10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, DC

_________________________

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, 2011

OR

___ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to________                                                                           

Commission File Number 0-17412

Secured Income L.P.

(Exact Name of Registrant as Specified in its Charter)

Delaware	06-1185846
State or Other Jurisdiction of Incorporation or Organization	(IRS Employer Identification No.)
340 Pemberwick Road
Greenwich, Connecticut	06831
(Address of Principal Executive Offices)	Zip Code

Registrant's Telephone Number, Including Area Code:  (203) 869-0900

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.

Yes  x  No  o                       

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).

Yes  o   No o                                                                                 

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 ____Accelerated Filer ____ Non-Accelerated Filer____ Smaller Reporting Company   X   

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

Yes o No x                               

As of August 10, 2011, there are 984,369 units of limited partnership interest outstanding.

SECURED INCOME L.P. AND SUBSIDIARY

Part I - Financial Information.

Table of Contents		Page
Item 1.	Financial Statements.
	Consolidated Balance Sheets	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Cash Flows	5
	Notes to Consolidated Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	7
Item 3.	Quantitative and Qualitative Disclosure About Market Risk.	9
Item 4.	Controls and Procedures.	10
Item 4T.	Internal Control Over Financial Reporting.	10

2

SECURED INCOME L.P. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 30,			December 31,
	2011			2010
ASSETS
Property and equipment, net of accumulated depreciation	$	2,158,046		$	2,368,956
Cash and cash equivalents		485,845			649,843
Mortgage escrow deposits		419,076			299,482
Replacement reserve		459,617			506,898
Investment in bond		96,005			101,238
Tenant security deposits		58,513			42,462
Interest and accounts receivable		2,317			2,341
Prepaid expenses		149,059			219,111
Intangible assets, net of accumulated amortization		249,308			260,162
	$	4,077,786		$	4,450,493
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities
Mortgage payable	$	7,640,064		$	7,770,499
Accounts payable and accrued expenses		120,585			105,140
Tenant security deposits payable		57,236			40,473
Due to affiliates		21,230			18,678
		7,839,115			7,934,790
Partners' equity (deficit)
Limited partners (984,369 units issued and outstanding)		393,654			598,301
General partners		(3,931,051	)		(3,904,126	)
Noncontrolling interest		(223,408	)		(181,953	)
Accumulated other comprehensive income (loss)		(524	)		3,481
		(3,761,329	)		(3,484,297	)
	$	4,077,786		$	4,450,493

See notes to consolidated financial statements.

3

SECURED INCOME L.P. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2011 AND 2010

(Unaudited)

	Three Months			Six Months			Three Months			Six Months
	Ended			Ended			Ended			Ended
	June 30, 2011			June 30, 2011			June 30, 2010			June 30, 2010
REVENUE
Rental	$	707,130		$	1,384,283		$	670,136		$	1,305,103
Interest		2,723			5,208			779			1,033
TOTAL REVENUE		709,853			1,389,491			670,915			1,306,136
EXPENSES
Administration and management		209,056			335,093			121,696			249,389
Operating and maintenance		150,342			278,473			171,301			307,958
Taxes and insurance		126,591			253,221			117,009			236,067
Financial		127,582			256,409			131,709			264,584
Depreciation and amortization		110,883			221,764			107,996			215,991
TOTAL EXPENSES		724,454			1,344,960			649,711			1,273,989
NET INCOME (LOSS)		(14,601	)		44,531			21,204			32,147
Other comprehensive loss		(3,254	)		(4,005	)		(1,615	)		(1,615	)
COMPREHENSIVE INCOME (LOSS)	$	(17,855	)	$	40,526		$	19,589		$	30,532
NET INCOME (LOSS) ATTRIBUTABLE TO
General partners	$	(155	)	$	419		$	199		$	296
Limited partners		(15,389	)		41,445			19,653			29,260
Noncontrolling interest		943			2,667			1,352			2,591
	$	(14,601	)	$	44,531		$	21,204		$	32,147
NET INCOME (LOSS) ALLOCATED PER UNIT OF LIMITED PARTNERSHIP INTEREST  (984,369 units of limited partnership interest)	$	(.02	)	$	.04		$	.02		$	.03

See notes to consolidated financial statements.

