10-Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[x]         Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2013

or

[  ]         Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

CommissionFile Number:  000-53919

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(Exact name of registrant as specified in its charter)

Delaware	26-3215092
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

3 Park Avenue, 36th Floor, New York, New York	10016
(Address of principal executive offices)	(Zip Code)

(212) 418-4700

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

þYes   o No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

þYes   o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o	Accelerated filer o
Non-accelerated filer þ (Do not check if a smaller reporting company)	Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

oYes   þ No

Number of outstanding limited partnership interests of the registrant on August 8, 2013 is 258,816.

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. Table of Contents
	Page
PART I - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Consolidated Balance Sheets	1
Consolidated Statements of Operations	2
Consolidated Statements of Changes in Equity	3
Consolidated Statements of Cash Flows	4
Notes to Consolidated Financial Statements	5
Item 2. General Partner’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3. Quantitative and Qualitative Disclosures About Market Risk	22
Item 4. Controls and Procedures	22
PART II – OTHER INFORMATION
Item 1. Legal Proceedings	23
Item 1A. Risk Factors	23
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 3. Defaults Upon Senior Securities	23
Item 4. Mine Safety Disclosures	23
Item 5. Other Information	23
Item 6. Exhibits	24
Signatures	25

 PART I – FINANCIAL INFORMATION

Item 1.  Consolidated Financial Statements

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.
(A Delaware Limited Partnership)
Consolidated Balance Sheets
				June 30,		December 31,
				2013		2012
					(unaudited)
Assets
	Cash and cash equivalents			$	7,322,150	$	18,719,517
	Restricted cash				9,077,664		6,838,606
	Net investment in finance leases				135,924,133		140,272,169
	Leased equipment at cost (less accumulated depreciation
		of $36,679,538 and $28,994,563, respectively)			154,255,671		161,940,646
	Net investment in notes receivable				93,822,696		90,285,675
	Note receivable from joint venture				2,553,206		2,442,457
	Investment in joint ventures				13,817,654		5,568,255
	Other assets				8,153,481		7,010,832
Total assets				$	424,926,655	$	433,078,157
Liabilities and Equity
Liabilities:
	Non-recourse long-term debt			$	190,125,699	$	200,660,283
	Derivative financial instruments				7,606,786		11,395,234
	Deferred revenue				3,176,060		3,396,115
	Revolving line of credit, recourse				3,000,000		-
	Due to General Partner and affiliates, net				82,292		28,617
	Accrued expenses and other liabilities				12,851,140		11,528,886
		Total liabilities			216,841,977		227,009,135
Commitments and contingencies (Note 11)
Equity:
	Partners' equity:
		Limited partners			195,076,038		194,412,829
		General Partner			(352,728)		(359,514)
			Total partners' equity		194,723,310		194,053,315
	Noncontrolling interests				13,361,368		12,015,707
			Total equity		208,084,678		206,069,022
Total liabilities and equity				$	424,926,655	$	433,078,157
See accompanying notes to consolidated financial statements.

1

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.
(A Delaware Limited Partnership)
Consolidated Statements of Operations
(unaudited)
			Three Months Ended June 30,				Six Months Ended June 30,
			2013		2012		2013		2012
Revenue:
	Finance income		$	5,367,229	$	6,648,576	$	11,832,761	$	13,438,393
	Rental income			7,211,599		7,916,683		14,423,198		15,823,400
	Income (loss) from investment in joint ventures			385,042		(84,670)		595,809		(227,732)
	Other income (loss)			82,903		(11,235)		130,369		65,731
		Total revenue		13,046,773		14,469,354		26,982,137		29,099,792
Expenses:
	Management fees			462,140		883,818		963,045		1,459,506
	Administrative expense reimbursements			493,359		1,535,521		1,111,527		2,325,786
	General and administrative			772,555		761,680		1,325,796		1,127,212
	Credit loss			18,795		2,976,066		18,795		2,636,066
	Depreciation			3,842,487		4,374,354		7,684,975		8,748,708
	Interest			2,629,131		2,833,000		5,293,171		5,775,730
	(Gain) loss on derivative financial instruments			(1,914,721)		2,693,172		(1,991,747)		2,922,747
		Total expenses		6,303,746		16,057,611		14,405,562		24,995,755
Net income (loss)				6,743,027		(1,588,257)		12,576,575		4,104,037
	Less: net income (loss) attributable to noncontrolling interests			925,817		(103,238)		1,440,370		320,359
Net income (loss) attributable to Fund Fourteen			$	5,817,210	$	(1,485,019)	$	11,136,205	$	3,783,678
Net income (loss) attributable to Fund Fourteen allocable to:
	Limited partners		$	5,759,038	$	(1,470,169)	$	11,024,843	$	3,745,841
	General Partner			58,172		(14,850)		111,362		37,837
			$	5,817,210	$	(1,485,019)	$	11,136,205	$	3,783,678
Weighted average number of limited
	partnership interests outstanding			258,820		258,831		258,823		258,831
Net income (loss) attributable to Fund Fourteen
	per weighted average limited partnership
	interest outstanding		$	22.25	$	(5.68)	$	42.60	$	14.47
See accompanying notes to consolidated financial statements.

2

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.
(A Delaware Limited Partnership)
Consolidated Statements of Changes in Equity
		Partners' Equity
		Limited Partnership Interests	Limited Partners		General Partner		Total Partners' Equity		Noncontrolling Interests		Total Equity
Balance, December 31, 2012		258,827	$	194,412,829	$	(359,514)	$	194,053,315	$	12,015,707	$	206,069,022
	Net income	-		5,265,805		53,190		5,318,995		514,553		5,833,548
	Cash distributions	-		(5,176,532)		(52,288)		(5,228,820)		(94,709)		(5,323,529)
Balance, March 31, 2013 (unaudited)		258,827		194,502,102		(358,612)		194,143,490		12,435,551		206,579,041
	Net income	-		5,759,038		58,172		5,817,210		925,817		6,743,027
	Repurchase of limited partnership interests	(11)		(8,639)		-		(8,639)		-		(8,639)
	Cash distributions	-		(5,176,463)		(52,288)		(5,228,751)		-		(5,228,751)
Balance, June 30, 2013 (unaudited)		258,816	$	195,076,038	$	(352,728)	$	194,723,310	$	13,361,368	$	208,084,678
See accompanying notes to consolidated financial statements.

3

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.
(A Delaware Limited Partnership)
Consolidated Statements of Cash Flows
(unaudited)
				Six Months Ended June 30,
				2013		2012
Cash flows from operating activities:
	Net income			$	12,576,575	$	4,104,037
	Adjustments to reconcile net income to net cash provided by operating activities:
			Finance income, net of costs and fees		(1,029,901)		558,719
			(Income) loss from investment in joint ventures		(595,809)		227,732
			Depreciation		7,684,975		8,748,708
			Credit loss		18,795		2,636,066
			Interest expense from amortization of debt financing costs		439,122		502,095
			Interest expense, other		199,348		190,128
			Other income		-		(22,562)
			(Gain) loss on derivative financial instruments		(3,804,093)		1,054,019
	Changes in operating assets and liabilities:
		Restricted cash			(2,239,058)		(3,597,632)
		Other assets, net			(1,221,858)		(1,635,067)
		Accrued expenses and other liabilities			1,122,906		459,334
		Deferred revenue			(220,055)		11,291
		Due to General Partner and affiliates			53,675		(111,812)
		Distributions from joint ventures			143,775		-
Net cash provided by operating activities					13,128,397		13,125,056
Cash flows from investing activities:
	Proceeds from sale of leased equipment				641,942		-
	Principal received on finance leases				3,277,512		3,988,396
	Investment in joint ventures				(7,913,572)		(117,500)
	Distributions received from joint ventures in excess of profits				116,207		211,772
	Investment in notes receivable				(5,136,783)		(32,610,643)
	Principal received on notes receivable				2,584,433		14,698,382
Net cash used in investing activities					(6,430,261)		(13,829,593)
Cash flows from financing activities:
	Repayment of non-recourse long-term debt				(10,534,584)		(9,304,886)
	Proceeds from revolving line of credit, recourse				3,000,000		-
	Investment by noncontrolling interest				-		137,500
	Distributions to noncontrolling interests				(94,709)		(487,157)
	Cash distributions to partners				(10,457,571)		(10,457,852)
	Repurchase of limited partnership interests				(8,639)		(4,486)
Net cash used in financing activities					(18,095,503)		(20,116,881)
Net decrease in cash and cash equivalents					(11,397,367)		(20,821,418)
Cash and cash equivalents, beginning of period					18,719,517		48,783,509
Cash and cash equivalents, end of period				$	7,322,150	$	27,962,091
Supplemental disclosure of cash flow information:
Cash paid for interest				$	5,114,559	$	6,292,184
See accompanying notes to consolidated financial statements.

4

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2013

(unaudited)

(1)       Basis of Presentation and Consolidation

The accompanying consolidated financial statements of ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (the “Partnership”) have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for Quarterly Reports on Form 10-Q.  In the opinion of the general partner of the Partnership, ICON GP 14, LLC, a Delaware limited liability company (the “General Partner”), which is a wholly-owned subsidiary of ICON Capital, LLC, a Delaware limited liability company formerly known as ICON Capital Corp. (the “Investment Manager”), all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included.  These consolidated financial statements should be read together with the consolidated financial statements and notes included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2012.  The results for the interim period are not necessarily indicative of the results for the full year.

Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve

The Investment Manager weighs all credit decisions based on a combination of external credit ratings as well as internal credit evaluations of all borrowers. A borrower’s credit is analyzed using those credit ratings as well as the borrower’s financial statements and other financial data deemed relevant. 

As the Partnership’s financing receivables, generally notes receivable and finance leases, are limited in number, the Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics and credit loss reserve.  Financing receivables are analyzed quarterly and categorized as either performing or non-performing based on payment history. If a financing receivable becomes non-performing due to a borrower’s missed scheduled payments or failed financial covenants, the Investment Manager analyzes whether a credit loss reserve should be established or whether the financing receivable should be restructured. Material events would be specifically disclosed in the discussion of each financing receivable held.

Notes receivable are generally placed in a non-accrual status when payments are more than 90 days past due. Additionally, the Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon the Investment Manager’s judgment, these accounts may be placed in a non-accrual status.

In accordance with the cost recovery method, payments received on non-accrual loans are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual loans is not in doubt, interest income is recognized on a cash basis. Loans in non-accrual status may not be restored to accrual status until all delinquent payments have been received, and the Partnership believes recovery of the remaining unpaid receivable is probable.

The Partnership charges off a loan in the period that it is deemed uncollectible and records a reduction in the allowance for loan losses and the balance of the loan.

(2)       Net Investment in Notes Receivable

Net investment in notes receivable consisted of the following:

	June 30,		December 31,
	2013		2012
Principal outstanding	$	91,603,506	$	87,750,115
Initial direct costs		6,832,210		7,291,683
Deferred fees		(1,654,225)		(1,816,123)
Credit loss reserve		(2,958,795)		(2,940,000)
Net investment in notes receivable	$	93,822,696	$	90,285,675

On March 9, 2012, the Partnership made a term loan in the amount of $7,500,000 to Kanza Construction, Inc. The loan bears interest at 13% per year and is for a period of 60 months. The loan is secured by all of Kanza’s assets. As a result of Kanza’s unexpected financial hardship and failure to meet certain payment obligations, the loan was placed on non-accrual status and the Partnership recorded a credit loss reserve of $2,940,000 during the year ended December 31, 2012 based on the

5

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2013

(unaudited)

estimated value of the recoverable collateral. During the six months ended June 30, 2013, the Partnership recorded an additional credit loss reserve of approximately $19,000 based on cash proceeds of approximately $754,000 received from the sale of the collateral. No finance income was recognized on the impaired loan during the six months ended June 30, 2013. As of June 30, 2013, the Partnership has fully reserved the remaining balance of the loan of $2,958,795. The Partnership continues to pursue all legal remedies to obtain payment.

On March 1, 2013, the Partnership made a secured term loan in the amount of $4,800,000 to Heniff Transportation Systems, LLC and Heniff TTL, LLC (collectively, “Heniff”).  The loan bears interest at 12.25% per year and is for a period of 42 months.  The loan is secured by, among other things, a second priority security interest in Heniff’s assets, including tractors and stainless steel tank trailers.

(3)Net Investment in Finance Leases

Net investment in finance leases consisted of the following:

	June 30,		December 31,
	2013		2012
Minimum rents receivable	$	178,512,252	$	188,100,132
Estimated residual values		2,217,587		2,859,529
Initial direct costs		2,203,727		2,538,602
Unearned income		(47,009,433)		(53,226,094)
Net investment in finance leases	$	135,924,133	$	140,272,169

On February 28, 2013, Global Crossing Telecommunications, Inc. exercised its option to purchase certain telecommunications equipment at lease expiration for approximately $642,000. No gain or loss was recorded as a result of the transaction.

The Partnership has three vessels subject to bareboat charters with subsidiaries of Geden Holdings Ltd., which expire between June 2016 and October 2017. As a result of the depressed shipping market and historically low time charter rates, Geden’s subsidiaries only partially satisfied their lease payment obligations. During the three months ended June 30, 2013, the outstanding amount became more than 90 days past due and the Partnership placed the leases on a non-accrual status. The Partnership recognized finance income on a cash basis for the three months ended June 30, 2013. The Investment Manager is currently in discussions with Geden’s management team and has determined that no credit loss reserve is required at June 30, 2013.

