2025-10-14T18:25:02-05:00 2024-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 805 SW BROADWAY STE 1400 PORTLAND OR 97205 990 2024-01-01 990346113 KAUAI ISLAND UTILITY COOPERATIVE KAUA 8082464300 4463 PAHEE ST STE 1 LIHUE HI 967662000 ERIN TSUDA FINANCIAL VP & CFO 8002468278 2025-10-09 1 1 EMINA O CRESSWELL P01217304 5032421447 2025-10-09 2024 2025-03-06 01:10:19Z DAVID BISSELL 4463 PAHEE ST STE 1 LIHUE HI 967662000 191669974 0 X WWW.KIUC.COOP X 1999 HI PROVIDE POWER TO OUR MEMBERS IN A CONSERVATIVE AND SUSTAINABLE MANNER. 9 9 149 0 63431 54388 0 0 170097868 189288399 2956045 2653122 -873587 -306692 172180326 191634829 30871 63382 4260664 7052710 2707130 2860720 0 0 0 165181661 181658017 172180326 191634829 0 0 423134177 419381972 284133295 272778741 139000882 146603231 X SEE SCHEDULE OTO PROVIDE RELIABLE POWER SAFELY THAT IS FAIRLY AND COMPETITIVELY PRICED, PRACTICE CONSERVATION AND EFFICIENT USE OF ENERGY RESOURCES AND INCREASE SUSTAINABLE POWER SUPPLY AND ENVIRONMENTAL STEWARDSHIP WHILE IMPROVING THE QUALITY OF LIFE FOR MEMBERS AND KAUA'I. 0 0 GENERATED, TRANSMITTED AND DISTRIBUTED ELECTRICITY TO APPROXIMATELY 39,318 ACTIVE SERVICES AT YEAR END ON THE ISLAND OF KAUAI. 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 117 0 1 149 1 1 1 0 0 0 0 188806015 5089505 0 0 0 X 9 9 0 0 0 0 1 1 0 1 0 0 0 1 1 1 1 1 1 1 0 0 HI X X CORINNE CUARESMA CONTROLLER 8082468212 4463 PAHEE ST STE 1 LIHUE HI 967662000 PETER YUKIMURA TREASURER 10.00 0.00 X X 19641 0 0 TEOFILO TACBIAN DIRECTOR 5.00 1.00 X 18528 0 0 ALLAN SMITH CHAIRMAN 10.00 1.00 X X 18005 0 0 JAN TENBRUGGENCATE VICE CHAIR 15.00 0.00 X X 15804 0 0 JIM MAYFIELD DIRECTOR 6.00 0.00 X 15264 0 0 CALVIN MURASHIGE SECRETARY 11.00 0.00 X X 14733 0 0 DAVID IHA DIRECTOR 10.00 2.00 X 12009 0 0 MICHAEL YAMANE DIRECTOR 2.00 0.00 X 9318 0 0 DEE CROWELL UNTIL 092024 DIRECTOR 12.00 0.00 X 9227 0 0 JANET KASS DIRECTOR 7.00 0.00 X 5116 0 0 DAVID BISSELL CEO 50.00 0.00 X 780695 0 138760 STACIE DELLAMANO FINANCIAL VP & CFO 55.00 0.00 X 287364 0 74780 BRAD ROCKWELL CHIEF OF OPERATIONS 50.00 0.00 X 341757 0 106992 BETH AMARO MEMBER SERVICES & COMMUNICATIONS 40.00 0.00 X 260636 0 87978 JOHN COX T&D MANAGER 50.00 0.00 X 223992 0 83366 CAMERON KRUSE ENGINEERING MANAGER 50.00 0.00 X 225498 0 52777 RICHARD VETTER PORT ALLEN STATION MANAGER 45.00 0.00 X 214513 0 84450 ELIZABETH UBAY HR & SAFETY MANAGER 45.00 0.00 X 238286 0 59353 KYLAN HAUMEA PRIMARY TROUBLESHOOTER 50.00 0.00 X 242359 0 43738 TOM YAMAMOTO PRIMARY TROUBLEPERSON 50.00 0.00 X 210278 0 66636 CHRISTOPHER YUH MANAGER FINANCE, RISK & ANALYTICS 50.00 0.00 X 205539 0 46369 3368562 0 845199 98 0 1 0 PREMIUM UTILITY