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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

ý

ANNUAL REPORT PERSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended March 31, 2002

 

or

 

o

TRANSITION REPORT PERSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                to               

 

Commission file number 0-17679

 

BOSTON CAPITAL TAX CREDIT FUND LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)

 

Delaware

 

04-3006542

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

One Boston Place, Suite 2100, Boston, Massachusetts

 

02108

(Address of principal executive offices)

 

(Zip Code)

 

 

 

Registrants telephone number, including area code (617)624-8900

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Name of each exchange
On which registered

 

None

 

None

 

 

Securities registered pursuant to Section 12(g) of the Act:

 

Beneficial Assignee Certificates

(Title of class)

 

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 twelve 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  ý   NO  o

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K( 229.405 of this chapter) is not contained herein, and will not 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.

 

ýý

 

DOCUMENTS INCORPORATED BY REFERENCE

 

The following documents of the Partnership are incorporated by reference:

 

Form 10-K Parts

 

Documents

 

 

 

 

 

Parts I, III

 

October 14, 1988 Prospectus, as supplemented

 

 

 

 

BOSTON CAPITAL TAX CREDIT FUND LIMITED PARTNERSHIP

Form 10-K ANNUAL REPORT

FOR THE YEAR ENDED MARCH 31, 2002

 

TABLE OF CONTENTS

 

PART I

 

Item 1.

 

Business

Item 2.

 

Properties

Item 3.

 

Legal Proceedings

Item 4.

 

Submission of Matters to a Vote Of Security Holders

 

 

 

PART II

 

Item 5.

 

Market for the Registrant’s Class A Limited Partner Interests and Related Security–Holder Matters

Item 6.

 

Selected Financial Data

Item 7.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 8.

 

Financial Statements and Supplementary Data

Item 9.

 

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

 

 

PART III

 

 

 

Item 10.

 

Directors and Executive Officers of the Registrant

Item 11.

 

Executive Compensation

Item 12.

 

Security Ownership of Certain Beneficial Owners and Management

Item 13.

 

Certain Relationships and Related Transactions

 

 

 

PART IV

 

 

 

Item 14.

 

Exhibits, Financial Statement Schedules, and Reports on Form 8-K

 

 

Signatures

 

 

PART I

 

Item 1.    Business

 

Organization

 

Boston Capital Tax Credit Fund Limited Partnership (the “Partnership”) is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of June 1, 1988.  Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund’s general partner was reorganized as follows.  The General Partner of the Fund continues to be Boston Capital Associates Limited Partnership, a Massachusetts limited partnership.  The general partner of the General Partner is BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation.  John P. Manning is the principal of Boston Capital Partners, Inc.  The limited partner of the General Partner is Capital Investment Holdings, a general partnership whose partners are certain officers and employees of Boston Capital Partners, Inc., and its affiliates. The Assignor Limited Partner is BCTC Assignor Corp., a Delaware corporation which is now wholly–owned by John P. Manning.

 

The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Partnership and will not engage in any other business.  Units of beneficial interest in the Limited Partnership Interest of the Assignor Limited Partner were assigned by the Assignor Limited Partner by means of beneficial assignee certificates (“BACs”) to investors and investors are entitled to all the rights and economic benefits of a Limited Partner of the Partnership including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Partnership.

 

A Registration Statement on Form S–11 and the related prospectus, as supplemented (the “Prospectus”) was filed with the Securities and Exchange Commission and became effective August 29, 1988 in connection with a public offering (“Offering”) of Series 1 through 6. The Partnership raised $97,746,940 representing a total of 9,800,600 BACs.  The offering of BACs in all series ended on September 29, 1989.

