MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION: Form 990, tax year 2011
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- Organization
- MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION (EIN 04-2296410)
- Tax period
- 2011-10-01 to 2012-09-30
- Filed
- 2013-03-06
- IRS object ID
- 201300659349300550
- Schema version
- 2011v1.5
- 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) |
|---|---|---|
| Timestamp | 2013-03-06T12:21:14-06:00 | Timestamp |
| Tax Period End Date | 2012-09-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 042603383 | EIN |
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PARENT MCLAUGHLIN & NANGLE | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 160 FEDERAL STREET | AddressLine1 |
| City | BOSTON | City |
| State | MA | State |
| ZIP Code | 02110 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2011-10-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 042296410 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MASS CREDIT UNION SHARE INSURANCE CORP | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | MASS | NameControl |
| Phone | 6177580543 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 30 ROWES WHARF NO 520 | AddressLine1 |
| City | BOSTON | City |
| State | MA | State |
| ZIP Code | 02110 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | GEOFFREY R PLUME | Name |
| Title | TREASURER | Title |
| Phone | 6177580543 | Phone |
| Date Signed | 2013-02-27 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | DAVID ST YVES | Name |
| PTIN | P00178146 | PTIN |
| Phone | 6174269440 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2011 | TaxYear |
| Build TS | 2016-02-25 16:41:14Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | MICHAEL HANSON | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 30 ROWES WHARF SUITE 520 | AddressLine1 |
| City | BOSTON | City |
| State | MA | State |
| ZIP Code | 02110 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 3286887 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c | X | Organization501c |
| Web Site | WWW.MSIC.ORG | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1961 | YearFormation |
| State Legal Domicile | MA | StateLegalDomicile |
| Activity Or Mission Description | TO 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 Body | 13 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 13 | NbrIndependentVotingMembers |
| Total Nbr Employees | 8 | TotalNbrEmployees |
| Total Nbr Volunteers | 0 | TotalNbrVolunteers |
| Total Gross UBI | 42056 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | -20522 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 0 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 1625950 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 1311945 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 1605851 | InvestmentIncomePriorYear |
| Investment Income Current Year | 1489457 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 31451 | OtherRevenuePriorYear |
| Other Revenue Current Year | 485485 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 3263252 | TotalRevenuePriorYear |
| Total Revenue Current Year | 3286887 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 1242370 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 1411168 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 11094931 | OtherExpensePriorYear |
| Other Expenses Current Year | 963166 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 12337301 | TotalExpensesPriorYear |
| Total Expenses Current Year | 2374334 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | -9074049 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 912553 | RevenuesLessExpensesCY |
| Total Assets BOY | 67194414 | TotalAssetsBOY |
| Total Assets EOY | 67911631 | TotalAssetsEOY |
| Total Liabilities BOY | 8416114 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 8344305 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 58778300 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 59567326 | NetAssetsOrFundBalancesEOY |
| Mission Description | 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. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Description | THE 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 $4,288,032 REMAINS OUTSTANDING AS OF 9/30/12. | Description |
| Described In501 C3 | 0 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Subject To Proxy Tax | 1 | SubjectToProxyTax |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 1 | ReportLandBldgEquip |
| Report Invest Oth Securities | 0 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 1 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 0 | TaxExemptBonds |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 0 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transaction Related Entity | 0 | TransactionRelatedEntity |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 21 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | 1 | ComplianceWithBackupWitholding |
| Number Of Employees | 8 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 1 | UnrelatedBusinessIncome |
| Form990-T Filed | 1 | Form990-TFiled |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 13 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 13 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 1 | MembersOrStockholders |
| Election Of Board Members | 1 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 1 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 0 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 0 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | GEOFFREY R PLUME | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 6177580543 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 30 ROWES WHARF SUITE 520 | AddressLine1 |
