Civic Intelligence

Magnify Credit Union

990 • Fiscal year 2015 • EIN 59-0683250

Jan 01, 2015 to Dec 31, 2015 • Filed on Apr 27, 2016

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

38th percentile

0.88x

Higher debt load relative to assets than 38% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2015

Liabilities / Revenue

43rd percentile

18.12x

Higher debt load relative to revenue than 43% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2015

Net Margin

38th percentile

6.4%

Higher net margin than 38% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2015

Top Officer Pay

96th percentile

$286,897

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 7.8% of source-year revenue.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2015

Asset Growth

96th percentile

13%

Faster asset growth than 96% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Revenue Growth

32nd percentile

-0.9%

Faster revenue growth than 32% of similar nonprofits.

2015 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets38th percentile

Assets

Up

$75,771,152

Up $8,869,042 (+13%) from 2014

Net Assets

Up

$9,129,994

Up $207,302 (+2.3%) from 2014

Liabilities

Up

$66,641,158

Up $8,661,740 (+15%) from 2014

Revenue And Expenses
Liabilities / Revenue43rd percentileNet Margin38th percentile

Revenue

Down

$3,678,616

Down $33,740 (-0.9%) from 2014

Expenses

Down

$3,441,843

Down $218,895 (-6.0%) from 2014

Net Income

Up

$236,773

Up $185,155 (+359%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth96th 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

2015

Assets$75,771,152
Liabilities$66,641,158
Net Assets$9,129,994
Open 2015 Filing

Operations Trend

Revenue Growth32nd 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

2015

Revenue$3,678,616
Expenses$3,441,843
Net Income$236,773
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Apr 27, 2016
Return Version
2015v2.1
Gross Receipts
$3,945,892
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$44,102,988$44,087,696▼ $15,292
Investments in Publicly Traded Securities$4,416,740$9,699,551▲ $5,282,811
Savings and Temporary Cash Investments$5,975,804$9,603,562▲ $3,627,758
Rtn Earn Endowment Incm Other Fnds$8,922,692$9,129,994▲ $207,302
Land, Buildings, and Equipment, Net$8,619,286$8,272,657▼ $346,629
Cash and Non-Interest-Bearing Accounts$1,133,673$1,502,481▲ $368,808
Investments Program Related$970,745$1,117,985▲ $147,240
Prepaid Expenses and Deferred Charges$341,939$362,857▲ $20,918
Accounts Receivable$436,257$235,028▼ $201,229
Total Assets$66,902,110$75,771,152▲ $8,869,042
Other Assets Total$904,678$889,335▼ $15,343
Liabilities
Other Liabilities$57,519,815$58,981,741▲ $1,461,926
Mortgage Notes Payable Secured by Investment Property-$7,239,887-
Accounts Payable and Accrued Expenses$459,603$419,530▼ $40,073
Total Liabilities$57,979,418$66,641,158▲ $8,661,740
Net Assets / Fund Balance
Total Net Assets Fund Balance$8,922,692$9,129,994▲ $207,302
Total Liabilities and Net Assets / Fund Balance$66,902,110$75,771,152▲ $8,869,042

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,109,920$2,051,423$8,161,343
Equipment$293,373$2,830,155$3,123,528
Land$1,869,364-$1,869,364
Compensation and Service Providers
Top Officer Pay96th percentile

