Concord Milestone Plus L P 10-Q 2008 Q3 Quarterly report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2008

Commission file number000-16757

CONCORD MILESTONE PLUS, L.P.

(Exact name of registrant as specified in its charter)

Delaware	52-1494615
(State of organization)	(I.R.S. Employer Identification No.)

200 CONGRESS PARK DRIVE, SUITE 205, DELRAY BEACH, FLORIDA, 33445
(Address of principal executive offices)

(561) 394-9260

(Registrant’s telephone number)

Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yesþ Noo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filero Accelerated filero Non-accelerated filero Smaller reporting companyþ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yeso Noþ

As of November 1, 2008, 1,518,800 Class A interests and 2,111,072 Class B interests were outstanding.

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION
	Item 1. Financial Statements
		BALANCE SHEETS
		STATEMENTS OF REVENUES AND EXPENSES
		STATEMENTS OF REVENUES AND EXPENSES
		STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL
		STATEMENTS OF CASH FLOWS
		NOTES TO FINANCIAL STATEMENTS
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
	Item 3. Quantitative and Qualitative Disclosures about Market Risk
	Item 4T. Controls and Procedures
PART II — OTHER INFORMATION
	Item 6. Exhibits
SIGNATURE
EXHIBIT INDEX
Exhibit 31.1
Exhibit 31.2
Exhibit 32.1
Exhibit 32.2

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

CONCORD MILESTONE PLUS, L.P.
(a Limited Partnership)

BALANCE SHEETS

SEPTEMBER 30, 2008 (Unaudited) AND DECEMBER 31, 2007

	September 30, 2008		December 31, 2007
Assets:
Property:
Building and improvements, at cost	$	11,435,682	$	11,376,549
Less: accumulated depreciation		7,879,328		7,581,889
Building and improvements, net		3,556,354		3,794,660
Land, at cost		6,930,000		6,930,000
Property, net		10,486,354		10,724,660
Cash and cash equivalents		1,129,607		760,359
Accounts receivable, net		110,524		160,979
Restricted cash		—		2,461
Prepaid expenses and other assets, net		192,561		181,585
Total assets	$	11,919,046	$	11,830,044
Liabilities:
Deposits		56,248		58,174
Accrued expenses and other liabilities		179,395		160,369
Accrued expenses payable to affiliates		1,683		2,104
Total liabilities		237,326		220,647
Partners’ capital:
General partner		73,499		72,776
Limited partners:
Class A Interests, 1,518,800 issued and outstanding		11,608,221		11,536,621
Class B Interests, 2,111,072 issued and outstanding		—		—
Total partners’ capital		11,681,720		11,609,397
Total liabilities and partners’ capital	$	11,919,046	$	11,830,044

See Accompanying Notes to Financial Statements

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CONCORD MILESTONE PLUS, L.P.
(a Limited Partnership)

STATEMENTS OF REVENUES AND EXPENSES

(Unaudited)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

	September 30, 2008		September 30, 2007
Revenues:
Rent	$	473,908	$	478,683
Reimbursed expenses		108,143		80,824
Interest and other income		3,707		22,460
Total revenues		585,758		581,967
Expenses:
Interest expense		—		37,418
Depreciation and amortization		98,692		112,412
Property expenses		130,665		174,801
Administrative and management fees to related party		40,608		39,413
Professional fees and other expenses		31,801		37,824
Total expenses		301,766		401,868
Income from continuing operations		283,992		180,099
Income from discontinued operations		—		18,179
Net income	$	283,992	$	198,278
Net income attributable to:
Limited partners from continuing operations	$	281,152	$	178,297
Limited partners from discontinued operations		—		17,998
General partner from continuing operations		2,840		1,801
General partner from discontinuing operations		—		182
Net Income	$	283,992	$	198,278
Income from continuing operations per weighted average Limited Partnership 100 Class A Interests outstanding	$	18.70	$	11.86
Income from discontinued operations per weighted average Limited Partnership 100 Class A Interests outstanding		—		1.20
Net income per weighted average Limited Partnership 100 Class A Interests outstanding	$	18.70	$	13.06
Distribution per weighted average Limited Partnership 100 Class A Interests outstanding	$	16.46	$	—
Weighted average number of 100 Class A Interests outstanding		15,188		15,188

See Accompanying Notes to Financial Statements

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CONCORD MILESTONE PLUS, L.P.
(a Limited Partnership)

