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, 2004
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 (IRS 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)567-4830
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, 2004
Beneficial Assignee Certificates 2,258
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, 2004, 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, 2004. 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, 2004, 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, 2004 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, 2004 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 10.7% of the Series' total assets, Series 3 is 0%, Series 4 is 0%, Series 5 is 12.9% and Series 6 is 25.6%. The following table provides certain summary information regarding the Project Partnerships in which Gateway had an interest as of December 31, 2003:
Item 2 - Properties (continued):
SERIES 2
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OCCU-PANCY |
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Claxton Elderly Deerfield II Hartwell Family Cherrytree Apts. Springwood Apts. Lakeshore Apts. Lewiston Charleston Sallisaw II Pocola Inverness Club Pearson Elderly Richland Elderly Lake Park Woodland Terrace Mt. Vernon Elderly Lakeland Elderly Prairie Apartments Sylacauga Heritage Manchester Housing Durango C.W.W. Columbus Seniors |
Claxton, GA Douglas, GA Hartwell, GA Albion, PA Westfield, NY Tuskegee, AL Lewiston, NY Charleston, AR Sallisaw, OK Pocola, OK Inverness, FL Pearson, GA Richland, GA Lake Park, GA Waynesboro, GA Mt. Vernon, GA Lakeland, GA Eagle Butte, SD Sylacauga, AL Manchester, GA Durango, CO Columbus, KS |
24 24 24 33 32 34 25 32 47 36 72 25 33 48 30 21 29 21 44 49 24 16 |
9/90 9/90 9/90 9/90 9/90 9/90 10/90 9/90 9/90 10/90 9/90 9/90 9/90 9/90 9/90 9/90 9/90 10/90 12/90 1/91 1/91 5/92 |
799,538 854,562 859,698 1,458,066 1,564,010 1,291,097 1,233,935 1,076,098 1,517,589 1,245,870 3,496,824 781,460 1,057,871 1,794,542 1,080,959 700,935 955,815 1,288,448 1,774,672 1,784,284 1,329,372 529,223 |
96% 75% 75% 91% 94% 94% 100% 70% 98% 100% 96% 100% 94% 100% 93% 86% 97% 100% 89% 88% 100% 100% |
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The aggregate average effective rental per unit is $3,728 per year ($311 per month).
Inverness Club Ltd.'s fixed asset total is 12.3% 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 $5,694 ($475 per month) on December 31, 2003. 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, 2003 the real estate taxes were $63,921.
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Poteau II Sallisaw Nowata Properties Waldron Properties Roland II Stilwell Birchwood Apts. Hornellsville Sunchase II CE McKinley II Weston Apartments Countrywood Apts. Wildwood Apts. Hancock Hopkins Elkhart Apts. Bryan Senior Brubaker Square Southwood Villa Allegra Belmont Senior Heritage Villas Logansport Seniors |
Poteau, OK Sallisaw, OK Oolagah, OK Waldron, AR Roland, OK Stilwell, OK Pierre, SD Arkport, NY Watertown, SD Rising Sun, MD Weston, AL Centreville, AL Pineville, LA Hawesville, KY Madisonville, KY Elkhart, TX Bryan, OH New Carlisle, OH Savannah, TN Celina, OH Cynthiana, KY Helena, GA Logansport, LA |
52 52 32 24 52 48 24 24 41 16 10 40 28 12 24 54 40 38 44 32 24 25 32 |
8/90 8/90 8/90 9/90 10/90 10/90 9/90 9/90 9/90 9/90 11/90 11/90 11/90 12/90 12/90 1/91 1/91 1/91 1/91 1/91 1/91 3/91 3/91 |
1,789,148 1,744,103 1,148,484 860,273 1,804,010 1,597,701 1,072,975 1,154,847 1,403,937 828,883 346,207 1,589,980 1,096,579 440,425 927,256 1,649,988 1,188,292 1,459,016 1,803,194 1,150,622 935,143 824,759 1,384,751 |
92% 100% 75% 92% 90% 98% 63% 96% 98% 100% 100% 95% 96% 100% 100% 89% 90% 95% 98% 94% 100% 84% 100% |
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The average effective rental per unit is $3,387 per year ($282 per month).
Item 2 - Properties (continued):
SERIES 4
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OCCU- |
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Alsace Seneca Apartments Eudora Senior Westville Wellsville Senior Stilwell II Spring Hill Sr. Smithfield Tarpon Heights Oaks Apartments Wynnwood Common Chestnut Apts. St. George Williston Brackettville Sr. Sonora Seniors Ozona Seniors Fredericksburg Sr. St. Joseph Courtyard Rural Development Jasper Villas Edmonton Senior Jonesville Manor Norton Green Owingsville Senior Timpson Seniors Piedmont S.F. Arkansas City |
Soda Springs, ID Seneca, MO Eudora, KS Westville, OK Wellsville, KS Stilwell, OK Spring Hill, KS Smithfield, UT Galliano, LA Oakdale, LA Fairchance, PA Howard, SD St. George, SC Williston, SC Brackettville, TX Sonora, TX Ozona, TX Fredericksburg, TX St. Joseph, IL Huron, SD Ashland, ME Jasper, AR Edmonton, KY Jonesville, VA Norton, VA Owingsville, KY Timpson, TX Barnesville, GA Arkansas City, KS |
24 24 36 36 24 52 24 40 48 32 34 24 24 24 32 32 24 48 24 21 25 25 24 40 40 22 28 36 12 |
12/90 2/91 3/91 3/91 3/91 3/91 3/91 4/91 4/91 4/91 4/91 5/91 6/91 6/91 6/91 6/91 6/91 6/91 6/91 6/91 6/91 6/91 6/91 6/91 6/91 8/91 8/91 8/91 8/91 |
831,368 754,021 1,280,033 1,101,686 810,970 1,657,974 1,036,369 1,890,633 2,263,014 1,532,159 1,701,914 1,074,298 939,024 999,219 1,042,263 1,047,032 802,089 1,444,252 976,883 872,863 1,429,003 1,107,162 906,714 1,751,324 1,761,183 853,294 815,916 1,289,047 412,028 |
100% 83% 94% 97% 96% 94% 96% 90% 100% 97% 97% 38% 100% 92% 91% 100% 100% 100% 92% 95% 92% 80% 100% 98% 100% 100% 100% 94% 92% |
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The average effective rental per unit is $3,673 per year ($306 per month).
Item 2 - Properties (continued):
SERIES 5
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OCCU-PANCY |
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Seymour Effingham S.F. Winfield S.F.Medicine Lodge S.F. Ottawa S.F. Concordia Highland View Carrollton Club Scarlett Oaks Brooks Hill Greensboro Greensboro II Pine Terrace Shellman Blackshear Crisp Properties Crawford Yorkshire Woodcrest Fox Ridge Redmont II Clayton Alma Pemberton Village Magic Circle Spring Hill Menard Retirement Wallis Housing Zapata Housing Mill Creek Portland II Georgetown Cloverdale So. Timber Ridge Pineville Ravenwood |
Seymour, IN Effingham, IL Winfield, KS Medicine Lodge,KS Ottawa, KS Concordia, KS Elgin, OR Carrollton, GA Lexington, SC Ellijay, GA Greensboro, GA Greensboro, GA Wrightsville, GA Shellman, GA Cordele, GA Cordele, GA Crawford, GA Wagoner, OK South Boston, VA Russellville, AL Red Bay, AL Clayton, OK Alma, AR Hiawatha, KS Eureka, KS Spring Hill, KS Menard, TX Wallis, TX Zapata, TX Grove, OK Portland, IN Georgetown, OH Cloverdale, IN Chandler, TX Pineville, MO Americus, GA |
37 24 12 16 24 20 24 78 40 44 24 33 25 27 46 31 25 60 40 24 24 24 24 24 24 36 24 24 40 60 20 24 24 44 12 24 |
8/91 8/91 8/91 8/91 8/91 8/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 9/91 11/91 11/91 11/91 1/92 1/92 5/92 1/94 |
1,517,702 980,617 402,402 572,924 732,342 695,908 906,554 3,217,901 1,674,785 1,759,678 866,259 1,088,664 885,535 901,648 1,602,149 1,127,071 907,712 2,610,842 1,599,958 889,941 840,596 871,530 957,710 776,725 823,643 1,449,378 759,350 578,333 1,243,211 1,741,669 802,455 975,203 986,719 1,319,991 412,232 900,996 |
89% 100% 75% 94% 92% 100% 88% 92% 98% 98% 100% 100% 83% 100% 100% 94% 96% 98% 100% 96% 88% 100% 100% 92% 88% 94% 88% 100% 100% 98% 100% 96% 96% 100% 100% 96% |
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The average effective rental per unit is $3,603 per year ($300 per month).
Item 2 - Properties (continued):
SERIES 6
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OCCU-PANCY |
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Spruce Shannon Carthage Mountain Crest Coal City Blacksburg Terrace Frazer Place Ehrhardt Sinton Frankston Flagler Beach Oak Ridge Monett Arma Southwest City Meadowcrest Parsons Newport Village Goodwater Falls Northfield Station Pleasant Hill Winter Park Cornell Heritage Drive So. Brodhead Mt. Village Hazlehurst Sunrise Stony Creek Logan Place Haines Maple Wood Summerhill Dorchester Lancaster Autumn Village Hardy Dawson |
Pierre, SD O'Neill, NE Carthage, MO Enterprise, OR Coal City, IL Blacksburg, SC Smyrna, DE Ehrhardt, SC Sinton, TX Frankston, TX Flagler Beach, FL Williamsburg, KY Monett, MO Arma, KS Southwest City, MO Luverne, AL Parsons, KS Newport, TN Jenkins, KY Corbin, KY Somerset, KY Mitchell, SD Watertown, SD Jacksonville, TX Brodhead, KY Mt. Vernon, KY Hazlehurst, MS Yankton, SD Hooversville, PA Logan, OH Haines, AK Barbourville, KY Gassville, AR St. George, SC Mountain View, AR Harrison, AR Hardy, AR Dawson, GA |
24 16 24 39 24 32 30 16 32 24 43 24 32 28 12 32 48 40 36 24 24 24 24 40 24 24 32 33 32 40 32 24 28 12 33 16 24 40 |
11/91 11/91 1/92 3/92 3/92 4/92 4/92 4/92 4/92 4/92 5/92 5/92 5/92 5/92 5/92 6/92 7/92 7/92 7/92 7/92 7/92 7/92 7/92 1/92 7/92 7/92 8/92 8/92 8/92 9/92 8/92 8/92 9/92 9/92 9/92 7/92 7/92 11/93 |
1,146,732 688,021 747,398 1,251,360 1,290,598 1,372,106 1,676,842 685,776 1,053,059 676,931 1,653,116 1,037,966 980,862 888,892 415,838 1,220,862 1,532,968 1,641,833 1,414,978 1,022,561 961,926 1,286,134 1,123,996 1,208,709 971,156 947,100 1,226,570 1,430,124 1,649,283 1,526,912 3,041,643 1,033,990 844,240 561,202 1,385,874 616,082 936,944 1,474,973 |
67% 81% 100% 100% 88% 100% 100% 94% 100% 100% 100% 96% 94% 96% 100% 100% 94% 100% 97% 88% 100% 100% 100% 90% 92% 96% 100% 94% 97% 100% 69% 100% 96% 100% 97% 94% 100% 98% |
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The average effective rental per unit is $4,133 per year ($344 per month).
Item 2 - Properties (continued):
A summary of the cost of the properties at December 31, 2003, 2002 and 2001 is as follows:
12/31/03
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SERIES 2 |
SERIES 3 |
SERIES 4 |
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Land |
$ 1,012,180 |
$ 985,546 |
$ 1,188,112 |
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SERIES 5 |
SERIES 6 |
TOTAL |
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Land |
$ 1,456,671 |
$ 1,774,305 |
$ 6,416,814 |
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12/31/02
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SERIES 2 |
SERIES 3 |
SERIES 4 |
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Land |
$ 1,012,180 |
$ 985,546 |
$ 1,188,112 |
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SERIES 5 |
SERIES 6 |
TOTAL |
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Land |
$ 1,456,671 |
$ 1,779,755 |
$ 6,422,264 |
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SERIES 2 |
SERIES 3 |
SERIES 4 |
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Land |
$ 1,012,180 |
$ 985,546 |
$ 1,188,112 |
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SERIES 5 |
SERIES 6 |
TOTAL |
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Land |
$ 1,456,671 |
$ 1,779,755 |
$ 6,422,264 |
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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, 2004, 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, 2004
Beneficial Assignee Certificates 2,258
General Partner Interest 2
Item 6. Selected Financial Data
FOR THE YEARS ENDED MARCH 31,:
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SERIES 2 |
2004 |
2003 |
2002 |
2001 |
2000 |
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Total Revenues |
$ 27,067 |
$ 31,644 |
$ 36,666 |
$ 43,114 |
$ 40,198 |
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Net Loss |
(92,200) |
(85,230) |
(99,198) |
(123,576) |
(166,538) |
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Equity in Losses of Project Partnerships |
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Total Assets |
445,532 |
523,794 |
575,947 |
634,752 |
723,067 |
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Investments In Project Partnerships |
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Per BAC: (A) |
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Net Loss |
(14.88) |
(13.75) |
(16.00) |
(19.94) |
(26.87) |
FOR THE YEARS ENDED MARCH 31,:
|
SERIES 3 |
2004 |
2003 |
2002 |
2001 |
2000 |
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Total Revenues |
$ 35,445 |
$ 37,951 |
$ 42,526 |
$ 52,385 |
$ 51,385 |
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Net Loss |
(77,243) |
(82,729) |
(80,062) |
(58,677) |
(147,068) |
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Equity in Losses of
Project |
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Total Assets |
344,724 |
405,777 |
465,530 |
512,301 |
545,897 |
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Investments In Project Partnerships |
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Per BAC: (A) |
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|
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Net Loss |
(14.02) |
(15.01) |
(14.53) |
(10.65) |
(26.69) |
Item 6. Selected Financial Data
FOR THE YEARS ENDED MARCH 31,:
|
SERIES 4 |
2004 |
2003 |
2002 |
2001 |
2000 |
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Total Revenues |
$ 44,087 |
$ 35,591 |
$ 44,426 |
$ 51,145 |
$ 48,997 |
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Net Loss |
(98,159) |
(160,313) |
(185,366) |
(311,663) |
(235,491) |
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Equity in Losses of Project |
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Total Assets |
472,775 |
536,633 |
663,983 |
807,069 |
1,082,020 |
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Investments In Project Partnerships |
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|
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Per BAC: (A) |
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|
|
|
|
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Net Loss |
(14.05) |
(22.95) |
(26.54) |
(44.62) |
(33.71) |
FOR THE YEARS ENDED MARCH 31,:
|
SERIES 5 |
2004 |
2003 |
2002 |
2001 |
2000 |
|
Total Revenues |
$ 37,227 |
$ 48,076 |
$ 58,867 |
$ 64,244 |
$ 65,839 |
|
Net Loss |
(265,039) |
(261,993) |
(268,277) |
(248,131) |
(243,982) |
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Equity in Losses of Project |
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Total Assets |
872,194 |
1,073,840 |
1,298,281 |
1,519,231 |
1,728,422 |
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Investments In Project Partnerships |
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Per BAC: (A) |
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|
|
|
|
|
Net Loss |
(30.45) |
(30.10) |
(30.83) |
(28.51) |
(28.03) |
Item 6. Selected Financial Data
FOR THE YEARS ENDED MARCH 31,:
|
SERIES 6 |
2004 |
2003 |
2002 |
2001 |
2000 |
|
|
Total Revenues |
$ 41,078 |
$ 42,340 |
$ 52,783 |
$ 57,541 |
$ 54,234 |
|
|
Net Loss |
(294,767) |
(334,594) |
(407,763) |
(481,031) |
(531,947) |
|
|
Equity in Losses of Project Partnerships |
|
|
|
|
|
|
|
Total Assets |
1,467,978 |
1,731,924 |
2,016,612 |
2,364,264 |
2,793,368 |
|
|
Investments In Project Partnerships |
|
|
|
|
|
|
|
Per BAC: (A) |
|
|
|
|
|
|
|
Net Loss |
(28.88) |
(32.78) |
(39.95) |
(47.13) |
(52.12) |
|
(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
In 2003, a General Partner of one Project Partnership in Series 3 and seven Project Partnerships in Series 4 plead guilty to fraud and conspiracy charges relating to these project partnerships and other partnerships not related to Gateway Tax Credit Fund II, LTD. In February 2004, the Partnership substituted a new General Partner and does not feel that this situation will have a material impact on the financial statements.
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, interest income is comparable for the years ended March 31, 2004, March 31, 2003 and March 31, 2002. The General and Administrative expenses - General Partner and General and Administrative expenses - Other for the year ended March 31, 2004 have increased as compared to March 31, 2003 and March 31, 2002 due to a change in the method of allocation.
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 to 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, 2004, 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 93% at December 31, 2003.
Equity in Losses of Project Partnerships decreased from $43,931 for the year ended March 31, 2002 to $17,624 for the year ended March 31, 2003 and to $8,484 for the year ended March 31, 2004. As presented in Note 5, Gateway's share of net loss decreased from $706,233 for the year ended March 31, 2002 to $696,894 for the year ended March 31, 2003 and increased to $747,194 for the year ended March 31,2004. Suspended Losses increased from $662,302 for the year ended March 31, 2002 to $679,270 for the year ended March 31, 2003 and to $738,709 for the year ended March 31, 2004. These losses would reduce the investment in 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 $865,003, $864,473 and $865,601 for the years ended December 31, 2001, 2002, and 2003 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 that meet projections.
At March 31, 2004, the Series had $221,084 of short-term investments (Cash and Cash Equivalents). It also had $176,851 in Zero Coupon Treasuries with annual maturities providing $61,308 in fiscal year 2004 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 $92,200 for the year ending March 31, 2004. However, after adjusting for Equity in Losses of Project Partnerships of $8,484 and the changes in operating assets and liabilities, net cash used in operating activities was $61,145, of which $63,328 was the Asset Management Fee actually paid. Cash provided by investing activities totaled $39,074, consisting of $14,422 in cash distributions from the Project Partnerships and $24,652 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, 2004 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 93% as of December 31, 2003.
