Cal. Code Regs. tit. 10 § 260.140.116.3

Current through Register 2024 Notice Reg. No. 25, June 21, 2024

Section 260.140.116.3 - Reports to Limited Partners

The limited partners shall receive the following reports:

(a) In the case of a program registered under Section 12 of the Securities Exchange Act of 1934, within 60 days after the end of each quarter of the program, a report containing:

(1) a balance sheet, which may be unaudited;

(2) a statement of income for the quarter then ended, which may be unaudited;

(3) a statement of cash flows for the quarter then ended, which may be unaudited; and

(4) other pertinent information regarding the program and its activities during the quarter covered by the report.

(b) All information necessary for the preparation of the limited partners' federal income tax return not later than 75 days after the end of the fiscal year.

(c) Within 120 days after the end of each program's fiscal year, an annual report containing:

(1) audited financial statements covering such fiscal year accompanied by an auditor's report which, for purposes of this Section only, may contain a qualified opinion or explanatory paragraph,

(2) a report of the activities of the program during the period covered by the report,

(3) where forecasts have been provided to the holders of limited partnership interests, a table comparing the forecasts previously provided with the actual results during the period covered by the report,

(4) a schedule of all compensation paid and distributions made to the sponsor, including a description of the services performed and identifying the source of each distribution, and

(5) a schedule of all distributions to participants, identifying the source of each and the dollar amount attributable to each source.

(d) Where assessments have been made during any period covered by any report required by paragraphs (a) or (b) hereof, then such report shall contain a detailed statement of such assessments and the application of the proceeds derived from such assessments.

(e) Where program interests have been purchased on a mandatory deferred payment basis, on which there remains an unpaid balance during any period covered by any report required by paragraphs (a) or (b) hereof; then such report shall contain a detailed statement of the status of all mandatory deferred payments, actions taken by the program in response to any defaults, and a discussion and analysis of the impact on capital requirements of the program.

Cal. Code Regs. Tit. 10, § 260.140.116.3

1. Amendment of subsection (b) filed 1-4-77; effective thirtieth day thereafter (Register 77, No. 2).
2. Amendment of subsection (b) refiled 1-7-77; effective thirtieth day thereafter (Register 77, No. 2).
3. Amendment filed 1-27-84; effective thirtieth day thereafter (Register 84, No. 4).
4. Amendment of subsection (a)(3), repealer of subsection (c), and new subsections (c)-(e) filed 5-18-92; operative 6-17-92 (Register 92, No. 22).

Note: Authority cited: Section 25610, Corporations Code. Reference: Section 25140, Corporations Code.