PMT Pays $337,612 to Customers
PMT is proud to announce that $337,612 was approved by the Board of Directors to be paid out to the cooperative’s members. Project Mutual Telephone Inc. is a non-profit cooperative that pays dividends back to customers based on the Board’s discretion in regard to their annual net revenue. The more services used by each member, the larger their patronage check. This year’s dividend payment will be issued in December and represents a portion of patronage earned in 1995 and 2018.
“We are very proud to be able to return this money to our members. We are the only communication company in the area who pays customers back,” says PMT Board Chairman Dan Lloyd. “Paying customers patronage is a tangible way to say, ‘thanks for doing business locally’ because, without our members, we don’t exist.”
Checks will be mailed the first of December. For those members receiving dividends in the amount of ten dollars or less, the credit will be applied to their December bill.
What is Patronage?
Did you know that as a member of a cooperative you are part owner? Each time you subscribe to one of PMT’s services like High Speed Internet or TV you are not just a customer; you are making an investment in a company that you actually own!
As an owner of a telephone cooperative, you are entitled to benefits that are not available to customers of private or big name telephone companies. These benefits include:
- You elect each representative on the Board of Directors. Their role is to ensure the cooperative provides the highest quality, best value and latest technologies for you and protect your investment.
- Any net profit is allocated back to members in the form of patronage dividends. Your percentage is tied directly to what you’ve invested.
- You can be sure that we aren’t out to make a profit, but rather invest in our communities including members, business and schools that depend on the latest technologies to remain competitive and be successful in today’s global economy.
In order to operate the business, patronage remain with the cooperative for a certain amount of time before they are retired, or returned, to members in the form of patronage dividend checks. Dividends are typically paid during the month of December.
If you do move to an area outside of our service area, your membership status is canceled; any patronage earned will remain with the cooperative until they are retired. It is the former member’s responsibility to notify us of any address changes. In the event that we cannot locate you, after a certain amount of time, unclaimed monies are transferred to the PMT Foundation – our charitable foundation that awards community grants and scholarships. Members can see if they have unclaimed patronage here.
The only exception for paying out an account early is death of a member. There are forms and documentation to submit in order to pay the estate of the deceased member — contact the business office for more details.