Civic Intelligence

Magnify Credit Union

990 • Fiscal year 2013 • EIN 59-0683250

Jan 01, 2013 to Dec 31, 2013 • Filed on Aug 13, 2014

Organization ProfileWWW.MAGNIFYCU.ORG

View Organization Page

1010 N Church AvenueMulberry, FL 33860

(863) 425-5611

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

31st percentile

0.88x

Higher debt load relative to assets than 31% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Liabilities / Revenue

22nd percentile

14.41x

Higher debt load relative to revenue than 22% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Net Margin

24th percentile

3.0%

Higher net margin than 24% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Top Officer Pay

53rd percentile

$131,286

Higher top officer pay than 53% of similar nonprofits.

Top officer pay equals 3.0% of source-year revenue.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2013

Asset Growth

3rd percentile

-6.8%

Faster asset growth than 3% of similar nonprofits.

2013 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2012 to 2013

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2013

Balance Sheet
Liabilities / Assets31st percentile

Assets

Down

$72,788,342

Down $5,307,168 (-6.8%) from 2012

Net Assets

Up

$8,911,592

Up $47,728 (+0.5%) from 2012

Liabilities

Down

$63,876,750

Down $5,354,896 (-7.7%) from 2012

Revenue And Expenses
Liabilities / Revenue22nd percentileNet Margin24th percentile

Revenue

$4,432,594

No earlier filing loaded for comparison.

Expenses

Down

$4,300,987

Down $751,672 (-15%) from 2012

Net Income

$131,607

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$100M$50M$0Assets 2010: $96,520,879Liabilities 2010: $85,017,128Net Assets 2010: $11,503,7512010Assets 2011: $85,306,041Liabilities 2011: $76,594,878Net Assets 2011: $8,711,1632011Assets 2012: $78,095,510Liabilities 2012: $69,231,646Net Assets 2012: $8,863,8642012Assets 2013: $72,788,342Liabilities 2013: $63,876,750Net Assets 2013: $8,911,5922013Assets 2014: $66,902,110Liabilities 2014: $57,979,418Net Assets 2014: $8,922,6922014Assets 2015: $75,771,152Liabilities 2015: $66,641,158Net Assets 2015: $9,129,9942015Assets 2016: $76,120,166Liabilities 2016: $66,767,729Net Assets 2016: $9,352,4372016Assets 2017: $78,093,183Liabilities 2017: $68,485,932Net Assets 2017: $9,607,2512017Assets 2018: $78,761,886Liabilities 2018: $68,948,772Net Assets 2018: $9,813,1142018Assets 2019: $0Liabilities 2019: $0Net Assets 2019: $02019

Highlighted filing

2013

Assets$72,788,342
Liabilities$63,876,750
Net Assets$8,911,592
Open 2013 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2010: $9,964,5422010Expenses 2011: $9,107,5432011Expenses 2012: $5,052,6592012Revenue 2013: $4,432,594Expenses 2013: $4,300,987Net Income 2013: $131,6072013Revenue 2014: $3,712,356Expenses 2014: $3,660,738Net Income 2014: $51,6182014Revenue 2015: $3,678,616Expenses 2015: $3,441,843Net Income 2015: $236,7732015Revenue 2016: $3,681,542Expenses 2016: $3,393,289Net Income 2016: $288,2532016Revenue 2017: $3,772,766Expenses 2017: $3,473,634Net Income 2017: $299,1322017Revenue 2018: $4,236,304Expenses 2018: $3,937,437Net Income 2018: $298,8672018Revenue 2019: $4,016,216Expenses 2019: $5,540,547Net Income 2019: -$1,524,3312019

Highlighted filing

2013

Revenue$4,432,594
Expenses$4,300,987
Net Income$131,607
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Aug 13, 2014
Return Version
2013v3.1
Gross Receipts
$4,454,330
Mission and Program Overview

