1
FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the period ended MARCH 31, 1996
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from __________ to _______________
Commission File Number: 33-5785-A
NASHVILLE LAND FUND, LTD.
(Exact name of Registrant as specified in its charter)
Tennessee 62-1271664
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification)
One Belle Meade Place, 4400 Harding Road, Suite 500, Nashville,
(Address of principal executive office)
Tennessee 37205
(Zip Code)
(615) 292-1040
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such
filing requirements for at least the past 90 days.
YES X NO ___
2
PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
NASHVILLE LAND FUND, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For the Three Months Ended March 31, 1996
INDEX
Financial Statements:
Balance Sheets 3
Statements of Operations 4
Statements of Cash Flows 5
Notes to Financial Statements 6
3
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
BALANCE SHEETS
(Unaudited)
March 31, December 31,
1996 1995
------------- -------------
ASSETS
CASH AND CASH EQUIVALENTS $ 105,134 $ 163,842
LAND HELD FOR INVESTMENT 4,995,822 4,995,822
OTHER ASSETS 275 275
Total Assets $ 5,101,231 $ 5,159,939
========== ==========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE (4,017) 984
ACCRUED PROPERTY TAXES - 35,236
PARTNERS' EQUITY 5,105,248 5,123,719
Total Liabilities &
Partners' Equity $ 5,101,231 $ 5,159,939
========== ==========
<FN>
See notes to financial statements.
4
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Quarter and
Year to Date Ending
MARCH 31,
_____________________
1996 1995
____ ____
REVENUE:
Land Sales:
Sale Proceeds 184,109
Cost of Land Sold (91,202)
Closing Costs (16,414)
Gain on Sale of Land 76,493
Interest Income 30,882
Miscellaneous (100) 130
Total Revenue $ (100) $ 107,505
EXPENSES:
Property Taxes $ - (1,253)
Management Fees 3,500 3,500
Legal & Accounting Fees 11,477 12,900
General & Admin. Expenses 3,395 458
Total Expenses $ 18,372 $ 15,605
NET INCOME (LOSS) $ (18,472) $ 91,900
<FN>
See notes to financial statements
5
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Year-to-date
MARCH 31,
__________________________
1996 1995
____ ____
Cash Flows from Operating Activities:
Net Income $ (18,472) $ 91,900
Adjustments to reconcile
Net Income to Net Cash used in
Operating Activities:
Change in Other Assets - (5,000)
Change in Accounts Payable (5,000) (8,326)
Increase in Accrued
Interest Receivable - (30,882)
Decrease in Accrued Taxes (35,236) (36,251)
Gain on Sale of Land - (76,493)
Total Adjustments (40,236) (156,952)
Net Cash used in
Operating Activities (58,708) (65,052)
Cash Flows from Investing
Activities
Sale Proceeds - 167,695
Net Increase/(Decrease) in
Cash and Cash Equivalents (58,708) 102,643
CASH AT JANUARY 1, 163,842 104,645
CASH AT MARCH 31, $ 105,134 $ 207,288
======== ========
<FN>
See notes to financial statements.
6
NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Three Months Ended March 31, 1996
(Unaudited)
A.ACCOUNTING POLICIES
The unaudited financial statements presented herein have been
prepared in accordance with the instructions to Form 10-Q and
do not include all of the information and note disclosures
required by generally accepted accounting principles. These
statements should be read in conjunction with the financial
statements and notes thereto included in the Partnership's Form
10-K for the year ended December 31, 1995. In the opinion of
management, such financial statements include all adjustments,
consisting only of normal recurring adjustments, necessary to
summarize fairly the Partnership's financial position and
results of operations. The results of operations for the three
month period ended March 31, 1996 may not be indicative of the
results that may be expected for the year ending December 31,
1996.
B.RELATED PARTY TRANSACTIONS
The General Partner and its affiliates have been actively
involved in managing the Partnership's operations as described
in the Prospectus dated April 22, 1986. Compensation earned
for these services in the first three months were as follows:
1996 1995
________ ________
Management Fees $ 3,500 $ 3,500
Accounting Fees 400 400
7
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS FOR THE QUARTER ENDED MARCH 31, 1996.
There have been no sales during the first quarter of 1996.
With the exception of sales, overall operations of the Registrant
are minimal and have not fluctuated signficantly.
FINANCIAL CONDITION
As of April 30, 1996, the Registrant has $90,855 in cash reserves.
These funds are expected to be sufficient through 1996.
8
PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule for the First Quarter of
1996
(b) No 8-K's have been filed during this quarter.
9
SIGNATURES
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.
NASHVILLE LAND FUND, LTD.
By: 222 PARTNERS, INC.
General Partner
Date: May 13, 1996 By:/s/ Steven D. Ezell
___________________
President
Date: May 13, 1996 By:/s/ Michael A. Hartley
______________________
Secretary/Treasurer