10-Q/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[x] Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities and Exchange Act of 1934

For the quarterly period ended September 30, 2012

[ ] Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ________________ to _______________

Commission File No. 2-68926.

DSI REALTY INCOME FUND IX

a California Limited Partnership

California	33-0103989
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

6700 E. Pacific Coast Hwy., Long Beach, California 90803

(Address of principal executive offices)

Registrant’s telephone number, including area code (562) 493-8881

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [ ] Accelerated filer [ ]  Non-accelerated filer [ ] Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

The issuer is a limited partnership. All 30,693 limited partnership units originally sold for $500.00 per unit. There is no trading market for the limited partnership units.

Certain statements contained in this discussion or elsewhere in this report may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words and phrases such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “designed to achieve”, variations of such words and similar expressions are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future – including statements relating to rent and occupancy growth, general conditions in the geographic areas where we operate – are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict.

Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Many of the factors that may affect outcomes and results are beyond our ability to control.

EXPLANATORY NOTE

The sole purpose of this amendment to the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2012, originally filed by the Registrant with the Securities and Exchange Commission on November 14, 2012 (the “Original Form 10-Q”), is to furnish the exhibits required by Item 601(b)(101) (Interactive Data File) of Regulation S-K, which are being furnished within 30 days of the filing of the Original Form 10-Q, as permitted by Rule 405(a)(2)(ii) of Regulation S-T.

No other changes have been made to the Original Form 10-Q and the Original Form 10-Q has not been modified or updated to reflect events occurring subsequent to its original filing date.

ITEM 6. EXHIBITS

(a) Exhibits

31.1 Rule 13a-14(a)/15d-14(a) Certification: Principal Executive Officer*
31.2 Rule 13a-14(a)/15d-14(a) Certification: Principal Financial Officer*
32.1 Section 1350 Certification: Principal Executive Officer*
32.2 Section 1350 Certification: Principal Financial Officer*
101.INS XBRL Instance Document**
101.SCH XBRL Taxonomy Extension Schema Document**
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document**
101.DEF XBRL Taxonomy Extension Definition Linkbase Document**
101.LAB XBRL Taxonomy Extension Label Linkbase Document**
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document**

* Previously filed or furnished as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2012.

** Furnished with this Amendment No. 1. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DSI REALTY INCOME FUND IX,
a California Limited Partnership
by: DSI Properties, Inc., a California Corporation, as General Partner

By: /s/ ROBERT J. CONWAY

Dated: November 21, 2012

ROBERT J. CONWAY, President
(Chief Executive Officer and Director)

By: /s/ RICHARD P. CONWAY

Dated: November 21, 2012

RICHARD P. CONWAY, Executive Vice President
(Chief Financial Officer and Director)

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Related Party Transactions

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Related Party Transactions

The Partnership has entered into a management agreement with Dahn to operate its mini-storage facilities. The management agreement provides for a management fee equal to 5% 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 equal to $97,436and $94,580, for the nine month periods ended September 30, 2012 and 2011, respectively. Amounts payable to Dahn at September 30, 2012 and December 31, 2011 were $10,375 and $10,208, respectively.

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 $4,949. Tax fees paid to DSI Properties, Inc. for the nine month period ended September 30, 2012 were $44,541.

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Property

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Property

Properties owned by the Partnership are all mini-storage facilities. Depreciation is calculated using the straight-line method over the estimated useful life of 20 years. Property under capital leases is amortized over the lives of the respective leases. The total cost of property and accumulated depreciation at September 30, 2012 and December 31, 2011 were as follows:

	September 30, 2012	December 31, 2011
Land	$ 2,729,790	$ 2,729,790
Buildings and improvements	11,293,074	11,293,074
Rental trucks under capital leases	210,138	210,138
Total	14,233,002	14,233,002
Less accumulated depreciation	(11,405,024)	(11,379,861)
Property - net	$ 2,827,978	$2,853,141

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Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2012	Dec. 31, 2011
ASSETS:
Cash & Equivalents	$ 394,742	$ 537,223
Property Net	2,827,978	2,853,141
Uncollected rental revenue	123,389	159,428
Prepaid Advertising	38,760	5,514
Other Assets	26,046	26,045
TOTAL	3,410,915	3,581,351
LIABILITIES:
Distribution due to Partners	193,769	193,769
Incentive Management Fee Liability	17,440	17,439
Property Management Fee Liability	10,375	10,208
Deferred Income	52,381	41,192
Accrued Expenses	30,221	38,287
Other Liabilities	43,827	147,440
Total Liabilities	348,013	448,335
PARTNERS' EQUITY:
General Partners	(108,771)	(108,038)
Limited Partners	2,975,678	3,048,180
Total Partners' Equity	2,866,907	2,940,142
Noncontrolling interest in real estate joint venture	195,995	192,874
Total Equity	3,062,902	3,133,016
TOTAL	$ 3,410,915	$ 3,581,351

