UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1994
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 0-15764
DEAN WITTER/COLDWELL BANKER TAX EXEMPT MORTGAGE FUND, L.P.
TEMPO-LP, INC.
(Exact name of registrant as specified in governing instrument)
Dean Witter/Coldwell Banker Tax
Exempt Mortgage Fund, L.P.
Delaware 58-1710934
(State of organization) (IRS Employer Identification No.)
TEMPO-LP, Inc.
58-1710930
(IRS Employer Identification No.)
2 World Trade Center, New York, NY 10048
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 392-1054
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of each exchange on which registered
None None
Securities registered pursuant to Section 12(g) of the Act:
Units of Limited Partnership Interest
(Title of Class)
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
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy
or information statements incorporated by reference in Part III of
this Form 10-K or any amendment to this Form 10-K. [X]
State the aggregate market value of the voting stock held by
nonaffiliates of the registrant. N/A
DOCUMENTS INCORPORATED BY REFERENCE
None<PAGE>
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form
8-K.
(a) Documents filed as a part of this report:
1. FINANCIAL STATEMENTS
Financial Statements of the Partnership (see Index to Financial
Statements as part of Item 8 of this Annual Report).
Financial Statements of TEMPO-LP, Inc. (see Index to Financial
Statements as part of Item 8 of this Annual Report).
2. SCHEDULES
Financial Statement Schedules of the Partnership and TEMPO-LP,
Inc. (see Index to respective Financial Statements as part of
Item 8 of this Annual Report).
3. EXHIBITS
(2) Not applicable.
(3)(a) (i) Certificate of Incorporation of TEMPO-LP, Inc.
Incorporated by reference to Exhibit 3(a) to
Registrants' Registration Statement, No 33-6216,
filed on June 4, 1986.
(ii) Certificate of Amendment of Certificates of
Incorporation of TEMPO-LP, Inc. Incorporated by
reference to Exhibit 3(a)(ii) to Pre-Effective
Amendment No. 1 to Registrants' Registration
Statement, No. 33-6216, filed on August 25, 1986.
(3)(b) Bylaws of TEMPO-LP, Inc. Incorporated by
reference to Exhibit 3(b) of Registrants'
Registration Statement, No. 33-6216, filed on
June 4, 1986.
(3)(c) Certificate of Limited Partnership of Dean
Witter/Coldwell Banker Tax Exempt Mortgage Fund
L.P.Incorporated by reference to Exhibit
4(a)(i) to Pre-Effective Amendment No. 1 to
Registrants' Registration Statement, No. 33-6216
filed on August 25, 1986.
(3)(d) Form of Agreement of Limited Partnership.
Incorporated by reference to Exhibit D to
Registrants' Prospectus, dated October 8, 1986,
included in the Registrants' Registration
Statement No. 33-6216.
(4)(a) Certificate of Limited Partnership of Dean
Witter/Coldwell Banker Tax Exempt Mortgage
Fund L.P. Incorporated by reference to Exhibit
4(a)(i) to Pre-Effective Amendment No. 1 to
Registrants' Registration Statement, No. 33-6216
filed on August 25, 1986.
(4)(b) Form of Assigned Benefit Certificate.
Incorporated by reference to Exhibit 4(c) to
Pre-Effective Amendment No. 1 to Registrants'
Registration Statement, No. 33-6216, filed on
August 25, 1986.
(4)(c) Revised Form of Assigned Benefit Certificate.
Incorporated by reference to Exhibit 4(c) to
Registrants' Annual Report on Form 10-K for the
fiscal year ended December 31, 1986.
(4)(d) Form of Assignment Agreement. Incorporated by
reference to Exhibit 4(d) to Registrants' Annual
Report on Form 10-K for the fiscal year ended
December 31, 1986.
(4)(e) Form of Agreement of Limited Partnership.
Incorporated by reference to Exhibit D to
Registrants' Prospectus, dated October 8, 1986,
included in the Registrants' Registration
Statement,No. 33-6216.
(9) Not applicable.
(10)(a) Mortgage bond, dated March 12, 1987, with
respect to Park at Landmark. Incorporated
by reference to Exhibit 10 (a) in Registrants'
Report on Form 8-K, Commission File No. 0-15764,
dated March 12, 1987.
(10)(b) Mortgage bond, dated July 16, 1987, with respect
to Wildcreek Apartments. Incorporated by
reference to Exhibit 10 (a) in Registrants'
Report on Form 8-K,Commission File No. 0-15764,
dated July 16, 1987.
