2025-10-31T16:40:27+00:00 2024-12-31 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2024-01-01 273659272 Peninsula Generation Cooperative PENI 2317755700 10125 West Watergate Road Cadillac MI 49601 Zachary Anderson President 2317755700 2025-10-31 true Jennifer Burke P01342224 3128997000 2025-10-31 2024 2025-03-06 01:10:19Z Zachary Anderson 10125 West Watergate Road Cadillac MI 49601 62385362 false X N/A X 2010 MI To acquire, market, and supply electric power to its member. 4 2 0 6 0 0 0 57985986 62272777 161399 112585 0 0 58147385 62385362 0 0 0 0 0 0 0 0 0 58147385 62385362 58147385 62385362 0 0 21839732 15147457 3105402 2946467 18734330 12200990 Peninsula Generation Cooperative, Inc. is a Michigan nonprofit cooperative corporation established to provide electric power to its sole member, Wolverine Power Supply Cooperative, Inc. false false Peninsula Generation Cooperative, Inc. is a Michigan nonprofit cooperative corporation established to provide electric power to its sole member, Wolverine Power Supply Cooperative, Inc. 0 false false 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 false false false false true false false false false true 1 0 true 0 false false false false false 62272777 112585 false false false X 4 2 true true false false true true false true false false false false true true true true true true false false false false X Justin Whitmire 2317755700 10125 West Watergate Road Cadillac MI 49601 Gerry Bundle Director / Vice Chair 0.1 2.4 X X 0 0 0 Melinda Lautner Director / Chair 0.1 3.2 X X 0 12500 12500 Zachary Anderson Director / President 0.5 50.0 X X 0 353716 149630 Eric Baker Director 1.0 50.0 X 0 971232 313880 Dustan Daniel Treasurer (As of Dec 2024) 1.5 45.0 X 0 233560 109221 Joseph Baumann Secretary 0.1 45.0 X 0 358010 134312 Ron McCullick Treasurer (Jan - Nov) 4.5 33.5 X 0 153465 90049 0 2082483 809592 0 false true false 0 0 0 0 0 0 0 0 0 Electric Power Resale 221000 62272777 62272777 0 0 0 0 0 0 0 0 0 0 0 0 62272777 112585 0 112585 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 62385362 62272777 0 112585 0 0 0 0 0 0 0 0 0 0 25915 0 17878 0 0 0 0 0 1710 0 0 0 11213 0 0 0 0 6533334 44611 Purchased Electric Power 55750701 0 62385362 0 0 2576593 2577697 0 0 3611285 3446350 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2552951 2552951 0 13066667 6533333 32236 37126 21839732 15147457 3105402 2909341 0 0 0 37126 0 0 0 0 0 0 0 0 0 0 0 0 3105402 2946467 0 0 0 0 X 0 0 18734330 12200990 0 0 18734330 12200990 21839732 15147457 X 0 0 0 0 0 -6533340 X false true false false Closely-held equity interests Financial derivatives OVEC stock 2000000 C CoBank membership 552951 C 2552951 Federal Income Taxes ACCRUED INTEREST EXPENSE 0 X 62385362 0 0 0 0 0 62385362 0 0 62385362 62385362 0 0 62385362 0 0 62385362 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote Wolverine and Peninsula are not-for-profit corporations, generally exempt from income tax under Section 501(c)(12) of the Internal Revenue Code. However, activities with non-member customers are subject to federal income taxes. Wolverine and Peninsula had no federal income tax liability as of December 31, 2024, or 2023. Spartan applies the liability method for accounting for income taxes, under which deferred tax assets and liabilities are calculated based on differences between the financial reporting and tax basis of assets and liabilities that will result in future taxable or deductible amounts. These deferred tax amounts are determined using enacted tax laws and rates applicable to the periods when the temporary differences are expected to impact taxable income. Valuation allowances are recorded when necessary to adjust deferred tax assets to the amount expected to be realized. Income tax expense represents the tax payable or refundable for the period, adjusted for any changes in deferred tax assets and liabilities during that time. Uncertain tax positions are recognized and measured in accordance with the provisions outlined in FASB ASC 740. A tax position is recognized as a benefit only if it is "more likely than not" that the position would be upheld in a tax examination, which is assumed to occur. The recognized amount is the largest tax benefit that has more than a 50% likelihood of being realized upon examination. For tax positions that do not meet the "more likely than not" threshold, no tax benefit is recorded. Spartan is subject to federal income tax. Wolverine and both of its subsidiaries are subject to the Michigan Corporate Income Tax. However, for cooperatives (Wolverine and Peninsula), only activities involving non-member customers are taxable. Wolverine files a unified tax return. With a few exceptions, Wolverine is no longer subject to examination by taxing authorities for years on or before 2020. Wolverine does not anticipate any significant changes in the total amount of