MSIC AUDITED F MSIC AUDITED FINANCIAL STATEMENTS
MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2022 AND 2021
2022
2021
Revenue Insurance assessments
$ 5,134,462
$ 5,750,683
Rental income on real estate investment
1,145,663 1,113,893 593,907
1,324,560
Mortgage fulfillment services
--
Investment income
915,308 36,528
36,192
Other income
8,024,117
8,027,079
Total Revenue
Expenses Salaries and benefits
3,612,385 844,711 1,989,697 600,000
2,372,899 1,274,007 1,665,540 2,000,000 129,470 1,327,530
Interest expense
Rental expenses on real estate investment
Provision for insurance losses MSIC Partners, LLC expenses Other general and administrative
--
1,110,429
8,157,222
8,769,446
Total Expenses
Net Loss
(133,105)
(742,367)
Add Loss Attributable to Non-controlling Interest in MSIC Partners, LLC
266,620
--
Net Income (Loss) Attributable to Massachusetts Credit Union Share Insurance Corporation and Subsidiaries $
133,515
$
(742,367)
The accompanying notes are an integral part of these consolidated financial statements. 4
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