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Nonprofiteer
← MAGNIFI FINANCIAL CREDIT UNION

Form 990 for tax year 2024

Filed by MAGNIFI FINANCIAL CREDIT UNION.

Totals

Total revenue
$149,695,408
Total expenses
$141,550,968
Contributions and grants received
$0
Grants paid
$110,271
Program service revenue
$119,403,753
Investment income
$9,177,075
Other revenue
$21,114,580
Total assets, end of year
$2,441,846,026
Total liabilities, end of year
$2,194,002,688
Net assets or fund balances, end of year
$247,843,338
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: LOAN INTEREST

    total $110,576,898 · related or exempt $110,576,898

  • 2b · Program service revenue: FEES & CHARGES

    total $8,826,855 · related or exempt $8,445,270 · unrelated business $381,585

  • 3 · Investment income

    total $7,718,773 · excluded $7,718,773

  • 7a · Gross sales of assets other than inventory

    securities $905,105 · other assets $791,513

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $238,316

  • 7c · Gain or loss

    securities $905,105 · other assets $553,197

  • 7d · Net gain or loss

    total $1,458,302 · excluded $1,458,302

  • 11a · Other revenue: OTHER INCOME

    total $22,234,864 · related or exempt $22,234,864

  • 11b · Other revenue: OTHER NON INTEREST INCOME

    total -$1,120,284 · related or exempt -$1,120,284

  • 11e · Other revenue, total

    $21,114,580

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $110,271

  • 4 · Benefits paid to or for members

    total $45,677,622

  • 5 · Compensation of officers, directors and key employees

    total $6,357,771

  • 7 · Other salaries and wages

    total $29,135,294

  • 8 · Pension plan contributions

    total $5,234,234

  • 9 · Other employee benefits

    total $1,921,039

  • 10 · Payroll taxes

    total $2,352,590

  • 11g · Fees: other

    total $3,725,301

  • 13 · Office expenses

    total $9,436,984

  • 16 · Occupancy

    total $2,172,532

  • 17 · Travel

    total $658,313

  • 20 · Interest

    total $8,908,352

  • 22 · Depreciation, depletion and amortization

    total $2,947,045

  • 23 · Insurance

    total $8,397

  • 24a · Other expenses: PROVISION FOR CREDIT LO

    total $14,189,011

  • 24b · Other expenses: LOAN SERVICING EXPENSE

    total $4,932,931

  • 24c · Other expenses: EDUCATIONAL AND PROMOTI

    total $3,130,009

  • 24d · Other expenses: MISCELLANEOUS EXPENSE

    total $586,045

  • 24e · All other expenses

    total $67,227

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $131,547,891 · end of year $207,448,780

  • 2 · Savings and temporary cash investments

    beginning of year $56,499,000 · end of year $57,985,000

  • 7 · Other notes and loans receivable

    beginning of year $1,860,060,671 · end of year $1,849,101,036

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,656,580 · end of year $2,580,489

  • 10a · Land, buildings and equipment: cost or other basis

    $66,276,460

  • 10b · Land, buildings and equipment: accumulated depreciation

    $27,682,688

  • 10c · Land, buildings and equipment, net

    beginning of year $33,129,630 · end of year $38,593,772

  • 12 · Investments: other securities

    beginning of year $181,086,185 · end of year $199,043,982

  • 14 · Intangible assets

    end of year $11,821,607

  • 15 · Other assets

    beginning of year $70,269,808 · end of year $75,271,360

  • 17 · Accounts payable and accrued expenses

    beginning of year $23,392,537 · end of year $19,759,620

  • 23 · Secured mortgages and notes payable

    beginning of year $233,245,808 · end of year $140,647,238

  • 25 · Other liabilities

    beginning of year $1,837,691,722 · end of year $2,033,595,830

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $240,919,698 · end of year $247,843,338

Mission and programs · 2024

Mission

MAGNIFI FINANCIAL CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 84,983 MEMBERS.

  • 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

As filed on the 2024 return.

