2024-11-12T11:48:34+00:00 2023-12-31 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2023-01-01 273659272 Peninsula Generation Cooperative PENI 2317755700 10125 West Watergate Road Cadillac MI 49601 Zach Anderson President 2317755700 2024-11-12 true Jennifer Burke P01342224 3128997000 2024-11-12 2023 2024-10-15 13:58:12Z Zach Anderson 10125 West Watergate Road Cadillac MI 49601 58147385 false X n/a X 2010 MI TO OBTAIN, SELL, AND DELIVER ELECTRIC ENERGY FOR ITS MEMBER. 4 2 0 0 0 0 0 0 58088564 57985986 124370 161399 0 0 58212934 58147385 0 0 0 0 0 0 0 0 0 58212934 58147385 58212934 58147385 0 0 27867422 21839732 2866422 3105402 25001000 18734330 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. false false 0 0 0 Peninsula Generation Coopertive, Inc. is a Michigan-based nonprofit cooperative corporation organized solely for the purpose of providing electric power to its member, Wolverine Power Supply Cooperative, Inc. 0 false false false false false false false false false true false false false true true true false false false false false false false false false false false true false false false false false false false false false false false true false false true 0 0 0 false false false false false 57985986 161399 false false false X 4 2 false true false false true true false true false false false true true true true true true false false false X Ron McCullick 2317755700 10125 West Watergate Road Cadillac MI 49601 Gerry Bundle DIRECTOR / CHAIR (through 5/2023) / VICE-CHAIR (as of 5/2023) 0.2 6.0 X X 0 28200 0 Melinda Lautner DIRECTOR / CHAIR (as of 5/2023) 0.1 6.0 X X 0 12000 12000 Terry Lautner DIRECTOR / VICE CHAIR (through 5/2023) 0.2 8.2 X X 0 27900 0 Zachary J Anderson DIRECTOR / PRESIDENT 0.5 50.0 X X 0 364474 147052 Eric Baker DIRECTOR 1.0 50.0 X 0 916244 290553 Joseph Baumann SECRETARY 0.1 50.0 X 0 368398 131125 Ron McCullick TREASURER 5.1 48.3 X 0 145266 86179 0 1862482 666909 0 false true false 0 0 0 0 0 0 0 0 0 Electric Power Resale 221000 57985986 57985986 0 0 0 0 0 0 0 0 0 0 0 0 57985986 161399 31915 129484 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 58147385 58017901 0 129484 0 0 0 0 0 0 0 0 0 0 21108 0 20298 0 0 0 0 0 1988 0 0 0 0 0 0 0 0 6533333 43433 Purchased Power 51527225 0 58147385 0 0 2263323 2576593 0 0 3429098 3611285 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2542312 2552951 0 19600000 13066667 32689 32236 27867422 21839732 2866422 3105402 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2866422 3105402 0 0 0 0 X 0 0 25001000 18734330 0 0 25001000 18734330 27867422 21839732 X 0 -6266670 X false true X false false OVEC STOCK 2000000 C COBANK STOCK 552951 C 2552951 ACCRUED INTEREST EXPENSE 0 X 58147385 0 0 58147385 0 0 58147385 58147385 0 0 58147385 0 0 58147385 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote Uncertain tax positions are recognized and measured under provisions in FASB ASC 740. Under these provisions, a tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. A current tax liability or asset is recognized for the estimated payable or refund on tax returns for the year. Deferred tax liabilities or assets are recognized for the estimated future tax effects of temporary differences between financial reporting and tax accounting. Deferred tax liabilities result primarily from temporary differences associated with Spartan's solar array and future taxability of patronage capital allocations received by Spartan. In 2016, Spartan began recognizing accelerated (and bonus) depreciation, for tax purposes, of its 2016 solar array. Accelerated (and bonus) depreciation has also been utilized for tax purposes of its 2019 solar array. Accelerated tax depreciation creates a timing difference in the recognition of depreciation expenses that are deductible for tax purposes but are not yet recognized for financial reporting purposes. Patronage capital allocations are recognized as revenue for financial reporting purposes but are not recognized as taxable revenue until received from the associated organization. Deferred tax assets result from recognition of expenses for financial reporting purposes that are not deductible for tax purposes until paid and from future tax benefits. Deferred tax assets also result from the carryforward of NOLs and ITCs. Deferred tax assets