2020-10-05T10:49:03-05:00 2019-12-31 042689883 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2019-01-01 041589780 MASSACHUSETTS BANKERS ASSOCIATION INC MASS 6175237595 ONE WASHINGTON MALL 8TH FLOOR BOSTON MA 021082603 FRANCESCA BERTOLINO SVP/CFO 6175237595 2020-10-05 1 HARRY A KALAJIAN JR CPA P00464296 6174399700 2020-10-05 146.115.156.5 2020-10-05 10:27:13 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 36AF408B42A4B53A88AB405E67774237CBEDE7D8 2019 2021-04-22 16:20:28Z FRANCESCA G BERTOLINO ONE WASHINGTON MALL 8TH FLOOR BOSTON MA 021082603 8375922 0 X WWW.MASSBANKERS.ORG X 1905 MA THE MBA WILL REPRESENT AND PROMOTE THE INTERESTS OF ITS MEMBER INSTITUTIONS AND THOSE OF THE MASSACHUSETTS AND NEW ENGLAND BANKING INDUSTRY OVERALL. 20 20 23 20 312613 142049 2599266 2623167 3857821 4269643 -126222 1054425 14758 13918 6345623 7961153 0 0 0 0 2849618 3329105 0 0 0 3016373 3320152 5865991 6649257 479632 1311896 11568622 13836803 2845750 3111595 8722872 10725208 X THE MASSACHUSETTS BANKERS ASSOCIATION REPRESENTS AND PROMOTES THE INTERESTS OF ITS MEMBER INSTITUTIONS AND THOSE OF THE MASSACHUSETTS AND NEW ENGLAND BANKING INDUSTRY OVERALL, AS WELL AS OFFERS QUALITY SERVICES THAT MEET THE NEEDS OF ITS BROAD-BASED CONSTITUENCY. THE MASSACHUSETTS BANKERS ASSOCIATION CARRIES OUT ITS MANDATE THROUGH LEGISLATIVE AND REGULATORY INITIATIVES, EDUCATION, MEDIA AND PUBLIC RELATIONS, CONSUMER EDUCATION, AND ASSISTS ITS MEMBERS TO COMPETE EFFECTIVELY IN A RAPIDLY EVOLVING FINANCIAL-SERVICES INDUSTRY. 0 0 THE MASSACHUSETTS BANKERS ASSOCIATION REPRESENTS AND PROMOTES THE INTERESTS OF ITS MEMBER INSTITUTIONS AND THOSE OF THE MASSACHUSETTS AND NEW ENGLAND BANKING INDUSTRY OVERALL, AS WELL AS OFFERS QUALITY SERVICES THAT MEET THE NEEDS OF ITS BROAD-BASED CONSTITUENCY. THE MASSACHUSETTS BANKERS ASSOCIATION CARRIES OUT ITS MANDATE THROUGH LEGISLATIVE AND REGULATORY INITIATIVES, EDUCATION, MEDIA AND PUBLIC RELATIONS, CONSUMER EDUCATION, AND ASSISTS ITS MEMBERS TO COMPETE EFFECTIVELY IN A RAPIDLY EVOLVING FINANCIAL-SERVICES INDUSTRY. 0 0 0 1 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 1 1 1 0 1 31 0 1 23 1 1 1 0 0 0 0 0 0 0 X 20 20 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X FRANCESCA BERTOLINO 6175237595 ONE WASHINGTON MALL 8TH FL BOSTON MA 021082603 KEVIN M TIERNEY DIRECTOR 1.00 X 0 0 0 PETER G BROWN TREASURER 1.00 X X 0 0 0 DONALD P GILL CHAIRMAN 1.00 X X 0 0 0 CHARLES P O'BRIEN IMMEDIATE PAST CHAIRMAN 1.00 X X 0 0 0 MARK A CRANDALL DIRECTOR 1.00 X 0 0 0 STEVEN E LOWELL DIRECTOR 1.00 X 0 0 0 THOMAS L MORTIMER DIRECTOR 1.00 X 0 0 0 PATRICK J MURRAY JR VICE CHAIRMAN 1.00 X X 0 0 0 MARK R O'CONNELL DIRECTOR 1.00 X 0 0 0 JOHN R WISEMAN DIRECTOR 1.00 X 0 0 0 MARK R HARANAS DIRECTOR 1.00 X 0 0 0 ROBERT J FRASER DIRECTOR 1.00 X 0 0 0 MICHAEL MCAULIFFE DIRECTOR 1.00 X 0 0 0 GIRARD R SARGENT DIRECTOR 1.00 X 0 0 0 MARTIN F CONNORS DIRECTOR 1.00 X 0 0 0 KATHLEEN C MARCUM DIRECTOR 1.00 X 0 0 0 CAROL R MCCLINTOCK DIRECTOR 1.00 X 0 0 