Back to GetFilings.com
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 (FEE REQUIRES)
For the fiscal year ended March 31, 2000
Commission File Number 0-19022
Gateway Tax Credit Fund II Ltd.
(Exact name of Registrant as specified in its charter)
Florida 65-0142704
(State or other jurisdiction of ( I.R.S. Employer No.)
incorporation or organization)
880 Carillon Parkway, St. Petersburg, Florida 33716
(Address of principal executive offices) (Zip Code)
Registrant's Telephone No., Including Area Code: (727)573-3800
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Title of Each Class: Beneficial Assignee Certificates
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
Indicate by check mark if disclosure of delinquent filers pursuant to item
405 of Regulation S-K (Sec. 229.405 of this chapter) is not contained
herein, and will be contained to the best of registrant's knowledge, in
definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this Form 10-K. X
Number of Units
Title of Each Class March 31, 2000
Beneficial Assignee Certificates 2,310
General Partner Interest 2
DOCUMENTS INCORPORATED BY REFERENCE
Parts III and IV - Form S-11 Registration Statement and all amendments and
supplements thereto.
File No. 33-31821
PART I
Item 1. Business
Gateway Tax Credit Fund II Ltd. ("Gateway") is a Florida Limited
Partnership. The general partners are Raymond James Tax Credit Funds,
Inc., the Managing General Partner, and Raymond James Partners, Inc., both
sponsors of Gateway Tax Credit Fund II Ltd. and wholly-owned subsidiaries
of Raymond James Financial, Inc.
Pursuant to the Securities Act of 1933, Gateway filed a Form S-11
Registration Statement with the Securities and Exchange Commission,
effective September 12, 1989, which covered the offering (the "Public
Offering") of Gateway's Beneficial Assignee Certificates ("BACs")
representing assignments of units for the beneficial interest of the
limited partnership interest of the Assignor Limited Partner. The Assignor
Limited Partner was formed for the purpose of serving in that capacity for
the Fund and will not engage in any other business.
Gateway is engaged in only one industry segment, to acquire limited
partnership interests in unaffiliated limited partnerships ("Project
Partnerships"), each of which owns and operates one or more apartment
complexes eligible for Low-Income Housing Tax Credits under Section 42 of
the Internal Revenue Code ("Tax Credits"), received over a ten year period.
Subject to certain limitations, Tax Credits may be used by Gateway's
investors to reduce their income tax liability generated from other income
sources. Gateway will terminate on December 31, 2040, or sooner, in
accordance with the terms of its Limited Partnership Agreement. As of
March 31, 2000, Gateway had received capital contributions of $1,000 from
the General Partners and $37,228,000 from Assignees.
Gateway offered BACs in five series. BACs in the amounts of $6,136,000,
$5,456,000, $6,915,000, $8,616,000 and $10,105,000 for Series 2, 3, 4, 5,
and 6, respectively had been issued as of March 31, 2000. Each series is
treated as a separate partnership, investing in a separate and distinct
pool of Project Partnerships. Net proceeds from each series were used to
acquire Project Partnerships which are specifically allocated to such
series. Income or loss and all tax items from the Project Partnerships
acquired by each series are specifically allocated among the Assignees of
such series.
Operating profits and losses, cash distributions from operations and Tax
Credits are allocated 99% to the Assignees and 1% to the General Partners.
Profit or loss and cash distributions from sales of property will be
allocated as described in the Limited Partnership Agreement.
As of March 31, 2000, Gateway had invested in 22 Project Partnerships for
Series 2, 23 Project Partnerships for Series 3, 29 Project Partnerships for
Series 4, 36 Project Partnerships for Series 5 and 38 Project Partnerships
for Series 6. Gateway acquired its interests in these properties by
becoming a limited partner in the Project Partnerships that own the
properties. As of March 31, 2000 each series was fully invested in Project
Partnerships and management plans no new investments in the future.
The primary source of funds from the inception of each series has been
the capital contributions from Assignees. Gateway's operating costs are
funded using the reserves, established for this purpose, the interest
earned on these reserves and distributions received from Project
Partnerships.
All but two of the Project Partnerships are government subsidized with
mortgage loans from the Farmers Home Administration (now called United
States Department of Agriculture - Rural Development) ("USDA-RD") under
Section 515 of the Housing Act of 1949. These mortgage loans are made at
low interest rates for multi-family housing in rural and suburban areas,
with the requirement that the interest savings be passed on to low income
tenants in the form of lower rents. A significant portion of the project
partnerships also receive rental assistance from USDA-RD to subsidize
certain qualifying tenants.
The General Partners do not believe the Project Partnerships are subject
to the risks generally associated with conventionally financed
nonsubsidized apartment properties. Risks related to the operations of
Gateway are described in detail on pages 23 through 34 of the Prospectus,
as supplemented, under the Caption "Risk Factors" which is incorporated
herein by reference. The investment objectives of Gateway are to:
1) Provide tax benefits to Assignees in the form of Tax Credits
during the period in which each Project is eligible to claim tax
credits;
2) Preserve and protect the capital contribution of Investors;
3) Participate in any capital appreciation in the value of the
Projects; and
4) Provide passive losses to i) individual investors to offset
passive income from other passive activities, and ii) corporate
investors to offset business income.
The investment objectives and policies of Gateway are described in detail
on pages 34 through 40 of the Prospectus, as supplemented, under the
caption "Investment Objectives and Policies" which is incorporated herein
by reference.
Gateway's goal was to invest in a diversified portfolio of Project
Partnerships located in rural and suburban locations with a high demand for
low income housing. As of March 31, 2000 the investor capital
contributions were successfully invested in Project Partnerships which met
the investment criteria. Management anticipates that competition for
tenants will only be with other low income housing projects and not with
conventionally financed housing. With significant number of rural American
households living below the poverty level in substandard housing,
management believes there will be a continuing demand for affordable low
income housing for the foreseeable future.
Gateway has no direct employees. Services are performed by the Managing
General Partner and its affiliates and by agents retained by it. The
Managing General Partner has full and exclusive discretion in management
and control of Gateway.
Item 2. Properties
Gateway owns a majority interest in properties through its limited
partnership investments in Project Partnerships. The largest single
investment in a Project Partnership in Series 2 is 15.9% of the Series'
total assets, Series 3 is 10.8%, Series 4 is 7.7%, Series 5 is 12.3% and
Series 6 is 15.8%. The following table provides certain summary
information regarding the Project Partnerships in which Gateway had an
interest as of December 31, 1999:
Item 2 - Properties (continued):
SERIES 2
OCCU-
LOCATION OF # OF DATE PROPERTY PANCY
PARTNERSHIP PROPERTY UNIT ACQUIRED COST RATE
- ----------- ----------- ----- ------------------- -----
Claxton Elderly Claxton, GA 24 9/90 $ 799,538 96%
Deerfield II Douglas, GA 24 9/90 854,562 88%
Hartwell Family Hartwell, GA 24 9/90 859,698 100%
Cherrytree Apts. Albion, PA 33 9/90 1,439,636 97%
Springwood Apts. Westfield, NY 32 9/90 1,511,700 100%
Lakeshore Apts. Tuskegee, AL 34 9/90 1,267,543 97%
Lewiston Lewiston, NY 25 10/90 1,233,935 100%
Charleston Charleston, AR 32 9/90 1,076,098 91%
Sallisaw II Sallisaw, OK 47 9/90 1,517,589 91%
Pocola Pocola, OK 36 10/90 1,245,870 94%
Inverness Club Inverness, FL 72 9/90 3,496,824 96%
Pearson Elderly Pearson, GA 25 9/90 781,460 80%
Richland Elderly Richland, GA 33 9/90 1,057,871 91%
Lake Park Lake Park, GA 48 9/90 1,794,542 92%
Woodland Terrace Waynesboro, GA 30 9/90 1,079,691 93%
Mt. Vernon Elderly Mt. Vernon, GA 21 9/90 700,935 90%
Lakeland Elderly Lakeland, GA 29 9/90 955,815 100%
Prairie Apartments Eagle Butte, SD 21 10/90 1,258,895 76%
Sylacauga Heritage Sylacauga, AL 44 12/90 1,761,852 91%
Manchester Housing Manchester, GA 49 1/91 1,781,301 92%
Durango C.W.W. Durango, CO 24 1/91 1,293,170 100%
Columbus Seniors Columbus, KS 16 5/92 515,233 100%
----- ----------
723 $28,283,758
==== ===========
The aggregate average effective rental per unit is $3,372 per year ($281
per month).
Inverness Club Ltd.'s fixed asset total is 12.4% of the Series 2 total
Project Partnership fixed assets. Inverness Club was placed in service in
October 1991, is located on Florida's West Coast and operates as a
low-income 72 unit apartment facility for the elderly. It also offers an
optional congregate services package to all tenants. The property competes
for tenants with six other apartment properties in the area. The market
study estimated a demand for 100 elderly units.
Inverness Club's occupancy rate was 96% and its average effective annual
rental per unit was $5,007 ($417 per month) on December 31, 1999. The land
cost was $205,500 and the building cost was $3,291,324. The building is
depreciated using the straight line method over 27.5 years. Management
believes the property insurance coverage is adequate. For the year ended
December 31, 1999 the real estate taxes were $53,646.
Item 2 - Properties (continued):
SERIES 3
OCCU-
LOCATION OF # OF DATE PROPERTY PANCY
PARTNERSHIP PROPERTY UNIT ACQUIRED COST RATE
- ----------- ----------- ----- ------- -------- -----
Poteau II Poteau, OK 52 8/90 $ 1,789,148 98%
Sallisaw Sallisaw, OK 52 8/90 1,744,103 92%
Nowata Properties Oolagah, OK 32 8/90 1,148,484 84%
Waldron Properties Waldron, AR 24 9/90 860,273 96%
Roland II Roland, OK 52 10/90 1,804,010 92%
Stilwell Stilwell, OK 48 10/90 1,597,701 100%
Birchwood Apts. Pierre, SD 24 9/90 1,065,305 83%
Hornellsville Arkport, NY 24 9/90 1,100,170 96%
Sunchase II Watertown, SD 41 9/90 1,347,598 95%
CE McKinley II Rising Sun, MD 16 9/90 818,824 100%
Weston Apartments Weston, AL 10 11/90 339,949 100%
Countrywood Apts. Centreville, AL 40 11/90 1,519,764 100%
Wildwood Apts. Pineville, LA 28 11/90 1,084,325 93%
Hancock Hawesville, KY 12 12/90 440,425 100%
Hopkins Madisonville, KY 24 12/90 927,256 92%
Elkhart Apts. Elkhart, TX 54 1/91 1,563,885 96%
Bryan Senior Bryan, OH 40 1/91 1,187,114 100%
Brubaker Square New Carlisle, OH 38 1/91 1,457,668 92%
Southwood Savannah, TN 44 1/91 1,792,292 98%
Villa Allegra Celina, OH 32 1/91 1,139,316 97%
Belmont Senior Cynthiana, KY 24 1/91 935,143 100%
Heritage Villas Helena, GA 25 3/91 824,759 100%
Logansport Seniors Logansport, LA 32 3/91 1,086,394 100%
---- ----------
768 $ 27,573,906
==== ===========
The average effective rental per unit is $3,014 per year ($251 per month).
Item 2 - Properties (continued):
SERIES 4
OCCU-
LOCATION OF # OF DATE PROPERTY PANCY
PARTNERSHIP PROPERTY UNIT ACQUIRED COST RATE
- ----------- ----------- ---- -------- -------- ------
Alsace Soda Springs, ID 24 12/90 $ 807,287 83%
Seneca Apartments Seneca, MO 24 2/91 728,737 92%
Eudora Senior Eudora, KS 36 3/91 1,257,482 100%
Westville Westville, OK 36 3/91 1,101,686 83%
Wellsville Senior Wellsville, KS 24 3/91 810,970 100%
Stilwell II Stilwell, OK 52 3/91 1,657,974 90%
Spring Hill Sr. Spring Hill, KS 24 3/91 1,036,369 92%
Smithfield Smithfield, UT 40 4/91 1,841,135 95%
Tarpon Heights Galliano, LA 48 4/91 1,493,434 100%
Oaks Apartments Oakdale, LA 32 4/91 1,032,509 97%
Wynnwood Common Fairchance, PA 34 4/91 1,679,018 100%
Chestnut Howard, SD 24 5/91 1,057,315 71%
Apts -St. George St. George, SC 24 6/91 940,861 100%
Williston Williston, SC 24 6/91 1,002,600 100%
Brackettville Sr. Brackettville, TX 32 6/91 991,966 97%
Sonora Seniors Sonora, TX 32 6/91 1,013,315 100%
Ozona Seniors Ozona, TX 24 6/91 759,843 96%
Fredericksburg Sr. Fredericksburg, TX 48 6/91 1,402,563 98%
St. Joseph St. Joseph, IL 24 6/91 976,453 88%
Courtyard Huron, SD 21 6/91 848,626 100%
Rural Development Ashland, ME 25 6/91 1,422,482 100%
Jasper Villas Jasper, AR 25 6/91 1,101,517 88%
Edmonton Senior Edmonton, KY 24 6/91 906,714 96%
Jonesville Manor Jonesville, VA 40 6/91 1,723,784 95%
Norton Green Norton, VA 40 6/91 1,697,734 100%
Owingsville Senior Owingsville, KY 22 8/91 848,044 100%
Timpson Seniors Timpson, TX 28 8/91 815,916 96%
Piedmont Barnesville, GA 36 8/91 1,289,047 92%
S.F. Arkansas City Arkansas City, KS 12 8/91 412,028 92%
---- ---------
879 $32,657,409
==== ==========
The average effective rental per unit is $3,228 per year ($269 per month).
Item 2 - Properties (continued):
SERIES 5
OCCU-
LOCATION OF # OF DATE PROPERTY PANCY
PARTNERSHIP PROPERTY UNIT ACQUIRED COST RATE
- ----------- ----------- ---- -------- -------- -----
Seymour Seymour, IN 37 8/91 1,518,441 97%
Effingham Effingham, IL 24 8/91 980,617 100%
S.F. Winfield Winfield, KS 12 8/91 400,920 83%
S.F.Medicine Lodge Medicine Lodge,KS 16 8/91 564,559 100%
S.F. Ottawa Ottawa, KS 24 8/91 707,449 100%
S.F. Concordia Concordia, KS 20 8/91 686,962 95%
Highland View Elgin, OR 24 9/91 888,290 75%
Carrollton Club Carrollton, GA 78 9/91 3,217,901 96%
Scarlett Oaks Lexington, SC 40 9/91 1,675,974 100%
Brooks Hill Ellijay, GA 44 9/91 1,750,689 100%
Greensboro Greensboro, GA 24 9/91 866,259 96%
Greensboro II Greensboro, GA 33 9/91 1,088,664 97%
Pine Terrace Wrightsville, GA 25 9/91 885,186 88%
Shellman Shellman, GA 27 9/91 901,648 100%
Blackshear Cordele, GA 46 9/91 1,593,662 100%
Crisp Properties Cordele, GA 31 9/91 1,127,994 100%
Crawford Crawford, GA 25 9/91 907,712 92%
Yorkshire Wagoner, OK 60 9/91 2,553,154 97%
Woodcrest South Boston, VA 40 9/91 1,574,776 95%
Fox Ridge Russellville, AL 24 9/91 889,941 96%
Redmont II Red Bay, AL 24 9/91 840,596 100%
Clayton Clayton, OK 24 9/91 871,530 100%
Alma Alma, AR 24 9/91 957,710 100%
Pemberton Village Hiawatha, KS 24 9/91 766,979 92%
Magic Circle Eureka, KS 24 9/91 796,127 96%
Spring Hill Spring Hill, KS 36 9/91 1,449,378 100%
Menard Retirement Menard, TX 24 9/91 760,852 88%
Wallis Housing Wallis, TX 24 9/91 578,454 92%
Zapata Housing Zapata, TX 40 9/91 1,238,405 98%
Mill Creek Grove, OK 60 11/91 1,741,669 98%
Portland II Portland, IN 20 11/91 746,097 90%
Georgetown Georgetown, OH 24 11/91 931,542 100%
Cloverdale Cloverdale, IN 24 1/92 946,288 100%
So. Timber Ridge Chandler, TX 44 1/92 1,297,275 100%
Pineville Pineville, MO 12 5/92 397,085 92%
Ravenwood Americus, GA 24 1/94 900,996 100%
----- ---------
1,106 $40,001,781
==== ===========
The average effective rental per unit is $3,214 per year ($268 per month).
Item 2 - Properties (continued):
SERIES 6
OCCU-
LOCATION OF # OF DATE PROPERTY PANCY
PARTNERSHIP PROPERTY UNIT ACQUIRED COST RATE
- ----------- ----------- ----- -------- -------- -----
Spruce Pierre, SD 24 11/91 1,132,706 79%
Shannon O'Neill, NE 16 11/91 665,527 94%
Carthage Carthage, MO 24 1/92 723,610 96%
Mountain Crest Enterprise, OR 39 3/92 1,238,874 72%
Coal City Coal City, IL 24 3/92 1,221,905 100%
Blacksburg Terrace Blacksburg, SC 32 4/92 1,323,070 100%
Frazer Place Smyrna, DE 30 4/92 1,675,489 97%
Ehrhardt Ehrhardt, SC 16 4/92 685,776 94%
Sinton Sinton, TX 32 4/92 1,053,059 94%
Frankston Frankston, TX 24 4/92 674,981 100%
Flagler Beach Flagler Beach, FL 43 5/92 1,653,116 100%
Oak Ridge Williamsburg, KY 24 5/92 1,037,966 100%
Monett Monett, MO 32 5/92 962,304 97%
Arma Arma, KS 28 5/92 876,606 96%
Southwest City Southwest City, MO 12 5/92 389,366 83%
Meadowcrest Luverne, AL 32 6/92 1,203,738 97%
Parsons Parsons, KS 48 7/92 1,532,968 98%
Newport Village Newport, TN 40 7/92 1,613,724 100%
Goodwater Falls Jenkins, KY 36 7/92 1,393,363 100%
Northfield Station Corbin, KY 24 7/92 1,022,561 83%
Pleasant Hill Somerset, KY 24 7/92 954,810 88%
Winter Park Mitchell, SD 24 7/92 1,257,402 92%
Cornell Watertown, SD 24 7/92 1,084,258 92%
Heritage Drive So. Jacksonville, TX 40 1/92 1,207,110 100%
Brodhead Brodhead, KY 24 7/92 959,534 92%
Mt. Village Mt. Vernon, KY 24 7/92 943,158 88%
Hazlehurst Hazlehurst, MS 32 8/92 1,182,340 97%
Sunrise Yankton, SD 33 8/92 1,414,746 100%
Stony Creek Hooversville, PA 32 8/92 1,649,283 88%
Logan Place Logan, OH 40 9/92 1,523,772 95%
Haines Haines, AK 32 8/92 3,035,118 84%
Maple Wood Barbourville, KY 24 8/92 1,007,744 100%
Summerhill Gassville, AR 28 9/92 842,201 93%
Dorchester St. George, SC 12 9/92 562,272 100%
Lancaster Mountain View, AR 33 9/92 1,382,821 100%
Autumn Village Harrison, AR 16 7/92 615,604 100%
Hardy Hardy, AR 24 7/92 936,514 100%
Dawson Dawson, GA 40 11/93 1,474,973 98%
---- ---------
1,086 $44,114,369
==== ===========
The average effective rental per unit is $3,329 per year ($277 per month).
Item 2 - Properties (continued):
A summary of the cost of the properties at December 31, 1999, 1998 and 1997
is as follows:
12/31/99
SERIES 2 SERIES 3 SERIES 4
Land $ 1,012,180 $ 985,546 $ 1,188,112
Land Improvements 123,358 379,665 137,610
Buildings 26,249,454 25,015,969 29,894,951
Furniture and Fixtures 898,766 1,192,726 1,436,736
----------- ----------- -----------
Properties, at Cost 28,283,758 27,573,906 32,657,409
Less: Accum.Depreciation 8,394,446 10,647,074 9,323,398
----------- ----------- -----------
Properties, Net $ 19,889,312 $ 16,926,832 $ 23,334,011
=========== =========== ===========
SERIES 5 SERIES 6 TOTAL
Land $ 1,456,671 $ 1,779,755 $ 6,422,264
Land Improvements 66,384 517,455 1,224,472
Buildings 36,914,988 39,804,795 157,880,157
Furniture and Fixtures 1,563,738 2,012,364 7,104,330
----------- ----------- ------------
Properties, at Cost 40,001,781 44,114,369 172,631,223
Less: Accum.Depreciation 10,765,825 10,920,837 50,051,580
----------- ----------- ------------
Properties, Net $ 29,235,956 $ 33,193,532 $ 122,579,643
=========== =========== ============
12/31/98
SERIES 2 SERIES 3 SERIES 4
Land $1,012,180 $ 985,546 $ 1,188,112
Land Improvements 123,358 242,943 143,608
Buildings 26,240,151 25,157,917 29,897,293
Furniture and Fixtures 902,400 1,116,780 1,408,453
----------- ----------- ----------
Properties, at Cost
Less: Accum.Depreciation 28,278,089 27,503,186 32,637,466
7,497,204 9,442,106 8,340,684
Properties, Net ----------- ------------ ----------
$20,780,885 $18,061,080 $24,296,782
=========== =========== ===========
SERIES 5 SERIES 6 TOTAL
Land $ 1,456,671 $ 1,779,755 $ 6,422,264
Land Improvements 59,966 475,244 1,045,119
Buildings 36,889,183 39,742,035 157,926,579
Furniture and Fixtures 1,523,727 1,960,336 6,911,696
---------- ---------- -----------
Properties, at Cost 39,929,547 43,957,370 172,305,658
Less: Accum.Depreciation 9,481,184 9,550,937 44,312,115
---------- ---------- -----------
Properties, Net $30,448,363 $34,406,433 $127,993,543
=========== =========== ============
12/31/97
SERIES 2 SERIES 3 SERIES 4
Land $ 1,012,180 $ 985,546 $ 1,188,112
Land Improvements 118,113 242,943 123,230
Buildings 26,235,180 25,126,561 29,953,004
Furniture and Fixtures 887,906 1,079,796 1,345,403
Construction in Progress 0 0 9,011
---------- ---------- ----------
Properties, at Cost 28,253,379 27,434,846 32,618,760
Less: Accum.Depreciation 6,581,790 8,538,755 7,324,765
---------- ---------- ----------
Properties, Net $21,671,589 $18,896,091 $25,293,995
=========== =========== ===========
SERIES 5 SERIES 6 TOTAL
Land $ 1,461,156 $ 1,779,755 $ 6,426,749
Land Improvements 71,317 478,286 1,033,889
Buildings 36,827,233 39,721,640 157,863,618
Furniture and Fixtures 1,490,535 1,886,188 6,689,828
Construction in Progress 0 0 9,011
---------- ---------- -----------
Properties, at Cost 39,850,241 43,865,869 172,023,095
Less: Accum.Depreciation 8,170,490 8,136,483 38,752,283
---------- ---------- -----------
Properties, Net $31,679,751 $35,729,386 $133,270,812
=========== =========== ===========
Item 3. Legal Proceedings
Gateway is not a party to any material pending legal proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
As of March 31, 2000, no matters were submitted to a vote of security
holders, through the solicitation of proxies or otherwise.
PART II
Item 5. Market for the Registrant's Securities and Related Security Holder
Matters
(a) Gateway's Limited Partnership interests (BACs) are not publicly
traded. There is no market for Gateway's Limited Partnership
interests and it is unlikely that any will develop. No transfers of
Limited Partnership Interest or BAC Units are permitted without the
prior written consent of the Managing General Partner. There have
been several transfers from inception to date with most being from
individuals to their trusts or heirs. The Managing General Partner is
not aware of the price at which the units are transferred. The
conditions under which investors may transfer units is found under
ARTICLE XII - "Issuance of BAC'S" on pages A-29 and A-30 of the
Limited Partnership Agreement within the Prospectus, which is
incorporated herein by reference.
There have been no distributions to Assignees from inception
to date.
(b) Approximate Number of Equity Security Holders:
Title of Class Number of Holders
as of March 31, 2000
Beneficial Assignee Certificates 2,310
General Partner Interest 2
Item 6. Selected Financial Data
FOR THE YEARS ENDED MARCH 31,:
SERIES 2 2000 1999 1998 1997 1996
---- ---- ---- ---- ----
Total
Revenues $ 40,198 $ 41,405 $ 41,272 $ 36,217 $ 36,532
Net Loss (166,538) (221,305) (337,693) (582,633) (591,355)
Equity in
Losses of
Project
Partnerships (115,544) (126,899) (288,412) (527,175) (537,111)
Total Assets 723,067 853,057 1,045,569 1,345,931 1,893,838
Investments
In Project
Partnerships 208,215 331,579 510,805 814,883 1,350,923
Per BAC: (A)
Tax Credits 166.30 166.30 166.40 166.40 166.30
Portfolio
Income 12.20 12.90 13.10 12.10 11.20
Passive Loss (141.60) (144.60) (147.90) (141.90) (126.10)
Net Loss (26.87) (35.71) (54.48) (94.00) (95.41)
FOR THE YEARS ENDED MARCH 31,:
SERIES 3 2000 1999 1998 1997 1996
---- ---- ---- ---- ----
Total
Revenues $ 51,385 $ 44,329 $ 65,111 $ 31,128 $ 31,179
Net Loss (147,068) (187,324) (221,508) (341,282) (470,880)
Equity in
Losses of
Project
Partnerships (114,700) (105,820) (198,168) (285,853) (421,996)
Total Assets 545,897 669,866 846,210 1,043,223 1,362,838
Investments
In Project
Partnerships 100,190 218,820 378,000 584,189 901,663
Per BAC: (A)
Tax Credits 68.90 164.30 176.60 176.40 176.65
Portfolio
Income 12.80 14.10 20.10 13.90 14.00
Passive Loss (151.20) (145.00) (154.10) (146.40) (143.30)
Net Loss (26.69) (33.99) (40.19) (61.93) (85.44)
Item 6. Selected Financial Data
FOR THE YEARS ENDED MARCH 31,:
SERIES 4 2000 1999 1998 1997 1996
---- ---- ---- ---- ----
Total
Revenues $ 48,997 $ 46,672 $ 44,309 $ 41,455 $ 42,246
Net Loss (235,491) (348,671) (485,415) (696,010) (705,639)
Equity in
Losses of
Project
Partnerships (175,823) (208,919) (421,886) (635,178) (644,865)
Total Assets 1,082,020 1,280,602 1,600,054 2,048,377 2,711,102
Investments
In Project
Partnerships 487,692 676,348 981,823 1,423,319 2,073,510
Per BAC: (A)
Tax Credits 168.60 168.60 168.60 168.60 168.60
Portfolio
Income 14.30 14.10 13.70 13.20 12.90
Passive Loss (137.50) (136.00) (157.20) (149.30) (142.30)
Net Loss (33.71) (49.92) (69.50) (99.65) (101.02)
FOR THE YEARS ENDED MARCH 31,:
SERIES 5 2000 1999 1998 1997 1996
---- ---- ---- ---- ----
Total
Revenues $ 65,839 $ 64,661 $ 54,417 $ 52,985 $ 54,273
Net Loss (243,982) (403,555) (813,502) (997,362) (781,436)
Equity in
Losses of
Project
Partnerships (178,140) (300,042) (728,729) (911,965) (700,127)
Total Assets 1,728,422 1,932,914 2,306,065 3,078,890 4,041,606
Investments
In Project
Partnerships 951,449 1,145,581 1,500,087 2,268,632 3,211,868
Per BAC: (A)
Tax Credits 164.60 164.60 164.60 164.70 164.60
Portfolio
Income 14.30 14.40 14.10 13.10 12.50
Passive Loss (134.60) (149.20) (141.60) (137.80) (124.30)
Net Loss (28.03) (46.37) (93.47) (114.60) (89.79)
Item 6. Selected Financial Data
FOR THE YEARS ENDED MARCH 31,:
SERIES 6 2000 1999 1998 1997 1996
---- ---- --- ---- ----
Total
Revenues $ 54,234 $ 50,722 $ 49,707 $ 47,326 $ 48,446
Net Loss (531,947) (701,324) (870,137) (915,827) (821,024)
Equity in
Losses of
Project
Partnerships (433,597) (601,405) (761,923) (805,310) (710,986)
Total Assets 2,793,368 3,272,734 3,930,665 4,748,789 5,612,685
Investments
In Project
Partnerships 1,997,390 2,464,086 3,102,793 3,912,526 4,769,625
Per BAC: (A)
Tax Credits 165.50 165.50 165.50 165.40 165.40
Portfolio
Income 12.70 12.90 12.90 11.30 10.70
Passive Loss (126.50) (129.30) (124.30) (122.10) (117.30)
Net Loss (52.12) (68.54) (85.25) (89.72) (80.44)
(A) The per BAC tax information is as of December 31, the year end for tax
purposes.
The above selected financial data should be read in conjunction with the
financial statements and related notes appearing elsewhere in this report.
This statement is not covered by the auditor's opinion included elsewhere
in this report.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Results of Operations, Liquidity and Capital Resources
Operations commenced on September 14, 1990, with the first admission of
Assignees in Series 2. The proceeds from Assignees' capital contributions
available for investment were used to acquire interests in Project
Partnerships.
As disclosed on the statement of operations for each Series, except as
described below, interest income is comparable for the years ended March
31, 2000, March 31, 1999 and March 31, 1998. The General and
Administrative expenses - General Partner and General and Administrative
expenses - Other for the year ended March 31, 2000 are comparable to March
31, 1999 and March 31, 1998.
The capital resources of each Series are used to pay General and
Administrative operating costs including personnel, supplies, data
processing, travel and legal and accounting associated with the
administration and monitoring of Gateway and the Project Partnerships. The
capital resources are also used to pay the Asset Management Fee due the
Managing General Partner, but only to the extent that Gateway's remaining
resources are sufficient to fund Gateway's ongoing needs. (Payment of any
Asset Management Fee unpaid at the time Gateway sells its interests in the
Project Partnerships is subordinated to the return of the investors'
original capital contributions).
The sources of funds to pay the operating costs of each Series are short
term investments and interest earned thereon, the maturity of U.S. Treasury
Security Strips ("Zero Coupon Treasuries") which were purchased with funds
set aside for this purpose, and cash distributed to the Series from the
operations of the Project Partnerships.
From inception, no Series has paid distributions and management does not
anticipate distributions in the future.
Series 2 - Gateway closed this series on September 14, 1990 after
receiving $6,136,000 from 375 Assignees. As of March 31, 2000, the series
had invested $4,524,678 in 22 Project Partnerships located in 10 states
containing 723 apartment units. Average occupancy of the Project
Partnerships was 94% at December 31, 1999.
Equity in Losses of Project Partnerships of $115,544 for the year ended
March 31, 2000 were comparable to the year ended March 31, 1999. Equity in
Losses of Project Partnerships decreased from $288,412 for the year ended
March 31, 1998 to $126,899 for the year ended March 31, 1999. This
decrease was due to additional suspended losses of $575,862 as these losses
would reduce the investment in certain Project Partnerships below zero. In
general, it is common in the real estate industry to experience losses for
financial and tax reporting purposes because of the non-cash expenses of
depreciation and amortization. (These Project Partnerships reported
depreciation and amortization of $935,616, $919,877 and $897,242 for the
years ended December 31, 1997, 1998, and 1999 respectively.) As a result,
management expects that this Series, as well as those described below, will
report its equity in Project Partnerships as a loss for tax and financial
reporting purposes. Overall, management believes the Project Partnerships
are operating as expected and are generating tax credits which meet
projections.
At March 31, 2000, the Series had $188,570 of short-term investments (Cash
and Cash Equivalents). It also had $326,282 in Zero Coupon Treasuries with
annual maturities providing $51,806 in fiscal year 1999 increasing to
$66,285 in fiscal year 2007. Management believes the sources of funds are
sufficient to meet current and ongoing operating costs for the foreseeable
future, and to pay part of the Asset Management Fee.
As disclosed on the statement of cash flows, the Series had a net loss of
$166,538 for the year ending March 31, 2000. However, after adjusting for
Equity in Losses of Project Partnerships of $115,544 and the changes in
operating assets and liabilities, net cash used in operating activities was
$21,967, of which $33,506 was the Asset Management Fee actually paid. Cash
provided by investing activities totaled $41,024, consisting of $11,727 in
cash distributions from the Project Partnerships and $29,297 from matured
Zero Coupon Treasuries. There were no unusual events or trends to describe.
