LEAF Equipment Finance Fund 4 10-Q 14 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	LEAF Equipment Finance Fund 4, L.P.
Entity Central Index Key	1426850
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15

Consolidated_Balance_Sheets_Un

Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
ASSETS
Cash	$1	$99
Restricted cash	722	589
Investments in leases and loans, net	4,907	9,440
Deferred financing costs, net	95	143
Other assets	32	27
Total assets	5,757	10,298
Liabilities:
Secured debt	3,267	6,725
Promissory notes payable	9,295	9,295
Accounts payable, accrued expenses, and other liabilities	922	753
Due to affiliates	2,464	2,622
Total liabilities	15,948	19,395
Commitments and contingencies (Note 10)
Partners' Deficit:
General partner	-1,200	-1,189
Limited partners	-8,902	-7,836
Total partners' deficit	-10,102	-9,025
Noncontrolling interest	-89	-72
Total deficit	-10,191	-9,097
Total liabilities and deficit	$5,757	$10,298

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Interest on equipment financings	$264	$568
Rental income	6	38
Gains on sales of equipment and lease dispositions, net	74	105
Other income	33	88
Revenues	377	799
Expenses:
Interest expense	466	1,530
Depreciation of operating leases	3	13
Provision for credit losses	542	1,410
General and administrative expenses	135	280
Administrative expenses reimbursed to affiliate	14	70
Expenses	1,160	3,303
Net loss	-783	-2,504
Less: Net loss attributable to the noncontrolling interest	17	106
Net loss attributable to LEAF 4 partners	-766	-2,398
Net loss allocated to LEAF 4's limited partners	($758)	($2,374)
Weighted average number of limited partnership units outstanding during the period (in units)	1,243,713	1,259,537
Net loss per limited partnership unit (in dollars per unit)	($0.61)	($1.88)

Consolidated_Statement_of_Chan

Consolidated Statement of Changes in Partners' Deficit (Unaudited) (USD $)	General Partner Amount [Member]	Limited Partners [Member]	Total Partners' Deficit [Member]	Non-Controlling Interest [Member]	Total
In Thousands, except Share data, unless otherwise specified
Balance at Dec. 31, 2014	($1,189)	($7,836)	($9,025)	($72)	($9,097)
Balance (in units) at Dec. 31, 2014		1,243,761
Increase (Decrease) in Partners' Capital [Roll Forward]
Cancellation of limited partnership units	0	0	0	0	0
Cancellation of limited partnership units (in units)		-4,250
Cash distributions paid	-3	-308	-311	0	-311
Net loss	-8	-758	-766	-17	-783
Balance at Mar. 31, 2015	($1,200)	($8,902)	($10,102)	($89)	($10,191)
Balance (in units) at Mar. 31, 2015		1,239,511

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($783)	($2,504)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation of operating leases	3	13
Amortization of deferred financing costs	79	354
Amortization of original issue discount on debt	67	663
Provision for credit losses	542	1,410
Gains on sales of equipment and lease dispositions, net	-74	-105
Changes in operating assets and liabilities:
Other assets	-5	-54
Accounts payable, accrued expenses, and other liabilities	169	92
Due to affiliates	-158	631
Net cash (used in) provided by operating activities	-160	500
Cash flows from investing activities:
Proceeds from leases and loans	4,259	6,430
Security deposits returned	-228	-139
Net cash provided by investing activities	4,031	6,291
Cash flows from financing activities:
(Increase) decrease in restricted cash	-133	752
Repayment of debt	-3,525	-6,430
Cash distributions to partners	-311	-1,167
Net cash used in financing activities	-3,969	-6,845
Decrease in cash	-98	-54
Cash, beginning of period	99	229
Cash, end of period	1	175
Cash paid for interest	$93	$524