| City | BOSTON | City |
| State | MA | State |
| ZIP Code | 02110 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (19 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer |
|---|---|---|---|---|---|---|
| KENNETH M DELROSSI | ||||||
| CHAIRMAN / DIRECTOR | 10.00 | X | 1500 | 0 | 0 | |
| JAMES L CARLSON | ||||||
| DIRECTOR | 5.00 | X | 1000 | 0 | 0 | |
| JOHN R CAULFIELD | ||||||
| DIRECTOR | 5.00 | X | 0 | 0 | 0 | |
| JOHN D FINNEGAN ESQ | ||||||
| DIRECTOR | 5.00 | X | 2750 | 0 | 0 | |
| DEBBIE C GUINEY | ||||||
| DIRECTOR | 5.00 | X | 2500 | 0 | 0 | |
| MICHAEL N LUSSIER | ||||||
| DIRECTOR | 5.00 | X | 1250 | 0 | 0 | |
| GREGORI A MARTUCCI | ||||||
| DIRECTOR | 5.00 | X | 5050 | 0 | 0 | |
| RICHARD N MITCHELL MD | ||||||
| DIRECTOR | 5.00 | X | 2900 | 0 | 0 | |
| MICHAEL E MURPHY | ||||||
| DIRECTOR | 5.00 | X | 2000 | 0 | 0 | |
| PAUL N NOCE | ||||||
| DIRECTOR | 5.00 | X | 1750 | 0 | 0 | |
| DIANE M PERALTA | ||||||
| DIRECTOR | 5.00 | X | 7500 | 0 | 0 | |
| DAVID S PLANTIER | ||||||
| DIRECTOR | 5.00 | X | 2000 | 0 | 0 | |
| TINA SBREGA | ||||||
| DIRECTOR | 5.00 | X | 1500 | 0 | 0 | |
| DAVID J SNOW | ||||||
| DIRECTOR | 5.00 | X | 1250 | 0 | 0 | |
| DANIEL E WALTZ | ||||||
| DIRECTOR | 5.00 | X | 1500 | 0 | 0 | |
| MICHAEL C HANSON | ||||||
| PRESIDENT/CEO | 40.00 | 483868 | 0 | 44994 | X | |
| GEOFFREY R PLUME | ||||||
| VICE PRESIDENT/ TREASURER | 40.00 | 132941 | 0 | 33733 | X | |
| DANIEL C MURPHY | ||||||
| VP OF MARKETING | 40.00 | 91885 | 0 | 29669 | X | |
| ANTHONY ST PIERRE | ||||||
| VP OF TECHNOLOGY / SECURITY | 40.00 | 91479 | 0 | 29578 | X | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 834623 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 137974 | TotalOtherCompensation |
| Number Individuals GT100 K | 2 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
| Number Of Contractors GT100 K | 0 | NumberOfContractorsGT100K |
Program Service Revenue ProgramServiceRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | INSURANCE ASSESSMENTS | Description |
| Business Code | 524298 | BusinessCode |
| Total Revenue Column | 1311945 | TotalRevenueColumn |
| Related Or Exempt Function Income | 1311945 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 1311945 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 1489457 | TotalRevenueColumn |
| Exclusion | $1,489,457 | ExclusionAmount |
Other Revenue Misc OtherRevenueMisc (2 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome | Unrelated Business RevenueUnrelatedBusinessRevenue |
|---|---|---|---|---|
| RECOVERY OF CAPITAL AS | 900099 | 441289 | 441289 | |
| OTHER INCOME | 541900 | 44196 | 2140 | 42056 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 485485 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 3286887 | TotalRevenueColumn |
| Related Or Exempt Function Income | 1755374 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 42056 | UnrelatedBusinessRevenue |
| Exclusion | $1,489,457 | ExclusionAmount |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1020402 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 128743 | Total |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 65462 | Total |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 143942 | Total |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 52619 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 65486 | Total |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 25486 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 72297 | Total |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 51808 | Total |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 57718 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 75495 | Total |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 118170 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 167577 | Total |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 27691 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 22861 | Total |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 69170 | Total |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal |
|---|---|
| MISCELLANEOUS | 161346 |
| LINE OF CREDIT & PORTFO | 25920 |
| DUES & SUBSCRIPTIONS | 15391 |
| BANK EXAMINER FEES | 6750 |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2374334 | Total |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 34656431 | BOY |
| EOY | 34969849 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 409535 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 217393 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 53267 | BOY |
| EOY | 192142 | EOY |
Investments Pub Traded Securities InvestmentsPubTradedSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 31180222 | BOY |
| EOY | 31681599 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 443500 | BOY |
| EOY | 489800 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 860994 | BOY |
| EOY | 578241 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 67194414 | BOY |
| EOY | 67911631 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 226564 | BOY |
| EOY | 154755 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 8189550 | BOY |
| EOY | 8189550 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 8416114 | BOY |
| EOY | 8344305 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Do Not Follow SFAS117 | X | DoNotFollowSFAS117 |
