2025-11-14T09:50:20-06:00 2024-12-31 750882037 BOLINGER SEGARS GILBERT AND MOSS LLP 8215 NASHVILLE AVENUE LUBBOCK TX 79423 990 2024-01-01 910361270 PENINSULA LIGHT COMPANY PENI 2538575950 13315 GOODNOUGH DR NW GIG HARBOR WA 98332 JAFAR TAGHAVI CEO 2538575950 2025-11-13 1 0 WILLIAM M MILLER P00439459 8067473806 2025-11-13 X 2024 2025-03-06 01:10:19Z JAFAR TAGHAVI 13315 GOODNOUGH DR NW GIG HARBOR WA 98332 68040592 0 X WWW.PENLIGHT.ORG X 1925 WA TO PROVIDE ELECTRICITY AND WATER TO MEMBERS AND OPERATING THE COMPANY IN A MANNER CONSISTENT WITH THE PURPOSE OF THE MUTUAL CORPORATION. 9 9 94 0 0 0 0 0 63293574 65167847 2337432 2383992 554121 488753 66185127 68040592 0 0 0 0 9951451 10833616 0 0 0 48947155 51574942 58898606 62408558 7286521 5632034 211233014 215605848 34750753 34661054 176482261 180944794 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. 0 0 SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS ON A MUTUAL BASIS. THERE WERE 32,310 ACTIVE ELECTRIC SERVICES AT YEAR END. SALE AND DISTRIBUTION OF WATER TO MEMBERS ON A MUTUAL BASIS. THERE WERE 3,400 ACTIVE WATER SERVICES AT YEAR END. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 23 0 94 1 0 0 0 0 0 66676904 2524078 0 0 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 X DANA HANCOCK CBO 2538575950 13315 GOODNOUGH DR NW GIG HARBOR WA 98332 X SCOTT JUNGE PRESIDENT 6.00 X X 35000 0 0 DEBRA ROSS VICE PRESIDENT 6.00 X X 31800 0 0 MARC JORGENSON TREASURER 6.00 X X 31050 0 0 JIM SMALLEY SECRETARY 6.00 X X 31550 0 0 L PAUL ALVESTAD DIRECTOR 20.00 X 30850 0 0 NICK MARKOVICH DIRECTOR 3.00 X 27400 0 0 ROGER SPADONI DIRECTOR 6.80 X 30750 0 0 SIGNO UDDENBERG DIRECTOR 6.00 X 33300 0 0 ERIN GATHERUM DIRECTOR 6.00 X 30650 0 0 JAFAR TAGHAVI CEO 40.00 X 564449 0 49326 DANA HANCOCK CBO 40.00 X 199780 0 131856 AMY GRICE COO 40.00 X 197003 0 73392 ANDY SORENSEN WORKING FOREMAN 40.00 X 293359 0 41350 BRIAN WAHTO JOURNEYMAN LINEMAN 40.00 X 278091 0 73836 JASON EDLUND JOURNEYMAN LINEMAN 40.00 X 273923 0 46476 RICHARD HART JOURNEYMAN LINEMAN 40.00 X 241187 0 18911 BRAIN CROSBY WORKING FOREMAN 40.00 X 224576 0 66687 2554718 0 501834 49 0 1 0 EQUIPMENT EXPERTS INC 2704 104TH ST CT S BLDG K LAKEWOOD WA 98499 FLEET MAINTENANCE 1086038 ASPLUNDH TREE EXPERT CO 708 BLAIR MILL ROAD WILLOW GROVE PA 19090 TREE TRIMMING/VEGETATION MANAGEMENT 1037824 GREENFIELD SERVICES PO BOX 73097 PUYALLUP WA 98373 VACCUM TRUCK SERVICES 715958 PRAECE CONSULTING 25 16TH ST NE STE B AUBURN WA 98002 ENGINEERING CONSULTING SERVICES 707636 NISC PO BOX 1147 MANDAN ND 585541147 ERP SERVICES 563445 13 X SALES OF ELECTRICITY 221000 62596728 62596728 WATER SALES 221000 1816999 1816999 SERVICE FEES 221000 428407 428407 OTHER PROGRAM REVENUE 221000 248483 248483 