MANAGEMENT OVERVIEW
September 30, 2025
Balance Sheets
Cash and cash equivalents had a month-end balance of $20.9 million. The balance decreased by $393.9 thousand from prior month, primarily due to:
- disbursed $308.9 thousand in canceled appropriations returned to Treasury
- disbursed $131.9 thousand in accrued technical assistance grants
- received $41.8 thousand in investment interest
- received $5.1 thousand in loan interest
Loans Receivable, Net remains unchanged, and accrued technical assistance increased by $313.1 thousand.
Statements of Operations
The fund earned $43.9 thousand in interest revenue and incurred $445.0 thousand in expenses for the month.
BALANCE SHEETS
As of September 30, 2025 and 2024 (Dollars in thousands)
| ASSETS | September 2025 | September 2024 |
|---|
| Cash and Cash Equivalents | $20,891 | $20,148 |
| Loans Receivable, Net | 3,883 | 3,250 |
| Interest Receivable | 14 | 13 |
| TOTAL ASSETS | 24,788 | 23,411 |
| LIABILITIES AND FUND BALANCE | September 2025 | September 2024 |
|---|
| Accrued Technical Assistance Grants | $4,508 | $6,391 |
| Total Liabilities | 4,508 | 6,391 |
| Fund Balance | September 2025 | September 2024 |
|---|
| Fund Capital | $17,556 | $14,732 |
| Accumulated Earnings | 2,724 | 2,288 |
| Total Fund Balance | 20,280 | 17,020 |
| TOTAL LIABILITIES AND FUND BALANCE | $24,788 | $23,411 |
STATEMENTS OF OPERATIONS
For the Periods Ended September 30, 2025 and 2024 (Dollars in thousands)
| REVENUES | September 2025 | Year-to-Date September 2025 | Year-to-Date September 2024 |
|---|
| Interest on Cash Equivalents | $39 | $349 | $443 |
| Interest on Loans | 5 | 47 | 37 |
| Appropriations Used | 445 | 445 | 3,111 |
| Canceled Technical Assistance Grants | - | (113) | (321) |
| Total Revenues | 489 | 728 | 3,270 |
| EXPENSES | September 2025 | Year-to-Date September 2025 | Year-to-Date September 2024 |
|---|
| Technical Assistance Grants | 445 | 512 | 3,192 |
| Canceled Technical Assistance Grants | - | (130) | (321) |
| TOTAL EXPENSES | 445 | 382 | 2,871 |
| NET INCOME / (LOSS) | $44 | $346 | $399 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended September 30, 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) | - | - | - | 346 | 346 |
| September 30, 2025 | $13,388 | $4,168 | $17,556 | $2,724 | $20,280 |
STATEMENTS OF CASH FLOWS
For the Periods Ended September 30, 2025 and 2024 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | September 2025 | Year-to-Date September 2025 | Year-to-Date September 2024 |
|---|
| Net Income/(Loss) | $44 | $346 | $399 |
| Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | September 2025 | Year-to-Date September 2025 | Year-to-Date September 2024 |
|---|
| Provision for Loan Loss | - | - | - |
| Appropriations Used | (445) | (445) | (3,111) |
| Canceled Technical Assistance Grants | - | 113 | 321 |
| Changes in Assets and Liabilities | September 2025 | Year-to-Date September 2025 | Year-to-Date September 2024 |
|---|
| (Increase)/Decrease in Interest Receivable | 3 | (6) | (1) |
| Increase/(Decrease) in Accrued Technical Assistance Grants | 313 | (1,493) | 2,098 |
| Net Cash Provided by/(Used in) Operating Activities | (85) | (1,485) | (294) |
| CASH FLOWS FROM INVESTING ACTIVITIES | September 2025 | Year-to-Date September 2025 | Year-to-Date September 2024 |
|---|
| Loan Principal Repayments | - | 750 | 1,000 |
| Loan Disbursements | - | (750) | (1,000) |
| Net Cash Provided by/(Used in) Investing Activities | - | - | - |
| CASH FLOWS FROM FINANCING ACTIVITIES | September 2025 | Year-to-Date September 2025 | Year-to-Date September 2024 |
|---|
| Appropriations Received 2025/2026 | - | 3,465 | - |
| Appropriations Received 2024/2025 | - | - | 3,465 |
| Canceled Appropriations Returned to Treasury-2019/2020 | (309) | (309) | - |
| Canceled Appropriations Returned to Treasury-2018/2019 | - | - | (297) |
| Net Cash Provided by/(Used in) Financing Activities | (309) | 3,156 | 3,168 |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | (394) | 1,671 | 2,874 |
| CASH AND CASH EQUIVALENTS — Beginning of period | 21,285 | 19,220 | 17,274 |
| CASH AND CASH EQUIVALENTS — End of period | $20,891 | $20,891 | $20,148 |
The balances in the statement above are preliminary and unaudited.
