Peninsula Light Company Inc
- Assets
- $206.4m
- Revenue
- $64.2m
- Investments
- $49.5m
- Employees
- 89
- Location
- Gig Harbor, WA
- Founding
- 04/1927
- Data as of
- 12/2021
- EIN
- 91-0361270
Organization Overview
Peninsula Light Company Inc is located in Gig Harbor, WA. The organization was established in 1927. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Peninsula Light Company Inc employed 89 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Peninsula Light Company Inc is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2021, Peninsula Light Company Inc generated $64.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $57.2m during the year ending 12/2021. While expenses have increased by 3.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ALL ACTIVITIES ARE THE RESULT OF PROVIDING ELECTRICITY AND WATER TO MEMBERS AND OPERATING THE COMPANY IN A FISCALLY RESPONSIBLE MANNER (CONTINUED ON SCHEDULE O)
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF ELECTRICITY AND WATER TO MEMBER'S PROPERTY. CURRENTLY SERVES APPROXIMATELY 32,660 MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Taghavi Jafar Chief Executive Officer | Officer | 40 | $483,653 |
Robson Cory Journeyman Lineman | 40 | $219,216 | |
Sorensen Andy Journeyman Lineman | 40 | $208,725 | |
Simpson Michael Chief Operating Officer | 40 | $176,206 | |
Schroeder Ricky Working Foreman | 40 | $164,652 | |
Redmond Ryan Chief Resource Officer | 40 | $163,628 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Active Construction Inc Operations Cons | 12/30/21 | $829,830 |
Asplundh Tree Expert Co Tree Triming/ve | 12/30/21 | $869,151 |
Rce Traffic Control Inc Flagging Servic | 12/30/21 | $275,838 |
Equipment Experts Inc Fleet Managemen | 12/30/21 | $369,694 |
Praece Consulting Engineering Con | 12/30/21 | $504,963 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $62,754,673 |
| Investment income | $231,145 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $499,214 |
| Net Gain/Loss on Asset Sales | $111,222 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $64,241,054 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,063,111 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,630,063 |
| Pension plan accruals and contributions | $64,753 |
| Other employee benefits | $152,500 |
| Payroll taxes | $851,508 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $26,170 |
| Office expenses | $135,936 |
| Information technology | $49,381 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $20,900 |
| Interest | $1,703,002 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,541,778 |
| Insurance | $202,675 |
| All other expenses | $4,198,489 |
| Total functional expenses | $57,230,914 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,732,889 |
| Savings and temporary cash investments | $274,246 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,977,077 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,508,432 |
| Prepaid expenses and deferred charges | $748,155 |
| Net Land, buildings, and equipment | $129,296,170 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $49,485,482 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,389,593 |
| Total assets | $206,412,044 |
| Accounts payable and accrued expenses | $6,461,312 |
| Grants payable | $0 |
| Deferred revenue | $489,677 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $35,064,950 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $42,015,939 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $4,274,012 |
| Retained earnings, endowment, accumulated income, or other funds | $160,122,093 |
| Total liabilities and net assets/fund balances | $206,412,044 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Peninsula Light Company Inc has recieved totaling $48,400.
| Awarding Organization | Amount |
|---|---|
Bonneville Environmental Foundation Portland, OR PURPOSE: COMMUNITY SOLAR | $48,400 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Homer Electric Association Inc Homer, AK | $266,114,703 | $113,967,382 |
Inland Power & Light Co Spokane, WA | $298,221,337 | $90,911,502 |
Breakthrough Energy Foundation Kirkland, WA | $272,263,093 | $53,009,802 |
Central Electric Cooperative Inc Redmond, OR | $242,542,165 | $105,052,324 |
Oregon Trail Electric Consumers Cooperative Inc Baker City, OR | $131,875,952 | $59,383,158 |
Peninsula Light Company Inc Gig Harbor, WA | $206,412,044 | $64,241,054 |
Alaska Village Electric Cooperative Inc Anchorage, AK | $149,755,137 | $62,136,237 |
Kootenai Electric Cooperative Inc Hayden, ID | $200,587,122 | $58,518,255 |
Benton Rural Electric Association Prosser, WA | $100,163,870 | $44,244,946 |
Consumers Power Inc Philomath, OR | $143,908,796 | $44,110,626 |
Big Bend Electric Cooperative Inc Ritzville, WA | $77,547,194 | $40,611,913 |
Coos-Curry Electric Cooperative Inc Port Orford, OR | $114,567,418 | $40,713,862 |