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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended MARCH 31, 2000
Commission file number 0-18042
COMMUNITY INVESTMENT PARTNERS, L.P.
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(Exact name of registrant as specified in its charter)
MISSOURI 43-1531582
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
12555 Manchester Road
St. Louis, Missouri 63131
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (314) 515-2000
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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 [ ]
1
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COMMUNITY INVESTMENT PARTNERS, L.P.
INDEX
Page
Number
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
Statement of Financial Condition 3
Statement of Income 4
Statement of Cash Flows 5
Statement of Changes in Partnership Capital 6
Notes to Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
Part II. OTHER INFORMATION
Item 1. Legal Proceedings 9
Item 6. Exhibits and Reports on Form 8-K 9
Signatures 10
2
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF FINANCIAL CONDITION
(UNAUDITED)
<CAPTION>
March 31, December 31,
2000 1999
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<S> <C> <C>
ASSETS
------
Cash and Cash Equivalents $132,539 $132,539
Other Receivable 108,300 108,300
---------- ----------
TOTAL ASSETS $240,839 $240,839
======== ========
LIABILITIES AND PARTNERSHIP CAPITAL
-----------------------------------
Liabilities:
Accounts Payable and Accrued Expenses $ 18,681 $ 15,234
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TOTAL LIABILITIES 18,681 15,234
-------- --------
Partnership Capital:
Capital - Limited Partners 188,811 191,619
Capital - General Partners 33,347 33,986
-------- --------
TOTAL PARTNERSHIP CAPITAL 222,158 225,605
-------- --------
TOTAL LIABILITIES AND
PARTNERSHIP CAPITAL $240,839 $240,839
======== ========
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The accompanying notes are an integral part of these financial statements.
</TABLE>
3
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF INCOME
(UNAUDITED)
<CAPTION>
Three Months Three Months
Ended Ended
March 31, 2000 March 31, 1999
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<S> <C> <C>
INCOME
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Dividend and Interest Income $ 1 $ -
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TOTAL INCOME $ 1 $ -
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EXPENSES
--------
Professional Fees 3,448 6,295
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TOTAL EXPENSES 3,448 6,295
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Net (Loss) before Realized Gains and
Unrealized Gains (Losses) (3,447) (6,295)
Net Realized Gains on
Sale of Investments - 2,487
Net Unrealized Gains on
Investments - 233,772
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NET (LOSS) INCOME $(3,447) $229,964
======= ========
Per Unit Information:
Net (Loss) Income $ (.03) $ 2.13
======= ========
Net Asset Value $ 2.06 $ 7.01
======= ========
Units Outstanding:
Limited Partners 87,820 87,820
General Partners 20,000 20,000
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The accompanying notes are an integral part of these financial statements.
</TABLE>
4
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
Three Months Three Months
Ended Ended
March 31, 2000 March 31, 1999
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<S> <C> <C>
CASH FLOWS (USED) PROVIDED BY OPERATING ACTIVITIES:
Net (loss) income $ (3,447) $ 229,964
Adjustments to reconcile net income to net
cash provided by operating activities -
Unrealized (gains) losses on portfolio investments - (233,772)
Increase in accounts
and accrued expenses 3,447 3,500
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Net cash (used) provided by
operating activities - (308)
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CASH FLOWS USED IN FINANCING ACTIVITIES:
Net decrease in cash and cash equivalents - (308)
CASH AND CASH EQUIVALENTS, beginning of period 132,539 212,383
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CASH AND CASH EQUIVALENTS, end of period $ 132,539 $ 212,075
========= =========
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The accompanying notes are an integral part of these financial statements.
</TABLE>
5
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF CHANGES IN PARTNERSHIP CAPITAL
(UNAUDITED)
<CAPTION>
THREE MONTHS ENDED MARCH 31, 2000 AND 1999
Limited Partners General Partners Total
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<S> <C> <C> <C>
Balance, December 31, 1998 $436,053 $ 89,650 $525,703
Net Income 187,306 42,658 229,964
-------- -------- --------
Balance, March 31, 1999 $623,359 $132,308 $755,667
======== ======== ========
Balance, December 31, 1999 $191,619 $ 33,986 $225,605
Net Loss (2,808) (639) (3,447)
-------- -------- --------
Balance, March 31, 2000 $188,811 $ 33,347 $225,158
======== ======== ========
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The accompanying notes are an integral part of these financial statements.
