Form 990 for tax year 2022
Filed by PENINSULA GENERATION COOPERATIVE.
Totals
- Total revenue
- $58,212,934
- Total expenses
- $58,212,934
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $58,088,564
- Investment income
- $124,370
- Other revenue
- $0
- Total assets, end of year
- $27,867,422
- Total liabilities, end of year
- $2,866,422
- Net assets or fund balances, end of year
- $25,001,000
- 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: Electric Power Resale
total $58,088,564 · related or exempt $58,088,564 · 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 $124,370 · related or exempt $92,035 · unrelated business $0 · excluded $32,335
-
4 · Income from investment of tax-exempt bond proceeds
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
5 · Royalties
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
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 $0
-
7b · Less cost or other basis and sales expenses
securities $0 · other assets $0
-
7c · Gain or loss
securities $0 · other assets $0
-
7d · Net gain or loss
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
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
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11b · Other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11c · Other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11d · All other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $0
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $0
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $0
-
10 · Payroll taxes
total $0
-
11a · Fees: management
total $0
-
11b · Fees: legal
total $0
-
11c · Fees: accounting
total $19,350
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $20,475
-
12 · Advertising and promotion
total $0
-
13 · Office expenses
total $1,839
-
14 · Information technology
total $0
-
15 · Royalties
total $0
-
16 · Occupancy
total $0
-
17 · Travel
total $0
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $769,823
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $6,533,334
-
23 · Insurance
total $43,323
-
24a · Other expenses: Purchased Power
total $50,824,790
-
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 $2,311,330 · end of year $2,263,323
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $0
-
4 · Accounts receivable
beginning of year $2,639,139 · end of year $3,429,098
-
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
-
7 · Other notes and loans receivable
end of year $0
-
8 · Inventories for sale or use
end of year $0
-
9 · Prepaid expenses and deferred charges
end of year $0
-
10a · Land, buildings and equipment: cost or other basis
$0
-
10b · Land, buildings and equipment: accumulated depreciation
$0
-
10c · Land, buildings and equipment, net
end of year $0
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
beginning of year $2,511,634 · end of year $2,542,312
-
13 · Investments: program-related
beginning of year $0
-
14 · Intangible assets
beginning of year $26,133,334 · end of year $19,600,000
-
15 · Other assets
beginning of year $32,427 · end of year $32,689
-
17 · Accounts payable and accrued expenses
beginning of year $2,050,360 · end of year $2,866,422
-
22 · Loans and payables to officers and key people
end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $5,575,302 · end of year $0
-
25 · Other liabilities
beginning of year $1,202 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $26,001,000 · end of year $25,001,000
-
31 · Retained earnings, endowment or other funds
beginning of year $0 · end of year $0
Mission and programs · 2022
Mission
PENINSULA GENERATION COOPERATIVE, INC. IS A MICHIGAN NONPROFIT COOPERATIVE CORPORATION ORGANIZED FOR THE PURPOSE OF PROVIDING ELECTRIC POWER TO ITS MEMBER, WOLVERINE POWER SUPPLY COOPERATIVE, INC.
Activities or mission (Part I)
TO OBTAIN, SELL, AND DELIVER ELECTRIC ENERGY FOR ITS MEMBER.
-
Peninsula Generation Coopertive, Inc. is a Michigan-based nonprofit cooperative corporation organized solely for the purpose of providing electric power to its member, Wolverine Power Supply Cooperative, Inc.
As filed on the 2022 return.
Listed in Part VII
-
Gerry Bundle
DIRECTOR / CHAIRMAN
- Total calculated
- $23,000
- From this org
- $0
- From related orgs
- $23,000
- Other
- $0
- Hours/week
- 0.1 + 1.3 related
-
Terry Lautner
DIRECTOR / VICE CHAIRMAN
- Total calculated
- $32,100
- From this org
- $0
- From related orgs
- $32,100
- Other
- $0
- Hours/week
- 1 + 6.2 related
-
Zachary J Anderson
DIRECTOR / PRESIDENT
- Total calculated
- $358,153
- From this org
- $0
- From related orgs
- $299,967
- Other
- $58,186
- Hours/week
- 0.5 + 50 related
Schedule J breakdown matched by us
- Base
- $0 + $274,751 related
- Bonus
- $0 + $25,000 related
- Other
- $0 + $216 related
- Deferred
- $0 + $29,167 related
- Nontaxable benefits
- $0 + $29,019 related
- Filer's total
- $0 + $358,153 related
-
Eric Baker
DIRECTOR
- Total calculated
- $997,736
- From this org
- $0
- From related orgs
- $849,636
- Other
- $148,100
- Hours/week
- 1 + 50 related
Schedule J breakdown matched by us
- Base
- $0 + $543,508 related
- Bonus
- $0 + $305,000 related
- Other
- $0 + $1,128 related
- Deferred
- $0 + $114,531 related
- Nontaxable benefits
- $0 + $33,569 related
- Filer's total
- $0 + $997,736 related
-
Joseph Baumann
SECRETARY
- Total calculated
- $408,912
- From this org
- $0
- From related orgs
- $328,853
- Other
- $80,059
- Hours/week
- 0.3 + 50 related
Schedule J breakdown matched by us
- Base
- $0 + $303,613 related
- Bonus
- $0 + $25,000 related
- Other
- $0 + $240 related
- Deferred
- $0 + $66,161 related
- Nontaxable benefits
- $0 + $13,898 related
- Filer's total
- $0 + $408,912 related
-
Ron McCullick
TREASURER
- Total calculated
- $189,913
- From this org
- $0
- From related orgs
- $138,531
- Other
- $51,382
- Hours/week
- 4.1 + 48.2 related
Schedule J breakdown matched by us
- Base
- $0 + $136,947 related
- Bonus
- $0
- Other
- $0 + $1,584 related
- Deferred
- $0 + $31,870 related
- Nontaxable benefits
- $0 + $19,512 related
- Filer's total
- $0 + $189,913 related
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
- 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 3 Arrangement used to establish the top management official's compensation
- No compensation is paid by Peninsula Generation Cooperative (Peninsula) to its president. His salary is provided by a related organization, Wolverine Power Supply Coopertive (Wolverine). He receives no additional pay from Wolverine for his work on Peninsula's behalf. Wolverine determines his compensation using comparability data from compensation surveys and studies of other organizations in the area and similar organizations on a national basis.
- Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan
- Director Baker participated in a non-qualified, non-funded retirement plan as part of his employment for Wolverine (related organization) since 2014. He became fully vested in 2020. He received no distributions from the plan in 2022 and no amount became substantially vested in 2022.
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
No itemized grants to organizations 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.
-
WOLVERINE POWER SUPPLY COOPERATIVE INC
501(c)(12) · PROVIDING POWER · MI
Directly controlled by NA
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
Directly controlled by Wolverine Power Supply Cooperative Inc
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 15 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202343199349320849
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