Equity in Losses of Project Partnerships decreased from $34,441 for the year ended March 31, 2002 to $25,505 for the year ended March 31, 2003 and to $5,137 for the year ended March 31, 2004. As presented in Note 5, Gateway's share of net loss decreased from $710,345 for the year ended March 31, 2002 to $608,873 for the year ended March 31, 2003 and to $704,663 for the year ended March 31, 2004. Suspended Losses decreased from $675,904 for the year ended March 31, 2002 to $583,368 for the year ended March 31, 2003 and increased to $699,527 for the year ended March 31, 2004. These losses would reduce the investment in Project Partnerships below zero. (These Project Partnerships reported depreciation and amortization of $946,476, $961,550 and $983,259 for the years ended December 31, 2001, 2002 and 2003, respectively.) Overall, management believes these Project Partnerships are operating as expected and are generating tax credits which meet projections.
At March 31, 2004, the Series had $187,419 of short-term investments (Cash and Cash Equivalents). It also had $157,305 in Zero Coupon Treasuries with annual maturities providing $54,514 in fiscal year 2004 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 $77,243 for the year ended March 31, 2004. However, after adjusting for Equity in Losses of Project Partnerships of $5,137 and the changes in operating assets and liabilities, net cash used in operating activities was $59,740, of which $51,647 was the Asset Management Fee actually paid. Cash provided by investing activities totaled $45,709, consisting of $23,780 in cash distributions received from the Project Partnerships and $21,929 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, 2004, 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 94% at December 31, 2003.
Equity in Losses of Project Partnerships decreased from $118,314 for the year ended March 31, 2002 to $77,657 for the year ended March 31, 2003 and to $8,763 for the year ended March 31, 2004. As presented in Note 5, Gateway's share of net loss decreased from $766,057 for the year ended March 31, 2002 to $695,800 for the year ended March 31, 2003 and increased to $732,427 for the year ended March 31, 2004. Suspended Losses decreased from $647,743 for the year ended March 31, 2002 to $618,143 for the year ended March 31, 2003 and increased to $723,664 for the year ended March 31, 2004. These losses would reduce the investment in Project Partnerships below zero. (These Project Partnerships reported depreciation and amortization of $979,666, $1,044,807 and $1,045,416 for the years ended December 31, 2001, 2002 and 2003, respectively.) Overall, management believes these Project Partnerships are operating as expected and are generating tax credits which meet projections.
At March 31, 2004, the Series had $273,485 of short-term investments (Cash and Cash Equivalents). It also had $199,290 in Zero Coupon Treasuries with annual maturities providing $69,091 in fiscal year 2004 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 $98,159 for the year ended March 31, 2004. However, after adjusting for Equity in Losses of Project Partnerships of $8,763 and the changes in operating assets and liabilities, net cash used in operating activities was $58,996, of which $43,827 was the Asset Management Fee actually paid. Cash provided by investing activities totaled $58,585, consisting of $30,805 in cash distributions from the Project Partnerships and $27,780 from matured Zero Coupon Treasuries. There were no unusual events or trends to describe.
Series 5 - Gateway closed this series on October 11, 1991 after receiving $8,616,000 from 535 Assignees. As of March 31, 2004, 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 96% as of December 31, 2003.
Equity in Losses of Project Partnerships were comparable for the years ended March 31, 2002, 2003, and 2004. (These Project Partnerships reported depreciation and amortization of $1,294,116, $1,280,622 and $1,276,928 for the years ended December 31, 2001, 2002 and 2003, respectively.) Overall, management believes these Project Partnerships are operating as expected and are generating tax credits which meet projections.
At March 31, 2004, the Series had $349,174 of short-term investments (Cash and Cash Equivalents). It also had $248,390 in Zero Coupon Treasuries with annual maturities providing $86,087 in fiscal year 2004 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 $265,039 for the year ended March 31, 2004. However, after adjusting for Equity in Losses of Project Partnerships of $133,705 and the changes in operating assets and liabilities, net cash used in operating activities was $96,210, of which $86,580 was the Asset Management Fee actually paid. Cash provided by investing activities totaled $59,982 consisting of $25,358 in cash distributions from the Project Partnerships and $34,624 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, 2004, 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, 2003.
Equity in Losses of Project Partnerships decreased from $306,042 for the year ended March 31, 2002 to $209,250 for the year ended March 31, 2003 and to $148,498 for the year ended March 31, 2004. These decreases were due to increases in rental income for the years ended March 31, 2002, 2003 and 2004. (These Project Partnerships reported depreciation and amortization of $1,347,661, $1,361,813 and $1,357,379 for the years ended December 31, 2001, 2002 and 2003, respectively.) Overall, management believes these Project Partnerships are operating as expected and are generating tax credits which meet projections.
At March 31, 2004, the Series had $401,535 of short-term investments (Cash and Cash Equivalents). It also had $207,955 in Zero Coupon Treasuries with annual maturities providing $75,000 in fiscal year 2004 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 $294,767 for the year ended March 31, 2004. However, after adjusting for Equity in Losses of Project Partnerships of $148,498 and the changes in operating assets and liabilities, net cash used in operating activities was $107,940, of which $80,473 was the Asset Management Fee actually paid. Cash provided by investing activities totaled $61,890 of which $30,412 was received in cash distributions from the Project Partnerships and $31,478 from matured Zero Coupon Treasuries. There were no unusual events or trends to describe.
Item 8. Financial Statements and Supplementary Data
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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, 2004 and 2003 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, 2004. 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 Project Partnerships for which cumulative equity in losses included on the balance sheets as of March 31, 2004 and 2003 and net losses included on the statements of operations for each of the three years in the period ended March 31, 2004 are:
|
Cumulative Equity in Losses |
|
||||||
|
2004 |
2003 |
2004 |
2003 |
2002 |
|||
|
Series 2 |
$3,763,016 |
$3,763,016 |
$ 0 |
$ 0 |
$ 29,397 |
||
|
Series 3 |
3,138,563 |
3,138,561 |
0 |
12,361 |
11,713 |
||
|
Series 4 |
3,440,223 |
3,431,461 |
8,763 |
71,223 |
57,051 |
||
|
Series 5 |
3,845,786 |
3,749,328 |
96,457 |
68,984 |
79,648 |
||
|
Series 6 |
4,662,037 |
4,549,163 |
112,874 |
130,246 |
181,311 |
||
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 the standards of the Public Company Accounting Oversight Board (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 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, 2004 and 2003, and the results of their operations and their cash flows for each of the three years in the period ended March 31, 2004, in conformity with accounting principles generally accepted in the United States of America.
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.
/s/ Spence, Marston, Bunch, Morris & Co.
SPENCE, MARSTON, BUNCH, MORRIS & CO.
Certified Public Accountants
Clearwater, Florida
June 20, 2004
PART I - Financial Information
Item 1. Financial Statements
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
MARCH 31, 2004 AND 2003
|
SERIES 2 |
2004 |
2003 |
|
|
ASSETS |
|
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
MARCH 31, 2004 AND 2003
|
SERIES 3 |
2004 |
2003 |
|
|
ASSETS |
|
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
|
SERIES 4 |
2004 |
2003 |
|
|
ASSETS |
|
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
MARCH 31, 2004 AND 2003
|
SERIES 5 |
2004 |
2003 |
|
|
ASSETS |
|
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
MARCH 31, 2004 AND 2003
|
SERIES 6 |
2004 |
2003 |
|
|
ASSETS |
|
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
BALANCE SHEETS
MARCH 31, 2004 AND 2003
|
TOTAL SERIES 2 - 6 |
2004 |
2003 |
|
|
ASSETS |
|
|
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 |
2004 |
2003 |
2002 |
|
Revenues: |
|
|
|
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 |
2004 |
2003 |
2002 |
|
Revenues: |
|
|
|
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 |
2004 |
2003 |
2002 |
|
Revenues: |
|
|
|
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 |
2004 |
2003 |
2002 |
|
Revenues: |
|
|
|
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 |
2004 |
2003 |
2002 |
|
Revenues: |
|
|
|
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 |
2004 |
2003 |
2002 |
|
Revenues: |
|
|
|
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, 2004, 2003 AND 2002:
|
SERIES 2 |
|
General |
|
|
|
|
|
|
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, 2004, 2003 AND 2002:
|
SERIES 3 |
|
General |
|
|
|
|
|
|
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, 2004, 2003 AND 2002:
|
SERIES 4 |
|
General |
|
|
|
|
|
|
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, 2004, 2003 AND 2002:
|
SERIES 5 |
|
General |
|
|
|
|
|
|
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, 2004, 2003 AND 2002:
|
SERIES 6 |
|
General |
|
|
|
|
|
|
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, 2004, 2003 AND 2002:
|
|
|
General |
|
|
|
|
|
|
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, 2004, 2003 AND 2002:
|
SERIES 2 |
2004 |
2003 |
2002 |
|
Cash Flows from Operating Activities: |
|
|
|
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, 2004, 2003 AND 2002:
|
SERIES 3 |
2004 |
2003 |
2002 |
|
Cash Flows from Operating Activities: |
|
|
|
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, 2004, 2003 AND 2002:
|
SERIES 4 |
2004 |
2003 |
2002 |
|
Cash Flows from Operating Activities: |
|
|
|
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, 2004, 2003 AND 2002:
|
SERIES 5 |
2004 |
2003 |
2002 |
|
Cash Flows from Operating Activities: |
|
|
|
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, 2004, 2003 AND 2002:
|
SERIES 6 |
2004 |
2003 |
2002 |
|
Cash Flows from Operating Activities: |
|
|
|
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, 2004, 2003 AND 2002:
|
TOTAL SERIES 2 - 6 |
2004 |
2003 |
2002 |
|
Cash Flows from Operating Activities: |
|
|
|
See accompanying notes to financial statements.
GATEWAY TAX CREDIT FUND II LTD.
(A Florida Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2004, 2003 AND 2002
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, 2004, 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, 2004. 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 sole 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.
Gateway reviews its investments in Project Partnerships to determine if there has been any permanent impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the investment, Gateway recognizes an impairment loss. No impairment loss has been recognized in the accompanying financial statements.
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. Gateway does not guarantee any of the mortgages or other debt of the Project Partnerships.
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.
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.
Reclassifications
For comparability, the 2003 and 2002 figures have been reclassified, where appropriate, to conform with the financial statement presentation used in 2004.
Recent Accounting Pronouncements
In August 2001, the Financial Accounting Standards Board issued SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets". SFAS No 144 provides accounting guidance for financial accounting and reporting for the impairment or disposal of long-lived assets. SFAS No. 144 supersedes SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of". SFAS No. 144 is effective for fiscal years beginning after December 15, 2001. The Partnership adopted SFAS No. 144 effective January 1, 2002. The adoption did not have an effect on the financial position or results of operations of the Partnership.
In January 2003, the FASB issued FASB Interpretation No. 46 ("FIN46"), "Consolidation of Variable Interest Entities, an Interpretation of ARB No. 51." FIN46 requires certain variable interest entities to be consolidated by the primary beneficiary of the entity if the equity investors in the entity do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. FIN46 is effective for all new variable interest entities created or acquired after January 31, 2003. For variable interest entities created or acquired prior to February 1, 2003, the provisions of FIN46 must be applied for the first interim or annual period beginning after December 15, 2004. The Partnership does not feel that there will be any effects on its results of operations as a result of the adoption of FIN46.
NOTE 3 - INVESTMENT IN SECURITIES:
The March 31, 2004 Balance Sheet includes Investment in Securities consisting of U.S. Government Security Strips which represents their cost, plus accreted interest income of $108,760 for Series 2, $96,739 for Series 3, $122,559 for Series 4, $152,755 for Series 5 and $119,017 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.
|
Estimated Market |
Cost Plus Accreted |
Gross Unrealized |
|
|
Series 2 |
$ 188,092 |
$ 176,851 |
$ 11,241 |
|
Series 3 |
167,251 |
157,305 |
9,946 |
|
Series 4 |
211,972 |
199,290 |
12,682 |
|
Series 5 |
264,116 |
248,390 |
15,726 |
|
Series 6 |
229,355 |
207,955 |
21,400 |
As of March 31, 2004, the cost and accreted interest of debt securities by contractual maturities is as follows:
|
Series 2 |
Series 3 |
Series 4 |
|
|
Due within 1 year |
$ 61,300 |
$ 54,525 |
$ 69,078 |
|
After 1 year through 5 years |
115,551 |
102,780 |
130,212 |
|
Total Amount Carried on Balance Sheet |
|
|
|
|
Series 5 |
Series 6 |
Total |
|
|
Due within 1 year |
$ 86,098 |
$ 70,976 |
$ 341,977 |
|
After 1 year through 5 years |
162,292 |
136,979 |
647,814 |
|
Total Amount Carried on Balance Sheet |
|
|
|
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.
For the years ended March 31, 2004, 2003 and 2002 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.
|
2004 |
2003 |
2002 |
|
|
Series 2 |
$ 67,822 |
$ 68,021 |
$ 68,197 |
|
Series 3 |
63,022 |
62,667 |
62,892 |
|
Series 4 |
77,448 |
77,271 |
77,474 |
|
Series 5 |
95,180 |
95,480 |
95,755 |
|
Series 6 |
104,953 |
105,376 |
105,753 |
|
Total |
$ 408,425 |
$ 408,815 |
$ 410,071 |
General and Administrative Expenses - The Managing General Partner is reimbursed for general and administrative expenses of Gateway on an accountable basis. This expense is included in the Statements of Operations.
|
2004 |
2003 |
2002 |
|
|
Series 2 |
$ 32,065 |
$ 18,483 |
$ 11,737 |
|
Series 3 |
33,523 |
19,323 |
12,271 |
|
Series 4 |
42,266 |
24,365 |
15,471 |
|
Series 5 |
52,470 |
30,245 |
19,205 |
|
Series 6 |
55,384 |
31,926 |
20,272 |
|
$215,708 |
$124,342 |
$ 78,956 |
|
|
Total |
======== |
======== |
======== |
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS:
SERIES 2
As of March 31, 2004, 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, 2004 |
MARCH 31, 2003 |
|
|
Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships |
|
|
(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $4,358,678 for the year ended March 31, 2004 and cumulative suspended losses of $3,619,969 for the year ended March 31, 2003 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
SERIES 3
As of March 31, 2004, 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, 2004 |
MARCH 31, 2003 |
|
|
Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships |
|
|
(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $5,123,116 for the year ended March 31, 2004 and cumulative suspended losses of $4,423,589 for the year ended March 31, 2003 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
SERIES 4
As of March 31, 2004, 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, 2004 |
MARCH 31, 2003 |
|
|
Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships |
|
|
1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $4,113,695 for the year ended March 31, 2004 and cumulative suspended losses of $3,390,030 for the year ended March 31, 2003 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
SERIES 5
As of March 31, 2004, 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, 2004 |
MARCH 31, 2003 |
|
|
Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships |
|
|
(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $4,928,362 for the year ended March 31, 2004 and cumulative suspended losses of $4,001,897 for the year ended March 31, 2003 are not included.
