Being a Member of a Cooperative Really Pays!
GRM Networks is a nonprofit member owned cooperative. Payments received from members of GRM Networks that exceed the cost of providing services are allocated to each member as patronage capital, and periodically paid out to the member owners as capital credits. The Board of Directors determines on a yearly basis the amount of outstanding patronage capital credits (if any) that can be paid back to members. GRM Networks has paid capital credits for 33 consecutive years, totaling more than $61.6 million.
What Happens To My Capital Credits When I Die?
If a member dies before all patronage capital has been paid to the member, the remaining amount is paid out to the beneficiary or legal representative. The designation of a beneficiary simplifies and expedites the process of paying out the deceased member’s capital credits and helps ensure these capital credits are paid in a timely manner.
If a beneficiary election is not on file, the person receiving the capital credits must present documentation showing they are the executor or legal representative approved to handle the affairs of the deceased member. Obaining this documentation may require the services of an attorney.
Beneficiary forms are free, simple and may be updated at any time. Keeping the beneficiary form up-to-date is important. For example, a member might update their form any time a significant change in their life happens.
Completed and notarized forms should be returned to the Princeton business office at:
Attention: Elizabeth Polsdofer
1001 Kentucky Street
Princeton, MO 64673
Once the completed beneficiary form is returned to the Princeton office, the member’s information will be updated to include their beneficiary election.
Memberships in the name of businesses are not eligible for beneficiary assignment.
GRM Networks® Distributes More Than $5.4 Million in Capital Credits to Member-Owners
The GRM Networks Board of Directors has authorized the return of approximately $3 million in patronage capital credits to its member-owners. This includes $2.5 million paid to members with service in 1998 and $500,000 paid to members with service in 2020. This year, GRM Networks has also returned more than $2.4 million to the estates of deceased members. Combined, a grand total of more than $5.4 million will be returned to members, or their estates, in 2021.
The December 2021 check distribution marks the 33rd consecutive year GRM Networks has paid capital credits to member-owners. Since 1989, members of the cooperative have received more than $61.6 million in patronage capital credits.
GRM Networks proudly supports the local economy through its investments in the communities served such as the payment of local taxes and the employment of more than 100 fulltime employees. GRM Networks provides scholarship programs and learning opportunities for area youth, distributes quarterly community improvement grants to local organizations and sponsors numerous community events.
The 2021 capital credit checks were mailed the third week of December. For more information, or to report a change of address, members may contact Mandy Wilson at 660-748-2470.
2022 ANNUAL MEETING OF STOCKHOLDERS
GRAND RIVER MUTUAL TELEPHONE CORPORATION
d/b/a GRM NETWORKS®
The 2022 Annual Meeting of the stockholders of Grand River Mutual Telephone Corporation d/b/a GRM Networks was held August 17, 2022, at the GRM Networks corporate office in Princeton, Missouri.
Directors with terms expiring were:
- Bruce George, Allerton, Iowa
- Tim Lance, Barnard, Missouri
- Mike Quick, Lamoni, Iowa
George, Lance and Quick were re-elected for three-year terms.
Forty-seven people attended the Annual Meeting at the office and 2,043 were represented by proxy.
The Board of Directors elected officers at their regular board meeting held immediately following the Annual Meeting. Elected were:
- President Gregg Davis of Chula, Missouri
- Vice President Mark Yungeberg of Princeton, Missouri
- Secretary Bruce George of Allerton, Iowa
- Assistant Secretary Ray Meyer of Conception Junction, Missouri
- Treasurer John McCloud of Spickard, Missouri
- Assistant Treasurer Allan Mulnix of Bethany, Missouri
Pictured above, from left to right, are Bruce George of Allerton, Iowa, Tim Lance of Barnard, Missouri, and Mike Quick of Lamoni, Iowa. All three were re-elected to the GRM Networks Board of Directors at the 2022 Annual Meeting of the stockholders of Grand River Mutual Telephone Corporation d/b/a GRM Networks.