Most Wien & Malkin investors are aware of the valuable assistance provided by our investment services department during tax-filing season. That's when we generate thousands of K-1 forms for our investors and their advisors, address a multitude of questions from investors and make timely filings with all federal, state and local taxing authorities.

Less visible to investors, but just as important, are the many other crucial supervisory services performed throughout the year. These services include, amongst other tasks; maintaining the books and records of the partnerships, including calling, presiding over, and documenting meetings with the managing agents and partners; making supervisory inspections of the buildings owned by our investment partnerships; reviewing and approving capital improvements and upgrades; making sure insurance coverage remains adequate; reviewing and approving all leases and arranging for borrowing as needed.

These activities take place while the bookkeeping and accounting department works on new service enhancements, such as direct fax of Schedule K-1s from our computer terminals and transmittal of tax information via e-mail (which we expect to implement in the not-too-distant future).

"You might say we're sentinels constantly watching over the interests of our investors," says Mark Labell, a partner with Wien & Malkin LP. "Part of what we do is essentially administrative in nature, such as preparing periodic filings with the Securities and Exchange Commission and with state authorities, distributing monthly checks and overage rent distributions together with financial results of the operating lessee. But it's the more proactive supervisory aspects of our work that help ensure that Wien & Malkin investment programs work efficiently and avoid problems."

That's where Wien & Malkin's seven decades of experience come into play, Mr. Labell observes. "The collective acumen of four generations of the Malkin family underpins our operations, which is an unmatchable advantage that shows in our track record," he says.

"Tax season is certainly our high-profile time of the year," says Mr. Labell, "but we're working just as hard for investors all year long."