MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION: Form 990, tax year 2016
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- Organization
- MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION (EIN 04-2296410)
- Tax period
- 2016-10-01 to 2017-09-30
- Filed
- 2018-08-14
- IRS object ID
- 201832269349301053
- Schema version
- 2016v3.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2018-08-14T09:51:08-05:00 | ReturnTs |
| Tax Period End | 2017-09-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 111986323 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Marcum LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 53 State Street | AddressLine1Txt |
| City | Boston | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02109 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2016-10-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 042296410 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Mass Credit Union Share Insurance Corp | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | MASS | BusinessNameControlTxt |
| Phone | 6177580546 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 30 Rowes Wharf No 520 | AddressLine1Txt |
| City | Boston | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02110 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | JOHN CIAMPA | PersonNm |
| Person Title | ACTING TREASURER | PersonTitleTxt |
| Phone | 6177580548 | PhoneNum |
| Signature | 2018-08-13 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | David St Yves | PreparerPersonNm |
| PTIN | P00178146 | PTIN |
| Phone | 6178075000 | PhoneNum |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2016 | TaxYr |
| Build TS | 2022-09-23 18:48:47Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | Michael C Hanson | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 30 Rowes Wharf Suite 520 | AddressLine1Txt |
| City | Boston | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02110 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $26,330,172 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | WWW.MSIC.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1961 | FormationYr |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Activity Or Mission | To strengthen the credit union movement by providing excess share & deposit insurance and associated services for credit unions and their members. | ActivityOrMissionDesc |
| Voting Members Governing Body | 14 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 14 | VotingMembersIndependentCnt |
| Total Employee | 10 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $1,154,449 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | -$313,389 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $896,711 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $1,607,159 | CYProgramServiceRevenueAmt |
| PY Investment Income | $2,958,239 | PYInvestmentIncomeAmt |
| CY Investment Income | $2,111,463 | CYInvestmentIncomeAmt |
| PY Other Revenue | $321,457 | PYOtherRevenueAmt |
| CY Other Revenue | $1,611,550 | CYOtherRevenueAmt |
| PY Total Revenue | $4,176,407 | PYTotalRevenueAmt |
| CY Total Revenue | $5,330,172 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $1,770,640 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $2,170,705 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $1,899,776 | PYOtherExpensesAmt |
| CY Other Expenses | $2,764,152 | CYOtherExpensesAmt |
| PY Total Expenses | $3,670,416 | PYTotalExpensesAmt |
| CY Total Expenses | $4,934,857 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $505,991 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $395,315 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $108,492,458 | TotalAssetsBOYAmt |
| Total Assets EOY | $123,116,541 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $47,151,714 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $62,233,922 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $61,340,744 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $60,882,619 | NetAssetsOrFundBalancesEOYAmt |
| Mission | 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. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Desc | 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 $1,741,570 remains outstanding as of 9/30/17. 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. | Desc |
| Described In Section501c3 | 0 | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Subject To Proxy Tax | Yes (1) | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Temp Or Permanent Endowments | 0 | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | 0 | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | Yes (1) | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | 0 | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | Yes (1) | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 48 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 10 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (1) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (1) | Form990TFiledInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 14 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 14 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (1) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (1) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (1) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | 0 | CompensationProcessOtherInd |