NOTE 5 - INVESTMENTS IN PROJECT PARTNERSHIPS (continued):
SERIES 6
As of March 31, 2004, 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, 2004 |
MARCH 31, 2003 |
|
|
Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships |
|
|
(1) In accordance with the Partnership's accounting policy to not carry Investments in Project Partnerships below zero, cumulative suspended losses of $3,303,141 for the year ended March 31, 2004 and cumulative suspended losses of $2,752,730 for the year ended March 31, 2003 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, 2004 |
MARCH 31, 2003 |
|
|
Capital Contributions to Project Partner- ships and purchase price paid for limited partner interests in Project Partnerships |
|
|
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, |
|||
|
SERIES 2 |
2003 |
2002 |
2001 |
|
SUMMARIZED BALANCE SHEETS |
|
|
|
As of December 31, 2003, the largest Project Partnership constituted 12.2% and 14.5%, and as of December 31, 2002 the largest Project Partnership constituted 13.4% and 14.0% 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, |
|||
|
SERIES 3 |
2003 |
2002 |
2001 |
|
SUMMARIZED BALANCE SHEETS |
|
|
|
As of December 31, 2003, the largest Project Partnership constituted 8.4% and 6.7%, and as of December 31, 2002 the largest Project Partnership constituted 8.2% and 8.1% 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, |
|||
|
SERIES 4 |
2003 |
2002 |
2001 |
|
SUMMARIZED BALANCE SHEETS |
|
|
|
As of December 31, 2003, the largest Project Partnership constituted 7.8% and 5.6%, and as of December 31, 2002 the largest Project Partnership constituted 8.2% and 6.3% 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, |
|||
|
SERIES 5 |
2003 |
2002 |
2001 |
|
SUMMARIZED BALANCE SHEETS |
|
|
|
As of December 31, 2003, the largest Project Partnership constituted 7.9% and 8.2%, and as of December 31, 2002 the largest Project Partnership constituted 8.0% and 8.6% 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, |
|||
|
SERIES 6 |
2003 |
2002 |
2001 |
|
SUMMARIZED BALANCE SHEETS |
|
|
|
As of December 31, 2003, the largest Project Partnership constituted 6.5% and 6.5%, and as of December 31, 2002 the largest Project Partnership constituted 6.5% and 6.7% 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, |
|||
|
TOTAL SERIES 2 - 6 |
2003 |
2002 |
2001 |
|
SUMMARIZED BALANCE SHEETS |
|
|
|
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 |
|
|
|
Series 2 |
$ (4,660,463) |
$ (259,485) |
|
Series 3 |
(5,924,969) |
(409,182) |
|
Series 4 |
(4,611,405) |
(441,205) |
|
Series 5 |
(5,197,812) |
(279,844) |
|
Series 6 |
(3,085,785) |
269,783 |
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:
|
SERIES 2 |
2004 |
2003 |
2002 |
|
Net Loss per Financial Statements |
$ (92,200) |
$ (85,230) |
$ (99,198) |
|
Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes |
|
|
|
|
Adjustments to convert March 31, fiscal year end to December 31, taxable year end |
|
|
|
|
Items Expensed for Financial Statement purposes not expensed for Tax purposes: |
|
|
|
|
Partnership loss for tax purposes as of December 31 |
|
|
|
|
|
|
|
|
|
Federal Low Income Housing Tax Credits (Unaudited) |
|
|
|
The differences in the assets and liabilities of the Series for financial reporting purposes and tax reporting purposes for the year ended March 31, 2004 are as follows:
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:
|
SERIES 3 |
2004 |
2003 |
2002 |
|
Net Loss per Financial Statements |
$ (77,243) |
$ (82,729) |
$ (80,062) |
|
Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes |
|
|
|
|
Adjustments to convert March 31, fiscal year end to December 31, taxable year end |
|
|
|
|
Items Expensed for Financial Statement purposes not expensed for Tax purposes: |
|
|
|
|
Partnership loss for tax purposes as of December 31 |
|
|
|
|
|
|
|
|
|
Federal Low Income Housing Tax Credits (Unaudited) |
|
|
|
The differences in the assets and liabilities of the Series for financial reporting purposes and tax reporting purposes for the year ended March 31, 2004 are as follows:
Financial
Tax
Reporting
Reporting
Purposes
Purposes Differences
Investments in Local
Limited Partnerships $ 0 $(5,324,640) $5,324,640
Other Assets $ 344,724 $ 1,008,930 $ (664,206)
Liabilities $ 417,173 $ 19,099 $ 398,074
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:
|
SERIES 4 |
2004 |
2003 |
2002 |
|
Net Loss per Financial Statements |
$ (98,159) |
$ (160,313) |
$ (185,366) |
|
Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes |
|
|
|
|
Adjustments to convert March 31, fiscal year end to December 31, taxable year end |
|
|
|
|
Items Expensed for Financial Statement purposes not expensed for Tax purposes: |
|
|
|
|
Partnership loss for tax purposes as of December 31 |
|
|
|
|
|
|
|
|
|
Federal Low Income Housing Tax Credits (Unaudited) |
|
|
|
The differences in the assets and liabilities of the Series for financial reporting purposes and tax reporting purposes for the year ended March 31, 2004 are as follows:
Financial
Tax
Reporting
Reporting
Purposes
Purposes Differences
Investments in Local
Limited Partnerships $ 0 $ (6,289,482) $ 6,289,482
Other Assets $ 472,775 $ 1,316,495 $ (843,720)
Liabilities $ 549,304 $ 19,505 $ 529,799
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:
|
SERIES 5 |
2004 |
2003 |
2002 |
|
Net Loss per Financial Statements |
$ (265,039) |
$ (261,993) |
$ (268,277) |
|
Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes |
|
|
|
|
Adjustments to convert March 31, fiscal year end to December 31, taxable year end |
|
|
|
|
Items Expensed for Financial Statement purposes not expensed for Tax purposes: |
|
|
|
|
Partnership loss for tax purposes as of December 31 |
|
|
|
|
|
|
|
|
|
Federal Low Income Housing Tax Credits (Unaudited) |
|
|
|
The differences in the assets and liabilities of the Series for financial reporting purposes and tax reporting purposes for the year ended March 31, 2004 are as follows:
Financial
Tax
Reporting
Reporting
Purposes
Purposes Differences
Investments in Local
Limited Partnerships $ 229,630 $(6,195,256) $ 6,424,886
Other Assets $ 597,564 $ 1,647,005 $(1,049,441)
Liabilities $ 561,361 $ 27,816 $ 533,545
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:
|
SERIES 6 |
2004 |
2003 |
2002 |
|
Net Loss per Financial Statements |
$ (294,767) |
$ (334,594) |
$ (407,763) |
|
Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes |
|
|
|
|
Adjustments to convert March 31, fiscal year end to December 31, taxable year end |
|
|
|
|
Items Expensed for Financial Statement purposes not expensed for Tax purposes: |
|
|
|
|
Partnership loss for tax purposes as of December 31 |
|
|
|
|
|
|
|
|
|
Federal Low Income Housing Tax Credits (Unaudited) |
|
|
|
The differences in the assets and liabilities of the Series for financial reporting purposes and tax reporting purposes for the year ended March 31, 2004 are as follows:
Financial
Tax
Reporting
Reporting
Purposes
Purposes Differences
Investments in Local
Limited Partnerships $ 858,488 $(4,902,421) $ 5,760,909
Other Assets $ 609,490 $ 1,802,247 $(1,192,757)
Liabilities $ 700,775 $ 27,426 $ 673,349
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:
|
TOTAL SERIES 2 - 6 |
2004 |
2003 |
2002 |
|
Net Loss per Financial Statements |
$ (827,408) |
$ (924,859) |
$(1,040,666) |
|
Equity in Losses of Project Partnerships for tax purposes less than (in excess of) losses for financial statement purposes |
|
|
|
|
Adjustments to convert March 31, fiscal year end to December 31, taxable year end |
|
|
|
|
Items Expensed for Financial Statement purposes not expensed for Tax purposes: |
|
|
|
|
Partnership loss for tax purposes as of December 31 |
|
|
|
The difference in the total value of the Partnership's Investment in Project Partnerships is approximately $5,772,320 higher for Series 2, $5,324,640 higher for Series 3, $6,289,482 higher for Series 4, $6,424,886 higher for Series 5 and $5,760,909 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.
The differences in the assets and liabilities of the Fund for financial reporting purposes and tax reporting purposes for the year ended March 31, 2004 are as follows:
Financial
Tax
Reporting
Reporting
Purposes
Purposes Differences
Investments in Local
Limited Partnerships $1,135,715 $(28,436,522) $29,572,237
Other Assets $2,422,488 $ 6,915,746 $(4,493,258)
Liabilities $2,759,008 $ 112,633 $ 2,646,375
NOTE 7 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED):
Series 2
Year 2004 Quarter 1 Quarter 2 Quarter 3 Quarter 4
6/30/2003 9/30/2003 12/31/2003 3/31/2004
Total Revenues $ 3,590 $ 5,490 $ 7,361 $ 10,626
Net Income (Loss) $ (38,406) $ (28,418) $ (24,264) $ (1,112)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $ (6.20) $ (4.59) $ (3.91) $ (.18)
Series 3
Year 2004 Quarter 1 Quarter 2 Quarter 3 Quarter 4
6/30/2003 9/30/2003 12/31/2003 3/31/2004
Total Revenues $ 9,383 $ 13,250 $ 3,171 $ 9,641
Net Income (Loss) $ (21,261) $ (14,615) $ (23,305) $ (18,062)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $ (3.86) $ (2.65) $ (4.23) $ (3.28)
Series 4
Year 2004 Quarter 1 Quarter 2 Quarter 3 Quarter 4
6/30/2003 9/30/2003 12/31/2003 3/31/2004
Total Revenues $ 10,612 $ 23,572 $ 4,052 $ 5,851
Net Income (Loss) $ (30,836) $ (13,103) $ (29,743) $ (24,477)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $ (4.41) $ (1.88) $ (4.26) $ (3.50)
NOTE 7 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Continued):
Series 5
Year 2004 Quarter 1 Quarter 2 Quarter 3 Quarter 4
6/30/2003 9/30/2003 12/31/2003 3/31/2004
Total Revenues $ 17,645 $ 5,009 $ 5,804 $ 8,769
Net Income (Loss) $ (46,203) $ (78,011) $ (71,278) $ (69,547)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $ (5.31) $ (8.96) $ (8.19) $ (7.99)
Series 6
Year 2004 Quarter 1 Quarter 2 Quarter 3 Quarter 4
6/30/2003 9/30/2003 12/31/2003 3/31/2004
Total Revenues $ 8,848 $ 12,186 $ 6,247 $ 13,797
Net Income (Loss) $(107,395) $ (45,853) $(116,673) $ (24,846)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $ (10.52) $ (4.49) $ (11.43) $ (2.44)
Series 2 - 6
Year 2004 Quarter 1 Quarter 2 Quarter 3 Quarter 4
6/30/2003 9/30/2003 12/31/2003 3/31/2004
Total Revenues $ 50,078 $ 59,507 $ 26,635 $ 48,684
Net Income (Loss) $(244,101) $(180,000) $(265,263) $(138,044)
NOTE 7 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Continued):
Series 2
Year 2003 Quarter 1 Quarter 2 Quarter 3 Quarter 4
6/30/2002 9/30/2002 12/31/2002 3/31/2003
Total Revenues $ 4,697 $ 4,978 $ 4,755 $ 17,214
Net Income (Loss) $ (46,047) $ (40,362) $ (38,596) $ 39,775
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $ (7.43) $ (6.51) $ (6.23) $ 6.42
Series 3
Year 2003 Quarter 1 Quarter 2 Quarter 3 Quarter 4
6/30/2002 9/30/2002 12/31/2002 3/31/2003
Total Revenues $ 4,153 $ 4,406 $ 4,197 $ 25,195
Net Income (Loss) $ (35,205) $ (12,194) $ (21,756) $ (13,574)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $ (6.39) $ (2.21) $ (3.95) $ (2.46)
Series 4
Year 2003 Quarter 1 Quarter 2 Quarter 3 Quarter 4
6/30/2002 9/30/2002 12/31/2002 3/31/2003
Total Revenues $ 5,320 $ 5,650 $ 5,375 $ 19,246
Net Income (Loss) $ (80,827) $ (36,011) $ (29,532) $ (13,943)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $ (11.57) $ (5.16) $ (4.23) $ (1.99)
NOTE 7 - SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Continued):
Series 5
Year 2003 #9; Quarter 1 Quarter 2 Quarter 3 Quarter 4
6/30/2002 9/30/2002 12/31/2002 3/31/2003
Total Revenues $ 6,747 $ 7,174 $ 6,790 $ 27,365
Net Income (Loss) $ (44,123) $ (64,429) $ (71,012) $ (82,429)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $ (5.07) $ (7.40) $ (8.16) $ (9.47)
Series 6
Year 2003 Quarter 1 Quarter 2 Quarter 3 Quarter 4
6/30/2002 9/30/2002 12/31/2002 3/31/2003
Total Revenues $ 6,789 $ 6,769 $ 6,576 $ 22,206
Net Income (Loss) $ (90,290) $ (76,069) $ (86,274) $ (81,961)
Earnings (Loss) Per
Weighted Average
Beneficial Assignee
Certificates Outstanding $ (8.85) $ (7.45) $ ( 8.45) $ (8.03)
Series 2-6
Year 2003 Quarter 1 Quarter 2 Quarter 3 Quarter 4
6/30/2002 9/30/2002 12/31/2002 3/31/2003
Total Revenues $ 27,706 $ 28,977 $ 27,693 $ 111,226
Net Income (Loss) $(296,492) $(229,065) $(247,170) $(152,132)
Hill, Barth & King LLC
5121 Zuck Road
Erie, PA 16506
PHONE: 814-836-9968
FAX: 814-836-9989
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, 2003 and 2002 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 U.S. 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 the 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, 2003 and 2002 and the results of its operations and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 16, 2004 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. 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.
/s/ Hill, Barth & King LLC
Certified Public Accountants
January 16, 2004
Hill, Barth & King LLC
5121 Zuck Road
Erie, PA 16506
PHONE: 814-836-9968
FAX: 814-836-9989
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, 2003 and 2002 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 U.S. 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 Cherrytree Apartments Limited Partnership as of December 31, 2003 and 2002 and the results of its operations and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 13, 2004 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. 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.
/s/ Hill, Barth & King LLC
Certified Public Accountants
January 13, 2004
Hill, Barth & King LLC
5121 Zuck Road
Erie, PA 16506
PHONE: 814-836-9968
FAX: 814-836-9989
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, 2003 and 2002 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 U.S. 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 Wynnwood Common Associates Limited Partnership as of December 31, 2003 and 2002 and the results of its operations and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 15, 2004 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. 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.
/s/ Hill, Barth & King LLC
Certified Public Accountants
January 14, 2004
Hill, Barth & King LLC
5121 Zuck Road
Erie, PA 16506
PHONE: 814-836-9968
FAX: 814-836-9989
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, 2003 and 2002 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 U.S. 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 Stony Creek Commons Limited Partnership as of December 31, 2003 and 2002 and the results of its operations and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 18, 2004 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. 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.
/s/ Hill, Barth & King LLC
Certified Public Accountants
January 18, 2004
Henderson & Godbee, P.C.
3488 N. Valdosta Rd. - P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 229-245-6040
FAX: 229-245-1669
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 22, 2004 on our consideration of the Richland Elderly Housing, Ltd.'s internal control structure and a report dated January 22, 2004 on its compliance with laws and regulations. These reports are 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.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 22, 2004
Henderson & Godbee, P.C.
3488 N. Valdosta Rd. - P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 229-245-6040
FAX: 229-245-1669
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 22, 2004 on our consideration of the Pearson Elderly Housing, Ltd.'s internal control structure and a report dated January 22, 2004 on its compliance with laws and regulations. These reports are 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.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 22, 2004
Henderson & Godbee, P.C.
3488 N. Valdosta Rd. - P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 229-245-6040
FAX: 229-245-1669
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 22, 2004 on our consideration of the Lake Park Apartments, Ltd.'s internal control structure and a report dated January 22, 2004 on its compliance with laws and regulations. These reports are an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with the report in considering the results.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 22, 2004
Henderson & Godbee, P.C.
3488 N. Valdosta Rd. - P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 229-245-6040
FAX: 229-245-1669
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 22, 2004 on our consideration of the Lakeland Elderly Housing, Ltd.'s internal control structure and report dated January 22, 2004 on its compliance with laws and regulations. These reports are and 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.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 22, 2004
Habif, Arogeti & Wynne, LLP
5565 Glenridge Connector, Suite 200
Atlanta, GA 30342
PHONE: 404-892-9651
FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT
-------------------------------
To the Partners of
Woodland Terrace Apartments, LTD, LLLP
We have audited the accompanying balance sheets of WOODLAND TERRACE APARTMENTS, LTD, LLLP (USDA Rural Development Case No. 10-017-581854412), a limited partnership, as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and the Audit Program of the Rural Development Services Office of the U.S. Department of Agriculture, formerly known as the Farmers Home Administration. 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, LLLP as of December 31, 2003 and 2002, 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 accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 16, 2004, on our consideration of WOODLAND TERRACE APARTMENTS, LTD, LLLP's internal control and our report dated February 16, 2004, on its compliance with laws and regulations applicable to the financial statements. Those reports are 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 supplemental information on pages 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 16, 2004
Habif, Arogeti & Wynne, LLP
5565 Glenridge Connector, Suite 200
Atlanta, Georgia 30342
PHONE: 404-892-9651
FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT
------------------------------
To the Partners of
Manchester Housing, LTD, LLLP
We have audited the accompanying balance sheets of MANCHESTER HOUSING, LTD, LLLP (USDA Rural Development Case No. 10-099-581845215), a limited partnership, as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and the Audit Program of the Rural Development Services Office of the U.S. Department of Agriculture, formerly known as the Farmers Home Administration. 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, LLLP as of December 31, 2003 and 2002, and the results of its operations, its changes in partners' equity (deficit), and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 16, 2004, on our consideration of MANCHESTER HOUSING, LTD. LLLP's internal control and our report dated February 16, 2004, on its compliance with laws and regulations applicable to the financial statements. Those reports are 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 supplemental information on pages 12-15 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 16, 2004
M. Paul Nichols, Jr., CPA, P.C.
2101 North Patterson Street
Valdosta, GA 31602
PHONE: 229-671-1255
FAX: 229-244-2433
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, 2003 and 2002, 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 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 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued reports dated February 6, 2004, on our consideration of Heritage Villas, L.P.'s internal control structure and its compliance with laws and regulations.
/s/ M. Paul Nichols, Jr., CPA, PC
Certified Public Accountant and Consultant
February 6, 2004
Habif, Arogeti & Wynne, LLP
5565 Glenridge Connector, Suite 200
Atlanta, GA 30342
PHONE: 404-892-9651
FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT
-----------------------------
To the Partners of
Crisp Properties, LLLP
We have audited the accompanying balance sheets of CRISP PROPERTIES, LLLP (USDA Rural Development Case No. 10-017-581854412), a limited partnership, as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and the Audit Program of the Rural Development Services Office of the U.S. Department of Agriculture, formerly known as the Farmers Home Administration. 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, LLLP as of December 31, 2003 and 2002, and the results of its operations, its changes in partners equity (deficit), and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 16, 2004, on our consideration of CRISP PROPERTIES, LLLP's internal control and our report dated February 16, 2004, on its compliance with laws and regulations applicable to the financial statements. Those reports are 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 supplemental information on pages 11-14 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 16, 2004
Habif, Arogeti & Wynne, LLP
5565 Glenridge Connector, Suite 200
Atlanta, GA 30342
PHONE: 404-892-9651
FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT
-----------------------------
To the Partners of
Blackshear Apartments, L.L.L.P. Phase II
We have audited the accompanying balance sheets of BLACKSHEAR APARTMENTS, L.L.L.P. PHASE II (USDA Rural Development Case No. 10-040-581925616), a limited partnership, as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America, the standards applicable to financial
audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and the Audit Program of the Rural Development Services Office of the U.S. Department of Agriculture, formerly known as the Farmers Home Administration. 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.L.L.P. PHASE II as of December 31, 2003 and 2002, 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 accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 16, 2004, on our consideration of BLACKSHEAR APARTMENTS, L.L.L.P. PHASE II'S internal control and our report dated February 16, 2004, on its compliance with laws and regulations applicable to the financial statements. Those reports are 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 supplemental information on pages 12 - 15 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 16, 2004
Henderson & Godbee, P.C.
3488 N. Valdosta Rd. - P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 229-245-6040
FAX: 229-245-1669
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 #: 58-1850761, as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 22, 2004 on our consideration of Crawford Rental Housing, L.P.'s internal control structure and a report dated January 22, 2004 on its compliance with laws and regulations. These reports are 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.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 22, 2004
Henderson & Godbee, P.C.
3488 N. Valdosta Rd. - P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 229-245-6040
FAX: 229-245-1669
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 limited partnership), Federal ID No. 58-1917615, as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 22, 2004 on our consideration of the Shellman Housing L.P.'s internal control structure and a report dated January 22, 2004 on its compliance with laws and regulations. These reports are 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.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 22, 2004
Henderson & Godbee, P.C.
