2025-11-14T13:25:14-06:00 2024-12-31 042689883 WOLF & COMPANY PC 255 STATE STREET BOSTON MA 02109 990 2024-01-01 041589780 MASSACHUSETTS BANKERS ASSOCIATION INC MASS 6175237595 200 STATE STREET SUITE 701 BOSTON MA 02109 JOSEPH T COLAGIOVANNI SVP/CFO 6175237595 2025-11-13 1 0 KAREN S NG P01067482 6174399700 2025-11-13 2024 2025-03-06 01:10:19Z X JOSEPH T COLAGIOVANNI 200 STATE STREET SUITE 701 BOSTON MA 02109 18091810 0 X WWW.MASSBANKERS.ORG X 1905 MA THE MASSACHUSETTS BANKERS ASSOCIATION'S MISSION IS TO BE THE PREMIER PARTNER AND TRUSTED RESOURCE FOR OUR MEMBERS THROUGHOUT MASSACHUSETTS AND ACROSS NEW ENGLAND. WE WILL ACCOMPLISH OUR MISSION THROUGH A PROACTIVE FOCUS ON EXCEPTIONAL SOLUTIONS, ADVOCACY AND THOUGHT LEADERSHIP FOR THE BANKING INDUSTRY. 21 20 20 20 61314 54489 2708574 3044651 3799279 3381228 1208013 693256 34038 23053 7749904 7142188 0 0 0 0 3500776 3665737 0 0 0 3503684 3562046 7004460 7227783 745444 -85595 26717304 27713732 3791580 3108844 22925724 24604888 X THE MASSACHUSETTS BANKERS ASSOCIATION WAS FOUNDED IN 1905 WITH A GUIDING PRINCIPLE TO PROMOTE BANKING WITHIN THE COMMONWEALTH. A KEY PART OF THAT MISSION IS TO PROVIDE OUR MEMBERS, THE PUBLIC AND MEDIA WITH UP-TO-DATE INFORMATION RELATING TO THE ASSOCIATION AND THE BANKING INDUSTRY. PLEASE EXPLORE OUR RESOURCES TO LEARN MORE ABOUT THE ASSOCIATION, USE OUR RESOURCES AND LEARN HOW YOU CAN HELP PROMOTE THIS CRITICAL INDUSTRY.OUR MISSION IS TO BE THE PREMIER PARTNER AND TRUSTED RESOURCE FOR OUR MEMBERS THROUGHOUT MASSACHUSETTS AND ACROSS NEW ENGLAND. WE WILL ACCOMPLISH OUR MISSION THROUGH A PROACTIVE FOCUS ON EXCEPTIONAL SOLUTIONS, ADVOCACY AND THOUGHT LEADERSHIP FOR THE BANKING INDUSTRY.MASSACHUSETTS BANKERS ASSOCIATION IS THE UNITED VOICE PROPELLING OUR MEMBERS' SUCCESS IN A DYNAMIC INDUSTRY AND RAPIDLY CHANGING WORLD. 0 0 SEE SCHEDULE O.THE MASSACHUSETTS BANKERS ASSOCIATION WAS FOUNDED IN 1905 WITH A GUIDING PRINCIPLE TO PROMOTE BANKING WITHIN THE COMMONWEALTH. A KEY PART OF THAT MISSION IS TO PROVIDE OUR MEMBERS, THE PUBLIC AND MEDIA WITH UP-TO-DATE INFORMATION RELATING TO THE ASSOCIATION AND THE BANKING INDUSTRY. PLEASE EXPLORE OUR RESOURCES TO LEARN MORE ABOUT THE ASSOCIATION, USE OUR RESOURCES AND LEARN HOW YOU CAN HELP PROMOTE THIS CRITICAL INDUSTRY.OUR MISSION IS TO BE THE PREMIER PARTNER AND TRUSTED RESOURCE FOR OUR MEMBERS THROUGHOUT MASSACHUSETTS AND ACROSS NEW ENGLAND. WE WILL ACCOMPLISH OUR MISSION THROUGH A PROACTIVE FOCUS ON EXCEPTIONAL SOLUTIONS, ADVOCACY AND THOUGHT LEADERSHIP FOR THE BANKING INDUSTRY.MASSACHUSETTS BANKERS ASSOCIATION IS THE UNITED VOICE PROPELLING OUR MEMBERS' SUCCESS IN A DYNAMIC INDUSTRY AND RAPIDLY CHANGING WORLD. 