Transactions with General Partner and Its Affiliates

6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Transactions with General Partner and Its Affiliates

6. TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES:

Pursuant to the terms of the Permanent Manager Agreement (the “PMA”) executed in 1993 and as currently in effect as of January 1, 2015, the General Partner receives a base fee (the “Base Fee”) for managing the Partnership equal to four percent of gross receipts, subject to an initial annual minimum amount of $159,000. The PMA also provides that the Partnership is responsible for reimbursement of the General Partner for office rent and related office overhead (“Expenses”) up to an initial annual maximum of $13,250. Both the Base Fee and reimbursement of Expenses are subject to annual Consumer Price Index based adjustments. Effective March 1, 2015, the minimum annual Base Fee and the maximum reimbursement of Expenses increased by 1.62% from the prior year, which represents the allowable annual Consumer Price Index adjustment per the PMA. Therefore, as of March 1, 2015, the minimum annual Base Fee paid by the Partnership was raised to $266,976 and the maximum annual reimbursement of Expenses was increased to $21,540.

For purposes of computing the four percent overall fee paid to the General Partner, gross receipts include amounts recovered in connection with the misappropriation of assets by the former general partners and their affiliates. To date, the General Partner has received fees from the Partnership totaling $59,729 on the amounts recovered. The fee received from the Partnership on the amounts recovered reduces the minimum monthly Base Fee by that same amount.

Amounts paid and/or accrued to the General Partner and its affiliates for the three and six month periods ended June 30, 2015 and 2014 are as follows:

	Three Month Period ended June 30, 2015		Three Month Period ended June 30, 2014		Six Month Period ended June 30, 2015		Six Month Period ended June 30, 2014
	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
General Partner
Management fees	$	66,744	$	65,679	$	132,778	$	130,728
Restoration fees		0		0		0		0
Overhead allowance		5,385		5,298		10,712		10,546
Other outsourced administrative fees		300		675		788		1,763
Sales Commission		0		0		0		0
Reimbursement for out-of-pocket expenses		0		986		2,500		2,148
Cash distribution		509		335		535		335
	$	72,938	$	72,973	$	147,313	$	145,520

At June 30, 2015 and December 31, 2014, $509 and $3,254, respectively, was payable to the General Partner.

As of June 30, 2015 and December 31, 2014, 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, 2015, the General Partner did not own any limited partnership interests in the Partnership. The following chart identifies the beneficial ownership of the Partnership’s principal executive officer, being the sole named executive officer of the Partnership that directly or indirectly holds any limited partnership interests:

Title of Class	Name of Beneficial Owner(1)	Amount and Nature of Beneficial Ownership			Percentage of Class Outstanding(3)
Limited Partnership Interest	Bruce A. Provo		200	(2)		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) Based on 46,280.3 limited partnership interests outstanding as of June 30, 2015.