Civic Intelligence

The Cooperative Central Bank

990 • Fiscal year 2018 • EIN 04-1207240

Sep 01, 2017 to Aug 31, 2018 • Filed on Jan 29, 2019

75 Park PlazaBoston, MA 02116

(617) 695-0400

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

5th percentile

0.22x

Higher debt load relative to assets than 5% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Liabilities / Revenue

5th percentile

7.69x

Higher debt load relative to revenue than 5% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Net Margin

99th percentile

44%

Higher net margin than 99% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Top Officer Pay

96th percentile

$559,950

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 14.0% of source-year revenue.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Source year 2018

Asset Growth

9th percentile

-2.0%

Faster asset growth than 9% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Revenue Growth

98th percentile

28%

Faster revenue growth than 98% of similar nonprofits.

2018 filings • 501(c)14 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Assets

Down

$137,830,527

Down $2,763,194 (-2.0%) from 2017

Net Assets

Down

$107,184,689

Down $1,450,457 (-1.3%) from 2017

Liabilities

Down

$30,645,838

Down $1,312,737 (-4.1%) from 2017

Revenue

Up

$3,986,121

Up $881,019 (+28%) from 2017

Expenses

Up

$2,239,618

Up $217,528 (+11%) from 2017

Net Income

Up

$1,746,503

Up $663,491 (+61%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2010: $148,400,068Liabilities 2010: $38,417,935Net Assets 2010: $109,982,1332010Assets 2011: $147,188,655Liabilities 2011: $35,844,582Net Assets 2011: $111,344,0732011Assets 2012: $144,260,054Liabilities 2012: $34,995,001Net Assets 2012: $109,265,0532012Assets 2013: $139,552,376Liabilities 2013: $33,013,092Net Assets 2013: $106,539,2842013Assets 2014: $139,911,670Liabilities 2014: $32,284,784Net Assets 2014: $107,626,8862014Assets 2015: $139,712,499Liabilities 2015: $31,961,822Net Assets 2015: $107,750,6772015Assets 2016: $141,028,167Liabilities 2016: $31,972,217Net Assets 2016: $109,055,9502016Assets 2017: $140,593,721Liabilities 2017: $31,958,575Net Assets 2017: $108,635,1462017Assets 2018: $137,830,527Liabilities 2018: $30,645,838Net Assets 2018: $107,184,6892018Assets 2019: $143,477,491Liabilities 2019: $30,275,425Net Assets 2019: $113,202,0662019Assets 2020: $0Liabilities 2020: $0Net Assets 2020: $02020

Highlighted filing

2018

Assets$137,830,527
Liabilities$30,645,838
Net Assets$107,184,689

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$20M$10M$0-$10M-$20MExpenses 2010: $2,280,5902010Expenses 2011: $2,335,2452011Revenue 2012: $3,210,693Expenses 2012: $2,439,812Net Income 2012: $770,8812012Revenue 2013: $3,150,471Expenses 2013: $2,386,491Net Income 2013: $763,9802013Revenue 2014: $2,372,064Expenses 2014: $2,244,436Net Income 2014: $127,6282014Revenue 2015: $2,107,522Expenses 2015: $2,048,764Net Income 2015: $58,7582015Revenue 2016: $2,311,874Expenses 2016: $1,955,574Net Income 2016: $356,3002016Revenue 2017: $3,105,102Expenses 2017: $2,022,090Net Income 2017: $1,083,0122017Revenue 2018: $3,986,121Expenses 2018: $2,239,618Net Income 2018: $1,746,5032018Revenue 2019: $4,132,062Expenses 2019: $2,065,267Net Income 2019: $2,066,7952019Revenue 2020: $2,132,200Expenses 2020: $13,140,609Net Income 2020: -$11,008,4092020

Highlighted filing

2018

Revenue$3,986,121
Expenses$2,239,618
Net Income$1,746,503
Jump To
Filing Snapshot
Filing Period
Sep 1, 2017 to Aug 31, 2018
Signed
Jan 29, 2019
Return Version
2017v2.3
Gross Receipts
$3,986,121
Mission and Program Overview

Mission

Operated and wholly owned by all 46 massachusetts co-operative banks, solely for the mutual benefit of all of their depositors, as a source of cash reserves and to provide insurance in full of deposits under massachusetts law.

