$8,769 $8,769
$8,436
$8,024
$8,436
$8,024
$8,027 $8,027
$7,009
$7,890
$7,503
$7,009
$7,890
$7,503
$6,446
$6,446
28.18%
$7,009 6 487
$7,009 6 487
25.67%
$5,830 $5,830
$5,710
$5,710
$5,323
$5,323
$4,353
$4,353
17.49%
$3,675
16.80%
$3,675
$3,574
$3,574
$700 $700
$1,654
$1,392
2022
2023
$1,654
$1,392
2022
2023
June 2023
2019
2020 2021 2020 2021
-$1,097
-$415
2019
-$1,097
-$415
June 2019
June 2020
June 2021
June 2022
Gross Revenues (Includes Gain/Loss on Sales) Total Expenses (Includes Non-controlling Interest Loss) Total Expenses (Excludes Interest and Rental Expenses) Net Investment Income
Gross Revenues (Includes Gain/Loss on Sales) Total Expenses (Includes Non-controlling Interest Loss) Total Expenses (Excludes Interest and Rental Expenses) Net Investment Income
-3.37%
INSURED EXCESS SHARES Year-Over-Year-Growth Rate
RESULTS OF OPERATIONS Fiscal Years Ending September 30 ($ in Thousands)
uncertainties created by The Pandemic and the resulting economic conditions, repayments were not pursued during the past four fiscal years from the remaining credit union. When appropriate, MSIC will continue to pursue repayment of the member’s capital infusion outstanding balance of $1.4 million. During the Fiscal Year 2023, Gross Revenues decreased by $2.3 million. Changes within the revenue categories included a significant decrease in assessment revenue and lower mortgage fulfillment services revenue, which decreases were partially offset by higher investment income and higher rental income from the real estate investment. For the fiscal year ended September 30, 2023, Total Expenses decreased by $1.4 million. This change was caused by several items. While MSIC’s salaries and benefits increased due to having more staff, the MSIC Partners salaries and benefits decreased significantly to adjust for the downturn in its business. Further, the general insurance reserve was reduced, as a result of the improved financial condition of member institutions. In addition, rental expenses had a slight decrease resulting from the
$2,514
$2,430
$2,140
$1,670
$1,329
2019
2020 2021
2022
2023
INSURED EXCESS SHARES As of June 30 ($ in Millions)
2023 ANNUAL REPORT 29
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