(10)(c) Mortgage bond, dated September 22, 1987, with
respect to Burlington Arboretum Apartments.
Incorporated by reference to Exhibit 10 (a) in
Registrants' Report on Form 8-K,Commission File
No. 0-15764, dated September 22, 1987.
(10)(d) Mortgage bond, dated December 16, 1987, with
respect to SunBrook Apartments. Incorporated
by reference to Exhibit 10 (a) in Registrants'
Report on Form 8-K, Commission File No. 0-15764,
dated December 16, 1987.
(10)(e) Mortgage bond, dated December 21, 1987, with
respect to High Ridge Apartments. Incorporated
by reference to Exhibit 10 (a) in Registrants'
Report on Form 8-K, Commission File No. 0-15764,
dated December 21, 1987.
(10)(f) Mortgage bond, dated December 31, 1987, with
respect to Fountain Head Apartments.
Incorporated by reference to Exhibit 10 (a) in
Registrants' Report on Form 8-K, Commission File
No. 0-15764, dated December 31, 1987.
(10)(g) Mortgage bond, dated September 23, 1988, with
respect to Pine Club Apartments. Incorporated
by reference to Exhibit 10 (a) in Registrants'
Report on Form 8-K, Commission File No. 0-15764,
dated September 23, 1988.
(10)(h) Mortgage bond, dated November 14, 1988, with
respect to Township in Hampton Woods Apartments.
Incorporated by reference to Exhibit 10 (a) in
Registrants' Report on Form 8-K,Commission File
No. 0-15764, dated November 14, 1988.
(11) Not applicable.
(12) Not applicable.
(13) Not applicable.
(16) Not applicable.
(18) Not applicable.
(21) Subsidiaries:
Landmark Acquisition Corp., a Virginia Corporation
SBA/DW/CBTemp. Inc., a Missouri Corporation
(22) Not applicable.
(23) Not applicable.
(24) Not applicable.
(27) Financial Data Schedules.
(28) Not applicable.
(99) Not applicable.
(b) No Forms 8-K were filed by the Partnership during the last quarter
of the period covered by this report.
(d) Financial Statements Schedule
(1) Financial statements of Burlington Arboretum Limited
Partnership, an apartment complex located in Burlington,
Massachusetts. <PAGE>
DEAN WITTER/COLDWELL BANKER TAX EXEMPT MORTGAGE FUND, L.P.
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 thereunto duly authorized.
DEAN WITTER REALTY/COLDWELL BANKER
TAX EXEMPT MORTGAGE FUND, L.P.
By: TEMPO-GP, INC.
Managing General Partner
Date: April 12, 1995 By: /s/E. Davisson Hardman, Jr
E. Davisson Hardman, Jr.
President
TEMPO-LP, INC.
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 thereunto duly authorized.
TEMPO-LP, INC.
Date: April 12, 1995 By: /s/E. Davisson Hardman, Jr
E. Davisson Hardman, Jr.
President
<PAGE>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BURLINGTON ARBORETUM
LIMITED PARTNERSHIP
DECEMBER 31, 1994<PAGE>
Burlington Arboretum Limited Partnership
<TABLE>
TABLE OF CONTENTS
<CAPTION>
PAGE
<S> <C>
INDEPENDENT AUDITORS' REPORT 9
FINANCIAL STATEMENTS
BALANCE SHEET 10
STATEMENT OF OPERATIONS 11
STATEMENT OF PARTNERS' DEFICIT 12
STATEMENT OF CASH FLOWS 13
NOTES TO FINANCIAL STATEMENTS 14
SUPPLEMENTAL INFORMATION
INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTAL
INFORMATION 20
SCHEDULE OF EXPENSES 21
</TABLE>
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners
Burlington Arboretum Limited Partnership
We have audited the accompanying balance sheet of Burlington
Arboretum Limited Partnership as of December 31, 1994, and the
related statements of operations, partners' deficit and cash
flows for the year then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Burlington Arboretum Limited Partnership as of December 31,
1994, and the results of its operations, the changes in partners'
deficit and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
/s/Reznick, Fedder & Silverman
Reznick, Fedder & Silverman
Boston, Massachusetts
March 10, 1995
<PAGE>
<TABLE>
Burlington Arboretum Limited Partnership
BALANCE SHEET
December 31, 1994
<CAPTION>
ASSETS
<S> <C>
INVESTMENT IN REAL ESTATE
Land $ 2,074,884
Buildings, improvements and personal
property, less accumulated depreciation
of $4,731,848 24,387,172
26,462,056
OTHER ASSETS
Cash $268,613
Tenant accounts receivable 45,068
Reserve for replacements 96,666
Security deposits funded 249,606
