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 not tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $3,853,778
Professional Fundraising Fees: $0
Other Salaries and Wages: $26,557,080
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?
Charles Friederichs is the Chief Executive Officer of Magnifi Financial Credit Union. The CEO's salary of Magnifi Financial Credit Union is $204,959 and their total compensation is $228,025.
Official website here: www.mymagnifi.org
What is the revenue of Magnifi Financial Credit Union?
Magnifi Financial Credit Union's revenue in 2022 was $87,403,819.
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 2022 was $62,317. There are 488 employees and 4 volunteers at Magnifi Financial Credit Union.
Here are 23 key members and their salaries (Magnifi Financial Credit Union's CEO's salary is $204,959 and their total compensation is $228,025):
- Charles Friederichs (Chief Executive Officer)
- Neal Kaderabek (Chief Digital/Info Officer)
- Nancy Roske (Chief Admin Officer)
- Stephanie Mayers (Financial Advisor)
- Michael Schwieters (Financial Advisor)
- Greg Misterman (Svp Of Credit)
- Chris Stanley (Commercial Banking Officer)
- Dean Dirkes (Svp Commercial Banking)
- Gary Meyer (Svp Retail Banking)
- Andrea Kraska (Svp Banking Ops)
- Matt Noska (Svp Of Human Resources)
- Brad Shafton (Vp Of It)
- Theresa Tschumperlin (Cuso Ceo)
- Jenn Hengel (Svp Of Project Mgmt)
- Ross Bloomquist (Chief Experience Officer)
- Marvin Hinnenkamp (Director)
- Mark Meyer (Chairperson) [Trustee/Director]
- Steve Danzl (Vice Chairperson) [Trustee/Director]
- Fred Fleischhacker (Director)
- James Gondringer (Director)
- Luke Godzala (Director)
- Marty Mahowald (Director)
- Lori Nissen (Director)
Official website here: www.mymagnifi.org
Where can I find the form 990 for Magnifi Financial Credit Union?
The Magnifi Financial Credit Union’s most recent form 990 was submitted in 2022 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.
Impact
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.
Thursday, August 15, 2024
Magnifi Financial Credit Union has a significant impact on its 83,881 members by providing them with essential financial services such as loans, deposits, and other financial products. The credit union's commitment to its members is evident through the dividends paid out, which amounted to $6,458,399.31. By operating as a member-owned financial cooperative, Magnifi Financial Credit Union is dedicated to promoting the financial well-being of its members and serving the public benefit in the city of Melrose, MN.
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 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$60,992,686
FEES & CHARGES
Revenue
$10,491,744
Organization Details
Founding Year
1939
Phone
(320) 256-3669
Principal Officer
Charles Friederichs
Main Address
20 4TH AVE SE, MELROSE, MN, 56352
Website
www.mymagnifi.org
NTEE Category
Code: W60 - Public benefit
If you are a representative of Magnifi Financial Credit Union and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.