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FORM 10-QSB
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

(Mark One)

|  |  |                                                                                        
|- |  | ---------------------------------------------------------------------------------------
|x |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2002

OR

|  |  |                                                                                         
|- |  | ----------------------------------------------------------------------------------------
|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 0-24683

Brunner Companies Income Properties L.P. I
(Exact name of small business issuer as specified in its charter)

|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Delaware                                                       |  | 31-1266850                          
|(State or other jurisdiction of
incorporation or organization) |  | (I.R.S. Employer
Identification No.)

3632 Wheeler Road
P.O. Box 204227
Augusta, Georgia 30917-204227
(Address of principal executive offices)

(706) 863-2222
(Registrants telephone number, including area code)

(Former address since last report)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
   Yes   x
   No   o

Indicate the number of shares outstanding of each of the registrants classes
of common stock, as of the latest practicable date.

|                                           |  |                                 
|------------------------------------------ |  | --------------------------------
|Title                                      |  |                                 
|Class A Units 552,000
Class B Units 61,333 |  | Outstanding as of
April 30, 2002





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TABLE OF CONTENTS



|                              |                                                                    |                                                   |  |  |  |  |  | 
|----------------------------- | ------------------------------------------------------------------ | ------------------------------------------------- |  |  |  |  |  | 
|PART I  FINANCIAL STATEMENTS
|                              | ITEM 1. FINANCIAL STATEMENTS                                      
|                              |                                                                    | STATEMENTS OF NET ASSETS IN LIQUIDATION          
|                              |                                                                    | STATEMENTS OF OPERATIONS                         
|                              |                                                                    | STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
|                              |                                                                    | NOTES TO FINANCIAL STATEMENTS                    
|                              | ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
|PART II  OTHER INFORMATION  
|                              | ITEM 3. DEFAULTS UPON SENIOR SECURITIES                           
|                              | ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K                          
|SIGNATURES                   



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PART I  FINANCIAL STATEMENTS




ITEM 1. FINANCIAL STATEMENTS






BRUNNER COMPANIES INCOME PROPERTIES L.P. I
STATEMENTS OF NET ASSETS IN LIQUIDATION
(in thousands)

|                                                 |                                       |   |           |       |              |   |        |        | 
|------------------------------------------------ | ------------------------------------- | - | --------- | ----- | ------------ | - | ------ | ------ | 
|                                                 |                                       |   | March 31, |       | December 31,
|                                                 |                                       |   | 2002      |       | 2001        
|                                                 |                                       |   |           |       |             
|                                                 |                                       |   | Unaudited |       | Audited     
|ASSETS                                           |                                       |   |           |       |              |   |        |       
|Unrestricted                                     |                                       |   |           |       |              |   |        |       
|                                                 | Cash                                  |   | $         | 461   |              |   | $      | 460    | 
|                                                 |                                       |   |           |       |              |   |        |       
|Restricted                                       |                                       |   |           |       |              |   |        |       
|                                                 | Cash and escrows                      |   |           | 477   |              |   |        | 457    | 
|                                                 | Accounts receivable, net              |   |           | 84    |              |   |        | 49     | 
|                                                 | Other assets                          |   |           | 42    |              |   |        | 56     | 
|                                                 | Investment properties, net            |   |           | 9,415 |              |   |        | 11,243 | 
|                                                 |                                       |   |           |       |              |   |        |       
|Total restricted assets                          |                                       |   | 10,018    |       |              |   | 11,805 |       
|                                                 |                                       |   |           |       |              |   |        |       
|Total assets                                     |                                       | $ | 10,479    |       |              | $ | 12,265 |       
|                                                 |                                       |   |           |       |              |   |        |       
|LIABILITIES                                      |                                       |   |           |       |              |   |        |       
|Liabilities payable from unrestricted assets     |                                       |   |           |       |              |   |        |       
|                                                 | Liquidation expenses payable          |   | $         | 80    |              |   | $      | 80     | 
|                                                 |                                       |   |           |       |              |   |        |       
|Liabilities payable from restricted assets       |                                       |   |           |       |              |   |        |       
|                                                 | Accounts payable and accrued expenses |   |           | 125   |              |   |        | 150    | 
|                                                 | Accrued property taxes                |   |           | 93    |              |   |        |       | 
|                                                 | Tenant security deposit liabilities   |   |           | 11    |              |   |        | 13     | 
|                                                 | Mortgage notes payable                |   |           | 9,789 |              |   |        | 11,571 | 
|                                                 |                                       |   |           |       |              |   |        |       
|Total liabilities payable from restricted assets |                                       |   | 10,018    |       |              |   | 11,734 |       
|                                                 |                                       |   |           |       |              |   |        |       
|Total liabilities                                |                                       |   | 10,098    |       |              |   | 11,814 |       
|NET ASSETS IN LIQUIDATION                        |                                       |   | 381       |       |              |   | 451    |       
|                                                 |                                       |   |           |       |              |   |        |       
|Total liabilities and net assets in liquidation  |                                       | $ | 10,479    |       |              | $ | 12,265 |       
|                                                 |                                       |   |           |       |              |   |        |       

