Commonwealth Income & Growth Fund V (CIGF5) 10-Q 14 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2019shares
Document and Entity Information:
Entity Registrant Name	COMMONWEALTH INCOME & GROWTH FUND V
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Amendment Flag	false
Entity Central Index Key	0001253347
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	0
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Incorporation, State Country Name	Commonwealth of Pennsylvania

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents	$ 5,541	$ 19,695
Lease income receivable, net of reserve of approximately $10,000 at June 30, 2019 and December 31, 2018.	172,196	114,375
Other receivables	1,055	4,133
Prepaid expenses	165	1,165
Current Assets	178,957	139,368
Net investment in finance leases	11,741	21,334
Equipment, at cost	4,594,630	4,665,356
Accumulated depreciation	(4,200,331)	(4,113,846)
Technology equipment, net	394,299	551,510
Total Assets	584,997	712,212
LIABILITIES
Accounts payable	161,954	173,998
Accounts payable, CIGF, Inc., net	22,732	22,732
Accounts payable, Commonwealth Capital Corp, net	139,952	202,146
Other accrued expenses	14,282	2,979
Unearned lease income	36,405	19,894
Notes payable	193,558	303,642
Total Liabilities	568,883	725,391
COMMITMENTS AND CONTINGENCIES
PARTNERS' CAPITAL
General Partner	1,000	1,000
Limited Partners	15,114	(14,179)
Total Partners' Capital	16,114	(13,179)
Total Liabilities and Partners' Capital	$ 584,997	$ 712,212

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Reserve for doubtful lease income receivable	$ 10,000	$ 10,000

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue
Lease	$ 127,057	$ 145,323	$ 254,883	$ 296,835
Interest and other	232	831	564	1,853
Sales and property taxes	7,905	0	14,869	0
Gain on sale of equipment	0	3,349	375	9,481
Total revenue and gain on sale of equipment	135,194	149,503	270,691	308,169
Expenses
Operating, excluding depreciation and amortization	22,281	11,757	64,916	65,672
Interest	3,059	6,275	6,858	13,113
Depreciation	74,736	97,702	154,755	202,542
Sales and property taxes	7,905	0	14,869	0
Total expenses	107,981	115,734	241,398	281,327
Net income	27,213	33,769	29,293	26,842
Net income allocated to Limited Partners	$ 27,213	$ 33,769	$ 29,293	$ 26,842
Net income per equivalent Limited Partnership unit	$ 0.02	$ 0.03	$ 0.02	$ 0.02
Weighted average number of equivalent Limited Partnership units outstanding during the period	1,236,148	1,236,148	1,236,148	1,236,148

Condensed Statement of Partners

Condensed Statement of Partners' Capital - USD ($)	General Partners	Limited Partners	Total
Partners' Capital at Dec. 31, 2017	$ 1,000	$ (71,280)	$ (70,280)
Partners' Capital Account, Units at Dec. 31, 2017	50	1,236,148
Net income		$ 26,842	26,842
Partners' Capital at Jun. 30, 2018	$ 1,000	$ (44,438)	(43,438)
Partners' Capital Account, Units at Jun. 30, 2018	50	1,236,148
Partners' Capital at Dec. 31, 2018	$ 1,000	$ (14,179)	(13,179)
Partners' Capital Account, Units at Dec. 31, 2018	50	1,236,148
Net income		$ 29,293	29,293
Partners' Capital at Jun. 30, 2019	$ 1,000	$ 15,114	$ 16,114
Partners' Capital Account, Units at Jun. 30, 2019	50	1,236,148

Condensed Statements of Cash Fl

Condensed Statements of Cash Flow - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Statement of Cash Flows [Abstract]
Net cash (used in) provided by operating activities	$ (21,669)	$ (690)
Investing activities:
Payments received from finance leases	0	15,657
Net proceeds from the sale of equipment	7,516	12,358
Net cash provided by investing activities	7,516	28,015
Net (decrease) increase in cash and cash equivalents	(14,154)	27,325
Cash and cash equivalents beginning of period	19,695	12,338
Cash and cash equivalents end of period	$ 5,541	$ 39,663