To provide cash reserves and deposit insurance for massachusetts cooperative banks.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$119,071,976$118,690,123▼ $381,853
Rtn Earn Endowment Incm Other Fnds$108,635,146$107,184,689▼ $1,450,457
Savings and Temporary Cash Investments$11,778,000$11,533,000▼ $245,000
Cash and Non-Interest-Bearing Accounts$1,531,910$1,380,957▼ $150,953
Prepaid Expenses and Deferred Charges$81,214$86,191▲ $4,977
Land, Buildings, and Equipment, Net$11,629$14,293▲ $2,664
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$140,593,721$137,830,527▼ $2,763,194
Other Assets Total$8,118,992$6,125,963▼ $1,993,029
Liabilities
Other Liabilities$31,771,807$30,416,398▼ $1,355,409
Accounts Payable and Accrued Expenses$186,768$229,440▲ $42,672
Total Liabilities$31,958,575$30,645,838▼ $1,312,737
Net Assets / Fund Balance
Total Net Assets Fund Balance$108,635,146$107,184,689▼ $1,450,457
Total Liabilities and Net Assets / Fund Balance$140,593,721$137,830,527▼ $2,763,194

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$14,293$50,438$64,731
Other Securities$118,690,123--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Andrew J CalamarePresident and CEOFT$341,505$218,445$559,950
Judith M JavidpourSenior VP & TreasurerFT$241,685$70,898$312,583
Annemarie LeeVice PresidentFT$154,816$48,829$203,645
Edward F Manzi JrChairman-$15,275-$15,275
Julieanne M ThurlowVice Chairman-$14,200-$14,200
Joseph V SchollDirector-$11,775-$11,775
Joseph T Baptista JrDirector-$8,300-$8,300
Joseph a DevitoDirector-$8,000-$8,000
Eileen P McannenyDirector-$7,475-$7,475
Raija VaisanenDirector-$6,575-$6,575
Andrew J RaczkaDirector-$4,900-$4,900
Mark R HaranasDirector-$1,800-$1,800
Michael E TuckerDirector-$1,800-$1,800

Highest Paid Contractors

ContractorServicesLocationCompensation
K&l Gates LLPLegal ServicesONE LINCOLN STREET, Boston, MA 02111$188,993
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,504,608
Investment Income
$2,481,513
Other Revenue
$0
Change in Net Assets
$1,746,503

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,986,121
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$3,986,121
Total Revenue per Form 990
$3,986,121
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,518,566
Other Expenses$721,052
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees---$1,181,601
Fees for Services Legal---$289,358
Pension Plan Contributions---$206,675
Occupancy---$108,348
Other Employee Benefits---$85,630
Fees for Services Lobbying---$78,333
Travel---$56,169
Office Expenses---$55,614
Fees for Services Accounting---$44,665
Payroll Taxes---$44,660
Insurance---$34,047
Information Technology---$20,832
Fees for Services Other---$18,814
Conferences and Meetings---$8,632
Depreciation Depletion---$6,240
Total Functional Expenses$0$0$0$2,239,618

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,239,618
Total Expenses per Audited Statements$2,239,618
Total Expenses per Form 990$2,239,618
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deposits by Member Banks$30,416,398
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

The cooperative central bank is a private special act corporation established by the legislature of the commonwealth of massachusetts. The central bank is operated and wholly owned by its "members" - all 41 massachusetts cooperative banks.

Form 990, Part VI, Section A, Line 7A

Members of the board of directors elect new directors or reappoint existing directors for additional terms. The majority of director positions consists of representatives of the central bank's member-banks as described in part vi, section a, question 6. The central bank also has independent or public-interest directors that are not affiliated with its member-banks.

Form 990, Part VI, Section B, Line 11B

The form 990 was reviewed by the treasurer for accuracy. Prior to filing, the form 990 was reviewed and approved by the governing body's audit committee chairman. A copy of the completed form 990 is made available to all the members of the governing board after filing the return.

Form 990, Part VI, Section B, Line 12C

The central bank receives oversight from the board of directors and its committees to ensure that such policies are adhered to on a regular basis.

