##### Table of Contents









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549


Form 10-KSB/A


þ
    
    Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934.


For the year ended December 31, 2004


o
    
    Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934.


For the transition period from      to


Commission File number 000-23842


ATEL Cash Distribution Fund V, L.P.




California
    
    94-3165807(State or other jurisdiction of
incorporation or organization)
    
    (I. R. S. Employer
Identification No.)


600 California Street, 6th Floor, San Francisco, California 94108-2733


(415) 989-8800


None


Limited Partnership Units


þ o





þ








o o þ 
 
 
 o þ
  
 
   DOCUMENTS INCORPORATED BY REFERENCE




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TABLE OF CONTENTS  PART IItem 1. BUSINESSItem 2. PROPERTIESItem 3. LEGAL PROCEEDINGSItem 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSPART IIItem 5. MARKET FOR REGISTRANTS LIMITED PARTNERSHIP UNITS AND RELATED MATTERSItem 6. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSItem 7. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAItem 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURESItem 8A. CONTROLS AND PROCEDURESPART IIIItem 9. DIRECTORS AND EXECUTIVE OFFICERSItem 10. EXECUTIVE COMPENSATIONItem 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENTItem 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONSItem 13. EXHIBITSItem 14. PRINCIPAL ACCOUNTING FEES AND SERVICESSIGNATURESEXHIBIT 14.1EXHIBIT 31.1EXHIBIT 31.2EXHIBIT 32.1EXHIBIT 32.2    Table of Contents  
 PART I
 
 Item 1. BUSINESS
 General Development of Business
 
  
   
  
 Narrative Description of Business
      Type of
    
    Percentage of Total LeaseLessee
    
    Equipment
    
    Revenues2004
    
    
    2003Union Pacific Railroad
    
    Railroad Auto Racks
    
    
    23
    %
    
    
    13
    %Florida Canyon Mining
    
    Mining
    
    
    22
    %
    
    
    22
    %
   2




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Equipment Leasing Activities
  Purchase Price
    
    
    PercentageExcluding
    
    
    of TotalAsset Types
    
    Acquisition Fees
    
    
    AcquisitionsTransportation, over-the-road tractors and trailers
    
    $
    34,546,518
    
    
    
    18.47
    %Furniture, fixtures and office equipment
    
    
    24,145,180
    
    
    
    12.91
    %Transportation, other
    
    
    18,454,853
    
    
    
    9.87
    %Mining equipment
    
    
    15,986,308
    
    
    
    8.55
    %Transportation, intermodal containers
    
    
    15,484,688
    
    
    
    8.28
    %Construction
    
    
    15,335,327
    
    
    
    8.20
    %Materials handling
    
    
    14,469,358
    
    
    
    7.74
    %Railroad locomotives
    
    
    12,350,000
    
    
    
    6.60
    %Earth moving
    
    
    11,943,745
    
    
    
    6.39
    %Transportation, rail cars
    
    
    7,180,000
    
    
    
    3.84
    %Printing
    
    
    4,707,508
    
    
    
    2.52
    %Other*
    
    
    12,391,672
    
    
    
    6.63
    %$
    186,995,157
    
    
    
    100.00
    %
 
 *
    
    Individual amounts included in Other represent less than 2.5% of the total. Purchase Price
    
    
    PercentageExcluding
    
    
    of TotalIndustry of Lessee
    
    Acquisition Fees
    
    
    AcquisitionsTransportation, rail
    
    $
    45,670,556
    
    
    
    24.42
    %Mining
    
    
    29,823,055
    
    
    
    15.95
    %Oil & gas
    
    
    21,301,523
    
    
    
    11.39
    %Retail, foods
    
    
    11,215,586
    
    
    
    6.00
    %Food processing
    
    
    9,828,623
    
    
    
    5.26
    %Construction
    
    
    9,410,789
    
    
    
    5.03
    %Chemicals
    
    
    9,075,487
    
    
    
    4.85
    %Retail, restaurant
    
    
    8,528,067
    
    
    
    4.56
    %Transportation, other
    
    
    8,311,346
    
    
    
    4.44
    %Primary metals
    
    
    7,526,037
    
    
    
    4.02
    %Manufacturing, other
    
    
    6,815,862
    
    
    
    3.64
    %Manufacturing, auto/truck
    
    
    6,690,185
    
    
    
    3.58
    %Printing
    
    
    4,707,508
    
    
    
    2.52
    %Other *
    
    
    8,090,533
    
    
    
    4.34
    %$
    186,995,157
    
    
    
    100.00
    %
 
 *
    
    Individual amounts included in Other represent less than 2.5% of the total. 
 
