Please call us at 800-922-6677 to update your information.
My name was in the paper for unclaimed capital credits. What do I need to do? You will have 30 days after the list of unclaimed is published in the newspapers to fill out the necessary paperwork. After the 30 days, all unclaimed from 2 years prior are transferred out of unclaimed. Call us and we’ll be glad to help.