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 5 - I NVESTMENT S ECURITIES (C ONTINUED ) These unrealized losses on the Corporation’s debt securities are primarily a reflection of changing interest rates. At September 30, 2023 and 2022, the majority of these securities are guaranteed by the U.S. government or government-sponsored enterprises. Accordingly, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the decline in fair value is attributable to changes in interest rates and not to credit quality, and because the Corporation does not intend to sell the investments nor is it likely that the Corporation will be required to sell the investments before recovery of their amortized cost basis, which may be maturity, the Corporation does not consider these investments to be other-than-temporarily impaired at either September 30, 2023 or 2022. N OTE 6 - R EAL E STATE H ELD FOR I NVESTMENT The real estate held for investment is owned by MSIC Properties, LLC, a wholly-owned subsidiary of the Corporation and is summarized as follows at September 30, 2023 and 2022: 2023 2022 Land $ 5,214,750 $ 5,214,750 Building 15,768,476 15,768,476 Building improvements 9,578,535 8,923,973 Furniture, fixtures and equipment 9,294 9,294 Construction in progress 138,358 22,063 30,709,413 29,938,556 Less: accumulated depreciation (3,815,223) (2,928,849) $ 26,894,190 $ 27,009,707
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2023 ANNUAL REPORT 93
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