2011-09-21T13:33:08-05:00 2010-12-31 PETERSON SULLIVAN LLP CPA'S 601 UNION ST STE 2300 SEATTLE WA 981012345 990 2010-01-01 910361270 PENINSULA LIGHT COMPANY PENI 2538575950 PO BOX 78 GIG HARBOR WA 983350078 JAFAR TAGHAVI 2538575950 2011-09-13 1 RAYMON G HOLMDAHL 2063827777 2011-09-13 2010 2016-03-07 17:11:31Z JAFAR TAGHAVI PO BOX 78 GIG HARBOR WA 983350078 48048314 0 X WWW.PENLIGHT.ORG X 1925 WA ALL ACTIVITIES ARE THE RESULT OF PROVIDING ELECTRICITY AND WATER TO MEMBERS AND OPERATING THE COMPANY IN A FISCALLY RESPONSIBLE MANNER CONSISTENT WITH THE PURPOSES OF THE MUTUAL CORPORATION. 9 9 99 0 0 0 0 0 45746260 46902240 253753 441540 368434 650417 46368447 47994197 10000 0 0 0 2094980 2265049 0 0 0 37378639 40207832 39483619 42472881 6884828 5521316 150699088 146681316 79034815 69460751 71664273 77220565 ALL ACTIVITIES ARE THE RESULT OF PROVIDING ELECTRICITY AND WATER TO MEMBERS AND OPERATING THE COMPANY IN A FISCALLY RESPONSIBLE MANNER CONSISTENT WITH THE PURPOSES OF THE MUTUAL CORPORATION. 0 0 DISTRIBUTION OF ELECTRICITY AND WATER TO MEMBERS' PROPERTY. CURRENTLY SERVES APPROXIMATELY 31,000 MEMBERS. 0 0 0 0 0 0 0 0 1 1 0 0 1 0 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 0 0 0 1 59 0 1 99 1 0 0 0 0 0 47182234 884466 0 X 9 9 0 0 0 0 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 1 1 WA X CEO CFO & ACCOUNTING MANAGER 2538575950 13315 GOODNOUGH DR NW GIG HARBOR WA 98335 JEFF BUCHOLZ 2.00 X 11350 0 0 L PAUL ALVESTAD 2.00 X 10650 0 0 MARC JORGENSON 2.00 X 11350 0 0 MICHAEL VEITENHANS 2.00 X 2150 0 0 NICK MARKOVICH 2.00 X 9900 0 0 ROGER SPADONI 2.00 X 10900 0 0 SCOTT JUNGE 2.00 X 11650 0 0 SIGNO UDDENBERG 2.00 X 12100 0 0 SPENCE NORDFORS 2.00 X 13050 0 0 JAFAR TAGHAVI 55.00 X 263377 0 100938 ROBERT DRAGGOO 55.00 X 145648 0 69132 MICHAEL MCNELLIS 40.00 X 131483 0 62293 RAPHAEL GRINBERG 40.00 X 121847 0 53234 JOSEPH WILSON 40.00 X 126357 0 53542 DANIEL CAINES 40.00 X 109930 0 37561 CLARK KAPRON 40.00 X 114175 0 35096 1105917 0 411796 9 0 1 0 ACTIVE CONSTRUCTION INC 5110 RIVER ROAD E TACOMA WA 98443 OPERATIONS CONSTRUCTION/MAINTENANCE METE 2131929 ASPLUNDH TREE EXPERT CO 708 BLAIR MILL ROAD WILLOW GROVE PA 19090 TREE TRIMMING 729119 POTELCO INC 14103 STEWARD RD SUMNER WA 98390 CONSTRUCTION/MAINTENANCE 697668 MICHELS POWER (DIV OF MICHELS CORP) PO BOX 1719 FOND DU LAC WI 54936 OPERATIONS CONSTRUCTION MAINTENANCE 450009 UTILITEC 1911 WOODSLEE TROY MI 48083 BILL PRINTING/MAILING 246120 9 ELECTRICITY 221000 45293729 45293729 WATER 221000 964881 964881 MEMBER SERVICE INC 221000 471025 471025 HOOKUP/DISCONNECT/ENGI 221000 172605 172605 46902240 416583 416583 11577 333695 4517 7060 333695 340755 7060 333695 27968 3011 24957 24957 24957 76562 46589 29973 29973 INCOME FROM EQUITY MET 900099 279689 279689 279689 47994197 47213946 0 780251 