PATRONAGE DIVIDENDS 221000 77230 77230 65167847 2356055 1619000 737055 28800 0 28800 28800 28800 27937 0 27937 27937 27937 POLE ATTACHEMENT INCOME 221000 446449 446449 MISC NON-OPERATING REVENUE 221000 13504 13504 459953 68040592 66828288 0 1212304 X 1498156 6239906 1217082 1315198 563274 1284090 9065814 PURCHASED POWER 26306798 DISTRIBUTION EXPENSE 6614642 ADMIN & GENERAL EXPENSE 3276450 OPERATING TAXES 3243113 1784035 62408558 390942 941974 10566881 9698306 8786807 8671713 3159227 5243960 778853 200970 245944597 109643490 133963200 136301107 49735890 50800164 3851214 3747654 211233014 215605848 5224732 7945215 567035 28974618 25689653 551403 459151 34750753 34661054 X 3258200 3264100 1040812 1043812 172183249 176636882 176482261 180944794 211233014 215605848 X 5632034 -1169501 X X 0 1 X 1 0 4008364 4008364 9634914 7015918 2618996 219977845 102627572 117350273 12323474 12323474 136301107 PATRONAGE CAPITAL - CFC 1668896 C PATRONAGE CAPITAL - NISC 27195 C PATRONAGE CAPITAL - NRTC 1415 C PATRONAGE CAPITAL - FEDERATED 321267 C CAPITAL TERM CERTIFICATES - CFC 1172099 C HARVEST WIND PROJECT - EQUITY INTEREST 14091116 C OTHER INVESTMENTS 71015 C INVESTMENT IN PLC ENERGY 33447161 C 50800164 CUSTOMER SECURITY DEPOSITS 117555 ACCURED OPERATING TAXES 330497 OTHER LIABILITIES 11099 459151 X PART X, LINE 2: PLC IS EXEMPT UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE FROM FEDERAL INCOME TAX. ACCORDINGLY, NO PROVISION FOR INCOME TAX IS REQUIRED. THE COMPANY HAS ADOPTED THE UNCERTAIN TAX POSITIONS PROVISIONS OF ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED SATES OF AMERICA. THE PRIMARY TAX POSITION OF THE COMPANY IS ITS FILING STATUS AS A TAX EXEMPT ENTITY. THE COMPANY DETERMINED THAT IT IS MORE LIKELY THAN NOT THAT THEIR TAX POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE (IRS), OR OTHER STATE TAXING AUTHORITY AND THAT ALL TAX BENEFITS ARE LIKELY TO BE REALIZED UPON SETTLEMENT WITH TAXING AUTHORITIES. PART IX: THE AMOUNT OF OTHER ASSETS ON FORM 990, PAGE 11, PART X, LINE 15 DOES NOT EQUAL OR EXCEED 5% OF THE TOTAL ASSETS ON FORM 990, PAGE 11, PART X, LINE 16, COLUMN B. CONSEQUENTLY, IN ACCORDANCE WITH IRS INSTRUCTIONS, SCHEDULE D, PART IX HAS BEEN LEFT BLANK. X X X X 0 1 0 JAFAR TAGHAVI CEO 435435 0 118059 0 10955 0 13800 0 35526 0 613775 0 0 0 BRIAN WAHTO JOURNEYMAN LINEMAN 277290 0 0 0 801 0 39337 0 34499 0 351927 0 0 0 ANDY SORENSEN WORKING FOREMAN 293058 0 0 0 301 0 39462 0 1888 0 334709 0 0 0 DANA HANCOCK CBO 198521 0 0 0 1259 0 96908 0 34948 0 331636 0 0 0 JASON EDLUND JOURNEYMAN LINEMAN 273923 0 0 0 0 0 11977 0 34499 0 320399 0 0 0 BRAIN CROSBY WORKING FOREMAN 224310 0 0 0 266 0 31888 0 34799 0 291263 0 0 0 AMY GRICE COO 196896 0 0 0 107 0 38120 0 