 

Description of Business

 

The Partnership’s principal business is to invest as a limited partner in other limited partnerships (the “Operating Partnerships”), each of which was to own or lease and operate an Apartment Complex exclusively or partially for low- and moderate-income tenants.  Each Operating Partnership in which the Partnership has invested owns an Apartment Complex which is completed, newly-constructed, or newly-rehabilitated. Each Apartment Complex qualified for the low-income housing tax credit under Section 42 of the Code (the “Federal Housing Tax Credit”), thereby providing tax benefits over a period of eleven years in the form of tax credits which investors may use to offset income, subject to certain strict limitations, from other sources.  Certain of the Apartment Complexes also qualified for the historic rehabilitation tax credit under Section 48 of the Code (the “Rehabilitation Tax Credit”).  The Federal Housing Tax Credit and the Government Assistance programs are described on pages 53 to 73 of the Prospectus under the caption “Government Assistance

 

1

 

Programs,” which is incorporated herein by reference.  Section 236 (f) (ii) of the National Housing Act, as amended, in Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as Tax Credits.  The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income.  Some of the Apartment Complexes in which the Partnership has invested are receiving such rent supplements from HUD.  HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the Apartment Complex, but directly to the individuals.  At this time, the Partnership is unable to predict whether Congress will continue rent supplement programs payable directly to owners of the Apartment Complex.

 

At March 31, 2002, the Partnership had limited partnership equity interests in one hundred three operating partnerships which own operating apartment complexes as follows:  eighteen in Series 1; eight in Series 2; thirty–three in Series 3; twenty–four in Series 4; five in Series 5; and fifteen in Series 6.  A description of these Operating Partnerships is set forth in Item 2 herein.

 

The business objectives of the Partnership are to:

 

(1)  preserve and protect the Partnership’s capital;

 

(2)  provide current tax benefits to Investors in the form of (a) Federal Housing Tax Credits and Rehabilitation Tax Credits, which an Investor may apply, subject to certain strict limitations, against his federal income tax liability form active, portfolio and passive income, and (b) passive losses which an Investor may apply to offset his passive income (if any);

 

(3)  Provide capital appreciation through increases in value of the Partnership’s investments and, to the extent applicable, equity buildup through periodic payments on the mortgage indebtedness with respect to the Apartment Complexes;

 

(4)  provide cash distributions (except with respect to the Partnership’s investment in certain Non–Profit Operating Partnerships) from a Capital Transaction as to the Partnership.  The Operating Partnerships intend to hold the Apartment Complexes for appreciation in value.  The Operating Partnerships may sell the Apartment Complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions.

 

The business objectives and investment policies of the Partnership are described more fully on pages 44 to 52 of the Prospectus under the caption “Business Objectives and Investment Policies,” which is incorporated herein by reference.

 

2

 

Employees

 

The Partnership does not have any employees.  Services are performed by the General Partner and its affiliates and agents retained by them.

 

Item 2.    Properties

 

The Partnership has acquired a limited partnership interest in each of the one hundred three Operating Partnerships identified in the following tables.  In each instance the Apartment Complex owned by the applicable Operating Partnership is eligible for the Federal Housing Tax Credit. Initial occupancy of a unit in each Apartment Complex which complied with the Minimum Set–Aside Test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the Rent Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to hereinafter as “Qualified Occupancy”.  Each of the Operating Partnerships and each of the respective Apartment Complexes are described more fully in the Prospectus, as supplemented, or applicable Report on Form 8-K.  The General Partner believes that there is adequate casualty insurance on the properties.

 

Please refer to Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships.

 

3

 

Boston Capital Tax Credit Fund Limited Partnership - Series 1

 

PROPERTY PROFILES AS OF MARCH 31, 2002

 

Property Name

 

Location

 

Units

 

Mortgage
Balance
As Of
12/31/01

 

Construction
Completion

 

Qualified
Occupancy
3/31/02

 

Capital
Contributed

 

Apple Hill Apartments

 

West Newton, NC

 

44

 

$

1,469,773

 

01/88

 

100

%

$

317,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bolivar Manor Apartments

 

Bolivar, NY

 

24

 

871,381

 

11/88

 

100

%

180,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Briarwood Apartments

 

Vero Beach, FL

 

45

 

1,461,981

 

08/89

 

100

%

386,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadway East

 

Kingston, NY

 

122

 

5,184,279

 

06/89

 

100

%

952,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Country Knoll

 

Coldwater, MI

 

32

 

928,202

 

07/89

 

100

%

202,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Country Village Apts

 

Warwick, NY

 

64

 

3,141,677

 

04/89

 

100

%

845,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elk Rapids II Apartments

 

Elk Rapids, MI

 

24

 

731,982

 

02/89

 

100

%

161,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Green Acres Apartments

 

Yulee, FL

 

47

 

1,464,063

 

08/89

 

100

%

394,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inglewood Meadows

 

St. Cloud, FL

 

50

 

1,470,490

 

11/88

 

100

%

394,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minnehaha Court Apts.

