We are so excited to announce that GVTC members are to receive record-breaking Capital Credits this year. GVTC will be applying each members' Capital Credits to their next bill. If you are a member, you should see that credit in your upcoming monthly June statement.
GVTC is a tax-exempt, member-owned Texas Cooperative, which means any revenues over and above its operating expenses are returned to its active members in the form of Capital Credits. This year, GVTC is excited to announce yet another record-breaking Capital Credit issuance amounting to $7.5 million in 2021, an increase from our 2020 Capital Credits amounting to $7,250,000.
Led by the GVTC Board of Directors, GVTC has released more than $57 million over the past ten years. "GVTC's ability to issue annual Capital Credits of this size is a testament to the hard work of our dedicated employees and the visionary leadership of our Board of Directors," says CEO & President, Ritchie T. Sorrells.
The GVTC Board of Directors annually reviews the cooperative's financial status to decide if capital credits are feasible and, if so, by how much. The amount released is in large part thanks to initiatives like our Member Dividend Program and the continuous fiber overbuild project in our service area.
Overall, GVTC attributes it’s record-breaking $7.5 million Capital Credits to its local roots. We are so proud to be able to give back to our loyal customers!