3488 N. Valdosta Rd. - P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 229-245-6040
FAX: 229-245-1669
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 22, 2004 on our consideration of the Greensboro Properties, L.P., Phase II's internal control structure and a report dated January 22, 2004 on it's compliance with laws and regulations. These reports are 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.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 22, 2004
Henderson & Godbee, P.C.
3488 N. Valdosta Rd. - P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 229-245-6040
FAX: 229-245-1669
INDEPENDENT AUDITORS' REPORT
-------------------------------
To the Partners
Dawson Elderly, L.P.
Dawson, Georgia
We have audited the accompanying balance sheets of Dawson Elderly, L.P. (a limited partnership), Federal ID No.: 58-1966658 as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued reports dated January 22, 2004 on our consideration of Dawson Elderly, L.P.'s internal control structure and a report dated January 22, 2004 on it's compliance with laws and regulations. These reports are 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.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 22, 2004
Habif, Arogeti & Wynne, LLP
5565 Glenridge Connector, Suite 200
Atlanta, GA 30342
PHONE: 404-892-9651
FAX: 404-876-3913
INDEPENDENT AUDITORS' REPORT
-----------------------------
To the Partners
Piedmont Development Company of Lamar
County, LTD.
We have audited the accompanying balance sheets of PIEDMONT DEVELOPMENT COMPANY OF LAMAR COUNTY, LTD. (a limited partnership) as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America, 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. as of December 31, 2003 and 2002, and the results of its operations, its changes in partners' equity (deficit), and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated February 25, 2004, on our consideration of PIEDMONT DEVELOPMENT COMPANY OF LAMAR COUNTY, LTD.'s internal control and a report dated February 25, 2004, on its compliance with laws and regulations applicable to the financial statements.
/s/ Habif, Arogeti & Wynne, LLP
Atlanta, Georgia
February 25, 2004
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Sylacauga Heritage Apartments, Ltd., RHS Project No.: 01-061-631025601 as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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, 2003 and 2002, 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 10, 2004 on our consideration of Sylacauga Heritage Apartments, Ltd.'s internal control over financial reporting and on our tests of its compliance with certain provisions of laws and regulations. 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 or our audit.
/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountants
Gadsden, Alabama
February 10, 2004
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
------------------------------
To the Partners
LOGANSPORT SENIORS APARTMENTS
We have audited the accompanying balance sheets of Logansport Seniors Apartments (the Partnership) as of December 31, 2003, and the related statements of income, partners' equity, 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 Logansport Seniors Apartments as of December 31, 2002, were audited by other auditors whose report dated March 3, 2003, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and 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 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 Logansport Seniors Apartments as of December 31, 2003, and the results of its operations and its and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 4, 2004, on our consideration of Logansport Seniors Apartment'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 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 basic financial statements of Logansport Seniors Apartments. 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/ Cameron, Hines & Hartt,(APAC)
Certified Public Accountants
West Monroe, Louisiana
February 4, 2004
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, 2002 and 2001 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 auditing standards generally accepted in the United States of America 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, 2002 and 2001 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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 17 through 28, 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 April 22, 2003 on our consideration of LOGANSPORT SENIORS
APARTMENTS internal control and a report dated April 22, 2003 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
April 22, 2003
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
-------------------------------
To the Partners
TARPON HEIGHTS APARTMENTS
We have audited the accompanying balance sheet of Tarpon Heights Apartments (the Partnership) as of December 31, 2003, and the related statements of income, partners' equity, 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 Tarpon Heights Apartments as of December 31, 2002, were audited by other auditors whose report dated March 29, 2003, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America 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 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 Tarpon Heights Apartments as of December 31, 2003, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated March 18, 2004, on our consideration of Tarpon Heights Apartments' 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 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 basic financial statements of Tarpon Heights Apartments. 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/ Cameron, Hines & Hartt (APAC)
Certified Public Accountants
West Monroe, Louisiana
March 18, 2004
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
TARPON HEIGHTS APARTMENTS
We have audited the accompanying balance sheets of TARPON HEIGHTS APARTMENTS, RHS PROJECT NO. 22-029-721103419 as of December 31, 2002 and 2001 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 auditing standards generally accepted in the United States of America 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 TARPON HEIGHTS APARTMENTS, as of December 31, 2002 and 2001 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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 27, 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 March 29, 2003 on our consideration of TARPON HEIGHTS APARTMENT internal control and a report dated March 29, 2003 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
March 29, 2003
Bond & Tousignant, LLC
1500 Lamy Lane - P.O. Box 14065
Monroe, LA 71207-4065
PHONE: 318-323-0717
FAX: 318-323-0719
INDEPENDENT AUDITORS' REPORT
--------------------------------
To the Partners
THE OAKS APARTMENTS, ALPIC
We have audited the accompanying balance sheet of THE OAKS APARTMENTS, ALPIC, RHS Project No. 22-002-721144868 as of December 31, 2003, and the related statements of operations, partners' equity (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 THE OAKS APARTMENTS, ALPIC as of December 31, 2002, were audited by other auditors whose report dated March 31, 2003 expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America 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 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 THE OAKS APARTMENTS, ALPIC as of December 31, 2003, and the results of its operations, changes in partners' equity (deficit) and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
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 15 through 21 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.
In accordance with Government Auditing Standards, we have also issued our report dated February 29, 2004 on our consideration of THE OAKS APARTMENTS, ALPIC'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 the report in considering the results of our audit.
/s/ Bond & Tousignant, LLC
Certified Public Accountants
Monroe, Louisiana
February 29, 2004
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, 2002 and 2001 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 auditing standards generally accepted in the United States of America 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, 2002 and 2001 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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 26, 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 March 31, 2003 on our consideration of THE OAKS APARTMENTS' internal control and a report dated March 31, 2003 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
March 31, 2003
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
--------------------------------
To the Partners
SONORA SENIORS APARTMENTS
We have audited the accompanying balance sheet of Sonora Seniors Apartments (the Partnership) as of December 31, 2003, and the related statements of income, partners' equity, 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 Sonora Seniors Apartments as of December 31, 2002, were audited by other auditors whose report dated March 3, 2003, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America 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 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 Sonora Seniors Apartments as of December 31, 2003, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated January 23, 2004, on our consideration of Sonora Seniors Apartment'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 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 basic financial statements of Sonora Seniors Apartments. 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/ Cameron, Hines & Hartt (APAC)
Certified Public Accountants
West Monroe, Louisiana
January 23, 2004
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
SONORA SENIORS APARTMENTS
We have audited the accompanying balance sheets of SONORA SENIORS APARTMENTS, RHS PROJECT NO. 51-018-721125480 as of December 31, 2002 and 2001 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 auditing standards generally accepted in the United States of America 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 SONORA SENIORS APARTMENTS as of December 31, 2002 and 2001 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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 26, 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 financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated March 2, 2003 on our consideration of SONORA SENIORS APARTMENTS internal control and a report dated March 2, 2003 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
March 2, 2003
Bond & Tousignant, LLC
1500 Lamy Lane - P.O. Box 14065
Monroe, LA 71207-4065
PHONE: 318-323-0717
FAX: 318-323-0719
INDEPENDENT AUDITORS' REPORT
--------------------------------
To the Partners
FREDERICKSBURG SENIORS APARTMENTS, LTD.
We have audited the accompanying balance sheet of FREDERICKSBURG SENIORS APARTMENTS, LTD., RHS Project No. 49-086-721150308 as of December 31, 2003, and the related statements of operations, partners' equity (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 FREDERICKSBURG SENIORS APARTMENTS, LTD. as of December 31, 2002, were audited by other auditors whose report dated February 18, 2003 expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America 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 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 FREDERICKSBURG SENIORS APARTMENTS, LTD. as of December 31, 2003, and the results of its operations, changes in partners equity (deficit) and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
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 15 through 21 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.
In accordance with Government Auditing Standards, we have also issued our report dated February 29, 2004, on our consideration of FREDERICKSBURG 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 the report in considering the results of our audit.
/s/ Bond & Tousignant, LLC
Certified Public Accountants
Monroe, Louisiana
February 29, 2004
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, 2002 and 2001 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 auditing standards generally accepted in the United States of America 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, 2002 and 2001 and the results of its operations, changes in partners equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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 26, 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 18, 2003 on our consideration of FREDERICKSBURG SENIORS APARTMENTS, LTD.'s internal control and a report dated February 18, 2003 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 18, 2003
Bond & Tousignant, LLC
1500 Lamy Lane, P.O. Box 14065
Monroe, LA 71207-4065
PHONE: 318-323-0717
FAX: 318-323-0719
INDEPENDENT AUDITORS' REPORT
--------------------------------
To the Partners
BRACKETTVILLE SENIORS APARTMENTS, LTD.
We have audited the accompanying balance sheet of BRACKETTVILLE SENIORS APARTMENTS, LTD, RHS Project No. 50-036-721150307 as of December 31, 2003, and the related statements of operations, partners' equity (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 BRACKETTVILLE SENIORS APARTMENTS, LTD as of December 31, 2002, were audited by other auditors whose report dated March 2, 2003 expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America 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 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 BRACKETTVILLE SENIORS APARTMENTS, LTD as of December 31, 2003, and the results of its operations, changes in partners' equity (deficit) and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
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 15 through 21, 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 our report dated February 29, 2004, on our consideration of BRACKETTVILLE 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 the report in considering the results of our audit.
/s/ Bond & Tousignant, LLC
Certified Public Accountants
Monroe, Louisiana
February 29, 2004
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, 2002 and 2001 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 auditing standards generally accepted in the United States of America 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, 2002 and 2001 and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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 March 2, 2003 on our consideration of BRACKETTVILLE SENIORS APARTMENTS, LTD.'s internal control and a report dated March 2, 2003 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
March 2, 2003
Cameron, Hines & Hartt (APAC)
104 Regency Place, P.O. Box 2474
West Monroe, LA 71294-2474
PHONE: 504-837-0770
FAX: 504-837-7102
INDEPENDENT AUDITORS' REPORT
-------------------------------
To the Partners
Timpson Seniors Apartments
We have audited the accompanying balance sheet of Timpson Seniors Apartments (the Partnership) as of December 31, 2003, and the related statements of income, partners' equity, 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 Timpson Seniors Apartments as of December 31, 2002, were audited by other auditors whose report dated February 9, 2003, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States and the Standards for Financial and Compliance Audits contain 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 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 Timpson Seniors Apartments as of December 31, 2003, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated March 11, 2004, on our consideration of Timpson Seniors Apartments' 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 taken as a whole. The supplemental information presented on pages 15 through 25, 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/ Cameron, Hines & Hartt
Certified Public Accountants
West Monroe, Louisiana
March 11, 2004
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
TIMPSON SENIORS APARTMENTS
We have audited the accompanying balance sheets of TIMPSON SENIORS APARTMENTS, RHS PROJECT NO. 51-010-721152460 as of December 31, 2002 and 2001, 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 TIMPSON SENIORS APARTMENTS as of December 31, 2002 and 2001 and the results of its operations and changes in partners' equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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 15 through 25, 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 19, 2003 on our consideration of TIMPSON SENIORS APARTMENT's internal control and a report dated February 19, 2003 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 19, 2003
Baird, Kurtz, & Dobson, LLP
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 479-452-1040
FAX: 479-452-5542
INDEPENDENT AUDITORS' REPORT
--------------------------------
Partners
Charleston Properties, A Limited Partnership
D/B/A SavannahPark of Charleston II
Fort Smith, Arkansas
We have audited the accompanying balance sheets of Charleston Properties, A Limited Partnership, D/B/A SavannahPark of Charleston II as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Charleston Properties, A Limited Partnership, D/B/A SavannahPark of Charleston II as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2004, on our consideration of the Partnerships' 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.
/s/ Baird, Kurtz, & Dobson, LLP
Certified Public Accountants
February 6, 2004
Baird, Kurtz, & Dobson, LLP
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 479-452-1040
FAX: 479-452-5542
INDEPENDENT AUDITORS' REPORT
-------------------------------
Partners
Sallisaw Properties II, A Limited Partnership
D/B/A GardenWalk of Sallisaw II
Fort Smith, Arkansas
We have audited the accompanying balance sheets of Sallisaw Properties II, A Limited Partnership, D/B/A GardenWalk of Sallisaw II as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Sallisaw Properties II, A Limited Partnership, D/B/A GardenWalk of Sallisaw II as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2004, 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. 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.
/s/ Baird, Kurtz, & Dobson, LLP
Certified Public Accountants
February 6, 2004
Baird, Kurtz, & Dobson, LLP
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 479-452-1040
FAX: 479-452-5542
INDEPENDENT AUDITORS' REPORT
-------------------------------
Partners
Pocola Properties, A Limited Partnership
D/B/A GardenWalk of Pocola
Fort Smith, Arkansas
We have audited the accompanying balance sheets of Pocola Properties, A Limited Partnership, D/B/A GardenWalk of Pocola as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Pocola Properties, A Limited Partnership, D/B/A GardenWalk of Pocola as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2004, 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. 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.
/s/ Baird, Kurtz, & Dobson, LLP
Certified Public Accountants
February 6, 2004
Baird, Kurtz, & Dobson, LLP
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 479-452-1040
FAX: 479-452-5542
INDEPENDENT AUDITORS' REPORT
--------------------------------
Partners
Poteau Properties II, A Limited Partnership
D/B/A GardenWalk on Lacey Lane
Fort Smith, Arkansas
We have audited the accompanying balance sheets of Poteau Properties II, A Limited Partnership, D/B/A GardenWalk on Lacey Lane as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Poteau Properties II, A Limited Partnership, D/B/A GardenWalk on Lacey Lane as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2004, 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. 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.
/s/ Baird, Kurtz, & Dobson, LLP
Certified Public Accountants
February 6, 2004
Baird, Kurtz, & Dobson, LLP
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 479-452-1040
FAX: 479-452-5542
INDEPENDENT AUDITORS' REPORT
-------------------------------
Partners
Nowata Properties, A Limited Partnership
D/B/A Cross Creek II
Fort Smith, Arkansas
We have audited the accompanying balance sheets of Nowata Properties, A Limited Partnership, D/B/A Cross Creek II as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Nowata Properties, A Limited Partnership, D/B/A Cross Creek II as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2004, 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. 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.
/s/ Baird, Kurtz, & Dobson, LLP
Certified Public Accountants
February 6, 2004
Baird, Kurtz, & Dobson, LLP
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 479-452-1040
FAX: 479-452-5542
INDEPENDENT AUDITORS' REPORT
-------------------------------
Partners
Sallisaw Properties, A Limited Partnership
D/B/A GardenWalk of Sallisaw
Fort Smith, Arkansas
We have audited the accompanying balance sheets of Sallisaw Properties, A Limited Partnership, D/B/A GardenWalk of Sallisaw as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Sallisaw Properties, A Limited Partnership, D/B/A GardenWalk of Sallisaw as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2004, 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. 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.
/s/ Baird, Kurtz, & Dobson, LLP
Certified Public Accountants
February 6, 2004
Baird, Kurtz, & Dobson, LLP
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 479-452-1040
FAX: 479-452-5542
INDEPENDENT AUDITORS' REPORT
------------------------------
Partners
Roland Properties II, A Limited Partnership
D/B/A GardenWalk of Roland II
Fort Smith, Arkansas
We have audited the accompanying balance sheets of Roland Properties II, A Limited Partnership, D/B/A GardenWalk of Roland II as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Roland Properties II, A Limited Partnership, D/B/A GardenWalk of Roland II as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2004, 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. 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.
/s/ Baird, Kurtz, & Dobson, LLP
Certified Public Accountants
February 6, 2004
Baird, Kurtz, & Dobson, LLP
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 479-452-1040
FAX: 479-452-5542
INDEPENDENT AUDITORS' REPORT
-----------------------------
Partners
Stilwell Properties, A Limited Partnership
D/B/A GardenWalk of Stilwell
Fort Smith, Arkansas
We have audited the accompanying balance sheets of Stilwell Properties, A Limited Partnership, D/B/A GardenWalk of Stilwell as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Stilwell Properties, A Limited Partnership, D/B/A GardenWalk of Stilwell as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2004, 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. 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.
/s/ Baird, Kurtz, & Dobson, LLP
Certified Public Accountants
February 6, 2004
Baird, Kurtz, & Dobson, LLP
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 479-452-1040
FAX: 479-452-5542
INDEPENDENT AUDITORS' REPORT
-----------------------------
Partners
Stilwell Properties II, A Limited Partnership
D/B/A GardenWalk of Stilwell II
Fort Smith, Arkansas
We have audited the accompanying balance sheets of Stilwell II Properties, A Limited Partnership, D/B/A GardenWalk of Stilwell II as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Stilwell II Properties, A Limited Partnership, D/B/A GardenWalk of Stilwell II as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2004, 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. 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.
/s/ Baird, Kurtz, & Dobson, LLP
Certified Public Accountant
February 6, 2004
Baird, Kurtz, & Dobson, LLP
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 479-452-1040
FAX: 479-452-5542
INDEPENDENT AUDITORS' REPORT
------------------------------
Partners
Westville Properties, A Limited Partnership
D/B/A GardenWalk of Westville
Fort Smith, Arkansas
We have audited the accompanying balance sheets of Westville Properties, A Limited Partnership, D/B/A GardenWalk of Westville as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Westville Properties, A Limited Partnership, D/B/A GardenWalk as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2004, 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. 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.
/s/ Baird, Kurtz, & Dobson, LLP
Certified Public Accountants
February 6, 2004
Baird, Kurtz, & Dobson, LLP
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 479-452-1040
FAX: 479-452-5542
INDEPENDENT AUDITORS' REPORT
-------------------------------
Partners
Mill Creek Properties V, A Limited Partnership
D/B/A SavannahPark of Grove
Fort Smith, Arkansas
We have audited the accompanying balance sheets of Mill Creek Properties V, A Limited Partnership, D/B/A SavannahPark of Grove as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Mill Creek Properties V, A Limited Partnership, D/B/A SavannahPark of Grove as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2004, 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. 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.
