Transactions with General Partner and Its Affiliates

12 Months Ended

Dec. 31, 2016

Related Party Transactions [Abstract]

Transactions with General Partner and Its Affiliates

5. TRANSACTIONS WITH GENERAL PARTNER AND ITS AFFILIATES:

Pursuant to the terms of the Permanent Manager Agreement (the “PMA”) executed in 1993 and renewed for an additional two-year term as of January 1, 2017, the General Partner receives a 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 Expense reimbursement are subject to annual Consumer Price Index based adjustments. Effective March 1, 2016, the minimum annual Base Fee and the maximum Expense reimbursement increased by 0.12% from the prior year, which represents the allowable annual Consumer Price Index adjustment per the PMA. Therefore, as of March 1, 2016, the minimum monthly Base Fee paid by the Partnership was raised to $22,275 and the maximum monthly Expense reimbursement was increased to $1,797.

For purposes of computing the four percent overall fees, gross receipts include amounts recovered in connection with the misappropriation of assets by the former general partners and their affiliates. The fees received from the Partnership on the amounts recovered reduce the four percent minimum fee by that same amount.

Amounts paid and/or accrued to the General Partner and its affiliates for the years ended December 31, 2016 and 2015, are as follows:

	Incurred for the		Incurred for the
	Year ended December 31, 2016		Year ended December 31, 2015
General Partner
Management fees	$	267,246	$	266,266
Overhead allowance		21,560		21,482
Outsourced XBRL Fees		-		1,088
Leasing commissions		9,099		-
Reimbursement for out-of-pocket expenses		2,500		2,500
Cash distribution		3,006		3,097
	$	303,411	$	294,433

At December 31, 2016 and 2015, $1,242 and $1,416, respectively, were the distributions payable to the General Partner.

As of December 31, 2016, TPG Finance Corp. owned 200 Interests 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.