Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Document And Entity Information Abstract | |
Document Type | 10-K |
Amendment Flag | FALSE |
Document Period End Date | 31-Dec-14 |
Entity Registrant Name | RIDGEWOOD ELECTRIC POWER TRUST V |
Entity Central Index Key | 1060755 |
Current Fiscal Year End Date | -19 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2014 |
Entity Filer Category | Smaller Reporting Company |
Entity Units Outstanding | 932.8877 |
Entity Public Float | $0 |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
STATEMENTS_OF_NET_ASSETS
STATEMENTS OF NET ASSETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||
Total assets | ||
LIABILITIES AND NET ASSETS | ||
Total liabilities | ||
Net assets in liquidation |
STATEMENTS_OF_CHANGES_IN_NET_A
STATEMENTS OF CHANGES IN NET ASSETS (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
STATEMENTS OF CHANGES IN NET ASSETS [Abstract] | ||
Net assets in liquidation, beginning of year | ||
Activity during the year | ||
Net assets in liquidation, end of year |
DESCRIPTION_OF_BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2014 | |
DESCRIPTION OF BUSINESS [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS |
Ridgewood Electric Power Trust V (the "Trust") is a Delaware trust formed on March 14, 1996. The Trust began offering shares of beneficial interest (“Investor Shares”) in April 1996 and concluded its offering in April 1998. The Trust has 932.8877 Investor Shares outstanding. Prior to the adoption of the Trust's Plan of Dissolution (described below), the objective of the Trust was to provide benefits to its shareholders through a combination of distributions of operating cash flow and capital appreciation. The Managing Shareholder of the Trust is Ridgewood Renewable Power LLC, a New Jersey limited liability company (the “Managing Shareholder” or “RRP”). Historically, the Trust focused primarily on independent power generation facilities, water desalinization plants and other infrastructure projects both in the US and abroad. | |
On December 22, 2008, the Plan of Liquidation and Dissolution of Ridgewood Electric Power Trust V (the “Plan of Dissolution”) became effective. Under the Plan of Dissolution, the business of the Trust shifted, and became limited to the disposal of its remaining assets and resolution of its remaining liabilities. Upon the completion of these activities, if successful, the Managing Shareholder expects to distribute any remaining cash to the Trust's shareholders and then proceed to terminate the Trust and its reporting obligations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Trust is required to make adequate provisions to satisfy its known and unknown liabilities, which could substantially delay or limit the Trust's ability to make future distributions to shareholders. The process of accounting for the Trust's liabilities, including those that are presently unknown, may involve difficult valuation decisions, which could adversely impact the amount or timing of any future distributions by the Trust. | |
Under the Plan of Dissolution, the Managing Shareholder has sole authority to conduct the Trust's dissolution, liquidation and termination without additional shareholder approval. As of the date of issuance of these financial statements, the Trust has not been liquidated, primarily due to on-going matters discussed in Note 3. The Managing Shareholder is unable to estimate when these matters will be resolved and what financial impact the matters will have on the Trust's net assets or the timing, likelihood or amount of any future distributions to shareholders. | |
The Trust is party to a lawsuit discussed in Note 3. It is possible that resolution of the matters discussed in Note 3 could result in a payment to the Trust; however, the Trust does not anticipate making additional distributions until the Trust has completed the liquidation process. At that time, the Trust's remaining cash, if any, will be distributed to holders of Investor Shares, other than any Investor Shares held by the Managing Shareholder or its affiliates. The Trust currently has no cash, and does not expect to have any cash with which to make further distributions to shareholders unless resolution of the matters discussed in Note 3 results in a payment to the Trust. | |
The Trust believes that it currently has access to sufficient resources to meet its anticipated obligations, as the Managing Shareholder has agreed to pay the on-going normal and recurring operating expenses of the Trust and waive all future management fees. Additionally, the Trust is not paying any on-going expenses regarding the matters discussed in Note 3. As a result, no estimated expenses for liquidation have been reflected in the accompanying financial statements of the Trust and there was no financial activity for the years ended December 31, 2014 and 2013. | |
The Trust has evaluated subsequent events and transactions through the date of the issuance of its financial statements, and concluded that there were no such events or transactions that require adjustment to, or disclosure in the notes to, the financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
a) Basis of Presentation | |