/s/ Baird, Kurtz, & Dobson, LLP
Certified Public Accountants
February 6, 2004
Baird, Kurtz, & Dobson, LLP
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 479-452-1040
FAX: 479-452-5542
INDEPENDENT AUDITORS' REPORT
-------------------------------
Partners
Parsons Properties, A Limited Partnership
D/B/A SavannahPark of Parsons
Fort Smith, Arkansas
We have audited the accompanying balance sheets of Parsons Properties, A Limited Partnership, D/B/A SavannahPark of Parsons as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Parsons Properties, A Limited Partnership, D/B/A SavannahPark of Parsons as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2004, 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. 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.
/s/ Baird, Kurtz, & Dobson, LLP
Certified Public Accountants
February 6, 2004
Henderson & Godbee, P.C.
3488 N. Valdosta Road - P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 229-245-6040
FAX: 229-245-1669
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 15, 2004 on our consideration of Inverness Club, Ltd., L.P.'s internal control structure and a report dated January 15, 2004 on its compliance with laws and regulations. These reports are 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.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 15, 2004
Henderson & Godbee, P.C.
3488 N. Valdosta Road - P.O. Box 2241
Valdosta, GA 31604-2241
PHONE: 229-245-6040
FAX: 229-245-1669
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 14, 2004 on our consideration of Carrollton Club, Ltd., L.P.'s internal control structure and a report dated January 14, 2004 on its compliance with laws and regulations. These reports are 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.
/s/ Henderson & Godbee, P.C.
Certified Public Accountants
January 14, 2004
Grana & Teibel, CPAs, P.C.
300 Corporate Pkwy., Suite 116 N.
Amherst, NY 14226-1258
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
29 Liberty Street, Suite 2
Batavia, New York 14020-3294
We have audited the accompanying balance sheets of Lewiston Limited Partnership as of December 31, 2003 and 2002, and the related statements of operations, partners' capital (deficiency), 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 U.S. 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 26, 2004, on our consideration of Lewiston Limited Partnerships internal control structure and a report dated January 26, 2004, on its compliance with laws and regulations.
/s/ Grana & Teibel, CPAs, P.C.
Certified Public Accountants
January 26, 2004
Miller & Rose, P.A.
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated February 12, 2004 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. 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.
/s/ Miller & Rose, P.A.
Certified Public Accountants
February 12, 2004
Leavitt, Christensen & Co., PLLC
13965 W. Chinden Blvd., Suite 200 C
Boise, ID 83713
PHONE: 208-287-5353
FAX: 208-287-5358
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and the USDA, Rural Housing Service 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 the 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 20, 2004 on our consideration of Haines Associates Limited Partnership's internal control and on its compliance with laws and regulations. This 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.
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., PLLC
Certified Public Accountants
January 20, 2004
Bernard Robinson & Company, LLP
109 Muirs Chapel Rd. - P.O. Box 19608
Greensboro, NC 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 sheets of Woodcrest Associates of South Boston, VA, Ltd. (a Virginia limited partnership) as of December 31, 2003 and 2002, 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 U.S. 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our report dated January 31, 2004, 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. 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 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, LLP
Certified Public Accountants
January 31, 2004
Thomas C. Cunningham, CPA PC
23 Moore Street
Bristol, VA 24201
PHONE: 276-669-5531
FAX: 276-669-5576
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, 2003 and 2002, 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 auditing standards generally accepted in the United States 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, 2003 and 2002, 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 February 15, 2004 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
February 15, 2004
Thomas C. Cunningham, CPA PC
23 Moore Street
Bristol, VA 24201
PHONE: 276-669-5531
FAX: 276-669-5576
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, 2003 and 2002, 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 auditing standards generally accepted in the United States 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, 2003 and 2002, 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 February 15, 2004 on my consideration of Jonesville Manor 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
February 15, 2004
Thomas C. Cunningham, CPA PC
23 Moore Street
Bristol, VA 24201
PHONE: 276-669-5531
FAX: 276-669-5576
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, 2003 and 2002, 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 auditing standards generally accepted in the United States 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, 2003 and 2002, 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 February 15, 2004 on my consideration of Blacksburg Terrace 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 Accountants
February 15, 2004
Thomas C. Cunningham, CPA PC
23 Moore Street
Bristol, VA 24201
PHONE: 276-669-5531
FAX: 276-669-5576
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, 2003 and 2002, 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 auditing standards generally accepted in the United States 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, 2003 and 2002, 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 February 15, 2004 on my consideration of Newport Village 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 Accountants
February 15, 2004
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America. And the standards applicable fo financial audits contained in 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 28, 2004, on our consideration of the internal control structure of Zapata Housing, Ltd.- (A Texas Limited Partnership) 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.
/s/ Lou Ann Montey and Associates, P.C.
Certified Public Accountants
Austin, Texas
January 28, 2004
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America and standards applicable to financial audits contained in 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, 2003 and 2002, and the results of its operations and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated February 5, 2004, on our consideration of the internal control structure of Sinton Retirement, Ltd.- (A Texas Limited Partnership) 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.
/s/ Lou Ann Montey and Associates, P.C.
Certified Public Accountants
Austin, Texas
February 5, 2004
Gubler & Company, P.C.
1234 W. South Jordan Parkway, #C
South Jordan, UT 84095
PHONE: 801-566-5866
FAX: 801-565-0509
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, 2003 and 2002 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 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 auditing standards generally accepted in the United States of America and 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 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, 2003 and 2002 and the results of its operations, changes in partners' capital, and cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued reports dated January 30, 2004 on our consideration of Smithfield Greenbriar Limited Partnership's internal control, and on our tests of its compliance with certain provisions of laws, regulations, contracts and grants. Those reports are 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 audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information 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 & Company, P.C.
Certified Public Accountants
South Jordan, Utah
January 30, 2004
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and the USDA, Rural Housing Service 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 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, 2003 and 2002, and the results of its operations, and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated February 9, 2004, on our consideration of Mountain Crest Limited Partnership's internal controls and compliance with laws and regulations. This report is an integral part of an audit performed in accordance with the Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit.
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 9, 2004
Cummins & Coffman, CPA's, P.A.
3706 S. Topeka Blvd., Suite 302
Topeka, KS 66609-1246
PHONE: 785-267-2030
FAX: 785-267-2254
INDEPENDENT AUDITORS' REPORT
-------------------------------
To the Partners
Eudora Senior Housing, L.P.
D/B/A Pinecrest Apartments II
We have audited the accompanying balance sheet of Eudora Senior Housing, L.P. D/B/A Pinecrest Apartments II as of December 31, 2003, and the related statements of operations, partners' equity, 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 statements based on our audit. The financial statements of Eudora Senior Housing, L.P. D/B/A Pinecrest Apartments II, as of December 31, 2002, were audited by other auditors whose report dated January 31, 2003, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America 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 2003 financial statements referred to above present fairly, in all material respects, the financial position of Eudora Senior Housing, L.P. D/B/A Pinecrest Apartments II as of December 31, 2003, and the results of its operations, and cash flows for the year ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated February 12, 2004, on our consideration of Eudora Senior Housing, L.P. D/B/A Pinecrest Apartments II internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. This 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.
Cummins & Coffman, CPA's, P.A.
Certified Public Accountants
Topeka, Kansas
February 12, 2004
Knudtson & Company CPAs, PA
950 SW 28th Street, Suite A
Topeka, KS 66614
PHONE: 785-273-6880
FAX: 785-273-6881
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, 2002 and 2001, 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 statements based on our audits. The financial statements for December 31, 2001 were audited by other auditors. The prior auditor's report dated January 17, 2002 expressed an unqualified opinion.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America 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, 2002 and 2001, and the results of its operations, changes in partners' equity (deficit) and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 31, 2003 on our consideration of Eudora Senior Housing, L.P.'s internal control and a report dated January 31, 2003 on its compliance with laws, regulations and contracts. These reports are 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 this audit.
Knudtson & Company CPAs, PA
Certified Public Accountants
Topeka, Kansas
January 31, 2003
Baird, Kurtz & Dobson, LLP
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
PHONE: 479-452-1040
FAX: 479-452-5542
INDEPENDENT AUDITORS' REPORT
-----------------------------
Partners
Springhill Housing, A Limited Partnership
D/B/A Springhill Housing II
Fort Smith, Arkansas
We have audited the accompanying balance sheets of Springhill Housing, A Limited Partnership, D/B/A Springhill Housing II as of December 31, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Springhill Housing, A Limited Partnership, D/B/A Springhill Housing II as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 6, 2004, 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. 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.
/s/ Baird, Kurtz & Dobson, LLP
Certified Public Accountants
February 6, 2004
Eide Bailly LLP
200 East 10th St., Suite 500 - 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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated February 11, 2004 on our consideration of Sunchase II, 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 audit.
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 financial statements taken as a whole.
/s/ Eide Bailly LLP
Certified Public Accountants
Sioux Falls, South Dakota
February 11, 2004
Eide Bailly LLP
200 East 10th St., Suite 500 - 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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 13, 2004, on our consideration of Courtyard, Ltd.'s internal control over financial reporting and on 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 audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplementary information on pages 14 and 15 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 13, 2004
Eide Bailly LLP
200 East 10th St., Suite 500 - 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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Sunrise, Ltd. as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated January 22, 2004 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. 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 audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplementary information on pages 12 and 13 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 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 22, 2004
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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 Southwood, L.P. as of December 31, 2003 and 2002, and the results of its operations, changes in partners' equity and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated January 16, 2004, on our consideration of the partnership's internal control over financial reporting and on 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.
/s/ Johnson, Hickey & Murchison, P.C.
Certified Public Accountants
January 16, 2004
Bob T. Robinson
2084 Dunbarton Drive
Jackson, MS 39216
PHONE: 601-982-3875
FAX: 601-982-3876
INDEPENDENT AUDITORS' REPORT
-------------------------------
To the Partners
Hazlehurst Manor, L.P.
I have audited the accompanying balance sheet of Hazlehurst Manor L.P. (RD Case Number 28-015-640803081), as of December 31, 2003 and 2002 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. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards, issued by the Comptroller General of the United States. 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 Hazlehurst Manor, L.P. as of December 31, 2003 and 2002 and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, I have also issued my report dated February 27, 2004 on my consideration of Hazlehurst Manor, L.P.'s internal control and on my tests of its compliance with certain provisions of laws, regulations, contracts and grants. This report is an integral part of the audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of my audit.
My audits were 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 audits 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 in the accompanying prescribed form RD 1930-7 (Rev 7-00) have not been compiled or examined by me, and I do not express any form of assurance on them. In addition they may contain departures from guidelines for presentation of prospective financial information established by the American Institute of Certified Public Accountants. The actual results may vary from the presentation and the variations may be material.
/s/ Bob T. Robinson
Certified Public Accountant
February 27, 2004
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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, 2003 and 2002, 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 18, 2004 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. 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.
/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountants
Gadsden, Alabama
February 18, 2004
Donald W. Causey & Associates, P.C.
16 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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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, 2003 and 2002, 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 23, 2004 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. 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.
/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountant
Gadsden, Alabama
February 23, 2004
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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, 2003 and 2002, 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 27, 2004 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. 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.
/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountants
Gadsden, Alabama
February 27, 200
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
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, 2003 and 2002, 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 19, 2004 on our consideration of Meadowcrest Apartments, Ltd.'s internal control over financial reporting and on our tests of its compliance with certain provisions of laws and regulations. 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.
/s/ Donald W. Causey & Associates, P.C.
Certified Public Accountants
Gadsden, Alabama
February 19, 2004
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, 2003 and 2002, and the related statements of income, 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 audits in accordance with auditing standards generally accepted in the United States of America 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 Seneca Apartments, L.P. as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our report dated February 19, 2004 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, regulations, and contracts. Those reports are 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 audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The Supplemental Letter on pages 15-17 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 19, 2004
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, 2003 and 2002, and the related statements of income, 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 audits in accordance with auditing standards generally accepted in the United States of America 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 Carthage Seniors, L.P. as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our report dated February 19, 2004 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, regulations and contracts. These reports are 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 conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The Supplemental Letter on pages 15-17 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 19, 2004
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, 2003 and 2002, and the related statements of income, 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 audits in accordance with auditing standards generally accepted in the United States of America 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 Southwest City Apartments, L.P. as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our report dated February 19, 2004 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, regulations, and contracts. Those reports are 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 conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The Supplemental Letter on pages 15-17 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 19, 2004
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, 2003 and 2002, and the related statements of income, 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 audits in accordance with auditing standards generally accepted in the United States of America 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 Pineville Apartments, L.P. as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our report dated February 19, 2004 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, regulations, and contracts. Those reports are 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 audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The Supplemental Letter on pages 15-17 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 19, 2004
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, 2003 and 2002, and the related statements of income, 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 audits in accordance with auditing standards generally accepted in the United States of America 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 Monett Seniors, L.P. as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our report dated February 19, 2004 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, regulations, and contracts. Those reports are 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 audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The Supplemental Letter on pages 15-17 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 19, 2004
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, 2003 and 2002, and the related statements of income, 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 audits in accordance with auditing standards generally accepted in the United States of America 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 Columbus Seniors, L.P. as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our report dated February 19, 2004 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, regulations, and contracts. Those reports are 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 conducted for the purpose of forming and opinion on the basic financial statements taken as a whole. The Supplemental Letter on pages 15-17 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 19, 2004
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, 2003 and 2002, and the related statements of income, 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 audits in accordance with auditing standards generally accepted in the United States of America 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 Arma Seniors, L.P. as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with GOVERNMENT AUDITING STANDARDS, we have also issued our report dated February 19, 2004 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, regulations, and contracts. Those reports are 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 conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The Supplemental Letter on pages 15-17 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 19, 2004
Doubet and Gordon CPA's, LLP
603 West Cherokee Street
Wagoner, OK 74467
PHONE: 918-485-8085
FAX: 918-485-3092
INDEPENDENT AUDITORS' REPORT
---------------------------------
To the Partners
of Yorkshire Retirement Village:
We have audited the accompanying balance sheet of Yorkshire Retirement Village (an Oklahoma Limited Partnership) as of December 31, 2003 and 2002 and the related statement of operations, partners' equity, and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America 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 Yorkshire Retirement Village as of December 31, 2003 and 2002 and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken 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 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 March 27, 2004 on our consideration of Yorkshire Retirement Village's compliance and on internal control over financial reporting. 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 my audit.
/s/ Doubet and Gordon CPA's, LLP
Wagoner, OK 74467
March 27, 2004
Chester M. Kearney, CPA
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations, partners' deficit and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated January 30, 2004 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, 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 conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information 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/ Chester M. Kearney
Certified Public Accountants
Presque Isle, Maine
January 30, 2004
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 sheets of Scarlett Oaks Limited Partnership as of December 31, 2003, and 2002, 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 audits in accordance with auditing standards generally accepted in the United States of America 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, 2003, and 2002, and the results of its operations, changes in partners' equity and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, I have also issued a report dated February 23, 2004, on my consideration of Scarlett Oaks Limited Partnership's internal control and a report dated February 23, 2004 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.
/s/ Richard A. Strauss, P.A.
Certified Public Accountant
February 23, 2004
David G. Pelliccione, C.P.A., P.C.
329 Commercial Drive, Suite 120
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, 2003 and 2002 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 audit.
We conducted our audit in accordance with generally accepted auditing standards of the United States and Government Auditing Standards issued by the Comptroller General of the United States. These 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles of the United States.
In accordance with Government Auditing Standards, we have also issued our report dated February 26, 2004, 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 through 12 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, C.P.A., P.C.
Certified Public Accountants
Savannah, Georgia
February 26, 2004
K.B. Parrish & Co. LLP
6840 Eagle Highlands Way
Indianapolis, IN 46254-2693
PHONE: 317-347-5200
FAX: 317-347-5211
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America, 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, 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, 2003 and 2002, and the results of its operations, changes in partnership capital (deficit), and cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 9, 2004, on our consideration of the partnership's internal control over financial reporting and our tests of its compliance with laws and regulations. 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.
Respectfully submitted,
/s/ K.B. Parrish & Company LLP
Certified Public Accountants
Indianapolis, Indiana
January 9, 2004
Scheiner, Mister & Grandizio, P.A.
1122 Kenilworth Drive, Suite 413
Towson, MD 21204
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002, and the results of its operations, changes in partners' capital, and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued reports dated January 16, 2004 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. These reports are an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering results of our audit.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information shown on pages 9 - 9A 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 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/ Scheiner, Mister & Grandizio, P.A.
Certified Public Accountants
January 16, 2004
Fentress, Brown, CPAs & Associates, LLC
8001 Ravines Edge Court, Suite 112
Columbus, OH 43235-5423
PHONE: 614-825-0011
FAX: 614-825-0014
INDEPENDENT AUDITORS' REPORT
--------------------------------
To the Partners of Rural Housing Service
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, 2003 and 2002, and the related statements of income, 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 auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the U.S. Department of Agriculture, Farmers Home Administration "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, the 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 Bryan Senior Village Limited Partnership, DBA Plaza Senior Village Apartments, Case No. 41-086-341561720, at December 31, 2003 and 2002, and the results of its operations, and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program,", issued in December 1989, we have also issued a report dated January 30, 2004, on our consideration of Bryan Senior Village Limited Partnership's internal control and on compliance with specific requirements applicable to Rural Housing Service Programs. Those reports are 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.
/s/ Fentress, Brown, CPAs & Associates, LLC
Certified Public Accountants
Columbus, Ohio
January 30, 2004
Fentress, Brown, CPAs & Associates, LLC
8001 Ravines Edge Court, Suite 112
Columbus, OH 43235-5423
PHONE: 614-825-0011
FAX: 614-825-0014
INDEPENDENT AUDITORS' REPORT
------------------------------
To the Partners of Rural Housing Service
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. 41-012-341561718, as of December 31, 2003 and 2002, and the related statements of income, 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 auditing standards generally accepted in the United States of America, 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," 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 Brubaker Square Limited Partnership, DBA Brubaker Square Apartments, Case No. 41-012-341561718, at December 31, 2003 and 2002, and the results of its operations, and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program,", issued in December 1989, we have also issued a report dated January 30, 2004, on our consideration of Brubaker Square Limited Partnership's internal control and on compliance with specific requirements applicable to Rural Housing Service Programs. Those reports are 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.