ORGANIZATION_AND_NATURE_OF_BUS

ORGANIZATION AND NATURE OF BUSINESS	3 Months Ended
	Mar. 31, 2015
ORGANIZATION AND NATURE OF BUSINESS [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS
	LEAF Equipment Finance Fund 4, L.P. (“LEAF 4” or the “Fund”) is a Delaware limited partnership formed on January 25, 2008 by its general partner, LEAF Asset Management, LLC (the “General Partner”), which manages the Fund. The General Partner is a Delaware limited liability company and a subsidiary of Resource America, Inc. (“RAI”). RAI is a publicly-traded company (NASDAQ: REXI) that uses industry specific expertise to evaluate, originate, service and manage investment opportunities through its commercial finance, real estate and financial fund management segments. Through its offering termination date of October 30, 2009, the Fund raised $125.7 million by selling 1.3 million of its limited partnership units. It commenced operations in September 2008.
	The Fund is expected to have a nine-year life, consisting of an offering period of up to two years, a five-year reinvestment period, and a subsequent liquidation period of two years, during which time the Fund’s leases and secured loans will either mature or be sold. In the event the Fund is unable to sell its leases and loans during the liquidation period, the Fund expects to continue to return capital to its partners as those leases and loans mature. All of the Fund’s leases and loans mature by December 2032. The Fund entered its liquidation period in October 2014, and accordingly, is prohibited from acquiring additional leases and loans under the Limited Partnership Agreement (“the Partnership Agreement”). Contractually, the Fund will terminate on December 31, 2032, unless sooner dissolved or terminated as provided in the Partnership Agreement.
	The Fund acquired diversified portfolios of equipment leases and loans to finance to end users throughout the United States as well as the District of Columbia and Puerto Rico. The Fund also acquired existing portfolios from other equipment finance companies, primarily from LEAF Financial Corporation (“LEAF Financial”), an affiliate of its General Partner and a subsidiary of RAI. The primary objective of the Fund is to generate regular cash distributions to its partners from its equipment finance portfolio over the life of the Fund.
	In addition to its 1% general partnership interest, the General Partner has also invested $1.0 million for a 0.87% limited partnership interest in the Fund.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The consolidated financial statements include the accounts of the Fund, LEAF Funding, LLC (“LEAF Funds JV1”), and LEAF Funds Joint Venture 2, LLC (“LEAF Funds JV2”) and its subsidiaries LEAF Commercial Finance Fund, LLC (“LCFF”) and LEAF Receivables Funding 6, LLC.  The Fund maintains a 96% and 98% ownership interest in LEAF Funds JV1 and LEAF Funds JV2, respectively.  All intercompany accounts and transactions have been eliminated in consolidation.
	The accompanying unaudited financial statements reflect all adjustments that are, in the opinion of management, of a normal and recurring nature and necessary for a fair statement of the Fund’s financial position as of March 31, 2015, and the results of its operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the Fund’s operating results for the 2015 calendar year. The financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting.  Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations. These interim financial statements should be read in conjunction with the Fund’s financial statements and notes thereto presented in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC on March 30, 2015.
	Use of Estimates
	Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Significant estimates include the allowance for credit losses and the unguaranteed residual values of leased equipment, among others.  The Fund bases its estimates on historical experience and on various other assumptions that it believes are 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 from these estimates.
	Investments in Leases and Loans
	The Fund’s investments in leases and loans consist of direct financing leases, operating leases, and loans.
	Direct Financing Leases. Certain of the Fund’s lease transactions are accounted for as direct financing leases (as distinguished from operating leases). Such leases transfer substantially all benefits and risks of equipment ownership to the customer. The Fund’s investment in direct financing leases consists of the sum of the total future minimum lease payments receivable and the estimated unguaranteed residual value of leased equipment, less unearned finance income. Unearned finance income, which is recognized as revenue over the term of the financing by the effective interest method, represents the excess of the total future minimum contracted payments plus the estimated unguaranteed residual value expected to be realized at the end of the lease term over the cost of the related equipment.
	Unguaranteed residual value represents the estimated amount to be received at lease termination from lease extensions or ultimate disposition of the leased equipment. The estimates of residual values are based upon the Fund’s history with regard to the realization of residuals, available industry data, and the Fund’s experience with respect to comparable equipment. The estimated residual values are recorded as a component of the investment in leases. Residual values are reviewed periodically to determine if the current estimate of the equipment’s fair market value appears to be below its recorded estimate. If required, residual values are adjusted downward to reflect adjusted estimates of fair market values. Upward adjustments to residual values are not permitted.
	Operating Leases. Leases not meeting the criteria to be classified as direct financing leases are deemed to be operating leases. Under the accounting for operating leases, the cost of the leased equipment, including acquisition fees associated with lease placements, is recorded as an asset and depreciated on a straight-line basis over the equipment’s estimated useful life, generally up to seven years. Rental income consists primarily of monthly periodic rental payments due under the terms of the leases. The Fund recognizes rental income on a straight line basis.
	A review for impairment of operating leases is performed whenever events or changes in circumstances indicate that the carrying amount of the operating leases may not be recoverable.  The Fund writes down its rental equipment to its estimated net realizable value when it is probable that its carrying amount exceeds its fair value and the excess can be reasonably estimated; gains are only recognized upon actual sale of the rental equipment.
	Loans. For term loans, the investment in loans consists of the sum of the total future minimum loan payments receivable less unearned finance income. Unearned finance income, which is recognized as revenue over the term of the financing by the effective interest method, represents the excess of the total future minimum contracted loan payments over the cost of the related equipment. For all other loans, interest income is recorded at the stated rate on the accrual basis to the extent that such amounts are expected to be collected.
	Allowance for Credit Losses. The Fund evaluates the adequacy of the allowance for credit losses (including investments in leases and loans) based upon, among other factors, management’s historical experience on the portfolios it manages, an analysis of contractual delinquencies, economic conditions and trends and equipment finance portfolio characteristics, adjusted for expected recoveries.  In evaluating historic performance, the Fund performs a migration analysis, which estimates the likelihood that an account will progress through delinquency stages to ultimate charge-off.  The Fund’s policy is to charge off to the allowance those financings which are in default and for which management has determined the probability of collection to be remote.  After an account becomes 180 or more days past due, any remaining balance is charged off.  Generally, past due accounts are referred to our internal recovery group consisting of a team of credit specialists and collectors. The group utilizes several resources in an attempt to maximize recoveries on past due accounts including: 1) initiating litigation against the end user customer and any personal guarantor, 2) referring the account to an outside law firm or collection agency and/or 3) repossessing and remarketing the equipment through third parties.
	The Fund discontinues the recognition of revenue for leases and loans for which payments are more than 90 days past due.  Generally, income recognition resumes when a lease or loan becomes less than 90 days delinquent.  Fees from delinquent payments are recognized when received and are included in other income.
	Other Income
	Other income includes miscellaneous fees charged by the Fund such as late fee income, among others.  The Fund recognizes fee income as fees are collected.  Late fee income was $31,000 for the three month period ended March 31, 2015 and was $84,000 for the three month period ending March 31, 2014.
	Recent Accounting Standards
	In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.”  This ASU requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.  The recognition and measurement guidance for debt issuance costs are not affected by this ASU, which is effective retrospectively for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, although early adoption is permitted.  The Fund is currently in the process of evaluating the impact of adoption of this ASU on its consolidated balance sheets and plans to adopt this ASU for interim and fiscal periods beginning in 2016.

INVESTMENTS_IN_LEASES_AND_LOAN

INVESTMENTS IN LEASES AND LOANS, NET	3 Months Ended
	Mar. 31, 2015
INVESTMENTS IN LEASES AND LOANS, NET [Abstract]
INVESTMENTS IN LEASES AND LOANS, NET	NOTE 3 – INVESTMENTS IN LEASES AND LOANS, NET
	The Fund’s investments in leases and loans, net, consists of the following (in thousands):
			March 31,			December 31,
			2015			2014
	Direct financing leases (a)		$	614		$	954
	Loans (b)			4,983			9,013
	Operating leases			–			3
				5,597			9,970
	Allowance for credit losses			(690	)		(530	)
			$	4,907		$	9,440
		(a)	The Fund’s direct financing leases are for initial lease terms generally ranging from 24 to 180 months.
		(b)	The interest rates on loans generally range from 3% to 13%.
	The components of direct financing leases and loans are as follows (in thousands):
			31-Mar-15						31-Dec-14
			Leases			Loans			Leases			Loans
	Total future minimum contractual payments		$	609		$	5,658		$	897		$	10,059
	Unearned income			(62	)		(591	)		(85	)		(932	)
	Residuals, net of unearned residual income (a)			99			-			175			-
	Security deposits			(32	)		(84	)		(33	)		(114	)
			$	614		$	4,983		$	954		$	9,013
		(a)	Unguaranteed residuals for direct financing leases represent the estimated amounts recoverable at lease termination from extensions or disposition of the equipment.
	The Fund’s investment in operating leases, net, consists of the following (in thousands):
			March 31,			December 31,
			2015			2014
	Equipment on operating leases		$	–		$	108
	Accumulated depreciation			–			(105	)
			$	–		$	3

