2024-11-15T12:20:32-06:00 2023-12-31 135565207 KPMG LLP 60 SOUTH STREET BOSTON MA 02111 990 2023-01-01 042691955 CITIZENS ENERGY CORPORATION CITI 6173386300 2 SEAPORT LANE 5C BOSTON MA 02210 ERNEST J PANOS CFO 6173386300 2024-11-15 1 0 STEPHANIE LONCZAK P01880207 6179881000 2023 2024-10-15 13:58:12Z PETER F SMITH 2 SEAPORT LANE SUITE 5C BOSTON MA 02210 2814448 0 X WWW.CITIZENSENERGY.COM X 1979 MA SEE SCHEDULE OCITIZENS ENERGY CORPORATION PROVIDES LOW-COST ENERGY SERVICES TO LOW-INCOME FAMILIES IN THE U.S. BY DEVELOPING SUCCESSFUL ENERGY PROJECTS AND USING THE PROFITS TO FUND ASSISTANCE PROGRAMS. CITIZENS ENERGY CORPORATION EXISTS TO HELP MAKE LIFE'S BASIC NEEDS MORE ACCESSIBLE AND AFFORDABLE. BEGINNING IN 1979 WITH OIL-TRADING VENTURES IN LATIN AMERICA AND AFRICA, CITIZENS ENERGY CORPORATION HAS USED REVENUES FROM COMMERCIAL ENTERPRISES TO CHANNEL HUNDREDS OF MILLIONS OF DOLLARS INTO CHARITABLE PROGRAMS IN THE UNITED STATES AND ABROAD. WHETHER HEATING THE HOMES OF THE ELDERLY AND POOR IN MASSACHUSETTS, LOWERING THE COST OF PRESCRIPTION DRUGS FOR MILLIONS OF AMERICANS, STARTING SOLAR HEATING PROJECTS IN JAMAICA AND VENEZUELA, OR PROVIDING LOW-COST SOLAR ELECTRICITY TO LOW-INCOME FAMILIES THROUGH OUR COMMUNITY SOLAR PROJECTS, CITIZENS ENERGY CORPORATION CREATES SOCIAL VENTURES AS INNOVATIVE AS THE BUSINESSES THAT FINANCE THEM. 4 3 33 3 -79 0 1857168 2020743 0 0 -172988 355141 157189 276279 1841369 2652163 2478806 3231671 0 0 851328 912995 0 0 0 562685 660206 3892819 4804872 -2051450 -2152709 112380570 113286893 1067322 643390 111313248 112643503 X CITIZENS ENERGY CORPORATION PROVIDES LOW COST ENERGY SERVICES TO LOW-INCOME FAMILIES IN THE U.S. BY DEVELOPING SUCCESSFUL ENERGY PROJECTS AND USING THE PROFITS TO FUND ASSISTANCE PROGRAMS. 0 0 1544827 1544249 186279 CITIZENS PROVIDES DEEPLY DISCOUNTED ELECTRICITY CREDITS TO APPROXIMATELY 12,000 LOW-INCOME RATEPAYERS IN THE IMPERIAL IRRIGATION DISTRICT (IID), FROM ITS 39-MEGAWATT LOW-INCOME COMMUNITY SOLAR PROJECT CITIZENS IMPERIAL SOLAR, LLC COMMISSIONED IN 2019. A COMBINATION OF FREE ELECTRICITY FUNDED FROM CITIZENS SUNRISE TRANSMISSION LLC (CST) AND LOW-COST WHOLESALE ELECTRICITY SOLD DIRECTLY TO IID PROVIDES APPROXIMATELY $4.2 MILLION OF ELECTRICITY SAVINGS PER YEAR TO NEEDY RATEPAYERS STRUGGLING TO STAY COOL IN THE REGION'S 115-DEGREE HEAT. 832044 832044 IN 2019, CITIZENS BEGAN A PROGRAM TO PROVIDE INCREASED ACCESS TO THE BENEFITS OF ELECTRIC VEHICLE (EV) TRANSPORTATION TO DISADVANTAGED COMMUNITIES IN SAN DIEGO COUNTY BY PROVIDING FUNDING TO PURCHASE EV'S TO NON-PROFIT ORGANIZATIONS THAT PROVIDE SERVICES TO LOW-INCOME FAMILIES. FUNDING FOR THIS PROGRAM COMES FROM CITIZENS SYCAMORE-PENASQUITOS TRANSMISSION, LLC (CSPT). IN 2023, THIS PROGRAM FUNDED GRANTS TO PROVIDE EV VANS AND THE ASSOCIATED CHARGING INFRASTRUCTURE TO TWO CRITICALLY IMPORTANT NON-PROFIT ORGANIZATIONS: NEIGHBORHOOD HOUSE ASSOCIATION (HTTPS://WWW.NEIGHBORHOODHOUSE.ORG/), AND MEALS ON WHEELS OF SAN DIEGO COUNTY (WWW.MEALS-ON-WHEELS.ORG). 