October 2024 Revolving Loan Fund
MANAGEMENT OVERVIEW
October 31, 2024
Balance Sheets
Cash and cash equivalents had a month-end balance of $20.0 million. The balance decreased by $161.4 thousand from prior month, primarily due to:
- received $47.4 thousand in investment interest
- disbursed $77.7 thousand in accrued technical assistance grants
- disbursed $133.0 thousand in new loans
Loans Receivable, Net increased by $133.0 thousand, and accrued technical assistance decreased by $70.2 thousand.
Statements of Operations
The fund earned $51.6 thousand in interest revenue and incurred $7.5 thousand in expenses for the month.
BALANCE SHEETS
As of October 31, 2024 and 2023 (Dollars in thousands)
| ASSETS | October 2024 | October 2023 |
|---|---|---|
| Cash and Cash Equivalents | $19,986 | $18,166 |
| Loans Receivable, Net | 3,383 | 2,750 |
| Interest Receivable | 15 | 9 |
| TOTAL ASSETS | 23,384 | 20,925 |
| LIABILITIES AND FUND BALANCE | October 2024 | October 2023 |
|---|---|---|
| Accrued Technical Assistance Grants | $6,319 | $4,791 |
| Total Liabilities | 6,319 | 4,791 |
| Fund Balance | October 2024 | October 2023 |
|---|---|---|
| Fund Capital | $14,732 | $14,354 |
| Accumulated Earnings | 2,333 | 1,780 |
| Total Fund Balance | 17,065 | 16,134 |
| TOTAL LIABILITIES AND FUND BALANCE | $23,384 | $20,925 |
STATEMENTS OF OPERATIONS
For the Periods Ended October 31, 2024 and 2023 (Dollars in thousands)
| REVENUES | October 2024 | Year-to-Date October 2024 |
Year-to-Date October 2023 |
|---|---|---|---|
| Interest on Cash Equivalents | $47 | $491 | $435 |
| Interest on Loans | 4 | 42 | 25 |
| Appropriations Used | - | 3,111 | 3,546 |
| Canceled Technical Assistance Grants | - | (321) | (442) |
| Total Revenues | 51 | 3,323 | 3,564 |
| EXPENSES | October 2024 | Year-to-Date October 2024 |
Year-to-Date October 2023 |
|---|---|---|---|
| Technical Assistance Grants | 8 | 3,200 | 3,569 |
| Canceled Technical Assistance Grants | - | (321) | (463) |
| TOTAL EXPENSES | 8 | 2,879 | 3,106 |
| NET INCOME / (LOSS) | $43 | $444 | $458 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended October 31, 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 | - | 3,465 | 3,465 | - | 3,465 |
| Appropriations Used | - | (3,111) | (3,111) | - | (3,111) |
| Canceled Appropriations - Returned to Treasury | - | (297) | (297) | - | (297) |
| Canceled Technical Assistance Grants | - | 321 | 321 | - | 321 |
| Net Income / (Loss) | - | - | - | 444 | 444 |
| October 31, 2024 | $13,388 | $1,344 | $14,732 | $2,333 | $17,065 |
STATEMENTS OF CASH FLOWS
For the Periods Ended October 31, 2024 and 2023 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | October 2024 | Year-to-Date October 2024 |
Year-to-Date October 2023 |
|---|---|---|---|
| Net Income/(Loss) | $43 | $444 | $458 |
| Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | October 2024 | Year-to-Date October 2024 |
Year-to-Date October 2023 |
|---|---|---|---|
| Appropriations Used | - | (3,111) | (3,546) |
| Canceled Technical Assistance Grants | - | $321 | $442 |
| Changes in Assets and Liabilities | October 2024 | Year-to-Date October 2024 |
Year-to-Date October 2023 |
|---|---|---|---|
| (Increase)/Decrease in Interest Receivable | (2) | (3) | (3) |
| Increase/(Decrease) in Accrued Technical Assistance Grants | (70) | 2,026 | 2,306 |
| Net Cash Provided by/(Used in) Operating Activities | (29) | (323) | (343) |
| CASH FLOWS FROM INVESTING ACTIVITIES | October 2024 | Year-to-Date October 2024 |
Year-to-Date October 2023 |
|---|---|---|---|
| Loan Principal Repayments | - | 1,000 | 3,500 |
| Loan Disbursements | (133) | (1,133) | (1,750) |
| Net Cash Provided by/(Used in) Investing Activities | (133) | (133) | 1,750 |
| CASH FLOWS FROM FINANCING ACTIVITIES | October 2024 | Year-to-Date October 2024 |
Year-to-Date October 2023 |
|---|---|---|---|
| Appropriations Received 2024/2025 | - | 3,465 | - |
| Appropriations Received 2023/2024 | - | - | 3,500 |
| Canceled Appropriations Returned to Treasury - 2018/2019 | - | (297) | - |
| Canceled Appropriations Returned to Treasury - 2017/2018 | - | - | (471) |
| Net Cash Provided by/(Used in) Financing Activities | - | 3,168 | 3,029 |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | (162) | 2,712 | 4,436 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 20,148 | 17,274 | 13,730 |
| CASH AND CASH EQUIVALENTS — End of period | $19,986 | $19,986 | $18,166 |
The balances in the statement above are preliminary and unaudited.