2024-07-11T10:22:56-05:00 2023-12-31 410746749 CLIFTONLARSONALLEN LLP 109 N MAIN STREET SUITE 200 AUSTIN MN 55912 990 2023-01-01 410705136 MAGNIFI FINANCIAL CREDIT UNION MAGN 3202563669 20 4TH AVE SE MELROSE MN 56352 NANCY ROSKE CAO 3202563669 2024-06-12 1 NANCY ROSKE 999009999 0 TANYA MEDGAARDEN P01717240 5074347000 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z CHARLES FRIEDERICHS 20 4TH AVE SE MELROSE MN 56352 128483879 0 X WWW.MYMAGNIFI.ORG X CU 1939 MN MAGNIFI FINANCIAL CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 84,690 MEMBERS. 8 8 472 2 282573 0 0 0 71484430 108343781 4049846 7038396 11869543 13337976 87403819 128720153 93984 89912 6457233 27324831 38407800 42935617 0 0 0 27454886 38277659 72413903 108628019 14989916 20092134 2123114393 2335249765 1906559333 2094330067 216555060 240919698 MAGNIFI FINANCIAL CREDIT UNION IS A MEMBER OWNED FINANCIAL COOPERATIVE PROVIDING LOAN, DEPOSIT AND OTHER FINANCIAL SERVICES TO 84,690 MEMBERS. 0 0 MAGNIFI FINANCIAL CREDIT UNION PAID DIVIDENDS OF $27,337,463.60 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 256,834 MEMBER ACCOUNTS WITH DEPOSITS OF $1,838,708,777.21 AS OF DECEMBER 31, 2023. 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 45,455 LOANS OUTSTANDING AS OF DECEMBER 31, 2023 WITH BALANCES OF $1,854,857,920.97 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 40874 0 1 472 1 1 1 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X NANCY ROSKE 3202563669 20 4TH AVE SE MELROSE MN 56352 MARTY MAHOWALD VICE CHAIRPERSON 2.00 X X 9225 0 0 STEVE DANZL CHAIRPERSON 2.00 X X 7700 0 0 MARVIN HINNENKAMP DIRECTOR 2.00 X 7050 0 0 LORI NELSON DIRECTOR 2.00 X 6203 0 0 MARK MEYER DIRECTOR 2.00 X 5913 0 0 FRED FLEISCHHACKER DIRECTOR 2.00 X 5800 0 0 LUKE GODZALA SECRETARY 2.00 X X 4950 0 0 JAMES GONDRINGER TREASURER 2.00 X X 3850 0 0 CRAIG HITTNER SUP COMMITTEE 2.00 X 325 0 0 CHARLES FRIEDERICHS CHIEF EXECUTIVE OFFICER 45.00 X 962577 0 96240 NANCY ROSKE CHIEF ADMIN OFFICER 45.00 X 366285 0 82388 NEAL KADERABEK CHIEF DIGITAL/INFO OFFICER 45.00 X 538983 0 43753 GREG MISTERMAN CHIEF CREDIT OFFICER 45.00 X 333557 0 82675 ROSS BLOOMQUIST CHIEF EXPERIENCE OFFICER 45.00 X 441406 0 50440 ANDREA KRASKA CHIEF OPERATIONS OFFICER 45.00 X 300793 0 68672 MATT NOSKA CHIEF PEOPLE OFFICER 45.00 X 255589 0 56509 DEAN DIRKES SVP COMMERCIAL BANKING 45.00 X 250161 0 76428 GARY MEYER SVP RETAIL BANKING 45.00 X 247934 0 78800 JENN HENGEL SVP OF PROJECT MGMT 45.00 X 199561 0 51591 BRAD SHAFTON SVP OF DIGITAL AND IT 45.00 X 231933 0 45990 JANELLE BORGMANN SVP FINANCE 45.00 X 174092 0 64864 RACHEL ENDRIZZI SVP MARKETING 45.00 X 223883 0 57274 STEPHANIE MAYERS FINANCIAL ADVISOR 45.00 X 386323 0 72134 THERESA TSCHUMPERLIN CUSO CEO 45.00 X 306797 0 44221 MICHAEL SCHWIETERS FINANCIAL