(Estherville)– Estherville-based Iowa Lakes Electric Cooperative is returning some 446,545-dollars in patronage dividends to its customers this year.
Iowa Lakes Electric Cooperative is a not-for-profit business, meaning any margins remaining after expenses are reinvested in improving service. The funds are used as equity for a period of time to allow for system improvements and new construction.
The checks were mailed to those who were current or former members in 1984 from Dickinson, Emmet, Palo Alto, Kossuth, Buena Vista, Pocahontas and Cherokee counties.
Currently, dividends are returned on a 20-year cycle. However, ILEC General Manager Terry Bruns says it’s the Board of Directors financial goal to shorten that time period to 15 years by 2010.
Iowa Lakes Electric Cooperative serves over 11,500 customer/owners in seven and-a-half counties in northwest Iowa.
