August 2024 Revolving Loan Fund
MANAGEMENT OVERVIEW
August 31, 2024
Balance Sheets
Cash and cash equivalents had a month-end balance of $20.2 million. The balance increased by $246.6 thousand from prior month, primarily due to:
- received $256.4 thousand in loan principal and interest payments
- received $49.3 thousand in investment interest
- disbursed $59.0 thousand in accrued technical assistance grants
Loans Receivable, Net decreased by $250.0 thousand, and accrued technical assistance increased by $3.0 million.
Statements of Operations
The fund earned $55.4 thousand in interest revenue and incurred $3.1 million in expenses for the month.
BALANCE SHEETS
As of August 31, 2024 and 2023 (Dollars in thousands)
| ASSETS | August 2024 | August 2023 |
|---|---|---|
| Cash and Cash Equivalents | $20,235 | $18,014 |
| Loans Receivable, Net | 3,500 | 3,500 |
| Interest Receivable | 14 | 6 |
| TOTAL ASSETS | 23,749 | 21,520 |
| LIABILITIES AND FUND BALANCE | August 2024 | August 2023 |
|---|---|---|
| Accrued Technical Assistance Grants | $6,439 | $1,529 |
| Total Liabilities | 6,439 | 1,529 |
| Fund Balance | August 2024 | August 2023 |
|---|---|---|
| Fund Capital | $15,072 | $18,319 |
| Accumulated Earnings | 2,238 | 1,627 |
| Total Fund Balance | 17,310 | 19,991 |
| TOTAL LIABILITIES AND FUND BALANCE | $23,749 | $21,520 |
STATEMENTS OF OPERATIONS
For the Periods Ended August 31, 2024 and 2023 (Dollars in thousands)
| REVENUES | August 2024 | Year-to-Date August 2024 |
Year-to-Date August 2023 |
|---|---|---|---|
| Interest on Cash Equivalents | $51 | $397 | $334 |
| Interest on Loans | 4 | 33 | 18 |
| Appropriations Used | 3,068 | 3,068 | - |
| Canceled Technical Assistance Grants | - | (321) | (390) |
| Total Revenues | 3,123 | 3,177 | (38) |
| EXPENSES | August 2024 | Year-to-Date August 2024 |
Year-to-Date August 2023 |
|---|---|---|---|
| Technical Assistance Grants | 3,068 | 3,149 | 23 |
| Canceled Technical Assistance Grants | - | (321) | (411) |
| TOTAL EXPENSES | 3,068 | 2,828 | (388) |
| NET INCOME / (LOSS) | $55 | $349 | $350 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended August 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 | - | (3,068) | (3,068) | - | (3,068) |
| Canceled Appropriations - Returned to Treasury | - | - | - | - | - |
| Canceled Technical Assistance Grants | - | 321 | 321 | - | 321 |
| Net Income / (Loss) | - | - | - | 349 | 349 |
| August 31, 2024 | $13,388 | $1,684 | $15,072 | $2,238 | $17,310 |
STATEMENTS OF CASH FLOWS
For the Periods Ended August 31, 2024 and 2023 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | August 2024 | Year-to-Date August 2024 |
Year-to-Date August 2023 |
|---|---|---|---|
| Net Income/(Loss) | $55 | $349 | $350 |
| Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | August 2024 | Year-to-Date August 2024 |
Year-to-Date August 2023 |
|---|---|---|---|
| Appropriations Used | (3,068) | (3,068) | - |
| Canceled Technical Assistance Grants | - | $321 | $390 |
| Changes in Assets and Liabilities | August 2024 | Year-to-Date August 2024 |
Year-to-Date August 2023 |
|---|---|---|---|
| (Increase)/Decrease in Interest Receivable | - | (2) | (1) |
| Increase/(Decrease) in Accrued Technical Assistance Grants | 3,009 | 2,146 | (955) |
| Net Cash Provided by/(Used in) Operating Activities | (4) | (254) | (216) |
| CASH FLOWS FROM INVESTING ACTIVITIES | August 2024 | Year-to-Date August 2024 |
Year-to-Date August 2023 |
|---|---|---|---|
| Loan Principal Repayments | 250 | 500 | 2,750 |
| Loan Disbursements | - | (750) | (1,750) |
| Net Cash Provided by/(Used in) Investing Activities | 250 | (250) | 1,000 |
| CASH FLOWS FROM FINANCING ACTIVITIES | August 2024 | Year-to-Date August 2024 |
Year-to-Date August 2023 |
|---|---|---|---|
| Appropriations Received 2024/2025 | - | 3,465 | - |
| Appropriations Received 2023/2024 | - | - | 3,500 |
| Net Cash Provided by/(Used in) Financing Activities | - | 3,465 | 3,500 |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 246 | 2,961 | 4,284 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 19,989 | 17,274 | 13,730 |
| CASH AND CASH EQUIVALENTS — End of period | $20,235 | $20,235 | $18,014 |
The balances in the statement above are preliminary and unaudited.