35272 0 270395 0 0 0 RICHARD HART JOURNEYMAN LINEMAN 241187 0 0 0 0 0 0 0 18911 0 260098 0 0 0 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- FORM 990, PART VI, SECTION A, LINE 6 THE COOPERATIVE WAS FORMED BY THE MEMBERS TO PROVIDE ELECTRIC AND WATER DISTRIBUTION SERVICES ON A MUTUAL BASIS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS OF THE COMPANY VOTE ON THE BOARD OF DIRECTORS. ELECTIONS ARE DONE ON A ONE MEMBER ONE VOTE BASIS. FORM 990, PART VI, SECTION A, LINE 7B IN ADDITION TO DIRECTOR ELECTIONS, THE FOLLOWING ACTS REQUIRE APPROVAL OF THE MEMBERS OF THE COOPERATIVE: 1. DISSOLUTION/LIQUIDATION OF THE COOPERATIVE 2. MERGER OR CONSOLIDATION OF THE COOPERATIVE WITH ANOTHER ORGANIZATION 3. DISPOSAL OF A SUBSTANTIAL PORTION OF THE COOPERATIVE'S ASSETS 4. AMENDMENT TO THE ARTICLES OF INCORPORATION FORM 990, PART VI, SECTION A, LINE 8B THE COOPERATIVE HAS NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. THEREFORE, AND PURSUANT TO FORM 990 INSTRUCTIONS, THE QUESTION HAS BEEN ANSWERED "NO". FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT PROVIDED A COPY OF THE FORM 990 TO THE BOARD FOR DISCUSSION AND REVIEW PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C HUMAN RESOURCES MONITORS AND ADMINISTERS THE POLICY. SPECIFICALLY, THE BOARD OF DIRECTORS AND OFFICERS ARE REQUIRED TO REVIEW AND BE FAMILIAR WITH THE POLICIES OUTLINED IN THE COMPANY'S CONFLICT OF INTEREST POLICY, AND ARE REQUIRED TO DISCLOSE ANY ACTION OR SITUATION THAT MIGHT VIOLATE THE POLICY TO THE FULL BOARD AS SOON AS POSSIBLE. FORM 990, PART VI, SECTION B, LINE 15 CEO - AN INDEPENDENT CONSULTANT WAS HIRED TO CONDUCT A MARKET SALARY STUDY FOR THE CEO POSITION. THE CONSULTANT REPORTS DIRECTLY TO THE PRESIDENT OF THE BOARD AND THE CHAIRMAN OF THE BOARD COMPENSATION COMMITTEE. THE CEO HAS NO CONTACT OR INTERACTION WITH THE CONSULTANT OR THE BOARD REGARDING THIS PROJECT. THE CONSULTANT REPORTS FINDINGS TO THE ENTIRE BOARD OF DIRECTORS. A QUESTION AND ANSWER SESSION FOLLOWS WHERE THE CONSULTANT ANSWERS SPECIFIC QUESTIONS FROM THE BOARD ABOUT THE COMPARABILITY OF DATE PRESENTED. THE DIRECTORS DELIBERATE BEFORE REACHING THEIR DECISION AS TO COMPENSATION LEVEL FOR THE CEO. THE CHAIRMAN OF BOARD COMPENSATION COMMITTEE INFORMS THE HUMAN RESOURCES DIRECTOR OF ANY COMPENSATION CHANGE AND APPLICABLE EFFECTIVE DATE FOR THE CEO. IN A SEPARATE MEETING WITH THE PRESIDENT OF THE BOARD AND THE CHAIRMAN OF THE BOARD COMPENSATION COMMITTEE, THE CEO IS INFORMED OF ANY CHANGE IN COMPENSATION. OTHER OFFICERS - AN INDEPENDENT CONSULTANT WAS ALSO HIRED TO CONDUCT A MARKET SURVEY AND ESTABLISH A MARKET SALARY FOR FOR ALL EXEMPT MANAGEMENT POSITIONS. THE CONSULTANT REPORTS FINDINGS TO THE HR DIRECTOR. THEY