Program areas at Magnifi Financial Credit Union
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 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
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.
Grants made by Magnifi Financial Credit Union
| Grantee | Grant description | Grant year | Amount |
|---|
| Magnifi Financial Foundation | Support of Private Foundation To Further Their Exempt Purpose. | 2023-12 | $84,912 |
Personnel at Magnifi Financial Credit Union
| Name | Title | Compensation | Date of data |
|---|
| Charles Friederichs | Chief Executive Officer | $822,773 | 2022-12-31 |
| Theresa Tschumperlin | Cuso Chief Executive Officer | $204,959 | 2022-12-31 |
| Neal Kaderabek | Chief Digital and Info Officer / Senior Vice President of Is and Technology | $594,126 | 2022-12-31 |
| Nancy Roske | Chief Administrative Officer | $342,405 | 2023-11-14 |
| Scott Eveslage | Vice President Marketing / Vice President of Marketing | $169,525 | 2021-12-31 |
| ...and 13 more key personnel |
Financials for Magnifi Financial Credit Union
| Revenues | FYE 12/2023 | FYE 12/2022 | % Change |
|---|
| Total grants, contributions, etc. | $0 | $0 | - |
| Program services | $108,343,781 | $71,484,430 | 51.6% |
| Investment income and dividends | $6,223,474 | $3,757,590 | 65.6% |
| Tax-exempt bond proceeds | $0 | $0 | - |
| Royalty revenue | $0 | $0 | - |
| Net rental income | $0 | $0 | - |
| Net gain from sale of non-inventory assets | $814,922 | $292,256 | 178.8% |
| Net income from fundraising events | $0 | $0 | - |
| Net income from gaming activities | $0 | $0 | - |
| Net income from sales of inventory | $0 | $0 | - |
| Miscellaneous revenues | $13,337,976 | $11,869,543 | 12.4% |
| Total revenues | $128,720,153 | $87,403,819 | 47.3% |
Organizations like Magnifi Financial Credit Union
| Organization | Type | Location | Revenue |
|---|
| Ideal Credit Union | 501(c)(14) | Woodbury, MN | $48,171,673 |
| City & County Credit Union (CCCU) | 501(c)(14) | Saint Paul, MN | $53,343,575 |
| Wings Financial Credit Union | 501(c)(14) | Apple Valley, MN | $305,132,248 |
| Members Cooperative Credit Union (MCCU) | 501(c)(14) | Duluth, MN | $46,427,247 |
| Granite State Credit Union | 501(c)(14) | Manchester, NH | $43,417,675 |
| SF Police Credit Union (SFPCU) | 501(c)(14) | San Bruno, CA | $36,091,667 |
| Alabama Credit Union | 501(c)(14) | Tuscaloosa, AL | $76,294,666 |
| Texas Trust Credit Union | 501(c)(14) | Arlington, TX | $83,493,624 |
| First Community Credit Union of Houston | 501(c)(14) | Houston, TX | $98,421,005 |
| Community First Credit Union | 501(c)(14) | Santa Rosa, CA | $36,766,136 |
Data update history
January 5, 2024
Posted financials
Added Form 990 for fiscal year 2022
January 4, 2024
Updated personnel
Identified 4 new personnel
December 25, 2023
Used new vendors
Identified 1 new vendor, including
November 25, 2023
Posted financials
Added Form 990 for fiscal year 2021
July 11, 2023
Used new vendors
Identified 4 new vendors, including , , , and
Nonprofit Types
Credit unionsChapter / child organizations
Issues
No issues found
Characteristics
State / local level
General information
- Address
- 20 4th Ave Se
- Melrose, MN 56352
- Metro area
- St. Cloud, MN
- County
- Stearns County, MN
- Website URL
- mymagnifi.org/Â
- Phone
- (320) 256-3669
IRS details
- EIN
- 41-0705136
- Fiscal year end
- December
- Taxreturn type
- Form 990
- Year formed
- 1939
- Eligible to receive tax-deductible contributions (Pub 78)
- No
Categorization
- NTEE code, primary
- W60: Financial Institutions, Credit Unions
- NAICS code, primary
- 522130: Credit Unions
- Parent/child status
- Child within group exemption
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