Prepaid expenses and other assets 102,684
Mortgage costs, net of accumulated
amortization of $663,197 852,570 1,615,207
$28,077,263
LIABILITIES AND PARTNERS' DEFICIT
LIABILITIES APPLICABLE TO INVESTMENT
IN REAL ESTATE
Mortgage payable $29,326,500
Deferred interest and related fees on
mortgage payable 2,011,796
Advances from general partner 350,267
Advances from Tempo - GP, Inc. 114,831
Accrued mortgage interest and service fees 147,077
31,950,471
OTHER LIABILITIES
Accounts payable and accrued expenses $137,311
Accrued management fees 45,266
Prepaid rent 10,274
Security deposits payable 249,178 442,029
32,392,500
PARTNERS' DEFICIT (4,315,237)
$28,077,263
<FN>
See notes to financial statements
/TABLE
<PAGE>
<TABLE>
Burlington Arboretum Limited Partnership
STATEMENT OF OPERATIONS
Year ended December 31, 1994
<S> <C>
Revenue
Rental income $ 3,555,001
Miscellaneous income 40,901
3,595,902
Less: Vacancies 53,820
Tenant concessions and
employee and model
apartments 72,110
3,469,972
Expenses
Rental $ 102,417
Administrative 109,095
Maintenance 344,390
Utilities 190,067
Security 14,977
Insurance 76,975
Management fee 104,314
Real estate taxes 235,905 1,178,140
2,291,832
Other income (expenses)
Depreciation (815,390)
Amortization (70,471)
Interest income 3,405
Interest expense - mortgage (1,892,987)
Mortgage servicing fees (73,316)
Program management fee (29,327)
Interest expense - other (492)
Other income 39,853 (2,838,725)
NET LOSS $ (546,893)
<FN>
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
Burlington Arboretum Limited Partnership
STATEMENT OF PARTNERS' DEFICIT
Year ended December 31, 1994
<S> <C>
Partners' deficit, beginning $3,768,344
Net loss 546,893
Partners' deficit, ending $4,315,237
<FN>
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
Burlington Arboretum Limited Partnership
STATEMENT OF CASH FLOWS
Year ended December 31, 1994
<S> <C>
Cash flows from operating activities
Net loss $ (546,893)
Adjustments to reconcile net loss to net
cash provided by operating activities
Depreciation 815,390
Amortization 70,471
Increase in tenant accounts receivable (19,277)
Decrease in account receivable - other 38,732
Increase in prepaid expenses and other assets (20,955)
Decrease in accounts payable and accrued
expenses (179,994)
Decrease in accrued mortgage interest
and servicing fees (36,214)
Increase in deferred interest and related
fees on mortgage payable 29,327
Decrease in accrued management fees (7,837)
Decrease in prepaid rent (18,162)
Increase in security deposits - net (315)
Net cash provided by operating activities 124,273
Cash flows from investing activities
Investment in real estate (121,348)
Increase in reserve for replacements (41,789)
Net cash used in investing activities (163,137)
Cash flows from financing activities
Repayment on letter of credit (25,000)
Advances from general partner 130,267
Advances from Tempo-GP, Inc. 114,831
Net cash provided by financing activities 220,098
NET INCREASE IN CASH 181,234
Cash, beginning 87,379
Cash, ending $ 268,613
Supplemental disclosure of cash flow information
Cash paid during the year for interest $1,929,202
<FN>
See notes to financial statements
/TABLE
<PAGE>
Burlington Arboretum Limited Partnership
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Burlington Arboretum Limited Partnership was organized under
the laws of the Commonwealth of Massachusetts on July 19, 1985,
for the purpose of constructing and operating a rental housing
project. The project consists of 312 units located in
Burlington, Massachusetts and is currently operating under the
name of Burlington Arboretum. The project contains both market
rate rental units and moderate and low-income rentals.
Each building of the project has qualified and been allocated
low-income housing credits pursuant to Internal Revenue Code
Section 42 (Section 42) which regulates the use of the project
as to occupant eligibility and unit gross rent, among other
requirements. Each building of the project must meet the
provisions of these regulations during each of fifteen
consecutive years in order to remain qualified to receive the
credits.
