Magnifi Financial Credit Union
501(c)(14)
Only null% goes to programs Strong reserves Growing revenue
Magnifi Financial Credit Union is a 501(c)(14) organization based in Melrose, Minnesota, registered in 1944, with $149,695,408 in FY2024 revenue. CharityIndex grades it A.
20 4th Ave Se, Melrose, MN, 56352 EIN 41-0705136 Since 1944
Revenue (FY2024)
$149.7M
▲ 16.3% vs prior year
Expenses (FY2024)
$141.6M
Net assets
$247.8M
Employees
488
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
—Program efficiency40% of the ratingNo expense breakdown in filings
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. Not scored for Magnifi Financial Credit Union— this filing type doesn't report it, and the rating simply skips it (never counts it against the organization). See the exact thresholds →
AFinancial health25% of the rating21 mo reserves · +5% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Magnifi Financial Credit Union: 21 mo reserves · +5% margin earns a A on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Magnifi Financial Credit Union: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
ATransparency10% of the rating4 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Magnifi Financial Credit Union: 4 of 5 disclosure signals earns a A on this criterion. See the exact thresholds →
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Mission
Magnifi financial credit union is a member owned financial cooperative providing loan, deposit and other financial services to 84,983 members.
What they do
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
Contact & location
Financial trends
Revenue grew from $38.5M (FY2013) to $149.7M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $2.2BNet assets $247.8M
Operating margin
5.4%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$2.4B
Total liabilities
$2.2B
Net assets
$247.8M
Salaries & benefits
$45.0M
32% of expenses
Board members
8
8 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $149,695,408▲16.3% | $141,550,968▲30.3% | $247,843,338▲2.9% | $2,441,846,026▲4.6% | 990 |
| 2023 | $128,720,153▲47.3% | $108,628,019▲50.0% | $240,919,698▲11.3% | $2,335,249,765▲10.0% | 990 |
| 2022 | $87,403,819▲10.7% | $72,413,903▲17.1% | $216,555,060▲2.8% | $2,123,114,393▲29.5% | 990 |
| 2021 | $78,975,601▲5.5% | $61,813,507▼1.7% | $210,623,120▲6.3% | $1,639,292,297▲12.8% | 990 |
| 2020 | $74,850,818▲13.0% | $62,900,631▲20.6% | $198,160,681▲6.5% | $1,453,374,392▲20.9% | 990 |
| 2019 | $66,228,219▲16.1% | $52,153,934▲19.4% | $186,127,689▲10.0% | $1,201,921,676▲9.3% | 990 |
| 2018 | $57,068,510▲11.4% | $43,667,539▲7.2% | $169,176,605▲8.5% | $1,100,060,228▲7.0% | 990 |
| 2017 | $51,224,859▲8.3% | $40,743,473▲6.9% | $155,882,286▲7.5% | $1,027,920,816▲7.1% | 990 |
| 2016 | $47,311,756▲9.1% | $38,109,263▲12.2% | $144,940,638▲6.7% | $960,051,216▲4.5% | 990 |
| 2015 | $43,365,872▼1.6% | $33,970,569▲7.4% | $135,793,772▲7.4% | $918,668,931▲7.3% | 990 |
| 2014 | $44,070,356▲14.3% | $31,632,894▲4.7% | $126,461,764▲11.3% | $856,455,313▲12.8% | 990 |
| 2013 | $38,546,426 | $30,202,539▲9.1% | $113,622,358▲7.5% | $758,951,788▲7.7% | 990 |
| 2012 | — | $27,672,647▲6.5% | $105,700,651▲10.1% | $704,884,027▲12.6% | 990 |
| 2011 | — | $25,981,372 | $95,970,027 | $626,143,533 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Charles Friederichs — $1,132,433 (0.80% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Charles Friederichs | Chief Executive Officer | 45 | $1,132,433 |
| Greg Misterman | Chief Credit Officer | 45 | $657,753 |
| Ross Bloomquist | Chief Experience Officer | 45 | $463,046 |
| Stephanie Mayers | Financial Advisor | 45 | $446,525 |
| Nancy Roske | Chief Admin Officer | 45 | $387,693 |
| Andrea Kraska | Chief Operations Officer | 45 | $345,862 |
| Matt Noska | Chief People Officer | 45 | $333,395 |
| Theresa Tschumperlin | Cuso Ceo | 45 | $316,328 |
| Michael Schwieters | Financial Advisor | 45 | $311,489 |
| Rachel Endrizzi | Svp Marketing | 45 | $296,573 |
| Brad Shafton | Svp of Digital and It | 45 | $279,753 |
| Gary Meyer | Svp Retail Banking | 45 | $263,898 |
| Dean Dirkes | Market Pres Comm Banking | 45 | $253,383 |
| Janelle Borgmann | Svp Finance | 45 | $235,739 |
| Nicholas Rahrich | Market Pres Comm Banking | 45 | $227,089 |
| Janel Eibenstiner | Svp Banking Operations | 45 | $215,572 |
| Chris Stanley | Commercial Banking Officer | 45 | $211,715 |
| Jenn Hengel | Svp of Project Mgmt | 45 | $206,874 |
| Rob Schmitt | Svp Digital Banking | 45 | $201,649 |
| Marvin Hinnenkamp | Director | 2 | $15,900 |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Carlson Lavine Inc | Building/built Maple Grove Location | $2,607,816 |
| Jack Henry | Core System Provider | $1,286,538 |
| Flint Group | Advertising | $1,280,529 |
| Olaf Anderson Construction Inc | Building Fargo Nd Location | $1,192,150 |
| Insight Direct USA Inc | Network Equipment and Various Software | $1,044,221 |
Grants made · $110K in FY2024
2 grants totaling $110K in FY2024. All grants made by Magnifi Financial Credit Union →
| Recipient | Purpose | Amount |
|---|---|---|
| Magnifi Financial Foundation | Support of private foundation to further their exempt purpose | $85,271 |
| Centracare Health Foundation | Support of private foundation to further their exempt purpose | $25,000 |
Frequently asked questions
- Is Magnifi Financial Credit Union a legitimate nonprofit?
- Yes. Magnifi Financial Credit Union is a 501(c)(14) organization registered with the U.S. Internal Revenue Service under EIN 41-0705136, based in Melrose, Minnesota.
- What is Magnifi Financial Credit Union's EIN?
- Magnifi Financial Credit Union's Employer Identification Number (EIN) is 41-0705136.
- How much revenue does Magnifi Financial Credit Union report?
- Magnifi Financial Credit Union reported $149,695,408 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- What financial grade does Magnifi Financial Credit Union have?
- CharityIndex grades Magnifi Financial Credit Union A, based on financial health (reserves and operating margin).
- How much does Magnifi Financial Credit Union's highest-paid employee make?
- The highest reported compensation on Magnifi Financial Credit Union's latest Form 990 is $1,132,433, paid to Charles Friederichs (Chief Executive Officer).
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Explore more
Data for Magnifi Financial Credit Union (EIN 41-0705136) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.