2024-11-15T10:40:57+00:00 2023-12-31 350921680 CROWE LLP 225 West Wacker Drive Suite 2600 Chicago IL 606061224 990 2023-01-01 383560640 Wolverine Power Marketing Cooperative WOLV 2317757500 10125 West Watergate Road Cadillac MI 49601 Craig Borr President & CEO 2317757500 2024-11-15 true Jennifer Burke P01342224 3128997000 2024-11-15 2023 2024-10-15 13:58:12Z Craig Borr 10125 West Watergate Road Cadillac MI 49601 96822923 false X www.WPMC.coop X 2000 MI PROVIDING ELECTRIC POWER TO MEMBERS 6 6 0 0 0 0 0 0 121097592 96608517 1115118 214406 0 0 122212710 96822923 15000 30000 1631651 970262 50075 54925 0 0 0 120515984 95767736 122212710 96822923 0 0 33721152 32121261 11341551 8771398 22379601 23349863 provide affordable power supply to our members through flexible and creative pricing solutions. false false WOLVERINE POWER MARKETING COOPERATIVE (WPMC) PROVIDES RETAIL ELECTRIC SERVICES AS AN ALTERNATIVE ELECTRIC SUPPLIER SERVING 20 MEMBER-OWNERS. 0 false false false false false false false false false true false false true true true 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 false true 8 0 true 0 false false false false false 96608517 214406 false false false X 6 6 false true false false true true true true false false false true true true true true true false false false X Richard M Kohler 2317757500 10125 West Watergate Road Cadillac MI 49601 Brian Taivalkoski Board Secretary / Treasurer 1.6 0 X X 8550 0 0 Chad Stirrett Board Vice Chairman (ending 8/11/23) 0.8 0 X X 6000 0 0 Jeff Hoffa Director(began 3/14/23) / Vice Chairman (transitioned 9/12/23) 1.5 0 X X 8825 0 0 Rob Hunter Chairman 1.1 0 X X 8000 0 0 Dan Taylor Director 0.2 0 X 5175 0 0 Larry Hermanson Director (ending 3/14/23) 0.5 0 X 875 0 0 Leandro Saez Director (beginning 3/14/23) 1.1 0 X 8875 0 0 Mike Kuhn Director (ending 3/14/23) 0.2 0 X 1725 0 0 Rence Meredith Director 0.7 0 X 6900 0 0 Daniel H DeCoeur CEO / PRESIDENT 30.6 0 X 0 0 0 Richard M Kohler CFO 7.8 0 X 0 0 0 54925 0 0 0 false false false Wolverine Power Supply Cooperative Inc 10125 W Watergate Rd Cadillac MI 49601 Mgmt & Admin Services 587098 1 0 Electric Power Resale 221000 96608517 96608517 0 0 0 0 96608517 214406 -174573 388979 0 0 0 0 0 0 0 0 0 96822923 96433944 0 388979 30000 970262 54925 587098 59136 28698 0 2121 51534 7112 29696 72311 Purchased Power 94381209 RPS Compliance 362397 Membership Dues and Subscriptions 120901 Member Appreciation 56933 8590 96822923 1586401 3654186 10727684 7593975 0 0 0 0 364059 142879 0 0 0 0 21016460 20694039 0 26548 36182 33721152 32121261 10421551 7851398 0 0 920000 920000 11341551 8771398 X 0 0 3900 3900 22375701 23345963 22379601 23349863 33721152 32121261 X 0 970262 X false true X true false PATRONAGE CAPITAL CREDITS & MEMBERSHIPS 12914527 C INVESTMENT SECURITIES MATURING WITHIN A YEAR 7779512 C 20694039 MEMBER / CUSTOMER DEPOSITS 920000 920000 X 96822923 0 0 96822923 0 0 96822923 95852661 0 0 95852661 970262 970262 96822923 Schedule D, Part X, Line 2 Member - Customer Deposits: Cooperative member's deposits required by their contracts. $920,000 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote WPMC is a not-for-profit corporation generally exempt from income tax under Section 501(c)(12) of the Internal Revenue Code. Activities with non-member customers are subject to federal income taxes. WPMC had no federal income tax liability at December 31, 2023 and 2022. Only activities with non-member customers would be subject to Michigan corporate income tax. Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements Patronage Allocated to Member Owners - 970262 true Michigan Tech Fund 1400 Townsend Dr Houghton MI 49931 381554664 501(C)(3) 10000 General Support Ferris Foundation 420 Oak Street Big Rapids MI 49307 386115813 501(C)(3) 10000 General Support Saginaw Valley State University 7400 Bay Road University Center MI 48710 381798800 501(C)(3) 10000 General Support 3 0 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. The Coop makes a general donation directly to each University's scholarship fund program or foundation. Each University or its scholarship foundation selects the scholarship recipients and handles the distribution of funds, so no further monitoring of the funds is required by the Coop. Form 990, Part VI, Line 15b Other Compensation The Cooperative's member-customers are represented by a Board of Directors ("BOD") elected by the membership. The BOD is entitled to receive a daily per diem for