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MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION: Form 990, tax year 2012

View the entire original 990 at ProPublica ↗

Organization
MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION (EIN 04-2296410)
Tax period
2012-10-01 to 2013-09-30
Filed
2014-01-31
IRS object ID
201440319349300384
Schema version
2012v2.1
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

FieldValueIRS element (for citing)
Timestamp2014-01-31T13:06:20-06:00Timestamp
Tax Period End Date2013-09-30TaxPeriodEndDate

Preparer Firm PreparerFirm

FieldValueIRS element (for citing)
EIN111986323EIN

Preparer Firm Business Name PreparerFirmBusinessName

FieldValueIRS element (for citing)
Business Name Line1MARCUM LLPBusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

FieldValueIRS element (for citing)
Address Line153 STATE STREET FLOOR 38AddressLine1
CityBOSTONCity
StateMAState
ZIP Code02109ZIPCode
FieldValueIRS element (for citing)
Return Type990ReturnType
Tax Period Begin Date2012-10-01TaxPeriodBeginDate

Filer Filer

FieldValueIRS element (for citing)
EIN042296410EIN

Name Name

FieldValueIRS element (for citing)
Business Name Line1MASS CREDIT UNION SHARE INSURANCE CORPBusinessNameLine1
FieldValueIRS element (for citing)
Name ControlMASSNameControl
Phone6177580543Phone

US Address USAddress

FieldValueIRS element (for citing)
Address Line130 ROWES WHARF NO 520AddressLine1
CityBOSTONCity
StateMAState
ZIP Code02110ZIPCode

Officer Officer

FieldValueIRS element (for citing)
NameGEOFFREY R PLUMEName
TitleTREASURERTitle
Phone6177580543Phone
Date Signed2014-01-27DateSigned
Authorize Third Party1AuthorizeThirdParty

Preparer Preparer

FieldValueIRS element (for citing)
NameDAVID ST YVESName
PTINP00178146PTIN
Phone6177429666Phone
FieldValueIRS element (for citing)
Tax Year2012TaxYear
Build TS2015-11-30 17:44:51ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Name Of Principal Officer PersonMICHAEL HANSONNameOfPrincipalOfficerPerson