Business

Business	6 Months Ended
	Jun. 30, 2019
Disclosure Text Block [Abstract]
Business	Commonwealth Income & Growth Fund V (the “Partnership”) is a limited partnership organized in the Commonwealth of Pennsylvania in May 2003. The Partnership offered for sale up to 1,250,000 units of the limited partnership at the purchase price of $20 per unit (the “offering”). The Partnership reached the minimum amount in escrow and commenced operations on March 14, 2005. As of February 24, 2006, the Partnership was fully subscribed. The Partnership used the proceeds of the offering to acquire, own and lease various types of information technology, medical technology, telecommunications technology, inventory management equipment and other similar capital equipment, which is leased primarily to U.S. corporations and institutions. Commonwealth Capital Corp. (“CCC”), on behalf of the Partnership and other affiliated partnerships, acquires equipment subject to associated debt obligations and lease agreements and allocates a participation in the cost, debt and lease revenue to the various partnerships that it manages based on certain risk factors. The Partnership’s investment objective is to acquire primarily high technology equipment. Information technology has developed rapidly in recent years and is expected to continue to do so. Technological advances have permitted reductions in the cost of information technology processing capacity, speed, and utility. In the future, the rate and nature of equipment development may cause equipment to become obsolete more rapidly. The Partnership also acquires high technology medical, telecommunications and inventory management equipment. The Partnership’s general partner will seek to maintain an appropriate balance and diversity in the types of equipment acquired. The market for high technology medical equipment is growing each year. Generally, this type of equipment will have a longer useful life than other types of technology equipment. This allows for increased re-marketability, if it is returned before its economic or announcement cycle is depleted. The Partnership’s General Partner is Commonwealth Income & Growth Fund, Inc. (the “General Partner”), a Pennsylvania corporation which is an indirect wholly owned subsidiary of CCC. Approximately ten years after the commencement of operations (the “operational phase”), the Partnership intended to sell or otherwise dispose of all of its equipment; make final distributions to partners, and to dissolve. The Partnership was originally scheduled to end its operational phase on February 4, 2017. During the year ended December 31, 2015, the operational phase was officially extended to December 31, 2020 through an investor proxy vote. The Partnership is expected to terminate on December 31, 2022. For The General Partner will reassess the funding of limited partner distributions on a quarterly basis, throughout 2019. Liquidity and Going Concern The General Partner and CCC have committed to fund, either through cash contributions and/or forgiveness of indebtedness, any necessary operational cash shortfalls of the Partnership through August 14, 2020. The General Partner will continue to reassess the funding of limited partner distributions throughout 2019 and will continue to waive certain fees. The General Partner and CCC will also determine if related party payables owed to the Partnership may be deferred (if deemed necessary) in an effort to further increase the Partnership’s cash flow. If available cash flow or net disposition proceeds are insufficient to cover the Partnership expenses and liabilities on a short and long term basis, the Partnership may attempt to obtain additional funds by disposing of or refinancing equipment, or by borrowing within its permissible limits. The Partnership has incurred recurring losses and has a working capital deficit at June 30, 2019. The Partnership believes it has alleviated these conditions as discussed above. Allocations of income and distributions of cash are based on the Agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Disclosure Text Block [Abstract]
Summary of Significant Accounting Policies	Basis of Presentation The financial information presented as of any date other than December 31, 2018 has been prepared from the books and records without audit. The following unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Financial information as of December 31, 2018 has been derived from the audited financial statements of the Partnership, but does not include all disclosures required by generally accepted accounting principles to be included in audited financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial information for the periods indicated, have been included. Operating results for the six months ended June 30, 2019 are not necessarily indicative of financial results that may be expected for the full year ended December 31, 2019. Disclosure of Fair Value of Financial Instruments Estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, judgment was necessary to interpret market data and develop estimated fair value. Cash and cash equivalents, receivables, accounts payable and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of June 30, 2019 and December 31, 2018 due to the short term nature of these financial instruments. The Partnership’s long-term debt consists of notes payable, which are secured by specific equipment and are nonrecourse liabilities of the Partnership. The estimated fair value of this debt at June 30, 2019 and December 31, 2018 approximates the carrying value of these instruments, due to the interest rates on the debt approximating current market interest rates. The Partnership classifies the fair value of its notes payable within Level 2 of the valuation hierarchy based on the observable inputs used to estimate fair value. Cash and cash equivalents We consider cash equivalents to be highly liquid investments with the original maturity dates of 90 days or less. At June 30, 2019, cash and cash equivalents was held in one account maintained at one financial institution with an aggregate balance of approximately $7,000. Bank accounts are federally insured up to $250,000 by the FDIC. At June 30, 2019, the total cash bank balance was as follows: At June 30, 2019 Balance Total bank balance $ 7,000 FDIC insured (7,000 ) Uninsured amount $ - The Partnership’s bank balances are fully insured by the FDIC. The Partnership deposits its funds with a Moody's Aaa-Rated banking institution which is one of only three Aaa-Rated banks listed on the New York Stock Exchange. The Partnership has not experienced any losses in such accounts, and believes it is not exposed to any significant credit risk. The amount in such accounts will fluctuate throughout 2019 due to many factors, including cash receipts, equipment acquisitions and interest rates. Recent Accounting Pronouncements Adopted In December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors In March 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) Section A—Leases: Amendments to the FASB Accounting Standards Codification® Section B—Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification® Section C—Background Information and Basis for Conclusions In March 2019, the FASB issued Accounting Standards Update No. 2019-01, Leases (Topic 842) Codification Improvements — ● Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers (Issue 1). ● Presentation on the statement of cash flows—sales-type and direct financing leases (Issue 2). ● Transition disclosures related to Topic 250, Accounting Changes and Error Corrections (Issue 3). We adopted Topic 842 at the required adoption date of January 1, 2019. The Partnership concluded that the sales taxes and other similar taxes collected from the lessees are recorded in the current period on the Condensed Statement of Operations as gross revenues and expenses. As permitted by the guidance, we elected the practical expedient that allows us not to restate comparative periods in the financial statements. Upon adoption of this update, there was no significant change to the Partnership accounting.

