June 2024 Revolving Loan Fund
MANAGEMENT OVERVIEW
June 30, 2024
Balance Sheets
Cash and cash equivalents had a month-end balance of $19.7 million. The balance decreased by $13.2 thousand from prior month.
- received $3.7 thousand in loan principal and interest payments
- received $43.9 thousand in investment interest
- disbursed $60.8 thousand in accrued technical assistance grants
Loans Receivable, Net remains unchanged, and accrued technical assistance decreased by $60.8 thousand.
Statements of Operations
The fund earned $51.6 thousand in interest revenue.
BALANCE SHEETS
As of June 30, 2024 and 2023 (Dollars in thousands)
| ASSETS | June 2024 | June 2023 |
|---|---|---|
| Cash and Cash Equivalents | $19,715 | $18,299 |
| Loans Receivable, Net | 4,000 | 3,250 |
| Interest Receivable | 17 | 5 |
| TOTAL ASSETS | 23,732 | 21,554 |
| LIABILITIES AND FUND BALANCE | June 2024 | June 2023 |
|---|---|---|
| Accrued Technical Assistance Grants | $3,598 | $1,653 |
| Total Liabilities | 3,598 | 1,653 |
| Fund Balance | June 2024 | June 2023 |
|---|---|---|
| Fund Capital | $18,005 | $18,319 |
| Accumulated Earnings | 2,129 | 1,582 |
| Total Fund Balance | 20,134 | 19,901 |
| TOTAL LIABILITIES AND FUND BALANCE | $23,732 | $21,554 |
STATEMENTS OF OPERATIONS
For the Periods Ended June 30, 2024 and 2023 (Dollars in thousands)
| REVENUES | June 2024 | Year-to-Date June 2024 |
Year-to-Date June 2023 |
|---|---|---|---|
| Interest on Cash Equivalents | $47 | $297 | $235 |
| Interest on Loans | 5 | 24 | 12 |
| Canceled Technical Assistance Grants | - | (186) | (390) |
| Total Revenues | 52 | 135 | (143) |
| EXPENSES | June 2024 | Year-to-Date June 2024 |
Year-to-Date June 2023 |
|---|---|---|---|
| Technical Assistance Grants | - | 81 | 8 |
| Canceled Technical Assistance Grants | - | (186) | (411) |
| TOTAL EXPENSES | - | (105) | (403) |
| NET INCOME / (LOSS) | $52 | $240 | $260 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended June 30, 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 | - | 186 | 186 | - | 186 |
| Net Income / (Loss) | - | - | - | 240 | 240 |
| June 30, 2024 | $13,388 | $4,617 | $18,005 | $2,129 | $20,134 |
STATEMENTS OF CASH FLOWS
For the Periods Ended June 30, 2024 and 2023 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | June 2024 | Year-to-Date June 2024 |
Year-to-Date June 2023 |
|---|---|---|---|
| Net Income/(Loss) | $52 | $240 | $260 |
| Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | June 2024 | Year-to-Date June 2024 |
Year-to-Date June 2023 |
|---|---|---|---|
| Canceled Technical Assistance Grants | - | $186 | $390 |
| Changes in Assets and Liabilities | June 2024 | Year-to-Date June 2024 |
Year-to-Date June 2023 |
|---|---|---|---|
| (Increase)/Decrease in Interest Receivable | (4) | (5) | - |
| Increase/(Decrease) in Accrued Technical Assistance Grants | (61) | (695) | (831) |
| Net Cash Provided by/(Used in) Operating Activities | (13) | (274) | (181) |
| CASH FLOWS FROM INVESTING ACTIVITIES | June 2024 | Year-to-Date June 2024 |
Year-to-Date June 2023 |
|---|---|---|---|
| Loan Principal Repayments | - | - | 2,250 |
| Loan Disbursements | - | (750) | (1,000) |
| Net Cash Provided by/(Used in) Investing Activities | - | (750) | 1,250 |
| CASH FLOWS FROM FINANCING ACTIVITIES | June 2024 | Year-to-Date June 2024 |
Year-to-Date June 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 | (13) | 2,441 | 4,569 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 19,728 | 17,274 | 13,730 |
| CASH AND CASH EQUIVALENTS — End of period | $19,715 | $19,715 | $18,299 |
The balances in the statement above are preliminary and unaudited.