February 2024 Revolving Loan Fund

MANAGEMENT OVERVIEW

February 29, 2024

Balance Sheets

Cash and cash equivalents had a month-end balance of $17.2 million. The balance decreased by $58.8 thousand from prior month, primarily due to:

• received $48.2 thousand in investment interest
• disbursed $113.5 thousand in accrued technical assistance grants

Loans Receivable, Net remains unchanged, and accrued technical assistance decreased by $69.9 thousand.

Statements of Operations

The fund earned $51.8 thousand in interest revenue and incurred $43.7 thousand in expenses for the month.

BALANCE SHEETS

As of February 29, 2024 and February 28, 2023 (Dollars in thousands)

ASSETS	February 2024	February 2023
Cash and Cash Equivalents	$17,241	$17,342
Loans Receivable, Net	3,250	4,250
Interest Receivable	8	6
TOTAL ASSETS	20,499	21,598

LIABILITIES AND FUND BALANCE	February 2024	February 2023
Accrued Technical Assistance Grants	$4,200	$2,282
Total Liabilities	4,200	2,282

Fund Balance	February 2024	February 2023
Fund Capital	$14,354	$17,929
Accumulated Earnings	1,945	1,387
Total Fund Balance	16,299	19,316
TOTAL LIABILITIES AND FUND BALANCE	$20,499	$21,598

 STATEMENTS OF OPERATIONS

For the Periods Ended February 29, 2024 and February 28, 2023 (Dollars in thousands)

REVENUES	February 2024	Year-to-Date February 2024	Year-to-Date February 2023
Interest on Cash Equivalents	$48	$100	$69
Interest on Loans	4	7	4
Total Revenues	52	107	73

EXPENSES	February 2024	Year-to-Date February 2024	Year-to-Date February 2023
Technical Assistance Grants	44	51	8
TOTAL EXPENSES	44	51	8
NET INCOME / (LOSS)	$8	$56	$65

STATEMENTS OF CHANGES IN FUND BALANCE

For the Periods Ended February 29, 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	-	-	-	-	-
Appropriations Used	-	-	-	-	-
Canceled Appropriations - Returned to Treasury	-	-	-	-	-
Canceled Technical Assistance Grants	-	-	-	-	-
Net Income / (Loss)	-	-	-	56	56
February 29, 2024	$13,388	$966	$14,354	$1,945	$16,299

STATEMENTS OF CASH FLOWS

For the Periods Ended February 29, 2024 and February 28, 2023 (Dollars in thousands)

CASH FLOWS FROM OPERATING ACTIVITIES	February 2024	Year-to-Date February 2024	Year-to-Date February 2023
Net Income/(Loss)	$8	$56	$65

Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities 

Changes in Assets and Liabilities	February 2024	Year-to-Date February 2024	Year-to-Date February 2023
(Increase)/Decrease in Interest Receivable	3	4	(1)
Increase/(Decrease) in Accrued Technical Assistance Grants	(70)	(93)	(202)
Net Cash Provided by/(Used in) Operating Activities	(59)	(33)	(138)

CASH FLOWS FROM INVESTING ACTIVITIES	February 2024	Year-to-Date February 2024	Year-to-Date February 2023
Loan Principal Repayments	-	-	500
Loan Disbursements	-	-	(250)
Net Cash Provided by/(Used in) Investing Activities	-	-	250

CASH FLOWS FROM FINANCING ACTIVITIES	February 2024	Year-to-Date February 2024	Year-to-Date February 2023
Appropriations Received 2023/2024	-	-	3,500
Net Cash Provided by/(Used in) Financing Activities	-	-	3,500
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	(59)	(33)	3,612
CASH AND CASH EQUIVALENTS — Beginning of period	17,300	17,274	13,730
CASH AND CASH EQUIVALENTS — End of period	$17,241	$17,241	$17,342

 The balances in the statement above are preliminary and unaudited.