E FUND FINANCI by a significant slowdown in the mortgage market due to interest rate increases and economic concerns; 4) the increase in the general insurance reserve in the amount of $600,000 to cover potential losses or other costs associated with restoring stability to member credit unions that may face financial or operational difficulties resulting from economic unease caused by inflationary concerns and geopolitical conflicts and instability. ASSET DIVERSIFICATION at September 30, 2022
0.99% 1.04%
Gross Revenue for Fiscal Year 2022 remained the same due to the consolidation with MSIC Partners for Fiscal Year 2022. While the surge in excess shares continued, it was at a slower rate which led to a $600,000 decrease in assessment revenue. The investment strategy implemented at the onset of the Pandemic, which gave MSIC the ability to respond quickly to members’ needs for financial assistance during those difficult times, was discontinued during the fiscal year. However, the results of changes in investment strategy are typically not immediate which resulted in investment income decreasing by $300,000. Furthermore, the Gross Rental Income on the real estate investment, which excludes MSIC’s use of space, decreased by $200,000. A significant portion of this decrease resulted from the termination of one large tenant’s lease during the prior fiscal year. Lastly, given MSIC’s ownership percentage in the MSIC Partners, MSIC was required to consolidate 0.99% 1.04%
0.21%
Real Est
Other A FHLBB Cash & Municip Certifica Mortgag FNMA D FHLB D FFCB D US Trea
12.95%
24.26%
3.59%
7.27%
6.42%
14.28%
17.22%
11.77%
0.21%
Real Estate ($27,009,707)
Cash & Cash Equivalents ($14,416,691) Municipal Debt Securities ($231,738) Certificates of Deposit ($4,000,000) Mortgage Backed Securities ($8,091,294) FNMA Debt Securities ($7,151,181) FHLB Debt Securities ($19,178,568) FFCB Debt Securities ($13,108,636) US Treasury Securities ($15,902,283)
6.42% GROSS REVENUE FOR FISCAL YEAR 2022 REMAINED THE SAME DUE TO THE CONSOLIDATION 3.59% 7.27% 12.95%
24.26%
14.28%
17.22% WITH MSIC PARTNERS FOR FISCAL YEAR 2022.
11.77%
Other Assets ($1,156,422) FHLBB Stock ($1,099,700)
2022 ANNUAL REPORT
13
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