ALLOWANCE_FOR_CREDIT_LOSSES_AN

ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY	3 Months Ended
	Mar. 31, 2015
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY [Abstract]
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS
	LEAF Equipment Finance Fund 4, L.P. (“LEAF 4” or the “Fund”) is a Delaware limited partnership formed on January 25, 2008 by its general partner, LEAF Asset Management, LLC (the “General Partner”), which manages the Fund. The General Partner is a Delaware limited liability company and a subsidiary of Resource America, Inc. (“RAI”). RAI is a publicly-traded company (NASDAQ: REXI) that uses industry specific expertise to evaluate, originate, service and manage investment opportunities through its commercial finance, real estate and financial fund management segments. Through its offering termination date of October 30, 2009, the Fund raised $125.7 million by selling 1.3 million of its limited partnership units. It commenced operations in September 2008.
	The Fund is expected to have a nine-year life, consisting of an offering period of up to two years, a five-year reinvestment period, and a subsequent liquidation period of two years, during which time the Fund’s leases and secured loans will either mature or be sold. In the event the Fund is unable to sell its leases and loans during the liquidation period, the Fund expects to continue to return capital to its partners as those leases and loans mature. All of the Fund’s leases and loans mature by December 2032. The Fund entered its liquidation period in October 2014, and accordingly, is prohibited from acquiring additional leases and loans under the Limited Partnership Agreement (“the Partnership Agreement”). Contractually, the Fund will terminate on December 31, 2032, unless sooner dissolved or terminated as provided in the Partnership Agreement.
	The Fund acquired diversified portfolios of equipment leases and loans to finance to end users throughout the United States as well as the District of Columbia and Puerto Rico. The Fund also acquired existing portfolios from other equipment finance companies, primarily from LEAF Financial Corporation (“LEAF Financial”), an affiliate of its General Partner and a subsidiary of RAI. The primary objective of the Fund is to generate regular cash distributions to its partners from its equipment finance portfolio over the life of the Fund.
	In addition to its 1% general partnership interest, the General Partner has also invested $1.0 million for a 0.87% limited partnership interest in the Fund.

DEFERRED_FINANCING_COSTS_NET

DEFERRED FINANCING COSTS, NET	3 Months Ended
	Mar. 31, 2015
DEFERRED FINANCING COSTS, NET [Abstract]
DEFERRED FINANCING COSTS, NET	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The consolidated financial statements include the accounts of the Fund, LEAF Funding, LLC (“LEAF Funds JV1”), and LEAF Funds Joint Venture 2, LLC (“LEAF Funds JV2”) and its subsidiaries LEAF Commercial Finance Fund, LLC (“LCFF”) and LEAF Receivables Funding 6, LLC.  The Fund maintains a 96% and 98% ownership interest in LEAF Funds JV1 and LEAF Funds JV2, respectively.  All intercompany accounts and transactions have been eliminated in consolidation.
	The accompanying unaudited financial statements reflect all adjustments that are, in the opinion of management, of a normal and recurring nature and necessary for a fair statement of the Fund’s financial position as of March 31, 2015, and the results of its operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the Fund’s operating results for the 2015 calendar year. The financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting.  Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations. These interim financial statements should be read in conjunction with the Fund’s financial statements and notes thereto presented in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC on March 30, 2015.
	Use of Estimates
	Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Significant estimates include the allowance for credit losses and the unguaranteed residual values of leased equipment, among others.  The Fund bases its estimates on historical experience and on various other assumptions that it believes are 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 from these estimates.
	Investments in Leases and Loans
	The Fund’s investments in leases and loans consist of direct financing leases, operating leases, and loans.
	Direct Financing Leases. Certain of the Fund’s lease transactions are accounted for as direct financing leases (as distinguished from operating leases). Such leases transfer substantially all benefits and risks of equipment ownership to the customer. The Fund’s investment in direct financing leases consists of the sum of the total future minimum lease payments receivable and the estimated unguaranteed residual value of leased equipment, less unearned finance income. Unearned finance income, which is recognized as revenue over the term of the financing by the effective interest method, represents the excess of the total future minimum contracted payments plus the estimated unguaranteed residual value expected to be realized at the end of the lease term over the cost of the related equipment.
	Unguaranteed residual value represents the estimated amount to be received at lease termination from lease extensions or ultimate disposition of the leased equipment. The estimates of residual values are based upon the Fund’s history with regard to the realization of residuals, available industry data, and the Fund’s experience with respect to comparable equipment. The estimated residual values are recorded as a component of the investment in leases. Residual values are reviewed periodically to determine if the current estimate of the equipment’s fair market value appears to be below its recorded estimate. If required, residual values are adjusted downward to reflect adjusted estimates of fair market values. Upward adjustments to residual values are not permitted.
	Operating Leases. Leases not meeting the criteria to be classified as direct financing leases are deemed to be operating leases. Under the accounting for operating leases, the cost of the leased equipment, including acquisition fees associated with lease placements, is recorded as an asset and depreciated on a straight-line basis over the equipment’s estimated useful life, generally up to seven years. Rental income consists primarily of monthly periodic rental payments due under the terms of the leases. The Fund recognizes rental income on a straight line basis.
	A review for impairment of operating leases is performed whenever events or changes in circumstances indicate that the carrying amount of the operating leases may not be recoverable.  The Fund writes down its rental equipment to its estimated net realizable value when it is probable that its carrying amount exceeds its fair value and the excess can be reasonably estimated; gains are only recognized upon actual sale of the rental equipment.
	Loans. For term loans, the investment in loans consists of the sum of the total future minimum loan payments receivable less unearned finance income. Unearned finance income, which is recognized as revenue over the term of the financing by the effective interest method, represents the excess of the total future minimum contracted loan payments over the cost of the related equipment. For all other loans, interest income is recorded at the stated rate on the accrual basis to the extent that such amounts are expected to be collected.
	Allowance for Credit Losses. The Fund evaluates the adequacy of the allowance for credit losses (including investments in leases and loans) based upon, among other factors, management’s historical experience on the portfolios it manages, an analysis of contractual delinquencies, economic conditions and trends and equipment finance portfolio characteristics, adjusted for expected recoveries.  In evaluating historic performance, the Fund performs a migration analysis, which estimates the likelihood that an account will progress through delinquency stages to ultimate charge-off.  The Fund’s policy is to charge off to the allowance those financings which are in default and for which management has determined the probability of collection to be remote.  After an account becomes 180 or more days past due, any remaining balance is charged off.  Generally, past due accounts are referred to our internal recovery group consisting of a team of credit specialists and collectors. The group utilizes several resources in an attempt to maximize recoveries on past due accounts including: 1) initiating litigation against the end user customer and any personal guarantor, 2) referring the account to an outside law firm or collection agency and/or 3) repossessing and remarketing the equipment through third parties.
	The Fund discontinues the recognition of revenue for leases and loans for which payments are more than 90 days past due.  Generally, income recognition resumes when a lease or loan becomes less than 90 days delinquent.  Fees from delinquent payments are recognized when received and are included in other income.
	Other Income
	Other income includes miscellaneous fees charged by the Fund such as late fee income, among others.  The Fund recognizes fee income as fees are collected.  Late fee income was $31,000 for the three month period ended March 31, 2015 and was $84,000 for the three month period ending March 31, 2014.
	Recent Accounting Standards
	In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.”  This ASU requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.  The recognition and measurement guidance for debt issuance costs are not affected by this ASU, which is effective retrospectively for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, although early adoption is permitted.  The Fund is currently in the process of evaluating the impact of adoption of this ASU on its consolidated balance sheets and plans to adopt this ASU for interim and fiscal periods beginning in 2016.