 

St. Paul, MN

 

24

 

1,100,388

 

11/88

 

100

%

631,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Moss Creek Apartments

 

Wewahitchka, FL

 

23

 

703,410

 

06/88

 

100

%

207,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

River Park Commons

 

Rochester, NY

 

402

 

9,885,996

 

12/88

 

100

%

2,315,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sunset West Apartments

 

Conneaut, OH

 

40

 

1,160,306

 

04/88

 

100

%

250,701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Villas of Geneva

 

Geneva, OH

 

40

 

1,175,836

 

08/88

 

100

%

254,967

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Virginia Circle Townhomes

 

St. Paul, MN

 

16

 

648,206

 

06/88

 

100

%

395,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Westchase Apartments

 

Three Rivers, MI

 

32

 

955,508

 

07/89

 

100

%

202,610

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wood Creek Manor

 

Saulte St. Marie, MI

 

32

 

956,047

 

07/89

 

100

%

213,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Woodland Terrace

 

St. Cloud, FL

 

50

 

1,470,491

 

11/88

 

100

%

394,500

 

 

4

 

Boston Capital Tax Credit Fund Limited Partnership - Series 2

 

PROPERTY PROFILES AS OF MARCH 31, 2002

 

Property
Name

 

Location

 

Units

 

Mortgage
Balance As Of
12/31/01

 

Construction
Completion

 

Qualified
Occupancy
3/31/02

 

Capital
Contributed

 

Annadale Apartments

 

Fresno, CA

 

222

 

$

10,970,799

 

06/90

 

100

%

$

1,736,542

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calexico Village Apts.

 

Calexico, CA

 

36

 

1,552,698

 

04/90

 

100

%

464,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Glenhaven Park III

 

Merced, CA

 

15

 

481,049

 

12/89

 

100

%

490,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Glenhaven Park

 

Merced, CA

 

12

 

386,792

 

06/90

 

100

%

395,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heber II Village Apts.

 

Heber, CA

 

24

 

1,084,410

 

04/89

 

100

%

345,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redondo II Apts.

 

Westmorland, CA

 

32

 

1,424,277

 

07/90

 

100

%

580,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redwood Creek Apts.

 

McKinleyville, CA

 

48

 

1,755,504

 

12/89

 

100

%

688,572

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thunderbird Apartments

 

Mecca, CA

 

54

 

2,577,650

 

07/90

 

100

%

1,012,157

 

 

5

 

Boston Capital Tax Credit Fund Limited Partnership - Series 3

 

PROPERTY PROFILES AS OF MARCH 31, 2002

 

Property
Name

 

Location

 

Units

 

Mortgage
Balance
As Of
12/31/01

 

Construction
Completion

 

Qualified
Occupancy
3/31/02

 

Capital
Contributed

 

The 128 Park Street Lodging House

 

Dorchester, MA

 

16

 

$

506,222

 

07/88

 

100

%

$

340,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ashley Senior Center Apts.

 

Ashland, OR

 

62

 

1,764,616

 

05/89

 

100

%

495,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Belfast Birches

 

Belfast, ME

 

24

 

1,076,355

 

05/89

 

100

%

245,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Bowditch School Lodging House

 

Jamaica Plain, MA

 

50

 

1,594,613

 

12/89

 

100

%

883,623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carriage Gate Apartments

 

Palatka, FL

 

48

 

1,457,659

 

11/89

 

100

%

385,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Central Parkway Towers

 

Cincinnati, OH

 

225

 

2,800,000

 

12/89

 

100

%

4,482,818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colony Court Apartments

 

Eustis, FL

 

46

 

1,477,941

 

06/89

 

100

%

384,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crane Street Court

 

Littleton, NH

 

33

 

1,461,746

 

12/88

 

100

%

293,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cruz Bay Apartments

 

St. John, USVI

 

20

 

1,474,408

 

02/89

 

100

%

285,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiddler’s Creek Apartments

 

Southport, NC

 

24

 

1,217,206

 

02/89

 

100

%

200,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gilmore Court

 

Jaffrey, NH

 

