Magnifi Financial Credit Union

Organization Overview

Magnifi Financial Credit Union is located in Melrose, MN. The organization was established in 1944. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Magnifi Financial Credit Union employed 431 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Magnifi Financial Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2021, Magnifi Financial Credit Union generated $79.0m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 9.0% each year. All expenses for the organization totaled $61.8m during the year ending 12/2021. While expenses have increased by 8.7% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Since 2017, Magnifi Financial Credit Union has awarded 15 individual grants totaling $449,105. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

CENTRAL MINNESOTA CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 74,040 MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

CENTRAL MINNESOTA CREDIT UNION PAID DIVIDENDS OF $5,366,697 ON AMOUNTS DEPOSITED BY MEMBERS.


AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 220,801 MEMBER ACCOUNTS WITH DEPOSITS OF $1,414,474,621 AS OF DECEMBER 31, 2021.


AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF LENDING SERVICES TO OUR MEMBERSHIP INCLUDING RETAIL, COMMERCIAL AND AGRICULTURAL LOANS. THE CREDIT UNION HAD 33,145 LOANS OUTSTANDING AS OF DECEMBER 31, 2021 WITH BALANCES OF $1,187,871,631


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Breitbach Construction
Building Projects
$1,469,662
Jack Henry
Core Processor
$1,049,096
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$65,211,941
Investment income $1,945,752
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$186,576
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $78,975,601

Grants Awarded

Over the last fiscal year, Magnifi Financial Credit Union has awarded $90,650 in support to 3 organizations.

Grant RecipientAmount

CENTRAL MN CREDIT UNION FOUNDATION

Org PageRecipient Profile

Melrose, MN

PURPOSE: SUPPORT OF PRIVATE FOUNDATION TO FURTHER THEIR EXEMPT PURPOSE

$74,338

MELROSE AREA SCHOOLS

PURPOSE: SUPPORT DISTRICT INITIATIVE

$8,812

ALBANY AREA SCHOOLS

PURPOSE: SUPPORT DISTRICT INITIATIVE

$7,500
View Grant Profile

Peer Organizations

Organization NameAssets
Magnifi Financial Credit Union
Melrose, MN
$78,975,601
Members Cooperative Credit Union
Duluth, MN
$45,708,037
First Community Credit Union
Jamestown, ND
$50,434,728
Ideal Credit Union
Woodbury, MN
$42,764,424
City & County Credit Union
Saint Paul, MN
$41,175,696
Dutrac Community Credit Union
Dubuque, IA
$36,287,980
Capital Credit Union
Bismarck, ND
$34,065,557
Town & Country Credit Union
Minot, ND
$30,613,353
Linn Area Credit Union
Cedar Rapids, IA
$26,390,018
Southpoint Financial Credit Union
Sleepy Eye, MN
$21,366,397
Heritage Credit Union
Deforest, WI
$20,193,229
North Star Community Credit Union
Maddock, ND
$17,250,607

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