0 MEG MCLSAAC DIRECTOR 1.00 X 0 0 0 PAUL J FALVEY DIRECTOR 1.00 X 0 0 0 PING YIN CHAI DIRECTOR 1.00 X 0 0 0 DANIEL J FORTE PRESIDENT & CEO 40.00 X 717528 0 41257 JON KARL SKARIN CLERK EVP LEGISTLATIVE & REGULATORY 40.00 X 350214 0 36019 KEVIN F KILEY OF COUNSEL 40.00 X 150000 0 16499 FRANCESCA G BERTOLINO SVP/CFO 40.00 X 192766 0 20380 BEN CRAIGIE DIR OF COMPLIANCE & TRAINI 40.00 X 141250 0 24938 TANYA M DUNCAN SVP CORPORATE POLICY 40.00 X 231787 0 31847 SCOTT GORMAN GIT ADMINISTRATION 40.00 X 139203 0 24706 1922748 0 195646 11 0 1 0 BABSON EXECUTIVE CONFERENCE CENTER ONE EXECUTIVE EDUCATION CIRCLE BABSON PARK MA 02457 BANKER CLASSES 439156 SMITH & WILKINSON 71 US ROUTE ONE STE D SCARBOROUGH ME 04074 EXECUTIVE SEARCH 105000 2 2623167 2623167 SEMINARS 900099 1627988 1627988 ANNUAL CONVENTION 900099 714105 714105 SCHOOL INCOME 900099 603435 603435 ROYALTY INCOME 900099 525000 465000 60000 ADMINISTRATIVE FEE 900003 451849 362992 88857 347266 324453 22813 4269643 185025 185025 1284169 414769 869400 869400 140943 728457 MISC REVENUE 900099 13918 13918 13918 7961153 4111891 312613 913482 1067742 1611684 252515 249001 148163 112568 38384 46330 48969 162451 370240 38529 1937590 78435 41088 TAXES 45162 GOVERNMENT/MEMBER RELAT 172185 PROGRAM FEES 68754 COST OF PUBLICATIONS & 35300 124167 6649257 999995 882308 1097369 1922223 115056 288696 2521558 3485596 821552 652073 187297 169479 6085724 6547159 359365 355516 202258 185826 11568622 13836803 738260 726367 874608 829411 1232882 1555817 2845750 3111595 X 8530934 10367316 191938 357892 8722872 10725208 11568622 13836803 X 1311896 690440 X X 0 1 X 1 0 0 0 1 2623167 288600 288600 427576 -138976 SCHEDULE C, PART I-A, LINE 1 - LOBBYING THE ASSOCIATION HIRES LEGISLATIVE COUNSEL TO ASSIST ON CERTAIN REGULATORY AND LEGISLATIVE ISSUES ON BEHALF OF MEMBERS AT THE STATE LEVEL. 41442 41442 0 633305 487065 146240 146805 123566 23239 169479 ACCRUED PENSION & SERP LIABILITY 1555817 1555817 X PART X, LINE 2: THE ASSOCIATION IS AN ORGANIZATION AS CONTEMPLATED BY IRC SECTION 501(C)(6) AND IS GENERALLY EXEMPT FROM INCOME TAXES UNDER IRC SECTION 501(A). CERTAIN INCOME OF THE MASSACHUSETTS BANKERS ASSOCIATION IS SUBJECT TO THE UNRELATED BUSINESS INCOME TAX ("UBIT") AND ACCORDINGLY, THE ASSOCIATION HAS BEEN FILING FEDERAL AND STATE TAX RETURNS TO REPORT UBIT. ALSO, THE ASSOCIATION'S FOR-PROFIT SUBSIDIARIES ARE SUBJECT TO FEDERAL AND STATE INCOME TAXATION. THE PROVISION FOR INCOME TAXES FOR THE ASSOCIATION FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018, WHICH IS INCLUDED IN GENERAL AND ADMINISTRATIVE EXPENSES, IS COMPRISED OF THE FOLLOWING AMOUNTS: CURRENT: 2019 2018 FEDERAL $ 52,515 $ 57,776 STATE 27,579 29,206 TOTAL PROVISION FOR INCOME TAXES $ 80,094 $ 86,982 INCLUDED IN THE PROVISION FOR INCOME TAXES WAS $42,182 AND $44,138 IN UBIT FOR THE YEARS-ENDED DECEMBER 31, 2019 AND 2018, RESPECTIVELY. TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN THE COURSE OF PREPARING THE ASSOCIATION'S AND