- 64 -
period beginning September 16, 1983, and ending June 30,
1985, are as follows:
EA 84-III 9/19/83 to 1/1/84 to1/1/85 to
12/31/83 12/31/84 6/30/85
Revenue:
Rental income $76,790.36 $228,516 $107,858
Interest income--general partner6,097.26 -0- -0-
Other income -0- -0- 2,866
Total revenue 82,887.62 228,516 110,724
Expenses:
Interest on first mortgage 118,081.87 504,391 250,902
Additional mortgage interest -0- -0- -0-
Other interest expense -0- -0- 5,000
Real estate taxes, insurance, HOA26,480.69 83,110 45,240
Audit fee 5,000.00 5,000 2,500
Repairs and maintenance 10,225.44 120,032 30,811
Property administration fee 8,250.00 33,000 16,500
Interest expense--general partner-0- 28,175 18,680
Rental commission 5,305.42 23,198 10,118
Legal fees 15.00 687 167
Other expenses 140.81 -0- 90
Total expenses 173,499.23 797,593 380,008
Net results of operations -90,611.61 -569,077 -269,284
Taxable income (loss):
Net results of operations -90,611.61 -569,077 -269,284
Plus: mortgage amortization -0- -0- -0-
Less: depreciation 42,685.50 170,742 85,372
Amortization of loan fees 3,454.45 13,812 6,906
Amortization of refinancing costs-0- -0- -0-
Accrued mortgage interest -0- -0- -0-
Misc. expenses -0- 28 -5
Taxable income (loss) -136,750.56-753,659 -361,557
The above amounts can be compared with the cash-flow
projection that was set out in the 84 offering memorandum
and is reproduced as appendix B.
As shown above, one of the expenses recorded as having
been paid on behalf of EA 84-III during the period begin-
ning September 19, 1983, and ending June 30, 1985,
is interest expense--general partner of zero during 1983,
$28,175 during 1984, and $18,680 during 1985. Three of
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