Members' Capital

12 Months Ended

Dec. 31, 2011

Partners' Capital [Abstract]

Members' Capital

(7)  Members’ Capital –

For the years ended December 31, 2011 and 2010, the Company declared distributions of $944,330 and $944,425, respectively.  The Limited Members received distributions of $916,000 and $916,092 and the Managing Members received distributions of $28,330 and $28,333 for the years, respectively.  The Limited Members' distributions represent $0.50 and $0.50 per LLC Unit outstanding using 1,827,736 and 1,828,986 weighted average Units in 2011 and 2010, respectively.  The distributions represent $0.31 and $0.30 per Unit of Net Income and $0.19 and $0.20 per Unit of return of contributed capital in 2011 and 2010, respectively.

The Company may acquire Units from Limited Members who have tendered their Units to the Company.  Such Units may be acquired at a discount.  The Company will not be obligated to purchase in any year more than 2% of the total number of Units outstanding on January 1 of such year.  In no event shall the Company be obligated to purchase Units if, in the sole discretion of the Managing Members, such purchase would impair the capital or operation of the Company.

During 2011, the Company did not redeem any Units from the Limited Members.  During 2010, one Limited Member redeemed a total of 5,000 Units for $38,225 in accordance with the Operating Agreement.  The Company acquired these Units using Net Cash Flow from operations.  The redemptions increase the remaining Limited Members’ ownership interest in the Company.  As a result of this redemption payment and pursuant to the Operating Agreement, the Managing Members received distributions of $1,182 in 2010.

After the effect of redemptions, the Adjusted Capital Contribution, as defined in the Operating Agreement, is $10.03 per original $10 invested.