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General

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

General

Registrant, DSI Realty Income Fund IX (the "Partnership") is a publicly-held limited partnership organized under the California Uniform Limited Partnership Act pursuant to a Certificate and Agreement of Limited Partnership (hereinafter referred to as "Agreement") dated March 6,1985. The General Partners are DSI Properties, Inc., a California corporation, and RJC Capital Management, LLC and JWC Capital Management, LLC.

DSI Properties, Inc. is an affiliate of Diversified Securities, Inc., a wholly-owned subsidiary of DSI Financial, Inc. The General Partners provide similar services to other partnerships. Through its public offering of Limited Partnership Units, the Partnership sold thirty thousand six hundred ninety-three (30,693) units of limited partnership interests, aggregating Fifteen Million Three Hundred Forty-Six Thousand Five Hundred Dollars ($15,346,500). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions), without making any capital contribution to the Partnership. The General Partners are not required to make any capital contributions to the Partnership in the future.

The Partnership has acquired mini-storage facilities located in Monterey Park and Azusa, California; Everett, Washington; and Romeoville and Elgin, Illiniois. The Partnerhsip has entered into a joint venture with DSI Realty Income Fund VIII through which the Partnerhsip has a 70% interest ina mini-storage in Aurora, Colorado. A non-controlling interest in the real estate joint venture was recorded for the nine-month period ended September 30, 2012 and 2011 in the amount of $59,521 and $50,130. The Partnership is a general partner in the joint venture. The facilities were acquried from Dahn Corporation ("Dahn"). Dahn is not affiliated with the Partnership. Dahn is affiliated with other partnerships in which DSI Properties, Inc. , RJC and JWC are the general partners.

The accompanying unaudited interim consolidated financial statements have been prepared by the Partnership's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited interim consolidate financial statements reflect all adjustments of a normal and recurring nature which are considered necessary for a fair presentation of the results for the interim periods presented. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 2011.

Significant Accounting Policies

The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the six months ended September 30, 2012 and 2011 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of September 30, 2012 and December 31, 2011, accumulated other comprehensive income was $0.

ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. The Partnership considers the carrying amount of cash, accounts receivable, other receivables, accounts payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization.

Recent Accounting Pronouncements

In December 2011, the FASB issued Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities, which requires companies to disclose information about financial instruments that have been offset and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial statements. Companies will be required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset. This standard will be effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The Partnership does not expect the adoption of the standard update to impact its financial position or results of operations, as it only requires additional disclosure in the Partner’s financial statements.  

In May 2011, the FASB issued Accounting Standards Update 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The new guidance results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards. While many of the amendments to U.S. GAAP are not expected to have a significant effect on practice, the new guidance changes some fair value measurement principles and disclosure requirements. This new guidance is effective for fiscal years and interim periods beginning after December 15, 2011. The adoption of the standard update does not have a significant impact on its financial position or results of operations.

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Subsequent Events

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Subsequent Events

Events subsequent to September 30, 2012, have been evaluated through the date these unaudited interim consolidate financial statements were issued to determine whether they should be disclosed to keep the unaudited interim consolidated financial statements from being misleading. Management found no subsequent events that should be disclosed.

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Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
REVENUES:
Self-storage rental income	$ 614,458	$ 617,578	$ 1,767,713	$ 1,767,596
Ancillary operating revenue	52,515	50,514	159,707	142,731
Interest and other income	0	14	9	42
TOTAL	666,973	668,106	1,927,429	1,910,369
EXPENSES:
Depreciation	5,979	9,016	25,163	20,279
Operating	296,405	289,406	892,386	864,141
General and administrative	90,465	78,572	276,583	271,307
General partners' incentive management fee	15,872	17,439	52,318	59,293
Property management fee	30,773	31,254	97,436	94,580
Total	439,494	425,687	1,343,886	1,309,600
NET INCOME	227,479	242,419	583,543	600,769
LESS: net income attributable to the non-controlling interest	23,381	20,082	59,521	50,130
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP	204,098	222,337	524,022	550,639
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP ALLOCATED TO:
General partners	2,041	2,223	5,240	5,506
Limited partners	202,057	220,114	518,782	545,133
TOTAL	$ 204,098	$ 222,337	$ 524,022	$ 550,639
Weighted average limited partnership units outstanding	30,693	30,693	30,693	30,693
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP PER LIMITED PARTNERSHIP UNIT	$ 6.58	$ 7.17	$ 16.90	$ 17.76

