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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 JUNE 30, 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
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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
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF FINANCIAL CONDITION
<CAPTION>
(Unaudited)
June 30, December 31,
2000 1999
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<S> <C> <C>
ASSETS
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Cash and Cash Equivalents $107,920 $132,539
Other Receivable 108,300 108,300
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TOTAL ASSETS $216,220 $240,839
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<CAPTION>
LIABILITIES AND PARTNERSHIP CAPITAL
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<S> <C> <C>
Liabilities:
Accounts Payable and Accrued Expenses $ 3,500 $ 15,234
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TOTAL LIABILITIES 3,500 15,234
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Partnership Capital:
Capital - Limited Partners 181,124 191,619
Capital - General Partners 31,596 33,986
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TOTAL PARTNERSHIP CAPITAL 212,720 225,605
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TOTAL LIABILITIES AND
PARTNERSHIP CAPITAL $216,220 $240,839
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The accompanying notes are an integral part of these financial statements.
</TABLE>
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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 Ended Six Months Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
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INCOME
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<S> <C> <C> <C> <C>
Dividend and Interest Income $ - $ - $ 1 $ -
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TOTAL INCOME - - 1 -
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<CAPTION>
EXPENSES
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<S> <C> <C> <C> <C>
Professional Fees 9,438 6,971 12,886 13,266
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TOTAL EXPENSES 9,438 6,971 12,886 13,266
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Net Loss before Realized Gains and
Net Unrealized Gains (9,438) (6,971) (12,885) (13,266)
Realized Gains on
Sale of Investments - - - 2,487
Net Unrealized Gains on
Investments - 191,765 - 425,537
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NET (LOSS) INCOME $(9,438) $184,794 $(12,885) $414,758
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Per Unit Information:
Net (Loss) Income $ (.09) $ 1.71 $ (.12) $ 3.84
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Net Asset Value (as of June 30, 2000
And December 31, 1999) $ 1.97 $ 2.09
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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>
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Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
<TABLE>
COMMUNITY INVESTMENT PARTNERS, L.P.
STATEMENT OF CASH FLOWS
(UNAUDITED)
<CAPTION>
Six Months Six Months
Ended Ended
June 30, 2000 June 30, 1999
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<S> <C> <C>
CASH FLOWS PROVIDED BY OPERATING
ACTIVITIES:
Net (Loss) Income $(12,885) $ 414,758
Adjustments to reconcile Net Income (Loss) to Net
Cash Provided by Operating Activities -
Unrealized gain on Investments - (425,537)
Decrease in Accounts Payable
and Accrued Expenses (11,734) (7,000)
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Total Cash Used In Operating Activities (24,619) (17,779)
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Net Decrease in Cash and Cash Equivalents (24,619) (17,779)
CASH AND EQUIVALENTS, Beginning of period 132,539 212,383
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CASH AND EQUIVALENTS, End of period $107,920 $ 194,604
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The accompanying notes are an integral part of these financial statements.
</TABLE>
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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>
Six Months Ended June 30, 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 337,821 76,937 414,758
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Balance, June 30, 1999 $773,874 $166,587 $940,461
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Balance, December 31, 1999 $191,619 $ 33,986 $225,605
Net Loss (10,495) (2,390) (12,885)
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Balance, June 30, 2000 $181,124 $ 31,596 $212,720
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The accompanying notes are an integral part of these financial statements.
</TABLE>
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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.
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Part I. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Final Condition
and Results of Operations
COMMUNITY INVESTMENT PARTNERS, L.P.
MANAGEMENT'S FINANCIAL DISCUSSION
RESULTS OF OPERATIONS
QUARTER ENDED JUNE 30, 2000 VERSUS QUARTER ENDED JUNE 30, 1999
Net loss for the three months ended June 30, 2000 was $9,438,
compared to net income of $184,794 for the three months ended
June 30, 1999.
Revenue recorded for the three months ended June 30, 1999 of
$191,765 consisted solely of net unrealized gains on publicly
traded investments. There were no revenues during the three
months ended June 30, 2000, as all publicly traded investments
were sold in 1999.
Expenses for the three months ended June 30, 2000 were $9,438,
compared to $6,971 for the three months ended June 30, 1999. The
35% increase is due to legal charges related to the dissolution
process of the Partnership.
SIX MONTHS ENDED JUNE 30, 2000 VERSUS SIX MONTHS ENDED JUNE 30,
1999
Net loss for the six months ended June 30, 2000 was $12,885,
compared to net income of $414,758 for the six months ended June
30, 1999.
Revenue for the six months ended June 30, 1999 of $428,024
represented $2,487 of realized gains on investments and $425,537
of net unrealized gains on publicly traded investments. The
Partnership is in the final stages of the dissolution process and
sold substantially all of the income producing investments during
1999. As a result, there were no revenues for the six months
ended June 30, 2000.
Expenses for the six months ended June 30, 2000 were $12,886,
a 3% decrease from total expenses for the six months ended June
30, 1999 of $13,266.
INVESTMENT TRANSACTIONS
The Partnership did not participate in any portfolio
investment transactions during the six months ended June 30,
2000.
LIQUIDITY AND CAPITAL RESOURCES
Total Partnership capital was $212,720 as of June 30, 2000,
which consisted of $181,124 in limited partner capital and
$31,596 in general partner capital. Net loss was allocated to the
limited partners in the amount of $10,495 and to the general
partners in the amount of $2,390.
At June 30, 2000, the Partnership had $107,920 in cash and
cash equivalents.
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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
27 Financial Data Schedule
(b) Reports on Form 8-K
No reports were filed on Form 8-K for the quarter ended
June 30, 2000
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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 August 11, 2000
Daniel A. Burkhardt
/s/ Ray L. Robbins, Jr.
--------------------- Vice-President and Director August 11, 2000
Ray L. Robbins, Jr.
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