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Employer Identification Number 41-0705136

MAGNIFI FINANCIAL CREDIT UNION is a USA domiciled entity or foreign entity operating in the USA. The EIN ihas been issued by the IRS

Company Name:MAGNIFI FINANCIAL CREDIT UNION
Employer identification number (EIN):41-0705136
EIN Issuing AuthorityPhiladelphia, PA
NAIC Classification:522130
NAIC Description:Credit Unions
401k Pension/Benefits registration MAGNIFI FINANCIAL CREDIT UNION 401k plan information
Federal tax statusExempt from federal income tax. Registered as a non-profit under 501(c)(3) Title 26 of the United States Code

Organization Overview

Mission StatementCENTRAL MINNESOTA CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 62,839 MEMBERS.
Number of Employees394
Number of Volunteers12
Year Formed1939

Organization Governance

Legal DomicileMN
Voting Members - Governing Body9
Voting Members - Independent9

Organization Financials

2023-12-31
Total unrelated business incomeUSD $ 282,573
Net unrelated business incomeUSD $ 0
Program Service Revenue from prior yearUSD $ 71,484,430
Program Service Revenue from current yearUSD $ 108,343,781
Investment Income from prior yearUSD $ 4,049,846
Investment Income from current yearUSD $ 7,038,396
Other Revenue from prior yearUSD $ 11,869,543
Other Revenue from current yearUSD $ 13,337,976
Gross receipts from all sourcesUSD $ 128,483,879
Net assets / fund balances at end of fiscal yearUSD $ 240,919,698
Net assets / fund balances at beginning of fiscal yearUSD $ 216,555,060
Total liabilities at end of fiscal yearUSD $ 2,094,330,067
Total liabilities at beginning of fiscal yearUSD $ 1,906,559,333
Total assets at end of fiscal yearUSD $ 2,335,249,765
Total assets at beginning of fiscal yearUSD $ 2,123,114,393
Revenues less expenses for current yearUSD $ 20,092,134
Revenues less expenses for previous yearUSD $ 14,989,916
Total expenses for current yearUSD $ 108,628,019
Total expenses for previous yearUSD $ 72,413,903
Other expenses in current yearUSD $ 38,277,659
Other expenses in previous yearUSD $ 27,454,886
Total fundraising expenses in current yearUSD $ 0
Professional fundraising fees from current yearUSD $ 0
Professional fundraising fees from previous yearUSD $ 0
Employee salary and benefits paid in current yearUSD $ 42,935,617
Employee salary and benefits paid in previous yearUSD $ 38,407,800
Benefits paid to or for members in current yearUSD $ 27,324,831
Benefits paid to or for members in previous yearUSD $ 6,457,233
Grants and similar amounts paid in current yearUSD $ 89,912
Grants and similar amounts paid in previous yearUSD $ 93,984
Total revenue in current fiscal yearUSD $ 128,720,153
Total revenue in previous fiscal yearUSD $ 87,403,819
Contributions and grants from current yearUSD $ 0
Contributions and grants from previous yearUSD $ 0
Total of other revenueUSD $ 13,337,976
2022-12-31
Total unrelated business incomeUSD $ 270,258
Net unrelated business incomeUSD $ 8,998
Program Service Revenue from prior yearUSD $ 65,211,941
Program Service Revenue from current yearUSD $ 71,484,430
Investment Income from prior yearUSD $ 1,759,176
Investment Income from current yearUSD $ 4,049,846
Other Revenue from prior yearUSD $ 12,004,484
Other Revenue from current yearUSD $ 11,869,543
Gross receipts from all sourcesUSD $ 88,891,602
Net assets / fund balances at end of fiscal yearUSD $ 216,555,060
Net assets / fund balances at beginning of fiscal yearUSD $ 210,623,120
Total liabilities at end of fiscal yearUSD $ 1,906,559,333
Total liabilities at beginning of fiscal yearUSD $ 1,428,669,177
Total assets at end of fiscal yearUSD $ 2,123,114,393
Total assets at beginning of fiscal yearUSD $ 1,639,292,297
