Magnify Credit Union

Organization Overview

Magnify Credit Union is located in Mulberry, FL. The organization was established in 1972. 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 11/2019, Magnify Credit Union employed 41 individuals. Magnify 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 11/2019, Magnify Credit Union generated $4.0m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $5.5m during the year ending 11/2019. While expenses have increased by 10.0% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2019

Describe the Organization's Mission:

Part 3 - Line 1

PROGRAMS OF CREDIT UNIONS WHICH OFFER A WIDE VARIETY OF PERSONAL FINANCIAL SERVICES EXCLUSIVELY TO THEIR MEMBERS

Describe the Organization's Program Activity:

Part 3 - Line 4a

PROVIDING FINANCIAL SERVICES EXCLUSIVELY TO CREDIT UNION MEMBERS FEATURING COMPETITIVE RATES ON LOANS & INVESTMENTS, AND OTHER PRODUCTS


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Board, Officers & Key Employees

Name (title)Compensation
John Santarpia
CEO
$683,156
Scott Langston
Director
$0
Charles Jenkins
Director
$0
Brenda Hardman
Director
$0
Karen Mort
Director
$0
Joann Vasko-Clifford
Director
$0

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$3,479,794
Investment income $473,544
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $62,878
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $4,016,216

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