Magnifi Financial Credit Union
Magnifi Financial Credit Union is a member owned financial cooperative providing loan, deposit and other financial services to 84,983 members.
Key facts about Magnifi Financial Credit Union
In short: Magnifi Financial Credit Union gave $110K across 2 grants in 2024 (avg $55K), mostly in Minnesota. Source: 2024 IRS Form 990.
- EIN
- 41-0705136
- Latest 990 filing
- Form 990, 2024
- Annual giving (2024)
- $110,271
- Grants made (2024)
- 2
- Average grant
- $55,136
- Median grant
- $55,136
- Total assets
- $2,441,846,026
- Primary geography
- Minnesota (100% of itemized 2024 grant dollars)
- Next open deadline
- January 31, 2027 (Magnifi Financial Scholarship Program)
Data from IRS Form 990, 2024; updated September 2026.
Financial Overview
From 2024 IRS Form 990 · View filing
Total Assets
$2.4B
+4.6% YoY
Annual Giving
$110K
+29.9% YoY
Grant Count
2
+100.0% YoY
Avg Grant Size
$55K
-35.1% YoY
How Magnifi Financial Credit Union gives
- Giving grew 22% from 2021 to 2024. Method
From the foundation's IRS Form 990 filings. Methodology.
About Magnifi Financial Credit Union
Based on IRS filings
Magnifi Financial Credit Union is a public charity, based in Melrose, MN. IRS filing data is available from 2019 through 2024. As of 2024, the organization holds $2.4B in total assets. In 2024, it awarded 2 grants totaling $110K. Net investment income was $9.2M.
Open Grants
1 open opportunity from Magnifi Financial Credit Union
Ready to take the next step with Magnifi Financial Credit Union?
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2024 grant dollars across all 2 itemized grants.
States
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2019 to 2024, annual grant giving ranged from $85K (2023) to $110K (2024). In 2024 it made 2 grants totaling $110K.
Grant Insights
How this funder distributes its grants
Top Recipients
Top 2 recipients in 2024
The largest 2024 recipient was Magnifi Financial Foundation ($85K). Together the top 2 received $110K.
Grant Size Distribution
11 grants across all recorded years
The most common grant size was under $50K: 6 grants of 11 (55%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Magnifi Financial Foundation Melrose, MN | Support of private foundation to further their exempt purpose | $85,271 |
| Centracare Health Foundation St Cloud, MN | Support of private foundation to further their exempt purpose | $25,000 |
Financial History
Multi-year comparison from IRS filings
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $2,441,846,026 | $2,335,249,765 | $2,123,114,393 |
| Revenue | $149,695,408 | $128,720,153 | $87,403,819 |
| Expenses | $141,550,968 | $108,628,019 | $72,413,903 |
| Net Investment Income | $9,177,075 | $7,038,396 | $4,049,846 |
Data update history
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2019 (received by the IRS May 20, 2020)
- Updated Form 990 for fiscal year 2020 (received by the IRS October 20, 2021)
- Updated Form 990 for fiscal year 2021 (received by the IRS October 4, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS November 14, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS July 11, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS October 16, 2025)
- IRS filings on file for fiscal years 2019–2024
Leadership & Key People
Officers and directors from IRS filings
Magnifi Financial Credit Union is led by Charles Friederichs, Chief Executive Officer on every filing since 2019; 29 of 30 officers listed in 2024 are compensated.
Officers on the 2024 filing
Charles Friederichs
Chief Executive Officer
On filings since 2019
45 hrs/week
$816K (2019) → $1.1M (2024)
Theresa Tschumperlin
Cuso CEO
On filings since 2022
45 hrs/week
$205K (2022) → $316K (2024)
Steve Danzl
Chairperson
Vice Chairperson → Chairperson, 2023
On filings since 2019
2 hrs/week
$3K (2020) → $0 (2024)
James Gondringer
Director
Director → Treasurer, 2023
Treasurer → Director, 2024
On filings since 2019
2 hrs/week
$3K (2020) → $10K (2024)
Mark Meyer
Director
Chairperson → Director, 2023
On filings since 2019
2 hrs/week
$2K (2019) → $13K (2024)
Marvin Hinnenkamp
Director
On filings since 2019
2 hrs/week
$2K (2019) → $16K (2024)
Lori Nelson
Director
On filings since 2023
2 hrs/week
$6K (2023) → $12K (2024)
Dean Dirkes
Market President Committee Banking
Vice President of Commercial Banking → Senior Vice President Commercial Banking, 2020
Senior Vice President Commercial Banking → Market President Committee Banking, 2024
On filings since 2019
45 hrs/week
$174K (2019) → $253K (2024)
Fred Fleischhacker
Treasurer
Director → Treasurer, 2024
On filings since 2019
2 hrs/week