/s/ Fentress, Brown, CPAs & Associates, LLC
Certified Public Accountants
Columbus, Ohio
January 30, 2004
Fentress, Brown, CPAs & Associates, LLC
8001 Ravines Edge Court, Suite 112
Columbus, OH 43235-5423
PHONE: 614-825-0011
FAX: 614-825-0014
INDEPENDENT AUDITORS' REPORT
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To the Partners of Rural Housing Service
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, 2003 and 2002, and the related statements of income, 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 auditing standards generally accepted in the United States of America and 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," 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, the 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, 2003 and 2002, and the results of its operations, and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program," issued in December 1989, we have also issued a report dated January 30, 2004, on our consideration of Villa Allegra Limited Partnership's internal control and on compliance with specific requirements applicable to Rural Housing Service Programs. Those reports are 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.
/s/ Fentress, Brown, CPAs & Associates, LLC
Certified Public Accountants
Columbus, Ohio
January 30, 2004
Fentress, Brown, CPAs & Associates, LLC
8001 Ravines Edge Court, Suite 112
Columbus, OH 43235-5423
PHONE: 614-825-0011
FAX: 614-825-0014
INDEPENDENT AUDITORS' REPORT
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To the Partners of Rural Housing Service
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, 2003 and 2002, and the related statements of income, 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 auditing standards generally accepted in the United States of America, 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," 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, the 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, 2003 and 2002, and the results of its operations, and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program," issued in December 1989, we have also issued a report dated January 30, 2004, on our consideration of Logan Place Limited Partnership's internal control and on compliance with specific requirements applicable to Rural Housing Service Programs. Those reports are 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.
Fentress, Brown, CPA's & Associates, LLC
Certified Public Accountants
Columbus, Ohio
January 30, 2004
Duggan, Joiner & Company
334 N.W. Third Avenue
Ocala, FL 34475
PHONE: 352-732-0171
FAX: 352-867-1370
INDEPENDENT AUDITORS' REPORT
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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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America 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, 2003 and 2002 and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated January 30, 2004 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. 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 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 15 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 14 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 15, 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 30, 2004
Brenda P. McElwee, P.C.
P.O. Box 2260
Rockport, TX 78381
PHONE: 361-729-9150
FAX: 361-729-9216
INDEPENDENT AUDITORS' REPORT
---------------------------------
To the Partners
Elkhart Apartments Limited
We have audited the accompanying balance sheet of Elkhart Apartments, Ltd. (a Texas Limited Partnership) Project No: 49-001-752291250-01-7 as of December 31, 2003, and the related statements of partners' equity (deficit), operations, 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 Elkhart Apartments, Ltd. as of December 31, 2002 were audited by other auditors whose report dated April 18, 2003 expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America 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 Elkhart Apartments, Ltd. as of December 31, 2003, and the results of its operations, changes in partners' equity (deficit) and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 11-12 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 April 6, 2004 on our consideration of Elkhart Apartments, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws and contracts. This 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.
/s/ Brenda P. McElwee, P.C.
Certified Public Accountant
April 6, 2004
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 Partners
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, 2002 and 2001, 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 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 auditing standards generally accepted in the United States of America, 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, 2002 and 2001, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated April 18, 2003 on our consideration of the Elkhart Apartments Limited's compliance and on internal control over financial reporting and our tests of its compliance with certain 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 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 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.
/s/ Smith, Lambright & Associates, P.C.
Certified Public Accountants
April 18, 2003
Brenda P. McElwee, P.C.
P.O. Box 2260
Rockport, TX 78381
PHONE: 361-729-9150
FAX: 361-729-9216
INDEPENDENT AUDITORS' REPORT
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To the Partners
South Timber Ridge Apartments, Ltd.
We have audited the accompanying balance sheet of South Timber Ridge Apartments, Ltd. (a Texas Limited Partnership) Project No: 50-007-752224177-01-0 as of December 31, 2003, and the related statements of partners' equity (deficit), operations, 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 statement of South Timber Ridge Apartments, Ltd. as of December 31, 2002 were audited by other auditors whose report dated May 23, 2003 expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America 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 South Timber Ridge Apartments, Ltd. as of December 31, 2003, and the results of its operations, changes in partners' equity (deficit) and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 11-12 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 financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report dated March 29, 2004 on our consideration of South Timber Ridge Apartments, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws and contracts. This 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.
/s/ Brenda P. McElwee, P.C.
Certified Public Accountant
March 29, 2004
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
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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, 2002 and 2001, 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 auditing standards generally accepted in the United States of America, 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, 2002 and 2001, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated May 23, 2003 on our consideration of South Timber Ridge Apartments, Ltd.'s compliance and on internal control over financial reporting and our tests of its compliance with certain 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 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 information is presented for purposes of additional analysis 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.
/s/ Smith, Lambright & Associates, P.C.
Certified Public Accountant
May 23, 2003
Brenda P. McElwee, P.C.
P.O. Box 2260
Rockport, TX 78381
PHONE: 361-729-9150
FAX: 361-729-9216
INDEPENDENT AUDITORS' REPORT
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To the Partners
Heritage Drive South, Ltd.
We have audited the accompanying balance sheet of Heritage Drive South, Ltd. (a Texas Limited Partnership) Project No: 49-037-752220298-01-4 as of December 31, 2003, and the related statements of partners' equity (deficit), operations, 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 Drive South, Ltd. as of December 31, 2002 were audited by other auditors whose report dated May 15, 2003 expressed an unqualified opinion on those statements.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America 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 Heritage Drive South, Ltd. as of December 31, 2003, and the results of its operations, changes in partners' equity (deficit) and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 11-12 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 April 9, 2004 on our consideration of Heritage Drive South, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws and contracts. This 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.
/s/ Brenda P. McElwee, P.C.
Certified Public Accountants
April 9, 2004
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
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To the Partners
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, 2002 and 2001, 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 auditing standards generally accepted in the United States of America, 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 Heritage Drive South, Limited as of December 31, 2002 and 2001, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated May 15, 2003 on our consideration of Heritage Drive South, Limited's compliance and on internal control over financial reporting and our tests of its compliance with certain 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 performed for the purpose of forming an opinion on the financial statements of Heritage Drive South, Limited, taken as a whole. The accompanying supplemental information is presented for purposes of additional analysis 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.
/s/ Smith, Lambright & Associates. P.C.
Certified Public Accountants
May 15, 20
Miller, Mayer, Sullivan & Stevens LLP
2365 Harrodsburg Rd.
Lexington, KY 40504-3399
PHONE: 859-223-3095
FAX: 859-223-2143
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, 2003 and 2002 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 auditing standards generally accepted in the United States of America 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 Goodwater Falls, Ltd. as of December 31, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated February 4, 2004 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. 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 conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying 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 fairly stated, 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
February 4, 2004
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, 2003 and 2002, 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 auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in 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, 2003 and 2002, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated January 26, 2004, on our consideration of the internal control structure of Frankston Retirement, Ltd.-(A Texas Limited Partnership) 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.
Lou Ann Montey and Associates, P.C.
Certified Public Accountants
Austin, Texas
January 26, 2004
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, 2003 and 2002, and the related statements 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 auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated February 4, 2004, on our consideration of the internal control structure of Wallis Housing, Ltd.-(A Texas Limited Partnership) 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.
Lou Ann Montey and Associates, P.C.
Certified Public Accountants
Austin, Texas
February 4, 2004
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
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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, 2003 and 2002 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 auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in 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, 2003 and 2002, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated February 5, 2004, on our consideration of the internal control structure of Menard Retirement, Ltd.-(A Texas Limited Partnership) 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.
Lou Ann Montey and Associates, P.C.
Certified Public Accountants
Austin, Texas
February 5, 2004
Item 9. Changes in and disagreements with Accountants on Accounting and Financial Disclosures
None.
Item 9a. Controls and Procedures
Within 90 days prior to the filing of this report, under the supervision and with the participation of the Partnership's management, including the Partnership's chief executive and chief financial officers, an evaluation of the effectiveness of the Partnership's disclosure controls and procedures (as defined in Rule 13a-14(c) under the Securities and Exchange Act of 1934) was performed. Based on this evaluation, such officers have concluded that the Partnership's disclosure controls and procedures were effective as of the date of that evaluation in alerting them in a timely manner to material information relating to the Partnership required to be included in this report and the Partnership's other reports that it files or submits under the Securities Exchange Act of 1934. There were no significant changes in the Partnership's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation.
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 59, 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 se
minars relating to the low-income housing credit.
J. Davenport Mosby, age 47, 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.
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, 2004.
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, 2004, 2003 and 2002 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.
|
|
2004 |
2003 |
2002 |
|
Series 2 |
$ 67,822 |
$ 68,021 |
$ 68,197 |
|
Series 3 |
63,022 |
62,667 |
62,892 |
|
Series 4 |
77,448 |
77,271 |
77,474 |
|
Series 5 |
95,180 |
95,480 |
95,755 |
|
Series 6 |
104,953 |
105,376 |
105,753 |
|
Total |
$ 408,425 |
$ 408,815 |
$ 410,071 |
General and Administrative Expenses - The Managing General Partner is reimbursed for general and administrative expenses of Gateway on an accountable basis. This expense is included in the Statements of Operations.
|
2004 |
2003 |
2002 |
|
|
Series 2 |
$ 32,065 |
$ 18,483 |
$ 11,737 |
|
Series 3 |
33,523 |
19,323 |
12,271 |
|
Series 4 |
42,266 |
24,365 |
15,471 |
|
Series 5 |
52,470 |
30,245 |
19,205 |
|
Series 6 |
55,384 |
31,926 |
20,272 |
| Total |
$ 215,708 |
$ 124,342 |
$ 78,956 |
|
|
========= |
========= |
========= |
Item 14. Principal Accounting Fees & Services
The aggregate fees billed by the Partnership's principal accounting firm, Spence, Marston, Bunch, Morris and Co., for professional services rendered for the audit of the annual financial statements and review of financial statements included in the Partnerships quarterly reports on Form 10-Q for the years ended March 31, 2004 and 2003 were $24,925 and $24,500, respectively.
Tax - During fiscal 2004 and 2003, Spence, Marston, Bunch, Morris & Co. was engaged to prepare the Partnership's federal tax return, for which they billed $6,500 for each year.
Other Fees - The Company's Audit Committee Charter requires that the Committee approve the engagement of the principal auditing firm prior to the rendering of any audit or non-audit services. During fiscal 2004, 100% of the audit related and other fees and 100% of the tax fees were pre-approved by the Audit Committee.
PART IV
Item 15. 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
5.10 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, 2003
SERIES 2
|
Apartment Properties |
|
|
|
|
Claxton Elderly Deerfield II Hartwell Family Cherrytree Apts. Springwood Apts. Lakeshore Apts. Lewiston Charleston Sallisaw II Pocola Inverness Club Pearson Elderly Richland Elderly Lake Park Woodland Terrace Mt. Vernon Elderly Lakeland Elderly Prairie Apartments Sylacauga Heritage Manchester Housing Durango C.W.W. Columbus Sr. |
Claxton, GA Douglas, GA Hartwell, GA Albion, PA Westfield, NY Tuskegee, AL Lewiston, NY Charleston, AR Sallisaw, OK Pocola, OK Inverness, FL Pearson, GA Richland, GA Lake Park, GA Waynesboro, GA Mt. Vernon, GA Lakeland, GA Eagle Butte, SD Sylacauga, AL Manchester, GA Durango, CO Columbus, KS |
24 24 24 33 32 34 25 32 47 36 72 25 33 48 30 21 29 21 44 49 24 16 |
$ 650,594 693,691 697,104 1,185,983 1,237,979 1,041,632 988,543 833,262 1,183,387 975,990 2,954,137 618,193 857,482 1,468,888 877,450 567,380 771,010 965,104 1,369,873 1,439,766 1,023,540 431,580 |
|
------------ |
|||
|
$ 22,832,568 |
|||
|
