MANAGEMENT OVERVIEW
December 31, 2025
Balance Sheets
Cash and cash equivalents had a month-end balance of $20.5 million. The balance increased by $50.0 thousand from prior month, primarily due to:
- received $38.8 thousand in investment interest
- received $11.3 thousand in loan interest
Loans Receivable, Net remains unchanged, and accrued technical assistance remains unchanged.
Statements of Operations
The fund earned $41.2 thousand in interest revenue.
BALANCE SHEETS
As of December 31, 2025 and 2024 (Dollars in thousands)
| ASSETS | December 2025 | December 2024 |
|---|
| Cash and Cash Equivalents | $20,538 | $19,220 |
| Loans Receivable, Net | 3,883 | 3,383 |
| Interest Receivable | 10 | 8 |
| TOTAL ASSETS | 24,431 | 23,111 |
| LIABILITIES AND FUND BALANCE | December 2025 | December 2024 |
|---|
| Accrued Technical Assistance Grants | 4,023 | 6,001 |
| Total Liabilities | 4,023 | 6,001 |
| Fund Balance | December 2025 | December 2024 |
|---|
| Fund Capital | 17,556 | 14,732 |
| Accumulated Earnings | 2,852 | 2,378 |
| Total Fund Balance | 20,408 | 17,110 |
| TOTAL LIABILITIES AND FUND BALANCE | $24,431 | $23,111 |
STATEMENTS OF OPERATIONS
For the Periods Ended December 31, 2025 and 2024 (Dollars in thousands)
| REVENUES | December 2025 | Year-to-Date December 2025 | Year-to-Date December 2024 |
|---|
| Interest on Cash Equivalents | $36 | $426 | $577 |
| Interest on Loans | 5 | 62 | 50 |
| Appropriations Used | - | 445 | 3,111 |
| Canceled Technical Assistance Grants | - | (113) | (321) |
| Total Revenues | 41 | 856 | 3,417 |
| EXPENSES | December 2025 | Year-to-Date December 2025 | Year-to-Date December 2024 |
|---|
| Technical Assistance Grants | - | 512 | 3,249 |
| Canceled Technical Assistance Grants | - | (130) | (321) |
| TOTAL EXPENSES | - | 382 | 2,928 |
| NET INCOME / (LOSS) | $41 | $474 | $489 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended December 31, 2025 and December 31, 2024 (Dollars in thousands)
| Fund Capital | For Loans | For Technical Assistance | Total Fund Capital | Accumulated Earnings | Total Fund Balance |
|---|
| 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) | - | - | - | 489 | 489 |
| December 31, 2024 | $13,388 | $1,344 | $14,732 | $2,378 | $17,110 |
| Appropriations Received | - | 3,465 | 3,465 | - | 3,465 |
| Appropriations Used | - | (445) | (445) | - | (445) |
| Canceled Appropriations - Returned to Treasury | - | (309) | (309) | - | (309) |
| Canceled Technical Assistance Grants | - | 113 | 113 | - | 113 |
| Net Income / (Loss) | - | - | - | 474 | 474 |
| November 30, 2025 | $13,388 | $4,168 | $17,556 | $2,852 | $20,408 |
STATEMENTS OF CASH FLOWS
For the Periods Ended December 31, 2025 and 2024 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | December 2025 | Year-to-Date December 2025 | Year-to-Date December 2024 |
|---|
| Net Income/(Loss) | $41 | $474 | $489 |
| Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | December 2025 | Year-to-Date December 2025 | Year-to-Date December 2024 |
|---|
| Appropriations Used | - | (445) | (3,111) |
| Canceled Technical Assistance Grants | - | 113 | 321 |
| Changes in Assets and Liabilities | December 2025 | Year-to-Date December 2025 | Year-to-Date December 2024 |
|---|
| (Increase)/Decrease in Interest Receivable | 9 | (2) | 4 |
| Increase/(Decrease) in Accrued Technical Assistance Grants | - | (1,978) | 1,708 |
| Net Cash Provided by/(Used in) Operating Activities | 50 | (1,838) | (589) |
| CASH FLOWS FROM INVESTING ACTIVITIES | December 2025 | Year-to-Date December 2025 | Year-to-Date December 2024 |
|---|
| Loan Principal Repayments | - | 750 | 1,000 |
| Loan Disbursements | - | (750) | (1,633) |
| Net Cash Provided by/(Used in) Investing Activities | - | - | (633) |
| CASH FLOWS FROM FINANCING ACTIVITIES | December 2025 | Year-to-Date December 2025 | Year-to-Date December 2024 |
|---|
| Appropriations Received 2025/2026 | - | 3,465 | - |
| Appropriations Received 2024/2025 | - | - | 3,465 |
| Canceled Appropriations Returned to Treasury-2019/2020 | - | (309) | - |
| Canceled Appropriations Returned to Treasury-2018/2019 | - | - | (297) |
| Net Cash Provided by/(Used in) Financing Activities | - | 3,156 | 3,168 |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 50 | 1,318 | 1,946 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 20,488 | 19,220 | 17,274 |
| CASH AND CASH EQUIVALENTS — End of period | $20,538 | $20,538 | $19,220 |
The balances in the statement above are preliminary and unaudited.
