Related Party Transactions

12 Months Ended

Dec. 31, 2013

Notes to Financial Statements

Related Party Transactions

The Partnership has entered into a management agreements with Dahn to operate their mini-storage facility. The management agreement provides for a management fee equal to 6% of gross revenue from operations, which is defined as the entire amount of all receipts from the renting or leasing of storage compartments and sale of locks. The management agreement is renewable annually. Dahn earned management fees from continuing operations equal to $118,142 and $108,319, for the years ended December 31, 2013 and 2012, respectively. Amounts payable to Dahn from continuing operations at December 31, 2013 and December 31, 2012 were $7,759 and $7,678, respectively. As of December 31, 2012 there was an overpayment of management fees to Dahn from discontinued operations in the amount $3,242, which as recorded as a receivable. As of December 31, 2013 there were no management fees payable to Dahn.

Beginning in July 2011, the General Partner, DSI Properties, Inc. performs all tax related work with respect to the Partnership. These services are paid monthly in the amount of $3,572. Tax fees paid to DSI Properties, Inc. for the year ended December 31, 2013 were $42,864.