See Accompanying Notes to Financial Statements

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BRUNNER COMPANIES INCOME PROPERTIES
L.P. I




STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except unit data)

|                                                                |                            |   |                    |     |      |   |     |     | 
|--------------------------------------------------------------- | -------------------------- | - | ------------------ | --- | ---- | - | --- | --- | 
|                                                                |                            |   | Three Months Ended
|                                                                |                            |   | March 31,         
|                                                                |                            |   |                   
|                                                                |                            |   | 2002               |     | 2001
|                                                                |                            |   |                    |     |     
|Revenues                                                        |                            |   |                    |     |      |   |     |    
|                                                                | Rental income              |   | $                  | 392 |      |   | $   | 621 | 
|                                                                | Other income               |   |                    | 36  |      |   |     | 12  | 
|                                                                |                            |   |                    |     |      |   |     |    
|Total revenues                                                  |                            |   | 428                |     |      |   | 633 |    
|                                                                |                            |   |                    |     |      |   |     |    
|Expenses                                                        |                            |   |                    |     |      |   |     |    
|                                                                | Operating                  |   |                    | 32  |      |   |     | 54  | 
|                                                                | General and administrative |   |                    | 21  |      |   |     | 34  | 
|                                                                | Depreciation               |   |                    |    |      |   |     | 176 | 
|                                                                | Interest                   |   |                    | 183 |      |   |     | 307 | 
|                                                                | Property taxes             |   |                    | 96  |      |   |     | 28  | 
|                                                                |                            |   |                    |     |      |   |     |    
|Total expenses                                                  |                            |   | 332                |     |      |   | 599 |    
|                                                                |                            |   |                    |     |      |   |     |    
|Net income from operations                                      |                            |   | 96                 |     |      |   | 34  |    
|Liquidation basis adjustment                                    |                            |   | (166               | )   |      |   |    |    
|                                                                |                            |   |                    |     |      |   |     |    
|Net (loss) income                                               |                            | $ | (70                | )   |      | $ | 34  |    
|                                                                |                            |   |                    |     |      |   |     |    
|                                                               
|Net (loss) income allocated to general partner (1%)             |                            | $ | (1                 | )   |      | $ |    |    
|Net (loss) income allocated to Class A limited partners (89.1%) |                            |   | (62                | )   |      |   | 30  |    
|Net (loss) income allocated to Class B limited partners (9.9%)  |                            |   | (7                 | )   |      |   | 4   |    
|                                                                |                            |   |                    |     |      |   |     |    
|Net (loss) income                                               |                            | $ | (70                | )   |      | $ | 34  |    
|                                                                |                            |   |                    |     |      |   |     |    
|Net (loss) income per Class A limited partnership unit          |                            | $ | (.11               | )   |      | $ | .05 |    
|                                                                |                            |   |                    |     |      |   |     |    

See Accompanying Notes to Financial Statements

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BRUNNER COMPANIES INCOME PROPERTIES L.P. I
STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
For the Three Months Ended March 31, 2002
(Unaudited)
(in thousands)