STATEMENTS OF REVENUES AND EXPENSES

(Unaudited)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

	September 30, 2008		September 30, 2007
Revenues:
Rent	$	1,454,523	$	1,443,802
Reimbursed expenses		328,624		288,546
Interest and other income		21,849		80,229
Total revenues		1,804,996		1,812,577
Expenses:
Interest expense		—		384,530
Depreciation and amortization		297,439		332,733
Property expenses		428,520		500,340
Administrative and management fees to related party		123,365		145,722
Professional fees and other expenses		133,349		182,374
Total expenses		982,673		1,545,699
Income from continuing operations		822,323		266,878
Income from discontinued operations (including gain on disposal of $6,806,629)		—		6,858,814
Net income	$	822,323	$	7,125,692
Net income attributable to:
Limited partners from continuing operations	$	814,100	$	264,210
Limited partners from discontinued operations		—		6,790,225
General partner from continuing operations		8,223		2,669
General partner from discontinuing operations		—		68,588
Net income	$	822,323	$	7,125,692
Income from continuing operations per weighted average Limited Partnership 100 Class A Interests outstanding	$	54.14	$	17.57
Income from discontinued operations per weighted average Limited Partnership 100 Class A Interests outstanding		—		451.59
Net income per weighted average Limited Partnership 100 Class A Interests outstanding	$	54.14	$	469.17
Distribution per weighted average Limited Partnership 100 Class A Interests outstanding	$	49.38	$	6.58
Weighted average number of 100 Class A Interests outstanding		15,188		15,188

See Accompanying Notes to Financial Statements

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CONCORD MILESTONE PLUS, L.P.
(a Limited Partnership)

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

(Unaudited)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008

				General			Class A			Class B
	Total			Partner			Interests			Interests
PARTNERS’ CAPITAL
January 1, 2008	$	11,609,397		$	72,776		$	11,536,621		$	—
1st Quarter 2008 Distribution		(250,000	)		(2,500	)		(247,500	)		—
2nd Quarter 2008 Distribution		(250,000	)		(2,500	)		(247,500	)
3rd Quarter 2008 Distribution		(250,000	)		(2,500	)		(247,500	)
Net Income		822,323			8,223			814,100			—
PARTNERS’ CAPITAL
September 30, 2008	$	11,681,720		$	73,499		$	11,608,221			—

See Accompanying Notes to Financial Statements

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CONCORD MILESTONE PLUS, L.P.
(a Limited Partnership)

STATEMENTS OF CASH FLOWS

(Unaudited)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND 2007

	September 30, 2008			September 30, 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	822,323		$	7,125,692
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		297,439			378,617
Gain on disposal of assets from discontinued operation		—			(6,806,629	)
Change in operating assets and liabilities:
Decrease in accounts receivable		50,455			89,400
Increase in prepaid expenses and other assets, net		(10,975	)		(17,799	)
Decrease in accrued interest		—			(102,049	)
Increase (decrease) in accrued expenses and other liabilities		17,099			(281,784	)
Decrease in accrued expenses payable to affiliates		(421	)		—
Net cash provided by operating activities		1,175,920			421,046
CASH FLOWS FROM INVESTING ACTIVITY:
Property improvements		(59,133	)		(121,281	)
Proceeds from sale of property		—			12,750,000
Net cash (used) provided by investing activities		(59,133	)		12,628,719
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in restricted cash		2,461			73,743
Principal repayments on mortgage loans payable		—			(14,511,612	)
Cash distributions to partners		(750,000	)		(100,000	)
Net cash used in financing activities		(747,539	)		(14,537,869	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		369,248			(1,488,104	)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		760,359			1,848,920
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	1,129,607		$	360,816
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest	$	—		$	551,224

See Accompanying Notes to Financial Statements

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CONCORD MILESTONE PLUS, L.P.
(a Limited Partnership)

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008

The accompanying financial statements of Concord Milestone Plus, L.P., a Delaware limited partnership (the “Partnership”), have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of these quarterly periods have been included. The financial statements as of and for the periods ended September 30, 2008 and 2007 are unaudited. The results of operations for the interim periods shown in this report are not necessarily indicative of the results of operations that may be expected for any other interim period or for the full fiscal year. These interim financial statements should be read in conjunction with the annual financial statements and footnotes included in the Partnership’s financial statements filed on Form 10-KSB for the year ended December 31, 2007.

