2025-10-16T16:26:41-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2024-01-01 410705136 MAGNIFI FINANCIAL CREDIT UNION MAGN 3202563669 20 4TH AVE SE MELROSE MN 56352 NANCY ROSKE CAO 3202563669 2025-10-16 1 0 TANYA MEDGAARDEN P01717240 5074347000 2024 2025-03-06 01:10:19Z CHARLES FRIEDERICHS 20 4TH AVE SE MELROSE MN 56352 149933724 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 84,983 MEMBERS. 8 8 488 1 381585 98494 0 0 108343781 119403753 7038396 9177075 13337976 21114580 128720153 149695408 89912 110271 27324831 45677622 42935617 45000928 0 0 0 38277659 50762147 108628019 141550968 20092134 8144440 2335249765 2441846026 2094330067 2194002688 240919698 247843338 MAGNIFI FINANCIAL CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 84,983 MEMBERS. 0 0 MAGNIFI FINANCIAL CREDIT UNION PAID DIVIDENDS OF $45,706,274.33 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 263,882 MEMBER ACCOUNTS WITH DEPOSITS OF $2,034,678,956.83 AS OF DECEMBER 31, 2024. 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 44,379 LOANS OUTSTANDING AS OF DECEMBER 31, 2024, WITH BALANCES OF $1,874,879,028.01 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 42794 0 1 488 1 1 1 0 0 0 0 0 0 0 1 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 3203163565 20 4TH AVE SE MELROSE MN 56352 MARTY MAHOWALD VICE CHAIRPERSON 2.00 X X 6460 0 0 STEVE DANZL CHAIRPERSON 2.00 X X 0 0 0 MARVIN HINNENKAMP DIRECTOR 2.00 X 15900 0 0 LORI NELSON DIRECTOR 2.00 X 12263 0 0 MARK MEYER DIRECTOR 2.00 X 13213 0 0 FRED FLEISCHHACKER TREASURER 2.00 X X 12050 0 0 LUKE GODZALA SECRETARY 2.00 X X 9000 0 0 JAMES GONDRINGER DIRECTOR 2.00 X 10185 0 0 MICHELLE HUDAK SUP COMMITTEE 2.00 X 2100 0 0 JOSH KRUPKE SUP COMMITTEE 2.00 X 1063 0 0 JONATHAN OLMSCHEID SUP COMMITTEE 2.00 X 900 0 0 CHARLES FRIEDERICHS CHIEF EXECUTIVE OFFICER 45.00 X 1132433 0 102397 NANCY ROSKE CHIEF ADMIN OFFICER 45.00 X 387693 0 76059 GREG MISTERMAN CHIEF CREDIT OFFICER 45.00 X 657753 0 88543 ROSS BLOOMQUIST CHIEF EXPERIENCE OFFICER 45.00 X 463046 0 52347 ANDREA KRASKA CHIEF OPERATIONS OFFICER 45.00 X 345862 0 76585 MATT NOSKA CHIEF PEOPLE OFFICER 45.00 X 333395 0 64369 THERESA TSCHUMPERLIN CUSO CEO 45.00 X 316328 0 50247 GARY MEYER SVP RETAIL BANKING 45.00 X 263898 0 78293 JENN HENGEL SVP OF PROJECT MGMT 45.00 X 206874 0 57794 BRAD SHAFTON SVP OF DIGITAL AND IT 45.00 X 279753 0 50113 JANELLE BORGMANN SVP FINANCE 45.00 X 235739 0 74581 RACHEL ENDRIZZI SVP MARKETING 45.00 X 296573 0 66311 JANEL EIBENSTINER SVP BANKING OPERATIONS 45.00 X 215572 0 34559 ROB SCHMITT SVP DIGITAL BANKING 45.00 X 201649 0 65871 DEAN DIRKES MARKET PRES COMM BANKING 45.00 X 253383 0 78516 STEPHANIE MAYERS FINANCIAL ADVISOR 45.00 X 