Transactions with General Partner and its Affiliates

12 Months Ended

Dec. 31, 2017

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, 2017, the minimum annual Base Fee and the maximum Expense reimbursement increased by 1.26% from the prior year, which represents the allowable annual Consumer Price Index adjustment per the PMA. Therefore, as of March 1, 2017, the minimum monthly Base Fee paid by the Partnership was raised to $22,556 and the maximum monthly Expense reimbursement was increased to $1,820.

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, 2017 and 2016, are as follows:

	Incurred for the Year ended December 31, 2017		Incurred for the  Year ended December 31, 2016
General Partner
Management fees	$	270,110	$	267,246
Overhead allowance		21,794		21,560
Leasing commissions		126,820		9,099
Reimbursement for out-of-pocket expenses		2,500		2,500
Cash distribution		2,751		3,006
	$	423,975	$	303,411

At December 31, 2017 and 2016, $1,238 and $1,242, respectively, were the distributions payable to the General Partner.