Summary of Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 |
Accounting Policies [Abstract] | |
Business Combinations Policy [Policy Text Block] | Organization and Business Uniprop Manufactured Housing Communities Income Fund II, a Michigan Limited Partnership (the “Partnership”) acquired, maintains, operates and will ultimately dispose of income producing residential real properties consisting of one manufactured housing community (the “property”) at December 31, 2017, located in Nevada. The Partnership was organized and formed under the laws of the State of Michigan on November 7, 1986. The general partner is Genesis Associates Limited Partnership (“General Partner”). In accordance with its Prospectus dated December 1986, the Partnership sold 3,303,387 units of beneficial assignment of limited partnership interest (“Units”) for $66,068,000. The Partnership purchased its original nine properties for an aggregate purchase price of approximately $58,000,000. Three of the properties costing approximately $16,008,000 were previously owned by entities, which were affiliates of the general partner. One property was sold in 2007, one was sold in 2008, four were sold in 2015, one sold in 2016, and one sold in 2017, leaving one property on December 31, 2017. In connection with the refinancing discussed in Note 2, to satisfy the requirements of Cantor Commercial Real Estate, the ownership of the fee title of the West Valley property was transferred into a bankruptcy remote special purpose entity. The fee title to the West Valley real property is now held by West Valley MHP, LLC. This entity is wholly owned by IF II, Holdings, LLC, a newly formed holding company, which is wholly owned by the Partnership. West Valley MHP, LLC and IF II, Holdings, LLC are both disregarded entities for federal income tax purposes. The ownership transfers were made solely to meet the requirements of the lender and do not change the beneficial or economic ownership by the Partnership. |
Consolidation, Policy [Policy Text Block] | The consolidated financial statements include the accounts of the Partnership and its wholly owned subsidiaries as described above. All material intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of (1) assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, and (2) revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments The carrying amounts of cash and accounts payable approximate their fair values due to their short-term nature. The fair value of notes payable approximates their carrying amounts based on current borrowing rates. |
Classification of Assets and Liabilities [Policy Text Block] | Classification of Assets and Liabilities The financial affairs of the Partnership do not generally involve a business cycle. Accordingly, the classification of assets and liabilities between current and long term is not used. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Depreciation is provided using the straight-line method over a period of thirty years except for furniture and equipment which is depreciated over a period ranging from three to ten years. Accumulated depreciation on continuing properties for tax purposes was approximately $9,888,000 and $14,908,000 as of December 31, 2017 and 2016, respectively. Long-lived assets such as property and equipment are evaluated for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through the estimated undiscounted future cash flows from the use of these assets. When any such impairment exists, the related assets will be written down to fair value. |
Manufactured Homes and Improvements [Policy Text Block] | Manufactured Homes and Improvements Manufactured homes and improvements that are unoccupied and held for lease or sale are stated at the lower of cost or fair value based on the specific identification method. Manufactured homes and improvements leased to tenants are reported at cost less accumulated depreciation. The fair values of homes held for sale are assessed quarterly based on recent sales of similar homes, guide book values and condition. Impairments are recognized to reduce the carrying amount of each home to the lower of cost or estimated fair value. Occupied lease homes are subject to depreciation using estimated useful lives of 27.5 years, with depreciation commencing at lease inception. Depreciation expense related to these homes for the years ended December 31, 2017 and 2016 was approximately $29,000 and $73,000, respectively. The following table summarizes the reported amount of manufactured homes and improvements for continuing properties at December 31, 2017 and 2016: 2017 # of Homes Amount Unoccupied - Available for sale 6 $ 292,536 Leased to tenants: Cost 53 2,029,807 Accumulated Depreciation (181,826 ) Total 59 $ 2,140,517 2016 # of Homes Amount Unoccupied - Available for sale 7 $ 357,538 Leased to tenants: Cost 42 1,458,124 Accumulated Depreciation (119,173 ) Total 49 $ 1,696,489 |
