March 2025 Revolving Loan Fund
MANAGEMENT OVERVIEW
March 31, 2025
Balance Sheets
Cash and cash equivalents had a month-end balance of $21.0 million. The balance increased by $2.6 million from prior month, primarily due to:
- received $3.5 million in appropriations from Congress
- received $39.5 thousand in investment interest
- disbursed $425.9 thousand in accrued technical assistance grants
- disbursed $500.0 thousand in new loans
Loans Receivable, Net increased by $500.0 thousand, and accrued technical assistance decreased by $411.4 thousand.
Statements of Operations
The fund earned $45.0 thousand in interest revenue and incurred $14.5 thousand in expenses for the month.
BALANCE SHEETS
As of March 31, 2025 and 2024 (Dollars in thousands)
| ASSETS | March 2025 | March 2024 |
|---|---|---|
| Cash and Cash Equivalents | $20,951 | $16,898 |
| Loans Receivable, Net | 4,633 | 3,500 |
| Interest Receivable | 16 | 13 |
| TOTAL ASSETS | 25,600 | 20,411 |
| LIABILITIES AND FUND BALANCE | March 2025 | March 2024 |
|---|---|---|
| Accrued Technical Assistance Grants | $4,876 | $4,057 |
| Total Liabilities | 4,876 | 4,057 |
| Fund Balance | March 2025 | March 2024 |
|---|---|---|
| Fund Capital | $18,281 | $14,354 |
| Accumulated Earnings | 2,443 | 2,000 |
| Total Fund Balance | 20,724 | 16,354 |
| TOTAL LIABILITIES AND FUND BALANCE | $25,600 | $20,411 |
STATEMENTS OF OPERATIONS
For the Periods Ended March 31, 2025 and 2024 (Dollars in thousands)
| REVENUES | March 2025 | Year-to-Date March 2025 |
Year-to-Date March 2024 |
|---|---|---|---|
| Interest on Cash Equivalents | $39 | $116 | $151 |
| Interest on Loans | 5 | 15 | 11 |
| Canceled Technical Assistance Grants | - | (84) | - |
| Total Revenues | 44 | 47 | 162 |
| EXPENSES | March 2025 | Year-to-Date March 2025 |
Year-to-Date March 2024 |
|---|---|---|---|
| Technical Assistance Grants | 15 | 67 | 51 |
| Canceled Technical Assistance Grants | - | (85) | - |
| TOTAL EXPENSES | 15 | (18) | 51 |
| NET INCOME / (LOSS) | $29 | $65 | $111 |
STATEMENTS OF CHANGES IN FUND BALANCE
For the Periods Ended March 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 | - | - | - | - | - |
| Canceled Appropriations - Returned to Treasury | - | - | - | - | - |
| Canceled Technical Assistance Grants | - | 84 | 84 | - | 84 |
| Net Income / (Loss) | - | - | - | 65 | 65 |
| March 31, 2025 | $13,388 | $4,893 | $18,281 | $2,443 | $20,724 |
STATEMENTS OF CASH FLOWS
For the Periods Ended March 31, 2025 and 2024 (Dollars in thousands)
| CASH FLOWS FROM OPERATING ACTIVITIES | March 2025 | Year-to-Date March 2025 |
Year-to-Date March 2024 |
|---|---|---|---|
| Net Income/(Loss) | $29 | $65 | $111 |
| Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities | March 2025 | Year-to-Date March 2025 |
Year-to-Date March 2024 |
|---|---|---|---|
| Canceled Technical Assistance Grants | - | 84 | - |
| Changes in Assets and Liabilities | March 2025 | Year-to-Date March 2025 |
Year-to-Date March 2024 |
|---|---|---|---|
| (Increase)/Decrease in Interest Receivable | (3) | (8) | (1) |
| Increase/(Decrease) in Accrued Technical Assistance Grants | (410) | (1,125) | (236) |
| Net Cash Provided by/(Used in) Operating Activities | (384) | (984) | (126) |
| CASH FLOWS FROM INVESTING ACTIVITIES | March 2025 | Year-to-Date March 2025 |
Year-to-Date March 2024 |
|---|---|---|---|
| Loan Disbursements | (500) | (750) | (250) |
| Net Cash Provided by/(Used in) Investing Activities | (500) | (750) | (250) |
| CASH FLOWS FROM FINANCING ACTIVITIES | March 2025 | Year-to-Date March 2025 |
Year-to-Date March 2024 |
|---|---|---|---|
| Appropriations Received 2025/2026 | 3,465 | 3,465 | - |
| Net Cash Provided by/(Used in) Financing Activities | 3,465 | 3,465 | - |
| NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | 2,581 | 1,731 | (376) |
| CASH AND CASH EQUIVALENTS — Beginning of period | 18,370 | 19,220 | 17,274 |
| CASH AND CASH EQUIVALENTS — End of period | $20,951 | $20,951 | $16,898 |
The balances in the statement above are preliminary and unaudited.