Address Principal Officer US AddressPrincipalOfficerUS

FieldValueIRS element (for citing)
Address Line130 ROWES WHARF SUITE 520AddressLine1
CityBOSTONCity
StateMAState
ZIP Code02110ZIPCode
FieldValueIRS element (for citing)
Gross Receipts7545576GrossReceipts
Group Return For Affiliates0GroupReturnForAffiliates
Organization501cXOrganization501c
Web SiteWWW.MSIC.ORGWebSite
Type Of Organization CorporationXTypeOfOrganizationCorporation
Year Formation1961YearFormation
State Legal DomicileMAStateLegalDomicile
Activity Or Mission DescriptionTO STRENGTHEN THE CREDIT UNION MOVEMENT BY PROVIDING EXCESS SHARE & DEPOSIT INSURANCE AND ASSOCIATED SERVICES FOR CREDIT UNIONS AND THEIR MEMBERS.ActivityOrMissionDescription
Nbr Voting Members Governing Body14NbrVotingMembersGoverningBody
Nbr Independent Voting Members14NbrIndependentVotingMembers
Total Nbr Employees9TotalNbrEmployees
Total Nbr Volunteers0TotalNbrVolunteers
Total Gross UBI42883TotalGrossUBI
Net Unrelated Business Txbl Income-14001NetUnrelatedBusinessTxblIncome
Contributions Grants Prior Year0ContributionsGrantsPriorYear
Contributions Grants Current Year0ContributionsGrantsCurrentYear
Program Service Revenue Prior Year1311945ProgramServiceRevenuePriorYear
Program Service Revenue CY1075294ProgramServiceRevenueCY
Investment Income Prior Year1489457InvestmentIncomePriorYear
Investment Income Current Year1490610InvestmentIncomeCurrentYear
Other Revenue Prior Year485485OtherRevenuePriorYear
Other Revenue Current Year291763OtherRevenueCurrentYear
Total Revenue Prior Year3286887TotalRevenuePriorYear
Total Revenue Current Year2857667TotalRevenueCurrentYear
Grants And Similar Amnts Prior Year0GrantsAndSimilarAmntsPriorYear
Grants And Similar Amnts CY0GrantsAndSimilarAmntsCY
Benefits Paid To Members Prior Year0BenefitsPaidToMembersPriorYear
Benefits Paid To Members CY0BenefitsPaidToMembersCY
Salaries Etc Prior Year1411168SalariesEtcPriorYear
Salaries Etc Current Year1394875SalariesEtcCurrentYear
Total Prof Fundrsng Exp Prior Year0TotalProfFundrsngExpPriorYear
Total Prof Fundrsng Exp CY0TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year0TotalFundrsngExpCurrentYear
Other Expense Prior Year963166OtherExpensePriorYear
Other Expenses Current Year1012574OtherExpensesCurrentYear
Total Expenses Prior Year2374334TotalExpensesPriorYear
Total Expenses Current Year2407449TotalExpensesCurrentYear
Revenues Less Expenses Prior Year912553RevenuesLessExpensesPriorYear
Revenues Less Expenses CY450218RevenuesLessExpensesCY
Total Assets BOY67911631TotalAssetsBOY
Total Assets EOY74009002TotalAssetsEOY
Total Liabilities BOY8344305TotalLiabilitiesBOY
Total Liabilities EOY16412693TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY59567326NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY57596309NetAssetsOrFundBalancesEOY
Mission DescriptionMASSACHUSETTS 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.MissionDescription
Significant New Program Services0SignificantNewProgramServices
Significant Change0SignificantChange
DescriptionTHE MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION WAS CREATED BY STATE LAW TO INSURE THE DEPOSITS OF STATE CHARTERED 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 WAS REQUIRED TO INFUSE CAPITAL INTO SEVERAL CREDIT UNIONS DEEMED CAPITAL DEFICIENT BY THE NCUA. THE AMOUNT OF THE INFUSION TOTALED $6,271,893, OF WHICH $4,043,033 REMAINS OUTSTANDING AS OF 9/30/13.Description
Described In501 C30DescribedIn501C3
Schedule B Required0ScheduleBRequired
Political Activities0PoliticalActivities
Subject To Proxy Tax1SubjectToProxyTax
Donor Advised Funds0DonorAdvisedFunds
Conservation Easements0ConservationEasements
Collections Of Art0CollectionsOfArt
Credit Counseling0CreditCounseling
Term Or Permanent Endowments0TermOrPermanentEndowments
Report Land Bldg Equip1ReportLandBldgEquip
Report Invest Oth Securities0ReportInvestOthSecurities
Report Prog Rel Invest0ReportProgRelInvest
Report Other Assets0ReportOtherAssets
Report Other Liabilities1ReportOtherLiabilities
Report Fin48 Footnote1ReportFin48Footnote
Independent Audit Financial Stmt1IndependentAuditFinancialStmt
Consolidated Audit Financial Stmt0ConsolidatedAuditFinancialStmt
School0School
Foreign Office0ForeignOffice
Foreign Activities0ForeignActivities
More Than5000 K To Organizations0MoreThan5000KToOrganizations
More Than5000 K To Individuals0MoreThan5000KToIndividuals
Professional Fundraising0ProfessionalFundraising
Fundraising Activities0FundraisingActivities
Gaming0Gaming
Hospital0Hospital
Grants To Organizations0GrantsToOrganizations
Grants To Individuals0GrantsToIndividuals
Schedule J Required1ScheduleJRequired
Tax Exempt Bonds0TaxExemptBonds
Loan To Officer Or DQP0LoanToOfficerOrDQP
Grant To Related Person0GrantToRelatedPerson
Bsnss Rltnshp With Organization0BsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family Member0BsnssRltnshpThruFamilyMember
Officer Entity With Bsnss Rltnshp0OfficerEntityWithBsnssRltnshp
Deductible Non Cash Contributions0DeductibleNonCashContributions
Deductible Contributions Of Art0DeductibleContributionsOfArt
Terminated0Terminated
Partial Liquidation0PartialLiquidation
Disregarded Entity0DisregardedEntity
Related Entity0RelatedEntity
Related Org Controlled Entity0RelatedOrgControlledEntity
Activities Conducted Partnership0ActivitiesConductedPartnership
Schedule O Required1ScheduleORequired
Number Forms Transmitted With109623NumberFormsTransmittedWith1096
Number W2 G Included0NumberW2GIncluded
Compliance With Backup Witholding1ComplianceWithBackupWitholding
Number Of Employees9NumberOfEmployees
Employment Tax Returns Filed1EmploymentTaxReturnsFiled
Unrelated Business Income1UnrelatedBusinessIncome
Form990-T Filed1Form990-TFiled
Foreign Financial Account0ForeignFinancialAccount
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTrans
Taxable Party Notification0TaxablePartyNotification
Non Deductible Contributions0NonDeductibleContributions
Indoor Tanning Services0IndoorTanningServices
Info In Schedule O Part VIXInfoInScheduleOPartVI
Nbr Voting Governing Body Members14NbrVotingGoverningBodyMembers
Number Independent Voting Members14NumberIndependentVotingMembers
Family Or Business Relationship0FamilyOrBusinessRelationship
Delegation Of Management Duties0DelegationOfManagementDuties
Changes To Organizing Docs0ChangesToOrganizingDocs
Material Diversion Or Misuse0MaterialDiversionOrMisuse
Members Or Stockholders1MembersOrStockholders
Election Of Board Members1ElectionOfBoardMembers
Decisions Subject To Approval1DecisionsSubjectToApproval
Minutes Of Governing Body1MinutesOfGoverningBody
Minutes Of Committees1MinutesOfCommittees
Officer Mailing Address0OfficerMailingAddress
Local Chapters0LocalChapters
Form990 Provided To Governing Body1Form990ProvidedToGoverningBody
Conflict Of Interest Policy1ConflictOfInterestPolicy
Annual Disclosure Covered Persons1AnnualDisclosureCoveredPersons
Regular Monitoring Enforcement1RegularMonitoringEnforcement
Whistleblower Policy0WhistleblowerPolicy
Document Retention Policy1DocumentRetentionPolicy
Compensation Process CEO1CompensationProcessCEO
Compensation Process Other0CompensationProcessOther
Investment In Joint Venture0InvestmentInJointVenture
Upon RequestXUponRequest