| Investment In Joint Venture | Yes (1) | InvestmentInJointVentureInd |
| Written Policy Or Procedure | Yes (1) | WrittenPolicyOrProcedureInd |
| Other Website | Yes (X) | OtherWebsiteInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Michael C Hanson | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 6177580546 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 30 Rowes Wharf SUite 520 | AddressLine1Txt |
| City | BOston | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02110 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (18 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| Kenneth m delRossi | |||||||
| director | 5.00 | Yes (X) | $8,750 | $0 | $0 | ||
| James L carlson | |||||||
| director | 5.00 | Yes (X) | $8,250 | $0 | $0 | ||
| John D Finnegan esq | |||||||
| Director | 5.00 | Yes (X) | $8,000 | $0 | $0 | ||
| BARBARA FRAZIER | |||||||
| Director | 5.00 | Yes (X) | $2,500 | $0 | $0 | ||
| debbie c guiney | |||||||
| director | 5.00 | Yes (X) | $13,000 | $0 | $0 | ||
| michael n lussier | |||||||
| director | 5.00 | Yes (X) | $6,500 | $0 | $0 | ||
| gregori a martucci | |||||||
| director | 5.00 | Yes (X) | $6,500 | $0 | $0 | ||
| richard N Mitchell MD | |||||||
| director | 5.00 | Yes (X) | $4,500 | $0 | $0 | ||
| michael e murphy | |||||||
| director | 5.00 | Yes (X) | $8,000 | $0 | $0 | ||
| paul n noce | |||||||
| chairman/director | 10.00 | Yes (X) | $11,000 | $0 | $0 | ||
| diane m peralta | |||||||
| director | 5.00 | Yes (X) | $9,750 | $0 | $0 | ||
| tina sbrega | |||||||
| director | 5.00 | Yes (X) | $6,250 | $0 | $0 | ||
| Ralph Moore | |||||||
| director | 5.00 | Yes (X) | $9,250 | $0 | $0 | ||
| Daniel E Waltz | |||||||
| Director | 5.00 | Yes (X) | $10,500 | $0 | $0 | ||
| Michael c hanson | |||||||
| President/ceo | 40.00 | $815,293 | $0 | $51,758 | Yes (X) | ||
| n Anthony St Pierre | |||||||
| VP of Technology / Securit | 40.00 | $110,451 | $0 | $32,761 | Yes (X) | ||
| john ciampa | |||||||
| acting treasurer | 40.00 | $119,281 | $0 | $20,788 | Yes (X) | ||
| john caulfield | |||||||
| Director of Credit Union Governance | 40.00 | $103,295 | $0 | $26,607 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,261,070 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $131,914 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 4 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
| Cntrct Rcvd Greater Than100 K | 0 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | insurance assessments | Desc |
| Business | 524298 | BusinessCd |
| Total Revenue Column | $1,607,159 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $1,607,159 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $1,607,159 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $2,161,243 | TotalRevenueColumnAmt |
| Unrelated Business Revenue | $1,110,447 | UnrelatedBusinessRevenueAmt |
| Exclusion | $1,050,796 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $20,950,220 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $21,000,000 | SecuritiesAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$49,780 | SecuritiesAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$49,780 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | -$49,780 | RelatedOrExemptFuncIncomeAmt |
Other Revenue Misc OtherRevenueMiscGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| RENTAL INCOME | 531120 | $817,542 | $817,542 | |
| recovery of capital assistance | 900099 | $750,000 | $750,000 | |
| Other income | 541900 | $44,008 | $6 | $44,002 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $1,611,550 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $5,330,172 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $3,124,927 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $1,154,449 | UnrelatedBusinessRevenueAmt |
| Exclusion | $1,050,796 | ExclusionAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $965,069 | TotalAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $689,187 | TotalAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $111,736 | TotalAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $312,282 | TotalAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $92,431 | TotalAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $75,000 | TotalAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $39,500 | TotalAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $81,500 | TotalAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $214,946 | TotalAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $33,500 | TotalAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $71,573 | TotalAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $24,391 | TotalAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $256,690 | TotalAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $81,513 | TotalAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $60,000 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $799,606 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $206,482 | TotalAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $97,772 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| MSIC PARTNERS EXPENSE | $300,000 |
