Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: SALES OF ELECTRICITY

  total $62,596,728 · related or exempt $62,596,728

• 2b · Program service revenue: WATER SALES

  total $1,816,999 · related or exempt $1,816,999

• 2c · Program service revenue: SERVICE FEES

  total $428,407 · related or exempt $428,407

• 2d · Program service revenue: OTHER PROGRAM REVENUE

  total $248,483 · related or exempt $248,483

• 2e · Program service revenue: PATRONAGE DIVIDENDS

  total $77,230 · related or exempt $77,230

• 3 · Investment income

  total $2,356,055 · related or exempt $1,619,000 · excluded $737,055

• 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 $27,937

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

  securities $0

• 7c · Gain or loss

  securities $27,937

• 7d · Net gain or loss

  total $27,937 · related or exempt $27,937

• 11a · Other revenue: POLE ATTACHEMENT INCOME

  total $446,449 · excluded $446,449

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

  total $13,504 · related or exempt $13,504

• 11e · Other revenue, total

  $459,953

Functional expenses

Part IX, the statement of functional expenses.

• 5 · Compensation of officers, directors and key employees

  total $1,498,156

• 7 · Other salaries and wages

  total $6,239,906

• 8 · Pension plan contributions

  total $1,217,082

• 9 · Other employee benefits

  total $1,315,198

• 10 · Payroll taxes

  total $563,274

• 20 · Interest

  total $1,284,090

• 22 · Depreciation, depletion and amortization

  total $9,065,814

• 24a · Other expenses: PURCHASED POWER

  total $26,306,798

• 24b · Other expenses: DISTRIBUTION EXPENSE

  total $6,614,642

• 24c · Other expenses: ADMIN & GENERAL EXPENSE

  total $3,276,450

• 24d · Other expenses: OPERATING TAXES

  total $3,243,113

• 24e · All other expenses

  total $1,784,035

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $390,942 · end of year $941,974

• 2 · Savings and temporary cash investments

  beginning of year $10,566,881 · end of year $9,698,306

• 4 · Accounts receivable

  beginning of year $8,786,807 · end of year $8,671,713

• 8 · Inventories for sale or use

  beginning of year $3,159,227 · end of year $5,243,960

• 9 · Prepaid expenses and deferred charges

  beginning of year $778,853 · end of year $200,970

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

  $245,944,597

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

  $109,643,490

• 10c · Land, buildings and equipment, net

  beginning of year $133,963,200 · end of year $136,301,107

• 13 · Investments: program-related

  beginning of year $49,735,890 · end of year $50,800,164

• 15 · Other assets

  beginning of year $3,851,214 · end of year $3,747,654

• 17 · Accounts payable and accrued expenses

  beginning of year $5,224,732 · end of year $7,945,215

• 19 · Deferred revenue

  end of year $567,035

• 23 · Secured mortgages and notes payable

  beginning of year $28,974,618 · end of year $25,689,653

• 25 · Other liabilities

  beginning of year $551,403 · end of year $459,151

• 29 · Capital stock, trust principal or current funds

  beginning of year $3,258,200 · end of year $3,264,100

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

  beginning of year $1,040,812 · end of year $1,043,812

• 31 · Retained earnings, endowment or other funds

  beginning of year $172,183,249 · end of year $176,636,882

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 $118,059. ALL SUCH AMOUNTS WERE INCLUDED IN REPORTABLE COMPENSATION.

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 13,800 TOTAL REPORTED IN COLUMN C $ 13,800 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (-0-) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN (-0-) EXPENSE TO THE COOPERATIVE $ 13,200 BRIAN WAHTO: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 35,610 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,727 TOTAL REPORTED IN COLUMN C $ 39,337 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (35,610) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,943 EXPENSE TO THE COOPERATIVE $ 31,670 ANDY SORENSEN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 35,304 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,158 TOTAL REPORTED IN COLUMN C $ 39,462 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (39,462) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 54,445 EXPENSE TO THE COOPERATIVE $ 58,603 DANA HANCOCK: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 89,036 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,872 TOTAL REPORTED IN COLUMN C $ 96,908 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (89,036) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 66,404 EXPENSE TO THE COOPERATIVE $ 74,276 JASON EDLUND: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 8,446 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,531 TOTAL REPORTED IN COLUMN C $ 11,977 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (8,446) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 27,943 EXPENSE TO THE COOPERATIVE $ 31,474 BRIAN CROSBY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 27,939 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,949 TOTAL REPORTED IN COLUMN C $ 31,888 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (27,939) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 32,922 EXPENSE TO THE COOPERATIVE $ 36,871 AMY GRICE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 30,128 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,992 TOTAL REPORTED IN COLUMN C $ 38,120 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (30,128) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 49,476 EXPENSE TO THE COOPERATIVE $ 57,468 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-

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 $2,145,762 · share of assets $2,953,064 · controlled entity

  Directly controlled by PENINSULA LIGHT COMPANY