|                                                      |                                                                  |                                                   |     |     |        |  
|----------------------------------------------------- | ---------------------------------------------------------------- | ------------------------------------------------- | --- | --- | ------ | -
|                                                      |                                                                  |                                                   |     |    
|                                                      |                                                                  |                                                   |     |    
|Net assets in liquidation at December 31, 2001        |                                                                  | $                                                 | 451 |    
|                                                      |                                                                  |                                                   |     |    
|Changes in net assets in liquidation attributable to: |                                                                  |                                                   |     |    
|                                                      | Unrestricted assets                                              |                                                   |     |     |       
|                                                      |                                                                  | Increase in cash                                  |     |     | 1      |  
|                                                      |                                                                  |                                                   |     |    
|                                                      | Restricted assets and liabilities payable from restricted assets |                                                   |     |     |       
|                                                      |                                                                  | Increase in cash and escrows                      |     |     | 20     |  
|                                                      |                                                                  | Increase in accounts receivable, net              |     |     | 35     |  
|                                                      |                                                                  | Decrease in other assets                          |     |     | (14    | )
|                                                      |                                                                  | Decrease in investment properties                 |     |     | (1,828 | )
|                                                      |                                                                  | Decrease in accounts payable and accrued expenses |     |     | 25     |  
|                                                      |                                                                  | Increase in accrued property taxes                |     |     | (93    | )
|                                                      |                                                                  | Decrease in tenant security deposit liabilities   |     |     | 2      |  
|                                                      |                                                                  | Decrease in mortgage notes payable                |     |     | 1,782  |  
|                                                      |                                                                  |                                                   |     |    
|                                                      |                                                                  | Net decrease in restricted assets                 |     |     | (71    | )
|                                                      |                                                                  |                                                   |     |    
|Net decrease in assets in liquidation                 |                                                                  |                                                   | (70 | )  
|                                                      |                                                                  |                                                   |     |    
|Net assets in liquidation at March 31, 2002           |                                                                  | $                                                 | 381 |    
|                                                      |                                                                  |                                                   |     |    
|Net assets in liquidation allocated to:               |                                                                  |                                                   |     |    
|                                                      | General partner                                                  |                                                   | $   | (34 | )     
|                                                      | Class A limited partners  (552,000 units)                       |                                                   |     | 204 |       
|                                                      | Class B limited partners  (61,333 units)                        |                                                   |     | 211 |       
|                                                      |                                                                  |                                                   |     |    
|Net assets in liquidation at March 31, 2002           |                                                                  | $                                                 | 381 |    
|                                                      |                                                                  |                                                   |     |    

See Accompanying Notes to Financial Statements

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BRUNNER COMPANIES INCOME PROPERTIES, L.P. I
NOTES TO FINANCIAL STATEMENTS
(Unaudited)

Note A  Basis of Presentation

Brunner Companies Income Properties L.P. I (the Partnership), is in the
process of liquidation. During 2001 the Partnership owned and operated three
retail shopping centers: Georgetown Landing, Georgetown, South Carolina
(Georgetown Landing); White Horse Plaza, Greenville, South Carolina
(Whitehorse Plaza); and Hitchcock Plaza, Aiken, South Carolina (Hitchcock
Plaza). On November 1, 2001, the Partnership sold Whitehorse Plaza. On
February 15, 2002, Georgetown Landing was sold. The Partnership continues to
own and manage Hitchcock Plaza, which is available for sale. Due to the
significant general and administrative expenses required in continuing to
operate as a public partnership, management intends to sell Hitchcock Plaza as
promptly as possible.

As a result of the foregoing, the Partnership adopted the liquidation basis of
accounting at December 31, 2001. Under the liquidation basis of accounting,
assets are adjusted to their estimated net realizable value and liabilities are
presented at their estimated net settlement amounts. The liquidation basis of
accounting also requires management to recognize the estimated costs associated
with carrying out the liquidation. The revaluation of assets and liabilities
and the recognition of estimated liquidation costs require certain judgments,
assumptions and estimates by management, which may change as the liquidation
progresses.

The accompanying unaudited financial statements of Brunner Companies Income
Properties L.P. I (the Partnership) have been prepared in accordance with
accounting principles generally accepted in the United States of America for
interim financial information and with the instructions to Form 10-QSB and Item
310(b) of Regulation S-B. Accordingly, they do not include all of the
information and footnotes required by accounting principles generally accepted
in the United States of America for complete financial statements. In the
opinion of 104 Management, Inc. (the Managing General Partner), an Ohio
corporation, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. Operating
results for the three-month period ended March 31, 2002, are not necessarily
indicative of the results that may be expected for the fiscal year ending
December 31, 2002. For further information, refer to the financial statements
and footnotes thereto included in the Partnerships annual report on Form
10-KSB for the fiscal year ended December 31, 2001.

Certain reclassifications have been made to the 2001 information to conform to
the 2002 presentation.

Note B  Net Adjustment to Liquidation Basis of Accounting

At December 31, 2001, in accordance with the liquidation basis of accounting,
assets were adjusted to their estimated net realizable values. Also, estimated
costs associated with carrying out the liquidation were accrued. Management
presently estimates that all liabilities will be settled at their face amount,
without adjustment.