The Books Are In Care Of TheBooksAreInCareOf

Name Business NameBusiness

FieldValueIRS element (for citing)
Business Name Line1GEOFFREY R PLUMEBusinessNameLine1
FieldValueIRS element (for citing)
Telephone Number6177580543TelephoneNumber

Address US AddressUS

FieldValueIRS element (for citing)
Address Line130 ROWES WHARF SUITE 520AddressLine1
CityBOSTONCity
StateMAState
ZIP Code02110ZIPCode

Form990 Part VII Section A Form990PartVIISectionA (18 entries)

TitleTitleAverage Hours Per WeekAverageHoursPerWeekIndividual Trustee Or DirectorIndividualTrusteeOrDirectorReportable Comp From OrganizationReportableCompFromOrganizationReportable Comp From Related OrgsReportableCompFromRelatedOrgsOther CompensationOtherCompensationOfficerOfficer
KENNETH M DELROSSI
CHAIRMAN / DIRECTOR10.00X600000
JAMES L CARLSON
DIRECTOR5.00X550000
JOHN D FINNEGAN ESQ
DIRECTOR5.00X650000
DEBBIE C GUINEY
DIRECTOR5.00X600000
MICHAEL N LUSSIER
DIRECTOR5.00X550000
GREGORI A MARTUCCI
DIRECTOR5.00X500000
PAMELA E MCCARTY
DIRECTOR5.00X000
RICHARD N MITCHELL MD
DIRECTOR5.00X425000
MICHAEL E MURPHY
DIRECTOR5.00X450000
PAUL N NOCE
DIRECTOR5.00X500000
DIANE M PERALTA
DIRECTOR5.00X900000
TINA SBREGA
DIRECTOR5.00X400000
DAVID J SNOW
DIRECTOR5.00X400000
DANIEL E WALTZ
DIRECTOR5.00X450000
MICHAEL C HANSON
PRESIDENT/CEO40.00575410046351X
GEOFFREY R PLUME
VICE PRESIDENT/ TREASURER40.00171821039033X
DANIEL C MURPHY
VP OF MARKETING40.0086263028571X
N ANTHONY ST PIERRE
VP OF TECHNOLOGY / SECURIT40.00124520034303X
FieldValueIRS element (for citing)
Total Reportable Comp From Org1027764TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs0TotalReportableCompFrmRltdOrgs
Total Other Compensation148258TotalOtherCompensation
Number Individuals GT100 K3NumberIndividualsGT100K
Formers Listed0FormersListed
Total Comp GT150 K1TotalCompGT150K
Compensation From Other Sources0CompensationFromOtherSources
Number Of Contractors GT100 K0NumberOfContractorsGT100K