Listed in Part VII

  • Marty Mahowald

    VICE CHAIRPERSON

    Total calculated
    $6,460
    From this org
    $6,460
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Steve Danzl

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • Marvin Hinnenkamp

    DIRECTOR

    Total calculated
    $15,900
    From this org
    $15,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Lori Nelson

    DIRECTOR

    Total calculated
    $12,263
    From this org
    $12,263
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Mark Meyer

    DIRECTOR

    Total calculated
    $13,213
    From this org
    $13,213
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Fred Fleischhacker

    TREASURER

    Total calculated
    $12,050
    From this org
    $12,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Luke Godzala

    SECRETARY

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Gondringer

    DIRECTOR

    Total calculated
    $10,185
    From this org
    $10,185
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Michelle Hudak

    SUP COMMITTEE

    Total calculated
    $2,100
    From this org
    $2,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Josh Krupke

    SUP COMMITTEE

    Total calculated
    $1,063
    From this org
    $1,063
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jonathan Olmscheid

    SUP COMMITTEE

    Total calculated
    $900
    From this org
    $900
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Charles Friederichs

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $1,234,830
    From this org
    $1,132,433
    From related orgs
    $0
    Other
    $102,397
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $813,437
    Bonus
    $288,440
    Other
    $30,556
    Deferred
    $58,300
    Nontaxable benefits
    $44,097
    Filer's total
    $1,234,830

  • Nancy Roske

    CHIEF ADMIN OFFICER

    Total calculated
    $463,752
    From this org
    $387,693
    From related orgs
    $0
    Other
    $76,059
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $282,927
    Bonus
    $104,500
    Other
    $266
    Deferred
    $48,444
    Nontaxable benefits
    $27,615
    Filer's total
    $463,752

  • Greg Misterman

    CHIEF CREDIT OFFICER

    Total calculated
    $746,296
    From this org
    $657,753
    From related orgs
    $0
    Other
    $88,543
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $556,967
    Bonus
    $95,775
    Other
    $5,011
    Deferred
    $50,427
    Nontaxable benefits
    $38,116
    Filer's total
    $746,296

  • Ross Bloomquist

    CHIEF EXPERIENCE OFFICER

    Total calculated
    $515,393
    From this org
    $463,046
    From related orgs
    $0
    Other
    $52,347
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $342,020
    Bonus
    $120,760
    Other
    $266
    Deferred
    $51,258
    Nontaxable benefits
    $1,089
    Filer's total
    $515,393

  • Andrea Kraska

    CHIEF OPERATIONS OFFICER

    Total calculated
    $422,447
    From this org
    $345,862
    From related orgs
    $0
    Other
    $76,585
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $258,123
    Bonus
    $87,473
    Other
    $266
    Deferred
    $38,495
    Nontaxable benefits
    $38,090
    Filer's total
    $422,447

  • Matt Noska

    CHIEF PEOPLE OFFICER

    Total calculated
    $397,764
    From this org
    $333,395
    From related orgs
    $0
    Other
    $64,369
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $245,529
    Bonus
    $87,600
    Other
    $266
    Deferred
    $23,597
    Nontaxable benefits
    $40,772
    Filer's total
    $397,764

  • Theresa Tschumperlin

    CUSO CEO

    Total calculated
    $366,575
    From this org
    $316,328
    From related orgs
    $0
    Other
    $50,247
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $230,893
    Bonus
    $85,169
    Other
    $266
    Deferred
    $36,678
    Nontaxable benefits
    $13,569
    Filer's total
    $366,575

  • Gary Meyer

    SVP RETAIL BANKING

    Total calculated
    $342,191
    From this org
    $263,898
    From related orgs
    $0
    Other
    $78,293
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $215,015
    Bonus
    $48,617
    Other
    $266
    Deferred
    $44,404
    Nontaxable benefits
    $33,889
    Filer's total
    $342,191

  • Jenn Hengel

    SVP OF PROJECT MGMT

    Total calculated
    $264,668
    From this org
    $206,874
    From related orgs
    $0
    Other
    $57,794
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $168,736
    Bonus
    $37,920
    Other
    $218
    Deferred
    $24,728
    Nontaxable benefits
    $33,066
    Filer's total
    $264,668

  • Brad Shafton

    SVP OF DIGITAL AND IT

    Total calculated
    $329,866
    From this org
    $279,753
    From related orgs
    $0
    Other
    $50,113
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $230,630
    Bonus
    $48,000
    Other
    $1,123
    Deferred
    $15,118
    Nontaxable benefits
    $34,995
    Filer's total
    $329,866

  • Janelle Borgmann

    SVP FINANCE

    Total calculated
    $310,320
    From this org
    $235,739
    From related orgs
    $0
    Other
    $74,581
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $190,026
    Bonus
    $45,456
    Other
    $257
    Deferred
    $35,593
    Nontaxable benefits
    $38,988
    Filer's total
    $310,320