Board Members and Trustees

NameTitle
Denver PharesChairperson
Charles JenkinsDirector
Joann Vasko-cliffordDirector
John McgarrityDirector
John SmallDirector
Karen MortDirector
Peter MarovichDirector
John SantarpiaCEO
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,407,921
Investment Income
$270,695
Other Revenue
$0
Change in Net Assets
$236,773
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,028,445
Salaries, Compensation, and Employee Benefits$1,413,398
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$868,543--$868,543
Office Expenses$400,398--$400,398
Depreciation Depletion$387,401--$387,401
Current Officers, Directors, Trustees, and Key Employees$286,897--$286,897
Interest$278,129--$278,129
Fees for Services Accounting$248,341--$248,341
Advertising$162,000--$162,000
Occupancy$136,389--$136,389
Payroll Taxes$110,684--$110,684
Other Employee Benefits$106,752--$106,752
Insurance$68,267--$68,267
Fees for Services Legal$47,020--$47,020
Fees for Services Other$41,296--$41,296
Pension Plan Contributions$40,522--$40,522
Information Technology$34,987--$34,987
Travel$25,813--$25,813
All Other Expenses$19,512--$19,512
Other Expenses$18,792--$18,792
Total Functional Expenses$3,441,843$0$0$3,441,843
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$58,981,741
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
2016-04-27
Discuss with paid preparer
Yes

Organization Details

Formed
1950
Legal Domicile
Fl
Voting Board Members
7
Independent Board Members
7
Employees
60
Volunteers
9

Preparer

Firm
Edwin W Ewart Jr CPA
Address
7480 FAIRWAY DR 207, 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/PYSalariesCompEmpBnftPaidAmt01607986
IRS990/PYTotalExpensesAmt03660738
IRS990/PYTotalRevenueAmt03712356
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0236773
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt03678616
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt08922692
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt09129994
IRS990/SavingsAndTempCashInvstGrp/BOYAmt05975804
IRS990/SavingsAndTempCashInvstGrp/EOYAmt09603562
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt06109920
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02051423
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt08161343
IRS990ScheduleD/EquipmentGrp/BookValueAmt0293373
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02830155
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt03123528
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/LandGrp/BookValueAmt01869364
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01869364
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt058981741
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MEMBER DEPOSITS
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/TotalBookValueLandBuildingsAmt08272657
IRS990ScheduleD/TotalLiabilityAmt058981741
IRS990ScheduleJ/AnyNonFixedPaymentsInd0false
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd0false
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JOHN SANTARPIA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
IRS990ScheduleJ/SeverancePaymentInd0false
IRS990ScheduleJ/WrittenEmploymentContractInd0X
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/TotalAssetsBOYAmt066902110
IRS990/TotalAssetsEOYAmt075771152
IRS990/TotalAssetsGrp/BOYAmt066902110
IRS990/TotalAssetsGrp/EOYAmt075771152
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalEmployeeCnt060
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03441843
IRS990/TotalFunctionalExpensesGrp/TotalAmt03441843
IRS990/TotalGrossUBIAmt013767
IRS990/TotalLiabilitiesBOYAmt057979418
IRS990/TotalLiabilitiesEOYAmt066641158
IRS990/TotalLiabilitiesGrp/BOYAmt057979418
IRS990/TotalLiabilitiesGrp/EOYAmt066641158
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt08922692
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt09129994
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt0210
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt0210
IRS990/TotalProgramServiceExpensesAmt03441843
IRS990/TotalProgramServiceRevenueAmt03407921
IRS990/TotalReportableCompFromOrgAmt0286897
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03631329
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03678616
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt013767
IRS990/TotalVolunteersCnt09
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt066902110
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt075771152
IRS990/TravelGrp/ProgramServicesAmt025813
IRS990/TravelGrp/TotalAmt025813
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/BuildTS02016-09-27 15:27:22Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JOHN SANTARPIA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-04-27
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 207
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MIAMI LAKES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd033014
ReturnHeader/PreparerPersonGrp/PhoneNum03052136453
ReturnHeader/PreparerPersonGrp/PreparationDt02016-04-27
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0EDWIN W EWART JR CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02016-04-27T01:29:55-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02015-01-01
ReturnHeader/TaxPeriodEndDt02015-12-31
ReturnHeader/TaxYr02015

Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$75,771,152
Liabilities
$66,641,158
Net assets
$9,129,994
Revenue
$3,678,616
Expenses
$3,441,843
Net income
$236,773
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