Corn Belt Energy is an electric cooperative, but what exactly does that mean? A cooperative business belongs to the people who use it – people who have organized to provide themselves with the goods and services they need. These member-owners share equally in the control of their cooperative; they meet at regular intervals, hear detailed reports and elect directors from amongst themselves. The directors then hire management to run the day-to-day affairs of the cooperative in a way that serves the members’ interests.
Co-ops are not-for-profit entities. Members invest in shares of the business to provide capital for a strong and efficient operation. All net savings (profits) left after bills are paid and money is set aside for operations and improvements are returned to the cooperative members, usually in the form of capital credits.
Cooperatives like Corn Belt are democratically controlled, not-for-profit entities that epitomize customer choice and aggregation. Our ONLY interest is looking out for the well-being of our member-owners (those who get electricity from us). We have a long-term goal of providing reliable service at an affordable price.
Corn Belt Energy and cooperatives worldwide generally operate using these seven principles adopted in 1995 by the International Cooperative Alliance: