Peninsula Generation Cooperative
- Assets
- $33.6m
- Revenue
- $51.6m
- Investments
- $2.5m
- Employees
- 0
- Location
- Cadillac, MI
- Founding
- 03/2011
- Data as of
- 12/2021
- EIN
- 27-3659272
Organization Overview
Peninsula Generation Cooperative is located in Cadillac, MI. The organization was established in 2011. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Peninsula Generation Cooperative is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2021, Peninsula Generation Cooperative generated $51.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $51.6m during the year ending 12/2021. While expenses have increased by 0.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO OBTAIN, SELL, AND DELIVER ELECTRIC ENERGY FOR ITS MEMBER
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerry Bundle Director, Vice Chairman | OfficerTrustee | 1 | $0 |
Zach Anderson Director, President | OfficerTrustee | 0.5 | $0 |
Terry Lautner Director, Chairman | OfficerTrustee | 1 | $0 |
Joseph Baumann Secretary | Officer | 0.8 | $0 |
Ron Mccullick Treasurer | Officer | 2.8 | $0 |
Eric Baker Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $51,416,011 |
| Investment income | $134,011 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $51,550,022 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $21,821 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $23,975 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $22,041 |
| Advertising and promotion | $0 |
| Office expenses | $1,849 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $913,993 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,533,333 |
| Insurance | $37,255 |
| All other expenses | $43,995,755 |
| Total functional expenses | $51,550,022 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,311,330 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,639,139 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,511,634 |
| Investments—program-related | $0 |
| Intangible assets | $26,133,334 |
| Other assets | $32,427 |
| Total assets | $33,627,864 |
| Accounts payable and accrued expenses | $2,050,360 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,575,302 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,202 |
| Total liabilities | $7,626,864 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $26,001,000 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $33,627,864 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northeastern Rural Electric Membership Corporation Columbia City, IN | $154,005,839 | $126,158,719 |
Hendricks County Rural Electric Membership Corporation Danville, IN | $222,904,007 | $97,103,288 |
South Central Indiana Rural Electric Membership Corporation Martinsville, IN | $273,130,010 | $92,514,436 |
Cloverland Electric Cooperative Inc Sault Ste Marie, MI | $210,343,579 | $87,157,838 |
Tipmont Rural Electric Membership Corporation Linden, IN | $238,009,464 | $75,841,839 |
Adams-Columbia Electric Co-Op Friendship, WI | $247,246,792 | $77,428,375 |
Pioneer Rural Electric Cooperative Inc Piqua, OH | $137,811,122 | $72,827,818 |
Western Indiana Energy Rural Electric Membership Corporation Vincennes, IN | $145,668,530 | $67,176,124 |
Tri-County Electric Cooperative Portland, MI | $193,902,809 | $61,432,429 |
Rock County Electric Cooperative Association Janesville, WI | $121,187,989 | $61,122,456 |
Union Rural Electric Co-Op Inc Marysville, OH | $107,663,886 | $61,032,798 |
Licking Rural Electrification Inc Newark, OH | $316,474,567 | $64,454,016 |