Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'REAL ESTATE ASSOCIATES LTD/CA |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Amendment Flag | 'false |
Entity Central Index Key | '0000225789 |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 16,216.45 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'Yes |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $656 | $1,292 |
Receivables and deposits | 21 | 35 |
Restricted escrows | ' | 452 |
Total assets | 677 | 1,779 |
Liabilities: | ' | ' |
Accounts payable and accrued expenses | 34 | 49 |
Accrued fees due to General Partner | 60 | 590 |
Advances and accrued interest due to General Partner or affiliates | 0 | 543 |
Total liabilities | 94 | 1,182 |
Partners' Capital Equity (Deficiency): | ' | ' |
General partner | -121 | -121 |
Limited partners | 704 | 718 |
Total partners' capital equity (deficiency) | 583 | 597 |
Total liabilities and partners' capital equity (deficiency) | $677 | $1,779 |
Statements_of_Operations_unaud
Statements of Operations (unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Rental income | ' | $213 |
Other income | ' | 77 |
Total revenues | ' | 290 |
Operating Expenses: | ' | ' |
Operating Costs | ' | 218 |
Depreciation and amortization | ' | -52 |
Property taxes | ' | 20 |
Management fees - General Partner | ' | 14 |
General and administrative | 2 | 1 |
Legal and accounting | 60 | 34 |
Interest expense | 7 | 21 |
Total operating expenses | 69 | 360 |
Income (Loss) from partnership operations | -69 | -70 |
Distributions in excess of investment in Local Partnerships | 55 | 35 |
Net Income (Loss) | -14 | -35 |
Net Income (Loss) allocated to limited partners (99%) | ($14) | ($35) |
Net Income (Loss) per limited partnership interest | ($0.86) | ($2.15) |
Statement_of_Changes_in_Partne
Statement of Changes in Partners' Capital (Deficiency) (USD $) | General Partner | Limited Partners | Total |
In Thousands | |||
Partners' capital equity (deficiency), beginning balance at Dec. 31, 2013 | ($121) | $718 | $597 |
Net Income (Loss) | ' | -14 | -14 |
Partners' capital equity (deficiency), ending balance at Mar. 31, 2014 | ($121) | $704 | $583 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net Income (Loss) | ($14) | ($35) |
Adjustments to reconcile Net Income (Loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | ' | 52 |
Amortization of mortgage premium | ' | -11 |
Distributions in excess of investments | -55 | -35 |
Change in accounts: | ' | ' |
Change in Receivables and deposits | 14 | 10 |
Change in Restricted escrows | 452 | -104 |
Change in Other assets | ' | 59 |
Change in Accounts payable and accrued expenses | -15 | -7 |
Change in Accrued fees due to General Partner | -530 | 14 |
Change in Accrued interest on advances | ' | 11 |
Change in Tenant security deposit liability | ' | -3 |
Change in Accrued property tax | ' | 20 |
Net cash provided by (used in) operating activities | -148 | -29 |
Cash flows provided by (used in) investing activities: | ' | ' |
Distributions in excess of investments | 55 | 35 |
Net cash provided by (used in) investing activities | 55 | 35 |
Cash flows provided by (used in) financing activities: | ' | ' |
Principal payments on mortgage notes payable | ' | -69 |
Repayment of advances from General Partner | -543 | ' |
Net cash flows provided by (used in) financing activities | -543 | -69 |
Net increase (decrease) in cash and cash equivalents | -636 | -63 |
Cash and cash equivalents, beginning of period | 1,292 | 185 |
Cash and cash equivalents, end of period | 656 | 122 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | ' | $10 |
Note_1_Organization_and_Summar
Note 1 - Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Note 1 - Organization and Summary of Significant Accounting Policies | ' |
Note 1 – Organization and Summary of Significant Accounting Policies | |
General | |
The information contained in the following notes to the unaudited financial statements is condensed from that which would appear in the annual audited financial statements; accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and related notes thereto contained in the annual report for the fiscal year ended December 31, 2013. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the interim periods presented are not necessarily indicative of the results expected for the entire year. | |
In the opinion of the Partnership’s management, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring items) considered necessary for a fair presentation. The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. | |
The general partner has a one percent interest in profits and losses of the Partnership. The limited partners have the remaining 99 percent interest in proportion to their respective investments. The general partner is National Partnership Investments, LLC, a California limited liability company (“NAPICO” or the "General Partner"). The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). | |
At March 31, 2014 and December 31, 2013, the Partnership had outstanding 16,216.45 local limited partnership interests. | |
Basis of Presentation | |
The accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States. | |
Principles of Consolidation | |
The financial statements for 2013 were consolidated as a result of the assignment of the local operating general partner interest in Bethel Towers Limited Dividend Housing Association (“Bethel Towers”) to the Partnership on December 10, 2012 (as discussed in Note 2), the Partnership began consolidating the assets, liabilities, and operations of Bethel Towers as of December 10, 2012. The 2013 consolidated financial statements of the Partnership included its 99.99% general and limited partner interests in Bethel Towers. All significant inter-partnership balances had been eliminated. | |
Net Income (Loss) Per Local Limited Partnership Interest | |