4

SECURED INCOME L.P. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2011 AND 2010

(Unaudited)

	2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	44,531		$	32,147
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization expense		221,764			215,991
Increase in mortgage escrow deposits		(119,594	)		(148,476	)
Accrued interest at date of investment in bond					1,750
Amortization of premium on investment in bond		1,228			205
Decrease (increase) in tenant security deposits		(16,051	)		11,249
Decrease (increase) in interest and accounts receivable		24			(2,317	)
Decrease in prepaid expenses		70,052			97,080
Increase (decrease) in accounts payable and accrued expenses		15,445			(16,005	)
Increase (decrease) in tenant security deposits payable		16,763			(11,513	)
Increase in due to affiliates		2,552			10,859
Net cash provided by operating activities		236,714			190,970
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in bond					(100,940	)
Withdrawals from replacement reserve		66,851
Deposits to replacement reserve		(19,570	)		(19,437	)
Net cash provided by (used in) investing activities		47,281			(120,377	)
CASH FLOWS FROM FINANCING ACTIVITIES
Mortgage principal payments		(130,435	)		(122,748	)
Distributions to noncontrolling interest		(44,122	)
Distributions to partners		(273,436	)		(269,602	)
Net cash used in financing activities		(447,993	)		(392,350	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(163,998	)		(321,757	)
Cash and cash equivalents at beginning of period		649,843			797,648
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	485,845		$	475,891
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized loss on investment in bond	$	4,005		$	1,615
SUPPLEMENTAL INFORMATION
Financial expenses paid	$	277,340		$	286,050

See notes to consolidated financial statements.

5

SECURED INCOME L.P. AND SUBSIDIARY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2011

(Unaudited)

1. Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information.  They do not include all information and footnotes required by GAAP for complete financial statements.  The results of operations are impacted significantly by the results of operations of Carrollton X Associates Limited Partnership (“Carrollton”), which are provided on an unaudited basis during interim periods.  Accordingly, the accompanying unaudited consolidated financial statements are dependent on such unaudited information.  In the opinion of the General Partners of the Partnership, the accompanying unaudited consolidated financial statements include all adjustments necessary to reflect fairly the results of operations and cash flows for the interim periods presented.  All adjustments are of a normal recurring nature.  The results of operations for the six months ended June 30, 2011 are not necessarily indicative of the results that may be expected for the entire year.

Certain prior period balances have been reclassified to conform to the current period presentation.

Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”), amending Accounting Standards Codification (“ASC”) Topic 820 to increase disclosure requirements regarding recurring and nonrecurring fair value measurements.  The Partnership adopted ASU 2010-06 in January 2010, except for the disclosures about activity in Level 3 fair value measurements, which became effective for the Partnership’s fiscal year beginning January 1, 2011.  The full adoption of ASC Topic 820 on January 1, 2011 did not have a material impact on the Partnership’s consolidated financial statements.

2. Investment in Bond

The Partnership carries its investment in bond as available-for-sale because such investment is used to facilitate and provide flexibility for its obligations.  Investment in bond is reflected in the accompanying unaudited consolidated balance sheets at estimated fair value and is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in ASC Topic 820.  Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has the ability to access.  An unrealized loss of $524 is reflected as accumulated other comprehensive loss in the accompanying unaudited consolidated balance sheet as of June 30, 2011.

As of June 30, 2011, certain information concerning investment in bond is as follows:

Description and maturity	Amortized cost		Gross  unrealized gain		Gross  unrealized  loss			Estimated fair value
Corporate debt security
Callable in September 2013	$	96,529	$	--	$	(524	)	$	96,005

3. Additional Information

Additional information, including the audited December 31, 2010 Consolidated Financial Statements and the Organization and Summary of Significant Accounting Policies, is included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2010 on file with the Securities and Exchange Commission.

