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HomeMy WebLinkAbout2016Annual Report.pdfRIC-W AIYIYUAL REPORT ,:. .-,_) I :--j ':r '-.a OF RTCKEL I'VATER COUPANY PO Box 1261 Hayden Lake, lD 83835 TO THE IDAHO PUBLIG UTILITIES COMMISSION FOR THE (() \.ri YEAR ENDED: DEGEMBER 31, 2016 ANNUAL REPORT FORWATER UTILITIES TO THE IDAHO PUBLIC UTILITIES COIf,iiISSIOil FOR THE YEAR ENDING 2016 1 Give full name of utility 2 Date of Organization 3 Organized under the laws of the stiate of 4 Address of Principal ffice (number & stree$ 5 P.O. Box (if applicable) 6 City 7 State 8 Zip Code 9 Organization (propdetor, partnership, cop.) 10 Towns, Counties served COTPANY INFORTATION Rickel Water Gompany 4fiU|995 ldeho ,44E1Old Fl'lvy 95 N, Athol, lD 83801 (Not mailing addreos) PO Box 1261 Hayden Lake ldaho 83835 Phone No. Ken Rickel 208683A105 Ken Rickel 208683{105 Rickel Ken Rickel Rickel lnland NW Coneultanb Ken Rickel 208S83{105 Suean Jacobeon 303-9414{n5 Corporation Kootenai County 11 Are there any affiliated companies?No lf yes, attach a tist with names, addresses & descriptions. Explain any services provided to the utility. 12 Contract lnformation Name President (Owner) Mce President Secretary GeneralManager Complaints or Billing Engineering Emergency Service Accounting 13 Were any water systems acquired during the year or any additions/deletions made to the service area during the year? No lf yes, attach a list with names, addresses & descriptions. Explain any services provided to the utility. 14 Where are the Company's books and records kept? Street Address 2461Old HruY 95 N City Atho! State ldaho 8380t 208€83€105 208:773{,370 05 05 Rev 3/02 zip Page 1 NAME: Rickel Water Company COTPANY INFORilATION (Cont-) FortheYear Ended 20{6 15 ls the system operated or maintained under a service contract? 16 lf yes: With whom is the contract? When does the contract exPire? What services and rates are included? No 17 ls water purchased for resale through the system?Yes 18 lf yes: Nameof Organization Name of orner or opemtor Mailing Address City State zip Bitterroot Water Gompany Ken Rlckel PO Box 2305 Hayden lake ldaho 83835 Water Purchased 19 Has any system(s) been disapproved by the ldaho Department of Environmental Quality? !f yes, attach full explanation 20 Has the ldaho Department of Environmental Quality recommended any improvements? lf yes, attach full explanation 21 Number of Complaints received during year conceming: Quality of Service High Bills Disconnec-tion 22 Number of Customers involuntarily disconnected 23 Date customers last received a copy of the Summary of Rules required by IDAPA 31.21.01.701? Attach a copy of the Summary 24 Did significant additions or retirements from the Plant Accounts occur during the year? lf yes, attach full explanation and an updated system map Gallons/CCF 1,792,730 $Amount $ 537.82 No No 0 0 0 0 July-2016 No Rev 3/02 Page2 I{AME: Rickel Water Company ACCT # REVENUE & EXPENSE DETAIL Forthe Year Ended 2016 DESCRIPTION 1 2 3 4 5 6 7 I 4OO REVENUES 460 Unmetered Water Revenue 461.1 Metered Sales - Residential 461.2 Metered Sales - Commercial, lndustrial 462 Fire Protection Revenue 4U Other Water Sales Revenue 465 lnigation Sales Revenue 466 Sales for Resale 400 Total Revenue (Add Lines 1 - 7) (also enter result on Page 4, line 1) * DEQ Fees Billed separately to customers * Hookup or Connection Fees Collected **Commission Approved Surcharges Collected $ 6,000 $16,251 $538 $ 455 $ 5,031 $778 S 2,127 $36 $334 200 $ $ 188 493 1 { 2,232 I 22,789 Booked toAcct# Booked toAcct# Booked to Acct # I 10 11 460.1 4OT OPERATING EXPENSES 12 601.1€ Labor - Operation & Maintenance 13 601.7 Labor - CustomerAccounts 14 601.8 Labor - Administrative & General 15 603 Salaries, fficers & Directors 16 604 Employee Pensions & Benefits 17 610 Purchased Water 18 615-16 Purchased Power & Fuel for Power 19 618 Chemicals 620.1€ Materials & Supplies - Operation & Maint. 