Nonprofit · EIN 41-0705136
MAGNIFI FINANCIAL CREDIT UNION
Tax-exempt · MELROSE, MN 56352
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $149,695,408 | $141,550,968 | $8,144,440 | $2,441,846,026 | $2,194,002,688 | $247,843,338 |
| December 31, 2023 | 990 | $128,720,153 | $108,628,019 | $20,092,134 | $2,335,249,765 | $2,094,330,067 | $240,919,698 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $119,403,753
- Investment income
- $9,177,075
- Net gain from sales of assets
- $1,458,302
- Other revenue
- $21,114,580
Expenses
- Grants and similar amounts paid
- $110,271
- Benefits paid to members
- $45,677,622
- Compensation of officers, directors and key employees
- $6,357,771
- Other salaries and wages
- $29,135,294
- Salaries, compensation and benefits (total)
- $45,000,928
- Professional fundraising fees
- $0
- Occupancy
- $2,172,532
- Travel
- $658,313
- Depreciation
- $2,947,045
Balance sheet and other
- Total assets, start of year
- $2,335,249,765
- Total assets, end of year
- $2,441,846,026
- Total liabilities, end of year
- $2,194,002,688
- Net assets, end of year
- $247,843,338
- Land, buildings and equipment
- $38,593,772
- Gross unrelated business income
- $381,585
- Gross receipts
- $149,933,724
- Employees
- 488
- Volunteers
- 1
- Year formed
- 1939
- State of legal domicile
- MN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| CHARLES FRIEDERICHS | CHIEF EXECUTIVE OFFICER Officer | 45 | $1,132,433 | $102,397 |
| GREG MISTERMAN | CHIEF CREDIT OFFICER Officer | 45 | $657,753 | $88,543 |
| STEPHANIE MAYERS | FINANCIAL ADVISOR Highest-paid employee | 45 | $446,525 | $76,514 |
| ROSS BLOOMQUIST | CHIEF EXPERIENCE OFFICER Officer | 45 | $463,046 | $52,347 |
| NANCY ROSKE | CHIEF ADMIN OFFICER Officer | 45 | $387,693 | $76,059 |
| ANDREA KRASKA | CHIEF OPERATIONS OFFICER Officer | 45 | $345,862 | $76,585 |
| MATT NOSKA | CHIEF PEOPLE OFFICER Officer | 45 | $333,395 | $64,369 |
| MICHAEL SCHWIETERS | FINANCIAL ADVISOR Highest-paid employee | 45 | $311,489 | $69,054 |
| THERESA TSCHUMPERLIN | CUSO CEO Officer | 45 | $316,328 | $50,247 |
| RACHEL ENDRIZZI | SVP MARKETING Key employee | 45 | $296,573 | $66,311 |
| GARY MEYER | SVP RETAIL BANKING Key employee | 45 | $263,898 | $78,293 |
| DEAN DIRKES | MARKET PRES COMM BANKING Highest-paid employee | 45 | $253,383 | $78,516 |
| BRAD SHAFTON | SVP OF DIGITAL AND IT Key employee | 45 | $279,753 | $50,113 |
| JANELLE BORGMANN | SVP FINANCE Key employee | 45 | $235,739 | $74,581 |
| NICHOLAS RAHRICH | MARKET PRES COMM BANKING Highest-paid employee | 45 | $227,089 | $62,811 |
15 more people on this return
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| CHRIS STANLEY | COMMERCIAL BANKING OFFICER Highest-paid employee | 45 | $211,715 | $68,744 |
| ROB SCHMITT | SVP DIGITAL BANKING Key employee | 45 | $201,649 | $65,871 |
| JENN HENGEL | SVP OF PROJECT MGMT Key employee | 45 | $206,874 | $57,794 |
| JANEL EIBENSTINER | SVP BANKING OPERATIONS Key employee | 45 | $215,572 | $34,559 |
| MARVIN HINNENKAMP | DIRECTOR Trustee or director | 2 | $15,900 | $0 |
| MARK MEYER | DIRECTOR Trustee or director | 2 | $13,213 | $0 |
| LORI NELSON | DIRECTOR Trustee or director | 2 | $12,263 | $0 |
| FRED FLEISCHHACKER | TREASURER Trustee or director, Officer | 2 | $12,050 | $0 |
| JAMES GONDRINGER | DIRECTOR Trustee or director | 2 | $10,185 | $0 |
| LUKE GODZALA | SECRETARY Trustee or director, Officer | 2 | $9,000 | $0 |
| MARTY MAHOWALD | VICE CHAIRPERSON Trustee or director, Officer | 2 | $6,460 | $0 |
| MICHELLE HUDAK | SUP COMMITTEE Trustee or director | 2 | $2,100 | $0 |
| JOSH KRUPKE | SUP COMMITTEE Trustee or director | 2 | $1,063 | $0 |
| JONATHAN OLMSCHEID | SUP COMMITTEE Trustee or director | 2 | $900 | $0 |
| STEVE DANZL | CHAIRPERSON Trustee or director, Officer | 2 | $0 | $0 |
990 for the year ended December 31, 2023: 27 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| CHARLES FRIEDERICHS | CHIEF EXECUTIVE OFFICER Officer | 45 | $962,577 | $96,240 |
| NEAL KADERABEK | CHIEF DIGITAL/INFO OFFICER Officer | 45 | $538,983 | $43,753 |
| ROSS BLOOMQUIST | CHIEF EXPERIENCE OFFICER Officer | 45 | $441,406 | $50,440 |
| STEPHANIE MAYERS | FINANCIAL ADVISOR Highest-paid employee | 45 | $386,323 | $72,134 |