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At March 31, 2002, the carrying value of Hitchcock Plaza was adjusted by
$166,000 to reflect a decrease in the estimatable realizable value of this
property. The estimatable realizable value for Hitchcock Plaza is based on the
residual value necessary for full payment of the mortgage note payable after
the settlement of all restricted assets and the settlement of all liabilities
payable from restricted assets.

At December 31, 2001, the carrying value of Hitchcock Plaza was adjusted by
$657,000 to its estimated net realizable value. Also, at December 31, 2001,
the carrying value of Georgetown Landing was adjusted to its February 15, 2002
sales price of $1,775,000, which included a gain of $256,000. The net proceeds
of $1,662,000 from this sale, net of commissions and closing costs of $113,000,
were received by the Partnership upon the sale of Georgetown Landing on
February 15, 2002. Prior to the adoption of the liquidation basis of
accounting, investment properties were stated at the lower of cost or estimated
fair value. The statements of net assets in liquidation as of March 31, 2002
and December 31, 2001 include an estimate of $80,000 in estimated liquidation
costs expected to be settled during the period of liquidation, based on the
assumption that the liquidation process will be completed during 2002. Because
the success in realization of assets and the settlement of liabilities is based
on the Managing General Partners best estimates, the liquidation period may be
shorter than projected or it may be extended beyond the projected period.
Furthermore the actual amounts realized on assets and the settlement of
liabilities could differ from the Managing General Partners estimate.

Note C  Mortgage Note Payable

The Partnerships nonrecourse mortgage note payable was due on May 10, 2002.
The Partnership has requested an extension of this mortgage note payable from
its lender, New York Life Insurance Company (the Lender). The Lender has
agreed verbally not to immediately foreclose and to allow the Partnership to
continue to operate and to continue make monthly note payments of $75,691 of
interest, principal and escrow based on the existing terms of the note, until
an extension agreement is formalized or the Hitchcock Plaza property is sold.
Interest on the note accrues at 7% per annum.

Note D  Kmart Corporation Bankruptcy Filing

The major tenant of Hitchcock Plaza, Kmart Corporation (Kmart), filed for
reorganization under Chapter 11 of the U. S. Bankruptcy Code on January 22,
2002. Pursuant to the bankruptcy proceedings, Kmarts lease, for 86,479 square
feet of space or 37.1% of Hitchcock Plazas square footage, which expires in
2012, may be terminated. Kmart has requested that the Partnership voluntarily
reduce its monthly rent by 20%. Any change in the terms of the Kmart lease
would require the approval of the Lender. Management of the Partnership is
presently negotiating with Kmart concerning the affirmation of its lease.

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Note E  Allowance For Doubtful Accounts

The Partnership records as an allowance for uncollectable rents 100% of
receivables over ninety days old, 50% of receivables over sixty but less than
ninety one days old and 100% of receivables from
former tenants. Increases in the allowance for uncollectable rents are
included in the Statement of Operations as a charge against rental income.
Recoveries of rents previously reserved are included in rental income as
collected.

Note F  Collection of Rents By the Lender

In February 2001, the Lender, pursuant to an assignment of rents provision in
the mortgage note agreements, contacted each tenant of all three Investment
Properties and exercised its right to begin collecting rents directly from each
tenant. The Lender has agreed to provide funding from the rents collected on a
monthly basis to the Partnership for all ongoing expenses and obligations based
on a budget approved by the Lender. The Lender has not foreclosed on the
properties. The Lender has also agreed that the net cash flows after payment
of expenses, debt service and escrow will be deposited into the Restricted Cash
in Escrow account, on a quarterly basis. Also, in February of 2001, the Lender
and Management agreed to move the Restricted Cash in Escrow account from
Regions Bank to a money market fund account with Eclipse Investment Management,
LLC, a subsidiary of the Lender.

Note G  Transactions with Affiliated Parties

The Partnership has no employees and is dependent on the Managing General
Partner and its affiliates for the management and administration of all
partnership activities. All of the outstanding stock of the Managing General
Partner is owned by BCIP I & III, LLC, an affiliate of Hull/Storey Development,
LLC (Hull/Storey). The partnership agreement provides for payments to
affiliates for property management services based on a percentage of revenue
and for reimbursement of certain expenses incurred by affiliates on behalf of
the Partnership. The following payments were made to affiliates of the Managing
General Partner during the three months ended March 31, 2002 and 2001 (in
thousands):

|                                                                                           |  |      |    |      |  |   |   | 
|------------------------------------------------------------------------------------------ |  | ---- | -- | ---- |  | - | - | 
|                                                                                           |  | 2002 |    | 2001
|                                                                                           |  |      |    |     
|Property management fees (included in
operating expenses)                                  |  | $    | 10 |      |  | $ | 9 | 
|Reimbursement for services of affiliates
(included in general and administrative
expenses) |  | $    | 4  |      |  | $ | 6 | 

