Wolverine Power Marketing Cooperative
- Assets
- $33.7m
- Revenue
- $122.2m
- Investments
- $21.0m
- Employees
- 0
- Location
- Cadillac, MI
- Founding
- 03/2001
- Data as of
- 12/2022
- EIN
- 38-3560640
Organization Overview
Wolverine Power Marketing Cooperative is located in Cadillac, MI. The organization was established in 2001. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wolverine Power Marketing 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 12/2022, Wolverine Power Marketing Cooperative generated $122.2m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 16.2% each year . All expenses for the organization totaled $122.2m during the year ending 12/2022. While expenses have increased by 16.2% per year over the past 5 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
PROVIDING ELECTRIC POWER TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
WOLVERINE POWER MARKETING COOPERATIVE (WPMC) PROVIDES RETAIL ELECTRIC SERVICES AS AN ALTERNATIVE ELECTRIC SUPPLIER SERVING 20 MEMBER-OWNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Board Secretary / Treasurer (beginning 3/15/22) | OfficerTrustee | 1.3 | $7,300 |
Name Not Listed Board Vice Chairman (beginning 3/15/22) | OfficerTrustee | 0.6 | $6,425 |
Name Not Listed Board Secretary / Treasurer (ending 3/05/22) | OfficerTrustee | 0.1 | $0 |
Name Not Listed Board Chairman (ending 3/15/22) | OfficerTrustee | 0.2 | $1,775 |
Name Not Listed Vice Chairman / Chairman (transitioned 3/15/22) | OfficerTrustee | 1.2 | $7,500 |
Name Not Listed Director | Trustee | 0.1 | $4,350 |
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 | $121,097,592 |
| Investment income | $1,115,118 |
| 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 | $122,212,710 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,631,651 |
| Compensation of current officers, directors, key employees. | $50,075 |
| 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 | $541,742 |
| Fees for services: Legal | $68,570 |
| Fees for services: Accounting | $18,650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $3,218 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $4,138 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $19,690 |
| Interest | $19,587 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $54,304 |
| All other expenses | $75,631 |
| Total functional expenses | $122,212,710 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,586,401 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,727,684 |
| 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 | $364,059 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $21,016,460 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $26,548 |
| Total assets | $33,721,152 |
| Accounts payable and accrued expenses | $10,421,551 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $920,000 |
| Total liabilities | $11,341,551 |
| 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 | $3,900 |
| Retained earnings, endowment, accumulated income, or other funds | $22,375,701 |
| Total liabilities and net assets/fund balances | $33,721,152 |