 3




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##### Table of Contents



OriginalEquipment Cost,
    
    
    
    
    
    
    Excess ofExcluding
    
    
    
    
    
    
    Rents OverAsset Types
    
    Acquisition Fees
    
    
    Sales Price
    
    
    Expenses*Transportation
    
    $
    65,974,661
    
    
    $
    33,831,027
    
    
    $
    54,473,053Furniture, fixtures and office equipment
    
    
    22,209,670
    
    
    
    8,314,618
    
    
    
    18,925,245Mining equipment
    
    
    20,717,330
    
    
    
    7,796,573
    
    
    
    16,430,409Materials handling
    
    
    13,108,989
    
    
    
    2,570,725
    
    
    
    13,977,788Office automation
    
    
    4,593,822
    
    
    
    970,163
    
    
    
    4,813,683Other
    
    
    21,030,193
    
    
    
    6,988,204
    
    
    
    23,422,962$
    147,634,665
    
    
    $
    60,471,310
    
    
    $
    132,043,140
 
 *
    
    Includes only those expenses directly related to the production of the related rents. 
  
 
 Item 2. PROPERTIES
  
 Item 3. LEGAL PROCEEDINGS
  Railroad Technology Corporation:
 
  
  
 Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  4




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PART II
 
 Item 5. MARKET FOR REGISTRANTS LIMITED PARTNERSHIP UNITS AND RELATED MATTERS
 Market Information
  Holders
  ERISA Valuation
   Dividends
     
 Item 6.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  5




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Restated Financial Results
 
  
 
  
 
  
 
  
 
  
  
 Capital Resources and Liquidity
 
 
  
   6




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Cash Flows
  
  
   7




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Results of Operations
  Rail transportation
    
    
    67
    %Mining
    
    
    22
    %
  
  
     
  
 Recent Accounting Pronouncements
      8




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Critical Accounting Policies
  Equipment on operating leases:
  Direct financing leases:
  
  
 
  
 Asset valuation:
  Use of estimates:
  
 
 Item 7. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 
 
  
 9




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10




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ATEL CASH DISTRIBUTION FUND V, L.P.
 BALANCE SHEET
 DECEMBER 31, 2004
 
 (Restated)
 
 ASSETSCash and cash equivalents
    
    $
    3,421,926Accounts receivable, net of allowance for doubtful accounts of $113,285
    
    
    298,647Investments in equipment and leases, net
    
    
    12,549,921Total assets
    
    $
    16,270,494LIABILITIES AND PARTNERS CAPITALNon-recourse debt
    
    $
    4,106,709Accounts payable and accruals:General Partner
    
    
    93,997Other
    
    
    625,855Accrued interest payable
    
    
    17,577Unearned lease income
    
    
    889Total liabilities
    
    
    4,845,027Partners capital:General Partner
    
    
    197,222Limited Partners
    
    
    11,228,245Total Partners capital
    
    
    11,425,467Total liabilities and Partners capital
    
    $
    16,270,494
  11




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ATEL CASH DISTRIBUTION FUND V, L.P.
 STATEMENTS OF OPERATIONS
 YEARS ENDED DECEMBER 31, 2004 AND 2003
 (Restated)
 2004
    
    
    2003Revenues:Leasing activities:Operating leases
    
    $
    2,698,125
    
    
    $
    2,575,753Direct financing leases
    
    
    105,750
    
    
    
    293,287Leveraged leases
    
    
    
    
    
    
    2,356Gain on sales of assets
    
    
    457,269
    
    
    
    127,423Interest income
    
    
    28,692
    
    
    
    22,516Other
    
    
    31,180
    
    
    
    10,5703,321,016
    
    
    
    3,031,905Expenses:Depreciation of operating lease assets
    
    
    1,095,445
    
    
    
    1,405,433Cost reimbursements to General Partner
    
    
    516,907
    
    
    
    659,269Railcar maintenance
    
    
    276,630
    
    
    
    476,643Equipment and incentive management fees to General Partner
    
    
    203,007
    
    
    
    195,683Interest expense
    
    
    145,841
    
    
    