Series 3 - Gateway closed this series on December 13, 1990 after receiving
$5,456,000 from 398 Assignees. As of March 31, 2000 the series had
invested $3,888,713 in 23 Project Partnerships located in 12 states
containing 768 apartment units. Average occupancy of the Project
Partnerships was 96% as of December 31, 1999.
Equity in Losses of Project Partnerships decreased from $198,168 for the
year ended March 31, 1998 to $105,820 for the year ended March 31, 1999 and
increased to $114,700 for the year ended March 31, 2000. The decrease was
due to suspended losses increasing from $463,688 to $548,603 for the years
ended March 31, 1998 and 1999 respectively. These losses would reduce the
investment in certain Project Partnerships below zero. A Project
Partnership had a change in Accounting Principle as a result of changing
its method of depreciating buildings. The effect of the change increased
the net loss of the Project Partnership for the year ended March 31, 2000
by approximately $278,000. As presented in Note 2, Gateway's share of net
loss increased from $654,423 in 1998 to $988,019 in 1999. Suspended Losses
increased from $548,603 for the year ended March 31, 1999 to $873,319 for
the year ended March 31, 2000. These losses would reduce the investment in
Project Partnerships below zero. (These Project Partnerships reported
depreciation and amortization of $923,055, $913,619 and $1,213,599 for the
years ended December 31, 1997, 1998 and 1999, respectively.) Overall,
management believes these Project Partnerships are operating as expected
and are generating tax credits which meet projections.
At March 31, 2000, the Series had $155,487 of short-term investments (Cash
and Cash Equivalents). It also had $290,220 in Zero Coupon Treasuries with
annual maturities providing $46,066 in fiscal year 1999 increasing to
$58,940 in fiscal year 2007. Management believes these sources of funds
are sufficient to meet the Series' current and ongoing operating costs for
the foreseeable future, and to pay part of the Asset Management Fee.
As disclosed on the statement of cash flows, the Series had a net loss of
$147,068 for the year ended March 31, 2000. However, after adjusting for
Equity in Losses of Project Partnerships of $114,700 and the changes in
operating assets and liabilities, net cash used in operating activities was
$34,008, of which $41,666 was the Asset Management Fee actually paid. Cash
provided by investing activities totaled $51,514, consisting of $25,455,
adjusted by $22,645 included in Other Income, in cash distributions
received from the Project Partnerships and $26,059 from matured Zero Coupon
Treasuries. There were no unusual events or trends to describe.
Series 4 - Gateway closed this series on May 31, 1991 after receiving
$6,915,000 from 465 Assignees. As of March 31, 2000, the series had
invested $4,952,519 in 29 Project Partnerships located in 16 states
containing 879 apartment units. Average occupancy of the Project
Partnerships was 95% at December 31, 1999.
Equity in Losses of Project Partnerships of $175,823 for the year ended
March 31, 2000 were comparable to the year ended March 31, 1999. Equity in
Losses of Project Partnerships decreased from $421,886 for the year ended
March 31, 1998 to $208,919 for the year ended March 31, 1999. This
decrease was due to additional suspended losses of $506,511 as these losses
would reduce the investment in certain Project Partnerships below zero.
(These Project Partnerships reported depreciation and amortization of
$1,060,885, $1,016,293 and $983,083 for the years ended December 31, 1997,
1998 and 1999, respectively.) Overall, management believes these Project
Partnerships are operating as expected and are generating tax credits which
meet projections.
At March 31, 2000, the Series had $226,648 of short-term investments (Cash
and Cash Equivalents). It also had $367,680 in Zero Coupon Treasuries with
annual maturities providing $58,383 in fiscal year 2000 increasing to
$74,700 in fiscal year 2007. Management believes these sources of funds
are sufficient to meet the Series' current and ongoing operating costs for
the foreseeable future, and to pay part of the Asset Management Fee.
As disclosed on the statement of cash flows, the Series had a net loss of
$235,491 for the year ended March 31, 2000. However, after adjusting for
Equity in Losses of Project Partnerships of $175,823 and the changes in
operating assets and liabilities, net cash used in operating activities was
$31,209, of which $42,629 was the Asset Management Fee actually paid. Cash
provided by investing activities totaled $50,225, consisting of $17,210 in
cash distributions from the Project Partnerships and $33,015 from matured
Zero Coupon Treasuries. There were no unusual events or trends to
describe.
A Project Partnership located in Howard, SD experienced significant cash
shortages from operations in 1998 and 1999 due to low occupancy as a result
of layoffs at a local major employer. The local general partner partially
funded the deficit by lending $22,000, $15,855 and $12,800 in 1997, 1998
and 1999 respectively. They also have deferred management fees totaling
$41,041 for these same years. The project had a rent increase of $40 per
unit as of January 1999. Management does not expect any materially adverse
effect to Gateway from this Project Partnership.
Series 5 - Gateway closed this series on October 11, 1991 after receiving
$8,616,000 from 535 Assignees. As of March 31, 2000, the series had
invested $6,164,472 in 36 Project Partnerships located in 13 states
containing 1,106 apartment units. Average occupancy of the Project
Partnerships was 97% as of December 31, 1999.
Equity in Losses of Project Partnerships decreased from $728,729 for the
year ended March 31, 1998 to $300,042 for the year ended March 31, 1999 and
to $178,140 for the year ended March 31, 2000. These decreases were due to
additional suspended losses of $680,755 and $713,592 for the years ended
March 31, 1999 and 2000 respectively, as these losses would reduce the
investment in certain Project Partnerships below zero. (These Project
Partnerships reported depreciation and amortization of $1,331,686,
$1,312,998 and $1,286,201 for the years ended December 31, 1997, 1998 and
1999, respectively.) Overall, management believes these Project
Partnerships are operating as expected and are generating tax credits which
meet projections.
At March 31, 2000, the Series had $318,707 of short-term investments (Cash
and Cash Equivalents). It also had $458,266 in Zero Coupon Treasuries with
annual maturities providing $72,745 in fiscal year 2000 increasing to
$93,075 in fiscal year 2007. Management believes these sources of funds
are sufficient to meet the Series' current and ongoing operating costs for
the foreseeable future, and to pay part of the Asset Management Fee.
As disclosed on the statement of cash flows, the Series had a net loss of
$243,982 for the year ended March 31, 2000. However, after adjusting for
Equity in Losses of Project Partnerships of $178,140 and the changes in
operating assets and liabilities, net cash used in operating activities was
$42,386, of which $58,738 was the Asset Management Fee actually paid. Cash
provided by investing activities totaled $68,099 consisting of $26,951 in
cash distributions from the Project Partnerships and $41,148 from matured
Zero Coupon Treasuries. There were no unusual events or trends to
describe.
Series 6 - Gateway closed this series on March 11, 1992 after receiving
$10,105,000 from 625 Assignees. As of March 31, 2000, the series had
invested $7,462,215 in 38 Project Partnerships located in 19 states
containing 1,086 apartment units. Average occupancy of the Project
Partnerships was 95% as of December 31, 1999.
Equity in Losses of Project Partnerships decreased from $761,923 for the
year ended March 31, 1998 to $601,405 for the year ended March 31, 1999 and
to $433,597 for the year ended March 31, 2000. These decreases were due to
additional suspended losses of $380,506 and $430,306 for the years ended
March 31, 1999 and 2000 respectively, as these losses would reduce the
investment in certain Project Partnerships below zero. (These Project
Partnerships reported depreciation and amortization of $1,474,599,
$1,414,757 and $1,371,839 for the years ended December 31, 1997, 1998 and
1999, respectively.) Overall, management believes these Project
Partnerships are operating as expected and are generating tax credits which
meet projections.
At March 31, 2000, the Series had $422,800 of short-term investments (Cash
and Cash Equivalents). It also had $373,178 in Zero Coupon Treasuries with
annual maturities providing $58,000 in fiscal year 1999 increasing to
$83,000 in fiscal year 2007. Management believes these sources of funds
are sufficient to meet the Series' current and ongoing operating costs for
the foreseeable future, and to pay part of the Asset Management Fee.
As disclosed on the statement of cash flows, the Series had a net loss of
$531,947 for the year ended March 31, 2000. However, after adjusting for
Equity in Losses of Project Partnerships of $433,597 and the changes in
operating assets and liabilities, net cash used in operating activities was
$46,912, of which $56,059 was the Asset Management Fee actually paid. Cash
provided by investing activities totaled $61,040 of which $26,174 was
received in cash distributions from the Project Partnerships and $34,866
from matured Zero Coupon Treasuries. There were no unusual events or
trends to describe.
Item 8. Financial Statements and Supplementary Data
INDEPENDENT AUDITOR'S REPORT
To the Partners of Gateway Tax Credit Fund II Ltd.
We have audited the accompanying balance sheets of each of the five
Series (Series 2 through 6) constituting Gateway Tax Credit Fund II Ltd. (a
Florida Limited Partnership) as of March 31, 2000 and 1999 and the related
statements of operations, partners' equity (deficit), and cash flows of
each of the five Series for each of the three years in the period ended
March 31, 2000. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits. We did not audit the
financial statements of certain underlying Project Partnerships owned by
Gateway Tax Credit Fund II Ltd. for each of the periods presented, the
investments in which are recorded using the equity method of accounting.
The investments in these partnerships total the following as of March 31,
2000 and 1999 and the equity in their losses total for each of the three
years in the period ended March 31, 2000:
Assets Partnership Loss
March 31, Year Ended March 31,
-------- --------------------
2000 1999 2000 1999 1998
---- ---- ---- ---- ----
Series 2 $ 90,889 $ $ 92,023 $ 107,106 $ 228,377
186,641
Series 3 38,455 118,646 79,587 65,214 143,165
Series 4 332,955 471,161 130,892 187,477 320,588
Series 5 599,300 690,078 83,458 74,842 485,727
Series 6 825,578 1,122,059 276,688 301,060 506,231
Those statements were audited by other auditors whose reports have been
furnished to us, and our opinion, insofar as it relates to the amounts
included for such underlying partnerships, is based solely on the reports
of the other auditors.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
and the reports of other auditors provide a reasonable basis for our
opinion.
In our opinion, based on our audits and the reports of other auditors,
the financial statements referred to above present fairly, in all material
respects, the financial position of each of the five Series (Series 2
through 6) constituting Gateway Tax Credit Fund II Ltd. as of March 31,
2000 and 1999, and the results of their operations and their cash flows for
each of the three years in the period ended March 31, 2000, in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The schedules listed under
Item 14(a)(2) in the index are presented for purposes of complying with the
Securities and Exchange Commission's rules and are not part of the basic
financial statements. These schedules have been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in
our opinion, based on our audits and the reports of other auditors, fairly
state in all material respects the financial data required to be set forth
therein in relation to the basic financial statements taken as a whole.
As discussed in Note 2, one of the Project Partnerships, whose
financial statements were audited by other auditors, changed their method
of computing depreciation for the year ended December 31, 1999.
/s/ Spence, Marston, Bunch, Morris & Co.
SPENCE, MARSTON, BUNCH, MORRIS & CO.
Certified Public Accountants
Clearwater, Florida
July 6, 2000
PART I - Financial Information
Item 1. Financial Statements
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
MARCH 31, 2000 AND 1999
SERIES 2 2000 1999
---- ----
ASSETS
Current Assets:
Cash and Cash Equivalents $ 188,570 $ 169,513
Investments in Securities 51,800 49,538
---------- ----------
Total Current Assets 240,370 219,051
Investments in Securities 274,482 302,427
Investments in Project Partnerships, Net 208,215 331,579
---------- ----------
Total Assets $ 723,067 $ 853,057
========== ==========
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
Payable to General Partners $ 45,773 $ 44,229
---------- ----------
Total Current Liabilities 45,773 44,229
---------- ----------
Long-Term Liabilities:
Payable to General Partners 361,953 326,949
---------- ----------
Partners' Equity (deficit):
Assignor Limited Partner
Units of limited partnership interest
consisting of 40,000 authorized BAC's, of
which 37,228 at March 31, 2000 and 1999 have
been issued to the assignees
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited
partner, $1,000 stated value per BAC, 37,228
at March 31, 2000 and 1999, issued and
outstanding 365,987 530,860
General Partners (50,646) (48,981)
---------- ----------
Total Partners' Equity 315,341 481,879
---------- ----------
Total Liabilities and Partners' Equity $ 723,067 $ 853,057
========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
MARCH 31, 2000 AND 1999
SERIES 3 2000 1999
---- ----
ASSETS
Current Assets:
Cash and Cash Equivalents $ 155,487 $ 137,981
Investments in Securities 46,075 44,063
--------- ----------
Total Current Assets 201,562 182,044
Investments in Securities 244,145 269,002
Investments in Project Partnerships, Net 100,190 218,820
---------- ----------
Total Assets $ 545,897 $ 669,866
========== ==========
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
Payable to General Partners $ 49,763 $ 48,298
---------- ----------
Total Current Liabilities 49,763 48,298
---------- ----------
Long-Term Liabilities:
Payable to General Partners 269,872 248,238
---------- ----------
Partners' Equity (deficit):
Assignor Limited Partner
Units of limited partnership interest
consisting of 40,000 authorized BAC's, of which
37,228 at March 31, 2000 and 1999 have been
issued to the assignees
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited
partner, $1,000 stated value per BAC, 37,228 at
March 31, 2000 and 1999, issued and
outstanding 271,815 417,412
General Partners (45,553) (44,082)
----------- -----------
Total Partners' Equity 226,262 373,330
----------- -----------
Total Liabilities and Partners' Equity $ 545,897 $ 669,866
=========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
MARCH 31, 2000 AND 1999
SERIES 4 2000 1999
---- ----
ASSETS
Current Assets:
Cash and Cash Equivalents $ 226,648 $ 207,632
Investments in Securities 58,372 55,823
----------- -----------
Total Current Assets 285,020 263,455
Investments in Securities 309,308 340,799
Investments in Project Partnerships, Net 487,692 676,348
----------- -----------
Total Assets $ 1,082,020 $ 1,280,602
=========== ===========
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
Payable to General Partners $ 54,952 $ 53,248
---------- ----------
Total Current Liabilities 54,952 53,248
---------- ----------
Long-Term Liabilities:
Payable to General Partners 348,096 312,891
---------- ----------
Partners' Equity (deficit):
Assignor Limited Partner
Units of limited partnership interest
consisting of 40,000 authorized BAC's, of which
37,228 at March 31, 2000 and 1999 have been
issued to the assignees
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited
partner, $1,000 stated value per BAC, 37,228 at
March 31, 2000 and 1999, issued and
Outstanding 732,836 965,972
General Partners (53,864) (51,509)
----------- -----------
Total Partners' Equity 678,972 914,463
----------- -----------
Total Liabilities and Partners' Equity $1,082,020 $ 1,280,602
=========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
MARCH 31, 2000 AND 1999
SERIES 5 2000 1999
---- ----
ASSETS
Current Assets:
Cash and Cash Equivalents $ 318,707 $ 292,994
Investments in Securities 72,753 69,576
----------- -----------
Total Current Assets 391,460 362,570
Investments in Securities 385,513 424,763
Investments in Project Partnerships, Net 951,449 1,145,581
------------ ------------
Total Assets $1,728,422 $ 1,932,914
============ ============
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
Payable to General Partners $ 73,415 $ 71,427
----------- -----------
Total Current Liabilities 73,415 71,427
----------- -----------
Long-Term Liabilities:
Payable to General Partners 345,734 308,232
----------- -----------
Partners' Equity (deficit):
Assignor Limited Partner
Units of limited partnership interest
consisting of 40,000 authorized BAC's, of which
37,228 at March 31, 2000 and 1999 have been
issued to the assignees
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited
partner, $1,000 stated value per BAC, 37,228 at
March 31, 2000 and 1999, issued and
Outstanding 1,371,804 1,613,346
General Partners (62,531) (60,091)
----------- -----------
Total Partners' Equity 1,309,273 1,553,255
----------- -----------
Total Liabilities and Partners' Equity $1,728,422 $ 1,932,914
=========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
MARCH 31, 2000 AND 1999
SERIES 6 2000 1999
---- ----
ASSETS
Current Assets:
Cash and Cash Equivalents $ 422,800 $ 408,672
Investments in Securities 55,114 52,341
----------- -----------
Total Current Assets 477,914 461,013
Investments in Securities 318,064 347,635
Investments in Project Partnerships, Net 1,997,390 2,464,086
----------- -----------
Total Assets $2,793,368 $ 3,272,734
=========== ===========
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
Payable to General Partners $ 69,212 $ 67,059
----------- -----------
Total Current Liabilities 69,212 67,059
----------- -----------
Long-Term Liabilities:
Payable to General Partners 438,798 388,370
----------- -----------
Partners' Equity (deficit):
Assignor Limited Partner
Units of limited partnership interest
consisting of 40,000 authorized BAC's, of which
37,228 at March 31, 2000 and 1999 have been
issued to the assignees
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited
partner, $1,000 stated value per BAC, 37,228 at
March 31, 2000 and 1999, issued and
Outstanding 2,351,230 2,877,858
General Partners (65,872) (60,553)
---------- ----------
Total Partners' Equity 2,285,358 2,817,305
---------- ----------
Total Liabilities and Partners' Equity $2,793,368 $3,272,734
=========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
MARCH 31, 2000 AND 1999
TOTAL SERIES 2 - 6 2000 1999
---- ----
ASSETS
Current Assets:
Cash and Cash Equivalents $1,312,212 $ 1,216,792
Investments in Securities 284,114 271,341
----------- -----------
Total Current Assets 1,596,326 1,488,133
Investments in Securities 1,531,512 1,684,626
Investments in Project Partnerships, Net 3,744,936 4,836,414
----------- -----------
Total Assets $6,872,774 $ 8,009,173
=========== ===========
LIABILITIES AND PARTNERS' EQUITY
Current Liabilities:
Payable to General Partners $ 293,115 $ 284,261
----------- -----------
Total Current Liabilities 293,115 284,261
----------- -----------
Long-Term Liabilities:
Payable to General Partners 1,764,453 1,584,680
----------- -----------
Partners' Equity (deficit):
Assignor Limited Partner
Units of limited partnership interest
consisting of 40,000 authorized BAC's, of
which 37,228 at March 31, 2000 and 1999 have
been issued to the assignees
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited
partner, $1,000 stated value per BAC, 37,228
at March 31, 2000 and 1999, issued and
outstanding 5,093,672 6,405,448
General Partners (278,466) (265,216)
----------- -----------
Total Partners' Equity 4,815,206 6,140,232
----------- -----------
Total Liabilities and Partners' Equity $6,872,774 $ 8,009,173
============ ============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MARCH 31,
SERIES 2 2000 1999 1998
---- ---- ----
Revenues:
Interest Income $ 33,028 $ 34,468 $ 37,434
Other Income 7,170 6,937 3,838
----------- ----------- -----------
Total Revenues 40,198 41,405 41,272
----------- ----------- -----------
Expenses:
Asset Management Fee-General
Partner 68,511 68,648 68,773
General and Administrative:
General Partner 8,181 7,433 8,267
Other 11,237 12,781 10,502
Amortization 3,263 46,949 3,011
----------- ----------- -----------
Total Expenses 91,192 135,811 90,553
----------- ----------- -----------
Loss Before Equity in Losses
of Project Partnerships (50,994) (94,406) (49,281)
Equity in Losses of Project
Partnerships (115,544) (126,899) (288,412)
----------- ----------- -----------
Net Loss $ (166,538) $ (221,305) $ (337,693)
=========== =========== ===========
Allocation of Net Loss:
Assignees $ (164,873) $ (219,092) $ (334,316)
General Partners (1,665) (2,213) (3,377)
----------- ----------- -----------
$ (166,538) $ (221,305) $ (337,693)
=========== =========== ===========
Net Loss Per Beneficial
Assignee Certificate $ (26.87) $ (35.71) $ (54.48)
Number of Beneficial Assignee =========== =========== ===========
Certificates Outstanding 6,136 6,136 6,136
=========== =========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MARCH 31,
Series 3 2000 1999 1998
---- ---- ----
Revenues:
Interest Income $ 28,740 $ 29,814 $ 30,145
Other Income 22,645 14,515 34,966
---------- ---------- ----------
Total Revenues 51,385 44,329 65,111
---------- ---------- ----------
Expenses:
Asset Management Fee-General
Partner 63,301 63,479 63,645
General and Administrative:
General Partner 8,552 7,771 8,481
Other 10,780 10,513 10,903
Amortization 1,120 44,070 5,422
---------- ---------- ----------
Total Expenses 83,753 125,833 88,451
---------- ---------- ----------
Loss Before Equity in Losses
of Project Partnerships (32,368) (81,504) (23,340)
Equity in Losses of Project
Partnerships (114,700) (105,820) (198,168)
----------- ----------- -----------
Net Loss $(147,068) $ (187,324) $ (221,508)
=========== =========== ===========
Allocation of Net Loss:
Assignees $ (145,597) $ (185,451) $ (219,293)
General Partners (1,471) (1,873) (2,215)
----------- ----------- -----------
$ (147,068) $ (187,324) $ (221,508)
=========== =========== ===========
Net Loss Per Beneficial
Assignee Certificate $ (26.69) $ (33.99) $ (40.19)
Number of Beneficial Assignee =========== =========== ===========
Certificates Outstanding 5,456 5,456 5,456
=========== =========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MARCH 31,
SERIES 4 2000 1999 1998
---- ---- ----
Revenues:
Interest Income $ 37,964 $ 39,022 $ 39,924
Other Income 11,033 7,650 4,385
--------- --------- ---------
Total Revenues 48,997 46,672 44,309
--------- --------- ---------
Expenses:
Asset Management Fee - General
Partner 77,832 77,989 78,133
General and Administrative:
General Partner 10,779 9,798 10,693
Other 13,398 12,805 13,417
Amortization 6,656 85,832 5,595
---------- ---------- ----------
Total Expenses 108,665 186,424 107,838
---------- ---------- ----------
Loss Before Equity in Losses
of Project Partnerships (59,668) (139,752) (63,529)
Equity in Losses of Project
Partnerships (175,823) (208,919) (421,886)
---------- ---------- ----------
Net Loss $(235,491) $(348,671) $(485,415)
========== ========== ==========
Allocation of Net Loss:
Assignees $(233,136) $(345,184) $(480,561)
General Partners (2,355) (3,487) (4,854)
---------- ---------- ----------
$(235,491) $(348,671) $(485,415)
========== ========== ==========
Net Loss Per Beneficial
Assignee Certificate $ (33.71) $ (49.92) $ (69.50)
Number of Beneficial Assignee ========== ========== ==========
Certificates Outstanding 6,915 6,915 6,915
========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MARCH 31,
SERIES 5 2000 1999 1998
---- ---- ----
Revenues:
Interest Income $ 48,721 $ 50,132 $ 51,284
Other Income 17,118 14,529 3,133
---------- ---------- ----------
Total Revenues 65,839 64,661 54,417
---------- ---------- ----------
Expenses:
Asset Management Fee - General
Partner 96,241 96,461 96,663
General and Administrative:
General Partner 13,386 12,163 13,274
Other 15,895 19,611 16,492
Amortization 6,159 39,939 12,761
---------- ---------- ----------
Total Expenses 131,681 168,174 139,190
---------- ---------- ----------
Loss Before Equity in Losses
of Project Partnerships (65,842) (103,513) (84,773)
Equity in Losses of Project
Partnerships (178,140) (300,042) (728,729)
---------- ---------- ----------
Net Loss $(243,982) $(403,555) $(813,502)
========== ========== ==========
Allocation of Net Loss:
Assignees $(241,542) $(399,519) $(805,367)
General Partners (2,440) (4,036) (8,135)
---------- ---------- ----------
$(243,982) $(403,555) $(813,502)
========== ========== ==========
Net Loss Per Beneficial
Assignee Certificate $ (28.03) $ (46.37) $ (93.47)
Number of Beneficial Assignee ========== ========== ==========
Certificates Outstanding 8,616 8,616 8,616
========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MARCH 31,
SERIES 6 2000 1999 1998
---- ---- ----
Revenues:
Interest Income $ 46,177 $ 46,807 $ 48,382
Other Income 8,057 3,915 1,325
---------- ---------- ----------
Total Revenues 54,234 50,722 49,707
---------- ---------- ----------
Expenses:
Asset Management Fee - General
Partner 106,486 106,815 107,120
General and Administrative:
General Partner 14,130 12,839 14,012
Other 16,986 17,635 17,513
Amortization 14,982 13,352 19,276
---------- ---------- ----------
Total Expenses 152,584 150,641 157,921
---------- ---------- ----------
Loss Before Equity in Losses
of Project Partnerships (98,350) (99,919) (108,214)
Equity in Losses of Project
Partnerships (433,597) (601,405) (761,923)
---------- ---------- ----------
Net Loss $(531,947) $(701,324) $(870,137)
========== ========== ==========
Allocation of Net Loss:
Assignees $(526,628) $(694,311) $(861,436)
General Partners (5,319) (7,013) (8,701)
---------- ---------- ----------
$(531,947) $(701,324) $(870,137)
========== ========== ==========
Net Loss Per Beneficial
Assignee Certificate $ (52.12) $ (68.54) $ (85.25)
Number of Beneficial Assignee ========== ========== ==========
Certificates Outstanding 10,105 10,105 10,105
========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MARCH 31,
TOTAL SERIES 2 - 6 2000 1999 1998
---- ---- ----
Revenues:
Interest Income $ 194,630 $ 200,243 $ 207,169
Other Income 66,023 47,546 47,647
------------ ------------ ------------
Total Revenues 260,653 247,789 254,816
------------ ------------ ------------
Expenses:
Asset Management Fee-General
Partner 412,371 413,392 414,334
General and Administrative:
General Partner 55,028 50,004 54,727
Other 68,296 73,345 68,827
Amortization 32,180 230,142 46,065
------------ ------------ ------------
Total Expenses 567,875 766,883 583,953
------------ ------------ ------------
Loss Before Equity in Losses
of Project Partnerships (307,222) (519,094) (329,137)
Equity in Losses of Project
Partnerships (1,017,804) (1,343,085) (2,399,118)
------------ ------------ ------------
Net Loss $(1,325,026) $(1,862,179) $(2,728,255)
============ ============ ============
Allocation of Net Loss:
Assignees $(1,311,776) $(1,843,557) $(2,700,973)
General Partners (13,250) (18,622) (27,282)
------------ ------------ ------------
$(1,325,026) $(1,862,179) $(2,728,255)
============ ============ ============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
General
SERIES 2 Assignees Partners Total
--------- -------- -----
Balance at March 31, 1997 $ 1,084,268 $(43,391) $ 1,040,877
Net Loss (334,316) (3,377) (337,693)
------------ ---------- ------------
Balance at March 31, 1998 749,952 (46,768) 703,184
Net Loss (219,092) (2,213) (221,305)
------------ ---------- -----------
Balance at March 31, 1999 530,860 (48,981) 481,879
Net Loss (164,873) (1,665) (166,538)
------------ ----------- -----------
Balance at March 31, 2000 $ 365,987 $ (50,646) $ 315,341
============ =========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
General
SERIES 3 Assignees Partners Total
--------- -------- -----
Balance at March 31, 1997 $ 822,156 $ (39,994) $ 782,162
Net Loss (219,293) (2,215) (221,508)
------------ ----------- ------------
Balance at March 31, 1998 602,863 (42,209) 560,654
Net Loss (185,451) (1,873) (187,324)
------------ ----------- -----------
Balance at March 31, 1999 417,412 (44,082) 373,330
Net Loss (145,597) (1,471) (147,068)
------------ ------------ -----------
Balance at March 31, 2000 $ 271,815 $ (45,553) $ 226,262
============ ============ ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
General
SERIES 4 Assignees Partners Total
--------- -------- -----
Balance at March 31, 1997 $1,791,717 $(43,168) $1,748,549
Net Loss (480,561) (4,854) (485,415)
------------ ---------- ------------
Balance at March 31, 1998 1,311,156 (48,022) 1,263,134
Net Loss (345,184) (3,487) (348,671)
------------ ---------- ------------
Balance at March 31, 1999 965,972 (51,509) 914,463
Net Loss (233,136) (2,355) (235,491)
------------ ---------- ------------
Balance at March 31, 2000 $ 732,836 $ (53,864) $ 678,972
============ ========== ============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
General
SERIES 5 Assignees Partners Total
--------- -------- -----
Balance at March 31, 1997 $ 2,818,232 $ (47,920) $ 2,770,312
Net Loss (805,367) (8,135) (813,502)
------------ ----------- ------------
Balance at March 31, 1998 2,012,865 (56,055) 1,956,810
Net Loss (399,519) (4,036) (403,555)
------------ ----------- ------------
Balance at March 31, 1999 1,613,346 (60,091) 1,553,255
Net Loss (241,542) (2,440) (243,982)
------------ ----------- ------------
Balance at March 31, 2000 $ 1,371,804 $ (62,531) $ 1,309,273
============ =========== ============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
General
SERIES 6 Assignees Partners Total
--------- -------- -----
Balance at March 31, 1997 $ 4,433,605 $ (44,839) $ 4,388,766
Net Loss (861,436) (8,701) (870,137)
------------ ---------- ------------
Balance at March 31, 1998 3,572,169 (53,540) 3,518,629
Net Loss (694,311) (7,013) (701,324)
------------ ----------- ------------
Balance at March 31, 1999
2,877,858 (60,553) 2,817,305
Net Loss (526,628) (5,319) (531,947)
------------ ----------- ------------
Balance at March 31, 2000 $ 2,351,230 $ (65,872) $ 2,285,358
============ =========== ============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF PARTNERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
General
TOTAL SERIES 2 - 6 Assignees Partners Total
--------- -------- -----
Balance at March 31, 1997 $ 10,949,978 $ (219,312) $ 10,730,666
Net Loss (2,700,973) (27,282) (2,728,255)
------------- ----------- -------------
Balance at March 31, 1998 8,249,005 (246,594) 8,002,411
Net Loss (1,843,557) (18,622) (1,862,179)
------------- ----------- -------------
Balance at March 31, 1999 6,405,448 (265,216) 6,140,232
Net Loss (1,311,776) (13,250) (1,325,026)
------------- ----------- -------------
Balance at March 31, 2000 $ 5,093,672 $(278,466) $4,815,206
============= =========== =============
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
SERIES 2 2000 1999 1998
- -------- ---- ---- ----
Cash Flows from Operating
Activities:
Net Loss $ (166,538) $ (221,305) $ (337,693)
Adjustments to Reconcile Net
Loss to Net Cash Used in
Operating Activities:
Amortization 3,263 46,949 3,011
Accreted Interest Income on
Investments in Securities (23,854) (25,554) (27,118)
Equity in Losses of Project
Partnerships 115,544 126,899 288,412
Interest Income from
Redemption of Securities 20,241 16,834 13,627
Distributions Included in
Other Income (7,170) (6,937) (3,838)
Changes in Operating Assets
and Liabilities:
Increase in Payable to
General Partners 36,547 28,793 37,331
---------- ---------- ----------
Net Cash Used in Operating
Activities (21,967) (34,321) (26,268)
---------- ---------- ----------
Cash Flows from Investing
Activities:
Distributions Received from
Project Partnerships 11,727 12,315 16,493
Redemption of Investment in
Securities 29,297 30,668 32,065
---------- ---------- ----------
Net Cash Provided by
Investing Activities 41,024 42,983 48,558
---------- ---------- ----------
Increase in Cash and
Cash Equivalents 19,057 8,662 22,290
Cash and Cash Equivalents at
Beginning of Year 169,513 160,851 138,561
---------- ---------- ----------
Cash and Cash Equivalents at
End of Year $188,570 $ 169,513 $ 160,851
========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
SERIES 3 2000 1999 1998
- - ------ ---- ---- ----
Cash Flows from Operating
Activities:
Net Loss $ (147,068) $ (187,324) $ (221,508)
Adjustments to Reconcile Net
Loss to Net Cash Used in
Operating Activities:
Amortization 1,120 44,070 5,422
Accreted Interest Income on
Investments in Securities (21,218) (22,729) (24,121)
Equity in Losses of Project
Partnerships 114,700 105,820 198,168
Interest Income from
Redemption of Securities 18,004 14,974 12,121
Distributions Included In
Other Income (22,645) (14,515) (34,966)
Changes in Operating Assets
and Liabilities:
Increase in Payable to
General Partners 23,099 10,980 24,495
---------- ---------- ----------
Net Cash Used in Operating
Activities (34,008) (48,724) (40,389)
---------- ---------- ----------
Cash Flows from Investing
Activities:
Distributions Received from
Project Partnerships 25,455 23,805 37,565
Redemption of Investment in
Securities 26,059 27,278 28,521
---------- ---------- ----------
Net Cash Provided by
Investing Activities 51,514 51,083 66,086
---------- ---------- ----------
Increase in Cash and
Cash Equivalents 17,506 2,359 25,697
Cash and Cash Equivalents at
Beginning of Year 137,981 135,622 109,925
---------- ---------- ----------
Cash and Cash Equivalents at
End of Year $ 155,487 $ 137,981 $ 135,622
========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
SERIES 4 2000 1999 1998
- -------- ---- ---- ----
Cash Flows from Operating
Activities:
Net Loss $ (235,491) $ (348,671) $ (485,415)
Adjustments to Reconcile Net
Loss to Net Cash Used in
Operating Activities:
Amortization 6,656 85,832 5,595
Accreted Interest Income on
Investments in Securities (26,881) (28,796) (30,559)
Equity in Losses of Project
Partnerships 175,823 208,919 421,886
Interest Income from
Redemption of Securities 22,808 18,970 15,357
Distributions Included In
Other Income (11,033) (7,650) (4,385)
Changes in Operating Assets
and Liabilities:
Increase in Payable to
General Partners 36,909 29,219 37,092
---------- ---------- ----------
Net Cash Used in Operating
Activities (31,209) (42,177) (40,429)
---------- ---------- ----------
Cash Flows from Investing
Activities:
Distributions Received from
Project Partnerships 17,210 18,374 18,400
Redemption of Investment in
Securities 33,015 34,559 36,132
---------- ---------- ----------
Net Cash Provided by
Investing Activities 50,225 52,933 54,532
---------- ---------- ----------
Increase in Cash and
Cash Equivalents 19,016 10,756 14,103
Cash and Cash Equivalents at
Beginning of Year 207,632 196,876 182,773
---------- ---------- ----------
Cash and Cash Equivalents at
End of Year $ 226,648 $ 207,632 $ 196,876
========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
SERIES 5 2000 1999 1998
- -------- ---- ---- ----
Cash Flows from Operating
Activities:
Net Loss $ (243,982) $ (403,555) $ (813,502)
Adjustments to Reconcile Net
Loss to Net Cash Used in
Operating Activities:
Amortization 6,159 39,939 12,761
Accreted Interest Income on
Investments in Securities (33,503) (35,890) (38,088)
Equity in Losses of Project
Partnerships 178,140 300,042 728,729
Interest Income from
Redemption of Securities 28,428 23,644 19,140
Distributions Included In
Other Income (17,118) (14,529) (3,133)
Changes in Operating Assets
and Liabilities:
Increase in Payable to
General Partners 39,490 30,403 40,677
---------- ---------- ----------
Net Cash Used in Operating
Activities (42,386) (59,946) (53,416)
---------- ---------- ----------
Cash Flows from Investing
Activities:
Distributions Received from
Project Partnerships 26,951 29,054 30,188
Redemption of Investment in
Securities 41,148 43,073 45,035
---------- ---------- ----------
Net Cash Provided by
Investing Activities 68,099 72,127 75,223
---------- ---------- ----------
Increase in Cash and
Cash Equivalents 25,713 12,181 21,807
Cash and Cash Equivalents at
Beginning of Year 292,994 280,813 259,006
---------- ---------- ----------
Cash and Cash Equivalents at
End of Year $ 318,707 $ 292,994 $ 280,813
========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
SERIES 6 2000 1999 1998
- -- ----- ---- ---- ----
Cash Flows from Operating
Activities:
Net Loss $ (531,947) $ (701,324) $ (870,137)
Adjustments to Reconcile Net
Loss to Net Cash Used in
Operating Activities:
Amortization 14,982 13,352 19,276
Accreted Interest Income on
Investments in Securities (28,202) (29,359) (30,091)
Equity in Losses of Project
Partnerships 433,597 601,405 761,923
Interest Income from
Redemption of Securities 20,134 15,983 12,262
Distributions Included In
Other Income (8,057) (3,915) (1,325)
Changes in Operating Assets
and Liabilities:
Increase in Payable to
General Partners 52,581 43,393 52,014
---------- ---------- ----------
Net Cash Used in Operating
Activities (46,912) (60,465) (56,078)
---------- ---------- ----------
Cash Flows from Investing
Activities:
Distributions Received from
Project Partnerships 26,174 27,865 29,859
Redemption of Investment in
Securities 34,866 35,017 35,738
---------- ---------- ----------
Net Cash Provided by
Investing Activities 61,040 62,882 65,597
---------- ---------- ----------
Increase in Cash and
Cash Equivalents 14,128 2,417 9,519
Cash and Cash Equivalents at
Beginning of Year 408,672 406,255 396,736
---------- ---------- ----------
Cash and Cash Equivalents at
End of Year $ 422,800 $ 408,672 $ 406,255
========== ========== ==========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2000, 1999 AND 1998:
TOTAL SERIES 2 - 6 2000 1999 1998
- ------------------ ---- ---- ----
Cash Flows from Operating
Activities:
Net Loss $(1,325,026) $(1,862,179) $(2,728,255)
Adjustments to Reconcile Net
Loss to Net Cash Used in
Operating Activities:
Amortization 32,180 230,142 46,065
Accreted Interest Income on
Investments in Securities (133,658) (142,328) (149,977)
Equity in Losses of Project
Partnerships 1,017,804 1,343,085 2,399,118
Interest Income from
Redemption of Securities 109,615 90,405 72,507
Distributions Included In
Other Income (66,023) (47,546) (47,647)
Changes in Operating Assets
and Liabilities:
Increase in Payable to
General Partners 188,626 142,788 191,609
----------- ----------- -----------
Net Cash Used in Operating
Activities (176,482) (245,633) (216,580)
----------- ----------- -----------
Cash Flows from Investing
Activities:
Distributions Received from
Project Partnerships 107,517 111,413 132,505
Redemption of Investment in
Securities 164,385 170,595 177,491
----------- ----------- -----------
Net Cash Provided by
Investing Activities 271,902 282,008 309,996
----------- ----------- -----------
Increase in Cash and
Cash Equivalents 95,420 36,375 93,416
Cash and Cash Equivalents at
Beginning of Year 1,216,792 1,180,417 1,087,001
----------- ----------- -----------
Cash and Cash Equivalents at
End of Year $1,312,212 $1,216,792 $1,180,417
=========== =========== ===========
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2000, 1999 AND 1998
NOTE 1 - ORGANIZATION:
Gateway Tax Credit Fund II Ltd. ("Gateway"), a Florida Limited
Partnership, was formed September 12, 1989, under the laws of Florida.