(4)       Leased Equipment at Cost

Leased equipment at cost consisted of the following:

		June 30,		December 31,
		2013		2012
Packaging equipment		$	6,535,061	$	6,535,061
Motor coaches			9,795,148		9,795,148
Marine - crude oil tankers			174,605,000		174,605,000
	Leased equipment at cost		190,935,209		190,935,209
Less: accumulated depreciation			36,679,538		28,994,563
	Leased equipment at cost, less accumulated depreciation	$	154,255,671	$	161,940,646

Depreciation expense was $3,842,487 and $4,374,354 for the three months ended June 30, 2013 and 2012, respectively. Depreciation expense was $7,684,975 and $8,748,708 for the six months ended June 30, 2013 and 2012, respectively.

6

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2013

(unaudited)

(5)       Investment in Joint Ventures

On February 15, 2013, the Partnership, through a joint venture owned 38% by the Partnership, 58% by ICON ECI Fund Fifteen, L.P. (“Fund Fifteen”) and 4% by ICON ECI Partners L.P., each an entity also managed by the Investment Manager,  purchased onshore oil field services equipment from Go Frac, LLC for approximately $11,804,000. Simultaneously, the equipment was leased back to Go Frac for a period of 45 months, expiring on November 30, 2016. The Partnership’s contribution to the joint venture was approximately $3,552,000.

On April 2, 2013, the Partnership, through two joint ventures each owned 45% by the Partnership and 55% by Fund Fifteen, purchased two chemical tanker vessels, the Ardmore Capella and the Ardmore Calypso, from wholly-owned subsidiaries of Ardmore Shipholding Limited (“Ardmore”).  Simultaneously, the vessels were bareboat chartered back to the Ardmore subsidiaries for a period of five years.  The aggregate purchase price for the vessels was funded by $8,850,000 in cash, $22,750,000 of financing through non-recourse long-term debt and $5,500,000 of financing through subordinated, non-interest-bearing seller’s credits. The Partnership’s contribution to the joint venture was approximately $4,361,000.

On May 30, 2013, ICON Atlas, LLC, a joint venture owned 40.53% by the Partnership, 49.54% by ICON Leasing Fund Twelve, LLC (“Fund Twelve”), an entity also managed by the Investment Manager, and 9.93% by Hardwood Partners, LLC, in accordance with the terms of a lease, sold eight gas compressors to Atlas Pipeline Mid-Continent, LLC (“Atlas”) for $7,500,000. Simultaneously, the joint venture prepaid and satisfied its non-recourse debt obligation with Wells Fargo Equipment Finance, Inc., secured by the gas compressors, for $7,500,000.

(6)Non-Recourse Long-Term Debt

As of June 30, 2013 and December 31, 2012, the Partnership had non-recourse long-term debt obligations of $190,125,699 and $200,660,283, respectively, with maturity dates ranging from March 29, 2014 to March 29, 2021, and interest rates ranging from 4.555% to 12% per year, some of which were fixed after giving effect to the respective interest rate swap agreements.

The Partnership, through certain subsidiaries of its joint venture with Fund Twelve, borrowed $128,000,000 (the “Senior Debt”) in connection with the acquisition of the vessels on bareboat charter to AET Inc. Limited (collectively, the “AET Vessels”).  The joint venture also borrowed $22,000,000 of subordinated non-recourse long-term debt from an unaffiliated third party (the “Sub Debt”).

On April 20, 2012, the joint venture with the AET Vessels was notified of an event of default on the Senior Debt.  Due to a change in the fair value of the AET Vessels, a provision in the Senior Debt loan agreement restricts the Partnership’s ability to utilize cash generated by the charters of the AET Vessels as of January 12, 2012 for purposes other than paying the Senior Debt.  Charter payments in excess of the Senior Debt loan service are held in reserve by the Senior Debt lender until such time as the restriction is cured. Once cured, the reserves will be released to the Partnership.  At June 30, 2013, $6,207,798 was included in restricted cash.  While this restriction is in place, the Partnership is prevented from applying the charter proceeds to the Sub Debt. As a result of the Partnership’s failure to make required Sub Debt loan payments from June 2012 through June 2013, the Sub Debt lender has certain rights, including step-in rights, which allow it to collect cash generated from the charters until such time as the Sub Debt lender has received all unpaid amounts. The Sub Debt lender has reserved, but not exercised, its rights under the loan agreement.

The Partnership was notified of an event of default related to certain financial covenants in connection with the non-recourse long-term debt associated with the vessels on bareboat charter to Fantastic Shipping Ltd., Amazing Shipping Ltd. and Center Navigation Ltd., each subsidiaries of Geden, as a result of reduced charter hire payments.  The lender has reserved, but not exercised, its rights under the loan agreement.

(7)       Revolving Line of Credit, Recourse

On May 10, 2011, the Partnership entered into an agreement with California Bank & Trust (“CB&T”) for a revolving line of credit of up to $15,000,000 (the “Facility”), which is secured by all of the Partnership’s assets not subject to a first priority lien. Amounts available under the Facility are subject to a borrowing base that is determined, subject to certain limitations, based on the present value of the future receivables under certain loans and lease agreements in which the Partnership has a beneficial interest. At June 30, 2013, the Partnership had $11,962,251 available under the Facility pursuant to the borrowing base.

7

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2013

(unaudited)

The Facility has been extended through March 31, 2015.  The interest rate for general advances under the Facility is CB&T’s prime rate.  The Partnership may elect to designate up to five advances on the outstanding principal balance of the Facility to bear interest at the London Interbank Offered Rate (“LIBOR”)  plus 2.5% per year.  In all instances, borrowings under the Facility are subject to an interest rate floor of 4.0% per year. In addition, the Partnership is obligated to pay an annualized 0.5% fee on unused commitments under the Facility. 

At June 30, 2013, the Partnership had $3,000,000 outstanding under the Facility and was in compliance with all covenants related to the Facility.

(8)Transactions with Related Parties

The Partnership paid distributions to the General Partner of $52,288 and $104,576 for the three and six months ended June 30, 2013, respectively.  The Partnership paid distributions to the General Partner of $52,289 and $104,578 for the three and six months ended June 30, 2012, respectively.  Additionally, the General Partner’s interest in the net income attributable to the Partnership was $58,172 and $111,362 for the three and six months ended June 30, 2013, respectively.  The General Partner’s interest in the net (loss) income attributable to the Partnership was $(14,850) and $37,837 for the three and six months ended June 30, 2012, respectively.

Fees and other expenses paid or accrued by the Partnership to the General Partner or its affiliates were as follows:

			Three Months Ended June 30,				Six Months Ended June 30,
Entity	Capacity	Description	2013		2012		2013		2012
ICON Capital, LLC	Investment Manager	Acquisition fees (1)	$	297,000	$	72,928	$	1,232,207	$	1,563,596
ICON Capital, LLC	Investment Manager	Management fees (2)		462,140		883,818		963,045		1,459,506
ICON Capital, LLC	Investment Manager	Administrative expense
		reimbursements (2)		493,359		1,535,521		1,111,527		2,325,786
			$	1,252,499	$	2,492,267	$	3,306,779	$	5,348,888
(1) Amount capitalized and amortized to operations.
(2) Amount charged directly to operations.

At June 30, 2013, the Partnership had a net payable of $82,292 due to the General Partner and its affiliates that primarily consisted of payables due to an affiliate related to such affiliate’s noncontrolling interest in a joint venture with the Partnership.  At December 31, 2012, the Partnership had a net payable of $28,617 due to the General Partner and its affiliates that primarily consisted of administrative expense reimbursements.

At June 30, 2013 and December 31, 2012, the Partnership had a note receivable from a joint venture of $2,553,206 and $2,442,457, respectively, and accrued interest of approximately $29,000 and $28,000, respectively. The accrued interest is included in other assets on the consolidated balance sheets.  For the three and six months ended June 30, 2013, interest income relating to the note receivable from the joint venture of approximately $98,000 and $193,000, respectively, was recognized and included in finance income on the consolidated statements of operations. For the three and six months ended June 30, 2012, interest income relating to the note receivable from the joint venture of approximately $122,000 and $241,000, respectively, was recognized and included in finance income on the consolidated statements of operations.

(9)       Derivative Financial Instruments

The Partnership may enter into derivative financial instruments for purposes of hedging specific financial exposures, including movements in foreign currency exchange rates and changes in interest rates on its non-recourse long-term debt. The Partnership enters into these instruments only for hedging underlying exposures. The Partnership does not hold or issue derivative financial instruments for purposes other than hedging, except for warrants, which are not hedges. Certain derivatives may not meet the established criteria to be designated as qualifying accounting hedges, even though the Partnership believes that these are effective economic hedges.

The Partnership recognizes all derivative financial instruments as either assets or liabilities on the consolidated balance sheets and measures those instruments at fair value. Changes in the fair value of such instruments are recognized immediately

8

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2013

(unaudited)

in earnings unless certain criteria are met. These criteria demonstrate that the derivative is expected to be highly effective at offsetting changes in the fair value or expected cash flows of the underlying exposure at both the inception of the hedging relationship and on an ongoing basis and include an evaluation of the counterparty risk and the impact, if any, on the effectiveness of the derivative. If these criteria are met, which the Partnership must document and assess at inception and on an ongoing basis, the Partnership recognizes the changes in fair value of such instruments in accumulated other comprehensive income (loss), a component of equity on the consolidated balance sheets. Changes in the fair value of the ineffective portion of all derivatives are recognized immediately in earnings.

Interest Rate Risk

The Partnership’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements on its variable non-recourse debt. The Partnership’s strategy to accomplish these objectives is to match the projected future cash flows with the underlying debt service. Each interest rate swap involves the receipt of floating-rate interest payments from a counterparty in exchange for the Partnership making fixed-rate interest payments over the life of the agreement without exchange of the underlying notional amount.

Counterparty Risk

The Partnership manages exposure to possible defaults on derivative financial instruments by monitoring the concentration of risk that the Partnership has with any individual bank and through the use of minimum credit quality standards for all counterparties. The Partnership does not require collateral or other security in relation to derivative financial instruments. Since it is the Partnership’s policy to enter into derivative contracts only with banks of internationally acknowledged standing and the fair value of the Partnership’sderivatives is in a liability position, the Partnership considers the counterparty risk to be remote.

As of June 30, 2013 and December 31, 2012, the Partnership had only warrants in an asset position that were not material to the consolidated financial statements; therefore, the Partnership considers the counterparty risk to be remote.

As of June 30, 2013 and December 31, 2012, the fair value of the derivatives in a liability position was $7,606,786 and $11,395,234, respectively.  Derivative contracts may contain credit risk related contingent features that can trigger a termination event, such as maintaining specified financial ratios.  In the event that the Partnership would be required to settle its obligations under the derivative contracts as of June 30, 2013 and December 31, 2012, the termination value would be $7,891,589 and $12,202,772, respectively.

Non-designated Derivatives

        As of June 30, 2013 and December 31, 2012, the Partnership had five interest rate swaps with DVB Bank SE that are not designated and not qualifying as cash flow hedges with an aggregate notional amount of $135,895,000 and $144,615,000, respectively. These interest rate swaps are not speculative and are used to meet the Partnership’s objectives in using interest rate derivatives to add stability to interest expense and to manage its exposure to interest rate movements.

Additionally, the Partnership holds warrants that are held for purposes other than hedging. All changes in the fair value of the interest rate swaps not designated as hedges and the warrants are recorded directly in earnings, which is included in (gain) loss on derivative financial instruments.

        The table below presents the fair value of the Partnership’s derivative financial instruments as well as their classification within the Partnership’s consolidated balance sheets as of June 30, 2013 and December 31, 2012:

9

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2013

(unaudited)

		Asset Derivatives					Liability Derivatives
		Balance Sheet		June 30, 2013	December 31, 2012		Balance Sheet		June 30, 2013	December 31, 2012
		Location	Fair Value		Fair Value		Location	Fair Value		Fair Value
Derivatives not designated as hedging instruments:
	Interest rate swaps		$	-	$	-	Derivative financial instruments	$	7,606,786	$	11,395,234
	Warrants	Other assets	$	68,801	$	53,156		$	-	$	-

The Partnership’s derivative financial instruments not designated as hedging instruments generated a (gain) loss on derivative financial instruments on the consolidated statements of operations for the three months ended June 30, 2013 and 2012 of $(1,914,721) and $2,693,172, respectively.  The gain recorded for the three months ended June 30, 2013 was comprised of a gain of $1,921,521 relating to interest rate swap contracts and a loss of $6,800 relating to warrants. The loss recorded for the three months ended June 30, 2012 was comprised of losses of $2,693,172 relating to interest rate swap contracts. The Partnership’s derivative financial instruments not designated as hedging instruments generated a (gain) loss on derivative financial instruments on the consolidated statements of operations for the six months ended  June 30, 2013 and 2012 of $(1,991,747) and $2,922,747, respectively.  The gain recorded for the six months ended June 30, 2013 was comprised of gains of $1,976,102 relating to interest rate swap contracts and $15,645 relating to warrants. The loss recorded for the six months ended June 30, 2012 was comprised of losses of $2,922,747 relating to interest rate swap contracts. These amounts were recorded as a component of (gain) loss on derivative financial instruments on the consolidated statements of operations.

(10)      Fair Value Measurements

Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

·Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

·Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or                               

                       indirectly observable as of the reporting date.

·Level 3: Pricing inputs that are generally unobservable and are supported by little or no market data.

