Massachusetts Credit Union Share Insurance Corporation
- Assets
- $100.2m
- Revenue
- $4.8m
- Investments
- $1.1m
- Employees
- 8
- Location
- Newton, MA
- Founding
- 10/1997
- Data as of
- 09/2023
- EIN
- 04-2296410
Organization Overview
Massachusetts Credit Union Share Insurance Corporation is located in Newton, MA. The organization was established in 1997. 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 09/2023, Massachusetts Credit Union Share Insurance Corporation employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Massachusetts Credit Union Share Insurance Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 09/2023, Massachusetts Credit Union Share Insurance Corporation generated $4.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $5.5m during the year ending 09/2023. While expenses have increased by 5.2% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO STRENGTHEN THE CREDIT UNION MOVEMENT BY PROVIDING EXCESS SHARE & DEPOSIT INSURANCE AND ASSOCIATED SERVICES FOR CREDIT UNIONS AND THEIR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION WAS CREATED BY STATE LAW TO INSURE THE DEPOSITS OF CREDIT UNIONS IN MASSACHUSETTS. PRIOR TO 1994, IT WAS THE PRIMARY INSURER OF STATE CHARTERED CREDIT UNIONS. AS OF 1994, AS A CONDITION FOR CREDIT UNIONS OBTAINING FEDERAL INSURANCE THROUGH THE NCUA, THE CORPORATION INFUSED CAPITAL INTO SEVERAL CREDIT UNIONS DEEMED CAPITAL DEFICIENT BY THE NCUA. THE AMOUNT OF THE INFUSION TOTALED $6,271,894, OF WHICH $1,392,934 REMAINS OUTSTANDING AS OF 9/30/23. IN 2012, THE MASSACHUSETTS STATE LAW WAS AMENDED TO ESTABLISH A VOLUNTARY RESERVE FUND. IN 2015, THE CORPORATION BEGAN ACCEPTING MEMBER DEPOSITS INTO THE LIQUIDITY RESERVE FUND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew G Schondek Director | Trustee | 5 | $3,500 |
Gregori A Martucci Director | Trustee | 5 | $6,250 |
Richard N Mitchell MD Director | Trustee | 5 | $5,500 |
Michael E Murphy Director | Trustee | 5 | $7,750 |
Diane M Peralta Director | Trustee | 5 | $6,500 |
Neil Crean Director | Trustee | 5 | $6,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
K&l Gates Llp Legal Services | 9/29/22 | $198,942 |
Goldmark Partners Llp Legal Services | 9/29/22 | $102,140 |
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 | $2,243,764 |
| Investment income | $940,040 |
| Tax Exempt Bond Proceeds | $6,561 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,771,301 |
| 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. | $1,426,282 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $463,632 |
| Pension plan accruals and contributions | $95,125 |
| Other employee benefits | $296,626 |
| Payroll taxes | $73,790 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $141,051 |
| Fees for services: Accounting | $44,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $20,000 |
| Fees for services: Other | $261,288 |
| Advertising and promotion | -$38,000 |
| Office expenses | $96,964 |
| Information technology | $56,135 |
| Royalties | $0 |
| Occupancy | $20,853 |
| Travel | $9,360 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $46,500 |
| Interest | $917,217 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $917,428 |
| Insurance | $123,365 |
| All other expenses | -$972,649 |
| Total functional expenses | $5,507,611 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $430,050 |
| Savings and temporary cash investments | $4,592,246 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $278,572 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $175,700 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $260,198 |
| Net Land, buildings, and equipment | $27,031,308 |
| Investments—publicly traded securities | $65,344,911 |
| Investments—other securities | $1,088,673 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $992,078 |
| Total assets | $100,193,736 |
| Accounts payable and accrued expenses | $1,949,313 |
| Grants payable | $0 |
| Deferred revenue | $72,081 |
| 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 | $39,866,076 |
| Total liabilities | $41,887,470 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $58,306,266 |
| Total liabilities and net assets/fund balances | $100,193,736 |