ADVISOR 45.00 X 282746 0 60638 NICHOLAS RAHRICH VP COMM BANKING/CBO 45.00 X 315420 0 66254 DANIEL SCHREINER COMMERCIAL BANKING OFFICER 45.00 X 329464 0 67279 6198520 0 1166150 69 0 1 0 CARLSON LAVINE INC 2965 PARTRIDGE ROAD ROSEVILLE MN 55113 CONTRACTOR FOR BUILDING MAPLE GROVE LOCA 2778307 JACK HENRY PO BOX 609 MONETT MO 65708 CORE SYSTEM PROVIDER 1435258 SPS SECURITY 4005 PHEASANT RIDGE DR NE BLAINE MN 554494518 UPGRADE SECURITY SYSTEMS IN ALL LOCATION 720196 DIEBOLD PO BOX 643543 PITTSBURGH PA 152643543 ATM/COIN COUNTER PROVIDER 647531 CRMNEXT 3 HAMILTON LANDING STE 200 NOVATO CA 94949 MEMBER RELATIONSHIP MANAGEMENT AND SUPPO 609380 45 LOAN INTEREST 522100 100388643 100388643 FEES & CHARGES 522100 7955138 7672565 282573 108343781 6223474 6223474 578648 -790288 554014 790288 24634 814922 814922 MISCELLANEOUS OPERATIONS INCOME 522100 14935544 14935544 OTHER NON-OPERATING EXPENSES 522100 -1597568 -1597568 13337976 128720153 121399184 282573 7038396 89912 27324831 5433394 28503295 1867014 4827767 2304147 3102180 8937813 2252113 630763 9950604 3081495 9493 PROVISION FOR CREDIT LO 4186408 LOAN SERVICING EXPENSE 3486740 EDUCATIONAL AND PROMOTI 1880703 MISCELLANEOUS EXPENSE 709692 49655 108628019 63192123 131547891 44542386 56499000 1712894518 1860060671 2548245 2656580 57965670 24836040 31911799 33129630 201095984 181086185 66929338 70269808 2123114393 2335249765 18360940 23392537 220835934 233245808 1667362459 1837691722 1906559333 2094330067 X 0 0 0 0 216555060 240919698 216555060 240919698 2123114393 2335249765 X 20092134 5238873 -966369 X X 0 1 X 1 0 13491743 13491743 30830468 14452310 16378158 1775110 1775110 11868349 10383730 1484619 33129630 OTHER INVESTMENTS 14342718 C AFS SECURITIES 161959474 F TRADING SECURITIES 4429615 F PERPETUAL CONTRIBUTED CAPITAL 354378 C 181086185 MEMBER SHARES 1740376800 NONMEMBER DEPOSITS 97314922 1837691722 X PART X, LINE 2: THE CREDIT UNION IS EXEMPT, UNDER IRC 501(C)(14), FROM FEDERAL AND STATE INCOME TAXES. THE CREDIT UNION HAS FILED TAX RETURNS FOR ACTIVITIES IT HAS DEEMED TAXABLE. THE TAXING AUTHORITIES HAVE THE ABILITY TO ASSESS TAXES, PENALTIES, AND INTEREST FOR ANY YEARS FOR WHICH NO TAX RETURN WAS FILED. IN THE OPINION OF MANAGEMENT, ANY LIABILITY RESULTING FROM TAXING AUTHORITIES IMPOSING INCOME TAXES ON THE NET TAXABLE INCOME FROM ACTIVITIES POTENTIALLY DEEMED TO BE UNRELATED TO THE CREDIT UNION'S EXEMPT PURPOSE IS NOT EXPECTED TO HAVE A MATERIAL EFFECT ON THE CREDIT UNION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE CREDIT UNION HAS EVALUATED ITS TAX POSITIONS AND DETERMINED NO UNCERTAIN TAX POSITIONS EXIST AS OF DECEMBER 31, 2023 AND 2022. THE CREDIT UNION'S 2020 AND SUBSEQUENT TAX YEARS ARE OPEN FOR EXAMINATION BY FEDERAL AND STATE TAXING AUTHORITIES. THE INCOME FROM THE 100% WHOLLY OWNED CUSO, ULTUM GROUP, LLC, FLOWS THROUGH THE CREDIT UNION AND, THEREFORE, IS NOT SUBJECT TO FEDERAL AND STATE INCOME TAXES. 