</TABLE>
6
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
COMMUNITY INVESTMENT PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
BASIS OF PRESENTATION
Community Investment Partners, L.P. (CIP) is a limited partnership
which has elected to be a business development company under the
Investment Company Act of 1940, as amended. As a business development
company, the partnership is required to invest at least 70% of its total
assets in qualifying investments as specified in the Investment Company
Act. CIP Management, L.P., LLLP (Management), a limited liability
limited partnership, is the Managing General Partner of CIP.
During 1999, the Limited Partners voted to sell Partnership assets
and thereby effect the dissolution of the Partnership pursuant to
section 9.1.1 of the Partnership Agreement. As of December 31, 1999 all
publicly traded securities had been sold through the public market. The
Securities and Exchange Commission (SEC) is currently reviewing an
application requesting permission to sell the remaining assets to EDJ
Ventures, an affiliate. Upon receipt of approval from the SEC, the final
dissolution processes will be completed.
All portfolio investments are carried at cost until significant
developments affecting an investment provide a basis for revaluation.
Thereafter, portfolio investments are carried at fair value as obtained
from outside sources or at a value determined quarterly by the Managing
General Partner under the supervision of the Independent General
Partners. Due to the inherent uncertainty of valuation, those estimated
values for portfolio investments carried at cost may differ
significantly from the values that would have been used had a ready
market for the investment existed, and the differences could be material
to the financial statements. Investments in securities traded on a
national securities exchange are valued at the latest reported sales
price on the last business day of the period. If no sale has taken
place, the securities are valued at the last bid price. If no bid price
has been reported, or if no exchange quotation is available, the
securities are valued at the quotation obtained from an outside broker.
Investment transactions are recorded on a trade date basis. Income is
recorded on an accrual basis.
7
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Part I. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
COMMUNITY INVESTMENT PARTNERS, L.P.
MANAGEMENT'S FINANCIAL DISCUSSION
RESULTS OF OPERATIONS
Net loss for the first quarter of 2000 was $3,447, compared to net
income of $229,964 for the quarter ended March 31, 1999. The $3,447 net
loss at March 31, 2000 is the result of legal and professional expense
related to the Partnership dissolution process. There were no revenues, as
all publicly traded investments were sold in 1999.
INVESTMENT TRANSACTIONS
The Partnership did not participate in any portfolio investment
transactions during the period ended March 31, 2000.
LIQUIDITY AND CAPITAL RESOURCES
Total Partnership capital was $222,158 as of March 31, 2000, which
consisted of $188,811 in limited partner capital and $33,347 in general
partner capital. Net loss for the quarter was allocated to the limited
partners in the amount of $2,808 and to the general partners in the amount
of $639.
As of March 31, 2000, the Partnership had $132,539 in cash and cash
equivalents.
SUBSEQUENT EVENTS
None
8
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Part II. OTHER INFORMATION
COMMUNITY INVESTMENT PARTNERS, L.P.
Item 1: Legal Proceedings
The partnership is not a party to any material pending legal
proceedings.
Item 6: Exhibits and Reports on Form 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
No reports were filed on Form 8-K during the quarter ended
March 31, 2000.
9
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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 thereunto duly authorized.
COMMUNITY INVESTMENT PARTNERS, L.P.
By: CIP Management, L.P., LLLP, Managing General Partner
By: CIP Management, Inc., its Managing General Partner
/s/ Daniel A. Burkhardt
---------------------- President, Treasurer and Director May 11, 2000
Daniel A. Burkhardt
/s/ Ray L. Robbins
---------------------- Vice-President and Director May 11, 2000
Ray L. Robbins
10
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the
financial statements for Community Investment Partners, L.P. for the
quarter ended March 31, 2000 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 108,300
<ASSETS-OTHER> 132,539
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 240,839
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,681
<TOTAL-LIABILITIES> 18,681
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 107,820
<SHARES-COMMON-PRIOR> 107,820
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 222,158
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,448
<AVERAGE-NET-ASSETS> 223,882
<PER-SHARE-NAV-BEGIN> 2.09
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.06
<EXPENSE-RATIO> 0
</TABLE>