The financial statements were prepared on the liquidation basis of accounting. This basis of accounting is considered appropriate when, among other things, liquidation of the Trust is probable. Under this basis of accounting, assets are valued at their estimated net realizable values and liabilities are valued at their estimated settlement amounts. The valuation of assets and liabilities requires management to make significant estimates and assumptions. | |
For the years ended December 31, 2014 and 2013, the Trust was an “inactive entity” for purposes of the Exchange Act; as a result, the financial statements of the Trust as of December 31, 2014 and 2013, and for the years then ended, have not been audited by the Trust's independent registered public accounting firm. | |
b) Use of Estimates | |
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires the Trust to make estimates and assumptions that affect the reported amounts of the Trust's assets, liabilities, revenues and expenses, including the disclosure of contingent assets and liabilities, as well as the reported amounts of changes in net assets. The estimates also affect the reported estimated value of net realizable assets and settlement of liabilities. The Trust evaluates these estimates and assumptions on an on-going basis. The Trust evaluates its estimates of assets and recordable liabilities for litigation and other contingencies. The Trust bases its estimates and assumptions on historical experience, current and expected conditions and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates under different circumstances or conditions. | |
c) Income Taxes | |
No provision is made for income taxes in the Trust's financial statements as the net income or losses of the Trust are passed through and included in the income tax returns of the individual shareholders of the Trust. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2014 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 3. COMMITMENTS AND CONTINGENCIES |
On March 20, 2007, the Paul Bergeron Trust (“Bergeron”) commenced a derivative action on behalf of the Trust, in Suffolk County Superior Court, Commonwealth of Massachusetts. Bergeron joined the Trust and affiliated entities, including the Managing Shareholder and a person who is an officer of the Managing Shareholder, alleging that the allocation of the proceeds from the sale of certain assets of the Trust and affiliated entities was unfair. The complaint was later amended to substitute other parties as the derivative plaintiffs and to add a claim that the defendants breached fiduciary duties to the Trust and The Ridgewood Power Growth Fund (“Growth Fund”) by forming affiliated funds to finance the expansion of underlying projects in which each of the Trust and Growth Fund had an interest, rather than using alternative financing, which allegedly resulted in a misallocation of sale proceeds. In 2011, the defendants agreed to a settlement agreement with the derivative plaintiffs. The defendants disputed the allegations, asserted that the financing transactions were fair and denied all wrongdoing, but agreed to a disposition of the matter, which included assigning to the derivative plaintiffs, on behalf of the Trust and Growth Fund, all of the defendants' rights and claims for coverage from, and any claims for damages against, Liberty Mutual Insurance Company (“Liberty”), the Managing Shareholder's excess insurance carrier. In early 2012, the Court gave its final approval of the settlement. The Court did not determine the merits of the plaintiffs' allegations, rendered no verdict and the settlement agreement is not an admission of any of the facts alleged by the plaintiffs or any wrongdoing by the defendants. | |
The derivative plaintiffs are responsible for the managing, and ultimate disposition, of any claims against Liberty, and as a result, the Managing Shareholder is not able to predict when there will be a resolution of the claims, or if such resolution will include a payment to the Trust and Growth Fund. In June 2012, the derivative plaintiffs filed an amended claim in Suffolk County Superior Court, Commonwealth of Massachusetts, against Liberty, to pursue claims that were assigned as part of the above-mentioned settlement, including among other things, breach of contract. The plaintiffs are seeking the award of damages, interest, costs and attorney fees, as well as the authority to enforce the 2012 settlement agreement against Liberty. The parties filed cross-motions for summary judgment, which were heard by the Court in March 2013. In August 2013, the Court issued a decision in favor of Liberty and ordered that the matter be dismissed. In October 2013, the plaintiffs appealed the decision. |
TRANSACTIONS_WITH_MANAGING_SHA
TRANSACTIONS WITH MANAGING SHAREHOLDER AND AFFILIATES | 12 Months Ended |
Dec. 31, 2014 | |
TRANSACTIONS WITH MANAGING SHAREHOLDER AND AFFILIATES [Abstract] | |
TRANSACTIONS WITH MANAGING SHAREHOLDER AND AFFILIATES | 4. TRANSACTIONS WITH MANAGING SHAREHOLDER AND AFFILIATES |
The Trust operates pursuant to the terms of a management agreement with the Managing Shareholder (“Management Agreement”). Under the terms of the Management Agreement, the Managing Shareholder provides certain management, administrative and advisory services, and provides office space to the Trust. The Trust was historically obligated to pay the Managing Shareholder an annual management fee of $2,332, an amount equal to 2.5% of the total contributed capital of the Trust, as compensation for the services the Managing Shareholder provides to the Trust. The management fee was to be paid in monthly installments and, to the extent that the Trust did not pay the management fee on a timely basis, the Trust accrued interest at an annual rate of 10% on the unpaid balance. Beginning in 2012, the Managing Shareholder agreed to cease charging management fees under the settlement agreement described in Note 3, and no management fees were paid for the years ended December 31, 2014 and 2013. | |
