2023-11-14T18:35:52-06:00 2022-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2022-01-01 410705136 MAGNIFI FINANCIAL CREDIT UNION MAGN 3202563669 20 4TH AVE SE MELROSE MN 56352 NANCY ROSKE CHIEF ADMINISTRATIVE OFFICER 3202563669 2023-11-09 1 NANCY ROSKE 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X CHARLES FRIEDERICHS 20 4TH AVE SE MELROSE MN 56352 88891602 0 X WWW.MYMAGNIFI.ORG X CU 1939 MN MAGNIFI FINANCIAL CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 83,881 MEMBERS. 8 8 488 4 270258 8998 0 0 65211941 71484430 1759176 4049846 12004484 11869543 78975601 87403819 90650 93984 5366194 6457233 33797599 38407800 0 0 0 22559064 27454886 61813507 72413903 17162094 14989916 1639292297 2123114393 1428669177 1906559333 210623120 216555060 MAGNIFI FINANCIAL CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 83,881 MEMBERS. 0 0 MAGNIFI FINANCIAL CREDIT UNION PAID DIVIDENDS OF $6,458,399.31 ON AMOUNTS DEPOSITED BY MEMBERS. 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. 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. 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 30705 0 488 1 1 1 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X NANCY ROSKE 3202563669 20 4TH AVE SE MELROSE MN 56352 MARVIN HINNENKAMP DIRECTOR 2.00 X 5975 0 0 MARK MEYER CHAIRPERSON 2.00 X X 5513 0 0 STEVE DANZL VICE CHAIRPERSON 2.00 X X 5425 0 0 FRED FLEISCHHACKER DIRECTOR 2.00 X 5225 0 0 JAMES GONDRINGER DIRECTOR 2.00 X 4050 0 0 LUKE GODZALA DIRECTOR 2.00 X 2700 0 0 MARTY MAHOWALD DIRECTOR 2.00 X 2112 0 0 LORI NISSEN DIRECTOR 2.00 X 0 0 0 CHARLES FRIEDERICHS CHIEF EXECUTIVE OFFICER 45.00 X 822773 0 87042 NEAL KADERABEK CHIEF DIGITAL/INFO OFFICER 45.00 X 594126 0 49364 NANCY ROSKE CHIEF ADMIN OFFICER 45.00 X 342405 0 77643 ROSS BLOOMQUIST CHIEF EXPERIENCE OFFICER 45.00 X 68936 0 15050 GREG MISTERMAN SVP OF CREDIT 45.00 X 292130 0 40206 DEAN DIRKES SVP COMMERCIAL BANKING 45.00 X 233082 0 69335 GARY MEYER SVP RETAIL BANKING 45.00 X 231191 0 70137 ANDREA KRASKA SVP BANKING OPS 45.00 X 234063 0 60347 MATT NOSKA SVP OF HUMAN RESOURCES 45.00 X 221207 0 47328 BRAD SHAFTON VP OF IT 45.00 X 193840 0 41573 STEPHANIE MAYERS FINANCIAL ADVISOR 45.00 X 351044 0 65848 MICHAEL SCHWIETERS FINANCIAL ADVISOR 45.00 X 310784 0 57638 CHRIS STANLEY COMMERCIAL BANKING OFFICER 45.00 X 261427 0 59174 THERESA TSCHUMPERLIN CUSO CEO 45.00 X 204959 0 23066 JENN HENGEL SVP OF PROJECT MGMT 45.00 X 173678 0 43865 4566645 0 807616 61 0 1 0 JACK HENRY PO BOX 609 MONETT MO 65708 CORE PROCESSOR 1095155 NCINO INC 6770 PARKER FARM DR STE 300 WILMINGTON NC 28405 SOFTWARE PROVIDER 465914 BREITBACH CONSTRUCTION 802 1ST AVE ELROSA MN 56325 BUILDING PROJECTS 127200 3 LOAN INTEREST 522100 60992686 60992686 FEES & CHARGES 522100 10491744 10221486 270258 71484430 3757590 3757590 1780039 1487783 292256 292256 292256 MISCELLANEOUS OPERATIONS INCOME 522100 12693435 12693435 OTHER NON-OPERATING EXPENSES 522100 27130 27130 GAIN ON EMPLOYEE BENEFIT PLAN