Wolverine Power Supply Cooperative Inc
- Assets
- $1.0b
- Revenue
- $706.6m
- Investments
- $0.0
- Employees
- 184
- Location
- Cadillac, MI
- Founding
- 08/1951
- Data as of
- 12/2022
- EIN
- 38-1326766
Organization Overview
Wolverine Power Supply Cooperative Inc is located in Cadillac, MI. The organization was established in 1951. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Wolverine Power Supply Cooperative Inc employed 184 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wolverine Power Supply Cooperative Inc 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 12/2022, Wolverine Power Supply Cooperative Inc generated $706.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $704.8m during the year ending 12/2022. While expenses have increased by 8.5% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE OUTSTANDING SERVICE TO OUR MEMBERS BY DELIVERING RELIABLE, COMPETITIVE POWER SUPPLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WOLVERINE PROUDLY DELIVERS 60% CARBON-FREE, RELIABLE, COMPETITIVE POWER REACHING MORE THAN 280,000 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director / Vice Chairman | OfficerTrustee | 1.3 | $23,000 |
Name Not Listed Director / Secretary | OfficerTrustee | 5 | $19,550 |
Name Not Listed Director / Treasurer | OfficerTrustee | 5.4 | $27,700 |
Name Not Listed Director / Chairman | OfficerTrustee | 6 | $31,600 |
Name Not Listed Director | Trustee | 4 | $0 |
Name Not Listed Director (april - December) | Trustee | 6 | $7,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Hydecker Wheatlake Co Construction Services | 12/30/22 | $25,108,258 |
Pete's Contracting Inc Construction Services | 12/30/22 | $2,602,115 |
General Electric Intl Repair And Maintenance | 12/30/22 | $3,297,473 |
Asplundh Tree Expert Llc Vegetation Management Service | 12/30/22 | $1,392,281 |
Aces Power Marketing Cooperative Consulting And Other Services | 12/30/22 | $2,153,416 |
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 | $704,044,619 |
| Investment income | $2,330,465 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $320 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,254,220 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $706,588,810 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $119,788 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $19,984,205 |
| Compensation of current officers, directors, key employees. | $2,423,488 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $16,996,062 |
| Pension plan accruals and contributions | $4,582,818 |
| Other employee benefits | $3,250,022 |
| Payroll taxes | $1,400,935 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $582,807 |
| Fees for services: Accounting | $74,861 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,600,781 |
| Advertising and promotion | $668,982 |
| Office expenses | $622,710 |
| Information technology | $1,119,449 |
| Royalties | $0 |
| Occupancy | $902,660 |
| Travel | $853,445 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,341,860 |
| Interest | $27,954,680 |
| Payments to affiliates | $101,852 |
| Depreciation, depletion, and amortization | $33,779,364 |
| Insurance | $177,601 |
| All other expenses | $0 |
| Total functional expenses | $704,772,082 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $46,845,897 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $57,153,212 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $26,606,802 |
| Prepaid expenses and deferred charges | $5,189,005 |
| Net Land, buildings, and equipment | $854,355,880 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $39,244,291 |
| Intangible assets | $6,836,005 |
| Other assets | $10,760,441 |
| Total assets | $1,046,991,533 |
| Accounts payable and accrued expenses | $64,761,331 |
| 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 | $746,921,012 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,099,654 |
| Total liabilities | $814,781,997 |
| 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 | $2,000 |
| Retained earnings, endowment, accumulated income, or other funds | $232,207,536 |
| Total liabilities and net assets/fund balances | $1,046,991,533 |