Massachusetts Credit Union Share Insurance Corporation

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 09/2021, Massachusetts Credit Union Share Insurance Corporation employed 10 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 09/2021, Massachusetts Credit Union Share Insurance Corporation generated $8.0m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $8.8m during the year ending 09/2021. While expenses have increased by 15.6% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

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 9/30/21. 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)Compensation
Michael C Hanson
President/ceo
$912,872
John Ciampa
Treasurer
$226,203
N Anthony St Pierre
VP Of Technology / Securit
$157,834
Paul N Noce
Former Chairman/director
$10,250
Ralph Moore
Director
$8,000
Diane M Peralta
Director
$7,250

Outside Vendors & Contractors

Vendor Name (Service)Compensation
K&l Gates Llp
Legal Services
$336,831
Kearney Donovan & Mcgee Llc
Governmental Counsel
$192,000
View All Vendors

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$5,750,683
Investment income $915,308
Tax Exempt Bond Proceeds $0
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 $8,027,079

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