(1) Discontinued operations:

On May 23, 2007, the Partnership completed the sale of Green Valley Mall, a shopping center located in Green Valley, Arizona (the “Green Valley Property”). The contract sales price was $12,950,000, subject to prorations and adjustments and further adjusted by a $200,000 credit given to the purchaser for deferred maintenance items. Sales proceeds, net of prorations, adjustments and closing costs, were $12,567,763 (including $350,000 in earnest money deposits previously made by the purchaser). Of this amount, the Partnership used $4,804,390 to satisfy the mortgage loan on the Green Valley Property, $7,071,162 to satisfy the mortgage loan on the Partnership’s shopping center in Valencia, California, and the balance to increase its working capital reserves.

Based on FAS 144,Accounting for the Impairment or Disposal of Long-Lived Assets, the results of operations related to the Green Valley Property for the nine months ended September 30, 2007 have been classified and are presented as discontinued operations. There was no income from discontinued operations for the nine months ended September 30, 2008.

An income statement of the Green Valley Property for the nine months ended September 30, 2007 is as follows:

REVENUE
Rent	$	402,230
Reimbursed expenses		172,543
Interest and other income		26,483
Gain on sale of asset		6,806,629
Total revenues		7,407,885
EXPENSES
Interest expense		166,694
Depreciation and amortization		45,885
Management and property expenses		287,703
Administrative and management fees to related party		43,208
Professional fees and other expenses		5,581
Total expenses		549,071
Net income from discontinued operations	$	6,858,814

(2) Subsequent Events:

On October 22, 2008, the General Partner resolved to make a cash distribution equal to $0.16296 per Class A Interest to be paid in November 2008 to the holders of Class A Interests as of September 30, 2008.

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(3) Recent accounting pronouncements:

In September 2006, the Financial Accounting Standards Board (the “FASB”) issued SFAS No. 157, “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. SFAS No. 157 also applies under other accounting pronouncements that require or permit fair value measurements in any new circumstances. SFAS No. 157 is effective as of January 1, 2008. The Partnership adopted SFAS No. 157 with no material impact on its results of operations or financial position.

In February 2007, the FASB issued SFAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities—Including an amendment of FASB Statement No. 115.” SFAS No. 159 permits entities to choose to measure many financial instruments and certain other items at fair value. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. SFAS No. 159 is effective for fiscal years beginning after November 15, 2007. The Partnership adopted SFAS No. 159 with no material impact on its results of operations or financial position.

In March, 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities—an amendment of FASB Statement No. 133,” which changes the disclosure requirements for derivative instruments and hedging activities. Entities are required to provide enhanced disclosure about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under Statement 133 and its related interpretations, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application permitted. The Partnership adopted SFAS No. 161 with no material impact on its results of operations or financial position.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

This Form 10-Q and the documents incorporated herein by reference, if any, contain forward-looking statements that have been made within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are based on current expectations, estimates and projections about the Partnership’s industry, management beliefs, and certain assumptions made by the Partnership’s management and involve known and unknown risks, uncertainties and other factors. Such factors include the following: general economic and business conditions, which will, among other things, affect the demand for retail space or retail goods; availability and creditworthiness of prospective tenants; lease rents and the terms and availability of financing; risks of real estate development and acquisition; governmental actions and initiatives; and environmental and safety requirements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict; therefore, actual results may differ materially from those expressed or forecasted in any such forward-looking statements. Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. Readers are cautioned to not place undue reliance on forward-looking statements, which reflect our management’s view only as of the date of this report. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Organization and Capitalization

The Partnership was formed on December 12, 1986, for the purpose of investing in existing income-producing commercial and industrial real estate. The general partner is CM Plus Corporation. The Partnership began operations on August 20, 1987, and currently owns and operates two shopping centers located in Searcy, Arkansas and Valencia, California. A third shopping center, located in Green Valley, Arizona, was sold by the Partnership on May 23, 2007.

The Partnership commenced a public offering on April 8, 1987 in order to fund the Partnership’s real property acquisitions. The Partnership terminated its public offering on April 2, 1988, and was fully subscribed to with a total of 16,452 Bond Units and 15,188 Equity Units issued. Each Bond Unit consisted of $1,000 principal amount of Bonds and 36 Class B Interests. Each Equity Unit consists of 100 Class A Interests and 100 Class B Interests. Capital contributions to the Partnership consisted of $15,187,840 from the sale of the Equity Units and $592,272 which represent the Class B Interests from the sale of the Bond Units. The Partnership redeemed all of the outstanding Bonds as of September 30, 1997 with the proceeds of three fixed rate mortgage loans, which have since been satisfied.

