Commonwealth Income And Growth Fund Vii Lp
Commonwealth Income & Growth Fund VII, LP (the “Partnership”)
is a Pennsylvania limited partnership that was formed on November 14, 2008.
Its General Partner is Commonwealth Income & Growth Fund, Inc., and is responsible
for managing the affairs of the Partnership on a day-to-day basis pursuant to
the partnership agreement. The General Partner is also responsible for identifying
and making investments on behalf of the Partnership. The offering of limited
partnership interests, registered pursuant to a registration statement on Form
S-1, was declared effective by the Securities and Exchange Commission on November
13, 2009 (the “Effective Date”). As of the Effective Date, the Partnership
received an initial capital contribution of $1,000 from its General Partner.
The offering was described in detail in the prospectus constituting a part of
such registration statement. The offering was a best-efforts, minimum/maximum
offering, with a minimum requirement of $1,150,000 and a maximum offering of
$50,000,000. All proceeds were held in escrow pending the receipt of the minimum
amount. The Partnership reached the minimum amount in escrow and commenced operations
on March 31, 2010. The Partnership utilized the offering proceeds to purchase
and lease information technology, telecommunications, medical technology and
other similar types of equipment. The offering terminated on November 22, 2011
with 1,572,900 units sold for a total of approximately $31,432,000 in limited
partner contributions.
The Partnership was formed for the purpose of acquiring various types of equipment,
including computer information technology and other similar capital equipment.
The Partnership utilized the net proceeds of the offering to purchase information
technology and other similar capital equipment. The Partnership has utilized
retained proceeds and debt financing (not in excess of 30% of the aggregate
cost of the equipment owned or subject to conditional sales contract by the
Partnership at the time the debt is incurred) to purchase additional equipment.
The Partnership acquires and leases equipment principally to U.S. corporations
and other institutions pursuant to operating leases. The Partnership retains
the flexibility to enter into full payout net leases and conditional sales contracts,
but has not done so.
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