============ |
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, 2003
SERIES 2
|
Apartment Properties |
Cost At Acquisition |
||
|
|
|
|
Net Improvements |
|
Claxton Elderly Deerfield II Hartwell Family Cherrytree Apts. Springwood Apts. Lakeshore Apts. Lewiston Charleston Sallisaw II Pocola Inverness Club Pearson Elderly Richland Elderly Lake Park Woodland Terrace Mt. Vernon Elderly Lakeland Elderly Prairie Apartments Sylacauga Heritage Manchester Housing Durango C.W.W. Columbus Sr. |
$ 33,400 33,600 22,700 62,000 21,500 28,600 38,400 16,000 37,500 22,500 205,500 15,000 31,500 88,000 36,400 21,750 28,000 66,500 66,080 36,000 140,250 64,373 |
$ 766,138 820,962 836,998 1,376,297 1,451,283 1,238,749 1,178,185 1,060,098 1,480,089 1,223,370 3,111,565 767,590 1,027,512 1,710,725 1,047,107 680,437 930,574 1,150,214 1,648,081 1,746,076 1,123,454 444,257 |
$ 0 0 0 19,769 91,227 23,748 17,350 0 0 0 179,759 (1,130) (1,141) (4,183) (2,548) (1,252) (2,759) 71,734 60,511 2,208 65,668 20,593 |
|
----------- |
------------ |
------------ |
|
|
$1,115,553 |
$26,819,761 |
$ 539,554 |
|
|
=========== |
============ |
============ |
|
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, 2003
SERIES 2
|
Apartment Properties |
Gross Amount At Which Carried At December 31, 2003 |
||
|
|
|
Buildings, |
|
|
Claxton Elderly Deerfield II Hartwell Family Cherrytree Apts. Springwood Apts. Lakeshore Apts. Lewiston Charleston Sallisaw II Pocola Inverness Club Pearson Elderly Richland Elderly Lake Park Woodland Terrace Mt. Vernon Elderly Lakeland Elderly Prairie Apartments Sylacauga Heritage Manchester Housing Durango C.W.W. Columbus Sr. |
$ 33,400 33,600 22,700 62,000 24,017 28,600 38,400 16,000 37,500 22,500 205,500 15,000 31,500 88,000 36,400 21,750 28,000 82,474 66,080 36,000 140,250 69,607 |
$ 766,138 820,962 836,998 1,396,066 1,539,993 1,262,497 1,195,535 1,060,098 1,480,089 1,223,370 3,291,324 766,460 1,026,371 1,706,542 1,044,559 679,185 927,815 1,205,974 1,708,592 1,748,284 1,189,122 459,616 |
$ 799,538 854,562 859,698 1,458,066 1,564,010 1,291,097 1,233,935 1,076,098 1,517,589 1,245,870 3,496,824 781,460 1,057,871 1,794,542 1,080,959 700,935 955,815 1,288,448 1,774,672 1,784,284 1,329,372 529,223 |
|
----------- |
------------ |
------------ |
|
|
$1,139,278 |
$27,335,590 |
$28,474,868 |
|
|
=========== |
============ |
============ |
|
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, 2003
SERIES 2
|
Apartment Properties |
|
|
|
Claxton Elderly Deerfield II Hartwell Family Cherrytree Apts. Springwood Apts. Lakeshore Apts. Lewiston Charleston Sallisaw II Pocola Inverness Club Pearson Elderly Richland Elderly Lake Park Woodland Terrace Mt. Vernon Elderly Lakeland Elderly Prairie Apartments Sylacauga Heritage Manchester Housing Durango C.W.W. Columbus Sr. |
374,381 402,800 413,089 473,125 539,855 448,208 396,924 582,435 793,187 601,301 1,530,383 346,248 458,045 796,908 470,254 307,249 415,535 474,556 615,970 773,009 413,898 255,435 |
5-27.5 5-27.5 5-27.5 5-27.5 5-40 5-40 5-40 5-25 5-25 5-27.5 5-27.5 5-30 5-30 5-30 5-30 5-30 5-30 5-40 5-40 5-30 5-40 5-27.5 |
|
----------- |
||
|
$11,882,795 |
||
|
=========== |
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, 2003
SERIES 3
|
Apartment Properties |
|
|
Mortgage |
|
Poteau II Sallisaw Nowata Properties Waldron Properties Roland II Stilwell Birchwood Apts. Hornellsville Sunchase II CE McKinley II Weston Apartments Countrywood Apts. Wildwood Apts. Hancock Hopkins Elkhart Apts. Bryan Senior Brubaker Square Southwood Villa Allegra Belmont Senior Heritage Villas Logansport Seniors |
Poteau, OK Sallisaw, OK Oolagah, OK Waldron, AR Roland, OK Stilwell, OK Pierre, SD Arkport, NY Watertown, SD Rising Sun, MD Weston, AL Centreville, AL Pineville, LA Hawesville, KY Madisonville, KY Elkhart, TX Bryan, OH New Carlisle, OH Savannah, TN Celina, OH Cynthiana, KY Helena, GA Logansport, LA |
52 52 32 24 52 48 24 24 41 16 10 40 28 12 24 54 40 38 44 32 24 25 32 |
$ 1,284,272 1,297,915 847,908 632,176 1,296,328 1,178,418 779,692 883,836 1,176,697 586,880 271,009 1,184,216 839,809 355,562 730,642 1,113,479 1,057,407 1,102,852 1,471,803 884,163 751,145 670,384 1,138,865 |
|
------------ |
|||
|
$21,535,458 |
|||
|
============ |
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, 2003
SERIES 3
|
Apartment Properties |
Cost At Acquisition |
||
|
|
|
|
Net Improvements |
|
Poteau II Sallisaw Nowata Properties Waldron Properties Roland II Stilwell Birchwood Apts. Hornellsville Sunchase II CE McKinley II Weston Apartments Countrywood Apts. Wildwood Apts. Hancock Hopkins Elkhart Apts. Bryan Senior Brubaker Square Southwood Villa Allegra Belmont Senior Heritage Villas Logansport Seniors |
$ 76,827 70,000 45,500 26,000 70,000 37,500 116,740 41,225 113,115 11,762 0 55,750 48,000 20,700 43,581 35,985 74,000 75,000 15,000 35,000 43,600 21,840 27,621 |
$ 1,712,321 1,674,103 1,102,984 834,273 1,734,010 1,560,201 885,923 1,018,523 1,198,373 745,635 339,144 1,447,439 1,018,897 419,725 885,087 1,361,096 1,102,728 1,376,075 1,769,334 1,097,214 891,543 801,128 1,058,773 |
$ 0 0 0 0 0 0 70,312 95,099 92,449 71,486 7,063 86,791 29,682 0 (1,412) 252,907 11,564 7,941 18,860 18,408 0 1,791 298,357 |
|
----------- |
------------ |
------------ |
|
|
$1,104,746 |
$26,034,529 |
$1,061,298 |
|
|
=========== |
============ |
============ |
|
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, 2003
SERIES 3
|
Apartment Properties |
Gross Amount At Which Carried At December 31, 2003 |
||
|
|
|
Buildings, |
|
|
Poteau II Sallisaw Nowata Properties Waldron Properties Roland II Stilwell Birchwood Apts. Hornellsville Sunchase II CE McKinley II Weston Apartments Countrywood Apts. Wildwood Apts. Hancock Hopkins Elkhart Apts. Bryan Senior Brubaker Square Southwood Villa Allegra Belmont Senior Heritage Villas Logansport Seniors |
$ 76,827 70,000 45,500 26,000 70,000 37,500 125,832 41,225 118,103 11,749 0 55,750 48,000 20,700 43,581 23,378 74,000 75,000 15,000 35,000 43,600 21,840 27,621 |
$ 1,712,321 1,674,103 1,102,984 834,273 1,734,010 1,560,201 947,143 1,113,622 1,285,834 817,134 346,207 1,534,230 1,048,579 419,725 883,675 1,626,610 1,114,292 1,384,016 1,788,194 1,115,622 891,543 802,919 1,357,130 |
$ 1,789,148 1,744,103 1,148,484 860,273 1,804,010 1,597,701 1,072,975 1,154,847 1,403,937 828,883 346,207 1,589,980 1,096,579 440,425 927,256 1,649,988 1,188,292 1,459,016 1,803,194 1,150,622 935,143 824,759 1,384,751 |
|
----------- |
------------ |
------------ |
|
|
$1,106,206 |
$27,094,367 |
$28,200,573 |
|
|
=========== |
============ |
============ |
|
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, 2003
SERIES 3
|
|
|
|
|
Poteau II Sallisaw Nowata Properties Waldron Properties Roland II Stilwell Birchwood Apts. Hornellsville Sunchase II CE McKinley II Weston Apartments Countrywood Apts. Wildwood Apts. Hancock Hopkins Elkhart Apts. Bryan Senior Brubaker Square Southwood Villa Allegra Belmont Senior Heritage Villas Logansport Seniors |
$ 1,073,995 1,019,737 663,634 501,934 1,081,419 964,615 432,245 616,602 575,815 466,708 199,259 841,500 530,813 204,838 431,266 827,453 678,212 774,348 841,135 635,800 309,811 367,479 377,041 |
5-25 5-25 5-25 5-25 5-25 5-25 5-40 5-27.5 5-40 5-27.5 5-27.5 5-27.5 5-30 5-27.5 5-27.5 5-25 5-27.5 5-27.5 5-50 5-27.5 5-40 5-30 5-40 |
|
----------- |
||
|
$14,415,659 |
||
|
=========== |
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, 2003
SERIES 4
|
Apartment Properties |
|
|
Mortgage |
|
Alsace Village Seneca Apartments Eudora Senior Westville Wellsville Senior Stilwell II Spring Hill Senior Smithfield Tarpon Heights Oaks Apartments Wynnwood Common Chestnut Apartments St. George Williston Brackettville Sr. Sonora Seniors Ozona Seniors Fredericksburg Sr. St. Joseph Courtyard Rural Development Jasper Villas Edmonton Senior Jonesville Manor Norton Green Owingsville Senior Timpson Seniors Piedmont S.F. Arkansas City |
Soda Springs, ID Seneca, MO Eudora, KS Westville, OK Wellsville, KS Stilwell, OK Spring Hill, KS Smithfield, UT Galliano, LA Oakdale, LA Fairchance, PA Howard, SD St. George, SC Williston, SC Brackettville, TX Sonora, TX Ozona, TX Fredericksburg,TX St. Joseph, IL Huron, SD Ashland, ME Jasper, AR Edmonton, KY Jonesville, VA Norton, VA Owingsville, KY Timpson, TX Barnesville, GA Arkansas City, KS |
24 24 36 36 24 52 24 40 48 32 34 24 24 24 32 32 24 48 24 21 25 25 24 40 40 22 28 36 12 |
$ 630,862 602,129 948,614 850,187 641,016 1,275,280 689,566 1,523,154 1,392,160 817,625 1,356,767 846,320 745,584 790,178 813,536 834,429 624,966 1,191,674 819,455 704,300 1,194,251 850,224 747,235 1,336,779 1,327,695 699,078 666,214 1,032,185 338,223 |
|
------------ |
|||
|
$26,289,686 |
|||
|
============ |
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, 2003
SERIES 4
|
Apartment Properties |
Cost At Acquisition |
||
|
|
|
|
Net Improvements |
|
Alsace Village Seneca Apartments Eudora Senior Westville Wellsville Senior Stilwell II Spring Hill Senior Smithfield Tarpon Heights Oaks Apartments Wynnwood Common Chestnut Apartments St. George Williston Brackettville Sr. Sonora Seniors Ozona Seniors Fredericksburg Sr. St. Joseph Courtyard Rural Development Jasper Villas Edmonton Senior Jonesville Manor Norton Green Owingsville Senior Timpson Seniors Piedmont S.F. Arkansas City |
$ 15,000 76,212 50,000 27,560 38,000 30,000 49,800 82,500 85,000 42,000 68,000 57,200 22,600 25,000 28,600 51,000 40,000 45,000 28,000 24,500 38,200 27,000 40,000 100,000 120,000 28,000 13,500 29,500 16,800 |
$ 771,590 640,702 1,207,482 1,074,126 772,971 1,627,974 986,569 1,698,213 1,408,434 989,522 1,578,814 977,493 915,400 959,345 963,366 962,315 719,843 1,357,563 940,580 810,110 1,361,892 1,067,890 866,714 1,578,135 1,535,373 820,044 802,416 1,259,547 395,228 |
$ 44,778 37,107 22,551 0 (1) 0 0 109,920 769,580 500,637 55,100 39,605 1,024 14,874 50,297 33,717 42,246 41,689 8,303 38,253 28,911 12,272 0 73,189 105,810 5,250 0 0 0 |
|
----------- |
------------ |
------------ |
|
|
$1,298,972 |
$31,049,651 |
$2,035,112 |
|
|
=========== |
============ |
============ |
|
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, 2003
SERIES 4
|
Apartment Properties |
Gross Amount At Which Carried At December 31, 2003 |
||
|
|
|
Buildings, |
|
|
Alsace Village Seneca Apartments Eudora Senior Westville Wellsville Senior Stilwell II Spring Hill Senior Smithfield Tarpon Heights Oaks Apartments Wynnwood Common Chestnut Apartments St. George Williston Brackettville Sr. Sonora Seniors Ozona Seniors Fredericksburg Sr. St. Joseph Courtyard Rural Development Jasper Villas Edmonton Senior Jonesville Manor Norton Green Owingsville Senior Timpson Seniors Piedmont S.F. Arkansas City |
$ 15,000 77,721 64,278 27,560 38,000 30,000 49,800 115,040 85,000 42,000 81,233 63,800 22,600 25,000 28,600 51,000 40,000 45,000 28,000 29,090 38,200 27,000 40,000 100,000 120,000 28,000 13,500 29,500 16,800 |
$ 816,368 676,300 1,215,755 1,074,126 772,970 1,627,974 986,569 1,775,593 2,178,014 1,490,159 1,620,681 1,010,498 916,424 974,219 1,013,663 996,032 762,089 1,399,252 948,883 843,773 1,390,803 1,080,162 866,714 1,651,324 1,641,183 825,294 802,416 1,259,547 395,228 |
$ 831,368 754,021 1,280,033 1,101,686 810,970 1,657,974 1,036,369 1,890,633 2,263,014 1,532,159 1,701,914 1,074,298 939,024 999,219 1,042,263 1,047,032 802,089 1,444,252 976,883 872,863 1,429,003 1,107,162 906,714 1,751,324 1,761,183 853,294 815,916 1,289,047 412,028 |
|
----------- |
------------ |
------------ |
|
|
$1,371,722 |
$33,012,013 |
$34,383,735 |
|
|
=========== |
============ |
============ |
|
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, 2003
SERIES 4
|
Apartment Properties |
|
|
|
Alsace Village Seneca Apartments Eudora Senior Westville Wellsville Senior Stilwell II Spring Hill Senior Smithfield Tarpon Heights Oaks Apartments Wynnwood Common Chestnut Apartments St. George Williston Brackettville Sr. Sonora Seniors Ozona Seniors Fredericksburg Sr. St. Joseph Courtyard Rural Development Jasper Villas Edmonton Senior Jonesville Manor Norton Green Owingsville Senior Timpson Seniors Piedmont S.F. Arkansas City |
$ 416,143 402,200 584,143 525,933 381,937 797,813 534,584 579,650 516,616 370,453 558,593 406,074 474,533 485,645 301,486 313,290 228,524 434,275 463,276 395,200 701,108 375,224 296,422 801,010 824,683 278,465 276,223 443,859 192,840 |
5-27.5 5-27.5 5-27.5 5-27.5 5-25 5-27.5 5-25 5-40 5-40 5-40 5-40 5-40 5-27.5 5-27.5 5-40 5-40 5-40 5-40 5-27.5 5-27.5 5-27.5 5-40 5-40 5-27.5 5-27.5 5-40 5-40 5-27.5 5-27.5 |
|
----------- |
||
|
$13,360,202 |
||
|
=========== |
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, 2003
SERIES 5
|
Apartment Properties |
|
|
|
|
Seymour Effingham S.F. Winfield S.F.Medicine Lodge S.F. Ottawa S.F. Concordia Highland View Carrollton Club Scarlett Oaks Brooks Hill Greensboro Greensboro II Pine Terrace Shellman Blackshear Crisp Properties Crawford Yorkshire Woodcrest Fox Ridge Redmont II Clayton Alma Pemberton Village Magic Circle Spring Hill Menard Retirement Wallis Housing Zapata Housing Mill Creek Portland II Georgetown Cloverdale S. Timber Ridge Pineville Ravenwood |
Seymour, IN Effingham, IL Winfield, KS Medicine Lodge,KS Ottawa, KS Concordia, KS Elgin, OR Carrollton, GA Lexington, SC Ellijay, GA Greensboro, GA Greensboro, GA Wrightsville, GA Shellman, GA Cordele, GA Cordele, GA Crawford, GA Wagoner, OK South Boston, VA Russellville, AL Red Bay, AL Clayton, OK Alma, AR Hiawatha, KS Eureka, KS Spring Hill, KS Menard, TX Wallis, TX Zapata, TX Grove, OK Portland, IN Georgetown, OH Chandler, TX Cloverdale, IN Pineville, MO Americus, GA |
37 24 12 16 24 20 24 78 40 44 24 33 25 27 46 31 25 60 40 24 24 24 24 24 24 36 24 24 40 60 20 24 24 44 12 24 |
$ 1,225,695 795,548 329,885 450,309 567,030 551,723 707,344 2,651,042 1,374,246 1,446,196 724,474 892,343 718,849 731,154 1,305,951 921,827 736,894 2,061,826 1,267,343 728,896 688,171 661,646 726,079 631,653 647,456 1,115,285 621,697 412,215 968,741 1,418,615 577,046 733,351 750,490 1,053,776 316,594 718,525 |
|
------------ |
|||
|
$32,229,915 |
|||
|
============ |
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, 2003
SERIES 5
|
Apartment Properties |
Cost At Acquisition |
||
|
|
|
|
Net Improvements |
|
Seymour Effingham S.F. Winfield S.F.Medicine Lodge S.F. Ottawa S.F. Concordia Highland View Carrollton Club Scarlett Oaks Brooks Hill Greensboro Greensboro II Pine Terrace Shellman Blackshear Crisp Properties Crawford Yorkshire Woodcrest Fox Ridge Redmont II Clayton Alma Pemberton Village Magic Circle Spring Hill Menard Retirement Wallis Housing Zapata Housing Mill Creek Portland II Georgetown Cloverdale S. Timber Ridge Pineville Ravenwood |
$ 59,500 38,500 18,000 21,600 25,200 28,000 16,220 248,067 44,475 0 15,930 21,330 14,700 13,500 60,000 48,000 16,600 100,000 70,000 39,781 25,000 35,600 45,000 12,020 22,660 70,868 21,000 13,900 44,000 28,000 43,102 0 40,000 43,705 59,661 14,300 |
$ 1,452,557 940,327 382,920 542,959 687,929 658,961 830,471 722,560 992,158 214,335 61,495 92,063 196,071 512,531 413,143 578,709 187,812 2,212,045 842,335 848,996 814,432 835,930 912,710 767,228 749,504 1,318,926 721,251 553,230 1,120,538 414,429 410,683 149,483 583,115 1,233,570 328,468 873,596 |
$ 5,645 1,790 1,482 8,365 19,213 8,947 59,863 2,247,274 638,152 1,545,343 788,834 975,271 674,764 375,617 1,129,006 500,362 703,300 298,797 687,623 1,164 1,164 0 0 (2,523) 51,479 59,584 17,099 11,203 78,673 1,299,240 348,670 825,720 363,604 42,716 24,103 13,100 |
|
----------- |
------------ |
------------ |
|
|
$1,418,219 |
$25,157,470 |
$13,804,644 |
|
|
=========== |
============ |
============ |
|
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, 2003
SERIES 5
|
Apartment Properties |
Gross Amount At Which Carried At December 31, 2003 |
||
|
|
|
Buildings, |
|
|
Seymour Effingham S.F. Winfield S.F.Medicine Lodge S.F. Ottawa S.F. Concordia Highland View Carrollton Club Scarlett Oaks Brooks Hill Greensboro Greensboro II Pine Terrace Shellman Blackshear Crisp Properties Crawford Yorkshire Woodcrest Fox Ridge Redmont II Clayton Alma Pemberton Village Magic Circle Spring Hill Menard Retirement Wallis Housing Zapata Housing Mill Creek Portland II Georgetown Cloverdale S. Timber Ridge Pineville Ravenwood |
$ 59,500 38,500 18,000 21,600 25,200 28,000 16,220 248,068 44,475 84,582 15,930 16,845 14,700 13,500 60,000 48,000 16,600 100,788 70,000 39,781 25,000 35,600 45,000 12,020 22,660 70,868 21,000 97,313 46,323 28,000 15,000 50,393 40,000 33,300 60,006 14,300 |
$ 1,458,202 942,117 384,402 551,324 707,142 667,908 890,334 2,969,833 1,630,310 1,675,096 850,329 1,071,819 870,835 888,148 1,542,149 1,079,071 891,112 2,510,054 1,529,958 850,160 815,596 835,930 912,710 764,705 800,983 1,378,510 738,350 481,020 1,196,888 1,713,669 787,455 924,810 946,719 1,286,691 352,226 886,696 |
