Civic Intelligence

Magnify Credit Union

990 • Fiscal year 2017 • EIN 59-0683250

Jan 01, 2017 to Dec 31, 2017 • Filed on May 10, 2018

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

39th percentile

0.88x

Higher debt load relative to assets than 39% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2017

Liabilities / Revenue

44th percentile

18.15x

Higher debt load relative to revenue than 44% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2017

Net Margin

42nd percentile

7.9%

Higher net margin than 42% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2017

Top Officer Pay

60th percentile

$154,270

Higher top officer pay than 60% of similar nonprofits.

Top officer pay equals 4.1% of source-year revenue.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Source year 2017

Asset Growth

44th percentile

2.6%

Faster asset growth than 44% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Revenue Growth

28th percentile

2.5%

Faster revenue growth than 28% of similar nonprofits.

2017 filings • 501(c)14 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets39th percentile

Assets

Up

$78,093,183

Up $1,973,017 (+2.6%) from 2016

Net Assets

Up

$9,607,251

Up $254,814 (+2.7%) from 2016

Liabilities

Up

$68,485,932

Up $1,718,203 (+2.6%) from 2016

Revenue And Expenses
Liabilities / Revenue44th percentileNet Margin42nd percentile

Revenue

Up

$3,772,766

Up $91,224 (+2.5%) from 2016

Expenses

Up

$3,473,634

Up $80,345 (+2.4%) from 2016

Net Income

Up

$299,132

Up $10,879 (+3.8%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth44th 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

2017

Assets$78,093,183
Liabilities$68,485,932
Net Assets$9,607,251
Open 2017 Filing

Operations Trend

Revenue Growth28th 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

2017

Revenue$3,772,766
Expenses$3,473,634
Net Income$299,132
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
May 10, 2018
Return Version
2017v2.3
Gross Receipts
$3,799,167
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$41,921,818$44,829,147▲ $2,907,329
Savings and Temporary Cash Investments$11,594,078$11,399,800▼ $194,278
Investments in Publicly Traded Securities$10,126,316$9,878,583▼ $247,733
Rtn Earn Endowment Incm Other Fnds$9,352,437$9,607,251▲ $254,814
Land, Buildings, and Equipment, Net$7,991,765$8,199,844▲ $208,079
Investments Program Related$1,115,492$1,171,792▲ $56,300
Cash and Non-Interest-Bearing Accounts$1,370,504$697,942▼ $672,562
Prepaid Expenses and Deferred Charges$282,510$353,573▲ $71,063
Accounts Receivable$347,788$338,973▼ $8,815
Total Assets$76,120,166$78,093,183▲ $1,973,017
Other Assets Total$1,369,895$1,223,529▼ $146,366
Liabilities
Other Liabilities$62,287,197$64,163,005▲ $1,875,808
Mortgage Notes Payable Secured by Investment Property$4,258,000$3,743,000▼ $515,000
Accounts Payable and Accrued Expenses$222,532$579,927▲ $357,395
Total Liabilities$66,767,729$68,485,932▲ $1,718,203
Net Assets / Fund Balance
Total Net Assets Fund Balance$9,352,437$9,607,251▲ $254,814
Total Liabilities and Net Assets / Fund Balance$76,120,166$78,093,183▲ $1,973,017

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,016,946$2,523,432$8,540,378
Equipment$313,534$3,148,705$3,462,239
Land$1,869,364-$1,869,364
Compensation and Service Providers
Top Officer Pay60th percentile

Board Members and Trustees

NameTitle
Brenda HardmanDirector
Charles JenkinsDirector
Joann Vasko-cliffordDirector
John McgarrityDirector
John SmallDirector
Karen MortDirector
Scott LangstonDirector
John SantarpiaCEO
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,311,875
Investment Income
$439,227
Other Revenue
$21,664
Change in Net Assets
$299,132
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,068,239
Salaries, Compensation, and Employee Benefits$1,405,395
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$999,303--$999,303
Office Expenses$503,741--$503,741
Interest$360,905--$360,905
Depreciation Depletion$355,160--$355,160
Information Technology$220,928--$220,928
Current Officers, Directors, Trustees, and Key Employees$154,270--$154,270
Occupancy$138,615--$138,615
Other Employee Benefits$127,556--$127,556
Advertising$112,924--$112,924
Payroll Taxes$91,418--$91,418
Fees for Services Other$77,521--$77,521
Insurance$56,951--$56,951
Travel$41,500--$41,500
Pension Plan Contributions$32,848--$32,848
Other Expenses$20,827--$20,827
Fees for Services Legal$14,687--$14,687
All Other Expenses$14,480--$14,480
Total Functional Expenses$3,473,634$0$0$3,473,634
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$64,163,005
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
2018-05-10
Discuss with paid preparer
Yes

