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Nonprofiteer
← WOLVERINE POWER SUPPLY COOPERATIVE INC

Form 990 for tax year 2023

Filed by WOLVERINE POWER SUPPLY COOPERATIVE INC.

Totals

Total revenue
$540,004,811
Total expenses
$540,004,811
Contributions and grants received
$0
Grants paid
$68,099
Program service revenue
$537,141,609
Investment income
$1,587,969
Other revenue
$1,275,233
Total assets, end of year
$1,074,978,996
Total liabilities, end of year
$825,811,944
Net assets or fund balances, end of year
$249,167,052
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$0

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Sale of Electricity for Resale

    total $473,385,890 · related or exempt $356,636,551 · unrelated business $116,749,339 · excluded $0

  • 2b · Program service revenue: Transmission for Others

    total $63,621,484 · related or exempt $63,565,495 · unrelated business $55,989 · excluded $0

  • 2c · Program service revenue: Program Services Rental Income

    total $134,235 · related or exempt $9,548 · unrelated business $124,687 · excluded $0

  • 2d · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2e · Program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $2,509,962 · related or exempt $1,068,758 · unrelated business $0 · excluded $1,441,204

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $567 · related or exempt $0 · unrelated business $0 · excluded $567

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $9,000

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $930,993

  • 7c · Gain or loss

    securities $0 · other assets -$921,993

  • 7d · Net gain or loss

    total -$921,993 · related or exempt $0 · unrelated business $0 · excluded -$921,993

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Management Services Agreements

    total $1,077,185 · related or exempt $676,077 · unrelated business $401,108 · excluded $0

  • 11b · Other revenue: Life Insurance Death Benefit

    total $118,095 · related or exempt $118,095 · unrelated business $0 · excluded $0

  • 11c · Other revenue: Regional Cost Sharing

    total $38,976 · related or exempt $38,976 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $40,410 · related or exempt $9,427 · unrelated business $35 · excluded $30,948

  • 11e · Other revenue, total

    $1,274,666

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $68,099

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $17,656,370

  • 5 · Compensation of officers, directors and key employees

    total $2,985,908

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $19,145,937

  • 8 · Pension plan contributions

    total $3,814,880

  • 9 · Other employee benefits

    total $3,261,282

  • 10 · Payroll taxes

    total $1,528,192

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $1,170,681

  • 11c · Fees: accounting

    total $142,755

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $2,510,037

  • 12 · Advertising and promotion

    total $814,570

  • 13 · Office expenses

    total $564,422

  • 14 · Information technology

    total $1,603,474

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $977,897

  • 17 · Travel

    total $940,453

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $1,402,041

  • 20 · Interest

    total $27,707,166

  • 21 · Payments to affiliates

    total $165,228

  • 22 · Depreciation, depletion and amortization

    total $36,429,815

  • 23 · Insurance

    total $394,798

  • 24a · Other expenses: Purchased Power

    total $352,353,388

  • 24b · Other expenses: Fuel

    total $32,204,725

  • 24c · Other expenses: Operations and Maintenance

    total $31,179,760

  • 24d · Other expenses: Administration and General

    total $982,933

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $46,845,897 · end of year $25,803,740

  • 4 · Accounts receivable

    beginning of year $57,153,212 · end of year $49,403,700

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $26,606,802 · end of year $38,368,800

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,189,005 · end of year $4,693,347

  • 10a · Land, buildings and equipment: cost or other basis

    $1,279,517,485

  • 10b · Land, buildings and equipment: accumulated depreciation

    $365,475,154

  • 10c · Land, buildings and equipment, net

    beginning of year $854,355,880 · end of year $914,042,331

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $39,244,291 · end of year $33,114,150

  • 14 · Intangible assets

    beginning of year $6,836,005 · end of year $6,685,132

  • 15 · Other assets

    beginning of year $10,760,441 · end of year $2,867,796

  • 17 · Accounts payable and accrued expenses

    beginning of year $64,761,331 · end of year $65,946,384

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $746,921,012 · end of year $715,851,886

  • 24 · Unsecured notes and loans payable

    end of year $40,000,000

  • 25 · Other liabilities

    beginning of year $3,099,654 · end of year $4,013,674

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $2,000 · end of year $2,000

  • 31 · Retained earnings, endowment or other funds

    beginning of year $232,207,536 · end of year $249,165,052

Mission and programs · 2023

Mission

WOLVERINE POWER SUPPLY COOPERATIVE, INC. IS A MICHIGAN NONPROFIT COOPERATIVE CORPORATION ORGANIZED FOR THE PURPOSE OF PROVIDING OUTSTANDING SERVICE TO ITS MEMBERS BY DELIVERING A RELIABLE, COMPETITIVE ELECTRIC POWER SUPPLY.

Activities or mission (Part I)

TO PROVIDE OUTSTANDING SERVICE TO OUR MEMBERS BY DELIVERING RELIABLE, COMPETITIVE POWER SUPPLY.

  • WOLVERINE PROUDLY DELIVERS 60% CARBON-FREE, RELIABLE, COMPETITIVE POWER REACHING MORE THAN 268,000 RURAL HOMES AND BUSINESSES ACCROSS OVER HALF OF MICHIGAN'S LOWER PENINSULA. WOLVERINE CHAMPIONS INNOVATIVE, LONG-TERM ENERGY SOLUTIONS BY CRAFTING A RELIABLE, CLEAN, AND AFFORDABLE ENERGY FUTURE THROUGH STRATEGIC POWER SUPPLY AND THE DEVELOPMENT OF A FLEXIBLE TRANSMISSION SYSTEM.

As filed on the 2023 return.

Listed in Part VII

  • Gerry Bundle

    DIRECTOR / CHAIR (April - Dec)/ VICE CHAIR (Jan - April)

    Total calculated
    $28,200
    From this org
    $28,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    6 + 0.2 related

  • Melinda Lautner

    DIRECTOR / VICE-CHAIR (April -Dec)

    Total calculated
    $24,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $12,000
    Hours/week
    6 + 0.1 related

  • Paul Byl

    DIRECTOR / SECRETARY

    Total calculated
    $24,500
    From this org
    $20,400
    From related orgs
    $500
    Other
    $3,600
    Hours/week
    5 + 0.2 related

  • Shirley Sprague

    DIRECTOR / TREASURER

    Total calculated
    $27,700
    From this org
    $27,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.4

  • Terry Lautner

    DIRECTOR / CHAIRMAN (Jan - April)

    Total calculated
    $27,900
    From this org
    $27,400
    From related orgs
    $500
    Other
    $0
    Hours/week
    8 + 0.4 related

  • Allan Berg

    DIRECTOR

    Total calculated
    $25,000
    From this org
    $0
    From related orgs
    $0
    Other
    $25,000
    Hours/week
    4

  • Chad Stirrett

    DIRECTOR (JAN - AUG.)

    Total calculated
    $15,500
    From this org
    $500
    From related orgs
    $0
    Other
    $15,000
    Hours/week
    6

  • Clarance Barth

    DIRECTOR

    Total calculated
    $23,000
    From this org
    $23,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • John Brown

    DIRECTOR

    Total calculated
    $26,000
    From this org
    $26,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • John Lord

    DIRECTOR (AUG - DEC)

    Total calculated
    $9,500
    From this org
    $9,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kimber Hansen

    DIRECTOR (JAN - AUG)

    Total calculated
    $15,500
    From this org
    $15,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Mark Carson

    DIRECTOR

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Rence Meredith

    DIRECTOR (SEPT - DEC)

    Total calculated
    $6,500
    From this org
    $3,250
    From related orgs
    $0
    Other
    $3,250
    Hours/week
    5

  • Ric Evans

    DIRECTOR

    Total calculated
    $26,000
    From this org
    $26,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Rob Hunter

    DIRECTOR (compensation paid to charity)

    Total calculated
    $0
    Hours/week
    4.5

  • Tom Van Pelt

    DIRECTOR

    Total calculated
    $26,500
    From this org
    $13,250
    From related orgs
    $0
    Other
    $13,250
    Hours/week
    6

  • Eric Baker

    PRESIDENT & CEO

    Total calculated
    $1,206,797
    From this org
    $916,244
    From related orgs
    $0
    Other
    $290,553
    Hours/week
    50 + 1 related

    Schedule J breakdown matched by us

    Base
    $545,173
    Bonus
    $370,000
    Other
    $1,071
    Deferred
    $249,219
    Nontaxable benefits
    $41,334
    Filer's total
    $1,206,797