| real estate taxes - ren | $94,725 |
| repairs and maintenance | $84,386 |
| MEMBER ACTIVITIES | $74,838 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $167,730 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,934,857 | TotalAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $485,608 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $45,901,094 | BOYAmt |
| EOY | $20,159,256 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $3,085 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $98,292 | BOYAmt |
| EOY | $163,383 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $21,507,196 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $597,719 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $96,832 | BOYAmt |
| EOY | $20,909,477 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $60,389,017 | BOYAmt |
| EOY | $78,324,580 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,175,600 | BOYAmt |
| EOY | $1,868,400 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $831,623 | BOYAmt |
| EOY | $1,202,752 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $108,492,458 | BOYAmt |
| EOY | $123,116,541 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $554,428 | BOYAmt |
| EOY | $844,299 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $75,583 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $46,597,286 | BOYAmt |
| EOY | $61,314,040 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $47,151,714 | BOYAmt |
| EOY | $62,233,922 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow SFAS117 | Yes (X) | OrgDoesNotFollowSFAS117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Pd In Cap Srpls Land Bldg Eqp Fund PdInCapSrplsLandBldgEqpFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $61,340,744 | BOYAmt |
| EOY | $60,882,619 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $61,340,744 | BOYAmt |
| EOY | $60,882,619 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $108,492,458 | BOYAmt |
| EOY | $123,116,541 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $395,315 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$853,440 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule C IRS990ScheduleC
| Field | Value | IRS element (for citing) |
|---|---|---|
| Substantially All Dues Nonded | Yes (1) | SubstantiallyAllDuesNondedInd |
| Only In House Lobbying | 0 | OnlyInHouseLobbyingInd |
| Agree Carryover Prior Year | 0 | AgreeCarryoverPriorYearInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Schedule C Part 1-A Line 1 | FormAndLineReferenceDesc |
| Explanation | Political Activities None | ExplanationTxt |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $5,214,750 | OtherCostOrOtherBasisAmt |
| Book Value | $5,214,750 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $15,765,976 | OtherCostOrOtherBasisAmt |
| Depreciation | $164,187 | DepreciationAmt |
| Book Value | $15,601,789 | BookValueAmt |
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $31,142 | OtherCostOrOtherBasisAmt |
| Depreciation | $26,159 | DepreciationAmt |
| Book Value | $4,983 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $367,860 | OtherCostOrOtherBasisAmt |
| Depreciation | $281,822 | DepreciationAmt |
| Book Value | $86,038 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $127,468 | OtherCostOrOtherBasisAmt |
| Depreciation | $125,551 | DepreciationAmt |
| Book Value | $1,917 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $20,909,477 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (4 entries)
| DescDesc | AmtAmt |
|---|---|
| FHLB Advances Payable | $30,000,000 |
| LIQUIDITY reserve FUND DEPOSITS | $30,857,724 |
| SECURITY DEPOSITS | $89,343 |
| CAPITAL RESERVE | $366,973 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $61,314,040 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $5,330,172 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Not Reported | $0 | RevenueNotReportedAmt |
| Revenue Subtotal | $5,330,172 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $5,330,172 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $4,934,857 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $4,934,857 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $4,934,857 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Part X, Line 2: | FormAndLineReferenceDesc |
| Explanation | 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, 2017 and 2016. 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, 2017 or 2016. The Corporation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any periods in progress. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | Yes (X) | TravelForCompanionsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Form990 Of Other Organizations | Yes (X) | Form990OfOtherOrganizationsInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Michael c hanson | PersonNm |