Financial Assets and Liabilities Measured on a Recurring Basis

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Investment Manager’s assessment, on the Partnership’s behalf, of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

The following table summarizes the valuation of the Partnership’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2013:

		Level 1		Level 2		Level 3		Total
Assets:
	Warrants	$	-	$	-	$	68,801	$	68,801
Liabilities:
	Derivative financial instruments	$	-	$	7,606,786	$	-	$	7,606,786

10

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2013

(unaudited)

The following table summarizes the valuation of the Partnership’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2012:

		Level 1		Level 2		Level 3		Total
Assets:
	Warrants	$	-	$	-	$	53,156	$	53,156
Liabilities:
	Derivative financial instruments	$	-	$	11,395,234	$	-	$	11,395,234

The Partnership’s derivative financial instruments, including interest rate swaps and warrants, are valued using quoted market prices available in active markets for identical assets or liabilities or models based on readily observable or unobservable market parameters for all substantial terms of the Partnership’s derivative financial instruments and are classified within Level 2 or Level 3. As permitted by the accounting pronouncements, the Partnership uses market prices and pricing models for fair value measurements of its derivative financial instruments.

Interest Rate Swaps

The Partnership utilizes a model that incorporates common market pricing methods as well as underlying characteristics of the particular swap contract for fair value measurements of its interest rate swaps, which are classified within Level 2.  Interest rate swaps are modeled by incorporating such inputs as the term to maturity, LIBOR swap curves, Overnight Index Swap (“OIS”) curves and the payment rate on the fixed portion of the interest rate swap. Thereafter, the Partnership compares third party quotations received to its own estimate of fair value to evaluate for reasonableness. The fair value of the interest rate swaps was recorded in derivative financial instruments within the consolidated balance sheets.

As of January 1, 2013, the Partnership is making two significant, but related, changes to its derivatives valuation methodology: (1) changing from LIBOR-based discount factors to OIS-based discount factors; and (2) changing from a traditional LIBOR swap curve to a dual-curve including both the LIBOR swap curve and the OIS curve. The Partnership is making the changes to better align its inputs, assumptions, and pricing methodologies with those used in its principal market by most dealers and major market participants.  The change in valuation methodology is applied prospectively as a change in accounting estimate and is not material to the Partnership’s consolidated financial statements.

Warrants

As of June 30, 2013 and December 31, 2012, the Partnership’s warrants were valued using the Black-Scholes-Merton pricing model based on observable and unobservable inputs that are significant to the fair value measurement and are classified within Level 3. Unobservable inputs used in the Black-Scholes-Merton pricing model include, but are not limited to, the expected stock price volatility and the expected period until the warrants are exercised. In addition, one of the significant inputs used in the fair value measurement of the Partnership’s warrants at June 30, 2013 was the observable closing price of the company’s stock on the date of measurement as opposed to the use of an enterprise value to earnings before interest, taxes, depreciation and amortization multiple of 3.01x at December 31, 2012. The change in the input from December 31, 2012 was due to the company that issued the warrants completing its listing on a public exchange during the second quarter of 2013. Increases or decreases of these inputs would result in a higher or lower fair value measurement. 

The fair value of the warrants was recorded in other assets within the consolidated balance sheets. The unrealized gain on the change in fair value of the warrants was recorded in (gain) loss on derivative financial instruments on the consolidated statements of operations.

Assets and Liabilities for which Fair Value is Disclosed

Certain of the Partnership’s financial assets and liabilities, which include fixed-rate notes receivable, fixed-rate non-recourse long-term debt and other liabilities, in which fair value is required to be disclosed, were valued using inputs that are generally unobservable and supported by little or no market data and are therefore classified within Level 3. As permitted by the accounting pronouncements, the Partnership uses projected cash flows for fair value measurements of these financial assets and liabilities. Fair value information with respect to certain of the Partnership’s other assets and liabilities is not separately provided since (i) the current accounting pronouncements do not require fair value disclosures of lease arrangements and (ii)

11

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(A Delaware Limited Partnership)

Notes to Consolidated Financial Statements

June 30, 2013

(unaudited)

the carrying value of financial assets, other than lease-related investments, and the recorded value of recourse debt approximate fair value due to their short-term maturities and variable interest rates.

The estimated fair value of the Partnership’s fixed-rate notes receivable, fixed-rate non-recourse long-term debt and other liabilities was based on the discounted value of future cash flows related to the loans based on recent transactions of this type. Principal outstanding on fixed-rate notes receivable was discounted at rates ranging between 10% and 15.5% per year. Principal outstanding on fixed-rate non-recourse long-term debt and other liabilities was discounted at rates ranging between 5.9% and 14% per year.

	June 30, 2013
			Fair Value
	Carrying Value		(Level 3)
Principal outstanding on fixed-rate notes receivable	$	91,197,917	$	91,985,593
Principal outstanding on fixed-rate non-recourse long-term debt	$	54,230,699	$	54,322,306
Other liabilities	$	7,682,133	$	7,588,720

(11)Commitments and Contingencies

At the time the Partnership acquires or divests of its interest in a diverse pool of business essential equipment and corporate infrastructure (collectively, “Capital Assets”), the Partnership may, under very limited circumstances, agree to indemnify the seller or buyer for specific contingent liabilities.  The General Partner believes that any liability of the Partnership that may arise as a result of any such indemnification obligations will not have a material adverse effect on the consolidated financial condition or results of operations of the Partnership taken as a whole.

 On September 27, 2010, the Partnership’s wholly-owned subsidiary, ICON SE, LLC (“ICON SE”), participated in a $46,000,000 facility by agreeing to make a secured term loan to SE Shipping Pte Ltd. (“SE”) for the purchase of a new-build heavy lift vessel and accompanying equipment.  Although all of the material conditions to closing were satisfied, SE breached its obligations under the loan by refusing to draw down on the facility. Subsequently, ICON SE commenced an action against SE in the United Kingdom for SE’s failure to pay ICON SE the commitment fee due in accordance with the loan agreement.

In connection with certain investments, the Partnership is required to maintain restricted cash balances with certain banks. At June 30, 2013 and December 31, 2012, the Partnership had restricted cash of $9,077,664 and $6,838,606, respectively.

12

Item 2.  General Partner's Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our current financial position and results of operations. This discussion should be read together with our unaudited consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2012.  This discussion should also be read in conjunction with the disclosures below regarding “Forward-Looking Statements” and the “Risk Factors” set forth in Item 1A of Part II of this Quarterly Report on Form 10-Q.

As used in this Quarterly Report on Form 10-Q, references to “we,” “us,” “our” or similar terms include ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. and its consolidated subsidiaries.

Forward-Looking Statements

Certain statements within this Quarterly Report on Form 10-Q may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”).  These statements are being made pursuant to the PSLRA, with the intention of obtaining the benefits of the “safe harbor” provisions of the PSLRA, and, other than as required by law, we assume no obligation to update or supplement such statements. Forward-looking statements are those that do not relate solely to historical fact. They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. You can identify these statements by the use of words such as “may,” “would,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “continue,” “further,” “plan,” “seek,” “intend,” “predict” or “project” and variations of these words or comparable words or phrases of similar meaning. These forward-looking statements reflect our current beliefs and expectations with respect to future events.  They are based on assumptions and are subject to risks and uncertainties and other factors outside our control that may cause actual results to differ materially from those projected. We undertake no obligation to update publicly or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Overview

We operate as an equipment leasing and finance fund in which the capital our partners invested is pooled together to make investments in Capital Assets, pay fees and establish a small reserve.  During our offering period, from May 18, 2009 to May 18, 2011, we raised total equity of $257,646,987. Our operating period commenced on May 19, 2011. We invested a substantial portion of the proceeds from the sale of our limited partnership interests (“Interests”) in Capital Assets.  After these proceeds were invested, additional investments have been and will continue to be made with the cash generated from our initial investments to the extent that cash is not used for our expenses, reserves and distributions to limited partners.  The investment in additional Capital Assets in this manner is called “reinvestment.”  We anticipate investing and reinvesting in Capital Assets from time to time during our five-year operating period, which may be extended, at our General Partner’s discretion, for up to an additional three years.  After the operating period, we will then sell our assets and/or let our investments mature in the ordinary course of business during our liquidation period.

Our General Partner manages and controls our business affairs, including, but not limited to, our investments in Capital Assets, under the terms of our limited partnership agreement.  Our Investment Manager, an affiliate of our General Partner, originates and services our investments.  Our Investment Manager also sponsored and currently manages or is the investment manager or managing trustee for seven other public equipment leasing and finance funds.

Recent Significant Transactions

We engaged in the following significant transactions since December 31, 2012:

Oil Field Services Equipment

 On February 15, 2013, we, through a joint venture owned 38% by us, 58% by Fund Fifteen and 4% by ICON ECI Partners L.P., purchased onshore oil field services equipment from Go Frac, LLC for approximately $11,804,000. Simultaneously, the equipment was leased back to Go Frac for a period of 45 months, expiring on November 30, 2016. Our contribution to the joint venture was approximately $3,552,000.

Telecommunications Equipment

On February 28, 2013, Global Crossing exercised its option to purchase certain telecommunications equipment at lease expiration for approximately $642,000. No gain or loss was recorded as a result of the transaction.

13

Notes Receivable

On March 1, 2013, we made a secured term loan in the amount of $4,800,000 to Heniff as part of a $12,000,000 secured term loan facility. The loan bears interest at 12.25% per year and is for a period of 42 months. The loan is secured by, among other things, a second priority security interest in Heniff’s assets, including tractors and stainless steel tank trailers, which were valued at approximately $44,810,000, subject to the satisfaction of the senior secured interest secured by the same assets.

Tanker Vessels

On April 2, 2013, we, through two joint ventures each owned 45% by us and 55% by Fund Fifteen, purchased two chemical tanker vessels, the Ardmore Capella and the Ardmore Calypso, from wholly-owned subsidiaries of Ardmore. Simultaneously, the vessels were bareboat chartered back to the Ardmore subsidiaries for a period of five years.  The aggregate purchase price for the vessels was funded by $8,850,000 in cash, $22,750,000 of financing through non-recourse long-term debt and $5,500,000 of financing through subordinated, non-interest-bearing seller’s credits. Our contribution to the joint venture was approximately $4,361,000.

Gas Compressors

On May 30, 2013, ICON Atlas, LLC, a joint venture owned 40.53% by us, 49.54% by Fund Twelve and 9.93% by Hardwood Partners, LLC, in accordance with the terms of a lease, sold eight gas compressors to Atlas for $7,500,000. Simultaneously with the sale, the joint venture prepaid and satisfied its non-recourse debt obligation with Wells Fargo Equipment Finance, Inc., secured by the gas compressors, for $7,500,000.

Acquisition Fees

We paid or accrued total acquisition fees to our Investment Manager of approximately $297,000 and $1,232,000 during the three and six months ended June 30, 2013, respectively.

Recent Accounting Pronouncements

We do not believe any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on our consolidated financial statements.

14

Results of Operations for the Three Months Ended June 30, 2013 (the “2013 Quarter”) and 2012 (the “2012 Quarter”)

Financing Transactions

The following tables set forth the types of assets securing the financing transactions in our portfolio:

	June 30, 2013				December 31, 2012
Asset Type	Net Carrying Value		Percentage of Total Net Carrying Value		Net Carrying Value		Percentage of Total Net Carrying Value
Marine - crude oil tankers	$	83,049,704		36%	$	83,471,511		36%
Marine - dry bulk vessels		62,829,473		27%		63,625,502		28%
Petrochemical facility		26,194,663		11%		24,854,108		11%
Oil field services equipment		11,555,097		5%		11,668,486		5%
Manufacturing		10,157,250		5%		10,184,979		4%
Telecommunications equipment		8,620,857		5%		11,871,497		5%
Land drilling rigs		7,696,145		3%		7,702,114		3%
Analog seismic system equipment		6,712,147		3%		7,673,321		3%
Aircraft parts		5,586,740		2%		5,812,638		3%
Trailers		4,984,753		2%		-		-
Metal cladding & production equipment		2,360,000		1%		2,920,657		1%
Rail support construction equipment		-		-		773,031		1%
	$	229,746,829		100%	$	230,557,844		100%

The net carrying value of our financing transactions includes the balances of our net investment in notes receivable and our net investment in finance leases, which are included in our consolidated balance sheets.

During the 2013 Quarter and the 2012 Quarter, certain customers generated significant portions (defined as 10% or more) of our total finance income as follows:

			Percentage of Total Finance Income
Customer	Asset Type		2013 Quarter	2012 Quarter
Geden Holdings Ltd.	Marine - dry bulk vessels and
		crude oil tankers	41%	51%
Jurong Aromatics Corporation Pte. Ltd.	Petrochemical facility		13%	9%
			54%	60%

Interest income from our net investment in notes receivable and finance income from our net investment in finance leases are included in finance income in the consolidated statements of operations.

The foregoing percentages are only as of a stated period and are not expected to be comparable in future periods.  Further, these percentages are only representative of the percentage of the carrying value of such assets or finance income as of each stated period, and as such are not indicative of the concentration of any asset type or customer by the amount of equity invested or our investment portfolio as a whole.

Operating Lease Transactions

The following tables set forth the types of equipment subject to operating leases in our portfolio:

15

	June 30, 2013				December 31, 2012
Asset Type	Net Carrying Value		Percentage of Total Net Carrying Value		Net Carrying Value		Percentage of Total Net Carrying Value
Marine - crude oil tankers	$	143,656,724		93%	$	150,508,741		93%
Motor coaches		6,440,948		4%		6,963,074		4%
Packaging equipment		4,157,999		3%		4,468,831		3%
	$	154,255,671		100%	$	161,940,646		100%

The net carrying value of our operating lease transactions includes the balance of our leased equipment at cost, which is included in our consolidated balance sheets.

