FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2002
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ___________
Commission file number: 333-76435-01
WNC HOUSING TAX CREDIT FUND VI, L.P., Series 8
California 33-0761517
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3158 Redhill Avenue, Suite 120
Costa Mesa, CA 92626
(Address of principal executive offices)
(714) 662-5565
(Telephone number)
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 _____ No X
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 8
(A California Limited Partnership)
INDEX TO FORM 10-Q
For the Quarter Ended June 30, 2002
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets
June 30, 2002 and March 31, 2002........................................3
Statements of Operations
For the three months ended June 30, 2002 and 2001.......................4
Statement of Partners' Equity (Deficit)
For the three months ended June 30, 2002................................5
Statements of Cash Flows
For the three months ended June 30, 2002 and 2001.......................6
Notes to Financial Statements.............................................7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.............................13
Item 3. Quantitative and Qualitative Disclosures about Market Risks.....14
PART II. OTHER INFORMATION
Item 1. Legal Proceedings...............................................14
Item 6. Exhibits and Reports on Form 8-K................................14
Signatures...............................................................15
Certification Pursuant To 18 U.S.C. Section 1350.........................16
2
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 8
(A California Limited Partnership)
BALANCE SHEETS
June 30, 2002 March 31, 2002
------------- --------------
ASSETS (unaudited)
Cash and cash equivalents $ 1,004,246 $ 1,127,639
Loans receivable (Note 2) 100,000 100,000
Investments in limited partnerships (Note 3) 8,181,576 8,173,367
---------------------- ----------------------
Total Assets $ 9,285,822 $ 9,401,006
====================== ======================
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities:
Payables to limited partnerships (Note 5) $ 636,783 $ 753,283
Accrued fees and expenses due to
General Partner and affiliates (Note 4) 13,145 12,891
---------------------- ----------------------
Total Liabilities 649,928 766,174
---------------------- ----------------------
Commitment and contingencies
Partners' Equity (Deficit)
General partner (368) (369)
Limited partners (25,000 units authorized
and 9,814 units issued and outstanding
at June 30, 2002 and March 31, 2002) 8,636,262 8,635,201
---------------------- ----------------------
Total Partners' Equity 8,635,894 8,634,832
---------------------- ----------------------
Total liabilities and partners' equity $ 9,285,822 $ 9,401,006
====================== ======================
See accompanying notes to financial statements
3
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 8
(A California Limited Partnership)
STATEMENTS OF OPERATIONS
For the Three Months Ended June 30, 2002 and 2001
(unaudited)
2002 2001
------------------------ -----------------------
Three Months Three Months
------------------------ -----------------------
Interest Income $ 5,033 $ 11,629
------------------------ -----------------------
Operating expenses
Amortization 7,502 2,726
Asset Management fees 5,871 956
Legal and accounting fees 3675 1,454
Other 2,634 873
------------------------ -----------------------
Total operating expenses 19,682 6,009
------------------------ -----------------------
Income (loss) from operations (14,649) 5,620
------------------------ -----------------------
Equity in income of limited partnership 15,711 -
------------------------ -----------------------
Net income $ 1,062 $ 5,620
======================== =======================
Net income allocated to :
General Partner $ 1 $ 6
======================== =======================
Limited Partners $ 1,061 $ 5,614
======================== =======================
Net income per limited partner unit $ 0.11 $ 1
======================== =======================
Outstanding weighted limited partner units 9,814 4,535
======================== =======================
See accompanying notes to financial statements
4
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 8
(A California Limited Partnership)
STATEMENT OF PARTNERS' EQUITY (DEFICIT)
For the Three Months Ended June 30, 2002
(unaudited)
General Partner Limited Partners Total
-------------------- -------------------- --------------------
Partners' equity (deficit), March 31, 2002 $ (369) $ 8,635,201 $ 8,634,832
Net income 1 1,061 1,062
-------------------- -------------------- --------------------
Partners' equity (deficit), June 30, 2002 $ (368) $ 8,636,262 $ 8,635,894
==================== ==================== ====================
See accompanying notes to financial statements
5
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 8