Additionally, the Partnership paid approximately $1,280 and $2,880 to an
affiliate of the Managing General Partner for lease commissions related to new
leases or lease extensions at the Partnerships properties during the three
months ended March 31, 2002 and 2001 respectively. For the three months ended
March 31, 2001, these lease commissions were included in other assets and
amortized over the terms of the respective leases. For 2002, lease commissions
were expensed as incurred under the liquidation basis of accounting.

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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

At December 31, 2001, the Partnership adopted the liquidation basis of
accounting. Results of operations for the first quarter 2002 are not
comparable with the results for the first quarter of 2001 due to the change to
the liquidation basis of accounting, the disposal of Whitehorse Plaza in 2001,
and the disposal of Georgetown Landing in 2002. The Partnerships net loss,
under the liquidation basis of accounting, for the three months ended March 31,
2002, was $70,000.

Property Tax Expense Resulting From Kmart Bankruptcy

During the first quarter of 2002, the Partnership recognized additional
property taxes of $67,000 relating to Kmart at Hitchcock Plaza. These taxes
are normally paid directly by Kmart with no expense to the Partnership.
However, due to the Chapter 11 Bankruptcy Filing by Kmart on January 22, 2002,
the Partnership accrued the 2001 taxes relating to Kmart and also has accrued
an additional $4,000 of property taxes relating to Kmart for the first 22 days
of the first quarter of 2002. Management is continuing to negotiate with Kmart
Corporation concerning the reaffirmation of its lease at Hitchcock Plaza.

Refund of Prior Period Property Taxes Paid on Sale of Hitchcock Plaza

During the first quarter of 2002, the Partnership recorded as other income a
refund of $34,000 of property taxes paid at the closing of the sale of
Whitehorse Plaza in November of 2001. These taxes were originally paid
contingent on the settlement of a tax appeal as to the final amount. The
appeal has been settled and the refunded amount was the result of the decrease
in the tax assessment on the property.

Cash Flow and Liquidity

Management continues to expect that the continued operation of Hitchcock Plaza
will generate sufficient cash flow to meet its current cash flow requirements
with the exception of the repayment in full of its mortgage note payable, which
was due in full on May 10, 2002. The Lender has agreed not to immediately
foreclose on the property. Management is negotiating with the Lender to extend
the note. The Partnership has no other sources of liquidity.

Other

Certain items discussed in this quarterly report may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995 (the Reform Act) and as such may involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of the Partnership to be materially different from any future
results, performance, or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements speak only as of
the date of this quarterly report. The Partnership expressly disclaims any
obligation or undertaking to release publicly any updates of revisions to any
forward-looking statements contained herein to reflect any change in the
Partnerships expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement
is based.

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PART II  OTHER INFORMATION




ITEM 3. DEFAULTS UPON SENIOR SECURITIES

The Partnerships mortgage note payable was past due on May 10, 2002, which
caused the Partnership to be in default of its loan agreement. The Lender has
verbally agreed not to foreclose. Management is currently negotiating with the
Lender for an additional extension. During the extension and negotiating
period, management and the Lender have agreed to continue the existing terms of
the most recent modification agreement. The mortgage notes will continue to
bear interest at the rate of 7% per annum and the Partnership will continue to
make monthly payments of principal, interest and escrow of $75,691.




ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a)  Exhibits:

None

(b)  Reports on Form 8-K:

No reports on Form 8-K were filed during the quarter ended March 31, 2002.

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SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

| |  |                                                                          
| |  | -------------------------------------------------------------------------
| |  | BRUNNER COMPANIES INCOME PROPERTIES L.P. I                               
|
| |  | By:   Brunner Management Limited Partnership
         Its General Partner
|
| |  | By:   104 Management, Inc.
         Its Managing General Partner         
|
| |  | By:   /s/ James M. Hull                                                  
| |  |                                                                          
| |  | James M. Hull
      President and Director                               
|
| |  | By:   /s/ Deborah Mosley                                                 
| |  |                                                                          
| |  | Deborah Mosley
      Chief Accounting Officer                            
|
| |  | Date: May 14, 2002                                                       

-10-