6

SECURED INCOME L.P. AND SUBSIDIARY

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

Liquidity and Capital Resources

Secured Income L.P. (the “Registrant”) owns a 98.9 % interest in Carrollton X Associates Limited Partnership (“Carrollton”).  Fieldpointe, the operating complex owned by Carrollton, remains on the market for sale and, although it is not currently in an active marketing campaign, the Carrollton general partners (the “Carrollton General Partners”) continue to receive inquiries from brokers.  Management has begun a plan to cautiously increase rents at the complex while maintaining current occupancy levels in anticipation of re-testing the market for a possible sale of the property in mid 2012, after the higher rents have been phased in as leases expire and/or renew.  There can be no assurance that the property will be able to achieve higher rents management is seeking, or that an acceptable offer may be received.  Notwithstanding the foregoing, if a sale of Fieldpointe were to occur, Registrant intends to distribute the net proceeds received to its partners, less a reasonable reserve, in accordance with the terms and conditions of Registrant’s Partnership Agreement.  At such time, Registrant intends to dissolve.

Registrant made a distribution on May 16, 2011 in the amount of approximately $0.25 per Unit to Unit holders of record as of March 31, 2011.  The ability to make future distributions, and the amount of such distributions, if any, will depend on Carrollton’s cash flow and reserve levels, among other things.  Accordingly, there can be no certainty as to the payment of future distributions or the amount and timing thereof.

Registrant's primary source of funds is currently rents generated by Fieldpointe.  Registrant's investment is considered highly illiquid.

In the event a sale of Fieldpointe does not take place, Registrant is not expected to have access to additional sources of financing.  Accordingly, if unforeseen contingencies arise that cause Carrollton to require capital in addition to that contributed by Registrant and any equity of the Carrollton General Partners, potential sources from which such capital needs will be able to be satisfied (other than reserves) would be additional equity contributions or voluntary loans from the Carrollton General Partners (which are not required to fund such amounts) or other reserves, if any, which could adversely impact distributions from Carrollton to Registrant of operating cash flow and any sale or refinancing proceeds.

Registrant formerly held an interest in Columbia Westmont Associates, L.P. (“Columbia”), which sold its underlying property in 2006.  After an appeal, Columbia received a real estate tax refund for a prior year in the amount of approximately $998,000, which amount is net of professional fees incurred in connection with the appeal.  Registrant and the general partners of Columbia are currently undergoing discussions and seeking guidance in an effort to determine how the funds received should be characterized and applied under the terms of Columbia’s partnership agreement, and the amount, if any, that should be paid to Registrant and the other partners of Columbia.

Results of Operations

Although Registrant generated cash from operations during the six months ended June 30, 2011, cash and cash equivalents and investment in bond decreased, in the aggregate, by approximately $169,000 during the period (which includes an unrealized loss on investment in bond of approximately $4,000).  Registrant intends to hold the bond until its call date (September 2013) and therefore does not expect to realize significant gains or losses on its investment in bond, if any.  Such decrease is the result of Carrollton making principal payments on its mortgage and distributions to the Carrollton General Partners and Registrant making distributions to its partners.  Carrollton distributed approximately $419,000 to Registrant during the period, which distribution has been eliminated in consolidation. Property and equipment decreased as a result of depreciation expense.  Mortgage escrow deposits increased while prepaid expenses decreased in the ordinary course of operations.  Mortgage payable decreased as a result of principal payments on Carrollton’s mortgage.

The discussion below refers primarily to the operations of Carrollton and not to that of Registrant as a whole.

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SECURED INCOME L.P. AND SUBSIDIARY

Item 2.       Management's Discussion and Analysis of Financial Con­dition and Results of Operations (Continued).

Three Months Ended June 30, 2011

During the three months ended June 30, 2011, Carrollton's operations resulted in net income of approximately $20,000, which includes financial expenses and depreciation and amortization of approximately $127,000 and approximately $110,000, respectively.  Accordingly, Carrollton generated income from operating activities prior to financial expenses and depreciation and amortization of approximately $257,000.  Mortgage principal payments during the period were approximately $65,000.  After considering the mandatory mortgage principal payments and required deposits net of withdrawals to mortgage escrows and the replacement reserve, among other things, Carrollton generated cash flow of approximately $124,000 during the three months ended June 30, 2011.  There can be no assurance that the level of cash flow generated by Carrollton during the three months ended June 30, 2011 will continue in future periods.

Registrant’s results of operations as a whole for the three months ended June 30, 2011 reflect a decline as compared to the three months ended June 30, 2010 primarily as a result of an increase in Carrollton’s taxes and insurance expense and legal fees incurred by Carrollton in connection with a recent claim, partially offset by a decrease in Carrollton’s operating and maintenance expenses and an increase in rental revenue resulting from higher average occupancy of Fieldpointe.