Under the Trust's Declaration of Trust (“Declaration of Trust”), the Managing Shareholder was historically entitled to receive, concurrently with the shareholders of the Trust, other than the Managing Shareholder, 1% of all distributions from operations made by the Trust in a year until the shareholders received distributions in that year equal to 12% per annum of their equity contribution. Thereafter, the Managing Shareholder was entitled to receive 20% of the distributions for the remainder of the year. The Managing Shareholder was entitled to receive 1% of the proceeds from dispositions of Trust property until the shareholders, other than the Managing Shareholder, received cumulative distributions equal to their original investment (“Payout”). After Payout, the Managing Shareholder was entitled to receive 20% of all remaining distributions of the Trust. The Trust has not reached Payout and is not expected to do so. The Managing Shareholder agreed, beginning in 2012, under the settlement agreement described in Note 3, to waive any further distributions it otherwise might be entitled to receive. The Managing Shareholder did not receive any distributions during 2014 and 2013. | |
RRP owns 2.66 Investor Shares of the Trust and its controlling member owns 0.15 Investor Shares. Under the settlement agreement described in Note 3, RRP and its controlling member have waived their rights to receive any future distributions that would otherwise be allocated to the Investor Shares. In addition, the Trust granted the Managing Shareholder a single Management Share representing the Managing Shareholder's management rights. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy) | 12 Months Ended |
Dec. 31, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Presentation | a) Basis of Presentation |
The financial statements were prepared on the liquidation basis of accounting. This basis of accounting is considered appropriate when, among other things, liquidation of the Trust is probable. Under this basis of accounting, assets are valued at their estimated net realizable values and liabilities are valued at their estimated settlement amounts. The valuation of assets and liabilities requires management to make significant estimates and assumptions. | |
For the years ended December 31, 2014 and 2013, the Trust was an “inactive entity” for purposes of the Exchange Act; as a result, the financial statements of the Trust as of December 31, 2014 and 2013, and for the years then ended, have not been audited by the Trust's independent registered public accounting firm. | |
Use of Estimates | b) Use of Estimates |
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires the Trust to make estimates and assumptions that affect the reported amounts of the Trust's assets, liabilities, revenues and expenses, including the disclosure of contingent assets and liabilities, as well as the reported amounts of changes in net assets. The estimates also affect the reported estimated value of net realizable assets and settlement of liabilities. The Trust evaluates these estimates and assumptions on an on-going basis. The Trust evaluates its estimates of assets and recordable liabilities for litigation and other contingencies. The Trust bases its estimates and assumptions on historical experience, current and expected conditions and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates under different circumstances or conditions. | |
Income Taxes | c) Income Taxes |
No provision is made for income taxes in the Trust's financial statements as the net income or losses of the Trust are passed through and included in the income tax returns of the individual shareholders of the Trust. |
DESCRIPTION_OF_BUSINESS_Detail
DESCRIPTION OF BUSINESS (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
DESCRIPTION OF BUSINESS [Abstract] | ||
Distribution to shareholders | ||
Number of shares outstanding | 932.8877 |
TRANSACTIONS_WITH_MANAGING_SHA1
TRANSACTIONS WITH MANAGING SHAREHOLDER AND AFFILIATES (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
TRANSACTIONS WITH MANAGING SHAREHOLDER AND AFFILIATES [Abstract] | |
Annual management fee | $2,332 |
Annual management fee, percentage | 2.50% |
Annual interest rate on management fee balance | 10.00% |
Percentage of distributions allocated to Managing Shareholder | 1.00% |
Maximum percentage of shareholder distributions | 12.00% |
Percentage of distributions allocated to Managing Shareholder after shareholders have received maximum distribution | 20.00% |
Percentage of proceeds from dispositions allocated to Managing Shareholder | 1.00% |
Percentage of proceeds from dispositions allocated to Managing Shareholder after shareholders have reached payout | 20.00% |
Ridgewood Renewable Power LLC [Member] | |
Related Party Transaction [Line Items] | |
Number of shares owned | 2.66 |
Controlling Member [Member] | |
Related Party Transaction [Line Items] | |
Number of shares owned | 0.15 |