During the 2013 Quarter and the 2012 Quarter, one customer generated a significant portion (defined as 10% or more) of our total rental income as follows:

		Percentage of Total Rental Income
Customer	Asset Type	2013 Quarter		2012 Quarter
AET  Inc. Limited	Marine - crude oil tankers		89%		81%
			89%		81%

Rental income from our operating leases is included in rental income in the consolidated statements of operations.

The foregoing percentages are only as of a stated period and are not expected to be comparable in future periods.  Further, these percentages are only representative of the percentage of the carrying value of such assets or rental income as of each stated period, and as such are not indicative of the concentration of any asset type or customer by the amount of equity invested or our investment portfolio as a whole.

Revenue for the 2013 Quarter and the 2012 Quarter is summarized as follows:

		Three Months Ended June 30,
		2013		2012		Change
Finance income		$	5,367,229	$	6,648,576	$	(1,281,347)
Rental income			7,211,599		7,916,683		(705,084)
Income (loss) from investment in joint ventures			385,042		(84,670)		469,712
Other income (loss)			82,903		(11,235)		94,138
	Total revenue	$	13,046,773	$	14,469,354	$	(1,422,581)

Total revenue for the 2013 Quarter decreased $1,422,581, or 9.8%, as compared to the 2012 Quarter.  The decrease was primarily due to a reduction of finance income as the result of the three vessels subject to bareboat charters with subsidiaries of Geden being placed on a non-accrual status.  The decrease in rental income was the result of the termination of two operating leases subsequent to the 2012 Quarter. These decreases were partially offset by an increase in income from investment in joint ventures as the result of entering into four additional joint ventures subsequent to the 2012 Quarter.

16

Expenses for the 2013 Quarter and the 2012 Quarter are summarized as follows:

		Three Months Ended June 30,
		2013		2012		Change
Management fees		$	462,140	$	883,818	$	(421,678)
Administrative expense reimbursements			493,359		1,535,521		(1,042,162)
General and administrative			772,555		761,680		10,875
Credit loss			18,795		2,976,066		(2,957,271)
Depreciation			3,842,487		4,374,354		(531,867)
Interest			2,629,131		2,833,000		(203,869)
(Gain) loss on derivative financial instruments			(1,914,721)		2,693,172		(4,607,893)
	Total expenses	$	6,303,746	$	16,057,611	$	(9,753,865)

Total expenses for the 2013 Quarter decreased $9,753,865, or 60.7%, as compared to the 2012 Quarter. The change from a loss on derivative financial instruments to a gain on derivative financial instruments was due to favorable movements in interest rates on our five non-designated interest rate swaps. The decrease in credit loss was due to a larger credit loss reserve related to Kanza that was recorded during the 2012 Quarter. The decrease in administrative expense reimbursements was due to lower costs incurred on our behalf by our Investment Manager. The decrease in depreciation was the result of disposition of equipment previously subject to two operating leases subsequent to the 2012 Quarter.

Net Income (Loss) Attributable to Noncontrolling Interests

Net income (loss) attributable to noncontrolling interests increased $1,029,055, from a net loss of $103,238 in the 2012 Quarter to net income of $925,817 in the 2013 Quarter.  The increase was primarily due to the change in fair value of the non-designated interest rate swap contracts in connection with a related party’s investment in four leveraged operating leases.

Net Income (Loss) Attributable to Fund Fourteen

As a result of the foregoing factors, net income (loss) attributable to us for the 2013 Quarter and the 2012 Quarter was $5,817,210 and $(1,485,019), respectively. The net income (loss) attributable to us per weighted average Interest outstanding for the 2013Quarter and the 2012 Quarter was $22.25 and $(5.68), respectively.

17

Results of Operations for the Six Months Ended June 30, 2013 (the “2013 Period”) and 2012 (the “2012 Period”)

Financing Transactions

During the 2013 Period and the 2012 Period, certain customers generated significant portions (defined as 10% or more) of our total finance income as follows:

		Percentage of Total Finance Income
Customer	Asset Type	2013 Period	2012 Period
Geden Holdings Ltd.	Marine - dry bulk vessels and
	crude oil tankers	47%	51%
Jurong Aromatics Corporation Pte. Ltd.	Petrochemical facility	12%	9%
		59%	60%

Interest income from our net investment in notes receivable and finance income from our net investment in finance leases are included in finance income in the consolidated statements of operations.

The foregoing percentages are only as of a stated period and are not expected to be comparable in future periods.  Further, these percentages are only representative of the percentage of finance income as of a stated period, and as such are not indicative of the concentration of any asset type or customer by the amount of equity invested or our investment portfolio as a whole.

Operating Lease Transactions

During the 2013 Period and the 2012 Period, one customer generated a significant portion (defined as 10% or more) of our total rental income as follows:

		Percentage of Total Rental Income
Customer	Asset Type	2013 Period		2012 Period
AET  Inc. Limited	Marine - crude oil tankers		89%		81%
			89%		81%

Rental income from our operating leases is included in rental income in the consolidated statements of operations.

The foregoing percentages are only as of a stated period and are not expected to be comparable in future periods.  Further, these percentages are only representative of the percentage of rental income as of a stated period, and as such are not indicative of the concentration of any asset type or customer by the amount of equity invested or our investment portfolio as a whole.

Revenue for the 2013 Period and the 2012 Period is summarized as follows:

		Six Months Ended June 30,
		2013		2012		Change
Finance income		$	11,832,761	$	13,438,393	$	(1,605,632)
Rental income			14,423,198		15,823,400		(1,400,202)
Income (loss) from investment in joint ventures			595,809		(227,732)		823,541
Other income			130,369		65,731		64,638
	Total revenue	$	26,982,137	$	29,099,792	$	(2,117,655)

Total revenue for the 2013 Period decreased $2,117,655, or 7.3%, as compared to the 2012 Period. The decrease was primarily due to a reduction of finance income as the result of the three vessels subject to bareboat charters with subsidiaries of Geden being placed on a non-accrual status.  The decrease of rental income was the result of the termination of two operating leases subsequent to the 2012 Period. This was partially offset by an increase in income from investment in joint ventures as the result of entering into four additional joint ventures subsequent to the 2012 Period.

Expenses for the 2013 Period and the 2012 Period are summarized as follows:

18

		Six Months Ended June 30,
		2013		2012		Change
Management fees		$	963,045	$	1,459,506	$	(496,461)
Administrative expense reimbursements			1,111,527		2,325,786		(1,214,259)
General and administrative			1,325,796		1,127,212		198,584
Credit loss			18,795		2,636,066		(2,617,271)
Depreciation			7,684,975		8,748,708		(1,063,733)
Interest			5,293,171		5,775,730		(482,559)
(Gain) loss on derivative financial instruments			(1,991,747)		2,922,747		(4,914,494)
	Total expenses	$	14,405,562	$	24,995,755	$	(10,590,193)

Total expenses for the 2013 Period decreased $10,590,193, or 42.4%, as compared to the 2012 Period. The change from a loss on derivative financial instruments to a gain on derivative financial instruments was due to favorable movements in interest rates on our five non-designated interest rate swaps. The decrease in credit loss was due to a larger credit loss reserve related to Kanza that was recorded during the 2012 Period. The decrease in depreciation was the result of the termination of two operating leases subsequent to the 2012 Period. The decrease in administrative expense reimbursements was due to lower costs incurred on our behalf by our Investment Manager.

Net Income Attributable to Noncontrolling Interests

Net income attributable to noncontrolling interests increased $1,120,011, from $320,359 in the 2012 Period to $1,440,370 in the 2013 Period.  The increase was primarily due to the change in fair value of the non-designated interest rate swap contracts in connection with a related party’s investment in four leveraged operating leases.

Net Income Attributable to Fund Fourteen

As a result of the foregoing factors, net income attributable to us for the 2013 Period and the 2012 Period was $11,136,205 and $3,783,678, respectively. The net income attributable to us per weighted average Interest outstanding for the 2013 Period and the 2012 Period was $42.60 and $14.47, respectively.

Financial Condition

This section discusses the major balance sheet variances at June 30, 2013 compared to December 31, 2012.

Total Assets

Total assets decreased $8,151,502, from $433,078,157 at December 31, 2012 to $424,926,655 at June 30, 2013.  The decrease in total assets was primarily the result of cash distributions paid to our partners and depreciation of our leased equipment at cost, partially offset by our net income during the 2013 Period.

Total Liabilities

Total liabilities decreased $10,167,158, from $227,009,135 at December 31, 2012 to $216,841,977 at June 30, 2013. The decrease was primarily the result of scheduled repayments of our non-recourse long-term debt and the decrease in the liability position of our derivative financial instruments related to our interest rate swaps, partially offset by the drawdown on our Facility during the 2013 Period.

Equity

Equity increased $2,015,656, from $206,069,022 at December 31, 2012 to $208,084,678 at June 30, 2013. The increase was the result of our net income in the 2013 Period, partially offset by cash distributions paid to our partners.

19

Liquidity and Capital Resources

Summary

At June 30, 2013 and December 31, 2012, we had cash and cash equivalents of $7,322,150 and $18,719,517, respectively.  Pursuant to the terms of our offering, we have established a reserve in the amount of 0.50% of the gross offering proceeds from the sale of our Interests.  As of June 30, 2013, the cash reserve was $1,288,235. During our operating period, our main source of cash is typically from operating activities and our main use of cash is in investing and financing activities. Our liquidity will vary in the future, increasing to the extent cash flows from investments and proceeds from the sale of our investments exceed expenses and decreasing as we make new investments, pay distributions to our partners and to the extent that expenses exceed cash flows from operations and the proceeds from the sale of our investments.

We believe that cash generated from the expected results of our operations will be sufficient to finance our liquidity requirements for the foreseeable future, including distributions to our partners, general and administrative expenses, new investment opportunities, management fees and administrative expense reimbursements.  At June 30, 2013, we had $11,962,251 available under the Facility pursuant to the borrowing base, available to fund our short-term liquidity needs.  For additional information, see Note 7 to our consolidated financial statements.

Our ability to generate cash in the future is subject to general economic, financial, competitive, regulatory and other factors that affect us and our lessees’ and borrowers’ businesses that are beyond our control.

We have used the net proceeds of our offering and cash from operations to invest in Capital Assets located in North America, Europe and other developed markets, including those in Asia, South America and elsewhere.  We have sought and continue to seek to acquire a portfolio of Capital Assets that is comprised of transactions that (a) provide current cash flow in the form of rental payments (in the case of leases) and payments of principal and/or interest (in the case of secured loans), (b) generate deferred cash flow from realizing the value of Capital Assets or interests therein at the maturity of the investment or the exercise of an option to purchase Capital Assets, or (c) provide a combination of both.

Cash Flows

Operating Activities

Cash provided by operating activities increased $3,341, from $13,125,056 in the 2012 Period to $13,128,397 in the 2013 Period.  The increase was primarily due to the collection of certain finance receivables, including past due interest and a decrease in restricted cash, partially offset by a decrease of receipts as a result of the satisfaction of several notes receivable and the termination of certain leases subsequent to the 2012 Period. 

Investing Activities

Cash used in investing activities decreased $7,399,332, from $13,829,593 in the 2012 Period to $6,430,261 in the 2013 Period. The decrease primarily resulted from the use of less cash to make investments and less principal received on our notes receivable during the 2013 Period as compared to the 2012 Period.

Financing Activities

Cash used in financing activities decreased $2,021,378, from $20,116,881 in the 2012 Period to $18,095,503 in the 2013 Period. The decrease was primarily due to proceeds received from the Facility and the reduction of distributions paid to noncontrolling interests during the 2013 Period. These decreases were partially offset by the increase in principal repayments of our non-recourse long-term debt during the 2013 Period.

Non-Recourse Long-Term Debt

We had non-recourse long-term debt obligations at June 30, 2013 of $190,125,699. Most of our non-recourse long-term debt obligations consist of notes payable in which the lender has a security interest in the underlying equipment. If the lessee were to default on the underlying lease, resulting in our default on the non-recourse long-term debt, the equipment would be returned to the lender in extinguishment of that debt.

We were notified of events of default related to certain financial covenants in connection with the non-recourse long-term debt associated with the bareboat charters with AET and subsidiaries of Geden.  We believe the lenders will continue to reserve, but not exercise, their rights under the loan agreements.

20

Distributions

We, at our General Partner’s discretion, pay monthly distributions to each of our limited partners beginning with the first month after each such limited partner’s admission and expect to continue to pay such distributions until the termination of our operating period.  We paid distributions of $104,576, $10,352,995 and $94,709 to our General Partner, limited partners and noncontrolling interests, respectively, during the 2013 Period.

Commitments and Contingencies and Off-Balance Sheet Transactions

Commitments and Contingencies

At the time we acquire or divest of an interest in Capital Assets, we may, under very limited circumstances, agree to indemnify the seller or buyer for specific contingent liabilities.  Our General Partner believes that any liability of ours that may arise as a result of any such indemnification obligations will not have a material adverse effect on our consolidated financial condition or results of operations taken as a whole.

On September 27, 2010, we, through our wholly-owned subsidiary, ICON SE, participated in a $46,000,000 facility by agreeing to make a secured term loan to SE for the purchase of a new-build heavy lift vessel and accompanying equipment. Although all of the material conditions to closing were satisfied, SE breached its obligations under the loan by refusing to draw down on the facility. Subsequently, ICON SE commenced an action against SE in the United Kingdom for SE’s failure to pay ICON SE the commitment fee due in accordance with the loan agreement.

In connection with certain investments, we are required to maintain restricted cash balances with certain banks. At June 30, 2013 and December 31, 2012, we had $9,077,664 and $6,838,606 in restricted cash, respectively. 

Off-Balance Sheet Transactions

None.