28

 

1,371,817

 

06/89

 

100

%

288,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greenwood Apartments

 

Owosso, MI

 

48

 

1,420,864

 

08/89

 

100

%

312,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hidden Cove Apartments

 

W.Pittsburg, CA

 

88

 

2,792,831

 

08/88

 

100

%

1,761,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hillmont Apartments

 

Lake Park, GA

 

42

 

1,124,320

 

05/89

 

100

%

265,218

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jackson Apartments

 

Jackson, WY

 

28

 

1,179,057

 

07/89

 

100

%

225,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lake North Apartments

 

Lady Lake, FL

 

36

 

1,045,726

 

01/89

 

100

%

220,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lakewood Terr Apartments

 

Lakeland, FL

 

132

 

3,581,317

 

08/89

 

100

%

572,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lincoln Apartments

 

Salem, MA

 

63

 

2,977,179

 

12/88

 

100

%

520,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mann Village Apartments

 

Indianapolis, IN

 

204

 

5,410,594

 

05/89

 

100

%

2,620,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maplewood Apartments

 

Cloquet, MN

 

24

 

748,638

 

04/89

 

100

%

150,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mound Plaza Apartments

 

Moundville, AL

 

24

 

616,618

 

09/89

 

100

%

129,465

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oak Crest Manor II

 

Brainerd, MN

 

30

 

899,411

 

05/89

 

100

%

168,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Orangewood Villas

 

Umatilla, FL

 

45

 

1,459,994

 

09/89

 

98

%

358,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Orchard Park Apartments

 

Beaumont, CA

 

144

 

3,683,410

 

05/89

 

100

%

2,950,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paige Hall Apartments

 

Minneapolis, MN

 

69

 

2,253,150

 

04/89

 

100

%

378,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Queens Court Apts.

 

Philadelphia, PA

 

32

 

875,091

 

01/89

 

100

%

759,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rainbow Apartments

 

Yuma, AZ

 

81

 

 

2,022,615

 

01/89

 

100

%

 

702,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ripon Apartments

 

Ripon, WI

 

24

 

842,023

 

07/89

 

100

%

176,260

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sun Village Apartments

 

Groveland, FL

 

34

 

 

1,036,402

 

05/88

 

100

%

 

211,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taylor  Terrace Apartments

 

W. Pittsburgh, PA

 

30

 

1,042,968

 

11/88

 

100

%

227,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Grove Apartments

 

Vidalia, GA

 

54

 

1,469,497

 

05/89

 

100

%

345,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trinidad Apartments

 

Trinidad, CO

 

24

 

910,506

 

06/89

 

100

%

202,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vassar Apartments

 

Vassar, MI

 

32

 

910,049

 

11/89

 

100

%

189,596

 

 

6

 

Boston Capital Tax Credit Fund Limited Partnership - Series 4

 

PROPERTY PROFILES AS OF MARCH 31, 2002

 

Property
Name

 

Location

 

Units

 

Mortgage
Balance
As Of
12/31/01

 

Construction
Completion

 

Qualified
Occupancy
3/31/02

 

Capital
Contributed

 

Amory Square Apartments

 

Windsor, VT

 

74

 

$

2,033,017

 

09/89

 

100

%

$

1,644,338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auburn Trace

 

Delray Beach, FL

 

256

 

9,605,207

 

01/90

 

100

%

2,849,298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ault Apartments

 

Ault, CO

 

16

 

488,200

 

07/89

 

100

%

92,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Berkshire Apartments

 

Wichita, KS

 

90

 

1,896,653

 

09/89

 

100

%

1,829,104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bowditch School Lodging House

 

Jamaica Plain, MA

 

50

 

1,594,613

 

12/89

 

100

%

619,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Burlwood Apartments

 

Cripple Creek, CO

 

10

 

364,884

 

08/89

 

100

%

45,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cambria Commons

 

Cambria, NY

 

24

 

1,034,192

 

07/89

 

100

%

367,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Central Parkway Towers

 

Cincinnati, OH

 

225

 

2,800,000

 

12/89

 

100

%

944,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clearview Apartments

 

Monte Vista, CO

 

24

 

747,760

 

11/89

 

100

%

166,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuller Townhomes

 

St. Paul, MN

 

9

 

