The SSVEC Foundation
In 1984 SSVEC members approved a bylaws change that established the Sulphur Springs Valley Electric Cooperative Foundation. The Foundation funds the cooperative’s three youth programs.
Funding the Foundation
Most of the SSVEC Foundation’s funding comes from unclaimed patronage capital. Sulphur Springs Valley Electric Cooperative returns margins (that is, any money earned in excess of expenses) to its members—those who use its electric service. This fact makes cooperatives different from other business enterprises. Because of the lag between the time these margins are entered on the books of the cooperative and later returned to members, some individuals leave the area and the cooperative has no forwarding addresses. SSVEC follows legal guidelines and its own bylaws to find and return these margins. Any money remaining unclaimed is then transferred to the SSVEC Foundation
In addition, SSVEC members can assign their future patronage capital directly to the Foundation. They can complete the appropriate form and the transfer of money each year will be automatic. Contributions to the SSVEC Foundation are tax deductible. (In the case of direct transfer of patronage capital, only the amount paid and transferred during a particular calendar year is tax deductible.)