SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
January 2, 1997
Date of Report (Date of earliest event reported)
CONSOLIDATED RESOURCES HEALTH CARE FUND V
(Exact name of registrant as specified in its charter)
GEORGIA 0-14436 58-1618135
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number)
Identification No.)
400 Perimeter Center Terrace, Suite 650, Atlanta, Georgia 30346
(Address of principal executive offices) (Zip
Code)
(770) 698-9040
(Registrant's telephone number, including area code)
7000 Central Parkway, Suite 970, Atlanta, Georgia 30328
(Former name or former address, if changed since last report)
Exhibit Index Located on Page: 4
Total Number of Pages: 47
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Item 2. Acquisition or Disposition of Assets.
On January 2, 1997, Consolidated Resources
Health Care Fund V (the "Registrant"), through
Plantation Associates Limited Partnership (the
"Seller"), a Delaware Limited Partnership in
which the Registrant is the Sole Limited
Partner, closed the sale of Plantation Care
Center, a 100 bed long term care facility
located in Salem, Oregon (the "facility").
The facility was purchased by White Sands
Trust, L.L.C., an Oregon limited liability
company an entity unrelated to both the Seller
and the Registrant. In consideration, the
Purchaser assumed a $1,250,000 promissory note
secured by the facility which was recourse to
the Registrant (the "Note"). In conjunction
with the sale, the Note holder released the
Seller of its financial obligations under the
Note including accrued interest of
approximately $175,000. As required by the
Purchase and Sale Agreement, the Seller paid
the Purchaser $200,000 as a Cost/Deferred
Maintenance Payment to provide for repairs to
the facility.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(b) Pro Forma Financial Information.
During the years ended December 31, 1995 and
1996, the Registrant operated two long term
care facilities; Plantation Care Center
("Plantation")and River Hills South. As
previously discussed in Item 2., Plantation
was sold effective December 31, 1996.
Beginning January 1, 1997, the financial
statements for the Registrant will include the
operating results for its only operating
facility River Hills South. The Registrant
continues to hold for sale Village Inn Nursing
Home ("Village Inn"), a long term care
facility which was closed in 1990.
The following unaudited information is
presented assuming the sale of Plantation Care
Center ("Plantation") had closed on December
31, 1994. This information is not necessarily
indicative of the results that actually would
have occurred for the Registrant had the sale
of Plantation been in effect as of and for the
periods discussed or what may be achieved in
the future by the Registrant without
Plantation.
For the fiscal year ended December 31, 1995,
the Registrant earned $9,712,812 in Operating
Revenues and incurred $10,368,575 in Operating
Expenses, generating a net operating loss for
the period of $655,763. During the same
period, Plantation earned $2,324,979 in
Operating Revenues and incurred $3,084,171 in
Operating Expenses, generating a net operating
loss for the period of $759,192.
For the nine month period ended September 30,
1996, the Registrant earned $7,971,906 in
Operating Revenues and incurred $8,206,641 in
Operating Expenses generating a net operating
loss for the period of $234,735. During the
same period, Plantation earned $1,648,949 in
Operating Revenue and incurred $1,941,803 in
Operating Expenses generating a net operating
loss for the period of $292,854.
As of September 30, 1996, the Registrant
included in its balance sheet for Plantation
total current assets and current liabilities
of $1,549,813 and $1,654,675, respectively.
Included in current assets for Plantation was
Property, Plant and Equipment totaling
$1,404,972. Included in current liabilities
for Plantation were a note payable of
$1,250,000 and related accrued interest
payable of $153,000 which were both satisfied
in conjunction with the sale.
(b) Exhibits.
10.1 Purchase and Sale Agreement between
Plantation Associates, L.P., and Carey Dean
Erwin, as of November 1, 1996.
10.2 First Amendment to Purchase and Sale
Agreement between Plantation Associates, L.P.,
and Carey Dean Erwin, dated as of November 14, 1996.
10.3 Second Amendment to Purchase and Sale
Agreement by and among Plantation Associates,
L.P., Carey Dean Erwin, and White Sands Trust,
L.L.C., dated as of December 31, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934,the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
CONSOLIDATED RESOURCES HEALTHCARE FUND V
By: WelCare Service
Corporation-V,
Its Managing General Partner
January 24, 1997 By: /s/ Alan C. Dahl
Alan C. Dahl,
Vice President
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INDEX TO EXHIBITS
Exhibit Page
No.
10.1 EDGAR Doc2
Purchase and Sale Agreement between Plantation
Associates, L.P., and Carey Dean Erwin, as of
November 1, 1996
10.2 EDGAR Doc3
First Amendment to Purchase and Sale Agreement
between Plantation Associates, L.P., and Carey
Dean Erwin, dated as of November 14, 1996
10.3 EDGAR Doc4
Second Amendment to Purchase and Sale Agreement
by and among Plantation Associates, L.P.,
Carey Dean Erwin, and White Sands Trust, L.L.C.,
dated as of December 31, 1996
