Peninsula Light Company Inc
- Assets
- $209.1m
- Revenue
- $66.1m
- Investments
- $49.8m
- Employees
- 98
- Location
- Gig Harbor, WA
- Founding
- 04/1927
- Data as of
- 12/2022
- 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 12/2022, Peninsula Light Company Inc employed 98 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 12/2022, Peninsula Light Company Inc generated $66.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $60.3m during the year ending 12/2022. While expenses have increased by 3.4% per year over the past 8 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
2022
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 32,640 MEMBERS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Taghavi Jafar Chief Executive Officer | Officer | 6 | $518,848 |
Sorensen Andy Working Foreman | 40 | $210,822 | |
Crosby Brian Journeyman Lineman | 40 | $175,800 | |
Hancock Dana Chief Business Officer | Officer | 40 | $145,943 |
Edlund Jason Apprentice Lineman | 40 | $194,959 | |
Robson Cory Journeyman Lineman | 40 | $178,948 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Expert Co Tree Triming/ve | 12/30/22 | $965,012 |
Equipment Experts Inc Fleet Managemen | 12/30/22 | $853,237 |
Praece Consulting Engineering Con | 12/30/22 | $518,754 |
Rce Traffic Control Inc Flagging Servic | 12/30/22 | $457,592 |
Holt Services Inc Drilling Service | 12/30/22 | $320,478 |
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 | $64,920,598 |
| Investment income | $241,134 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $517,952 |
| Net Gain/Loss on Asset Sales | $39,551 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $66,134,735 |
| 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. | $1,196,191 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,732,612 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $30,689 |
| Office expenses | $171,030 |
| Information technology | $61,164 |
| 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 | $117,827 |
| Interest | $1,567,435 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,358,181 |
| Insurance | $213,623 |
| All other expenses | $5,192,191 |
| Total functional expenses | $60,294,937 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,351,487 |
| Savings and temporary cash investments | $10,291,885 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,878,985 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,709,698 |
| Prepaid expenses and deferred charges | $766,657 |
| Net Land, buildings, and equipment | $129,702,810 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $49,774,964 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,670,263 |
| Total assets | $209,146,749 |
| Accounts payable and accrued expenses | $6,791,075 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $32,098,234 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $38,889,309 |
| 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 | $4,297,812 |
| Retained earnings, endowment, accumulated income, or other funds | $165,959,628 |
| Total liabilities and net assets/fund balances | $209,146,749 |