476,479

 

01/89

 

100

%

254,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Glenhaven Park II

 

Merced, CA

 

15

 

478,594

 

06/89

 

100

%

415,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greenwood Terrace

 

Quincy, FL

 

36

 

1,067,452

 

09/89

 

100

%

282,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Highland Village Duplexes

 

Topeka, KS

 

22

 

333,127

 

12/88

 

100

%

354,067

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jefferson Pl Apartments

 

Monticello, FL

 

38

 

1,093,252

 

12/89

 

100

%

294,150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Landmark Apartments

 

Chesapeake, VA

 

120

 

2,689,014

 

05/89

 

100

%

1,470,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Meadowcrest Apartments

 

Southfield, MI

 

83

 

2,837,449

 

10/90

 

100

%

1,055,404

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Milliken Apartments

 

Milliken, CO

 

28

 

850,957

 

08/89

 

100

%

135,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Montana Ave. Townhomes

 

St. Paul, MN

 

13

 

630,742

 

11/89

 

100

%

430,167

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Grand Hotel

 

Salt Lake City,UT

 

80

 

2,768,046

 

03/90

 

100

%

2,823,370

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rosenberg Hotel

 

Santa Rosa, CA

 

77

 

1,762,198

 

01/92

 

100

%

844,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shockoe Hill Apartments II

 

Richmond, VA

 

64

 

1,828,754

 

09/89

 

100

%

1,110,590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sunnyview Apartments

 

Salem, OR

 

60

 

2,182,357

 

09/89

 

100

%

775,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thompson Village Apts.

 

Indianapolis,  IN

 

240

 

5,305,621

 

12/89

 

100

%

2,098,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Van Dyke Estates XVI - A

 

Sanger, CA

 

16

 

614,207

 

11/89

 

100

%

474,360

 

 

7

 

Boston Capital Tax Credit Fund Limited Partnership - Series 5

 

PROPERTY PROFILES AS OF MARCH 31, 2002

 

Property
Name

 

Location

 

Units

 

Mortgage
Balance
As Of
12/31/01

 

Construction
Completion

 

Qualified
Occupancy
3/31/02

 

Capital
Contributed

 

Annadale Apartments

 

Fresno, CA

 

222

 

$

10,970,799

 

06/90

 

100

%

$

1,161,810

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calexico Village Apartments

 

Calexico, CA

 

36

 

1,552,698

 

04/90

 

100

%

128,174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Glenhaven Estates

 

Merced, CA

 

13

 

632,477

 

06/89

 

100

%

356,480

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heather Ridge Apartments

 

Redding, CA

 

56

 

880,483

 

09/89

 

100

%

1,182,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Point Arena Village

 

Point Arena, CA

 

25

 

1,190,581

 

02/90

 

100

%

444,830

 

 

8

 

Boston Capital Tax Credit Fund Limited Partnership - Series 6

 

PROPERTY PROFILES AS OF MARCH 31, 2002

 

Property
Name

 

Location

 

Units

 

Mortgage
Balance
As Of
12/31/01

 

Construction
Completion

 

Qualified
Occupancy
3/31/02

 

Capital
Contributed

 

Auburn Trace

 

Delray Beach, FL

 

256

 

$

9,605,207

 

01/90

 

100

%

$

1,971,457

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Briarwood Estates

 

Cameron, MO

 

24

 

563,121

 

09/88

 

100

%

137,367

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Columbia Park Apts.

 

Richland, WA

 

139

 

2,802,553

 

02/90

 

100

%

1,607,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eldon Estates

 

Eldon, MO

 

24

 

549,168

 

07/88

 

100

%

139,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forty West Apartments

 

Holland, MI

 

120

 

1,850,815

 

02/90

 

100

%

1,431,562

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hacienda Villa Apartments

 

Firebaugh, CA

 

120

 

3,728,188

 

01/90

 

100

%

1,460,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hillandale Commons

 

Lithonia, GA

 

132

 

4,677,372

 

01/90

 

100

%

1,444,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kearney Properties II

 

Kearney, MO

 

16

 

358,842

 

03/88

 

100

%

99,334

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Pueblos Apartments

 

Socorro, NM

 

32

 

1,235,818

 

05/88

 

100

%

414,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pleasant Hill

 

