Magnify Credit Union
- Assets
- $0.0
- Revenue
- $4.0m
- Investments
- $0.0
- Employees
- 41
- Location
- Mulberry, FL
- Founding
- 02/1972
- Data as of
- 11/2019
- EIN
- 59-0683250
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.
Form
990
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) | Role | Hours | Compensation |
|---|---|---|---|
John Santarpia CEO | Officer | 40 | $683,156 |
Scott Langston Director | Trustee | 2 | $0 |
Brenda Hardman Director | Trustee | 2 | $0 |
Karen Mort Director | Trustee | 2 | $0 |
Charles Jenkins Director | Trustee | 2 | $0 |
Joann Vasko-Clifford Director | Trustee | 2 | $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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $683,156 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $968,439 |
| Pension plan accruals and contributions | $37,228 |
| Other employee benefits | $118,235 |
| Payroll taxes | $96,969 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $65,373 |
| Fees for services: Accounting | $163,981 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $88,699 |
| Advertising and promotion | $74,220 |
| Office expenses | $611,544 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $139,232 |
| Travel | $34,082 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,327,417 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $412,736 |
| Insurance | $56,949 |
| All other expenses | $13,759 |
| Total functional expenses | $5,540,547 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $0 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
State Chartered Credit Unions In Florida Tampa, FL | $620,353,009 | $19,516,716 |
Alabama State Employees Credit Union Montgomery, AL | $434,037,642 | $19,973,256 |
Credit Union Of Georgia Kennesaw, GA | $568,450,220 | $21,135,096 |
Alabama Teachers Credit Union Gadsden, AL | $477,477,278 | $19,350,763 |
Credit Unions In The State Of Alabama Gadsden, AL | $384,172,678 | $21,033,823 |
State Chartered Credit Unions In Florida Tallahassee, FL | $332,444,116 | $17,853,427 |
Interstate Paper Federal Credit Union Jesup, GA | $308,641,899 | $18,616,471 |
Membersfirst Credit Union 2050 Lawrenceville Hwy Ste C-40 Decatur, GA | $348,729,006 | $15,204,020 |
Southeastern Federal Credit Union Valdosta, GA | $334,399,365 | $14,490,315 |
Guardians Credit Union West Palm Beach, FL | $295,864,483 | $15,445,719 |
State Chartered Credit Unions In Florida Pensacola, FL | $298,562,888 | $12,861,025 |
Mutual Savings Birmingham, AL | $217,478,712 | $10,770,188 |