Magnifi Financial Credit Union
- Assets
- $2.3b
- Revenue
- $128.7m
- Investments
- $181.1m
- Employees
- 472
- Location
- Melrose, MN
- Founding
- 09/1944
- Data as of
- 12/2023
- EIN
- 41-0705136
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 12/2023, Magnifi Financial Credit Union employed 472 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 12/2023, Magnifi Financial Credit Union generated $128.7m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $108.6m during the year ending 12/2023. While expenses have increased by 14.0% per year over the past 8 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 2016, Magnifi Financial Credit Union has awarded 22 individual grants totaling $643,235. 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
MAGNIFI FINANCIAL CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 84,690 MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MAGNIFI FINANCIAL CREDIT UNION PAID DIVIDENDS OF $27,337,463.60 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 256,834 MEMBER ACCOUNTS WITH DEPOSITS OF $1,838,708,777.21 AS OF DECEMBER 31, 2023.
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 45,455 LOANS OUTSTANDING AS OF DECEMBER 31, 2023 WITH BALANCES OF $1,854,857,920.97
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marty Mahowald Vice Chairperson | OfficerTrustee | 2 | $9,225 |
Steve Danzl Chairperson | OfficerTrustee | 2 | $7,700 |
Marvin Hinnenkamp Director | Trustee | 2 | $7,050 |
Lori Nelson Director | Trustee | 2 | $6,203 |
Mark Meyer Director | Trustee | 2 | $5,913 |
Fred Fleischhacker Director | Trustee | 2 | $5,800 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Carlson Lavine Inc Contractor For Building Maple Grove Loca | 12/30/23 | $2,778,307 |
Sps Security Upgrade Security Systems In All Location | 12/30/23 | $720,196 |
Jack Henry Core System Provider | 12/30/23 | $1,435,258 |
Diebold Atm/coin Counter Provider | 12/30/23 | $647,531 |
Crmnext Member Relationship Management And Suppo | 12/30/23 | $609,380 |
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 | $108,343,781 |
| Investment income | $6,223,474 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $814,922 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $128,720,153 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $89,912 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $27,324,831 |
| Compensation of current officers, directors, key employees. | $5,433,394 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $28,503,295 |
| Pension plan accruals and contributions | $1,867,014 |
| Other employee benefits | $4,827,767 |
| Payroll taxes | $2,304,147 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,102,180 |
| Advertising and promotion | $0 |
| Office expenses | $8,937,813 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,252,113 |
| Travel | $630,763 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $9,950,604 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,081,495 |
| Insurance | $9,493 |
| All other expenses | $49,655 |
| Total functional expenses | $108,628,019 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $131,547,891 |
| Savings and temporary cash investments | $56,499,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,860,060,671 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,656,580 |
| Net Land, buildings, and equipment | $33,129,630 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $181,086,185 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $70,269,808 |
| Total assets | $2,335,249,765 |
| Accounts payable and accrued expenses | $23,392,537 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $233,245,808 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,837,691,722 |
| Total liabilities | $2,094,330,067 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $240,919,698 |
| Total liabilities and net assets/fund balances | $2,335,249,765 |
Grants Awarded
Over the last fiscal year, Magnifi Financial Credit Union has awarded $93,984 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MAGNIFI FINANCIAL FOUNDATION PURPOSE: SUPPORT OF PRIVATE FOUNDATION TO FURTHER THEIR EXEMPT PURPOSE | $83,984 |
COLD SPRING AREA BASEBALL PURPOSE: SUPPORT TO FURTHER THEIR EXEMPT PURPOSE | $10,000 |