Mission

Credit Union Programs Programs of credit unions which offer a wide variety of personal financial services exclusively to their members featuring competitive dividend rates on investments, competitive interest rates on loans, and other products and services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$46,093,978$45,028,431▼ $1,065,547
Land, Buildings, and Equipment, Net$9,185,774$8,923,677▼ $262,097
Rtn Earn Endowment Incm Other Fnds$8,863,864$8,911,592▲ $47,728
Savings and Temporary Cash Investments$10,316,148$8,216,172▼ $2,099,976
Investments in Publicly Traded Securities$7,031,768$5,589,307▼ $1,442,461
Cash and Non-Interest-Bearing Accounts$1,229,251$1,365,837▲ $136,586
Investments Program Related$721,355$1,109,471▲ $388,116
Accounts Receivable$307,468$226,193▼ $81,275
Prepaid Expenses and Deferred Charges$152,110$183,785▲ $31,675
Total Assets$78,095,510$72,788,342▼ $5,307,168
Other Assets Total$3,057,658$2,145,469▼ $912,189
Liabilities
Other Liabilities$68,381,699$60,460,687▼ $7,921,012
Accounts Payable and Accrued Expenses$849,947$3,416,063▲ $2,566,116
Total Liabilities$69,231,646$63,876,750▼ $5,354,896
Net Assets / Fund Balance
Total Net Assets Fund Balance$8,863,864$8,911,592▲ $47,728
Total Liabilities and Net Assets / Fund Balance$78,095,510$72,788,342▼ $5,307,168

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,507,530$1,599,006$8,106,536
Equipment$546,783$2,480,556$3,027,339
Land$1,869,364-$1,869,364
Compensation and Service Providers
Top Officer Pay53rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
John SantarpiaCEOFT$131,286$131,286

Board Members and Trustees

NameTitle
Denver PharesChairperson
Charles JenkinsDirector
John McgarrityDirector
Karen MortDirector
Penny StegeDirector
Pete MaravichDirector
Ronnie BoutwellDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$4,101,719
Investment Income
$301,692
Other Revenue
$29,183
Change in Net Assets
$131,607
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,609,717
Salaries, Compensation, and Employee Benefits$1,691,270
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,202,979--$1,202,979
Office Expenses$516,096--$516,096
Interest$449,379--$449,379
Depreciation Depletion$423,966--$423,966
Advertising$371,500--$371,500
Information Technology$224,092--$224,092
Other Employee Benefits$193,864--$193,864
Occupancy$161,806--$161,806
Current Officers, Directors, Trustees, and Key Employees$131,286--$131,286
Payroll Taxes$121,668--$121,668
Fees for Services Other$84,421--$84,421
Insurance$72,691--$72,691
Fees for Services Legal$69,134--$69,134
Other Expenses$52,376--$52,376
Travel$41,910--$41,910
Pension Plan Contributions$41,473--$41,473
All Other Expenses$26,073--$26,073
Fees for Services Accounting$25,025--$25,025
Total Functional Expenses$4,300,987$0$0$4,300,987
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal income taxes$60,460,687
Member Deposits-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 12C

“Employees are restricted from processing transactions on their own behalf or for a family member. There are regular reviews of the activity in the accounts of volunteers and employees.”

Form 990, Part VI, Section B, Line 15A

“Credit union industry salary surveys are used as a guide by the board to set salaries”

Form 990, Part VI, Section C, Line 19

“Financial statements are posted in the lobby and other items that are required to be disclosed are available upon request”

Filing and Contact Details

Filer

EIN
59-0683250
Phone
8634255611

Signing Officer

Name
John Santarpia
Title
CEO
Signed
2014-08-13
Discuss with paid preparer
Yes

Organization Details

Formed
1950
Legal Domicile
Fl
Voting Board Members
7
Independent Board Members
7
Employees
49
Volunteers
11

