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TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES (Tables)
6 Months Ended
Jun. 30, 2013
Related Party Transactions [Abstract]  
Amounts Paid and/or Accrued to General Partner and its Affiliates

Amounts paid and/or accrued to the General Partner and its affiliates for the three and six month periods ended June 30, 2013 and 2012 are as follows:

 

     Incurred for the
Three Month
Period ended
June 30, 2013
     Incurred for the
Three Month
Period ended
June 30, 2012
     Incurred for the
Six Month
Period ended
June 30, 2013
     Incurred for the
Six Month
Period ended
June 30, 2012
 
     (Unaudited)      (Unaudited)      (Unaudited)      (Unaudited)  

General Partner

           

Management fees

   $ 64,734       $ 63,420       $ 128,592       $ 125,504   

Restoration fees

     0         0         0         40   

Overhead allowance

     5,223         5,115         10,374         10,126   

Other outsourced administrative fees

     600         4,400         4,950         6,200   

Sales Commission

     16,296         0         16,296         0   

Reimbursement for out-of-pocket expenses

     1,583         2,033         3,018         3,868   

Cash distribution

     1,696         227         1,803         444   
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 90,132       $ 75,195       $ 165,033       $ 146,182   
  

 

 

    

 

 

    

 

 

    

 

 

 
Security Ownership of Partnership Principal Executive Officer and Principal Financial Officer

At June 30, 2013 and December 31, 2012, $17,992 and $1,332, respectively, was payable to the General Partner.

As of June 30, 2013 and December 31, 2012, TPG Finance Corp. owned 200 limited partnership units of the Partnership. The President of the General Partner, Bruce A. Provo, is also the President of TPG Finance Corp., but he is not a shareholder of TPG Finance Corp.

As of June 30, 2013, the General Partner did not own any Limited Partnership Interests in the Partnership. The following chart identifies the security ownership of the Partnership’s principal executive officer and principal financial officer as the sole named executive officer:

 

Title of

Class

   Name of
Beneficial Owner(1)
     Amount and
Nature of
Beneficial
Ownership
    Percentage of
Interests
Outstanding(4)
 

Limited Partnership Interest

     Bruce A. Provo         200  (2)(3)      0.43

 

(1) A beneficial owner of a security includes a person who, directly or indirectly, has or shares voting or investment power with respect to such security. Voting power is the power to vote or direct the voting of the security and investment power is the power to dispose or direct the disposition of the security.
(2) Bruce A. Provo is deemed to have beneficial ownership of all of TPG Finance Corp.’s Limited Partnership interests in the Partnership due to his control as President of TPG Finance Corp.
(3) Bruce A. Provo may be deemed to beneficially own with such voting and investment power the Interests listed above.
(4) Based on 46,280.3 Limited Partnership Interests outstanding as of June 30, 2013.