Transactions with Affiliates

12 Months Ended

Dec. 31, 2017

Related Party Transactions [Abstract]

Transactions with Affiliates

(4) Transactions with Affiliates

The General Partner and its affiliates are entitled to reimbursement for salaries and expenses of employees of the General Partner and its affiliates relating to the administration of the Partnership. Such costs of $76,537 and $82,737 are included in professional services to affiliates and general and administrative expenses to affiliates for the years ended December 31, 2017 and 2016, respectively, of which $8,699 and $16,190 was unpaid as of December 31, 2017 and 2016, respectively.

An affiliate of the General Partner performs land improvements, rezoning, annexation and other activities to prepare the Partnership’s investment properties for sale and is reimbursed (as set forth under terms of the Partnership Agreement) for salaries and direct costs. For the years ended December 31, 2017 and 2016, the Partnership incurred $0 and $1,289, respectively, of such costs. Such costs are included in investment properties, of which all was paid as of December 31, 2016. Also, an affiliate of the General Partner supervises the maintenance of the parcels. Such costs of $4,462 and $7,417 are included in land operating expenses to affiliates for the years ended December 31, 2017 and 2016, respectively, of which $497 and $1,200 was unpaid as of December 31, 2017 and 2016, respectively. The affiliate does not recognize a profit on any project.

As of December 31, 2017 and 2016, the Partnership held all cash and cash equivalents with Inland Bank and Trust, an affiliate of the General Partner.