Program Service Revenue ProgramServiceRevenue

FieldValueIRS element (for citing)
DescriptionINSURANCE ASSESSMENTSDescription
Business Code524298BusinessCode
Total Revenue Column1075294TotalRevenueColumn
Related Or Exempt Function Income1075294RelatedOrExemptFunctionIncome
FieldValueIRS element (for citing)
Total Program Service Revenue1075294TotalProgramServiceRevenue

Investment Income InvestmentIncome

FieldValueIRS element (for citing)
Total Revenue Column1178519TotalRevenueColumn
Exclusion$1,178,519ExclusionAmount

Gross Amount Sales Assets GrossAmountSalesAssets

FieldValueIRS element (for citing)
Securities5000000Securities

Less Cost Oth Basis Sales Expenses LessCostOthBasisSalesExpenses

FieldValueIRS element (for citing)
Securities4687909Securities

Gain Or Loss GainOrLoss

FieldValueIRS element (for citing)
Securities312091Securities

Net Gain Or Loss Investments NetGainOrLossInvestments

FieldValueIRS element (for citing)
Total Revenue Column312091TotalRevenueColumn
Related Or Exempt Function Income312091RelatedOrExemptFunctionIncome

Other Revenue Misc OtherRevenueMisc (2 entries)

DescriptionDescriptionBusiness CodeBusinessCodeTotal Revenue ColumnTotalRevenueColumnRelated Or Exempt Function IncomeRelatedOrExemptFunctionIncomeUnrelated Business RevenueUnrelatedBusinessRevenue
RECOVERY OF CAPITAL ASSISTANCE900099245000245000
OTHER INCOME54190046763388042883
FieldValueIRS element (for citing)
Total Other Revenue291763TotalOtherRevenue

Total Revenue TotalRevenue

FieldValueIRS element (for citing)
Total Revenue Column2857667TotalRevenueColumn
Related Or Exempt Function Income1636265RelatedOrExemptFunctionIncome
Unrelated Business Revenue42883UnrelatedBusinessRevenue
Exclusion$1,178,519ExclusionAmount

Comp Current Officers Directors CompCurrentOfficersDirectors

FieldValueIRS element (for citing)
Total975306Total

Other Salaries And Wages OtherSalariesAndWages

FieldValueIRS element (for citing)
Total158876Total

Pension Plan Contributions PensionPlanContributions

FieldValueIRS element (for citing)
Total67002Total

Other Employee Benefits OtherEmployeeBenefits

FieldValueIRS element (for citing)
Total144655Total

Payroll Taxes PayrollTaxes

FieldValueIRS element (for citing)
Total49036Total

Fees For Services Legal FeesForServicesLegal

FieldValueIRS element (for citing)
Total34868Total

Fees For Services Accounting FeesForServicesAccounting

FieldValueIRS element (for citing)
Total36730Total

Fees For Services Other FeesForServicesOther

FieldValueIRS element (for citing)
Total82961Total

Advertising Advertising

FieldValueIRS element (for citing)
Total35781Total

Office Expenses OfficeExpenses

FieldValueIRS element (for citing)
Total60690Total

Information Technology InformationTechnology

FieldValueIRS element (for citing)
Total21919Total

Occupancy Occupancy

FieldValueIRS element (for citing)
Total214721Total

Travel Travel

FieldValueIRS element (for citing)
Total116868Total

Conferences Meetings ConferencesMeetings

FieldValueIRS element (for citing)
Total80967Total

Interest Interest

FieldValueIRS element (for citing)
Total45653Total

Depreciation Depletion DepreciationDepletion

FieldValueIRS element (for citing)
Total59368Total

Insurance Insurance

FieldValueIRS element (for citing)
Total71045Total

Other Expenses OtherExpenses (4 entries)

