Mass Credit Union Share Insurance Corp

Nonprofit profile at a glance

EIN
042296410
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Newton, MA, USA
Phone
6177580546
Rating confidence
Limited

Official website

Reported finances

Revenue
$4,151,712
Expenses
$4,191,467
Assets
$95,429,985
Liabilities
$34,547,752

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

Leadership & pay

14 people listed

Executive titles in this filing

  • MICHAEL C HANSON (PRESIDENT/CEO)

Highest reported compensation

  • MICHAEL C HANSON (PRESIDENT/CEO): $1,121,812 total reported compensation
  • JOHN CIAMPA (TREASURER): $311,018 total reported compensation
  • N ANTHONY ST PIERRE (VP OF TECHNOLOGY / SECURIT): $225,138 total reported compensation

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

Overview

Mission

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.

What it reported doing in 2024

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 9/30/25. 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.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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: 88
  • Accountability: 95
  • Sustainability: 46
  • 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; 63rd percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -1%; rating input score 30; 30th percentile among comparable filings
  • Total-asset coverage ratio: 22.77; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.36; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 45.5%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 5.8% per year; rating input score 100; 47th percentile among comparable filings
  • Asset growth: 2.9% per year; rating input score 100; 23rd percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 10 of 10 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $1.1M · 14 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $650K reported
  • Consistency: 10 of 10 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 14 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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.

Key Signals

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

  • Moderate — Sustainability: Operating margin scored 30/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.