Operations commenced on September 14, 1990 for Series 2, September 28, 1990
for Series 3, February 1, 1991 for Series 4, July 1, 1991 for Series 5 and
January 1, 1992 for Series 6. Gateway has invested, as a limited partner,
in other limited partnerships ("Project Partnerships") each of which owns
and operates one or more apartment complexes expected to qualify for Low-
Income Housing Tax Credits. Gateway will terminate on December 31, 2040,
or sooner, in accordance with the terms of the Limited Partnership
Agreement. As of March 31, 2000, Gateway had received capital
contributions of $1,000 from the General Partners and $37,228,000 from
Beneficial Assignee Certificate investors (the "Assignees"). The fiscal
year of Gateway for reporting purposes ends on March 31.
Pursuant to the Securities Act of 1933, Gateway filed a Form S-11
Registration Statement with the Securities and Exchange Commission,
effective September 12, 1989, which covered the offering (the "Public
Offering") of Gateway's Beneficial Assignee Certificates ("BACs")
representing assignments of units for the beneficial interest of the
limited partnership interest of the Assignor Limited Partner. The Assignor
Limited Partner was formed for the purpose of serving in that capacity for
the Fund and will not engage in any other business.
Raymond James Partners, Inc. and Raymond James Tax Credit Funds, Inc.,
wholly-owned subsidiaries of Raymond James Financial, Inc., are the General
Partner and the Managing General Partner, respectively. The Managing
General Partner manages and controls the business of Gateway.
Gateway offered BACs in five series. BACs in the amounts of $6,136,000,
$5,456,000, $6,915,000, $8,616,000 and $10,105,000 for Series 2, 3, 4, 5
and 6, respectively had been issued as of March 31, 2000. Each Series is
treated as a separate partnership, investing in a separate and distinct
pool of Project Partnerships. Net proceeds from each Series are used to
acquire Project Partnerships which are specifically allocated to such
Series. Income or loss and all tax items from the Project Partnerships
acquired by each Series are specifically allocated among the Assignees of
such Series.
Operating profits and losses, cash distributions from operations and tax
credits are allocated 99% to the Assignees and 1% to the General Partners.
Profit or loss and cash distributions from sales of properties will be
allocated as formulated in the Limited Partnership Agreement.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:
Basis of Accounting
Gateway utilizes the accrual basis of accounting whereby revenues are
recognized when earned and expenses are recognized when obligations are
incurred.
Gateway accounts for its investments as the limited partner in Project
Partnerships ("Investments in Project Partnerships"), using the equity
method of accounting, because management believes that Gateway does not
have a majority control of the major operating and financial policies of
the Project Partnerships in which it invests, and reports the equity in
losses of the Project Partnerships on a 3-month lag in the Statements of
Operations. Under the equity method, the Investments in Project
Partnerships initially include:
1)Gateway's capital contribution,
2)Acquisition fees paid to the General Partner for services rendered
in selecting properties for acquisition, and
3)Acquisition expenses including legal fees, travel and other
miscellaneous costs relating to acquiring properties.
Quarterly the Investments in Project Partnerships are increased or
decreased as follows:
1)Increased for equity in income or decreased for equity in losses
of the Project Partnerships,
2)Decreased for cash distributions received from the Project
Partnerships, and
3) Decreased for the amortization of the acquisition fees and expenses.
Amortization is calculated on a straight-line basis over 35 years, as this
is the average estimated useful life of the underlying assets. The
amortization expense is shown on the Statements of Operations.
Pursuant to the limited partnership agreements for the Project
Partnerships, cash losses generated by the Project Partnerships are
allocated to the general partners of those partnerships. In subsequent
years, cash profits, if any, are first allocated to the general partners to
the extent of the allocation of prior years' cash losses.
Since Gateway invests as a limited partner, and therefore is not obligated
to fund losses or make additional capital contributions, it does not
recognize losses from individual Project Partnerships to the extent that
these losses would reduce the investment in those Project Partnerships
below zero. The suspended losses will be used to offset future income from
the individual Project Partnerships. Distributions received from Project
Partnerships whose investment has been reduced to zero are included in
Other Income.
Gateway recognizes a decline in the carrying value of its investment in
the Project Partnerships when there is evidence of a non-temporary decline
in the recoverable amount of the investment. There is a possibility that
the estimates relating to reserves for non-temporary declines in carrying
value of the investments in Project Partnerships may be subject to material
near term adjustments.
Gateway, as a limited partner in the Project Partnerships, is subject to
risks inherent in the ownership of property which are beyond its control,
such as fluctuations in occupancy rates and operating expenses, variations
in rental schedules, proper maintenance and continued eligibility of tax
credits. If the cost of operating a property exceeds the rental income
earned thereon, Gateway may deem it in its best interest to voluntarily
provide funds in order to protect its investment.
Cash and Cash Equivalents
It is Gateway's policy to include short-term investments with an original
maturity of three months or less in Cash and Cash Equivalents. Short-term
investments are comprised of money market mutual funds.
Concentration of Credit Risk
Financial instruments which potentially subject Gateway to concentrations
of credit risk consist of cash investments in a money market mutual fund
that is a wholly-owned subsidiary of Raymond James Financial, Inc.
Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with generally
accepted accounting principles requires the use of estimates that affect
certain reported amounts and disclosures. These estimates are based on
management's knowledge and experience. Accordingly, actual results could
differ from these estimates.
Investment in Securities
Effective April 1, 1995, Gateway adopted Statement of Financial Accounting
Standards No. 115, Accounting for Certain Investments in Debt and Equity
Securities ("FAS 115"). Under FAS 115, Gateway is required to categorize
its debt securities as held-to-maturity, available-for-sale or trading
securities, dependent upon Gateway's intent in holding the securities.
Gateway's intent is to hold all of its debt securities (U. S. Government
Security Strips) until maturity and to use these reserves to fund Gateway's
ongoing operations. Interest income is recognized ratably on the U. S.
Government Strips using the effective yield to maturity.
Offering and Commission Costs
Offering and commission costs were charged against Assignees' Equity upon
the admission of Limited Partners.
Income Taxes
No provision for income taxes has been made in these financial statements,
as income taxes are a liability of the partners rather than of Gateway.
Change in Accounting Principle
One of the Project Partnerships changed its method of accounting for
depreciating their buildings from the straight line to the declining
balance method. The effect of this change was reported as a cumulative
effect of a change in accounting principle. The change increased the net
losses reported by the Project Partnerships by $277,849.
Reclassifications
For comparability, the 1999 and 1998 figures have been reclassified, where
appropriate, to conform with the financial statement presentation used in
2000.
NOTE 3 - INVESTMENT IN SECURITIES:
The March 31, 2000 Balance Sheet includes Investment in Securities
consisting of U.S. Government Security Strips which represents their cost,
plus accreted interest income of $152,647 for Series 2, $135,777 for Series
3, $172,016 for Series 4, $214,394 for Series 5 and $153,731 for Series 6.
For convenience, the Investment in Securities are commonly held in a
brokerage account with Raymond James and Associates, Inc. A separate
accounting is maintained for each series' share of the investments.
Gross Unrealized
Estimated Market Cost Plus Gains and
Value Accreted Interest (Losses)
----------------- ----------------- ----------------
Series 2 $ 337,240 $ 326,282 $ 10,958
Series 3 299,868 290,220 9,648
Series 4 380,053 367,680 12,373
Series 5 473,543 458,266 15,277
Series 6 384,110 373,178 10,932
As of March 31, 2000, the cost and accreted interest of debt securities by
contractual maturities is as follows:
Series 2 Series 3 Series 4
-------- -------- --------
Due within 1 year $ 51,800 $ 46,075 $ 58,372
After 1 year through 5 years 189,866 168,882 213,957
After 5 years through 10 years 84,616 75,263 95,351
----------- ----------- -----------
Total Amount Carried on
Balance Sheet $ 326,282 $ 290,220 $ 367,680
=========== =========== ===========
Series 5 Series 6 Total
-------- -------- --------
Due within 1 year $ 72,753 $ 55,114 $ 284,114
After 1 year through 5 years 266,672 216,259 1,055,636
After 5 years through 10 years 118,841 101,805 475,876
----------- ----------- ------------
Total Amount Carried on
Balance Sheet $ 458,266 $ 373,178 $1,815,626
=========== =========== ============
NOTE 4 - RELATED PARTY TRANSACTIONS:
The Payable to General Partners primarily represents the asset management
fees owed to the General Partners at the end of the period. It is
unsecured, due on demand and, in accordance with the limited partnership
agreement, non-interest bearing. Within the next 12 months, the Managing
General Partner does not intend to demand payment on the portion of Asset
Management Fees payable classified as long-term on the Balance Sheet.
The Payable to Project Partnerships represents unpaid capital
contributions to the Project Partnerships and will be paid after certain
performance criteria are met. Such contributions are in turn payable to
the general partner of the Project Partnerships.
For the years ended March 31, 2000, 1999 and 1998 the General Partners and
affiliates are entitled to compensation and reimbursement for costs and
expenses incurred by Gateway as follows:
Asset Management Fee - The Managing General Partner is entitled to be paid
an annual asset management fee equal to 0.25% of the aggregate cost of
Gateway's interest in the projects owned by the Project Partnerships. The
asset management fee will be paid only after all other expenses of Gateway
have been paid. These fees are included in the Statements of Operations.
2000 1999 1998
---- ---- ----
Series 2 $ 68,511 $ 68,648 $ 68,773
Series 3 63,301 63,479 63,645
Series 4 77,832 77,989 78,133
Series 5 96,241 96,461 96,663
Series 6 106,486 106,815 107,120
------------ ------------ ------------
Total $ 412,371 $ 413,392 $ 414,334
============ ============ ============
General and Administrative Expenses - The Managing General Partner is reim
bursed for general and administrative expenses of Gateway on an accountable
basis. This expense is included in the Statements of Operations.
2000 1999 1998
---- ---- ----
Series 2 $ 8,181 $ 7,433 $ 8,267
Series 3 8,552 7,771 8,481
Series 4 10,779 9,798 10,693
Series 5 13,386 12,163 13,274
Series 6 14,130 12,839 14,012
--------- --------- ---------
$ 55,028 $ 50,004 $ 54,727
Total ========= ========= =========
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS:
SERIES 2
As of March 31, 2000, the Partnership had acquired a 99% interest in the
profits, losses and tax credits as a limited partner in 22 Project
Partnerships which own and operate government assisted multi-family housing
complexes.
Cash flows from operations are allocated according to each Partnership
agreement. Upon dissolution proceeds will be distributed according to each
Partnership agreement.
The following is a summary of Investments in Project Partnerships as of:
MARCH 31, 2000 MARCH 31, 1999
-------------- --------------
Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships $ 4,524,678 $ 4,524,678
Cumulative equity in losses of Project
Partnerships (1) (4,553,226) (4,437,682)
Cumulative distributions received from
Project Partnerships (74,211) (69,654)
------------ ------------
Investment in Project Partnerships before
Adjustment (102,759) 17,342
Excess of investment cost over the
underlying assets acquired:
Acquisition fees and expenses 390,838 390,838
Accumulated amortization of acquisition
fees and expenses (79,864) (76,601)
------------ ------------
Investments in Project Partnerships $ 208,215 $ 331,579
============ ============
(1) In accordance with the Partnership's accounting policy to not carry
Investments in Project Partnerships below zero, cumulative suspended losses
of $1,743,287 for the year ended March 31, 2000 and cumulative suspended
losses of $1,142,213 for the year ended March 31, 1999 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
SERIES 3
As of March 31, 2000, the Partnership had acquired a 99% interest in the
profits, losses and tax credits as a limited partner in 23 Project
Partnerships which own and operate government assisted multi-family housing
complexes.
Cash flows from operations are allocated according to each Partnership
agreement. Upon dissolution proceeds will be distributed according to each
Partnership agreement.
The following is a summary of Investments in Project Partnerships as of:
MARCH 31, 2000 MARCH 31, 1999
-------------- --------------
Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships $ 3,888,713 $ 3,888,713
Cumulative equity in losses of Project
Partnerships (1) (4,042,301) (3,927,601)
Cumulative distributions received from
Project Partnerships (158,676) (155,866)
------------ ------------
Investment in Project Partnerships before
Adjustment (312,264) (194,754)
Excess of investment cost over the
underlying assets acquired:
Acquisition fees and expenses 491,746 491,746
Accumulated amortization of acquisition
fees and expenses (79,292) (78,172)
------------ -------------
Investments in Project Partnerships $ 100,190 $ 218,820
============ ============
(1) In accordance with the Partnership's accounting policy to not carry
Investments in Project Partnerships below zero, cumulative suspended losses
of $2,455,000 for the year ended March 31, 2000 and cumulative suspended
losses of $1,581,681 for the year ended March 31, 1999 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
SERIES 4
As of March 31, 2000, the Partnership had acquired a 99% interest in the
profits, losses and tax credits as a limited partner in 29 Project
Partnerships which own and operate government assisted multi-family housing
complexes.
Cash flows from operations are allocated according to each Partnership
agreement. Upon dissolution proceeds will be distributed according to each
Partnership agreement.
The following is a summary of Investments in Project Partnerships as of:
MARCH 31, 2000 MARCH 31, 1999
-------------- --------------
Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships $ 4,952,519 $ 4,952,519
Cumulative equity in losses of Project
Partnerships (1) (4,810,009) (4,634,186)
Cumulative distributions received from
Project Partnerships (107,167) (100,990)
------------ ------------
Investment in Project Partnerships before
Adjustment 35,343 217,343
Excess of investment cost over the
underlying assets acquired:
Acquisition fees and expenses 562,967 562,967
Accumulated amortization of acquisition
fees and expenses (110,618) (103,962)
----------- -----------
Investments in Project Partnerships $ 487,692 $ 676,348
============ ============
(1) In accordance with the Partnership's accounting policy to not carry
Investments in Project Partnerships below zero, cumulative suspended losses
of $1,531,158 for the year ended March 31, 2000 and cumulative suspended
losses of $1,002,895 for the year ended March 31, 1999 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
SERIES 5
As of March 31, 2000, the Partnership had acquired a 99% interest in the
profits, losses and tax credits as a limited partner in 36 Project
Partnerships which own and operate government assisted multi-family housing
complexes.
Cash flows from operations are allocated according to each Partnership
agreement. Upon dissolution proceeds will be distributed according to each
Partnership agreement.
The following is a summary of Investments in Project Partnerships as of:
MARCH 31, 2000 MARCH 31, 1999
-------------- --------------
Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships $ 6,164,472 $ 6,164,472
Cumulative equity in losses of Project
Partnerships (1) (5,585,539) (5,407,399)
Cumulative distributions received from
Project Partnerships (156,548) (146,715)
------------- -------------
Investment in Project Partnerships before
Adjustment 422,385 610,358
Excess of investment cost over the
underlying assets acquired:
Acquisition fees and expenses 650,837 650,837
Accumulated amortization of acquisition
fees and expenses (121,773) (115,614)
----------- -----------
Investments in Project Partnerships $ 951,449 $ 1,145,581
============ ============
(1) In accordance with the Partnership's accounting policy to not carry
Investments in Project Partnerships below zero, cumulative suspended losses
of $1,642,901 for the year ended March 31, 2000 and cumulative suspended
losses of $929,309 for the year ended March 31, 1999 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
SERIES 6
As of March 31, 2000, the Partnership had acquired a 99% interest in the
profits, losses and tax credits as a limited partner in 38 Project
Partnerships which own and operate government assisted multi-family housing
complexes.
Cash flows from operations are allocated according to each Partnership
agreement. Upon dissolution proceeds will be distributed according to each
Partnership agreement.
The following is a summary of Investments in Project Partnerships as of:
MARCH 31, 2000 MARCH 31, 1999
-------------- --------------
Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships $ 7,462,215 $ 7,462,215
Cumulative equity in losses of Project
Partnerships (1) (5,929,821) (5,496,224)
Cumulative distributions received from
Project Partnerships (163,773) (145,656)
------------ ------------
Investment in Project Partnerships before
Adjustment 1,368,621 1,820,335
Excess of investment cost over the
underlying assets acquired:
Acquisition fees and expenses 785,179 785,179
Accumulated amortization of acquisition
fees and expenses (156,410) (141,428)
------------ ------------
Investments in Project Partnerships $ 1,997,390 $ 2,464,086
============ ============
(1) In accordance with the Partnership's accounting policy to not carry
Investments in Project Partnerships below zero, cumulative suspended losses
of $1,029,135 for the year ended March 31, 2000 and cumulative suspended
losses of $598,829 for the year ended March 31, 1999 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
TOTAL SERIES 2 - 6
The following is a summary of Investments in Project Partnerships:
MARCH 31, 2000 MARCH 31, 1999
-------------- --------------
Capital Contributions to Project Partner-
ships and purchase price paid for limited
partner interests in Project Partnerships $ 26,992,597 $26,992,597
Cumulative equity in losses of Project
Partnerships (1) (24,920,896) (23,903,092)
Cumulative distributions received from
Project Partnerships (660,375) (618,881)
------------ ------------
Investment in Project Partnerships before
Adjustment 1,411,326 2,470,624
Excess of investment cost over the
underlying assets acquired:
Acquisition fees and expenses 2,881,567 2,881,567
Accumulated amortization of acquisition
fees and expenses (547,957) (515,777)
------------- -------------
Investments in Project Partnerships $ 3,744,936 $ 4,836,414
============= =============
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial
information of the Project Partnerships on a three month lag, below is the
summarized financial information for the Series' Project Partnerships as of
December 31 of each year:
DECEMBER 31,
1999 1998 1997
SERIES 2 ---- ---- ----
SUMMARIZED BALANCE SHEETS
Assets:
Current assets $ 1,877,161 $ 1,786,180 $ 1,664,759
Investment properties, net 19,889,312 20,780,885 21,671,589
Other assets 2,370 10,554 2,370
------------ ------------ -----------
Total assets $21,768,843 $22,577,619 $23,338,718
============ ============ ===========
Liabilities and Partners' Equity:
Current liabilities $ 486,993 $ 488,583 $ 455,868
Long-term debt 23,110,828 23,166,342 23,216,826
------------ ------------ -----------
Total liabilities 23,597,821 23,654,925 23,672,694
------------ ------------ -----------
Partners' equity
Limited Partner (1,833,812) (1,105,102) (387,627)
General Partners 4,834 27,796 53,651
------------ ------------ -----------
Total Partners' equity (1,828,978) (1,077,306) (333,976)
------------ ------------ -----------
Total liabilities and
partners' equity $21,768,843 $22,577,619 $23,338,718
============ ============ ============
SUMMARIZED STATEMENTS OF
OPERATIONS
Rental and other income $ 4,012,320 $ 4,033,895 $ 3,928,831
Expenses:
Operating expenses 1,794,189 1,709,810 1,656,842
Interest expense 2,044,746 2,114,068 2,052,361
Depreciation and amortization 897,242 919,877 935,616
------------ ------------ ------------
Total expenses 4,736,177 4,743,755 4,644,819
------------- ------------- ------------
Net loss $ (723,857) $ (709,860) $ (715,988)
============= ============= ============
Other partners' share of net loss (7,239) (7,099) (7,160)
============= ============= ============
Partnership's share of net loss $ (716,618) $ (702,761) $ (708,828)
Suspended losses 601,074 575,862 420,416
------------ ------------ ------------
Equity in Losses of Project
Partnerships $ (115,544) $ (126,899) $ (288,412)
============ ============ ============
As of December 31, 1999, the largest Project Partnership constituted 12.1%
and 14.0%, and as of December 31, 1998 the largest Project Partnership
constituted 12.3% and 13.0% of the combined total assets by series and
combined total revenues by series, respectively.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial
information of the Project Partnerships on a three month lag, below is the
summarized financial information for the Series' Project Partnerships as of
December 31 of each year:
DECEMBER 31,
1999 1998 1997
SERIES 3 ---- ---- ----
SUMMARIZED BALANCE SHEETS
Assets:
Current assets $ 2,165,819 $ 2,135,449 $ 2,087,969
Investment properties, net 16,926,832 18,061,080 18,896,091
Other assets 198,916 212,500 216,421
------------ ------------ ------------
Total assets $19,291,567 $20,409,029 $21,200,481
============ ============ ============
Liabilities and Partners' Equity:
Current liabilities $ 491,796 $ 479,070 $ 473,232
Long-term debt 21,648,149 21,720,128 21,786,186
------------ ------------ ------------
Total liabilities 22,139,945 22,199,198 22,259,418
------------ ------------ ------------
Partners' equity
Limited Partner (3,068,148) (2,052,234) (1,365,169)
General Partners 219,770 262,065 306,232
------------ ------------ ------------
Total Partners' equity (2,848,378) (1,790,169) (1,058,937)
------------- ------------- ------------
Total liabilities and
partners' equity $19,291,567 $20,409,029 $21,200,481
============ ============ ============
SUMMARIZED STATEMENTS OF
OPERATIONS
Rental and other income $ 3,900,623 $ 3,873,356 $ 3,897,285
Expenses:
Operating expenses 1,681,735 1,613,589 1,630,694
Interest expense 2,006,761 2,009,194 2,012,078
Depreciation and amortization 1,213,599 913,619 923,055
------------ ------------ ------------
Total expenses 4,902,095 4,536,402 4,565,827
Net loss $(1,001,472) $ (663,046) $ (668,542)
============ ============ ============
Other partners' share of net loss (13,453) (8,623) (6,686)
============ ============ ============
Partnership's share of net loss $ (988,019) $ (654,423) $ (661,856)
Suspended losses 873,319 548,603 463,688
------------ ------------ ------------
Equity in Losses of Project
Partnerships $ (114,700) $ (105,820) $ (198,168)
============ ============ ============
As of December 31, 1999, the largest Project Partnership constituted 6.6%
and 6.4%, and as of December 31, 1998 the largest Project Partnership
constituted 7.8% and 6.5% of the combined total assets by series and
combined total revenues by series, respectively.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial
information of the Project Partnerships on a three month lag, below is the
summarized financial information for the Series' Project Partnerships as of
December 31 of each year:
DECEMBER 31,
1999 1998 1997
SERIES 4 ---- ---- ----
SUMMARIZED BALANCE SHEETS
Assets:
Current assets $ 2,375,444 $ 2,258,054 $ 2,041,655
Investment properties, net 23,334,011 24,296,782 25,293,995
Other assets 8,431 18,066 9,175
----------- ----------- ------------
Total assets $25,717,886 $26,572,902 $27,344,825
=========== =========== ============
Liabilities and Partners' Equity:
Current liabilities $ 620,178 $ 630,630 $ 581,357
Long-term debt 26,444,765 26,508,044 26,566,388
----------- ------------ ------------
Total liabilities 27,064,943 27,138,674 27,147,745
----------- ----------- ------------
Partners' equity
Limited Partner (1,495,788) (759,474) (26,884)
General Partners 148,731 193,702 223,964
----------- ----------- ------------
Total Partners' equity (1,347,057) (565,772) 197,080
----------- ----------- ------------
Total liabilities and
partners' equity $25,717,886 $26,572,902 $27,344,825
============ ============ ============
SUMMARIZED STATEMENTS OF
OPERATIONS
Rental and other income $ 4,625,537 $ 4,613,372 $ 4,556,702
Expenses:
Operating expenses 2,093,013 2,025,711 2,010,724
Interest expense 2,276,169 2,296,338 2,305,229
Depreciation and amortization 983,083 1,016,293 1,060,855
------------ ------------ ------------
Total expenses 5,352,265 5,338,342 5,376,808
Net loss $ (726,728) $ (724,970) $ (820,106)
============ ============ ============
Other partners' share of net loss (22,642) (9,540) (8,201)
============ ============ ============
Partnership's share of net loss $ (704,086) $ (715,430) $ (811,905)
Suspended losses 528,263 506,511 390,019
------------ ------------ ------------
Equity in Losses of Project
Partnerships $ (175,823) $ (208,919) $ (421,886)
============ ============ ============
As of December 31, 1999, the largest Project Partnership constituted 5.0%
and 6.1%, and as of December 31, 1998 the largest Project Partnership
constituted 6.0% and 6.2% of the combined total assets by series and
combined total revenues by series, respectively.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial
information of the Project Partnerships on a three month lag, below is the
summarized financial information for the Series' Project Partnerships as of
December 31 of each year:
DECEMBER 31,
1999 1998 1997
SERIES 5 ---- ---- ----
SUMMARIZED BALANCE SHEETS
Assets:
Current assets $ 2,903,343 $ 2,744,515 $ 2,652,154
Investment properties, net 29,235,956 30,448,363 31,679,751
Other assets 2,552 2,552 2,552
------------ ------------ ------------
Total assets $32,141,851 $33,195,430 $34,334,457
============ ============ ============
Liabilities and Partners' Equity:
Current liabilities $ 720,555 $ 772,090 $ 785,847
Long-term debt 32,658,604 32,747,276 32,829,165
------------ ------------ ------------
Total liabilities 33,379,159 33,519,366 33,615,012
------------ ------------ ------------
Partners' equity
Limited Partner (1,136,314) (216,969) 788,433
General Partners (100,994) (106,967) (68,988)
----------- ----------- ------------
Total Partners' equity (1,237,308) (323,936) 719,445
----------- ----------- ------------
Total liabilities and
partners' equity $32,141,851 $33,195,430 $34,334,457
============ ============ ============
SUMMARIZED STATEMENTS OF
OPERATIONS
Rental and other income $ 5,614,817 $ 5,629,872 $ 5,570,816
Expenses:
Operating expenses 2,570,893 2,521,833 2,413,360
Interest expense 2,658,463 2,785,745 2,787,267
Depreciation and amortization 1,286,201 1,312,998 1,331,686
------------ ------------ ------------
Total expenses 6,515,557 6,620,576 6,532,313
Net loss $ (900,740) $ (990,704) $ (961,497)
============ ============ ============
Other partners' share of net loss (9,008) (9,907) (9,615)
============ ============ ============
Partnership's share of net loss $ (891,732) $ (980,797) $ (951,882)
Suspended losses 713,592 680,755 223,153
----------- ----------- ------------
Equity in Losses of Project
Partnerships $ (178,140) $ (300,042) $ (728,729)
============ ============ ============
As of December 31, 1999, the largest Project Partnership constituted 8.0%
and 8.4%, and as of December 31, 1998 the largest Project Partnership
constituted 8.0% and 7.7% of the combined total assets by series and
combined total revenues by series, respectively.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial
information of the Project Partnerships on a three month lag, below is the
summarized financial information for the Series' Project Partnerships as of
December 31 of each year:
DECEMBER 31,
1999 1998 1997
SERIES 6 ---- ---- ----
SUMMARIZED BALANCE SHEETS
Assets:
Current assets $ 3,056,225 $ 3,052,306 $ 2,895,432
Investment properties, net 33,193,532 34,406,433 35,729,386
Other assets 8,088 21,638 12,783
------------ ------------ ------------
Total assets $36,257,845 $37,480,377 $38,637,601
============ ============ ============
Liabilities and Partners' Equity:
Current liabilities $ 670,941 $ 816,353 $ 794,495
Long-term debt 35,487,112 35,619,894 35,743,123
------------ ------------ ------------
Total liabilities 36,158,053 36,436,247 36,537,618
------------ ------------ ------------
Partners' equity
Limited Partner 354,389 1,248,290 2,262,748
General Partners (254,597) (204,160) (162,765)
------------ ------------ ------------
Total Partners' equity 99,792 1,044,130 2,099,983
------------ ------------ ------------
Total liabilities and
partners' equity $36,257,845 $37,480,377 $38,637,601
============ ============ ============
SUMMARIZED STATEMENTS OF
OPERATIONS
Rental and other income $ 5,831,193 $ 5,796,738 $ 5,816,156
Expenses:
Operating expenses 2,459,553 2,473,136 2,338,842
Interest expense 2,875,156 2,902,662 2,902,564
Depreciation and amortization 1,371,839 1,414,757 1,474,599
------------ ------------ ------------
Total expenses 6,706,548 6,790,555 6,716,005
Net loss $ (875,355) $ (993,817) $ (899,849)
============ ============ ============
Other partners' share of net loss (11,452) (11,906) (8,998)
============ ============ ============
Partnership's share of net loss $ (863,903) $ (981,911) $ (890,851)
Suspended losses 430,306 380,506 128,928
------------ ------------ ------------
Equity in Losses of Project
Partnerships $ (433,597) $ (601,405) $ (761,923)
============ ============ ============
As of December 31, 1999, the largest Project Partnership constituted 6.7%
and 5.8%, and as of December 31, 1998 the largest Project Partnership
constituted 7.0% and 6.0% of the combined total assets by series and
combined total revenues by series, respectively.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
In accordance with the Partnership's policy of presenting the financial
information of the Project Partnerships on a three month lag, below is the
summarized financial information for the Series' Project Partnerships as of
December 31 of each year:
DECEMBER 31,
1999 1998 1997
TOTAL SERIES 2 - 6 ---- ---- ----
SUMMARIZED BALANCE SHEETS
Assets:
Current assets $ 12,377,992 $ 11,976,504 $ 11,341,969
Investment properties, net 122,579,643 127,993,543 133,270,812
Other assets 220,357 265,310 243,301
-------------- ------------- -------------
Total assets $135,177,992 $140,235,357 $144,856,082
============== ============ =============
Liabilities and Partners'
Equity:
Current liabilities $ 2,990,463 $ 3,186,726 $ 3,090,799
Long-term debt 139,349,458 139,761,684 140,141,688
-------------- ------------ -------------
Total liabilities 142,339,921 142,948,410 143,232,487
-------------- ------------- -------------
Partners' equity
Limited Partner (7,179,673) (2,885,489) 1,271,501
General Partners 17,744 172,436 352,094
-------------- ------------- -------------
Total Partners' equity (7,161,929) (2,713,053) 1,623,595
-------------- ------------- -------------
Total liabilities and
partners' equity $135,177,992 $140,235,357 $144,856,082
============= ============ =============
SUMMARIZED STATEMENTS OF
OPERATIONS
Rental and other income $ 23,984,490 $ 23,947,233 $ 23,769,790
Expenses:
Operating expenses 10,599,383 10,344,079 10,050,462
Interest expense 11,861,295 12,108,007 12,059,499
Depreciation and
amortization 5,751,964 5,577,544 5,725,811
------------ ----------- -------------
Total expenses 28,212,642 28,029,630 27,835,772
Net loss $ (4,228,152) $ (4,082,397) $ (4,065,982)
============= ============ =============
Other partners' share of net
loss (63,794) (47,075) (40,660)
============= ============ =============
Partnership's share of net
loss $ (4,164,358) $ (4,082,397) $ (4,025,322)
Suspended losses 3,146,554 2,692,237 1,626,204
------------- ----------- ------------
Equity in Losses of Project
Partnerships $ (1,017,804) $ (1,343,085) $ (2,399,118)
============= ============ =============
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS(continued):
The Partnership's equity by Series as reflected by the Project
Partnerships differs from the Partnership's Investments in Project
Partnerships before acquisition fees and expenses and amortization by
Series primarily because of suspended losses on the Partnerships books and
differences in the accounting treatment of miscellaneous items.
