MSIC AUDITED F MSIC AUDITED FINANCIAL STATEMENTS
MASSACHUSETTS CREDIT UNION SHARE INSURANCE CORPORATION AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED SEPTEMBER 30, 2022 AND 2021
N OTE 6 - R EAL E STATE H ELD FOR I NVESTMENT (C ONTINUED ) The balance sheet of MSIC Properties, LLC at September 30, 2022 and 2021 is as follows:
2022
2021
Assets: Cash and cash equivalents Premises and equipment, net
$ 1,093,762
$ 1,162,601
27,009,707
27,680,281
Other assets
186,563
151,363
Total Assets
$ 28,290,032
$ 28,994,245
Liabilities: Note payable - line of credit
$
--
$ 4,500,000
Accounts payable and other liabilities
217,578 30,818 132,748
761,635 29,192 73,848 63,580
Unearned rent
Tenant security deposits
Capital reserve
--
5,428,255
Total Liabilities
381,144
Equity:
Paid in capital
26,100,160 1,808,728
21,100,160 2,465,830
Retained earnings
Total Equity
27,908,888
23,565,990
Total Liabilities and Equity
$ 28,290,032
$ 28,994,245
22
70
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