1 MAGNIFI FINANCIAL FOUNDATION 20 4TH AVE SE MELROSE MN 56352 611690771 501(C)(3) 84912 0 SUPPORT OF PRIVATE FOUNDATION TO FURTHER THEIR EXEMPT PURPOSE. 2 PART I, LINE 2: FINANCIAL DONATIONS ARE MADE AT MANAGEMENT'S DISCRETION TO ORGANIZATIONS THAT ARE MEMBERS OF OR REPRESENTED BY MEMBERS OF THE CREDIT UNION BASED ON THE NEEDS OF ORGANIZATIONS WITHIN OUR COMMUNITIES. THE CREDIT UNION MAINTAINS RECORDS OF THE AMOUNTS DONATED. X X 1 1 X X X X 0 0 0 CHARLES FRIEDERICHS CHIEF EXECUTIVE OFFICER 692090 0 243600 0 26887 0 54163 0 42077 0 1058817 0 0 0 NEAL KADERABEK CHIEF DIGITAL/INFO OFFICER 433730 0 105000 0 253 0 43200 0 553 0 582736 0 0 0 ROSS BLOOMQUIST CHIEF EXPERIENCE OFFICER 324676 0 116433 0 297 0 49321 0 1119 0 491846 0 0 0 STEPHANIE MAYERS FINANCIAL ADVISOR 386323 0 0 0 0 0 39202 0 32932 0 458457 0 0 0 NANCY ROSKE CHIEF ADMIN OFFICER 265988 0 100000 0 297 0 47380 0 35008 0 448673 0 0 0 GREG MISTERMAN CHIEF CREDIT OFFICER 238534 0 90000 0 5023 0 46810 0 35865 0 416232 0 0 0 DANIEL SCHREINER COMMERCIAL BANKING OFFICER 244214 0 85250 0 0 0 34761 0 32518 0 396743 0 0 0 NICHOLAS RAHRICH VP COMM BANKING/CBO 228529 0 86891 0 0 0 37613 0 28641 0 381674 0 0 0 ANDREA KRASKA CHIEF OPERATIONS OFFICER 218496 0 82000 0 297 0 32278 0 36394 0 369465 0 0 0 THERESA TSCHUMPERLIN CUSO CEO 222287 0 84213 0 297 0 28688 0 15533 0 351018 0 0 0 MICHAEL SCHWIETERS FINANCIAL ADVISOR 282746 0 0 0 0 0 28647 0 31991 0 343384 0 0 0 GARY MEYER SVP RETAIL BANKING 201556 0 46082 0 296 0 43282 0 35518 0 326734 0 0 0 DEAN DIRKES SVP COMMERCIAL BANKING 194968 0 45756 0 9437 0 41999 0 34429 0 326589 0 0 0 MATT NOSKA CHIEF PEOPLE OFFICER 211939 0 43354 0 296 0 20963 0 35546 0 312098 0 0 0 RACHEL ENDRIZZI SVP MARKETING 223643 0 0 0 240 0 32737 0 24537 0 281157 0 0 0 BRAD SHAFTON SVP OF DIGITAL AND IT 192101 0 39548 0 284 0 12853 0 33137 0 277923 0 0 0 JENN HENGEL SVP OF PROJECT MGMT 161409 0 37920 0 232 0 20884 0 30707 0 251152 0 0 0 JANELLE BORGMANN SVP FINANCE 141743 0 32111 0 238 0 29083 0 35781 0 238956 0 0 0 PART I, LINE 1A CHARLES FRIEDERICHS - COMPANY VEHICLE GROSS-UP $26,691 CHARLES FRIEDERICHS - LONG TERM DISABILITY INSURANCE - $297 NANCY ROSKE - LONG TERM DISABILITY INSURANCE - $297 GARY MEYER - LONG TERM DISABILITY INSURANCE - $295 NEAL KADERABEK - LONG TERM DISABILITY INSURANCE - $253 GREG MISTERMAN - LONG TERM DISABILITY INSURANCE - $297 DEAN DIRKES - LONG TERM DISABILITY INSURANCE - $294 ANDREA KRASKA - LONG TERM DISABILITY INSURANCE - $297 MATT NOSKA - LONG TERM DISABILITY INSURANCE - $297 ROSS BLOOMQUIST - LONG TERM DISABILITY INSURANCE - $297 THERESA TSCHUMPERLIN - LONG TERM DISABILITY INSURANCE - $297 JENN HENGEL - LONG TERM DISABILITY INSURANCE - $232 BRAD SHAFTON - LONG TERM DISABILITY INSURANCE - $284 JANELLE BORGMANN - LONG TERM DISABILITY INSURANCE - $238 RACHEL ENDRIZZI - LONG TERM DISABILITY INSURANCE - $240 GREG MISTERMAN - GOLF MEMBERSHIP- $4726 FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP IN THE CREDIT UNION IS OPEN TO THOSE WHO LIVE, WORK, WORSHIP, OR ATTEND SCHOOL IN AND BUSINESSES AND OTHER LEGAL ENTITIES IN 28 CONTIGUOUS COUNTIES IN CENTRAL MINNESOTA, 2 COUNTIES IN WISCONSIN AND 2 COUNTIES IN NORTH DAKOTA. INDIVIDUALS MAY BECOME MEMBERS BY MAKING A $10 DONATION TO MAGNIFI FINANCIAL FOUNDATION, AND BUSINESSES CAN ALSO JOIN BY DONATING $50 TO MAGNIFI FINANCIAL FOUNDATION. IN ADDITION TO A REGULARLY QUALIFIED MEMBER, THE SPOUSE OF A MEMBER, THE BLOOD OR ADOPTIVE RELATIVES OF EITHER OF THEM AND THEIR SPOUSES MAY BE MEMBERS, AS WELL AS, NATURAL PERSONS WHO ARE MEMBERS OF THE MAGNIFI FINANCIAL FOUNDATION, MELROSE, MINNESOTA. FORM 990, PART VI, SECTION A, LINE 7A MEMBERS ELECT THE GOVERNING BODY AND ALL MEMBERS HAVE AN EQUAL VOTE. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS APPROVE MINUTES OF MEMBER MEETINGS AND MOTIONS MADE AT THE ANNUAL MEETING (INCLUDING AMENDMENTS TO BYLAWS). FORM 990, PART VI, SECTION B, LINE 11B THE SENIOR VICE PRESIDENT OF FINANCE WILL REVIEW THE FORM 990 BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C KEY EMPLOYEES AND BOARD MEMBERS COMPLETE A QUESTIONNAIRE ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE WAGE AND COMPENSATION COMMITTEE REVIEWS AND APPROVES CEO COMPENSATION ANNUALLY. INCREASES ARE BASED, IN PART, ON INDUSTRY COMPARABILITY DATA. THIS PROCESS WAS LAST COMPLETED IN JANUARY 2024. EXECUTIVE MANAGEMENT AND HUMAN RESOURCES REVIEW AND APPROVE COMPENSATION FOR OTHER EMPLOYEES ANNUALLY, INCLUDING A REVIEW OF SALARY RANGE MOVEMENT AND THE DEVELOPMENT OF A SALARY INCREASE MATRIX. AN INDEPENDENT FIRM IS ENGAGED PERIODICALLY TO REVIEW THE GRADE STRUCTURE OF ALL POSITIONS. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2023. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO MEMBERS UPON REQUEST. FORM 990, PART XI, LINE 9: CECL TRANSITION ADJUSTMENT -1,575,698. ROUNDING -1. FOUNDATION EQUITY 680,413. FOUNDATION INCOME -71,083. FORM 990, PART XII, LINE 2C: THE SUPERVISORY COMMITTEE OVERSEES THE AUDIT AND THE SELECTION OF AN INDEPENDENT AUDITOR AND THIS PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. MAGNIFI FINANCIAL FOUNDATION 20 4TH AVE SE MELROSE MN 56352 611690771 PRIVATE FOUNDATION MN 501(C)(3) PF MAGNIFI FINANCIAL CREDIT UNION 1 ULTUM GROUP LLC 300 PINECODE RD S SARTELL MN 56377 320312117 CU SERVICES MN 501(C)(3) MAGNIFI FINANCIAL CREDIT UNION 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MAGNIFI FINANCIAL FOUNDATION B 84912 ACTUAL AMOUNT