620.7-8 Materials & Supplies - Administrative & General 631-34 Contract Services - Professional 635 Contract Services - Water Testing 636 Contract Services - Other 64142 Rentals - Property & Equipment 650 Transportation Expense 656-59 lnsurance 660 Advertising 666 Rate Case Expense (Amortization) 667 Regulatory Comm. Exp. (Other except taxes) 670 Bad Debt Expense 675 Miscellaneous $ 11,880 $ 20 21 22 23 24 25 26 27 28 29 30 31 32 33 $ I,e{o $ Tota! Operating Expeneea (Add lines 12 -32, also enter on Pg 4, line 2) $ 26,163 Rev 3/02 Page 3 Name: Rickel Water Gompany INCOME STATETEI{T ForYear Ended 20tG ACCT#DESCR!PTION 1 2 3 4 5 6 7 8 403 406 407 408.10 408.11 408.12 9A 408.13 9B 9C 9D 10 409.10 11 409.11 12 410.10 13 410.11 14 411 15 412 16 17 413 18 414 19 20 415 Revenue (From Page 3, line 8) Operating Expenses (From Page 3, line 33) Depreciation Expense Arnortization, Utility Plant Aquisition Adj. Amortization Exp. - Other Regulatory Fees (PUC) Propefi Taxes PayrollTaxes Other Taxes (llst) DEQ Fees $ 26,163 $ 1,560 $50 $ 327 $22,789 $ 28,120 I t 500 21 22 23 24 25 26 27 28 29 30 31 32 416 419 420 421 426 408.20 409-20 Federal lncome Taxes State lncome Taxes Provision for Defened Income Tax - Federal Provision for Defened Income Tax - State Provision for Defered Utility lncome Tax Credits lnvestment Tax Credits - Utility $20 Total Expenses from operations before interest (add lines 2-15) lncome From Utility Plant Leased to Others Gains (Losses) From Disposition of Utility Plant Net Operating lncome (Add lines 1,17 &18less line 16) Revenues, Merchandizing Jobbing and Contracl Work Expenses, Merchandizing, Jobbing & Contracts lnterest & Dividend lncome Allowance for Funds used During Construction Miscellaneous Non-Utility I ncome Miscellaneous Non-Utility Expense Other Taxes, Non-Utility Operations lncome Taxes, Non-Utility Operations Net Non-Utility lncome (Add lines 20,22,23 & 24less lines 21,25,26, & 27) Gross lncome (add lines 19 & 28) lnterest Exp. on Long-Term Debt Other lnterest Charges NFf INCOME (Line 29 less lines 30 & 31) (Also Enter on Pg 9, Line 2) J7 $ (5,33t) $ (4e3) I (5,825) $ 427.3 427.5 Rev 3/02 Page 4 $ (5,825) Name: Rlckel UYater Gompany ACCOUI{T IOI PLANT IN SERVICE DETAIL ForYear Ended 20tG SUB ACCT # Balance Beginning Year 13 103 380 17 172 Added During Year Removed During Year Balance End of Year $ 13 103 $ 17 172 $ $ 202,595 1 $ $ $ 1 2 3 4 5 6 7 I I 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 301 302 303 304 305 306 307 308 309 310 311 320 330 331 333 334 335 336 339 340 341 u2 343w 345 346 u7 348 DESCRIPTION Organization Franchises and Consents Land & Land Rights Structures and lmprovements Collecting & lmpounding Reservoirs Lake, River & Other lntakes Wells lnfiltration Galleries & Tunnels Supply Mains Power Generation Equipment Power Pumping Equipment Puriftcation Systems Distribution Reservoirs & Standpipes Trans. & Distrib. Mains & Accessories Services Meters and Meter lnstallations Hydrants Backflorv Prevention Devices Other Plant & Misc. Equipment Ofiice Furniture and Equipment Transportation Equipment Stores Equipment Tools, Shop and Garage Equipment Laboratory Equipment Power Operated Equipment Communications Equipment Miscellaneous Equipment Other Tangible Property TOTAL PTANT IN SERVICE (Add Iines 1-28) 380 $ $ 275 727 $ $ $ 862 275 727 1,l year totals on Pg 7, Line 1 $ $$ Rev 3/02 Page 5 Name: Rickel Water Company ACCUi,IULATED DEPRECIATION ACCOUNT { 08. 1 DETAI L ForYearEnded 2O1e SUB ACCT# Depreciation Rate oh o.780h 0.00% 1.40o/o 1.100/0 1.0506 0.000/6 Balance Beginning of Year Balance End of Year lncrease or 1 304 2 305 3 306 4 307 5 308 6 309 7 310 I 311 I 320 10 330 1'.