(A California Limited Partnership)
STATEMENTS OF CASH FLOWS
For the Three Months Ended June 30, 2002 and 2001
(unaudited)
2002 2001
------------------- ---------------------
Cash flows from operating activities:
Net income $ 1,062 $ 5,620
Adjustments to reconcile net income to net
cash provided by operating activities:
Equity in income of limited partnership (15,711) -
Amortization 7,502 2,726
Accrued fees and expenses due to
General Partner and affiliates 3,214 3,284
------------------- ---------------------
Net cash provided by (used in) operating activities (3,933) 11,630
------------------- ---------------------
Cash flows from investing activities:
Investments in limited partnerships, net - (3,378,980)
Acquisition costs and fees - (271,027)
Notes payable to limited partnerships (116,500) -
------------------- ---------------------
Net cash used in investing activities (116,500) (3,650,007)
------------------- ---------------------
Cash flows from financing activities:
Capital contributions, net - 2,581,220
Offering expense - (344,293)
Financing fee payable (2,960) -
------------------- ---------------------
Net cash provided by (used in) financing activities (2,960) 2,236,927
------------------- ---------------------
Net change in cash and cash equivalents (123,393) (1,401,450)
Cash and cash equivalents, beginning of period 1,127,639 2,108,647
------------------- ---------------------
Cash and cash equivalents, end of period $ 1,004,246 $ 707,197
=================== =====================
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION
Taxes paid $ 800 $ 800
=================== =====================
See accompanying notes to financial statements
6
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 8
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
For the Quarter Ended June 30, 2002
(unaudited)
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------
General
- -------
The accompanying condensed unaudited financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America for interim financial information and with the instructions to Form 10-Q
for quarterly reports under Section 13 or 15(d) of the Securities Exchange Act
of 1934. Accordingly, they do not include all of the information and footnotes
required by accounting principles generally accepted in the United States of
America for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Operating results for the three months
ended June 30, 2002 are not necessarily indicative of the results that may be
expected for the fiscal year ending March 31, 2003. For further information,
refer to the financial statements and footnotes thereto included in the
Partnership's annual report on Form 10-K for the fiscal year ended March 31,
2002.
Organization
- ------------
WNC Housing Tax Credit Fund, VI, L.P., Series 8 (the "Partnership") was formed
under the California Revised Limited Partnership Act on June 16, 1997 and
commenced operations on November 17, 2000, the effective date of its public
offering pursuant to the Securities and Exchange Commission's approval of the
Partnership's Pre-Effective Amendment No. 5 to Form S-11 initially filed on July
16, 1999. The Partnership was formed to invest primarily in other limited
partnerships or limited liability companies which will own and operate
multifamily housing complexes that are eligible for low-income housing federal
and, in certain cases, California income tax credits ("Low Income Housing
Credit").
The Partnership shall continue in full force and effect until December 31, 2060
unless terminated prior to that date, pursuant to the partnership agreement or
law.
The general partner is WNC & Associates, Inc. ("WNC") (the "General Partner"), a
California limited partnership. The chairman and president own substantially all
of the outstanding stock of WNC. The business of the Partnership is conducted
primarily through WNC, as the Partnership has no employees of its own.
The partnership agreement authorized the sale of up to 25,000 units at $1,000
per Unit ("Units"). As of June 30, 2002, 9,814 Units, representing subscriptions
in the amount of $9,807,585, net of dealer discounts of $6,370 and volume
discounts of $45, had been accepted. The General Partner has 0.1% interest in
operating profits and losses, taxable income and losses, cash available for
distribution from the Partnership and tax credits of the Partnership. The
limited partners will be allocated the remaining 99.9% of these items in
proportion to their respective investments.
After the limited partners have received proceeds from a sale or refinancing
equal to their capital contributions and their return on investment (as defined
in the Partnership Agreement) and the General Partner has received proceeds
equal to its capital contribution and a subordinated disposition fee from the
remainder, any additional sale or refinancing proceeds will be distributed 90%
to the limited partners (in proportion to their respective investments) and 10%
to the General Partner.
