What is an allocation statement?
Golden West provides a Capital Credit Allocation Statement, to members each year. It shows the total amount of business you have done with the cooperative (patronage) for the past year, and the amount of money you will receive in the future in the form of Capital Credit checks or bill credits.
Things to Remember About Your Allocation Statement.
- This is not a bill. You do not owe these amounts.
- These amounts are not payable now and do not represent cash but rather your equity in the Golden West cooperative.
Why didn’t I receive a statement and my neighbor did?
Members will only receive a statement if they had active telephone and/or internet service with Golden West in the previous year. If they are a Cable TV (CATV) only customer, they are not members of the cooperative and will not have accrued any credits.
Why is my credit so much smaller than my neighbor’s credit?
The credits are based on how much money the member spent with Golden West for that year on telephone and/or internet services.
What exactly is this allocation statement for?
Golden West is a cooperative and any margin of profit that the company has made is returned to the members in the form of capital credits dividends. This statement is provided each year to show the total amount of credits you have earned to date. Once a year the Board of Directors determines how much of those credits will be refunded to the members. A check is then mailed to the eligible members in September for their share of that amount, if the amount is $75 or less, it will be returned in the form of a bill credit that month.
I received an allocation statement for someone who is now deceased.
For this instance, you can have the executor’s name added to the capital credit account once we receive a copy of the death certificate and the other correct paperwork needed. They would then have the choice to continue to receive yearly checks or they can be informed about the estate retirement procedures to close out the account.