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RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES (Tables)
 12 Months Ended
Dec. 31, 2014
Receivable From And Payable To Affiliates  
RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES

The fees and cost reimbursements paid to Pillar, TCI and related parties are detailed below (dollars in thousands):

 

Fees:

 

 

2014

 

 

2013

 

 

2012

 

 

Advisory

 

 

692

 

 

 

830

 

 

 

815

 

 

Net income

 

 

203

 

 

 

695

 

 

 

180

 

 

Construction managmeent

 

 

-

 

 

 

-

 

 

 

-

 

 

Tax sharing agreement

 

 

946

 

 

 

3,055

 

 

 

839

 

 

 

 

$

1,841

 

 

$

4,580

 

 

$

1,834

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost reimbursements

 

 

237

 

 

 

234

 

 

 

155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

 

-

 

 

 

-

 

 

 

-

 

 

Interest received

 

$

1,692

 

 

$

2,364

 

 

$

2,695

 

 

 

 

 

1,692

 

 

 

2,364

 

 

 

2,695

 

 

As of December 31, 2014, IOT has notes and interest receivable of $27.5 million due from Unified Housing Foundation, Inc. and recognized interest income of $3.0 million related to these notes receivable.  See details in Part 2, Item 8. “Note 3. Notes and Interest Receivable From Related Parties.”

 

   

The following table reconciles the beginning and ending balances of amounts receivable from related parties as of December 31, 2014 (dollars in thousands):

 

 

 

TCI

 

 

Pillar

 

 

Total

 

Balance, December 31, 2013

 

$

39,207

 

 

$

-

 

 

$

39,207

 

Cash transfers

 

 

-

 

 

 

5,836

 

 

 

5,836

 

Advisory fees

 

 

-

 

 

 

(692

)

 

 

(692

)

Net income fee

 

 

-

 

 

 

(203

)

 

 

(203

)

Cost reimbursements

 

 

-

 

 

 

(237

)

 

 

(237

)

Expenses paid by advisor

 

 

-

 

 

 

(68

)

 

 

(68

)

Financing (mortgage payments)

 

 

-

 

 

 

(2,927

)

 

 

(2,927

)

Significant transaction

 

 

-

 

 

 

(1,202

)

 

 

(1,202

)

Interest income

 

 

1,692

 

 

 

-

 

 

 

1,692

 

Tax Sharing Expense

 

 

(946

)

 

 

-

 

 

 

(946

)

Purchase of obligation

 

 

507

 

 

 

(507

)

 

 

-

 

Balance, December 31, 2014

 

$

40,460

 

 

$

-

 

 

$

40,460