7
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 8
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
For the Quarter Ended June 30, 2002
(unaudited)
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
- -------------------------------------------------------------------------------
Risks and Uncertainties
- -----------------------
The Partnership's investments in Local Limited Partnerships are subject to the
risks incident to the management and ownership of low-income housing and to the
management and ownership of multi-unit residential real estate. Some of these
risks are that the low income housing credit could be recaptured and that
neither the Partnership's investments nor the Housing Complexes owned by the
Local Limited Partnerships will be readily marketable. To the extent the Housing
Complexes receive government financing or operating subsidies, they may be
subject to one or more of the following risks: difficulties in obtaining tenants
for the Housing Complexes; difficulties in obtaining rent increases; limitations
on cash distributions; limitations on sales or refinancing of Housing Complexes;
limitations on transfers of Local Limited Partnership Interests; limitations on
removal of Local General Partners; limitations on subsidy programs; and possible
changes in applicable regulations. The Housing Complexes are or will be subject
to mortgage indebtedness. If a Local Limited Partnership does not make its
mortgage payments, the lender could foreclose resulting in a loss of the Housing
Complex and low-income housing credits. As a limited partner of the Local
Limited Partnerships, the Partnership will have very limited rights with respect
to management of the Local Limited Partnerships, and will rely totally on the
Local General Partners of the Local Limited Partnerships for management of the
Local Limited Partnerships. The value of the Partnership's investments will be
subject to changes in national and local economic conditions, including
unemployment conditions, which could adversely impact vacancy levels, rental
payment defaults and operating expenses. This, in turn, could substantially
increase the risk of operating losses for the Housing Complexes and the
Partnership. In addition, each Local Limited Partnership is subject to risks
relating to environmental hazards and natural disasters, which might be
uninsurable. Because the Partnership's operations will depend on these and other
factors beyond the control of the General Partner and the Local General
Partners, there can be no assurance that the anticipated low income housing
credits will be available to Limited Partners.
In addition, Limited Partners are subject to risks in that the rules governing
the low income housing credit are complicated, and the use of credits can be
limited. The only material benefit from an investment in Units may be the low
income housing credits. There are limits on the transferability of Units, and it
is unlikely that a market for Units will develop. All management decisions will
be made by the General Partner.
Method of Accounting for Investments in Limited Partnerships
- ------------------------------------------------------------
The Partnership intends to account for its investments in limited partnerships
using the equity method of accounting, whereby the Partnership will adjust its
investment balance for its share of the Local Limited Partnership's results of
operations and for any distributions received. The accounting policies of the
Local Limited Partnerships are expected to be consistent with those of the
Partnership. Costs incurred by the Partnership in acquiring the investments will
be capitalized as part of the investment and amortized over 30 years (Note 3).
Offering Expenses
- -----------------
Offering expenses consist of underwriting commissions, legal fees, printing,
filing and recordation fees, and other costs incurred in connection with selling
limited partnership interests in the Partnership. The General Partner is
obligated to pay all offering and organization costs in excess of 4% (excluding
sales commissions) of the total offering proceeds. Offering expenses are
reflected as a reduction of limited partners' capital and amounted to $1,269,405
as of June 30, 2002 and March 31, 2002.
8
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 8
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
For the Quarter Ended June 30, 2002
(unaudited)
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
- -------------------------------------------------------------------------------
Use of Estimates
- ----------------
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements, and the reported amounts of revenues and expenses
during the reporting period. Actual results could materially differ from those
estimates.
Cash and Cash Equivalents
- -------------------------
The Partnership considers all highly liquid investments with remaining
maturities of three months or less when purchased to be cash equivalents. As of
June 30, 2002, the Partnership had no cash equivalents.
Concentration of Credit Risk
- ----------------------------
At June 30, 2002, the Partnership maintained cash balances at certain financial
institutions in excess of the federally insured maximum.
Net Income Per Limited Partner Unit
- -----------------------------------
Net income per limited partner unit is calculated pursuant to Statement of
Financial Accounting Standards No. 128, Earnings Per Share. Net income per unit
includes no dilution and is computed by dividing income available to limited
partners by the weighted average number of units outstanding during the period.
Calculation of diluted net income per unit is not required.
Reporting Comprehensive Income
- ------------------------------
The Statement of Financial Accounting Standards ("SFAS") No. 130, Reporting
Comprehensive Income established standards for the reporting and display of
comprehensive income (loss) and its components in a full set of general-purpose
financial statements. The Partnership had no items of other comprehensive income
for all the periods presented, as defined by SFAS No. 130.
