2025-08-15T08:06:34-05:00 2024-09-30 881478669 CBIZ ADVISORS LLC 200 MIDDLE STREET SUITE 401 PORTLAND ME 04101 990 2023-10-01 042296410 MASS CREDIT UNION SHARE INSURANCE CORP MASS 6177580546 233 NEEDHAM STREET SUITE 510 NEWTON MA 02464 JOHN CIAMPA TREASURER 6177580548 2025-08-08 1 1 EUGENE SYROVATKIN P00900841 2073527600 2023 2025-03-06 01:10:19Z MICHAEL C HANSON 233 NEEDHAM STREET SUITE 510 NEWTON MA 02464 6824226 0 X WWW.MSIC.ORG X 1961 MA TO STRENGTHEN THE CREDIT UNION MOVEMENT BY PROVIDING EXCESS SHARE & DEPOSIT INSURANCE AND ASSOCIATED SERVICES FOR CREDIT UNIONS AND THEIR MEMBERS. 10 10 6 0 791405 0 0 0 2243764 3388486 946601 1582668 1580936 1853072 4771301 6824226 0 0 0 0 2355455 2305030 0 0 0 3152156 5310668 5507611 7615698 -736310 -791472 100193736 97416149 41887470 37069080 58306266 60347069 MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION'S MISSION IS TO PROMOTE AND STRENGTHEN THE CREDIT UNION MOVEMENT BY PROVIDING EXCESS SHARE AND DEPOSIT INSURANCE AND ASSOCIATED SERVICES FOR CREDIT UNIONS AND THEIR MEMBERS WHILE PRESERVING THE INTEGRITY OF THE FUND. 0 0 THE MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION WAS CREATED BY STATE LAW TO INSURE THE DEPOSITS OF CREDIT UNIONS IN MASSACHUSETTS. PRIOR TO 1994, IT WAS THE PRIMARY INSURER OF STATE CHARTERED CREDIT UNIONS. AS OF 1994, AS A CONDITION FOR CREDIT UNIONS OBTAINING FEDERAL INSURANCE THROUGH THE NCUA, THE CORPORATION INFUSED CAPITAL INTO SEVERAL CREDIT UNIONS DEEMED CAPITAL DEFICIENT BY THE NCUA. THE AMOUNT OF THE INFUSION TOTALED $6,271,894, OF WHICH $1,392,934 REMAINS OUTSTANDING AS OF 9/30/24. IN 2012, THE MASSACHUSETTS STATE LAW WAS AMENDED TO ESTABLISH A VOLUNTARY RESERVE FUND. IN 2015, THE CORPORATION BEGAN ACCEPTING MEMBER DEPOSITS INTO THE LIQUIDITY RESERVE FUND. 0 0 0 1 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 51 0 6 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 1 1 X X MICHAEL C HANSON 6177580546 233 NEEDHAM STREET SUITE 510 NEWTON MA 02464 MATTHEW G SCHONDEK DIRECTOR 5.00 X 6000 0 0 GREGORI A MARTUCCI DIRECTOR 5.00 X 5500 0 0 RICHARD N MITCHELL MD DIRECTOR 5.00 X 4750 0 0 MICHAEL E MURPHY DIRECTOR 5.00 X 6750 0 0 DIANE M PERALTA DIRECTOR 5.00 X 5750 0 0 NEIL CREAN DIRECTOR 5.00 X 6500 0 0 GEORGE HARDIMAN DIRECTOR 5.00 X 4000 0 0 GLENN S WELCH DIRECTOR 5.00 X 4250 0 0 THERESA DORILAS DIRECTOR 5.00 X 6750 0 0 LAURA YBARRA DIRECTOR 5.00 X 0 0 0 MICHAEL C HANSON PRESIDENT/CEO 40.00 X 942693 0 58091 N ANTHONY ST PIERRE VP OF TECHNOLOGY / SECURIT 40.00 X 168505 0 41008 JOHN CIAMPA TREASURER 40.00 X 241806 0 58127 ERIKA MORIN DIRECTOR OF TRAINING AND MEMBER SERVICES 40.00 X 