Wolverine Power Cooperative

Legal name: Wolverine Power Supply Cooperative Inc

Nonprofit profile at a glance

EIN
381326766
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Cadillac, Michigan, USA
Phone
(231) 775-5700
Rating confidence
Limited

Official website

Reported finances

Revenue
$544,868,259
Expenses
$544,868,259
Assets
$1,162,477,220
Liabilities
$890,512,943

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

Leadership & pay

25 people listed

Executive titles in this filing

  • Eric Baker (President & CEO)
  • Craig Borr (Executive Vice President)

Highest reported compensation

  • Eric Baker (President & CEO): $1,285,112 total reported compensation
  • Craig Borr (Executive Vice President): $697,709 total reported compensation
  • Daniel Calverley (VP of Generation & Operations): $515,242 total reported compensation

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

Overview

Mission

Wolverine is owned by our eight member cooperatives, and they are at the heart of everything we do. We exist so that our members will have reliable power at competitive prices that they can distribute to their member-consumers.

What it reported doing in 2024

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.

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: 61
  • Accountability: 100
  • Sustainability: 44
  • Growth: 60

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 4th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 22.7%; rating input score 23; 7th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 0%; rating input score 29; 29th percentile among comparable filings
  • Total-asset coverage ratio: 2.13; rating input score 65; 65th percentile among comparable filings
  • Liabilities to assets ratio: 0.77; rating input score 19; 19th percentile among comparable filings
  • Officer compensation ratio: 0.9%; rating input score 75; 75th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 4.4% per year; rating input score 100; 36th percentile among comparable filings
  • Asset growth: 6.5% per year; rating input score 100; 48th percentile among comparable filings

Details

  • What they do: 3 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 14 of 14 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $1.3M · 25 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $57.8M reported
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes grants, executive pay, and related organizations
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 24 filed money-flow records
  • Related organizations: 3 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Transparency & Controls: Grant itemization coverage scored 23/100.
  • High — Sustainability: Operating margin scored 29/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 19/100.