November 2024 Revolving Loan Fund
MANAGEMENT OVERVIEW
November 30, 2024
Balance Sheets
Cash and cash equivalents had a month-end balance of $19.8 million. The balance decreased by $136.6 thousand from prior month, primarily due to:
- received $42.4 thousand in investment interest
- disbursed $186.5 thousand in accrued technical assistance grants
Loans Receivable, Net remains unchanged, and accrued technical assistance decreased by $160.2 thousand.
Statements of Operations
The fund earned $48.0 thousand in interest revenue and incurred $26.3 thousand in expenses for the month.
BALANCE SHEETS
As of November 30, 2024 and 2023 (Dollars in thousands)
| ASSETS | November 2024 | November 2023 |
|---|---|---|
| Cash and Cash Equivalents | $19,850 | $17,670 |
| Loans Receivable, Net | 3,383 | 3,250 |
| Interest Receivable | 13 | 12 |
| TOTAL ASSETS | 23,246 | 20,932 |
| LIABILITIES AND FUND BALANCE | November 2024 | November 2023 |
|---|---|---|
| Accrued Technical Assistance Grants | $6,160 | $4,744 |
| Total Liabilities | 6,160 | 4,744 |
| Fund Balance | November 2024 | November 2023 |
|---|---|---|
| Fund Capital | $14,732 | $14,354 |
| Accumulated Earnings | 2,354 | 1,834 |
| Total Fund Balance | 17,086 | 16,188 |
| TOTAL LIABILITIES AND FUND BALANCE | $23,246 | $20,932 |
STATEMENTS OF OPERATIONS
For the Periods Ended November 30, 2024 and 2023 (Dollars in thousands)
| REVENUES | November 2024 | Year-to-Date November 2024 |
Year-to-Date November 2023 |
|---|---|---|---|
| Interest on Cash Equivalents | $44 | $534 | $486 |
| Interest on Loans | 4 | 46 | 28 |
| Appropriations Used | - | 3,111 | 3,546 |
| Canceled Technical Assistance Grants | - | (321) | (442) |
| Total Revenues | 48 | 3,370 | 3,618 |
| EXPENSES | November 2024 | Year-to-Date November 2024 |
Year-to-Date November 2023 |
|---|---|---|---|
| Technical Assistance Grants | 26 | 3,226 | 3,569 |
| Canceled Technical Assistance Grants | - | (321) | (463) |
| TOTAL EXPENSES | 26 | 2,905 | 3,106 |
| NET INCOME / (LOSS) | $22 | $465 | $512 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended November 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 | - | (3,111) | (3,111) | - | (3,111) |
| Canceled Appropriations - Returned to Treasury | - | (297) | (297) | - | (297) |
| Canceled Technical Assistance Grants | - | 321 | 321 | - | 321 |
| Net Income / (Loss) | - | - | - | 465 | 465 |
| November 30, 2024 | $13,388 | $1,344 | $14,732 | $2,354 | $17,086 |
STATEMENTS OF CASH FLOWS
For the Periods Ended November 30, 2024 and 2023 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | November 2024 | Year-to-Date November 2024 |
Year-to-Date November 2023 |
|---|---|---|---|
| Net Income/(Loss) | $22 | $465 | $512 |
| Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | November 2024 | Year-to-Date November 2024 |
Year-to-Date November 2023 |
|---|---|---|---|
| Appropriations Used | - | (3,111) | (3,546) |
| Canceled Technical Assistance Grants | - | $321 | $442 |
| Changes in Assets and Liabilities | November 2024 | Year-to-Date November 2024 |
Year-to-Date November 2023 |
|---|---|---|---|
| (Increase)/Decrease in Interest Receivable | 2 | (1) | (7) |
| Increase/(Decrease) in Accrued Technical Assistance Grants | (160) | 1,867 | 2,260 |
| Net Cash Provided by/(Used in) Operating Activities | (136) | (459) | (339) |
| CASH FLOWS FROM INVESTING ACTIVITIES | November 2024 | Year-to-Date November 2024 |
Year-to-Date November 2023 |
|---|---|---|---|
| Loan Principal Repayments | - | 1,000 | 3,500 |
| Loan Disbursements | - | (1,133) | (2,250) |
| Net Cash Provided by/(Used in) Investing Activities | - | (133) | 1,250 |
| CASH FLOWS FROM FINANCING ACTIVITIES | November 2024 | Year-to-Date November 2024 |
Year-to-Date November 2023 |
|---|---|---|---|
| Appropriations Received 2024/2025 | - | 3,465 | - |
| Appropriations Received 2023/2024 | - | - | 3,500 |
| Canceled Appropriations Returned to Treasury - 2018/2019 | - | (297) | - |
| Canceled Appropriations Returned to Treasury - 2017/2018 | - | - | (471) |
| Net Cash Provided by/(Used in) Financing Activities | - | 3,168 | 3,029 |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | (136) | 2,576 | 3,940 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 19,986 | 17,274 | 13,730 |
| CASH AND CASH EQUIVALENTS — End of period | $19,850 | $19,850 | $17,670 |
The balances in the statement above are preliminary and unaudited.