Revenues less expenses for current yearUSD $ 14,989,916
Revenues less expenses for previous yearUSD $ 17,162,094
Total expenses for current yearUSD $ 72,413,903
Total expenses for previous yearUSD $ 61,813,507
Other expenses in current yearUSD $ 27,454,886
Other expenses in previous yearUSD $ 22,559,064
Total fundraising expenses in current yearUSD $ 0
Professional fundraising fees from current yearUSD $ 0
Professional fundraising fees from previous yearUSD $ 0
Employee salary and benefits paid in current yearUSD $ 38,407,800
Employee salary and benefits paid in previous yearUSD $ 33,797,599
Benefits paid to or for members in current yearUSD $ 6,457,233
Benefits paid to or for members in previous yearUSD $ 5,366,194
Grants and similar amounts paid in current yearUSD $ 93,984
Grants and similar amounts paid in previous yearUSD $ 90,650
Total revenue in current fiscal yearUSD $ 87,403,819
Total revenue in previous fiscal yearUSD $ 78,975,601
Contributions and grants from current yearUSD $ 0
Contributions and grants from previous yearUSD $ 0
Total of other revenueUSD $ 11,869,543
2021-12-31
Total unrelated business incomeUSD $ 223,962
Net unrelated business incomeUSD $ 18,273
Program Service Revenue from prior yearUSD $ 63,827,732
Program Service Revenue from current yearUSD $ 65,211,941
Investment Income from prior yearUSD $ 2,359,377
Investment Income from current yearUSD $ 1,759,176
Other Revenue from prior yearUSD $ 8,663,709
Other Revenue from current yearUSD $ 12,004,484
Gross receipts from all sourcesUSD $ 79,519,200
Net assets / fund balances at end of fiscal yearUSD $ 210,623,120
Net assets / fund balances at beginning of fiscal yearUSD $ 198,160,681
Total liabilities at end of fiscal yearUSD $ 1,428,669,177
Total liabilities at beginning of fiscal yearUSD $ 1,255,213,711
Total assets at end of fiscal yearUSD $ 1,639,292,297
Total assets at beginning of fiscal yearUSD $ 1,453,374,392
Revenues less expenses for current yearUSD $ 17,162,094
Revenues less expenses for previous yearUSD $ 11,950,187
Total expenses for current yearUSD $ 61,813,507
Total expenses for previous yearUSD $ 62,900,631
Other expenses in current yearUSD $ 22,559,064
Other expenses in previous yearUSD $ 23,224,017
Total fundraising expenses in current yearUSD $ 0
Professional fundraising fees from current yearUSD $ 0
Professional fundraising fees from previous yearUSD $ 0
Employee salary and benefits paid in current yearUSD $ 33,797,599
Employee salary and benefits paid in previous yearUSD $ 31,792,074
Benefits paid to or for members in current yearUSD $ 5,366,194
Benefits paid to or for members in previous yearUSD $ 7,787,584
Grants and similar amounts paid in current yearUSD $ 90,650
Grants and similar amounts paid in previous yearUSD $ 96,956
Total revenue in current fiscal yearUSD $ 78,975,601
Total revenue in previous fiscal yearUSD $ 74,850,818
Contributions and grants from current yearUSD $ 0
Contributions and grants from previous yearUSD $ 0
Total of other revenueUSD $ 12,004,484
2020-12-31
Total unrelated business incomeUSD $ 65,040
Net unrelated business incomeUSD $ 4,957
Program Service Revenue from prior yearUSD $ 55,034,769
Program Service Revenue from current yearUSD $ 63,827,732
Investment Income from prior yearUSD $ 3,078,815
Investment Income from current yearUSD $ 2,359,377
Other Revenue from prior yearUSD $ 8,114,635
Other Revenue from current yearUSD $ 8,663,709
Gross receipts from all sourcesUSD $ 75,031,009
Net assets / fund balances at end of fiscal yearUSD $ 198,160,681
Net assets / fund balances at beginning of fiscal yearUSD $ 186,127,689
Total liabilities at end of fiscal yearUSD $ 1,255,213,711
Total liabilities at beginning of fiscal yearUSD $ 1,015,793,987