By Series these differences are as follows:
Equity Per Project
Partnership Equity Per Partnership
------------------------ ----------------------
Series 2 $ (1,833,812) $ (102,759)
Series 3 (3,068,148) (312,264)
Series 4 (1,495,788) 35,343
Series 5 (1,136,314) 422,385
Series 6 354,389 1,368,621
NOTE 6 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Income (Loss) as described
in the financial statements and the Partnership income (loss) for tax
purposes:
2000 1999 1998
SERIES 2 ---- ---- ----
Net Loss per Financial
Statements $ (166,538) $ (221,305) $ (337,693)
Equity in Losses of Project
Partnerships for tax purposes
less than (in excess of)
losses for financial
statement purposes (667,867) (665,541) (532,154)
Adjustments to convert March
31, fiscal year end to
December 31, taxable year end (42,530) 37,811 (1,093)
Items Expensed for Financial
Statement purposes not
expensed for Tax purposes:
Asset Management Fee 35,353 31,029 34,574
Amortization Expense 46,550 5,270 536
Other Adjustments (6,936) (3,839) 0
------------ ------------ ------------
Partnership loss for tax
purposes as of December 31 $ (801,968) $ (816,575) $ (835,830)
============ ============ ============
December 31, December 31, December 31,
1999 1998 1997
------------ ------------ ------------
Federal Low Income Housing
Tax Credits (Unaudited) $ 1,030,466 $ 1,030,466 $ 1,031,430
=========== =========== ===========
NOTE 6 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Income (Loss) as described
in the financial statements and the Partnership income (loss) for tax
purposes:
2000 1999 1998
SERIES 3 ---- ---- ----
Net Loss per Financial
Statements $ (147,068) $ (187,324) $ (221,508)
Equity in Losses of Project
Partnerships for tax purposes
less than (in excess of)
losses for financial
statement purposes (617,452) (559,823) (509,467)
Adjustments to convert March
31, fiscal year end to
December 31, taxable year end (48,955) 53,171 (25,303)
Items Expensed for Financial
Statement purposes not
expensed for Tax purposes:
Asset Management Fee 22,159 13,609 21,359
Amortization Expense 43,005 9,979 (3,784)
Other Adjustments (14,514) (34,964) 0
------------ ------------ ------------
Partnership loss for tax
purposes as of December 31 $ (762,825) $ (705,352) $ (738,703)
============ ============ ============
December 31, December 31, December 31,
1999 1998 1997
------------ ------------ -----------
Federal Low Income Housing
Tax Credits (Unaudited) $ 379,668 $ 904,132 $ 969,244
=========== =========== ===========
NOTE 6 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Income (Loss) as described
in the financial statements and the Partnership income (loss) for tax
purposes:
2000 1999 1998
SERIES 4 ---- ---- ----
Net Loss per Financial
Statements $ (235,491) $ (348,671) $ (485,415)
Equity in Losses of Project
Partnerships for tax purposes
less than (in excess of)
losses for financial
statement purposes (657,984) (611,767) (549,870)
Adjustments to convert March
31, fiscal year end to
December 31, taxable year end (81,152) 68,041 6,099
Items Expensed for Financial
Statement purposes not
expensed for Tax purposes:
Asset Management Fee 35,656 32,527 33,247
Amortization Expense 85,586 13,104 (5,963)
Other Adjustments (7,650) (4,384) 0
------------ ------------ ------------
Partnership loss for tax
purposes as of December 31 $ (861,035) $ (851,150) $(1,001,902)
============ ============ ============
December 31, December 31, December 31,
1999 1998 1997
------------ ------------ ------------
Federal Low Income Housing
Tax Credits (Unaudited) $ 1,177,677 $ 1,177,677 $ 1,177,677
=========== =========== ===========
NOTE 6 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Income (Loss) as described
in the financial statements and the Partnership income (loss) for tax
purposes:
2000 1999 1998
SERIES 5 ---- ---- ----
Net Loss per Financial
Statements $ (243,982) $ (403,555) $ (813,502)
Equity in Losses of Project
Partnerships for tax purposes
less than (in excess of)
losses for financial
statement purposes (831,003) (828,115) (341,766)
Adjustments to convert March
31, fiscal year end to
December 31, taxable year end (30,361) 12,889 (355)
Items Expensed for Financial
Statement purposes not
expensed for Tax purposes:
Asset Management Fee 38,069 34,182 36,068
Amortization Expense 35,067 14,276 9,911
Other Adjustments (14,529) (3,133) 0
------------ ------------ ------------
Partnership loss for tax
purposes as of December 31 $(1,046,739) $(1,173,456) $(1,109,644)
============ ============ ============
December 31, December 31, December 31,
1999 1998 1997
------------ ------------ ------------
Federal Low Income Housing
Tax Credits (Unaudited) $ 1,432,448 $ 1,432,378 $ 1,432,378
=========== =========== ===========
NOTE 6 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Income (Loss) as described
in the financial statements and the Partnership income (loss) for tax
purposes:
2000 1999 1998
SERIES 6 ---- ---- ----
Net Loss per Financial
Statements $ (531,947) $ (701,324) $ (870,137)
Equity in Losses of Project
Partnerships for tax purposes
less than (in excess of)
losses for financial
statement purposes (667,038) (642,061) (331,643)
Adjustments to convert March
31, fiscal year end to
December 31, taxable year end 894 (9,368) (4,171)
Items Expensed for Financial
Statement purposes not
expensed for Tax purposes:
Asset Management Fee 51,057 47,319 47,356
Amortization Expense 10,829 17,305 21,592
Other Adjustments (3,915) (1,325) 0
------------ ------------ ------------
Partnership loss for tax
purposes as of December 31 $(1,140,120) $(1,287,454) $(1,137,003)
============ ============ ============
December 31, December 31, December 31,
1999 1998 1997
------------ ------------ ------------
Federal Low Income Housing
Tax Credits (Unaudited) $ 1,690,086 $ 1,689,792 $ 1,689,263
=========== =========== ===========
NOTE 6 - TAXABLE INCOME (LOSS):
The following is a reconciliation between Net Income (Loss) as described
in the financial statements and the Partnership income (loss) for tax
purposes:
2000 1999 1998
TOTAL SERIES 2 - 6 ---- ---- ----
Net Loss per Financial
Statements $(1,325,026) $(1,862,179) $(2,728,255)
Equity in Losses of Project
Partnerships for tax purposes
less than (in excess of)
losses for financial
statement purposes (3,441,344) (3,307,307) (2,264,900)
Adjustments to convert March
31, fiscal year end to
December 31, taxable year end (202,104) 164,544 (24,823)
Items Expensed for Financial
Statement purposes not
expensed for Tax purposes:
Asset Management Fee 182,294 158,666 172,604
Amortization Expense 221,037 59,934 22,292
Other Adjustments (47,544) (47,645) 0
------------ ------------ ------------
Partnership loss for tax
purposes as of December 31 $(4,612,687) $(4,833,987) $(4,823,082)
============ ============ ============
The difference in the total value of the Partnership's Investment in
Project Partnerships is approximately $2,705,000 higher for Series 2,
$2,426,000 higher for Series 3, $3,052,000 higher for Series 4, $2,714,000
higher for Series 5 and $2,557,000 higher for Series 6 for financial
reporting purposes than for tax return purposes because (i) there were
depreciation differences between financial reporting purposes and tax
return purposes and (ii) certain expenses are not deductible for tax return
purposes.
Hill, Barth & King LLC
554 West 10th Street
Erie, PA 16502
PHONE: 814-456-5385
FAX: 814-454-5004
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Springwood Apartments Limited Partnership
Westfield, New York
We have audited the accompanying balance sheets of Springwood Apartments
Limited Partnership, as of December 31, 1999 and 1998, and the related
statements of operations, partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Springwood Apartments
Limited Partnership as of December 31, 1999 and 1998 and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 24, 2000 on our consideration of Springwood Apartments
Limited Partnership internal control over financial reporting and our tests
of its compliance with certain provisions of laws, regulations, contracts,
and grants.
/s/ Hill, Barth & King LLC
Certified Public Accountants
January 24, 2000
Hill, Barth & King LLC
544 West 10th Street
Erie, PA 16502
PHONE: 814-456-5385
FAX: 814-454-5004
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Cherrytree Apartments Limited Partnership
Albion, Pennsylvania
We have audited the accompanying balance sheets of Cherrytree Apartments
Limited Partnership, as of December 31, 1999 and 1998, and the related
statements of operations, partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Cherrytree Apartments
Limited Partnership as of December 31, 1999 and 1998 and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 21, 2000 on our consideration of Cherrytree Apartments
Limited Partnership internal control over financial reporting and our tests
of compliance with certain provisions of laws, regulations, contracts, and
grants.
/s/ Hill, Barth & King LLC
Certified Public Accountants
January 21, 2000
Hill, Barth & King LLC
544 West 10th Street
Erie, PA 16502
PHONE: 814-456-5385
FAX: 814-454-5004
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Wynnwood Commons Associates Limited Partnership
Fairchance, Pennsylvania
We have audited the accompanying balance sheets of Wynnwood Commons
Associates Limited Partnership, as of December 31, 1999 and 1998, and the
related statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Wynnwood Common
Associates Limited Partnership as of December 31, 1999 and 1998 and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
reports dated January 24, 2000 on our consideration of Wynnwood Commons
Associates Limited Partnership internal control over financial reporting
and our tests of compliance with certain provisions of laws, regulations,
contracts, and grants.
/s/ Hill, Barth & King LLC
Certified Public Accountants
January 24, 2000
Hill, Barth & King LLC
544 West 10th Street
Erie, PA 16502
PHONE: 814-456-5385
FAX: 814-454-5004
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Stony Creek Commons Limited Partnership
Hooversville, Pennsylvania
We have audited the accompanying balance sheets of Stony Creek Commons
Limited Partnership, as of December 31, 1999 and 1998, and the related
statements of operations, partners' equity and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Stony Creek Commons
Limited Partnership as of December 31, 1999 and 1998 and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 25, 2000 on our consideration of Stony Creek Commons
Limited Partnership internal control over financial reporting and our tests
of its compliance with certain provisions of laws, regulations, contracts,
and grants.
/s/ Hill, Barth & King LLC
Certified Public Accountants
January 25, 2000
Henderson & Godbee, P.C.
3488 N. Valdosta Rd. - P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 912-245-6040
FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Richland Elderly Housing, Ltd.
Valdosta, Georgia
We have audited the accompanying balance sheets of Richland Elderly
Housing, Ltd. (a limited partnership), Federal ID No.: 58-1848044, as of
December 31, 1999 and 1998, and the related statements of income, partners'
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Richland Elderly
Housing, Ltd. as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 24, 2000 on our consideration of the Richland Elderly
Housing, Ltd.'s internal control structure and a report dated January 24,
2000 on its compliance with laws and regulations.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 24, 2000
Henderson & Godbee, P.C.
3488 N. Valdosta Rd. - P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 912-245-6040
FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Pearson Elderly Housing, Ltd.
Valdosta, Georgia
We have audited the accompanying balance sheets of Pearson Elderly Housing,
Ltd. (A Limited Partnership), Federal ID No.: 58-1848042, as of December
31, 1999 and 1998, and the related statements of income, partners' equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Pearson Elderly
Housing, Ltd. as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 24, 2000 on our consideration of the Pearson Elderly
Housing, Ltd.'s internal control structure and a report dated January 24,
2000 on its compliance with laws and regulations.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 24, 2000
Henderson & Godbee, P.C.
3488 N. Valdosta Rd.-P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 912-245-6040
FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Lake Park Apartments, Ltd.
Valdosta, Georgia
We have audited the accompanying balance sheets of Lake Park Apartments,
Ltd. (A Limited Partnership), Federal ID No.: 58-1844429, as of December
31, 1999 and 1998, and the related statements of income, partners' equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Lake Park Apartments,
Ltd. as of December 31, 1999 and 1998, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 24, 2000 on our consideration of the Lake Park
Apartments, Ltd.'s internal control structure and a report dated January
24, 2000 on its compliance with laws and regulations.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 24, 2000
Henderson & Godbee, P.C.
3488 N. Valdosta Rd.
Valdosta, GA 31604-2241
PHONE: 912-245-6040
FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Lakeland Elderly Housing, Ltd.
Valdosta, Georgia
We have audited the accompanying balance sheets of Lakeland Elderly
Housing, Ltd. (a limited partnership), Federal ID No.: 58-1898054, as of
December 31, 1999 and 1998, and the related statements of income, partners'
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Lakeland Elderly
Housing, Ltd. as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 24, 2000 on our consideration of the Lakeland Elderly
Housing, Ltd.'s internal control structure and report dated January 24,
2000 on its compliance with laws and regulations.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 24, 2000
Habif, Arogeti & Wynne, LLP
1073 West Peachtree Street, N.E.
Atlanta, GA 30309-3837
PHONE: 404-892-9651
FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners of
Woodland Terrace
We have audited the accompanying balance sheets of WOODLAND TERRACE
APARTMENTS, LTD. (USDA Rural Development Case No. 10-017-581854412), a
limited partnership, as of December 31, 1999 and 1998, and the related
statements of operations, changes in partners' equity (deficit), and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration's Audit Program. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of WOODLAND TERRACE
APARTMENTS, LTD. as of December 31, 1999 and 1998, and the results of its
operations, its changes in partner's equity (deficit), and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued a
February 9, 2000 on our consideration of WOODLAND TERRACE APARTMENTS,
LTD.'s internal control and a February 9, 2000 on its compliance with laws
and regulations applicable to the financial statements.
Ou audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 13 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ Habif, Arogeti & Wynne, LLP
Certified Public Accountants
Atlanta, Georgia
February 9, 2000
Habif, Arogeti & Wynne, LLP
1073 West Peachtree Street, N.E.
Atlanta, Georgia 30309-3837
PHONE: 404-892-9651
FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners of
Manchester Housing, Ltd.
We have audited the accompanying balance sheet of MANCHESTER HOUSING, LTD.
(USDA Rural Development Case No. 10-099-581845215), a limited partnership,
as of December 31, 1999 and 1998, and the related statements of operations,
changes in partners' equity (deficit), and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration's Audit Program. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of MANCHESTER HOUSING,
LTD.
as of December 31, 1999 and 1998, and the results of its operations, its
changes in partners' equity (deficit), and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 9, 2000 on our consideration of MANCHESTER HOUSING,
LTD.'s internal control and a report dated February 9, 2000 on its
compliance with laws and regulations applicable to the financial
statements.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 13 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ Habif, Arogeti & Wynne, LLP
Certified Public Accountants
Atlanta, Georgia
February 9, 2000
Henderson & Godbee, P.C.
3488 N. Valdosta Rd.-P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 912-245-6040
FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Heritage Villas, L.P.
McRae, Georgia
We have audited the accompanying balance sheets of Heritage Villas, L.P. (a
limited partnership), Federal ID #: 58-1898056, as of December 31, 1998 and
1997, and the related statements of income, partners' (deficit) and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Heritage Villas, L.P.
as of December 31, 1998 and 1997, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued
reports dated February 11, 1999 on our consideration of Heritage Villas,
L.P.'s internal control structure and its compliance with laws and
regulations.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
February 11, 1999
Davis, Nichols & Associates LLP
3555 North Crossing Circle
Valdosta, GA 31602
PHONE: 912-247-9801
FAX: 912-244-7704
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Heritage Villas, L.P.
McRae, Georgia
We have audited the accompanying balance sheet of Heritage Villas, L.P. (a
limited partnership), Federal ID #: 58-1898056, as of December 31, 1999,
and the related statements of income, partners' (deficit) and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit. The financial
statements of Heritage Villas, L.P. as of December 31, 1998 were audited by
other auditors whose report dated February 11, 1999, expressed an
unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Heritage Villas, L.P.
as of December 31, 1999, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued
reports dated February 14, 2000 on our consideration of Heritage Villas,
L.P.'s internal control structure and its compliance with laws and
regulations.
/s/ Davis, Nichols & Associates L.L.P.
Certified Public Accountants and Consultants
February 14, 2000
Habif, Arogeti & Wynne, LLP
1073 West Peachtree Street, N.E.
Atlanta, GA 30309-3837
PHONE: 404-892-9651
FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners of
Crisp Properties, L.P.
We have audited the accompanying balance sheets of CRISP PROPERTIES, L.P.
(USDA Rural Development Case No. 10-017-581854412), as of December 31, 1999
and 1998, and the related statements of operations, changes in partners'
equity (deficit), and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration's Audit Program. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of CRISP PROPERTIES, L.P.
as of December 31, 1999 and 1998, and the results of its operations, its
changes in partners equity (deficit), and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 9, 2000 on our consideration of CRISP PROPERTIES,
L.P.'s internal control and a report dated February 9, 2000 on its
compliance with laws and regulations applicable to the financial
statements.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 13 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ Habif, Arogeti & Wynne, LLP
Certified Public Accountants
Atlanta, Georgia
February 9, 2000
Habif, Arogeti & Wynne, LLP
1073 West Peachtree Street, N.E.
Atlanta, GA 30309-3837
PHONE: 404-892-9651
FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners of
Blackshear Apartments, L.P. Phase II
We have audited the accompanying balance sheets of BLACKSHEAR APARTMENTS,
L.P. PHASE II (USDA Rural Development Case No. 10-040-581925616), a limited
partnership, as of December 31, 1999 and 1998, and the related statements
of operations, changes in partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration's Audit Program. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of BLACKSHEAR APARTMENTS,
L.P. PHASE II as of December 31, 1999 and 1998, and the results of its
operations, its changes in partner's equity (deficit), and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 9, 2000 on our consideration of BLACKSHEAR
APARTMENTS, L.P. PHASE II'S internal control and a report dated February 9,
2000 on its compliance with laws and regulations applicable to financial
statements.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 13 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ Habif, Arogeti & Wynne, LLP
Certified Public Accountants
Atlanta, Georgia
February 9, 2000
Henderson & Godbee, P.C.
3488 N. Valdosta Rd.-P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 912-245-6040
FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Crawford Rental Housing, L.P.
Valdosta, Georgia
We have audited the accompanying balance sheets of Crawford Rental Housing,
L.P. (a limited partnership), Federal ID No.: 58-1850761, as of December
31, 1999 and 1998, and the related statements of income, partners' equity
(deficit), and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Crawford Rental
Housing, L.P. as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 24, 2000 on our consideration of Crawford Rental
Housing, L.P.'s internal control structure and a report dated January 24,
2000 on its compliance with laws and regulations.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 24, 2000
Henderson & Godbee, P.C.
3488 N. Valdosta Rd.- P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 912-245-6040
FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Shellman Housing, L.P.
Valdosta, Georgia
We have audited the accompanying balance sheets of Shellman Housing, L.P.
(a limted partnership), Federal ID No.: 58-1917615, as of December 31, 1999
and 1998, and the related statements of income, partners' equity (deficit),
and cash flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Shellman Housing L.P.
as of December 31, 1999 and 1998, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 24, 2000 on our consideration of the Shellman Housing
L.P.'s internal control structure and a report dated January 24, 2000 on
its compliance with laws and regulations.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 24, 2000
Henderson & Godbee, P.C.
3488 N. Valdosta Rd.-P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 912-245-6040
FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Greensboro Properties, L.P., Phase II
Valdosta, Georgia
We have audited the accompanying balance sheets of Greensboro Properties,
L.P., Phase II (a limited partnership), Federal ID No. 58-1915804 as of
December 31, 1999 and 1998, and the related statements of income, partners'
equity (deficit), and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Greensboro Properties,
L.P., Phase II as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 24, 2000 on our consideration of the Greensboro
Properties, L.P., Phase II's internal control structure and a report dated
January 24, 2000 on it's compliance with laws and regulations.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 24, 2000
Henderson & Godbee, P.C.
3488 N. Valdosta Rd.-P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 912-245-6040
FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Dawson Elderly, L.P.
Dawson, Georgia
We have audited the accompanying balance sheet of Dawson Elderly, L.P. (a
limited partnership), Federal ID No.: 58-1966658 as of December 31, 1999
and
1998, and the related statements of income, partners' equity (deficit), and
cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Dawson Elderly, L.P. as
of December 31, 1999 and 1998, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued
reports dated January 24, 2000 on our consideration of Dawson Elderly,
L.P.'s internal control structure and a report dated January 24, 2000 on
it's compliance with laws and regulations.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 24, 2000
Habif, Arogeti & Wynne, LLP
1073 West Peachtree Street, N.E.
Atlanta, GA 30367-3837
PHONE: 404-892-9651
FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Piedmont Development Company of Lamar
County, LTD., L.P.
We have audited the accompanying balance sheets of PIEDMONT DEVELOPMENT
COMPANY OF LAMAR COUNTY, LTD., L.P. (a limited partnership) as of December
31, 1999 and 1998, and the related statements of operations, changes in
partners' equity (deficit), and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States and the U.S. Department of Agriculture Farmers Home
Administration's Audit Program. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of PIEDMONT DEVELOPMENT
COMPANY OF LAMAR COUNTY, LTD., L.P. as of December 31, 1999 and 1998, and
the results of its operations, its changes in partners' equity (deficit),
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 18, 2000 on our consideration of PIEDMONT DEVELOPMENT
COMPANY OF LAMAR COUNTY, LTD., L.P.'s internal control and a report dated
February 18, 2000 on its compliance with laws and regulations applicable to
the financial statements.
/s/ Habif, Arogeti & Wynne, LLP
Atlanta, Georgia
February 18, 2000
Donald W. Causey & Associates, P.C.
516 Walnut Street - P.O. Box 775
Gadsden, AL 35902
PHONE: 256-543-3707
FAX: 256-543-9800
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Sylacauga Heritage Apartments Ltd.
Sylacauga, Alabama
We have audited the accompanying balance sheets of Sylacauga Heritage
Apartments, Ltd., a limited partnership, RHS Project No.: 01-061-631025601
as of December 31, 1999 and 1998, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted the audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Sylacauga Heritage
Apartments, Ltd., RHS Project No.: 01-061-631025601 as of December 31, 1999
and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 10 through 13 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. The supplemental
information presented in the Multiple Family Housing Borrower Balance Sheet
(Form FmHA 1930-8) Parts I and II for the year ended December 31, 1999 and
1998, is presented for purposes of complying with the requirements of the
Rural Housing Services and is also not a required part of the basic
financial statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements and, in
our opinion is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated February 14, 2000 on our consideration of Sylacauga Heritage
Apartments, Ltd., internal control over financial reporting and on our
tests of its compliance with certain provisions of laws and regulations.
/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountants
Gadsden, Alabama
February 14, 2000
Pailet, Meunier and LeBlanc, L.L.P.
3421 N. Causeway Blvd., Suite 701
Metairie, LA 70002
PHONE: 504-837-0770
FAX: 504-837-7102
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
LOGANSPORT SENIORS APARTMENTS
We have audited the accompanying balance sheets of LOGANSPORT SENIORS
APARTMENTS, RHS PROJECT NO. 22-016-721126743 as of December 31, 1999 and
1998 and the related statements of operations, changes in partners' equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of LOGANSPORT SENIORS
APARTMENTS as of December 31, 1999 and 1998 and the results of its
operations, changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming and opinion on the basic
financial statements taken as a whole. The supplemental information
presented on pages 16 through 24, is presented for purposes of additional
analysis and is not a required part of the basic financial statements.
Such information has been subjected to the auditing procedures applied in
the audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated February 26, 2000 on our consideration of LOGANSPORT SENIORS
APARTMENTS's internal control and a report dated February 26, 2000 on its
compliance with laws and regulations applicable to the financial
statements.
/s/ Pailet, Meunier and LeBlanc, L.L.P.
Certified Public Accountants
Metairie, Louisiana
February 26, 2000
Cameron, Hines & Hartt
104 Regency Place - P.O. Box 2474
West Monroe, LA 71294-2474
PHONE: 318-323-1717
FAX: 318-322-5121
INDEPENDENT AUDITORS' REPORT
----------------------------
Tarpon Heights Apartments,
A Louisiana Partnership in Commendam
Mansfield, Louisiana
We have audited the accompanying balance sheets of Tarpon Heights
Apartments, A Louisiana Partnership in Commendam (the Partnership) as of
December 31, 1999 and 1998, and the related statements of income, partners'
equity, and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the Standards for Financial and Compliance Audits contained
in
Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Tarpon Heights
Apartments, a Louisiana Partnership in Commendam as of December 31, 1999
and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
report dated March 3, 2000, on our consideration of Tarpon Heights
Apartments, a Louisiana Partnership in Commendam's internal control over
financial reporting and our tests of its compliance with certain provisions
of laws, regulations, contracts and grants. That report is an integral
part of an audit performed in accordance with Government Auditing Standards
and should be read in conjunction with this report in considering the
results of our audits.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying schedules listed
in the table of contents are presented for the purpose of additional
analysis and are not a required part of the financial statements of Tarpon
Heights Apartments, a Louisiana Partnership in Commendam. Such information
has been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the financial statements taken as a whole.
/s/ Cameron, Hines & Hartt (APAC)
Certified Public Accountants
West Monroe, Louisiana
March 3, 2000
Pailet, Meunier and LeBlanc, L.L.P.
3421 N. Causeway Blvd., Suite 701
Metairie, LA 70002
PHONE: 504-837-0770
FAX: 504-837-7102
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
THE OAKS APARTMENTS
We have audited the accompanying balance sheets of THE OAKS APARTMENTS, RHS
PROJECT NO. 22-002-721144868 as of December 31, 1999 and 1998 and the
related statements of operations, changes in partners' equity (deficit) and
cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of THE OAKS APARTMENTS as
of December 31, 1999 and 1998 and the results of its operations, changes in
partners' equity and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information
presented on pages 16 through 24, is presented for purposes of additional
analysis and is not a required part of the basic financial statements.
Such information has been subjected to the auditing procedures applied in
the audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated February 28, 2000 on our consideration of THE OAKS
APARTMENTS's
internal control and a report dated February 28, 2000 on its compliance
with laws and regulations applicable to the financial statements.
/s/ Pailet, Meunier and LeBlanc, L.L.P.
Certified Public Accountants
Metairie, Louisiana
February 28, 2000
Cameron, Hines & Hartt
104 Regency Place-P.O. Box 2474
West Monroe, LA 71294-2474
PHONE: 318-323-1717
FAX: 318-322-5121
INDEPENDENT AUDITORS' REPORT
----------------------------
Sonora Seniors Apartments, Ltd.
Mansfield, Louisiana
We have audited the accompanying balance sheets of Sonora Seniors
Apartments, Ltd. (the Partnership) as of December 31, 1999 and 1998, and
the related statements of income, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the Standards for Financial and Compliance Audits contained
in Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Sonora Seniors
Apartments, Ltd. as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated March 3, 2000, on our consideration of Sonora Seniors
Apartments, Ltd.'s internal control over financial reporting and our tests
of its compliance with certain provisions of laws, regulations, contracts
and grants. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be read in
conjuction with this report in considering the results of our audits.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying schedules listed
in the table of contents are presented for the purpose of additional
analysis and are not a required part of the financial statements of Sonora
Seniors Apartments, Ltd.. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation
to the financial statements taken as a whole.
/s/ Cameron, Hines & Hartt (APAC)
Certified Public Accountants
West Monroe, Louisiana
March 3, 2000
Pailet, Meunier and LeBlanc, L.L.P.
3421 N. Causeway Blvd., Suite 701
Metairie, LA 70002
PHONE: 504-837-0770
FAX: 504-837-7102
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
FREDERICKSBURG SENIORS APARTMENTS, LTD.
We have audited the accompanying balance sheets of FREDERICKSBURG SENIORS
APARTMENTS, LTD., RHS PROJECT NO. 49-086-721150308 as of December 31, 1999
and 1998 and the related statements of operations, changes in partners'
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of FREDERICKSBURG SENIORS
APARTMENTS, LTD. as of December 31, 1999 and 1998 and the results of its
operations, changes in partners equity and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on th basic
financial statements taken as a whole. The supplemental information
presented on pages 16 through 24, is presented for purposes of additional
analysis and is not a required part of the basic financial statements.
