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.