Form 990, Part VI, Section B, Line 15

On an annual basis, the compensation committee makes recommendations to the board for the president and ceo. They also recommend a percentage compensation increase, if any, for all employees, which is allocated at the discrection of the president and ceo.

Form 990, Part VI, Section C, Line 19

The cooperative central bank is a private special act corporation established by the legislature of the commonwealth of massachusetts. Audited financial statements are made available to the public via the central bank's website (www.coopcentralbank.com). Other documents are made available upon request.

Filing and Contact Details

Filer

Filer Name
The Cooperative Central Bank
EIN
04-1207240
Phone
6176950400
Address
75 PARK PLAZA, BOSTON, MA 02116

Signing Officer

Name
Andrew J Calamare
Title
President & CEO
Phone
6176950400
Signed
2019-01-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew J Calamare
Formed
1932
Legal Domicile
Ma
Voting Board Members
10
Independent Board Members
2
Employees
4
Volunteers
0

Preparer

Firm
Marcum Llp
Address
53 STATE STREET, BOSTON, MA 02109
Preparer
David St Yves
Phone
6178075000
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 2B AND 2C:

There have been no changes since the prior year to the audit committee's (i) oversight of the audit of the central bank's financial statements, or (ii) the selection of the independent accountant.

Financial Statement Notes

PART X, LINE 2:

The bank is exempt from federal income taxes under the provisions of section 501(c)14 of the internal revenue code. The bank's policy is to analyze its tax positions for all open years and has not identified any uncertain tax positions.

