2013-03-06T12:21:14-06:00 2012-09-30 042603383 PARENT MCLAUGHLIN & NANGLE 160 FEDERAL STREET BOSTON MA 02110 990 2011-10-01 042296410 MASS CREDIT UNION SHARE INSURANCE CORP MASS 6177580543 30 ROWES WHARF NO 520 BOSTON MA 02110 GEOFFREY R PLUME 6177580543 2013-02-27 1 DAVID ST YVES P00178146 6174269440 2011 2016-02-25 16:41:14Z MICHAEL HANSON 30 ROWES WHARF SUITE 520 BOSTON MA 02110 3286887 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. 13 13 8 0 42056 -20522 0 0 1625950 1311945 1605851 1489457 31451 485485 3263252 3286887 0 0 0 0 1242370 1411168 0 0 0 11094931 963166 12337301 2374334 -9074049 912553 67194414 67911631 8416114 8344305 58778300 59567326 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 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. 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 0 1 21 0 1 8 1 1 1 0 0 0 0 0 X 13 13 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 1 0 0 X GEOFFREY R PLUME 6177580543 30 ROWES WHARF SUITE 520 BOSTON MA 02110 KENNETH M DELROSSI 10.00 X 1500 0 0 JAMES L CARLSON 5.00 X 1000 0 0 JOHN R CAULFIELD 5.00 X 0 0 0 JOHN D FINNEGAN ESQ 5.00 X 2750 0 0 DEBBIE C GUINEY 5.00 X 2500 0 0 MICHAEL N LUSSIER 5.00 X 1250 0 0 GREGORI A MARTUCCI 5.00 X 5050 0 0 RICHARD N MITCHELL MD 5.00 X 2900 0 0 MICHAEL E MURPHY 5.00 X 2000 0 0 PAUL N NOCE 5.00 X 1750 0 0 DIANE M PERALTA 5.00 X 7500 0 0 DAVID S PLANTIER 5.00 X 2000 0 0 TINA SBREGA 5.00 X 1500 0 0 DAVID J SNOW 5.00 X 1250 0 0 DANIEL E WALTZ 5.00 X 1500 0 0 MICHAEL C HANSON 40.00 X 483868 0 44994 GEOFFREY R PLUME 40.00 X 132941 0 33733 DANIEL C MURPHY 40.00 X 91885 0 29669 ANTHONY ST PIERRE 40.00 X 91479 0 29578 834623 0 137974 2 0 1 0 0 INSURANCE ASSESSMENTS 524298 1311945 1311945 1311945 1489457 1489457 RECOVERY OF CAPITAL AS 900099 441289 441289 OTHER INCOME 541900 44196 2140 42056 485485 3286887 1755374 42056 1489457 1020402 128743 65462 143942 52619 65486 25486 72297 51808 57718 75495 118170 167577 27691 22861 69170 MISCELLANEOUS 161346 LINE OF CREDIT & PORTFO 25920 DUES & SUBSCRIPTIONS 15391 BANK EXAMINER FEES 6750 2374334 34656431 34969849 409535 217393 53267 192142 31180222 31681599 443500 489800 860994 578241 67194414 67911631 226564 154755 8189550 8189550 8416114 8344305 X 0 0 0 0 58778300 59567326 58778300 59567326 67194414 67911631 X 912553 -123527 X 0 1 1 X 0 0 0 1 0 0 PART IV, SUPPLEMENTAL INFORMATION: POLITICAL ACTIVITIES SCHEDULE C PART 1-A LINE 1 NONE 31142 1246 29896 322228 159982 162246 56165 56165 0 192142 LOAN PAYABLE 8000000 RESERVE FOR INSURANCE LOSSES 189550 8189550 3286887 2374334 912553 -123527 -123527 789026 3286887 0 3286887 0 3286887 2374334 0 2374334 0 2374334 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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. X 1 1 X X 0 0 0 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 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -123,527.