Organization Details

Formed
1950
Legal Domicile
Fl
Voting Board Members
7
Independent Board Members
7
Employees
46
Volunteers
10

Preparer

Firm
Ewart & Associates LLC
Address
7480 FAIRWAY DR 207, MIAMI LAKES, FL 33014
Preparer
Richard T Ewart CPA
Phone
3055574683
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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/PYProgramServiceRevenueAmt03350960
IRS990/PYRevenuesLessExpensesAmt0288253
IRS990/PYSalariesCompEmpBnftPaidAmt01424063
IRS990/PYTotalExpensesAmt03393289
IRS990/PYTotalRevenueAmt03681542
IRS990/ReconcilationRevenueExpnssAmt0299132
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt03772766
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IRS990/SavingsAndTempCashInvstGrp/BOYAmt011594078
IRS990/SavingsAndTempCashInvstGrp/EOYAmt011399800
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt06016946
IRS990ScheduleD/BuildingsGrp/DepreciationAmt02523432
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt08540378
IRS990ScheduleD/EquipmentGrp/BookValueAmt0313534
IRS990ScheduleD/EquipmentGrp/DepreciationAmt03148705
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt03462239
IRS990ScheduleD/InclEscrowCustodialAcctLiabInd0false
IRS990ScheduleD/LandGrp/BookValueAmt01869364
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01869364
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt064163005
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Federal income taxes
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MEMBER DEPOSITS
IRS990ScheduleD/OtherSecuritiesGrp/Desc0Financial derivatives and other financial products
IRS990ScheduleD/OtherSecuritiesGrp/Desc1Closely-held equity interests
IRS990ScheduleD/TotalBookValueLandBuildingsAmt08199844
IRS990ScheduleD/TotalLiabilityAmt064163005
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JOHN SANTARPIA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1JOHN MCGARRITY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Director
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
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IRS990/TotalAssetsEOYAmt078093183
IRS990/TotalAssetsGrp/BOYAmt076120166
IRS990/TotalAssetsGrp/EOYAmt078093183
IRS990/TotalCompGreaterThan150KInd0true
IRS990/TotalEmployeeCnt046
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt03473634
IRS990/TotalFunctionalExpensesGrp/TotalAmt03473634
IRS990/TotalGrossUBIAmt030088
IRS990/TotalLiabilitiesBOYAmt066767729
IRS990/TotalLiabilitiesEOYAmt068485932
IRS990/TotalLiabilitiesGrp/BOYAmt066767729
IRS990/TotalLiabilitiesGrp/EOYAmt068485932
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IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt09607251
IRS990/TotalOthProgramServiceRevGrp/RelatedOrExemptFuncIncomeAmt01478
IRS990/TotalOthProgramServiceRevGrp/TotalRevenueColumnAmt01478
IRS990/TotalProgramServiceExpensesAmt03473634
IRS990/TotalProgramServiceRevenueAmt03311875
IRS990/TotalReportableCompFromOrgAmt0154270
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt03742678
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03772766
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt030088
IRS990/TotalVolunteersCnt010
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt076120166
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt078093183
IRS990/TravelGrp/ProgramServicesAmt041500
IRS990/TravelGrp/TotalAmt041500
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/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JOHN SANTARPIA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CEO
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-05-10
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/FilingSecurityInformation/AtSubmissionCreationDeviceId0FAA5F9C3BCD8DCB50E7D2A8E960D138FFCF86EBD
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0FAA5F9C3BCD8DCB50E7D2A8E960D138FFCF86EBD
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0208.115.41.3
ReturnHeader/FilingSecurityInformation/IPDt02018-05-10
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ED
ReturnHeader/FilingSecurityInformation/IPTm018:24:05
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0EWART & ASSOCIATES LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt07480 FAIRWAY DR 207
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MIAMI LAKES
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0FL
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd033014
ReturnHeader/PreparerPersonGrp/PhoneNum03055574683
ReturnHeader/PreparerPersonGrp/PreparationDt02018-05-10
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RICHARD T EWART CPA
ReturnHeader/PreparerPersonGrp/SelfEmployedInd0X
ReturnHeader/ReturnTs02018-05-10T02:27:44-00:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02017-01-01
ReturnHeader/TaxPeriodEndDt02017-12-31
ReturnHeader/TaxYr02017

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$78,093,183
Liabilities
$68,485,932
Net assets
$9,607,251
Revenue
$3,772,766
Expenses
$3,473,634
Net income
$299,132
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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