Debt, Policy [Policy Text Block] | Financing Costs Deferred financing costs have been capitalized and are being amortized on a straight-line basis over the term of the related mortgage notes payable. In connection with the 2017 and 2016 sale of properties and repayment of mortgage notes payable described in Note 3, unamortized deferred financing costs totaling $134,947 and $97,999, were written off and included in amortization expense. Amortization and write off of deferred financing costs totaled $197,451 and $164,519 for December 31, 2017 and 2016, respectively. Amortization expense is included in interest expense in the consolidated statement of operations. Accumulated amortization expense related to these costs for continuing operations was $193,410 and $227,330 at December 31, 2017 and 2016, respectively. |
Deferred home relocation costs [Policy Text Block] | Deferred Home Relocation Costs The Partnership initiated the Sunshine Village Paid Home Relocation Program (the “Program”) during 2013. The Program was offered exclusively to residents of Seminole Estates, a 704 site, age 55 and over manufactured home community in Hollywood, Florida that announced its closure. The Partnership incurred expenditures of $903,232, of which $816,203 was capitalized and amortized over the life of the residents’ three year rental periods. These costs have been fully amortized as of December 31, 2016. Amortization of these costs recognized for the year ended December 31, 2016 totaled $54,394, and is included as part of income from discontinued operations. |
Policy Loans Receivable, Policy [Policy Text Block] | Notes Receivable The Company provides financing options for certain tenants executing home purchases. Tenant financing loan receivables, referred to as home loan contracts, and are periodically evaluated for collectability based on past credit history with tenants and their current financial condition. The need for an allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, adverse situations that may affect the borrowers’ ability to repay, estimated value of the underlying collateral, and prevailing economic conditions. The evaluation is inherently subjective, as it requires estimates that are susceptible to significant revision as more information becomes available. Financing loans receivable are placed on nonaccrual status when they become 30 or more days past due. The Partnership considers the notes delinquent upon maturity without satisfaction of the outstanding balance, per the terms of the note agreement. Notes receivable are reported at cost and are included in Other Assets on the consolidated balance sheet. Notes receivable related to continuing operations totaled $37,939 and $41,450 at December 31, 2017 and 2016, respectively. Interest is recognized according to the terms of the note. A loan is considered impaired when, based on current information and events, it is probable that the Partnership will be unable to collect the balance either through the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement or through settlement with the borrower by surrender of collateral. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. As of December 31, 2017 and 2016, no allowance for loan losses was recorded as all amounts were deemed collectible. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Rental income attributable to home site leases is recorded when due from the lessees. Revenue from the sale of manufactured homes is recognized upon transfer of title at the closing of the sale transaction. |
Miscellaneous Income [Policy Text Block] | Other Revenue Other revenue consists of home lease income, interest income, rental late fees, utility charges and miscellaneous income. Income from utility charges is recognized based upon actual monthly usage. |
Income Tax, Policy [Policy Text Block] | Income Taxes Federal income tax regulations and state income tax regulations in the states in which the Partnership operates provide that any taxes on income of a partnership are payable by the partners as individuals. Therefore, no provision for such taxes has been made at the partnership level. |
New Accounting Pronouncements, Policy [Policy Text Block] | Upcoming Accounting Pronouncement In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which will supersede the current revenue recognition requirements in Topic 605, Revenue Recognition. The ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The new guidance will be effective for the Company’s year ending December 31, 2018. The ASU permits application of the new revenue recognition guidance to be applied using one of two retrospective application methods. The Partnership plans to apply the standard using the modified retrospective method. While the Partnership is in the process of making its assessment, it does not believe this will have a material impact on revenue recognition policies. In November 2016, the FASB issued ASU 2016-18 "Statement of Cash Flows (Topic 230): Restricted Cash." This update requires inclusion of restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within that year. The Partnership is currently evaluating the impact of the adoption of this ASU. |