are recorded within other assets on the consolidated balance sheets. Deferred tax assets and liabilities at December 31 are as follows: 2023 Deferred tax assets $ 1,020,000 Deferred tax liabilities 894,000) Net deferred tax asset $ 126,000 ` 2022 Deferred tax assets $ 1,084,000 Deferred tax liabilities (940,000) Net deferred tax asset $ 144,000 false true false Zachary J Anderson DIRECTOR / PRESIDENT 0 314258 0 50000 0 216 0 112482 0 34570 0 511526 0 0 Eric Baker DIRECTOR 0 545173 0 370000 0 1071 0 249219 0 41334 0 1206797 0 0 Joseph Baumann SECRETARY 0 318158 0 50000 0 240 0 112796 0 18329 0 499523 0 0 Ron McCullick TREASURER 0 143682 0 0 0 1584 0 64202 0 21977 0 231445 0 0 Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation No compensation is paid by Peninsula Generation Cooperative (Peninsula) to its president. His salary is provided by a related organization, Wolverine Power Supply Coopertive (Wolverine). He receives no additional pay from Wolverine for his work on Peninsula's behalf. Wolverine determines his compensation using comparability data from compensation surveys and studies of other organizations in the area and similar organizations on a national basis. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan Director Baker participated in a non-qualified, non-funded retirement plan as part of his employment for Wolverine (related organization) since 2014. He became fully vested in 2020. He received no distributions from the plan in 2023 and no amount became substantially vested in 2023. Form 990, Part VI, Line 15 a&b - Officer Compensation All officers of the filing organization are employees of the Coop's sole member, Wolverine. As such, in accordance with the Form 990 instructions for Part IV, Section B, Line 15A & 15B has been answered no. Form 990, Part VI, Line 3 Delegation of management duties PENINSULA ENTERED INTO AN AGREEMENT FOR MANAGEMENT AND ADMINISTRATIVE SERVICES WITH WOLVERINE. THE AGREEMENT REQUIRES PENINSULA TO PAY WOLVERINE A FEE FOR SERVICES RENDERED UNDER THE AGREEMENT. TOTAL FEES INCURRED UNDER THIS AGREEMENT FOR 2023 WERE $21,128. Form 990, Part VI, Line 6 Classes of members or stockholders PENINSULA IS A COOPERATIVE, AND AS SUCH, IT HAS MEMBERS WHO OWN IT. PENINSULA'S SOLE MEMBER IS WOLVERINE. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body THE BOARD OF PENINSULA'S MEMBER APPOINTS A VOTING DELEGATE, WHO ELECTS THE DIRECTORS WHO SERVE ON PENINSULA'S BOARD. Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body PENINSULA'S BOARD DOES NOT HAVE ANY COMMITTEES. Form 990, Part VI, Line 11b Review of form 990 by governing body PENINSULA'S PRESIDENT AND TREASURER REVIEW THE FORM 990 IN DETAIL AS DOES THEIR OUTSIDE ACCOUNTING FIRM. PRIOR TO SUBMISSION, THE 990 IS DISTRIBUTED TO EACH BOARD MEMBER FOR THEIR REVIEW. Form 990, Part VI, Line 12c Conflict of interest policy A conflict of interest policy is reviewed annually. All directors and officers are required to disclose any conflicts of interest and to notify the Board of any conflicts that may arise during the year. The Board will then determine if a conflict does exist and how to proceed. IF A CONFLICT IS DETERMINED TO OCCUR, THE PERSON INVOLVED IN THE CONFLICT IS RECUSED FROM PARTICIPATING IN THE DISCUSSION AND VOTING ON THE MATTER. Form 990, Part VI, Line 19 Required documents available to the public THE FORM 990 IS AVAILABLE TO THE PUBLIC UPON REQUEST. THE ORGANIZATION DOES NOT MAKE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC AS PENINSULA IS SOLELY OWNED BY ITS ONE MEMBER. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Return of additional paid in capital to Wolverine - -6266670; FORM 990 GENERAL EXPLANATION Peninsula Generation Cooperative Inc., the organization filing this tax return, is referred to as "Peninsula", and Wolverine Power Supply Cooperative Inc., is referred to as "Wolverine" in all explanations on this form. WOLVERINE POWER SUPPLY COOPERATIVE INC 10125 W WATERGATE RD CADILLAC MI 49601 381326766 PROVIDING POWER MI 501(c)(12) NA false SPARTAN RENEWABLE ENERGY Inc 10125 W WATERGATE RD CADILLAC MI 49601 205990509 ALT ELECTRIC SUPPLIER MI Wolverine Power Supply Cooperative Inc C Corporation false false false false false false false false false false false false true false true true true false true false