Wolverine Power Supply Cooperative Inc
- Assets
- $963.6m
- Revenue
- $556.3m
- Investments
- $38.4m
- Employees
- 175
- Location
- Cadillac, MI
- Founding
- 08/1951
- Data as of
- 12/2021
- 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 12/2021, Wolverine Power Supply Cooperative Inc employed 175 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 12/2021, Wolverine Power Supply Cooperative Inc generated $556.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.2% each year. All expenses for the organization totaled $555.3m during the year ending 12/2021. While expenses have increased by 6.1% 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 PROVIDE OUTSTANDING SERVICE TO OUR MEMBERS BY DELIVERING RELIABLE, COMPETITIVE POWER SUPPLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WOLVERINE POWER SUPPLY COOPERATIVE, INC. IS A MICHIGAN NONPROFIT COOPERATIVE CORPORATION ORGANIZED FOR THE PURPOSE OF PROVIDING ELECTRIC POWER TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Craig Borr Executive Vice-President | 50 | $1,908,692 | |
Eric Baker President / CEO | Officer | 50 | $1,196,241 |
Joseph Baumann VP / General Council | Officer | 50 | $279,063 |
Zach Anderson CFO | Officer | 50 | $265,401 |
Tim Martin VP Of Engineering & Operat | Officer | 50 | $227,075 |
Kacy Wickenhauser VP Of Human Resources | Officer | 50 | $210,167 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
General Electric International Repair & Maintenance | 12/30/21 | $8,333,821 |
Pete's Contracting Inc Construction Services | 12/30/21 | $2,616,170 |
Aces Power Marketing Energy Mgmt Services | 12/30/21 | $1,749,720 |
Shock Manufacturing Llc Repair & Maintenance | 12/30/21 | $1,787,713 |
Hydecker Wheatlake Co Construction Services | 12/30/21 | $33,970,884 |
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 | $554,792,185 |
| Investment income | $758,295 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$626,337 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $556,306,485 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $98,424 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $19,553,838 |
| Compensation of current officers, directors, key employees. | $3,644,935 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,674,290 |
| Pension plan accruals and contributions | $2,682,052 |
| Other employee benefits | $2,760,650 |
| Payroll taxes | $1,312,725 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $709,131 |
| Fees for services: Accounting | $74,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,158,244 |
| Advertising and promotion | $789,496 |
| Office expenses | $528,370 |
| Information technology | $952,124 |
| Royalties | $0 |
| Occupancy | $611,807 |
| Travel | $709,802 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $468,645 |
| Interest | $26,960,758 |
| Payments to affiliates | $53,523 |
| Depreciation, depletion, and amortization | $30,664,962 |
| Insurance | $443,534 |
| All other expenses | $0 |
| Total functional expenses | $555,287,360 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $9,654,554 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $48,933,148 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $25,332,247 |
| Prepaid expenses and deferred charges | $5,257,948 |
| Net Land, buildings, and equipment | $817,924,466 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $38,437,431 |
| Investments—program-related | $0 |
| Intangible assets | $7,134,946 |
| Other assets | $10,946,374 |
| Total assets | $963,621,114 |
| Accounts payable and accrued expenses | $63,443,827 |
| 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 | $675,422,399 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,805,663 |
| Total liabilities | $743,671,889 |
| 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 | $219,947,225 |
| Total liabilities and net assets/fund balances | $963,621,114 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Buckeye Power Inc Columbus, OH | $1,739,976,540 | $814,420,643 |
Wabash Valley Power Association Inc Indianapolis, IN | $1,308,025,251 | $757,452,533 |
Wolverine Power Supply Cooperative Inc Cadillac, MI | $963,621,114 | $556,306,485 |
Dairyland Power Cooperative La Crosse, WI | $1,543,973,952 | $466,517,279 |
Midcontinent Independent System Operator Inc Carmel, IN | $2,446,006,704 | $407,489,988 |
South Central Power Company Lancaster, OH | $695,490,462 | $352,992,911 |
Great Lakes Energy Cooperative Boyne City, MI | $794,670,914 | $238,017,889 |
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 |