CoServ strongly believes in supporting the communities we serve.
Not only does the
CoServ Charitable Foundation donate to area non-profits to help
struggling families, but CoServ Electric also fosters economic
growth and development in our service area. Through "escheat
funds," CoServ Electric recently furnished a grant to North Texas
Enterprise Center (NTEC) located in Frisco.
Escheat funds were created years ago when Texas law began
requiring businesses to turn over unclaimed funds to the state
after a certain period of time. (For CoServ, this includes
unclaimed Capital Credit checks, deposits, and vendor checks.)
Subsequently, a provision was established allowing cooperatively
structured businesses to retain a portion of these unclaimed funds
to use for scholarships, energy efficiency and economic development
programs.
Cooperatives are allowed to place up to 20 percent of
their retained unclaimed property into a fund for economic
development. In 2007, CoServ Electric chose to establish such a
fund and develop an Economic Development Grant Committee. The
committee oversees and distributes the escheat funds as grants with
the goal of promoting economic development and fostering
relationships within the CoServ Electric service territory.
"Frisco is the fastest growing city in the nation with
greater than 100,000 citizens, and this part of our service area
constitutes a sizeable portion of our energy consumption
portfolio," CoServ Electric Area Manager Jay Young said. "It was a
natural fit for us to encourage economic development in Frisco, and
we are excited to help support NTEC with their endeavors."
As a grant recipient, the NTEC is a 501(c)(3)
not-for-profit corporation that assists entrepreneurs with starting
and growing new technology ventures. NTEC was formed through the
joint private-public partnership between the City of Frisco and
Hall Financial Group under the Frisco Economic Develop Corporation.
The center specializes in medical and clean technology and provides
a broad base of support to entrepreneurs, both internally and
through its extensive resource network.
"NTEC's goal is to help grow tech-focused businesses in
the North Texas area-building medical technology into a major
element in Frisco's economy is our core focus," Hubert Zajicek,
NTEC Senior Director said. "Our stakeholders believe in our mission
of fostering innovation and supporting technology startups. As a
business incubator, our most unique attributes are our turn key
labs and offices, perfect for medical device startups."
NTEC has a successful track record of being the catalyst
for a number of new medical technology companies that are
delivering economic value, jobs and global marketing for Frisco.
For more information on NTEC, visit www.ntec-inc.org. Economic development
organizations interested in applying for a grant from CoServ
Electric can e-mail the Area Managers at EDCGrant@coserv.com.