In an effort to conform to new GAAP (Generally Accepted Accounting Principles) standards that went into effect regarding revenue recognition, the Board of Directors and management of T.I.P. Rural Electric Cooperative decided to change the billing dates to billing from the 1st to the last day of the month.
- The billing dates will follow the calendar month and electric bills will be mailed out on or around the 10th of each month and will be due after 20 days on the 1st.
- If you are enrolled in the Automatic Withdrawal (ACH) program, your payment will still be withdrawn on the 18th of each month.
- If you have scheduled your payment with your bank, you may need to adjust the date it is processed.
This billing date change will enable the revenue to be recognized (or billed) for the same period the goods or services (kWhs) were used or rendered. Therefore, our monthly revenue will match the same period as our power costs and help eliminate large fluctuations in our ECA (energy cost adjustment) and line loss throughout the year.