    32,249Other management fees
    
    
    130,142
    
    
    
    106,639Professional fees
    
    
    91,791
    
    
    
    83,090Provision for doubtful accounts
    
    
    11,288
    
    
    
    102,000Other
    
    
    484,782
    
    
    
    194,7542,955,833
    
    
    
    3,255,760Net income (loss)
    
    $
    365,183
    
    
    $
    (223,855
    )Net income (loss):General Partner
    
    $
    3,652
    
    
    $
    (2,239
    )Limited Partners
    
    
    361,531
    
    
    
    (221,616
    )$
    365,183
    
    
    $
    (223,855
    )Net income (loss) per Limited Partnership unit
    
    $
    0.03
    
    
    $
    (0.02
    )Weighted average number of units outstanding
    
    
    12,471,600
    
    
    
    12,471,600
  12




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ATEL CASH DISTRIBUTION FUND V, L.P.
 STATEMENTS OF CHANGES IN PARTNERS CAPITAL
 YEARS ENDED DECEMBER 31, 2004 AND 2003
 (Restated)
 
 GeneralLimited Partners
    
    
    Partner
    
    
    TotalUnits
    
    
    AmountBalance December 31, 2002, as previously reported
    
    
    12,471,600
    
    
    $
    18,662,098
    
    
    $
    202,907
    
    
    $
    18,865,005Cumulative effect of prior period adjustments (see Note 3)
    
    
    
    
    
    
    (702,692
    )
    
    
    (7,098
    )
    
    
    (709,790
    )Balance December 31, 2002, as restated
    
    
    12,471,600
    
    
    
    17,959,406
    
    
    
    195,809
    
    
    
    18,155,215Distributions to Limited Partners ($0.28 per Unit)
    
    
    
    
    
    
    (3,437,499
    )
    
    
    
    
    
    
    (3,437,499
    )Net loss, as restated
    
    
    
    
    
    
    (221,616
    )
    
    
    (2,239
    )
    
    
    (223,855
    )Balance December 31, 2003, as restated
    
    
    12,471,600
    
    
    
    14,300,291
    
    
    
    193,570
    
    
    
    14,493,861Distributions to Limited Partners ($0.28 per Unit)
    
    
    
    
    
    
    (3,433,577
    )
    
    
    
    
    
    
    (3,433,577
    )Net income, as restated
    
    
    
    
    
    
    361,531
    
    
    
    3,652
    
    
    
    365,183Balance December 31, 2004, as restated
    
    
    12,471,600
    
    
    $
    11,228,245
    
    
    $
    197,222
    
    
    $
    11,425,467
 
  13




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ATEL CASH DISTRIBUTION FUND V, L.P.
 STATEMENTS OF CASH FLOWS
 
 YEARS ENDED DECEMBER 31, 2004 AND 2003
 
 (Restated)
 
 2004
    
    
    2003Operating activities:Net income (loss)
    
    $
    365,183
    
    
    $
    (223,855
    )Adjustment to reconcile
net income (loss) to net
cash provided by
operating activities:Depreciation of operating lease assets
    
    
    1,095,445
    
    
    
    1,405,433Leveraged lease income
    
    
    
    
    
    
    (2,356
    )Gain on sales of assets
    
    
    (457,269
    )
    
    
    (127,423
    )Provision for doubtful accounts
    
    
    11,288
    
    
    
    102,000Changes in operating assets and liabilities:Accounts receivable
    
    
    112,113
    
    
    
    (72,448
    )Accounts payable, General Partner
    
    
    (127,705
    )
    
    
    106,312Accounts payable, other
    
    
    459,229
    
    
    
    (194,241
    )Accrued interest payable
    
    
    15,016
    
    
    
    (1,042
    )Unearned lease income
    
    
    (22,650
    )
    
    
    (4,141
    )Net cash provided by operating activities
    
    
    1,450,650
    
    
    
    988,239Investing activities:Improvements of equipment on operating leases
    
    
    (2,527,416
    )
    
    
    Proceeds from sales of assets
    
    
    1,203,720
    
    
    
    821,919Reduction of net investment in direct financing leases
    
    
    644,651
    
    
    
    465,430Net cash provided by (used in) investing activities
    
    
    (679,045
    )
    
    
    1,287,349Financing activities:Distributions to Limited Partners
    
    
    (3,433,577
    )
    