The project's low-income housing credits are contingent on its
ability to maintain compliance with applicable sections of
Section 42. Failure to maintain compliance with occupant
eligibility, and/or unit gross rent, or to correct non-
compliance within a specified time period could result in
recapture of previously taken tax plus interest. In addition,
such potential non-compliance may require an adjustment to the
contributed capital by the limited partner.
Investment in Real Estate
Investment in real estate is carried at cost. Depreciation is
provided for in amounts sufficient to relate the cost of
depreciable assets to operations over their estimated service
lives using the straight-line method for financial reporting
purposes.
Mortgage Costs
Mortgage costs are amortized over the term of the mortgage
using the straight-line method.
<PAGE>
Burlington Arboretum Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES - Continued
Accounts Receivable
The Partnership considers accounts receivable to be fully
collectible; accordingly, no allowance for doubtful accounts is
required. If amounts become uncollectible, they will be
charged to operations upon such determination.
Rental Income
Rental income is recognized as rentals become due. Rental
payments received in advance are deferred until earned. All
leases between the Partnership and tenants of the property are
operating leases.
Income Taxes
No provision or benefit for income taxes has been included in
these financial statements since the taxable income or loss
passes through to, and is reportable by, the partners
individually.
NOTE B - INVESTMENT IN REAL ESTATE
Buildings, improvements and personal property at December 31,
1994 are summarized as follows:
<TABLE>
Category Useful Life Amount
<S> <C> <C>
Buildings and improvements 40 years $27,970,226
Personal property 5-10 years 1,148,794
29,119,020
Less accumulated depreciation 4,731,848
$24,387,172
/TABLE
<PAGE>
Burlington Arboretum Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1994
NOTE C - MORTGAGE PAYABLE
The Partnership is obligated under the terms of a mortgage,
financed by the issuance of housing revenue bonds, to the
Burlington Housing Authority (a subdivision of the Commonwealth
of Massachusetts). The mortgage bears interest at the rate of
9% (the Base Interest). Base Interest is payable monthly to the
extent of cash flow, but in no event at a rate less than 7.25%
(the Minimum Base Interest). In March 1994, the Partnership
shorted the interest payment due by approximately $45,000,
which caused the Partnership to be in default on the mortgage.
On April 28, 1994 the lender accepted the March 1994 payment as
payment in full and acknowledged that the mortgage was current.
Effective August 1, 1994, certain terms of the mortgage were
modified and the Minimum Base Interest rate was reduced from
7.25% to 5.35%.
Cumulative unpaid Base Interest up to $1,200,000 is deferred
until sale or refinancing of the project. Other unpaid Base
Interest is payable out of cash flow. Accrued Base Interest at
December 31, 1994 is $1,847,567. To the extent there is cash
flow after the payment of Base Interest at 9%, the Partnership
is obligated to pay additional interest, up to 20% of the
excess cash flow, resulting in a cumulative interest rate not
to exceed 14%. Commencing in 1993, the Partnership will only
accrue additional Base Interest to the extent of cash flow due
to the uncertainty of payment upon maturity. During 1994,
additional Base Interest of $45,419 was incurred. The
unrecorded Base Interest at December 31, 1994 amounted to
$1,213,180. Upon termination of the Partnership Agreement,
maturity or refinance of the mortgage, this additional Base
Interest may be required to be paid.
All unpaid principal and accrued interest are due on the
earlier of September 22, 2011 (maturity) or as noted under the
bond documents, the bond holder has the option to cause the
bonds to be prepaid on any interest payment date on or after
September 22, 2003 (the First Mandatory Redemption Date).
<PAGE>
Burlington Arboretum Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1994
NOTE C - MORTGAGE PAYABLE - Continued
In connection with the change in the interest rate, as noted
above, the First Mandatory Redemption Date would be extended
from September 22, 2003 to January 1, 2006. The final maturity
date of the bonds will remain September 22, 2011. Such
acceleration requires specification by the lender, in writing,
six months prior to such date. In addition, the bond
requirement that there be a limited operating deficit letter of
credit was eliminated.
Under the terms of the mortgage agreement, the Partnership is
also obligated to pay to the lender a monthly service fee of
.25% of the bonds outstanding. During 1994, $73,316 was charged
to operations. Monthly service fees remaining payable at
December 31, 1994 were $6,110. In addition, the Partnership
pays an annual program management fee of .10% of the bonds
outstanding. During 1994, $29,327 was charged to operations. As
of December 31, 1994, $164,229 has been accrued and is payable
to the extent of available cash flow.
