Magnifi Financial Foundation
- Assets
- $609.4k
- Revenue
- $87.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Melrose, MN
- Founding
- 07/2014
- Data as of
- 12/2022
- EIN
- 61-1690771
Organization Overview
Magnifi Financial Foundation is located in Melrose, MN. The organization was established in 2014. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnifi Financial Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Magnifi Financial Foundation generated $87.6k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $24.5k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles B Friederichs President | 1 | $0 | |
Corey Sand Director | 1 | $0 | |
Janelle Borgmann Treasurer | 1 | $0 | |
Gary Meyer Secretary | 1 | $0 | |
Nancy L Roske Vice President | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $84,452 |
| Interest on Savings | $3,171 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $87,623 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $45 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $717 |
| Total operating and administrative expenses | $1,532 |
| Contributions, gifts, grants paid | $23,000 |
| Total expenses and disbursements | $24,532 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $269 |
| Savings and temporary cash investments | $609,161 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $609,430 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Magnifi Financial Foundation has awarded $23,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF PAYNESVILLE PURPOSE: PARK SHELTER CONSTRUCTION | $7,000 |
CITY OF MELROSE PURPOSE: PARK IMPROVEMENTS | $7,000 |
THE WATERS CHURCH PURPOSE: PARK IMPROVEMENTS | $7,000 |
PERHAM AREA COMMUNITY LIONS CLUB PURPOSE: PUBLIC RESTROOM CONSTRUCTION | $2,000 |