Document and Entity Information
Document and Entity Information | 4 Months Ended |
Apr. 15, 2016 | |
Document And Entity Information | |
Entity Registrant Name | SQN Asset Income Fund V, L.P. |
Entity Central Index Key | 1,672,773 |
Document Type | S1 |
Document Period End Date | Apr. 15, 2016 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Balance Sheet
Balance Sheet | Apr. 15, 2016USD ($) |
Assets | |
Cash and cash equivalents | $ 2,100 |
Total Assets | 2,100 |
Liabilities: | |
Loans Payable | 1,000 |
Total Liabilities | 1,000 |
Member's/Partners' Equity | |
Equity - Limited Partners | 1,000 |
Equity - General Partner | 100 |
Total Partners' Equity attributable to the Partnership | 1,100 |
Total Equity | 1,100 |
Total Liabilities and Member's /Partners' Equity | 2,100 |
SQN AIF V GP, LLC [Member] | |
Assets | |
Due from SQN Asset Income Fund V, L.P. | 1,000 |
Investment in SQN Asset Income Fund V, L.P. | 100 |
Total Assets | 1,100 |
Member's/Partners' Equity | |
Member's equity | 1,100 |
Total Liabilities and Member's /Partners' Equity | $ 1,100 |
Organization and Nature of Oper
Organization and Nature of Operations | 4 Months Ended |
Apr. 15, 2016 | |
Organization and Nature of Operations | 1. Organization and Nature of Operations Nature of business and operations With the proceeds from the sale of limited partnership interests, the Partnership intends to invest in business-essential, revenue-producing (or cost-saving) equipment and other physical assets with substantial economic lives and, in many cases, associated revenue streams and for infrastructure and project financings. Many of the Partnerships investments will be structured as equipment leases, but may also include other structures, including, but not limited to, participation agreements, residual sharing agreements, project financings and vendor and rental programs. The General Partner will be responsible for the day-to-day operations and management of the Partnership. The Investment Manager will make investments on behalf of the Partnership and manage the investments of the Partnership. The Partnership will generate income through the collection of lease rentals and other revenues and through the sale of leased equipment and other portfolio investments. The Partnerships fiscal year ends on December 31. |
SQN AIF V GP, LLC [Member] | |
Organization and Nature of Operations | 1. Organization and Nature of Operations Nature of business and operations The LLC was formed during January 2016, as a Delaware limited liability company. The LLC manages and controls the business affairs of the Managed Fund, including, but not limited to, the investments that the Managed Fund makes, pursuant to the terms of the Managed Funds limited partnership agreement. The Managed Fund is in the process of filing a registration statement (Form S-1) with the Securities Exchange Commission and will operate as a publicly registered equipment leasing and finance fund for the purpose of investing in a diverse pool of business-essential equipment and physical assets. The LLC will be entitled to 1% of the Managed Funds profits, losses, cash distributions and liquidation proceeds. The LLC will also have a promotional interest in the Managed Fund equal to 20% of all distributed distributable cash after the Managed Fund has provided a return to its Limited Partners of their respective capital contributions plus an 8% per annum, cumulative return, compounded annually on their capital contributions. The LLCs fiscal year ends on December 31. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 4 Months Ended |
Apr. 15, 2016 | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of presentation - Cash and cash equivalents - The Partnerships cash and cash equivalents are held principally at one financial institution in the United States of America and at times the balances may exceed federally insured limits. At April 15, 2016, the Partnership had cash and cash equivalents of $2,100 held in one bank in the United States of America. Income taxes - Uncertain tax positions - The Partnership has adopted the provisions of Financial Accounting Standards Boards Topic 740, Accounting for Uncertainty in Income Taxes. This accounting guidance prescribes recognition thresholds that must be met before a tax position is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Additionally, an entity may only recognize or continue to recognize tax positions that meet a more likely than not threshold. The Partnership has evaluated its entity level tax position as of April 15, 2016 and does not expect any material adjustments to be made. Use of estimates - |