    
    (3,437,499
    )Repayments of non-recourse debt
    
    
    (537,572
    )
    
    
    (421,442
    )Proceeds of non-recourse debt
    
    
    4,180,667
    
    
    
    217,596Net cash provided by (used in) financing activities
    
    
    209,518
    
    
    
    (3,641,345
    )Net increase (decrease) in cash and cash equivalents
    
    
    981,123
    
    
    
    (1,365,757
    )Cash and cash equivalents at beginning of year
    
    
    2,440,803
    
    
    
    3,806,560Cash and cash equivalents at end of year
    
    $
    3,421,926
    
    
    $
    2,440,803Supplemental disclosures of cash flow information:Cash paid during the year for interest
    
    $
    130,825
    
    
    $
    33,291
 
  14




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ATEL CASH DISTRIBUTION FUND V, L.P.
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2004
 1. Organization and Limited Partnership matters:
 
  
 
  
 
  
 
  
 
  
 2. Summary of significant accounting policies:
 Basis of presentation:
  Use of estimates:
  Cash and cash equivalents:
  Accounts receivable:
  Equipment on operating leases:
  Lease terms:
  15




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ATEL CASH DISTRIBUTION FUND V, L.P.
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2004
 2. Summary of significant accounting policies (continued):
 
 Income taxes:
   
 Financial statement basis of net assets, as restated
    
    $
    11,425,467Tax basis of net assets (unaudited)
    
    
    16,251,314Difference
    
    $
    4,825,847
 
   
 2004
    
    
    2003Net income (loss) per financial
statements, as restated
    
    $
    365,183
    
    
    $
    (223,855
    )Reconciling item- impact due to
restatement (Note 3)
    
    
    (11,567
    )
    
    
    (692,649
    )Tax adjustments (unaudited):Adjustment to depreciation expense
    
    
    512,717
    
    
    
    323,733Provisions for losses and
doubtful accounts
    
    
    14,000
    
    
    
    645,426Adjustments to revenues
    
    
    1,039,059
    
    
    
    (2,143,250
    )Net income (loss) per federal tax
return (unaudited)
    
    $
    1,919,392
    
    
    $
    (2,090,595
    )
 
 Per unit data:
  Asset valuation:
  Segment reporting:
   16




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ATEL CASH DISTRIBUTION FUND V, L.P.
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2004
 2. Summary of significant accounting policies (continued):
   
 Credit risk:
 
 
  
 Revenue recognition:
 Operating
leases
 Direct financing leases
   
  
 Interest income
  Recent accounting pronouncements:
   17




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ATEL CASH DISTRIBUTION FUND V, L.P.
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2004
 2. Summary of significant accounting policies (continued):
       3. Restated financial results:
 
  
 
  
 
  
 18




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ATEL CASH DISTRIBUTION FUND V, L.P.
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2004
 3. Restated financial results (continued):
 
  
 
 Restatement adjustments for years ended December 31:
 
 
 Adjustment
    
    
    Adjustmentto net income
    
    
    to net lossincrease
    
    
    (increase)(decrease)
    
    
    decrease2004
    
    
    2003Operating leases, revenues
    
    $
    (43,328
    )
    
    $
    12,465Cost reimbursements to General Partner
    
    
    49,750
    
    
    
    (49,750
    )Railcar maintenance
    
    
    
    
    
    
    21,108Impairment loss
    
    
    
    
    
    
    543,426Amortization of initial direct costs
    
    
    5,145
    
    
    
    21,518Professional fees
    
    
    
    
    
    
    17,566Other expense
    
    
    
    
    
    
    126,316Net change in net income and in net loss
    
    $
    11,567
    
    
    $
    692,649Net change in net income and in net loss:General Partner
    
    $
    116
    
    
    $
    6,926Limited Partners
    
    
    11,451
    
    
    
    685,723$
    11,567
    
    
    $
    692,649Net change in net income and in net loss
per Limited Partnership Unit
    
    $
    0.00
    
    
    $
    0.05
 
 
 Balance Sheets (Condensed) as of December 31:
 
 
 2004As reported
    
    
    RestatedAssets:Investments in equipment and leases, net
    
    $
    12,555,495
    
    
    $
    12,549,921Total assets
    
    $
    16,276,068
    
    
    $
    16,270,494Partners capital:General Partner
    
    $
    197,278
    
    
    $
    197,222Limited Partners
    
    
    11,233,763
    
    
    
    11,228,245Total Partners capital
    
    $
    11,431,041
    
    
    $
    11,425,467Total liabilities and Partners capital
    
    $
    16,276,068
    
    
    $
    16,270,494
 
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ATEL CASH DISTRIBUTION FUND V, L.P.
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2004
 3.
    
