2024-09-06T14:23:16-05:00 2023-12-31 910189318 MOSS ADAMS LLP 805 SW BROADWAY STE 1400 PORTLAND OR 97205 990 2023-01-01 990346113 KAUAI ISLAND UTILITY COOPERATIVE KAUA 8082464300 4463 PAHEE ST STE 1 LIHUE HI 967662000 STACIE DELLAMANO FINANCIAL VP & CFO 8002468278 2024-09-01 1 1 WENDY CAMPOS P00448102 5032421447 2024-09-01 2023 2024-08-08 14:25:15Z DAVID BISSELL 4463 PAHEE ST STE 1 LIHUE HI 967662000 172213018 0 X WWW.KIUC.COOP X 1999 HI PROVIDE POWER TO OUR MEMBERS IN A CONSERVATIVE AND SUSTAINABLE MANNER. 9 9 153 0 65884 58396 0 0 174807926 170097868 1508770 2956045 -674861 -873587 175641835 172180326 88334 30871 3172759 4260664 2742063 2707130 0 0 0 169638679 165181661 175641835 172180326 0 0 423743821 423134177 288966994 284133295 134776827 139000882 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 39,040 ACTIVE SERVICES AT YEAR END ON THE ISLAND OF KAUAI. 0 0 0 0 0 0 0 0 0 1 1 0 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 1 119 0 1 153 1 1 1 0 0 0 0 169635961 3963140 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 TEOFILO TACBIAN DIRECTOR 10.00 1.00 X 21549 0 0 PETER YUKIMURA TREASURER 20.00 1.00 X X 20285 0 0 ALLAN SMITH CHAIRMAN 18.00 0.00 X X 18143 0 0 JIM MAYFIELD DIRECTOR 5.00 0.00 X 16049 0 0 CALVIN MURASHIGE SECRETARY 12.00 0.00 X X 15469 0 0 DEE CROWELL DIRECTOR 12.00 2.00 X 15003 0 0 JANET KASS DIRECTOR 7.00 0.00 X 13940 0 0 JAN TENBRUGGENCATE VICE CHAIR 15.00 0.00 X X 13641 0 0 DAVID IHA DIRECTOR 5.00 1.00 X 12796 0 0 DAVID BISSELL CEO 60.00 0.00 X 742607 0 122976 STACIE DELLAMANO FINANCIAL VP & CFO 50.00 0.00 X 283316 0 68365 BRAD ROCKWELL CHIEF OF OPERATIONS 50.00 0.00 X 302505 0 95997 BETH AMARO MEMBER SERVICES & COMMUNICATIONS 40.00 0.00 X 259373 0 79295 JOHN COX T&D MANAGER 40.00 0.00 X 214224 0 76134 CAMERON KRUSE ENGINEERING MANAGER 50.00 1.00 X 191511 0 48070 ELIZABETH UBAY HR & SAFETY MANAGER 48.00 0.00 X 229293 0 55277 RICHARD VETTER PORT ALLEN STATION MANAGER 45.00 0.00 X 206098 0 75938 KYLAN HAUMEA LINEPERSON 50.00 0.00 X 237167 0 39587 TIMOTHY BRANTNER PRIMARY TROUBLEPERSON 50.00 0.00 X 205972 0 44160 CHRISTOPHER YUH MANAGER FINANCE, RISK & ANALYTICS 50.00 0.00 X 196408 0 42606 3215349 0 748405 88 0 1 0 HENKELS AND MCCOY INC 2268 COLLECTION CENTER DRIVE CHICAGO IL 60693 LINE CONSTRUCTION & REMOVAL 2809244 ARCHIPELAGO RESEARCH & CONSERVATION LLC 3861 ULU ALII STREET KALAHEO HI 96741 ECOLOGICAL SERVICES 2433254 ASPLUNDH TREE EXPERT CO PO BOX 31001-2292 PASADENA CA 91110 TREE TRIMMING SERVICES 1387159 HALLUX ECOSYSTEM RESTORATION LLC 1544 HALEUKANA STREET UNIT 2 LIHUE HI 96766 PREDATOR CONTROL SERVICES 1376565 WAALANI ENTERPRISES LLC PO BOX 798 LAWAI HI 96765 GRADING & EXCAVATING SERVICES 1246794 28 COMMERCIAL/INDUSTRIAL 221000 95894420 95894420 RESIDENTIAL 221000 72799495 72799495 STREET LIGHTING 221000 667512 667512 SERVICE FEES & OTHER 221000 461907 461907 IRRIGATION 221000 274534 274534 170097868 2956045 2956045 98576 32692 65884 65884 65884 PATRONAGE ALLOCATIONS 900099 195581 195581 NONOPERATING 900099 137426 137426 NET LOSS FROM SUBS 900099 -1272478 -1272478 -939471 172180326 169158397 65884 2956045 30871 4260664 2707130 130805 6738418 15421498 UNRELATED BUSINESS TAX 12241 POWER COST 98633656 ADMINISTRATIVE 19476087 OTHER TAXES 14421063 10347893 172180326 44402512 41304058 12573543 14054062 22484856 22282718 1309242 1249089 613266860 340292812 272953797 272974048 27107244 25011909 42912627 46258293 423743821 423134177 19362392 19239169 242842267 235855693 26762335 29038433 288966994 284133295 X 598 610 0 0 134776229 139000272 134776827 139000882 423743821 423134177 X 0 131385 4092670 X X 0 1 X 1 0 10200716 10200716 59812436 27364266 32448170 532089659 312928546 219161113 11164049 11164049 