Members' Capital

12 Months Ended

Dec. 31, 2017

Partners' Capital Notes [Abstract]

Partners' Capital Notes Disclosure [Text Block]

(6)  Members’ Capital –

For the years ended December 31, 2017 and 2016, the Company declared distributions of $679,998 and $809,870, respectively.  The Limited Members received distributions of $660,002 and $787,998 and the Managing Members received distributions of $19,996 and $21,872 for the years, respectively.  The Limited Members' distributions represented $0.38 and $0.45 per LLC Unit outstanding using 1,739,506 and 1,746,715 weighted average Units in 2017 and 2016, respectively.  The distributions represented $0.11 and $0.13 per Unit of Net Income and $0.27 and $0.32 per Unit of return of contributed capital in 2017 and 2016, respectively.

As part of the distributions discussed above, the Company distributed net sale proceeds (from property sales completed in 2015) of $20,202 and $121,212 in 2017 and 2016, respectively.  The Limited Members received distributions of $20,000 and $120,000 and the Managing Members received distributions of $202 and $1,212 for the years, respectively.  The Limited Members’ distributions represented $0.01 and $0.07 per Unit for the years, respectively.

The Company may repurchase 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 Member, such purchase would impair the capital or operation of the Company.

On April 1, 2017, the Company repurchased a total of 6,000.0 Units for $36,332 from three Limited Members in accordance with the Operating Agreement.  On April 1, 2016, the Company repurchased a total of 10,835.5 Units for $75,397 from six Limited Members.  The Company acquired these Units using Net Cash Flow from operations.  The repurchases increase the remaining Limited Members’ ownership interest in the Company.  As a result of these repurchases and pursuant to the Operating Agreement, the Managing Members received distributions of $1,124 and $2,332 in 2017 and 2016, respectively.