0 1 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 37 0 1 20 1 1 1 0 0 0 0 0 0 0 X 21 20 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JOSEPH T COLAGIOVANNI 6175023808 200 STATE STREET SUITE 701 BOSTON MA 02109 MATTHEW S SOSIK DIRECTOR 1.00 X 0 0 0 KATHLEEN MURPHY PRESIDENT/CEO/DIRECTOR 40.00 X X 811926 0 170700 ROBERT J FRASER CHAIR/DIRECTOR 1.00 X X 0 0 0 MEG D MCISAAC IMMEDIATE PAST CHAIR 1.00 X 0 0 0 MARTIN F CONNORS VICE CHAIR/DIRECTOR 1.00 X X 0 0 0 RICHARD SPENCER DIRECTOR 1.00 X 0 0 0 ELIZABETH J OLIVER DIRECTOR 1.00 X 0 0 0 THOMAS W SENECAL DIRECTOR 1.00 X 0 0 0 KEVIN KELLY DIRECTOR 1.00 X 0 0 0 PATRICK B THORPE DIRECTOR 1.00 X 0 0 0 MATT BURKE DIRECTOR 1.00 X 0 0 0 LISA MURRAY DIRECTOR 1.00 X 0 0 0 ANNE TANGEN TREASURER/DIRECTOR 1.00 X X 0 0 0 MARY MCGOVERN DIRECTOR 1.00 X 0 0 0 JEFFREY A WORTH DIRECTOR 1.00 X 0 0 0 JAMES M DUNPHY DIRECTOR 1.00 X 0 0 0 HAROLD M HORVAT DIRECTOR 1.00 X 0 0 0 DENIS A SHEAHAN DIRECTOR 1.00 X 0 0 0 WAYNE PATENAUDE DIRECTOR (ENDED 4/2024) 1.00 X 0 0 0 KATHLEEN C MARCUM DIRECTOR (ENDED 4/2024) 1.00 X 0 0 0 ROSEMARY PICARD DIRECTOR 1.00 X 0 0 0 PING YIN CHAI DIRECTOR 1.00 X 0 0 0 MICHAEL R O'CONNELL IMMEDIATE PAST CHAIR (ENDED 4/2024) 1.00 X 0 0 0 SHINMA SAMEER DIRECTOR (ENDED 4/2024) 1.00 X 0 0 0 KEVIN M TIERNEY SR DIRECTOR (ENDED 4/2024) 1.00 X 0 0 0 MICHAEL G MCAULIFFE DIRECTOR (ENDED 4/2024) 1.00 X 0 0 0 MARIANNE SMITH DIRECTOR 1.00 X 0 0 0 BRAD S PAPALARDO CLERK/SVP GOV'T AFFAIRS & GENERAL COUNSEL 40.00 X 287175 0 36343 BENJAMIN CRAIGIE SVP, PROFESSIONAL DEVELOPMENT GROUP 40.00 X 225159 0 33059 TANYA M DUNCAN EVP, REVENUE AND STRATEGY 40.00 X 373367 0 31151 WILLIAM TSOULES SVP & CFO 40.00 X 245692 0 33888 ANNIE COLDSTREAM VP OF MEMBER ENGAGEMENT & HR 40.00 X 194288 0 28946 MEGHAN MCCARTHY VP, PROFESSIONAL DEVELOPMENT 40.00 X 171074 0 18622 NICOLE ALMEIDA SVP & CHIEF OF STAFF, MEDIA RELATIONS & INQUIRIES 40.00 X 172799 0 10528 CHAD POOK VP OF ADMINISTRATION GROUP INS. TRUST 40.00 X 151856 0 8758 LAWRENCE LIUZZO VP OF GOVERNMENT AFFAIRS & INDUSTRY RELATIONS 40.00 X 154124 0 15952 2787460 0 387947 10 0 1 0 JOYCE & JOYCE LLC PO BOX 48 PORTLAND ME 04112 LEGAL 110000 MARKETING SOLUTIONS FINANCIAL 315 COLL SPRINGS BLVD 130 FRANKLIN TN 37067 FINANCIAL 108520 2 2875151 169500 3044651 SEMINARS 900099 1355612 1355612 ADMINISTRATIVE FEE 