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March 2024 Revolving Loan Fund
MANAGEMENT OVERVIEW
March 31, 2024
Balance Sheets
Cash and cash equivalents had a month-end balance of $16.9 million. The balance decreased by $343.0 thousand from prior month, primarily due to:
- received $48.0 thousand in investment interest
- disbursed $142.9 thousand in accrued technical assistance grants
- disbursed $250.0 thousand in new loans
Loans Receivable, Net increased by $250.0 thousand, and accrued technical assistance decreased by $142.9 thousand.
Statements of Operations
The fund earned $55.1 thousand in interest revenue.
BALANCE SHEETS
As of March 31, 2024 and 2023 (Dollars in thousands)
| ASSETS | March 2024 | March 2023 |
|---|---|---|
| Cash and Cash Equivalents | $16,898 | $17,846 |
| Loans Receivable, Net | 3,500 | 3,750 |
| Interest Receivable | 13 | 4 |
| TOTAL ASSETS | 20,411 | 21,600 |
| LIABILITIES AND FUND BALANCE | March 2024 | March 2023 |
|---|---|---|
| Accrued Technical Assistance Grants | $4,057 | $2,245 |
| Total Liabilities | 4,057 | 2,245 |
| Fund Balance | March 2024 | March 2023 |
|---|---|---|
| Fund Capital | $14,354 | $17,929 |
| Accumulated Earnings | 2,000 | 1,426 |
| Total Fund Balance | 16,354 | 19,355 |
| TOTAL LIABILITIES AND FUND BALANCE | $20,411 | $21,600 |
STATEMENTS OF OPERATIONS
For the Periods Ended March 31, 2024 and 2023 (Dollars in thousands)
| REVENUES | March 2024 | Year-to-Date March 2024 |
Year-to-Date March 2023 |
|---|---|---|---|
| Interest on Cash Equivalents | $51 | $151 | $106 |
| Interest on Loans | 4 | 11 | 6 |
| Total Revenues | 55 | 162 | 112 |
| EXPENSES | March 2024 | Year-to-Date March 2024 |
Year-to-Date March 2023 |
|---|---|---|---|
| Technical Assistance Grants | - | 51 | 8 |
| TOTAL EXPENSES | - | 51 | 8 |
| NET INCOME / (LOSS) | $55 | $111 | $104 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended March 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 | - | - | - | - | - |
| Appropriations Used | - | - | - | - | - |
| Canceled Appropriations - Returned to Treasury | - | - | - | - | - |
| Canceled Technical Assistance Grants | - | - | - | - | - |
| Net Income / (Loss) | - | - | - | 111 | 111 |
| March 31, 2024 | $13,388 | $966 | $14,354 | $2,000 | $16,354 |
STATEMENTS OF CASH FLOWS
For the Periods Ended March 31, 2024 and 2023 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | March 2024 | Year-to-Date March 2024 |
Year-to-Date March 2023 |
|---|---|---|---|
| Net Income/(Loss) | $55 | $111 | $104 |
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities
| Changes in Assets and Liabilities | March 2024 | Year-to-Date March 2024 |
Year-to-Date March 2023 |
|---|---|---|---|
| (Increase)/Decrease in Interest Receivable | (5) | (1) | 1 |
| Increase/(Decrease) in Accrued Technical Assistance Grants | (143) | (236) | (239) |
| Net Cash Provided by/(Used in) Operating Activities | (93) | (126) | (134) |
| CASH FLOWS FROM INVESTING ACTIVITIES | March 2024 | Year-to-Date March 2024 |
Year-to-Date March 2023 |
|---|---|---|---|
| Loan Principal Repayments | - | - | 1000 |
| Loan Disbursements | (250) | (250) | (250) |
| Net Cash Provided by/(Used in) Investing Activities | (250) | (250) | 750 |
| CASH FLOWS FROM FINANCING ACTIVITIES | March 2024 | Year-to-Date March 2024 |
Year-to-Date March 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 | (343) | (376) | 4,116 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 17,241 | 17,274 | 13,730 |
| CASH AND CASH EQUIVALENTS — End of period | $16,898 | $16,898 | $17,846 |
The balances in the statement above are preliminary and unaudited.