XML 45 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6
Other Assets (Tables)
 6 Months Ended
Jun. 30, 2012
Other Assets [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
The following is a summary of the taxable loans, accrued interest and allowance on the amounts due at June 30, 2012 and December 31, 2011, respectively:
 
 
June 30, 2012
 
 
Outstanding Balance
 
Accrued Interest
 
Loan Loss Reserves
 
Net Taxable Loans
Ashley Square
 
$
4,811,342

 
$
1,492,025

 
$
(5,088,367
)
 
$
1,215,000

Cross Creek
 
6,588,087

 
1,458,388

 
(4,662,860
)
 
3,383,615

Iona Lakes
 
7,524,118

 
2,523,154

 
(6,524,776
)
 
3,522,496

Arbors at Hickory Ridge
 
600,000

 
3,200

 
(603,200
)
 
—

Woodland Park
 
914,116

 
232,847

 
(1,146,963
)
 
—

 
 
$
20,437,663

 
$
5,709,614

 
$
(18,026,166
)
 
$
8,121,111

 
 
 
 
 
 
 
 
 
 
 
December 31, 2011
 
 
Outstanding Balance
 
Accrued Interest
 
Loan Loss Reserves
 
Net Taxable Loans
Ashley Square
 
$
4,786,342

 
$
1,331,186

 
$
(4,927,528
)
 
$
1,190,000

Cross Creek
 
6,769,227

 
1,360,270

 
(4,564,742
)
 
3,564,755

Iona Lakes
 
7,339,118

 
2,207,301

 
(6,208,923
)
 
3,337,496

Woodland Park
 
914,116

 
167,609

 
(1,081,725
)
 
—

 
 
$
19,808,803

 
$
5,066,366

 
$
(16,782,918
)
 
$
8,092,251
Schedule of Other Assets [Table Text Block]
The Company had the following Other assets as of dates shown:
 
 
June 30, 2012
 
December 31, 2011
Property loans receivable
 
$
20,437,663

 
$
19,808,803

Less: Loan loss reserves
 
(18,026,166
)
 
(16,782,918
)
Deferred financing costs - net
 
3,641,562

 
3,894,071

Fair value of derivative contracts
 
542,773

 
1,323,270

Taxable bonds at fair market value
 
711,756

 
774,946

Other assets
 
1,244,997

 
1,193,216

 Total Other assets
 
$
8,552,585

 
$
10,211,388
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block]
The following is a detail of loan loss reserves for the six months and year ended June 30, 2012 and December 31, 2011:

 
 
June 30, 2012
 
December 31, 2011
Balance, beginning of year
 
$
16,782,918

 
$
9,899,719

Provision for loan loss
 
—

 
4,242,571

Acquisition of Arbors of Hickory Ridge bond
 
600,000

 
—

Deconsolidation of VIEs
 
—

 
1,861,051

Accrued interest not recognized
 
643,248

 
779,577

Balance, end of year
 
$
18,026,166

 
$
16,782,918