As of June 30, 2011, the occupancy of Fieldpointe was approximately 100%.  In the event a sale of Fieldpointe does not take place, the future operating results of Carrollton will be extremely dependent on market conditions and therefore may be subject to significant volatility.

Three Months Ended June 30, 2010

During the three months ended June 30, 2010, Carrollton's operations resulted in net income of approximately $60,000, which includes financial expenses and depreciation and amortization of approximately $132,000 and approximately $106,000, respectively.  Accordingly, Carrollton generated income from operating activities prior to financial expenses and depreciation and amortization of approximately $298,000.  Mortgage principal payments during the period were approximately $62,000.  After considering the mandatory mortgage principal payments and required deposits net of withdrawals to mortgage escrows and the replacement reserve, among other things, Carrollton generated cash flow of approximately $95,000 during the three months ended June 30, 2010.  As of June 30, 2010, the occupancy of Fieldpointe was approximately 97%.

Six Months Ended June 30, 2011

During the six months ended June 30, 2011, Carrollton's operations resulted in net income of approximately $110,000, which includes financial expenses and depreciation and amortization of approximately $256,000 and approximately $219,000, respectively.  Accordingly, Carrollton generated income from operating activities prior to financial expenses and depreciation and amortization of approximately $585,000.  Mortgage principal payments during the period were approximately $130,000.  After considering the mandatory mortgage principal payments and required deposits net of withdrawals to mortgage escrows and the replacement reserve, among other things, Carrollton generated cash flow of approximately $254,000 during the six months ended June 30, 2011.  There can be no assurance that the level of cash flow generated by Carrollton during the six months ended June 30, 2011 will continue in future periods.

Registrant’s results of operations as a whole for the six months ended June 30, 2011 were comparable to the six months ended June 30, 2010.

Six Months Ended June 30, 2010

During the six months ended June 30, 2010, Carrollton's operations resulted in net income of approximately $110,000, which includes financial expenses and depreciation and amortization of approximately $264,000 and approximately $213,000, respectively.  Accordingly, Carrollton generated income from operating activities prior to financial expenses and depreciation and amortization of approximately $587,000.  Mortgage principal payments during the period were approximately $123,000.  After considering the mandatory mortgage principal payments and required deposits net of withdrawals to mortgage escrows and the replacement reserve, among other things, Carrollton generated cash flow of approximately $180,000 during the six months ended June 30, 2010.

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SECURED INCOME L.P. AND SUBSIDIARY

Item 2.       Management's Discussion and Analysis of Financial Con­dition and Results of Operations (Continued).

Critical Accounting Policies and Estimates

The accompanying unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which requires Registrant to make certain estimates and assumptions.  The following section is a summary of certain aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of Registrant’s consolidated financial condition and results of operations.  Registrant believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the accompanying unaudited consolidated financial statements.

Registrant records its real estate assets at cost less accumulated depreciation and, if there are indications that impairment exists, adjusts the carrying value of those assets in accordance with Accounting Standards Codification (“ASC”) Topic 360; Subtopic 10.  In accordance with ASC Topic 360; Subtopic 10, long-lived assets, primarily property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable.  Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable.  For long-lived assets, Registrant recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and estimated fair value.  No such adjustment for impairment loss is required as of June 30, 2011.

Forward-Looking Information

As a cautionary note, with the exception of historical facts, the matters discussed in this quarterly report on Form 10-Q are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”).  Forward-looking statements may relate to, among other things, current expectations, forecasts of future events, future actions, future performance generally, business development activities, capital expenditures, strategies, the outcome of contingencies, future financial results, financing sources and availability and the effects of regulation and competition.  Words such as “anticipate,” “expect,” “intend,” “plan,” “seek,” “estimate” and other words and terms of similar meaning in connection with discussions of future operating or financial performance signify forward-looking statements.  Registrant may also provide written forward-looking statements in other materials released to the public.  Such statements are made in good faith by Registrant pursuant to the “Safe Harbor” provisions of the Reform Act.  Registrant undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise.  Such forward-looking statements involve known risks, uncertainties and other factors that may cause Registrant’s actual results of operations or actions to be materially different from future results of operations or actions expressed or implied by the forward-looking statements.

Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”), amending ASC Topic 820 to increase disclosure requirements regarding recurring and nonrecurring fair value measurements.  Registrant adopted ASU 2010-06 in January 2010, except for the disclosures about activity in Level 3 fair value measurements, which are effective for Registrant’s fiscal year beginning January 1, 2011.  The full adoption of ASC Topic 820 on January 1, 2011 did not have a material impact on Registrant’s consolidated financial statements.

Item 3.       Quantitative and Qualitative Disclosure About Market Risk.

The market value of Registrant’s investment in bond is subject to fluctuation based upon changes in interest rates relative to the investment’s maturity date and the associated bond rating.  Since Registrant’s investment in bond is callable in 2013, the value of such investment may be adversely impacted in an environment of rising interest rates in the event Registrant decides to liquidate the investment prior to its call date.  Although Registrant may utilize the investment to pay for its operating expenses, it otherwise intends to hold such investment to its call date.  Therefore, Registrant does not anticipate any material adverse impact in connection with such investment.

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SECURED INCOME L.P. AND SUBSIDIARY

Item 4.       Controls and Procedures.

Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed by Registrant in reports that Registrant files or submits under the Exchange Act is recorded, processed, summarized and timely reported as provided in SEC rules and forms.  Registrant periodically reviews the design and effectiveness of its disclosure controls and procedures, including compliance with various laws and regulations that apply to its operations.  Registrant makes modifications to improve the design and effectiveness of its disclosure controls and procedures, and may take other corrective action, if its reviews identify a need for such modifications or actions.  In designing and evaluating the disclosure controls and procedures, Registrant recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Registrant has carried out an evaluation, under the supervision and the participation of its management, including the Chief Executive Officer and Chief Financial Officer of Wilder Richman Resources Corporation (“WRRC”), one of Registrant’s general partners, of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act), as of the three months ended June 30, 2011.  Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer of WRRC concluded that Registrant’s disclosure controls and procedures were effective as of June 30, 2011.

Item 4T.     Internal Control Over Financial Reporting.

There were no changes in Registrant’s internal control over financial reporting during the three months ended June 30, 2011 that have materially affected, or are reasonably likely to materially affect, Registrant’s internal control over financial reporting.

10

SECURED INCOME L.P. AND SUBSIDIARY

Part II - Other Information.

Item 1.	Legal Proceedings.
	Fieldpointe is subject to various legal actions, administrative proceedings and claims arising in the ordinary course of business.  Management believes that such unresolved legal actions, proceedings and claims will not  materially adversely affect Fieldpointe's operations, financial condition and or cash flow.

Item 1A.	Risk Factors.
	Registrant is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this Item.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.
	None.
Item 3.	Defaults Upon Senior Securities.
	None.
Item 4.	Removed and Reserved.
Item 5.	Other Information.
	None.
Item 6.	Exhibits.
	Exhibit 31.1	Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
	Exhibit 31.2	Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
	Exhibit 32.1	Section 1350 Certification of Chief Executive Officer.
	Exhibit 32.2	Section 1350 Certification of Chief Financial Officer.
	Exhibit 101.ins	XBRL Instance
	Exhibit 101.xsd	XBRL Schema
	Exhibit 101.cal.	XBRL Calculation
	Exhibit 101.def	XBRL Definition.
	Exhibit 101.lab	XBRL Label.
	Exhibit 101.pre	XBRL Presentation.

11

SIGNATURES

Pursuant to the require­ments of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on the 10th day of August 2011.

SECURED INCOME L.P.
By:	Wilder Richman Resources Corporation, General Partner
By:	/s/Richard Paul Richman
	Richard Paul Richman
	Chief Executive Officer
By:	/s/James Hussey
	James Hussey
	Chief Financial Officer
By:	WRC-87A Corporation, General Partner
By:	/s/Richard Paul Richman
	Richard Paul Richman
	Executive Vice President and Treasurer

12

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Richard Paul Richman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Secured Income L.P. (the “registrant”);

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. The registrant’s other certifying officer and I are 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 our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us 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 our 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 our 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. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (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 10, 2011	/s/Richard Paul Richman
	Richard Paul Richman
	Chief Executive Officer of Wilder
	Richman Resources Corporation, a
	General Partner of the registrant