Pleasant Hill, MO

 

24

 

555,105

 

12/88

 

100

%

141,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rosenberg Apartments

 

Santa Rosa, CA

 

77

 

1,762,198

 

01/92

 

100

%

555,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sherburne Senior Housing

 

Sherburne, NY

 

29

 

1,295,703

 

10/89

 

100

%

578,409

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Springridge III

 

Warrensburg, MO

 

24

 

563,658

 

02/88

 

100

%

162,393

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tall Pines Apartments

 

Charlestown, NH

 

32

 

1,414,721

 

11/89

 

100

%

302,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Woodcliff Apartments

 

Ishpeming, MI

 

24

 

749,541

 

11/89

 

100

%

192,996

 

 

9

 

Item 3.      Legal Proceedings

                 None.

                

Item 4.      Submission of Matters to a Vote of Security Holders

                 None.

 

 

10

 

PART II

 

Item 5.      Market for the Partnership’s Limited Partnership Interests and Related Partnership Matters

 

(a)           Market Information

 

The Partnership is classified as a limited partnership and thus has no common stock.  There is no established public trading market for the BACs and it is not anticipated that any public market will develop.

 

(b)           Approximate number of security holders.

 

As of March 31, 2002, the Partnership has 7,150 registered BAC Holders for an aggregate of 9,800,600 BACs which were offered a subscription price of $10 per BAC.

 

The BACs were issued in series.  Series 1 had 1,033 investors holding 1,299,900 BACs; Series 2 had 693 investors  holding 830,300 BACs; Series 3 had 2,214 investors holding 2,882,200 BACs; Series 4 had 2,001 investors holding 2,995,300 BACs; Series 5 had 378 investors holding 489,900 BACs; and Series 6 had 831 investors holding 1,303,000 BACs.

 

(c)           Dividend history and restriction.

 

The Partnership has made no distributions of Net Cash Flow to its BAC Holders from its inception, June 1, 1988 through March 31, 2002.

 

The Partnership made a return of equity distribution to the Limited Partners in the amount of $350,003 during the year ended March 31, 1992.  The distribution was the result of certain Operating Partnerships not achieving their projected tax credits.

 

The Partnership Agreement provides that Profits, Losses and Credits will be allocated each month to the holder of record of a BAC as of the last day of such month.  Allocation of Profits, and Credits among BAC Holders will be made in proportion to the number of BACs held by each BAC Holder.

 

Any distributions of Net Cash Flow or Liquidation, Sale or Refinancing Proceeds will be made within 180 days of the end of the annual period to which they relate. Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by such Person on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.

 

Partnership allocations and distributions are described on pages 99 to 103 of the Prospectus, as supplemented, which are incorporated herein by reference.

 

11

 

Item 6.      Selected Financial Data

 

The information set forth below presents selected financial data of the Partnership for each of the five years in the period ended March 31, 2002.  Additional detailed financial information is set forth in the audited financial statements listed in Item 14 hereof.

 

 

 

March 31,
2002

 

March 31,
2001

 

March 31,
2000

 

March 31,
1999

 

March 31,
1998

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations

 

 

 

 

 

 

 

 

 

 

 

Interest Income

 

$

2,685

 

$

3,255

 

$

3,362

 

$

4,355

 

$

16,039

 

Other Income

 

38,023

 

1,266

 

888

 

—

 

813

 

 

 

 

 

 

 

 

 

 

 

 

 

Share of Loss of Operating Partnerships

 

(617,075

)

(1,691,359

)

(1,797,917

)

(4,256,419

)

(4,676,547

)

 

 

 

 

 

 

 

 

 

 

 

 

Operating Exp.

 

(1,050,289

)

(1,000,088

)

(1,058,874

)

(5,088,524

)

(1,096,282

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

(1,626,656

)

(2,686,926

)

(2,852,541

)

(9,340,588

)

(5,755,977

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss per BAC$

 

$

(.16

)

$

(.27

)

$

(.29

)

$

(.94

)

$

(.58

)

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

9,825,826

 

$

10,428,373

 

$

12,057,796

 

$

13,845,884

 

$

22,097,154

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liab.