Information Technology, Medical

Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment (''Equipment'')	6 Months Ended
	Jun. 30, 2019
Disclosure Text Block [Abstract]
Information and other Technology, Inventory Management Equipment and other Capital Equipment	The Partnership is the lessor of equipment under operating leases with periods that generally will range from 12 to 48 months. In general, associated costs such as repairs and maintenance, insurance and property taxes are paid by the lessee. Remarketing fees are paid to the leasing companies from which the Partnership purchases leases. These are fees that are earned by the leasing companies when the initial terms of the lease have been met. The General Partner believes that this strategy adds value since it entices the leasing company to remain actively involved with the lessee and encourages potential extensions, remarketing or sale of equipment. This strategy is designed to minimize any conflicts the leasing company may have with a new lessee and may assist in maximizing overall portfolio performance. The remarketing fee is tied into lease performance thresholds and is a factor in the negotiation of the fee. Remarketing fees incurred in connection with lease extensions are accounted for as operating costs. Remarketing fees incurred in connection with the sale of equipment are included in the gain or loss calculations. For the six months ended June 30, 2019 and 2018, no remarketing fees were incurred or paid. Gains from the termination of leases are recognized when the lease is modified and terminated concurrently. Gains from lease termination included in lease revenue for the six months ended June 30, 2019 and 2018 were approximately $0 and $3,000, respectively. CCC, on behalf of the Partnership and on behalf of other affiliated companies and partnerships (“partnerships”), acquires equipment subject to associated debt obligations and lease agreements and allocates a participation in the cost, debt and lease revenue to the various companies based on certain risk factors. The Partnership’s share of the cost of the equipment in which it participates with other partnerships at June 30, 2019 was approximately $2,745,000 and is included in the Partnership’s equipment on its balance sheet. The total cost of the equipment shared by the Partnership with other partnerships at June 30, 2019 was approximately $9,878,000. The Partnership’s share of the outstanding debt associated with this equipment at June 30, 2019 was approximately $132,000 and is included in the Partnership’s notes payable on its balance sheet. The total outstanding debt related to the equipment shared by the Partnership at June 30, 2019 was approximately $1,226,000. The Partnership’s share of the cost of the equipment in which it participates with other partnerships at December 31, 2018 was approximately $3,567,000 and is included in the Partnership’s equipment on its balance sheet. The total cost of the equipment shared by the Partnership with other partnerships at December 31, 2018 was approximately $12,260,000. The Partnership’s share of the outstanding debt associated with this equipment at December 31, 2018 was approximately $218,000 and is included in the Partnership’s notes payable on its balance sheet. The total outstanding debt related to the equipment shared by the Partnership at December 31, 2018 was approximately $1,696,000. As the Partnership and the other programs managed by the General Partner continue to acquire new equipment for the portfolio, opportunities for shared participation are expected to continue. Sharing in the acquisition of a lease portfolio gives the fund an opportunity to acquire additional assets and revenue streams, while allowing the fund to remain diversified and reducing its overall risk with respect to one portfolio. The following is a schedule of approximate future minimum rentals on non-cancellable operating leases at June 30, 2019: For the period ended December Amount Six months ended December 31, 2019 $ 147,000 Year Ended December 31, 2020 96,000 Year Ended December 31, 2021 13,000 $ 256,000 Finance Leases: The following lists the approximate components of the net investment in direct financing leases: June 30, 2019 December 31, 2018 Total minimum lease payments to be received $ 10,000 $ 15,000 Estimated residual value of leased equipment (unguaranteed) 3,000 7,000 Less: unearned income (1,000 ) (1,000 ) Net investment in finance leases $ 12,000 $ 21,000 We assess credit risk for all of our customers, including those that lease under finance leases. This credit risk is assessed using an internally developed model which incorporates credit scores from third party providers and our own customer risk ratings and is periodically reviewed. Our internal