Peninsula Generation Cooperative

Nonprofit profile at a glance

EIN
273659272
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Cadillac, MI, USA
Phone
2317755700
Rating confidence
Limited
Sector
Public Utilities

Reported finances

Revenue
$62,385,362
Expenses
$62,385,362
Assets
$15,147,457
Liabilities
$2,946,467

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • Zachary Anderson (Director / President)

Highest reported compensation

  • Eric Baker (Director): $1,285,112 total reported compensation
  • Zachary Anderson (Director / President): $503,346 total reported compensation
  • Joseph Baumann (Secretary): $492,322 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Peninsula Generation Cooperative, Inc. is a Michigan nonprofit cooperative corporation established to provide electric power to its sole member, Wolverine Power Supply Cooperative, Inc.

Operating model

Revenue model
Other-operating. 100% of the money available for current operations came from other operating revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 64
  • Accountability: 57
  • Sustainability: 32
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 50%; rating input score 50; 13th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0%; rating input score 29; 29th percentile among comparable filings
  • Total-asset coverage ratio: 0.24; rating input score 8; 8th percentile among comparable filings
  • Liabilities to assets ratio: 0.19; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 1.3%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 0.7% per year; rating input score 100; 7th percentile among comparable filings
  • Asset growth: -11.2% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 2 of 4 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $1.3M · 7 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 8 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Independent voting board scored 50/100.
  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Operating margin scored 29/100.
  • Moderate — Transparency & Controls: Fund balance restriction sum did not reconcile in the filed values.
  • High — Sustainability: Total-asset coverage ratio scored 8/100.