900003 605109 605109 SCHOOL INCOME 900099 560415 560415 ROYALTY INCOME 900099 432398 371084 61314 ANNUAL CONVENTION 900099 427694 427694 3381228 462078 462078 11180800 10949622 231178 231178 231178 MISC REVENUE 900099 23053 23053 23053 7142188 3342967 61314 693256 1943318 1186521 87106 294157 154635 90810 64830 73334 98563 125501 58458 252632 409145 61434 1770538 125407 53346 UBIT TAXES 61019 GOVERNMENT/MEMBER RELAT 86648 OTHER EXPENSES 40255 DUES & SUBSCRIPTIONS 35600 154526 7227783 3579675 2830944 280392 165599 5740249 6788024 1020420 424585 284541 595835 15319092 16277304 794007 940951 719348 115075 26717304 27713732 953907 854195 1793238 1400945 1044435 853704 3791580 3108844 X 22812629 24496793 113095 108095 22925724 24604888 26717304 27713732 X -85595 1076145 688614 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 1 2875151 322592 322592 391021 -68429 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 473894 254329 219565 505084 128814 376270 595835 SERP LIABILITY 600427 DUE TO AFFILIATE 253277 853704 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, 2024 AND 2023, WHICH IS INCLUDED IN GENERAL AND ADMINISTRATIVE EXPENSES, IS COMPRISED OF THE FOLLOWING AMOUNTS: CURRENT: 2024 2023 FEDERAL $ 30,758 $ 59,055 STATE $ 9,999 $ 28,372 TOTAL PROVISION FOR INCOME TAXES $ 40,757 $ 87,427 INCLUDED IN THE PROVISION FOR INCOME TAXES WAS APPROXIMATELY $17,000 AND $84,000 IN UBIT FOR THE YEARS-ENDED DECEMBER 31, 2024 AND 2023, 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, 2024 AND 2023. 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, 2021 THROUGH 2024. X X 1 1 X X X X X 0 1 0 KATHLEEN MURPHY PRESIDENT/CEO/DIRECTOR 618661 0 170000 0 23265 0 170700 0 0 0 982626 0 0 0 TANYA M DUNCAN EVP, REVENUE AND STRATEGY 295523 0 65249 0 12595 0 10772 0 20379 0 404518 0 0 0 BRAD S PAPALARDO CLERK/SVP GOV'T AFFAIRS & GENERAL CO 237090 0 44554 0 5531 0 16923 0 19420 0 323518 0 0 0 WILLIAM TSOULES SVP & CFO 204504 0 37413 0 3775 0 14515 0 19373 0 279580 0 0 0 BENJAMIN CRAIGIE SVP, PROFESSIONAL DEVELOPMENT GROUP 187415 0 35218 0 2526 0 13388 0 19671 0 258218 0 0 0 ANNIE COLDSTREAM VP OF MEMBER ENGAGEMENT & HR 152247 0 40163 0 1878 0 11545 0 17401 0 223234 0 0 0 MEGHAN MCCARTHY VP, PROFESSIONAL DEVELOPMENT 147643 0 21090 0 2341 0 10124 0 8498 0 189696 0 0 0 NICOLE ALMEIDA SVP & CHIEF OF STAFF, MEDIA RELATION 149729 0 20692 0 2378 0 10231 0 297 0 183327 0 0 0 LAWRENCE LIUZZO VP OF GOVERNMENT AFFAIRS & INDUSTRY 142567 0 8876 0 2681 0 8434 0 7518 0 170076 