Preparer

Preparer
Edwin W Ewart Jr CPA
Phone
3052136453
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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/PYTotalExpensesAmt05052659
IRS990/PYTotalRevenueAmt05187672
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0131607
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt04432594
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt08863864
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt08911592
IRS990/SavingsAndTempCashInvstGrp/BOYAmt010316148
IRS990/SavingsAndTempCashInvstGrp/EOYAmt08216172
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt06507530
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01599006
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt08106536
IRS990ScheduleD/EquipmentGrp/BookValueAmt0546783
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02480556
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt03027339
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/LandGrp/BookValueAmt01869364
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01869364
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt060460687
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MEMBER DEPOSITS
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/TotalBookValueLandBuildingsAmt08923677
IRS990ScheduleD/TotalLiabilityAmt060460687
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0EMPLOYEES ARE RESTRICTED FROM PROCESSING TRANSACTIONS ON THEIR OWN BEHALF OR FOR A FAMILY MEMBER. THERE ARE REGULAR REVIEWS OF THE ACTIVITY IN THE ACCOUNTS OF VOLUNTEERS AND EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1CREDIT UNION INDUSTRY SALARY SURVEYS ARE USED AS A GUIDE BY THE BOARD TO SET SALARIES
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2FINANCIAL STATEMENTS ARE POSTED IN THE LOBBY AND OTHER ITEMS THAT ARE REQUIRED TO BE DISCLOSED ARE AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, Line 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, Line 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt078095510
IRS990/TotalAssetsEOYAmt072788342
IRS990/TotalAssetsGrp/BOYAmt078095510
IRS990/TotalAssetsGrp/EOYAmt072788342
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt049
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt04300987
IRS990/TotalFunctionalExpensesGrp/TotalAmt04300987
IRS990/TotalGrossUBIAmt039158
IRS990/TotalLiabilitiesBOYAmt069231646
IRS990/TotalLiabilitiesEOYAmt063876750
IRS990/TotalLiabilitiesGrp/BOYAmt069231646
IRS990/TotalLiabilitiesGrp/EOYAmt063876750
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt08863864
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt08911592
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt0102
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt0102
IRS990/TotalProgramServiceExpensesAmt04300987
IRS990/TotalProgramServiceRevenueAmt04101719
IRS990/TotalReportableCompFromOrgAmt0131286
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt04364987
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04432594
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt039158
IRS990/TotalVolunteersCnt011
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt078095510
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt072788342
IRS990/TravelGrp/ProgramServicesAmt041910
IRS990/TravelGrp/TotalAmt041910
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine101010 N CHURCH AVE
IRS990/USAddress/City0MULBERRY
IRS990/USAddress/State0FL
IRS990/USAddress/ZIPCode033860
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.MAGNIFYCU.ORG
IRS990/WhistleblowerPolicyInd0true
IRS990/WrittenPolicyOrProcedureInd0true
ReturnHeader/BuildTS02015-11-30 17:44:51Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JOHN SANTARPIA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/SignatureDt02014-08-13
ReturnHeader/Filer/BusinessName/BusinessNameLine10MAGNIFY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0MAGN
ReturnHeader/Filer/EIN0590683250
ReturnHeader/Filer/PhoneNum08634255611
ReturnHeader/Filer/USAddress/AddressLine101010 N CHURCH AVENUE
ReturnHeader/Filer/USAddress/City0MULBERRY
ReturnHeader/Filer/USAddress/State0FL
ReturnHeader/Filer/USAddress/ZIPCode033860
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine10EDWIN W EWART JR CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine107480 FAIRWAY DR 205
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/City0MIAMI LAKES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/State0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCode033014
ReturnHeader/PreparerPersonGrp/PhoneNum03052136453
ReturnHeader/PreparerPersonGrp/PreparationDt02014-08-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0EDWIN W EWART JR CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02014-08-13T01:11:33-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02013-01-01
ReturnHeader/TaxPeriodEndDt02013-12-31
ReturnHeader/TaxYr02013

Document Assets

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Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$72,788,342
Liabilities
$63,876,750
Net assets
$8,911,592
Revenue
$4,432,594
Expenses
$4,300,987
Net income
$131,607
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2019Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$4.02$5.54$1.52
2018Detailed filing. Detailed filing data is available for this year.$78.8$68.9$9.81$4.24$3.94$0.30
2017Detailed filing. Detailed filing data is available for this year.$78.1$68.5$9.61$3.77$3.47$0.30
2016Detailed filing. Detailed filing data is available for this year.$76.1$66.8$9.35$3.68$3.39$0.29
2015Detailed filing. Detailed filing data is available for this year.$75.8$66.6$9.13$3.68$3.44$0.24
2014Detailed filing. Detailed filing data is available for this year.$66.9$58.0$8.92$3.71$3.66$0.05
2013Detailed filing. Detailed filing data is available for this year.$72.8$63.9$8.91$4.43$4.30$0.13
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$78.1$69.2$8.86$5.05
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$85.3$76.6$8.71$9.11
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$96.5$85.0$11.5$9.96
Peer Organizations

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