<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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, 1996
______________________
Commission File No. 0-19933
TMP INLAND EMPIRE V, LTD.
A CALIFORNIA LIMITED PARTNERSHIP
(Exact name of registrant as specified in its charter)
CALIFORNIA 33-0341829
(State or other jurisdiction of (I.R.S. EmployerIdentification No.)
incorporation or organization)
801 North Parkcenter Drive, Suite 235 92705
Santa Ana, California (Zip Code)
(Address of principal executive office)
(714) 836-5503
(Registrant's telephone number, including area code)
______________________
Indicate by check mark whether Registrant has [1] 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 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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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
The following financial statements are filed as a part of this Form 10-Q:
Balance Sheets as of June 30, 1996 and December 31, 1995
Statements of Income for the three and six months ended June 30, 1996 and
1995
Statements of Cash Flows for the six months ended June 30, 1996, and 1995
The accompanying unaudited interim financial statements include all
adjustments (consisting solely of normal recurring adjustments) which
are, in the opinion of management, necessary to fairly present the
inancial position of the Partnership as of June 30, 1996 and the
results of its operations, changes in partners' equity, and cash flows
for the periods then ended
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TMP INLAND EMPIRE V, LTD.
a California Limited Partnership
Balance Sheets
<TABLE>
<CAPTION>
June 30, 1996 December 31, 1996
<C> <C>
Assets
<S>
Cash $ (9.52) $7,392
Accounts Receivable $ 141,000 141,000
Interest Receivable $3,290 -
Investment in Unimproved Land (Note 1) $8,446,389 8,392,966
Prepaid Expense 1,600 500
Organizational Costs, Net (Note 1) 1,976 5,125
Total Assets $8,594,246 $8,546,983
Liabilities and Partners Capital
Accounts Payable and Accrued Lia $1,009
Property Taxes Payable 122,931 $94,224
Commissions Payable (Note 3) $5,400 $5,400
Total Liabilities $147,741 $100,633
Partners' capital
General Partners $(4,715) $( 4,717)
Limited Partners 7,250 equity
units authorized and outstanding $8,451,221 $8,451,067
Total Partners Capital $8,446,506 $8,446,350
Total Liabilites and Partners Capital $8,594,246 $8,546,983
</TABLE>
<PAGE>
TMP INLAND EMPIRE V, LTD.
a California Limited Partnership
Statements of Income
<TABLE>
<CAPTION>
Six Months Ended Six Months Ended
June 30 June 30 June 30 June 30
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Land Sales $0 $0 $0 $0
Cost of Land Sales 0 0 0 0
Gross Profit 0 0 0 0
Interest & Other Income $823 $3 $3,305 $1,779
$823 $3 $3,305 $1,779
General & Admin. Expense $525 $1,575 $3,150 $3,150
Net Income $298 ($1,572) $155 ($1,371)
Allocation of Net Income (Loss) (Note 2):
General Partners $ 3 ($16) $ 2 ($14 )
Limited Partners $295 (1,556) $153 ($1,357)
Limited Partners, per unit $.03 ($ .15) $.02 ($ .13)
</TABLE>
<PAGE>
TMP INLAND EMPIRE V, LTD.
a California Limited Partnership
Statement of Cash Flows
<TABLE>
<CAPTION>
Six Months Ended June 30,
1996 1995
<C> <C>
<S>
Net Income (Loss) $ 156 $ (6,250)
Non-cash adjustments:
Amortization of organization costs 3,149 550
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
Increase in investment in unimproved land (53,423) (10,038)
Increase in Receivables (3,290) (1,273)
Increase in Prepaid Expense (1,100) -
Increase (Decrease) in Accounts Payable
and Accrued Liabilities $ 47,107 17,350
Net Cash provided by (used in)
Operating Activities $ (7,401) $ 339
Net Increase (Decrease) in Cash $ (7,401) $ 339
Cash, Beginning of Period $ 7,392 $ 28,547
Cash, End of Period $ (9) $ 28,886
</TABLE>
<PAGE>
TMP INLAND EMPIRE V, LTD
a California Limited Partnership
Notes to the Financial Statements
For the Six Months Ended June 30, 1996
(Unaudited)
NOTE 1 - Summary of Significant Accounting Policies
Accounting Method - TMP Inland Empire V, Ltd. (the Partnership) prepares
its financial statements on the accrual basis of accounting.