New Accounting Pronouncement
- ----------------------------
In October 2001, the FASB issued Statement of Financial Accounting Standards No.
144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS
144"), which addresses accounting and financial reporting for the impairment or
disposal of long-lived assets. SFAS 144 is effective for fiscal years beginning
after December 15, 2001, and generally, is to be applied prospectively. The
Partnership does not expect SFAS 144 to have a material impact on the
Partnership's financial position or results of operations
Reclassification.
- -----------------
Certain prior period balances have been reclassified to conform to the
presentation for the three months ended June 30, 2002.
9
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 8
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
For the Quarter Ended June 30, 2002
(unaudited)
NOTE 2 - LOANS RECEIVABLE
- -------------------------
Loans receivable represent amounts loaned by the Partnership to certain Local
Limited Partnerships in which the Partnership may invest. These loans are
generally applied against the first capital contribution due if the Partnership
ultimately invests in such entities. In the event that the Partnership does not
invest in such entities, the loans are to be repaid with interest at a rate
which is equal to the rate charged to the holder. At June 30, 2002, a loan
receivable of $100,000 was due from one Local Limited Partnership.
NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS
- --------------------------------------------
As of June 30, 2002, the Partnership has acquired limited partnership interests
in six Local Limited Partnerships, each of which owns one Housing Complex
consisting of an aggregate of 215 apartment units. As of June 30, 2002,
construction or rehabilitation of four of the Housing Complexes was still in
process. The respective general partners of the Local Limited Partnerships
manage the day-to-day operations of the entities. Significant Local Limited
Partnership business decisions require approval from the Partnership. The
Partnership, as a limited partner, is generally entitled to 99.98%, as specified
in the Local Limited Partnership agreements, of the operating profits and
losses, taxable income and losses and tax credits of the Local Limited
Partnerships.
Equity in losses of the Local Limited Partnerships is recognized in the
financial statements until the related investment account is reduced to a zero
balance. Losses incurred after the investment account is reduced to zero are not
recognized. If the Local Limited Partnerships report net income in future years,
the Partnership will resume applying the equity method only after its share of
such net income equals the share of net losses not recognized during the
period(s) the equity method was suspended.
Distributions received by limited partners are accounted for as a reduction of
the investment balance. Distributions received after the investment has reached
zero are recognized as income. As of June 30, 2002, no investment accounts in
Local Limited Partnerships had reached a zero balance.
The following is a summary of the equity method activity of the investments in
local limited partnerships as of:
June 30, 2002 March 31, 2002
--------------------- ------------------
Investments in limited partnerships,
beginning of period $ 8,173,367 $ 277,895
Capital contributions paid, net - 6,431,914
Capital contributions payable - 753,283
Capitalized acquisition fees and costs - 634,797
Equity in income of limited partnership 15,711 98,083
Amortization of capitalized acquisition fees and costs (7,502) (22,605)
--------------------- ------------------
Investments in limited partnerships, end of period $ 8,181,576 $ 8,173,367
===================== ==================
10
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 8
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
For the Quarter Ended June 30, 2002
(unaudited)
NOTE 3 - INVESTMENTS IN LIMITED PARTNERSHIPS, CONTINUED
- -------------------------------------------------------
Selected financial information for the three months ended June 30, 2002 from the
unaudited combined condensed financial statements of the limited partnerships in
which the Partnership has invested are as follows:
COMBINED CONDENSED STATEMENT OF OPERATIONS
2002
--------------------
Revenues $ 85,000
--------------------
Expenses:
Interest expense 19,000
Depreciation & amortization 21,000
Operating expenses 29,000
--------------------
Total expenses 69,000
--------------------
Net income $ 16,000
====================
Net income allocable to the Partnership $ 16,000
====================
Net income recorded by the Partnership $ 16,000
====================
NOTE 4 - RELATED PARTY TRANSACTIONS
- -----------------------------------
The Partnership has no officers, employees, or directors. However, under the
terms of the Partnership Agreement the Partnership is obligated to the General
Partner or its affiliates for the following fees:
(a) Acquisition fees of 7% of the gross proceeds from the sale of Units as
compensation for services rendered in connection with the acquisition of
Local Limited Partnerships. As of June 30, 2002 and March 31, 2002, the
Partnership incurred acquisition fees of $686,980. Accumulated amortization
of these capitalized costs was $23,171 and $17,444 as of June 30, 2002 and
March 31, 2002, respectively.