Under agreements with the mortgage lender, the Partnership is
required to make monthly escrow deposits for taxes, insurance
and replacement of project assets.
The liability of the Partnership under the mortgage is limited
to the underlying value of the real estate collateral plus
other amounts deposited with the lender or trustee.
NOTE D - RELATED PARTY TRANSACTIONS
Development Fee
The Partnership owes an affiliate $1,139,900, plus interest at
10%, for a development fee incurred in 1990. Such fee is due
upon sale or refinancing of the project. Due to the
uncertainty regarding the ultimate payment, the fee and accrued
interest have not been recorded as of December 31, 1994.
<PAGE>
Burlington Arboretum Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 1994
NOTE D - RELATED PARTY TRANSACTIONS - Continued
Management Fee
The Management Agreement is with the general partner,
Burlington Apartments, Inc. (BAI) for a fee of 5% of gross
collections. During 1994, BAI had a subagent agreement with a
non-related management company for a fee of 3% of gross
collections. On November 1, 1994 BAI entered into another
subagent agreement for 3% of gross collections with a non-
related management company. Total management fees charged to
operations were $104,314.
One requirement of the change in the Minimum Base Interest
rate, as described in Note C, is that the general partner's 2%
fee will be accrued only if the property pays interest on the
mortgage at a rate of 7.25% for 12 consecutive months. Since
this interest payment level was not achieved in 1994, the 2%
fee has not been accrued. The unpaid 2% management fee at
December 31, 1994 was $45,266, which represents the 1993 fee.
During 1994, in conjunction with the change in the Base Minimum
Interest rate described in Note C, the general partner advanced
$105,267 on behalf of the Partnership. In addition, the
general partner paid the final installment on the line of
credit of $25,000. At December 31, 1994, the amounts due the
general partner were $350,267, which are noninterest bearing
and due on demand.
NOTE E - ADVANCES FROM TEMPO-GP, INC.
In conjunction with the change in the mortgage described in
Note C, the bond servicer, Tempo-GP, Inc. advanced funds to the
Partnership to pay water and sewer bills. At December 31,
1994, the amounts due to Tempo-GP, Inc. were $114,831, which
are non-interest bearing and due on demand.
NOTE F - CONCENTRATION OF CREDIT RISK
The Partnership maintains its cash balances in two Banks. The
balances are insured by the Federal Deposit Insurance
Corporation up to $100,000 by each bank. As of December 31,
1994, the uninsured portion of the cash balances held at one of
the banks was $194,334.
<PAGE>
SUPPLEMENTAL INFORMATION<PAGE>
INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTAL INFORMATION
To the Partners
Burlington Arboretum Limited Partnership
Our audit was made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supplemental
information is presented for purposes of additional analysis and
is not a required part of the basic financial statements. The
supplemental information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
/s/Reznick, Fedder & Silverman
Reznick, Fedder & Silverman
Boston, Massachusetts
March 10, 1995<PAGE>
<TABLE>
Burlington Arboretum Limited Partnership
SCHEDULE OF EXPENSES
Year ended December 31, 1994
<S> <C>
Rental
Rental salaries $ 40,741
Advertising 13,972
Bad debts 45,884
Miscellaneous renting expenses 1,820
$102,417
Administrative
Manager's salaries 48,876
Office salaries 3,247
Legal 17,724
Telephone 6,632
Accounting 10,000
Trustee fees 2,676
Office supplies and expense 5,437
Postage 2,642
Consulting fees 6,731
Miscellaneous administrative 5,130
$109,095
Maintenance
HVAC maintenance $ 3,210
Decorating contract, salaries and supplies 66,562
Cleaning contract 39,263
Maintenance salaries 56,263
Grounds maintenance and contract 27,986
Rubbish removal 24,836
Miscellaneous maintenance 8,489
Pool salaries and expenses 12,927
Repairs - general 52,351
Repairs - painting exterior 34,570
Repairs - roof 350
Fire maintenance 5,824
Motor vehicle insurance and expenses 5,280
Snow removal 5,110
Exterminating 858
Recreation services and supplies 511
$344,390
/TABLE
<PAGE>
<TABLE>
Burlington Arboretum Limited Partnership
SCHEDULE OF EXPENSES - CONTINUED
Year ended December 31, 1994
<S> <C>
Utilities
Water and sewer $128,839
Electricity 46,202
Gas heat 14,716
Cable television 310
$190,067
</TABLE>
