Wolverine Power Marketing Cooperative
- Assets
- $31.7m
- Revenue
- $93.1m
- Investments
- $20.3m
- Employees
- 0
- Location
- Cadillac, MI
- Founding
- 03/2001
- Data as of
- 12/2021
- 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 12/2021, Wolverine Power Marketing Cooperative generated $93.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $93.1m during the year ending 12/2021. While expenses have increased by 7.1% 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
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 21 MEMBER-OWNERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Hermanson Director | Trustee | 1.4 | $10,700 |
Mike Kuhn Director | Trustee | 1 | $8,200 |
Daniel Sovinski Board Secretary / Treasurer | OfficerTrustee | 1.6 | $8,150 |
James Felch Board Chairman | OfficerTrustee | 0.7 | $8,000 |
Brian Taivalkoski Director (beginning 3/16/21) | Trustee | 1.9 | $7,275 |
Rob Hunter Board Vice Chair (beg 3/16/21) | OfficerTrustee | 0.6 | $6,525 |
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 | $92,033,693 |
| Investment income | $1,114,085 |
| 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 | $93,147,778 |
| 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 | $1,482,395 |
| Compensation of current officers, directors, key employees. | $55,275 |
| 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 | $538,804 |
| Fees for services: Legal | $62,202 |
| Fees for services: Accounting | $26,892 |
| 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 | $3,812 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,555 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,706 |
| Interest | $19,585 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $41,028 |
| All other expenses | $319,356 |
| Total functional expenses | $93,147,778 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,664,279 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,624,671 |
| 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 | $60,725 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $20,312,351 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,180 |
| Total assets | $31,666,206 |
| Accounts payable and accrued expenses | $9,648,256 |
| 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 | $1,270,000 |
| Total liabilities | $10,918,256 |
| 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 | $20,744,050 |
| Total liabilities and net assets/fund balances | $31,666,206 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wolverine Power Marketing Cooperative Cadillac, MI | $31,666,206 | $93,147,778 |
Jackson County Rural Electric Membership Corporation Brownstown, IN | $193,096,068 | $63,444,068 |
Clay County Rural Telephone Cooperative Inc Cloverdale, IN | $69,919,802 | $27,562,208 |
Knox Energy Cooperative Association Inc Canton, OH | $7,178,282 | $23,919,726 |
Heartland Rural Electric Membership Corporation Markle, IN | $157,490,377 | $23,868,084 |
Fulton County Rural Electric Membership Corporation Rochester, IN | $29,622,941 | $14,789,521 |
Tele-Media Solutions Pekin, IN | $15,249,917 | $5,699,171 |
Mulberry Cooperative Telephone Company Incorporated Mulberry, IN | $26,134,752 | $5,202,012 |
Consumers Gas Cooperative Orrville, OH | $13,291,217 | $2,827,990 |
Bright Energy Inc Mt Gilead, OH | $5,001,280 | $2,472,484 |
Keystone Cooperative Association Inc Canton, OH | $779,203 | $2,407,625 |
East Washington Rural Water Corporation Salem, IN | $8,682,165 | $2,067,684 |