Mutual Savings Central Fund Inc
- Assets
- $526.7m
- Revenue
- $6.9m
- Investments
- $0.0
- Employees
- 12
- Location
- Woburn, MA
- Founding
- 10/1952
- Data as of
- 10/2021
- EIN
- 04-1647690
Organization Overview
Mutual Savings Central Fund Inc is located in Woburn, MA. The organization was established in 1952. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 10/2021, Mutual Savings Central Fund Inc employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mutual Savings Central Fund Inc is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 10/2021, Mutual Savings Central Fund Inc generated $6.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.8% each year. All expenses for the organization totaled $4.7m during the year ending 10/2021. While expenses have increased by 3.1% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
INSURES THOSE DEPOSITS IN EXCESS OF THE FDIC LIMITS AND ALSO PROVIDES TEMPORARY LIQUIDITY TO MEMBER BANKS BY MAKING LOANS TO THEM, SECURED BY MEMBER BANKS' ASSETS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LIQUIDITY FUND WAS ESTABLISHED IN 1932 FOR THE PURPOSE OF PROVIDING TEMPORARY LIQUIDITY TO MEMBER BANKS BY MAKING LOANS TO THEM SECURED BY MEMBER BANKS' ASSETS.
DEPOSIT INSURANCE FUND WAS ESTABLISHED IN 1934 FOR THE INSURANCE OF ALL DEPOSITS IN MASSACHUSETTS SAVINGS BANKS. CURRENTLY ALL MASSACHUSETTS SAVINGS BANKS AND COOPERATIVE BANKS ARE MEMBERS OF THE FDIC. THEREFORE, THE FUND CURRENTLY INSURES ONLY THOSE DEPOSITS IN EXCESS OF THE FDIC LIMITS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Elliott Former President And CEO | 0 | $527,311 | |
Andrew Calamare President And CEO | Officer | 35 | $436,468 |
Norman S Seppala Evp & COO & Treasurer Ended 12/2020 | Officer | 35 | $344,580 |
John J D'alessandro Senior Vice President | Officer | 35 | $232,794 |
Judith Javidpour Svp, CFO & Treasurer | Officer | 35 | $201,759 |
Kara M Mcnamara Senior Vice President | Officer | 30 | $176,705 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Brennan Group Lobbying/strategic Planning | 10/30/21 | $120,000 |
Longfellow Investment Mgmt Company Investment Mgmt | 10/30/21 | $279,325 |
Synergistic Online Solutions Internet Programming | 10/30/21 | $176,874 |
David Elliot Transition Consulting | 10/30/21 | $122,616 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $6,765,122 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $142,437 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,907,559 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,069,491 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $196,419 |
| Pension plan accruals and contributions | $692,302 |
| Other employee benefits | $248,464 |
| Payroll taxes | $115,727 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,044 |
| Fees for services: Accounting | $54,812 |
| Fees for services: Lobbying | $90,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $310,741 |
| Fees for services: Other | $379,554 |
| Advertising and promotion | $45,843 |
| Office expenses | $63,839 |
| Information technology | $204,160 |
| Royalties | $0 |
| Occupancy | $84,195 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,301 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $84,549 |
| All other expenses | $3,870 |
| Total functional expenses | $4,735,206 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,587,017 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $72,282 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $511,450,196 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,608,449 |
| Total assets | $526,717,944 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,405,676 |
| Total liabilities | $4,405,676 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $522,312,268 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $526,717,944 |
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