MAGNIFI FINANCIAL CREDIT UNION: Form 990, tax year 2022
View the entire original 990 at ProPublica ↗
- Organization
- MAGNIFI FINANCIAL CREDIT UNION (EIN 41-0705136)
- Tax period
- 2022-01-01 to 2022-12-31
- Filed
- 2023-11-14
- IRS object ID
- 202343189349318059
- Schema version
- 2022v5.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2023-11-14T18:35:52-06:00 | ReturnTs |
| Tax Period End | 2022-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 410746749 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | CLIFTONLARSONALLEN LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 109 N MAIN STREET SUITE 200 | AddressLine1Txt |
| City | AUSTIN | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55912 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2022-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 410705136 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MAGNIFI FINANCIAL CREDIT UNION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | MAGN | BusinessNameControlTxt |
| Phone | 3202563669 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20 4TH AVE SE | AddressLine1Txt |
| City | MELROSE | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 56352 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | NANCY ROSKE | PersonNm |
| Person Title | CHIEF ADMINISTRATIVE OFFICER | PersonTitleTxt |
| Phone | 3202563669 | PhoneNum |
| Signature | 2023-11-09 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | NANCY | PersonFirstNm |
| Person Last | ROSKE | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | TANYA MEDGAARDEN | PreparerPersonNm |
| PTIN | P01717240 | PTIN |
| Phone | 5074347000 | PhoneNum |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 2 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2022 | TaxYr |
| Build TS | 2023-04-26 12:10:37Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Change | Yes (X) | NameChangeInd |
| Principal Officer | CHARLES FRIEDERICHS | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20 4TH AVE SE | AddressLine1Txt |
| City | MELROSE | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 56352 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $88,891,602 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.MYMAGNIFI.ORG | WebsiteAddressTxt |
| Type Of Organization Other | Yes (X) | TypeOfOrganizationOtherInd |
| Other Organization Dsc | CU | OtherOrganizationDsc |
| Formation | 1939 | FormationYr |
| Legal Domicile State | MN | LegalDomicileStateCd |
| Activity Or Mission | MAGNIFI FINANCIAL CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 83,881 MEMBERS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 8 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 8 | VotingMembersIndependentCnt |
| Total Employee | 488 | TotalEmployeeCnt |
| Total Volunteers | 4 | TotalVolunteersCnt |
| Total Gross UBI | $270,258 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $8,998 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $65,211,941 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $71,484,430 | CYProgramServiceRevenueAmt |
| PY Investment Income | $1,759,176 | PYInvestmentIncomeAmt |
| CY Investment Income | $4,049,846 | CYInvestmentIncomeAmt |
| PY Other Revenue | $12,004,484 | PYOtherRevenueAmt |
| CY Other Revenue | $11,869,543 | CYOtherRevenueAmt |
| PY Total Revenue | $78,975,601 | PYTotalRevenueAmt |
| CY Total Revenue | $87,403,819 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $90,650 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $93,984 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $5,366,194 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $6,457,233 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $33,797,599 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $38,407,800 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $22,559,064 | PYOtherExpensesAmt |
| CY Other Expenses | $27,454,886 | CYOtherExpensesAmt |
| PY Total Expenses | $61,813,507 | PYTotalExpensesAmt |
| CY Total Expenses | $72,413,903 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $17,162,094 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $14,989,916 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $1,639,292,297 | TotalAssetsBOYAmt |
| Total Assets EOY | $2,123,114,393 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $1,428,669,177 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $1,906,559,333 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $210,623,120 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $216,555,060 | NetAssetsOrFundBalancesEOYAmt |
