MANAGEMENT OVERVIEW
February 29, 2024
Balance Sheets
Cash and cash equivalents had a month-end balance of $17.2 million. The balance decreased by $58.8 thousand from prior month, primarily due to:
- received $48.2 thousand in investment interest
- disbursed $113.5 thousand in accrued technical assistance grants
Loans Receivable, Net remains unchanged, and accrued technical assistance decreased by $69.9 thousand.
Statements of Operations
The fund earned $51.8 thousand in interest revenue and incurred $43.7 thousand in expenses for the month.
BALANCE SHEETS
As of February 29, 2024 and February 28, 2023 (Dollars in thousands)
| ASSETS | February 2024 | February 2023 |
|---|---|---|
| Cash and Cash Equivalents | $17,241 | $17,342 |
| Loans Receivable, Net | 3,250 | 4,250 |
| Interest Receivable | 8 | 6 |
| TOTAL ASSETS | 20,499 | 21,598 |
| LIABILITIES AND FUND BALANCE | February 2024 | February 2023 |
|---|---|---|
| Accrued Technical Assistance Grants | $4,200 | $2,282 |
| Total Liabilities | 4,200 | 2,282 |
| Fund Balance | February 2024 | February 2023 |
|---|---|---|
| Fund Capital | $14,354 | $17,929 |
| Accumulated Earnings | 1,945 | 1,387 |
| Total Fund Balance | 16,299 | 19,316 |
| TOTAL LIABILITIES AND FUND BALANCE | $20,499 | $21,598 |
STATEMENTS OF OPERATIONS
For the Periods Ended February 29, 2024 and February 28, 2023 (Dollars in thousands)
| REVENUES | February 2024 | Year-to-Date February 2024 |
Year-to-Date February 2023 |
|---|---|---|---|
| Interest on Cash Equivalents | $48 | $100 | $69 |
| Interest on Loans | 4 | 7 | 4 |
| Total Revenues | 52 | 107 | 73 |
| EXPENSES | February 2024 | Year-to-Date February 2024 |
Year-to-Date February 2023 |
|---|---|---|---|
| Technical Assistance Grants | 44 | 51 | 8 |
| TOTAL EXPENSES | 44 | 51 | 8 |
| NET INCOME / (LOSS) | $8 | $56 | $65 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended February 29, 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) | - | - | - | 56 | 56 |
| February 29, 2024 | $13,388 | $966 | $14,354 | $1,945 | $16,299 |
STATEMENTS OF CASH FLOWS
For the Periods Ended February 29, 2024 and February 28, 2023 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | February 2024 | Year-to-Date February 2024 |
Year-to-Date February 2023 |
|---|---|---|---|
| Net Income/(Loss) | $8 | $56 | $65 |
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities
| Changes in Assets and Liabilities | February 2024 | Year-to-Date February 2024 |
Year-to-Date February 2023 |
|---|---|---|---|
| (Increase)/Decrease in Interest Receivable | 3 | 4 | (1) |
| Increase/(Decrease) in Accrued Technical Assistance Grants | (70) | (93) | (202) |
| Net Cash Provided by/(Used in) Operating Activities | (59) | (33) | (138) |
| CASH FLOWS FROM INVESTING ACTIVITIES | February 2024 | Year-to-Date February 2024 |
Year-to-Date February 2023 |
|---|---|---|---|
| Loan Principal Repayments | - | - | 500 |
| Loan Disbursements | - | - | (250) |
| Net Cash Provided by/(Used in) Investing Activities | - | - | 250 |
| CASH FLOWS FROM FINANCING ACTIVITIES | February 2024 | Year-to-Date February 2024 |
Year-to-Date February 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 | (59) | (33) | 3,612 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 17,300 | 17,274 | 13,730 |
| CASH AND CASH EQUIVALENTS — End of period | $17,241 | $17,241 | $17,342 |
The balances in the statement above are preliminary and unaudited.