FUN 522100 -851022 -851022 11869543 87403819 83934737 270258 3198824 93984 6457233 3853778 26557080 1782898 4162570 2051474 2476085 7827291 1944910 442604 1824197 2872035 2125 PROVISION FOR LOAN LOSS 4655288 LOAN SERVICING EXPENSE 3018611 EDUCATIONAL AND PROMOTI 1874709 MISCELLANEOUS EXPENSE 489070 27961 72413903 149674438 63192123 38821000 44542386 1177037856 1712894518 2680814 2548245 55079498 23167699 26946058 31911799 199305654 201095984 44826477 66929338 1639292297 2123114393 14467934 18360940 220835934 1414201243 1667362459 1428669177 1906559333 X 0 0 0 0 210623120 216555060 210623120 216555060 1639292297 2123114393 X 14989916 -29881107 20823131 X X 0 1 X 1 0 13082031 13082031 28117922 13204459 14913463 1775110 1775110 12104435 9963240 2141195 31911799 OTHER INVESTMENTS 14912968 C AFS SECURITIES 182320508 F TRADING SECURITIES 3508130 F PERPETUAL CONTRIBUTED CAPITAL 354378 C 201095984 MEMBER SHARES 1667362459 1667362459 X PART X, LINE 2: 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. 1 MAGNIFI FINANCIAL FOUNDATION 20 4TH AVE SE MELROSE MN 56352 611690771 501(C)(3) 83984 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) 10000 0 SUPPORT TO FURTHER THEIR EXEMPT PURPOSE 2 PART I, LINE 2: 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. X X 1 1 X X X X 0 0 0 CHARLES FRIEDERICHS CHIEF EXECUTIVE OFFICER 581874 0 220000 0 20899 0 48662 0 38380 0 909815 0 0 0 NEAL KADERABEK CHIEF DIGITAL/INFO OFFICER 493798 0 100000 0 328 0 40593 0 8771 0 643490 0 0 0 NANCY ROSKE CHIEF ADMIN OFFICER 248096 0 93981 0 328 0 45069 0 32574 0 420048 0 0 0 STEPHANIE MAYERS FINANCIAL ADVISOR 350162 0 882 0 0 0 35577 0 30271 0 416892 0 0 0 MICHAEL SCHWIETERS FINANCIAL ADVISOR 309866 0 918 0 0 0 29052 0 28586 0 368422 0 0 0 GREG MISTERMAN SVP OF CREDIT 236418 0 50640 0 5072 0 38365 0 1841 0 332336 0 0 0 CHRIS STANLEY COMMERCIAL BANKING OFFICER 156998 0 102540 0 1889 0 30635 0 28539 0 320601 0 0 0 DEAN DIRKES SVP COMMERCIAL BANKING 188131 0 44640 0 311 0 38234 0 31101 0 302417 0 0 0 GARY MEYER SVP RETAIL BANKING 187197 0 43682 0 312 0 37565 0 32572 0 301328 0 0 0 ANDREA KRASKA SVP BANKING OPS 194349 0 39401 0 313 0 29072 0 31275 0 294410 0 0 0 MATT NOSKA SVP OF HUMAN RESOURCES 179201 0 41712 0 294 0 17112 0 30216 0 268535 0 0 0 BRAD SHAFTON VP OF IT 152879 0 40961 0 0 0 11157 0 30416 0 235413 0 0 0 THERESA TSCHUMPERLIN CUSO CEO 194688 0 10000 0 271 0 22467 0 599 0 228025 0 0 0 JENN HENGEL SVP OF PROJECT MGMT 138644 0 35034 0 0 0 18723 0 25142 0 217543 0 0 0 PART I, LINE 1A 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 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. MAGNIFI FINANCIAL FOUNDATION 20 4TH AVE SE MELROSE MN 56352 611690771 PRIVATE FOUNDATION MN 501(C)(3) PF MAGNIFI FINANCIAL CREDIT UNION 1 ULTUM GROUP LLC 300 PINECODE RD S SARTELL MN 56377 320312117 CU SERVICES MN 501(C)(3) MAGNIFI FINANCIAL CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MAGNIFI FINANCIAL FOUNDATION B 83984 ACTUAL AMOUNT