 

$

10,115,156

 

$

9,091,047

 

$

8,033,544

 

$

6,969,091

 

$

5,879,773

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners’ Equity

 

$

(289,330

)

$

1,337,326

 

$

4,024,252

 

$

6,876,793

 

$

16,217,381

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax Credits per BAC for the Investors Tax Year, the twelve months ended December 31, 2001, 2000, 1999, 1998, and 1997*

 

$

.03

 

$

.15

 

$

.76

 

$

1.20

 

$

1.24

 

 

*Credit per BAC is a weighted average of all the Series.  Since each Series has invested as a limited partner in different Operating Partnerships the Credit per BAC will vary slightly.  For more detailed information refer to Item 7. Results of Operations.

 

12

 

Item 7       Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Liquidity

 

The Partnership’s primary source of funds was the proceeds of its public offering.  Other sources of liquidity include  (i) interest earned on capital contributions held pending investment or held for working capital reserves and (ii) cash distributions from operations of the Operating Partnerships in which the Partnership has invested.  These sources of liquidity are available to meet the obligations of the Partnership.  The Partnership is currently accruing the annual partnership management fees, which allows each series the ability to pay non–affiliated third party obligations.  During the fiscal year ended March 31, 2002 the Partnership accrued $951,072 in annual partnership management fees.  As of March 31, 2002, total partnership management fees accrued were $9,302,326.  Pursuant to the Partnership Agreement, such liabilities will be deferred until the Partnership receives sales or refinancing proceeds from Operating Partnerships which will be used to satisfy such liabilities.

 

An affiliate of the general partner has advanced $689,129 to the Partnership to pay certain third party operating expenses and to make advances and/or loans to Operating Partnerships.  The amounts advanced to four of the six series are as follows: $90,810 to Series 1; $68,000 to Series 2; $193,279 to Series 3; and $337,040 to Series 4.  These and any additional advances will be paid, without interest, from available cash flow, reporting fees, or the proceeds of sales or refinancing of the Partnership’s interests in Operating Partnerships.  The Partnership anticipates that as the Operating Partnerships continue to mature, more cash flow and reporting fees will be generated.  Cash flow and reporting fees will be added to the Partnership’s working capital and will be available to meet future third party obligations of the Partnership.  The Partnership is currently pursuing, and will continue to pursue, available cash flow and reporting fees and anticipates that the amount collected will be sufficient to cover third party expenses.

 

Capital Resources

 

The Partnership offered BACs in a public offering declared effective by the Securities and Exchange Commission on August 29, 1988.  The Partnership received and accepted subscriptions for $97,746,940 representing 9,800,600 BACs from investors admitted as BAC Holders in Series 1 through Series 6 of the Partnership.

 

Offers and sales of BACs in Series 1 through Series 6 of the Partnership were completed and the last of the BACs in Series 6 were issued by the Partnership on September 29, 1989.

 

(Series 1).  The Partnership received and accepted subscriptions for $12,999,000, representing 1,299,900 BACs from investors admitted as BAC Holders in Series 1.  Offers and sales of BACs in Series 1 were completed and the last of the BACs in Series 1 were issued on December 14, 1988.

 

13

 

As of March 31, 2002, the net proceeds from the offer and sale of BACs in Series 1 had been used to invest in a total of 18 Operating Partnerships in an aggregate amount of $9,407,952, and the Partnership had completed payment of all installments of its capital contributions.  Series 1 had $7,706 in Working Capital at March 31, 2002.

 

(Series 2).  The Partnership received and accepted subscriptions for $8,303,000, representing 830,300 BACs from investors admitted as BAC Holders in Series 2.  Proceeds from the sale of BACs in Series 2 were invested in Operating Partnerships owning apartment complexes located in California only, which generate both California and Federal Housing Tax Credits.  Offers and sales of BACs in Series 2 were completed and the last of the BACs in Series 2 were issued by the Partnership on March 30, 1989.

 

As of March 31, 2002, the net proceeds of the offer and sale of BACs in Series 2 had been used to invest in a total of 8 Operating Partnerships in an aggregate amount of $6,498,176, and the Partnership had completed payment of all installments of its capital contributions.  Series 2 had $6,538 in Working Capital at March 31, 2002.