ratings are weighted based on the industry that the customer operates in. Factors taken into consideration when assessing risk include both general and industry specific qualitative and quantitative metrics. We separately take into consideration payment history, open lawsuits, liens and judgments. Typically, we will not extend credit to a company that has been in business for less than 5 years or that has filed for bankruptcy within the same period. Our internally based model may classify a company as high risk based on our analysis of their audited financial statements. Additional considerations of high risk may include history of late payments, open lawsuits and liens or judgments. In an effort to mitigate risk, we typically require deposits from those in this category. A reserve for credit losses is deemed necessary when payment has not been received for one or more months of receivables due on the equipment held under finance leases. At the end of each period, management evaluates the open receivables due on this equipment and determines the need for a reserve based on payment history and any current factors that would have an impact on payments. The following table presents the credit risk profile, by creditworthiness category, of our direct finance lease receivables at June 30, 2019: Risk Level Percent of Total Low -% Moderate-Low -% Moderate -% Moderate-High 100% High -% Net finance lease receivable 100% As of June 30, 2019 and December 31, 2018, we determined that we did not have a need for an allowance for uncollectible accounts associated with any of our finance leases, as the customer payment histories with us, associated with these leases, has been positive, with no late payments. The following is a schedule of approximate future minimum rentals on non-cancellable finance leases at June 30, 2019: Amount Six months ended December 31, 2019 $ 4,000 2020 6,000 Total $ 10,000 The Partnership was originally scheduled to end its operational phase on February 4, 2017. During the year ended December 31, 2015, the operational phase was officially extended to December 31, 2020 through an investor proxy vote (see note 1). The Partnership is expected to terminate on December 31, 2022. If the Partnership should terminate, CCC will assume all remaining active leases at their fair market value and related remaining revenue stream and any associated debt obligation for the duration of the remaining lease term.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Disclosure Text Block [Abstract]
Related Party Transactions	Receivables/Payables As of June 30, 2019 and December 31, 2018, the Company’s related party receivables and payables are short term, unsecured and non-interest bearing. Six months ended June 30, 2019 2018 Reimbursable Expenses The General Partner and its affiliates are entitled to reimbursement by the Partnership for the cost of goods, supplies or services obtained and used by the General Partner in connection with the administration and operation of the Partnership from third parties unaffiliated with the General Partner. In addition, the General Partner and its affiliates are entitled to reimbursement of certain expenses incurred by the General Partner and its affiliates in connection with the administration and operation of the Partnership. For the three months ended June 30, 2019 and 2018, the General Partner waived certain reimbursable expenses due to it by the Partnership. For the six months ended June 30, 2019 and 2018, the Partnership was charged approximately $0 in Other LP expense. $ 49,000 $ 57,000 Equipment Management Fee The General Partner is entitled to be paid for managing the equipment portfolio a monthly fee equal to the lesser of (i) the fees which would be charged by an independent third party for similar services for similar equipment or (ii) the sum of (a) two percent of (1) the gross lease revenues attributable to equipment which is subject to full payout net leases which contain net lease provisions plus (2) the purchase price paid on conditional sales contracts as received by the Partnership and (b) 5% and 2% of the gross lease revenues attributable to equipment which is subject to operating leases, respectively. In an effort to increase future cash flow for the fund our General Partner had elected to reduce the percentage of equipment management fees paid to it from 5% to 2.5% of the gross lease revenues attributable to equipment which is subject to operating leases. The reduction was effective beginning in July 2010 and remained in effect for the six months ended June 30, 2019 and 2018. For the six months ended June 30, 2019 and 2018, equipment management fees of approximately $6,000 and $4,000 were earned but were waived by the General Partner, respectively. $ - $ -

