Magnifi Financial Foundation
Magnifi Financial Foundation is a private foundation, based in Melrose, MN. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $797K in total assets. In 2024, it awarded 5 grants totaling $30K. Net investment income was $27K.
Key facts about Magnifi Financial Foundation
In short: Magnifi Financial Foundation gave $30K across 5 grants in 2024 (avg $6K), mostly in Minnesota. Source: 2024 IRS Form 990-PF.
- EIN
- 61-1690771
- Latest 990 filing
- Form 990-PF, 2024
- Annual giving (2024)
- $30,000
- Grants made (2024)
- 5
- Average grant
- $6,000
- Median grant
- $5,000
- Total assets
- $797,427
- Primary geography
- Minnesota (67% of itemized 2024 grant dollars)
Data from IRS Form 990-PF, 2024; updated September 2026.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$797K
+17.2% YoY
Annual Giving
$30K
+11.1% YoY
Grant Count
5
+66.7% YoY
Avg Grant Size
$6K
-33.3% YoY
Under IRS private-foundation payout rules, Magnifi Financial Foundation reported a distributable amount of $34K for 2024 — the minimum it must pay out in qualifying distributions.
How Magnifi Financial Foundation gives
- Giving grew 50% from 2021 to 2024. Method
- In 2024 it paid out 88% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. Method
From the foundation's IRS Form 990-PF filings. Methodology.
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Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2024 grant dollars across all 5 itemized grants.
States
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2024, annual grant giving ranged from $20K (2020) to $30K (2024). In 2024 it made 5 grants totaling $30K.
Grant Insights
How this funder distributes its grants
Top Recipients
Top 5 recipients in 2024
The largest 2024 recipient was Fargo Park District Foundation ($10K). Together the top 5 received $30K.
Grant Size Distribution
21 grants across all recorded years
The most common grant size was under $50K: 21 grants of 21 (100%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Fargo Park District Foundation Fargo, ND | Donation to support the devlopment of a community center. | $10,000 |
| Three Rivers Park Plymouth, MN | Donation to support the devlopment of a new park. | $10,000 |
| City of Wadena Wadena, MN | Donation to support the construction of 3 additional weather sirens for the city of wadena. | $5,000 |
| The Melrose Area Community Youth Ce Melrose, MN | General donation to provide food, activities, games, & tutors for kids. | $2,500 |
| City of Albany Albany, MN | Donation to cover expenses such as specialized training, kennels, food, & veterinarian costs for a school therapy dog. | $2,500 |
Financial History
Multi-year comparison from IRS filings
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $797,427 | $680,413 | $609,430 |
| Revenue | $158,444 | $98,724 | $87,623 |
| Expenses | $41,430 | $27,741 | $24,532 |
| Qualifying Distributions | $30,000 | $27,000 | $23,000 |
| Net Investment Income | $27,025 | $11,397 | $3,171 |
| Distributable Amount | $34,218 | $29,779 | $26,729 |
Data update history
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
Leadership & Key People
Officers and directors from IRS filings
Magnifi Financial Foundation is led by Charles B. Friederichs, President on every filing since 2020; none of the 5 officers listed in 2024 report compensation.
Officers on the 2024 filing
Charles B. Friederichs
President
On filings since 2020
1 hr/week
No compensation reported
Corey Sand
Director
On filings since 2020
1 hr/week
No compensation reported
Gary Meyer
Secretary
On filings since 2020
1 hr/week
No compensation reported
Janelle Borgmann
Treasurer
On filings since 2020
1 hr/week
No compensation reported
Nancy L. Roske
Vice President
On filings since 2020
1 hr/week
No compensation reported
Data from IRS Form 990 filings, 2020–2024. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Frequently asked questions about Magnifi Financial Foundation
How much does Magnifi Financial Foundation give each year?
Magnifi Financial Foundation gave $30K across 5 grants in 2024, according to its 2024 IRS Form 990-PF. In 2023 it gave $27K across 3 grants.
What is Magnifi Financial Foundation's typical grant size?
Magnifi Financial Foundation's median grant in 2024 was $5,000, and its average grant was $6,000, across 5 grants on its 2024 IRS Form 990-PF.
Where does Magnifi Financial Foundation give grants?
Magnifi Financial Foundation gives mostly in Minnesota: 67% of the grant dollars itemized on its 2024 IRS Form 990-PF went to recipients there. The next largest state was North Dakota (33%).
Does Magnifi Financial Foundation give general operating support?
Yes: 20% of Magnifi Financial Foundation's 2024 grants with a stated purpose (1 of 5) were for general or operating support, per its 2024 IRS Form 990-PF.
Who are Magnifi Financial Foundation's largest grantees?
Magnifi Financial Foundation's largest 2024 grantees include Fargo Park District Foundation ($10,000), Three Rivers Park ($10,000) and City of Wadena ($5,000), according to its 2024 IRS Form 990-PF. Together they received 83% of its itemized 2024 grant dollars.
How large is Magnifi Financial Foundation?
Magnifi Financial Foundation reported $797K in total assets on its 2024 IRS Form 990-PF. It paid out $30K in qualifying distributions that year, against a required minimum of $34K (roughly 5% of its investment assets). Falling short in one year is not a violation: foundations have until the end of the next year to meet the minimum.
What is Magnifi Financial Foundation's EIN?
Magnifi Financial Foundation's EIN (Employer Identification Number) is 61-1690771. IRS Form 990 filing data is available on this page for 2020–2024.
Data last updated September 2026. Sourced from IRS Form 990-PF filings.
Here's the math on researching Magnifi Financial Foundation by hand.
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