July 2024 Revolving Loan Fund
MANAGEMENT OVERVIEW
July 31, 2024
Balance Sheets
Cash and cash equivalents had a month-end balance of $20.0 million. The balance increased by $273.6 thousand from prior month, primarily due to:
- received $254.5 thousand in loan principal and interest
- received $52.3 thousand in investment interest
- disbursed $33.2 thousand in accrued technical assistance grants
Loans Receivable, Net decreased by $250.0 thousand, and accrued technical assistance decreased by $167.5 thousand.
Statements of Operations
The fund earned $53.8 thousand in interest revenue and incurred $134.3 thousand in negative expenses for the month due to technical assistance grants deobligations.
BALANCE SHEETS
As of July 31, 2024 and 2023 (Dollars in thousands)
| ASSETS | July 2024 | July 2023 |
|---|---|---|
| Cash and Cash Equivalents | $19,989 | $18,579 |
| Loans Receivable, Net | 3,750 | 3,000 |
| Interest Receivable | 14 | 6 |
| TOTAL ASSETS | 23,753 | 21,585 |
| LIABILITIES AND FUND BALANCE | July 2024 | July 2023 |
|---|---|---|
| Accrued Technical Assistance Grants | $3,431 | $1,639 |
| Accounts Payable | - | - |
| Total Liabilities | 3,431 | 1,639 |
| Fund Balance | July 2024 | July 2023 |
|---|---|---|
| Fund Capital | $18,140 | $18,319 |
| Accumulated Earnings | 2,182 | 1,627 |
| Total Fund Balance | 20,322 | 19,946 |
| TOTAL LIABILITIES AND FUND BALANCE | $23,753 | $21,585 |
STATEMENTS OF OPERATIONS
For the Periods Ended July 31, 2024 and 2023 (Dollars in thousands)
| REVENUES | July 2024 | Year-to-Date July 2024 |
Year-to-Date July 2023 |
|---|---|---|---|
| Interest on Cash Equivalents | $49 | $346 | $284 |
| Interest on Loans | 5 | 28 | 15 |
| Canceled Technical Assistance Grants | (134) | (321) | (390) |
| Total Revenues | (80) | 53 | (91) |
| EXPENSES | July 2024 | Year-to-Date July 2024 |
Year-to-Date July 2023 |
|---|---|---|---|
| Technical Assistance Grants | - | 81 | 15 |
| Canceled Technical Assistance Grants | (134) | (321) | (411) |
| TOTAL EXPENSES | (134) | (240) | (396) |
| NET INCOME / (LOSS) | $54 | $293 | $305 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended July 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 | - | - | - | - | - |
| Canceled Appropriations - Returned to Treasury | - | - | - | - | - |
| Canceled Technical Assistance Grants | - | 321 | 321 | - | 321 |
| Net Income / (Loss) | - | - | - | 293 | 293 |
| July 31, 2024 | $13,388 | $4,752 | $18,140 | $2,182 | $20,322 |
STATEMENTS OF CASH FLOWS
For the Periods Ended July 31, 2024 and 2023 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | July 2024 | Year-to-Date July 2024 |
Year-to-Date July 2023 |
|---|---|---|---|
| Net Income/(Loss) | $54 | $293 | $305 |
| Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | July 2024 | Year-to-Date July 2024 |
Year-to-Date July 2023 |
|---|---|---|---|
| Canceled Technical Assistance Grants | $134 | $321 | $390 |
| Changes in Assets and Liabilities | July 2024 | Year-to-Date July 2024 |
Year-to-Date July 2023 |
|---|---|---|---|
| (Increase)/Decrease in Interest Receivable | 3 | (2) | - |
| Increase/(Decrease) in Accrued Technical Assistance Grants | (167) | (862) | (846) |
| Net Cash Provided by/(Used in) Operating Activities | 24 | (250) | (151) |
| CASH FLOWS FROM INVESTING ACTIVITIES | July 2024 | Year-to-Date July 2024 |
Year-to-Date July 2023 |
|---|---|---|---|
| Loan Principal Repayments | 250 | 250 | 2,500 |
| Loan Disbursements | - | (750) | (1,000) |
| Net Cash Provided by/(Used in) Investing Activities | 250 | (500) | 1,500 |
| CASH FLOWS FROM FINANCING ACTIVITIES | July 2024 | Year-to-Date July 2024 |
Year-to-Date July 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 | 274 | 2,715 | 4,849 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 19,715 | 17,274 | 13,730 |
| CASH AND CASH EQUIVALENTS — End of period | $19,989 | $19,989 | $18,579 |
The balances in the statement above are preliminary and unaudited.