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By Indiana Reed
Special to The PREVIEW
In an effort to make good use of idle funds left abandoned by former member-customers of La Plata Electric Association (LPEA) as unclaimed capital credits, the cooperative’s board of directors has awarded four new Educational/Special Project Grants totaling $33,656 to nonprofit entities in its service territory.
• Manna — The Durango Soup Kitchen received $10,000 to support the capital campaign for new construction to house the planned Culinary Arts Training Program.
• The Durango Adult Education Center will use $8,656 grant for technology upgrades at its facility.
• Compañeros: Four Corners Immigrant Resource Center received $5,000 in support of its various programs.
• Pagosa Medical Center was granted $10,000 to assist in purchase of a four-wheel-drive ambulance to serve Archuleta County.
Capital credits are, in essence LPEA’s margins or revenues remaining after all expenses have been paid. Annually, the electricity payments made by members in excess of the cost to provide their electric service is placed into a patronage capital account in each member’s name. When the cooperative is able, capital credits are returned to members. The dollars become “unclaimed” when LPEA cannot find members deserving of the refund. The board has determined that these unclaimed funds should be invested in the community and thus established the Educational/Special Project Grants program.