Organization Costs - Organization costs include expenses incurred in the
formation of the Partnership that have been capitalized and that have been
amortized over a period of 40 years prior to 1992 and are being amortized
over five years beginning in 1992.
Investment in Unimproved Land - The Partnership's land is stated at the
lower of actual cost or market value, based on specific identification.
All costs associated with the acquisition of a property are capitalized.
In addition, the Partnership capitalizes all carrying costs.
Income Taxes - The entity is treated as a partnership for income tax
purposes and any income or loss is passed through and taxable at the
partner level. Accordingly, no provision for federal income taxes is
provided.
NOTE 2 - Allocation of Profits, Losses and Cash Distributions
Profits, losses, and cash distributions are allocated 99 percent to the
limited partners and one percent to the general partners until the limited
partners have received an amount equal to their capital contributions plus
a cumulative, non-compounded return of six percent per annum based on their
adjusted capital account balances. At that point, remaining profits,
losses and cash distributions are allocated 85 percent to the limited
partners and 15 percent to the general partners.
As of June 30, 1996 and 1995, profits, losses and cash distributions were
allocated 99 percent to the limited partners and one percent to the general
partners.
NOTE 3 - Note Receivable
As of June 30, 1996, the Partnership had a note receivable relating to a
property sale in 1995. The note bears interest at seven percent per annum
with monthly principal and interest payments of $3,000.
NOTE 4 - Commissions Payable
As of June 30, 1996 and 1995, the Partnership had a payable to a related
party for services rendered relating to sales of properties in 1989 and
1990.
<PAGE>
TMP INLAND EMPIRE V, LTD.
a California Limited Partnership
For the Six Months Ended June 30, 1996
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Partnership revenues during the three and six month periods ended
June 30, 1996 and 1995 consisted primarily of interest income.
Operating activities for the six months ended June 30, 1996
provided approximately $46,000 of cash, mainly from an increase in payables.
Investing activities used approximately $53,000 for the carrying costs of
the land held for investment.
During the six months ended June 30, 1995, operating activities provided
approximately $56,000, mainly from an increase in payables. Investing
activities used approximately $66,000 for the carrying costs of the land
held for investment.
The Partnership took back a $141,000 secured note when it sold 29 acres
of land in Victorville in November 1995. Principal and interest payments
on the note were to commence May 1996. No payments have been received and
the Partnership will begin foreclosure proceedings on the land securing
the note.
The Partnership had twelve properties as of June 30, 1996 that are being
held for appreciation and resale. Upon the sale of each property, the
Partnership intends to distribute the sales proceeds, less any reserves
needed for operations, to the partners.
In July, 1996, the general partners were successful in procuring a $125,000
loan for the Partnership secured by Partnership land. The note bears 15
percent interest, payable interest only, and matures August 1, 1998.
With this loan, the Partnership has sufficient cash to meet anticipated
cash requirements for the next twelve months.
<PAGE>
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.
Date: August 8, 1996 TMP INLAND EMPIRE V, LTD.
By: TMP Investments, Inc., as General Partner
\s\ William O. Passo
By:___________________________________
William O. Passo, President
\s\ Jenny Rex
By:___________________________________
Jenny Rex, Secretary
\s\ Michael Sun
By:___________________________________
Michael Sun, Chief Financial Officer
By: TMP Properties, a California General
Partnership as General Partner
\s\ William O. Passo
By:___________________________________
William O. Passo, General Partner
\s\ Anthony W. Thompson
By:___________________________________
Anthony W. Thompson, General Partner
\s\ Scott E. McDaniel
By ____________________________________
Scott E. McDaniel
n
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000885049
<NAME> TMP INLAND EMPIRE V, LTD.
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> (9)
<SECURITIES> 0
<RECEIVABLES> 143290
<ALLOWANCES> 0
<INVENTORY> 8446389
<CURRENT-ASSETS> 8594246
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 8594246
<CURRENT-LIABILITIES> 142341
<BONDS> 5400
0
0
<COMMON> 0
<OTHER-SE> 8446505
<TOTAL-LIABILITY-AND-EQUITY> 8594246
<SALES> 3305
<TOTAL-REVENUES> 3305
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3150
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 155
<INCOME-TAX> 0
<INCOME-CONTINUING> 155
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 155
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