Net income (loss) per local limited partnership interest was computed by dividing the limited partners’ share of net income (loss) by the number of local limited partnership interests outstanding at the beginning of the year. The number of local limited partnership interests used was 16,216.45 and 16,251 for the three ended March 31, 2014 and 2013, respectively. | |
Variable Interest Entities | |
At March 31, 2014 and December 31, 2013, the Partnership held variable interests in zero variable interest entities, or VIEs. However, during the three months ended March 31, 2013, the Partnership held variable interests in three VIEs for which the Partnership was not the primary beneficiary. The Partnership does not consolidate any VIEs in which the Partnership holds a variable interest unless the Partnership is the primary beneficiary. | |
Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. | |
In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Partnership’s investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. | |
On December 10, 2012, the Partnership became the operating general partner of Bethel Towers, as a result of the assignment of the local operating general partner interest in Bethel Towers to the Partnership. Therefore, effective December 10, 2012, the Partnership began consolidating this Local Partnership and was not considered a VIE (see Note 2)for 2013. | |
The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in the Local Partnership, that the general partner of the Local Partnership is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors: | |
· the general partner conducts and manage the business of the Local Partnership; | |
· the general partner has the responsibility for and sole discretion over selecting a property management agent for the Local Partnership's underlying real estate properties; | |
· the general partner is responsible for approving operating and capital budgets for the properties owned by the Local Partnership; | |
· the general partner is obligated to fund any recourse obligations of the Local Partnership; | |
· the general partner is authorized to borrow funds on behalf of the Local Partnership; and | |
· the Partnership, as a limited partner in the Local Partnership, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnership that most significantly impact such entity's economic performance. |
Note_2_Investments_in_and_Adva
Note 2 - Investments in and Advances To Local Partnerships | 3 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Note 2 - Investments in and Advances To Local Partnerships | ' |
Note 2 – Investment in and Advances to Local Partnerships | |
Effective December 10, 2012, the Partnership designated itself as the operating general partner of Bethel Towers pursuant to the terms of the partnership agreement for Bethel Towers whereby the Partnership was to be named the operating general partner of Bethel Towers upon the death of the existing operating general partner. Accordingly, the 0.99% local operating general partner interest in Bethel Towers was assigned to the Partnership as of December 10, 2012. As a result of this assignment, the Partnership consolidated this Local Partnership in the 2013 financial statements. (as discussed in Note 1). All assets and liabilities of Bethel Towers were consolidated, effective December 10, 2012, at fair value. The Partnership recorded an intangible asset for the value of the in-place lease assets of approximately $131,000 determined by using internal valuation techniques that consider the terms of the in-place leases and current market data for comparable leases. This intangible asset was amortized over a period of six months and was fully amortized at June 30, 2013. The investment property was recorded at fair value determined by using internal valuation techniques that considered comparable market transactions, discounted cash flow techniques, replacement costs and other available information. The investment property was depreciated over 30 years. The mortgage notes payable were recorded at fair value determined by discounting future cash flows using a discount rate commensurate with that currently believed to be available to the Partnership for similar term mortgage notes payable. Due to the short term nature of the balances, the Partnership assumed the fair value of all other current assets and liabilities approximated their carrying value and no adjustments were recorded. The consolidation resulted in a gain of $1,385,000. | |
With the exception of its investment in Bethel Towers, the Partnership, as a limited partner, does not have a contractual relationship with the Local Partnership or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnership that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (between 95% and 99%). Distributions of surplus cash from operations from the Local Partnership are restricted by the Local Partnership's Regulatory Agreements with the United States Department of Housing and Urban Development (“HUD”). These restrictions limit the distribution to a portion, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Partnerships’ partnership agreements. This agreement usually limits the Partnership's distributions to an amount substantially less than its ownership percentage in the Local Partnership. | |
In July 2013, the Partnership sold its limited partnership interest in New-Bel-Mo Enterprises L.P. (Belleville Manor) to an affiliate of the Local Operating General Partner. The Partnership received $20,500 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at the time of sale. | |
In July 2013, the Partnership sold its limited partnership interest in Clinton Apartments, Ltd. to an affiliate of the Local Operating General Partner. The Partnership received $37,000 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at the time of sale. | |
