)
or https:// means you’ve safely connected to
the .gov website. Share sensitive information only on official,
secure websites.
May 2024 Revolving Loan Fund
MANAGEMENT OVERVIEW
May 31, 2024
Balance Sheets
Cash and cash equivalents had a month-end balance of $19.7 million. The balance increased by $3.0 million from prior month.
- received $3.5 million in appropriations from Congress
- received $50.2 thousand in investment interest
- disbursed $65.1 thousand in accrued technical assistance grants
- disbursed $500.0 thousand in new loans
Loans Receivable, Net increased by $500.0 thousand, and accrued technical assistance decreased by $251.5 thousand.
Statements of Operations
The fund earned $54.4 thousand in interest revenue.
BALANCE SHEETS
As of May 31, 2024 and 2023 (Dollars in thousands)
| ASSETS | May 2024 | May 2023 |
|---|---|---|
| Cash and Cash Equivalents | $19,728 | $18,310 |
| Loans Receivable, Net | 4,000 | 3,250 |
| Interest Receivable | 13 | 7 |
| TOTAL ASSETS | 23,741 | 21,567 |
| LIABILITIES AND FUND BALANCE | May 2024 | May 2023 |
|---|---|---|
| Accrued Technical Assistance Grants | $3,659 | $1,715 |
| Total Liabilities | 3,659 | 1,715 |
| Fund Balance | May 2024 | May 2023 |
|---|---|---|
| Fund Capital | $18,005 | $18,319 |
| Accumulated Earnings | 2,077 | 1,533 |
| Total Fund Balance | 20,082 | 19,852 |
| TOTAL LIABILITIES AND FUND BALANCE | $23,741 | $21,567 |
STATEMENTS OF OPERATIONS
For the Periods Ended May 31, 2024 and 2023 (Dollars in thousands)
| REVENUES | May 2024 | Year-to-Date May 2024 |
Year-to-Date May 2023 |
|---|---|---|---|
| Interest on Cash Equivalents | $50 | $250 | $188 |
| Interest on Loans | 4 | 19 | 10 |
| Canceled Technical Assistance Grants | (186) | (186) | (390) |
| Total Revenues | (132) | 83 | (192) |
| EXPENSES | May 2024 | Year-to-Date May 2024 |
Year-to-Date May 2023 |
|---|---|---|---|
| Technical Assistance Grants | - | 81 | 8 |
| Canceled Technical Assistance Grants | (186) | (186) | (411) |
| TOTAL EXPENSES | (186) | (105) | (403) |
| NET INCOME / (LOSS) | $54 | $188 | $211 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended May 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 | - | 186 | 186 | - | 186 |
| Net Income / (Loss) | - | - | - | 188 | 188 |
| May 31, 2024 | $13,388 | $4,617 | $18,005 | $2,077 | $20,082 |
STATEMENTS OF CASH FLOWS
For the Periods Ended May 31, 2024 and 2023 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | May 2024 | Year-to-Date May 2024 |
Year-to-Date May 2023 |
|---|---|---|---|
| Net Income/(Loss) | $54 | $188 | $211 |
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities
| Changes in Assets and Liabilities | May 2024 | Year-to-Date May 2024 |
Year-to-Date May 2023 |
|---|---|---|---|
| (Increase)/Decrease in Interest Receivable | (1) | (1) | (2) |
| Increase/(Decrease) in Accrued Technical Assistance Grants | (251) | (634) | (769) |
| Net Cash Provided by/(Used in) Operating Activities | (12) | (261) | (170) |
| CASH FLOWS FROM INVESTING ACTIVITIES | May 2024 | Year-to-Date May 2024 |
Year-to-Date May 2023 |
|---|---|---|---|
| Loan Principal Repayments | - | - | 1,750 |
| Loan Disbursements | (500) | (750) | (500) |
| Net Cash Provided by/(Used in) Investing Activities | (500) | (750) | 1,250 |
| CASH FLOWS FROM FINANCING ACTIVITIES | May 2024 | Year-to-Date May 2024 |
Year-to-Date May 2023 |
|---|---|---|---|
| Appropriations Received 2024/2025 | 3,465 | 3,465 | - |
| Appropriations Received 2023/2024 | - | - | 3,500 |
| Net Cash Provided by/(Used in) Financing Activities | 3,465 | 3,465 | 3,500 |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 2,953 | 2,454 | 4,580 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 16,775 | 17,274 | 13,730 |
| CASH AND CASH EQUIVALENTS — End of period | $19,728 | $19,728 | $18,310 |
The balances in the statement above are preliminary and unaudited.