21

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There are no material changes to the disclosures related to this item since the filing of our Annual Report on Form 10-K for the year ended December 31, 2012.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

In connection with the preparation of this Quarterly Report on Form 10-Q for the three months ended June 30, 2013, our General Partner carried out an evaluation, under the supervision and with the participation of the management of our General Partner, including its Co-Chief Executive Officers and the Principal Financial and Accounting Officer, of the effectiveness of the design and operation of our General Partner’s disclosure controls and procedures as of the end of the period covered by this report pursuant to the Securities Exchange Act of 1934, as amended. Based on the foregoing evaluation, the Co-Chief Executive Officers and the Principal Financial and Accounting Officer concluded that our General Partner’s disclosure controls and procedures were effective.

In designing and evaluating our General Partner’s disclosure controls and procedures, our General Partner recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.  Our General Partner’s disclosure controls and procedures have been designed to meet reasonable assurance standards. Disclosure controls and procedures cannot detect or prevent all error and fraud. Some inherent limitations in disclosure controls and procedures include costs of implementation, faulty decision-making, simple error and mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all anticipated and unanticipated future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with established policies or procedures.  

Evaluation of internal control over financial reporting

There have been no changes in our internal control over financial reporting during the three months ended June 30, 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

22

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

In the ordinary course of conducting our business, we may be subject to certain claims, suits, and complaints filed against us.  In our General Partner’s opinion, the outcome of such matters, if any, will not have a material impact on our consolidated financial position or results of operations.  We are not aware of any material legal proceedings that are currently pending against us or against any of our assets.

Item 1A. Risk Factors

There have been no material changes from the risk factors disclosed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2012.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

Our Investment Manager consented to our repurchase of 11 Interests during the 2013 Quarter. The repurchase amounts are calculated according to a specified repurchase formula pursuant to our limited partnership agreement. Repurchased Interests have no voting rights and do not share in distributions with other partners. Our limited partnership agreement limits the number of Interests that can be repurchased in any one year and repurchased Interests may not be reissued. The following table details our Interests repurchased for the three months ended June 30, 2013:

	Total Number of	Average Price Paid
Period	Interests Repurchased	Per Interest
April 1, 2013 through April 30, 2013	-	$	-
May 1, 2013 through May 31, 2013	11	$	785.36
June 1, 2013 through June 30, 2013	-	$	-
Total	11

Item 3. Defaults Upon Senior Securities

                    Not applicable.

Item 4. Mine Safety Disclosures

                    Not applicable.

Item 5. Other Information

                    Not applicable.

23

Item 6. Exhibits

3.1	Certificate of Limited Partnership of Registrant (Incorporated by reference to Exhibit 3.1 to Registrant’s Registration Statement on Form S-1 filed with the SEC on October 3, 2008 (File No. 333-153849)).
4.1	Limited Partnership Agreement of Registrant (Incorporated by reference to Exhibit A to Registrant’s Prospectus filed with the SEC on May 18, 2009 (File No. 333-153849)).
10.1	Investment Management Agreement, by and between ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. and ICON Capital Corp., dated as of May 18, 2009 (Incorporated by reference to Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009, filed August 13, 2009).
10.2	Commercial Loan Agreement, by and between California Bank & Trust and ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P., dated as of May 10, 2011 (Incorporated by reference to Exhibit 10.8 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011, filed on May 16, 2011).
10.3	Loan Modification Agreement, dated as of March 31, 2013, by and between California Bank & Trust and ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (Incorporated by reference to Exhibit 10.3 to Registrant’s Annual Report on Form 10-K for the year ended December 31, 2012, filed March 26, 2013).
31.1	Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.
31.2	Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.
31.3	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial and Accounting Officer.
32.1	Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3	Certification of Principal Financial and Accounting Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document.
101.SCH*	XBRL Taxonomy Extension Schema Document.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*	XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document.
*	XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

24

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

(Registrant)

By: ICON GP 14, LLC

      (General Partner of the Registrant)

August 13, 2013

By: /s/ Michael A. Reisner

Michael A. Reisner

Co-Chief Executive Officer and Co-President

(Co-Principal Executive Officer)

By: /s/ Mark Gatto

Mark Gatto

Co-Chief Executive Officer and Co-President

(Co-Principal Executive Officer)

By: /s/ Nicholas A. Sinigaglia

Nicholas A. Sinigaglia

Managing Director

(Principal Financial and Accounting Officer)

25

EX-31.1

 

Exhibit 31.1

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael A. Reisner, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the board of directors of ICON GP 14, LLC (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 13, 2013

/s/ Michael A. Reisner

Michael A. Reisner

Co-Chief Executive Officer and Co-President

ICON GP 14, LLC

EX-31.2

 

Exhibit 31.2

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark Gatto, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the board of directors of ICON GP 14, LLC (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 13, 2013

/s/ Mark Gatto

Mark Gatto

Co-Chief Executive Officer and Co-President

ICON GP 14, LLC

EX-31.3

 

Exhibit 31.3

CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Nicholas A. Sinigaglia, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the board of directors of ICON GP 14, LLC (or persons performing the equivalent functions):

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 13, 2013

/s/ Nicholas A. Sinigaglia

Nicholas A. Sinigaglia

Managing Director

(Principal Financial and AccountingOfficer) 

ICON GP 14, LLC

EX-32.1

 

Exhibit 32.1

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael A. Reisner, Co-Chief Executive Officer and Co-President of ICON GP 14, LLC, the General Partner of the Registrant, in connection with the Quarterly Report of ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (the “Partnership”) on Form 10-Q for the quarter ended June 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 13, 2013

/s/ Michael A. Reisner

Michael A. Reisner

Co-Chief Executive Officer and Co-President

ICON GP 14, LLC

EX-32.2

 

Exhibit 32.2

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Mark Gatto, Co-Chief Executive Officer and Co-President of ICON GP 14, LLC, the General Partner of the Registrant, in connection with the Quarterly Report of ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (the “Partnership”) on Form 10-Q for the quarter ended June 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 13, 2013

/s/ Mark Gatto

Mark Gatto

Co-Chief Executive Officer and Co-President

ICON GP 14, LLC

EX-32.3

 

Exhibit 32.3

CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Nicholas A. Sinigaglia, Principal Financial and Accounting Officer of ICON GP 14, LLC, the General Partner of the Registrant, in connection with the Quarterly Report of ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (the “Partnership”) on Form 10-Q for the quarter ended June 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Quarterly Report”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

Date: August 13, 2013

/s/ Nicholas A. Sinigaglia

Nicholas A. Sinigaglia

Managing Director

(Principal Financial and Accounting Officer)

ICON GP 14, LLC

XML

Commitments and Contingencies

6 Months Ended

Jun. 30, 2013

Commitments and Contingencies [Abstract]

Commitments and Contingencies

(11)Commitments and Contingencies

At the time the Partnership acquires or divests of its interest in a diverse pool of business essential equipment and corporate infrastructure (collectively, “Capital Assets”), the Partnership may, under very limited circumstances, agree to indemnify the seller or buyer for specific contingent liabilities.  The General Partner believes that any liability of the Partnership that may arise as a result of any such indemnification obligations will not have a material adverse effect on the consolidated financial condition or results of operations of the Partnership taken as a whole.

On September 27, 2010, the Partnership's wholly-owned subsidiary, ICON SE, LLC (“ICON SE”), participated in a $46,000,000 facility by agreeing to make a secured term loan to SE Shipping Pte Ltd. (“SE”) for the purchase of a new-build heavy lift vessel and accompanying equipment.  Although all of the material conditions to closing were satisfied, SE breached its obligations under the loan by refusing to draw down on the facility. Subsequently, ICON SE commenced an action against SE in the United Kingdom for SE's failure to pay ICON SE the commitment fee due in accordance with the loan agreement.

In connection with certain investments, the Partnership is required to maintain restricted cash balances with certain banks. At June 30, 2013 and December 31, 2012, the Partnership had restricted cash of $9,077,664 and $6,838,606, respectively.

XML

Consolidated Statements of Operations (unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Revenue:
Finance income	$ 5,367,229	$ 6,648,576	$ 11,832,761	$ 13,438,393
Rental income	7,211,599	7,916,683	14,423,198	15,823,400
Income (loss) from investments in joint ventures	385,042	(84,670)	595,809	(227,732)
Other income (loss)	82,903	(11,235)	130,369	65,731
Total revenue	13,046,773	14,469,354	26,982,137	29,099,792
Expenses:
Management fees	462,140	883,818	963,045	1,459,506
Administrative expense reimbursements	493,359	1,535,521	1,111,527	2,325,786
General and administrative	772,555	761,680	1,325,796	1,127,212
Credit Loss	18,795	2,976,066	18,795	2,636,066
Depreciation	3,842,487	4,374,354	7,684,975	8,748,708
Interest	2,629,131	2,833,000	5,293,171	5,775,730
(Gain) Loss on derivative financial instruments	(1,914,721)	2,693,172	(1,991,747)	2,922,747
Total expenses	6,303,746	16,057,611	14,405,562	24,995,755
Net (loss) income	6,743,027	(1,588,257)	12,576,575	4,104,037
Less: Net (loss) income attributable to noncontrolling interests	925,817	(103,238)	1,440,370	320,359
Net (loss) income attributable to Fund Fourteen	5,817,210	(1,485,019)	11,136,205	3,783,678
Net (loss) income attributable to Fund Fourteen allocable to:
Limited Partners	5,759,038	(1,470,169)	11,024,843	3,745,841
General Partner	58,172	(14,850)	111,362	37,837
Net income (loss) attributable to Fund Fourteen	$ 5,817,210	$ (1,485,019)	$ 11,136,205	$ 3,783,678
Weighted average number of limited partnership interests outstanding	258,820	258,831	258,823	258,831
Net (loss) income attributable to Fund Fourteen per weighted average limited partnership interest outstanding	$ 22.25	$ (5.68)	$ 42.60	$ 14.47

XML

Leased Equipment at Cost

6 Months Ended

Jun. 30, 2013

Leased Equipment at Cost [Abstract]

Leased Equipment at Cost

(4)Leased Equipment at Cost

Leased equipment at cost consisted of the following:

		June 30,		December 31,
		2013		2012
Packaging equipment		$	6,535,061	$	6,535,061
Motor coaches			9,795,148		9,795,148
Marine - crude oil tankers			174,605,000		174,605,000
	Leased equipment at cost		190,935,209		190,935,209
Less: accumulated depreciation			36,679,538		28,994,563
	Leased equipment at cost, less accumulated depreciation	$	154,255,671	$	161,940,646

Depreciation expense was $3,842,487and $4,374,354 for the three months ended June 30, 2013and 2012, respectively.Depreciation expense was $7,684,975 and $8,748,708 for the six months ended June 30, 2013 and 2012, respectively.

XML

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Measurements [Abstract]

Financial assets and liabilities measured at fair value on a recurring basis

		Level 1		Level 2		Level 3		Total
Assets:
	Warrants	$	-	$	-	$	68,801	$	68,801
Liabilities:
	Derivative financial instruments	$	-	$	7,606,786	$	-	$	7,606,786

		Level 1		Level 2		Level 3		Total
Assets:
	Warrants	$	-	$	-	$	53,156	$	53,156
Liabilities:
	Derivative financial instruments	$	-	$	11,395,234	$	-	$	11,395,234

Estimated fair value of fixed rate notes receivable, fixed rate non-recourse long-term debt and other liabilities

	June 30, 2013
			Fair Value
	Carrying Value		(Level 3)
Principal outstanding on fixed-rate notes receivable	$	91,197,917	$	91,985,593
Principal outstanding on fixed-rate non-recourse long-term debt	$	54,230,699	$	54,322,306
Other liabilities	$	7,682,133	$	7,588,720

XML

Basis of Presentation and Consolidation (Policies)

6 Months Ended

Jun. 30, 2013

Basis of Presentation and Consolidation [Abstract]

Credit Quality of Notes Receivable

Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve

The Investment Manager weighs all credit decisions based on a combination of external credit ratings as well as internal credit evaluations of all borrowers. A borrower's credit is analyzed using those credit ratings as well as the borrower's financial statements and other financial data deemed relevant.

As the Partnership's financing receivables, generally notes receivable and finance leases, are limited in number, the Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics and credit loss reserve. Financing receivables are analyzed quarterly and categorized as either performing or non-performing based on payment history. If a financing receivable becomes non-performing due to a borrower's missed scheduled payments or failed financial covenants, the Investment Manager analyzes whether a credit loss reserve should be established or whether the financing receivable should be restructured. Material events would be specifically disclosed in the discussion of each financing receivable held.

Notes receivable are generally placed in a non-accrual status when payments are more than 90 days past due. Additionally, the Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon the Investment Manager's judgment, these accounts may be placed in a non-accrual status.

In accordance with the cost recovery method, payments received on non-accrual loans are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual loans is not in doubt, interest income is recognized on a cash basis. Loans in non-accrual status may not be restored to accrual status until all delinquent payments have been received, and the Partnership believes recovery of the remaining unpaid receivable is probable.

The Partnership charges off a loan in the period that it is deemed uncollectible and records a reduction in the allowance for loan losses and the balance of the loan.