Total assets at end of fiscal yearUSD $ 1,453,374,392
Total assets at beginning of fiscal yearUSD $ 1,201,921,676
Revenues less expenses for current yearUSD $ 11,950,187
Revenues less expenses for previous yearUSD $ 14,074,285
Total expenses for current yearUSD $ 62,900,631
Total expenses for previous yearUSD $ 52,153,934
Other expenses in current yearUSD $ 23,224,017
Other expenses in previous yearUSD $ 16,441,662
Total fundraising expenses in current yearUSD $ 0
Professional fundraising fees from current yearUSD $ 0
Professional fundraising fees from previous yearUSD $ 0
Employee salary and benefits paid in current yearUSD $ 31,792,074
Employee salary and benefits paid in previous yearUSD $ 27,884,317
Benefits paid to or for members in current yearUSD $ 7,787,584
Benefits paid to or for members in previous yearUSD $ 7,741,346
Grants and similar amounts paid in current yearUSD $ 96,956
Grants and similar amounts paid in previous yearUSD $ 86,609
Total revenue in current fiscal yearUSD $ 74,850,818
Total revenue in previous fiscal yearUSD $ 66,228,219
Contributions and grants from current yearUSD $ 0
Contributions and grants from previous yearUSD $ 0
Total of other revenueUSD $ 8,663,709
2019-12-31
Total unrelated business incomeUSD $ 80,267
Net unrelated business incomeUSD $ 14,211
Program Service Revenue from prior yearUSD $ 47,888,665
Program Service Revenue from current yearUSD $ 55,034,769
Investment Income from prior yearUSD $ 2,148,660
Investment Income from current yearUSD $ 3,078,815
Other Revenue from prior yearUSD $ 7,031,185
Other Revenue from current yearUSD $ 8,114,635
Gross receipts from all sourcesUSD $ 68,049,373
Net assets / fund balances at end of fiscal yearUSD $ 186,127,689
Net assets / fund balances at beginning of fiscal yearUSD $ 169,176,605
Total liabilities at end of fiscal yearUSD $ 1,015,793,987
Total liabilities at beginning of fiscal yearUSD $ 930,883,623
Total assets at end of fiscal yearUSD $ 1,201,921,676
Total assets at beginning of fiscal yearUSD $ 1,100,060,228
Revenues less expenses for current yearUSD $ 14,074,285
Revenues less expenses for previous yearUSD $ 13,400,971
Total expenses for current yearUSD $ 52,153,934
Total expenses for previous yearUSD $ 43,667,539
Other expenses in current yearUSD $ 16,441,662
Other expenses in previous yearUSD $ 13,917,140
Total fundraising expenses in current yearUSD $ 0
Professional fundraising fees from current yearUSD $ 0
Professional fundraising fees from previous yearUSD $ 0
Employee salary and benefits paid in current yearUSD $ 27,884,317
Employee salary and benefits paid in previous yearUSD $ 24,446,306
Benefits paid to or for members in current yearUSD $ 7,741,346
Benefits paid to or for members in previous yearUSD $ 5,217,420
Grants and similar amounts paid in current yearUSD $ 86,609
Grants and similar amounts paid in previous yearUSD $ 86,673
Total revenue in current fiscal yearUSD $ 66,228,219
Total revenue in previous fiscal yearUSD $ 57,068,510
Contributions and grants from current yearUSD $ 0
Contributions and grants from previous yearUSD $ 0
Total of other revenueUSD $ 8,114,635
2018-12-31
Total unrelated business incomeUSD $ 59,256
Net unrelated business incomeUSD $ 15,958
Program Service Revenue from prior yearUSD $ 43,868,310
Program Service Revenue from current yearUSD $ 47,888,665
Investment Income from prior yearUSD $ 1,599,099
Investment Income from current yearUSD $ 2,148,660
Other Revenue from prior yearUSD $ 5,757,450
Other Revenue from current yearUSD $ 7,031,185
Gross receipts from all sourcesUSD $ 60,731,393
Net assets / fund balances at end of fiscal yearUSD $ 169,176,605
Net assets / fund balances at beginning of fiscal yearUSD $ 155,882,286