    Restated financial results (continued):Statements of Operations (Condensed) for the years ended December 31:
 
 2004
    
    
    2003As reported
    
    
    Restated
    
    
    As reported
    
    
    RestatedRevenues:Leasing activities:Operating leases
    
    $
    2,741,453
    
    
    $
    2,698,125
    
    
    $
    2,563,288
    
    
    $
    2,575,753Total revenues
    
    $
    3,364,344
    
    
    $
    3,321,016
    
    
    $
    3,019,440
    
    
    $
    3,031,905Expenses:Cost reimbursements to General Partner
    
    $
    566,657
    
    
    $
    516,907
    
    
    $
    609,519
    
    
    $
    659,269Railcar maintenance
    
    $
    276,630
    
    
    $
    276,630
    
    
    $
    497,751
    
    
    $
    476,643Impairment losses
    
    $
    
    
    
    $
    
    
    
    $
    543,426
    
    
    $
    Amortization of initial direct costs
    
    $
    5,145
    
    
    $
    
    
    
    $
    21,518
    
    
    $
    Professional fees
    
    $
    91,791
    
    
    $
    91,791
    
    
    $
    100,656
    
    
    $
    83,090Other
    
    $
    484,782
    
    
    $
    484,782
    
    
    $
    321,070
    
    
    $
    194,754Total expenses
    
    $
    3,010,728
    
    
    $
    2,955,833
    
    
    $
    3,935,944
    
    
    $
    3,255,760Net income (loss)
    
    $
    353,616
    
    
    $
    365,183
    
    
    $
    (916,504
    )
    
    $
    (223,855
    )Net income (loss):General Partner
    
    $
    3,536
    
    
    $
    3,652
    
    
    $
    (9,165
    )
    
    $
    (2,239
    )Limited Partners
    
    
    350,080
    
    
    
    361,531
    
    
    
    (907,339
    )
    
    
    (221,616
    )$
    353,616
    
    
    $
    365,183
    
    
    $
    (916,504
    )
    
    $
    (223,855
    )Net income (loss) per Limited
Partnership Unit
    
    $
    0.03
    
    
    $
    0.03
    
    
    $
    (0.07
    )
    
    $
    (0.02
    )
 
 
 Statements of Cash Flows (Condensed) for the years ended December 31:
 
 
 2004
    
    
    2003As reported
    
    
    Restated
    
    
    As reported
    
    
    RestatedOperating activities:Net income (loss)
    
    $
    353,616
    
    
    $
    365,183
    
    
    $
    (916,504
    )
    
    $
    (223,855
    )Adjustment to reconcile net income
(loss) to net cash provided by
operating activities:Amortization of initial direct costs
    
    $
    5,145
    
    
    $
    
    
    
    $
    21,518
    
    
    $
    Impairment losses
    
    $
    
    
    
    
    
    
    
    $
    543,426
    
    
    $
    Accounts receivable
    
    $
    68,785
    
    
    $
    112,113
    
    
    $
    (59,983
    )
    
    $
    (72,448
    )Accounts payable, General Partner
    
    $
    (77,955
    )
    
    $
    (127,705
    )
    
    $
    56,562
    
    
    $
    106,312Accounts payable, other
    
    $
    459,229
    
    
    $
    459,229
    
    
    $
    (29,251
    )
    
    $
    (194,241
    )
 
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ATEL CASH DISTRIBUTION FUND V, L.P.
 
