Pioneer Communications is a not-for-profit cooperative that is owned by its members. Capital Credits are one of the many benefits of membership in the cooperative. At the end of each year, any excess operating margins are allocated to Pioneer’s members that received service during that year in the form of Capital Credits. The amount of excess operating margins, if any, varies every year. Capital Credits are generally either allocated as equity on the cooperative’s books to accounts associated with each member, or distributed as a cash patronage refund.