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2019
Disclosure Text Block [Abstract]
Notes Payable	Notes payable consisted of the following approximate amounts: June 30, December 31, 2019 2018 Installment note payable to bank; interest at 4.47% due in monthly installments of $2,208, including interest, with final payment in February 2019 - 2,000 Installment notes payable to bank; interest at 6.00%, due in monthly installments ranging from $803 to $1,216, including interest, with final payment in February 2019 - 2,000 Installment note payable to bank; interest at 1.80% due in monthly installments of $2,116, including interest, with final payment in February 2019 - 4,000 Installment note payable to bank; interest at 1.80% due in monthly installments of $175, including interest, with final payment in March 2019 - 1,000 Installment notes payable to bank; interest at 1.80% due in monthly installments ranging from $121 to $175, including interest, with final payment in April 2019 - 2,000 Installment note payable to bank; interest at 4.98% due in monthly installments of $2,847, including interest, with final payment in December 2019 17,000 33,000 Installment note payable to bank; interest at 5.25% due in quarterly installments of $8,102, including interest, with final payment in December 2019 16,000 31,000 Installment note payable to bank; interest at 4.87% due in quarterly installments of $11,897, including interest, with final payment in January 2020 35,000 57,000 Installment note payable to bank; interest at 5.25% due in monthly installments of $679, including interest, with final payment in June 2020 8,000 12,000 Installment note payable to bank; interest at 5.56% due in monthly installments of $2,925, including interest, with final payment in June 2020 34,000 50,000 Installment note payable to bank; interest at 4.87% due in monthly installments of $1,902, including interest, with final payment in July 2020 9,000 13,000 Installment note payable to bank; interest at 6.28% due in quarterly installments of $722, including interest, with final payment in September 2020 4,000 5,000 Installment note payable to bank; interest at 5.75% due in monthly installments of $857, including interest, with final payment in November 2020 14,000 19,000 Installment note payable to bank; interest at 5.31% due in quarterly installments of $4,618, including interest, with final payment in January 2021 31,000 39,000 Installment note payable to bank; interest at 4.70% due in monthly installments of $1,360, including interest, with final payment in February 2021 26,000 34,000 $ 194,000 $ 304,000 These notes are secured by specific equipment with a carrying value of approximately $345,000 and are nonrecourse liabilities of the Partnership. As such, the notes do not contain any financial debt covenants with which we must comply on either an annual or quarterly basis. Aggregate approximate maturities of notes payable for each of the periods subsequent to June 30, 2019 are as follows: Amount Six months ended December 31, 2019 $ 103,000 Year ended December 31, 2020 84,000 Year ended December 31, 2021 7,000 $ 194,000 The Partnership was originally scheduled to end its operational phase on February 4, 2017. During the year ended December 31, 2015, the operational phase was officially extended to December 31, 2020 through an investor proxy vote (see note 1). The Partnership is expected to terminate on December 31, 2022. If the Partnership should terminate, CCC will assume the obligation related to the remaining notes payable for the duration of the remaining lease term. During 2015, the General Partner executed a collateralized debt financing agreement on behalf of certain affiliates for a total shared loan amount of approximately $847,000, of which the Partnership’s share was approximately $101,000. The Partnership’s portion of the current loan amount at June 30, 2019 and December 31, 2018 was approximately $0 and $2,000, respectively, and is secured by specific equipment under both operating and finance leases. The carrying value of the secured equipment under operating leases at June 30, 2019 and December 31, 2018 is $0 and $0, respectively. The carrying value of the secured equipment under finance leases at June 30, 2019 and December 31, 2018 is approximately $12,000 and $22,000, respectively.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2019
Disclosure Text Block [Abstract]
Supplemental Cash Flow Information	No interest or principal on notes payable was paid by the Partnership during 2019 and 2018 because direct payment was made by lessee to the bank in lieu of collection of lease income and payment of interest and principal by the Partnership. Other noncash activities included in the determination of net loss are as follows: Six months ended June 30, 2019 2018 Lease revenue net of interest expense on notes payable realized as a result of direct payment of principal by lessee to bank $ 110,000 $ 160,000 During the six months ended June 30, 2019 and 2018, the Partnership wrote-off fully depreciated equipment of approximately $0 and $188,000, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Disclosure Text Block [Abstract]
Commitments and Contingencies	FINRA On May 3, 2013, the FINRA Department of Enforcement filed a complaint naming Commonwealth Capital Securities Corp. (“CCSC”) and the owner of the firm, Kimberly Springsteen-Abbott, as respondents; however on October 22, 2013, FINRA filed an amended complaint that dropped the allegations against CCSC and reduced the scope of the allegations against Ms. Springsteen-Abbott. The sole remaining charge was that Ms. Springsteen-Abbott had approved the misallocation of some expenses to certain Funds. Management believes that the expenses at issue include amounts that were proper and that were properly allocated to Funds, and also identified a smaller number of expenses that had been allocated in error, but were adjusted and repaid to the affected Funds when they were identified in 2012. During the period in question, Commonwealth Capital Corp. (“CCC”) and Ms. Springsteen-Abbott provided important financial support to the Funds, voluntarily absorbed expenses and voluntarily waived fees in amounts aggregating in excess of any questioned allocations. A Hearing Panel ruled on March 30, 