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2004
 
 4. Investments in equipment and leases, net:
 
  
 Depreciation /AmortizationExpense orAmortization ofDirectDecember 31,
    
    
    
    
    
    
    Financing
    
    
    Reclassi-
    
    
    December 31,2003
    
    
    
    
    
    
    Leases
    
    
    fications or
    
    
    2004Restated
    
    
    Additions
    
    
    Restated
    
    
    Dispositions
    
    
    RestatedNet investment in operating leases
    
    $
    11,027,461
    
    
    $
    2,527,416
    
    
    $
    (1,095,445
    )
    
    $
    (312,464
    )
    
    $
    12,146,968Net investment in direct financing leases
    
    
    644,651
    
    
    
    
    
    
    
    (644,651
    )
    
    
    
    
    
    
    Assets held for sale or lease, net of
accumulated depreciation of $306,133 in
2004 and $719,138 in 2003
    
    
    836,940
    
    
    
    
    
    
    
    
    
    
    
    (433,987
    )
    
    
    402,953$
    12,509,052
    
    
    $
    2,527,416
    
    
    $
    (1,740,096
    )
    
    $
    (746,451
    )
    
    $
    12,549,921
 
 Impairment of investments in leases and assets held for sale or lease:
  
  
 2004
    
    
    2003Depreciation of operating lease assets
    
    $
    1,095,445
    
    
    $
    1,405,433
  Operating leases:
  Reclassi-December 31,
    
    
    
    
    
    
    fications or
    
    
    December 31,2003
    
    
    Additions
    
    
    Dispositions
    
    
    2004Transportation
    
    $
    22,978,415
    
    
    $
    2,527,416
    
    
    $
    (1,656,972
    )
    
    $
    23,848,859Manufacturing
    
    
    1,470,000
    
    
    
    
    
    
    
    
    
    
    
    1,470,000Construction
    
    
    1,578,088
    
    
    
    
    
    
    
    (1,578,088
    )
    
    
    Materials handling
    
    
    35,624
    
    
    
    
    
    
    
    400
    
    
    
    36,02426,062,127
    
    
    
    2,527,416
    
    
    
    (3,234,660
    )
    
    
    25,354,883Less accumulated depreciation
    
    
    (15,034,666
    )
    
    
    (1,095,445
    )
    
    
    2,922,196
    
    
    
    (13,207,915
    )Total
    
    $
    11,027,461
    
    
    $
    1,431,971
    
    
    $
    (312,464
    )
    
    $
    12,146,968
 21




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##### Table of Contents



ATEL CASH DISTRIBUTION FUND V, L.P.
 
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2004
 
 4. Investments in equipment and leases, net (continued):
 
 
  
 Year endingDecember 31,2005
    
    $
    2,154,8282006
    
    
    1,910,9412007
    
    
    1,469,3292008
    
    
    1,145,8992009
    
    
    1,142,7492010
    
    
    483,698$
    8,307,444
 Direct financing leases:
   Equipment category
    
    Useful LifeManufacturing
    
    
    10 - 20Transportation
    
    
    7 - 10Materials Handling
    
    
    7 - 10Construction
    
    
    5 -7
 5. Non-recourse debt:
   Year endingDecember 31,
    
    Principal
    
    
    Interest
    
    
    Total2005
    
    $
    756,708
    
    
    $
    193,024
    
    
    $
    949,7322006
    
    
    705,716
    
    
    
    152,625
    
    
    
    858,3412007
    
    
    727,412
    
    
    
    116,807
    
    
    
    844,2192008
    
    
    764,994
    
    
    
    79,226
    
    
    
    844,2202009
    
    
    804,517
    
    
    
    39,702
    
    
    
    844,2192010
    
    
    347,362
    
    
    
    4,396
    
    
    
    351,758$
    4,106,709
    
    
    $
    585,780
    
    
    $
    4,692,489
 6. Related party transactions:
   22




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##### Table of Contents



ATEL CASH DISTRIBUTION FUND V, L.P.
 
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2004
 6. Related party transactions (continued):
    2004
    
    
    2003Restated
    
    
    RestatedCosts reimbursed to General Partner, as restated
    
    $
    516,907
    
    
    $
    659,269Incentive and equipment management fees to General
Partner
    
    
    203,007
    
    
    
    195,683$
    719,914
    
    
    $
    854,952
  7. Partners capital:
    First
 Second
 Third
 (A)
    
    10% of remaining Cash from Operations and(B)
    
    15% of remaining Cash from Sales or Refinancing.
 Fourth
 8. Concentration of credit risk and major
customers:
   23




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##### Table of Contents



ATEL CASH DISTRIBUTION FUND V, L.P.
 