Total liabilities at end of fiscal yearUSD $ 930,883,623
Total liabilities at beginning of fiscal yearUSD $ 872,038,530
Total assets at end of fiscal yearUSD $ 1,100,060,228
Total assets at beginning of fiscal yearUSD $ 1,027,920,816
Revenues less expenses for current yearUSD $ 13,400,971
Revenues less expenses for previous yearUSD $ 10,481,386
Total expenses for current yearUSD $ 43,667,539
Total expenses for previous yearUSD $ 40,743,473
Other expenses in current yearUSD $ 13,917,140
Other expenses in previous yearUSD $ 12,728,846
Total fundraising expenses in current yearUSD $ 0
Professional fundraising fees from current yearUSD $ 0
Professional fundraising fees from previous yearUSD $ 0
Employee salary and benefits paid in current yearUSD $ 24,446,306
Employee salary and benefits paid in previous yearUSD $ 23,774,308
Benefits paid to or for members in current yearUSD $ 5,217,420
Benefits paid to or for members in previous yearUSD $ 4,152,102
Grants and similar amounts paid in current yearUSD $ 86,673
Grants and similar amounts paid in previous yearUSD $ 88,217
Total revenue in current fiscal yearUSD $ 57,068,510
Total revenue in previous fiscal yearUSD $ 51,224,859
Contributions and grants from current yearUSD $ 0
Contributions and grants from previous yearUSD $ 0
Total of other revenueUSD $ 7,031,185
2017-12-31
Total unrelated business incomeUSD $ 58,350
Net unrelated business incomeUSD $ 6,394
Program Service Revenue from prior yearUSD $ 41,354,087
Program Service Revenue from current yearUSD $ 43,868,310
Investment Income from prior yearUSD $ 1,013,862
Investment Income from current yearUSD $ 1,599,099
Other Revenue from prior yearUSD $ 4,943,807
Other Revenue from current yearUSD $ 5,757,450
Gross receipts from all sourcesUSD $ 55,063,544
Net assets / fund balances at end of fiscal yearUSD $ 155,882,286
Net assets / fund balances at beginning of fiscal yearUSD $ 144,940,638
Total liabilities at end of fiscal yearUSD $ 872,038,530
Total liabilities at beginning of fiscal yearUSD $ 815,110,578
Total assets at end of fiscal yearUSD $ 1,027,920,816
Total assets at beginning of fiscal yearUSD $ 960,051,216
Revenues less expenses for current yearUSD $ 10,481,386
Revenues less expenses for previous yearUSD $ 9,202,493
Total expenses for current yearUSD $ 40,743,473
Total expenses for previous yearUSD $ 38,109,263
Other expenses in current yearUSD $ 12,728,846
Other expenses in previous yearUSD $ 12,127,464
Total fundraising expenses in current yearUSD $ 0
Professional fundraising fees from current yearUSD $ 0
Professional fundraising fees from previous yearUSD $ 0
Employee salary and benefits paid in current yearUSD $ 23,774,308
Employee salary and benefits paid in previous yearUSD $ 21,977,333
Benefits paid to or for members in current yearUSD $ 4,152,102
Benefits paid to or for members in previous yearUSD $ 3,904,320
Grants and similar amounts paid in current yearUSD $ 88,217
Grants and similar amounts paid in previous yearUSD $ 100,146
Total revenue in current fiscal yearUSD $ 51,224,859
Total revenue in previous fiscal yearUSD $ 47,311,756
Contributions and grants from current yearUSD $ 0
Contributions and grants from previous yearUSD $ 0
Total of other revenueUSD $ 5,757,450

Organization Addresses

The following addresses have been detected as associated with Tax Indentification Number 410705136

USA Mailing Address
PO BOX 10
20 4TH AVENUE SE
MELROSE
MN
563521356
Date first seen: 2010-06-18
Date last seen: 2017-07-13
USA Mailing Address
20 4TH AVE. SE
MELROSE
MN
56352
Date first seen: 2007-07-01
Date last seen: 2024-07-11

Nearby companies/organizations

The following companies are located in the same ZIP code areas:

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