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EXCEL - IDEA: XBRL DOCUMENT - CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2Financial_Report.xls
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EX-32.1 - EXHIBIT 32.1 - CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2ccip2912_ex32z1.htm
EX-31.2 - EXHIBIT 31.2 - CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2ccip2912_ex31z2.htm
EX-31.1 - EXHIBIT 31.1 - CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2ccip2912_ex31z1.htm
10-Q - FORM 10-Q - CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES 2ccip2912_10q.htm
v2.4.0.6
Note B - Transactions With Affiliated Parties
9 Months Ended
Sep. 30, 2012
Notes  
Note B - Transactions With Affiliated Parties

Note B – Transactions with Affiliated Parties

 

The Partnership has no employees and depends on the General Partner and its affiliates for the management and administration of all Partnership activities.  The Partnership Agreement provides for certain payments to affiliates for services and reimbursement of certain expenses incurred by affiliates on behalf of the Partnership. 

 

Affiliates of the General Partner receive 5% of gross receipts from the Partnership’s property as compensation for providing property management services. The Partnership paid to such affiliates approximately $93,000 and $92,000 for the nine months ended September 30, 2012 and 2011, respectively, which is included in operating expenses.

 

An affiliate of the General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $180,000 and $186,000 for the nine months ended September 30, 2012 and 2011, respectively, which is included in general and administrative expenses and investment property. The portion of these reimbursements included in investment property for the nine months ended September 30, 2012 and 2011 are construction management services provided by an affiliate of the General Partner of approximately $28,000 and $38,000, respectively. At September 30, 2012 and December 31, 2011, the Partnership owed approximately $284,000 and $125,000, respectively, for accountable administrative expenses, which is included in due to affiliates.

 

Pursuant to the Partnership Agreement, AIMCO Properties, L.P., an affiliate of the General Partner, advanced the Partnership approximately $110,000 and $220,000 during the nine months ended September 30, 2012 and 2011, respectively, to fund real estate taxes at Highcrest Townhomes. AIMCO Properties, L.P. charges interest on advances under the terms permitted by the Partnership Agreement. The interest rates charged on the outstanding advances made to the Partnership range from the prime rate plus 2% to a variable rate based on the prime rate plus a market rate adjustment for similar type loans. Affiliates of the General Partner review the market rate adjustment quarterly. The interest rate on the outstanding advances at September 30, 2012 was 10.08%. Interest expense was approximately $19,000 and $2,000 for the nine months ended September 30, 2012 and 2011, respectively. During the nine months ended September 30, 2011, the Partnership repaid advances and accrued interest of approximately $222,000 from insurance proceeds. No payments were made during the nine months ended September 30, 2012. At September 30, 2012 and December 31, 2011, the amount of outstanding advances and accrued interest due to AIMCO Properties, L.P. was approximately $316,000 and $187,000, respectively, and is included in due to affiliates. The Partnership may receive additional advances of funds from AIMCO Properties, L.P., although AIMCO Properties, L.P. is not obligated to provide such advances. For more information on AIMCO Properties, L.P., including copies of its audited balance sheet, please see its reports filed with the Securities and Exchange Commission.

 

The Partnership insures its property up to certain limits through coverage provided by Aimco which is generally self-insured for a portion of losses and liabilities related to workers’ compensation, property casualty, general liability, and vehicle liability.  The Partnership insures its property above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the Managing General Partner.  During the nine months ended September 30, 2012, the Partnership was charged by Aimco and its affiliates approximately $13,000 for hazard insurance coverage and fees associated with policy claims administration. Additional charges will be incurred by the Partnership during 2012 as other insurance policies renew later in the year. The Partnership was charged by Aimco and its affiliates approximately $25,000 for insurance coverage and fees associated with policy claims administration during the year ended December 31, 2011.