Depositors Insurance Fund

Nonprofit profile at a glance

EIN
041647690
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Woburn, MA, USA
Phone
7819381984
Rating confidence
Limited

Official website

Reported finances

Revenue
$19,761,142
Expenses
$3,489,549
Assets
$582,914,539
Liabilities
$1,994,509

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

20 people listed

Executive titles in this filing

  • ANDREW CALAMARE (PRESIDENT/CEO (RETIRED 12/31/2024))
  • ANNEMARIE LEE (VICE PRESIDENT)
  • JUDITH JAVIDPOUR (PRESIDENT/CEO (AS OF 1/1/2025))
  • KARA M MCNAMARA (SENIOR VICE PRESIDENT)
  • MATTHEW P CALNAN (SENIOR VICE PRESIDENT)

Highest reported compensation

  • ANDREW CALAMARE (PRESIDENT/CEO (RETIRED 12/31/2024)): $824,043 total reported compensation
  • JUDITH JAVIDPOUR (PRESIDENT/CEO (AS OF 1/1/2025)): $496,144 total reported compensation
  • ANNEMARIE LEE (VICE PRESIDENT): $276,931 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

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.

What it reported doing in 2024

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

Operating model

Revenue model
Investment-supported. 99% of the money available for current operations came from recurring investment income.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 77
  • Accountability: 65
  • Sustainability: 87
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 54.5%; rating input score 55; 9th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 82.3%; rating input score 98; 98th percentile among comparable filings
  • Total-asset coverage ratio: 167.05; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 95; 95th percentile among comparable filings
  • Officer compensation ratio: 70.2%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 4.2% per year; rating input score 100; 36th percentile among comparable filings
  • Asset growth: 3.1% per year; rating input score 100; 24th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 6 of 11 board members independent · 7 of 9 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $824K · 20 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $410K reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 20 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Independent voting board scored 55/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 0/100.