| Mission | MAGNIFI FINANCIAL CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 83,881 MEMBERS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | MAGNIFI FINANCIAL CREDIT UNION PAID DIVIDENDS OF $6,458,399.31 ON AMOUNTS DEPOSITED BY MEMBERS. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | AS A STATE CHARTERED CREDIT UNION WE PROVIDE A VARIETY OF DEPOSITORY SERVICES TO OUR MEMBERSHIP. THE CREDIT UNION HAD 246,220 MEMBER ACCOUNTS WITH DEPOSITS OF $1,667,926,242.96 AS OF DECEMBER 31, 2022. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | 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 42,849 LOANS OUTSTANDING AS OF DECEMBER 31, 2022 WITH BALANCES OF $1,728,122,457.31. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | Yes (1) | RelatedOrganizationCtrlEntInd |
| Transaction With Control Ent | 0 | TransactionWithControlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 30705 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 488 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 8 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 8 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | NANCY ROSKE | PersonNm |
| Phone | 3202563669 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 20 4TH AVE SE | AddressLine1Txt |
| City | MELROSE | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 56352 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (23 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| MARVIN HINNENKAMP | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $5,975 | $0 | $0 | |||
| MARK MEYER | ||||||||
| CHAIRPERSON | 2.00 | Yes (X) | $5,513 | $0 | $0 | Yes (X) | ||
| STEVE DANZL | ||||||||
| VICE CHAIRPERSON | 2.00 | Yes (X) | $5,425 | $0 | $0 | Yes (X) | ||
| FRED FLEISCHHACKER | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $5,225 | $0 | $0 | |||
| JAMES GONDRINGER | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $4,050 | $0 | $0 | |||
| LUKE GODZALA | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $2,700 | $0 | $0 | |||
| MARTY MAHOWALD | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $2,112 | $0 | $0 | |||
| LORI NISSEN | ||||||||
| DIRECTOR | 2.00 | Yes (X) | $0 | $0 | $0 | |||
| CHARLES FRIEDERICHS | ||||||||
| CHIEF EXECUTIVE OFFICER | 45.00 | $822,773 | $0 | $87,042 | Yes (X) | |||
| NEAL KADERABEK | ||||||||
| CHIEF DIGITAL/INFO OFFICER | 45.00 | $594,126 | $0 | $49,364 | Yes (X) | |||
| NANCY ROSKE | ||||||||
| CHIEF ADMIN OFFICER | 45.00 | $342,405 | $0 | $77,643 | Yes (X) | |||
| ROSS BLOOMQUIST | ||||||||
| CHIEF EXPERIENCE OFFICER | 45.00 | $68,936 | $0 | $15,050 | Yes (X) | |||
| GREG MISTERMAN | ||||||||
| SVP OF CREDIT | 45.00 | $292,130 | $0 | $40,206 | Yes (X) | |||
| DEAN DIRKES | ||||||||
| SVP COMMERCIAL BANKING | 45.00 | $233,082 | $0 | $69,335 | Yes (X) | |||
| GARY MEYER | ||||||||
| SVP RETAIL BANKING | 45.00 | $231,191 | $0 | $70,137 | Yes (X) | |||
| ANDREA KRASKA | ||||||||
| SVP BANKING OPS | 45.00 | $234,063 | $0 | $60,347 | Yes (X) | |||
| MATT NOSKA | ||||||||
| SVP OF HUMAN RESOURCES | 45.00 | $221,207 | $0 | $47,328 | Yes (X) | |||
| BRAD SHAFTON | ||||||||
| VP OF IT | 45.00 | $193,840 | $0 | $41,573 | Yes (X) | |||
| STEPHANIE MAYERS | ||||||||
| FINANCIAL ADVISOR | 45.00 | $351,044 | $0 | $65,848 | Yes (X) | |||
| MICHAEL SCHWIETERS | ||||||||
| FINANCIAL ADVISOR | 45.00 | $310,784 | $0 | $57,638 | Yes (X) | |||
| CHRIS STANLEY | ||||||||
| COMMERCIAL BANKING OFFICER | 45.00 | $261,427 | $0 | $59,174 | Yes (X) | |||
| THERESA TSCHUMPERLIN | ||||||||
| CUSO CEO | 45.00 | $204,959 | $0 | $23,066 | Yes (X) | |||
| JENN HENGEL | ||||||||
| SVP OF PROJECT MGMT | 45.00 | $173,678 | $0 | $43,865 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $4,566,645 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $807,616 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 61 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (3 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| JACK HENRY | |||||
| PO BOX 609 | MONETT | MO | 65708 | CORE PROCESSOR | $1,095,155 |
| NCINO INC | |||||
| 6770 PARKER FARM DR STE 300 | WILMINGTON | NC | 28405 | SOFTWARE PROVIDER | $465,914 |
| BREITBACH CONSTRUCTION | |||||
| 802 1ST AVE | ELROSA | MN | 56325 | BUILDING PROJECTS | $127,200 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 3 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| LOAN INTEREST | 522100 | $60,992,686 | $60,992,686 | |
