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Organization, Consolidation and Presentation of Financial Statements
6 Months Ended
Jun. 30, 2011
Organization, Consolidation and Presentation of Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]
Note A – Basis of Presentation

 

The accompanying unaudited consolidated financial statements of Century Properties Fund XIV (the "Partnership" or the "Registrant") have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The Partnership’s general partners are Fox Capital Management Corporation, a California corporation ("FCMC" or the "Managing General Partner"), and Fox Realty Investors ("FRI"), a California general partnership. In the opinion of the Managing General Partner, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. Operating results for the three and six month periods ended June 30, 2011 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2011. The consolidated balance sheet at December 31, 2010 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2010. The Managing General Partner and the managing general partner of FRI are subsidiaries of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust.

 

At June 30, 2011 and December 31, 2010, the Partnership had outstanding 64,806 limited partnership units.

 

Certain reclassifications have been made to the 2010 balances to conform to the 2011 presentation.

 

The Partnership’s management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed.

 

The accompanying consolidated statements of discontinued operations for the three and six months ended June 30, 2011 and 2010 are presented to reflect the operations of Sun River Apartments as discontinued operations. The Partnership entered into a sale contract on May 10, 2011 to sell Sun River Apartments to a third party. On July 21, 2011, the Partnership sold Sun River Apartments to a third party for a total sales price of $18,700,000. The respective assets and liabilities of Sun River Apartments are classified as held for sale as of June 30, 2011 and December 31, 2010.