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v2.4.0.6
RELATED PARTY TRANSACTIONS
9 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
RELATED PARTY TRANSACTIONS

 

NOTE 3 - RELATED PARTY TRANSACTIONS

 

Under the terms of the Partnership Agreement, the Partnership has paid or is obligated to the General Partner or its affiliates the following fees:

 

(a)   An annual asset management fee equal to the greater amount of (i) $2,000 for each Housing complex, or (ii) 0.275% of gross proceeds.  In either case, the fee will be decreased or increased annually based on changes to the Consumer Price Index.  However, in no event will the maximum amount exceed 0.2% of the invested assets of the Local Limited Partnerships, as defined.  “Invested Assets” means the sum of the Partnership’s investment in Local Limited Partnerships and the Partnership’s allocable share of mortgage loans on, and other debts related to, the Housing Complexes owned by such Local Limited Partnerships.  Asset management fees of $32,984 and $37,125 were incurred during the nine months ended December 31, 2011 and 2010, respectively. The Partnership paid the General Partner and or its affiliates $9,946 and $0 of those fees during each of the nine months ended December 31, 2011 and 2010, respectively.

 

(b)   The Partnership reimburses the General Partner or its affiliates for operating expenses incurred by the Partnership and paid for by the General Partner or its affiliates on behalf of the Partnership. Operating expense reimbursements were $112,035 and $35,000 during each of the nine months ended December 31, 2011 and 2010, respectively.

 

(c)   A subordinated disposition fee in an amount equal to 1% of the sales price of real estate sold.  Payment of this fee is subordinated to the limited partners receiving a preferred return of 14% through December 31, 2006 and 6% thereafter (as defined in the Partnership Agreement) and is payable only if the General Partner or its affiliates render services in the sales effort.  No such fees were incurred for all periods presented.

  

The accrued fees and expenses due to the General Partner and affiliates consist of the following at:

 

   

December 31,

 2011

   

March 31,

2011

 
             
Expenses paid by the General Partner or affiliates on behalf of the Partnership   $ 1,002     $ 117,275  
Advance made to the Partnership from the General Partner or affiliates     -       91,792  
Asset management fee payable     545,162       522,125  
                 
Total   $ 546,164     $ 731,192  

 

The General Partner and affiliates do not anticipate that these accrued fees will be paid until such time as capital reserves are in excess of future foreseeable working capital requirements of the Partnership.