2011-04-18T07:24:16-05:00 2010-09-30 PARENT MCLAUGHLIN & NANGLE 160 FEDERAL STREET BOSTON MA 02110 990 2009-10-01 042296410 Mass Credit Union Share Insurance Corp MASS 5088712300 1900 West park drive No 220 westborough MA 01581 geoffrey r plume 5088712300 2011-04-16 1 6174269440 2009 2016-02-24 21:20:13Z michael hanson 1900 west park drive westborough MA 015813919 2025457 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 9 0 36350 -41391 0 7734 54924 2592941 1930984 36480 39549 2637155 2025457 0 0 1113285 1098536 0 0 697822 649862 1811107 1748398 826048 277059 71808301 70714318 5341195 3287489 66467106 67426829 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 untions. 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 $5,014,321 remains outstanding as of 9/30/10. 0 0 0 1 0 0 0 0 0 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 8 0 1 9 1 1 1 0 0 0 0 13 13 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 0 0 0 X GEOFFREY R PLUME 5088712303 1900 WEST PARK DRIVE WESTBOROUGH MA 015813919 debbie guiney 10.00 X 0 0 0 James L carlson 5.00 X 0 0 0 Kenneth m delRossi 5.00 X 0 0 0 john gallinagh 5.00 X 3400 0 0 william r hackler 5.00 X 2450 0 0 james p kelly 5.00 X 0 0 0 michael n lussier 5.00 X 0 0 0 gregori martucci 5.00 X 0 0 0 michael e murphy 5.00 X 0 0 0 paul noce 5.00 X 0 0 0 diane m peralta 5.00 X 5200 0 0 david s plantier 5.00 X 0 0 0 tina sbrega 5.00 X 0 0 0 david j snow 5.00 X 0 0 0 daniel e waltz 5.00 X 0 0 0 michael c hanson 40.00 X X X 400017 0 42140 jason a hinkle X 91506 0 13038 geoffrey r plume 40.00 X 50210 0 5181 daniel c murphy 40.00 X 65448 0 24180 526725 0 71501 1 0 1 0 0 insurance assessments 524298 54924 54924 54924 1930984 1930984 Other income 541900 39549 3199 36350 39549 2025457 58123 36350 1930984 524582 253149 62754 209585 48466 59669 21641 72783 72240 28159 78459 68487 100031 14870 15263 17926 MISCELLANEOUS 47740 line of credit & portfo 35170 DUES & SUBSCRIPTIONS 10674 BANK EXAMINER FEES 6750 1748398 23861481 38651786 7734 267701 249907 26040 17794 47034403 31251689 308500 308500 570143 484549 71808301 70714318 151645 97939 5189550 3189550 5341195 3287489 X 0 0 0 0 66467106 67426829 66467106 67426829 71808301 70714318 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 211536 193742 17794 56165 56165 0 17794 loan payable 3000000 Reserve for insurance losses 189550 3189550 2025457 1748398 277059 432664 250000 682664 959723 2275457 250000 250000 2025457 0 2025457 1748398 0 1748398 0 1748398 Part X: Description of Uncertain Tax Positions Under FIN 48: The Corporation's policy is to analyze its tax positions for all open tax years. Interest and penalties, if any, associated with unrecognized taxes are classified as additional taxes in the statement of income. Schedule D, part XI line 8 and part XII line 2d: As part of the agreement to federally insure all massachusetts state chartered credit unions, MSIC agreed to infuse capital in certain undercapitalized credit unions. For the year ended September 30, 2010, MSIC received $250,000 as recoveries of capital assistance. X 1 1 X X 0 0 0 michael c hanson 300000 0 15000 0 85017 0 24500 0 17640 0 442157 0 0 0 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. OFFICER COMPENSATION PAGE 6 PART VI SECTION B LINE 15A 15B 15A - THE PERSONNEL COMMITTEE RECOMMENDS AND THE BOARD OF DIRECTORS APPROVES COMPENSATION FOR THE CEO. OCCASIONALLY, BUT NOT ALWAYS, THE PERSONNEL COMMITTEE AND THE BOARD OF DIRECTORS WILL REVIEW COMPARABILITY DATA. MINUTES OF MEETINGS OF THE PERSONNEL COMMITTEE AND THE BOARD OF DIRECTORS ARE TAKEN, EXCEPT FOR PORTIONS THAT ARE IN EXECUTIVE SESSION. THE CHAIR OF THE BOARD AND THE CHAIR OF THE PERSONNEL COMMITTEE WILL INFORM OFFICERS OF ANY BOARD DECISIONS. 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, PAGE 12, PART XI, LINE 2C RESPONSIBility FOR ANNUAL INDEPENDENT AUDIT: THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND THE SELECTION OF AN INDEPENDENT AUDITOR.