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Member Dividends


As a cooperative, San Miguel Power Association (SMPA) is owned by its members, and member dividends, also known as "capital credits", reflect each member’s ownership in the cooperative.  

In a typical year, SMPA tries to collect slightly more than enough revenue to cover its expenses. The excess revenue, called “margins” is allocated to each consumer in proportion to their contributions for that year.  For a period of time, this capital can be used by the cooperative to finance operations and construction.  This helps keep rates at an affordable level by reducing the amount of funds that must be borrowed to maintain and enhance SMPA’s existing electric system. When the Board determines the time is right, allocations for a given year or combination of years are cashed out as “Member Dividends” and returned to the members. 

2022 Member Dividends Retirement:

At its November, 2021 meeting, the Board of Directors of San Miguel Power Association (SMPA) approved the return of $1 million in Member Dividends to the consumer-members. The Member Dividends being retired were allocated based on patronage in the year of 1993.  Checks were mailed out in January of 2022.  For reference, here's a list of the numbers of members who received checks of these various sizes

Number of Members Dollar Amounts
254 $10.00 - $19.99
808 $20.00 - $49.99
1,179 $50.00 - $99.99
1,026 $100.00 - $249.99
205 $250.00 - $499.99
83 $500.00 - $999.99
68 $1,000 or more

As of May, 2022, we are seeking current and former members who have not yet claimed their member dividends, also known as "capital credits."

If your account name is listed below, you may request another check to be issued.  Credits that remain unclaimed or un-cashed as of June 30, 2022 will be forfeited.  Member dividends are a benefit of being a member of your local electric cooperative.  Please call 1-877-864-7311 to make requests.

Frequently asked questions:

How long do I have to claim my member dividends check?

Member dividend checks expire ninety days after they are issued.  However, members may still request that a check be re-issued within six months of the retirement. The most recent member dividend retirement took place in December, 2020. 

What happens to my family member’s member dividends if they have passed away?

Member dividends can be paid back to the legal representative(s) of your family member’s estate. In order to claim them, an affidavit is required to be completed, notarized, and returned in addition to a copy of the death certificate and personal representative appointment documentation, if one was appointed. Please click here to download affidavit.

Member Dividends that are claimed early due to the death of a family member are returned at a discounted rate.

What happens if a member dividends check is issued in the name of a dissolved entity?

Check to see if your bank will cash the check first.  If the member dividend check is less than $100 an Affidavit Regarding Dissolution of Entity may be used to have SMPA reissue the check in a different name.  Please click here to download affidavit.  For checks greater than $100, please contact us.

Other member dividend questions?

Contact Us.


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