2015, that Ms. Springsteen-Abbott should be barred from the securities industry because the Panel concluded that she allegedly misallocated approximately $208,000 of expenses involving certain Funds over the course of three years. As such, management had allocated approximately $87,000 of the $208,000 in allegedly misallocated expenses back to the affected funds as a contingency accrual in CCC’s financial statements and a good faith payment for the benefit of those Income Funds. The decision of the Hearing Panel was stayed when it was appealed to FINRA's National Adjudicatory Council (the “NAC”) pursuant to FINRA Rule 9311. The NAC issued a decision that upheld the lower panel’s ruling and the bar took effect on August 23, 2016. Ms. Springsteen-Abbott appealed the NAC’s decision to the U.S. Securities and Exchange Commission (the “SEC”). On March 31, 2017, the SEC criticized that decision as so flawed that the SEC could not even review it, and remanded the matter back to FINRA for further consideration consistent with the SEC’s remand, but did not suggest any view as to a particular outcome. On July 21, 2017, FINRA reduced the list of 1,840 items totaling $208,000 to a remaining list of 84 items totaling $36,226 (which includes approximately $30,000 of continuing education expenses for personnel providing services to the Funds), and reduced the proposed fine from $100,000 to $50,000, but reaffirmed its position on the bar from the securities industry. Respondents promptly appealed FINRA’s revised ruling to the SEC. That appeal is pending as of August 14, 2019. All requested or allowed briefs have been filed with the SEC. Management believes that whatever final resolution of this may be, it will not result in any material adverse financial impact on the Funds, although a final assurance cannot be provided until the legal matter is resolved.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Policy Text Block [Abstract]
Basis of Presentation	The financial information presented as of any date other than December 31, 2018 has been prepared from the books and records without audit. The following unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Financial information as of December 31, 2018 has been derived from the audited financial statements of the Partnership, but does not include all disclosures required by generally accepted accounting principles to be included in audited financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial information for the periods indicated, have been included. Operating results for the six months ended June 30, 2019 are not necessarily indicative of financial results that may be expected for the full year ended December 31, 2019.
Disclosure of Fair Value of Financial Instruments	Estimated fair value was determined by management using available market information and appropriate valuation methodologies. However, judgment was necessary to interpret market data and develop estimated fair value. Cash and cash equivalents, receivables, accounts payable and accrued expenses and other liabilities are carried at amounts which reasonably approximate their fair values as of June 30, 2019 and December 31, 2018 due to the short term nature of these financial instruments. The Partnership’s long-term debt consists of notes payable, which are secured by specific equipment and are nonrecourse liabilities of the Partnership. The estimated fair value of this debt at June 30, 2019 and December 31, 2018 approximates the carrying value of these instruments, due to the interest rates on the debt approximating current market interest rates. The Partnership classifies the fair value of its notes payable within Level 2 of the valuation hierarchy based on the observable inputs used to estimate fair value.
Cash and Cash Equivalents	We consider cash equivalents to be highly liquid investments with the original maturity dates of 90 days or less. At June 30, 2019, cash and cash equivalents was held in one account maintained at one financial institution with an aggregate balance of approximately $7,000. Bank accounts are federally insured up to $250,000 by the FDIC. At June 30, 2019, the total cash bank balance was as follows: At June 30, 2019 Balance Total bank balance $ 7,000 FDIC insured (7,000 ) Uninsured amount $ - The Partnership’s bank balances are fully insured by the FDIC. The Partnership deposits its funds with a Moody's Aaa-Rated banking institution which is one of only three Aaa-Rated banks listed on the New York Stock Exchange. The Partnership has not experienced any losses in such accounts, and believes it is not exposed to any significant credit risk. The amount in such accounts will fluctuate throughout 2019 due to many factors, including cash receipts, equipment acquisitions and interest rates.
Recent Accounting Pronouncements	In December 2018, the FASB issued ASU No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors In March 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) Section A—Leases: Amendments to the FASB Accounting Standards Codification® Section B—Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification® Section C—Background Information and Basis for Conclusions In March 2019, the FASB issued Accounting Standards Update No. 2019-01, Leases (Topic 842) Codification Improvements — ● Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers (Issue 1). ● Presentation on the statement of cash flows—sales-type and direct financing leases (Issue 2). ● Transition disclosures related to Topic 250, Accounting Changes and Error Corrections (Issue 3). We adopted Topic 842 at the required adoption date of January 1, 2019. The Partnership concluded that the sales taxes and other similar taxes collected from the lessees are recorded in the current period on the Condensed Statement of Operations as gross revenues and expenses. As permitted by the guidance, we elected the practical expedient that allows us not to restate comparative periods in the financial statements. Upon adoption of this update, there was no significant change to the Partnership accounting.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Table Text Block Supplement [Abstract]
Schedule of cash and cash equivalents	At June 30, 2019 Balance Total bank balance $ 7,000 FDIC insured (7,000 ) Uninsured amount $ -

