2015-08-17T07:14:25-05:00 2014-09-30 111986323 MARCUM LLP 53 STATE STREET FLOOR 38 BOSTON MA 02109 990 2013-10-01 042296410 MASS CREDIT UNION SHARE INSURANCE CORP MASS 6177580546 30 ROWES WHARF NO 520 BOSTON MA 02110 MICHAEL C HANSON PRESIDENT 6177580546 2015-08-14 1 DAVID ST YVES P00178146 6177429666 2013 2016-03-07 17:11:31Z MICHAEL C HANSON 30 ROWES WHARF SUITE 520 BOSTON MA 02110 11404543 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. 14 14 7 0 316072 -118041 0 0 1075294 613763 1490610 1495443 291763 505948 2857667 2615154 0 0 0 0 1394875 1332321 0 0 0 1012574 1139880 2407449 2472201 450218 142953 74009002 74660667 16412693 16143035 57596309 58517632 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 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 $6,271,893, OF WHICH $3,768,033 REMAINS OUTSTANDING AS OF 9/30/14. 0 0 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 12 0 7 1 1 1 0 0 0 0 0 X 14 14 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 0 1 1 0 0 X MICHAEL C HANSON 6177580543 30 ROWES WHARF SUITE 520 BOSTON MA 02110 KENNETH M DELROSSI CHAIRMAN / DIRECTOR 10.00 X 0 0 0 JAMES L CARLSON DIRECTOR 5.00 X 0 0 0 JOHN D FINNEGAN ESQ DIRECTOR 5.00 X 6500 0 0 DEBBIE C GUINEY DIRECTOR 5.00 X 0 0 0 MICHAEL N LUSSIER DIRECTOR 5.00 X 0 0 0 GREGORI A MARTUCCI DIRECTOR 5.00 X 6250 0 0 PAMELA E MCCARTY DIRECTOR 5.00 X 0 0 0 RICHARD N MITCHELL MD DIRECTOR 5.00 X 5250 0 0 MICHAEL E MURPHY DIRECTOR 5.00 X 0 0 0 PAUL N NOCE DIRECTOR 5.00 X 0 0 0 DIANE M PERALTA DIRECTOR 5.00 X 8000 0 0 TINA SBREGA DIRECTOR 5.00 X 0 0 0 RALPH MOORE DIRECTOR 5.00 X 0 0 0 DANIEL E WALTZ DIRECTOR 5.00 X 0 0 0 MICHAEL C HANSON PRESIDENT/CEO 40.00 X 666016 0 48982 GEOFFREY R PLUME VICE PRESIDENT/ TREASURER 40.00 X 150753 0 38650 N ANTHONY ST PIERRE VP OF TECHNOLOGY / SECURIT 40.00 X 106000 0 34144 948769 0 121776 3 0 1 0 0 INSURANCE ASSESSMENTS 524298 613763 613763 613763 1324493 274949 1049544 8960339 8789389 170950 170950 170950 RECOVERY OF CAPITAL ASSISTANCE 900099 275000 275000 OTHER INCOME 541900 230948 189825 41123 505948 2615154 1249538 316072 1049544 851671 94174 66638 265614 54224 100097 32000 87940 31969 69949 26258 225485 78979 48861 90911 66199 74731 LINE OF CREDIT & PORTFO 30103 DUES & SUBSCRIPTIONS 22685 BANK EXAMINER FEES 6660 147053 2472201 35439047 20589184 1436 0 500835 340945 226089 159890 36694478 52171785 809200 874900 838752 864908 74009002 74660667 223143 143035 16189550 16000000 16412693 16143035 X 0 0 0 0 57596309 58517632 57596309 58517632 74009002 74660667 142953 778370 0 X 0 1 X 1 0 1 0 0 SCHEDULE C PART 1-A LINE 1 POLITICAL ACTIVITIES NONE 31142 11211 19931 342225 240070 102155 127468 89664 37804 159890 FHLB PAYABLE 16000000 16000000 X 2615154 0 2615154 0 2615154 2472201 0 2472201 0 2472201 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 TAXABLE INCOME HAS BEEN GENERATED DURING THE YEARS ENDED SEPTEMBER 30, 2014 AND 2013. THE CORPORATION RECOGNIZES AND MEASURES ITS UNRECOGNIZED TAX POSITIONS BY ASSESSING THE LIKELIHOOD, BASED ON THE TECHNICAL MERIT, THAT TAX POSITIONS WILL MORE LIKELY THAN NOT 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. THE CORPORATION'S POLICY IS TO ANALYZE ITS TAX POSITIONS FOR ALL OPEN TAX YEARS. THE CORPORATION HAS NOT IDENTIFIED ANY UNCERTAIN TAX POSITIONS AT SEPTEMBER 30, 2014 OR 2013. INTEREST AND PENALTIES, IF ANY, ASSOCIATED WITH UNRECOGNIZED TAXES ARE CLASSIFIED AS ADDITIONAL TAXES IN THE STATEMENT OF INCOME. THE CORPORATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE CORPORATION BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS PRIOR TO 2011. X 1 1 X X X 0 0 0 MICHAEL C HANSON PRESIDENT/CEO 466500 0 61800 0 137716 0 25500 0 23482 0 714998 0 0 0 GEOFFREY R PLUME VICE PRESIDENT/ TREASURER 142181 0 7350 0 1222 0 15168 0 23482 0 189403 0 0 0 FORM 990, PART VI, SECTION A, LINE 4 DURING 2014, A STATUTORY CHANGE WAS ADOPTED BY THE MASSACHUSETTS LEGISLATURE WHICH AMENDED THE ORGANIZATION'S GOVERNING STATUTE BY EXPANDING ITS INVESTMENT AUTHORITIES (CHAPTER 253 OF THE MASSACHUSETTS ACTS OF 2014). ADDITIONALLY, IN JULY 2014, THE ORGANIZATION AMENDED ITS BY-LAWS AT A SPECIAL MEETING OF MEMBERS. THE SUBSTANTIVE CHANGES WERE (1) CLARIFYING THE POWERS AND DUTIES OF THE BOARD OF DIRECTORS, INCLUDING CHANGES RELATED TO THE AUTHORITY TO PAY FEES TO ALL DIRECTORS BY ELIMINATING THE CONCEPT OF "LOST COMPENSATION" FROM THE FEE FORMULA; (2) MODERNIZING THE SECTION OF THE BY-LAWS RELATING TO INDEMNIFICATION POWERS; AND (3) CREATING AN ASSOCIATE MEMBER CATEGORY WHICH MAY INCLUDE VENDORS AND CREDIT UNIONS THAT ARE NOT ELIGIBLE FOR DEPOSIT INSURANCE. 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 11 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 AUDIT COMMITTEE, ON BEHALF OF THE BOARD OF DIRECTORS, REVIEWS THE ENTIRE FORM 990 BEFORE IT IS FILED. CERTAIN QUESTIONS IN THE FORM 990 ARE REFERRED BY THE AUDIT COMMITTEE TO OTHER COMMITTEES OF THE BOARD OF DIRECTORS FOR REVIEW, AS APPROPRIATE. THE FINAL FORM 990 (AND ALL EXHIBITS) IS MADE AVAILABLE TO ALL DIRECTORS BEFORE 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 PERSONNEL 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 PERSONNEL COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATIONAL GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND FORM 990 ARE AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST. THE CORPORATION POSTS ITS AUDITED FINANCIAL STATEMENTS TO ITS WEBSITE.