Civic Intelligence

Magnify Credit Union

990 • Fiscal year 2014 • EIN 59-0683250

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 11, 2015

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

27th percentile

0.87x

Higher debt load relative to assets than 27% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2014

Liabilities / Revenue

27th percentile

15.62x

Higher debt load relative to revenue than 27% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2014

Net Margin

18th percentile

1.4%

Higher net margin than 18% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2014

Top Officer Pay

57th percentile

$135,612

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 3.7% of source-year revenue.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2014

Asset Growth

1st percentile

-8.1%

Faster asset growth than 1% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Revenue Growth

1st percentile

-16%

Faster revenue growth than 1% of similar nonprofits.

2014 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets27th percentile

Assets

Down

$66,902,110

Down $5,886,232 (-8.1%) from 2013

Net Assets

Up

$8,922,692

Up $11,100 (+0.1%) from 2013

Liabilities

Down

$57,979,418

Down $5,897,332 (-9.2%) from 2013

Revenue And Expenses
Liabilities / Revenue27th percentileNet Margin18th percentile

Revenue

Down

$3,712,356

Down $720,238 (-16%) from 2013

Expenses

Down

$3,660,738

Down $640,249 (-15%) from 2013

Net Income

Down

$51,618

Down $79,989 (-61%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth1st 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

2014

Assets$66,902,110
Liabilities$57,979,418
Net Assets$8,922,692
Open 2014 Filing

Operations Trend

Revenue Growth1st percentile

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

2014

Revenue$3,712,356
Expenses$3,660,738
Net Income$51,618
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 11, 2015
Return Version
2014v5.0
Gross Receipts
$3,744,276
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$45,028,431$44,102,988▼ $925,443
Rtn Earn Endowment Incm Other Fnds$8,911,592$8,922,692▲ $11,100
Land, Buildings, and Equipment, Net$8,923,677$8,619,286▼ $304,391
Savings and Temporary Cash Investments$8,216,172$5,975,804▼ $2,240,368
Investments in Publicly Traded Securities$5,589,307$4,416,740▼ $1,172,567
Cash and Non-Interest-Bearing Accounts$1,365,837$1,133,673▼ $232,164
Investments Program Related$1,109,471$970,745▼ $138,726
Accounts Receivable$226,193$436,257▲ $210,064
Prepaid Expenses and Deferred Charges$183,785$341,939▲ $158,154
Total Assets$72,788,342$66,902,110▼ $5,886,232
Other Assets Total$2,145,469$904,678▼ $1,240,791
Liabilities
Other Liabilities$60,460,687$57,519,815▼ $2,940,872
Accounts Payable and Accrued Expenses$3,416,063$459,603▼ $2,956,460
Total Liabilities$63,876,750$57,979,418▼ $5,897,332
Net Assets / Fund Balance
Total Net Assets Fund Balance$8,911,592$8,922,692▲ $11,100
Total Liabilities and Net Assets / Fund Balance$72,788,342$66,902,110▼ $5,886,232

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,334,854$1,826,489$8,161,343
Equipment$415,068$2,666,324$3,081,392
Land$1,869,364-$1,869,364
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleFull / Part TimeBaseTotal
John SantarpiaCEOFT$135,612$135,612

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
$3,493,084
Investment Income
$219,272
Other Revenue
$0
Change in Net Assets
$51,618
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,052,752
Salaries, Compensation, and Employee Benefits$1,607,986
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,149,464--$1,149,464
Office Expenses$587,437--$587,437
Depreciation Depletion$422,552--$422,552
Advertising$291,757--$291,757
Interest$287,269--$287,269
Fees for Services Accounting$279,632--$279,632
Other Employee Benefits$170,008--$170,008
Occupancy$141,531--$141,531
Current Officers, Directors, Trustees, and Key Employees$135,612--$135,612
Payroll Taxes$117,515--$117,515
Fees for Services Other$96,514--$96,514
Insurance$73,831--$73,831
Information Technology$45,609--$45,609
All Other Expenses$41,095--$41,095
Pension Plan Contributions$35,387--$35,387
Travel$28,862--$28,862
Other Expenses$18,866--$18,866
Fees for Services Legal$12,850--$12,850
Total Functional Expenses$3,660,738$0$0$3,660,738
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$57,519,815
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