(b) Acquisition costs of 2% of the gross proceeds from the sale of Units as
full reimbursement of costs incurred by the General Partner in connection
with the acquisition of Local Limited Partnerships. As of June 30, 2002 and
March 31, 2002, the Partnership incurred acquisition costs of $196,280.
Accumulated amortization of these capitalized costs was $6,796 and $5,159
as of June 30, 2002 and March 31, 2002, respectively.
(c) An annual asset management fee not to exceed 0.2% of the invested assets
(defined as the Partnership's capital contributions plus reserves of the
Partnership of up to 5% of gross proceeds plus its allocable percentage of
the mortgage debt encumbering the housing complexes) of the Local Limited
Partnerships. Management fees of $5,871 and $11,820 were incurred during
the three months ended June 30, 2002 and the year ended March 31, 2002,
respectively.
11
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 8
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
For the Quarter Ended June 30, 2002
(unaudited)
NOTE 4 - RELATED PARTY TRANSACTIONS, CONTINUED
- ----------------------------------------------
(d) A subordinated disposition fee in an amount equal to 1% of the sales price
of real estate sold. Payment of this fee is subordinated to the limited
partners receiving a return on investment (as defined in the Partnership
Agreement) and is payable only if the General Partner or its affiliates
render services in the sales effort.
Accrued fees and expenses due to the General Partner and affiliates consisted of
the following as of:
June 30, 2002 March 31, 2002
--------------------- ---------------------
Asset management fees payable $ 11,816 $ 11,820
Reimbursements for expenses paid by the
General Partner or an affiliate 1,329 1,071
--------------------- ---------------------
Total $ 13,145 $ 12,891
===================== =====================
NOTE 5 - PAYABLES TO LIMITED PARTNERSHIPS
- -----------------------------------------
Payables to limited partnerships amounting to $636,783 at June 30, 2002 and
$753,283 at March 31, 2002 represent amounts, which are due at various times
based on conditions specified in the respective limited partnership agreements.
These contributions are payable in installments and are generally due upon the
limited partnerships achieving certain development and operating benchmarks
(generally within two years of the Partnership's initial investment).
NOTE 6 - INCOME TAXES
- ---------------------
No provision for income taxes will be recorded in the financial statements, as
any liability for income taxes is the obligation of the partners of the
Partnership.
NOTE 7 - SUBSEQUENT EVENT
- -------------------------
In July 2002, the Partnership repaid $89,103 in payables to one local limited
partnership.
12
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Forward Looking Statements
- --------------------------
With the exception of the discussion regarding historical information,
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" and other discussions elsewhere in this Form 10-Q contain forward
looking statements. Such statements are based on current expectations subject to
uncertainties and other factors, which may involve known and unknown risks that
could cause actual results of operations to differ materially from those
projected or implied. Further, certain forward-looking statements are based upon
assumptions about future events, which may not prove to be accurate.
Risks and uncertainties inherent in forward looking statements include, but are
not limited to, our future cash flows and ability to obtain sufficient
financing, level of operating expenses, conditions in the low income housing tax
credit property market and the economy in general, as well as legal proceedings.
Historical results are not necessarily indicative of the operating results for
any future period.
Subsequent written and oral forward looking statements attributable to us or
persons acting on our behalf are expressly qualified in their entirety by
cautionary statements in this Form 10-Q and in other reports we filed with the
Securities and Exchange Commission. The following discussion should be read in
conjunction with the condensed Financial Statements and the Notes thereto
included elsewhere in this filing.
The following discussion and analysis discusses the results of operations for
the three months ended June 30, 2002, and should be read in conjunction with the
condensed financial statements and accompanying notes included within this
report.
Financial Condition
- -------------------
The Partnership's assets at June 30, 2002 consisted primarily of $1,004,000 in
cash, loans receivable of $100,000 and aggregate investments in the six Local
Limited Partnerships of $8,182,000. Liabilities at June 30, 2002 primarily
consisted of $637,000 of payables to limited partnerships and $13,000 in accrued
expenses and management fees due to the General Partner or affiliates.