meetings attended, a quarterly retainer fee, and reimbursement of actual out of pocket expenses. As such, in accordance with the Form 990 instructions for Part IV, Section B, Line 15B has been answered no. For all directors listed in Part VII, the per diem and quarterly retainer fee reimbursement is reported in Part VII, Section A, Column D, however in many instances the payment is made directly to the member organization that the director represents, based on the following policy. Each member, with a director on board, has four options for compensation: (1) The member declines its director's per diem and quarterly fee, but the director is reimbursed for all out-of-pocket expenses. (2) The member chooses to have its director's per diem, quarterly retainer fee, and director's expense paid directly to its director for which a yearly form 1099-NEC will be issued to them. (3) The member chooses to have its director's per diem, quarterly retainer fee, and director's expenses paid directly to itself, which is a member of the cooperative. (4) The member chooses to have its director's compensation and expenses donated by the cooperative on an annual basis to the charitable organization of the member's choice. In 2023 only directors Brian Taivalkoski, Dan Taylor, and Leandro Saez received director compensation for which a 1099-NEC was issued to the individual. Form 990, Part VI, Line 15a Officer Compensation The CEO and CFO are included in the agreement for management and administrative services with Wolverine and are neither employees nor independent contractors of WPMC. As such, in accordance with the Form 990 instructions for Part IV, Section B, Line 15A has been answered no. Form 990, Part VI, Line 1a Delegate broad authority to a committee The Executive Committee and Nominating Committee shall consist of the Chairperson and not more than two (2) additional members of the Board of Directors. The committees have the powers and authority to conduct the general management of the affairs of the Coop as are regularly exercised by such committee directors' overall control and direction. Form 990, Part VI, Line 3 Delegation of management duties WPMC ENTERED INTO AN AGREEMENT FOR MANAGEMENT AND ADMINISTRATIVE SERVICES WITH WOLVERINE. THE AGREEMENT REQUIRES WPMC TO PAY WOLVERINE A FEE FOR MANAGEMENT, MARKETING, AND OTHER ADMINISTRATIVE SERVICES RENDERED UNDER THE AGREEMENT. TOTAL FEES INCURRED UNDER THIS AGREEMENT IN 2023 WERE $587,098; $353,135 OF WHICH WAS FOR THE WORK OF WPMC'S OFFICERS: DANIEL H. DECOEUR (CEO), AND RICHARD M. KOHLER (CFO). Form 990, Part VI, Line 6 Classes of members or stockholders WPMC IS A COOPERATIVE, AND AS SUCH, IT HAS MEMBERS WHO OWN IT. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body WPMC'S MEMBERS ELECT REPRESENTATIVES TO THE BOARD OF DIRECTORS. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders WHILE WPMC'S BOARD OF DIRECTORS ("BOD") IS EMPOWERED TO MAKE MOST BUSINESS DECISIONS, A FEW KEY DECISIONS MUST BE MADE BY A VOTE OF WPMC'S MEMBERS, SUCH AS AMENDING THE BYLAWS AND ELECTING BOD MEMBERS. Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body WPMC'S BOARD DOES NOT HAVE ANY COMMITTEES. Form 990, Part VI, Line 11b Review of form 990 by governing body PRIOR TO FILING THE FORM 990 ALL OF THE FOLLOWING REVIEWS TOOK PLACE: 1) THE CFO REVIEWED THE FORM 990 IN DETAIL, 2) THE PRESIDENT & CEO REVIEWED THE GENERAL CONTENT OF THE FORM 990, 3) A COMPLETE COPY OF THE FORM 990 WAS DISTRIBUTED TO EACH BOARD MEMBER FOR THEIR REVIEW, AND 4) AN OUTSIDE CPA REVIEWED THE FORM. Form 990, Part VI, Line 12c Conflict of interest policy EACH YEAR, THE BOARD DIRECTORS AND OFFICERS RESPOND IN WRITING TO A QUESTIONNAIRE ABOUT POTENTIAL CONFLICTS OF INTEREST. THESE RESPONSES ARE REVIEWED BY ACCOUNTING AND MADE AVAILABLE TO THE COOPERATIVE'S INDEPENDENT AUDITORS AS PART OF THEIR ANNUAL REVIEW. ANY CONFLICT (OR THE APPEARANCE OF A CONFLICT) OF INTEREST WOULD BE ADDRESSED AS SOON AS IT IS DISCOVERED. 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 UPON REQUEST. WPMC DOES NOT MAKE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICIES, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Patronage Allocated to Members - 970262; Form 990 General Explanation WOLVERINE POWER MARKETING COOPERATIVE, THE ORGANIZATION FILING THIS TAX RETURN, IS REFERRED TO AS "WPMC", AND WOLVERINE POWER SUPPLY COOPERTIVE, INC., IS REFERRED TO AS "WOLVERINE" IN ALL EXPLANATIONS ON THIS FORM.