| FEES & CHARGES | 522100 | $10,491,744 | $10,221,486 | $270,258 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $71,484,430 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $3,757,590 | TotalRevenueColumnAmt |
| Exclusion | $3,757,590 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $1,780,039 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $1,487,783 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $292,256 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $292,256 | TotalRevenueColumnAmt |
| Exclusion | $292,256 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | ExclusionExclusionAmt |
|---|---|---|---|---|
| MISCELLANEOUS OPERATIONS INCOME | 522100 | $12,693,435 | $12,693,435 | |
| OTHER NON-OPERATING EXPENSES | 522100 | $27,130 | $27,130 | |
| GAIN ON EMPLOYEE BENEFIT PLAN FUN | 522100 | -$851,022 | -$851,022 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $11,869,543 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $87,403,819 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $83,934,737 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $270,258 | UnrelatedBusinessRevenueAmt |
| Exclusion | $3,198,824 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $93,984 | TotalAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,457,233 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,853,778 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $26,557,080 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,782,898 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,162,570 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,051,474 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,476,085 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,827,291 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,944,910 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $442,604 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,824,197 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,872,035 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,125 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PROVISION FOR LOAN LOSS | $4,655,288 |
| LOAN SERVICING EXPENSE | $3,018,611 |
| EDUCATIONAL AND PROMOTI | $1,874,709 |
| MISCELLANEOUS EXPENSE | $489,070 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $27,961 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $72,413,903 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $149,674,438 | BOYAmt |
| EOY | $63,192,123 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $38,821,000 | BOYAmt |
| EOY | $44,542,386 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,177,037,856 | BOYAmt |
| EOY | $1,712,894,518 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,680,814 | BOYAmt |
| EOY | $2,548,245 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $55,079,498 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $23,167,699 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $26,946,058 | BOYAmt |
| EOY | $31,911,799 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $199,305,654 | BOYAmt |
| EOY | $201,095,984 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $44,826,477 | BOYAmt |
| EOY | $66,929,338 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,639,292,297 | BOYAmt |
| EOY | $2,123,114,393 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,467,934 | BOYAmt |
| EOY | $18,360,940 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $220,835,934 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,414,201,243 | BOYAmt |
| EOY | $1,667,362,459 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,428,669,177 | BOYAmt |
| EOY | $1,906,559,333 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $210,623,120 | BOYAmt |
| EOY | $216,555,060 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $210,623,120 | BOYAmt |
| EOY | $216,555,060 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,639,292,297 | BOYAmt |
| EOY | $2,123,114,393 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $14,989,916 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$29,881,107 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $20,823,131 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $13,082,031 | OtherCostOrOtherBasisAmt |
| Book Value | $13,082,031 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $28,117,922 | OtherCostOrOtherBasisAmt |
| Depreciation | $13,204,459 | DepreciationAmt |
| Book Value | $14,913,463 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,775,110 | OtherCostOrOtherBasisAmt |
