Civic Intelligence

Magnify Credit Union

990 • Fiscal year 2016 • EIN 59-0683250

Jan 01, 2016 to Dec 31, 2016 • Filed on May 08, 2017

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

34th percentile

0.88x

Higher debt load relative to assets than 34% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2016

Liabilities / Revenue

43rd percentile

18.14x

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

2016 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2016

Net Margin

46th percentile

7.8%

Higher net margin than 46% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2016

Top Officer Pay

59th percentile

$143,346

Higher top officer pay than 59% of similar nonprofits.

Top officer pay equals 3.9% of source-year revenue.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2016

Asset Growth

20th percentile

0.5%

Faster asset growth than 20% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Revenue Growth

22nd percentile

0.1%

Faster revenue growth than 22% of similar nonprofits.

2016 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets34th percentile

Assets

Up

$76,120,166

Up $349,014 (+0.5%) from 2015

Net Assets

Up

$9,352,437

Up $222,443 (+2.4%) from 2015

Liabilities

Up

$66,767,729

Up $126,571 (+0.2%) from 2015

Revenue And Expenses
Liabilities / Revenue43rd percentileNet Margin46th percentile

Revenue

Up

$3,681,542

Up $2,926 (+0.1%) from 2015

Expenses

Down

$3,393,289

Down $48,554 (-1.4%) from 2015

Net Income

Up

$288,253

Up $51,480 (+22%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth20th 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

2016

Assets$76,120,166
Liabilities$66,767,729
Net Assets$9,352,437
Open 2016 Filing

Operations Trend

Revenue Growth22nd 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

2016

Revenue$3,681,542
Expenses$3,393,289
Net Income$288,253
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 8, 2017
Return Version
2016v3.0
Gross Receipts
$3,707,943
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$44,087,696$41,921,818▼ $2,165,878
Savings and Temporary Cash Investments$9,603,562$11,594,078▲ $1,990,516
Investments in Publicly Traded Securities$9,699,551$10,126,316▲ $426,765
Rtn Earn Endowment Incm Other Fnds$9,129,994$9,352,437▲ $222,443
Land, Buildings, and Equipment, Net$8,272,657$7,991,765▼ $280,892
Cash and Non-Interest-Bearing Accounts$1,502,481$1,370,504▼ $131,977
Investments Program Related$1,117,985$1,115,492▼ $2,493
Accounts Receivable$235,028$347,788▲ $112,760
Prepaid Expenses and Deferred Charges$362,857$282,510▼ $80,347
Total Assets$75,771,152$76,120,166▲ $349,014
Other Assets Total$889,335$1,369,895▲ $480,560
Liabilities
Other Liabilities$58,981,741$62,287,197▲ $3,305,456
Mortgage Notes Payable Secured by Investment Property$7,239,887$4,258,000▼ $2,981,887
Accounts Payable and Accrued Expenses$419,530$222,532▼ $196,998
Total Liabilities$66,641,158$66,767,729▲ $126,571
Net Assets / Fund Balance
Total Net Assets Fund Balance$9,129,994$9,352,437▲ $222,443
Total Liabilities and Net Assets / Fund Balance$75,771,152$76,120,166▲ $349,014

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,890,445$2,274,153$8,164,598
Equipment$231,956$2,959,870$3,191,826
Land$1,869,364-$1,869,364
Compensation and Service Providers
Top Officer Pay59th percentile

Employees

NameTitleFull / Part TimeBaseTotal
John SantarpiaCEOFT$143,346$143,346

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,350,960
Investment Income
$330,582
Other Revenue
$0
Change in Net Assets
$288,253
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,969,226
Salaries, Compensation, and Employee Benefits$1,424,063
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$1,049,292--$1,049,292
Office Expenses$390,530--$390,530
Depreciation Depletion$361,263--$361,263
Interest$330,092--$330,092
Fees for Services Accounting$270,712--$270,712
Occupancy$161,020--$161,020
Current Officers, Directors, Trustees, and Key Employees$143,346--$143,346
Advertising$106,139--$106,139
Payroll Taxes$103,787--$103,787
Other Employee Benefits$96,261--$96,261
Insurance$70,004--$70,004
Fees for Services Legal$58,824--$58,824
Fees for Services Other$48,766--$48,766
All Other Expenses$36,148--$36,148
Pension Plan Contributions$31,377--$31,377
Other Expenses$20,570--$20,570
Travel$19,158--$19,158
Total Functional Expenses$3,393,289$0$0$3,393,289
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$62,287,197
Member Deposits-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
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
2017-05-08
Discuss with paid preparer
Yes

Organization Details

Formed
1950
Legal Domicile
Fl
Voting Board Members
7
Independent Board Members
7
Employees
67
Volunteers
10

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/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt011594078
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt05890445
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02274153
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt08164598
IRS990ScheduleD/EquipmentGrp/BookValueAmt0231956
IRS990ScheduleD/EquipmentGrp/DepreciationAmt02959870
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt03191826
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/LandGrp/BookValueAmt01869364
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01869364
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt062287197
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MEMBER DEPOSITS
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/TotalBookValueLandBuildingsAmt07991765
IRS990ScheduleD/TotalLiabilityAmt062287197
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
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt067
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03393289
IRS990/TotalFunctionalExpensesGrp/TotalAmt03393289
IRS990/TotalGrossUBIAmt017110
IRS990/TotalLiabilitiesBOYAmt066641158
IRS990/TotalLiabilitiesEOYAmt066767729
IRS990/TotalLiabilitiesGrp/BOYAmt066641158
IRS990/TotalLiabilitiesGrp/EOYAmt066767729
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IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt02918
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt02918
IRS990/TotalProgramServiceExpensesAmt03393289
IRS990/TotalProgramServiceRevenueAmt03350960
IRS990/TotalReportableCompFromOrgAmt0143346
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03664432
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03681542
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt017110
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt075771152
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt076120166
IRS990/TravelGrp/ProgramServicesAmt019158
IRS990/TravelGrp/TotalAmt019158
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
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JOHN SANTARPIA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-05-08
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
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ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0CFD72DE24C102B2D66C9DA36A8C21D4A48686104
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0CFD72DE24C102B2D66C9DA36A8C21D4A48686104
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0208.115.41.3
ReturnHeader/FilingSecurityInformation/IPDt02017-05-08
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ED
ReturnHeader/FilingSecurityInformation/IPTm020:12:08
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/PreparationDt02017-05-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0EDWIN W EWART JR CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02017-05-08T04:14:20-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01
ReturnHeader/TaxPeriodEndDt02016-12-31
ReturnHeader/TaxYr02016

Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$76,120,166
Liabilities
$66,767,729
Net assets
$9,352,437
Revenue
$3,681,542
Expenses
$3,393,289
Net income
$288,253
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