Asset Held for Sale: | 3 Months Ended |
Mar. 31, 2015 |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | | 3 | Asset Held for Sale: |
|
A long-lived asset is required to be classified as “held for sale” in the period in which certain criteria are met. The Partnership classified real estate assets as held for sale after the following conditions have been satisfied: (1) management, having the appropriate authority, commits to a plan to sell the asset, (2) the initiation of an active program to sell the asset, and (3) the asset is available for immediate sale and it is probable that the sale of the asset will be completed within one year. |
|
During March 2015, the Board of Directors and Consultant approved a sale of the El Adobe Community located in Las Vegas, Nevada. Subsequent to the period end, as described in Form 8-K dated April 8, 2015, Uniprop Manufactured Housing Communities Income Fund II (the “Fund”) has entered into a Contract for Sale and Purchase of Real and Personal Property with a potential buyer for the sale of El Adobe, with an expected closing date in June 2015. Based on the information outlined, the Partnership has concluded that the property meets the criteria as an asset held for sale on the accompanying Balance Sheets. Similarly, the El Adobe community and associated financial results are classified as “discontinued operations” on the accompanying Statements of Operations. |
|
The assets and liabilities related to the El Adobe community as of March 31, 2015 are as follows: |
Total Assets of $2,624,021 consist of Current Assets of $49,344 and Fixed Assets of $8,324,391 less Accumulated Depreciation of $5,749,714. Total Liabilities of $3,537,497 consist of Current Liabilities of $160,203 and Long Term Liabilities of $3,377,294. The assets and liabilities related to the El Adobe community as of December 31, 2014 are as follows: Total Assets of $2,596,859 consist of Current Assets of $22,182 and Fixed Assets of $8,324,391 less Accumulated Depreciation of $5,749,714. Total Liabilities of $3,539,074 consist of Current Liabilities of $134,179 and Long Term Liabilities of $3,404.895. |
|
The following is a summary of results of operations of the property classified as discontinued operations for the periods ended March 31, 2015 and 2014: Total Revenue was $265,555 and Total Operating Expenses were $188,561 for the period ended March 31, 2015. For the same period in 2014, Total Revenue was $244,847 and Total Operating Expenses were $262,323. |
|
Total Cash Flows provided by Operating Activities of the property classified as discontinued operations for the periods ended March 31, 2015 and 2014 were $97,964 and $13,320, respectively. In addition, Total Cash Flows used in Investing Activities of the property classified as discontinued operations for the periods ended March 31, 2015 and 2014 were $0, and $3,200, respectively. |
| | |