94158 0 44648 1497412 0 201874 3 0 1 0 CORINTHIAN EVENTS 109 KINGSTON STREET BOSTON MA 02111 EVENT PLANNING 355772 K&L GATES LLP 1 CONGRESS STREET BOSTON MA 02114 LEGAL SERVICES 127792 KEARNEY DONOVAN & MCGEE LLC 40 COURT STREET BOSTON MA 02108 GOVERNMENTAL COUNSEL 104000 3 INSURANCE ASSESSMENTS 524298 3388486 3388486 3388486 1576170 759260 816910 6498 6498 RENTAL INCOME 531120 1818775 1818775 OTHER INCOME 541900 34297 2152 32145 1853072 6824226 5209413 791405 823408 X 1470081 391134 95010 274710 74095 147040 49000 20000 271454 219000 105219 68572 74600 -2944 1057283 972051 135758 MSIC PARTNERS EXPENSE 610246 REPAIRS AND MAINTENANCE 443846 PROVISION FOR LOSSES 400000 REAL ESTATE TAXES - REN 294238 445305 7615698 430050 417277 4592246 5983510 278572 105177 175700 0 260198 171566 31450022 5257495 27031308 26192527 65344911 62542729 1088673 976028 992078 1027335 100193736 97416149 1949313 1819791 72081 53307 39866076 35195982 41887470 37069080 X 0 0 0 0 58306266 60347069 58306266 60347069 100193736 97416149 -791472 2832275 0 X X 0 1 X 1 0 1 0 0 SCHEDULE C PART 1-A LINE 1 POLITICAL ACTIVITIES NONE 5214750 5214750 25589201 4752208 20836993 84918 31832 53086 384655 321032 63623 176498 152423 24075 26192527 FHLB ADVANCES PAYABLE 14000000 LIQUIDITY RESERVE FUND DEPOSITS 19320476 SECURITY DEPOSITS 175506 RESERVE FOR INSURANCE LOSSES 1700000 35195982 X PART X, LINE 2: THE CORPORATION IS EXEMPT FROM FEDERAL AND MASSACHUSETTS STATE AND LOCAL TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C)(6) AND MASSACHUSETTS GENERAL LAWS, EXCEPT ON NET INCOME DERIVED FROM UNRELATED BUSINESS ACTIVITIES. THE CORPORATION DERIVES INCOME FROM THE SALE OF CUSTOM PERFORMANCE REPORTS AND INVESTMENT INCOME GENERATED BY BORROWED FUNDS, WHICH ARE CONSIDERED UNRELATED BUSINESS ACTIVITIES; HOWEVER, NO SIGNIFICANT TAXABLE INCOME HAS BEEN GENERATED DURING THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023. THE CORPORATION MEASURES ITS UNRECOGNIZED TAX POSITIONS AND ASSESSES THE LIKELIHOOD, BASED ON THE THEIR TECHNICAL MERIT, THAT TAX POSITIONS WILL BE SUSTAINED UPON EXAMINATION BASED ON THE FACTS, CIRCUMSTANCES AND INFORMATION AVAILABLE AT THE END OF EACH PERIOD. THE MEASUREMENT OF UNRECOGNIZED TAX POSITIONS IS ADJUSTED WHEN NEW INFORMATION IS AVAILABLE, OR WHEN AN EVENT OCCURS THAT REQUIRES A CHANGE. INTEREST AND PENALTIES ASSOCIATED WITH UNRECOGNIZED TAX POSITIONS, IF ANY, WOULD BE CLASSIFIED AS INTEREST EXPENSE AND ADDITIONAL INCOME TAXES, RESPECTIVELY, IN THE STATEMENT OF INCOME. THE CORPORATION DID NOT IDENTIFY ANY UNCERTAIN TAX POSITIONS AT SEPTEMBER 30, 2024 OR 2023. THE CORPORATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY PERIODS IN PROGRESS. X X 1 1 X X X X X 0 1 0 MICHAEL C HANSON PRESIDENT/CEO 690534 0 131117 0 121042 0 33000 0 25091 0 1000784 0 0 0 JOHN CIAMPA TREASURER 200000 0 40000 0 1806 0 23167 0 34960 0 299933 0 0 0 N ANTHONY ST PIERRE VP OF TECHNOLOGY / SECURIT 140000 0 25000 0 3505 0 15917 0 25091 0 209513 0 0 0 PART I, LINE 4B MICHAEL C. HANSON SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN COMMENCING IN JANUARY 2027. PRESENT VALUE AT RETIREMENT DATE IS $1,854,991. FORM 990, PART VI, SECTION A, LINE 6 CREDIT UNIONS THAT HAVE BEEN APPROVED FOR AN EXCESS DEPOSIT INSURANCE POLICY BY THE BOARD OF DIRECTORS, AND THE MASSACHUSETTS COMMISSIONER OF BANKS, ARE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A CREDIT UNION MEMBERS MAY APPOINT ONE DELEGATE TO VOTE FOR BOARD OF DIRECTOR CANDIDATES AT THE CORPORATION'S ANNUAL MEETINGS. FORM 990, PART VI, SECTION A, LINE 7B IN ACCORDANCE WITH THE CORPORATION'S GOVERNING STATUTE AND BY-LAWS, THERE ARE SOME DECISIONS OF THE BOARD OF DIRECTORS THAT ARE SUBJECT TO A VOTE OF THE ENTIRE MEMBERSHIP. THERE ARE ALSO MANY DECISIONS OF THE BOARD OF DIRECTORS THAT REQUIRE EITHER THE APPROVAL OR THE CONCURRENCE OF THE MASSACHUSETTS COMMISSIONER OF BANKS. FORM 990, PART VI, SECTION B, LINE 11B THE CORPORATION ENGAGES THE SERVICES OF AN INDEPENDENT ACCOUNTING FIRM TO PREPARE THE FORM 990, GENERALLY THE SAME FIRM THAT PERFORMS THE CORPORATION'S ANNUAL AUDIT. MANAGEMENT PROVIDES INDIVIDUAL COMPENSATION DATA AND OTHER REQUESTED INFORMATION TO THE ACCOUNTING FIRM. THE PRESIDENT/CEO AND THE TREASURER REVIEW AND VERIFY THE INFORMATION PREPARED BY THE ACCOUNTING FIRM, AND REQUEST THAT CHANGES BE MADE AS NECESSARY. THE PRESIDENT/CEO THEN APPROVES THE FINAL FORM 990 TO BE FILED. A COPY OF THIS APPROVED FORM 990 IS TYPICALLY REVIEWED BY THE AUDIT COMMITTEE PRIOR TO FILING. THE FINAL FORM 990 (AND ALL EXHIBITS) IS MADE AVAILABLE TO ALL DIRECTORS AFTER THE FORM 990 IS FILED WITH THE IRS, AND THE BOARD OF DIRECTORS IS NOTIFIED VIA E-MAIL THAT THE FORM 990 IS AVAILABLE FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE CORPORATION MONITORS THE RECEIPT OF CONFLICTS OF INTEREST STATEMENTS BY DIRECTORS, OFFICERS, AND EMPLOYEES TO ENSURE THAT ALL HAVE BEEN SUBMITTED. SIGNIFICANT TRANSACTIONS INVOLVING MEMBER CREDIT UNIONS (MERGERS, ETC.) GENERALLY REQUIRE THE APPROVAL OF THE CORPORATION AND THE MASSACHUSETTS COMMISSIONER OF BANKS. THEREFORE, MOST CONFLICTS OF INTEREST OR POTENTIAL CONFLICTS OF INTEREST INVOLVING DIRECTORS (OFFICERS, ETC.) OF THE CORPORATION WOULD BE IDENTIFIED IN THE APPROVAL REQUESTS, IF NOT ALREADY