XML 18 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note A - Basis of Presentation
6 Months Ended
Jun. 30, 2013
Notes  
Note A - Basis of Presentation

Note A – Basis of Presentation

 

The accompanying unaudited consolidated financial statements of Century Properties Growth Fund XXII, LP (the "Partnership" or "Registrant") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Fox Partners IV, a California general partnership, is the general partner of the Partnership. The general partners of Fox Partners IV are Fox Capital Management Corporation ("FCMC" or the "Managing General Partner"), a California corporation, and Fox Realty Investors ("FRI"), a California general partnership. The Managing General Partner is a wholly owned subsidiary of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust. In the opinion of the Managing General Partner, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2013. The consolidated balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

 

At June 30, 2013 and December 31, 2012, the Partnership had outstanding 82,686 limited partnership units.

 

The Partnership’s Management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed.

 

On June 13, 2013, the Partnership entered into a sale contract with a third party relating to the sale of Wood Creek Apartments for a gross sales price of $34,000,000 and was subsequently amended to provide a credit of $1,975,000 to the purchaser for capital improvements.  The Partnership determined that certain held for sale criteria had not been met at June 30, 2013 and therefore continues to report the assets and liabilities of Wood Creek Apartments as held for investment and its operations as continuing operations.