272974048 INVESTMENTS IN ASSOCIATED ORGS 2103849 C INVESTMENTS IN SUBSIDIARY COMPANIES 21935989 C RURAL ECONOMIC DEVELOPMENT LOANS 972071 C 25011909 ACCRUED UNBILLED REVENUE 8743081 DEFERRED DEBITS 37451664 POST-RETIREMENT BENEFIT ASSET 63548 46258293 DEFERRED CREDITS 13063828 CONSUMER DEPOSITS 1516714 OTHER LIABILITIES 810220 ROU LIABILITIES 13003196 ENERGY RATE ADJUSTMENTS 644475 29038433 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, 2023 AND 2022, 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) 24772 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 605810 0 0 0 136797 0 101889 0 21087 0 865583 0 0 0 BRAD ROCKWELL CHIEF OF OPERATIONS 249888 0 47321 0 5296 0 72058 0 23939 0 398502 0 0 0 STACIE DELLAMANO FINANCIAL VP & CFO 252153 0 0 0 31163 0 42370 0 25995 0 351681 0 0 0 BETH AMARO MEMBER SERVICES & COMMUNICATIONS 223310 0 34083 0 1980 0 55400 0 23895 0 338668 0 0 0 JOHN COX T&D MANAGER 177914 0 33805 0 2505 0 52139 0 23995 0 290358 0 0 0 ELIZABETH UBAY HR & SAFETY MANAGER 191388 0 36589 0 1316 0 50951 0 4326 0 284570 0 0 0 RICHARD VETTER PORT ALLEN STATION MANAGER 178425 0 25674 0 1999 0 51943 0 23995 0 282036 0 0 0 KYLAN HAUMEA LINEPERSON 236961 0 0 0 206 0 15648 0 23939 0 276754 0 0 0 TIMOTHY BRANTNER PRIMARY TROUBLEPERSON 205733 0 0 0 239 0 17221 0 26939 0 250132 0 0 0 CAMERON KRUSE ENGINEERING MANAGER 160025 0 30729 0 757 0 24175 0 23895 0 239581 0 0 0 CHRISTOPHER YUH MANAGER FINANCE, RISK & ANALYTICS 166016 0 30088 0 304 0 18611 0 23995 0 239014 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: $104,800 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 - $90,669 ACTUAL EXPENSE - $90,981 BRAD ROCKWELL: REPORTED CHANGE - $61,921 ACTUAL EXPENSE - $67,280 STACIE DELLAMANO: REPORTED CHANGE - $32,063 ACTUAL EXPENSE - $68,925 BETH AMARO: REPORTED CHANGE - $47,727 ACTUAL EXPENSE - $51,310 JOHN COX: REPORTED CHANGE - $44,881 ACTUAL EXPENSE - $48,533 ELIZABETH UBAY: REPORTED CHANGE - $43,171 ACTUAL EXPENSE - $52,021 RICHARD VETTER: REPORTED CHANGE - $44,665 ACTUAL EXPENSE - $48,670 KYLAN HAUMEA: REPORTED CHANGE - $6,029 ACTUAL EXPENSE - $26,784 TIMOTHY BRANTNER: REPORTED CHANGE - $8,730 ACTUAL EXPENSE - $27,460 CAMERON KRUSE: REPORTED CHANGE - $17,633 ACTUAL EXPENSE - $43,744 CHRISTOPHER YUH: REPORTED CHANGE - $11,829 ACTUAL EXPENSE - $45,351 FORM 990, PART VI, SECTION A, LINE 6 KIUC HAS APPROXIMATELY 26,952 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 78,914. CHANGE IN MEMBERSHIPS 12. PATRONAGE NET MARGIN 4,260,664. RETIREMENT OF CAPITAL CREDITS -246,920. FORM 990, PART XII, LINE 2C: THERE WERE NO CHANGES IN PROCEDURE FROM THE PRIOR YEAR. KIUC CHARITABLE FOUNDATION 4463 PAHEE ST STE 1 LIHUE HI 967662000 510592268 FOUNDATION HI 501(C)(3) LINE 7 KAUAI ISLAND UTILITY COOPERATIVE 1 KIUC RENEWABLE SOLUTIONS TWO LLC 4463 PAHEE ST STE 1 LIHUE HI 967662000 461502179 SOLAR POWER GENERATION DE N/A 0 0 KIUC RENEWABLE SOLUTIONS ONE LLC 4463 PAHEE ST STE 1 LIHUE HI 967662000 453822840 SOLAR POWER GENERATION DE KAUAI ISLAND UTILITY COOPERATIVE C 1104680 28480264 1.00000 1 KIUC RENEWABLE SOLUTIONS TWO HOLDINGS LLC 4463 PAHEE ST STE 1 LIHUE HI 967662000 463410355 HOLDING COMPANY FOR SOLAR POWER GENERATION DE KAUAI ISLAND UTILITY COOPERATIVE C 1225408 -1747042 1.00000 1 1 0 0 1 0 0 0 1 0 0 0 0 0 0 1 0 1 0 1 KIUC RENEWABLE SOLUTIONS ONE LLC A 1075299 CASH KIUC RENEWABLE SOLUTIONS ONE LLC H 2385152 CASH KIUC RENEWABLE SOLUTIONS ONE LLC O 57603 CASH KIUC RENEWABLE SOLUTIONS ONE LLC Q 78529 CASH KIUC RENEWABLE SOLUTIONS ONE LLC S 893816 CASH KIUC RENEWABLE SOLUTIONS TWO LLC D 12552759 CASH KIUC RENEWABLE SOLUTIONS TWO LLC H 2518080 CASH KIUC RENEWABLE SOLUTIONS TWO LLC O 73779 CASH KIUC RENEWABLE SOLUTIONS TWO LLC Q 59683 CASH