Such information has been subjected to the auditing procedures applied in
the audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated February 25, 2000 on our consideration of FREDERICKSBURG
SENIORS APARTMENTS, LTD.'s internal control and a report dated February 25,
2000 on its compliance with laws and regulations applicable to the
financial statements.
/s/ Pailet, Meunier and LeBlanc, L.L.P.
Certified Public Accountants
Metairie, Louisiana
February 25, 2000
Pailet, Meunier and LeBlanc, L.L.P.
3421 N. Causeway Blvd., Suite 701
Metairie, LA 70002
PHONE: 504-837-0770
FAX: 504-837-7102
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
BRACKETTVILLE SENIORS APARTMENTS, LTD.
We have audited the accompanying balance sheets of BRACKETTVILLE SENIORS
APARTMENTS, LTD., RHS PROJECT NO. 50-036-721150307 as of December 31, 1999
and 1998 and the related statements of operations, changes in partners'
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of BRACKETTVILLE SENIORS
APARTMENTS, LTD. as of December 31, 1999 and 1998 and the results of its
operations, changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information
presented on pages 16 through 24, is presented for purposes of additional
analysis and is not a required part of the basic financial statements.
Such information has been subjected to the auditing procedures applied in
the audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated February 8, 2000 on our consideration of BRACKETTVILLE SENIORS
APARTMENTS, LTD.'s internal control and a report dated February 8, 2000 on
its compliance with laws and regulations applicable to the financial
statements.
/s/ Pailet, Meunier and LeBlanc, L.L.P.
Certified Public Accountants
Metairie, Louisiana
February 8, 2000
Cameron, Hines & Hartt
104 Regency Place-P.O. Box 2474
West Monroe, LA 71294-2474
PHONE: 318-323-1717
FAX: 318-322-5121
INDEPENDENT AUDITORS' REPORT
----------------------------
Timpson Seniors Apartments, Ltd.
Mansfield, Louisiana
We have audited the accompanying balance sheet of Timpson Seniors
Apartments, Ltd. (the Partnership) as of December 31, 1999 and 1998, and
the related statements of income, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the Standards for Financial and Compliance Audits contained
in
Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Timpson Seniors
Apartments, Ltd. as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated March 3, 2000, on our consideration of Timpson Seniors
Apartments, Ltd.'s internal control over financial reporting and our tests
of its compliance with certain provisions of laws, regulations, contracts
and grants. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be read in
conjunction with this report in considering the results of our audits.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying schedules listed
in the table of contents are presented for the purpose of additional
analysis and are not a required part of the financial statements of Timpson
Seniors Apartments, Ltd.. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation
to the financial statements taken as a whole.
/s/ Cameron, Hines & Hartt (APAC)
Certified Public Accountants
West Monroe, Louisiana
March 3, 2000
Baird, Kurtz, & Dobson
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 501-452-1040
FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Charleston Properties, A Limited Partnership
D/B/A Wingate Apartments
Fort Smith, Arkansas
We have audited the accompanying balance sheets of CHARLESTON PROPERTIES, A
LIMITED PARTNERSHIP, D/B/A WINGATE APARTMENTS as of December 31, 1999 and
1998, and the related statements of operations, changes in partners' equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of CHARLESTON PROPERTIES,
A LIMITED PARTNERSHIP, D/B/A WINGATE APARTMENTS as of December 31, 1999 and
1998, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 10, 2000, on our consideration of the Partnerships's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
Certified Public Accountants
February 10, 2000
Baird, Kurtz, & Dobson
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 501-452-1040
FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Sallisaw Properties II, A Limited Partnership
D/B/A Mayfair Place II Apartments
Fort Smith, Arkansas
We have audited the accompanying balance sheets of SALLISAW PROPERTIES II,
A LIMITED PARTNERSHIP, D/B/A MAYFAIR PLACE II APARTMENTS as of December 31,
1999 and 1998, and the related statements of operations, changes in
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of SALLISAW PROPERTIES II,
A LIMITED PARTNERSHIP, D/B/A MAYFAIR PLACE II APARTMENTS as of December 31,
1999 and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 10, 2000, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
Certified Public Accountants
February 10, 2000
Baird, Kurtz, & Dobson
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 501-452-1040
FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Pocola Properties, A Limited Partnership
D/B/A North Gate Apartments
Fort Smith, Arkansas
We have audited the accompanying balance sheets of POCOLA PROPERTIES, A
LIMITED PARTNERSHIP, D/B/A NORTH GATE APARTMENTS as of December 31, 1999
and 1998, and the related statements of operations, changes in partners'
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of POCOLA PROPERTIES, A
LIMITED PARTNERSHIP, D/B/A NORTH GATE APARTMENTS as of December 31, 1999
and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 10, 2000, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
Certified Public Accountants
February 10, 2000
Baird, Kurtz, & Dobson
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 501-452-1040
FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Poteau Properties II, A Limited Partnership
D/B/A North Pointe Apartments
Fort Smith, Arkansas
We have audited the accompanying balance sheets of POTEAU PROPERTIES II, A
LIMITED PARTNERSHIP, D/B/A NORTH POINTE APARTMENTS as of December 31, 1999
and 1998, and the related statements of operations, changes in partners'
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of POTEAU PROPERTIES II, A
LIMITED PARTNERSHIP, D/B/A NORTH POINTE APARTMENTS as of December 31, 1999
and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 10, 2000, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
Certified Public Accountants
February 10, 2000
Baird, Kurtz, & Dobson
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 501-452-1040
FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Nowata Properties, A Limited Partnership
D/B/A Cross Creek II Apartments
Fort Smith, Arkansas
We have audited the accompanying balance sheets of NOWATA PROPERTIES, A
LIMITED PARTNERSHIP, D/B/A CROSS CREEK II APARTMENTS as of December 31,
1999 and 1998, and the related statements of operations, changes in
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of NOWATA PROPERTIES, A
LIMITED PARTNERSHIP, D/B/A CROSS CREEK II APARTMENTS as of December 31,
1999 and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 10, 2000, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
Certified Public Accountants
February 10, 2000
Baird, Kurtz, & Dobson
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 501-452-1040
FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Sallisaw Properties, A Limited Partnership
D/B/A Mayfair Place Apartments
Fort Smith, Arkansas
We have audited the accompanying balance sheets of SALLISAW PROPERTIES, A
LIMITED PARTNERSHIP, D/B/A MAYFAIR PLACE APARTMENTS as of December 31, 1999
and 1998, and the related statements of operations, changes in partners'
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of SALLISAW PROPERTIES, A
LIMITED PARTNERSHIP, D/B/A MAYFAIR PLACE APARTMENTS as of December 31, 1999
and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 10, 2000, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
Certified Public Accountants
February 10, 2000
Baird, Kurtz, & Dobson
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 501-452-1040
FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Roland Properties II, A Limited Partnership
D/B/A Woodland Hills II Apartments
Fort Smith, Arkansas
We have audited the accompanying balance sheets of ROLAND PROPERTIES II, A
LIMITED PARTNERSHIP, D/B/A WOODLAND HILLS II APARTMENTS as of December 31,
1999 and 1998, and the related statements of operations, changes in
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of ROLAND PROPERTIES II, A
LIMITED PARTNERSHIP, D/B/A WOODLAND HILLS II APARTMENTS as of December 31,
1999 and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 10, 2000, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
Certified Public Accountants
February 10, 2000
Baird, Kurtz, & Dobson
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 501-452-1040
FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Stilwell Properties, A Limited Partnership
D/B/A Skywood Apartments
Fort Smith, Arkansas
We have audited the accompanying balance sheets of STILWELL PROPERTIES, A
LIMITED PARTNERSHIP, D/B/A SKYWOOD APARTMENTS as of December 31, 1999 and
1998, and the related statements of operations, changes in partners' equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of STILWELL PROPERTIES, A
LIMITED PARTNERSHIP, D/B/A SKYWOOD APARTMENTS as of December 31, 1999 and
1998, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 10, 2000, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
Certified Public Accountants
February 10, 2000
Baird, Kurtz, & Dobson
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 501-452-1040
FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Stilwell Properties II, A Limited Partnership
D/B/A Skywood II Apartments
Fort Smith, Arkansas
We have audited the accompanying balance sheets of STILWELL PROPERTIES II,
A LIMITED PARTNERSHIP, D/B/A SKYWOOD II APARTMENTS as of December 31, 1999
and 1998, and the related statements of operations, changes in partners'
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of STILWELL PROPERTIES II,
A LIMITED PARTNERSHIP, D/B/A SKYWOOD II APARTMENTS as of December 31, 1999
and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 10, 2000, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
Certified Public Accountant
February 10, 2000
Baird, Kurtz, & Dobson
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 501-452-1040
FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Westville Properties, A Limited Partnership
D/B/A Greystone Place Apartments
Fort Smith, Arkansas
We have audited the accompanying balance sheets of WESTVILLE PROPERTIES, A
LIMITED PARTNERSHIP, D/B/A GREYSTONE PLACE APARTMENTS as of December 31,
1999 and 1998, and the related statements of operations, changes in
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of WESTVILLE PROPERTIES, A
LIMITED PARTNERSHIP, D/B/A GREYSTONE PLACE APARTMENTS as of December 31,
1999 and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 10, 2000, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
Certified Public Accountants
February 10, 2000
Baird, Kurtz, & Dobson
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 501-452-1040
FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Mill Creek Properties V, A Limited Partnership
D/B/A Mill Creek Apartments V
Fort Smith, Arkansas
We have audited the accompanying balance sheets of MILL CREEK PROPERTIES
V, A LIMITED PARTNERSHIP, D/B/A MILL CREEK APARTMENTS V as of December 31,
1999 and 1998, and the related statements of operations, changes in
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of MILL CREEK PROPERTIES
V, A LIMITED PARTNERSHIP, D/B/A MILL CREEK APARTMENTS V as of December 31,
1999 and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 10, 2000, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
Certified Public Accountants
February 10, 2000
Baird, Kurtz, & Dobson
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 501-452-1040
FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Parsons Properties, A Limited Partnership
D/B/A Silver Stone Place
Fort Smith, Arkansas
We have audited the accompanying balance sheets of PARSONS PROPERTIES, A
LIMITED PARTNERSHIP, D/B/A SILVER STONE PLACE as of December 31, 1999 and
1998, and the related statements of operations, changes in partners' equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of PARSONS PROPERTIES, A
LIMITED PARTNERSHIP, D/B/A SILVER STONE PLACE as of December 31, 1999 and
1998, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 10, 2000, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz, & Dobson
Certified Public Accountants
February 10, 2000
Henderson & Godbee, P.C.
3488 N. Valdosta Road-P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 912-245-6040
FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Inverness Club, Ltd., L.P.
(A Georgia Limited Partnership)
Valdosta, Georgia
We have audited the accompanying balance sheets of Inverness Club, Ltd.,
L.P. (A Georgia Limited Partnership), FmHA Project No.: 09-009-581808620,
as of December 31, 1999 and 1998, and the related statements of operations,
partners' (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Inverness Club, Ltd.,
L.P. as of December 31, 1999 and 1998, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 20, 2000 on our consideration of Inverness Club, Ltd.,
L.P.'s internal control structure and a report dated January 20, 2000 on
its compliance with laws and regulations.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 20, 2000
Henderson & Godbee, P.C.
3488 N. Valdosta Road-P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 912-245-6040
FAX: 912-245-1669
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Carrollton Club, Ltd., L.P.
(A Georgia Limited Partnership)
Valdosta, Georgia
We have audited the accompanying balance sheets of Carrollton Club, Ltd.,
L.P., (A Georgia Limited Partnership), FmHA Project No.: 10-22-58188314, as
of December 31, 1999 and 1998, and the related statements of operations,
changes in partners' (deficit) and cash flows for the year then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Carrollton Club, Ltd.,
L.P. as of December 31, 1999 and 1998, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 17, 2000 on our consideration of Carrollton Club,
Ltd., L.P.'s internal control structure and a report dated January 17, 2000
on its compliance with laws and regulations.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 17, 2000
Grana & Teibel, CPAs, P.C.
300 Corporate Pkwy., Suite 116 N.
Amherst, NY 14226
PHONE: 716-862-4270
FAX: 716-862-0007
INDEPENDENT AUDITORS' REPORT
----------------------------
To The Partners of
Lewiston Limited Partnership
Case No. 37-032-161349932
and
RD Rural Housing Director
166 Washington Avenue
Batavia, New York 14020
We have audited the accompanying balance sheets of Lewiston Limited
Partnership as of December 31, 1999 and 1998, and the related statements of
operations, partners' capital, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Lewiston Limited
Partnership as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 18, 2000, on our consideration of Lewiston Limited
Partnership's internal control structure and a report dated January 18,
2000, on its compliance with laws and regulations.
/s/ Grana & Teibel, CPAs, P.C.
Certified Public Accountants
January 18, 2000
Miller & Rose, P.L.L.C.
1309 E. Race Avenue
Searcy, AR 72143
PHONE: 501-268-8356
FAX: 501-268-9362
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Lancaster House, An Arkansas Limited Partnership
D/B/A Pebble Creek Apartments
351 East 4th Street
Mountain Home, AR 72653
We have audited the accompanying financial statements of Lancaster House,
An Arkansas Limited Partnership, D/B/A Pebble Creek Apartments as of
December 31, 1999 and 1998, and for the years then ended, as listed in the
table of contents. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statements presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Lancaster House, An
Arkansas Limited Partnership, D/B/A Pebble Creek Apartments as of December
31, 1999 and 1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 18, 2000 on our consideration of Lancaster House, An
Arkansas Limited Partnership, D/B/A Pebble Creek Apartments' internal
control over financial reporting and our tests of its compliance with
certain provisions of laws, regulations, contracts and grants.
/s/ Miller & Rose, P.L.L.C.
Certified Public Accountants
February 18, 2000
Leavitt, Christensen & Co.
9100 W. Blackeagle Dr.
Boise, ID 83709
PHONE: 208-322-6769
FAX: 208-322-7307
INDEPENDENT AUDITORS' REPORT
----------------------------
Managing General Partner
Haines Associates Limited Partnership
Boise, Idaho
We have audited the accompanying balance sheets of Haines Associates
Limited Partnership, as of December 31, 1999 and 1998, and the related
statements of operations, partners' capital (deficit), and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States and the Rural Development Audit Program issued
in December 1989. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Haines Associates
Limited Partnership as of December 31, 1999 and 1998, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
reports dated January 28, 2000 on our consideration of Haines Associates
Limited Partnership's internal control and on its compliance with laws and
regulations.
The partnership has filed tax returns with the Internal Revenue Service
which allow the partners to receive the benefit of a low income housing tax
credit. Because the qualifying standards of the low income housing tax
credit are different than the requirements of the loan agreement and the
interest credit agreements, and due to the fact that the low income housing
tax credit relates to income taxes which are the responsibility of the
individual partners, the scope of these audits were not designed or
intended to audit the compliance with the various low income housing tax
credit laws. Therefore, these audits can not be relied on to give
assurances with regard to compliance with any low income housing tax credit
laws.
/s/ Leavitt, Christensen & Co.
Certified Public Accountants
January 28, 2000
Bernard Robinson & Company, L.L.P.
109 Muirs Chapel Rd.-P.O. Box 19608
Greensboro, NC 27410 (27419)
PHONE: 336-294-4494
FAX: 336-547-0840
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Woodcrest Associates of South Boston, VA, Ltd.
Charlotte, North Carolina
We have audited the accompanying balance sheet of Woodcrest Associates of
South Boston, VA, Ltd.(a Virginia limited partnership) as of December 31,
1999 and 1998, and the related statements of operations, partners' equity,
and cash flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Woodcrest Associates of
South Boston, VA, Ltd. as of December 31, 1999 and 1998, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 31, 2000, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts, and grants.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information
listed in the table of contents is presented for purposes of additional
analysis and is not a required part of the basic financial statements of
the Partnership. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in
our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ Bernard Robinson & Company, L.L.P.
Certified Public Accountants
Greensboro, North Carolina
January 31, 2000
Thomas C. Cunningham, CPA PC
23 Moore Street
Bristol, VA 24201
PHONE: 540-669-5531
FAX: 540-669-5576
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Norton Green Limited Partnership
I have audited the accompanying balance sheets of Norton Green Limited
Partnership as of December 31, 1999 and 1998, and the related statements of
operations, partners' deficit and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. My responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that I
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. I believe that my audits provide a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Norton Green Limited
Partnership as of December 31, 1999 and 1998, and the results of its
operations, changes in partners' deficit, and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also issued my
report dated March 10, 2000 on my consideration of Norton Green Limited
Partnership's internal control over financial reporting and on my tests of
its compliance with certain provisions of laws and regulations.
/s/ Thomas C. Cunningham, CPA PC
Certified Public Accountant
March 10, 2000
Thomas C. Cunningham, CPA PC
23 Moore Street
Bristol, VA 24201
PHONE: 540-669-5531
FAX: 540-669-5576
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Jonesville Manor Limited Partnership
I have audited the accompanying balance sheets of Jonesville Manor Limited
Partnership as of December 31, 1999 and 1998, and the related statements of
operations, partners' deficit and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. My responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that I
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. I believe that my audits provide a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Jonesville Manor
Limited Partnership as of December 31, 1999 and 1998, and the results of
its operations, changes in partners' deficit, and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, I have also issued a
report dated March 10, 2000 on my consideration of Jonesville Manor Limited
Partnership's internal control over financial reporting and on our tests of
its compliance with certain provisions of laws and regulations.
/s/ Thomas C. Cunningham, CPA PC
Certified Public Accountant
March 10, 2000
Thomas C. Cunningham, CPA PC
23 Moore Street
Bristol, VA 24201
PHONE: 540-669-5531
FAX: 540-669-5576
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Blacksburg Terrace Limited Partnership
I have audited the accompanying balance sheets of Blacksburg Terrace
Limited Partnership as of December 31, 1999 and 1998, and the related
statements of operations, partners' deficit and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. My responsibility is to express an opinion on
these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that I
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. I believe that my audits provide a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Blacksburg Terrace
Limited Partnership as of December 31, 1999 and 1998, and the results of
its operations, changes in partners' deficit, and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, I have also issued my
report dated March 10, 2000 on my consideration of Blacksburg Terrace
Limited Partnership's internal control over financial reporting and on our
tests of its compliance with certain provisions of laws and regulations.
/s/ Thomas C. Cunningham, CPA PC
Certified Public Accountants
March 10, 2000
Thomas C. Cunningham, CPA PC
23 Moore Street
Bristol, VA 24201
PHONE: 540-669-5531
FAX: 540-669-5576
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Newport Village Limited Partnership
I have audited the accompanying balance sheets of Newport Village Limited
Partnership as of December 31, 1999 and 1998, and the related statements of
operations, partners' deficit and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. My responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that I
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. I believe that my audits provide a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Newport Village Limited
Partnership as of December 31, 1999 and 1998, and the results of its
operations, changes in partners' deficit, and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also issued my
report dated March 10, 2000 on my consideration of Newport Village Limited
Partnership's internal control over financial reporting and on our tests of
its compliance with certain provisions of laws and regulations.
/s/ Thomas C. Cunningham, CPA PC
Certified Public Accountants
March 10, 2000
Lou Ann Montey and Associates, P.C.
8400 N. Mopac Expressway, Suite 304
Austin, TX 78759
PHONE: 512-338-0044
FAX: 512-338-5395
INDEPENDENT AUDITORS' REPORT
----------------------------
To The Partners
Zapata Housing, Ltd.-(A Texas Limited Partnership)
Burnet, Texas
We have audited the accompanying balance sheets of Zapata Housing, Ltd.-(A
Texas Limited Partnership) as of December 31, 1999 and 1998, and the
related statements of income (loss), partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with Generally Accepted Auditing
Standards and Government Auditing Standards as issued by the Comptroller
General of the United States and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Zapata Housing, Ltd.-
(A Texas Limited Partnership) as of December 31, 1999 and 1998, and the
results of its operations and its cash flows for the years then ended in
conformity with Generally Accepted Accounting Principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 18, 2000, on our consideration of the internal
control structure of Zapata Housing, Ltd.- (A Texas Limited Partnership)
and a report dated February 18, 2000, on its compliance with laws and
regulations.
/s/ Lou Ann Montey and Associates, P.C.
Certified Public Accountants
Austin, Texas
February 18, 2000
Lou Ann Montey and Associates, P.C.
8400 N. Mopac Expressway, Suite 304
Austin, TX 78759
PHONE: 512-338-0044
FAX: 512-338-5395
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Sinton Retirement, Ltd.-(A Texas Limited Partnership)
Burnet, Texas
We have audited the accompanying balance sheets of Sinton Retirement, Ltd.-
(A Texas Limited Partnership) as of December 31, 1999 and 1998, and the
related statements of income (loss), partners' equity, and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with Generally Accepted Auditing
Standards and Government Auditing Standards as issued by the Comptroller
General of the United States and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Sinton Retirement, Ltd.-
(A Texas Limited Partnership) as of December 31, 1999 and 1998, and the
results of its operations and its cash flows for the years then ended in
conformity with Generally Accepted Accounting Principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 3, 2000, on our consideration of the internal control
structure of Sinton Retirement, Ltd.- (A Texas Limited Partnership) and a
report dated February 3, 2000, on its compliance with laws and regulations.
/s/ Lou Ann Montey and Associates, P.C.
Certified Public Accountants
Austin, Texas
February 3, 2000
Gubler and Carter, P.C.
7001 South 900 East, Suite 240
Midvale, UT 84047
PHONE: 801-566-5866
FAX: 801-561-8693
INDEPENDENT AUDITORS' REPORT
----------------------------
TO THE PARTNERS
SMITHFIELD GREENBRIAR LIMITED PARTNERSHIP
We have audited the accompanying balance sheets of Smithfield Greenbriar
Limited Partnership, as of December 31, 1999 and 1998 and the related
statements of income, changes in partners' capital and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statements
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly
in all material respects, the financial position of Smithfield Greenbriar
Limited Partnership, as of December 31, 1999 and 1998 and the results of
its operations, changes in partners' capital, and its cash flows for the
years then ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
reports dated February 10, 2000 on our consideration of Smithfield
Greenbriar Limited Partnership's internal control and on its compliance
with laws and regulations.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplementary
information shown on pages 13 through 15 is presented for purposes of
additional analysis and is not a required part of the basic financial
statements of Smithfield Greenbriar Limited Partnership. Such information
has been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
/s/ Gubler and Carter, P.C.
Certified Public Accountants
Salt Lake City, Utah
February 10, 2000
Simmons and Clubb
410 S. Orchard, Suite 156
Boise, ID 83705
PHONE: 208-336-6800
FAX: 208-343-2381
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Mountain Crest Limited Partnership
Boise, Idaho
We have audited the accompanying balance sheets of Mountain Crest Limited
Partnership as of December 31, 1999 and 1998, and the related statements of
operations, partners' equity and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Mountain Crest Limited
Partnership as of December 31, 1999 and 1998, and the results of its
operations, and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
reports dated February 16, 2000, on our consideration of Mountain Crest
Limited Partnership's internal controls and compliance with laws and
regulations.
The partnership's tax returns have been filed allowing the partners to
claim a benefit of a low income housing tax credit. Because the compliance
and qualification standards of the low income tax housing tax credit are
not related to the interest credit agreement and loan agreement, and
because the low income housing tax credit related to income taxes which are
the responsibility of each individual partner, the scope of our audit was
not designed or intended to audit the partnerships compliance with the low
income housing tax credit laws. Accordingly, our audit cannot be relied
upon to give assurance with regard to the partnerships compliance with any
of the low income housing tax credit laws.
/s/ Roger Clubb
Simmons and Clubb
Certified Public Accountants
Boise, Idaho
February 16, 2000
Berberich Trahan & Co., P.A.
800 S.W. Jackson St., Suite 1300
Topeka, KS 66612-1268
PHONE: 785-234-3427
FAX: 785-233-1768
INDEPENDENT AUDITORS' REPORT
----------------------------
The Partners
Eudora Senior Housing, L.P.
We have audited the accompanying balance sheets of Eudora Senior Housing,
L.P., RHS Project No. 18-023-481065040, D/B/A Pinecrest Apartments II
(Partnership), as of December 31, 1999 and 1998, and the related statements
of operations, partners' equity and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Eudora Senior Housing,
L.P., RHS Project No. 18-023-481065040, as of December 31, 1999 and 1998,
and the results of its operations, changes in partners' equity and cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 14, 2000 on our consideration of Eudora Senior
Housing, L.P.'s internal control and a report dated January 14, 2000 on its
compliance with laws, regulations and contracts.
Berberich Trahan & Co., P.A.
Certified Public Accountants
Topeka, Kansas
January 14, 2000
Audit Principal: Virginia A. Powell
IA Federal ID Number: 48-1066439
Baird, Kurtz & Dobson
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 501-452-1040
FAX: 501-452-5542
INDEPENDENT AUDITORS' REPORT
----------------------------
Partners
Spring Hill Housing, L.P., A Limited Partnership
D/B/A Spring Hill Apartments
Fort Smith, Arkansas
We have audited the accompanying balance sheets of SPRING HILL HOUSING,
L.P., A LIMITED PARTNERSHIP, D/B/A SPRING HILL APARTMENTS as of December
31, 1999 and 1998, and the related statements of operations, changes in
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of SPRING HILL HOUSING,
L.P., A LIMITED PARTNERSHIP, D/B/A SPRING HILL APARTMENTS as of December
31, 1999 and 1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 10, 2000, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
/s/ Baird, Kurtz & Dobson
Certified Public Accountants
February 10, 2000
Eide Bailly LLP
100 N. Phillips, Ste.800-P.O. Box 5126
Sioux Falls, SD 57117-5126
PHONE: 605-339-1999
FAX: 605-339-1306
INDEPENDENT AUDITORS' REPORT
----------------------------
The Partners
Sunchase II, Ltd.
Watertown, South Dakota
We have audited the accompanying balance sheets of Sunchase II, Ltd. (a
limited partnership) as of December 31, 1999 and 1998, and the related
statements of operations, changes in partners' deficit and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Sunchase II, Ltd. as of
December 31, 1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 1, 2000 on our consideration of Sunchase II, Ltd.'s
internal control over financial reporting and our test of its compliance
with certain provisions of laws, regulations, contracts and grants.
Our audits were performed for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying supplementary
information on pages 11 and 12 is presented for purposes of additional
analysis and is not a required part of the financial statements of Sunchase
II, Ltd. Such information has been subjected to the auditing procedures
applied in the audits of the financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ Eide Bailly LLP
Certified Public Accountants
Sioux Falls, South Dakota
February 1, 2000
Eide Bailly LLP
100 N.Phillips, Ste.800-P.O. Box 5126
Sioux Falls, SD 57117-5126
PHONE: 605-339-1999
FAX: 605-339-1306
INDEPENDENT AUDITORS' REPORT
----------------------------
The Partners
Courtyard, Ltd.
Huron, South Dakota
We have audited the accompanying balance sheets of Courtyard, Ltd. (a
limited partnership) as of December 31, 1999 and 1998, and the related
statements of operations, changes in partners' equity (deficit) and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Courtyard, Ltd. as of
December 31, 1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 2, 2000, on our consideration of Courtyard, Ltd.'s
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
Our audits were performed for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying supplementary
information on pages 13 and 14 is presented for purposes of additional
analysis and is not a required part of the financial statements of
Courtyard, Ltd. Such information has been subjected to the auditing
procedures applied in the audits of the financial statements and, in our
opinion, is fairly stated in all material respects in relation to the
financial statements taken as a whole.
/s/ Eide Bailly LLP
Certified Public Accountants
Sioux Falls, South Dakota
February 2, 2000
Eide Bailly LLP
100 N. Phillips, Ste.800-P.O. Box 5126
Sioux Falls, SD 57117-5126
PHONE: 605-339-1999
FAX: 605-339-1306
INDEPENDENT AUDITORS' REPORT
----------------------------
The Partners
Sunrise, Ltd.
Yankton, South Dakota
We have audited the accompanying balance sheets of Sunrise Ltd. (a limited
partnership) as of December 31, 1999 and 1998, and the related statements
of operations, changes in partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Sunrise, Ltd. as of
December 31, 1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 31, 2000 on our consideration of Sunrise, Ltd.'s
internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and
grants.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information on pages 11 and 12 is presented for purposes of additional
analysis and is not a required part of the financial statements of Sunrise,
Ltd. Such information has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ Eide Bailly LLP
Certified Public Accountants
Sioux Falls, South Dakota
January 31, 2000
Johnson, Hickey & Murchison, P.C.
651 East Fourth Street, Suite 200
Chattanooga, TN 37403-1924
PHONE: 423-756-0052
FAX: 423-267-5945
INDEPENDENT AUDITORS' REPORT
----------------------------
To the General Partners of
Southwood, L.P.:
We have audited the accompanying balance sheets of Southwood, L.P. as of
December 31, 1999 and 1998, and the related statements of operations,
changes in partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Southwood, L.P. as of
December 31, 1999 and 1998, and the results of its operations, changes in
partners' equity and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
As discussed in Note 9, management has changed its method of computing
depreciation for the year ended December 31, 1999.
In accordance with Government Auditing Standards, we have also issued our
report dated January 19, 2000, on the Partnership's compliance and internal
control over financial reporting.
/s/ Johnson, Hickey & Murchison, P.C.
Certified Public Accountants
January 19, 2000
Bob T. Robinson
2084 Dunbarton Drive
Jackson, MS 39216
PHONE: 601-982-3875
FAX: 601-982-3876
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners of Hazlehurst Manor, L.P.
I have audited the accompanying balance sheets of Hazlehurst Manor L.P. (RD
Case Number 28-015-640803081), as of December 31, 1999 and 1998 and the
related statements of income, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility of the
partnership's management. My responsibility is to express an opinion on
these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. I believe
that my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Hazlehurst Manor, L.P.
as of December 31, 1999 and 1998 and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
My audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental information, including
separate reports on compliance with laws and regulations and on internal
controls, is presented for the purposes of additional analysis and is not a
required part of the financial statements of Hazlehurst Manor, L.P. Such
information has been subjected to the auditing procedures applied in the
audit of the financial statements and, in my opinion, is fairly presented
in all material respects in relation to the financial statements taken as a
whole.
The annual budgets of Hazlehurst Manor, L.P. included the accompanying
prescribed for RD1930-7 (Rev 10-96) have not been compiled or examined by
me, and, accordingly, I do not express an opinion or any further form of
assurance on them.
/s/ Bob T. Robinson
Certified Public Accountant
March 7, 2000
Donald W. Causey & Associates, P.C.
516 Walnut Street - P.O. Box 775
Gadsden, AL 35902
PHONE: 256-543-3707
FAX: 256-543-9800
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Lakeshore Apartments Ltd.
Tuskegee, Alabama
We have audited the accompanying balance sheets of Lakeshore Apartments,
Ltd. a limited partnership, RHS Project No.: 01-044-631014228 as of
December 31, 1999 and 1998, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted the audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that the audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Lakeshore Apartments,
Ltd., RHS Project No.: 01-044-631014228 as of December 31, 1999 and 1998,
and the results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 10 through 13 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. The supplemental
information presented in the Multiple Family Housing Borrower Balance Sheet
(Form FmHA 1930-8) Parts I and II for the year ended December 31, 1999 and
1998, is presented for purposes of complying with the requirements of the
Rural Housing Services and is also not a required part of the basic
financial statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements and, in
our opinion is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated February 26, 2000 on our consideration of Lakeshore
Apartments, Ltd.'s internal control over financial reporting and on our
tests of its compliance with certain provisions of laws and regulations.
/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountants
Gadsden, Alabama
February 26, 2000
Donald W. Causey & Associates, P.C.
516 Walnut Street - P.O. Box 775
Gadsden, AL 35902
PHONE: 256-543-3707
FAX: 256-543-9800
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Countrywood Apartments Ltd.
Centerville, Alabama
We have audited the accompanying balance sheets of Countrywood Apartments,
Ltd. a limited partnership, RHS Project No.: 01-004-630943678 December 31,
1999 and 1998, and the related statements of operations, partners' deficit
and cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted the audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that the audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Countrywood Apartments,
Ltd. RHS Project No.: 01-004-630943678 as of December 31, 1999 and 1998,
and the results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 10 through 13 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. The supplemental
information presented in the Multiple Family Housing Borrower Balance Sheet
(Form FmHA 1930-8) Parts I and II for the year ended December 31, 1999 and
1998, is presented for purposes of complying with the requirements of the
Rural Housing Services and is also not a required part of the basic
financial statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements and, in
our opinion is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated February 11, 2000 on our consideration of Countrywood
Apartments, Ltd.'s internal control over financial reporting and on our
tests of its compliance with certain provisions of laws and regulations.