$1K (2019) → $12K (2024)
Gary Meyer
Senior Vice President Retail Banking
Senior Vice President of Branch Administrator → Senior Vice President Retail Banking, 2020
On filings since 2019
45 hrs/week
$170K (2019) → $264K (2024)
Luke Godzala
Secretary
Director → Secretary, 2023
On filings since 2019
2 hrs/week
$2K (2020) → $9K (2024)
Marty Mahowald
Vice Chairperson
Secretary → Director, 2020
Director → Vice Chairperson, 2023
On filings since 2019
2 hrs/week
$875 (2020) → $6K (2024)
Michael Schwieters
Financial Advisor
On filings since 2019
45 hrs/week
$187K (2019) → $311K (2024)
Nancy Roske
Chief Administrator Officer
Chief Administrative Officer → Chief Administrator Officer, 2020
On filings since 2019
45 hrs/week
$216K (2019) → $388K (2024)
Stephanie Mayers
Financial Advisor
On filings since 2019
45 hrs/week
$246K (2019) → $447K (2024)
Andrea Kraska
Chief Operations Officer
Senior Vice President Banking Ops → Chief Operations Officer, 2023
On filings since 2020
45 hrs/week
$188K (2020) → $346K (2024)
Greg Misterman
Chief Credit Officer
Senior Vice President of Credit → Chief Credit Officer, 2023
On filings since 2020
45 hrs/week
$171K (2020) → $658K (2024)
Brad Shafton
Senior Vice President of Digital
Vice President of It → Senior Vice President of Digital, 2023
On filings since 2021
45 hrs/week
$166K (2021) → $280K (2024)
Matt Noska
Chief People Officer
Senior Vice President of Human Resources → Chief People Officer, 2023
On filings since 2021
45 hrs/week
$194K (2021) → $333K (2024)
Chris Stanley
Commercial Banking Officer
On filings since 2022
45 hrs/week
$261K (2022) → $212K (2024)
Jenn Hengel
Senior Vice President of Project Management
On filings since 2022
45 hrs/week
$174K (2022) → $207K (2024)
Ross Bloomquist
Chief Experience Officer
On filings since 2022
45 hrs/week
$69K (2022) → $463K (2024)
Janelle Borgmann
Senior Vice President Finance
On filings since 2023
45 hrs/week
$174K (2023) → $236K (2024)
Nicholas Rahrich
Market President Committee Banking
Vice President Committee Banking & Cbo → Market President Committee Banking, 2024
On filings since 2023
45 hrs/week
$315K (2023) → $227K (2024)
Rachel Endrizzi
Senior Vice President Marketing
On filings since 2023
45 hrs/week
$224K (2023) → $297K (2024)
Janel Eibenstiner
Senior Vice President Banking Operations
New on the 2024 filing
45 hrs/week
$216K (2024)
Jonathan Olmscheid
Sup Committee
New on the 2024 filing
2 hrs/week
$900 (2024)
Josh Krupke
Sup Committee
New on the 2024 filing
2 hrs/week
$1K (2024)
Michelle Hudak
Sup Committee
New on the 2024 filing
2 hrs/week
$2K (2024)
Rob Schmitt
Senior Vice President Digital Banking
New on the 2024 filing
45 hrs/week
$202K (2024)
Former officers (9)
- Former: Neal Kaderabek (2019–2023) — Chief Digital & Info Officer
- Former: Craig Hittner (2023) — Sup Committee
- Former: Daniel Schreiner (2023) — Commercial Banking Officer
- Former: Lori Nissen (2022) — Director
- Former: Andy Welle (2019–2021) — Vice President Commercial Banking
- Former: Scott Eveslage (2019–2021) — Vice President Marketing
- Former: Al Doering (2019–2020) — Chief Credit Officer
- Former: Bernard Brixius (2019–2020) — COO
- Former: Nadine Rieland (2019) — Chief Human Resources Officer
Data from IRS Form 990 filings, 2019–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2024 IRS filing
The highest reported compensation on the 2024 filing was $1.1M, to Charles Friederichs (Chief Executive Officer). 29 officers or directors reported compensation on that filing.
Frequently asked questions about Magnifi Financial Credit Union
How much does Magnifi Financial Credit Union give each year?
Magnifi Financial Credit Union gave $110K across 2 grants in 2024, according to its 2024 IRS Form 990. In 2023 it gave $85K across 1 grant.
How large is Magnifi Financial Credit Union?
Magnifi Financial Credit Union reported $2.4B in total assets on its 2024 IRS Form 990. Its revenue that year was $149.7M.
Where does Magnifi Financial Credit Union operate?
Magnifi Financial Credit Union has awarded grants in Minnesota.
What is Magnifi Financial Credit Union's EIN?
Magnifi Financial Credit Union's EIN (Employer Identification Number) is 41-0705136. IRS Form 990 filing data is available on this page for 2019–2024.
Data last updated September 2026. Sourced from IRS Form 990 filings.
Here's the math on researching Magnifi Financial Credit Union by hand.
Explore Open Grants
Browse active grant opportunities in Magnifi Financial Credit Union's focus areas in our free grants database
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Magnifi Financial Credit Union down — hundreds of funders to go?