MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022
N OTE 15 - D IRECTORS ’ F EES In accordance with the Corporation’s policy, directors receive compensation of $1,000 for attending each Board meeting in person and $500 for attending via conference call. In addition, directors receive compensation of $500 for attending Board committee meetings in person and $250 for attending via conference call. During the years ended September 30, 2023 and 2022, directors’ compensation totaled $15,500 and $30,500, respectively. N OTE 16 - C ONCENTRATIONS The Corporation is restricted by Massachusetts regulatory policy to provide excess deposit insurance to credit unions whose main offices are located within the Commonwealth of Massachusetts. Three customers of MSIC Partners, LLC accounted for approximately 95% of the LLC’s mortgage fulfillment revenues during the year ended September 30, 2023. Accounts receivable from these three customers amounted to $99,586 at September 30, 2023. Two customers accounted for approximately 96% of the LLC’s mortgage fulfillment revenues during the year ended September 30, 2022. Accounts receivable from these two customers amounted to $54,554 at September 30, 2022.
N OTE 17 - F AIR V ALUE M EASUREMENTS The Corporation uses a three level fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. The three levels of the hierarchy are: Level 1
Valuation is based on quoted market prices in active markets for identical assets.
Level 2
Valuation is based on observable inputs other than Level 1 prices, such as, quoted prices of similar assets, quoted prices in inactive markets or other significant observable market inputs. Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets.
Level 3
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100 INTERNATIONAL COLLABORATION
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