2025-10-29T16:24:54+00:00 2024-12-31 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2024-01-01 381326766 Wolverine Power Supply Cooperative Inc WOLV 2317757500 10125 W Watergate Road Cadillac MI 49601 Eric D Baker President & CEO 2317755700 2025-10-29 true true Jennifer Burke P01342224 3128997000 2025-10-29 2024 2025-03-06 01:10:19Z Eric D Baker 10125 W Watergate Road Cadillac MI 49601 546548207 false X wolverinepowercooperative.com X 1983 MI To deliver reliable and competitively priced power, while providing exceptional service to our members. 14 14 198 0 114589483 0 0 537141609 543017630 1587969 609318 1275233 1241311 540004811 544868259 68099 88203 17656370 22481681 30736199 33100725 0 0 0 491544143 489197650 540004811 544868259 0 0 1074978996 1162477220 825811944 890512943 249167052 271964277 Wolverine Power Supply Cooperative, Inc., a Michigan nonprofit cooperative, is dedicated to delivering reliable and competitively priced electric power, while providing exceptional service to its members. false false Wolverine proudly provides approximately 60% carbon-free, reliable, and competitively priced power to over 268,000 rural homes and businesses across more than half of Michigan's Lower Peninsula. Committed to innovation and long-term energy solutions, Wolverine is shaping a clean, affordable, and dependable energy future through strategic power supply planning and the development of a flexible transmission system. 0 false false false false false false true false false false true false false false true true false true false false false false false false false false false true false true false false false false false true false false true false false false false false false true true true false false true 157 0 true 198 true true true false false false false 50266184 -12016897 false false false X 14 14 false false false false true true true true true false false false true true true true true true true true true false X Justin Whitmire 2317755700 10125 W Watergate Road Cadillac MI 49601 Gerry Bundle Director / Chair 2.4 0.1 X X 0 0 0 Melinda Lautner Director / Vice Chair 3.2 0.1 X X 12500 0 12500 Paul Byl Director / Secretary 2.1 0.2 X X 19125 500 3375 Shirley Sprague Director / Treasurer 2.1 0 X X 12100 0 11600 Allan Berg Director (Jan - May) 0.8 0 X 0 0 5000 Clarance Barth Director 2.4 0 X 0 0 0 Dave Schweitzer Director (Apr - Dec) 0.9 0 X 17500 0 0 John Brown Director 4.1 0 X 25000 0 0 John Lord Director 1.3 0 X 21500 0 0 Mark Carson Director 1.7 0 X 22000 0 0 Rence Meredith Director 2.7 0 X 11250 0 11250 Ric Evans Director 3.1 0 X 23500 0 0 Rob Hunter Director 0.8 0 X 0 0 0 Sandra Borowicz Director (Jun - Dec) 0.7 0 X 13500 0 0 Terry Lautner Director 2.8 0.2 X 25000 500 0 Tom Van Pelt Director (Jan - Mar) 1.5 0 X 3750 0 3750 Eric Baker President & CEO 50.0 1.0 X 971232 0 313880 Joseph Baumann Chief Legal Officer 45.0 0.1 X 358010 0 134312 Kacy Wickenhauser Chief Human Resources Officer 50.0 0 X 276940 0 129610 Zachary Anderson Chief Operating Officer 50.0 0.5 X 353716 0 149630 Craig Borr Executive Vice President 4.8 4.0 X 499526 0 198183 Daniel Calverley VP of Generation & Operations 50.0 0 X 257284 0 257958 Dawn Coon VP of Administration 50.0 0 X 219232 0 147761 Dustan Daniel VP of Accounting & Finance 45.0 1.5 X 233560 0 109221 Jeffrey Fisher Operator I - Maintenance 56.7 0 X 197561 0 81949 3573786 1000 1569979 107 false true false Hydaker Wheatlake Co 420 S Roth St Suite B Reed City MI 49677 Construction services 40339231 Stuart C Irby Co PO Box 27025 Richmond VA 232617025 Electrical contracting 10178678 Pete's Contracting Inc 5791 S Mcvety Rd Falmouth MI 49632 Construction services 3013397 General Electric Intl 500 W Monroe St Chicago IL 60661 Electrical contracting 2819026 Turbine Technology Service 12661 Challenger Parkway 250 Orlando FL 32826 Engineering consulting 1464078 41 0 0 0 0 0 0 0 0 Sale of Electricity for Resale 221000 472049419 358061208 113988211 0 Transmission for Others 221000 70834606 70772776 61830 0 Rental Income 531190 133605 78 133527 0 0 0 0 0 0 0 0 0 0 0 0 0 543017630 2155528 939879 0 1215649 0 0 0 0 339 0 0 339 0 0 0 0 0 0 0 0 0 0 0 133738 0 1679948 0 -1546210 -1546210 0 0 -1546210 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Management Services Agreements 561000 1127910 721995 405915 0 Regional Cost Sharing 900099 38976 38976 0 0 Scrap Sales 900099 42562 0 0 42562 31524 31212 0 312 1240972 544868259 430566124 114589483 -287348 88203 0 0 22481681 3017131 0 19699258 4217127 4512625 