SECURED_DEBT

SECURED DEBT	3 Months Ended
	Mar. 31, 2015
SECURED DEBT [Abstract]
SECURED DEBT	NOTE 6 – SECURED DEBT
	The Fund’s secured debt consists of the following (dollars in thousands):
		31-Mar-15									December 31,
											2014
		Type		Maturity	Outstanding			Interest rate			Outstanding
				Date	Balance			per annum			Balance
	2011-1 Term Securitization	Term		Dec-23	$	3,664			5.5	%	$	7,189
	Less:  Unamortized Original Issue Discount					(397	)					(464	)
	Total Debt Balance				$	3,267					$	6,725
	2011-1 Term Securitization
	In January 2011, LEAF Receivables Funding 6, LLC, a subsidiary of LCFF, issued six classes of asset-backed notes (the “2011-1 Term Securitization”), one with a stated maturity date of December 2018 and five with a stated maturity date of December 2023.  The notes totaled approximately $96.0 million, bore interest at fixed stated rates ranging from 1.70% to 5.50%, and were issued at an original discount of approximately $6.2 million, of which approximately $397,000 remains unamortized as of March 31, 2015.  As of that date, approximately $3.1 million of gross leases and loans and $626,000 of restricted cash were pledged as collateral for this facility.  Recourse is limited to the amount of collateral pledged, should the proceeds from the collateral not be sufficient to repay the notes in full.  As of March 31, 2015, the first four classes of notes have been paid off in full prior to their stated maturity dates.
	In March 2015, the Company sold a pool of 26 leases with a net investment of approximately $2.6 million to a third party for proceeds totaling approximately $2.7 million and recognized a gain on the sale of approximately $80,000.  The proceeds from the sale were used to repay a portion of the Company’s 2011-1 term securitization.  The Company is no longer servicing the leases sold.
	Covenants
	The 2011-1 Term Securitization is serviced by LEAF Financial, an affiliate of the Fund’s General Partner (the “Servicer”).  If the Servicer of the Fund’s portfolio does not comply with certain requirements, then the noteholders have the right to replace the Servicer.  The portfolio was not in compliance with these requirements as of March 31, 2015, of which the trustee, rating agency, and noteholders were aware.  However, the Fund is not, nor has been, delinquent on any payments owed to the noteholders.
	Debt Repayments
	Estimated future annual principal payments (gross of unamortized original issue discount of $397,000 as of March 31, 2015) on the Fund’s aggregate borrowings over the next five annual periods ended March 31, and thereafter, are as follows (in thousands):
	31-Mar-16		$	1,345
	31-Mar-17			822
	31-Mar-18			662
	31-Mar-19			463
	31-Mar-20			182
	Thereafter			190
			$	3,664

PROMISSORY_NOTES_PAYABLE

PROMISSORY NOTES PAYABLE	3 Months Ended
	Mar. 31, 2015
PROMISSORY NOTES PAYABLE [Abstract]
PROMISSORY NOTES PAYABLE	NOTE 7 – PROMISSORY NOTES PAYABLE
	LCFF offered 8.25% secured recourse promissory notes (the “Notes”) to private investors in 2008.  The offering closed in February 2009 and raised approximately $9.4 million, of which about $9.3 million was outstanding as of March 31, 2015.  The Notes had a six-year term, required interest only payments until their maturity in February 2015, payable in March 2015, and are subordinated to LCFF’s secured debt.  The Notes are recourse to LCFF only and are collateralized by LCFF’s net assets.  LCFF failed to make the January 2015 and all future periodic interest payments to date and did not pay the principal balance when due in March 2015.  As such, LCFF was notified of its default under the terms of the Notes and began accruing interest in January 2015 at a 10.00% default rate.  However, no rights or remedies, as listed below, have been executed at this time.
	The Notes are subject to various covenants as set forth in their indenture, including an interest coverage ratio test which LCFF was not in compliance with as of March 31, 2015, of which the trustee and noteholders were aware.  As a result, the noteholders have the right to declare an event of default, which to date has not occurred.  If the noteholders would declare an event of default, they have various rights and remedies available to them including (1) the right to declare all amounts currently outstanding under the Notes as immediately due and payable; (2) the right to take immediate possession of the assets of LCFF; and (3) the right to sell or otherwise dispose of the assets of LCFF in their current condition.  However, as the Notes are subordinated to LCFF’s secured debt, the noteholders are only entitled to the collateral remaining after the secured debt is satisfied, if any.  As of March 31, 2015, substantially all of LCFF's assets of approximately $3.8 million (gross of the related allowance for credit losses) were collateral for the gross balance of approximately $3.7 million on its 2011-1 term securitization.