Results of Operations
- ---------------------
Three Months Ended June 30, 2002 Compared to Three Months Ended June 30, 2001.
The Partnership's net income for the three months ended June 30, 2002 was $1,000
reflecting a decrease of $5,000 from the net income of $6,000 experienced for
the three months ended June 30, 2001. The decrease in net income is primarily
due to the increase in loss from operating activities by $(21,000) from $6,000
for the three months ended June 30, 2001 to $(15,000) for the three months ended
June 30, 2002. The increase in loss from operating activities is due to a
decrease in interest income of $(7,000) for the three months ended June 30, 2002
and an increase in loss in operating expenses of $14,000, which consist of an
increase in amortization expense by $5,000, an increase in asset management fees
by $5,000, an increase in legal and accounting fees by $2,000, and an increase
in other expenses by $2,000 for the three month ended June 30, 2002. The
increase in loss from operating activities is offset by an increase of equity in
income by $16,000 from $0 for the three months ended June 30, 2001 to $16,000
for the three months ended June 30, 2002.
Cash Flows
- ----------
Year Ended June 30, 2002 Compared to Year Ended June 30, 2001. Net decrease in
cash during the three months ended June 30, 2002 was $(123,000), compared to a
net decrease in cash for the three months ended June 30, 2001 of $(1,401,000)
reflecting a decrease of $(1,278,000). The decrease in net cash used is due
primarily to $(2,240,000) decrease in net cash provided by financing activities
due to the completion of syndication process. The decrease in cash provided by
financing activities was offset by the decrease by $3,533,000 of cash used in
investing activities, due to capital contributing to Local Limited Partnerships,
and a decrease in cash provided by operating activities of $(16,000) to $(4,000)
during the three months ended June 30, 2002 from $12,000 for the three months
June 30, 2001.
The Partnership expects its future cash flows, together with its net available
assets at June 30, 2002, to be sufficient to meet all currently foreseeable
future cash requirements.
13
Item 3: Quantitative and Qualitative Disclosures Above Market Risks
Not Applicable
Part II. Other Information
Item 1. Legal Proceedings
None
Item 6. Exhibits and Reports on Form 8-K
None
14
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
WNC HOUSING TAX CREDIT FUND VI, L.P., Series 8
- ----------------------------------------------
(Registrant)
By: WNC & Associates, Inc., General Partner
By: /s/ Wilfred N. Cooper, Jr.
-------------------------
Wilfred N. Cooper, Jr.
President and Chief Operating Officer of WNC & Associates, Inc.
Date: August 30, 2002
By: /s/ Thomas J. Riha
-----------------
Thomas J. Riha
Vice President and Chief Financial Officer of WNC & Associates, Inc.
Date: August 30, 2002
15
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of WNC Housing Tax Credit
VI, L.P., Series 8 (the "Partnership") for the period ended June 30, 2002 as
filed with the Securities and Exchange Commission on the date hereof (the
"Report"), and pursuant to 18 U.S.C., section 1350, as adopted pursuant to
section 906 of the Sarbanes-Oxley Act of 2002, I, Wilfred N. Cooper, Sr.,
Chairman and Chief Executive Officer of WNC & Associates, Inc., general partner
[of the general partner] of the Partnership, hereby certify that:
1. The Report fully complies with the requirements of section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material
respects, the financial condition and result of operations of the
Partnership.
/s/WILFRED N. COOPER, SR.
- -------------------------
Wilfred N. Cooper, Sr.
Chairman and Chief Executive Officer of WNC & Associates, Inc.
August 30, 2002
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of WNC Housing Tax Credit
VI, L.P., Series 8 (the "Partnership") for the period ended June 30, 2002 as
filed with the Securities and Exchange Commission on the date hereof (the
"Report"), and pursuant to 18 U.S.C., section 1350, as adopted pursuant to
section 906 of the Sarbanes-Oxley Act of 2002, I, Thomas J. Riha, Chief
Financial Officer of WNC & Associates, Inc., general partner [of the general
partner] of the Partnership, hereby certify that:
1. The Report fully complies with the requirements of section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material
respects, the financial condition and result of operations of the
Partnership.
/s/THOMAS J. RIHA
- -----------------
Thomas J. Riha
Chief Financial Officer of WNC & Associates, Inc.
August 30, 2002
16