| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 2 | THREE OF OUR DIRECTORS ARE ALSO DIRECTORS OF THE MASSACHUSETTS BANKERS ASSOCIATION. TWO OF OUR DIRECTORS ARE ALSO DIRECTORS OF THE SAVINGS BANK EMPLOYEES RETIREMENT ASSOCIATION. |
| 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 4 | THE DIF'S MOST RECENT BY-LAW AMENDMENTS ARE SUMMARIZED AS FOLLOWS: MODERNIZATION AND CLARIFICATION THE AMENDED BY-LAWS INCLUDE UPDATES INCLUDING GENDER NEUTRAL TERMINOLOGY (E.G. "CHAIR OF THE BOARD" RATHER THAN "CHAIRMAN") AND RECOGNIZING ELECTRONIC NOTICES AND CORRESPONDENCE IN PLACE OF "WRITTEN NOTICES". THE AMENDMENTS ALSO CLARIFY GOVERNANCE MATTERS BY GRANTING THE BOARD EXPLICIT AUTHORITY TO REMOVE A DIRECTOR FROM OFFICE WITH OR WITHOUT CAUSE AND TO ESTABLISH THE COMPOSITION OF THE EXECUTIVE COMMITTEE. IN ADDITION, THEY PROVIDE THE BOARD FLEXIBILITY BY ALLOWING THE ANNUAL MEETING TO BE HELD AT A DATE OTHER THAN IN MARCH. FINALLY, WHILE THIS CIRCUMSTANCE HAS NOT YET ARISEN, THE AMENDMENTS CLARIFY THAT NO MORE THAN ONE INDIVIDUAL FROM THE SAME BANK OR, IN THE CASE OF A PUBLIC DIRECTOR, THE SAME COMPANY, MAY SERVE ON THE BOARD. BOARD COMPOSITION, TERM LIMITS, AND BOARD OFFICERS THE BY-LAWS REQUIRE AT LEAST THREE OF THE NINE BANK DIRECTORS TO BE FROM BANKS THAT ARE CONSIDERED "SMALL". THE AMENDMENTS RE-DEFINE A "SMALL BANK" AS ONE WHOSE TOTAL ASSETS PLACE IT IN THE BOTTOM ONE-THIRD OF ALL MEMBER BANKS, CALCULATED AS OF THE PREVIOUS JUNE 30TH. THIS DEFINITION WILL RE-INDEX ANNUALLY, ENSURING THAT THE BOARD COMPOSITION WILL REMAIN DIVERSIFIED IN ASSET SIZE. THE AMENDMENTS ALSO EXTEND DIRECTOR TERM LIMITS. PREVIOUSLY, BANK DIRECTORS COULD SERVE THREE CONSECUTIVE TWO-YEAR TERMS, WHILE PUBLIC DIRECTORS COULD SERVE FOUR CONSECUTIVE TWO-YEAR TERMS. THE AMENDMENTS ALLOW BOTH BANK DIRECTORS AND PUBLIC DIRECTORS TO SERVE FIVE CONSECUTIVE TWO-YEAR TERMS. THIS EXTENSION REFLECTS THE TIME THAT IS NEEDED FOR A BOARD MEMBER TO GAIN SUFFICIENT KNOWLEDGE OF THE DIF'S UNIQUE AND COMPLEX STATUTORY AND OPERATIONAL FRAMEWORK. THE AMENDMENTS ALSO ADDRESS THE ELECTION OF BOARD OFFICERS. THE CHAIR AND VICE CHAIR OF THE BOARD WILL BE ELECTED ANNUALLY BY A MAJORITY VOTE OF THE BOARD, WITH VACANCIES FILLED BY THE BOARD AS NEEDED. DIRECTOR ELECTION VOTING PROCEDURES THE AMENDMENTS MODERNIZE THE VOTING PROCEDURES BY PERMITTING MEMBER BANKS TO VOTE IN PERSON, OR REMOTELY BY MAIL OR ELECTRONICALLY. LIKEWISE, THE DEFINITION OF A QUORUM HAS BEEN REVISED TO ACCOMMODATE THESE METHODS OF VOTING. CONFORMING AMENDMENTS AMENDMENTS RELATING TO MEMBERSHIP WERE MADE TO ALIGN THE BY-LAWS WITH A STATUTORY CHANGE ENACTED IN 2024 WHICH DEFINES A FORMER MEMBER BANK AS A SAVINGS OR CO-OPERATIVE BANK WITHOUT EXCESS DEPOSIT INSURANCE AFTER WITHDRAWING FROM MEMBERSHIP. IN ADDITION, THE AMENDMENTS PROVIDE FURTHER CLARIFICATION ON FEDERAL MEMBER BANKS WHERE THE DIF PROVIDES EXCESS DEPOSIT INSURANCE BY WRITTEN AGREEMENT. |
| 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 72 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 394,148. ASSESSMENTS FROM MEMBERS 4,606,939. |
| FORM 990, PART XII, LINE 2C: | THERE WAS NO CHANGE IN THE OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE FISCAL YEAR 10/31/2025. |
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