/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountant
Gadsden, Alabama
February 11, 2000
Donald W. Causey & Associates, P.C.
516 Walnut Street - P.O. Box 775
Gadsden, AL 35902
PHONE: 256-543-3707
FAX: 256-543-9800
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Wildwood Apartments Ltd.
Pineville, Louisiana
We have audited the accompanying balance sheets of Wildwood Apartments,
Ltd., a limited partnership, RHS Project No.: 22-040-630954515 as of
December 31, 1999 and 1998, and the related statements of operations,
partners' deficit and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted the audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that the audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Wildwood Apartments,
Ltd., RHS Project No.: 22-040-630954515 as of December 31, 1999 and 1998,
and the results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 10 through 13 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. The supplemental
information presented in the Multiple Family Housing Borrower Balance Sheet
(Form FmHA 1930-8) Parts I and II for the year ended December 31, 1999 and
1998, is presented for purposes of complying with the requirements of the
Rural Housing Services and is also not a required part of the basic
financial statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements and, in
our opinion is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated February 16, 2000 on our consideration of Wildwood Apartments,
Ltd.'s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws and regulations.
/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountants
Gadsden, Alabama
February 16, 2000
Donald W. Causey & Associates, P.C.
516 Walnut Street - P.O. Box 775
Gadsden, AL 35902
PHONE: 256-543-3707
FAX: 256-543-9800
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Meadowcrest Apartments Ltd.
Luverne, Alabama
We have audited the accompanying balance sheets of Meadowcrest Apartments,
Ltd. a limited partnership, RHS Project No.: 01-021-631047203 as of
December 31, 1999 and 1998, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted the audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that the audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Meadowcrest Apartments,
Ltd. RHS Project No.: 01-021-631047203 as of December 31, 1999 and 1998,
and the results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 10 through 13 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. The supplemental
information presented in the Multiple Family Housing Borrower Balance Sheet
(Form FmHA 1930-8) Parts I and II for the year ended December 31, 1999 and
1998, is presented for purposes of complying with the requirements of the
Rural Housing Services and is also not a required part of the basic
financial statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements and, in
our opinion is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated February 14, 2000 on our consideration of Meadowcrest
Apartments, Ltd.'s internal control over financial reporting and our tests
of its compliance with certain provisions of laws and regulations.
/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountants
Gadsden, Alabama
February 14, 2000
Turk & Giles, CPAs, P.C.
2026 Connecticut-P.O. Box 3766
Joplin, MO 64803
PHONE: 417-623-8666
FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Seneca Apartments, L.P.
Joplin, Missouri 64804
We have audited the accompanying balance sheets of Seneca Apartments, L.P.
(a limited partnership) as of December 31, 1999 and 1998, and the related
statements of operations, partners' capital and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and GOVERNMENT AUDITING STANDARDS, issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration AUDIT PROGRAM. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Seneca Apartments, L.P.
as of December 31, 1999 and 1998, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our
report dated February 29, 2000 on our consideration of Seneca Apartments,
L.P.'s internal control over financial reporting and our tests of its
compliance with certain provisions of laws and regulations.
Our audit was conducted for the purpose of forming an opinion the the basic
financial statements taken as a whole. The Supplemental Letter on pages 14-
16 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ Turk & Giles, CPAs, P.C.
Certified Public Accountants
February 29, 2000
Turk & Giles, CPAs, P.C.
2026 Connecticut-P.O. Box 3766
Joplin, MO 64803
PHONE: 417-623-8666
FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Carthage Seniors, L.P.
Joplin, Missouri 64804
We have audited the accompanying balance sheets of Carthage Seniors, L.P.
(a limited partnership) as of December 31, 1999 and 1998, and the related
statements of operations, partners' capital and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and GOVERNMENT AUDITING STANDARDS, issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration AUDIT PROGRAM. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Carthage Seniors, L.P.
as of December 31, 1999 and 1998, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our
report dated February 29, 2000 on our consideration of Carthage Seniors,
L.P.'s internal control over financial reporting and our tests of its
compliance with certain provisions of laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The Supplemental Letter on pages 14-
16 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ Turk & Giles, CPAs, P.C.
Certified Public Accountants
February 29, 2000
Turk & Giles, CPAs, P.C.
2026 Connecticut-P.O. Box 3766
Joplin, MO 64803
PHONE: 417-623-8666
FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Southwest City Apartments, L.P.
Joplin, Missouri 64804
We have audited the accompanying balance sheets of Southwest City
Apartments, L.P. (a limited partnership) as of December 31, 1999 and 1998,
and the related statements of operations, partners' capital and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and GOVERNMENT AUDITING STANDARDS, issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration AUDIT PROGRAM. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Southwest City
Apartments, L.P. as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our
report dated February 29, 2000 on our consideration of Southwest City
Apartments, L.P.'s internal control over financial reporting and our tests
of its compliance with certain provisions of laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The Supplemental Letter on pages 14-
16 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ Turk & Giles, CPAs, P.C.
Certified Public Accountants
February 29, 2000
Turk & Giles, CPAs, P.C.
2026 Connecticut-P.O. Box 3766
Joplin, MO 64803
PHONE: 417-623-8666
FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Pineville Apartments, L.P.
Joplin, Missouri 64804
We have audited the accompanying balance sheets of Pineville Apartments,
L.P. (a limited partnership) as of December 31, 1999 and 1998, and the
related statements of operations, partners' capital and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and GOVERNMENT AUDITING STANDARDS, issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration AUDIT PROGRAM. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Pineville Apartments,
L.P. as of December 31, 1999 and 1998, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our
report dated February 29, 2000 on our consideration of Pineville
Apartments, L.P.'s internal control over financial reporting and our tests
of its compliance with certain provisions of laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The Supplemental Letter on pages 14-
16 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ Turk & Giles, CPAs, P.C.
Certified Public Accountants
February 29, 2000
Turk & Giles, CPAs, P.C.
2026 Connecticut-P.O. Box 3766
Joplin, MO 64803
PHONE: 417-623-8666
FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Monett Seniors, L.P.
Joplin, Missouri 64804
We have audited the accompanying balance sheets of Monett Seniors, L.P. (a
limited partnership) as of December 31, 1999 and 1998, and the related
statements of operations, partners' capital and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and GOVERNMENT AUDITING STANDARDS, issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration AUDIT PROGRAM. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Monett Seniors, L.P. as
of December 31, 1999 and 1998, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our
report dated February 29, 2000 on our consideration of Monett Seniors,
L.P.'s internal control over financial reporting and our tests of its
compliance with certain provisions of laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The Supplemental Letter on pages 14-
16 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ Turk & Giles, CPAs, P.C.
Certified Public Accountants
February 29, 2000
Turk & Giles, CPAs, P.C.
2026 Connecticut-P.O. Box 3766
Joplin, MO 64803
PHONE: 417-623-8666
FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Columbus Seniors, L.P.
Joplin, Missouri 64804
We have audited the accompanying balance sheets of Columbus Seniors, L.P.
(a limited partnership) as of December 31, 1999 and 1998, and the related
statements of operations, partners' capital and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
Standards and GOVERNMENT AUDITING STANDARDS, issued by the Comptroller
General of the United States and the U.S. Department of Agriculture,
Farmers Home Administration AUDIT PROGRAM. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Columbus Seniors, L.P.
as of December 31, 1999 and 1998, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our
report dated February 29, 2000 on our consideration of Columbus Seniors,
L.P.'s internal control over financial reporting and our tests of its
compliance with certain provisions of laws and regulations.
Our audit was conducted for the purpose of forming and opinion on the basic
financial statements taken as a whole. The Supplemental Letter on pages 14-
16 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ Turk & Giles, CPAs, P.C.
Certified Public Accountants
February 29, 2000
Turk & Giles, CPAs, P.C.
2026 Connecticut-P.O. Box 3766
Joplin, MO 64803
PHONE: 417-623-8666
FAX: 417-623-4075
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Arma Seniors, L.P.
Joplin, Missouri 64804
We have audited the accompanying balance sheets of Arma Seniors, L.P. (a
limited partnership) as of December 31, 1999 and 1998, and the related
statements of operations, partners' capital and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and GOVERNMENT AUDITING STANDARDS, issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration AUDIT PROGRAM. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Arma Seniors, L.P. as
of December 31, 1999 and 1998, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our
report dated February 29, 2000 on our consideration of Arma Seniors, L.P.'s
internal control over financial reporting and our tests of its compliance
with certain provisions of laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The Supplemental Letter on pages 14-
16 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ Turk & Giles, CPAs, P.C.
Certified Public Accountants
February 29, 2000
Suellen Doubet, CPA
226 East Cherokee
Wagoner, OK 74467
PHONE: 918-485-8085
FAX: 918-485-3092
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
of Yorkshire Retirement Village:
I have audited the accompanying balance sheet of Yorkshire Retirement
Village (an Oklahoma Limited Partnership) as of December 31, 1999 and 1998,
and the related statement of operations, partners' equity, and cash flows
for the years then ended. These financial statements are the
responsibility of the Company's management. My responsibility is to
express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. I believe
that my audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Yorkshire Retirement
Village as of December 31, 1999 and 1998 and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic
financial statements take as a whole. The supplemental information is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. The supplementary information, The
Schedule of Maintenance Expenses has been subjected to the audit procedures
applied in the audit of the basic financial statements and, in my opinion,
is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
In accordance with Government Auditing Standards, I have also issued a
report dated March 18, 2000 on my consideration of Yorkshire Retirement
Village's compliance and on internal control over financial reporting.
/s/ Suellen Doubet, CPA
Wagoner, OK 74467
March 18, 2000
Chester M. Kearney
12 Dyer Street
Presque Isle, ME 04769-1550
PHONE: 207-764-3171
FAX: 207-764-6362
INDEPENDENT AUDITORS' REPORT
----------------------------
Rural Development Group
d/b/a Ashland Estates
Caribou, Maine
To the Partners
We have audited the accompanying balance sheets of Rural Development Group,
d/b/a Ashland Estates, (a limited partnership) as of December 31, 1999 and
1998, and the related statements of operations, partners' equity (deficit),
and cash flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of the Rural Development
Group, d/b/a Ashland Estates as of December 31, 1999 and 1998, and the
results of its operations, partners' equity (deficit) and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 2, 2000 on our consideration of Rural Development
Group, d/b/a Ashland Estates' internal control over financial reporting and
our tests of its compliance with certain provisions of laws and
regulations.
/s/ Chester M. Kearney
Certified Public Accountants
Presque Isle, Maine
February 2, 2000
Richard A. Strauss
1310 Lady Street
9th Floor, Keenan Building
Columbia, SC 29201
PHONE: 803-779-7472
FAX: 803-252-6171
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Scarlett Oaks Limited Partnership
Lexington, South Carolina
I have audited the accompanying balance sheet of Scarlett Oaks Limited
Partnership as of December 31, 1999 and 1998, and the related statements of
income, expense and partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of Scarlett Oaks
Limited Partnership's management. My responsibility is to express an
opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. I believe
that my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Scarlett Oaks Limited
Partnership as of December 31, 1999 and 1998, and the results of its
operations, changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also issued a
report dated February 2, 2000, on my consideration of Scarlett Oaks Limited
Partnership's internal control and a report dated February 2, 2000 on its
compliance with laws and regulations.
This report is intended for the information of management and the
Department of Agriculture, Rural Development. However, this report is a
matter of public record and its distribution is not limited.
Respectfully submitted,
/s/ Richard A. Strauss
Certified Public Accountants
Columbia, South Carolina
February 2, 2000
David G. Pelliccione, C.P.A., P.C.
340 Eisenhower Drive, Suite 220
Savannah, GA 31406
PHONE: 912-354-2334
FAX: 912-354-2443
INDEPENDENT AUDITORS' REPORT
----------------------------
To The Partners
Brooks Hill Apartments, L.P.
We have audited the accompanying balance sheet of BROOKS HILL APARTMENTS,
L.P., as of December 31, 1999 and 1998 and the related statement of
operations, changes in partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of BROOKS HILL APARTMENTS,
L.P., as of December 31, 1999 and 1998, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 28, 2000 on our consideration of BROOKS HILL
APARTMENTS, L.P.'s internal control over financial reporting and our tests
of its compliance with certain provisions of laws, regulations, contracts
and grants. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and should be read in
conjunction with this report in considering the results of our audit.
Our audit was made for the purpose of forming an opinion on the basic
financial statements of BROOKS HILL APARTMENTS, L.P., taken as a whole.
The supplemental information on pages 9 and 10 is presented for purposes of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ David G. Pelliccione
Certified Public Accountants
Savannah, Georgia
February 28, 2000
K.B. Parrish & Co. LLP
151 N. Delaware Street, Suite 1600
Indianapolis, IN 46204
PHONE: 317-269-2455
FAX: 317-269-2464
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners of
Village Apartments of Seymour II, L.P.
(A Limited Partnership)
We have audited the balance sheets of Village Apartments of Seymour II,
L.P. (a limited partnership) as of December 31, 1999 and 1998, and the
related statements of operations, changes in partnership capital (deficit)
and cash flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Rural
Development Audit Program. Those standards and the audit program require
that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Village Apartments of
Seymour II, L.P. at December 31, 1999 and 1998, and the results of its
operations, changes in partnership capital (deficit) and cash flows for the
years then ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 7, 2000, on our consideration of the partnership's
internal control and a report dated January 7, 2000 on its compliance with
laws and regulations.
Respectfully submitted,
/s/ K.B. Parrish & Company LLP
Certified Public Accountants
Indianapolis, Indiana
January 7, 2000
Scheiner, Mister & Grandizio, P.A.
1301 York Road, Suite 705
Lutherville, MD 21093
PHONE: 410-494-0885
FAX: 410-321-9024
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Frazer Elderly Limited Partnership
Reisterstown, Maryland
We have audited the accompanying balance sheets of Frazer Elderly Limited
Partnership as of December 31, 1999 and 1998, and the related statements of
operations, partners' capital, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Frazer Elderly Limited
Partnership as of December 31, 1999 and 1998, and the results of its
operations, changes in partners' capital, and cash flows for the years then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 12, 2000 on our consideration of the Partnership's
internal control and a report dated January 12, 2000 on its compliance with
laws and regulations.
/s/ Scheiner, Mister & Grandizio, P.A.
Certified Public Accountants
January 12, 2000
Fentress, Brown, CPAs & Associates
6660 North High Street, Suite 3F
Worthington, OH 43085-2537
PHONE: 614-825-0011
FAX: 614-825-0014
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners of Rural Development Services
Bryan Senior Village Limited Partnership Servicing Office
DBA Plaza Senior Village Apartments Findlay, Ohio
Mansfield, Ohio
We have audited the accompanying balance sheets of Bryan Senior Village
Limited Partnership (a limited partnership), DBA Plaza Senior Village
Apartments, Case No. 41-086-341561720, as of December 31, 1999 and 1998,
and the related income statements, changes in partners' equity (deficit),
and cash flows for the year then ended. These financial statements are the
responsibility of the project's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration "Audit Program" issued in December 1989. Those standards
require that we plan and perform our audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Bryan Senior Village
Limited Partnership, DBA Plaza Senior Village Apartments, Case No. 41-086-
341561720, at December 31, 1999 and 1998, , and the results of its
operations, changes in partners' equity (deficit),and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 14, 2000 on our consideration of Bryan Senior Village
Limited Partnership's internal control and a report dated January 14, 2000,
on its compliance with specific requirements applicable to Rural
Development Services Programs.
/s/ Fentress, Brown, CPAs & Associates
Certified Public Accountants
Worthington, Ohio
January 14, 2000
Fentress, Brown, CPAs & Associates
6660 North High Street, Suite 3F
Worthington, OH 43085-2537
PHONE: 614-825-0011
FAX: 614-825-0014
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners of Rural Development Services
Brubaker Square Limited Partnership Servicing Office
DBA Brubaker Square Apartments Hillsboro, Ohio
Mansfield, Ohio
We have audited the accompanying balance sheets of Brubaker Square Limited
Partnership (a limited partnership), DBA Brubaker Square Apartments, Case
No. 41-092-341561718, as of December 31, 1999 and 1998, and the related
income statements, changes in partners' equity (deficit), and cash flows
for the years then ended. These financial statements are the
responsibility of the project's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration "Audit Program" issued in December 1989. Those standards
require that we plan and perform our audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Brubaker Square Limited
Partnership, DBA Brubaker Square Apartments, Case No. 41-092-341561718, at
December 31, 1999 and 1998, and the results of its operations, changes in
partners' equity (deficit),and cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 14, 2000, on our consideration of Brubaker Square
Limited Partnership's internal control and a report dated January 14, 2000,
on its compliance with specific requirements applicable to Rural
Development Services Programs.
/s/ Fentress, Brown, CPAs & Associates, LLC
Certified Public Accountants
Worthington, Ohio
January 14, 2000
Fentress, Brown, CPAs & Associates
6660 North High Street, Suite 3F
Worthington, OH 43085-2537
PHONE: 614-825-0011
FAX: 614-825-0014
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners of Rural Development Services
Villa Allegra Limited Partnership Servicing Office
DBA Villa Allegra Apartments Findlay, Ohio
Mansfield, Ohio
We have audited the accompanying balance sheets of Villa Allegra Limited
Partnership (a limited partnership), DBA Villa Allegra Apartments, Case No.
41-054-341561716, as of December 31, 1999 and 1998, and the related income
statements, changes in partners' equity (deficit), and cash flows for the
years then ended. These financial statements are the responsibility of the
project's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration "Audit Program" issued in December 1989. Those standards
require that we plan and perform our audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Villa Allegra Limited
Partnership, DBA Villa Allegra Apartments, Case No. 41-054-341561716, at
December 31, 1999 and 1998, and the results of its operations, changes in
partners' equity (deficit),and cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 14, 2000, on our consideration of Villa Allegra
Limited Partnership's internal control and a report dated January 14, 2000,
on its compliance with specific requirements applicable to Rural
Development Services Programs.
/s/ Fentress, Brown, CPAs & Associates, LLC
Certified Public Accountants
Worthington, Ohio
January 14, 2000
Fentress, Brown, CPAs & Associates
6660 North High Street, Suite 3F
Worthington, OH 43085-2537
PHONE: 614-825-0011
FAX: 614-825-0014
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners of Rural Development Services
Logan Place Limited Partnership Servicing Office
DBA Logan Place Apartments Marietta, Ohio
Mansfield, Ohio
We have audited the accompanying balance sheets of Logan Place Limited
Partnership (a limited partnership), DBA Logan Place Apartments, Case No.
41-037-341643639, as of December 31, 1999 and 1998, and the related income
statements, changes in partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the responsibility of the
project's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration "Audit Program" issued in December, 1989. Those standards
require that we plan and perform our audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Logan Place Limited
Partnership, DBA Logan Place Apartments, Case No. 41-037-341643639, at
December 31, 1999 and 1998, and the results of its operations, changes in
partners' equity (deficit),and cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 14, 2000, on our consideration of Logan Place Limited
Partnership's internal control and a report dated January 14, 2000, on its
compliance with specific requirements applicable to Rural Development
Services Programs.
Fentress, Brown, CPA's & Associates, LLC
Certified Public Accountants
Worthington, Ohio
January 14, 2000
Duggan, Joiner & Company
334 N.W. Third Avenue
Ocala, FL 34475
PHONE: 352-732-0171
FAX: 352-867-1370
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners
Flagler Beach Villas RRH, Ltd.
We have audited the accompanying basic financial statements of Flagler
Beach Villas RRH, Ltd., as of and for the years ended December 31, 1999 and
1998, as listed in the table of contents. These basic financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the basic financial statements referred to above present
fairly, in all material respects, the financial position of Flagler Beach
Villas RRH, Ltd. as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 31, 2000 on our consideration of Flagler Beach Villas
RRH, Ltd.'s internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and
grants.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information
presented on pages 10 to 16 is presented for the purposes of additional
analysis and is not a required part of the basic financial statements. The
information on pages 10 to 15 has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic
financial statements taken as a whole. The information on page 16, which
is of a nonaccounting nature, has not been subjected to the auditing
procedures applied in the audit of the basic financial statements, and we
express no opinion on it.
/s/ Duggan, Joiner & Company
Certified Public Accountants
January 31, 2000
Smith, Lambright & Associates, P.C.
505 E. Tyler-P.O. Box 912
Athens, TX 75751
PHONE: 903-675-5674
FAX: 903-675-5676
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Owners
Elkhart Apartments Limited
700 South Palestine
Athens, Texas 75751
We have audited the accompanying Balance Sheet of the Elkhart Apartments
Limited as of December 31, 1999 and 1998, and the related Statements of
Income and Expenses, Changes in Partners's Equity (Deficit), and Cash Flows
for the years then ended. These financial statements are the
responsibility of the Elkhart Apartments Limited's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audit in accordance with generally accepted auditing
standards, the standards applicable to financial audits contained in
Government Auditing Standards issued by the Comptroller General of the
United States, and "U.S. Department of Agriculture, Farmers Home
Administration-Audit Program." Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Elkhart Apartments
Limited as of December 31, 1999 and 1998, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 29, 2000 on our consideration of the Elkhart
Apartments Limited's compliance and on internal control over financial
reporting.
Our audit was performed for the purpose of forming an opinion on the
financial statements of the Elkhart Apartments Limited, taken as a whole.
The accompanying supplemental letter is presented for purposes of
additional analysis as required by the U.S. Department of Agriculture,
Rural Development Agency, and is not a required part of the financial
statements. Such information has been subjected to the auditing procedures
applied in the audit of the financial statements and, in our opinion, is
fairly stated, in all material respects, in relation to the financial
statements taken as a whole.
The Year 2000 supplementary information is not a required part of the basic
financial statements but is supplementary information required by the
Governmental Accounting Standards Board. We have applied certain limited
procedures, which consisted principally of inquiries of management
regarding the methods of measurement and presentation of the supplementary
information. However, we did not audit the information and do not express
an opinion on it. In addition, we do not provide assurance that the
Elkhart Apartments, Limited is or will become year 2000 compliant, that its
year 2000 remediation efforts will be successful in whole or in part, or
that parties with which it does business are or will become year 2000
compliant.
/s/ Smith, Lambright & Associates, P.C.
Certified Public Accountants
February 29, 2000
Smith, Lambright & Associates, P.C.
505 E. Tyler-P.O. Box 912
Athens, TX 75751
PHONE: 903-675-5674
FAX: 903-675-5676
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Owners
South Timber Ridge Apartments, Ltd.
700 South Palestine
Athens, Texas 75751
We have audited the accompanying Balance Sheet of South Timber Ridge
Apartments, Ltd. as of December 31, 1999 and 1998, and the related
Statements of Income and Expenses, Changes in Partner's Equity (Deficit),
and Cash Flows for the years then ended. These financial statements are
the responsibility of South Timber Ridge Apartments, Ltd.'s management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audit in accordance with generally accepted auditing
standards, the standards applicable to financial audits contained in
Government Auditing Standards issued by the Comptroller General of the
United States, and "U.S. Department of Agriculture, Farmers Home
Administration- Audit Program." Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of South Timber Ridge
Apartments, Ltd. as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 23, 2000 on our consideration of South Timber Ridge
Apartments, Ltd.'s compliance and on internal control over financial
reporting.
Our audit was performed for the purpose of forming an opinion on the
financial statements of South Timber Ridge Apartments, Ltd., taken as a
whole. The accompanying supplemental letter is presented for purposes of
additional analysis as required by the U.S. Department of Agriculture,
Rural Development Agency, and is not a required part of the financial
statements. Such information has been subjected to the auditing procedures
applied in the audit of the financial statements and, in our opinion, is
fairly stated in all material respects, in relation to the financial
statements taken as a whole.
The Year 2000 supplementary information is not a required part of the basic
financial statements but is supplementary information required by the
Governmental Accounting Standards Board. We have applied certain limited
procedures, which consisted principally of inquiries of management
regarding the methods of measurement and presentation of the supplementary
information. However, we did not audit the information and do not express
an opinion on it. In addition, we do not provide assurance that the
Elkhart Apartments, Limited is or will become year 2000 compliant, that its
year 2000 remediation efforts will be successful in whole or in part, or
that parties with which it does business are or will become year 2000
compliant.
/s/ Smith, Lambright & Associates, P.C.
Certified Public Accountants
February 23, 2000
Smith, Lambright & Associates, P.C.
505 E. Tyler-P.O. Box 912
Athens, TX 75751
PHONE: 903-675-5674
FAX: 903-675-5676
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Owners
Heritage Drive South, Limited
700 South Palestine
Athens, Texas 75751
We have audited the accompanying Balance Sheet of Heritage Drive South,
Limited as of December 31, 1999 and 1998, and the related Statements of
Income and Expenses, Changes in Partner's Equity (Deficit), and Cash Flows
for the years then ended. These financial statements are the
responsibility of Heritage Drive South, Limited's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audit in accordance with generally accepted auditing
standards, the standards applicable to financial audits contained in
Government Auditing Standards issued by the Comptroller General of the
United States, and the "U.S. Department of Agriculture, Farmers Home
Administration- Audit Program." Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Heritage Drive South,
Limited as of December 31, 1999 and 1998, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 21, 2000 on our consideration of Heritage Drive
South, Limited's compliance and on internal control over financial
reporting.
Our audit was performed for the purpose of forming an opinion on the
financial statements of Heritage Drive South, Limited, taken as a whole..
The accompanying supplemental letter is presented for purposes of
additional analysis as required by the U.S. Department of Agriculture,
Rural Development Agency, and is not a required part of the financial
statements. Such information has been subjected to the auditing procedures
applied in the audit of the financial statements and, in our opinion, is
fairly stated in all material respects, in relation to the financial
statements taken as a whole.
The Year 2000 supplementary information is not a required part of the basic
financial statements but is supplementary information required by the
Governmental Accounting Standards Board. We have applied certain limited
procedures, which consisted principally of inquiries of management
regarding the methods of measurement and presentation of the supplementary
information. However, we did not audit the information and do not express
an opinion on it. In addition, we do not provide assurance that the
Elkhart Apartments, Limited is or will become year 2000 compliant, that its
year 2000 remediation efforts will be successful in whole or in part, or
that parties with which it does business are or will become year 2000
compliant.
/s/ Smith, Lambright & Associates. P.C.
Certified Public Accountants
February 21, 2000
Miller, Mayer, Sullivan & Stevens LLP
2365 Harrodsburg Rd.
Lexington, KY 40504-3399
PHONE: 606-223-3095
FAX: 606-223-2143
INDEPENDENT AUDITORS' REPORT
----------------------------
To the Partners Rural Development
Goodwater Falls, Ltd. London, Kentucky
We have audited the accompanying balance sheets of Goodwater Falls, Ltd.,
(a limited partnership) Case No. 20-067-621424606, as of December 31, 1999
and 1998 and the related statements of operations, changes in partners'
equity (deficit), and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards for financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Goodwater Falls, Ltd.
as of December 31, 1999 and 1998, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 31, 2000 on our consideration of Goodwater Falls,
Ltd.'s internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and
grants.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental data included
in this report is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audits of the
basic financial statements, and in our opinion, is presented fairly, in all
material respects, in relation to the basic financial statements taken as a
whole.
/s/ Miller, Mayer, Sullivan & Stevens, LLP
Certified Public Accountants
Lexington, Kentucky
January 31, 2000
Lou Ann Montey and Associates, P.C.
8400 N. Mopac Expressway, Suite 304
Austin, TX 78759
PHONE 512-338-0044
FAX 512-338-5395
INDEPENDENT AUDITORS' REPORT
----------------------------
To The Partners
Frankston Retirement, Ltd. - (A Texas Limited Partnership)
Burnet, Texas
We have audited the accompanying balance sheets of Frankston Retirement
Ltd. - (A Texas Limited Partnership) as of December 31, 1999 and 1998, and
the related statements of income (loss), partners' equity, and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with Generally Accepted Auditing
Standards and Government Auditing Standards as issued by the Comptroller
General of the United States and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above presents fairly,
in all material respects, the financial position of Frankston Retirement,
Ltd. - (A Texas Limited Partnership) as of December 31, 1999 and 1998, and
the results of its operations and its cash flows for the year then ended in
conformity with Generally Accepted Accounting Principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 4, 2000, on our consideration of the internal control
structure of Frankston Retirement, Ltd. - (A Texas Limited Partnership) and
a report dated February 4, 2000, on its compliance with laws and
regulations.
Lou Ann Montey and Associates, P.C.
Certified Public Accountants
Austin, Texas
February 4, 2000
Lou Ann Montey and Associates, P.C.
8400 N. Mopac Expressway, Suite 304
Austin, TX 78759
PHONE 512-338-0044
FAX 512-338-5395
INDEPENDENT AUDITORS' REPORT
-----------------------------
To The Partners
Wallis Housing, Ltd. - (A Texas Limited Partnership)
Burnet, Texas
We have audited the accompanying balance sheets of Wallis Housing, Ltd. -
(A Texas Limited Partnership) as of December 31, 1999 and 1998, and the
related statement of income (loss), partners' equity (deficit), and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Generally Accepted Auditing
Standards and Government Auditing Standards as issued by the Comptroller
General of the United States and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above presents fairly,
in all material respects, the financial position of Wallis Housing, Ltd. -
(A Texas Limited Partnership) as of December 31, 1999 and 1998, and the
results of its operations and its cash flows for the years then ended in
conformity with Generally Accepted Accounting Principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 14, 2000, on our consideration of the internal
control structure of Wallis Housing, Ltd. - (A Texas Limited Partnership)
and a report dated February 14, 2000, on its compliance with laws and
regulations.
Lou Ann Montey and Associates, P.C.
Certified Public Accountants
Austin, Texas
February 14, 2000
Lou Ann Montey and Associates, P.C.
8400 N. Mopac Expressway, Suite 304
Austin, TX 78759
PHONE 512-338-0044
FAX 512-338-5395
INDEPENDENT AUDITORS' REPORT
-------------------------
To The Partners
Menard Retirement, Ltd. - (A Texas Limited Partnership)
Burnet, Texas
We have audited the accompanying balance sheets of Menard Retirement, Ltd.
- - (A Texas Limited Partnership) as of December 31, 1999 and 1998 and the
related statements of income (loss), partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audits in accordance with Generally Accepted Auditing
Standards and Government Auditing Standards as issued by the Comptroller
General of the United States and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above presents fairly,
in all material respects, the financial position of Menard Retirement, Ltd.
- - (A Texas Limited Partnership) as of December 31, 1999 and 1998, and the
results of its operations and its cash flows for the years then ended in
conformity with Generally Accepted Accounting Principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 10, 2000, on our consideration of the internal
control structure of Menard Retirement, Ltd. - (A Texas Limited
Partnership) and a report dated February 10, 2000, on its compliance with
laws and regulations.
Lou Ann Montey and Associates, P.C.
Certified Public Accountants
Austin, Texas
February 10, 2000
Item 9. Disagreements on Accounting and Financial Disclosures
None.
PART III
Item 10. Directors and Executive Officers of Gateway
Gateway has no directors or executive officers. Gateway's affairs are
managed and controlled by the Managing General Partner. Certain
information concerning the directors and officers of the Managing General
Partner are set forth below.
Raymond James Tax Credit Funds, Inc. - Managing General Partner
Raymond James Tax Credit Funds, Inc. is the Managing General Partner and
is responsible for decisions pertaining to the acquisition and sale of
Gateway's interests in the Project Partnerships and other matters related
to the business operations of Gateway. The officers and directors of the
Managing General Partner are as follows:
Ronald M. Diner, age 56, is President and a Director. He is a Senior
Vice President of Raymond James & Associates, Inc., with whom he has
been employed since June 1983. Mr. Diner received an MBA degree from
Columbia University (1968) and a BS degree from Trinity College (1966).
Prior to joining Raymond James & Associates, Inc., he managed the broker-
dealer activities of Pittway Real Estate, Inc., a real estate
development firm. He was previously a loan officer at Marine Midland
Realty Credit Corp., and spent three years with Common, Dann & Co., a
New York regional investment firm. He has served as a member of the
Board of Directors of the Council for Rural Housing and Development, a
national organization of developers, managers and syndicators of
properties developed under the RECD Section 515 program, and is a member
of the Board of Directors of the Florida Council for Rural Housing and
Development. Mr. Diner has been a speaker and panel member at state
and national seminars relating to the low-income housing credit.
