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Note 7: Investments in Limited Partnerships: Investments in Community Development Entities Policy (Policies) | 12 Months Ended
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Dec. 31, 2018
Policies |
Investments in Community Development Entities Policy | Investments in Community Development Entities The Company has invested in certain limited partnerships that were formed to develop and operate business and real estate projects located in low-income communities. At December 31, 2018, the Company had one such investment, with a net carrying value of $365,000. At December 31, 2017, the Company had two such investments, with a net carrying value of $940,000. Due to the Company’s inability to exercise any significant influence over any of the investments in qualified Community Development Entities, they are all accounted for using the cost method. Each of the partnerships provides federal New Market Tax Credits over a seven-year credit allowance period. In each of the first three years, credits totaling five percent of the original investment are allowed on the credit allowance dates and for the final four years, credits totaling six percent of the original investment are allowed on the credit allowance dates. Each of the partnerships must be invested in a qualified Community Development Entity on each of the credit allowance dates during the seven-year period to utilize the tax credits. If the Community Development Entities cease to qualify during the seven-year period, the credits may be denied for any credit allowance date and a portion of the credits previously taken may be subject to recapture with interest. The investments in the Community Development Entities cannot be redeemed before the end of the seven-year period. The remaining federal New Market Tax Credits to be utilized through 2019 were $480,000 as of December 31, 2018. Amortization of the investments in partnerships is expected to be approximately $365,000. The Company’s usage of federal New Market Tax Credits approximated $480,000, $1.2 million and $2.3 million during 2018, 2017 and 2016, respectively. Investment amortization amounted to $575,000, $930,000 and $1.7 million for the years ended December 31, 2018, 2017 and 2016, respectively.

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