Adams Electric Cooperative, which serves Baldwin Field, returned over $3,100 in capital credits to the City of Quincy. General Manager Jim Thompson presented the check for the Quincy Regional Airport (Baldwin Field) to Jeff Steinkamp, airport manager, and Mayor John Spring.
The City of Quincy’s capital credit refund was part of the Cooperative’s recent distribution of over $363,000 in capital credits. Members of cooperatives pay for service at cost and share in the annual margins by earning capital credits. In other types of businesses, such as investor-owned utilities, stockholders receive these funds in the form of dividends.
Capital credits from Adams Electric Cooperative are earned in proportion to the amount of electricity used. Distribution of capital credits is determined by the financial condition of the Cooperative with the goal of returning funds within a 25-30 year retirement cycle.
The Adams Electric Cooperative Board of Directors authorized the distribution of $363,011 in capital credits, the remaining 69% from 1983. All capital credits from 1939 through 1982 and 31% of 1983 have been repaid.