UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
No. 1
[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For The Fiscal Year Ended December 31, 1997
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission file #0-18456
Inland Mortgage Investors Fund III, L.P.
(Exact name of registrant as specified in its charter)
Delaware 36-3604866
(State of organization) (I.R.S. Employer Identification Number)
2901 Butterfield Road, Oak Brook, Illinois 60523
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: 630-218-8000
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:
LIMITED PARTNERSHIP UNITS
(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. Not applicable.
The Prospectus of the Registrant dated January 9, 1989, as supplemented and
filed pursuant to Rule 424(b) and 424(c) under the Securities Act of 1933
is incorporated by reference in Parts I, II and III of this Annual Report
on Form 10-K.
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Item 8. Financial Statements and Supplementary Data
Reports not filed with Form 10-K: financial statements of the underlying
operating properties for each mortgage which exceed 20% of total assets.
INDEX PAGE
5540 W. 103rd St., Oak Lawn, Illinois:
Independent Auditor's Report................................... 3
Statement of Operating Income and Expenses for the year ended
December 31, 1997............................................ 4
Notes to Statement of Operating Income and Expenses for the
year ended December 31, 1997................................... 5
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INDEPENDENT AUDITOR'S REPORT
Mr. & Mrs. Mark A. Hynes
5540 W. 103rd Street
Oak Lawn, Illinois
We have audited the accompanying statement of operating income and expenses
of 5540 W. 103RD STREET, OAK LAWN, ILLINOIS for the year ended December 31,
1997. The financial statement is the responsibility of the Property's
management. Our responsibility is to express an opinion on this financial
statement 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 statement is free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statement.
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 statement referred to above presents fairly,
in all material respects, the results of operations of 5540 W. 103rd
Street, Oak Lawn, Illinois for the year ended December 31, 1997 in
conformity with generally accepted accounting principles.
Wolf & Company LLP
Oak Brook, Illinois
May 11, 1998
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5540 W. 103RD STREET
STATEMENT OF OPERATING INCOME AND EXPENSES
For the Year Ended December 31, 1997
Operating revenues:
Rental income $ 85,466
-----------
Operating expenses:
Real estate taxes............................ 27,421
Depreciation................................. 18,406
Painting and decorating...................... 282
Repairs and replacements..................... 1,417
Insurance.................................... 1,964
Advertising.................................. 42
Supplies..................................... 461
Utilities.................................... 5,055
Scavenger service............................ 788
Cleaning and maintenance..................... 1,482
Gardening and lawn maintenance............... 1,157
Telephone.................................... 520
Legal........................................ 555
Snow plowing................................. 556
Miscellaneous................................ 134
-----------
60,240
-----------
Operating income........................... 25,226
-----------
Other expense:
Interest expense (Note 2).................... (42,458)
-----------
Net loss................................... $ (17,232)
===========
The accompanying notes are an integral part of this financial statement.
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5540 W. 103RD STREET
OAK LAWN, ILLINOIS
NOTES TO FINANCIAL STATEMENT
1. Summary of Significant Accounting Policies
Description of Property - The property consists of rental apartments in Oak
Lawn, Illinois. At December 31, 1997, there were a total of 10 rentable
units.
Description of Reporting Entity - The property is owned by an individual.
As the income or loss from the property's operations is included in the
individual's income tax return, no provision for income taxes is included
herein. Only income and expenses directly arising from the property's
operations are included in this financial statement.
Property and Depreciation - Building and improvements have been capitalized
at cost and are being depreciated on a straight-line basis over a useful
life of 27 1/2 years. Fixtures and equipment have been capitalized at cost
and are being depreciated on an accelerated basis over the useful lives of
5-10 years.
Accounting Estimates - The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
2. Interest Expense
The property secures two mortgages with a total outstanding balance of
$390,233 at December 31, 1997. Interest payments totaling $42,458 were
made for 1997. The notes bear interest at 10.875% and 10% per annum,
respectively.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) 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.
INLAND MORTGAGE INVESTORS FUND III, L.P.
Inland Real Estate Investment Corporation
General Partner
/S/ ROBERT D. PARKS
By: Robert D. Parks
Chairman of the Board
and Chief Executive Officer
Date: May 15, 1998
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated:
By: Inland Real Estate Investment Corporation
General Partner
/S/ ROBERT D. PARKS
By: Robert D. Parks
Chairman of the Board
and Chief Executive Officer
Date: May 15, 1998
/S/ MARK ZALATORIS
By: Mark Zalatoris
Vice President
Date: May 15, 1998
/S/ KELLY TUCEK
By: Kelly Tucek
Principal Financial Officer
and Principal Accounting Officer
Date: May 15, 1998
/S/ DANIEL L. GOODWIN
By: Daniel L. Goodwin
Director
Date: May 15, 1998
/S/ ROBERT H. BAUM
By: Robert H. Baum
Director
Date: May 15, 1998
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