446525 0 76514 MICHAEL SCHWIETERS FINANCIAL ADVISOR 45.00 X 311489 0 69054 NICHOLAS RAHRICH MARKET PRES COMM BANKING 45.00 X 227089 0 62811 CHRIS STANLEY COMMERCIAL BANKING OFFICER 45.00 X 211715 0 68744 6869903 0 1293708 65 0 1 0 CARLSON LAVINE INC 2965 PATRIDGE ROAD ROSEVILLE MN 55113 BUILDING/BUILT MAPLE GROVE LOCATION 2607816 JACK HENRY PO BOX 609 MONETT MO 65708 CORE SYSTEM PROVIDER 1286538 FLINT GROUP PO BOX 2012 FARGO ND 58107 ADVERTISING 1280529 OLAF ANDERSON CONSTRUCTION INC PO BOX 2766 FARGO ND 58108 BUILDING FARGO ND LOCATION 1192150 INSIGHT DIRECT USA INC PO BOX 731069 DALLAS TX 75373 NETWORK EQUIPMENT AND VARIOUS SOFTWARE 1044221 48 LOAN INTEREST 522100 110576898 110576898 FEES & CHARGES 522100 8826855 8445270 381585 119403753 7718773 7718773 905105 791513 0 238316 905105 553197 1458302 1458302 OTHER INCOME 522100 22234864 22234864 OTHER NON INTEREST INCOME 522100 -1120284 -1120284 21114580 149695408 140136748 381585 9177075 110271 45677622 6357771 29135294 5234234 1921039 2352590 3725301 9436984 2172532 658313 8908352 2947045 8397 PROVISION FOR CREDIT LO 14189011 LOAN SERVICING EXPENSE 4932931 EDUCATIONAL AND PROMOTI 3130009 MISCELLANEOUS EXPENSE 586045 67227 141550968 131547891 207448780 56499000 57985000 1860060671 1849101036 2656580 2580489 66276460 27682688 33129630 38593772 181086185 199043982 11821607 70269808 75271360 2335249765 2441846026 23392537 19759620 233245808 140647238 1837691722 2033595830 2094330067 2194002688 X 0 0 0 0 240919698 247843338 240919698 247843338 2335249765 2441846026 X 8144440 -540402 -680398 X X 0 1 X 1 0 16775015 16775015 35055972 15826509 19229463 1775110 1775110 12670363 11856179 814184 38593772 OTHER INVESTMENTS 12847141 C AFS SECURITIES 181429765 F TRADING SECURITIES 4412698 F PERPETUAL CONTRIBUTED CAPITAL 354378 C 199043982 MEMBER SHARES 1943529189 NONMEMBER DEPOSITS 90066641 2033595830 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, 2024 AND 2023. THE CREDIT UNION'S 2021 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) 85271 0 SUPPORT OF PRIVATE FOUNDATION TO FURTHER THEIR EXEMPT PURPOSE CENTRACARE HEALTH FOUNDATION 1406 SIXTH AVE N ST CLOUD MN 56303 411855173 501(C)(3) 25000 0 SUPPORT OF PRIVATE FOUNDATION 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 813437 0 288440 0 30556 0 58300 0 44097 0 1234830 0 0 0 GREG MISTERMAN CHIEF CREDIT OFFICER 556967 0 95775 0 5011 0 50427 0 38116 0 746296 0 0 0 STEPHANIE MAYERS FINANCIAL ADVISOR 446525 0 0 0 0 0 40130 0 36384 0 523039 0 0 0 ROSS BLOOMQUIST CHIEF EXPERIENCE OFFICER 342020 0 120760 0 266 0 51258 0 1089 0 515393 0 0 0 NANCY ROSKE CHIEF ADMIN OFFICER 282927 0 104500 0 266 0 48444 0 27615 0 463752 0 0 0 ANDREA KRASKA CHIEF