September 2024 Revolving Loan Fund
MANAGEMENT OVERVIEW
September 30, 2024
Balance Sheets
Cash and cash equivalents had a month-end balance of $20.1 million. The balance decreased by $87.8 thousand from prior month, primarily due to:
- received $503.8 thousand in loan principal and interest payments
- received $47.6 thousand in investment interest
- disbursed $92.3 thousand in accrued technical assistance grants
- disbursed $250.0 thousand in new loans
- disbursed $296.7 thousand in canceled appropriations returned to Treasury
Loans Receivable, Net decreased by $250.0 thousand, and accrued technical assistance decreased by $49.3 thousand.
Statements of Operations
The fund earned $50.3 thousand in interest revenue and incurred $43.0 thousand in expenses for the month.
BALANCE SHEETS
As of September 30, 2024 and 2023 (Dollars in thousands)
| ASSETS | September 2024 | September 2023 |
|---|---|---|
| Cash and Cash Equivalents | $20,148 | $18,128 |
| Loans Receivable, Net | 3,250 | 2,750 |
| Interest Receivable | 13 | 9 |
| TOTAL ASSETS | 23,411 | 20,887 |
| LIABILITIES AND FUND BALANCE | September 2024 | September 2023 |
|---|---|---|
| Accrued Technical Assistance Grants | $6,391 | $4,406 |
| Accounts Payable | - | 3 |
| Total Liabilities | 6,391 | 4,409 |
| Fund Balance | September 2024 | September 2023 |
|---|---|---|
| Fund Capital | $14,732 | $14,754 |
| Accumulated Earnings | 2,288 | 1,724 |
| Total Fund Balance | 17,020 | 16,478 |
| TOTAL LIABILITIES AND FUND BALANCE | $23,411 | $20,887 |
STATEMENTS OF OPERATIONS
For the Periods Ended September 30, 2024 and 2023 (Dollars in thousands)
| REVENUES | September 2024 | Year-to-Date September 2024 |
Year-to-Date September 2023 |
|---|---|---|---|
| Interest on Cash Equivalents | $46 | $443 | $382 |
| Interest on Loans | 4 | 37 | 22 |
| Appropriations Used | 43 | 3,111 | 3,146 |
| Canceled Technical Assistance Grants | - | (321) | (442) |
| Total Revenues | 93 | 3,270 | 3,108 |
| EXPENSES | September 2024 | Year-to-Date September 2024 |
Year-to-Date September 2023 |
|---|---|---|---|
| Technical Assistance Grants | 43 | 3,192 | 3,169 |
| Canceled Technical Assistance Grants | - | (321) | (463) |
| TOTAL EXPENSES | 43 | 2,871 | 2,706 |
| NET INCOME / (LOSS) | $50 | $399 | $402 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended September 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) | - | - | - | 399 | 399 |
| September 30, 2024 | $13,388 | $1,344 | $14,732 | $2,288 | $17,020 |
STATEMENTS OF CASH FLOWS
For the Periods Ended September 30, 2024 and 2023 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | September 2024 | Year-to-Date September 2024 |
Year-to-Date September 2023 |
|---|---|---|---|
| Net Income/(Loss) | $50 | $399 | $402 |
| Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | September 2024 | Year-to-Date September 2024 |
Year-to-Date September 2023 |
|---|---|---|---|
| Appropriations Used | (43) | (3,111) | (3,146) |
| Canceled Technical Assistance Grants | - | $321 | $442 |
| Changes in Assets and Liabilities | September 2024 | Year-to-Date September 2024 |
Year-to-Date September 2023 |
|---|---|---|---|
| (Increase)/Decrease in Interest Receivable | 1 | (1) | (4) |
| Increase/(Decrease) in Accounts Payable | - | - | 3 |
| Increase/(Decrease) in Accrued Technical Assistance Grants | (48) | 2,098 | 1,922 |
| Net Cash Provided by/(Used in) Operating Activities | (40) | (294) | (381) |
| CASH FLOWS FROM INVESTING ACTIVITIES | September 2024 | Year-to-Date September 2024 |
Year-to-Date September 2023 |
|---|---|---|---|
| Loan Principal Repayments | 500 | 1,000 | 3,500 |
| Loan Disbursements | (250) | (1,000) | (1,750) |
| Net Cash Provided by/(Used in) Investing Activities | 250 | - | 1,750 |
| CASH FLOWS FROM FINANCING ACTIVITIES | September 2024 | Year-to-Date September 2024 |
Year-to-Date September 2023 |
|---|---|---|---|
| Appropriations Received 2024/2025 | - | 3,465 | - |
| Appropriations Received 2023/2024 | - | - | 3,500 |
| Canceled Appropriations Returned to Treasury - 2018/2019 | (297) | (297) | - |
| Canceled Appropriations Returned to Treasury - 2017/2018 | - | - | (471) |
| Net Cash Provided by/(Used in) Financing Activities | (297) | 3,168 | 3,029 |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | (87) | 2,874 | 4,398 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 20,235 | 17,274 | 13,730 |
| CASH AND CASH EQUIVALENTS — End of period | $20,148 | $20,148 | $18,128 |
The balances in the statement above are preliminary and unaudited.