FAIR_VALUE_MEASUREMENT

FAIR VALUE MEASUREMENT

3 Months Ended

Mar. 31, 2015

FAIR VALUE MEASUREMENT [Abstract]

FAIR VALUE MEASUREMENT

NOTE 8 – FAIR VALUE MEASUREMENT

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability at the measurement date (exit price). U.S. GAAP establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs (level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the measurement in its entirety.

•

Level 1 – Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

•

Level 2 – Observable inputs other than quoted prices included within Level 1, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets.

•

Level 3 – Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.

There were no assets or liabilities measured at fair value at March 31, 2015 or December 31, 2014.

The Fund is also required to disclose the fair value of financial instruments not measured at fair value for which it is practicable to estimate that value.  For cash, restricted cash, receivables, and payables, the carrying amounts approximate fair value because of the short term maturity of these instruments.

The methods used to estimate the fair value on secured debt that is not measured at fair value, the level within the fair value hierarchy that those fair value measurements are categorized, and the carrying value of the Fund’s secured debt at March 31, 2015 and December 31, 2014 is as follows (in thousands):

Carrying

Fair Value Measurements Using

Liabilities

Value

Level 1

Level 2

Level 3

at Fair Value

Secured Debt, at March 31, 2015

$

3,267

$

−

$

2,640

$

−

$

2,640

Secured Debt, at December 31, 2014

$

6,725

$

−

$

5,330

$

−

$

5,330

The fair value of the secured debt was determined using quoted prices obtained from broker-dealers as of the measurement date.  The fair value of the promissory notes payable at March 31, 2015 was determined to be $0 as the notes are in default and as LCFF did not pay the principal balance when due in March 2015 and does not expect to repay the balance in the future.

