Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

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

  total $642,205,449 · related or exempt $407,471,598 · unrelated business $234,733,851

• 2b · Program service revenue: Transmission for Others

  total $61,756,179 · related or exempt $61,690,838 · unrelated business $65,341

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

  total $82,991 · related or exempt $4,774 · unrelated business $78,217

• 2f · All other program service revenue

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

• 3 · Investment income

  total $2,330,465 · related or exempt $1,027,224 · excluded $1,303,241

• 5 · Royalties

  total $320 · excluded $320

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  other assets $90,790

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

  other assets $1,345,010

• 7c · Gain or loss

  securities $0 · other assets -$1,254,220

• 7d · Net gain or loss

  total -$1,254,220 · excluded -$1,254,220

• 11a · Other revenue: Management Services Agreements

  total $1,043,348 · related or exempt $646,307 · unrelated business $397,041

• 11b · Other revenue: Sale of scrap metal, lumber, etc.

  total $206,136 · excluded $206,136

• 11c · Other revenue: Life Insurance Death Benefit

  total $115,039 · related or exempt $115,039

• 11d · All other revenue

  total $103,103 · related or exempt $96,524 · unrelated business $6,579 · excluded $0

• 11e · Other revenue, total

  $1,467,626

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $119,788

• 2 · Grants to domestic individuals

  total $0

• 3 · Grants to foreign organizations and individuals

  total $0

• 4 · Benefits paid to or for members

  total $19,984,205

• 5 · Compensation of officers, directors and key employees

  total $2,423,488

• 6 · Compensation of disqualified persons

  total $0

• 7 · Other salaries and wages

  total $16,996,062

• 8 · Pension plan contributions

  total $4,582,818

• 9 · Other employee benefits

  total $3,250,022

• 10 · Payroll taxes

  total $1,400,935

• 11a · Fees: management

  total $0

• 11b · Fees: legal

  total $582,807

• 11c · Fees: accounting

  total $74,861

• 11d · Fees: lobbying

  total $0

• 11e · Fees: professional fundraising services

  total $0

• 11f · Fees: investment management

  total $0

• 11g · Fees: other

  total $1,600,781

• 12 · Advertising and promotion

  total $668,982

• 13 · Office expenses

  total $622,710

• 14 · Information technology

  total $1,119,449

• 15 · Royalties

  total $0

• 16 · Occupancy

  total $902,660

• 17 · Travel

  total $853,445

• 18 · Travel or entertainment for public officials

  total $0

• 19 · Conferences, conventions and meetings

  total $1,341,860

• 20 · Interest

  total $27,954,680

• 21 · Payments to affiliates

  total $101,852

• 22 · Depreciation, depletion and amortization

  total $33,779,364

• 23 · Insurance

  total $177,601

• 24a · Other expenses: Purchased Power

  total $455,211,089

• 24b · Other expenses: Fuel

  total $100,042,950

• 24c · Other expenses: Operations and Maintenance

  total $29,663,163

• 24d · Other expenses: Administration and General

  total $1,316,510

• 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 $9,654,554 · end of year $46,845,897

• 4 · Accounts receivable

  beginning of year $48,933,148 · end of year $57,153,212

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 8 · Inventories for sale or use

  beginning of year $25,332,247 · end of year $26,606,802

• 9 · Prepaid expenses and deferred charges

  beginning of year $5,257,948 · end of year $5,189,005

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

  $1,186,888,245

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

  $332,532,365

• 10c · Land, buildings and equipment, net

  beginning of year $817,924,466 · end of year $854,355,880

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $38,437,431 · end of year $39,244,291

• 14 · Intangible assets

  beginning of year $7,134,946 · end of year $6,836,005

• 15 · Other assets

  beginning of year $10,946,374 · end of year $10,760,441

• 17 · Accounts payable and accrued expenses

  beginning of year $63,443,827 · end of year $64,761,331

• 22 · Loans and payables to officers and key people

  end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $675,422,399 · end of year $746,921,012

• 25 · Other liabilities

  beginning of year $4,805,663 · end of year $3,099,654

• 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 $219,947,225 · end of year $232,207,536

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 2022.

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 $389,717 · share of assets $10,042,717 · controlled entity

  Directly controlled by Wolverine Power Supply Cooperative Inc