Preheat oven to 350°. Spray donut pans with cooking spray or grease using Crisco.
In the bowl of stand mixer fit with paddle attachment, mix together the dry ingredients until combined. Next, add in the wet ingredients and continue beating at medium spead until well combined and smooth.
Pipe the dough evenly using either piping bag or ziplock bag with corner cut into the donut pans, filling about ⅔ full in each space. Bake for 10-12 minutes. Remove from oven and let cool on baking rack.
Melt chocolate wafers in the microwave in 30 second increments. Melt caramels and milk in a medium saucepan over low-medium heat, stirring frequently until smooth. In another skillet or saucepan, toast the coconut flakes. Combine melted caramel and coconut together with salt.
Frost the top of each donut immediately. Place back on cooling rack and allow to harden for a few minutes. Drizzle chocolate over the top.
Best eaten the day of. Otherwise, store in an airtight container or ziplock bag.