Information Technology, Medic_2

Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment (Tables)	6 Months Ended
	Jun. 30, 2019
Table Text Block Supplement [Abstract]
Schedule of future minimum rentals on non-cancellable operating leases	For the period ended December Amount Six months ended December 31, 2019 $ 147,000 Year Ended December 31, 2020 96,000 Year Ended December 31, 2021 13,000 $ 256,000
Net investment in direct financing leases	June 30, 2019 December 31, 2018 Total minimum lease payments to be received $ 10,000 $ 15,000 Estimated residual value of leased equipment (unguaranteed) 3,000 7,000 Less: unearned income (1,000 ) (1,000 ) Net investment in finance leases $ 12,000 $ 21,000
Finance lease risk level	Risk Level Percent of Total Low -% Moderate-Low -% Moderate -% Moderate-High 100% High -% Net finance lease receivable 100%
Schedule of future minimum rentals on non-cancelable direct financing leases	Amount Six months ended December 31, 2019 $ 4,000 2020 6,000 Total $ 10,000

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2019
Table Text Block Supplement [Abstract]
Schedule of related party transactions	Six months ended June 30, 2019 2018 Reimbursable Expenses The General Partner and its affiliates are entitled to reimbursement by the Partnership for the cost of goods, supplies or services obtained and used by the General Partner in connection with the administration and operation of the Partnership from third parties unaffiliated with the General Partner. In addition, the General Partner and its affiliates are entitled to reimbursement of certain expenses incurred by the General Partner and its affiliates in connection with the administration and operation of the Partnership. For the three months ended June 30, 2019 and 2018, the General Partner waived certain reimbursable expenses due to it by the Partnership. For the six months ended June 30, 2019 and 2018, the Partnership was charged approximately $0 in Other LP expense. $ 49,000 $ 57,000 Equipment Management Fee The General Partner is entitled to be paid for managing the equipment portfolio a monthly fee equal to the lesser of (i) the fees which would be charged by an independent third party for similar services for similar equipment or (ii) the sum of (a) two percent of (1) the gross lease revenues attributable to equipment which is subject to full payout net leases which contain net lease provisions plus (2) the purchase price paid on conditional sales contracts as received by the Partnership and (b) 5% and 2% of the gross lease revenues attributable to equipment which is subject to operating leases, respectively. In an effort to increase future cash flow for the fund our General Partner had elected to reduce the percentage of equipment management fees paid to it from 5% to 2.5% of the gross lease revenues attributable to equipment which is subject to operating leases. The reduction was effective beginning in July 2010 and remained in effect for the six months ended June 30, 2019 and 2018. For the six months ended June 30, 2019 and 2018, equipment management fees of approximately $6,000 and $4,000 were earned but were waived by the General Partner, respectively. $ - $ -

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2019
Table Text Block Supplement [Abstract]
Notes payable	June 30, December 31, 2019 2018 Installment note payable to bank; interest at 4.47% due in monthly installments of $2,208, including interest, with final payment in February 2019 - 2,000 Installment notes payable to bank; interest at 6.00%, due in monthly installments ranging from $803 to $1,216, including interest, with final payment in February 2019 - 2,000 Installment note payable to bank; interest at 1.80% due in monthly installments of $2,116, including interest, with final payment in February 2019 - 4,000 Installment note payable to bank; interest at 1.80% due in monthly installments of $175, including interest, with final payment in March 2019 - 1,000 Installment notes payable to bank; interest at 1.80% due in monthly installments ranging from $121 to $175, including interest, with final payment in April 2019 - 2,000 Installment note payable to bank; interest at 4.98% due in monthly installments of $2,847, including interest, with final payment in December 2019 17,000 33,000 Installment note payable to bank; interest at 5.25% due in quarterly installments of $8,102, including interest, with final payment in December 2019 16,000 31,000 Installment note payable to bank; interest at 4.87% due in quarterly installments of $11,897, including interest, with final payment in January 2020 35,000 57,000 Installment note payable to bank; interest at 5.25% due in monthly installments of $679, including interest, with final payment in June 2020 8,000 12,000 Installment note payable to bank; interest at 5.56% due in monthly installments of $2,925, including interest, with final payment in June 2020 34,000 50,000 Installment note payable to bank; interest at 4.87% due in monthly installments of $1,902, including interest, with final payment in July 2020 9,000 13,000 Installment note payable to bank; interest at 6.28% due in quarterly installments of $722, including interest, with final payment in September 2020 4,000 5,000 Installment note payable to bank; interest at 5.75% due in monthly installments of $857, including interest, with final payment in November 2020 14,000 19,000 Installment note payable to bank; interest at 5.31% due in quarterly installments of $4,618, including interest, with final payment in January 2021 31,000 39,000 Installment note payable to bank; interest at 4.70% due in monthly installments of $1,360, including interest, with final payment in February 2021 26,000 34,000 $ 194,000 $ 304,000
Aggregate maturities of notes payable	Amount Six months ended December 31, 2019 $ 103,000 Year ended December 31, 2020 84,000 Year ended December 31, 2021 7,000 $ 194,000

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2019
Table Text Block Supplement [Abstract]
Other noncash activities	Six months ended June 30, 2019 2018 Lease revenue net of interest expense on notes payable realized as a result of direct payment of principal by lessee to bank $ 110,000 $ 160,000

Business (Details)

Business (Details)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Entity Incorporation, State Country Name	Commonwealth of Pennsylvania

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	Jun. 30, 2019USD ($)
Accounting Policies [Abstract]
Total bank balance	$ 7,000
FDIC insured	(7,000)
Uninsured amount	$ 0

Information Technology, Medic_3

Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment (Details)	Jun. 30, 2019USD ($)
Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment
Six months ended December 31, 2019	$ 147,000
Year Ended December 31, 2020	96,000
Year Ended December 31, 2021	13,000
Total	$ 256,000

Information Technology, Medic_4

Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment (Details 1) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment
Total minimum lease payments to be received	$ 10,000	$ 15,000
Estimated residual value of leased equipment (unguaranteed)	3,000	7,000
Less: unearned income	(1,000)	(1,000)
Net investment in finance leases	$ 12,000	$ 21,000