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, James Hussey, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Secured Income L.P. (the “registrant”);

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. The registrant’s other certifying officer and I are 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 our supervision, to ensure that material information relating to the registrant, including its   consolidated subsidiaries, is made known to us 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 our 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 our 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. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (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 10, 2011	/s/James Hussey
	James Hussey
	Chief Financial Officer of Wilder
	Richman Resources Corporation, a
	General Partner of the registrant

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Secured Income L.P. (the “Registrant”) on Form 10-Q for the period ended June 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Richard Paul Richman, Chief Executive Officer of Wilder Richman Resources Corporation, a General Partner of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

/s/Richard Paul Richman                                                                

Richard Paul Richman

Chief Executive Officer of Wilder Richman

Resources Corporation, a General Partner of

the Registrant

August 10, 2011

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Secured Income L.P. (the “Registrant”) on Form 10-Q for the period ended June 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James Hussey, Chief Financial Officer of Wilder Richman Resources Corporation, a General Partner of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

/s/James Hussey                                                                

James Hussey

Chief Financial Officer of Wilder Richman

Resources Corporation, a General Partner of

the Registrant

August 10, 2011

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CONSOLIDATED BALANCE SHEETS (Parenthetical)	Jun. 30, 2011	Dec. 31, 2010
Limited partner units issued	984,369	984,369
Limited partner units outstanding	984,369	984,369

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
REVENUE
Rental	$ 707,130	$ 670,136	$ 1,384,283	$ 1,305,103
Interest	2,723	779	5,208	1,033
TOTAL REVENUE	709,853	670,915	1,389,491	1,306,136
EXPENSES
Administration and management	209,056	121,696	335,093	249,389
Operating and maintenance	150,342	171,301	278,473	307,958
Taxes and insurance	126,591	117,009	253,221	236,067
Financial	127,582	131,709	256,409	264,584
Depreciation and amortization	110,883	107,996	221,764	215,991
TOTAL EXPENSES	724,454	649,711	1,344,960	1,273,989
NET INCOME (LOSS)	(14,601)	21,204	44,531	32,147
NET INCOME (LOSS) ATTRIBUTABLE TO
General partners net income (loss)	(155)	199	419	296
Limited partners net income (loss)	(15,389)	19,653	41,445	29,260
Noncontrolling interest net income (loss)	$ 943	$ 1,352	$ 2,667	$ 2,591
NET INCOME (LOSS) ALLOCATED PER UNIT OF LIMITED PARTNERSHIP INTEREST (984,369 units of limited partnership interest)	$ (0.02)	$ 0.02	$ 0.04	$ 0.03

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Document and Entity Information	3 Months Ended
	Jun. 30, 2011	Aug. 10, 2011
Document and Entity Information
Entity Registrant Name	SECURED INCOME L P
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Entity Central Index Key	0000804217
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Entity Common Stock, Shares Outstanding		984,369

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Investment in Bond

3 Months Ended

Jun. 30, 2011

Investment (Tables)

Investment [Text Block]

2. Investment in Bond

The Partnership carries its investment in bond as available-for-sale because such investment is used to facilitate and provide flexibility for its obligations.  Investment in bond is reflected in the accompanying unaudited consolidated balance sheets at estimated fair value and is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in ASC Topic 820.  Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has the ability to access.  An unrealized loss of $524 is reflected as accumulated other comprehensive loss in the accompanying unaudited consolidated balance sheet as of June 30, 2011.

As of June 30, 2011, certain information concerning investment in bond is as follows:

Description and maturity	Amortized cost		Gross unrealized gain		Gross  unrealized  loss			Estimated fair value
Corporate debt security
Callable in September 2013	$	96,529	$	--	$	(524	)	$	96,005

