Transactions with Affiliates | Note B - Transactions with Affiliated Parties The Partnership has no employees and depends on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for certain payments to affiliates for services and as reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. Affiliates of the Managing General Partner receive 5% of gross receipts from the Partnership's property as compensation for providing property management services. The Partnership paid to such affiliates approximately $65,000 and $124,000 for the six months ended June 30, 2015 and 2014 , respectively, which are included in operating expenses. Affiliates of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $17,000 and $22,000 for the six months ended June 30, 2015 and 2014 , respectively, which is included in general and administrative expenses or capitalized as part of investment property. The portion of these reimbursements capitalized as part of investment property during the six months ended June 30, 2015 and 2014 , were comprised of construction management service fees totaling approximately $15,000 and $4,000 , respectively. As compensation for services rendered in managing the Partnership, the Managing General Partner is entitled to receive Partnership management fees in conjunction with distributions of cash from operations, subject to certain limitations. No such Partnership management fees were earned or paid during the six months ended June 30, 2015 or 2014 . The Partnership may receive advances of funds from AIMCO Properties, L.P., an affiliate of the Managing General Partner and the holder of a majority of the beneficial interest of the Partnership. There were no such advances received during the six months ended June 30, 2015 and 2014 . The advances bore interest at the prime rate plus 2% ( 5.25% at December 31, 2014 ) per annum. Interest expense was approximately $155,000 and $282,000 for the six months ended June 30, 2015 and 2014 , respectively. At December 31, 2014 , the total advances and accrued interest owed to AIMCO Properties, L.P. was approximately $11,782,000 and is included in Due to Affiliates in the accompanying balance sheet. During the six months ended June 30, 2015 , using proceeds from the sale of its investment property, the Partnership repaid the outstanding principal and accrued interest due to AIMCO Properties, L.P. The Partnership may receive additional advances of funds from AIMCO Properties, L.P. although AIMCO Properties, L.P. is not obligated to provide such advances. Upon the sale of the Partnership’s property, the Managing General Partner was entitled to an Incentive Compensation Fee equal to 3% of the difference between the sales price of the property and the appraised value for such property at February 1, 1992. Payment of the Incentive Compensation Fee is subordinated to the receipt by the limited partners, of: (a) distributions from capital transaction proceeds of an amount equal to their appraised investment in the Partnership at February 1, 1992, and (b) distributions from all sources (capital transactions as well as cash flow) of an amount equal to six percent ( 6% ) per annum cumulative, non-compounded, on their appraised investment in the Partnership at February 1, 1992. These preferences were satisfied and in connection with the sale of the investment property, the Partnership paid an Incentive Compensation Fee of approximately $919,000 . The Partnership insured its property up to certain limits through coverage provided by Aimco which is generally self-insured for a portion of losses and liabilities related to workers’ compensation, property casualty, general liability, and vehicle liability. The Partnership insures its property above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the Managing General Partner. During the six months ended June 30, 2015 and 2014 , the Partnership was charged by Aimco and its affiliates approximately $48,000 and $43,000 , respectively, for hazard insurance coverage and fees associated with policy claims administration. |