The Board of Directors of Community Electric Cooperative has authorized more than $545,000 to be given back to qualifying members.

On Dec. 1, 7,500 capital credit refund checks were mailed to current and former member-owners who received service from the cooperative during 2003.

Abiding by one of the Cooperative’s “Seven Principles,” member economic participation, the board of directors determined the refund of capital credits to its members based on the Cooperative’s financial stability.

“We are pleased to share the success of this utility with the members — those who used the service and helped provide the funding, as part of the rates they pay for electric service, to build and maintain the electric system,” President and Chief Executive Officer Steven A. Harmon said.

“Capital credits are a benefit of cooperative membership, one of the many differences that set us apart from other business models and something the customers of an investor-owned utility would never see.”

Before distributing capital credits, the cooperative’s board of directors first considered the financial condition of the cooperative and the needs for capital funds for the coming years.

Board Chairman Jeannette Everett said, “A cooperative is something special — this electric system belongs to our members, and as directors elected by the members to represent their interests, we are proud to distribute this money back to them, the owners, and still maintain the financial integrity of the cooperative. It’s proof that we’re good stewards of their money.”

This year’s refund represents the 24th consecutive year that the co-op has made a general retirement of capital credits. To date more than $17.5 million has been returned to the members who participated in the not-for-profit Cooperative’s business.

Headquartered in Windsor, CEC serves 11,000 electric consumer-members in the counties of Isle of Wight, Southampton, Sussex and Surry and the city of Suffolk.