Filer Name
Magnify Credit Union
EIN
59-0683250
Phone
8634255611
Address
1010 N CHURCH AVENUE, MULBERRY, FL 33860

Signing Officer

Name
John Santarpia
Title
CEO
Signed
2015-11-11
Discuss with paid preparer
Yes

Organization Details

Formed
1950
Legal Domicile
Fl
Voting Board Members
7
Independent Board Members
7
Employees
59
Volunteers
10

Preparer

Firm
Edwin W Ewart Jr CPA
Address
7480 FAIRWAY DR 205, MIAMI LAKES, FL 33014
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/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt03712356
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt08911592
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt08922692
IRS990/SavingsAndTempCashInvstGrp/BOYAmt08216172
IRS990/SavingsAndTempCashInvstGrp/EOYAmt05975804
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt06334854
IRS990ScheduleD/BuildingsGrp/DepreciationAmt01826489
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt08161343
IRS990ScheduleD/EquipmentGrp/BookValueAmt0415068
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02666324
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt03081392
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/LandGrp/BookValueAmt01869364
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01869364
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt057519815
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MEMBER DEPOSITS
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/TotalBookValueLandBuildingsAmt08619286
IRS990ScheduleD/TotalLiabilityAmt057519815
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/TotalAssetsBOYAmt072788342
IRS990/TotalAssetsEOYAmt066902110
IRS990/TotalAssetsGrp/BOYAmt072788342
IRS990/TotalAssetsGrp/EOYAmt066902110
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt059
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03660738
IRS990/TotalFunctionalExpensesGrp/TotalAmt03660738
IRS990/TotalGrossUBIAmt015745
IRS990/TotalLiabilitiesBOYAmt063876750
IRS990/TotalLiabilitiesEOYAmt057979418
IRS990/TotalLiabilitiesGrp/BOYAmt063876750
IRS990/TotalLiabilitiesGrp/EOYAmt057979418
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt08911592
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt08922692
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt0353
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt0834
IRS990/TotalOthProgramServiceRevGrp/UnrelatedBusinessRevenueAmt0481
IRS990/TotalProgramServiceExpensesAmt03660738
IRS990/TotalProgramServiceRevenueAmt03493084
IRS990/TotalReportableCompFromOrgAmt0135612
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03696611
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03712356
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt015745
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt072788342
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt066902110
IRS990/TravelGrp/ProgramServicesAmt028862
IRS990/TravelGrp/TotalAmt028862
IRS990/TypeOfOrganizationOtherInd0X
IRS990/UnrelatedBusIncmOverLimitInd0true
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt01010 N CHURCH AVE
IRS990/USAddress/CityNm0MULBERRY
IRS990/USAddress/StateAbbreviationCd0FL
IRS990/USAddress/ZIPCd033860
IRS990/VotingMembersGoverningBodyCnt07
IRS990/VotingMembersIndependentCnt07
IRS990/WebsiteAddressTxt0WWW.MAGNIFYCU.ORG
IRS990/WhistleblowerPolicyInd0true
IRS990/WrittenPolicyOrProcedureInd0true
ReturnHeader/BuildTS02016-02-25 16:41:14Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JOHN SANTARPIA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-11-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0MAGNIFY CREDIT UNION
ReturnHeader/Filer/BusinessNameControlTxt0MAGN
ReturnHeader/Filer/EIN0590683250
ReturnHeader/Filer/PhoneNum08634255611
ReturnHeader/Filer/USAddress/AddressLine1Txt01010 N CHURCH AVENUE
ReturnHeader/Filer/USAddress/CityNm0MULBERRY
ReturnHeader/Filer/USAddress/StateAbbreviationCd0FL
ReturnHeader/Filer/USAddress/ZIPCd033860
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0EDWIN W EWART JR CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt07480 FAIRWAY DR 205
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MIAMI LAKES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd033014
ReturnHeader/PreparerPersonGrp/PhoneNum03052136453
ReturnHeader/PreparerPersonGrp/PreparationDt02015-11-11
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0EDWIN W EWART JR CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02015-11-11T09:15:34-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-01-01
ReturnHeader/TaxPeriodEndDt02014-12-31
ReturnHeader/TaxYr02014

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$66,902,110
Liabilities
$57,979,418
Net assets
$8,922,692
Revenue
$3,712,356
Expenses
$3,660,738
Net income
$51,618
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