ITS FOR-PROFIT SUBSIDIARIES TAX RETURNS ARE REQUIRED TO BE EVALUATED TO DETERMINE WHETHER THE TAX POSITIONS ARE "MORE-LIKELY-THAN-NOT" OF BEING SUSTAINED BY THE APPLICABLE TAX AUTHORITY. TAX POSITIONS NOT DEEMED TO MEET A MORE-LIKELY-THAN-NOT THRESHOLD WOULD BE RECORDED AS A TAX EXPENSE IN THE CURRENT YEAR. THERE WERE NO UNCERTAIN TAX POSITIONS THAT REQUIRE ACCRUAL OR DISCLOSURE TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 AND 2018. ALL TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE TAX AUTHORITIES AND ARE CURRENTLY OPEN TO AUDIT UNDER THE APPLICABLE STATUTES OF LIMITATION BY THE INTERNAL REVENUE SERVICE AND VARIOUS STATES FOR THE YEARS ENDED DECEMBER 31, 2016 THROUGH 2019. X X 1 1 X X X X X 0 0 0 DANIEL J FORTE PRESIDENT & CEO 516908 0 130000 0 70620 0 16800 0 24457 0 758785 0 0 0 JON KARL SKARIN CLERK EVP LEGISTLATIVE & REGULATORY 304221 0 45000 0 993 0 16327 0 19692 0 386233 0 0 0 KEVIN F KILEY OF COUNSEL 150000 0 0 0 0 0 8771 0 7728 0 166499 0 0 0 FRANCESCA G BERTOLINO SVP/CFO 163924 0 25341 0 3501 0 11356 0 9024 0 213146 0 0 0 BEN CRAIGIE DIR OF COMPLIANCE & TRAINI 122542 0 18365 0 343 0 8471 0 16467 0 166188 0 0 0 TANYA M DUNCAN SVP CORPORATE POLICY 201715 0 27750 0 2322 0 13768 0 18079 0 263634 0 0 0 SCOTT GORMAN GIT ADMINISTRATION 128116 0 11087 0 0 0 7613 0 17093 0 163909 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - SPOUSES ARE ALLOWED TO TRAVEL WITH SENIOR STAFF ON OCCASION FOR BUSINESS PURPOSES. SEE PART V 0 PING YIN CHAI PRESIDENT OF SALEM FIVE CENTS SAVINGS BANK 832457 PING YIN CHAI IS A DIRECTOR OF MASSACHUSETTS BANKERS ASSOICATION (MBA). HE IS ALSO THE PRESIDENT OF SALEM FIVE CENTS SAVINGS BANK (SALEM 5). MBA HAS CHECKING ACCOUNTS AT SALEM 5 TOTALING $832,457 OF ASSETS IN THE BANK. THE FDIC INSURANCE ON SAID ACCOUNTS IS $250,000. EXCESS DEPOSITS ARE 100% INSURED BY THE DEPOSITORS INSURANCE FUND OF MASSACHUSETTS. MR. CHAI HAS NO INFLUENCE IN DECIDING WHERE THE ASSOCIATION DOES ITS BANKING. 0 CAROL MCCLINTOCK CEO OF COMMONWEALTH COOPERATIVE BANK 200000 CAROL MCCLINTOCK IS A DIRECTOR OF MASSACHUSETTS BANKERS ASSOICATION (MBA). SHE IS ALSO THE CEO OF COMMONWEALTH COOPERATIVE BANK. MBA HAS TWO CDS AT COMMONWEALTH COOPERATIVE BANK TOTALING $200,000 OF ASSETS IN THE BANK. THE FDIC INSURANCE ON SAID ACCOUNTS IS $250,000. EXCESS DEPOSITS ARE 100% INSURED BY THE DEPOSITORS INSURANCE FUND OF MASSACHUSETTS. MS. MCCLINTOCK HAS NO INFLUENCE IN DECIDING WHERE THE ASSOCIATION DOES ITS BANKING. 0 SCHEDULE L, PART IV - BUSINESS TRANSACTIONS THE MASSACHUSETTS BANKERS ASSOCIATION IS THE BANKING TRADE ORGANIZATION REPRESENTING FINANCIAL INSTUTUTIONS IN MASSACHUSETTS AND OTHER NEW ENGLAND STATES. MEMBERS OF ITS BOARD OF DIRECTORS ARE PRESIDENTS AND SENIORS POLICY-LEVEL OFFICERS OF MEMBER FINANCIAL INSTITUTIONS; SEVERALOF WHOM SERVE ON THE BOARD'S OF DIRECTORS OF OTHER BANK INDUSTRY RELATED ORGANIZATIONS AS PART OF THEIR COMMITMENT TO THE FINANCIAL INDUSTRY. FORM 990, PART VI, SECTION A, LINE 6 MASSACHUSETTS BANKERS ASSOCIATION IS A TRADE ASSOCIATION WHOSE MEMBERS CONSIST OF COMMERCIAL, SAVINGS & COOPERATIVE BANKS AS WELL AS SAVINGS & LOAN ASSOCIATIONS, INCLUDING COMMUNITY, REGIONAL AND NATIONAL BANKS. IT HAS ASSOCIATE MEMBERS WHO ARE PROVIDERS OF GOODS AND SERVICES TO THE BANKING INDUSTRY. