Mass Credit Union Share Insurance Corp

“Credit unions that have been approved for an excess deposit insurance policy by the board of directors, and the massachusetts commissioner of banks, are members.”

“Credit union members may appoint one delegate to vote for board of director candidates at the corporation's annual meetings.”

“In accordance with the corporation's governing statute and by-laws, there are some decisions of the board of directors that are subject to a vote of the entire membership. There are also many decisions of the board of directors that require either the approval or the concurrence of the massachusetts commissioner of banks.”

“The corporation engages the services of an independent accounting firm to prepare the form 990, generally the same firm that performs the corporation's annual audit. Management provides individual compensation data and other requested information to the accounting firm. The president/ceo and the treasurer review and verify the information prepared by the accounting firm, and request that changes be made as necessary. The president/ceo then approves the final form 990 to be filed. A copy of this approved form 990 is typically reviewed by the audit committee prior to filing. The final form 990 (and all exhibits) is made available to all directors after the form 990 is filed with the irs, and the board of directors is notified via e-mail that the form 990 is available for review.”

“The corporation monitors the receipt of conflicts of interest statements by directors, officers, and employees to ensure that all have been submitted. Significant transactions involving member credit unions (mergers, etc.) generally require the approval of the corporation and the massachusetts commissioner of banks. Therefore, most conflicts of interest or potential conflicts of interest involving directors (officers, etc.) of the corporation would be identified in the approval requests, if not already disclosed in advance by the affected director (officer, etc). Where conflicts or potential conflicts arise, the director involved shall disclose this to the board of directors and excuse himself/herself from participating in deliberations and voting on the matter. If a potential breach of the conflicts of interest policy has been uncovered, the board of directors shall cause management or a committee of the board, as appropriate, to investigate the matter. If it has been determined that a breach has occurred, the board shall consider appropriate corrective actions. The corporation also evaluates whether there might be potential conflicts of interest involving directors, officers, or employees when reviewing new and existing vendors.”

“15a- the executive committee recommends and the board of directors approves compensation for the ceo. The executive committee reviewed compensation data from the form 990's of the other excess deposit insurers in massachusetts and compensation data of other organizations viewed as comparable to msic. Based upon this review the executive committee negotiated a contract extension for the ceo for an additional two years beginning february 1, 2025. The contract extension was approved by both the executive committee and the board of directors. No member of the board of directors or the executive committee had a conflict of interest regarding the compensation arrangement. Minutes of meetings of the executive committee and the board of directors were taken, except for portions that were in executive session. The chairman of the executive committee maintains the confidential supplement to the minutes of the executive committee meeting at which the extension of the ceo contract was approved. 15b- compensation for other officers is determined by the ceo with the advice and consent of the board of directors and the executive committee.”

“The organizational governing documents, conflict of interest policy, financial statements and form 990 are available to the general public upon request. The corporation posts its audited financial statements to its website.”

“Utilities - rental 222,022. Commission 67,421. Dues & subscriptions 61,477. Member activities 45,000. Recruiting 25,998. Conference expenses 13,789. Bank & custody fees 7,669. Miscellaneous expenses 1,497. Donations & contributions 432.”

“The corporation has not changed the oversight process or selection process from the prior year.”