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IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10PRESIDENT AND CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt11VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt12SENIOR VP & TREASURER
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IRS990/OccupancyGrp/TotalAmt0108348
IRS990/OfficeExpensesGrp/TotalAmt055614
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt08118992
IRS990/OtherAssetsTotalGrp/EOYAmt06125963
IRS990/OtherChangesInNetAssetsAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt085630
IRS990/OtherLiabilitiesGrp/BOYAmt031771807
IRS990/OtherLiabilitiesGrp/EOYAmt030416398
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt044660
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt0206675
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt081214
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt086191
IRS990/PrincipalOfficerNm0ANDREW J CALAMARE
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0524298
IRS990/ProgramServiceRevenueGrp/Desc0DEPOSIT INSURANCE ASSESSMENTS
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt01504608
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt01504608
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt02427520
IRS990/PYOtherExpensesAmt0551495
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt0677582
IRS990/PYRevenuesLessExpensesAmt01083012
IRS990/PYSalariesCompEmpBnftPaidAmt01470595
IRS990/PYTotalExpensesAmt02022090
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt03105102
IRS990/ReconcilationRevenueExpnssAmt01746503
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd01
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt0108635146
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt0107184689
IRS990/SavingsAndTempCashInvstGrp/BOYAmt011778000
IRS990/SavingsAndTempCashInvstGrp/EOYAmt011533000
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/EquipmentGrp/BookValueAmt014293
IRS990ScheduleD/EquipmentGrp/DepreciationAmt050438
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt064731
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt02239618
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt030416398
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DEPOSITS BY MEMBER BANKS
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt0118690123
IRS990ScheduleD/OtherSecuritiesGrp/Desc0US AND FEDERAL AGENCY OBLIGATIONS - AFS
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt03986121
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE BANK IS EXEMPT FROM FEDERAL INCOME TAXES UNDER THE PROVISIONS OF SECTION 501(C)14 OF THE INTERNAL REVENUE CODE. THE BANK'S POLICY IS TO ANALYZE ITS TAX POSITIONS FOR ALL OPEN YEARS AND HAS NOT IDENTIFIED ANY UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt014293
IRS990ScheduleD/TotalBookValueSecuritiesAmt0118690123
IRS990ScheduleD/TotalExpensesPerForm990Amt02239618
IRS990ScheduleD/TotalLiabilityAmt030416398
IRS990ScheduleD/TotalRevenuePerForm990Amt03986121
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt03986121
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt02239618
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompensationCommitteeInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0341505
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt1154816
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt2241685
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount047338
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount115328
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount228715
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt026500
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt115482
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt224164
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt07238
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt118019
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt218019
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt0137369
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt20
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0ANDREW J CALAMARE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1ANNEMARIE LEE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2JUDITH M JAVIDPOUR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0PRESIDENT AND CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1VICE PRESIDENT
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2SENIOR VP & TREASURER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0559950
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt1203645
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt2312583
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt20
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SubstantiationRequiredInd01
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE COOPERATIVE CENTRAL BANK IS A PRIVATE SPECIAL ACT CORPORATION ESTABLISHED BY THE LEGISLATURE OF THE COMMONWEALTH OF MASSACHUSETTS. THE CENTRAL BANK IS OPERATED AND WHOLLY OWNED BY ITS "MEMBERS" - ALL 41 MASSACHUSETTS COOPERATIVE BANKS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1MEMBERS OF THE BOARD OF DIRECTORS ELECT NEW DIRECTORS OR REAPPOINT EXISTING DIRECTORS FOR ADDITIONAL TERMS. THE MAJORITY OF DIRECTOR POSITIONS CONSISTS OF REPRESENTATIVES OF THE CENTRAL BANK'S MEMBER-BANKS AS DESCRIBED IN PART VI, SECTION A, QUESTION 6. THE CENTRAL BANK ALSO HAS INDEPENDENT OR PUBLIC-INTEREST DIRECTORS THAT ARE NOT AFFILIATED WITH ITS MEMBER-BANKS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE FORM 990 WAS REVIEWED BY THE TREASURER FOR ACCURACY. PRIOR TO FILING, THE FORM 990 WAS REVIEWED AND APPROVED BY THE GOVERNING BODY'S AUDIT COMMITTEE CHAIRMAN. A COPY OF THE COMPLETED FORM 990 IS MADE AVAILABLE TO ALL THE MEMBERS OF THE GOVERNING BOARD AFTER FILING THE RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE CENTRAL BANK RECEIVES OVERSIGHT FROM THE BOARD OF DIRECTORS AND ITS COMMITTEES TO ENSURE THAT SUCH POLICIES ARE ADHERED TO ON A REGULAR BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4ON AN ANNUAL BASIS, THE COMPENSATION COMMITTEE MAKES RECOMMENDATIONS TO THE BOARD FOR THE PRESIDENT AND CEO. THEY ALSO RECOMMEND A PERCENTAGE COMPENSATION INCREASE, IF ANY, FOR ALL EMPLOYEES, WHICH IS ALLOCATED AT THE DISCRECTION OF THE PRESIDENT AND CEO.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE COOPERATIVE CENTRAL BANK IS A PRIVATE SPECIAL ACT CORPORATION ESTABLISHED BY THE LEGISLATURE OF THE COMMONWEALTH OF MASSACHUSETTS. AUDITED FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC VIA THE CENTRAL BANK'S WEBSITE (WWW.COOPCENTRALBANK.COM). OTHER DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THERE HAVE BEEN NO CHANGES SINCE THE PRIOR YEAR TO THE AUDIT COMMITTEE'S (I) OVERSIGHT OF THE AUDIT OF THE CENTRAL BANK'S FINANCIAL STATEMENTS, OR (II) THE SELECTION OF THE INDEPENDENT ACCOUNTANT.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART XI, LINE 2B AND 2C:
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0140593721
IRS990/TotalAssetsEOYAmt0137830527
IRS990/TotalAssetsGrp/BOYAmt0140593721
IRS990/TotalAssetsGrp/EOYAmt0137830527
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/TotalAmt02239618
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt031958575
IRS990/TotalLiabilitiesEOYAmt030645838
IRS990/TotalLiabilitiesGrp/BOYAmt031958575
IRS990/TotalLiabilitiesGrp/EOYAmt030645838
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0108635146
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0107184689
IRS990/TotalOtherCompensationAmt0109422
IRS990/TotalProgramServiceRevenueAmt01504608
IRS990/TotalReportableCompFromOrgAmt01046856
IRS990/TotalRevenueGrp/ExclusionAmt02481513
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt01504608
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt03986121
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt00
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0140593721
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0137830527
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/TotalAmt056169
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00

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