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2004
 8. Concentration of credit risk and major customers (continued):
  Rail transportation
    
    
    67
    %Mining
    
    
    22
    %
  9. Fair value of financial instruments:
  Non-recourse debt:
  
 10. Provisions for doubtful accounts:
 
 
 Allowance for doubtfulaccounts -AccountsReceivablesBalance December 31, 2002
    
    $
    75,285Provision
    
    
    102,000Charge offs
    
    
    (78,000
    )Balance December 31, 2003
    
    
    99,285Provision
    
    
    11,288Recovery
    
    
    2,712Balance December 31, 2004
    
    $
    113,285
 
 11. Guarantees:
   24




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##### Table of Contents



ATEL CASH DISTRIBUTION FUND V, L.P.
 NOTES TO FINANCIAL STATEMENTS
 DECEMBER 31, 2004
 11. Guarantees (continued):
  
 12. Subsequent event:
 
 
  
 25




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##### Table of Contents



Item 8.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES
 
  
 
 Item 8A. CONTROLS AND PROCEDURES
 Evaluation of disclosure controls and procedures
   Changes in internal control
     26




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##### Table of Contents



PART III
 
 
 Item 9. DIRECTORS AND EXECUTIVE OFFICERS
     Dean L. Cash
    
    President and Chief Executive Officer of ATEL Financial
Services, LLC (General Partner)Paritosh K. Choksi
    
    Executive Vice President and Chief Financial and
Operating Officer of ATEL Financial Services, LLC
(General Partner)Vasco H. Morais
    
    Senior Vice President, Secretary and General Counsel of
ATEL Financial Services, LLC (General Partner)
   
  
 
 Audit Committee
 
  27




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##### Table of Contents



Code of Ethics
 
  
 
 Item 10. EXECUTIVE COMPENSATION
  
  
 Acquisition Fees
   Equipment Management Fees
 
  
 Incentive Management Fees
 
  
 Equipment Resale Fees
  Equipment Re-lease Fee
  28




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##### Table of Contents



General Partners Interest in Operating
Proceeds
  
 Item 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
 Security Ownership of Certain Beneficial
Owners
  Security Ownership of Management
  (2)
    
    (3)
    
    (4)(1)
    
    Name and Address of
    
    Amount and Nature of
    
    PercentTitle of Class
    
    Beneficial Owner
    
    Beneficial Ownership
    
    of ClassLimited Partnership Units
    
    Dean Cash
600 California Street, 6th Floor
San Francisco, CA 94108
    
    Initial Limited Partner Units
25 Units ($250)
(owned by wife)
    
    
    0.0002
    %
 Changes in Control
   
 Item 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
 
  
 
 Item 13. EXHIBITS
 (a)
    
    Exhibits(3) and (4) Agreement of Limited Partnership, included as Exhibit B to Prospectus (Exhibit
28.1), is incorporated herein by reference to the Report on Form 10-KSB for the period ended
December 31, 1993 (File No. 33-53162)(14.1) Code of Ethics(31.1) Certification of Paritosh K. Choksi(31.2) Certification of Dean L. Cash(32.1) Certification Pursuant to 18 U.S.C. section 1350 of Dean L. Cash(32.2) Certification Pursuant to 18 U.S.C. section 1350 of Paritosh K. Choksi
 29




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##### Table of Contents



Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
  2004
    
    
    2003Audit fees
    
    $
    24,041
    
    
    $
    30,302Audit related fees
    
    
    
    
    
    
    Tax fees
    
    
    25,792
    
    
    
    32,550Other
    
    
    
    
    
    
    $
    49,833
    
    
    $
    62,852
   30




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##### Table of Contents



SIGNATURES
  
  
 
 By:
    
    ATEL Financial Services, LLCGeneral Partner of Registrant
 By:
    
    /s/ Dean CashDean Cash,President and Chief Executive Officer ofATEL Financial Services, LLC (General Partner)By:
    
    /s/ Paritosh K. ChoksiParitosh K. Choksi,Executive Vice President and Chief Financial and Operating Officer ofATEL Financial Services, LLC (General Partner)
  SIGNATURE
    
    CAPACITIES
    
    DATE/s/ Dean Cash
    
    President and Chief Executive Officer of
ATEL Financial Services, LLC (General Partner)
    
    February 15, 2006Dean Cash/s/ Paritosh K. Choksi
    
    Executive Vice President and Chief Financial and Operating Officer
    
    February 15, 2006Paritosh K. Choksi
    
    of ATEL Financial Services, LLC (General Partner)
  31