Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: COMMERCIAL/INDUSTRIAL

  total $95,894,420 · related or exempt $95,894,420

• 2b · Program service revenue: RESIDENTIAL

  total $72,799,495 · related or exempt $72,799,495

• 2c · Program service revenue: STREET LIGHTING

  total $667,512 · related or exempt $667,512

• 2d · Program service revenue: SERVICE FEES & OTHER

  total $461,907 · related or exempt $461,907

• 2e · Program service revenue: IRRIGATION

  total $274,534 · related or exempt $274,534

• 3 · Investment income

  total $2,956,045 · excluded $2,956,045

• 6a · Gross rents

  real property $98,576

• 6b · Less rental expenses

  real property $32,692

• 6c · Rental income or loss

  real property $65,884

• 6d · Net rental income or loss

  total $65,884 · unrelated business $65,884

• 11a · Other revenue: PATRONAGE ALLOCATIONS

  total $195,581 · related or exempt $195,581

• 11b · Other revenue: NONOPERATING

  total $137,426 · related or exempt $137,426

• 11c · Other revenue: NET LOSS FROM SUBS

  total -$1,272,478 · related or exempt -$1,272,478

• 11e · Other revenue, total

  -$939,471

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $30,871

• 4 · Benefits paid to or for members

  total $4,260,664

• 5 · Compensation of officers, directors and key employees

  total $2,707,130

• 11d · Fees: lobbying

  total $130,805

• 20 · Interest

  total $6,738,418

• 22 · Depreciation, depletion and amortization

  total $15,421,498

• 24a · Other expenses: UNRELATED BUSINESS TAX

  total $12,241

• 24b · Other expenses: POWER COST

  total $98,633,656

• 24c · Other expenses: ADMINISTRATIVE

  total $19,476,087

• 24d · Other expenses: OTHER TAXES

  total $14,421,063

• 24e · All other expenses

  total $10,347,893

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $44,402,512 · end of year $41,304,058

• 4 · Accounts receivable

  beginning of year $12,573,543 · end of year $14,054,062

• 8 · Inventories for sale or use

  beginning of year $22,484,856 · end of year $22,282,718

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,309,242 · end of year $1,249,089

• 10a · Land, buildings and equipment: cost or other basis

  $613,266,860

• 10b · Land, buildings and equipment: accumulated depreciation

  $340,292,812

• 10c · Land, buildings and equipment, net

  beginning of year $272,953,797 · end of year $272,974,048

• 12 · Investments: other securities

  beginning of year $27,107,244 · end of year $25,011,909

• 15 · Other assets

  beginning of year $42,912,627 · end of year $46,258,293

• 17 · Accounts payable and accrued expenses

  beginning of year $19,362,392 · end of year $19,239,169

• 23 · Secured mortgages and notes payable

  beginning of year $242,842,267 · end of year $235,855,693

• 25 · Other liabilities

  beginning of year $26,762,335 · end of year $29,038,433

• 29 · Capital stock, trust principal or current funds

  beginning of year $598 · end of year $610

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $134,776,229 · end of year $139,000,272

The filer's explanations (Part III)

PART I, LINE 4B

KIUC ADOPTED A SUPPLEMENTAL EXECUTIVE BENEFIT RESTORATION ("EBR") PLAN, EFFECTIVE JANUARY 1, 2015. THE EBR PLAN IS A NON-QUALIFIED PLAN MAINTAINED BY KIUC. BENEFITS UNDER THE EBR PLAN ARE BASED ON THE DIFFERENCE BETWEEN AMOUNTS WITHOUT INTERNAL REVENUE SERVICE (IRS) QUALIFIED PENSION PLAN LIMITS ON COMPENSATION AND BENEFITS AND THOSE WITH SUCH LIMITS AS DETERMINED UNDER THE PROVISION OF THE NRECA RS PLAN. THERE IS A RISK OF FORFEITURE IF PARTICIPANTS LEAVE THE COMPANY PRIOR TO BECOMING FULLY VESTED IN THE EBR PLAN. EBR PAYMENTS FOR DAVID BISSELL: $104,800

PART II, COLUMN C:

INCLUDED IN COLUMN C IS THE CHANGE IN ACTUARIAL VALUE FOR THE DEFINED BENEFIT PLAN RATHER THAN THE ACTUAL EXPENSE OF THE COOPERATIVE FOR THIS PLAN, AS FOLLOWS: DAVID BISSELL: REPORTED CHANGE - $90,669 ACTUAL EXPENSE - $90,981 BRAD ROCKWELL: REPORTED CHANGE - $61,921 ACTUAL EXPENSE - $67,280 STACIE DELLAMANO: REPORTED CHANGE - $32,063 ACTUAL EXPENSE - $68,925 BETH AMARO: REPORTED CHANGE - $47,727 ACTUAL EXPENSE - $51,310 JOHN COX: REPORTED CHANGE - $44,881 ACTUAL EXPENSE - $48,533 ELIZABETH UBAY: REPORTED CHANGE - $43,171 ACTUAL EXPENSE - $52,021 RICHARD VETTER: REPORTED CHANGE - $44,665 ACTUAL EXPENSE - $48,670 KYLAN HAUMEA: REPORTED CHANGE - $6,029 ACTUAL EXPENSE - $26,784 TIMOTHY BRANTNER: REPORTED CHANGE - $8,730 ACTUAL EXPENSE - $27,460 CAMERON KRUSE: REPORTED CHANGE - $17,633 ACTUAL EXPENSE - $43,744 CHRISTOPHER YUH: REPORTED CHANGE - $11,829 ACTUAL EXPENSE - $45,351

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• KIUC RENEWABLE SOLUTIONS TWO LLC

  SOLAR POWER GENERATION · DE

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• KIUC RENEWABLE SOLUTIONS ONE LLC

  C · SOLAR POWER GENERATION · DE · 100% owned · share of income $1,104,680 · share of assets $28,480,264 · controlled entity

  Directly controlled by KAUAI ISLAND UTILITY COOPERATIVE

• KIUC RENEWABLE SOLUTIONS TWO HOLDINGS LLC

  C · HOLDING COMPANY FOR SOLAR POWER GENERATION · DE · 100% owned · share of income $1,225,408 · share of assets -$1,747,042 · controlled entity

  Directly controlled by KAUAI ISLAND UTILITY COOPERATIVE