MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022
2023
2022
Revenue Insurance assessments
$ 2,243,764
$ 5,134,462
Rental income on real estate investment
1,546,887 943,843 941,007
1,145,663 1,113,893 593,907
Mortgage fulfillment services
Investment income
34,049
36,192
Other income
5,709,550
8,024,117
Total Revenue
Expenses Salaries and benefits
3,355,036 917,217 1,975,092 (1,300,000) 481,332 1,037,230
3,612,385 844,711 1,989,697 600,000
Interest expense
Rental expenses on real estate investment
Provision for insurance losses
Conference
--
1,110,429
Other general and administrative
6,465,907
8,157,222
Total Expenses
Net Loss
(756,357)
(133,105)
Add Loss Attributable to Non-controlling Interest in MSIC Partners, LLC
20,044
266,620
Net (Loss) Income Attributable to Massachusetts Credit Union Share Insurance Corporation and Subsidiaries
$
(736,313)
$
133,515
The accompanying notes are an integral part of these consolidated financial statements. 4
76 INTERNATIONAL COLLABORATION
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