Business Description
Commonwealth Income & Growth Fund V (the “Partnership” or “CIGF5”)
was formed on May 19, 2003 under the Pennsylvania Revised Uniform Limited Partnership
Act. The Partnership offered for sale up to 1,250,000 units of the limited partnership
at the purchase price of $20 per unit (the “Offering”). The Partnership
raised the minimum capital required ($1,150,000) and commenced operations on
March 14, 2005. The Partnership terminated its offering of units on February
24, 2006 with 1,249,951 units ($24,957,862, net of transactions costs of $41,158)
sold.
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 contracts 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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