Investment In Limited Partnerships

12 Months Ended

Dec. 31, 2011

Investment In Limited Partnerships

Note 8: Investment In Limited Partnerships

	2011		2010
Pedcor Investments 1997-XXVIII (99.00 percent ownership)	$	1,415	$	1,698
Pedcor Investments 1987-XXXI (49.50 percent ownership)		188		251
Pedcor Investments 2000-XLI (50.00 percent ownership)		577		660
Pedcor Investments 2001-LI (9.90 percent ownership)		152		174
Pedcor Investments 2008-CIII (21.50 percent ownership)		781		841
	$	3,113	$	3,624

These limited partnerships build, own and operate apartment complexes. The Company records its equity in the net income or loss of the limited partnerships based on the Company’s interest in the partnerships. The Company recorded income (losses) from these limited partnerships of $(384,000), $(510,000) and $108,000 for 2011, 2010 and 2009. In addition, the Company has recorded the benefit of low income housing tax credits of $445,000, $592,000 and $874,000 for 2011, 2010 and 2009. Combined financial statements for the limited partnerships recorded under the equity method of accounting are as follows:

	2011			2010
Combined condensed balance sheets
Assets
Cash	$	449		$	953
Land and property		52,003			53,649
Other assets		2,390			1,804
Total assets	$	54,842		$	56,406
Liabilities
Notes payable	$	45,310		$	46,022
Other liabilities		1,066			1,096
Total liabilities		46,376			47,118
Partners' equity (deficit)
General partners		(3,521	)		(3,383	)
Limited partners		11,987			12,671
Total partners’ equity		8,466			9,288
Total liabilities and partners' equity	$	54,842		$	56,406

	2011			2010			2009
Combined condensed statements of operations
Total revenue	$	6,603		$	6,213		$	5,394
Total expenses		(7,518	)		(7,053	)		(6,027	)
Net loss	$	(915	)	$	(840	)	$	(633	)