250000 250000 CITIZENS ENERGY SHELTER WINTER ASSISTANCE PROGRAM: SINCE 1984, CITIZENS ENERGY HAS CONTRIBUTED GRANTS TO OVER 125 HOMELESS SHELTERS IN MASSACHUSETTS AND RHODE ISLAND TO COVER THEIR ENERGY COSTS DURING THE WINTER SEASON. 1430221 605378 UNRESTRICTED DONATIONS MADE TO NON-PROFITSRELATED OF $391,606 AND INCLUDING GRANTS OF $391,606NATURAL GAS ASSISTANCE FUND:RELATED OF $86,850 AND INCLUDING GRANTS OF $86,850DURING 1984, CITIZENS ENERGY CORPORATION BEGAN A NATURAL GAS ASSISTANCE PROGRAM FOR THE PURPOSE OF PROVIDING THE BENEFIT OF LOWER-COST NATURAL GAS TO LOW-INCOME & ELDERLY PEOPLE THROUGHOUT THE UNITED STATES AND HEATING ASSISTANCE FOR HOMELESS SHELTERS. THE ASSISTANCE FUND IS ADMINISTERED BY LOCAL SOCIAL SERVICES AGENCIES WITHIN THEIR AREA TO PROVIDE GRANTS TO NEEDY USERS.OTHER PROGRAMS NOTE:IN 2019, CITIZENS LAUNCHED ITS "JOE-4-SUN" LOW-INCOME COMMUNITY SOLAR PROGRAM. THE PROGRAM PROVIDES RETAIL ELECTRICITY BILL CREDITS AT A 50% DISCOUNT TO MORE THAN 2,500 INCOME-QUALIFIED NEEDY FAMILIES ACROSS MASSACHUSETTS AND NEW YORK, SAVING EACH FAMILY APPROXIMATELY $300 PER YEAR. THE BILL CREDITS ORIGINATE FROM SOLAR PROJECTS DEVELOPED, BUILT, OWNED, AND OPERATED BY CITIZENS ENTERPRISES' SUBSIDIARIES. JOE-4-SUN PROVIDES APPROXIMATELY $600,000 PER YEAR OF ELECTRICITY SAVINGS TO LOW-INCOME FAMILIES.IN ADDITION TO THE JOE-4-SUN LOW-INCOME COMMUNITY SOLAR PROGRAM, CITIZENS ALSO PROVIDES APPROXIMATELY $1.8 MILLION/YEAR OF ELECTRICITY SAVINGS TO MUNICIPALITIES, COLLEGES, AND NON-PROFIT ORGANIZATIONS FROM BILL CREDITS GENERATED FROM ITS SOLAR PROJECTS. DURING 2023, CITIZENS INCURRED $824,843 IN EXPENSES FOR OUTREACH, MARKETING, AND CUSTOMER SERVICE RELATED TO ADMINISTERING THE JOE-4-SUN PROGRAM.IN 2023, CITIZENS, IN PARTNERSHIP WITH VINEYARD WIND, BEGAN A PROGRAM TO PURCHASE NET METERING OR SOLAR BILL CREDITS ON BEHALF OF LOW-INCOME RATEPAYERS WHO LIVE IN COASTAL AREAS IMPACTED BY THE VINEYARD WIND OFFSHORE WIND PROJECT. PURCHASING THE BILL CREDITS FOR THESE HOUSEHOLDS FURTHER REDUCES THEIR MONTHLY ELECTRIC BILLS, BEYOND THE INITIAL SAVINGS FROM THE DISCOUNTED BILL CREDITS.. DURING 2023, CITIZENS SPENT $126,922 TO REDUCE 191 LOW-INCOME HOUSEHOLD'S ENERGY BILLS. 1430221 605378 4057092 0 1 0 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 5 0 33 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 4 3 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 0 1 1 1 1 MA X X ERNEST J PANOS 6173386300 2 SEAPORT LANE SUITE 5C BOSTON MA 02210 PETER F SMITH CEO 4.00 36.00 X 42431 885511 147719 ERNEST J PANOS CFO 4.00 36.00 X 33901 595869 53758 JOSEPH P KENNEDY III PRESIDENT 4.00 36.00 X 22784 396058 38601 JOSEPH P KENNEDY II CHAIRMAN 1.00 19.00 X 0 393492 28823 TIMOTHY J MINOGUE CONTROLLER 10.00 30.00 X 38762 258287 49928 BRIAN O'CONNOR DIRECTOR OF