XML 89 R20.htm IDEA: XBRL DOCUMENT

Commitments

12 Months Ended

Dec. 31, 2012

NOTE 14 – COMMITMENTS

The Partnership leases home office and branch office space under numerous operating leases. Branch offices are leased generally for terms of three to five years. Rent expense is recognized on a straight-line basis over the minimum lease term. Rent and other lease related expenses were $229,300, $227,500, and $218,100 for the years ended December 31, 2012, 2011 and 2010, respectively.

The Partnership’s non-cancelable lease commitments greater than one year as of December 31, 2012, are summarized below:


2013	$	129,984
2014		35,871
2015		24,370
2016		17,081
2017		12,634
Thereafter		41,498

	$	261,438

The Partnership’s annual rent expense is greater than its annual future lease commitments because the annual future lease commitments include only non-cancelable lease payments greater than one year.

In addition to the commitments discussed above, the Partnership has a revolving unsecured line of credit outstanding as of December 31, 2012 (see Note 7), as well as would have incurred termination fees of $70,700 as of December 31, 2012 in the event the Partnership terminated existing contractual commitments with certain vendors providing ongoing services. These termination fees will decrease over the related contract periods, which generally expire within the next three years.

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References+ Details