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Property - Summary of Property and Equipment (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Property, net
Land	$ 2,729,790	$ 2,729,790
Buildings and improvements	11,293,074	11,293,074
Rental trucks under capital leases	210,138	210,138
Total	14,233,002	14,233,002
Less accumulated depreciation	11,405,024	11,379,861
Property - net	$ 2,827,978	$ 2,853,141

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Document and Entity Information (USD $)	9 Months Ended
	Sep. 30, 2012
Document And Entity Information
Entity Registrant Name	DSI REALTY INCOME FUND IX
Entity Central Index Key	0000764586
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Smaller Reporting Company
Entity Public Float	$ 15,346,500
Entity Common Stock, Shares Outstanding	30,693
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

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Consolidated Statements of Partners' Equity (Deficit) (Unaudited) (USD $)	General Partners' Capital Account	Limited Partners' Capital Account	Non-controlling Interest	Total
BALANCE, Beginning at Dec. 31, 2011	$ (108,038)	$ 3,048,180	$ 192,874	$ 3,133,016
Net Income Allocation	5,240	518,782	59,521	583,543
Distributions	5,973	591,284	56,400
BALANCE, Ending at Sep. 30, 2012	$ (108,771)	$ 2,975,678	$ 195,995	$ 3,062,902

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General (Policies)

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Nature of Operations

Registrant, DSI Realty Income Fund IX (the "Partnership") is a publicly-held limited partnership organized under the California Uniform Limited Partnership Act pursuant to a Certificate and Agreement of Limited Partnership (hereinafter referred to as "Agreement") dated March 6,1985. The General Partners are DSI Properties, Inc., a California corporation, and RJC Capital Management, LLC and JWC Capital Management, LLC.

DSI Properties, Inc. is an affiliate of Diversified Securities, Inc., a wholly-owned subsidiary of DSI Financial, Inc. The General Partners provide similar services to other partnerships. Through its public offering of Limited Partnership Units, the Partnership sold thirty thousand six hundred ninety-three (30,693) units of limited partnership interests, aggregating Fifteen Million Three Hundred Forty-Six Thousand Five Hundred Dollars ($15,346,500). The General Partners have retained a one percent (1%) interest in all profits, losses and distributions (subject to certain conditions), without making any capital contribution to the Partnership. The General Partners are not required to make any capital contributions to the Partnership in the future.

The Partnership has acquired mini-storage facilities located in Monterey Park and Azusa, California; Everett, Washington; and Romeoville and Elgin, Illiniois. The Partnerhsip has entered into a joint venture with DSI Realty Income Fund VIII through which the Partnerhsip has a 70% interest ina mini-storage in Aurora, Colorado. A non-controlling interest in the real estate joint venture was recorded for the nine-month period ended September 30, 2012 and 2011 in the amount of $59,521 and $50,130. The Partnership is a general partner in the joint venture. The facilities were acquried from Dahn Corporation ("Dahn"). Dahn is not affiliated with the Partnership. Dahn is affiliated with other partnerships in which DSI Properties, Inc. , RJC and JWC are the general partners.

Comparability to Prior Year Data

The accompanying unaudited interim consolidated financial statements have been prepared by the Partnership's management in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited interim consolidate financial statements reflect all adjustments of a normal and recurring nature which are considered necessary for a fair presentation of the results for the interim periods presented. However, the results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Partnership's annual report on Form 10-K for the year ended December 31, 2011.

Comprehensive Income

The Partnership has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. For the six months ended June 30, 2012 and 2011 comprehensive income equaled net income, as the Partnership had no other comprehensive income. As of June 30, 2012 and December 31, 2011, accumulated other comprehensive income was $0.

Fair Value Disclosures

ASC 825-10 (formerly SFAS 107, “Disclosures about Fair Value of Financial Instruments”) defines financial instruments and requires disclosure of the fair value of financial instruments held by the Partnership. The Partnership considers the carrying amount of cash, accounts receivable, other receivables, accounts payable and accrued liabilities, to approximate their fair values because of the short period of time between the origination of such instruments and their expected realization.

