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Nonprofiteer
← PENINSULA LIGHT COMPANY INC

Form 990 for tax year 2023

Filed by PENINSULA LIGHT COMPANY INC.

Totals

Total revenue
$66,185,127
Total expenses
$58,898,606
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$63,293,574
Investment income
$2,337,432
Other revenue
$554,121
Total assets, end of year
$211,233,014
Total liabilities, end of year
$34,750,753
Net assets or fund balances, end of year
$176,482,261
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: SALES OF ELECTRICITY

    total $60,992,957 · related or exempt $60,992,957

  • 2b · Program service revenue: WATER SALES

    total $1,655,154 · related or exempt $1,655,154

  • 2c · Program service revenue: SERVICE FEES

    total $403,817 · related or exempt $403,817

  • 2d · Program service revenue: PATRONAGE DIVIDENDS

    total $146,779 · related or exempt $146,779

  • 2e · Program service revenue: OTHER PROGRAM REVENUE

    total $94,867 · related or exempt $94,867

  • 3 · Investment income

    total $2,177,374 · related or exempt $1,507,000 · excluded $670,374

  • 6a · Gross rents

    real property $28,800

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $28,800

  • 6d · Net rental income or loss

    total $28,800 · excluded $28,800

  • 7a · Gross sales of assets other than inventory

    securities $188,424

  • 7b · Less cost or other basis and sales expenses

    securities $28,366

  • 7c · Gain or loss

    securities $160,058

  • 7d · Net gain or loss

    total $160,058 · related or exempt $160,058

  • 11a · Other revenue: POLE ATTACHEMENT INCOME

    total $512,111 · excluded $512,111

  • 11b · Other revenue: MISC NON-OPERATING REVENUE

    total $13,210 · related or exempt $13,210

  • 11e · Other revenue, total

    $525,321

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,645,828

  • 7 · Other salaries and wages

    total $5,584,358

  • 8 · Pension plan contributions

    total $1,207,563

  • 9 · Other employee benefits

    total $973,103

  • 10 · Payroll taxes

    total $540,599

  • 20 · Interest

    total $1,431,911

  • 22 · Depreciation, depletion and amortization

    total $8,626,540

  • 24a · Other expenses: PURCHASED POWER

    total $23,913,986

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $6,645,818

  • 24c · Other expenses: OPERATING TAXES

    total $3,224,250

  • 24d · Other expenses: ADMIN & GENERAL EXPENSE

    total $3,154,787

  • 24e · All other expenses

    total $1,949,863

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,351,487 · end of year $390,942

  • 2 · Savings and temporary cash investments

    beginning of year $10,291,885 · end of year $10,566,881

  • 4 · Accounts receivable

    beginning of year $8,878,985 · end of year $8,786,807

  • 8 · Inventories for sale or use

    beginning of year $2,709,698 · end of year $3,159,227

  • 9 · Prepaid expenses and deferred charges

    beginning of year $766,657 · end of year $778,853

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

    $235,738,589

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

    $101,775,389

  • 10c · Land, buildings and equipment, net

    beginning of year $129,702,810 · end of year $133,963,200

  • 13 · Investments: program-related

    beginning of year $49,774,964 · end of year $49,735,890

  • 15 · Other assets

    beginning of year $4,670,263 · end of year $3,851,214

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,791,075 · end of year $5,224,732

  • 23 · Secured mortgages and notes payable

    beginning of year $32,098,234 · end of year $28,974,618

  • 25 · Other liabilities

    beginning of year $0 · end of year $551,403

  • 29 · Capital stock, trust principal or current funds

    beginning of year $3,262,750 · end of year $3,258,200

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

    beginning of year $1,035,062 · end of year $1,040,812

  • 31 · Retained earnings, endowment or other funds

    beginning of year $165,959,628 · end of year $172,183,249

Mission and programs · 2023

Mission

ALL ACTIVITIES ARE THE RESULT OF PROVIDING ELECTRICITY AND WATER TO MEMBERS AND OPERATING THE COMPANY IN A FISCALLY RESPONSIBLE MANNER CONSISTENT WITH THE PURPOSE OF THE MUTUAL CORPORATION.

Activities or mission (Part I)

TO PROVIDE ELECTRICITY AND WATER TO MEMBERS AND OPERATING THE COMPANY IN A MANNER CONSISTENT WITH THE PURPOSE OF THE MUTUAL CORPORATION.

  • SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS ON A MUTUAL BASIS. THERE WERE 33,300 ACTIVE ELECTRIC SERVICES AT YEAR END.

  • SALE AND DISTRIBUTION OF WATER TO MEMBERS ON A MUTUAL BASIS. THERE WERE 3,200 ACTIVE WATER SERVICES AT YEAR END.

As filed on the 2023 return.

