2024-08-12T10:11:11-05:00 2023-10-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2022-11-01 041647690 DEPOSITORS INSURANCE FUND DEPO 7819381984 ONE LINSCOTT ROAD WOBURN MA 01801 ANDREW CALAMARE PRESIDENT & CEO 7819381984 2024-08-12 1 0 KAREN S NG P01067482 6174399700 2024-08-06 2022 2024-08-08 14:25:15Z ANDREW CALAMARE ONE LINSCOTT ROAD WOBURN MA 01801 30265064 0 X WWW.DIFXS.COM X 1932 MA INSURES THOSE DEPOSITS IN EXCESS OF THE FDIC LIMITS AND ALSO PROVIDES TEMPORARY LIQUIDITY TO MEMBER BANKS BY MAKING LOANS TO THEM, SECURED BY MEMBER BANKS' ASSETS. 12 5 8 0 0 0 0 0 0 0 5770418 9489601 8720 0 5779138 9489601 0 0 0 0 2771448 2610425 0 0 0 1064227 1224947 3835675 3835372 1943463 5654229 500673236 518011299 434294 112395 500238942 517898904 INSURES THOSE DEPOSITS IN EXCESS OF THE FDIC LIMITS AND ALSO PROVIDES TEMPORARY LIQUIDITY TO MEMBER BANKS BY MAKING LOANS TO THEM, SECURED BY MEMBER BANKS' ASSETS. 0 0 THE LIQUIDITY FUND WAS ESTABLISHED IN 1932 FOR THE PURPOSE OF PROVIDING TEMPORARY LIQUIDITY TO MEMBER BANKS BY MAKING LOANS TO THEM SECURED BY MEMBER BANKS' ASSETS. DEPOSIT INSURANCE FUND WAS ESTABLISHED IN 1934 FOR THE INSURANCE OF ALL DEPOSITS IN MASSACHUSETTS SAVINGS BANKS. CURRENTLY ALL MASSACHUSETTS SAVINGS BANKS AND COOPERATIVE BANKS ARE MEMBERS OF THE FDIC. THEREFORE, THE FUND CURRENTLY INSURES ONLY THOSE DEPOSITS IN EXCESS OF THE FDIC LIMITS 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 30 0 1 8 1 0 0 0 0 0 0 0 0 X 12 5 1 1 0 0 1 1 0 1 1 0 0 0 1 1 1 1 0 1 1 0 X JUDITH M JAVIDPOUR 7819944151 ONE LINSCOTT ROAD WOBURN MA 01801 ANDREW J RACZKA DIRECTOR 2.00 X 14900 0 0 DAVID G FALWELL DIRECTOR 2.00 X 11000 0 0 DONNA L BOULANGER DIRECTOR 2.00 X 9000 0 0 EDWARD F MANZI JR DIRECTOR 2.00 X 15300 0 0 JEFFREY WORTH DIRECTOR 2.00 X 9500 0 0 JOHN BATTAGLIA ENDED 32023 DIRECTOR 2.00 X 8500 0 0 MARK R O'CONNELL ENDED 32023 DIRECTOR 2.00 X 19100 0 0 PETER G BROWN DIRECTOR 2.00 X 15300 0 0 RAIJI L VAISANEN DIRECTOR 2.00 X 11500 0 0 ROBERT S KARAM DIRECTOR 2.00 X 10500 0 0 ROBERT W TERRAVECCHIA JR DIRECTOR 2.00 X 22400 0 0 STEVEN E LOWELL ENDED 32023 DIRECTOR 2.00 X 13800 0 0 ROBERT FRASER AS OF 32023 DIRECTOR 2.00 X 0 0 0 CAROL MCCLINTOCK AS OF 32023 DIRECTOR 2.00 X 0 0 0 MEG MCISAAC AS OF 32023 DIRECTOR 2.00 X 0 0 0 ANDREW CALAMARE PRESIDENT AND CEO 35.00 X 808977 0 104443 ANNEMARIE LEE VICE PRESIDENT 35.00 X 195748 0 64899 JUDITH JAVIDPOUR EVP, CFO & TREASURER 35.00 X 372433 0 69968 KARA M MCNAMARA SENIOR VICE PRESIDENT 30.00 X 183718 0 86530 MATTHEW P CALNAN VICE PRESIDENT 35.00 X 164179 0 55420 MAURA VILLANOVA REPORTS SPECIALIST 35.00 X 101335 0 42043 JOHN J D'ALESSANDRO FORMER SVP 35.00 X 140792 0 21172 2127982 0 444475 7 1 1 0 LONGFELLOW INVESTMENT MGMT COMPANY 125 HIGH ST OLIVER TOWER SUITE 832 BOSTON MA 02110 INVESTMENT MGMT 272747 DAVID ELLIOT 8340 ABBINGTON CIRCLE C14 NAPLES FL 34108 TRANSITION CONSULTING 175000 THE BRENNAN GROUP ONE WALNUT STREET BOSTON MA 02108 LOBBYING/STRATEGIC PLANNING 125040 SYNERGISTIC ONLINE SOLUTIONS 710 NORTH STREET BATAVIA BATAVIA NY 14020 INTERNET PROGRAMMING 114600 4 9558082 9558082 20706982 20775463 -68481 -68481 -68481 9489601 0 0 9489601 1970819 110011 207 253672 187402 88314 66409 63320 90000 271462 196561 11714 57282 159023 84556 13852 146532 BANK SERVICE CHARGES 44818 MISCELLANEOUS 17713 DUES/MEMBERSHIPS 1705 3835372 20067324 1520187 125585 128378 472727492 507711415 7752835 8651319 500673236 518011299 434294 112395 434294 112395 X 500238942 517898904 0 0 0 0 500238942 517898904 500673236 518011299 X 5654229 6250383 5755350 X X 0 1 X 1 0 0 OTHER ACCRUED LIABILITIES 100812 ACCRUED PENSION LIABILITIES -214417 ACCRUED EMPLOYEE BENEFITS 226000 112395 15047034 