672195 790705 618137 184012 107889 225569 68314 203174 56661 92613 2825559 4500239 176067 POWER EXPENSE 20144367 MAINTENANCE 2639361 DISTRIBUTION 2639240 TAXES 2239990 CUSTOMER ACCOUNTS 1495587 2793202 42472881 4009043 9847252 2632257 1537975 5838977 4385332 44264 44094 1183698 1158718 130428 114222 134629526 42138382 89833690 92491144 47026731 35015472 0 2087107 150699088 146681316 6098873 5693563 28661459 61994870 44274483 1772318 79034815 69460751 X 0 0 3703298 3738274 67960975 73482291 71664273 77220565 150699088 146681316 X 5521316 34976 X X 0 1 1 X 0 677175 677175 110950 5502070 2992850 2620170 14858 13902 956 121230315 39131630 82098685 7094158 7094158 92491144 29228840 C CAPITAL TERM CERTIFICATES 1702013 C PATRONAGE CAPITAL CERTIFICATES - CFC 816688 C FEDERATED INSURANCE PREFERRED STOCK 153932 C INVESTMENT IN AND ADVANCES TO PLC ENERGY 3113999 C 35015472 ADVANCES ON REVOLVING LINE OF CREDIT 1722318 OTHER LIABILITIES 50000 1772318 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: NO UNCERTAIN TAX POSITIONS WERE ADDRESSED IN THE ORGANIZATIONS FINANCIAL STATEMENT FOOTNOTES. X X X X X 0 0 0 JAFAR TAGHAVI 220904 0 0 0 42473 0 54390 0 46548 0 364315 0 0 0 ROBERT DRAGGOO 116439 0 0 0 29209 0 37555 0 31577 0 214780 0 0 0 MICHAEL MCNELLIS 101939 0 3000 0 26544 0 29526 0 32767 0 193776 0 0 0 RAPHAEL GRINBERG 113837 0 0 0 8010 0 30044 0 23190 0 175081 0 0 0 JOSEPH WILSON 111073 0 5500 0 9784 0 29526 0 24016 0 179899 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 WE ARE A MUTUAL/COOPERATIVE WHERE THE RECIPIENTS OF OUR UTILITY SERVICES ARE THE OWNER/MEMBERS FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ALL THE SAME CLASS - RECEIVE UTILITY SERVICE FROM COMPANY FORM 990, PART VI, SECTION A, LINE 7B A BY-LAWS CHANGE REQUIRES VOTE OF THE MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 8B THERE ARE NO COMMITTEES THAT HAVE THE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY SO THE QUESTION IS N/A. FORM 990, PART VI, SECTION B, LINE 11 COPIES OF THE 990 WILL BE INCLUDED IN THE BOARD PACKETS DISTRIBUTED PRIOR TO THEIR MONTHLY MEETING. ANY QUESTIONS WILL BE DISCUSSED AND ANSWERED AT THE BOARD MEETING AND DISCUSSION WILL BE NOTED IN THE BOARD MINUTES. COPIES OF THE 990 WILL BE DISTRIBUTED TO SENIOR STAFF AND ANY QUESTIONS WILL BE DISCUSSED AND ANSWERED AT THE SENIOR STAFF MEETING. FORM 990, PART VI, SECTION B, LINE 12C HUMAN RESOURCE DIRECTOR MONITORS AND ADMINISTERS THE POLICY. FORM 990, PART VI, SECTION B, LINE 15 FOR THE CEO POSITION - AN INDEPENDENT CONSULTANT WAS HIRED TO CONDUCT A MARKET SALARY STUDY FOR THE CEO POSITION. - THE HR DIRECTOR WAS ASSIGNED AS PROJECT MANAGER TO WORK WITH THE CONSULTANT AND REPORT DIRECTLY TO THE PRESIDENT OF THE BOARD AND THE CHAIRMAN OF THE BOARD GOALS/LONG-TERM PLANNING