In July 2013, the Partnership sold its limited partnership interest in Emporia Limited (Northwood Village) to an affiliate of the Local Operating General Partner. The Partnership received $400,000 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at the time of sale. | |
In August 2013, the Partnership sold its limited partnership interest in Williamson Towers to an affiliate of the Local Operating General Partner. The Partnership received $25,000 in proceeds from the sale. The Partnership's investment balance in this Local Partnership was zero at the time of sale. | |
In December 2013, the Partnership sold Bethel Towers. The Partnership received approximately $1,079,000 in proceeds from the sale. | |
The individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once its investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying statements of operations. The Partnership received operating distributions of approximately $55,000 and $35,000 from Local Partnerships for the three months ended March 31, 2014 and 2013, respectively. | |
For those investments where the Partnership has determined that the carrying value of its investments approximates the estimated fair value of those investments, the Partnership’s policy is to recognize equity in income of the Local Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize. | |
Prior to January 1, 2012, the investment balance in all of the Local Partnerships had been reduced to zero. The Partnership’s investment balance in Bethel Towers was zero prior to its consolidation effective December 10, 2012. | |
At times, advances are made to the Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership's investment in the Local Partnerships. Advances made to Local Partnerships for which the investment has been reduced to zero are charged to expense. During the three months ended March 31, 2014 and 2013 the Partnership made no such advances. |
Note_3_Transactions_With_Affil
Note 3 - Transactions With Affiliated Parties | 3 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Note 3 - Transactions With Affiliated Parties | ' |
Note 3 – Transactions with Affiliated Parties | |
Under the terms of the Restated Certificate and Agreement of Limited Partners, the Partnership is obligated to NAPICO for an annual management fee equal to 0.5 percent of the Partnership’s original invested assets of the local limited partnerships and is calculated at the beginning of each year. Invested assets are defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interest in the capital accounts of the respective Local Partnerships. The management fee incurred was approximately $0 and $14,000 for the three months ended March 31, 2014 and 2013, respectively. At March 31, 2014 and December 31, 2013, the Partnership owed NAPICO approximately $0 and $538,000, respectively, for management fees and this amount is included in accrued fees due to General Partner. | |
The General Partner was entitled to receive a liquidation fee of approximately $51,000 related to the sale of the local limited partnership interest in Cherry Hill Apartments, which was sold in September 2003. This fee was accrued and is included in accrued fees due to General Partner. The fee will not be paid until the limited partners have received a return of their original invested capital. | |
The General Partner and its affiliates made no advances to the Partnership during the three months ended March 31, 2014 and 2013. Interest on advances is charged at prime plus 2%, or 5.25% at March 31, 2014. The expense was approximately $7,000 for the three months ended March 31, 2014, and $21,000 for the three months ended March 31, 2013, respectively. At March 31, 2014 and December 31, 2013, the Partnership owed approximately $0 and $543,000, respectively, in advances and related accrued interest to the General Partner and its affiliates. |
Note_4_Fair_Value_of_Financial
Note 4 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Note 4 - Fair Value of Financial Instruments | ' |
Note 4 - Fair Value of Financial Instruments | |
Financial Accounting Standards Board Accounting Standards Codification Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Partnership is required to classify these fair value measurements into one of three categories, based on the nature of the inputs used in the fair value measurement. Level 1 of the hierarchy includes fair value measurements based on unadjusted quoted prices in active markets for identical assets or liabilities the Partnership can access at the measurement date. Level 2 includes fair value measurements based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 includes fair value measurements based on unobservable inputs. The classification of fair value measurements is subjective and generally accepted accounting principles requires the Partnership to disclose more detailed information regarding those fair value measurements classified within the lower levels of the hierarchy. The Partnership believes that the carrying amount of its financial instruments approximates their fair value due to the short-term maturity of these instruments. At March 31, 2013, the Partnership believes that the carrying amount of assets and liabilities reported on the balance sheet that require such disclosure approximated their fair value. See Note 2 regarding fair value determinations for the assets and liabilities of Bethel Towers. |
Note_5_Contingencies
Note 5 - Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Note 5 - Contingencies | ' |
Note 5 - Contingencies | |
The General Partner is involved in various lawsuits arising from transactions in the ordinary course of business. In the opinion of management and the General Partner, the claims will not result in any material liability to the Partnership. |
Note_6_Subsequent_Event
Note 6 - Subsequent Event | 3 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Note 6 - Subsequent Event | ' |