| Book Value | $1,775,110 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $12,104,435 | OtherCostOrOtherBasisAmt |
| Depreciation | $9,963,240 | DepreciationAmt |
| Book Value | $2,141,195 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $31,911,799 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (4 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| OTHER INVESTMENTS | $14,912,968 | C |
| AFS SECURITIES | $182,320,508 | F |
| TRADING SECURITIES | $3,508,130 | F |
| PERPETUAL CONTRIBUTED CAPITAL | $354,378 | C |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $201,095,984 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | MEMBER SHARES | Desc |
| Amt | $1,667,362,459 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $1,667,362,459 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS FOR ACTIVITIES IT HAS DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2022 AND 2021. THE CREDIT UNION'S 2019 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. THE INCOME FROM THE 100% WHOLLY OWNED CUSO, ULTUM GROUP, LLC, FLOWS THROUGH THE CREDIT UNION AND, THEREFORE, IS NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|
| MAGNIFI FINANCIAL FOUNDATION | ||||||||
| 20 4TH AVE SE | MELROSE | MN | 56352 | 611690771 | 501(C)(3) | $83,984 | $0 | SUPPORT OF PRIVATE FOUNDATION TO FURTHER THEIR EXEMPT PURPOSE |
| COLD SPRING AREA BASEBALL | ||||||||
| 14652 PATCH LAKE CIRCLE | COLD SPRING | MN | 56320 | 273689801 | 501(C)(3) | $10,000 | $0 | SUPPORT TO FURTHER THEIR EXEMPT PURPOSE |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 2 | Total501c3OrgCnt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 2: | FormAndLineReferenceDesc |
| Explanation | FINANCIAL DONATIONS ARE MADE AT MANAGEMENT'S DISCRETION TO ORGANIZATIONS THAT ARE MEMBERS OF OR REPRESENTED BY MEMBERS OF THE CREDIT UNION BASED ON THE NEEDS OF ORGANIZATIONS WITHIN OUR COMMUNITIES. THE CREDIT UNION MAINTAINS RECORDS OF THE AMOUNTS DONATED. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Idemnification Gross Up Pmts | Yes (X) | IdemnificationGrossUpPmtsInd |
| Club Dues Or Fees | Yes (X) | ClubDuesOrFeesInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (14 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CHARLES FRIEDERICHS | ||||||||||||||
| CHIEF EXECUTIVE OFFICER | $581,874 | $0 | $220,000 | $0 | $20,899 | $0 | $48,662 | $0 | $38,380 | $0 | $909,815 | $0 | $0 | $0 |
| NEAL KADERABEK | ||||||||||||||
| CHIEF DIGITAL/INFO OFFICER | $493,798 | $0 | $100,000 | $0 | $328 | $0 | $40,593 | $0 | $8,771 | $0 | $643,490 | $0 | $0 | $0 |
| NANCY ROSKE | ||||||||||||||
| CHIEF ADMIN OFFICER | $248,096 | $0 | $93,981 | $0 | $328 | $0 | $45,069 | $0 | $32,574 | $0 | $420,048 | $0 | $0 | $0 |
| STEPHANIE MAYERS | ||||||||||||||
| FINANCIAL ADVISOR | $350,162 | $0 | $882 | $0 | $0 | $0 | $35,577 | $0 | $30,271 | $0 | $416,892 | $0 | $0 | $0 |
| MICHAEL SCHWIETERS | ||||||||||||||
| FINANCIAL ADVISOR | $309,866 | $0 | $918 | $0 | $0 | $0 | $29,052 | $0 | $28,586 | $0 | $368,422 | $0 | $0 | $0 |
| GREG MISTERMAN | ||||||||||||||
| SVP OF CREDIT | $236,418 | $0 | $50,640 | $0 | $5,072 | $0 | $38,365 | $0 | $1,841 | $0 | $332,336 | $0 | $0 | $0 |
| CHRIS STANLEY | ||||||||||||||
| COMMERCIAL BANKING OFFICER | $156,998 | $0 | $102,540 | $0 | $1,889 | $0 | $30,635 | $0 | $28,539 | $0 | $320,601 | $0 | $0 | $0 |
| DEAN DIRKES | ||||||||||||||
| SVP COMMERCIAL BANKING | $188,131 | $0 | $44,640 | $0 | $311 | $0 | $38,234 | $0 | $31,101 | $0 | $302,417 | $0 | $0 | $0 |
| GARY MEYER | ||||||||||||||
| SVP RETAIL BANKING | $187,197 | $0 | $43,682 | $0 | $312 | $0 | $37,565 | $0 | $32,572 | $0 | $301,328 | $0 | $0 | $0 |
| ANDREA KRASKA | ||||||||||||||
| SVP BANKING OPS | $194,349 | $0 | $39,401 | $0 | $313 | $0 | $29,072 | $0 | $31,275 | $0 | $294,410 | $0 | $0 | $0 |
| MATT NOSKA | ||||||||||||||
| SVP OF HUMAN RESOURCES | $179,201 | $0 | $41,712 | $0 | $294 | $0 | $17,112 | $0 | $30,216 | $0 | $268,535 | $0 | $0 | $0 |
| BRAD SHAFTON | ||||||||||||||
| VP OF IT | $152,879 | $0 | $40,961 | $0 | $0 | $0 | $11,157 | $0 | $30,416 | $0 | $235,413 | $0 | $0 | $0 |
| THERESA TSCHUMPERLIN | ||||||||||||||
| CUSO CEO | $194,688 | $0 | $10,000 | $0 | $271 | $0 | $22,467 | $0 | $599 | $0 | $228,025 | $0 | $0 | $0 |
| JENN HENGEL | ||||||||||||||
| SVP OF PROJECT MGMT | $138,644 | $0 | $35,034 | $0 | $0 | $0 | $18,723 | $0 | $25,142 | $0 | $217,543 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART I, LINE 1A | FormAndLineReferenceDesc |