COMMUNICATIONS 20.00 20.00 X 80736 180736 43774 KRISTINA PEREZ DIRECTOR OF CHARITABLE PRO 40.00 0.00 X 162460 0 33954 GINETTE TRASK EXEC. ASSIST TO CHAIR, CEO 10.00 30.00 X 20781 114844 31363 ELIZABETH KENNEDY DIRECTOR OF MARKETING, RET 0.00 0.00 X 0 143776 0 RANDY GREENE DIRECTOR 1.00 0.00 X 2000 0 0 PATRICK JONES DIRECTOR 1.00 0.00 X 2000 0 0 EVELYN MURPHY DIRECTOR 1.00 0.00 X 2000 0 0 407855 2968573 427920 1 1 1 0 WALDRON H RAND 850 WASHINGTON ST STE 200 DEDHAM MA 02026 AUDIT 120000 1 2010743 10000 2020743 467609 -79 467688 112468 -112468 -112468 -112468 139817 49817 90000 90000 SKYCITIZENS 900003 186279 186279 186279 2652163 186279 -79 445220 1560500 1560500 1671171 1671171 116280 116280 523772 340503 183269 27851 27851 237658 137136 100522 7434 7434 9274 9274 160000 160000 9314 9314 36709 28862 7847 242025 229118 12907 27228 27228 130976 86792 44184 4097 3010 1087 40064 40064 MISCELLANEOUS 519 519 4804872 4057092 747780 0 3336094 2438481 169047 179047 117195 148031 0 0 14685812 18165872 94072422 92355462 112380570 113286893 1067322 643390 1067322 643390 X 108026873 110324751 3286375 2318752 111313248 112643503 112380570 113286893 X -2152709 422442 3972147 -911625 X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 INVESTMENT IN CITIZENS ENTERPRISES AND SOLAR HOLDINGS COS 92355462 92355462 X PART X, LINE 2: INCOME TAXES : CITIZENS ENERGY CORPORATION IS A NOT-FOR-PROFIT ORGANIZATION AND IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(4) OF THE INTERNAL REVENUE CODE. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE COMPANY'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. UNCERTAIN TAX POSITIONS: UNDER THE INCOME TAX TOPIC OF THE FASB ACCOUNTING STANDARDS CODIFICATION, A COMPANY IS REQUIRED TO DISCLOSE TAX FILINGS WHICH ARE POTENTIALLY SUBJECT TO REVIEW BY EITHER FEDERAL OR STATE AGENCIES. THE COMPANY WILL RECORD A LIABILITY FOR UNCERTAIN TAX POSITIONS WHEN IT IS MORE LIKELY THAN NOT THAT A TAX POSITION WOULD NOT BE SUSTAINED IF EXAMINED BY THE TAXING AUTHORITY. THE COMPANY CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATION, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW AND NEW AUTHORITATIVE RULINGS. THE COMPANY'S EVALUATION ON DECEMBER 31, 2023 REVEALED NO UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL IMPACT ON THE CONSOLIDATED FINANCIAL STATEMENTS. THE 2020 THROUGH 2022 TAX YEARS REMAIN SUBJECT TO EXAMINATION BY FEDERAL OR STATE AGENCIES. THE COMPANY DOES NOT BELIEVE THAT ANY REASONABLY POSSIBLE CHANGES WILL OCCUR WITHIN THE NEXT TWELVE MONTHS THAT WILL HAVE A MATERIAL IMPACT ON THE CONSOLIDATED FINANCIAL STATEMENTS. 