| 331 12 333 13 334 14 335 15 336 16 339 17 340 18 U1 'r9 u2 20 343 2t 344 22 345 23 346 24 U7 25 348 26 DESCRIPTION Structures and lmprovements Collecting & lmpounding Reservoirs Lake, River & Other lntakes Wells lnfiltration Galleries & Tunnels Supply Mains Power Generation Equipment Power Pumping Equipment Purification Systems Distribution Reservoirs & Standpipes Trans. & Distrib. Mains & Accessories Services Meters and Meter lnstallations HydranB Backflor Prevention Devices O$er Plant & Misc. Equipment ffice Fumiture and Equipment Transportation Equipment Stores Equipment Tools, Shop and Garage Equipment Laboratory Equipment Power Operated Equipment Communications Equipment Miscellaneous Equipment Other Tangible Property TOTALS (Add Lines 1-25) $ year on Pg 7,7 102 156 67 243 992 $ 1 9.387$9.489$ s 46.312 $ 46.312 $5,581 5,824$ $ 60.520 $ 61.s12 4.818$4.974$ $39 106$ $980 $980 s 127.637 s 129.197 Rev 3/02 Page 6 Name: Rickel Water Company BAIANCE SHEET ForYear Ended 2016 ACCT# 1 101 2 102 3 103 4 105 5 114 6 7 108.1 I 108.2 I 108.3 10 110.1 11 110.2 12 115 13 14 ',123 15 125 16 17 131 18 135 19 141 20 142 21 145 22 151 23 ',162 24 173 25 143 26 27 181 28 183 29 1U 30 186 31 ASSETS DESCRIPTION Utility Plant in Service (From Pg 5, Line 29) Utility Plant Leased to Others Plant Held for Future Use Construction Work in Progress Utility Plant Aquisition Adjustment Subtotal (Add Lines 1 - 5) Accumulated Depreciation (From Pg 6, Line 26) Accum. Depr. - Utility Plant Lease to Others Accum. Depr. - Property Held for Future Use Accum. Amort. - Utility Plant in Service Accum. Amort. - Utility Plant Lease to Others Accumulated Amortization - Aquisition Adj. Net tftility Plant (Line 6less lines 7 - 12) lnvestment in Subsidiaries Other lnvestments Total lnvestments (Add lines t4 & t5) Cash Short Term lnvestments Accts/Notes Receivable - Customers Other Receivables Receivables from Associated Gompanies Materials & Supplies lnventory Prepaid Expenses Unbilled (Accrued) Utility Revenue Provision for Uncollectable Accounts Total Cunont (Add lines 17 -24 lcs line 25) Unamortized Debt Discount & Expense Preliminary Survey & lnvestigation Charges Defened Rate Case Expenses Other Defened Charges Tota! Assete (Add lines 13, 16 & 26 - 30) Balance Beginning of Year 127 72,88 Balance End of lncrease or $ $ I 6,661 s 1 $ 27 $ $ $ 9 1 $ 202.595 $ 202,595 $ 129,197 $ 2,100 2,100$ $ 71,298 $ 36.413 ,r'lZ $G77l $ $ 35,735 2.019$ $ 109,052 Rev 3/02 Page 7 Name: Rickel Water Company BAI.ANCE SHEET ForYear Ended 2016 LIABILITIES & CAPITAL ACCT#DESCRIPTION 1 201-3 Common Stock 2 20{,$ Prefened Stock 3 207-13 MiscellaneousCapitalAccounts 4 214 Appropriated Retained Eamings 5 215 Unappropriated Retained Eamings 6 216 Reacquired CapitalStock 7 218 Proprietary Capital 8 Total Equity Capital(Add Lines 1-5+7 less line 6) I 221-2 Bonds 10 223 Advances from Associated Companies 11 224 Other Long - Term Debt 12 231 Accounts Payable 13 232 Notes Payable 14 233 Accounts Payable - Associated Companies 15 235 Customer Deposits (Refundable) 16 236.11 Accrued Other Taxes Payable 17 236.12 Accrued lncorne Taxes Payable 18 2fi.2 Accrued Taxes - Non-Utility 19 23740 Accrued Debt, lnterest & Dividends Payable 20 241 Misc. Cunent & Accrued Liabilities 21 251 Unamortized Debt Premium 22 252 Advances for Construction 23 253 Other Defened Liabilities 24 255.1 Accumulated lnvestment Tax Credits - Utility 25 255.2 Accum. lnvestment Tax Credits - Non-Utility 26 261-5 Operating Reserves 27 271 Contributions in Aid of Construction 28 272 Accum. Amort. of Contrib. in Aid of Const. * 29 281-3 Accumulated Defened lncome Taxes 30 Total Liabilities (Add lines 9 - 29 31 TOTAL LIAB & CAPITAL ( Add linee 8 & 30) * Only if Commlssion Approved Rev 3/02 Page 8 Balance Beginning of Year Balance End of Year lncrease or 1 171 0 $ $ $ I $ 68,430 $ 68.430 $ 39.7s0 $ 39.750 $ (23s,&16)$ e43.4711 $ (127,466)$ (135,290) $$ $ 20.9A+$ 18.278 $ 50.733 $ 67.905 $ 173.250 $ 173.250 $ (15.091)s (15.091) J 24/..U2 $ 109.052 Name: Rickel