Overview
What is Magnifi Financial Credit Union?
Magnifi Financial Credit Union, located in Melrose, Minnesota, is a member-owned financial cooperative catering to 83,881 individuals. This nonprofit organization offers loan, deposit, and various other financial services to its members. In the previous year, they distributed dividends totaling $6,458,399.31 to their depositors. With a workforce of 488 employees, Magnifi Financial Credit Union aims to enhance the financial wellbeing of its members.
Official website here: www.mymagnifi.org
Is Magnifi Financial Credit Union legitimate?
Magnifi Financial Credit Union is a legitimate nonprofit organization registered as a 501(c)(14) entity. Magnifi Financial Credit Union submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $5,433,394
Professional Fundraising Fees: $0
Other Salaries and Wages: $28,503,295
For more financial information, click here
Official website here: www.mymagnifi.org
What is the mission statement of Magnifi Financial Credit Union?
Magnifi Financial Credit Union functions as a member-owned financial cooperative, serving over 83,000 individuals. Their primary goal is to offer loan, deposit, and various financial services to their vast membership base. Notably, they have distributed significant dividends, amounting to $6,458,399.31, to their members' deposited funds. The credit union's mission is focused on delivering financial services to enrich the lives of its members.
Official website here: www.mymagnifi.org
Who is the CEO of Magnifi Financial Credit Union?
Theresa Tschumperlin is the CEO of Magnifi Financial Credit Union The CEO's salary of Magnifi Financial Credit Union is $306,797 and their total compensation is $351,018.
Official website here: www.mymagnifi.org
What is the revenue of Magnifi Financial Credit Union?
Magnifi Financial Credit Union's revenue in 2023 was $128,720,153.
Official website here: www.mymagnifi.org
Who are the executives of Magnifi Financial Credit Union and what are their salaries?
The average compensation at Magnifi Financial Credit Union during 2023 was $71,900. There are 472 employees and 2 volunteers at Magnifi Financial Credit Union.
Here are 27 key members and their salaries (Magnifi Financial Credit Union's CEO's salary is $306,797 and their total compensation is $351,018):
- Compensation: $9,225
- Related: $0
- Other: $0
- Compensation: $7,700
- Related: $0
- Other: $0
- Compensation: $7,050
- Related: $0
- Other: $0
- Compensation: $6,203
- Related: $0
- Other: $0
- Compensation: $5,913
- Related: $0
- Other: $0
- Compensation: $5,800
- Related: $0
- Other: $0
- Compensation: $4,950
- Related: $0
- Other: $0
- Compensation: $3,850
- Related: $0
- Other: $0
- Compensation: $325
- Related: $0
- Other: $0
- Compensation: $962,577
- Related: $0
- Other: $96,240
- Compensation: $366,285
- Related: $0
- Other: $82,388
- Compensation: $538,983
- Related: $0
- Other: $43,753
- Compensation: $333,557
- Related: $0
- Other: $82,675
- Compensation: $441,406
- Related: $0
- Other: $50,440
- Compensation: $300,793
- Related: $0
- Other: $68,672
- Compensation: $255,589
- Related: $0
- Other: $56,509
- Compensation: $250,161
- Related: $0
- Other: $76,428
- Compensation: $247,934
- Related: $0
- Other: $78,800
- Compensation: $199,561
- Related: $0
- Other: $51,591
- Compensation: $231,933
- Related: $0
- Other: $45,990
- Compensation: $174,092
- Related: $0
- Other: $64,864
- Compensation: $223,883
- Related: $0
- Other: $57,274
- Compensation: $386,323
- Related: $0
- Other: $72,134
- Compensation: $306,797
- Related: $0
- Other: $44,221
- Compensation: $282,746
- Related: $0
- Other: $60,638
- Compensation: $315,420
- Related: $0
- Other: $66,254
- Compensation: $329,464
- Related: $0
- Other: $67,279
Official website here: www.mymagnifi.org
Where can I find the form 990 for Magnifi Financial Credit Union?
Magnifi Financial Credit Union's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.mymagnifi.org
Learn more at the official website: www.mymagnifi.org
Mission Statement of Magnifi Financial Credit Union
Magnifi Financial Credit Union, a member-owned financial cooperative, is dedicated to providing loans, deposit services, and various other financial solutions to a membership base of 83,881 individuals. This institution plays a vital role in managing and distributing financial resources among its members, acting as a cooperative that fosters financial well-being and growth.
In practice, Magnifi Financial Credit Union demonstrates its commitment to its members by distributing dividends on deposited amounts, totaling $6,458,399.31. This financial redistribution serves as a testament to the cooperative's success and its ability to generate returns for its members. By operating as a financial cooperative, Magnifi Financial Credit Union distinguishes itself from other financial institutions by being owned and controlled by its members, ensuring that their interests are prioritized in all business decisions.
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Impact
October, 2024
Magnifi Financial Credit Union has made a significant impact by serving its community through a member-owned financial cooperative model. With a membership base of 83,881 individuals, the credit union provides essential financial services, including loans and deposits, which contribute directly to the economic well-being of its members.
In a demonstrable commitment to its members, Magnifi Financial paid out $6,458,399.31 in dividends on amounts deposited, illustrating its dedication to returning value to those who invest in the cooperative. This financial approach not only fosters individual member growth but also strengthens the overall community by promoting financial stability and access to resources. The credit union's mission centers on empowering its members, ensuring they have the financial tools needed for success while promoting a culture of mutual benefit and support. Through its various services and dividends, Magnifi Financial plays a crucial role in enhancing the lives of its members and contributing to the broader economic landscape of Melrose, Minnesota.
This information is meant to be a general summary of Magnifi Financial Credit Union. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $6,223,474
- Program Service Revenue: $108,343,781
- Gross Receipts: $128,483,879
Assets and Liabilities:
- Total Assets: $2,123,114,393
- Total Liabilities: $1,906,559,333
- Net Assets: $216,555,060
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$100,388,643
FEES & CHARGES
Revenue
$7,955,138
Organization Details
Founding Year
1939
Principal Officer
Charles Friederichs
Website
www.mymagnifi.orgNTEE Category
Code: W60 - Public benefit
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