  • Kacy Wickenhauser

    CHIEF HUMAN RESOURCE OFFICER

    Total calculated
    $416,261
    From this org
    $283,524
    From related orgs
    $0
    Other
    $132,737
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $233,234
    Bonus
    $50,000
    Other
    $290
    Deferred
    $100,180
    Nontaxable benefits
    $32,557
    Filer's total
    $416,261

  • Joseph Baumann

    CHIEF LEGAL OFFICER

    Total calculated
    $499,523
    From this org
    $368,398
    From related orgs
    $0
    Other
    $131,125
    Hours/week
    50 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $318,158
    Bonus
    $50,000
    Other
    $240
    Deferred
    $112,796
    Nontaxable benefits
    $18,329
    Filer's total
    $499,523

  • Zachary J Anderson

    CHIEF OPERATING OFFICER

    Total calculated
    $511,526
    From this org
    $364,474
    From related orgs
    $0
    Other
    $147,052
    Hours/week
    50 + 0.5 related

    Schedule J breakdown matched by us

    Base
    $314,258
    Bonus
    $50,000
    Other
    $216
    Deferred
    $112,482
    Nontaxable benefits
    $34,570
    Filer's total
    $511,526

  • Craig Borr

    EXECUTIVE VICE PRESIDENT

    Total calculated
    $750,671
    From this org
    $452,361
    From related orgs
    $0
    Other
    $298,310
    Hours/week
    48 + 4 related

    Schedule J breakdown matched by us

    Base
    $407,177
    Bonus
    $40,000
    Other
    $5,184
    Deferred
    $260,406
    Nontaxable benefits
    $37,904
    Filer's total
    $750,671

  • Daniel H DeCoeur

    VICE PRESIDENT

    Total calculated
    $337,763
    From this org
    $213,116
    From related orgs
    $0
    Other
    $124,647
    Hours/week
    28.4

    Schedule J breakdown matched by us

    Base
    $212,084
    Bonus
    $0
    Other
    $1,032
    Deferred
    $95,611
    Nontaxable benefits
    $29,036
    Filer's total
    $337,763

  • Daniel J Calverley

    VP GENERATION & OPERATIONS`

    Total calculated
    $495,208
    From this org
    $245,834
    From related orgs
    $0
    Other
    $249,374
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $244,250
    Bonus
    $0
    Other
    $1,584
    Deferred
    $219,528
    Nontaxable benefits
    $29,846
    Filer's total
    $495,208

  • Dawn Coon

    VP ADMINISTRATION

    Total calculated
    $371,585
    From this org
    $209,831
    From related orgs
    $0
    Other
    $161,754
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $208,799
    Bonus
    $0
    Other
    $1,032
    Deferred
    $132,789
    Nontaxable benefits
    $28,965
    Filer's total
    $371,585

  • Dustan Daniel

    VP of Accounting and Finance

    Total calculated
    $265,804
    From this org
    $224,918
    From related orgs
    $0
    Other
    $40,886
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $224,461
    Bonus
    $0
    Other
    $457
    Deferred
    $12,556
    Nontaxable benefits
    $28,330
    Filer's total
    $265,804

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Tax indemnification and gross-up payments
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Tax indemnification and gross-up payments
A FEW OF THE INDIVIDUALS LISTED RECEIVED DE MINIMUS TAX GROSS UPS TO COVER THE TAX EFFECT OF TOKEN AWARDS EARNED BY PARTICIPATING IN COMPANY-WIDE SAFETY AND/OR OTHER INCENTIVE PROGRAMS.
Schedule J, Part I, Line 1a Health or social club dues or initiation fees
THE COMPANY REIMBURSES A SET DOLLAR AMOUNT TOWARD HEALTH CLUB DUES (USUALLY THE LOCAL YMCA) FOR ALL EMPLOYEES.
Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
ERIC BAKER, THE PRESIDENT / CEO AND CRAIG BORR, EXECUTIVE VP PARTICIPATE IN A NON-QUALIFIED DEFERRED COMPENSATION PLAN. NO AMOUNTS WERE VESTED OR PAID OUT UNDER THE PLAN IN 2023.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • SPARTAN RENEWABLE ENERGY Inc

    C Corporation · ALT ELECTRIC SUPPLIER · MI · 90.91% owned · share of income $118,674 · share of assets $8,906,195 · controlled entity

    Directly controlled by Wolverine Power Supply Cooperative Inc

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202433209349319553

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