J. Davenport Mosby, age 44, is a Vice President and a Director. He is a
Senior Vice President of Raymond James & Associates, Inc. which he
joined in 1982. Mr. Mosby received an MBA from the Harvard Business
School (1982). He graduated magna cum laude with a BA from Vanderbilt
University where he was elected to Phi Beta Kappa.
Teresa L. Barnes, age 53, is a Vice President. Ms. Barnes is a Senior
Vice President of Raymond James & Associates, Inc., which she joined in
1969.
Sandra L. Furey, age 37, is Secretary, Treasurer. Ms. Furey has been
employed by Raymond James & Associates, Inc. since 1980 and currently
serves as Closing Administrator for the Gateway Tax Credit Funds.
Raymond James Partners, Inc. -
Raymond James Partners, Inc. has been formed to act as the general
partner, with affiliated corporations, in limited partnerships sponsored by
Raymond James Financial, Inc. Raymond James Partners, Inc. is a general
partner for purposes of assuring that Gateway and other partnerships
sponsored by affiliates have sufficient net worth to meet the minimum net
worth requirements of state securities administrators.
Information regarding the officers and directors of Raymond James
Partners, Inc. is included on pages 58 and 59 of the Prospectus under the
section captioned "Management" (consisting of pages 56 through 59 of the
Prospectus) which is incorporated herein by reference.
Item 11. Executive Compensation
Gateway has no directors or officers.
Item 12. Security Ownership of Certain Beneficial Owners and Management
Neither of the General Partners nor their directors and officers own any
units of the outstanding securities of Gateway as of March 31, 2000.
Gateway is a Limited Partnership and therefore does not have voting
shares of stock. To the knowledge of Gateway, no person owns of record or
beneficially, more than 5% of Gateway's outstanding units.
Item 13. Certain Relationships and Related Transactions
Gateway has no officers or directors. However, various kinds of
compensation and fees are payable to the General Partners and their
affiliates during the organization and operations of Gateway.
Additionally, the General Partners will receive distributions from Gateway
if there is cash available for distribution or residual proceeds as defined
in the Partnership Agreement. The amounts and kinds of compensation and
fees are described on pages 15 to 18 of the Prospectus under the caption
"Management Compensation", which is incorporated herein by reference.
The Payable to General Partners primarily represents the asset management
fees owed to the General Partners at the end of the period. It is
unsecured, due on demand and, in accordance with the limited partnership
agreement, non-interest bearing. Within the next 12 months, the Managing
General Partner does not intend to demand payment on the portion of Asset
Management Fees payable classified as long-term on the Balance Sheet.
The Payable to Project Partnerships represents unpaid capital
contributions to the Project Partnerships and will be paid after certain
performance criteria are met. Such contributions are in turn payable to
the general partner of the Project Partnerships.
For the years ended March 31, 2000, 1999 and 1998 the General Partners and
affiliates are entitled to compensation and reimbursement for costs and
expenses incurred by Gateway as follows:
Asset Management Fee - The Managing General Partner is entitled to be paid
an annual asset management fee equal to 0.25% of the aggregate cost of
Gateway's interest in the projects owned by the Project Partnerships. The
asset management fee will be paid only after all other expenses of Gateway
have been paid. These fees are included in the Statements of Operations.
2000 1999 1998
---- ---- ----
Series 2 $ 68,511 $ 68,648 $ 68,773
Series 3 63,301 63,479 63,645
Series 4 77,832 77,989 78,133
Series 5 96,241 96,461 96,663
Series 6 106,486 106,815 107,120
------------ ------------ ------------
Total $ 412,371 $ 413,392 $ 414,334
============ ============ ============
General and Administrative Expenses - The Managing General Partner is reim
bursed for general and administrative expenses of Gateway on an accountable
basis. This expense is included in the Statements of Operations.
2000 1999 1998
---- ---- ----
Series 2 $ 8,181 $ 7,433 $ 8,267
Series 3 8,552 7,771 8,481
Series 4 10,779 9,798 10,693
Series 5 13,386 12,163 13,274
Series 6 14,130 12,839 14,012
--------- --------- ---------
$ 55,028 $ 50,004 $ 54,727
Total ========= ========= =========
PART IV
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
a.(1) Financial Statements
(2) Financial Statement Schedules -
Schedule III - Real Estate and Accumulated Depreciation of Property Owned
by Project Partnerships
All other schedules are omitted because they are not applicable or not
required, or because the required information is shown either in the
financial statements or in the notes thereto.
(3)Exhibit Index -
The following are included with Form S-11, Registration No. 33-31821 and
amendments and supplements thereto previously filed with the Securities
and Exchange Commission.
Table
Number
1.1 Form of Dealer Manager Agreement, including
Soliciting Dealer Agreement
1.2 Escrow Agreement between Gateway Tax Credit Fund II
Ltd. and Southeast Bank, NA
3.1 The form of Partnership Agreement of the Partnership
is included as Exhibit "A" to the Prospectus
3.1.1 Certificate of Limited Partnership of Gateway Tax
Credit Fund II Ltd.
3.1.2 Amendment to Certificate of Limited Partnership of
Gateway Tax Credit Fund II Ltd.
3.2 Articles of Incorporation of Raymond James Partners,
Inc.
3.2.1 Bylaws of Raymond James Partners, Inc.
3.3 Articles of Incorporation of Raymond James Tax Credit
Funds, Inc.
3.3.1 Bylaws of Raymond James Tax Credit Funds, Inc.
3.4 Amended and Restated Agreement of Limited Partnership
of Nowata Properties, An Oklahoma Limited Partnership
3.5 Amended and Restated Agreement of Limited Partnership
of Poteau Properties II, An Oklahoma Limited
Partnership
3.6 Amended and Restated Agreement of Limited Partnership
of Sallisaw Properties, An Oklahoma Limited Partnership
3.7 Amended and Restated Agreement of Limited Partnership
of Waldron Properties, An Arkansas Limited Partnership
3.8 Amended and Restated Agreement of Limited Partnership
of Roland Properties II, An Oklahoma Limited
Partnership
3.9 Amended and Restated Agreement of Limited Partnership
of Stilwell Properties, An Oklahoma Limited Partnership
3.10 Amended and Restated Agreement of Limited Partnership
of Birchwood Apartments Limited Partnership
3.11 Amended and Restated Agreement of Limited Partnership
of Sunchase II, Ltd.
3.12 Amended and Restated Agreement of Limited Partnership
of Hornellsville Apartments
3.13 Amended and Restated Agreement of Limited Partnership
of CE McKinley II Limited Partnership
3.14 Amended and Restated Agreement of Limited Partnership
of Hartwell Family, Ltd., L.P.
3.15 Amended and Restated Agreement of Limited Partnership
of Deerfield II Ltd., L.P.
3.16 Amended and Restated Agreement of Limited Partnership
of Claxton Elderly, Ltd., L.P.
3.17 Amended and Restated Agreement of Limited Partnership
of Inverness Club, Ltd., L.P.
3.18 Amended and Restated Agreement of Limited Partnership
of Lake Park Ltd., L.P.
3.19 Amended and Restated Agreement of Limited Partnership
of Lakeland Elderly Apartments, Ltd., L.P.
3.20 Amended and Restated Agreement of Limited Partnership
of Mt. Vernon Elderly Housing, Ltd., L.P.
3.21 Amended and Restated Agreement of Limited Partnership
of Pearson Elderly Housing, Ltd., L.P.
3.22 Amended and Restated Agreement of Limited Partnership
of Woodland Terrace Apartments, Ltd., L.P.
3.23 Amended and Restated Agreement of Limited Partnership
of Richland Elderly Housing, Ltd., L.P.
3.24 Amended and Restated Agreement of Limited Partnership
of Lakeshore Apartments Limited Partnership
3.25 Amended and Restated Agreement of Limited Partnership
of Lewiston Limited Partnership
3.26 Amended and Restated Agreement of Limited Partnership
of Springwood Apartments Limited Partnership
3.27 Amended and Restated Agreement of Limited Partnership
of Cherrytree Apartments Limited Partnership
3.28 Amended and Restated Agreement of Limited Partnership
of Charleston Properties, An Arkansas Limited
Partnership
3.29 Amended and Restated Agreement of Limited Partnership
of Sallisaw Properties II, An Oklahoma Limited
Partnership
3.30 Amended and Restated Agreement of Limited Partnership
of Pocola Properties, An Oklahoma Limited Partnership
3.31 Amended and Restated Agreement of Limited Partnership
of Prairie Apartments Limited Partnership
3.32 Amended and Restated Agreement of Limited Partnership
of Manchester Housing, Ltd., L.P.
3.33 Amended and Restated Agreement of Limited Partnership
of Sylacauga Heritage Apartments, Ltd.
3.34 Amended and Restated Agreement of Limited Partnership
of Durango C.W.W. Limited Partnership
3.35 Amended and Restated Agreement of Limited Partnership
of Alsace Village Limited Partnership
3.36 Amended and Restated Agreement of Limited Partnership
of Seneca Apartments, L.P.
3.37 Amended and Restated Agreement of Limited Partnership
of Westville Properties, a Limited Partnership
3.38 Amended and Restated Agreement of Limited Partnership
of Stilwell Properties II, Limited Partnership
3.39 Amended and Restated Agreement of Limited Partnership
of Wellsville Senior Housing, L.P.
3.40 Amended and Restated Agreement of Limited Partnership
of Spring Hill Senior Housing, L.P.
3.41 Amended and Restated Agreement of Limited Partnership
of Eudora Senior Housing, L.P.
3.42 Amended and Restated Agreement of Limited Partnership
of Smithfield Greenbriar Limited Partnership
3.43 Amended and Restated Agreement of Limited Partnership
of Tarpon Heights Apartments, A Louisiana Partnership
in Commendam
3.44 Amended and Restated Agreement of Limited Partnership
of Oaks Apartments, A Louisiana Partnership in
Commendam
3.45 Amended and Restated Agreement of Limited Partnership
of Countrywood Apartments, Limited
3.46 Amended and Restated Agreement of Limited Partnership
of Weston Apartments
3.47 Amended and Restated Agreement of Limited Partnership
of Wildwood Apartments, Limited
3.48 Amended and Restated Agreement of Limited Partnership
of Hopkins Properties, Limited
3.49 Amended and Restated Agreement of Limited Partnership
of Hancock Properties, Limited
3.50 Amended and Restated Agreement of Limited Partnership
of Southwood, L.P.
3.51 Amended and Restated Agreement of Limited Partnership
of Belmont Senior Apts., Ltd.
3.52 Amended and Restated Agreement of Limited Partnership
of Elkhart Apts., Ltd.
3.53 Amended and Restated Agreement of Limited Partnership
of Bryan Senior Village Limited Partnership
3.54 Amended and Restated Agreement of Limited Partnership
of Brubaker Square Limited Partnership
3.55 Amended and Restated Agreement of Limited Partnership
of Villa Allegra Limited Partnership
3.56 Amended and Restated Agreement of Limited Partnership
of Heritage Villas, L.P.
3.57 Amended and Restated Agreement of Limited Partnership
of Logansport Seniors Apts., a Louisiana Partnership
Commendam
3.58 Amended and Restated Agreement of Limited Partnership
of Wynnwood Common Associates
3.59 Amended and Restated Agreement of Limited Partnership
of Piedmont Development Company of Lamar County, Ltd.,
(L.P.)
3.60 Amended and Restated Agreement of Limited Partnership
of Sonora Seniors Apts., Ltd.
3.61 Amended and Restated Agreement of Limited Partnership
of Fredericksburg Seniors, Ltd.
3.62 Amended and Restated Agreement of Limited Partnership
of Ozona Seniors, Ltd.
3.63 Amended and Restated Agreement of Limited Partnership
of Brackettville Seniors, Ltd.
3.64 Amended and Restated Agreement of Limited Partnership
of Timpson Seniors Apartments, Ltd.
3.65 Amended and Restated Agreement of Limited Partnership
of Chestnut Apartments Limited Partnership
3.66 Amended and Restated Agreement of Limited Partnership
of Jasper Villas Apartments Limited Partnership
3.67 Amended and Restated Agreement of Limited Partnership
of Norton Green Limited Partnership
3.68 Amended and Restated Agreement of Limited Partnership
of Jonesville Manor Limited Partnership
3.69 Amended and Restated Agreement of Limited Partnership
of Edmonton Senior, Ltd.
3.70 Amended and Restated Agreement of Limited Partnership
of Owingsville Senior, Ltd.
3.71 Amended and Restated Agreement of Limited Partnership
of Courtyard, Ltd.
3.72 Amended and Restated Agreement of Limited Partnership
of Rural Development Group
3.73 Amended and Restated Agreement of Limited Partnership
of Williston Properties, A Limited Partnership
3.74 Amended and Restated Agreement of Limited Partnership
of St. George Properties, A Limited Partnership
3.75 Amended and Restated Agreement of Limited Partnership
of Village Apartments of St. Joseph II Limited
Partnership
3.76 Amended and Restated Agreement of Limited Partnership
of Village Apartments of Effingham Limited Partnership
3.77 Amended and Restated Agreement of Limited Partnership
of Village Apartments of Seymour II, L.P.
3.78 Amended and Restated Agreement of Limited Partnership
of Country Place Apartments - Portland II, Ltd.
3.79 Amended and Restated Agreement of Limited Partnership
of Country Place Apartments - Georgetown Limited
Partnership
3.80 Amended and Restated Agreement of Limited Partnership
of South Timber Ridge Apts., Ltd.
3.81 Amended and Restated Agreement of Limited Partnership
of Cloverdale RRH Assoc.
3.82 Amended and Restated Agreement of Limited Partnership
of Shannon Apartments Limited Partnership
3.83 Amended and Restated Agreement of Limited Partnership
of Spruce Apartments Limited Partnership
3.84 Amended and Restated Agreement of Limited Partnership
of Carthage Senior, L.P.
3.85 Amended and Restated Agreement of Limited Partnership
of Ehrhardt Place Limited Partnership
3.86 Amended and Restated Agreement of Limited Partnership
of Country Place Apartments - Coal City, Limited
Partnership
5.1O Opinion regarding legality of Honigman Miller Schwartz
and Cohn
5.1.1 Opinion regarding legality of Riden, Earle & Kiefner,
PA
8.1 Tax opinion and consent of Honigman Miller Schwartz
and Cohn
8.1.1 Tax opinion and consent of Riden, Earle & Kiefner, PA
24.1 The consent of Spence, Marston & Bunch
24.2 The consent of Spence, Marston, Bunch, Morris Co.
appears on page II-7
24.3 The consent of Goddard, Henderson, Godbee & Nichols, PC
with respect to the financial statements of Lake Park
Apartments, Ltd.
24.4 The consent of Goddard, Henderson, Godbee & Nichols, PC
with respect to the financial statements of Richland
Elderly Housing, Ltd.
24.5 The consent of Goddard, Henderson, Godbee & Nichols, PC
with respect to the financial statements of Pearson
Elderly Housing, Ltd.
24.6 The consent of Goddard, Henderson, Godbee & Nichols, PC
with respect to Mt. Vernon Elderly Housing, Ltd.
24.7 The consent of Goddard, Henderson, Godbee & Nichols, PC
with respect to the financial statements of Woodland
Terrace Apartments, Ltd.
24.8 The consent of Goddard, Henderson, Godbee & Nichols, PC
with respect to the financial statements of Lakeland
Elderly Housing, Ltd.
24.9 The consent of Grana & Teibel, PC with respect to
Lewiston LP
24.10 The consent of Beall & Company with respect to Nowata
Properties
24.11 The consent of Beall & Company with respect to Sallisaw
Properties
24.12 The consent of Beall & Company with respect to Poteau
Properties II
24.13 The consent of Beall & Company with respect to
Charleston Properties
24.14 The consent of Beall & Company with respect to Roland
Properties II
24.15 The consent of Beall & Company with respect to Stilwell
Properties
24.16 The consent of Donald W. Causey, CPA, PC
24.17 The consent of Charles Bailly & Company, CPA
24.18 The consent of Honigman Miller Schwartz and Cohn to all
references made to them in the Prospectus included as a
part of the Registration Statement of Gateway Tax
Credit Fund II Ltd., and all amendments thereto
24.18.1 The consent of Riden, Earle, & Kiefner, PA to all
references made to them in the Prospectus included as a
part of the Registration Statement of Gateway Tax
Credit Fund II Ltd., and all amendments thereto is
included in Exhibit 8.1.1.
28.1 Table VI (Acquisition of Properties by Program) of
Appendix II to Industry Guide 5, Preparation of
Registration Statements Relating to Interests in Real
Estate Limited Partnerships
b. Reports filed on Form 8-K - NONE
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 2
Apartment Properties
Mortgage Loan
Partnership Location # of Units Balance
- ----------- -------- ---------- -------------
Claxton Elderly Claxton, GA 24 $658,399
Deerfield II Douglas, GA 24 702,204
Hartwell Family Hartwell, GA 24 705,645
Cherrytree Apts. Albion, PA 33 1,200,104
Springwood Apts. Westfield, NY 32 1,253,429
Lakeshore Apts. Tuskegee, AL 34 1,054,130
Lewiston Lewiston, NY 25 1,000,125
Charleston Charleston, AR 32 843,643
Sallisaw II Sallisaw, OK 47 1,197,584
Pocola Pocola, OK 36 987,699
Inverness Club Inverness, FL 72 2,987,500
Pearson Elderly Pearson, GA 25 631,782
Richland Elderly Richland, GA 33 867,847
Lake Park Lake Park, GA 48 1,486,060
Woodland Terrace Waynesboro, GA 30 887,899
Mt. Vernon Elderly Mt. Vernon, GA 21 574,342
Lakeland Elderly Lakeland, GA 29 781,646
Prairie Apartments Eagle Butte, SD 21 976,212
Sylacauga Heritage Sylacauga, AL 44 1,386,061
Manchester Housing Manchester, GA 49 1,457,705
Durango C.W.W. Durango, CO 24 1,033,652
Columbus Sr. Columbus, KS 16 437,160
------------
$23,110,828
============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 2
Apartment Properties
Cost At Acquisition
--------------------
Net Improvements
Buildings, Capitalized
Improvements Subsequent to
Partnership Land and Equipment Acquisition
- ----------- ---- ------------- ----------------
Claxton Elderly $ 33,400 $ 766,138 $ 0
Deerfield II 33,600 820,962 0
Hartwell Family 22,700 836,998 0
Cherrytree Apts. 62,000 1,376,297 1,339
Springwood Apts. 21,500 1,451,283 38,917
Lakeshore Apts. 28,600 1,238,749 194
Lewiston 38,400 1,178,185 17,350
Charleston 16,000 1,060,098 0
Sallisaw II 37,500 1,480,089 0
Pocola 22,500 1,223,370 0
Inverness Club 205,500 3,111,565 179,759
Pearson Elderly 15,000 767,590 (1,130)
Richland Elderly 31,500 1,027,512 (1,141)
Lake Park 88,000 1,710,725 (4,183)
Woodland Terrace 36,400 1,047,107 (3,816)
Mt. Vernon Elderly 21,750 680,437 (1,252)
Lakeland Elderly 28,000 930,574 (2,759)
Prairie Apartments 66,500 1,150,214 42,181
Sylacauga Heritage 66,080 1,648,081 47,691
Manchester Housing 36,000 1,746,076 (775)
Durango C.W.W. 140,250 1,123,454 29,466
Columbus Sr. 64,373 444,257 6,603
----------- ------------ ------------
$1,115,553 $26,819,761 $348,444
=========== ============ ============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 2
Apartment Properties
Gross Amount At Which Carried At December 31, 1999
--------------------
Buildings,
Improvements
Partnership Land and Equipment Total
- ----------- ---- ------------- -----
Claxton Elderly $ 33,400 $ 766,138 $ 799,538
Deerfield II 33,600 820,962 854,562
Hartwell Family 22,700 836,998 859,698
Cherrytree Apts. 62,000 1,377,636 1,439,636
Springwood Apts. 22,845 1,488,855 1,511,700
Lakeshore Apts. 28,600 1,238,943 1,267,543
Lewiston 38,400 1,195,535 1,233,935
Charleston 16,000 1,060,098 1,076,098
Sallisaw II 37,500 1,480,089 1,517,589
Pocola 22,500 1,223,370 1,245,870
Inverness Club 205,500 3,291,324 3,496,824
Pearson Elderly 15,000 766,460 781,460
Richland Elderly 31,500 1,026,371 1,057,871
Lake Park 88,000 1,706,542 1,794,542
Woodland Terrace 36,400 1,043,291 1,079,691
Mt. Vernon Elderly 21,750 679,185 700,935
Lakeland Elderly 28,000 927,815 955,815
Prairie Apartments 81,240 1,177,655 1,258,895
Sylacauga Heritage 66,080 1,695,772 1,761,852
Manchester Housing 36,000 1,745,301 1,781,301
Durango C.W.W. 140,250 1,152,920 1,293,170
Columbus Sr. 68,273 446,960 515,233
----------- ------------ ------------
$1,135,538 $27,148,220 $28,283,758
=========== ============ ============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 2
Apartment Properties
Partnership Accumulated Depreciation Depreciable Life
- ----------- ------------------------ ----------------
Claxton Elderly $ 267,233 5-27.5
Deerfield II 286,442 5-27.5
Hartwell Family 294,444 5-27.5
Cherrytree Apts. 333,810 5-27.5
Springwood Apts. 383,546 5-40
Lakeshore Apts. 322,626 5-40
Lewiston 277,370 5-40
Charleston 420,971 5-25
Sallisaw II 569,635 5-25
Pocola 432,129 5-27.5
Inverness Club 1,070,935 5-27.5
Pearson Elderly 244,749 5-30
Richland Elderly 321,511 5-30
Lake Park 573,982 5-30
Woodland Terrace 331,020 5-30
Mt. Vernon Elderly 217,397 5-30
Lakeland Elderly 292,001 5-30
Prairie Apartments 330,501 5-40
Sylacauga Heritage 430,863 5-40
Manchester Housing 535,840 5-30
Durango C.W.W. 279,706 5-40
Columbus Sr. 177,735 5-27.5
-----------
$8,394,446
===========
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 3
Apartment Properties
Mortgage Loan
Partnership Location # of Units Balance
- ----------- -------- ---------- -------------
Poteau II Poteau, OK 52 $ 1,304,781
Sallisaw Sallisaw, OK 52 1,313,010
Nowata Properties Oolagah, OK 32 857,609
Waldron Properties Waldron, AR 24 640,546
Roland II Roland, OK 52 1,312,034
Stilwell Stilwell, OK 48 1,194,239
Birchwood Apts. Pierre, SD 24 789,139
Hornellsville Arkport, NY 24 895,816
Sunchase II Watertown, SD 41 1,194,493
CE McKinley II Rising Sun, MD 16 621,854
Weston Apartments Weston, AL 10 274,980
Countrywood Apts. Centreville, AL 40 1,201,437
Wildwood Apts. Pineville, LA 28 850,068
Hancock Hawesville, KY 12 367,687
Hopkins Madisonville, KY 24 750,331
Elkhart Apts. Elkhart, TX 54 1,147,291
Bryan Senior Bryan, OH 40 1,082,758
Brubaker Square New Carlisle, OH 38 1,117,911
Southwood Savannah, TN 44 1,488,075
Villa Allegra Celina, OH 32 901,120
Belmont Senior Cynthiana, KY 24 765,894
Heritage Villas Helena, GA 25 678,611
Logansport Seniors Logansport, LA 32 898,465
------------
$21,648,149
============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 3
Apartment Properties
Cost At Acquisition
--------------------
Net Improvements
Buildings, Capitalized
Improvements Subsequent to
Partnership Land and Equipment Acquisition
- ----------- ---- ------------- ----------------
Poteau II $ 76,827 $ 1,712,321 $ 0
Sallisaw 70,000 1,674,103 0
Nowata Properties 45,500 1,102,984 0
Waldron Properties 26,000 834,273 0
Roland II 70,000 1,734,010 0
Stilwell 37,500 1,560,201 0
Birchwood Apts. 116,740 885,923 62,642
Hornellsville 41,225 1,018,523 40,422
Sunchase II 113,115 1,198,373 36,110
CE McKinley II 11,762 745,635 61,427
Weston Apartments 0 339,144 805
Countrywood Apts. 55,750 1,447,439 16,575
Wildwood Apts. 48,000 1,018,897 17,428
Hancock 20,700 419,725 0
Hopkins 43,581 885,087 (1,412)
Elkhart Apts. 35,985 1,361,096 166,804
Bryan Senior 74,000 1,102,728 10,386
Brubaker Square 75,000 1,376,075 6,593
Southwood 15,000 1,769,334 7,958
Villa Allegra 35,000 1,097,214 7,102
Belmont Senior 43,600 891,543 0
Heritage Villas 21,840 801,128 1,791
Logansport Seniors 27,621 1,058,773 0
----------- ------------ ------------
$1,104,746 $26,034,529 $434,631
=========== ============ ============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 3
Apartment Properties
Gross Amount At Which Carried At December 31, 1999
--------------------
Buildings,
Improvements
Partnership Land and Equipment Total
- ----------- ---- ------------- -----
Poteau II $ 76,827 $ 1,712,321 $ 1,789,148
Sallisaw 70,000 1,674,103 1,744,103
Nowata Properties 45,500 1,102,984 1,148,484
Waldron Properties 26,000 834,273 860,273
Roland II 70,000 1,734,010 1,804,010
Stilwell 37,500 1,560,201 1,597,701
Birchwood Apts. 124,505 940,800 1,065,305
Hornellsville 41,225 1,058,945 1,100,170
Sunchase II 113,115 1,234,483 1,347,598
CE McKinley II 140,765 678,059 818,824
Weston Apartments 0 339,949 339,949
Countrywood Apts. 55,750 1,464,014 1,519,764
Wildwood Apts. 48,000 1,036,325 1,084,325
Hancock 20,700 419,725 440,425
Hopkins 43,581 883,675 927,256
Elkhart Apts. 159,682 1,404,203 1,563,885
Bryan Senior 74,000 1,113,114 1,187,114
Brubaker Square 75,000 1,382,668 1,457,668
Southwood 15,000 1,777,292 1,792,292
Villa Allegra 35,000 1,104,316 1,139,316
Belmont Senior 43,600 891,543 935,143
Heritage Villas 21,840 802,919 824,759
Logansport Seniors 27,621 1,058,773 1,086,394
----------- ------------ ------------
$1,365,211 $26,208,695 $27,573,906
=========== ============ ============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 3
Partnership Accumulated Depreciation Depreciable Life
- ----------- ------------------------ ----------------
Poteau II $ 813,839 5-25
Sallisaw 766,073 5-25
Nowata Properties 496,078 5-25
Waldron Properties 374,530 5-25
Roland II 818,859 5-25
Stilwell 727,943 5-25
Birchwood Apts. 305,470 5-40
Hornellsville 445,162 5-27.5
Sunchase II 430,653 5-40
CE McKinley II 334,073 5-27.5
Weston Apartments 150,265 5-27.5
Countrywood Apts. 627,890 5-27.5
Wildwood Apts. 383,082 5-30
Hancock 145,390 5-27.5
Hopkins 306,101 5-27.5
Elkhart Apts. 582,476 5-25
Bryan Senior 521,522 5-27.5
Brubaker Square 576,147 5-27.5
Southwood 640,098 5-50
Villa Allegra 479,622 5-27.5
Belmont Senior 223,630 5-40
Heritage Villas 261,144 5-30
Logansport Seniors 237,027 5-40
-----------
$10,647,074
===========
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 4
Apartment Properties
Mortgage Loan
Partnership Location # of Units Balance
- ----------- -------- ---------- -------------
Alsace Village Soda Springs, ID 24 $ 638,011
Seneca Apartments Seneca, MO 24 609,129
Eudora Senior Eudora, KS 36 959,657
Westville Westville, OK 36 860,233
Wellsville Senior Wellsville, KS 24 648,477
Stilwell II Stilwell, OK 52 1,290,349
Spring Hill Senior Spring Hill, KS 24 697,966
Smithfield Smithfield, UT 40 1,540,747
Tarpon Heights Galliano, LA 48 1,245,093
Oaks Apartments Oakdale, LA 32 838,638
Wynnwood Common Fairchance, PA 34 1,372,440
Chestnut Apartments Howard, SD 24 856,321
St. George St. George, SC 24 755,305
Williston Williston, SC 24 799,056
Brackettville Sr. Brackettville, TX 32 822,655
Sonora Seniors Sonora, TX 32 844,215
Ozona Seniors Ozona, TX 24 632,131
Fredericksburg Sr. Fredericksburg,TX 48 1,205,650
St. Joseph St. Joseph, IL 24 828,814
Courtyard Huron, SD 21 712,025
Rural Development Ashland, ME 25 1,207,350
Jasper Villas Jasper, AR 25 860,347
Edmonton Senior Edmonton, KY 24 756,903
Jonesville Manor Jonesville, VA 40 1,352,639
Norton Green Norton, VA 40 1,343,385
Owingsville Senior Owingsville, KY 22 707,154
Timpson Seniors Timpson, TX 28 673,911
Piedmont Barnesville, GA 36 1,045,543
S.F. Arkansas City Arkansas City, KS 12 340,621
------------
$26,444,765
============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 4
Apartment Properties
Cost At Acquisition
--------------------
Net Improvements
Buildings, Capitalized
Improvements Subsequent to
Partnership Land and Equipment Acquisition
- ----------- ---- ------------- ----------------
Alsace Village $ 15,000 $ 771,590 $ 20,697
Seneca Apartments 76,212 640,702 11,823
Eudora Senior 50,000 1,207,482 0
Westville 27,560 1,074,126 0
Wellsville Senior 38,000 772,971 (1)
Stilwell II 30,000 1,627,974 0
Spring Hill Senior 49,800 986,569 0
Smithfield 82,500 1,698,213 60,422
Tarpon Heights 85,000 1,408,434 0
Oaks Apartments 42,000 989,522 987
Wynnwood Common 68,000 1,578,814 32,204
Chestnut Apartments 57,200 977,493 22,622
St. George 22,600 915,400 2,861
Williston 25,000 959,345 18,255
Brackettville Sr. 28,600 963,366 0
Sonora Seniors 51,000 962,315 0
Ozona Seniors 40,000 719,843 0