5713073 5713073 9333961 155640 155640 9489601 3790315 45057 45057 3745258 0 3745258 PART XI, LINE 2D - OTHER ADJUSTMENTS: ASSESSMENTS FROM MEMBERS 5,713,073. PART XI, LINE 4B - OTHER ADJUSTMENTS: LIQUIDITY FUND INCOME 155,640. PART XII, LINE 2D - OTHER ADJUSTMENTS: LIQUIDITY FUND EXPENSES 45,057. PARTS XI & XII - RECONCILIATION OF REVENUE AND EXPENSES: DEPOSITORS INSURANCE FUND AND LIQUIDITY FUND FILE A CONSOLIDATED FORM 990 BUT THEY HAVE SEPARATED AUDITED FINANIAL STATEMENTS. X X X 0 0 0 ANDREW CALAMARE PRESIDENT AND CEO 630295 0 165000 0 13682 0 74363 0 30080 0 913420 0 58945 0 JUDITH JAVIDPOUR EVP, CFO & TREASURER 293826 0 75769 0 2838 0 41181 0 28787 0 442401 0 43188 0 KARA M MCNAMARA SENIOR VICE PRESIDENT 159965 0 22500 0 1253 0 62010 0 24520 0 270248 0 74185 0 ANNEMARIE LEE VICE PRESIDENT 169915 0 22000 0 3833 0 37188 0 27711 0 260647 0 36776 0 MATTHEW P CALNAN VICE PRESIDENT 137982 0 25500 0 697 0 28451 0 26969 0 219599 0 23767 0 JOHN J D'ALESSANDRO FORMER SVP 138977 0 0 0 1815 0 8608 0 12564 0 161964 0 0 0 MAURA VILLANOVA SISTER OF KARA M. MCNAMARA, CURRENT OFFICER 110011 COMPENSATION PAID BY DIF FOR SERVICES AS A HIGHLY COMPENSATED EMPLOYEE 0 FORM 990, PART VI, SECTION A, LINE 2 FOUR OF OUR DIRECTORS ARE ALSO DIRECTORS OF THE MASSACHUSETTS BANKERS ASSOCIATION. THREE OF OUR DIRECTORS ARE ALSO DIRECTORS OF THE SAVINGS BANK EMPLOYEES RETIREMENT ASSOCIATION. TWO OF OUR DIRECTORS ARE ALSO DIRECTORS OF FEDERAL HOME LOAN BANK OF BOSTON. FORM 990, PART VI, SECTION A, LINE 3 THE DEPOSITORS INSURANCE FUND (DIF) HAS CONTRACTED WITH LONGFELLOW INVESTMENT MANAGEMENT, INC. TO MANAGE APPROXIMATELY 70% OF THE DIF'S INVESTMENT PORTFOLIO. LONGFELLOW'S INVESTMENT ACTIVITIES ARE GOVERNED BY SPECIFIC INVESTMENT POLICIES AND INVESTMENT GUIDELINES ADOPTED ANNUALLY BY THE INVESTMENT COMMITTEE OR BY THE BOARD. THE BOARD REVIEWS AND APPROVES ALL PURCHASES AND SALES OF INVESTMENTS FOR THE PREVIOUS QUARTER AT ITS QUARTERLY BOARD MEETING. FORM 990, PART VI, SECTION A, LINE 6 THE DEPOSITORS INSURANCE FUND IS A PRIVATE SPECIAL ACT CORPORATION ESTABLISHED BY THE COMMONWEALTH OF MASSACHUSETTS. THE FUND IS OPERATED AND WHOLLY OWNED BY ITS MEMBERS ALL 73 STATE CHARTERED SAVINGS AND COOPERATIVE BANKS. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS THE GOVERNING BODY OF THE DEPOSITORS INSURANCE FUND. ALL MEMBERS ARE ELIGIBLE TO VOTE ANNUALLY IN AN ELECTION FOR DIRECTORS. THE TERM LIMITS FOR DIRECTORS ARE PURSUANT TO THE FUND'S BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE DIF'S AUDITING FIRM USING INFORMATION FROM THE AUDIT AND ADDITIONAL INFORMATION SUPPLIED BY THE DIF'S TREASURER. THE TREASURER REVIEWS AND APPROVES THE FORM 990 FOR ACCURACY BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C THE DIF 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 COMPENSATION OF THE CEO AND OTHER OFFICERS ARE ADDRESSED IN DECEMBER OF EACH YEAR BY THE COMPENSATION COMMITTEE WHICH IS THEN APPROVED AND RATIFIED BY THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE DIF'S CHARTER IS CODIFIED IN CHAPTER 44 OF THE MASSACHUSETTS ACTS OF 1932, AS AMENDED, AND CHAPTER 43 OF THE MASSACHUSETTS ACTS OF 1934, AS AMENDED. AS SUCH, THE DIF'S CHARTER IS AVAILABLE TO THE PUBLIC. THE DIF'S AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC VIA THE DIF'S WEBSITE AND IS ALSO AVAILABLE UPON REQUEST. THE DIF'S CONFLICTS OF INTEREST POLICY AND THE FEDERAL FORM 990 ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: FAS 158 CHANGE IN PENSION LIABILITY 42,277. ASSESSMENTS FROM MEMBERS 5,713,073. FORM 990, PART XII, LINE 2C: THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELETION PROCESS DURING THE FISCAL YEAR 10/31/2023.