DISCUSS THE DATA COMPARABLES AND SUBSTANTIATION BEHIND IT. THE HR DIRECTOR PRESENTS THIS INFORMATION TO THE CEO. WITH TRAINING PROVIDED BY THE CONSULTANT, AN INTERNAL EQUITY COMPENSATION COMMITTEE, COMPRISED OF A MANAGER FROM EACH DIVISION OF THE COMPANY, PROVIDES INDEPENDENT RECOMMENDATIONS FOR EACH POSITION PLACEMENT WITHIN THE SALARY SCHEDULE. THE CEO AND HR DIRECTOR DISCUSS THE FINAL RECOMMENDATIONS OF THE COMPENSATION COMMITTEE AND ESTABLISH ACTUAL SALARIES PAYABLE BASED ON THE FINANCIAL WHEREWITHAL OF THE COMPANY. FORM 990, PART VI, SECTION C, LINE 19 THESE DOCUMENTS ARE AVAILABLE UPON WRITTEN REQUEST AT THE COMPANY'S MAIN OFFICER. IN ADDITION, THE COOPERATIVE PROVIDES A TREASURER'S REPORT INCLUDING A FINANCIAL SUMMARY AT THE ANNUAL MEETING. FORM 990, PART VII, COLUMN F: IN ORDER TO PROVIDE RETIREMENT BENEFITS TO ITS EMPLOYEES, THE COOPERATIVE HAS ESTABLISHED A DEFINED CONTRIBUTION PLAN UNDER SECTION 401(K) OF THE INTERNAL REVENUE CODE. EMPLOYER CONTRIBUTIONS TO THE PLAN ARE MADE PURSUANT TO THE PLAN DOCUMENT. ADDITIONALLY, THE COOPERATIVE PARTICIPATES IN A MULTI-EMPLOYER DEFINED BENEFIT PLAN. CONTRIBUTIONS TO THIS PLAN ARE BASED ON THE FULL FUNDING LIMITATION OF SUCH PLAN. EMPLOYER CONTRIBUTIONS FOR BOTH PLANS ARE AVAILABLE TO PARTICIPATING EMPLOYEES, INCLUDING OFFICERS AND HIGHLY COMPENSATED EMPLOYEES, MEETING THE ELIGIBILITY REQUIREMENTS OF SUCH PLANS. THE COOPERATIVE ALSO PROVIDES HEALTH AND LIFE INSURANCE TO ALL EMPLOYEES THROUGH A QUALIFIED PLAN. THE AMOUNTS REPORTED ON PART VII, COLUMN (F) FOR THE OFFICERS AND HIGHLY COMPENSATED EMPLOYEES ARE COMPRISED OF ACTUARIAL INCREASE IN THE DEFINED BENEFIT PLAN, THE TOTAL AMOUNT CONTRIBUTED BY THE COOPERATIVE TO THE DEFINED CONTRIBUTION PLAN AND THE INSURANCE PREMIUMS PAID FOR THEIR BENEFIT. FORM 990, PART VIII, LINE 2: PATRONAGE DIVIDENDS RESULT FROM THE PAYMENT OF INTEREST FROM COOPERATIVE BANKS AND THE PURCHASE OF SUPPLIES AND SERVICES FROM OTHER COOPERATIVE ORGANIZATIONS. THE EXPENSES ASSOCIATED WITH PURCHASES FROM AND PAYMENTS TO SUCH COOPERATIVE ORGANIZATIONS ARE A DIRECT COMPONENT OF COST OF THE ELECTRIC SERVICE PROVIDED BY THE COOPERATIVE TO ITS MEMBERS. FORM 990, PART IX, LINES 5-7: SALARIES AND WAGES ARE ALLOCATED TO ASSET, LIABILITY, AND EXPENSE ACCOUNTS BASED ON THE ACCOUNTING SYSTEM DESCRIBED ABOVE. THE FOLLOWING SCHEDULE RECONCILES AMOUNTS REPORTED ON LINES 5-7 TO TOTAL WAGES ACCRUED AND/OR PAID: TOTAL PER LINES 5-7 $ 7,738,062 LESS: DIRECTOR FEES REPORTED ON FORMS 1099-NEC (282,350) LESS: EMPLOYEE OFFICER BENEFITS INCLUDED IN LINE 5 (254,574) PLUS: SALARIES & WAGES ALLOCATED TO PURCHASED POWER 373,156 PLUS: SALARIES & WAGES CAPITALIZED DIRECTLY TO PLANT 1,898,819 PLUS: SALARIES & WAGES CAPITALIZED/EXPENSED