Investment In Limited Partnerships

12 Months Ended

Dec. 31, 2012

Investment In Limited Partnerships

Note 8: Investment In Limited Partnerships

The investments in limited partnerships are as follows:

	2012		2011
Pedcor Investments 1997-XXVIII (99.00 percent ownership)	$	1,132	$	1,415
Pedcor Investments 1987-XXXI (49.50 percent ownership)		125		188
Pedcor Investments 2000-XLI (50.00 percent ownership)		495		577
Pedcor Investments 2001-LI (9.90 percent ownership)		130		152
Pedcor Investments 2008-CIII (21.50 percent ownership)		721		781
	$	2,603	$	3,113

These limited partnerships build, own and operate apartment complexes. The Company records its equity in the net income or loss of the limited partnerships based on the Company’s interest in the partnerships. The Company recorded losses from these limited partnerships of $498,000, $384,000 and $510,000 for 2012, 2011 and 2010, respectively. In addition, the Company has recorded the benefit of low income housing tax credits of $283,000, $445,000 and $592,000 for 2012, 2011 and 2010, respectively. Combined financial statements for the limited partnerships recorded under the equity method of accounting are as follows:

	2012			2011
Combined condensed balance sheets
Assets
Cash	$	367		$	449
Land and property		50,361			52,003
Other assets		2,485			2,390
Total assets	$	53,213		$	54,842
Liabilities
Notes payable	$	43,764		$	45,310
Other liabilities		1,394			1,066
Total liabilities		45,158			46,376
Partners' equity
General partners		(3,649	)		(3,521	)
Limited partners		11,704			11,987
Total partners’ equity		8,055			8,466
Total liabilities and partners' equity	$	53,213		$	54,842

	2012			2011			2010
Combined condensed statements of operations
Total revenue	$	6,606		$	6,603		$	6,213
Total expenses		(6,905	)		(7,518	)		(7,053	)
Net loss	$	(299	)	$	(915	)	$	(840	)