  • Rachel Endrizzi

    SVP MARKETING

    Total calculated
    $362,884
    From this org
    $296,573
    From related orgs
    $0
    Other
    $66,311
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $236,009
    Bonus
    $60,298
    Other
    $266
    Deferred
    $35,441
    Nontaxable benefits
    $30,870
    Filer's total
    $362,884

  • Janel Eibenstiner

    SVP BANKING OPERATIONS

    Total calculated
    $250,131
    From this org
    $215,572
    From related orgs
    $0
    Other
    $34,559
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $181,321
    Bonus
    $34,251
    Other
    $0
    Deferred
    $32,545
    Nontaxable benefits
    $2,014
    Filer's total
    $250,131

  • Rob Schmitt

    SVP DIGITAL BANKING

    Total calculated
    $267,520
    From this org
    $201,649
    From related orgs
    $0
    Other
    $65,871
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $164,977
    Bonus
    $36,672
    Other
    $0
    Deferred
    $32,648
    Nontaxable benefits
    $33,223
    Filer's total
    $267,520

  • Dean Dirkes

    MARKET PRES COMM BANKING

    Total calculated
    $331,899
    From this org
    $253,383
    From related orgs
    $0
    Other
    $78,516
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $200,930
    Bonus
    $44,063
    Other
    $8,390
    Deferred
    $41,682
    Nontaxable benefits
    $36,834
    Filer's total
    $331,899

  • Stephanie Mayers

    FINANCIAL ADVISOR

    Total calculated
    $523,039
    From this org
    $446,525
    From related orgs
    $0
    Other
    $76,514
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $446,525
    Bonus
    $0
    Other
    $0
    Deferred
    $40,130
    Nontaxable benefits
    $36,384
    Filer's total
    $523,039

  • Michael Schwieters

    FINANCIAL ADVISOR

    Total calculated
    $380,543
    From this org
    $311,489
    From related orgs
    $0
    Other
    $69,054
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $311,489
    Bonus
    $0
    Other
    $0
    Deferred
    $34,257
    Nontaxable benefits
    $34,797
    Filer's total
    $380,543

  • Nicholas Rahrich

    MARKET PRES COMM BANKING

    Total calculated
    $289,900
    From this org
    $227,089
    From related orgs
    $0
    Other
    $62,811
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $202,470
    Bonus
    $24,619
    Other
    $0
    Deferred
    $27,968
    Nontaxable benefits
    $34,843
    Filer's total
    $289,900

  • Chris Stanley

    COMMERCIAL BANKING OFFICER

    Total calculated
    $280,459
    From this org
    $211,715
    From related orgs
    $0
    Other
    $68,744
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $183,361
    Bonus
    $26,355
    Other
    $1,999
    Deferred
    $33,805
    Nontaxable benefits
    $34,939
    Filer's total
    $280,459

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Tax indemnification and gross-up payments
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 1A
CHARLES FRIEDERICHS - COMPANY VEHICLE GROSS-UP $30,290 CHARLES FRIEDERICHS - LONG TERM DISABILITY INSURANCE - $266 NANCY ROSKE - LONG TERM DISABILITY INSURANCE - $266 GARY MEYER - LONG TERM DISABILITY INSURANCE - $266 GREG MISTERMAN - LONG TERM DISABILITY INSURANCE - $266 DEAN DIRKES - LONG TERM DISABILITY INSURANCE - $266 ANDREA KRASKA - LONG TERM DISABILITY INSURANCE - $266 MATT NOSKA - LONG TERM DISABILITY INSURANCE - $266 ROSS BLOOMQUIST - LONG TERM DISABILITY INSURANCE - $266 THERESA TSCHUMPERLIN - LONG TERM DISABILITY INSURANCE - $266 JENN HENGEL - LONG TERM DISABILITY INSURANCE - $218 BRAD SHAFTON - LONG TERM DISABILITY INSURANCE - $266 JANELLE BORGMANN - LONG TERM DISABILITY INSURANCE - $257 RACHEL ENDRIZZI - LONG TERM DISABILITY INSURANCE - $266 GREG MISTERMAN - GOLF MEMBERSHIP- $4,745 CHRIS STANLEY - GOLF MEMBERSHIP - $1,999

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • ULTUM GROUP LLC

    CU SERVICES · MN · income $1,752,479 · assets $2,404,630

    Directly controlled by MAGNIFI FINANCIAL CREDIT UNION

Provenance

Return type
form_990
Tax year
2024
Filed
16 October 2025
IRS schema version
2024v5.2
Source object
202512899349301726

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