INDIRECTLY THROUGH CLEARING & OTHER ACCOUNTS 1,964,065 TOTAL WAGES ACCRUED AND/OR PAID $11,437,178 FORM 990, PART IX, LINE 24: ADMINISTRATIVE AND GENERAL EXPENSE IS COMPRISED OF THE FOLLOWING: ADMINISTRATIVE & GENERAL SALARIES, BENEFITS & OTHER $ 3,011,993 OFFICE SUPPLIES 280,026 OUTSIDE SERVICES EMPLOYED 223,918 INSURANCE & DAMAGES 260,665 COMMUNITY SERVICE 108,657 UTILITIES 57,008 MISCELLANEOUS GENERAL 236,216 DIRECTORS 660,684 TRAININGS & MEETINGS 194,269 DUES TO ASSOCIATED ORGANIZATIONS 302,499 MAINTENANCE OF GENERAL PLANT 1,198,595 ADVERTISING 18,759 TOTAL ADMIN & GENERAL EXP PER FINANCIAL STATEMENTS $ 6,553,289 LESS: RECLASS OF TRUSTEE FEES TO PART IX, LINE 5 (282,350) LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (2,043,710) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (950,779) TOTAL ADMIN & GENERAL EXPENSE PER FORM 990, PART IX $ 3,276,450 FORM 990, PART IX: ALTHOUGH THE COOPERATIVE IS NO LONGER A RURAL UTILITY SERVICES (RUS) BORROWER, THE ACCOUNTING RECORDS OF THE COOPERATIVE ARE MAINTAINED IN ACCORDANCE WITH THE RUS UNIFORM SYSTEM OF ACCOUNTS (USOA) AS PRESCRIBED FOR RUS ELECTRIC BORROWERS. THE USOA DOES NOT RECORD EXPENSES IN THE GENERAL EXPENSE CATEGORIES PROVIDED ON PART IX LINES 1-23. THE COOPERATIVE SEPARATELY REPORTS SALARIES AND WAGES, EMPLOYEE BENEFITS AND PAYROLL TAXES THAT ARE ALLOCATED IN ACCORDANCE WITH ITS ACCOUNTING SYSTEM, BUT OTHER EXPENSES THAT ARE DESCRIBED IN LINES 1-23 ARE REPORTED ON LINE 24 UNDER THE EXPENSE CATEGORIES REQUIRED BY THE USOA. FORM 990, PART IX, LINE 24E: OTHER EXPENSES IS COMPRISED OF THE FOLLOWING: CONSUMER ACCOUNTS & SERVICE EXPENSE $ 3,166,456 WATER DEPARTMENT OPERATIONS 767,605 MISCELLANEOUS NON-OPERATING SALES EXPENSE 103,560 TOTAL OTHER EXPENSE BEFORE RECLASSIFICATIONS $ 4,037,621 LESS: RECLASS OF LABOR TO PART IX, LINES 5 & 7 (1,538,051) LESS: RECLASS OF BENEFITS TO PART IX, LINES 8-10 (715,535) TOTAL OTHER EXPENSE PER FORM 990, PART IX $ 1,784,035 FORM 990, PART XI, LINE 9: NET CHANGE IN MEMBERSHIPS 8,900. ROUNDING ADJUSTMENT -1. BOOK-TAX ADJUSTMENT: DIVIDENDS RECEIVED FROM EQUITY METHOD INVESTMENT -1,619,000. BOOK-TAX ADJUSTMENT: EQUITY METHOD INCOME FROM SUBSIDIARY 440,600. FORM 990, PART XII, LINE 2C: THE BOARD OF DIRECTORS HAVE ASSIGNED MEMBERS TO AN AUDIT COMMITTEE TO OVERSEE THE FINANCIAL STATEMENT AUDIT AND SELECT THE INDEPENDENT FINANCIAL STATEMENT AUDITOR. PROCEDURAL CHANGES DID NOT OCCUR DURING THE YEAR. PLC ENERGY INC 13315 GOODNOUGH DR NW GIG HARBOR WA 98332 911943365 WHOLESALE ENERGY WA PENINSULA LIGHT COMPANY C 2145762 2953064 1.00000 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 PLC ENERGY INC B 2223330 INVOICES & OTHER SUPPORT PLC ENERGY INC O 216328 INVOICES & OTHER SUPPORT