OPERATIONS OFFICER 258123 0 87473 0 266 0 38495 0 38090 0 422447 0 0 0 MATT NOSKA CHIEF PEOPLE OFFICER 245529 0 87600 0 266 0 23597 0 40772 0 397764 0 0 0 MICHAEL SCHWIETERS FINANCIAL ADVISOR 311489 0 0 0 0 0 34257 0 34797 0 380543 0 0 0 THERESA TSCHUMPERLIN CUSO CEO 230893 0 85169 0 266 0 36678 0 13569 0 366575 0 0 0 RACHEL ENDRIZZI SVP MARKETING 236009 0 60298 0 266 0 35441 0 30870 0 362884 0 0 0 GARY MEYER SVP RETAIL BANKING 215015 0 48617 0 266 0 44404 0 33889 0 342191 0 0 0 DEAN DIRKES MARKET PRES COMM BANKING 200930 0 44063 0 8390 0 41682 0 36834 0 331899 0 0 0 BRAD SHAFTON SVP OF DIGITAL AND IT 230630 0 48000 0 1123 0 15118 0 34995 0 329866 0 0 0 JANELLE BORGMANN SVP FINANCE 190026 0 45456 0 257 0 35593 0 38988 0 310320 0 0 0 NICHOLAS RAHRICH MARKET PRES COMM BANKING 202470 0 24619 0 0 0 27968 0 34843 0 289900 0 0 0 CHRIS STANLEY COMMERCIAL BANKING OFFICER 183361 0 26355 0 1999 0 33805 0 34939 0 280459 0 0 0 ROB SCHMITT SVP DIGITAL BANKING 164977 0 36672 0 0 0 32648 0 33223 0 267520 0 0 0 JENN HENGEL SVP OF PROJECT MGMT 168736 0 37920 0 218 0 24728 0 33066 0 264668 0 0 0 JANEL EIBENSTINER SVP BANKING OPERATIONS 181321 0 34251 0 0 0 32545 0 2014 0 250131 0 0 0 PART I, LINE 1A CHARLES FRIEDERICHS - COMPANY VEHICLE GROSS-UP $30,290 CHARLES FRIEDERICHS - LONG TERM DISABILITY INSURANCE - $266 NANCY ROSKE - LONG TERM DISABILITY INSURANCE - $266 GARY MEYER - LONG TERM DISABILITY INSURANCE - $266 GREG MISTERMAN - LONG TERM DISABILITY INSURANCE - $266 DEAN DIRKES - LONG TERM DISABILITY INSURANCE - $266 ANDREA KRASKA - LONG TERM DISABILITY INSURANCE - $266 MATT NOSKA - LONG TERM DISABILITY INSURANCE - $266 ROSS BLOOMQUIST - LONG TERM DISABILITY INSURANCE - $266 THERESA TSCHUMPERLIN - LONG TERM DISABILITY INSURANCE - $266 JENN HENGEL - LONG TERM DISABILITY INSURANCE - $218 BRAD SHAFTON - LONG TERM DISABILITY INSURANCE - $266 JANELLE BORGMANN - LONG TERM DISABILITY INSURANCE - $257 RACHEL ENDRIZZI - LONG TERM DISABILITY INSURANCE - $266 GREG MISTERMAN - GOLF MEMBERSHIP- $4,745 CHRIS STANLEY - GOLF MEMBERSHIP - $1,999 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 FEBRUARY 2025 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. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2025. 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: ROUNDING 15. PRIOR YEAR FOUNDATION EQUITY -680,413. 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. ULTUM GROUP LLC 300 PINECONE RD S SARTELL MN 56377 320312117 CU SERVICES MN 1752479 2404630 MAGNIFI FINANCIAL CREDIT UNION MAGNIFI FINANCIAL FOUNDATION 20 4TH AVE SE MELROSE MN 56352 611690771 PRIVATE FOUNDATION MN 501(C)(3) PF 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 85271 ACTUAL AMOUNT