Water Gompany 1 Retained Eamings Balance @ Beginning of Year 2 Amount Added from Cunent Year lncome (From Pg 4, Line 32) 3 Other Credits to Account 4 Dividends Paid orAppropriated 5 Other Distributions of Retained Eamings 6 Retained Eamings Balance @ End of Year STATETENT OF RETAINED EARNINGS ForYearEnded 2016 CAPITAL STOCK DETAIL No. Shares $ (235,An6) $ (s,825) 7 Description (Class, ParValue etc.) Common, no parvalue Note K & C Rickel DETAIL OF LOTTIG.TERT DEBT Year-end Balance $ (2,000) $ (24:t,471) No. Shares lnterest Dividends Paid 0 lnterest Accrued 1 336 8 lnterest Rate 0 109.336 $ 18.278 $0 Rev 3/02 Page 9 Name: Rickel Water Company SYSTEM ENGINEERING DATA ForYear Ended 2016 1 Provide an updated system map if significant changes have been made to the system during the year 2 Water Supply: or 1.5 Miles West on Brunner Road from north side of before railroad Rated Capacity Total Capacity 000's Type of Treatment: (None, Chlorine Fluoride Usable Capacity 000's Gal. Annual Production Water Supply Source (Well, Spring, Surface Well Type of Reservoir Construction (Elevated,Pres- (Wood, Steel urized Gal. 3 System Storage: or 1.5 Miles on Brunner Road from H north side of road before (Duplicate form and attach if neceesary. Asterlek facillties added this year.) 125 None 12,600 2.000 2.000 Pressure Rev 3/02 Page 10 Name: Rickel Water Company SYSTET ENGINEERING DATA (continued) ForYearEnded 2016 4 Pump information for ALL system pumps, including wells and boosters. Designation or Location Horse Powerof 1.5 on Brunner Road ftom H north side of road before railroad tracks Franklin Motor pump curvea unlees or unavailable. Asterisk facilities added tftis year. Attach additional sheets lf inadequate spaco is available on this page. 5 lf Wells are metered: What was the total amount pumped this year? What was the total amount pumped during peak month? What was the total amount pumped on the peak day? 6 lf customers are metered, what was the total amount sold in peak month? 7 Was your system designed to supply fire flouts? !f Yes: What is current system rating? 8 How many times were meters read this year? During wlrich months?April, May, June, July, rAlgqqt $eptember How many additional customers could be served with no system improvements except a service line and meter? How many of those potential additions are vacant lots? 10 Are backbone plant additions anticipated during the coming year? lf Yee, attach an explanation of proiects and anticipated coetsl 11 ln what year do you anticipate that the system capacity (supply, storage or distribution) will have to be expanded? Rated Capacity Discharge Pressure Energy Used This Year 6,560,900 2,268,900 N/A 1.857,970 NO 6 I 10 10 NO qt,III DSI 25 125 60 Rev 3/02 Page 11 UNKNOWN Name: Rickel Water Company SYSTEiI ENGINEERII{G DATA (continued) ForYear Ended 2016 FEET OF TAINS ln Use Beginning OfYear Pipe 6" Size Residential Commercial lndustrial Flat Rate: Residential Commercial lndustrial lnstalled During Year Last Year Abandoned During Year This Year ln Use End of Year I Last Year 996 CUSTOTIER STATISTICS Number of Customers 720 73338 Metered:2 2A 28 2C This Year 3 3A 3B 3C 6 7 8 4 Private Fire Protection 5 Public Fire Protection Street Sprinkling Municipal, Other OtherWater Utilities 1 0 0 0 0 37 7.481 1 1.793 38 9.274 Rev 3/02 TOTALS (Add lines 2 through 8) Page 12 39 1 5 CERTIFICATE State of Idaho County of hoo4ca{ WE, the undersigned, Kenneth W. Rickel and Catherine L. Ricke!, of the RICKEL WATER COMPANY, utili$, on our oath do severally say that the foregoing report has been prepared under our direc'tion, from the original books, paperc and records of said utili$ that re have carefully examaned same, and declare the same to be a conect statement of the business and afiairs of said utility for the period covered by the report in respect to each and every matter and thing therin