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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 June 30, 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)
4400 Harding Road, Suite 500, Nashville, Tennessee
37205
(Address of principal executive office) (Zip Code)
(615) 292-1040
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if
changed since last report.)
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 ___
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PART I. FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
NASHVILLE LAND FUND, LTD.
(A Tennessee Limited Partnership)
FINANCIAL STATEMENTS
For the Six Months Ended June 30, 1995
INDEX
Financial Statements:
Consolidated Balance Sheets 3
Consolidated Statements of Operations 4
Consolidated Statements of Cash Flows 5
Notes to Financial Statements 6
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NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, December 31,
1996 1995
-------- ------------
ASSETS
CASH $ 87,181 $ 163,842
LAND HELD FOR INVESTMENT 4,992,672 4,995,822
OTHER ASSETS 275 275
--------- ---------
Total Assets 5,080,128 5,159,939
========= =========
LIABILITIES AND PARTNERS' EQUITY
ACCOUNTS PAYABLE 15,675 984
ACCRUED PROPERTY TAXES - 35,236
PARTNERS' EQUITY 5,064,453 5,123,719
---------- ---------
Total Liabilities &
Partners' Equity 5,080,128 5,159,939
========== =========
<FN>
See notes to financial statements.
/TABLE
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NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Quarter to Date Year to Date
Ending June 30,
-----------------------------------------
1996 1995 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
Miscellaneous 200 - 500 130
Interest 3,021 37,080 3,021 67,962
----- ------- ------ ------
Total Revenue 3,221 37,080 3,521 144,585
EXPENSES:
State income tax 8,829 - 8,829 -
Association Fees 24,691 27,567 24,691 27,567
Management Fees 3,500 3,500 7,000 7,000
Legal & Accounting 5,023 1,899 16,500 14,799
General & Admin. Exp. 1,972 5,539 5,767 4,744
Total Expenses 44,015 38,505 62,787 54,110
NET INCOME(LOSS) $ (40,794) $(1,425) $ (59,266) $90,475
<FN>
See notes to financial statements
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NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Year-to-date
June 30,
---------------------
1996 1995
---- ----
Cash Flows from Operating Activities:
Net Income $(59,266) $90,475
Adjustments to reconcile
Net Income to Net Cash used in
Operating Activities:
Change in Accounts Payable 14,691 8,939
Accrued interest income - (62,877)
Decrease in Accrued Taxes (35,236) (36,251)
Gain on Sale of Land - (76,493)
-------- --------
Total Adjustments (20,545) (166,682)
Net Cash used in
Operating Activities (79,811) (76,207)
Cash Flows from Investing
Activities
Cash Distribution
to Partners - (150,000)
Sale Proceeds - 167,695
Reduction in land improvements 3,150 -
Net Cash provided by
investing activities 3,150 17,695
Net Increase/(Decrease) in
Cash and Cash Equivalents (76,661) (58,512)
CASH AT JANUARY 1, 163,842 104,645
CASH AT JUNE 30, 87,181 $ 46,133
========== ==========
<FN>
See notes to financial statements.
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NASHVILLE LAND FUND, LTD.
(A Limited Partnership)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended June 30, 1995
(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 six month
period ended June 30, 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.
Compensation earned for these services in the first six
months were as follows:
1995 1994
________ ________
Management Fees $ 7,000 $ 7,000
Accounting Fees 1,700 1,600
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Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
There have been no sales during the first six months of 1996.
With the exception of sales, overall operations of the
Registrant are minimal and have not fluctuated signficantly.
FINANCIAL CONDITION
As of July 30, 1996, the Registrant has $ 79,423 in cash
reserves. These funds are expected to be sufficient through
1996.
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PART II. OTHER INFORMATION
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule
(b) No 8-K's have been filed during this quarter.
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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: August 14, 1996 By: /s/ Steven D. Ezell
President
Date:August 14, 1996 By: /s/ Michael A. Hartley
Secretary/Treasurer