MANAGEMENT OVERVIEW
January 31, 2024
Balance Sheets
Cash and cash equivalents had a month-end balance of $17.3 million. The balance increased by $25.4 thousand from prior month, primarily due to:
- received $54.7 thousand in investment interest
- disbursed $30.0 thousand in technical assistance grants
Loans Receivable, Net remains unchanged, and accrued technical assistance decreased by $22.5 thousand.
Statements of Operations
The fund earned $55.1 thousand in interest revenue and incurred $7.5 thousand in expenses for the month.
BALANCE SHEETS
As of January 31, 2024 and 2023 (Dollars in thousands)
| ASSETS | January 2024 | January 2023 |
|---|---|---|
| Cash and Cash Equivalents | $17,300 | $13,971 |
| Loans Receivable, Net | 3,250 | 4,250 |
| Interest Receivable | 11 | 5 |
| TOTAL ASSETS | 20,561 | 18,226 |
| LIABILITIES AND FUND BALANCE | January 2024 | January 2023 |
|---|---|---|
| Accrued Technical Assistance Grants | $4,270 | $2,437 |
| Total Liabilities | 4,270 | 2,437 |
| Fund Balance | January 2024 | January 2023 |
|---|---|---|
| Fund Capital | $14,354 | $14,429 |
| Accumulated Earnings | 1,937 | 1,360 |
| Total Fund Balance | 16,291 | 15,789 |
| TOTAL LIABILITIES AND FUND BALANCE | $20,561 | $18,226 |
STATEMENTS OF OPERATIONS
For the Periods Ended January 31, 2024 and 2023 (Dollars in thousands)
| REVENUES | January 2024 | Year-to-Date January 2024 |
Year-to-Date January 2023 |
|---|---|---|---|
| Interest on Cash Equivalents | $51 | $51 | $36 |
| Interest on Loans | 4 | 4 | 2 |
| Total Revenues | 55 | 55 | 38 |
| EXPENSES | January 2024 | Year-to-Date January 2024 |
Year-to-Date January 2023 |
|---|---|---|---|
| Technical Assistance Grants | 7 | 7 | - |
| TOTAL EXPENSES | 7 | 7 | - |
| NET INCOME / (LOSS) | $48 | $48 | $38 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended January 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 |
| Net Income / (Loss) | - | - | - | 48 | 48 |
| January 31, 2024 | $13,388 | $966 | $14,354 | $1,937 | $16,291 |
STATEMENTS OF CASH FLOWS
For the Periods Ended January 31, 2024 and 2023 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | January 2024 | Year-to-Date January 2024 |
Year-to-Date January 2023 |
|---|---|---|---|
| Net Income/(Loss) | $48 | $48 | $48 |
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities
| Changes in Assets and Liabilities | January 2024 | Year-to-Date January 2024 |
Year-to-Date January 2023 |
|---|---|---|---|
| (Increase)/Decrease in Interest Receivable | 1 | 1 | - |
| Increase/(Decrease) in Accrued Technical Assistance Grants | (23) | (23) | (47) |
| Net Cash Provided by/(Used in) Operating Activities | 26 | 26 | (9) |
| CASH FLOWS FROM INVESTING ACTIVITIES | January 2024 | Year-to-Date January 2024 |
Year-to-Date January 2023 |
|---|---|---|---|
| Loan Principal Repayments | - | - | 500 |
| Loan Disbursements | - | - | (250) |
| Net Cash Provided by/(Used in) Investing Activities | - | - | 250 |
| CASH FLOWS FROM FINANCING ACTIVITIES | January 2024 | Year-to-Date January 2024 |
Year-to-Date January 2023 |
|---|---|---|---|
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 26 | 26 | 241 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 17,274 | 17,274 | 13,730 |
| CASH AND CASH EQUIVALENTS — End of period | $17,300 | $17,300 | $13,971 |
The balances in the statement above are preliminary and unaudited.