Listed in Part VII

  • Scott Junge

    PRESIDENT

    Total calculated
    $36,750
    From this org
    $36,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • L Paul Alvestad

    DIRECTOR

    Total calculated
    $36,500
    From this org
    $36,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Signo Uddenberg

    DIRECTOR

    Total calculated
    $36,050
    From this org
    $36,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Debra Ross

    VICE PRESIDENT

    Total calculated
    $35,500
    From this org
    $35,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Erin Gatherum

    DIRECTOR

    Total calculated
    $31,450
    From this org
    $31,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.61

  • Marc Jorgenson

    TREASURER

    Total calculated
    $31,250
    From this org
    $31,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Jim Smalley

    SECRETARY

    Total calculated
    $31,050
    From this org
    $31,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Nick Markovich

    DIRECTOR

    Total calculated
    $30,550
    From this org
    $30,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Roger Spadoni

    DIRECTOR

    Total calculated
    $27,800
    From this org
    $27,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.5

  • Jafar Taghavi

    CEO

    Total calculated
    $809,523
    From this org
    $757,803
    From related orgs
    $0
    Other
    $51,720
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $415,255
    Bonus
    $332,171
    Other
    $10,377
    Deferred
    $13,200
    Nontaxable benefits
    $38,520
    Filer's total
    $809,523

  • Dana Hancock

    CBO

    Total calculated
    $280,154
    From this org
    $180,569
    From related orgs
    $0
    Other
    $99,585
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,368
    Bonus
    $0
    Other
    $1,201
    Deferred
    $65,644
    Nontaxable benefits
    $33,941
    Filer's total
    $280,154

  • Amy Grice

    COO

    Total calculated
    $259,251
    From this org
    $188,761
    From related orgs
    $0
    Other
    $70,490
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,761
    Bonus
    $0
    Other
    $0
    Deferred
    $33,313
    Nontaxable benefits
    $37,177
    Filer's total
    $259,251

  • Andy Sorensen

    WORKING FOREMAN

    Total calculated
    $310,139
    From this org
    $260,538
    From related orgs
    $0
    Other
    $49,601
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $260,280
    Bonus
    $0
    Other
    $258
    Deferred
    $46,021
    Nontaxable benefits
    $3,580
    Filer's total
    $310,139

  • Ricky Schroeder

    WIRE FOREMAN

    Total calculated
    $304,479
    From this org
    $195,887
    From related orgs
    $0
    Other
    $108,592
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,046
    Bonus
    $0
    Other
    $841
    Deferred
    $104,690
    Nontaxable benefits
    $3,902
    Filer's total
    $304,479

  • Brian Wahto

    JOURNEYMAN LINEMAN

    Total calculated
    $298,696
    From this org
    $229,258
    From related orgs
    $0
    Other
    $69,438
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $228,551
    Bonus
    $0
    Other
    $707
    Deferred
    $35,656
    Nontaxable benefits
    $33,782
    Filer's total
    $298,696

  • Jason Edlund

    JOURNEYMAN LINEMAN

    Total calculated
    $256,065
    From this org
    $209,411
    From related orgs
    $0
    Other
    $46,654
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $209,411
    Bonus
    $0
    Other
    $0
    Deferred
    $12,777
    Nontaxable benefits
    $33,877
    Filer's total
    $256,065

  • Richard Hart

    JOURNEYMAN LINEMAN

    Total calculated
    $217,571
    From this org
    $192,621
    From related orgs
    $0
    Other
    $24,950
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,621
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $24,950
    Filer's total
    $217,571

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4B
MR. JAFAR TAGHAVI PARTICIPATES IN A SECTION 457(F) NON-QUALIFIED DEFERRED COMPENSATION PLAN. AMOUNTS ACCRUED, VESTED, AND PAID PURSUANT TO THE NQDC PLAN DURING THE YEAR WERE $332,171. ALL SUCH AMOUNTS WERE INCLUDED IN REPORTABLE COMPENSATION AND COVER THE 2020 THROUGH 2023 PLAN YEARS.
PART II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. JAFAR TAGHAVI: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN 13,200 TOTAL REPORTED IN COLUMN C $ 13,200 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (-0-) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 13,200 EXPENSE TO THE COOPERATIVE $ 13,200 ANDY SORENSEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 42,011 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,010 TOTAL REPORTED IN COLUMN C $ 46,021 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (42,011) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 52,248 EXPENSE TO THE COOPERATIVE $ 56,258 RICKY SCHROEDER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 100,474 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,216 TOTAL REPORTED IN COLUMN C $ 104,690 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (100,474) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 53,181 EXPENSE TO THE COOPERATIVE $ 57,397 BRIAN WAHTO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 32,058 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,598 TOTAL REPORTED IN COLUMN C $ 35,656 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (32,058) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 25,579 EXPENSE TO THE COOPERATIVE $ 29,177 DANA HANCOCK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 58,429 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,215 TOTAL REPORTED IN COLUMN C $ 65,644 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (58,429) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 51,597 EXPENSE TO THE COOPERATIVE $ 58,812 AMY GRICE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 25,742 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,571 TOTAL REPORTED IN COLUMN C $ 250,661 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (25,742) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 44,024 EXPENSE TO THE COOPERATIVE $ 51,595 JASON EDLUND: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 9,416 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,361 TOTAL REPORTED IN COLUMN C $ 12,777 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (9,416) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 24,045 EXPENSE TO THE COOPERATIVE $ 27,406 RICHARD HART: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ -0- EMPLOYER CONTRIBUTION TO 401(K) PLAN -0- TOTAL REPORTED IN COLUMN C $ -0- LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (-0-) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN -0- EXPENSE TO THE COOPERATIVE $ -0-

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

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

  • PLC ENERGY INC

    C · WHOLESALE ENERGY · WA · 100% owned · share of income -$585,656 · share of assets $2,941,993 · controlled entity

    Directly controlled by PENINSULA LIGHT COMPANY

  • HARVEST WIND PROJECT

    C · WIND FARM · WA · 20% owned · share of income $3,171,600 · share of assets $17,792,200

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202413209349312896

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