CONTRACTOR LLC 33562 YUCAIPA BOULEVARD STE 4 PMB 4 YUCAIPA CA 92399 LINE CONSTRUCTION & REMOVAL, TREE TRIMMI 2736741 ARCHIPELAGO RESEARCH & CONSERVATION LLC 3861 ULU ALII STREET KALAHEO HI 96741 ECOLOGICAL SERVICES 2436423 HALLUX ECOSYSTEM RESTORATION LLC 1544 HALEUKANA STREET UNIT 2 LIHUE HI 96766 PREDATOR CONTROL SERVICES 1774625 ASPLUNDH TREE EXPERT CO PO BOX 31001-2292 PASADENA CA 91110 TREE TRIMMING SERVICES 1499021 HENKELS AND MCCOY INC 2268 COLLECTION CENTER DRIVE CHICAGO IL 60693 LINE CONSTRUCTION & REMOVAL 1237936 25 COMMERCIAL/INDUSTRIAL 221000 107769950 107769950 RESIDENTIAL 221000 79983441 79983441 STREET LIGHTING 221000 806209 806209 SERVICE FEES & OTHER 221000 482384 482384 IRRIGATION 221000 246415 246415 189288399 2648122 2648122 98576 35145 63431 63431 63431 5000 0 5000 5000 5000 NONOPERATING 900099 131529 131529 PATRONAGE ALLOCATIONS 900099 94507 94507 NET LOSS FROM SUBS 900099 -596159 -596159 -370123 191634829 188918276 63431 2653122 63382 7052710 2860720 134186 6388545 14881365 POWER COST 105686006 UNRELATED BUSINESS TAX 12263 ADMINISTRATIVE 22954973 OTHER TAXES 15668688 15931991 191634829 41304058 39243325 14054062 12756274 22282718 22265342 1249089 1517807 613634457 337853842 272974048 275780615 2103849 1985691 22908060 22308801 46258293 43524117 423134177 419381972 19239169 19678429 235855693 225183483 29038433 27916829 284133295 272778741 X 610 623 0 0 139000272 146602608 139000882 146603231 423134177 419381972 X 0 731512 6870837 X X 0 1 X 1 0 10224231 10224231 60033465 27858160 32175305 533099426 309995682 223103744 10277335 10277335 275780615 INVESTMENTS IN SUBSIDIARY COMPANIES 20343006 C RURAL ECONOMIC DEVELOPMENT LOANS 1965795 C 22308801 ACCRUED UNBILLED REVENUE 10562913 DEFERRED DEBITS 32010778 POST-RETIREMENT BENEFIT ASSET 805750 ENERGY RATE ADJUSTMENTS 144676 43524117 DEFERRED CREDITS 12772304 CONSUMER DEPOSITS 1433888 OTHER LIABILITIES 1312345 ROU LIABILITIES 12398292 27916829 X PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE, EXCEPT TO THE EXTENT OF UNRELATED BUSINESS INCOME, IF ANY. THE COOPERATIVE ADOPTED FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) 740-10, RELATING TO ACCOUNTING FOR UNCERTAIN TAX POSITIONS. AS OF DECEMBER 31, 2024 AND 2023, THE COOPERATIVE DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS. THE COOPERATIVE FILES AN EXEMPT ORGANIZATION AND UNRELATED BUSINESS INCOME TAX RETURN IN THE U.S. FEDERAL JURISDICTION AND THE CORPORATE SUBSIDIARIES FILE A CORPORATE RETURN WITH THE U.S. FEDERAL AND STATE OF HAWAII JURISDICTIONS. THE COOPERATIVE IS NOT EXEMPT UNDER HAWAII REVISED STATUTES FROM STATE INCOME TAXES; HOWEVER, MARGINS THAT ARE