December 2025
October 2025 Revolving Loan Fund
MANAGEMENT OVERVIEW
October 31, 2025
Balance Sheets
Cash and cash equivalents had a month-end balance of $20.6 million. The balance decreased by $251.4 thousand from prior month, primarily due to:
- received $39.6 thousand in investment interest
- received $2.9 thousand in loan interest
- disbursed $293.9 thousand in accrued technical assistance grants
Loans Receivable, Net remains unchanged, and accrued technical assistance decreased by $293.9 thousand.
Statements of Operations
The fund earned $44.5 thousand in interest revenue.
BALANCE SHEETS
As of October 31, 2025 and 2024 (Dollars in thousands)
| ASSETS | October 2025 | October 2024 |
|---|---|---|
| Cash and Cash Equivalents | $20,640 | $19,986 |
| Loans Receivable, Net | 3,883 | 3,383 |
| Interest Receivable | 16 | 15 |
| TOTAL ASSETS | 24,539 | 23,384 |
| LIABILITIES AND FUND BALANCE | October 2025 | October 2024 |
|---|---|---|
| Accrued Technical Assistance Grants | 4,214 | 6,319 |
| Total Liabilities | 4,214 | 6,319 |
| Fund Balance | October 2025 | October 2024 |
|---|---|---|
| Fund Capital | 17,556 | 14,732 |
| Accumulated Earnings | 2,769 | 2,333 |
| Total Fund Balance | 20,325 | 17,065 |
| TOTAL LIABILITIES AND FUND BALANCE | $24,539 | $23,384 |
STATEMENTS OF OPERATIONS
For the Periods Ended October 31, 2025 and 2024 (Dollars in thousands)
| REVENUES | October 2025 | Year-to-Date October 2025 | Year-to-Date October 2024 |
|---|---|---|---|
| Interest on Cash Equivalents | $40 | $389 | $491 |
| Interest on Loans | 5 | 52 | 42 |
| Appropriations Used | - | 445 | 3,111 |
| Canceled Technical Assistance Grants | - | (113) | (321) |
| Total Revenues | 45 | 773 | 3,323 |
| EXPENSES | October 2025 | Year-to-Date October 2025 | Year-to-Date October 2024 |
|---|---|---|---|
| Technical Assistance Grants | - | 512 | 3,200 |
| Canceled Technical Assistance Grants | - | (130) | (321) |
| TOTAL EXPENSES | - | 382 | 2,879 |
| NET INCOME / (LOSS) | $45 | $391 | $444 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended October 31, 2025 and December 31, 2024 (Dollars in thousands)
| Fund Capital | For Loans | For Technical Assistance | Total Fund Capital | Accumulated Earnings | Total Fund Balance |
|---|---|---|---|---|---|
| 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) | - | - | - | 489 | 489 |
| December 31, 2024 | $13,388 | $1,344 | $14,732 | $2,378 | $17,110 |
| Appropriations Received | - | 3,465 | 3,465 | - | 3,465 |
| Appropriations Used | - | (445) | (445) | - | (445) |
| Canceled Appropriations - Returned to Treasury | - | (309) | (309) | - | (309) |
| Canceled Technical Assistance Grants | - | 113 | 113 | - | 113 |
| Net Income / (Loss) | - | - | - | 391 | 391 |
| October 31, 2025 | $13,388 | $4,168 | $17,556 | $2,769 | $20,325 |
STATEMENTS OF CASH FLOWS
For the Periods Ended October 31, 2025 and 2024 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | October 2025 | Year-to-Date October 2025 | Year-to-Date October 2024 |
|---|---|---|---|
| Net Income/(Loss) | $45 | $391 | $444 |
| Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | October 2025 | Year-to-Date October 2025 | Year-to-Date October 2024 |
|---|---|---|---|
| Appropriations Used | - | (445) | (3,111) |
| Canceled Technical Assistance Grants | - | 113 | 321 |
| Changes in Assets and Liabilities | October 2025 | Year-to-Date October 2025 | Year-to-Date October 2024 |
|---|---|---|---|
| (Increase)/Decrease in Interest Receivable | (2) | (8) | (3) |
| Increase/(Decrease) in Accrued Technical Assistance Grants | (294) | (1,787) | 2,026 |
| Net Cash Provided by/(Used in) Operating Activities | (251) | (1,736) | (323) |
| CASH FLOWS FROM INVESTING ACTIVITIES | October 2025 | Year-to-Date October 2025 | Year-to-Date October 2024 |
|---|---|---|---|
| Loan Principal Repayments | - | 750 | 1,000 |
| Loan Disbursements | - | (750) | (1,133) |
| Net Cash Provided by/(Used in) Investing Activities | - | - | (133) |
| CASH FLOWS FROM FINANCING ACTIVITIES | October 2025 | Year-to-Date October 2025 | Year-to-Date October 2024 |
|---|---|---|---|
| Appropriations Received 2025/2026 | - | 3,465 | - |
| Appropriations Received 2024/2025 | - | - | 3,465 |
| Canceled Appropriations Returned to Treasury-2019/2020 | - | (309) | - |
| Canceled Appropriations Returned to Treasury-2018/2019 | - | - | (297) |
| Net Cash Provided by/(Used in) Financing Activities | - | 3,156 | 3,168 |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | (251) | 1,420 | 2,712 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 20,891 | 19,220 | 17,274 |
| CASH AND CASH EQUIVALENTS — End of period | $20,640 | $20,640 | $19,986 |
The balances in the statement above are preliminary and unaudited.