MASS CREDIT UNION SHARE INSURANCE CORP
233 NEEDHAM STREET SUITE 510, NEWTON, MA 02464 www.msic.org

Total Revenue
$7,009,240
Total Expenses
$6,487,449
Net Assets
$62,735,128

Organizations Filed Purposes: 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.

TO STRENGTHEN THE CREDIT UNION MOVEMENT BY PROVIDING EXCESS SHARE & DEPOSIT INSURANCE AND ASSOCIATED SERVICES FOR CREDIT UNIONS AND THEIR MEMBERS.

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 9/30/19. 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.

Executives Listed on Filing

Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing

NameTitleHours Per WeekTotal Salary
Michael C HansonPRESIDENT/CEO40$799,755
John CiampaTREASURER40$206,411
N Anthony St PierreVP OF TECHNOLOGY / SECURIT40$152,834
Paul N NoceCHAIRMAN/DIRECTOR10$18,750
Debbie C GuineyDIRECTOR5$14,250
Ralph MooreDIRECTOR5$13,500
Michael E MurphyDIRECTOR5$11,250
Daniel E WaltzVICE CHAIR5$11,000
John D Finnegan EsqDIRECTOR5$10,000
Diane M PeraltaDIRECTOR5$8,500
Gregori A MartucciDIRECTOR5$8,250
Kenneth M DelrossiDIRECTOR5$6,000
Richard N Mitchell MdDIRECTOR5$5,250
Neil CreanDIRECTOR5$4,000
George HardimanDIRECTOR5$0

Data for this page was sourced from XML published by IRS (public 990 form dataset) from: https://s3.amazonaws.com/irs-form-990/202022309349301402_public.xml