OAR 856-025-0050: Financial Reports

(1) Effective for 2018, and continuing on a biennial basis thereafter, each Oregon pilot organization shall submit to the Board a Special Purpose Financial Statement (SPFS). A Review will be performed on SPFS by an independent certified public accountant who will prepare an Independent Accountant’s Review Report to accompany the financial statements presented to the Board. (2) Each Oregon pilot organization’s 2018 SPFS shall be submitted to the Board no later than May 31, 2019 and shall include all relevant financial data from 2018. (3) Every subsequent biennial SPFS from each Oregon pilot organization shall be submitted to the Board no later than May 31st of the year it is due. Each biennial SPFS shall include all relevant financial data from the two calendar years since the last SPFS reporting period (e.g., the 2019-2020 SPFS, to be submitted no later than May 31, 2021, shall include all relevant financial data from 2019 and 2020). (4) The relevant financial data for each SPFS shall include the pilot organization’s income and expenses in the following categories: (a) Gross Pilotage Revenue. For the purpose of this rule, gross pilotage revenue is the total cash basis revenue from pilotage for a pilotage ground; (b) Operating expenses, as authorized by the current, applicable rate order; (c) Payments to retirees and retiree spousal payments; (d) Pilot continued professional development expenses; (e) Pilot expense reimbursement, as authorized by the current, applicable rate order; (f) Oregon Board of Maritime Pilots Operations fee; (g) Total Cash Available for Distribution. For the purpose of this rule, Total Cash Available for Distribution is the gross pilotage revenue for the pilotage ground less categories (4)(b) through (f) of this rule. (h) Pilot pension expenses or allowances; (i) Pilot medical insurance expenses or allowances; (j) Pilot disability and life insurance expenses or allowances; (k) Pilot sick leave expenses or allowances; (l) Pilot equipment expense or allowances; (m) Net Cash Available for Distribution. For the purpose of this rule, net cash available for distribution is the total cash available for distribution less categories (4)(h) to (L) of this rule; and (n) Net Cash Available for Distribution Per Pilot. Net Cash Available for Distribution Per Pilot shall be derived from net cash available for distribution, divided by the number of pilots licensed for that ground annualized per calendar year. (5) The data required in subsection (4) of this rule must be submitted in the format, and include all and only the details, as set forth in Appendix A, “Income and Expense Statement.” (6) This rule does not include or require financial reporting related to the transportation system serving the Columbia River Bar pilotage ground, which shall remain subject to the annual Transportation Oversight Committee process administered by the Oregon Board of Maritime Pilots pursuant to OAR 856-030-0040. [ED. NOTE: To view attachments referenced in rule text, click here to view rule.]