| NANCY ROSKE | CHIEF ADMIN OFFICER Officer | 45 | $366,285 | $82,388 |
| GREG MISTERMAN | CHIEF CREDIT OFFICER Officer | 45 | $333,557 | $82,675 |
| DANIEL SCHREINER | COMMERCIAL BANKING OFFICER Highest-paid employee | 45 | $329,464 | $67,279 |
| NICHOLAS RAHRICH | VP COMM BANKING/CBO Highest-paid employee | 45 | $315,420 | $66,254 |
| ANDREA KRASKA | CHIEF OPERATIONS OFFICER Officer | 45 | $300,793 | $68,672 |
| THERESA TSCHUMPERLIN | CUSO CEO Highest-paid employee | 45 | $306,797 | $44,221 |
| MICHAEL SCHWIETERS | FINANCIAL ADVISOR Highest-paid employee | 45 | $282,746 | $60,638 |
| GARY MEYER | SVP RETAIL BANKING Key employee | 45 | $247,934 | $78,800 |
| DEAN DIRKES | SVP COMMERCIAL BANKING Key employee | 45 | $250,161 | $76,428 |
| MATT NOSKA | CHIEF PEOPLE OFFICER Officer | 45 | $255,589 | $56,509 |
| RACHEL ENDRIZZI | SVP MARKETING Key employee | 45 | $223,883 | $57,274 |
| BRAD SHAFTON | SVP OF DIGITAL AND IT Key employee | 45 | $231,933 | $45,990 |
| JENN HENGEL | SVP OF PROJECT MGMT Key employee | 45 | $199,561 | $51,591 |
| JANELLE BORGMANN | SVP FINANCE Key employee | 45 | $174,092 | $64,864 |
| MARTY MAHOWALD | VICE CHAIRPERSON Trustee or director, Officer | 2 | $9,225 | $0 |
| STEVE DANZL | CHAIRPERSON Trustee or director, Officer | 2 | $7,700 | $0 |
| MARVIN HINNENKAMP | DIRECTOR Trustee or director | 2 | $7,050 | $0 |
| LORI NELSON | DIRECTOR Trustee or director | 2 | $6,203 | $0 |
| MARK MEYER | DIRECTOR Trustee or director | 2 | $5,913 | $0 |
| FRED FLEISCHHACKER | DIRECTOR Trustee or director | 2 | $5,800 | $0 |
| LUKE GODZALA | SECRETARY Trustee or director, Officer | 2 | $4,950 | $0 |
| JAMES GONDRINGER | TREASURER Trustee or director, Officer | 2 | $3,850 | $0 |
| CRAIG HITTNER | SUP COMMITTEE Trustee or director | 2 | $325 | $0 |
Address and contacts
- Address (IRS master file)
- 20 4TH AVE SE, MELROSE, MN 56352-1356
- In care of
- % HEATH BURG
- Principal officer (990 for 2024)
- CHARLES FRIEDERICHS, 20 4TH AVE SE, MELROSE, MN 56352
- Signed the 990
- NANCY ROSKE, CAO
- Phone
- (320) 256-3669
- Website
- WWW.MYMAGNIFI.ORG
- Return prepared by
- CLIFTONLARSONALLEN LLP
Mission
MAGNIFI FINANCIAL CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 84,983 MEMBERS.
Program accomplishments
- 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
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 41-0705136
- Tax-exempt status
- 501(c)(14): State-chartered credit union
- Donations deductible
- No
- Exempt since
- 1944
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Group exemption
- 0708: CREDIT UNIONS IN THE STATE OF MINNESOTA
- Assets (IRS master file)
- $2,441,846,026
- Income (IRS master file)
- $149,933,724
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $149,695,408 | $141,550,968 | $2,441,846,026 | XML |
| 990 | December 2023 | $128,720,153 | $108,628,019 | $2,335,249,765 | XML |
| 990 | December 2022 | $87,403,819 | $72,413,903 | $2,123,114,393 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 41-0705136).
Questions about MAGNIFI FINANCIAL CREDIT UNION
- What is the EIN of MAGNIFI FINANCIAL CREDIT UNION?
- The employer identification number (EIN) of MAGNIFI FINANCIAL CREDIT UNION is 41-0705136.
- Is MAGNIFI FINANCIAL CREDIT UNION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(14) since 1944.
- Are donations to MAGNIFI FINANCIAL CREDIT UNION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does MAGNIFI FINANCIAL CREDIT UNION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of MAGNIFI FINANCIAL CREDIT UNION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did MAGNIFI FINANCIAL CREDIT UNION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of MAGNIFI FINANCIAL CREDIT UNION?
- The 990 for the year ended December 31, 2024 names CHARLES FRIEDERICHS.
- Who are the officers and directors of MAGNIFI FINANCIAL CREDIT UNION?
- The 990 for the year ended December 31, 2024 lists 30 people; 29 received compensation from the organization, the highest $1,132,433 (CHARLES FRIEDERICHS, CHIEF EXECUTIVE OFFICER).
- How much revenue does MAGNIFI FINANCIAL CREDIT UNION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $149,695,408, expenses of $141,550,968 and total assets of $2,441,846,026 at year end.
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