MANAGEMENT OVERVIEW
April 30, 2024
Balance Sheets
Cash and cash equivalents had a month-end balance of $16.8 million. The balance decreased by $123.2 thousand from prior month, primarily due to:
- received $52.4 thousand in investment interest
- disbursed $177.5 thousand in accrued technical assistance grants
Loans Receivable, Net remains unchanged, and accrued technical assistance decreased by $147.5 thousand.
Statements of Operations
The fund earned $53.1 thousand in interest revenue and incurred $30.0 thousand in expenses for the month.
BALANCE SHEETS
As of April 30, 2024 and 2023 (Dollars in thousands)
| ASSETS | April 2024 | April 2023 |
|---|---|---|
| Cash and Cash Equivalents | $16,775 | $17,615 |
| Loans Receivable, Net | 3,500 | 4,000 |
| Interest Receivable | 12 | 9 |
| TOTAL ASSETS | 20,287 | 21,624 |
| LIABILITIES AND FUND BALANCE | April 2024 | April 2023 |
|---|---|---|
| Accrued Technical Assistance Grants | $3,910 | $2,232 |
| Total Liabilities | 3,910 | 2,232 |
| Fund Balance | April 2024 | April 2023 |
|---|---|---|
| Fund Capital | $14,354 | $17,929 |
| Accumulated Earnings | 2,023 | 1,463 |
| Total Fund Balance | 16,377 | 19,392 |
| TOTAL LIABILITIES AND FUND BALANCE | $20,287 | $21,624 |
STATEMENTS OF OPERATIONS
For the Periods Ended April 30, 2024 and 2023 (Dollars in thousands)
| REVENUES | April 2024 | Year-to-Date April 2024 |
Year-to-Date April 2023 |
|---|---|---|---|
| Interest on Cash Equivalents | $49 | $200 | $141 |
| Interest on Loans | 4 | 15 | 8 |
| Total Revenues | 53 | 215 | 149 |
| EXPENSES | April 2024 | Year-to-Date April 2024 |
Year-to-Date April 2023 |
|---|---|---|---|
| Technical Assistance Grants | 30 | 81 | 8 |
| TOTAL EXPENSES | 30 | 81 | 8 |
| NET INCOME / (LOSS) | $23 | $134 | $141 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended April 30, 2024 and December 31, 2023 (Dollars in thousands)
| Fund Capital | For Loans | For Technical Assistance | Total Fund Capital | Accumulated Earnings | Total Fund Balance |
|---|---|---|---|---|---|
| December 31, 2022 | $13,388 | $1,041 | $14,429 | $1,322 | $15,751 |
| Appropriations Received | - | 3,500 | 3,500 | - | 3,500 |
| Appropriations Used | - | (3,546) | (3,546) | - | (3,546) |
| Canceled Appropriations - Returned to Treasury | - | (471) | (471) | - | (471) |
| Canceled Technical Assistance Grants | - | 442 | 442 | - | 442 |
| Net Income / (Loss) | - | - | - | 567 | 567 |
| December 31, 2023 | $13,388 | $966 | $14,354 | $1,889 | $16,243 |
| Appropriations Received | - | - | - | - | - |
| Appropriations Used | - | - | - | - | - |
| Canceled Appropriations - Returned to Treasury | - | - | - | - | - |
| Canceled Technical Assistance Grants | - | - | - | - | - |
| Net Income / (Loss) | - | - | - | 134 | 134 |
| April 30, 2024 | $13,388 | $966 | $14,354 | $2,023 | $16,377 |
STATEMENTS OF CASH FLOWS
For the Periods Ended April 30, 2024 and 2023 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | April 2024 | Year-to-Date April 2024 |
Year-to-Date April 2023 |
|---|---|---|---|
| Net Income/(Loss) | $23 | $134 | $141 |
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities
| Changes in Assets and Liabilities | April 2024 | Year-to-Date April 2024 |
Year-to-Date April 2023 |
|---|---|---|---|
| (Increase)/Decrease in Interest Receivable | 1 | - | (3) |
| Increase/(Decrease) in Accrued Technical Assistance Grants | (147) | (383) | (253) |
| Net Cash Provided by/(Used in) Operating Activities | (123) | (249) | (115) |
| CASH FLOWS FROM INVESTING ACTIVITIES | April 2024 | Year-to-Date April 2024 |
Year-to-Date April 2023 |
|---|---|---|---|
| Loan Principal Repayments | - | - | 1,000 |
| Loan Disbursements | - | (250) | (500) |
| Net Cash Provided by/(Used in) Investing Activities | - | (250) | 500 |
| CASH FLOWS FROM FINANCING ACTIVITIES | April 2024 | Year-to-Date April 2024 |
Year-to-Date April 2023 |
|---|---|---|---|
| Appropriations Received 2023/2024 | - | - | 3,500 |
| Net Cash Provided by/(Used in) Financing Activities | - | - | 3,500 |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | (123) | (499) | 3,885 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 16,898 | 17,274 | 13,730 |
| CASH AND CASH EQUIVALENTS — End of period | $16,775 | $16,775 | $17,615 |
The balances in the statement above are preliminary and unaudited.