DescriptionDescriptionTotalTotal
MISCELLANEOUS101206
LINE OF CREDIT & PORTFO22733
DUES & SUBSCRIPTIONS20284
BANK EXAMINER FEES6780

Total Functional Expenses TotalFunctionalExpenses

FieldValueIRS element (for citing)
Total2407449Total

Savings And Temp Cash Investments SavingsAndTempCashInvestments

FieldValueIRS element (for citing)
BOY34969849BOY
EOY35439047EOY

Accounts Receivable AccountsReceivable

FieldValueIRS element (for citing)
EOY1436EOY
FieldValueIRS element (for citing)
Land Buildings Equipment Basis500835LandBuildingsEquipmentBasis
Land Bldg Equipment Accum Deprec274746LandBldgEquipmentAccumDeprec

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

FieldValueIRS element (for citing)
BOY192142BOY
EOY226089EOY

Investments Pub Traded Securities InvestmentsPubTradedSecurities

FieldValueIRS element (for citing)
BOY31681599BOY
EOY36694478EOY

Investments Other Securities InvestmentsOtherSecurities

FieldValueIRS element (for citing)
BOY489800BOY
EOY809200EOY

Other Assets Total OtherAssetsTotal

FieldValueIRS element (for citing)
BOY578241BOY
EOY838752EOY

Total Assets TotalAssets

FieldValueIRS element (for citing)
BOY67911631BOY
EOY74009002EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

FieldValueIRS element (for citing)
BOY154755BOY
EOY223143EOY

Other Liabilities OtherLiabilities

FieldValueIRS element (for citing)
BOY8189550BOY
EOY16189550EOY

Total Liabilities TotalLiabilities

FieldValueIRS element (for citing)
BOY8344305BOY
EOY16412693EOY
FieldValueIRS element (for citing)
Do Not Follow SFAS117XDoNotFollowSFAS117

Cap Stck Trst Prin Current Funds CapStckTrstPrinCurrentFunds

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Paid In Cap Srpls Land Bldg Eqp Fund PaidInCapSrplsLandBldgEqpFund

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc

FieldValueIRS element (for citing)
BOY59567326BOY
EOY57596309EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY59567326BOY
EOY57596309EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY67911631BOY
EOY74009002EOY
FieldValueIRS element (for citing)
Reconcilation Revenue Expenses450218ReconcilationRevenueExpenses
Reconciliation Unrealized Invest-2421235ReconciliationUnrealizedInvest
Reconcilation Other Changes0ReconcilationOtherChanges
Method Of Accounting AccrualXMethodOfAccountingAccrual
Accountant Compile Or Review0AccountantCompileOrReview
FS Audited1FSAudited

FS Audited Basis FSAuditedBasis

FieldValueIRS element (for citing)
Financial Statement SeparateXFinancialStatementSeparate
FieldValueIRS element (for citing)
Audit Committee1AuditCommittee
Federal Grant Audit Required0FederalGrantAuditRequired

Schedule C IRS990ScheduleC

FieldValueIRS element (for citing)
Political Expenditures0PoliticalExpenditures
Volunteer Hours0VolunteerHours
Substantially All Dues Nondeduct1SubstantiallyAllDuesNondeduct
Only In House Lobbying0OnlyInHouseLobbying
Agree To Carryover Prior Year0AgreeToCarryoverPriorYear

Form990 Schedule C Part IV Form990ScheduleCPartIV

FieldValueIRS element (for citing)
IdentifierPART IV, SUPPLEMENTAL INFORMATION:Identifier
ExplanationPOLITICAL ACTIVITIES SCHEDULE C PART 1-A LINE 1 NONEExplanation

Schedule D IRS990ScheduleD

Leasehold Improvements LeaseholdImprovements

FieldValueIRS element (for citing)
Investment Cost Or Other Basis31142InvestmentCostOrOtherBasis
Depreciation6228Depreciation
Book Value24914BookValue

Equipment Equipment

FieldValueIRS element (for citing)
Investment Cost Or Other Basis342225InvestmentCostOrOtherBasis
Depreciation202573Depreciation
Book Value139652BookValue