Recent Accounting Pronouncements

In May 2011, the FASB issued Accounting Standards Update 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The new guidance results in a consistent definition of fair value and common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards. While many of the amendments to U.S. GAAP are not expected to have a significant effect on practice, the new guidance changes some fair value measurement principles and disclosure requirements. This new guidance is effective for fiscal years and interim periods beginning after December 15, 2011. The adoption of the standard update does not have a significant impact on its financial position or results of operations.

Balance Sheet Offsets

In December 2011, the FASB issued Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210), Disclosures about Offsetting Assets and Liabilities, which requires companies to disclose information about financial instruments that have been offset and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial statements. Companies will be required to provide both net (offset amounts) and gross information in the notes to the financial statements for relevant assets and liabilities that are offset. This standard will be effective for fiscal years, and interim periods within those years, beginning on or after January 1, 2013. The Partnership does not expect the adoption of the standard update to impact its financial position or results of operations, as it only requires additional disclosure in the Partner’s financial statements.  

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Net Income Per Limited Partnsership Unit

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Net Income Per Limited Partnsership Unit

Net income per limited partnership unit is calculated by dividing the net income allocated to the limited partners by the number of limited partnership units outstanding during the period.

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General (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Notes to Financial Statements
Limited Partnership Units Outstanding	30,693	30,693	30,693	30,693
Public Float	$ 15,346,500		$ 15,346,500
General Partner Percent Ownership Percentage			1.00%
Auroa, CO Ownership Interest	70.00%		70.00%
Non-controlling interest	$ 23,381	$ 20,082	$ 59,521	$ 50,130

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Property (Tables)

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Summary of Property and Equipment

	September 30, 2012	December 31, 2011
Land	$ 2,729,790	$ 2,729,790
Buildings and improvements	11,293,074	11,293,074
Rental trucks under capital leases	210,138	210,138
Total	14,233,002	14,233,002
Less accumulated depreciation	(11,405,024)	(11,379,861)
Property - net	$ 2,827,978	$2,853,141

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Allocations of Profits and Losses (Details Narrative)	9 Months Ended
	Sep. 30, 2012
Notes to Financial Statements
General Partner Percentage	1.00%

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Related Party Transactions (Details Narrative) (USD $)	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Notes to Financial Statements
Management Fee Percentage	5.00%			5.00%	5.00%
Management Fee		$ 30,773	$ 31,254	$ 97,436	$ 94,580
Payable To Dahn	10,375	10,375		10,375		10,208
Tax Fee to General Partner	$ 4,949			$ 44,541

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Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Statement of Cash Flows [Abstract]
NET INCOME ATTRIBUTABLE TO THE PARTNERSHIP	$ 524,022	$ 550,639
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	25,163	20,279
Net income attributable to non-controlling interests	59,521	50,130
Changes in assets and liabilities:
Other assets	2,792	14,422
Incentive management fee payable to General Partners	0	6,974
Property management fees payable	167	538
Customer deposits and other liabilities	(100,489)	(21,347)
Net cash provided by operating activities	511,176	621,635
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property	0	104,976
Net cash used in investing activities	0	(104,976)
CASH FLOWS FROM FINANCING ACTIVITIES:
Distributions to partners	597,257	713,189
Distributions paid to non-controlling interests	(56,400)	(46,800)
Net cash used in financing activities	(653,657)	(759,989)
NET DECREASE IN CASH AND CASH EQUIVALENTS	142,481	243,330
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	537,223	703,774
CASH AND CASH EQUIVALENTS AT END OF PERIOD	394,742	460,444
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	0	0
NON CASH INVESTING AND FINANCING ACTIVITIES:
Distributions due partners included in partners' equity	$ 193,769	$ 193,765

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Allocations of Profits and Losses

9 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Allocations of Profits and Losses

Under the Agreement of Limited Partnership, the general partners are to be allocated 1% of the net profits or losses from operations, and the limited partners are to be allocated the balance of the net profits or losses from operations in proportion to their limited partnership interests. The general partners are also entitled to receive a percentage, based on a predetermined formula, of any cash distribution from the sale, other disposition, or refinancing of the project.

In addition, the general partners are entitled to receive an incentive management fee for supervising the operations of the Partnership. The fee is to be paid in an amount equal to 9% per annum of the cash distributions to limited partners in the fund.