$ 1,517,702 980,617 402,402 572,924 732,342 695,908 906,554 3,217,901 1,674,785 1,759,678 866,259 1,088,664 885,535 901,648 1,602,149 1,127,071 907,712 2,610,842 1,599,958 889,941 840,596 871,530 957,710 776,725 823,643 1,449,378 759,350 578,333 1,243,211 1,741,669 802,455 975,203 986,719 1,319,991 412,232 900,996 |
|
----------- |
------------ |
------------ |
|
|
$1,597,072 |
$38,783,261 |
$40,380,333 |
|
|
=========== |
============ |
============ |
|
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, 2003
SERIES 5
|
|
|
|
|
Seymour Effingham S.F. Winfield S.F.Medicine Lodge S.F. Ottawa S.F. Concordia Highland View Carrollton Club Scarlett Oaks Brooks Hill Greensboro Greensboro II Pine Terrace Shellman Blackshear Crisp Properties Crawford Yorkshire Woodcrest Fox Ridge Redmont II Clayton Alma Pemberton Village Magic Circle Spring Hill Menard Retirement Wallis Housing Zapata Housing Mill Creek Portland II Georgetown Cloverdale S. Timber Ridge Pineville Ravenwood |
$ 695,311 443,106 189,001 243,723 342,021 326,960 309,430 1,252,460 681,877 687,172 338,546 426,470 358,641 373,562 622,236 448,484 366,321 692,032 506,392 246,511 239,536 389,058 466,772 358,155 365,836 680,933 186,437 244,344 372,481 849,233 299,515 336,295 460,937 641,240 198,113 248,498 |
5-27.5 5-27.5 5-27.5 5-27.5 5-27.5 5-27.5 5-40 5-27.5 5-27.5 5-27.5 5-30 5-30 5-30 5-30 5-30 5-30 5-30 5-50 5-40 5-50 5-50 5-27.5 5-25 5-27.5 5-27.5 5-25 5-30 5-30 5-27.5 5-25 5-27.5 5-50 5-27.5 5-25 5-27.5 5-27.5 |
|
----------- |
||
|
$15,887,639 |
||
|
=========== |
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, 2003
SERIES 6
|
Apartment Properties |
|
|
|
|
Spruce Shannon Apartments Carthage Mt. Crest Coal City Blacksburg Terrace Frazier Ehrhardt Sinton Frankston Flagler Beach Oak Ridge Monett Arma Southwest City Meadowcrest Parsons Newport Village Goodwater Falls Northfield Station Pleasant Hill Square Winter Park Cornell Heritage Drive S. Brodhead Mt. Vilage Hazelhurst Sunrise Stony Creek Logan Place Haines Maple Wood Summerhill Dorchester Lancaster Autumn Village Hardy Dawson |
Pierre, SD O'Neill, NE Carthage, MO Enterprise, OR Coal City, IL Blacksburg, SC Smyrna, DE Ehrhardt, SC Sinton, TX Frankston, TX Flagler Beach, FL Williamsburg, KY Monett, MO Arma, KS Southwest City, MO Luverne, AL Parsons, KS Newport, TN Jenkins, KY Corbin, KY Somerset, KY Mitchell, SD Watertown, SD Jacksonville, TX Brodhead, KY Mt. Vernon, KY Hazlehurst, MS Yankton, SD Hooversville, PA Logan, OH Haines, AK Barbourville, KY Gassville, AR St. George, SC Mountain View, AR Harrison, AR Hardy, AR Dawson, GA |
24 16 24 39 24 32 30 16 32 24 43 24 32 28 12 32 48 40 36 24 24 24 24 40 24 24 32 33 32 40 32 24 28 12 33 16 24 40 |
$ 905,950 530,355 566,733 993,673 968,372 1,074,959 1,458,692 556,320 842,879 555,325 1,371,004 805,097 780,463 711,594 315,747 997,273 1,247,989 1,289,362 1,101,915 791,784 775,536 993,167 862,507 973,285 780,163 777,208 960,807 1,150,702 1,331,140 1,242,305 2,364,192 789,734 789,461 459,641 1,095,090 175,922 304,947 1,176,338 |
|
------------ |
|||
|
$34,867,631 |
|||
|
============ |
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, 2003
SERIES 6
|
Apartment Properties |
Cost At Acquisition |
||
|
|
|
|
Net Improvements |
|
Spruce Shannon Apartments Carthage Mt. Crest Coal City Blacksburg Terrace Frazier Ehrhardt Sinton Frankston Flagler Beach Oak Ridge Monett Arma Southwest City Meadowcrest Parsons Newport Village Goodwater Falls Northfield Station Pleasant Hill Square Winter Park Cornell Heritage Drive S. Brodhead Mt. Vilage Hazelhurst Sunrise Stony Creek Logan Place Haines Maple Wood Summerhill Dorchester Lancaster Autumn Village Hardy Dawson |
$ 60,040 5,000 115,814 64,914 60,055 39,930 51,665 9,020 42,103 30,000 118,575 40,000 170,229 85,512 67,303 72,500 49,780 61,350 32,000 44,250 35,000 95,000 32,000 44,247 21,600 55,000 60,000 90,000 0 39,300 189,323 79,000 23,000 13,000 37,500 20,000 0 40,000 |
$ 108,772 94,494 578,597 1,143,675 1,121,477 1,278,860 1,619,209 671,750 985,010 639,068 1,534,541 995,782 782,795 771,316 319,272 1,130,651 1,483,188 1,470,505 1,142,517 977,220 893,323 1,121,119 1,017,572 1,151,157 932,468 884,596 1,118,734 1,269,252 1,428,656 1,477,527 2,851,953 924,144 788,157 239,455 1,361,272 595,604 473,695 346,569 |
$ 977,920 588,527 52,987 42,771 109,066 53,316 5,968 5,006 25,946 7,863 0 2,184 27,838 32,064 29,263 17,711 0 109,978 240,461 1,091 33,603 70,015 74,424 13,305 17,088 7,504 47,836 70,872 220,627 10,085 367 30,846 33,083 308,747 (12,898) 478 463,249 1,088,404 |
|
----------- |
------------ |
------------ |
|
|
$2,094,010 |
$37,723,952 |
$4,807,595 |
|
|
=========== |
============ |
============ |
|
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, 2003
SERIES 6
|
Apartment Properties |
Gross Amount At Which Carried At December 31, 2003 |
||
|
|
|
Buildings, |
|
|
Spruce Shannon Apartments Carthage Mt. Crest Coal City Blacksburg Terrace Frazier Ehrhardt Sinton Frankston Flagler Beach Oak Ridge Monett Arma Southwest City Meadowcrest Parsons Newport Village Goodwater Falls Northfield Station Pleasant Hill Square Winter Park Cornell Heritage Drive S. Brodhead Mt. Vilage Hazelhurst Sunrise Stony Creek Logan Place Haines Maple Wood Summerhill Dorchester Lancaster Autumn Village Hardy Dawson |
$ 86,308 18,406 116,842 64,914 60,055 39,930 51,665 9,020 42,103 30,000 118,575 40,000 173,213 89,512 80,536 79,100 49,780 61,350 32,000 44,250 29,550 95,556 36,012 37,440 21,600 55,000 60,000 112,363 104,800 39,300 189,323 79,000 23,000 13,000 37,500 20,000 21,250 40,000 |
$ 1,060,424 669,615 630,556 1,186,446 1,230,543 1,332,176 1,625,177 676,756 1,010,956 646,931 1,534,541 997,966 807,649 799,380 335,302 1,141,762 1,483,188 1,580,483 1,382,978 978,311 932,376 1,190,578 1,087,984 1,171,269 949,556 892,100 1,166,570 1,317,761 1,544,483 1,487,612 2,852,320 954,990 821,240 548,202 1,348,374 596,082 915,694 1,434,973 |
$ 1,146,732 688,021 747,398 1,251,360 1,290,598 1,372,106 1,676,842 685,776 1,053,059 676,931 1,653,116 1,037,966 980,862 888,892 415,838 1,220,862 1,532,968 1,641,833 1,414,978 1,022,561 961,926 1,286,134 1,123,996 1,208,709 971,156 947,100 1,226,570 1,430,124 1,649,283 1,526,912 3,041,643 1,033,990 844,240 561,202 1,385,874 616,082 936,944 1,474,973 |
|
----------- |
------------ |
------------ |
|
|
$2,302,253 |
$42,323,304 |
$44,625,557 |
|
|
=========== |
============ |
============ |
|
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, 2003
SERIES 6
|
|
|
|
|
Spruce Shannon Apartments Carthage Mt. Crest Coal City Blacksburg Terrace Frazier Ehrhardt Sinton Frankston Flagler Beach Oak Ridge Monett Arma Southwest City Meadowcrest Parsons Newport Village Goodwater Falls Northfield Station Pleasant Hill Square Winter Park Cornell Heritage Drive S. Brodhead Mt. Vilage Hazelhurst Sunrise Stony Creek Logan Place Haines Maple Wood Summerhill Dorchester Lancaster Autumn Village Hardy Dawson |
$ 413,767 208,092 383,283 560,206 401,768 632,561 767,621 290,609 255,550 162,713 492,425 437,076 473,817 445,395 197,709 376,169 702,087 713,846 427,521 306,385 292,523 454,538 341,647 553,429 284,999 272,985 351,049 563,795 478,766 553,716 1,224,254 415,720 362,720 225,000 443,983 189,665 281,580 372,025 |
5-30 5-40 5-27.5 5-27.5 5-27.5 5-27.5 5-27.5 5-27.5 5-50 5-30 5-40 5-27.5 5-27.5 5-27.5 5-27.5 5-40 5-27.5 5-27.5 5-27.5 5-27.5 5-27.5 5-40 5-40 5-25 5-40 5-50 5-40 5-27.5 5-27.5 5-27.5 5-27.5 5-27.5 5-27.5 5-27.5 5-40 5-40 5-40 5-40 |
|
----------- |
||
|
$16,310,634 |
||
|
=========== |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 2003
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 - |
|
|
|
Balance at end of period - |
|
Reconciliation of Accumulated Depreciation current year changes:
|
Balance at beginning of period - |
|
|
|
Balance at end of period - |
|
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 2003
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 - |
|
|
|
Balance at end of period - |
|
Reconciliation of Accumulated Depreciation current year changes:
|
Balance at beginning of period - |
|
$13,441,035 |
|
Balance at end of period - |
|
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 2003
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 - |
|
|
|
Balance at end of period - |
|
Reconciliation of Accumulated Depreciation current year changes:
|
Balance at beginning of period - |
|
|
|
Balance at end of period - |
|
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
OF PROPERTY OWNED BY PROJECT PARTNERSHIPS INVESTED IN
AS OF DECEMBER 31, 2003
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 - |
|
|
|
Balance at end of period - |
|
Reconciliation of Accumulated Depreciation current year changes:
|
Balance at beginning of period - |
|
|
|
Balance at end of period - |
|
|
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION |
|
|
|
Balance at end of period - |
|
Reconciliation of Accumulated Depreciation current year changes:
|
Balance at beginning of period - Current year expense |
|
|
|
Balance at end of period - |
|
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
AS OF DECEMBER 31, 2003
SERIES 2
|
|
|
|
|
MONTHLY |
|
|
Claxton Elderly Deerfield II Hartwell Family Cherrytree Apts. Springwood Apts. Lakeshore Apts. Lewiston Charleston Sallisaw II Pocola Inverness Club Pearson Elderly Richland Elderly Lake Park Woodland Terrace Mt. Vernon Elderly Lakeland Elderly Prairie Apartments Sylacauga Heritage Manchester Housing Durango C.W.W. Columbus Sr. |
24 24 24 33 32 34 25 32 47 36 72 25 33 48 30 21 29 21 44 49 24 16 |
$ 650,594 693,691 697,104 1,185,983 1,237,979 1,041,632 988,543 833,262 1,183,387 975,990 2,954,137 618,193 857,482 1,468,888 877,450 567,380 771,010 965,104 1,369,873 1,439,766 1,023,540 431,580 |
8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 9.00% 8.75% 8.75% 8.75% 8.75% 9.00% 8.75% 9.00% 8.75% 8.75% 8.75% 9.00% 8.75% 8.75% 9.00% 8.25% |
5,883 6,284 5,307 9,011 9,218 7,905 7,720 6,333 8,980 7,407 27,905 4,926 6,517 11,466 6,666 4,309 5,882 7,515 10,536 10,958 7,739 3,102 |
50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 |
|
$22,832,568 |
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
AS OF DECEMBER 31, 2003
SERIES 3
|
|
|
|
|
MONTHLY |
|
|
Poteau II Sallisaw Nowata Properties Waldron Properties Roland II Stilwell Birchwood Apts. Hornellsville Sunchase II CE McKinley II Weston Apartments Countrywood Apts. Wildwood Apts. Hancock Hopkins Elkhart Apts. Bryan Senior Brubaker Square Southwood Villa Allegra Belmont Senior Heritage Villas Logansport Seniors |
52 52 32 24 52 48 24 24 41 16 10 40 28 12 24 54 40 38 44 32 24 25 32 |
$ 1,284,272 1,297,915 847,908 632,176 1,296,328 1,178,418 779,692 883,836 1,176,697 586,880 271,009 1,184,216 839,809 355,562 730,642 1,113,479 1,057,407 1,102,852 1,471,803 884,163 751,145 670,384 1,138,865 |
9.50% 9.50% 9.50% 9.00% 9.50% 9.50% 9.50% 9.00% 9.00% 8.75% 9.00% 9.00% 9.50% 9.50% 8.75% 9.00% 10.00% 9.00% 9.25% 9.00% 9.00% 8.75% 8.75% |
10,682 10,654 6,905 4,950 10,657 9,727 6,410 6,927 9,279 5,146 2,131 9,310 6,906 3,119 5,815 9,198 9,455 8,646 11,752 7,053 6,001 5,110 6,745 |
50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 40 50 50 50 50 50 50 50 |
|
$21,535,458 |
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
AS OF DECEMBER 31, 2003
SERIES 4
|
|
|
|
|
MONTHLY |
|
|
|
Alsace Village Seneca Apartments Eudora Senior Westville Wellsville Senior Stilwell II Spring Hill Senior Smithfield Tarpon Heights Oaks Apartments Wynnwood Common Chestnut Apartments St. George Williston Brackettville Sr. Sonora Seniors Ozona Seniors Fredericksburg Sr. St. Joseph Courtyard Rural Development Jasper Villas Edmonton Senior Jonesville Manor Norton Green Owingsville Senior Timpson Seniors Piedmont S.F. Arkansas City |
24 24 36 36 24 52 24 40 48 32 34 24 24 24 32 32 24 48 24 21 25 25 24 40 40 22 28 36 12 |
$ 630,862 602,129 948,614 850,187 641,016 1,275,280 689,566 1,523,154 1,392,160 817,625 1,356,767 846,320 745,584 790,178 813,536 834,429 624,966 1,191,674 819,455 704,300 1,194,251 850,224 747,235 1,336,779 1,327,695 699,078 666,214 1,032,185 338,223 |
9.00% 9.00% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 8.75% 9.00% 8.75% 8.75% 8.75% 9.00% 8.75% 8.75% 8.75% 8.75% 9.00% 9.25% 9.25% 8.75% 9.00% 8.75% 8.75% 9.00% 8.75% 8.75% 10.62% |
4,915 4,692 7,269 6,448 4,859 9,672 5,236 11,746 9,347 6,663 10,300 6,419 5,677 6,147 6,172 6,337 4,744 9,050 6,379 5,622 9,539 6,450 5,688 10,159 10,085 5,297 5,058 7,856 3,056 |
50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 |
|
|
$26,289,686 |
||||||
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
AS OF DECEMBER 31, 2003
SERIES 5
|
|
|
|
|
MONTHLY |
|
|
Seymour Effingham S.F. Winfield S.F.Medicine Lodge S.F. Ottawa S.F. Concordia Highland View Carrollton Club Scarlett Oaks Brooks Hill Greensboro Greensboro II Pine Terrace Shellman Blackshear Crisp Properties Crawford Yorkshire Woodcrest Fox Ridge Redmont II Clayton Alma Pemberton Village Magic Circle Spring Hill Menard Retirement Wallis Housing Zapata Housing Mill Creek Portland II Georgetown Cloverdale S. Timber Ridge Pineville Ravenwood |
37 24 12 16 24 20 24 78 40 44 24 33 25 27 46 31 25 60 40 24 24 24 24 24 24 36 24 24 40 60 20 24 24 44 12 24 |
$ 1,225,695 795,548 329,885 450,309 567,030 551,723 707,344 2,651,042 1,374,246 1,446,196 724,474 892,343 718,849 731,154 1,305,951 921,827 736,894 2,061,826 1,267,343 728,896 688,171 661,646 726,079 631,653 647,456 1,115,285 621,697 412,215 968,741 1,418,615 577,046 733,351 750,490 1,053,776 316,594 718,525 |
8.75% 8.75% 11.37% 10.62% 10.62% 11.87% 8.75% 7.75% 8.25% 8.25% 7.75% 7.75% 8.25% 8.25% 8.25% 8.25% 8.25% 8.25% 8.25% 9.00% 8.75% 8.25% 8.75% 8.75% 8.75% 8.25% 8.75% 8.75% 8.75% 8.25% 8.75% 8.25% 8.75% 8.75% 8.25% 7.25% |
9,346 6,032 3,016 4,049 5,126 5,498 5,473 18,064 9,870 10,398 4,937 6,129 5,172 5,264 9,389 6,632 5,302 14,842 9,402 5,673 5,355 4,760 8,018 4,782 4,913 8,018 4,715 3,688 7,377 10,192 4,388 5,265 5,693 7,986 2,318 4,595 |
50 50 50 50 50 50 40 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 |
|
$32,229,915 |
GATEWAY TAX CREDIT FUND II LTD.
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
AS OF DECEMBER 31, 2003
SERIES 6
|
|
|
|
|
MONTHLY |
|
|
Spruce Shannon Apartments Carthage Mt. Crest Coal City Blacksburg Terrace Frazier Ehrhardt Sinton Frankston Flagler Beach Oak Ridge Monett Arma Southwest City Meadowcrest Parsons Newport Village Goodwater Falls Northfield Station Pleasant Hill Square Winter Park Cornell Heritage Drive S. Brodhead Mt. Vilage Hazelhurst Sunrise Stony Creek Logan Place Haines Maple Wood Summerhill Dorchester Lancaster Autumn Village Hardy Dawson |
24 16 24 39 24 32 30 16 32 24 43 24 32 28 12 32 48 40 36 24 24 24 24 40 24 24 32 33 32 40 32 24 28 12 33 16 24 40 |
$ 905,950 530,355 566,733 993,673 968,372 1,074,959 1,458,692 556,320 842,879 555,325 1,371,004 805,097 780,463 711,594 315,747 997,273 1,247,989 1,289,362 1,101,915 791,784 775,536 993,167 862,507 973,285 780,163 777,208 960,807 1,150,702 1,331,140 1,242,305 2,364,192 789,734 789,461 459,641 1,095,090 175,922 304,947 1,176,338 |
8.75% 8.75% 8.75% 8.25% 7.75% 8.25% 8.25% 7.75% 8.25% 8.75% 8.25% 8.25% 8.25% 8.75% 8.25% 8.25% 7.75% 7.75% 7.75% 7.75% 7.75% 8.25% 8.25% 8.25% 7.75% 8.25% 8.25% 8.75% 8.75% 8.25% 8.25% 7.75% 8.25% 7.75% 7.75% 7.00% 6.00% 7.25% |
6,857 4,014 4,371 7,150 6,578 7,738 10,470 3,791 6,063 4,207 9,864 5,800 5,598 5,388 2,271 7,160 8,485 8,798 7,980 5,379 5,315 7,131 6,193 6,990 5,303 5,574 7,105 8,711 9,065 8,909 16,950 5,381 5,911 3,118 7,775 2,608 3,639 7,524 |
50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 18 50 |
|
$34,867,631 |
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.
Date: July 13, 2004 By:/s/ Ronald M. Diner
Ronald M. Diner
President
Date: July 13, 2004 By:/s/ Sandra C. Humphreys
Sandra C. Humphreys
Secretary and Treasurer
Date: July 13, 2004 By:/s/ Carol Georges
Carol Georges
Vice President and Director of Accounting
CERTIFICATIONS*
I, Ron Diner, certify that:
1. I have reviewed this annual report on Form 10-K of Gateway Tax Credit Fund II, Ltd.;
2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
3. Based on my knowledge, the financial statements, and other financial information include in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;
4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and
c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):
a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
I, Carol Georges, certify that:
1. I have reviewed this annual report on Form 10-K of Gateway Tax Credit Fund II, Ltd.;
2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;
3. Based on my knowledge, the financial statements, and other financial information include in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;
4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and
c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):
a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Date: July 13, 2004 By:/s/ Carol Georges
Carol Georges
Vice President and Director of Accounting