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Title edit
MDTC McDonough Telephone Cooperative, Macomb, IL
Description edit
A cooperative is a non-profit organization owned and operated by the people it serves. It runs on democratic principles with each member/owner having one vote toward the election of its board of directors. In order to encourage patronage and to assure the cooperative will operate on a non-profit basis, the cooperative is obligated to pay, by credit to a capital account, all amounts in excess of operating costs and expenses. The capital credit funds are assigned to the books of the cooperative and can be used for plant improvement, reducing the need to borrow funds for this purpose.
Once a year our board of directors decides if the cooperative's financial condition is such that some portion of these funds can be released and distributed to the membership. In some ways, it's much like getting a dividend check for having your phone service with the cooperative. Each member's check is proportionate to the amount of dollars they have spent in phone service billed through our office that year. So, every time you subscribe for a service, you're actually making an investment. You see the return on your investment whenever you receive a capital credit check. None, a portion, or all of the capital credits earned in a particular year may be released. In 2002, the final one-third of the capital credits due to members who received service in 1991 were paid out. These capital credit checks totaled $235,000.
