Bristol Bay Telephone Cooperative, Inc. 1978 Capital Credit (Patronage)
Capital Credits (Patronage): Bristol Bay Telephone Cooperative, Inc is a non-profit organization and owned by its members. As a non-profit, the Cooperative is obligated to account on a patronage basis to all its members for all amounts received and receivable from the furnishing of the telephone service in excess of operating costs and expenses properly chargeable against the furnishing of the telephone service. All such amounts in excess of operating costs and expenses at the moment of receipt by the Cooperative are received with the understanding that they are furnished by the members as capital. When capital credits are retired, a check is issued to you and your equity in the Cooperative is reduced.
Will I receive a capital credit check each year? Not necessarily. The Board of Directors must authorize a retirement before you receive a retirement check. When considering a retirement, the Board analyzes the financial health of the Cooperative and will not authorize a retirement if BBTC cannot afford it.
What Happens to my Capital Credits when I leave BBTC service area or I closed my account? Your capital credit will remain on the books in your name and member number until we retire capital credit for that year. Payments are made many years after capital credits are earned, it is the members responsibility to ensure that BBTC has your current mailing address.
Do we owe you Money? This is a notice of unclaimed capital credits for active members of 1978. In 2018, The Bristol Bay Telephone Cooperative, Inc. approved the retirement of $50,000 in capital credits to its members of 1978. All check have been mailed; some check have been returned.