Fredericksburg Sr. 45,000 1,357,563 0
St. Joseph 28,000 940,580 7,873
Courtyard 24,500 810,110 14,016
Rural Development 38,200 1,361,892 22,390
Jasper Villas 27,000 1,067,890 6,627
Edmonton Senior 40,000 866,714 0
Jonesville Manor 100,000 1,578,135 45,649
Norton Green 120,000 1,535,373 42,361
Owingsville Senior 28,000 820,044 0
Timpson Seniors 13,500 802,416 0
Piedmont 29,500 1,259,547 0
S.F. Arkansas City 16,800 395,228 0
----------- ------------ ------------
$1,298,972 $31,049,651 $308,786
=========== ============ ============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 4
Apartment Properties
Gross Amount At Which Carried At December 31, 1999
--------------------
Buildings,
Improvements
Partnership Land and Equipment Total
- ----------- ---- ------------- -----
Alsace Village $ 15,000 $ 792,287 $ 807,287
Seneca Apartments 76,212 652,525 728,737
Eudora Senior 50,000 1,207,482 1,257,482
Westville 27,560 1,074,126 1,101,686
Wellsville Senior 38,000 772,970 810,970
Stilwell II 30,000 1,627,974 1,657,974
Spring Hill Senior 49,800 986,569 1,036,369
Smithfield 86,862 1,754,273 1,841,135
Tarpon Heights 85,000 1,408,434 1,493,434
Oaks Apartments 42,000 990,509 1,032,509
Wynnwood Common 81,233 1,597,785 1,679,018
Chestnut Apartments 63,800 993,515 1,057,315
St. George 22,600 918,261 940,861
Williston 25,000 977,600 1,002,600
Brackettville Sr. 28,600 963,366 991,966
Sonora Seniors 51,000 962,315 1,013,315
Ozona Seniors 40,000 719,843 759,843
Fredericksburg Sr. 45,000 1,357,563 1,402,563
St. Joseph 28,000 948,453 976,453
Courtyard 27,055 821,571 848,626
Rural Development 38,200 1,384,282 1,422,482
Jasper Villas 27,000 1,074,517 1,101,517
Edmonton Senior 40,000 866,714 906,714
Jonesville Manor 100,000 1,623,784 1,723,784
Norton Green 120,000 1,577,734 1,697,734
Owingsville Senior 28,000 820,044 848,044
Timpson Seniors 13,500 802,416 815,916
Piedmont 29,500 1,259,547 1,289,047
S.F. Arkansas City 16,800 395,228 412,028
----------- ------------ ------------
$1,325,722 $31,331,687 $32,657,409
=========== ============ ============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 4
Apartment Properties
Partnership Accumulated Depreciation Depreciable Life
- ----------- ------------------------ ----------------
Alsace Village $ 286,237 5-27.5
Seneca Apartments 297,289 5-27.5
Eudora Senior 416,415 5-27.5
Westville 377,691 5-27.5
Wellsville Senior 277,369 5-25
Stilwell II 573,321 5-27.5
Spring Hill Senior 383,920 5-25
Smithfield 393,025 5-40
Tarpon Heights 317,809 5-40
Oaks Apartments 225,338 5-40
Wynnwood Common 393,408 5-40
Chestnut Apartments 284,310 5-40
St. George 348,504 5-27.5
Williston 354,050 5-27.5
Brackettville Sr. 202,254 5-40
Sonora Seniors 214,173 5-40
Ozona Seniors 154,783 5-40
Fredericksburg Sr. 296,766 5-40
St. Joseph 325,844 5-27.5
Courtyard 259,964 5-27.5
Rural Development 504,853 5-27.5
Jasper Villas 263,866 5-40
Edmonton Senior 212,964 5-40
Jonesville Manor 560,249 5-27.5
Norton Green 575,714 5-27.5
Owingsville Senior 198,889 5-40
Timpson Seniors 199,570 5-40
Piedmont 287,749 5-27.5
S.F. Arkansas City 137,074 5-27.5
-----------
$9,323,398
===========
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 5
Apartment Properties
Mortgage Loan
Partnership Location # of Units Balance
- ----------- -------- ---------- -------------
Seymour Seymour, IN 37 $ 1,242,176
Effingham Effingham, IL 24 804,879
S.F. Winfield Winfield, KS 12 331,752
S.F.Medicine Lodge Medicine Lodge,KS 16 453,502
S.F. Ottawa Ottawa, KS 24 571,174
S.F. Concordia Concordia, KS 20 554,433
Highland View Elgin, OR 24 715,356
Carrollton Club Carrollton, GA 78 2,687,720
Scarlett Oaks Lexington, SC 40 1,391,459
Brooks Hill Ellijay, GA 44 1,463,800
Greensboro Greensboro, GA 24 734,566
Greensboro II Greensboro, GA 33 906,705
Pine Terrace Wrightsville, GA 25 728,139
Shellman Shellman, GA 27 740,578
Blackshear Cordele, GA 46 1,321,931
Crisp Properties Cordele, GA 31 933,378
Crawford Crawford, GA 25 746,124
Yorkshire Wagoner, OK 60 2,088,212
Woodcrest South Boston, VA 40 1,294,879
Fox Ridge Russellville, AL 24 737,190
Redmont II Red Bay, AL 24 695,942
Clayton Clayton, OK 24 670,236
Alma Alma, AR 24 734,404
Pemberton Village Hiawatha, KS 24 638,787
Magic Circle Eureka, KS 24 654,768
Spring Hill Spring Hill, KS 36 1,129,557
Menard Retirement Menard, TX 24 629,043
Wallis Housing Wallis, TX 24 439,300
Zapata Housing Zapata, TX 40 981,372
Mill Creek Grove, OK 60 1,436,512
Portland II Portland, IN 20 584,222
Georgetown Georgetown, OH 24 742,385
Cloverdale Chandler, TX 24 759,292
S. Timber Ridge Cloverdale, IN 44 1,065,677
Pineville Pineville, MO 12 320,553
Ravenwood Americus, GA 24 728,601
------------
$32,658,604
============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 5
Apartment Properties
Cost At Acquisition
--------------------
Net Improvements
Buildings, Capitalized
Improvements Subsequent to
Partnership Land and Equipment Acquisition
- ----------- ---- ------------- ----------------
Seymour $ 59,500 $ 1,452,557 $ 6,384
Effingham 38,500 940,327 1,790
S.F. Winfield 18,000 382,920 0
S.F.Medicine Lodge 21,600 542,959 0
S.F. Ottawa 25,200 687,929 (5,680)
S.F. Concordia 28,000 658,961 1
Highland View 16,220 830,471 41,599
Carrollton Club 248,067 722,560 2,247,274
Scarlett Oaks 44,475 992,158 639,341
Brooks Hill 0 214,335 1,536,354
Greensboro 15,930 61,495 788,834
Greensboro II 21,330 92,063 975,271
Pine Terrace 14,700 196,071 674,415
Shellman 13,500 512,531 375,617
Blackshear 60,000 413,143 1,120,519
Crisp Properties 48,000 578,709 501,285
Crawford 16,600 187,812 703,300
Yorkshire 100,000 2,212,045 241,109
Woodcrest 70,000 842,335 662,441
Fox Ridge 39,781 848,996 1,164
Redmont II 25,000 814,432 1,164
Clayton 35,600 835,930 0
Alma 45,000 912,710 0
Pemberton Village 12,020 767,228 (12,269)
Magic Circle 22,660 749,504 23,963
Spring Hill 70,868 1,318,926 59,584
Menard Retirement 21,000 721,251 18,601
Wallis Housing 13,900 553,230 11,324
Zapata Housing 44,000 1,120,538 73,867
Mill Creek 28,000 414,429 1,299,240
Portland II 43,102 410,683 292,312
Georgetown 0 149,483 782,059
Cloverdale 40,000 583,115 323,173
S. Timber Ridge 43,705 1,233,570 20,000
Pineville 59,661 328,468 8,956
Ravenwood 14,300 873,596 13,100
----------- ------------ ------------
$1,418,219 $25,157,470 $13,426,092
=========== ============ ============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 5
Apartment Properties
Gross Amount At Which Carried At December 31, 1999
--------------------
Buildings,
Improvements
Partnership Land and Equipment Total
- ----------- ---- ------------- -----
Seymour $ 59,500 $ 1,458,941 $ 1,518,441
Effingham 38,500 942,117 980,617
S.F. Winfield 18,000 382,920 400,920
S.F.Medicine Lodge 21,600 542,959 564,559
S.F. Ottawa 25,200 682,249 707,449
S.F. Concordia 28,000 658,962 686,962
Highland View 16,220 872,070 888,290
Carrollton Club 248,068 2,969,833 3,217,901
Scarlett Oaks 44,475 1,631,499 1,675,974
Brooks Hill 77,500 1,673,189 1,750,689
Greensboro 15,930 850,329 866,259
Greensboro II 16,845 1,071,819 1,088,664
Pine Terrace 14,700 870,486 885,186
Shellman 13,500 888,148 901,648
Blackshear 60,000 1,533,662 1,593,662
Crisp Properties 48,000 1,079,994 1,127,994
Crawford 16,600 891,112 907,712
Yorkshire 100,788 2,452,366 2,553,154
Woodcrest 70,000 1,504,776 1,574,776
Fox Ridge 39,781 850,160 889,941
Redmont II 25,000 815,596 840,596
Clayton 35,600 835,930 871,530
Alma 45,000 912,710 957,710
Pemberton Village 12,020 754,959 766,979
Magic Circle 22,660 773,467 796,127
Spring Hill 70,868 1,378,510 1,449,378
Menard Retirement 21,000 739,852 760,852
Wallis Housing 13,900 564,554 578,454
Zapata Housing 46,323 1,192,082 1,238,405
Mill Creek 28,000 1,713,669 1,741,669
Portland II 15,000 731,097 746,097
Georgetown 50,393 881,149 931,542
Cloverdale 40,000 906,288 946,288
S. Timber Ridge 50,123 1,247,152 1,297,275
Pineville 59,661 337,424 397,085
Ravenwood 14,300 886,696 900,996
----------- ------------ ------------
$1,523,055 $38,478,726 $40,001,781
=========== ============ ============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 5
Partnership Accumulated Depreciation Depreciable Life
- ----------- ------------------------ ----------------
Seymour $ 486,270 5-27.5
Effingham 308,961 5-27.5
S.F. Winfield 134,029 5-27.5
S.F.Medicine Lodge 172,634 5-27.5
S.F. Ottawa 238,380 5-27.5
S.F. Concordia 227,664 5-27.5
Highland View 193,946 5-40
Carrollton Club 834,448 5-27.5
Scarlett Oaks 472,113 5-27.5
Brooks Hill 442,839 5-27.5
Greensboro 219,904 5-30
Greensboro II 277,235 5-30
Pine Terrace 233,912 5-30
Shellman 252,567 5-30
Blackshear 411,166 5-30
Crisp Properties 300,101 5-30
Crawford 243,572 5-30
Yorkshire 455,798 5-50
Woodcrest 344,756 5-40
Fox Ridge 182,509 5-50
Redmont II 178,498 5-50
Clayton 273,050 5-27.5
Alma 326,872 5-25
Pemberton Village 252,310 5-27.5
Magic Circle 252,915 5-27.5
Spring Hill 469,013 5-25
Menard Retirement 128,900 5-30
Wallis Housing 167,458 5-30
Zapata Housing 278,375 5-27.5
Mill Creek 589,901 5-25
Portland II 192,145 5-27.5
Georgetown 212,130 5-50
Cloverdale 319,841 5-27.5
S. Timber Ridge 429,260 5-25
Pineville 138,194 5-27.5
Ravenwood 124,159 5-27.5
-----------
$10,765,825
===========
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 6
Apartment Properties
Mortgage Loan
Partnership Location # of Units Balance
- ----------- -------- ---------- -------------
Spruce Pierre, SD 24 $ 916,105
Shannon Apartments O'Neill, NE 16 536,300
Carthage Carthage, MO 24 576,531
Mt. Crest Enterprise, OR 39 1,006,198
Coal City Coal City, IL 24 981,597
Blacksburg Terrace Blacksburg, SC 32 1,088,716
Frazier Smyrna, DE 30 1,476,705
Ehrhardt Ehrhardt, SC 16 564,070
Sinton Sinton, TX 32 853,822
Frankston Frankston, TX 24 561,503
Flagler Beach Flagler Beach, FL 43 1,388,177
Oak Ridge Williamsburg, KY 24 815,427
Monett Monett, MO 32 789,962
Arma Arma, KS 28 719,769
Southwest City Southwest City, MO 12 319,816
Meadowcrest Luverne, AL 32 1,009,676
Parsons Parsons, KS 48 1,265,490
Newport Village Newport, TN 40 1,307,795
Goodwater Falls Jenkins, KY 36 1,137,436
Northfield Station Corbin, KY 24 802,716
Pleasant Hill Square Somerset, KY 24 792,131
Winter Park Mitchell, SD 24 1,005,519
Cornell Watertown, SD 24 873,234
Heritage Drive S. Jacksonville, TX 40 985,478
Brodhead Brodhead, KY 24 791,030
Mt. Vilage Mt. Vernon, KY 24 786,587
Hazelhurst Hazlehurst, MS 32 981,160
Sunrise Yankton, SD 33 1,163,698
Stony Creek Hooversville, PA 32 1,349,309
Logan Place Logan, OH 40 1,257,318
Haines Haines, AK 32 2,392,562
Maple Wood Barbourville, KY 24 800,735
Summerhill Gassville, AR 28 800,065
Dorchester St. George, SC 12 465,822
Lancaster Mountain View, AR 33 1,124,000
Autumn Village Harrison, AR 16 242,165
Hardy Hardy, AR 24 365,654
Dawson Dawson, GA 40 1,192,834
------------
$35,487,112
============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 6
Apartment Properties
Cost At Acquisition
--------------------
Net Improvements
Buildings, Capitalized
Improvements Subsequent to
Partnership Land and Equipment Acquisition
- ----------- ---- ------------- ----------------
Spruce $ 60,040 $ 108,772 $ 963,894
Shannon Apartments 5,000 94,494 566,033
Carthage 115,814 578,597 29,199
Mt. Crest 64,914 1,143,675 30,285
Coal City 60,055 1,121,477 40,373
Blacksburg Terrace 39,930 1,278,860 4,280
Frazier 51,665 1,619,209 4,615
Ehrhardt 9,020 671,750 5,006
Sinton 42,103 985,010 25,946
Frankston 30,000 639,068 5,913
Flagler Beach 118,575 1,534,541 0
Oak Ridge 40,000 995,782 2,184
Monett 170,229 782,795 9,280
Arma 85,512 771,316 19,778
Southwest City 67,303 319,272 2,791
Meadowcrest 72,500 1,130,651 587
Parsons 49,780 1,483,188 0
Newport Village 61,350 1,470,505 81,869
Goodwater Falls 32,000 1,142,517 218,846
Northfield Station 44,250 977,220 1,091
Pleasant Hill Square 35,000 893,323 26,487
Winter Park 95,000 1,121,119 41,283
Cornell 32,000 1,017,572 34,686
Heritage Drive S. 44,247 1,151,157 11,706
Brodhead 21,600 932,468 5,466
Mt. Vilage 55,000 884,596 3,562
Hazelhurst 60,000 1,118,734 3,606
Sunrise 90,000 1,269,252 55,494
Stony Creek 0 1,428,656 220,627
Logan Place 39,300 1,477,527 6,945
Haines 189,323 2,851,953 (6,158)
Maple Wood 79,000 924,144 4,600
Summerhill 23,000 788,157 31,044
Dorchester 13,000 239,455 309,817
Lancaster 37,500 1,361,272 (15,951)
Autumn Village 20,000 595,604 0
Hardy 0 473,695 462,819
Dawson 40,000 346,569 1,088,404
----------- ------------ ------------
$2,094,010 $37,723,952 $4,296,407
=========== ============ ============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 6
Apartment Properties
Gross Amount At Which Carried At December 31, 1999
--------------------
Buildings,
Improvements
Partnership Land and Equipment Total
- ----------- ---- ------------- -----
Spruce $ 86,308 $ 1,046,398 $ 1,132,706
Shannon Apartments 18,406 647,121 665,527
Carthage 115,814 607,796 723,610
Mt. Crest 64,914 1,173,960 1,238,874
Coal City 60,055 1,161,850 1,221,905
Blacksburg Terrace 39,930 1,283,140 1,323,070
Frazier 51,665 1,623,824 1,675,489
Ehrhardt 9,020 676,756 685,776
Sinton 42,103 1,010,956 1,053,059
Frankston 30,000 644,981 674,981
Flagler Beach 118,575 1,534,541 1,653,116
Oak Ridge 40,000 997,966 1,037,966
Monett 170,229 792,075 962,304
Arma 89,512 787,094 876,606
Southwest City 67,303 322,063 389,366
Meadowcrest 72,500 1,131,238 1,203,738
Parsons 49,780 1,483,188 1,532,968
Newport Village 61,350 1,552,374 1,613,724
Goodwater Falls 32,000 1,361,363 1,393,363
Northfield Station 44,250 978,311 1,022,561
Pleasant Hill Square 35,000 919,810 954,810
Winter Park 95,000 1,162,402 1,257,402
Cornell 35,592 1,048,666 1,084,258
Heritage Drive S. 51,768 1,155,342 1,207,110
Brodhead 21,600 937,934 959,534
Mt. Vilage 55,000 888,158 943,158
Hazelhurst 60,000 1,122,340 1,182,340
Sunrise 112,363 1,302,383 1,414,746
Stony Creek 104,800 1,544,483 1,649,283
Logan Place 39,300 1,484,472 1,523,772
Haines 189,323 2,845,795 3,035,118
Maple Wood 79,000 928,744 1,007,744
Summerhill 23,000 819,201 842,201
Dorchester 13,000 549,272 562,272
Lancaster 37,500 1,345,321 1,382,821
Autumn Village 20,000 595,604 615,604
Hardy 21,250 915,264 936,514
Dawson 40,000 1,434,973 1,474,973
----------- ------------ ------------
$2,297,210 $41,817,159 $44,114,369
=========== ============ ============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
SERIES 6
Partnership Accumulated Depreciation Depreciable Life
- ----------- ------------------------ ----------------
Spruce $ 286,705 5-30
Shannon Apartments 133,644 5-40
Carthage 278,945 5-27.5
Mt. Crest 391,876 5-27.5
Coal City 243,184 5-27.5
Blacksburg Terrace 430,515 5-27.5
Frazier 526,560 5-27.5
Ehrhardt 195,363 5-27.5
Sinton 169,374 5-50
Frankston 109,434 5-30
Flagler Beach 330,516 5-40
Oak Ridge 296,094 5-27.5
Monett 328,240 5-27.5
Arma 317,473 5-27.5
Southwest City 139,254 5-27.5
Meadowcrest 266,030 5-40
Parsons 474,855 5-27.5
Newport Village 481,201 5-27.5
Goodwater Falls 294,200 5-27.5
Northfield Station 213,707 5-27.5
Pleasant Hill Square 201,062 5-27.5
Winter Park 300,697 5-40
Cornell 216,572 5-40
Heritage Drive S. 372,551 5-25
Brodhead 191,961 5-40
Mt. Vilage 185,499 5-50
Hazelhurst 235,596 5-40
Sunrise 346,363 5-27.5
Stony Creek 321,454 5-27.5
Logan Place 361,949 5-27.5
Haines 818,501 5-27.5
Maple Wood 270,297 5-27.5
Summerhill 246,781 5-27.5
Dorchester 149,315 5-27.5
Lancaster 284,071 5-40
Autumn Village 121,676 5-40
Hardy 176,833 5-40
Dawson 212,489 5-40
-----------
$10,920,837
===========
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
GATEWAY TAX CREDIT FUND II LTD.
NOTES TO SCHEDULE III
Reconciliation of Land, Building & Improvements current year changes:
SERIES 2
Balance at beginning of period -
December 31, 1998 $ 28,278,089
Additions during period:
Acquisitions through foreclosure 0
Other acquisitions 5,669
Improvements, etc. 0
Other 0
---------
5,669
Deductions during period:
Cost of real estate sold 0
Other 0
--------- 0
---------
Balance at end of period -
December 31, 1999 $ 28,283,758
============
Reconciliation of Accumulated Depreciation current year changes:
Balance at beginning of period -
December 31, 1998 $ 7,497,204
Current year expense 897,242
Less Accumulated Depreciation of
real estate sold 0
Other 0
--------- 897,242
----------
Balance at end of period -
December 31, 1999 $ 8,394,446
===========
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
GATEWAY TAX CREDIT FUND II LTD.
NOTES TO SCHEDULE III
Reconciliation of Land, Building & Improvements current year changes:
SERIES 3
Balance at beginning of period -
December 31, 1998 $ 27,503,186
Additions during period:
Acquisitions through foreclosure 0
Other acquisitions 70,720
Improvements, etc. 0
Other 0
-------- 70,720
Deductions during period:
Cost of real estate sold 0
Other 0
--------- 0
---------
Balance at end of period -
December 31, 1999 $27,573,906
===========
Reconciliation of Accumulated Depreciation current year changes:
Balance at beginning of period -
December 31, 1998 $ 9,442,106
Current year expense 1,204,964
Less Accumulated Depreciation of
real estate sold 0
Other 4
-------- 1,204,968
----------
Balance at end of period -
December 31, 1999 $ 10,647,074
============
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
GATEWAY TAX CREDIT FUND II LTD.
NOTES TO SCHEDULE III
Reconciliation of Land, Building & Improvements current year changes:
SERIES 4
Balance at beginning of period -
December 31, 1998 $ 32,637,469
Additions during period:
Acquisitions through foreclosure 0
Other acquisitions 19,940
Improvements, etc. 0
Other 0
--------- 19,940
Deductions during period:
Cost of real estate sold 0
Other 0
--------- 0
---------
Balance at end of period -
December 31, 1999 $ 32,657,409
=============
Reconciliation of Accumulated Depreciation current year changes:
Balance at beginning of period -
December 31, 1998 $ 8,340,687
Current year expense 982,759
Less Accumulated Depreciation of
real estate sold 0
Other (48)
---------
982,711
----------
Balance at end of period -
December 31, 1999
$9,323,398
===========
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
GATEWAY TAX CREDIT FUND II LTD.
NOTES TO SCHEDULE III
Reconciliation of Land, Building & Improvements current year changes:
SERIES 5
Balance at beginning of period -
December 31, 1998 $ 39,929,547
Additions during period:
Acquisitions through foreclosure 0
Other acquisitions 73,794
Improvements, etc. 0
Other 0
---------
73,794
Deductions during period:
Cost of real estate sold 1,560
Other 0
---------
1,560
---------
Balance at end of period -
December 31, 1999 $ 40,001,781
============
Reconciliation of Accumulated Depreciation current year changes:
Balance at beginning of period -
December 31, 1998 $ 9,481,184
Current year expense 1,286,201
Less Accumulated Depreciation of
real estate sold (1,560)
Other 0
--------
1,284,641
----------
Balance at end of period -
December 31, 1999 $ 10,765,825
============
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 1999
GATEWAY TAX CREDIT FUND II LTD.
NOTES TO SCHEDULE III
Reconciliation of Land, Building & Improvements current year changes:
SERIES 6
Balance at beginning of period -
December 31, 1998 $ 43,957,370
Additions during period:
Acquisitions through foreclosure 0
Other acquisitions 157,758
Improvements, etc. 0
Other 0
---------
157,758
Deductions during period:
Cost of real estate sold 759
Other 0
--------- 759
----------
Balance at end of period -
December 31, 1999 $ 44,114,369
============
Reconciliation of Accumulated Depreciation current year changes:
Balance at beginning of period -
December 31, 1998 $ 9,550,937
Current year expense 1,369,141
Less Accumulated Depreciation of
real estate sold 759
Other 0
---------- 1,369,900
----------
Balance at end of period -
December 31, 1999 $10,920,837
============
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
AS OF DECEMBER 31, 1999
SERIES 2
MONTHLY
# OF INTEREST DEBT TERM
PARTNERSHIP UNITS BALANCE RATE SERVICE (YEARS)
- ----------- ------ -------- -------- -------- ------
Claxton Elderly 24 658,399 8.75% 5,883 50
Deerfield II 24 702,204 8.75% 6,284 50
Hartwell Family 24 705,645 8.75% 5,307 50
Cherrytree Apts. 33 1,200,104 8.75% 9,011 50
Springwood Apts. 32 1,253,429 8.75% 9,218 50
Lakeshore Apts. 34 1,054,130 8.75% 7,905 50
Lewiston 25 1,000,125 9.00% 7,720 50
Charleston 32 843,643 8.75% 6,333 50
Sallisaw II 47 1,197,584 8.75% 8,980 50
Pocola 36 987,699 8.75% 7,407 50
Inverness Club 72 2,987,500 8.75% 27,905 50
Pearson Elderly 25 631,782 9.00% 4,926 50
Richland Elderly 33 867,847 8.75% 6,517 50
Lake Park 48 1,486,060 9.00% 11,466 50
Woodland Terrace 30 887,899 8.75% 6,666 50
Mt. Vernon Elderly 21 574,342 8.75% 4,309 50
Lakeland Elderly 29 781,646 8.75% 5,882 50
Prairie Apartments 21 976,212 9.00% 7,515 50
Sylacauga Heritage 44 1,386,061 8.75% 10,536 50
Manchester Housing 49 1,457,705 8.75% 10,958 50
Durango C.W.W. 24 1,033,652 9.00% 7,739 50
Columbus Sr. 16 437,160 8.25% 3,102 50
-----------
$23,110,828
===========
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
AS OF DECEMBER 31, 1999
SERIES 3
MONTHLY
# OF INTEREST DEBT TERM
PARTNERSHIP UNITS BALANCE RATE SERVICE (YEARS)
- ----------- ------ -------- -------- -------- ------
Poteau II 52 1,304,781 9.50% 10,682 50
Sallisaw 52 1,313,010 9.50% 10,654 50
Nowata Properties 32 857,609 9.50% 6,905 50
Waldron Properties 24 640,546 9.00% 4,950 50
Roland II 52 1,312,034 9.50% 10,657 50
Stilwell 48 1,194,239 9.50% 9,727 50
Birchwood Apts. 24 789,139 9.50% 6,410 50
Hornellsville 24 895,816 9.00% 6,927 50
Sunchase II 41 1,194,493 9.00% 9,279 50
CE McKinley II 16 621,854 8.75% 5,146 50
Weston Apartments 10 274,980 9.00% 2,131 50
Countrywood Apts. 40 1,201,437 9.00% 9,310 50
Wildwood Apts. 28 850,068 9.50% 6,906 50
Hancock 12 367,687 9.50% 3,119 50
Hopkins 24 750,331 8.75% 5,815 50
Elkhart Apts. 54 1,147,291 9.00% 9,198 40
Bryan Senior 40 1,082,758 10.00% 9,455 50
Brubaker Square 38 1,117,911 9.00% 8,646 50
Southwood 44 1,488,075 9.25% 11,752 50
Villa Allegra 32 901,120 9.00% 7,053 50
Belmont Senior 24 765,894 9.00% 6,001 50
Heritage Villas 25 678,611 8.75% 5,110 50
Logansport Seniors 32 898,465 8.75% 6,745 50
-----------
$21,648,149
===========
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
AS OF DECEMBER 31, 1999
SERIES 4
MONTHLY
# OF INTEREST DEBT TERM
PARTNERSHIP UNITS BALANCE RATE SERVICE (YEARS)
- ----------- ------ -------- -------- -------- ------
Alsace Village 24 638,011 9.00% 4,915 50
Seneca Apartments 24 609,129 9.00% 4,692 50
Eudora Senior 36 959,657 8.75% 7,269 50
Westville 36 860,233 8.75% 6,448 50
Wellsville Senior 24 648,477 8.75% 4,859 50
Stilwell II 52 1,290,349 8.75% 9,672 50
Spring Hill Senior 24 697,966 8.75% 5,236 50
Smithfield 40 1,540,747 8.75% 11,746 50
Tarpon Heights 48 1,245,093 8.75% 9,347 50
Oaks Apartments 32 838,638 9.00% 6,663 50
Wynnwood Common 34 1,372,440 8.75% 10,300 50
Chestnut Apartments 24 856,321 8.75% 6,419 50
St. George 24 755,305 8.75% 5,677 50
Williston 24 799,056 9.00% 6,147 50
Brackettville Sr. 32 822,655 8.75% 6,172 50
Sonora Seniors 32 844,215 8.75% 6,337 50
Ozona Seniors 24 632,131 8.75% 4,744 50
Fredericksburg Sr. 48 1,205,650 8.75% 9,050 50
St. Joseph 24 828,814 9.00% 6,379 50
Courtyard 21 712,025 9.25% 5,622 50
Rural Development 25 1,207,350 9.25% 9,539 50
Jasper Villas 25 860,347 8.75% 6,450 50
Edmonton Senior 24 756,903 9.00% 5,688 50
Jonesville Manor 40 1,352,639 8.75% 10,159 50
Norton Green 40 1,343,385 8.75% 10,085 50
Owingsville Senior 22 707,154 9.00% 5,297 50
Timpson Seniors 28 673,911 8.75% 5,058 50
Piedmont 36 1,045,543 8.75% 7,856 50
S.F. Arkansas City 12 340,621 10.62% 3,056 50
-----------
$26,444,765
===========
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
AS OF DECEMBER 31, 1999
SERIES 5
MONTHLY
# OF INTEREST DEBT TERM
PARTNERSHIP UNITS BALANCE RATE SERVICE (YEARS)
- ----------- ------ -------- -------- -------- ------
Seymour 37 1,242,176 8.75% 9,346 50
Effingham 24 804,879 8.75% 6,032 50
S.F. Winfield 12 331,752 11.37% 3,016 50
S.F.Medicine Lodge 16 453,502 10.62% 4,049 50
S.F. Ottawa 24 571,174 10.62% 5,126 50
S.F. Concordia 20 554,433 11.87% 5,498 50
Highland View 24 715,356 8.75% 5,473 40
Carrollton Club 78 2,687,720 7.75% 18,064 50
Scarlett Oaks 40 1,391,459 8.25% 9,870 50
Brooks Hill 44 1,463,800 8.25% 10,398 50
Greensboro 24 734,566 7.75% 4,937 50
Greensboro II 33 906,705 7.75% 6,129 50
Pine Terrace 25 728,139 8.25% 5,172 50
Shellman 27 740,578 8.25% 5,264 50
Blackshear 46 1,321,931 8.25% 9,389 50
Crisp Properties 31 933,378 8.25% 6,632 50
Crawford 25 746,124 8.25% 5,302 50
Yorkshire 60 2,088,212 8.25% 14,842 50
Woodcrest 40 1,294,879 8.25% 9,402 50
Fox Ridge 24 737,190 9.00% 5,673 50
Redmont II 24 695,942 8.75% 5,355 50
Clayton 24 670,236 8.25% 4,760 50
Alma 24 734,404 8.75% 8,018 50
Pemberton Village 24 638,787 8.75% 4,782 50
Magic Circle 24 654,768 8.75% 4,913 50
Spring Hill 36 1,129,557 8.25% 8,018 50
Menard Retirement 24 629,043 8.75% 4,715 50
Wallis Housing 24 439,300 8.75% 3,688 50
Zapata Housing 40 981,372 8.75% 7,377 50
Mill Creek 60 1,436,512 8.25% 10,192 50
Portland II 20 584,222 8.75% 4,388 50
Georgetown 24 742,385 8.25% 5,265 50
Cloverdale 24 759,292 8.75% 5,693 50
S. Timber Ridge 44 1,065,677 8.75% 7,986 50
Pineville 12 320,553 8.25% 2,318 50
Ravenwood 24 728,601 7.25% 4,595 50
-----------
$32,658,604
===========
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
AS OF DECEMBER 31, 1999
SERIES 6
MONTHLY
# OF INTEREST DEBT TERM
PARTNERSHIP UNITS BALANCE RATE SERVICE (YEARS)
- ----------- ------ -------- -------- -------- ------
Spruce 24 916,105 8.75% 6,857 50
Shannon Apartments 16 536,300 8.75% 4,014 50
Carthage 24 576,531 8.75% 4,371 50
Mt. Crest 39 1,006,198 8.25% 7,150 50
Coal City 24 981,597 7.75% 6,578 50
Blacksburg Terrace 32 1,088,716 8.25% 7,738 50
Frazier 30 1,476,705 8.25% 10,470 50
Ehrhardt 16 564,070 7.75% 3,791 50
Sinton 32 853,822 8.25% 6,063 50
Frankston 24 561,503 8.75% 4,207 50
Flagler Beach 43 1,388,177 8.25% 9,864 50
Oak Ridge 24 815,427 8.25% 5,800 50
Monett 32 789,962 8.25% 5,598 50
Arma 28 719,769 8.75% 5,388 50
Southwest City 12 319,816 8.25% 2,271 50
Meadowcrest 32 1,009,676 8.25% 7,160 50
Parsons 48 1,265,490 7.75% 8,485 50
Newport Village 40 1,307,795 7.75% 8,798 50
Goodwater Falls 36 1,137,436 7.75% 7,980 50
Northfield Station 24 802,716 7.75% 5,379 50
Pleasant Hill Square 24 792,131 7.75% 5,315 50
Winter Park 24 1,005,519 8.25% 7,131 50
Cornell 24 873,234 8.25% 6,193 50
Heritage Drive S. 40 985,478 8.25% 6,990 50
Brodhead 24 791,030 7.75% 5,303 50
Mt. Vilage 24 786,587 8.25% 5,574 50
Hazelhurst 32 981,160 8.25% 7,105 50
Sunrise 33 1,163,698 8.75% 8,711 50
Stony Creek 32 1,349,309 8.75% 9,065 50
Logan Place 40 1,257,318 8.25% 8,909 50
Haines 32 2,392,562 8.25% 16,950 50
Maple Wood 24 800,735 7.75% 5,381 50
Summerhill 28 800,065 8.25% 5,911 50
Dorchester 12 465,822 7.75% 3,118 50
Lancaster 33 1,124,000 7.75% 7,775 50
Autumn Village 16 242,165 7.00% 2,608 50
Hardy 24 365,654 6.00% 3,639 18
Dawson 40 1,192,834 7.25% 7,524 50
-----------
$35,487,112
===========
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
By: Raymond James Tax Credit Funds,Inc.
Raymond James Tax Credit Funds, Inc.
Date: July 13, 2000 By:/s/ Ronald M. Diner
Ronald M. Diner
President
Date: July 13, 2000 By:/s/ Sandra L. Furey
Sandra L. Furey
Secretary and Treasurer
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused to be signed on its
behalf by the undersigned hereunto duly authorized.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
By: Raymond James Tax Credit Funds,Inc.
Managing General Partner
Date: July 13, 2000 By:/s/ Ronald M. Diner
Ronald M. Diner
President
Date: July 13, 2000 By:/s/ Sandra L. Furey
Sandra L. Furey
Secretary and Treasurer