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS VOTE FOR THE ASSOCIATION'S OFFICERS AND BOARD OF DIRECTORS AT THE ANNUAL MEETING. MEMBERS ALSO VOTE ON ALL BUSINESS PRESENTED AT THE MEETING. FORM 990, PART VI, SECTION A, LINE 7B THE MEMBERS VOTE FOR THE ASSOCIATION'S OFFICERS AND BOARD OF DIRECTORS AT THE ANNUAL MEETING. MEMBERS ALSO VOTE ON ALL BUSINESS PRESENTED AT THE MEETING. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ASSOCIATION'S AUDITING FIRM AND REVIEWED BY ASSOCIATION STAFF, MANAGEMENT AND AUDIT COMMITTEE. THE FORM 990 WILL BE DISTRIBUTED TO THE AUDIT COMMITTEE FOR REVIEW PRIOR TO FILING WITH THE IRS. ALL FINANCIAL STATEMENTS INCLUDING TAX FILINGS ARE REVIEWED BY THE AUDIT COMMITTEE AND THE BOARD ANNUALLY. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY IS REVIEWED AND APPROVED ANNUALLY BY THE BOARD AND MONITORED/ENFORCED AS OUTLINED BY THE POLICY SHOULD ISSUES ARISE. FORM 990, PART VI, SECTION B, LINE 15 THE ASSOCIATION HAS A WRITTEN POLICY WHICH REQUIRES REVIEW AND APPROVAL OF ALL OFFICER COMPENSATION BY THE EXECUTIVE COMPENSATION COMMITTEE, AS WELL AS FULL BOARD OF DIRECTORS' APPROVAL OF THE PRESIDENT'S AND EXECUTIVE VICE PRESIDENTS' COMPENSATION. A VARIETY OF RESOURCES INCLUDING THIRD PARTY CONSULTANT ASSISTANCE AND SALARY DATA ARE UTILIZED. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS FILED WITH THE SECRETARY OF STATE AND ARE AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: FAS 158 PENSION COSTS 432,365. UNREALIZED GAIN/(LOSSES) IN SERP ASSETS 258,075. FORM 990, PART XII, LINE 2C REVIEW OF FINANCIAL STATEMENTS THE ASSOCIATION'S AUDIT COMMITTEE CONSISTING OF BOARD MEMBERS, AS WELL AS THE FULL BOARD OF DIRECTORS, REVIEWS AND APPROVES THE AUDITED FINANCIAL STATEMENTS. MBA CHARITABLE FOUNDATION INC ONE WASHINGTON MALL 8TH FLOOR BOSTON MA 02108 043325424 PROVIDE GRANT MA 501(C)(3) PF MBA 1 MBA SCHOLARSHIP FOUNDATION ONE WASHINGTON MALL 8TH FLOOR BOSTON MA 02108 043460557 PROVIDE GRANT MA 501(C)(3) PF MBA 1 MBA SERVICE CORPORATION ONE WASHINGTON MALL 8TH FLOOR BOSTON MA 021082603 043226018 ADMINISTRATIVE MA MBA C 269908 1.00000 0 MASSACHUSETTS FINANCIAL SERVICES INS ONE WASHINGTON MALL 8TH FLOOR BOSTON MA 021082603 042680895 INSURANCE MA MBA SVC CORP C 1391255 1995676 1.00000 0 NEW ENGLAND FINANCIAL SERVICES INS ONE WASHINGTON MALL 8TH FLOOR BOSTON MA 021082603 061031959 INSURANCE MA MBA SVC CORP C 196129 489533 1.00000 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 NEW ENGLAND FINANCIAL SERVICES INS AGENCY A 9959 FMV MASSACHUSETTS FIN SERVICES INS AGENCY A 78898 FMV NEW ENGLAND FINANCIAL SERVICES INS AGENCY Q 77191 ACTUAL EXP MASSACHUSETTS FIN SERVICES INS AGENCY Q 285800 ACTUAL EXP