0 0 0 CHAD POOK VP OF ADMINISTRATION GROUP INS. TRUS 133415 0 16918 0 1523 0 8711 0 47 0 160614 0 0 0 PART I, LINE 1A TRAVEL FOR COMPANIONS - SPOUSES ARE ALLOWED TO TRAVEL WITH SENIOR STAFF ON OCCASION FOR BUSINESS PURPOSES. PART I, LINE 4B EFFECTIVE JANUARY 1, 2021, THE ASSOCIATION ESTABLISHED AN ADDITIONAL SERP PLAN UNDER SECTION 457(F) OF THE IRC FOR AN EXECUTIVE. SUBJECT TO THE PLAN PARTICIPANT'S CONTINUED EMPLOYMENT, THE ASSOCIATION WILL CONTRIBUTE $150,000 TO THE PLAN ON THE LAST DAY OF EACH CALENDAR YEAR STARTING IN 2021 AND ENDING IN 2027. DEFERRED AMOUNTS (THE "BENEFIT") VEST FROM DECEMBER 31, 2025 THROUGH DECEMBER 31, 2027, WITH THE EXECUTIVE ACCEPTING SUBSTANTIAL RISK OF FORFEITURE PRIOR TO VESTING. CONTRIBUTION EXPENSE FOR THE 457(F) PLAN IN 2021 WAS ACCRUED FOR AT DECEMBER 31, 2021 AND AMOUNTED TO $150,000, WITH A CORRESPONDING CHARGE TO SERP EXPENSE. SEE PART V 0 PING YIN CHAI PRESIDENT OF SALEM FIVE CENTS SAVINGS BANK 984176 PING YIN CHAI IS A DIRECTOR OF MASSACHUSETTS BANKERS ASSOCIATION (MBA). HE IS ALSO THE PRESIDENT OF SALEM FIVE CENTS SAVINGS BANK (SALEM 5). MBA HAS CHECKING ACCOUNTS AT SALEM 5 TOTALING $984,176 OF ASSETS IN THE BANK. MR. CHAI 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 INSTITUTIONS 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, 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 688,614. FORM 990, PART XII, LINE 2C REVIEW OF FINANCIAL STATEMENTS- THE ASSOCIATION'S AUDIT COMMITTEE CONSISTING OF BOARD MEMBERS, REVIEWS AND APPROVES THE AUDITED FINANCIALS. THE FULL BOARD OF DIRECTORS ALSO REVIEWS THE AUDITED FINANCIALS. MBA CHARITABLE FOUNDATION INC 200 STATE STREET SUITE 701 BOSTON MA 02109 043325424 PROVIDE GRANTS MA 501(C)(3) PF MBA 1 MBA SCHOLARSHIP FOUNDATION 200 STATE STREET SUITE 701 BOSTON MA 02109 043460557 PROVIDE GRANTS MA 501(C)(3) PF MBA 1 MBA SERVICE CORPORATION 200 STATE STREET SUITE 701 BOSTON MA 02109 043226018 ADMINISTRATIVE MA MBA C 33505 293701 1.00000 0 MASSACHUSETTS FINANCIAL SERVICES INS 200 STATE STREET SUITE 701 BOSTON MA 02109 042680895 INSURANCE MA MBA SVC CORP C 1714862 1687509 1.00000 0 NEW ENGLAND FINANCIAL SERVICES INS 200 STATE STREET SUITE 701 BOSTON MA 02109 061031959 INSURANCE MA MBA SVC CORP C 11079 131619 1.00000 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 MASSACHUSETTS FIN SERVICES INS AGENCY A 61314 ROYALTY PAYMENT NEW ENGLAND FINANCIAL SERVICES INS AGENCY Q 50733 ADMINISTRATION FEE MASSACHUSETTS FIN SERVICES INS AGENCY Q 554377 ADMINISTRATION FEE