DISCLOSED IN ADVANCE BY THE AFFECTED DIRECTOR (OFFICER, ETC). WHERE CONFLICTS OR POTENTIAL CONFLICTS ARISE, THE DIRECTOR INVOLVED SHALL DISCLOSE THIS TO THE BOARD OF DIRECTORS AND EXCUSE HIMSELF/HERSELF FROM PARTICIPATING IN DELIBERATIONS AND VOTING ON THE MATTER. IF A POTENTIAL BREACH OF THE CONFLICTS OF INTEREST POLICY HAS BEEN UNCOVERED, THE BOARD OF DIRECTORS SHALL CAUSE MANAGEMENT OR A COMMITTEE OF THE BOARD, AS APPROPRIATE, TO INVESTIGATE THE MATTER. IF IT HAS BEEN DETERMINED THAT A BREACH HAS OCCURRED, THE BOARD SHALL CONSIDER APPROPRIATE CORRECTIVE ACTIONS. THE CORPORATION ALSO EVALUATES WHETHER THERE MIGHT BE POTENTIAL CONFLICTS OF INTEREST INVOLVING DIRECTORS, OFFICERS, OR EMPLOYEES WHEN REVIEWING NEW AND EXISTING VENDORS. FORM 990, PART VI, SECTION B, LINE 15A 15A- THE EXECUTIVE COMMITTEE RECOMMENDS AND THE BOARD OF DIRECTORS APPROVES COMPENSATION FOR THE CEO. THE EXECUTIVE COMMITTEE REVIEWED COMPENSATION DATA FROM THE FORM 990'S OF THE OTHER EXCESS DEPOSIT INSURERS IN MASSACHUSETTS AND COMPENSATION DATA OF OTHER ORGANIZATIONS VIEWED AS COMPARABLE TO MSIC. BASED UPON THIS REVIEW THE EXECUTIVE COMMITTEE NEGOTIATED A CONTRACT EXTENSION FOR THE CEO FOR AN ADDITIONAL TWO YEARS BEGINNING FEBRUARY 1, 2025. THE CONTRACT EXTENSION WAS APPROVED BY BOTH THE EXECUTIVE COMMITTEE AND THE BOARD OF DIRECTORS. NO MEMBER OF THE BOARD OF DIRECTORS OR THE EXECUTIVE COMMITTEE HAD A CONFLICT OF INTEREST REGARDING THE COMPENSATION ARRANGEMENT. MINUTES OF MEETINGS OF THE EXECUTIVE COMMITTEE AND THE BOARD OF DIRECTORS WERE TAKEN, EXCEPT FOR PORTIONS THAT WERE IN EXECUTIVE SESSION. THE CHAIRMAN OF THE EXECUTIVE COMMITTEE MAINTAINS THE CONFIDENTIAL SUPPLEMENT TO THE MINUTES OF THE EXECUTIVE COMMITTEE MEETING AT WHICH THE EXTENSION OF THE CEO CONTRACT WAS APPROVED. 15B- COMPENSATION FOR OTHER OFFICERS IS DETERMINED BY THE CEO WITH THE ADVICE AND CONSENT OF THE BOARD OF DIRECTORS AND THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATIONAL GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FINANCIAL STATEMENTS AND FORM 990 ARE AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST. THE CORPORATION POSTS ITS AUDITED FINANCIAL STATEMENTS TO ITS WEBSITE. FORM 990, PART IX, LINE 24E UTILITIES - RENTAL 222,022. COMMISSION 67,421. DUES & SUBSCRIPTIONS 61,477. MEMBER ACTIVITIES 45,000. RECRUITING 25,998. CONFERENCE EXPENSES 13,789. BANK & CUSTODY FEES 7,669. MISCELLANEOUS EXPENSES 1,497. DONATIONS & CONTRIBUTIONS 432. FORM 990, PART XII, LINE 2C: THE CORPORATION HAS NOT CHANGED THE OVERSIGHT PROCESS OR SELECTION PROCESS FROM THE PRIOR YEAR. 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