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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2023
RELATED PARTY TRANSACTIONS |
RELATED PARTY TRANSACTIONS | NOTE 3. RELATED PARTY TRANSACTIONS The Partnership’s properties are managed by an entity that is owned by the majority shareholder of the General Partner. The management fee is equal to 4% of gross receipts of rental revenue and laundry income on the majority of the Partnership’s properties and 3% on Linewt. Total fees paid were approximately $2,948,000, $2,717,000 and $2,524,000 in 2023, 2022 and 2021, respectively. The Partnership Agreement permits the General Partner or the Hamilton Company to charge the costs of professional services (such as counsel, accountants and contractors) to NERA. In 2023, 2022 and 2021, approximately $1,289,000, $747,000 and $1,086,000, was charged to NERA for legal, accounting, construction, maintenance, rental and architectural services supervision of capital improvements and brokerage commissions. Of the 2023 expenses referred to above, approximately $261,000 consisted of repairs and maintenance, $356,000 of administrative expense and approximately $66,000 for renting expenses. Approximately $606,000 of expenses for construction, architectural services and supervision of capital projects were capitalized in rental properties. Additionally in 2023, the Hamilton Company received approximately $797,000 from the Investment Properties of which approximately $699,000 was the management fee, approximately $9,000 was for construction, architectural services and supervision of capital projects, approximately $57,000 was for maintenance services, approximately $31,000 was for administrative services, and approximately $1,000 for renting expenses The management fee is equal to 4% of gross receipts rental income on the majority of investment properties and 2% on Dexter Park. The Partnership reimburses the Hamilton Company for the payroll and related expenses of the employees who work at the properties. Total reimbursement was approximately $4,180,000, $3,875,000 and $3,640,000 for the years ended December 31, 2023, 2022 and 2021, respectively. The Hamilton Company maintains a 401K plan for all eligible employees whereby the employees may contribute the maximum allowed by law. The plan also provides for discretionary contributions by the employer. In 2023, 2022, and 2021, the Partnership recognized approximately $64,000, $85,000 and $45,000 respectively for the employer’s match contribution to the plan. See Note 16. Bookkeeping and accounting functions are provided by the Hamilton Company’s accounting staff, which consists of approximately 14 people. During the years ended December 31, 2023, 2022 and 2021 the Hamilton Company charged the Partnership $125,000 per year for bookkeeping and accounting services included in administrative expenses above. The Partnership has invested in seven limited partnerships, which have invested in mixed use residential apartment complexes. The Partnership has a 40% to 50% ownership interest in each investment property. The other investors, as of December 31, 2023, are various related entities of the Brown family, and five current and previous employees of the Hamilton Company. The Brown Family related entities’ ownership interest is between 47.6% and 59%. See Note 14 for a description of the properties and their operations. The Advisory Committee held 4 meetings during 2023, and a total of $16,000 was paid for attendance and participation in such meetings. Additionally, the Audit Committee held 4 meetings in 2023 and a total of $80,000 was paid for attendance and participation in such meetings. Sally Michael is a Director of NewReal,Inc., and she is a partner at Saul Ewing LLP. Saul Ewing billed the Partnership for legal fees totaling $91,000, $84,000,and $168,000 for 2023, 2022, and 2021, respectively. See Note 8 for information regarding the repurchase of Class B and General Partnership Units.

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