XML

Leased Equipment at Cost (Details) (USD $)	3 Months Ended		6 Months Ended					0 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012	Jun. 30, 2013 Packaging Equipment [Member]	Dec. 31, 2012 Packaging Equipment [Member]	Feb. 28, 2013 Telecommunications Equipment [Member]	Jun. 30, 2013 Transportation Equipment [Member]	Dec. 31, 2012 Transportation Equipment [Member]	Jun. 30, 2013 Maritime Equipment [Member]	Dec. 31, 2012 Maritime Equipment [Member]
Lease Equipment at Cost [Line Items]
Leased equipment at cost	$ 190,935,209		$ 190,935,209		$ 190,935,209	$ 6,535,061	$ 6,535,061		$ 9,795,148	$ 9,795,148	$ 174,605,000	$ 174,605,000
Accumulated depreciation	36,679,538		36,679,538		28,994,563
Leased equipment, net	154,255,671		154,255,671		161,940,646
Depreciation	3,842,487	4,374,354	7,684,975	8,748,708
Proceeds From Sale Of Property Plant And Equipment			$ 641,942	$ 0				$ 642,000

XML

Net Investment in Finance Leases (Details) (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Net Investment in Finance Leases [Abstract]
Minimum rents receivable	$ 178,512,252		$ 188,100,132
Estimated residual value	2,217,587		2,859,529
Initial direct costs	2,203,727		2,538,602
Unearned income	(47,009,433)		(53,226,094)
Net investment in finance leases	135,924,133		140,272,169
Proceeds From Sale Of Property Plant And Equipment [Abstract]
Proceeds From Sale Of Property Plant And Equipment	$ 641,942	$ 0

XML

Fair Value Measurements (Details) (USD $)		6 Months Ended
	Dec. 31, 2012 Multiple	Jun. 30, 2013 Maximum	Jun. 30, 2013 Minimum	Jun. 30, 2013 Carrying (Reported) Amount, Fair Value Disclosure [Member]	Jun. 30, 2013 Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net investment in note receivable				$ 91,197,917	$ 91,985,593
Fixed rate non-recourse long term debt				54,230,699	54,322,306
Other liabilities				$ 7,682,133	$ 7,588,720
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair Value Inputs, Discount Rate		15.50%	10.00%
Discount Rate on fixed rate non-recourse long-term debt		14.00%	5.90%
Ebitda Multiple	3.01

XML

Transactions with Related Parties (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Related Party Transaction [Line Items]
Acquisition fees	$ 297,000	$ 72,928	$ 1,232,207	$ 1,563,596
Management fees	462,140	883,818	963,045	1,459,506
Administrative expense reimbursements	493,359	1,535,521	1,111,527	2,325,786
Total	1,252,499	2,492,267	3,306,779	5,348,888
Due to General Partner and affiliates	82,292		82,292		28,617
Note receivable from joint venture	2,553,206		2,553,206		2,442,457
Interest income from note receivable from joint venture	98,000	193,000	122,000	241,000
GeneralPartnerDistributions	52,288	52,289	104,576	104,578
General Partner	58,172	(14,850)	111,362	37,837
Interest Receivable From Note Receivable From Joint Venture	$ 29,000		$ 29,000		$ 28,000

XML

Net Investment in Notes Receivable (Details) (USD $)	3 Months Ended		6 Months Ended			6 Months Ended	12 Months Ended		2 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012	Jun. 30, 2013 Kanza Construction Inc Term Loan [Member] M	Dec. 31, 2012 Kanza Construction Inc Term Loan [Member]	Mar. 09, 2012 Kanza Construction Inc Term Loan [Member]	Mar. 01, 2013 Heniff Transportation Systems [Member] M
Schedule of Notes Receivable [Abstract]
Principal outstanding	$ 91,603,506		$ 91,603,506		$ 87,750,115
Initial direct costs	6,832,210		6,832,210		7,291,683
Deferred fees	(1,654,225)		(1,654,225)		(1,816,123)
Credit loss reserve	(2,958,795)		(2,958,795)		(2,940,000)
Notes and loans receivable, net	93,822,696		93,822,696		90,285,675
Account Notes And Loans Receivable
Notes and loans receivable, net	93,822,696		93,822,696		90,285,675
Interest rate (in hundredths)						13.00%			12.25%
Term of note receivable						60			42
Loss on prepayment of loan	18,795	2,976,066	18,795	2,636,066
Allowance for credit losses							2,940,000
Carrying amount of loan receivable								7,500,000	4,800,000
Principal repayment on term loan			2,584,433	14,698,382
Credit loss	$ 18,795	$ 2,976,066	$ 18,795	$ 2,636,066

XML

Consolidated Statement of Cash Flow (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities:
Net income (loss)	$ 12,576,575	$ 4,104,037
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Finance income, net of costs and fees	(1,029,901)	558,719
Loss (income) from investments in joint ventures	(595,809)	227,732
Depreciation	7,684,975	8,748,708
Credit loss	18,795	2,636,066
Interest expense from amortization of debt financing costs	439,122	502,095
Interest expense, other	199,348	190,128
Other income	0	(22,562)
(Gain) Loss on derivative financial instruments	(3,804,093)	1,054,019
Changes in operating assets and liabilities:
Restricted cash	(2,239,058)	(3,597,632)
Other assets, net	(1,221,858)	(1,635,067)
Accrued expenses and other liabilities	1,122,906	459,334
Deferred revenue	(220,055)	11,291
Due to General Partner and affiliates	53,675	(111,812)
Distributions from joint ventures	143,775
Net cash provided by operating activities	13,128,397	13,125,056
Cash flows from investing activities:
Proceeds from sale of property plant and equipment	641,942	0
Principal repayment on finance leases	3,277,512	3,988,396
Investment in joint ventures	(7,913,572)	(117,500)
Distributions received from joint ventures in excess of profits	116,207	211,772
Investment in notes receivable	(5,136,783)	(32,610,643)
Proceeds From Collection Of Notes Receivable	2,584,433	14,698,382
Net cash used in investing activities	(6,430,261)	(13,829,593)
Cash flows from financing activities:
Proceeds from revolving line of credit	3,000,000
Repayment of non-recourse long-term debt	(10,534,584)	(9,304,886)
Investment by noncontrolling interest		137,500
Distributions to noncontrolling interests	(94,709)	(487,157)
Cash distributions to partners	(10,457,571)	(10,457,852)
Repurchase of limited partnership interests	(8,639)	(4,486)
Net cash (used in) provided by financing activities	(18,095,503)	(20,116,881)
Net (decrease) increase in cash and cash equivalents	(11,397,367)	(20,821,418)
Cash and cash equivalents, beginning of the period	18,719,517	48,783,509
Cash and cash equivalents, end of the period	7,322,150	27,962,091
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$ 5,114,559	$ 6,292,184

XML

Net Investment in Notes Receivable

6 Months Ended

Jun. 30, 2013

Net Investment in Notes Receivable [Abstract]

Net Investment in Notes Receivable

(2) Net Investment in Notes Receivable

Net investment in notes receivable consisted of the following:

	June 30,		December 31,
	2013		2012
Principal outstanding	$	91,603,506	$	87,750,115
Initial direct costs		6,832,210		7,291,683
Deferred fees		(1,654,225)		(1,816,123)
Credit loss reserve		(2,958,795)		(2,940,000)
Net investment in notes receivable	$	93,822,696	$	90,285,675

On March 9, 2012, the Partnership made a term loan in the amount of $7,500,000 to Kanza Construction, Inc. The loan bears interest at 13% per year and is for a period of 60 months. The loan is secured by all of Kanza's assets. As a result of Kanza's unexpected financial hardship and failure to meet certain payment obligations, the loan was placed on non-accrual status and the Partnership recorded a credit loss reserve of $2,940,000 during the year ended December 31, 2012 based on the estimated value of the recoverable collateral. During the six months ended June 30, 2013, the Partnership recorded an additional credit loss reserve of approximately $19,000 based on cash proceeds of approximately $754,000 received from the sale of the collateral. No finance income was recognized on the impaired loan during the six months ended June 30, 2013. As of June 30, 2013, the Partnership has fully reserved the remaining balance of the loan of $2,958,795.The Partnership continues to pursue all legal remedies to obtain payment.

On March 1, 2013, the Partnership made a secured term loan in the amount of $4,800,000 to Heniff Transportation Systems, LLC and Heniff TTL, LLC (collectively, “Heniff”). The loan bears interest at 12.25% per year and is for a period of 42 months.  The loan is secured by, among other things, a second priority security interest in Heniff's assets, including tractors and stainless steel tank trailers.

XML

Investments in Joint Ventures

6 Months Ended

Jun. 30, 2013

Investments in Joint Ventures [Abstract]

Investments in Joint Ventures

(5) Investment in Joint Ventures

On February 15, 2013, the Partnership, through a joint venture owned 38% by the Partnership, 58% by ICON ECI Fund Fifteen, L.P. (“Fund Fifteen”) and 4% by ICON ECI Partners L.P.,each an entity also managed by the Investment Manager, purchased onshore oil field services equipment from Go Frac, LLC for approximately $11,804,000. Simultaneously, the equipment was leased back to Go Frac for a period of 45 months, expiring on November 30, 2016. The Partnership's contribution to the joint venture was approximately $3,552,000.

On April 2, 2013, the Partnership, through two joint ventures each owned 45% by the Partnership and 55% by Fund Fifteen, purchased two chemical tanker vessels, the Ardmore Capella and the Ardmore Calypso, from wholly-owned subsidiaries of Ardmore Shipholding Limited (“Ardmore”).  Simultaneously, the vessels were bareboat chartered back to the Ardmore subsidiaries for a period of five years.  The aggregate purchase price for the vessels was funded by $8,850,000 in cash, $22,750,000 of financing through non-recourse long-term debt and $5,500,000 of financing through subordinated, non-interest-bearing seller's credits. The Partnership's contribution to the joint venture was approximately $4,361,000.

On May 30, 2013, ICON Atlas, LLC, a joint venture owned 40.53% by the Partnership, 49.54% by ICON Leasing Fund Twelve, LLC (“Fund Twelve”), an entity also managed by the Investment Manager, and 9.93% by Hardwood Partners, LLC, in accordance with the terms of a lease, sold eight gas compressors to Atlas Pipeline Mid-Continent, LLC (“Atlas”) for $7,500,000. Simultaneously, the joint venture prepaid and satisfied its non-recourse debt obligation with Wells Fargo Equipment Finance, Inc., secured by the gas compressors, for $7,500,000.

XML

Net Investment in Finance Leases

6 Months Ended

Jun. 30, 2013

Net Investment in Finance Leases [Abstract]

Net Investment in Finance Leases

(3)Net Investment in Finance Leases

Net investment in finance leases consisted of the following:

	June 30,		December 31,
	2013		2012
Minimum rents receivable	$	178,512,252	$	188,100,132
Estimated residual values		2,217,587		2,859,529
Initial direct costs		2,203,727		2,538,602
Unearned income		(47,009,433)		(53,226,094)
Net investment in finance leases	$	135,924,133	$	140,272,169

On February 28, 2013, Global Crossing Telecommunications, Inc. exercised its option to purchase certain telecommunications equipment at lease expiration for approximately $642,000. No gain or loss was recorded as a result of the transaction.

The Partnership has three vessels subject to bareboat charters with subsidiaries of Geden Holdings Ltd., which expire between June 2016 and October 2017. As a result of the depressed shipping market and historically low time charter rates, Geden's subsidiaries only partially satisfied their lease payment obligations. During the three months ended June 30, 2013, the outstanding amount became more than 90 days past due and the Partnership placed the leases on a non-accrual status. The Partnership recognized finance income on a cash basis for the three months ended June 30, 2013. The Investment Manager is currently in discussions with Geden's management team and has determined that no credit loss reserve is required at June 30, 2013.

XML

Investments in Joint Ventures (Details) (USD $)	6 Months Ended		0 Months Ended									0 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	May 30, 2013 Joint Venture to Invest in Natural Gas Compressors [Member] numberofcompressors	Feb. 15, 2013 Go Frac [Member] M	Apr. 02, 2013 Ardmore Shipholding Limited [Member] y F14NumberOfSellersCredit F14NumberOfChemicalTankers	May 30, 2013 ICON Leasing Fund Twelve, LLC [Member] Joint Venture to Invest in Natural Gas Compressors [Member]	Feb. 15, 2013 ICON ECI Partners LP [Member] Go Frac [Member]	Feb. 15, 2013 ICON ECI Fund Fifteen LP [Member] Go Frac [Member]	Apr. 02, 2013 ICON ECI Fund Fifteen LP [Member] Ardmore Shipholding Limited [Member]	May 30, 2013 ICON Fund Fourteen LP [Member] Joint Venture to Invest in Natural Gas Compressors [Member]	Feb. 15, 2013 ICON Fund Fourteen LP [Member] Go Frac [Member]	Apr. 02, 2013 ICON Fund Fourteen LP [Member] Ardmore Shipholding Limited [Member]	May 30, 2013 Hardwood Partners LP [Member] Joint Venture to Invest in Natural Gas Compressors [Member]
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Number of gas compressors			8
Ownership Percentage						49.54%	4.00%	58.00%	55.00%	40.53%	38.00%	45.00%	9.93%
Lease Term Period				45	5
Payments to Acquire Property, Plant, and Equipment			$ 7,500,000	$ 11,804,000	$ 8,850,000
Payments to Acquire Equity Method Investments	7,913,572	117,500		3,552,000								4,361,000
Number Of Chemical Tanker Vessels					2
Equipment purchased with sellers credit					5,500,000
Equipment purchased with debt			$ 7,500,000		$ 22,750,000
Number of Sellers Credit					2

XML

Derivative Financial Instruments (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013 numberofinterestrateswaps	Jun. 30, 2012	Jun. 30, 2013 numberofinterestrateswaps	Jun. 30, 2012	Dec. 31, 2012
Derivative [Line Items]
Number of interest rate swaps	5		5
Notional amount	$ 135,895,000		$ 135,895,000		$ 144,615,000
Derivative instruments	7,606,786		7,606,786		11,395,234
(Gain) Loss on derivative financial instruments	(1,914,721)	2,693,172	(1,991,747)	2,922,747
Termination value of derivatives in a liability position	7,891,589		7,891,589		12,202,772
Interest Rate Swap [Member]
Derivative [Line Items]
(Gain) Loss on derivative financial instruments	(1,921,521)		(1,976,102)
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Derivative Instruments [Member]
Derivative [Line Items]
Derivative instruments	7,606,786		7,606,786		11,395,234
Warrant [Member]
Derivative [Line Items]
(Gain) Loss on derivative financial instruments	6,800			(15,645)
Warrant [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative instruments	$ 68,801		$ 68,801		$ 53,156

XML

Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Assets
Leased equipment at cost, accumulated depreciation	$ 36,679,538	$ 28,994,563

XML

Transactions with Related Parties

6 Months Ended

Jun. 30, 2013

Transactions with Related Parties [Abstract]

Transactions with Related Parties

(8)Transactions with Related Parties

The Partnership paid distributions to the General Partner of $52,288 and $104,576for the three and sixmonths ended June 30, 2013, respectively. The Partnership paid distributions to the General Partner of $52,289 and $104,578for the three and six months endedJune 30,2012, respectively. Additionally, the General Partner's interest in the net income attributable to the Partnership was $58,172 and $111,362 for the three and six months ended June 30, 2013, respectively. The General Partner's interest in the net (loss) income attributable to the Partnership was $(14,850) and $37,837 for the three and six months ended June 30, 2012, respectively.