| Title | President/ceo | TitleTxt |
| Base Compensation Filing Org | $524,749 | BaseCompensationFilingOrgAmt |
| Compensation Based On Rltd Orgs | $0 | CompensationBasedOnRltdOrgsAmt |
| Bonus Filing Organization | $164,716 | BonusFilingOrganizationAmount |
| Bonus Related Organizations | $0 | BonusRelatedOrganizationsAmt |
| Other Compensation Filing Org | $125,828 | OtherCompensationFilingOrgAmt |
| Other Compensation Rltd Orgs | $0 | OtherCompensationRltdOrgsAmt |
| Deferred Compensation Flng Org | $26,500 | DeferredCompensationFlngOrgAmt |
| Deferred Comp Rltd Orgs | $0 | DeferredCompRltdOrgsAmt |
| Nontaxable Benefits Filing Org | $25,258 | NontaxableBenefitsFilingOrgAmt |
| Nontaxable Benefits Rltd Orgs | $0 | NontaxableBenefitsRltdOrgsAmt |
| Total Compensation Filing Org | $867,051 | TotalCompensationFilingOrgAmt |
| Total Compensation Rltd Orgs | $0 | TotalCompensationRltdOrgsAmt |
| Comp Report Prior990 Filing Org | $0 | CompReportPrior990FilingOrgAmt |
| Comp Report Prior990 Rltd Orgs | $0 | CompReportPrior990RltdOrgsAmt |
Schedule L IRS990ScheduleL
Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp
Name Of Interested NameOfInterested
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | wILLiam HANSON | PersonNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Relationship Description | FAMILY MEMBER OF OFFICER | RelationshipDescriptionTxt |
| Transaction | $13,272 | TransactionAmt |
| Transaction | PROFESSIONAL FEES PAID FOR NEGOTIATING TENANT LEASES | TransactionDesc |
| Sharing Of Revenues | 0 | SharingOfRevenuesInd |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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. 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 PERSONNEL AND EXECUTIVE COMMITTEES REVIEWED COMPENSATION DATA FROM THE FORM 990S OF THE OTHER TWO EXCESS DEPOSIT INSURERS IN MASSACHUSETTS DURING THE SPRING OF 2012, AND BASED UPON THAT REVIEW THE TWO COMMITTEES NEGOTIATED A CONTRACT EXTENSION FOR THE CEO FOR AN ADDITIONAL FIVE YEARS BEGINNING FEBRUARY 1, 2013. THE CONTRACT EXTENSION WAS APPROVED BY BOTH THE PERSONNEL COMMITTEE AND THE BOARD OF DIRECTORS. NO MEMBER OF THE BOARD OF DIRECTORS OR THE PERSONNEL COMMITTEE HAD A CONFLICT OF INTEREST REGARDING THE COMPENSATION ARRANGEMENT. MINUTES OF MEETINGS OF THE PERSONNEL COMMITTEE AND THE BOARD OF DIRECTORS WERE TAKEN, EXCEPT FOR PORTIONS THAT WERE IN EXECUTIVE SESSION. THE CHAIRMAN OF THE PERSONNEL COMMITTEE MAINTAINS THE CONFIDENTIAL SUPPLEMENT TO THE MINUTES OF THE PERSONNEL 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 XII, Line 2c: | The Corporation has not changed the oversight process or selection process from the prior year. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MSIC PROPERTIES LLC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 30 ROWES WHARF | AddressLine1Txt |
| City | BOSTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02110 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 821350329 | EIN |
| Primary Activities | INVESTMENT IN COMMERCIAL RENTAL PROPERTY | PrimaryActivitiesTxt |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Total Income | $817,542 | TotalIncomeAmt |
| End Of Year Assets | $21,356,096 | EndOfYearAssetsAmt |
Id Related Org Txbl Partnership IdRelatedOrgTxblPartnershipGrp
Related Organization Name RelatedOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MSIC PARTNERS LLC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 30 ROWES WHARF | AddressLine1Txt |
| City | BOSTON | CityNm |
| State Abbreviation | MA | StateAbbreviationCd |
| ZIP | 02110 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 821020810 | EIN |
| Primary Activities | SERVICES TO MEMBER CREDIT UNIONS | PrimaryActivitiesTxt |
| Legal Domicile State | MA | LegalDomicileStateCd |
| Predominant Income Type | RELATED MEMBER SERV. | PredominantIncomeTypeTxt |
| Share Of EOY Assets | $250,000 | ShareOfEOYAssetsAmt |
| Disproportionate Allocations | 0 | DisproportionateAllocationsInd |
| General Or Managing Partner | Yes (1) | GeneralOrManagingPartnerInd |
| Ownership | 0.33330 | OwnershipPct |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | 0 | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | Yes (1) | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | 0 | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | 0 | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | 0 | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | 0 | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | 0 | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | Yes (1) | SharingOfFacilitiesInd |
| Paid Employees Sharing | 0 | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | 0 | TransferToOtherOrgInd |
| Transfer From Other Org | 0 | TransferFromOtherOrgInd |
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