Information Technology, Medic_5

Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment (Details 2)	Jun. 30, 2019
Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment
Low	0.00%
Moderate-Low	0.00%
Moderate	0.00%
Moderate-High	100.00%
High	0.00%
Net finance lease receivable	100.00%

Information Technology, Medic_6

Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment (Details 3)	Jun. 30, 2019USD ($)
Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment
Six months ended December 31, 2019	$ 4,000
Year Ended December 31, 2020	6,000
Total	$ 10,000

Information Technology, Medic_7

Information Technology, Medical Technology, Telecommunications Technology, Inventory Management Equipment (Details Narrative) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Information Technology Medical Technology Telecommunications Technology Inventory Management Equipment
Equipment shared	$ 2,705,000	$ 3,567,000
Total shared equipment	9,798,000	12,260,000
Debt shared	132,000	218,000
Outstanding debt total	$ 1,226,000	$ 1,696,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Related Party Transactions [Abstract]
Reimbursable expenses	$ 49,000	$ 57,000
Equipment management fee	$ 0	$ 0

Notes Payable (Details)

Notes Payable (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Long-term debt, gross	$ 194,000	$ 304,000
Note 1
Debt instrument, description	Installment note payable to bank; interest at 4.47% due in monthly installments of $2,208, including interest, with final payment in February 2019
Long-term debt, gross	$ 0	2,000
Note 2
Debt instrument, description	Installment notes payable to bank; interest at 6.00%, due in monthly installments ranging from $803 to $1,216, including interest, with final payment in February 2019
Long-term debt, gross	$ 0	2,000
Note 3
Debt instrument, description	Installment note payable to bank; interest at 1.80% due in monthly installments of $2,116, including interest, with final payment in February 2019
Long-term debt, gross	$ 0	4,000
Note 4
Debt instrument, description	Installment note payable to bank; interest at 1.80% due in monthly installments of $175, including interest, with final payment in March 2019
Long-term debt, gross	$ 0	1,000
Note 5
Debt instrument, description	Installment notes payable to bank; interest at 1.80% due in monthly installments ranging from $121 to $175, including interest, with final payment in April 2019
Long-term debt, gross	$ 0	2,000
Note 6
Debt instrument, description	Installment note payable to bank; interest at 4.98% due in monthly installments of $2,847, including interest, with final payment in December 2019
Long-term debt, gross	$ 17,000	33,000
Note 7
Debt instrument, description	Installment note payable to bank; interest at 5.25% due in quarterly installments of $8,102, including interest, with final payment in December 2019
Long-term debt, gross	$ 16,000	31,000
Note 8
Debt instrument, description	Installment note payable to bank; interest at 4.87% due in quarterly installments of $11,897, including interest, with final payment in January 2020
Long-term debt, gross	$ 35,000	57,000
Note 9
Debt instrument, description	Installment note payable to bank; interest at 5.25% due in monthly installments of $679, including interest, with final payment in June 2020
Long-term debt, gross	$ 8,000	12,000
Note 10
Debt instrument, description	Installment note payable to bank; interest at 5.56% due in monthly installments of $2,925, including interest, with final payment in June 2020
Long-term debt, gross	$ 34,000	50,000
Note 11
Debt instrument, description	Installment note payable to bank; interest at 4.87% due in monthly installments of $1,902, including interest, with final payment in July 2020
Long-term debt, gross	$ 9,000	13,000
Note 12
Debt instrument, description	Installment note payable to bank; interest at 6.28% due in quarterly installments of $722, including interest, with final payment in September 2020
Long-term debt, gross	$ 4,000	5,000
Note 13
Debt instrument, description	Installment note payable to bank; interest at 5.75% due in monthly installments of $857, including interest, with final payment in November 2020
Long-term debt, gross	$ 14,000	19,000
Note 14
Debt instrument, description	Installment note payable to bank; interest at 5.31% due in quarterly installments of $4,618, including interest, with final payment in January 2021
Long-term debt, gross	$ 31,000	39,000
Note 15
Debt instrument, description	Installment note payable to bank; interest at 4.70% due in monthly installments of $1,360, including interest, with final payment in February 2021
Long-term debt, gross	$ 26,000	$ 34,000

Notes Payable (Details 1)

Notes Payable (Details 1)	Jun. 30, 2019USD ($)
Notes Payable [Abstract]
Six months ended December 31, 2019	$ 103,000
Year ended December 31, 2020	84,000
Year ended December 31, 2021	7,000
Long-term debt	$ 194,000

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Notes Payable [Abstract]
Carrying value - equipment - notes payable	$ 12,000	$ 22,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Supplemental Cash Flow Information [Abstract]
Lease revenue net of interest expense on notes payable realized as a result of direct payment of principal by lessee to bank	$ 110,000	$ 160,000

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information (Details 1) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Supplemental Cash Flow Information [Abstract]
Write off of equipment	$ 0	$ 188,000