CERTAIN_RELATIONSHIPS_AND_TRAN

CERTAIN RELATIONSHIPS AND TRANSACTIONS WITH AFFILIATES	3 Months Ended
	Mar. 31, 2015
CERTAIN RELATIONSHIPS AND TRANSACTIONS WITH AFFILIATES [Abstract]
CERTAIN RELATIONSHIPS AND TRANSACTIONS WITH AFFILIATES	NOTE 9 – CERTAIN RELATIONSHIPS AND TRANSACTIONS WITH AFFILIATES
	The Fund relies on the General Partner and its affiliates to manage the Fund’s operations and pays the General Partner or its affiliates fees to manage the Fund in accordance with the Partnership Agreement. The following is a summary of fees and costs of services and materials charged by the General Partner or its affiliates (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Administrative expenses	$	14	$	70
	Administrative Expenses. The General Partner and its affiliates are reimbursed by the Fund for administrative services reasonably necessary to operate the Fund, which do not exceed the General Partner’s actual cost of those services.
	Management Fees. The General Partner has waived management fees since August 2010 and all future management fees.  Through March 31, 2015, the General Partner has waived management fees of approximately $7.9 million, of which approximately $34,000 related to the three months ended March 31, 2015.
	Due to Affiliates. Due to affiliates includes amounts owed to the General Partner and its affiliates for various items such as management fees, expense reimbursements, and the acquisition and management of equipment portfolios.  These amounts were advanced with the original expectation of repayment.
	Distributions. The General Partner owns a 1.0% general partnership interest and a 0.87% limited partnership interest in the Fund. The General Partner was paid cash distributions of $3,000 and $3,000 for its general partnership and limited partnership interests, respectively, for the three months ended March 31, 2015 and $12,000 and $10,000 for its general partnership and limited partnership interests, respectively, for the three months ended March 31, 2014.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 10 – COMMITMENTS AND CONTINGENCIES
	The Fund is party to various routine legal proceedings arising out of the ordinary course of its business. Management believes that none of these actions, individually or in the aggregate, will have a material adverse effect on the Fund’s financial condition or results of operations.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2015
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 11 – SUBSEQUENT EVENTS
	The Fund has evaluated its March 31, 2015 financial statements for subsequent events through the date the financial statements were issued.  The Fund is not aware of any subsequent events which would require recognition or disclosure in the financial statements.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2015
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation
	The consolidated financial statements include the accounts of the Fund, LEAF Funding, LLC (“LEAF Funds JV1”), and LEAF Funds Joint Venture 2, LLC (“LEAF Funds JV2”) and its subsidiaries LEAF Commercial Finance Fund, LLC (“LCFF”) and LEAF Receivables Funding 6, LLC.  The Fund maintains a 96% and 98% ownership interest in LEAF Funds JV1 and LEAF Funds JV2, respectively.  All intercompany accounts and transactions have been eliminated in consolidation.
	The accompanying unaudited financial statements reflect all adjustments that are, in the opinion of management, of a normal and recurring nature and necessary for a fair statement of the Fund’s financial position as of March 31, 2015, and the results of its operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the Fund’s operating results for the 2015 calendar year. The financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting.  Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to those rules and regulations. These interim financial statements should be read in conjunction with the Fund’s financial statements and notes thereto presented in the Fund’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC on March 30, 2015.
Use of Estimates	Use of Estimates
	Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Significant estimates include the allowance for credit losses and the unguaranteed residual values of leased equipment, among others.  The Fund bases its estimates on historical experience and on various other assumptions that it believes are 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 from these estimates.
Investments in Leases and Loans	Investments in Leases and Loans
	The Fund’s investments in leases and loans consist of direct financing leases, operating leases, and loans.
	Direct Financing Leases. Certain of the Fund’s lease transactions are accounted for as direct financing leases (as distinguished from operating leases). Such leases transfer substantially all benefits and risks of equipment ownership to the customer. The Fund’s investment in direct financing leases consists of the sum of the total future minimum lease payments receivable and the estimated unguaranteed residual value of leased equipment, less unearned finance income. Unearned finance income, which is recognized as revenue over the term of the financing by the effective interest method, represents the excess of the total future minimum contracted payments plus the estimated unguaranteed residual value expected to be realized at the end of the lease term over the cost of the related equipment.
	Unguaranteed residual value represents the estimated amount to be received at lease termination from lease extensions or ultimate disposition of the leased equipment. The estimates of residual values are based upon the Fund’s history with regard to the realization of residuals, available industry data, and the Fund’s experience with respect to comparable equipment. The estimated residual values are recorded as a component of the investment in leases. Residual values are reviewed periodically to determine if the current estimate of the equipment’s fair market value appears to be below its recorded estimate. If required, residual values are adjusted downward to reflect adjusted estimates of fair market values. Upward adjustments to residual values are not permitted.
	Operating Leases. Leases not meeting the criteria to be classified as direct financing leases are deemed to be operating leases. Under the accounting for operating leases, the cost of the leased equipment, including acquisition fees associated with lease placements, is recorded as an asset and depreciated on a straight-line basis over the equipment’s estimated useful life, generally up to seven years. Rental income consists primarily of monthly periodic rental payments due under the terms of the leases. The Fund recognizes rental income on a straight line basis.
	A review for impairment of operating leases is performed whenever events or changes in circumstances indicate that the carrying amount of the operating leases may not be recoverable.  The Fund writes down its rental equipment to its estimated net realizable value when it is probable that its carrying amount exceeds its fair value and the excess can be reasonably estimated; gains are only recognized upon actual sale of the rental equipment.
	Loans. For term loans, the investment in loans consists of the sum of the total future minimum loan payments receivable less unearned finance income. Unearned finance income, which is recognized as revenue over the term of the financing by the effective interest method, represents the excess of the total future minimum contracted loan payments over the cost of the related equipment. For all other loans, interest income is recorded at the stated rate on the accrual basis to the extent that such amounts are expected to be collected.
	Allowance for Credit Losses. The Fund evaluates the adequacy of the allowance for credit losses (including investments in leases and loans) based upon, among other factors, management’s historical experience on the portfolios it manages, an analysis of contractual delinquencies, economic conditions and trends and equipment finance portfolio characteristics, adjusted for expected recoveries.  In evaluating historic performance, the Fund performs a migration analysis, which estimates the likelihood that an account will progress through delinquency stages to ultimate charge-off.  The Fund’s policy is to charge off to the allowance those financings which are in default and for which management has determined the probability of collection to be remote.  After an account becomes 180 or more days past due, any remaining balance is charged off.  Generally, past due accounts are referred to our internal recovery group consisting of a team of credit specialists and collectors. The group utilizes several resources in an attempt to maximize recoveries on past due accounts including: 1) initiating litigation against the end user customer and any personal guarantor, 2) referring the account to an outside law firm or collection agency and/or 3) repossessing and remarketing the equipment through third parties.
	The Fund discontinues the recognition of revenue for leases and loans for which payments are more than 90 days past due.  Generally, income recognition resumes when a lease or loan becomes less than 90 days delinquent.  Fees from delinquent payments are recognized when received and are included in other income.
Other Income	Other Income
	Other income includes miscellaneous fees charged by the Fund such as late fee income, among others.  The Fund recognizes fee income as fees are collected.  Late fee income was $31,000 for the three month period ended March 31, 2015 and was $84,000 for the three month period ending March 31, 2014.
Recent Accounting Standards	Recent Accounting Standards
	In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.”  This ASU requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.  The recognition and measurement guidance for debt issuance costs are not affected by this ASU, which is effective retrospectively for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, although early adoption is permitted.  The Fund is currently in the process of evaluating the impact of adoption of this ASU on its consolidated balance sheets and plans to adopt this ASU for interim and fiscal periods beginning in 2016.

INVESTMENTS_IN_LEASES_AND_LOAN1

INVESTMENTS IN LEASES AND LOANS, NET (Tables)	3 Months Ended
	Mar. 31, 2015
INVESTMENTS IN LEASES AND LOANS, NET [Abstract]
Net leases and loan investments	The Fund’s investments in leases and loans, net, consists of the following (in thousands):
			March 31,			December 31,
			2015			2014
	Direct financing leases (a)		$	614		$	954
	Loans (b)			4,983			9,013
	Operating leases			–			3
				5,597			9,970
	Allowance for credit losses			(690	)		(530	)
			$	4,907		$	9,440
		(a)	The Fund’s direct financing leases are for initial lease terms generally ranging from 24 to 180 months.
		(b)	The interest rates on loans generally range from 3% to 13%.
Components of direct financing leases and loans	The components of direct financing leases and loans are as follows (in thousands):
			31-Mar-15						31-Dec-14
			Leases			Loans			Leases			Loans
	Total future minimum contractual payments		$	609		$	5,658		$	897		$	10,059
	Unearned income			(62	)		(591	)		(85	)		(932	)
	Residuals, net of unearned residual income (a)			99			-			175			-
	Security deposits			(32	)		(84	)		(33	)		(114	)
			$	614		$	4,983		$	954		$	9,013
		(a)	Unguaranteed residuals for direct financing leases represent the estimated amounts recoverable at lease termination from extensions or disposition of the equipment.
Net operating leases	The Fund’s investment in operating leases, net, consists of the following (in thousands):
			March 31,			December 31,
			2015			2014
	Equipment on operating leases		$	–		$	108
	Accumulated depreciation			–			(105	)
			$	–		$	3