Fees and other expenses paid or accrued by the Partnership to the General Partner or its affiliates were as follows:

			Three Months Ended June 30,				Six Months Ended June 30,
Entity	Capacity	Description	2013		2012		2013		2012
ICON Capital, LLC	Investment Manager	Acquisition fees (1)	$	297,000	$	72,928	$	1,232,207	$	1,563,596
ICON Capital, LLC	Investment Manager	Management fees (2)		462,140		883,818		963,045		1,459,506
ICON Capital, LLC	Investment Manager	Administrative expense
		reimbursements (2)		493,359		1,535,521		1,111,527		2,325,786
			$	1,252,499	$	2,492,267	$	3,306,779	$	5,348,888
(1) Amount capitalized and amortized to operations.
(2) Amount charged directly to operations.

At June 30, 2013, the Partnership had a net payableof $82,292due to the General Partner and its affiliatesthat primarily consisted of payables due to an affiliate related to that affiliate's noncontrolling interest in a joint venture with the Partnership. At December 31, 2012, the Partnership had a net payable of $28,617 due to the General Partner and its affiliates that primarily consisted ofadministrative expense reimbursements.

At June 30, 2013 and December 31, 2012, the Partnership had a note receivable from a joint venture of $2,553,206 and $2,442,457, respectively, and accrued interest of approximately $29,000 and $28,000, respectively. The accrued interest is included in other assets on the consolidated balance sheets.  For the three and six months ended June 30, 2013, interest income relating to the note receivable from the joint venture of approximately $98,000 and $193,000, respectively, was recognized and included in finance income on the consolidated statements of operations.For the three and six months ended June 30, 2012, interest income relating to the note receivable from the joint venture of approximately $122,000and $241,000, respectively, was recognized and included in finance income on the consolidated statements of operations.

XML

Consolidated Statements of Changes in Partner's Equity (USD $)	Total	Limited Partner [Member]	General Partner [Member]	Total Partners' Equity [Member]	Noncontrolling Interest [Member]
Balance (unaudited) at Dec. 31, 2012	$ 206,069,022	$ 194,412,829	$ (359,514)	$ 194,053,315	$ 12,015,707
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	5,833,548	5,265,805	53,190	5,318,995	514,553
Cash distributions	(5,323,529)	(5,176,532)	(52,288)	(5,228,820)	(94,709)
Shares Outstanding		258,827
Balance (unaudited) at Mar. 31, 2013	206,579,041	194,502,102	(358,612)	194,143,490	12,435,551
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	6,743,027	5,759,038	58,172	5,817,210	925,817
Repurchase of limited partnership interests	(8,639)	(8,639)		(8,639)
Cash distributions	(5,228,751)	(5,176,463)	(52,288)	(5,228,751)
Shares Outstanding		258,816
Repurchase of Shares		(11)
Balance (unaudited) at Jun. 30, 2013	$ 208,084,678	$ 195,076,038	$ (352,728)	$ 194,723,310	$ 13,361,368

XML

Consolidated Balance Sheets (unaudited) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 7,322,150	$ 18,719,517
Restricted Cash	9,077,664	6,838,606
Net investment in finance leases	135,924,133	140,272,169
Leased equipment at cost (less accumulated depreciation of $36,679,538 and $28,994,563, respectively)	154,255,671	161,940,646
Net investment in notes receivable	93,822,696	90,285,675
Note receivable from joint venture	2,553,206	2,442,457
Investments in joint ventures	13,817,654	5,568,255
Other assets	8,153,481	7,010,832
Total Assets	424,926,655	433,078,157
Liabilities:
Non-recourse long-term debt	190,125,699	200,660,283
Derivative financial instruments	7,606,786	11,395,234
Deferred revenue	3,176,060	3,396,115
Revolving line of credit, recourse	3,000,000
Due to General Partner and affiliates, net	82,292	28,617
Accrued expenses and other liabilities	12,851,140	11,528,886
Total Liabilities	216,841,977	227,009,135
Partners' Equity (Deficit):
Limited Partners	195,076,038	194,412,829
General Partner	(352,728)	(359,514)
Total Partners' Equity	194,723,310	194,053,315
Noncontrolling Interests	13,361,368	12,015,707
Total Equity	208,084,678	206,069,022
Total Liabilities and Equity	$ 424,926,655	$ 433,078,157

XML

Non-Recourse Long-Term Debt (Details) (USD $)			6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2013 Maximum [Member]	Jun. 30, 2013 Minimum [Member]	Jun. 30, 2013 AET Vessels Loan [Member]	Jun. 30, 2013 Subordinated Non-Recourse Long Term Debt [Member]	Jun. 30, 2013 Senior Debt [Member]
Debt Instrument [Line Items]
Non-recourse long term debt outstanding	$ 190,125,699	$ 200,660,283				$ 22,000,000	$ 128,000,000
Interest rate of non-recourse long term debt (in hundredths), minimum				4.555%
Interest rate of non-recourse long term debt (in hundredths), maximum			12.00%
Maturity date of non-recourse long term debt, end			Mar. 29, 2021	Mar. 29, 2014
Restricted Cash	$ 9,077,664	$ 6,838,606			$ 6,207,798

XML

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Financial Instruments [Abstract]

Derivative financial instruments in consolidated balance sheets

		Asset Derivatives					Liability Derivatives
		Balance Sheet		June 30, 2013	December 31, 2012		Balance Sheet		June 30, 2013	December 31, 2012
		Location	Fair Value		Fair Value		Location	Fair Value		Fair Value
Derivatives not designated as hedging instruments:
	Interest rate swaps		$	-	$	-	Derivative financial instruments	$	7,606,786	$	11,395,234
	Warrants	Other assets	$	68,801	$	53,156		$	-	$	-

XML

Commitments and Contingencies (Details) (USD $)	0 Months Ended
	Sep. 27, 2010	Jun. 30, 2013	Dec. 31, 2012
Commitments and Contingencies [Abstract]
Restricted Cash		$ 9,077,664	$ 6,838,606
Loan to SE	$ 46,000,000

XML

Subsequent Event (Details) (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Subsequent Event [Line Items]
Financing Receivable, Gross	$ 91,603,506		$ 87,750,115
Proceeds From Collection Of Notes Receivable	$ 2,584,433	$ 14,698,382
Kanza Construction Inc Term Loan [Member]
Subsequent Event [Line Items]
Term of note receivable	60

XML

Revolving Line of Credit, Recourse

6 Months Ended

Jun. 30, 2013

Revolving Line of Credit, Recourse [Abstract]

Revolving Line of Credit, Recourse

(7) Revolving Line of Credit, Recourse

On May 10, 2011, the Partnership entered into an agreement with California Bank & Trust (“CB&T”) for a revolving line of credit of up to $15,000,000 (the “Facility”), which is secured by all of the Partnership's assets not subject to a first priority lien. Amounts available under the Facility are subject to a borrowing base that is determined, subject to certain limitations, based on the present value of the future receivables under certain loans and lease agreements in which the Partnership has a beneficial interest. At June 30, 2013, the Partnership had $11,962,251 available under the Facility pursuant to the borrowing base.

The Facility has been extended through March 31, 2015.  The interest rate for general advances under the Facility is CB&T's prime rate.  The Partnership may elect to designate up to five advances on the outstanding principal balance of the Facility to bear interest at the London Interbank Offered Rate(“LIBOR”) plus 2.5% per year.  In all instances, borrowings under the Facility are subject to an interest rate floor of 4.0% per year. In addition, the Partnership is obligated to pay an annualized 0.5% fee on unused commitments under the Facility. 

At June 30, 2013, the Partnershiphad $3,000,000 outstanding under the Facilityand was in compliance with all covenants related to the Facility.

XML

Revolving Line of Credit, Recourse (Details) (USD $)	6 Months Ended
	Jun. 30, 2013 F14numberofadvances
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 15,000,000
Available borrowing capacity	11,962,251
Number of separate non-prime rate advances	5
Basis spread (in hundredths)	2.50%
Minimum interest rate (in hundredths)	4.00%
Commitment fee (in hundredths)	0.50%
Line Of Credit Facility Amount Outstanding	$ 3,000,000

XML

Fair Value Measurements

6 Months Ended

Jun. 30, 2013

Fair Value Measurements [Abstract]

Fair Value Measurements

(10) Fair Value Measurements

Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:

• Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.
• Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or

  indirectly observable as of the reporting date.

• Level 3: Pricing inputs that are generally unobservable and are supported by little or no market data.

Financial Assets and Liabilities Measured on a Recurring Basis

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Investment Manager's assessment, on the Partnership's behalf, of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

The following table summarizes the valuation of the Partnership's financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2013:

		Level 1		Level 2		Level 3		Total
Assets:
	Warrants	$	-	$	-	$	68,801	$	68,801
Liabilities:
	Derivative financial instruments	$	-	$	7,606,786	$	-	$	7,606,786

The following table summarizes the valuation of the Partnership's financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2012:

		Level 1		Level 2		Level 3		Total
Assets:
	Warrants	$	-	$	-	$	53,156	$	53,156
Liabilities:
	Derivative financial instruments	$	-	$	11,395,234	$	-	$	11,395,234

The Partnership's derivative financial instruments, including interest rate swaps and warrants, are valued using quoted market prices available in active markets for identical assets or liabilities or models based on readily observable or unobservable market parameters for all substantial terms of the Partnership's derivative financial instruments and are classified within Level 2 or Level 3. As permitted by the accounting pronouncements, the Partnership uses market prices and pricing models for fair value measurements of its derivative financial instruments.

Interest Rate Swaps

The Partnership utilizes a model that incorporates common market pricing methods as well as underlying characteristics of the particular swap contractfor fair value measurements of its interest rate swaps, which are classified within Level 2. Interest rate swaps are modeled by incorporating such inputs as the term to maturity, LIBOR swap curves, Overnight Index Swap (“OIS”) curves and the payment rate on the fixed portion of the interest rate swap. Thereafter, the Partnership compares third party quotations received to its own estimate of fair value to evaluate for reasonableness. The fair value of the interest rate swaps was recorded in derivative financial instruments within the consolidated balance sheets.

As of January 1, 2013, the Partnership is making two significant, but related, changes to its derivatives valuation methodology: (1) changing from LIBOR-based discount factors to OIS-based discount factors; and (2) changing from a traditional LIBOR swap curve to a dual-curve including both the LIBOR swap curve and the OIS curve. The Partnership is making the changes to better align its inputs, assumptions, and pricing methodologies with those used in its principal market by most dealers and major market participants.  The change in valuation methodology is applied prospectively as a change in accounting estimate and is not material to the Partnership's consolidated financial statements.

Warrants

As of June 30, 2013 and December 31, 2012, the Partnership's warrants were valued using the Black-Scholes-Merton pricing model based on observable and unobservable inputs that are significant to the fair value measurement and are classified within Level 3. Unobservable inputs used in the Black-Scholes-Merton pricing model include, but are not limited to, the expected stock price volatility and the expected period until the warrants are exercised. In addition, one of the significant inputs used in the fair value measurement of the Partnership's warrants at June 30, 2013 was the observable closing price of the company's stock on the date of measurement as opposed to the use of an enterprise value to earnings before interest, taxes, depreciation and amortization multiple of 3.01x at December 31, 2012. The change in the input from December 31, 2012 was due to the company that issued the warrants completing its listing on a public exchange during the second quarter of 2013. Increases or decreases of these inputs would result in a higher or lower fair value measurement.

The fair value of the warrants was recorded in other assets within the consolidated balance sheets. The unrealized gain on the change in fair value of the warrants was recorded in (gain) loss on derivative financial instruments on the consolidated statements of operations.

Assets and Liabilities for which Fair Value is Disclosed

Certain of the Partnership's financial assets and liabilities, which includefixed-rate notes receivable, fixed-rate non-recourse long-term debt and other liabilities, in which fair value is required to be disclosed, were valued using inputs that are generally unobservable and supported by little or no market data and are therefore classified within Level 3. As permitted by the accounting pronouncements, the Partnership uses projected cash flows for fair value measurements of these financial assets and liabilities. Fair value information with respect to certain of the Partnership's other assets and liabilities is not separately provided since (i) the current accounting pronouncements do not require fair value disclosures of lease arrangements and (ii) the carrying value of financial assets, other than lease-related investments, and the recorded value of recourse debt approximate fair value due to their short-term maturities and variable interest rates.

