PURE DISCREPANCY

 To  lobby legislation to retain and use unclaimed property for purposes representing a loss to the coop is to forsake fiduciary responsibility.  If cooperative administrators are focused on commandeering member property in their care, they are not providing a product and service to  co-op members at the lowest possible cost. The current CEO, Dan McClendon, admitted that scholarships are “not funded by money that if reapplied, would reduce electric rates. The reason is, the funding for these charitable giving efforts comes from an account which is called  “unclaimed capital credits.” Utah law H.B. 255 states that if unclaimed  capital credits are not used locally for financial assistance to a  school, non-profit organization, or community organization, it must be  sent back to the state of Utah.”