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 44,531	$ 32,147
Depreciation and amortization expense	221,764	215,991
Increase in mortgage escrow deposits	(119,594)	(148,476)
Accrued interest at date of investment in bond		1,750
Amortization of premium on investment in bond	1,228	205
Decrease (increase) in tenant security deposits	(16,051)	11,249
Decrease (increase) in interest and accounts receivable	24	(2,317)
Decrease in prepaid expenses	70,052	97,080
Increase (decrease) in accounts payable and accrued expenses	15,445	(16,005)
Increase (decrease) in tenant security deposits payable	16,763	(11,513)
Increase in due to affiliates	2,552	10,859
Net cash provided by operating activities	236,714	190,970
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in bond		(100,940)
Withdrawals from replacement reserve	66,851
Deposits to replacement reserve	(19,570)	(19,437)
Net cash provided by (used in) investing activities	47,281	(120,377)
CASH FLOWS FROM FINANCING ACTIVITIES
Mortgage principal payments	(130,435)	(122,748)
Distributions to noncontrolling interest	(44,122)
Distributions to partners	(273,436)	(269,602)
Net cash used in financing activities	(447,993)	(392,350)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(163,998)	(321,757)
Cash and cash equivalents at beginning of period	649,843	797,648
CASH AND CASH EQUIVALENTS AT END OF PERIOD	485,845	475,891
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized loss on investment in bond	(4,005)	(1,615)
SUPPLEMENTAL INFORMATION
Financial expenses paid	$ 277,340	$ 286,050

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Additional Information

3 Months Ended

Jun. 30, 2011

Organization, Consolidation and Presentation of Financial Statements

Additional Financial Information Disclosure [Text Block]

3. Additional Information

Additional information, including the audited December 31, 2010 Consolidated Financial Statements and the Organization and Summary of Significant Accounting Policies, is included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2010 on file with the Securities and Exchange Commission.

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STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
TOTAL NET INCOME (LOSS)	$ (14,601)	$ 21,204	$ 44,531	$ 32,147
Other comprehensive loss	(3,254)	(1,615)	(4,005)	(1,615)
COMPREHENSIVE INCOME (LOSS)	$ (17,855)	$ 19,589	$ 40,526	$ 30,532

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Basis of Presentation

3 Months Ended

Jun. 30, 2011

Accounting Policies

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

1. Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information.  They do not include all information and footnotes required by GAAP for complete financial statements.  The results of operations are impacted significantly by the results of operations of Carrollton X Associates Limited Partnership (“Carrollton”), which are provided on an unaudited basis during interim periods.  Accordingly, the accompanying unaudited consolidated financial statements are dependent on such unaudited information.  In the opinion of the General Partners of the Partnership, the accompanying unaudited consolidated financial statements include all adjustments necessary to reflect fairly the results of operations and cash flows for the interim periods presented.  All adjustments are of a normal recurring nature.  The results of operations for the six months ended June 30, 2011 are not necessarily indicative of the results that may be expected for the entire year.

Certain prior period balances have been reclassified to conform to the current period presentation.

Recent Accounting Pronouncements

In January 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-06, “Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”), amending Accounting Standards Codification (“ASC”) Topic 820 to increase disclosure requirements regarding recurring and nonrecurring fair value measurements.  The Partnership adopted ASU 2010-06 in January 2010, except for the disclosures about activity in Level 3 fair value measurements, which became effective for the Partnership’s fiscal year beginning January 1, 2011.  The full adoption of ASC Topic 820 on January 1, 2011 did not have a material impact on the Partnership’s consolidated financial statements.

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CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2011	Dec. 31, 2010
ASSETS
Property and equipment, net of accumulated depreciation	$ 2,158,046	$ 2,368,956
Cash and cash equivalents	485,845	649,843
Mortgage escrow deposits	419,076	299,482
Replacement reserve	459,617	506,898
Investment in bond	96,005	101,238
Tenant security deposits	58,513	42,462
Interest and accounts receivable	2,317	2,341
Prepaid expenses	149,059	219,111
Intangible assets, net of accumulated amortization	249,308	260,162
Total assets	4,077,786	4,450,493
Liabilities
Mortgage payable	7,640,064	7,770,499
Accounts payable and accrued expenses	120,585	105,140
Tenant security deposits payable	57,236	40,473
Due to affiliates	21,230	18,678
Total liabilities	7,839,115	7,934,790
Partners' equity (deficit)
Limited partners (984,369 units issued and outstanding)	393,654	598,301
General partners	(3,931,051)	(3,904,126)
Noncontrolling interest	(223,408)	(181,953)
Accumulated other comprehensive income (loss)	(524)	3,481
Total equity	(3,761,329)	(3,484,297)
Total liabilities & equity	$ 4,077,786	$ 4,450,493