1654584 0 501945 108655 0 0 0 2414822 760920 611161 1377774 0 625405 856714 0 1628985 29839454 474167 38882778 426788 Purchased Power 349477148 Operations and Maintenance 33139632 Fuel 28013462 Administration and General 57840 0 544868259 0 11683023 25803740 12385813 0 0 49403700 57524515 0 1180 0 0 0 0 38368800 12024439 4693347 7455833 1421522031 396204014 914042331 1025318017 0 0 0 33114150 26695744 6685132 6622856 2867796 2765800 1074978996 1162477220 65946384 63257634 0 0 0 0 0 0 0 0 0 0 715851886 683443473 40000000 140000000 4013674 3811836 825811944 890512943 X 0 0 2000 2000 249165052 271962277 249167052 271964277 1074978996 1162477220 X 0 0 0 0 0 22797225 X false true true false X 3 7.35 0 0 0 1 false 1.0 0 0 33041743 33041743 0 61603527 19909010 41694517 0 0 0 0 0 1253931280 371337208 882594072 0 72945481 4957796 67987685 1025318017 Federal Income Taxes Provision for Post-Retirement 2257915 Customer Deposits 809412 Accumulated Provision 457B 744509 3811836 X 0 0 0 0 0 0 0 0 0 0 0 0 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. true Lineman - Electrical Joint Apprenticeship and Training Trust Fund 10125 W Watergate Road Cadillac MI 49601 826911460 501(c)(3) 20000 General support 1 0 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds Wolverine contributes funds in general support to the Lineman-Electrical Joint Apprenticeship and Training Trust Fund (the Trust). As Wolverine has access to the Trust's financial records and statements, it can indirectly monitor how the Trust's funds are utilized. X X X true true X X false true false Eric Baker President & CEO 545700 0 424500 0 1032 0 275998 0 37882 0 1285112 0 0 0 Zachary Anderson Chief Operating Officer 328500 0 25000 0 216 0 113293 0 36337 0 503346 0 0 0 Joseph Baumann Chief Legal Officer 332650 0 25000 0 360 0 115562 0 18750 0 492322 0 0 0 Kacy Wickenhauser Chief Human Resources Officer 251700 0 25000 0 240 0 95004 0 34606 0 406550 0 0 0 Craig Borr Executive Vice President 425700 0 68642 0 5184 0 158634 0 39549 0 697709 0 0 0 Daniel Calverley VP of Generation & Operations 255700 0 0 0 1584 0 226609 0 31349 0 515242 0 0 0 Dawn Coon VP of Administration 218200 0 0 0 1032 0 117257 0 30504 0 366993 0 0 0 Dustan Daniel VP of Accounting & Finance 233200 0 0 0 360 0 79402 0 29819 0 342781 0 0 0 Jeffrey Fisher Operator I - Maintenance 196619 0 0 0 942 0 49626 0 32323 0 279510 0 0 0 Schedule J, Part I, Line 1a First-class or charter travel During the year, the President & CEO, Chief Operating Officer, and Vice President of Administration received first-class and/or charter travel for business purposes. These travel benefits were not classified as taxable compensation to the individuals. Schedule J, Part I, Line 1a Tax indemnification and gross-up payments A few of the individuals listed received minimal tax gross-ups to offset the tax impact of token awards earned through participation in company-wide safety or other incentive programs. Schedule J, Part I, Line 1a Health or social club dues or initiation fees The company provides a fixed reimbursement toward health club memberships-typically at the local YMCA-for all employees. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan Eric Baker (President & CEO) and Craig Borr (Executive Vice President) participate in a non-qualified deferred compensation plan. No amounts were vested or distributed under the plan in 2024. Dave Schweitzer Director Receivable X 587 587 false true false Sandy Borowicz Director Receivable X 593 593 false true false 1180 Andrew Anderson Brother of Zachary Anderson (Chief Operating Officer) 140921 Employment false Schedule L, Part IV Business transactions involving interested persons (A) Name of Individual: Andrew Anderson (B) Relationship to the Organization: Brother of Zachary Anderson (Chief Operating Officer) (D) Description of Transaction: Andrew Anderson, serving as Compliance Coordinator / Senior Transmission System Operator, was employed by the Cooperative during the year. As a family member of the Chief Operating Officer, his employment adheres to Wolverine's established recruiting, hiring, and compensation policies. His compensation is consistent with market standards. Form 990, Part VI, Line 6 Classes of members or stockholders As a cooperative, Wolverine is owned by its members. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body Each member's board appoints two of its directors to represent them on Wolverine's board. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders Wolverine's Board of Directors is authorized to make most business decisions. However, certain key matters require approval from Wolverine's members, including: (1) amendments to the Articles of Incorporation; (2) amendments or repeals of any bylaw provisions adopted by the members that address membership classifications, qualifications, director terms or classifications, quorum requirements for meetings, procedures for amending the bylaws, or provisions related to property interests; and (3) approval of any other bylaw changes passed by a two-thirds vote of the full Board of Directors. Form 990, Part VI, Line 11b Review of form 990 by governing body Before filing Form 990, the following reviews were conducted: the Vice President, Accounting and Finance and Controller conducted a detailed review, along with Wolverine's external accounting firm. The CEO reviewed the general content of the form. Subsequently, the Audit Committee reviewed the Form 990, which was also distributed to all Board members for their individual review. Form 990, Part VI, Line 12c Conflict of interest policy A conflict-of-interest statement is reviewed annually, and all directors, officers, and key employees are required to complete an annual disclosure questionnaire. Any potential conflicts identified are reported to the Board, which is responsible for determining whether a conflict exists and how it should be addressed. Individuals involved in a potential conflict are recused from any related voting decisions. Form 990, Part VI, Line 15a Process to establish compensation of top management official The Board reviews and approves the CEO's compensation annually, using information from an independent consultant and national benchmarking data, which includes compensation data from various national surveys, including those for generation and transmission cooperatives. This process was last conducted in 2024. Form 990, Part VI, Line 15b Process to establish compensation of other employees Salaries for all non-union employees are set annually following a formal performance evaluation. Salary ranges are reviewed each year to maintain internal pay equity and external competitiveness. Compensation surveys are conducted every two years and used to inform the determination of salary ranges for non-union employees. The most recent review took place in 2024. Form 990, Part VI, Line 19 Required documents available to the public The Form 990 is available upon request. However, the organization does not make its governing documents, conflict of interest policy, or financial statements publicly available. Form 990, Part VII, Section A, Line 1a Other Compensation The compensation reported in Part VII for the Executive Vice President represents a full-time position; however, the majority of his time was allocated to unrelated organizations-Michigan Electric Cooperative Association and Wolverine Power Marketing Cooperative, Inc.-as well as to a related organization, Spartan Renewable Energy, Inc., under management services agreements. Form 990, Part VIII, Line 11d Other Miscellaneous Revenue Other - Total Revenue: 31524, Related or Exempt Function Revenue: 31212, Unrelated Business Revenue: 0, Revenue Excluded from Tax Under Sections 512, 513, or 514: 312; - Total Revenue: , Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: ; Form 990, Part XI, Line 9 Other changes in net assets or fund balances Recognition of post-retirement liabilities - 315544; Allocation of patronage capital - 22481681; Total - 22797225; Peninsula Generation Cooperative 10125 W Watergate Road Cadillac MI 49601 273659272 Power supplier MI 501(c)(12) Wolverine Power Supply Cooperative Inc true Spartan Renewable Energy Inc 10125 W Watergate Road Cadillac MI 49601 205990509 Alternative Electric Supplier MI Wolverine Power Supply Cooperative Inc C Corporation 0.9091 true false false false true false false false false false true false true true false true true true false false Spartan Renewable Energy Inc M 397027 Purchase of renewable energy Peninsula Generation Cooperative M 62272777 Purchase of energy Spartan Renewable Energy Inc L 8017195 Sales of energy Spartan Renewable Energy Inc Q 99813 Fair market value of services Schedule R, Part V, Line 1d Line of credit On December 16, 2021, Spartan established a $2,000,000 line of credit with CoBank, set to mature on December 16, 2026. The line of credit is guaranteed by Wolverine. As of December 31, 2024, and 2023, Spartan had no outstanding borrowings under this line.