Cap Stck Trst Prin Current Funds CapStckTrstPrinCurrentFunds
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Paid In Cap Srpls Land Bldg Eqp Fund PaidInCapSrplsLandBldgEqpFund
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Retained Earnings Endowment Etc RetainedEarningsEndowmentEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 58778300 | BOY |
| EOY | 59567326 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 58778300 | BOY |
| EOY | 59567326 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 67194414 | BOY |
| EOY | 67911631 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 912553 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | -123527 | ReconcilationOtherChanges |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequired |
Schedule C IRS990ScheduleC
| Field | Value | IRS element (for citing) |
|---|---|---|
| Political Expenditures | 0 | PoliticalExpenditures |
| Volunteer Hours | 0 | VolunteerHours |
| Substantially All Dues Nondeduct | 1 | SubstantiallyAllDuesNondeduct |
| Only In House Lobbying | 0 | OnlyInHouseLobbying |
| Agree To Carryover Prior Year | 0 | AgreeToCarryoverPriorYear |
Form990 Schedule C Part IV Form990ScheduleCPartIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | PART IV, SUPPLEMENTAL INFORMATION: | Identifier |
| Explanation | POLITICAL ACTIVITIES SCHEDULE C PART 1-A LINE 1 NONE | Explanation |
Schedule D IRS990ScheduleD
Leasehold Improvements LeaseholdImprovements
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 31142 | InvestmentCostOrOtherBasis |
| Depreciation | 1246 | Depreciation |
| Book Value | 29896 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 322228 | InvestmentCostOrOtherBasis |
| Depreciation | 159982 | Depreciation |
| Book Value | 162246 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 56165 | InvestmentCostOrOtherBasis |
| Depreciation | 56165 | Depreciation |
| Book Value | 0 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 192142 | TotalOfBookValueLandBuildings |
Other Liabilities OtherLiabilities (2 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| LOAN PAYABLE | $8,000,000 |
| RESERVE FOR INSURANCE LOSSES | $189,550 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 8189550 | TotalOfAmounts |
| Total Revenue | 3286887 | TotalRevenue |
| Total Expenses | 2374334 | TotalExpenses |
| Excess Or Deficit For Year | 912553 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | -123527 | NetUnrealizedGLOnInvestments |
| Total Adjustments | -123527 | TotalAdjustments |
| Excess Or Deficit Per FS | 789026 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 3286887 | TotRevenueEtcAuditedFinclStmt |
| Revenue Not Rptd F990 | 0 | RevenueNotRptdF990 |
| Revenue Subtotal | 3286887 | RevenueSubtotal |
| Revenue Not Rptd On Fin Stmt | 0 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 3286887 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 2374334 | TotExpensesEtcAuditedFinclStmt |
| Expenses Not Rptd F990 | 0 | ExpensesNotRptdF990 |
| Expenses Subtotal | 2374334 | ExpensesSubtotal |
| Expenses Not Rptd On Fin Stmt | 0 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 2374334 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: | Identifier |
| Return Reference | PART X: | ReturnReference |
| Explanation | 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, 2012 OR 2011. INTEREST AND PENALTIES, IF ANY, ASSOCIATED WITH UNRECOGNIZED TAXES ARE CLASSIFIED AS ADDITIONAL TAXES IN THE STATEMENT OF INCOME. | Explanation |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Travel For Companions | X | TravelForCompanions |
| Written Policy Re T And E Expenses | 1 | WrittenPolicyReTAndEExpenses |
| Substantiation Required | 1 | SubstantiationRequired |
| Written Employment Contract | X | WrittenEmploymentContract |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 0 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 0 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
Form990 Schedule J Part II Form990ScheduleJPartII (2 entries)
| Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg | Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MICHAEL C HANSON | |||||||||||||
| 350000 | 0 | 45500 | 0 | 88368 | 0 | 24500 | 0 | 20494 | 0 | 528862 | 0 | 0 | 0 |
| GEOFFREY R PLUME | |||||||||||||
| 126094 | 0 | 6295 | 0 | 552 | 0 | 13239 | 0 | 20494 | 0 | 166674 | 0 | 0 | 0 |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (9 entries)
| Return ReferenceReturnReference | ExplanationExplanation | IdentifierIdentifier |
|---|---|---|
| FORM 990, PART VI, SECTION A, LINE 1 | THE BOARD OF DIRECTORS (GOVERNING BODY) HAS DELEGATED BROAD AUTHORITY TO THE EXECUTIVE COMMITTEE TO ACT ON ITS BEHALF IN BETWEEN THE REGULARLY SCHEDULED QUARTERLY MEETINGS OF THE BOARD. THE EXECUTIVE COMMITTEE IS SELECTED BY THE CHAIRMAN OF THE BOARD WITH RATIFICATION BY THE BOARD AND IS USUALLY COMPRISED OF THE VICE CHAIRMAN OF THE BOARD, WHO SERVES AS CHAIRMAN OF THE EXECUTIVE COMMITTEE, THE CHAIRMAN OF THE BOARD, THE IMMEDIATE PAST CHAIRMAN OF THE BOARD, AND OTHER MEMBERS AS MAY BE APPOINTED BY THE CHAIRMAN. ALL OF THE EXECUTIVE COMMITTEE MEMBERS ARE MEMBERS OF THE BOARD OF DIRECTORS. AT EACH QUARTERLY MEETING OF THE BOARD, THE REPORT OF THE EXECUTIVE COMMITTEE IS REVIEWED. | |
| 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 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 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. | |
| FORM 990, PART XI, LINE 5: | NET UNREALIZED LOSSES ON INVESTMENTS: -123,527. | CHANGES IN NET ASSETS OR FUND BALANCES: |
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