Financial Overview 18

FINANCIAL OVERVIEW

INVESTMENTS

Several years ago, CCA opted to close its investment account and move its funds into cash and cash equivalents. Currently, this cash is invested in a Money Market Account (MMA) at MidFirst Bank. In addition, CCA has approximately $157K invested in a permanently restricted fund at the Community Foundation of Boulder County. The fund allows for an annual 5% distribution, which CCA generally takes.

DEBT

In 2018, CCA took out a $1m loan with the Colorado Historic Fund (CHF) for the purchase of the Mary H. Galey Cottage. In December 2021, CCA made a $250k payment; a balloon payment of $750k is due in 2023.

In 2020, CCA received a PPP loan for $484k and in 2021 we received another PPP loan for $678k. CCA received full forgiveness of both loans in 2021. In addition, CCA received a $150k SBA loan (2.75% interest) payable over thirty years beginning May 23, 2021. This loan was paid-in-full in June of 2022.