Note 6 - Subsequent Event | |
The Partnership’s management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed. |
Note_1_Organization_and_Summar1
Note 1 - Organization and Summary of Significant Accounting Policies: General (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
General | ' |
General | |
The information contained in the following notes to the unaudited financial statements is condensed from that which would appear in the annual audited financial statements; accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and related notes thereto contained in the annual report for the fiscal year ended December 31, 2013. Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the interim periods presented are not necessarily indicative of the results expected for the entire year. | |
In the opinion of the Partnership’s management, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring items) considered necessary for a fair presentation. The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. | |
The general partner has a one percent interest in profits and losses of the Partnership. The limited partners have the remaining 99 percent interest in proportion to their respective investments. The general partner is National Partnership Investments, LLC, a California limited liability company (“NAPICO” or the "General Partner"). The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). | |
At March 31, 2014 and December 31, 2013, the Partnership had outstanding 16,216.45 local limited partnership interests. |
Note_1_Organization_and_Summar2
Note 1 - Organization and Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States. |
Note_1_Organization_and_Summar3
Note 1 - Organization and Summary of Significant Accounting Policies: Principles of Consolidation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The financial statements for 2013 were consolidated as a result of the assignment of the local operating general partner interest in Bethel Towers Limited Dividend Housing Association (“Bethel Towers”) to the Partnership on December 10, 2012 (as discussed in Note 2), the Partnership began consolidating the assets, liabilities, and operations of Bethel Towers as of December 10, 2012. The 2013 consolidated financial statements of the Partnership included its 99.99% general and limited partner interests in Bethel Towers. All significant inter-partnership balances had been eliminated. |
Note_1_Organization_and_Summar4
Note 1 - Organization and Summary of Significant Accounting Policies: Net Loss Per Limited Partnership Interest (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Net Loss Per Limited Partnership Interest | ' |
Net Income (Loss) Per Local Limited Partnership Interest | |
Net income (loss) per local limited partnership interest was computed by dividing the limited partners’ share of net income (loss) by the number of local limited partnership interests outstanding at the beginning of the year. The number of local limited partnership interests used was 16,216.45 and 16,251 for the three ended March 31, 2014 and 2013, respectively. |
Note_1_Organization_and_Summar5
Note 1 - Organization and Summary of Significant Accounting Policies: Variable Interest Entities (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Policies | ' |
Variable Interest Entities | ' |
Variable Interest Entities | |
At March 31, 2014 and December 31, 2013, the Partnership held variable interests in zero variable interest entities, or VIEs. However, during the three months ended March 31, 2013, the Partnership held variable interests in three VIEs for which the Partnership was not the primary beneficiary. The Partnership does not consolidate any VIEs in which the Partnership holds a variable interest unless the Partnership is the primary beneficiary. | |
Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. | |
In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Partnership’s investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions. | |
On December 10, 2012, the Partnership became the operating general partner of Bethel Towers, as a result of the assignment of the local operating general partner interest in Bethel Towers to the Partnership. Therefore, effective December 10, 2012, the Partnership began consolidating this Local Partnership and was not considered a VIE (see Note 2)for 2013. | |
The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in the Local Partnership, that the general partner of the Local Partnership is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors: | |
· the general partner conducts and manage the business of the Local Partnership; | |
· the general partner has the responsibility for and sole discretion over selecting a property management agent for the Local Partnership's underlying real estate properties; | |
· the general partner is responsible for approving operating and capital budgets for the properties owned by the Local Partnership; | |
· the general partner is obligated to fund any recourse obligations of the Local Partnership; | |
· the general partner is authorized to borrow funds on behalf of the Local Partnership; and | |
· the Partnership, as a limited partner in the Local Partnership, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnership that most significantly impact such entity's economic performance. |
Note_1_Organization_and_Summar6
Note 1 - Organization and Summary of Significant Accounting Policies: General (Details) | Mar. 31, 2014 | Dec. 31, 2013 |
Details | ' | ' |
Outstanding Limited Partnership Interests | 16,216.45 | 16,216.45 |
Note_1_Organization_and_Summar7
Note 1 - Organization and Summary of Significant Accounting Policies: Net Loss Per Limited Partnership Interest (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Details | ' | ' |
Number of limited partnership interests in EPS calculation | 16,216.45 | 16,251 |