Wolverine Power Supply Cooperative Inc

“As a cooperative, Wolverine is owned by its members.”

“Each member's board appoints two of its directors to represent them on Wolverine's board.”

“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.”

“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.”

“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.”

“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.”

“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.”

“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.”

“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.”

“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: ;”

“Recognition of post-retirement liabilities - 315544; Allocation of patronage capital - 22481681; Total - 22797225;”