ALLOCATED WITHIN A SPECIFIC TIME PERIOD ARE CONSIDERED A DEDUCTION FOR STATE INCOME TAX PURPOSES. FOR THE STATE OF HAWAII, THE COOPERATIVE IS ALSO ASSESSED A 5.885% OF GROSS REVENUES PUBLIC SERVICE COMPANY TAX IN LIEU OF GENERAL EXCISE TAXES AND COUNTY REAL PROPERTY TAXES. ALSO, THE COOPERATIVE IS ASSESSED A 0.5% OF GROSS REVENUES PUBLIC UTILITY COMMISSION FEE. FOR THE COUNTY OF KAUA'I, HAWAII, THE COOPERATIVE IS ASSESSED A 2.5% FRANCHISE FEE ON GROSS REVENUES. 1 KAUAI UNITED WAY PO BOX 1087 LIHUE HI 96766 990146288 501(C)(3) 26233 0 CHARITABLE GIVING 1 0 PART I, LINE 2: KAUAI UNITED WAY IS A NON-PROFIT, VOLUNTEER-DRIVEN ORGANIZATION, DEDICATED TO SERVING THE SOCIAL NEEDS OF KAUAI SINCE 1943. PARTICIPATING AGENCIES ARE MONITORED THROUGHOUT THE YEAR TO MAKE SURE THAT PROGRAMS CONTINUE TO BE ADMINISTERED EFFICIENTLY AND WITHIN GUIDELINES. THE COOPERATIVE RELIES ON THE DONEE ORGANIZATIONS TO USE THE FUNDS AS INTENDED BY THE COOPERATIVE. X X X X 0 1 0 DAVID BISSELL CEO 636255 0 0 0 144440 0 115221 0 23539 0 919455 0 0 0 BRAD ROCKWELL CHIEF OF OPERATIONS 261505 0 74574 0 5678 0 78993 0 27999 0 448749 0 0 0 STACIE DELLAMANO FINANCIAL VP & CFO 261660 0 25000 0 704 0 43511 0 31269 0 362144 0 0 0 BETH AMARO MEMBER SERVICES & COMMUNICATIONS 196129 0 62527 0 1980 0 60024 0 27954 0 348614 0 0 0 JOHN COX T&D MANAGER 186543 0 35496 0 1953 0 55296 0 28070 0 307358 0 0 0 RICHARD VETTER PORT ALLEN STATION MANAGER 185819 0 26697 0 1997 0 56451 0 27999 0 298963 0 0 0 ELIZABETH UBAY HR & SAFETY MANAGER 198923 0 38047 0 1316 0 54025 0 5328 0 297639 0 0 0 KYLAN HAUMEA PRIMARY TROUBLESHOOTER 242140 0 0 0 219 0 15739 0 27999 0 286097 0 0 0 CAMERON KRUSE ENGINEERING MANAGER 167746 0 56994 0 758 0 24824 0 27953 0 278275 0 0 0 TOM YAMAMOTO PRIMARY TROUBLEPERSON 207651 0 0 0 2627 0 38637 0 27999 0 276914 0 0 0 CHRISTOPHER YUH MANAGER FINANCE, RISK & ANALYTICS 166933 0 38300 0 306 0 18300 0 28069 0 251908 0 0 0 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: $111,983 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 - $103,491 ACTUAL EXPENSE - $93,633 BRAD ROCKWELL: REPORTED CHANGE - $68,388 ACTUAL EXPENSE - $69,542 STACIE DELLAMANO: REPORTED CHANGE - $32,751 ACTUAL EXPENSE - $70,564 BETH AMARO: REPORTED CHANGE - $52,014 ACTUAL EXPENSE - $52,530 JOHN COX: REPORTED CHANGE - $47,669 ACTUAL EXPENSE - $49,688 RICHARD VETTER: REPORTED CHANGE - $48,853 ACTUAL EXPENSE - $49,827 ELIZABETH UBAY: REPORTED CHANGE - $45,904 ACTUAL EXPENSE - $53,258 KYLAN HAUMEA: REPORTED CHANGE - $5,888 ACTUAL EXPENSE - $26,877 CAMERON KRUSE: REPORTED CHANGE - $17,949 ACTUAL EXPENSE - $44,785 TOM YAMAMOTO: REPORTED CHANGE - $31,486 ACTUAL EXPENSE - $27,554 CHRISTOPHER YUH: REPORTED CHANGE - $11,457 ACTUAL EXPENSE - $46,429 FORM 990, PART VI, SECTION A, LINE 6 KIUC HAS APPROXIMATELY 26,920 MEMBERS. THE MEMBERSHIP FEE IS $.01 PER MEMBER. FORM 990, PART VI, SECTION A, LINE 7A EACH DIRECTOR IS ELECTED TO A 3-YEAR TERM. THE 9 DIRECTOR'S TERMS ARE STAGGERED SUCH THAT EACH YEAR 3 DIRECTOR SEATS ARE UP FOR ELECTION. EACH CURRENT MEMBER IS ENTITLED TO CAST A BALLOT AND VOTE FOR 3 DIRECTORS TO FILL THE 3 VACANT SEATS, REGARDLESS OF THEIR BILLING AMOUNT. FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE DOES NOT HAVE COMMITTEES WITH BOARD AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. FORM 990, PART VI, SECTION B, LINE 11B 1) AFTER THE COMPLETED FORM 990 IS RECEIVED FROM THE TAX PREPARER, THE CONTROLLER WILL PERFORM A DETAILED REVIEW OF THE FORM 990, INCLUDING VERIFYING THE FIGURES TO THE BOOKS OF RECORD. 2) THE CFO WILL PERFORM A MORE GENERAL REVIEW OF THE FORM 990 FOR REASONABLENESS. 3) THE FORM 990 WILL BE MADE AVAILABLE TO THE BOARD OF DIRECTORS FOR THEIR INDIVIDUAL REVIEW. IF THE DIRECTORS HAVE ANY QUESTIONS ABOUT THE FORM 990, THE CFO WILL MEET WITH THEM TO ANSWER THEIR QUESTIONS. 4) THE FORM 990 WILL BE FILED WITH THE IRS FOLLOWING THIS PROCESS. FORM 990, PART VI, SECTION B, LINE 12C ANY DIRECTOR, OFFICER OR MEMBER OF A COMMITTEE WITH BOARD-DELEGATED POWERS WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST IS COVERED BY THIS POLICY. 1) THE BOARD OF DIRECTORS DETERMINES WHETHER A CONFLICT EXISTS. 2) THE BOARD OF DIRECTORS REVIEWS ACTUAL CONFLICTS. 3) ANY PERSON COVERED BY THIS POLICY WHO IS DEEMED TO HAVE A CONFLICT OF INTEREST IS PROHIBITED FROM PARTICIPATING IN THE BOARD'S DELIBERATIONS AND DECISION IN THE TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15A ALL NON-BARGAINING UNIT [NBU] EMPLOYEES' SALARIES ARE DETERMINED IN ACCORDANCE WITH NRECA'S COMPENSATE SALARY PLAN. IN ADDITION, THE BOARD CONSULTS WITH NRECA COMPENSATION CONSULTANTS REGARDING THE CEO'S COMPENSATION. THIS PROCESS IS UNDERTAKEN ANNUALLY. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION MAKES ITS 990 AVAILABLE TO THE PUBLIC ON ITS WEBSITE AND UPON REQUEST. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS BYLAWS, CONFLICT OF INTEREST POLICY, AND AUDITED FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC ON THEIR WEBSITE AND UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN OTHER EQUITY 83,145. CHANGE IN MEMBERSHIPS 13. PATRONAGE NET MARGIN 7,052,710. RETIREMENT OF CAPITAL CREDITS -265,031. FORM 990, PART XII, LINE 2C: THERE WERE NO CHANGES IN PROCEDURE FROM THE PRIOR YEAR. 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