SQN AIF V GP, LLC [Member] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Consolidation Basis of presentation The accompanying balance sheet of the LLC has been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP). Cash and cash equivalents The LLC considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of funds maintained in checking and money market accounts held at one financial institution. The LLCs cash and cash equivalents are held principally at one financial institution in the United States of America and at times the balances may exceed federally insured limits. Revenue recognition - Income taxes - The LLC has adopted the provisions of Financial Accounting Standards Boards Topic 740, Accounting for Uncertainty in Income Taxes. This accounting guidance prescribes recognition thresholds that must be met before a tax position is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Additionally, an entity may only recognize or continue to recognize tax positions that meet a more likely than not threshold. The LLC has evaluated its entity level tax position as of April 15, 2016 and does not expect any material adjustments to be made. Use of estimates - |
Capital Contributions
Capital Contributions | 4 Months Ended |
Apr. 15, 2016 | |
Equity [Abstract] | |
Capital Contributions | 3. Capital Contributions The General Partner has made the following cash payments to the Partnership: (i) a General Partner capital contribution of $100, and (ii) an additional $1,000 for any incidental costs which may arise which is shown as loans payable in the accompanying balance sheet. The Partnerships Investment Manager made the initial cash payment to the Partnership of $1,000 which was applied against the Investment Managers purchase of the initial Limited Partners interest in the Partnership. Once the Partnership completes its first closing and admits additional Limited Partners, the initial Limited Partner will be refunded its initial capital contribution. |
Related Party Transactions
Related Party Transactions | 4 Months Ended |
Apr. 15, 2016 | |
Related Party Transactions | 4. Related Party Transactions The Partnership will enter into certain agreements with the General Partner, the Investment Manager and SQN Securities, LLC, an affiliate of the General Partner that is acting as exclusive sales agent for the offering of the Partnerships limited partnership units, whereby the Partnership pays certain fees and reimbursements to these parties. Pursuant to the terms of the Partnership Agreement, the General Partner is entitled to (i) 1% of the Partnerships profits, losses, cash distributions and liquidation proceeds, and (ii) a promotional interest in the Partnership, and (iii) a promotional interest in the Partnership equal to 20% of all distributed distributable cash after the Partnership has provided a return to its Limited Partners of their respective capital contributions plus an 8% per annum, cumulative return, compounded annually on their capital contributions. In addition, the General Partner and its affiliates will be reimbursed for organizational and offering expenses incurred in connection with the Partnerships organization and offering of limited partnership units and certain administrative expenses incurred in connection with the Partnerships operations. Once the Partnership raises the minimum capital contributions of $1,200,000, fees and expenses associated with the Partnerships organization and offering costs will become reimbursable to the Partnerships General Partner and Investment Manager. |
SQN AIF V GP, LLC [Member] | |
Related Party Transactions | 3. Related Party Transactions The LLC may be reimbursed for expenses incurred on behalf of the Managed Fund for the organization and offering of the Managed Fund. The LLC is entitled to 1% of the Managed Funds profits, losses, cash distributions and liquidation proceeds and reimbursement for administrative expenses incurred in relation to the Managed Funds operations. The LLC also has a promotional interest in the Managed Fund equal to 20% of all distributed distributable cash after the Managed Fund has provided a return to its Limited Partners of their respective capital contributions plus an 8% per annum, cumulative return, compounded annually on their capital contributions. At April 15, 2016, the LLC had a $100 investment in the Managed Fund, which represents the general partnership interest the LLC owns in the Managed Fund. At April 15, 2016, the LLC had advanced the Managed Fund an additional $1,000 as a loan for incidental costs. |
Subsequent Events
Subsequent Events | 4 Months Ended |
Apr. 15, 2016 | |
Subsequent Events | 5. Subsequent Events The Partnership has evaluated all subsequent events from the date of the balance sheet through May 10, 2016, which represents the date these financial statements are available to be issued. There were no events or transactions occurring during the subsequent event reporting period which require recognition or disclosure in the financial statements, except as discussed above. |
SQN AIF V GP, LLC [Member] | |