set forth, to the best of our knorvledge, information and belief. ) ) ) ss Subscribed and Swom to Before Me ( Officer) (Offtcer in Charge of gdrcrc.Uhsbon 'Ifpaiffiiludret nnlisgL day 2otlth ( NOTARY PUBLIC My Commission Expires Hffi}[HiH' Rev 3/02 Page 13 RICKEL WATER COMPAI\TY PO BOX 1261 EAYDEN LAKE,ID 83835 Ken Rickel, General Manager Telephone: 208{&t-E105 or 20&66G2560 Far 208683-4.315 To Our Customers This is a sunmary of the rules for termination of service for all Rickel Water Company customers as deterrrined by the Idaho Public Utilities Commission (PUC), as of March 1,1997. These rules cover the rights and responsibilities of the customer and the Rickel Water Company. An explanation of our rate schedule, other fees and landscaping restrictions has also been included. Ifyou have any questions concerning this inforrration, please contact: Rickel WaterCompany OR PO Box 126l Hayden [ake, ID 83835 208-683-8 I 05 or 208{60-2560 208-6834315 (fax) IPUC PO Box 83720 Boise, D 83720-0074 208-334-0300 80G.432-0369 RULES FOR TER]VIINATION OF SERVICE TERMINATION WTTH PRIOR NOTICE With proper customernotice Rickel Water Company may deny orterminate water service for one of the following rsasons: 1. Nonpayment of a past due bill or payment of a past due billing with a NSF check. 2. Failure to honorthe terms of a payment arrangement. 3. Obtaining service by false identity. 4. Refusing to allow aocess to the water meter shut-offvalve. 5. Willfully wasting seruice through improper equipment or otherwise. 6. Failure to apply for service. TERMINATION WTIEOUT PRIOR NOTICE Rickel Water Company may deny or terminate water service without notice for one of the following reasons:l. A situation exists that is immediately dangerous to life, physical safety or property. 2. To prevent a violation of federal, state or local safety or health codes. 3. Service is obtaine4 diverted or used without the authorization of Rickel Water Company. 4. Rickel Water Company has diligently attempted to notif you of termination and has been unable to contact you. 5. If ordered by any cou$ The Commissiorq or any other duly authorized public authority. June 2016 (continued on next page) Page I of 3 Rickel Water Compenv Customer Rules NOTIFICATION AI\[D BILLING 1 . Meters will be read between the first and the fifth day of each month (weather permitting). Invoices will be sent out on the fifth day with payment due on or before the 206 of the same month. During the winter months a basic monthly fee of $30.00 per month will be charged. At the next reading of the meters, you will be billed for any water used over 15,000 gallons per month. 2. An invoice will be considered past due (25) twenty-five days after the invoice date. A written notice of termination must be mailed at least (7) seven days before the proposed termination date. 3. At least (24) twenty-four hours before the service is terminated a notice will be left at the property advising you ofthe steps needed to have services continued or restored. 4. When the 24-hour period has ended, another attempt will be made to contact you in person or by phone before service is terminated. 5. No additional notice oftermination is required if upon receipt of a termination noticeo The customer makes a payment arrangement and subsequently fails to keep that arrangement o The customer tenders payment with a dishonored check, either at a Water Company collection visit to terminate service or by mail. PAYMENT ARRANGEMENTS AND SPECIAL CIRCT]MSTANCES If you cannot pay your bill in full or you receive a notice of termination, please call our office. Pavment arrangements c8n be made to avoid termination of service. Termination of service will be postponed *rirfy (30) days from the date of a written certification from a licensed physician or public health official stating the name of the person who is ill and their