The estimated fair value of the Partnership's fixed-rate notes receivable, fixed-rate non-recourse long-term debt and other liabilities was based on the discounted value of future cash flows related to the loans based on recent transactions of this type. Principal outstanding on fixed-rate notes receivable was discounted at rates ranging between 10% and 15.5% per year. Principal outstanding on fixed-rate non-recourse long-term debt and other liabilities was discounted at rates ranging between 5.9% and 14% per year.

	June 30, 2013
			Fair Value
	Carrying Value		(Level 3)
Principal outstanding on fixed-rate notes receivable	$	91,197,917	$	91,985,593
Principal outstanding on fixed-rate non-recourse long-term debt	$	54,230,699	$	54,322,306
Other liabilities	$	7,682,133	$	7,588,720

XML

Non-Recourse Long-Term Debt

6 Months Ended

Jun. 30, 2013

Non-Recourse Long-Term Debt [Abstract]

Non-Recourse Long-Term Debt

(6)Non-Recourse Long-Term Debt

As of June 30, 2013and December 31, 2012, the Partnership had non-recourse long-term debt obligations of $190,125,699 and $200,660,283, respectively, with maturity dates ranging from March 29, 2014 to March 29, 2021, and interest rates ranging from 4.555% to 12% per year, some of which were fixed after giving effect to the respective interest rate swap agreements.

The Partnership, through certain subsidiaries of its joint venture with Fund Twelve, borrowed $128,000,000 (the “Senior Debt”) in connection with the acquisition of the vessels on bareboat charter to AET Inc. Limited (collectively, the “AET Vessels”).  The joint venture also borrowed $22,000,000 of subordinated non-recourse long-term debt from an unaffiliated third party (the “Sub Debt”).

On April 20, 2012, the joint venture with the AET Vessels was notified of an event of default on the Senior Debt. Due to a change in the fair value of the AET Vessels, a provision in the Senior Debt loan agreement restricts the Partnership's ability to utilize cash generated by the charters of the AET Vessels as of January 12, 2012 for purposes other than paying the Senior Debt. Charter payments in excess of the Senior Debt loan service are held in reserve by the Senior Debt lender until such time as the restriction is cured. Once cured, the reserves will be released to the Partnership. At June 30, 2013, $6,207,798 was included in restricted cash. While this restriction is in place, the Partnership is prevented from applying the charter proceeds to the Sub Debt. As a result of the Partnership's failure to make required Sub Debt loan payments from June 2012 through June 2013, the Sub Debt lender has certain rights, including step-in rights, which allow it to collect cash generated from the charters until such time as the Sub Debt lender has received all unpaid amounts. The Sub Debt lender has reserved, but not exercised, its rights under the loan agreement.

The Partnership was notified of an event of default related to certain financial covenants in connection with the non-recourse long-term debt associated with the vessels on bareboat charter to Fantastic Shipping Ltd., Amazing Shipping Ltd. and Center Navigation Ltd., each subsidiaries of Geden, as a result of reduced charter hire payments.The lender has reserved, but not exercised, its rights under the loan agreement.

XML

Basis of Presentation and Consolidation

6 Months Ended

Jun. 30, 2013

Basis of Presentation and Consolidation [Abstract]

Basis of Presentation and Consolidation

(1) Basis of Presentation and Consolidation

The accompanying consolidated financial statements of ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (the “Partnership”) have been prepared in accordance with U.S. generally accepted accounting principlesfor interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission for Quarterly Reports on Form 10-Q.  In the opinion of the general partner of the Partnership, ICON GP 14, LLC, a Delaware limited liability company (the “General Partner”), which is a wholly-owned subsidiary of ICON Capital, LLC, a Delaware limited liability company formerly known as ICON Capital Corp. (the “Investment Manager”), all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included.  These consolidated financial statements should be read together with the consolidated financial statements and notes included in the Partnership's Annual Report on Form 10-K for the year ended December 31, 2012.  The results for the interim period are not necessarily indicative of the results for the full year.

Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve

The Investment Manager weighs all credit decisions based on a combination of external credit ratings as well as internal credit evaluations of all borrowers. A borrower's credit is analyzed using those credit ratings as well as the borrower's financial statements and other financial data deemed relevant.

As the Partnership's financing receivables, generally notes receivable and finance leases, are limited in number, the Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics and credit loss reserve. Financing receivables are analyzed quarterly and categorized as either performing or non-performing based on payment history. If a financing receivable becomes non-performing due to a borrower's missed scheduled payments or failed financial covenants, the Investment Manager analyzes whether a credit loss reserve should be established or whether the financing receivable should be restructured. Material events would be specifically disclosed in the discussion of each financing receivable held.

Notes receivable are generally placed in a non-accrual status when payments are more than 90 days past due. Additionally, the Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon the Investment Manager's judgment, these accounts may be placed in a non-accrual status.

In accordance with the cost recovery method, payments received on non-accrual loans are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual loans is not in doubt, interest income is recognized on a cash basis. Loans in non-accrual status may not be restored to accrual status until all delinquent payments have been received, and the Partnership believes recovery of the remaining unpaid receivable is probable.

The Partnership charges off a loan in the period that it is deemed uncollectible and records a reduction in the allowance for loan losses and the balance of the loan.

XML

Fair Value Measurements (recurring) (Details) (Fair Value, Measurements, Recurring [Member], USD $)	Jun. 30, 2013	Jun. 30, 2012
Fair Value, Inputs, Level 2 [Member]
Financial Liabilities Measured At Fair Value on a Recurring Basis [Line Items]
Derivative instruments	$ 7,606,786	$ 11,395,234
Fair Value, Inputs, Level 3 [Member]
Financial Liabilities Measured At Fair Value on a Recurring Basis [Line Items]
Warrants	$ 68,801	$ 53,156

XML

Net Investment in Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2013

Net Investment in Notes Receivable [Abstract]

Net Investments in Notes Receivable

	June 30,		December 31,
	2013		2012
Principal outstanding	$	91,603,506	$	87,750,115
Initial direct costs		6,832,210		7,291,683
Deferred fees		(1,654,225)		(1,816,123)
Credit loss reserve		(2,958,795)		(2,940,000)
Net investment in notes receivable	$	93,822,696	$	90,285,675

XML

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2013

Derivative Financial Instruments [Abstract]

Derivative Financial Instruments

(9) Derivative Financial Instruments

The Partnership may enter into derivative financial instruments for purposes of hedging specific financial exposures, including movements in foreign currency exchange rates and changes in interest rates on its non-recourse long-term debt. The Partnership enters into these instruments only for hedging underlying exposures. The Partnership does not hold or issue derivative financial instruments for purposes other than hedging, except for warrants, which are not hedges. Certain derivatives may not meet the established criteria to be designated as qualifying accounting hedges, even though the Partnership believes that these are effective economic hedges.

The Partnership recognizes all derivative financial instruments as either assets or liabilities on the consolidated balance sheets and measures those instruments at fair value. Changes in the fair value of such instruments are recognized immediately in earnings unless certain criteria are met. These criteria demonstrate that the derivative is expected to be highly effective at offsetting changes in the fair value or expected cash flows of the underlying exposure at both the inception of the hedging relationship and on an ongoing basis and include an evaluation of the counterparty risk and the impact, if any, on the effectiveness of the derivative. If these criteria are met, which the Partnership must document and assess at inception and on an ongoing basis, the Partnership recognizes the changes in fair value of such instruments in accumulated other comprehensive income (loss), a component of equity on the consolidated balance sheets. Changes in the fair value of the ineffective portion of all derivatives are recognized immediately in earnings.

Interest Rate Risk

The Partnership's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements on its variable non-recourse debt. The Partnership's strategy to accomplish these objectives is to match the projected future cash flows with the underlying debt service. Each interest rate swap involves the receipt of floating-rate interest payments from a counterparty in exchange for the Partnership making fixed-rate interest payments over the life of the agreement without exchange of the underlying notional amount.

Counterparty Risk

The Partnership manages exposure to possible defaults on derivative financial instruments by monitoring the concentration of risk that the Partnership has with any individual bank and through the use of minimum credit quality standards for all counterparties. The Partnership does not require collateral or other security in relation to derivative financial instruments. Since it is the Partnership's policy to enter into derivative contracts only with banks of internationally acknowledged standing and the fair value of the Partnership's derivatives is in a liability position, the Partnership considers the counterparty risk to be remote.

As of June 30, 2013 and December 31, 2012, the Partnershiphad only warrants in an asset position that were not material to the consolidated financial statements; therefore, the Partnership considers the counterparty risk to be remote.

As of June 30, 2013 and December 31, 2012, the fair value of the derivatives in a liability position was $7,606,786 and $11,395,234, respectively. Derivative contracts may contain credit risk related contingent features that can trigger a termination event, such as maintaining specified financial ratios. In the event that the Partnership would be required to settle its obligations under the derivative contracts as of June 30, 2013 and December 31, 2012, the termination value would be $7,891,589 and $12,202,772, respectively.

Non-designated Derivatives

       As of June 30, 2013and December 31, 2012, the Partnership had five interest rate swaps with DVB Bank SE that are not designated and not qualifying as cash flow hedges with an aggregate notional amount of $135,895,000 and $144,615,000, respectively. These interest rate swaps are not speculative and are used to meet the Partnership's objectives in using interest rate derivatives to add stability to interest expense and to manage its exposure to interest rate movements.

Additionally, the Partnership holds warrants that are held for purposes other than hedging. All changes in the fair value of the interest rate swaps not designated as hedges and the warrants are recorded directly in earnings, which is included in (gain) loss on derivative financial instruments.

The table below presents the fair value of the Partnership's derivative financial instruments as well as their classification within the Partnership's consolidated balance sheets as of June 30, 2013and December 31, 2012:

		Asset Derivatives					Liability Derivatives
		Balance Sheet		June 30, 2013	December 31, 2012		Balance Sheet		June 30, 2013	December 31, 2012
		Location	Fair Value		Fair Value		Location	Fair Value		Fair Value
Derivatives not designated as hedging instruments:
	Interest rate swaps		$	-	$	-	Derivative financial instruments	$	7,606,786	$	11,395,234
	Warrants	Other assets	$	68,801	$	53,156		$	-	$	-

The Partnership's derivative financial instruments not designated as hedging instruments generated a (gain) loss on derivative financial instruments on the consolidated statements of operations for the three monthsended June 30, 2013 and 2012 of $(1,914,721) and $2,693,172, respectively.The gain recorded for the three months ended June 30, 2013 was comprised of a gain of $1,921,521 relating to interest rate swap contracts and a loss of $6,800 relating to warrants. The loss recorded for the three months ended June 30, 2012 was comprised of losses of $2,693,172 relating to interest rate swap contracts. The Partnership's derivative financial instruments not designated as hedging instruments generated a (gain) loss on derivative financial instruments on the consolidated statements of operations for the six months ended June 30, 2013 and 2012 of $(1,991,747) and $2,922,747, respectively.The gain recorded for the six months ended June 30, 2013 was comprised of gains of $1,976,102 relating to interest rate swap contracts and $15,645 relating to warrants. The loss recorded for the six months ended June 30, 2012 was comprised of losses of $2,922,747 relating to interest rate swap contracts. These amounts were recorded as a component of (gain) loss on derivative financial instruments on the consolidated statements of operations.

XML

Transactions with Related Parties (Tables)

6 Months Ended

Jun. 30, 2013

Transactions with Related Parties [Abstract]

Fees and expenses paid or accrued

			Three Months Ended June 30,				Six Months Ended June 30,
Entity	Capacity	Description	2013		2012		2013		2012
ICON Capital, LLC	Investment Manager	Acquisition fees (1)	$	297,000	$	72,928	$	1,232,207	$	1,563,596
ICON Capital, LLC	Investment Manager	Management fees (2)		462,140		883,818		963,045		1,459,506
ICON Capital, LLC	Investment Manager	Administrative expense
		reimbursements (2)		493,359		1,535,521		1,111,527		2,325,786
			$	1,252,499	$	2,492,267	$	3,306,779	$	5,348,888
(1) Amount capitalized and amortized to operations.
(2) Amount charged directly to operations.

XML

Net Investment in Finance Leases (Tables)

6 Months Ended

Jun. 30, 2013

Net Investment in Finance Leases [Abstract]

Net investment in finance leases

	June 30,		December 31,
	2013		2012
Minimum rents receivable	$	178,512,252	$	188,100,132
Estimated residual values		2,217,587		2,859,529
Initial direct costs		2,203,727		2,538,602
Unearned income		(47,009,433)		(53,226,094)
Net investment in finance leases	$	135,924,133	$	140,272,169

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2013	Aug. 08, 2013
Document and Entity Information [Abstract]
Entity Registrant Name	ICON Equipment & Corporate Infrastructure Fund Fourteen, L.P.
Entity Central Index Key	0001446806
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2013
Entity Common Stock, Shares Outstanding		258,816

XML

Leased Equipment at Cost (Tables)

6 Months Ended

Jun. 30, 2013

Leased Equipment at Cost [Abstract]

Leased equipment at cost

		June 30,		December 31,
		2013		2012
Packaging equipment		$	6,535,061	$	6,535,061
Motor coaches			9,795,148		9,795,148
Marine - crude oil tankers			174,605,000		174,605,000
	Leased equipment at cost		190,935,209		190,935,209
Less: accumulated depreciation			36,679,538		28,994,563
	Leased equipment at cost, less accumulated depreciation	$	154,255,671	$	161,940,646