Other Land Buildings OtherLandBuildings

FieldValueIRS element (for citing)
Investment Cost Or Other Basis127468InvestmentCostOrOtherBasis
Depreciation65945Depreciation
Book Value61523BookValue
FieldValueIRS element (for citing)
Total Of Book Value Land Buildings226089TotalOfBookValueLandBuildings

Other Liabilities OtherLiabilities (2 entries)

DescriptionDescriptionAmountAmount
LOAN PAYABLE$16,000,000
RESERVE FOR INSURANCE LOSSES$189,550
FieldValueIRS element (for citing)
Total Of Amounts16189550TotalOfAmounts
Footnote In Part XIIIXFootnoteInPartXIII
Tot Revenue Etc Audited Fincl Stmt2857667TotRevenueEtcAuditedFinclStmt
Revenue Not Rptd F9900RevenueNotRptdF990
Revenue Subtotal2857667RevenueSubtotal
Revenue Not Rptd On Fin Stmt0RevenueNotRptdOnFinStmt
Total Revenue Per Form9902857667TotalRevenuePerForm990
Tot Expenses Etc Audited Fincl Stmt2407449TotExpensesEtcAuditedFinclStmt
Expenses Not Rptd F9900ExpensesNotRptdF990
Expenses Subtotal2407449ExpensesSubtotal
Expenses Not Rptd On Fin Stmt0ExpensesNotRptdOnFinStmt
Total Expenses Per Form9902407449TotalExpensesPerForm990

Form990 Schedule D Part XIII Form990ScheduleDPartXIII

FieldValueIRS element (for citing)
IdentifierDESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48:Identifier
Return ReferencePART X, LINE 2:ReturnReference
ExplanationTHE 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, WHICH IS CONSIDERED AN UNRELATED BUSINESS ACTIVITY; HOWEVER, NO TAXABLE INCOME HAS BEEN GENERATED DURING THE YEARS ENDED SEPTEMBER 30, 2013 AND 2012. 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, 2013 OR 2012. 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 2010.Explanation

Schedule J IRS990ScheduleJ

FieldValueIRS element (for citing)
Travel For CompanionsXTravelForCompanions
Written Policy Re T And E Expenses1WrittenPolicyReTAndEExpenses
Substantiation Required1SubstantiationRequired
Form990 Of Other OrganizationsXForm990OfOtherOrganizations
Written Employment ContractXWrittenEmploymentContract
Board Or Committee ApprovalXBoardOrCommitteeApproval
Severance Payment0SeverancePayment
Supplemental Nonqual Retire Plan0SupplementalNonqualRetirePlan
Equity Based Comp Arrangement0EquityBasedCompArrangement

Form990 Schedule J Part II Form990ScheduleJPartII (3 entries)

TitleTitleBase Compensation Filing OrgBaseCompensationFilingOrgComp Based On Related OrgsCompBasedOnRelatedOrgsBonus Filing OrgBonusFilingOrgBonus Related OrgsBonusRelatedOrgsOther Compensation Filing OrgOtherCompensationFilingOrgOther Compensation Related OrgsOtherCompensationRelatedOrgsDeferred Comp Filing OrgDeferredCompFilingOrgDeferred Comp Related OrgsDeferredCompRelatedOrgsNontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgNontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgsTotal Compensation Filing OrgTotalCompensationFilingOrgTotal Compensation Related OrgsTotalCompensationRelatedOrgsComp Report Prior990 Filing OrgCompReportPrior990FilingOrgComp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs
MICHAEL C HANSON
PRESIDENT/CEO41250005500001079100245000218510621761000
GEOFFREY R PLUME
VICE PRESIDENT/ TREASURER13421903700006020171820218510210854000
N ANTHONY ST PIERRE
VP OF TECHNOLOGY / SECURIT9382403000006960124520218510158823000

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (7 entries)

Return ReferenceReturnReferenceExplanationExplanation
FORM 990, PART VI, SECTION A, LINE 6CREDIT 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 7ACREDIT 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 7BIN 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 11THE 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 VICE PRESIDENT/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 POSTED TO A SECURE BOARD OF DIRECTORS SECTION OF THE CORPORATION'S WEBSITE 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 12CTHE 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 15A15A- 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 19THE 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.

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