Most co-ops like La Plata Electric Association get a nonprofit status so they don’t have to pay a lot of the taxes that other businesses are required to pay. By law, they must refund any profits made back to the member/owners (this is you and I).
Unfortunately, there is no law that says when the funds must be paid back. Currently, LPEA is 20 years and $60 million behind in these required refunds.
To add to this, LPEA is not required to pay interest on this money; yet if you die and your estate wants to settle with LPEA, it deducts or in other words keeps a big portion of what it owes the estate (your estate).
It seems to me these directors are having a good time with our members’ money.
Basin Co-Op, our local farm store, is current in returning the profits to its member/owners. Why can’t LPEA pay us back?
And several current board members have the audacity to think they can afford to buy out of Tri-State?
Kayla PattersonBayfield