Subsequent Events | 4. Subsequent Events The LLC has evaluated all subsequent events from the date of the balance sheet through May 10, 2016, which represents the date these financial statements are available to be issued. There were no events or transactions occurring during the subsequent event reporting period which require recognition or disclosure in the financial statements, except as discussed above. |
Summary of Significant Account8
Summary of Significant Accounting Policies (Policies) | 4 Months Ended |
Apr. 15, 2016 | |
Income Taxes | Income taxes - |
Use of Estimates | Use of estimates - |
Basis of Presentation | Basis of presentation - |
Cash and Cash Equivalents | Cash and cash equivalents - The Partnerships cash and cash equivalents are held principally at one financial institution in the United States of America and at times the balances may exceed federally insured limits. At April 15, 2016, the Partnership had cash and cash equivalents of $2,100 held in one bank in the United States of America. |
Uncertain Tax Positions | Uncertain tax positions - The Partnership has adopted the provisions of Financial Accounting Standards Boards Topic 740, Accounting for Uncertainty in Income Taxes. This accounting guidance prescribes recognition thresholds that must be met before a tax position is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Additionally, an entity may only recognize or continue to recognize tax positions that meet a more likely than not threshold. The Partnership has evaluated its entity level tax position as of April 15, 2016 and does not expect any material adjustments to be made. |
SQN AIF V GP, LLC [Member] | |
Consolidation | Consolidation Basis of presentation The accompanying balance sheet of the LLC has been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP). Cash and cash equivalents The LLC considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents consist of funds maintained in checking and money market accounts held at one financial institution. The LLCs cash and cash equivalents are held principally at one financial institution in the United States of America and at times the balances may exceed federally insured limits. |
Revenue Recognition | Revenue recognition - |
Income Taxes | Income taxes - The LLC has adopted the provisions of Financial Accounting Standards Boards Topic 740, Accounting for Uncertainty in Income Taxes. This accounting guidance prescribes recognition thresholds that must be met before a tax position is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Additionally, an entity may only recognize or continue to recognize tax positions that meet a more likely than not threshold. The LLC has evaluated its entity level tax position as of April 15, 2016 and does not expect any material adjustments to be made. |
Use of Estimates | Use of estimates - |
Organization and Nature of Ope9
Organization and Nature of Operations (Details Narrative) | 4 Months Ended |
Apr. 15, 2016USD ($)shares | |
Percentage of entitled of managed funds profits, losses, cash distributions and liquidation proceeds | 1.00% |
Percentage of distributed cash | 20.00% |
Percentage of capital contributions | 8.00% |
Limited partners capital | $ 1,000 |
Limited partnership units | shares | 25,000,000 |
Maximum [Member] | |
Raising of capital contrbution | $ 250,000,000 |
Minimum [Member] | |
Raising of capital contrbution | $ 1,200,000 |
SQN AIF V GP, LLC [Member] | |
Percentage of entitled of managed funds profits, losses, cash distributions and liquidation proceeds | 1.00% |
Percentage of distributed cash | 20.00% |
Percentage of capital contributions | 8.00% |
Summary of Significant Accoun10
Summary of Significant Accounting Policies (Details Narrative) | Apr. 15, 2016USD ($) |
Percentage of entitled of managed funds profits, losses, cash distributions and liquidation proceeds | 1.00% |
Percentage of distributed cash | 20.00% |
Percentage of capital contributions | 8.00% |
Cash and cash equivalents | $ 2,100 |
SQN AIF V GP, LLC [Member] | |
Percentage of entitled of managed funds profits, losses, cash distributions and liquidation proceeds | 1.00% |
Percentage of distributed cash | 20.00% |
Percentage of capital contributions | 8.00% |
Capital Contributions (Details
Capital Contributions (Details Narrative) | Apr. 15, 2016USD ($) |
Equity [Abstract] | |
General partner capital contribution | $ 100 |
Loans payable | 1,000 |
Initial cash payment to partnership | $ 1,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | 4 Months Ended |
Apr. 15, 2016USD ($) | |
Percentage of entitled of managed funds profits, losses, cash distributions and liquidation proceeds | 1.00% |
Percentage of distributed cash | 20.00% |
Percentage of capital contributions | 8.00% |
Minimum [Member] | |
Capital contributions | $ 1,200,000 |
SQN AIF V GP, LLC [Member] | |
Percentage of entitled of managed funds profits, losses, cash distributions and liquidation proceeds | 1.00% |
Percentage of distributed cash | 20.00% |
Percentage of capital contributions | 8.00% |
Investment | $ 100 |
Advanced from related parties | $ 1,000 |