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Results of Operations

Comparison of Three Months Ended September 30, 2008 to Three Months Ended September 30, 2007

The Partnership recognized income from continuing operations of $283,992 for the three months ended September 30, 2008 as compared to income from continuing operations of $180,099 for the same period in 2007. The increase is primarily due to the following factors:

• An increase in revenue from continuing operations of $3,791, or 0.6 %, to $585,758 for the three months ended September 30, 2008 as compared to $581,967 for the three months ended September 30, 2007. Such increase is primarily due to an increase in common area maintenance and insurance expenses reimbursed by tenants of $27,319. This increase was partially offset by a decrease of $4,775 of rent and percentage rent and $18,752 in interest income attributable to lower interest rates and cash balances.

• A decrease in expenses from continuing operations of $100,102, or 25%, to $301,766 for the three months ended September 30, 2008 as compared to $401,868 for the three months ended September 30, 2007. The decrease is largely due to a decrease in interest expense of $37,418 due to the satisfaction of the mortgage loans on the Searcy and Valencia properties, a decrease of $44,136 in property expenses, primarily attributable to appraisals, land surveys and environmental studies conducted in 2007 in connection with the Partnership’s efforts to refinance the Searcy and Valencia mortgage loans and costs associated with new leases, offset by a decrease of 1,195 in administrative and management fees, a decrease of $6,023 in professional, accounting and legal fees related to such mortgage refinancing, and a decrease in depreciation and amortization expenses of $13,720 for assets that were fully depreciated and debt financing costs that were fully amortized.

The Partnership sold the Green Valley property on May 23, 2007. Income from discontinued operations for the three months ended June 30, 2007 was $18,179.

Comparison of Nine Months Ended September 30, 2008 to Nine Months Ended September 30, 2007

The Partnership recognized income from continuing operations of $822,323 for the nine months ended September 30, 2008 as compared to income from continuing operations of $266,878 for the same period in 2007. The increase is primarily due to the following factors:

• A decrease in revenue from continuing operations of $7,580, or 0.4%, to $1,804,996 for the nine months ended September 30, 2008 as compared to $1,812,577 for the nine months ended September 30, 2007. Such decrease is primarily due to a decrease of $58,380 in interest income attributable to lower interest rates and cash balances. This decrease was partially offset by an increase of $10,721 in rent and percentage rent of current tenants, an increase of $40,077 in reimbursed common area maintenance and insurance expenses, and $10,000 of increased revenue for granting a cross easement to the adjacent landowner at the Searcy property.

• A decrease in expenses from continuing operations of $563,025, or 36%, to $982,672 for the nine months ended September 30, 2008 as compared to $1,545,698 for the nine months ended September 30, 2007. The decrease is due to a decrease in interest expense of $384,530 resulting from the satisfaction of the loans on the Searcy and Valencia properties, a decrease in property expenses of $71,820 primarily attributable to appraisals, land surveys and environmental studies conducted in 2007 in connection with the Partnership’s efforts to refinance the Searcy and Valencia mortgage loans and costs associated with new leases, a decrease of $49,025 in professional, accounting and legal fees related to such mortgage refinancing, a decrease of $22,357 in administrative and management fees, and a decrease in depreciation and amortization expenses of $35,294 for assets that were fully depreciated and debt financing costs that were fully amortized.

The Partnership sold the Green Valley property on May 23, 2007. Income from discontinued operations was $6,858,814 for the nine months ended September 30, 2007.

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Liquidity and Capital Resources

The General Partner believes that the Partnership’s expected revenue and working capital are sufficient to meet the Partnership’s current and foreseeable future operating requirements. Nevertheless, because the cash revenues and expenses of the Partnership will depend on future facts and circumstances relating to the Partnership’s properties, as well as market and other conditions beyond the control of the Partnership, a possibility exists that cash flow deficiencies may occur.

Distributions of $250,000 each were paid in January 2008, May 2008 and August 2008. The Partnership intends to make an additional distribution of $250,000 in November 2008. The Partnership will evaluate the amount of future distributions, if any, on a quarter by quarter basis. No assurances can be given as to the timing or amount of any future distributions by the Partnership.

Current rules adopted by the SEC to implement Section 404 of the Sarbanes-Oxley Act of 2002 (“SOX”) require the Partnership to provide in its annual reports (i) a report of management on the effectiveness of the Partnership’s internal control over financial reporting, beginning with the annual report for its first fiscal year ending on or after December 15, 2007, and (ii) the auditor’s attestation report on management’s assessment of the Partnership’s internal control over financial reporting, beginning with the annual report for its first fiscal year ending on or after December 15, 2009. To assist the Partnership with its compliance with these and other SOX requirements, the Partnership retained the services of specialized consultants.

Management is not aware of any other significant trends, events, commitments for capital expenditures or uncertainties that will or are likely to materially impact the Partnership’s liquidity.