| Explanation | CHARLES FRIEDERICHS - COMPANY VEHICLE GROSS-UP $20,571 CHARLES FRIEDERICHS - LONG TERM DISABILITY INSURANCE - $328 NANCY ROSKE - LONG TERM DISABILITY INSURANCE - $328 GARY MEYER - LONG TERM DISABILITY INSURANCE - $312 NEAL KADERABEK - LONG TERM DISABILITY INSURANCE - $328 GREG MISTERMAN - LONG TERM DISABILITY INSURANCE - $328 DEAN DIRKES - LONG TERM DISABILITY INSURANCE - $311 ANDREA KRASKA - LONG TERM DISABILITY INSURANCE - $313 MATT NOSKA - LONG TERM DISABILITY INSURANCE - $294 ROSS BLOOMQUIST - LONG TERM DISABILITY INSURANCE - $87 THERESA TSCHUMPERLIN - LONG TERM DISABILITY INSURANCE - $271 GREG MISTERMAN - GOLF MEMBERSHIP- $4745 CHRISTOPHER STANLEY - GOLF MEMBERSHIP- $1889 | ExplanationTxt |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (9 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | MEMBERSHIP IN THE CREDIT UNION IS OPEN TO THOSE WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN AND BUSINESSES AND OTHER LEGAL ENTITIES IN 28 CONTIGUOUS COUNTIES IN CENTRAL MINNESOTA, 2 COUNTIES IN WISCONSIN AND 2 COUNTIES IN NORTH DAKOTA. INDIVIDUALS MAY BECOME MEMBERS BY MAKING A $10 DONATION TO MAGNIFI FINANCIAL FOUNDATION, AND BUSINESSES CAN ALSO JOIN BY DONATING $50 TO MAGNIFI FINANCIAL FOUNDATION. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM AND THEIR SPOUSES MAY BE MEMBERS, AS WELL AS, NATURAL PERSONS WHO ARE MEMBERS OF THE MAGNIFI FINANCIAL FOUNDATION, MELROSE, MINNESOTA. |
| FORM 990, PART VI, SECTION A, LINE 7A | MEMBERS ELECT THE GOVERNING BODY AND ALL MEMBERS HAVE AN EQUAL VOTE. |
| FORM 990, PART VI, SECTION A, LINE 7B | MEMBERS APPROVE MINUTES OF MEMBER MEETINGS AND MOTIONS MADE AT THE ANNUAL MEETING (INCLUDING AMENDMENTS TO BYLAWS). |
| FORM 990, PART VI, SECTION B, LINE 11B | THE SENIOR VICE PRESIDENT OF FINANCE WILL REVIEW THE FORM 990 BEFORE IT IS FILED WITH THE IRS. |
| FORM 990, PART VI, SECTION B, LINE 12C | KEY EMPLOYEES AND BOARD MEMBERS COMPLETE A QUESTIONNAIRE ANNUALLY. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE WAGE AND COMPENSATION COMMITTEE REVIEWS AND APPROVES CEO COMPENSATION ANNUALLY. INCREASES ARE BASED, IN PART, ON INDUSTRY COMPARABILITY DATA. THIS PROCESS WAS LAST COMPLETED IN JANUARY 2023. EXECUTIVE MANAGEMENT AND HUMAN RESOURCES REVIEW AND APPROVE COMPENSATION FOR OTHER EMPLOYEES ANNUALLY, INCLUDING A REVIEW OF SALARY RANGE MOVEMENT AND THE DEVELOPMENT OF A SALARY INCREASE MATRIX. AN INDEPENDENT FIRM IS ENGAGED PERIODICALLY TO REVIEW THE GRADE STRUCTURE OF ALL POSITIONS. THIS PROCESS WAS LAST COMPLETED NOVEMBER 2021. |
| FORM 990, PART VI, SECTION C, LINE 19 | GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERS UPON REQUEST. |
| FORM 990, PART XI, LINE 9: | EQUITY ACQUIRED IN MERGER 20,823,131. |
| FORM 990, PART XII, LINE 2C: | THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT AUDITOR AND THIS PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. |
Schedule R IRS990ScheduleR
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Exempt Code SectionExemptCodeSectionTxt | Public Charity StatusPublicCharityStatusTxt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt | Controlled OrganizationControlledOrganizationInd |
|---|---|---|---|---|---|---|---|---|---|---|
| MAGNIFI FINANCIAL FOUNDATION | ||||||||||
| 20 4TH AVE SE | MELROSE | MN | 56352 | 611690771 | PRIVATE FOUNDATION | MN | 501(C)(3) | PF | MAGNIFI FINANCIAL CREDIT UNION | Yes (1) |
| ULTUM GROUP LLC | ||||||||||
| 300 PINECODE RD S | SARTELL | MN | 56377 | 320312117 | CU SERVICES | MN | 501(C)(3) | MAGNIFI FINANCIAL CREDIT UNION | Yes (1) | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | 0 | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | Yes (1) | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | 0 | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | 0 | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | 0 | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | 0 | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | 0 | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | 0 | SharingOfFacilitiesInd |
| Paid Employees Sharing | 0 | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | 0 | TransferToOtherOrgInd |
| Transfer From Other Org | 0 | TransferFromOtherOrgInd |
Transactions Related Org TransactionsRelatedOrgGrp
Other Organization Name OtherOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MAGNIFI FINANCIAL FOUNDATION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Transaction Type | B | TransactionTypeTxt |
| Involved | $83,984 | InvolvedAmt |
| Method Of Amount Determination | ACTUAL AMOUNT | MethodOfAmountDeterminationTxt |