1 MEALS ON WHEELS 2254 SAN DIEGO AVE STE 200 SAN DIEGO CA 92110 952660509 501(C)(3) 323745 0 UNRESTRICTED ROBERT F KENNEDY CENTER 1300 19TH ST WASHINGTON DC 20036 132522784 501(C)(3) 91600 0 UNRESTRICTED JOHN F KENNEDY LIBRARY COLUMBIA POINT BOSTON MA 02125 046113130 501(C)(3) 25000 0 UNRESTRICTED NEIGHBORHOOD HOUSE ASSOCIATION 5660 COPLEY DR SAN DIEGO CA 92111 951648184 501(C)(3) 511656 0 UNRESTRICTED VINEYARD POWER DEVELOPMENT FUND PO BOX 1077 WEST TISBURY MA 02575 872762989 501(C)(3) 200000 0 UNRESTRICTED MAUI FOOD BANK 760 KOLU ST WAILUKU HI 96793 990315110 501(C)(3) 10000 0 UNRESTRICTED NEIGHBORHOOD VILLIAGES PO BOX 240154 BOSTON MA 02124 821859365 501(C)(3) 10000 0 UNRESTRICTED THE VALARIE FUND 2101 MILLBURN AVE MAPLEWOOD NJ 07040 222126867 501(C)(3) 10000 0 UNRESTRICTED 8 CST LOW INCOME 12000 1544249 VINEYARD WIND LOW INCOME PROGRAM 191 126922 PART I, LINE 2: THE DONATIONS ARE DIRECT PAYMENTS TO UTILITY COMPANIES FOR FUEL ASSISTANCE TO LOW INCOME FAMILIES. THE FAMILIES RECEIVE A CREDIT ON THEIR BILL FOR SUCH PAYMENTS MADE. 0 1 0 0 0 0 0 1 0 PETER F SMITH CEO 42431 381878 0 500000 0 3633 1650 106035 4003 36031 48084 1027577 0 0 ERNEST J PANOS CFO 33901 305109 0 287000 0 3760 1650 14850 3726 33532 39277 644251 0 0 JOSEPH P KENNEDY III PRESIDENT 22784 205058 0 191000 0 0 330 2970 3530 31771 26644 430799 0 0 JOSEPH P KENNEDY II CHAIRMAN 0 0 0 0 0 393492 0 0 0 28823 0 422315 0 393492 TIMOTHY J MINOGUE CONTROLLER 38762 116287 0 142000 0 0 3726 11177 8756 26269 51244 295733 0 0 BRIAN O'CONNOR DIRECTOR OF COMMUNICATIONS 80736 80736 0 100000 0 0 6537 6537 15350 15350 102623 202623 0 0 KRISTINA PEREZ DIRECTOR OF CHARITABLE PRO 104960 0 57500 0 0 0 8275 0 25679 0 196414 0 0 0 GINETTE TRASK EXEC. ASSIST TO CHAIR, CEO 20781 62344 0 52500 0 0 1400 4200 6441 19322 28622 138366 0 0 ELIZABETH KENNEDY DIRECTOR OF MARKETING, RET 0 0 0 0 0 143776 0 0 0 0 0 143776 0 143776 PART I, LINE 4B SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN (THE "SERP") JOSEPH P. KENNEDY II (FOUNDER, CHAIRMAN OF THE BOARD), PETER F. SMITH (CEO), AND ELIZABETH KENNEDY (DIRECTOR OF MARKETING) PARTICIPATE IN A SERP ADOPTED BY THE BOARD OF DIRECTORS IN 2011. THE PLAN WAS DESIGNED IN CONSULTATION WITH THE SAME INDEPENDENT HUMAN RESOURCES CONSULTING FIRM THAT CONDUCTS CITIZENS' ANNUAL OFFICER COMPENSATION REASONABLENESS REVIEWS. UPON REACHING RETIREMENT AGE, THE PLAN'S ANNUAL BENEFIT PROVIDES A PERCENTAGE OF FINAL-AVERAGE-PAY BASED ON THE EXECUTIVE'S YEARS OF SERVICE, WITH A MAXIMUM OF 60%. ALL BENEFITS PAID UNDER THE SERP ARE FUNDED FROM A RELATED ORGANIZATION, CITIZENS' WHOLLY-OWNED FOR-PROFIT SUBSIDIARY, CITIZENS ENTERPRISES. BOTH MR. AND MRS. KENNEDY RECEIVED BENEFITS UNDER THE SERP IN 2023, AND THOSE AMOUNTS ARE REFLECTED IN PART VII, SECTION A, COLUMN [E], AND SCHEDULE J, PART II, COLUMN [B III]. FURTHER,THE FOLLOWING AMOUNTS HAVE BEEN INCLUDED IN RETIREMENT AND OTHER DEFERRED COMPENSATION REPORTED IN PART II, COLUMN C. THESE AMOUNTS, WHEN VESTED AT RETIREMENT AGE, WILL BE PAID BY A RELATED PARTY. PETER SMITH $91,185 PART I, LINE 7 KRISTINA PEREZ RECEIVED A DISCRETIONARY, PERFORMANCE-BASED BONUS PAYMENT OF $57,500 FROM CITIZENS ENERGY CORPORATION. FORM 990, PART VI, SECTION A, LINE 2 JOSEPH P. KENNEDY II, CHAIRMAN, JOSEPH P. KENNEDY III, PRESIDENT, AND ELIZABETH K. KENNEDY, DIRECTOR OF MARKETING (RETIRED) HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS ONE MEMBER, JPK HOLDINGS, LLC. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBER ELECTS ALL MEMBERS OF THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B UNDER MASSACHUSETTS LAW CERTAIN EXTRAORDINARY CORPORATE ACTIONS REQUIRE APPROVAL OF THE MEMBER. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PROVIDED TO THE ORGANIZATION'S GOVERNING BODY PRIOR TO FILING ELECTRONICALLY BY E-MAIL BEFORE THE DUE DATE FOR REVIEW. THE INFORMATION REQUIRED FOR THE FORM 990 IS ACCUMULATED BY CITIZENS ENERGY CORPORATION'S ACCOUNTING STAFF DURING PREPARATION OF THE AUDITED FINANCIAL STATEMENTS. THIS INFORMATION IS THEN PROVIDED TO OUTSIDE TAX CONSULTANTS, REVIEWED BY CITIZENS ENERGY CORPORATION'S MANAGEMENT AND THEN PRESENTED TO THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C SENIOR MANAGEMENT OF THE ORGANIZATION MONITORS AND ENFORCES COMPLIANCE OF THE CONFLICT OF INTEREST POLICY UPON BECOMING AWARE OF ANY POTENTIAL CONFLICT. THE ISSUE IS THEN REFERRED TO CITIZENS ENERGY CORPORATION'S GENERAL COUNSEL FOR REVIEW AND ADVICE AND, IF NECESSARY, TO THE CONFLICTS COMMITTEE OF THE BOARD OF DIRECTORS FOR RESOLUTION. FORM 990, PART VI, SECTION B, LINE 15 AN INDEPENDENT HUMAN RESOURCES CONSULTING (HRC) FIRM IS COMMISSIONED ON AN ANNUAL BASIS TO REVIEW THE REASONABLENESS OF PROPOSED COMPENSATION FOR THE CEO, CFO, AND PRESIDENT. THE HRC DOES THIS UNDER THE INTERMEDIATE SANCTIONS REGULATIONS FOR NON-PROFITS, TAKING INTO CONSIDERATION JOB RESPONSIBILITIES, EXPERIENCE, AND COMPARABLE MARKET DATA UTILIZING BENCHMARK DATABASES FOR BOTH NON-PROFIT AND FOR-PROFIT ORGANIZATIONS. A LETTER DESCRIBING THE METHODOLOGY AND RESULTING REASONABLENESS OF THE COMPENSATION ON A 25TH, 50TH, 75TH, AND 90TH PERCENTILE BASIS IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW AND DETERMINATION OF FINAL COMPENSATION. AS A MATTER OF POLICY, THE BOARD AIMS TO TARGET TOTAL REMUNERATION AT OR BELOW THE 75TH PERCENTILE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REASONABLE REQUEST OR BY REFERRAL TO PUBLIC RECORDS. DOCUMENTS ARE AVAILABLE AS PUBLIC RECORDS THROUGH THE OFFICE OF THE MASSACHUSETTS SECRETARY OF STATE (ARTICLES OF ORGANIZATION) AND THE OFFICE OF THE MASSACHUSETTS ATTORNEY GENERAL (BY-LAWS AND ANNUAL FINANCIAL STATEMENTS). THE CONFLICTS OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. ELECTION STATEMENT IN 2020, THE FOLLOWING ENTITIES MADE ELECTIONS PURSUANT TO IRC SEC.168(H)(6)(F)(II) NOT TO BE TREATED AS A TAX-EXEMPT CONTROLLED ENTITY WITHIN THE MEANING IRC SEC. 168(H)(6)(F)(III). - CITISUNS X MEMBER, LLC. FORM 990, PART XI, LINE 9: REVERSAL OF INVESTMENTS IN JOINT VENTURES THROUGH CENT -911,625. 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