COMMITTEE. THE CEO HAD NO CONTACT OR INTERACTION IN ANY WAY WITH THE CONSULTANT OR HR DIRECTOR OR BOARD REGARDING THIS PROJECT. - THE CONSULTANT REPORTED HIS FINDINGS TO THE ENTIRE BOARD OF DIRECTORS WITH THE HR DIRECTOR PRESENT. A QUESTION AND ANSWER SESSION FOLLOWED WHERE THE CONSULTANT AND HR DIRECTOR ANSWERED SPECIFIC QUESTIONS FROM THE BOARD ABOUT THE COMPARABILITY OF DATA PRESENTED. - THE HR DIRECTOR AND CONSULTANT WERE EXCUSED AND THE ENTIRE BOARD DELIBERATED BEFORE REACHING THEIR DECISION AS TO WAGE PLACEMENT FOR THE CEO. - THE FOLLOWING MORNING THE CHAIRMAN OF THE BOARD GOALS/LONG-TERM PLANNING COMMITTEE INFORMED THE HR DIRECTOR OF THE COMPENSATION CHANGE AND EFFECTIVE DATE FOR THE CEO. - IN A SEPARATE MEETING, THE BOARD PRESIDENT AND CHAIRMAN OF THE GOALS/LONG-TERM COMMITTEE INFORMED THE CEO. FOR THE CFO POSITION - AN INDEPENDENT CONSULTANT WAS HIRED TO CONDUCT A MARKET SALARY STUDY FOR ALL EXEMPT MANAGEMENT POSITIONS. - THE CONSULTANT REPORTED HIS FINDINGS TO THE HR DIRECTOR; THEY DISCUSSED THE DATA COMPARABLES AND SUBSTANTIATION BEHIND IT. - THE HR DIRECTOR PRESENTED THIS INFORMATION TO THE CEO AND DISCUSSED IT. - AN INTERNAL EQUITY COMPENSATION COMMITTEE WAS FORMED CONSISTING OF A MANAGER FROM EACH DIVISION OF THE COMPANY. TRAINING WAS PROVIDED BY THE CONSULTANT. THIS COMMITTEE PROVIDED INDEPENDENT RECOMMENDATIONS AS TO POSITION PLACEMENT IN A SALARY SCHEDULE. - THE HR DIRECTOR AND CEO DISCUSSED THE COMMITTEE AND THE CONSULTANT RECOMMENDATIONS AND THE FINANCIAL ABILITY OF THE COMPANY TO SUPPORT THE DATA. - FOLLOWING DELIBERATION, THE PAY RANGE FOR THE CFO POSITION WAS DETERMINED. - FOLLOWING THE MARKET STUDY, A MINOR PAY ADJUSTMENT WAS MADE FOR THE CFO INCUMBENT. FORM 990, PART VI, SECTION C, LINE 19 THESE DOCUMENTS ARE AVAILABLE UPON WRITTEN REQUEST AT THE COMPANY'S MAIN OFFICE. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET INCREASE IN MEMBERSHIPS 34,976. TOTAL TO FORM 990, PART XI, LINE 5: 34,976. FORM 990, PART XI, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. COMPENSATION FORM 990, PART IX, LINES 5 & 7 THE AMOUNTS FOR COMPENSATION IN THE STATEMENT OF FUNCTIONAL EXPENSES DO NOT INCLUDE ALL WAGES FOR PENINSULA LIGHT COMPANY. THE AMOUNTS ON LINES 5 & 7 ARE ONLY FOR WAGES PERTAINING TO GENERAL AND ADMINISTRATIVE EMPLOYEES. ALL OTHER WAGES ARE INTEGRATED THROUGHOUT OTHER EXPENSES, SUCH AS POWER EXPENSE, DISTRIBUTION, ETC. PLC ENERGY INC PO BOX 78 GIG HARBOR WA 98335 911943365 WHOLESALE POWER SALES WA PENINSULA LIGHT COMPANY C -1024978 1869821 1.00000 HARVEST WIND PROJECT (TENANTS IN COMMON) PO BOX 3007 LONGVIEW WA 98632 264679797 WIND FARM WA N/A C -1719361 30081270 0.20000 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 HARVEST WIND PROJECT B 2637860 ACTUAL COST HARVEST WIND PROJECT N 88687 ACTUAL COST