The cash on hand at September 30, 2008 may be used (a) for the capital improvement requirements of the Partnership’s properties, (b) to pay the November 2008 distribution to partners of $250,000 and future distributions, (c) for other general Partnership purposes, including the costs of leasing vacant space, and (d) for other regulatory and public company costs.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Not applicable pursuant to Item 305(e) of Regulation S-K.

Item 4T. Controls and Procedures.

The President and Treasurer of CM Plus Corporation, the general partner of the Partnership, are the principal executive officer and principal financial officer of the Partnership and have evaluated, in accordance with Rules 13a-15 and 15d-15 of the Securities Exchange Act of 1934, as amended (the “Act”), the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-(e) of the Act) as of the end of the period covered by this report. Based on that evaluation, the President and the Treasurer of CM Plus Corporation have concluded that as of the end of the period covered by this report the Partnership’s disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by the Partnership in the reports it files or submits under the Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms.

There were no changes in the Partnership’s internal control over financial reporting identified in connection with the required evaluation performed by the President and Treasurer of CM Plus Corporation that occurred during the Partnership’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

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PART II — OTHER INFORMATION

Item 6. Exhibits

Number		Description of Document
	3.1	Amended and Restated Agreement of Limited Partnership of Concord Milestone Plus, L.P. Incorporated herein by reference to Exhibit A to the Registrant’s Prospectus included as Part I of the Partnership’s Post-Effective Amendment No. 3 to the Partnership’s Registration Statement on Form S-11 which was declared effective on April 3, 1987.
	3.2	Amendment No. 1 to Amended and Restated Agreement of Limited Partnership of Concord Milestone Plus, L.P. Incorporated herein by reference to Exhibit 3.2 to the Partnership’s Form 10-K for the fiscal year ended December 31, 1987 (the “1987 Form 10-K”).
	3.3	Amendment No. 2 to Amended and Restated Agreement of Limited Partnership of Concord Milestone Plus, L.P. Incorporated herein by reference to Exhibit 3.3 to the 1987 form 10-K.
	3.4	Amendment No. 3 to Amended and Restated Agreement of Limited Partnership of Concord Milestone Plus, L.P. Incorporated herein by reference to Exhibit 3.4 to the 1987 Form 10-K.
	3.5	Amendment No. 4 to Amended and Restated Agreement of Limited Partnership of Concord Milestone Plus, L.P. Incorporated herein by reference to Exhibit 3.5 to the 1987 Form 10-K.
	3.6	Amendment No. 5 to Amended and Restated Agreement of Limited Partnership of Concord Milestone Plus, L.P. Incorporated herein by reference to Exhibit 3.6 to the Partnership’s Form 10-K for the fiscal year ended December 31, 1988.
	10.1	Purchase and Sale Agreement and Escrow Instructions, entered into on November 21, 2006, by and between the Partnership and Holualoa Arizona, Inc. (“Holualoa”), for the sale of the Green Valley Property. Incorporated herein by reference to Exhibit 10.1 of the Partnership’s Current Report on Form 8-K dated November 21, 2006.
	10.2	First Amendment to Purchase and Sale Agreement and Escrow Instructions, entered into as of February 21, 2007, between the Partnership and Holualoa. Incorporated herein by reference to Exhibit 10.20 to the Registrant’s Form 10-KSB for the fiscal year ended December 31, 2006.
	31.1	Certification of the principal executive officer, pursuant to Rules 13a-14(a) or 15(d)-14(a) of the Securities Exchange Act of 1934, as amended.
	31.2	Certification of the principal financial officer, pursuant to Rules 13a-14(a) or 15(d)-14(a) of the Securities Exchange Act of 1934, as amended.
	32.1	Certifications of the principal executive officer, pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	32.2	Certifications of the principal financial officer, pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

DATE: November 12, 2008	CONCORD MILESTONE PLUS, L.P.
	(Registrant)
	BY:	CM PLUS CORPORATION
		General Partner
	By:	/s/ Leonard Mandor
		Leonard Mandor
		President

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EXHIBIT INDEX

Exhibit
Number		Description
	31.1	Certification of the principal executive officer, pursuant to Rules 13a-14(a) or 15(d)-14(a) of the Securities Exchange Act of 1934, as amended.
	31.2	Certification of the principal financial officer, pursuant to Rules 13a-14(a) or 15(d)-14(a) of the Securities Exchange Act of 1934, as amended.
	32.1	Certifications of the principal executive officer, pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	32.2	Certifications of the principal financial officer, pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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