relationship to the customer. The certification must show the name, title and signature of the person certiffing that the termination of service will aggravate or create a medical emergency for a permanent resident of your household. COMPLAINT PROCEDTIRES Il at any time, you have a complaint concerning the termination of service, policies and practices or any other matter regarding our service please contact Rickel Water Company in person, by telephone or in writing. Your complaint will be investigated promptly and thoroughly. You will be notified in writing the results of the investigation and we will make every effort to resolve the complaint. If you are dissatisfied with the proposed resolution of your complaint you may ask the IPUC to review the matter. Your request may be done orally or in writing. Your service will not be disconnected while the complaint is being investigated by the Nckel Water Company or the IPUC (continued on next page) June 2016 Page2of 3 Rickel lVater Comoanv CustomerRules RESTRICTION OF TERMINATION OF SERVICE Service cannot be disconnected on Friday after 2:00 p.m., on Saturday, Sunday, any legal holidays recognized by the State of Idaho or 2:00 p.m. on any day immediately before any legal holiday. Service may only be terminated between the hours of 8:00 a.m. and 4:00 p.m. Pacific Standard Time. The employee sent to the premises to terminate the services will identi$ him/herself to you and state the purpose of the visit. This person is authorized to accept payment in full. HOOKUP The Rickel Water Company reserves the right to deny hookups during the winter months due to adverse weather conditions. New hookups will be scheduled as soon as weather conditions permit. HOOKT]P CHARGES AI\[D FEES A one-time hookup charge of $6,000.00 will be pard in advance for any new service hookup. The extra costs of an out of the ordinary circumstances requiring additional equipment or special construction techniques involved in the installation of a new service connection will be agree to in advance and put into writing by the customer and the Rickel Water Company. Only one residence per hookup is allowed, one stock tank will also be permitted. No irrigation of properly will be permiued. The monthly rate is $30.00 per month for the first 15,000 gallons of water used. Water will be billed at $1.10 per thousand gallons after the first 15,000 gallons used. Meters will be read between the l't and the 56 of the month. Payment is due in full (20) twenty days after the billing date and a bill may be considered delinquent (25) twenty-five days after the billing date. Arrangements can be made to pay in advance monthly, quarterly, semi-annually or annually. Any customer check returned to Rickel Water Company due to insufficient funds will be subject to a $25.00 NSF fee, which will be added to the customer's account. The customer will be contacted by Rickel Water Company staffto make payment arrangements, as the current balance and the NSF fee are due immediately. RECOhIIYECTION FEE If water service has been terminate{ any balance due plus a reconnection fee of ($25.00) twenty-five dollars must be paid in full before service can be restored. LAI\TDSCAPING AROI'}ID METERS Any landscaping to be placed within 6 feet in all directions of your water meter is required to have prior approval from the General Manager before the landscaping can be completed. Any landscaping completed prior to June l, 2008 is exempq with the understanding that if the current landscaping does interfere with future water meter maintenance, it may have to be altered by the property ownerto comply with this rule. NO ONE EXCEPT AN AUTHORZED AGENT OF TT{E RICKEL WATER COMPANY SHALL TAMPER WITH, INTERJERE WITH, REPAIR, CONNECT TO OR REPLACE ANY OF TT{E RICKEL WATER COMPANY'S PROPERTY, EXCEPT IN TTIE CASE OF EXTREME EMERGENCY June 2016 Page 3 of 3