ALLOWANCE_FOR_CREDIT_LOSSES_AN1

ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY (Tables)	3 Months Ended
	Mar. 31, 2015
ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY [Abstract]
Age analysis	The following table is an age analysis of the Fund’s receivables from its investments in leases and loans (presented gross of an allowance for credit losses of $690,000 and $530,000) as of March 31, 2015 and December 31, 2014, respectively (dollars in thousands):
		31-Mar-15						31-Dec-14
	Age of receivable	Investments in			%			Investments in		%
		leases and loans						leases and loans
	Current	$	3,828			68.4	%	$	8,264		82.9	%
	Delinquent:
	31 to 91 days past due		915			16.3	%		925		9.3	%
	Greater than 91 days		854			15.3	%		781		7.8	%
		$	5,597			100	%	$	9,970		100	%
Credit quality indicators	The credit quality of the Fund’s receivables from its investments in leases and loans as of March 31, 2015 and December 31, 2014 is as follows (in thousands):
		March 31,			December 31,
		2015			2014
	Performing	$	4,743		$	9,189
	Nonperforming		854			781
		$	5,597		$	9,970
Allowance for credit losses activity	The following table summarizes the activity in the allowance for credit losses (in thousands):
		Three Months Ended
		March 31,
		2015			2014
	Allowance for credit losses, beginning of period	$	530		$	8,050
	Provision for credit losses		542			1,410
	Charge-offs		(559	)		(1,451	)
	Recoveries		177			121
	Allowance for credit losses, end of period	$	690		$	8,130
	Allowance for credit losses:
	Ending balance, individually evaluated for impairment	$	–		$	7,230
	Ending balance, collectively evaluated for impairment		690			900
	Balance, end of period	$	690		$	8,130
	Investments in leases and loans:
	Ending balance, individually evaluated for impairment	$	–		$	8,368
	Ending balance, collectively evaluated for impairment		5,597			24,556
	Balance, end of period	$	5,597		$	32,924

SECURED_DEBT_Tables

SECURED DEBT (Tables)	3 Months Ended
	Mar. 31, 2015
SECURED DEBT [Abstract]
Schedule of debt	The Fund’s secured debt consists of the following (dollars in thousands):
		31-Mar-15									December 31,
											2014
		Type		Maturity	Outstanding			Interest rate			Outstanding
				Date	Balance			per annum			Balance
	2011-1 Term Securitization	Term		Dec-23	$	3,664			5.5	%	$	7,189
	Less:  Unamortized Original Issue Discount					(397	)					(464	)
	Total Debt Balance				$	3,267					$	6,725
Debt repayments	Debt Repayments
	Estimated future annual principal payments (gross of unamortized original issue discount of $397,000 as of March 31, 2015) on the Fund’s aggregate borrowings over the next five annual periods ended March 31, and thereafter, are as follows (in thousands):
	31-Mar-16		$	1,345
	31-Mar-17			822
	31-Mar-18			662
	31-Mar-19			463
	31-Mar-20			182
	Thereafter			190
			$	3,664

FAIR_VALUE_MEASUREMENT_Tables

FAIR VALUE MEASUREMENT (Tables)	3 Months Ended
	Mar. 31, 2015
FAIR VALUE MEASUREMENT [Abstract]
Carrying value and fair value of funds	The methods used to estimate the fair value on secured debt that is not measured at fair value, the level within the fair value hierarchy that those fair value measurements are categorized, and the carrying value of the Fund’s secured debt at March 31, 2015 and December 31, 2014 is as follows (in thousands):
		Carrying		Fair Value Measurements Using						Liabilities
		Value		Level 1		Level 2		Level 3		at Fair Value
	Secured Debt, at March 31, 2015	$	3,267	$	−	$	2,640	$	−	$	2,640
	Secured Debt, at December 31, 2014	$	6,725	$	−	$	5,330	$	−	$	5,330

CERTAIN_RELATIONSHIPS_AND_TRAN1

CERTAIN RELATIONSHIPS AND TRANSACTIONS WITH AFFILIATES (Tables)	3 Months Ended
	Mar. 31, 2015
CERTAIN RELATIONSHIPS AND TRANSACTIONS WITH AFFILIATES [Abstract]
Summary of related party fees	The following is a summary of fees and costs of services and materials charged by the General Partner or its affiliates (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Administrative expenses	$	14	$	70

ORGANIZATION_AND_NATURE_OF_BUS1

ORGANIZATION AND NATURE OF BUSINESS (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
ORGANIZATION AND NATURE OF BUSINESS [Abstract]
Funds raised during offering termination date	$125.70
Units sold during offering termination date (in units)	1.3
Total expected life of the fund	9 years
Expected offering period	2 years
Expected reinvestment period	5 years
Expected subsequent liquidation period	2 years
Leases and loans maturity date	31-Dec-32
Ownership interest (in hundredths)	1.00%
General Partner's investment in limited partnership interest	$1
General Partner's limited partnership interest (in hundredths)	0.87%

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Equity Method Investments [Line Items]
Operating lease equipment useful life	7 years
Past due accounts provided with full reserve on allowance for credit losses	180 days
Past due period for the discontinuation of revenue recognition, Minimum	90 days
Income recognition on leases or loans, maximum period delinquent	90 days
Other Income [Abstract]
Late fee income	$31,000	$84,000
LEAF Funds JV2 [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest (in hundredths)	98.00%
LEAF Funds JV1 [Member]
Schedule of Equity Method Investments [Line Items]
Ownership interest (in hundredths)	96.00%

INVESTMENTS_IN_LEASES_AND_LOAN2

INVESTMENTS IN LEASES AND LOANS, NET (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in leases and loans, gross	5,597		$9,970
Allowance for credit losses	-690		-530
Investment in leases and loans, net	4,907		9,440
Direct Financing Leases [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in leases and loans, gross	614	[1]	954	[1]
Total future minimum contractual payments	609		897
Unearned income	-62		-85
Residuals, net of unearned residual income	99	[2]	175	[2]
Security deposits	-32		-33
Direct Financing Leases [Member] | Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Direct financing initial lease term	24 months
Direct Financing Leases [Member] | Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Direct financing initial lease term	180 months
Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in leases and loans, gross	4,983	[3]	9,013	[3]
Total future minimum contractual payments	5,658		10,059
Unearned income	-591		-932
Residuals, net of unearned residual income	0	[2]	0	[2]
Security deposits	-84		-114
Loans [Member] | Minimum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan interest rate (in hundredths)	3.00%
Loans [Member] | Maximum [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan interest rate (in hundredths)	13.00%
Operating Leases [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in leases and loans, gross	0		3
Investment in operating leases, net [Abstract]
Equipment on operating leases	0		108
Accumulated depreciation	0		($105)
[1]	The Fund's direct financing leases are for initial lease terms generally ranging from 24 to 180 months.
[2]	Unguaranteed residuals for direct financing leases represent the estimated amounts recoverable at lease termination from extensions or disposition of the equipment.
[3]	The interest rates on loans generally range from 3% to 13%.