unrecognized tax benefits over the next 12 months. Wolverine accounts for interest and/or penalties related to income tax matters as interest expense and income tax expense, respectively. As of December 31, 2024, and 2023, Wolverine did not have any amounts accrued for interest or penalties. X true true false true false Zachary Anderson Director / President 0 328500 0 25000 0 216 0 113293 0 36337 0 503346 0 0 Eric Baker Director 0 545700 0 424500 0 1032 0 275998 0 37882 0 1285112 0 0 Joseph Baumann Secretary 0 332650 0 25000 0 360 0 115562 0 18750 0 492322 0 0 Ron McCullick Treasurer (Jan - Nov) 0 151125 0 0 0 2340 0 66977 0 23072 0 243514 0 0 Dustan Daniel Treasurer (As of Dec 2024) 0 233200 0 0 0 360 0 79402 0 29819 0 342781 0 0 Schedule J, Part I, Line 1a First-class or charter travel DURING THE YEAR, TWO DIRECTORS RECEIVED A CHARTER FLIGHT FOR BUSINESS PURPOSES. THESE TRAVEL BENEFITS WERE NOT CLASSIFIED AS TAXABLE COMPENSATION TO THE INDIVIDUALS. Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation Peninsula Generation Cooperative (Peninsula) does not compensate its president directly. His salary is paid by a related organization, Wolverine Power Supply Cooperative (Wolverine), and he does not receive any additional compensation from Wolverine for his responsibilities on behalf of Peninsula. Wolverine determines his compensation based on comparability data obtained from regional and national compensation surveys and studies of similar organizations. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan Director Baker has participated in a non-qualified, unfunded retirement plan through his employment with Wolverine, a related organization, since 2014. He became fully vested in the plan in 2020. In 2024, he received no distributions from the plan, and no additional amounts became substantially vested during the year. Form 990, Part VI, Line 2 Business Relationships Eric Baker, Zachary Anderson, Joseph Baumann, Dustan Daniel, and Ron McCullick had a business relationship with Gerry Bundle and Melinda Lautner. Form 990, Part VI, Line 15 a & b - Officer Compensation All officers of the filing organization are paid by its sole member, Wolverine. Therefore, in accordance with the Form 990 instructions for Part VI, Section B, Lines 15A and 15B, the organization has answered 'N/A' to both questions. Form 990, Part VI, Line 3 Delegation of management duties Peninsula entered into a management and administrative services agreement with Wolverine, under which Peninsula is obligated to compensate Wolverine for services provided. During 2024, total fees incurred under this agreement amounted to $25,915. Form 990, Part VI, Line 6 Classes of members or stockholders Peninsula operates as a cooperative organization and is wholly owned by its single member, Wolverine. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The board of Peninsula's member designates a voting delegate, who is responsible for electing the directors serving on Peninsula's board. Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body Peninsula's board has no committees. Form 990, Part VI, Line 11b Review of form 990 by governing body Peninsula's President and Treasurer, along with its external accounting firm, conduct a detailed review of the Form 990. Prior to its submission, the completed Form 990 is distributed to all board members for their review. Form 990, Part VI, Line 12c Conflict of interest policy The Wolverine conflict of interest policy is reviewed on an annual basis. All directors and officers are required to disclose any existing conflicts and to inform the Board of any potential conflicts that may arise throughout the year. The Board is responsible for determining whether a conflict exists and the appropriate course of action. If a conflict is identified, the individual involved is recused from participating in both the discussion and the vote on the matter. Form 990, Part VI, Line 19 Required documents available to the public Form 990 is made available to the public upon request. However, the organization does not publicly disclose its governing documents, Wolverine's conflict of interest policy, or financial statements, as Peninsula is wholly owned by its single member. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Return of capital to Wolverine - -6533340; Total - -6533340; Form 990 General Explanation For purposes of this tax return, Peninsula Generation Cooperative is referred to as 'Peninsula, Wolverine Power Supply Cooperative, Inc. is referred to as 'Wolverine' throughout all explanations provided in this form. Wolverine Power Supply Cooperative Inc 10125 W Watergate Road Cadillac MI 49601 381326766 Providing electric power MI 501(c)(12) NA false Spartan Renewable Energy Inc 10125 W Watergate Road Cadillac MI 49601 205990509 Alternative 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 false false