ALLOWANCE_FOR_CREDIT_LOSSES_AN2

ALLOWANCE FOR CREDIT LOSSES AND CREDIT QUALITY (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Aging of investment in leases and loans [Abstract]
Current	$3,828		$8,264
Current, percentage of all aged receivables (in hundredths)	68.40%		82.90%
Delinquent [Abstract]
31 to 91 days past due	915		925
31 to 91 days past due, percentage of all aged receivables (in hundredths)	16.30%		9.30%
Greater than 91 days	854		781
Greater than 91 days, percentage of all aged receivables (in hundredths)	15.30%		7.80%
Total aged investment in leases and loans	5,597		9,970
Percentage of all aged receivables (in hundredths)	100.00%		100.00%
Financing Receivable, Recorded Investment [Line Items]
Investment in leases and loans	5,597	32,924	9,970
Allowance for credit losses activity [Abstract]
Allowance for credit losses, beginning of period	530	8,050
Provisions for credit losses	542	1,410
Charge-offs	-559	-1,451
Recoveries	177	121
Allowance for credit losses, end of period	690	8,130
Allowance for credit losses [Abstract]
Ending balance, individually evaluated for impairment	0	7,230
Ending balance, collectively evaluated for impairment	690	900
Balance, end of period	690	8,130
Investments in leases and loans [Abstract]
Ending balance individually evaluated for impairment	0	8,368
Ending balance collectively evaluated for impairment	5,597	24,556
Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Investment in leases and loans	4,743		9,189
Nonperforming [Member]
Financing Receivable, Recorded Investment [Line Items]
Investment in leases and loans	$854		$781

DEFERRED_FINANCING_COSTS_NET_D

DEFERRED FINANCING COSTS, NET (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
DEFERRED FINANCING COSTS, NET [Abstract]
Deferred financing costs	$95,000	$143,000
Accumulated amortization	$2,600,000	$2,500,000

SECURED_DEBT_Details

SECURED DEBT (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
	Lease
	Class
Debt Instrument [Line Items]
Less: Unamortized Original Issue Discount	($397,000)	($464,000)
Long-term debt, net	3,267,000	6,725,000
Interest rate (in hundredths)	8.25%
Asset-backed notes face amount	9,400,000
Debt repayments over the next five annual periods [Abstract]
31-Mar-16	1,345,000
31-Mar-17	822,000
31-Mar-18	662,000
31-Mar-19	463,000
31-Mar-20	182,000
Thereafter	190,000
Total	3,664,000
Term Securitization 2011-1 [Member]
Debt Instrument [Line Items]
Maturity date	31-Dec-23
Long-term debt, gross	3,664,000	7,189,000
Interest rate (in hundredths)	5.50%
Leases and loan pledged as collateral	3,100,000
Restricted cash pledged as collateral	626,000
Number of classes of asset-backed notes	6
Number of classes of asset-backed notes paid off	4
Number of classes of asset-backed notes, lower range	1
Number of classes of asset-backed notes, upper range	5
Maturity date, lower range	31-Dec-18
Maturity date, upper range	31-Dec-23
Asset-backed notes face amount	96,000,000
Net unamortized original issue discount	6,200,000
Interest rate, minimum (in hundredths)	1.70%
Interest rate, maximum (in hundredths)	5.50%
Number of leases sold	26
Book value of leases sold	2,600,000
Proceeds from the sale	2,700,000
Gain on the sale investment	$80,000

PROMISSORY_NOTES_PAYABLE_Detai

PROMISSORY NOTES PAYABLE (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
PROMISSORY NOTES PAYABLE [Abstract]
Interest rate (in hundredths)	8.25%
Subordinated notes, total raised	$9,400,000
Subordinated notes payable	9,295,000	9,295,000
Maturity period of secured promissory notes	6 years
Promissory notes payable default rate (in hundredths)	10.00%
Assets held as collateral for term securitization	3,800,000
Gross balance of term securitization	$3,700,000

FAIR_VALUE_MEASUREMENT_Details

FAIR VALUE MEASUREMENT (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair value of financial instruments for which it is practicable to estimate that value [Abstract]
Promissory notes payable	$9,295	$9,295
Level 1 [Member]
Fair value of financial instruments for which it is practicable to estimate that value [Abstract]
Secured Debt	0	0
Level 2 [Member]
Fair value of financial instruments for which it is practicable to estimate that value [Abstract]
Secured Debt	2,640	5,330
Level 3 [Member]
Fair value of financial instruments for which it is practicable to estimate that value [Abstract]
Secured Debt	0	0
Carrying Value [Member]
Fair value of financial instruments for which it is practicable to estimate that value [Abstract]
Secured Debt	3,267	6,725
Fair Value [Member]
Fair value of financial instruments for which it is practicable to estimate that value [Abstract]
Secured Debt	2,640	5,330
Promissory notes payable	$0

CERTAIN_RELATIONSHIPS_AND_TRAN2

CERTAIN RELATIONSHIPS AND TRANSACTIONS WITH AFFILIATES (Details) (USD $)	3 Months Ended		56 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015
CERTAIN RELATIONSHIPS AND TRANSACTIONS WITH AFFILIATES [Abstract]
Administrative expenses	$14,000	$70,000
General partner management fee waived	34,000		7,900,000
Ownership interest (in hundredths)	1.00%
Percentage of cumulative annual return on the limited partners capital contributions (in hundredths)	0.87%
General partners cash distributions paid	3,000	12,000	3,000
Limited partners cash distributions paid	$3,000	$10,000	$3,000