 

(Series 3).  The Partnership received and accepted subscriptions for $28,822,000, representing 2,882,200 BACs from investors admitted as BAC Holders in Series 3.  Offers and sales of BACs in Series 3 were completed and the last of the BACs in Series 3 were issued by the Partnership on March 14, 1989.

 

As of March 31, 2002, the net proceeds from the offer and sale of BACs in Series 3 had been used to invest in a total of 33 Operating Partnerships in an aggregate amount of $21,738,797, and the Partnership had completed payment of all installments of its capital contributions to all of its Operating Partnerships.  Series 3 had $11,378 in Working Capital at March 31, 2002.

 

(Series 4).  The Partnership commenced offering BACs in Series 4 on March 27, 1989.  The Partnership received and accepted subscriptions for 29,788,160, representing 2,995,300 BACs from investors admitted as BAC Holders in Series 4.  Offers and sales of BACs in Series 4 were completed and the last of the BACs in Series 4 were issued by the Partnership on July 7, 1989.

 

As of March 31, 2002, the net proceeds from the offer and sale of BACs in Series 4 had been used to invest in a total of 24 Operating Partnerships in an aggregate amount of $22,934,082, and the Partnership had completed payment of all installments of its capital contributions to all of its Operating Partnerships.  Series 4 had $23,212 in Working Capital at March 31, 2002.

 

(Series 5).  The Partnership commenced offering BACs in Series 5 on June 19, 1989.  The Partnership received and accepted subscriptions for $4,899,000, representing 489,900 BACs from investors admitted as BAC Holders in Series 5.

 

14

 

Proceeds from the sale of BACs in Series 5 were invested in Operating Partnerships owning apartment complexes located in California only, which generate both California and Federal Housing Tax Credits.  Offers and sales of BACs in Series 5 were completed and the last of the BACs in Series 5 were issued by the Partnership on August 22, 1989.

 

As of March 31, 2002, the net proceeds of the offer and sale of BACs in Series 5 had been used to invest in a total of 5 Operating Partnerships in an aggregate amount of $3,431,044, and the Partnership had completed payment of all installments of its capital contributions. Series 5 had $90,595 in Working Capital at March 31, 2002.

 

(Series 6).  The Partnership commenced offering BACs in Series 6 on July 18, 1989.  The Partnership received and accepted subscriptions for $12,935,780, representing 1,303,000 BACs from investors admitted as BAC Holders in Series 6.  Offers and sales of BACs in Series 6 were completed and the last of the BACs in Series 6 were issued by the Partnership on September 29, 1989.

 

As of March 31, 2002 the net proceeds from the offer and sale of BACs in Series 6 had been used to invest in a total of 15 Operating Partnerships in an aggregate amount of $10,652,631, and the Partnership had completed payment of all installments of its capital contributions to all of its Operating Partnerships.  Series 6 had $47,493 in Working Capital at March 31, 2002.

 

Results of Operations

 

The Partnership incurs an annual partnership management fee payable to the General Partner and/or its affiliates in an amount equal to 0.375% of the aggregate cost of the Apartment Complexes owned by the Operating Partnerships, less the amount of certain partnership management and reporting fees paid or payable by the Operating Partnerships.  The annual partnership management fee incurred for the fiscal years ended March 31, 2002 and 2001 was $897,502 and $858,356, respectively.  The amount is anticipated to be lower for subsequent fiscal years as more of the Operating Partnerships begin to pay accrued and annual partnership management and reporting fees.  During the fiscal years ended March 31, 2002 and 2001, the Partnership received $53,570 and $92,716, respectively, in reporting fees from the Operating Partnerships.  The amount received in fiscal year 2001 is higher than 2002 due to the collection of several years of accrued fees for 5 of the Operating Partnerships during fiscal year 2001.

 

The Partnership’s investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested.  The Partnership’s investments in Operating Partnerships have been made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.

 

All series in Boston Capital Tax Credit Fund Limited Partnership experienced a decrease in the tax credits generated per BAC from calendar year 2000 to 2001. The Operating Partnerships were allocated tax credits for 10 years.  Based on each Operating Partnership’s lease-up, the total credits could be spread over as many as 13 years.  In cases where the actual number of years is more than 10, the credits delivered in the early and later years will be less than the maximum allowable per year.  The decrease in credits for the year 2001 results from the fact that a large number of the Operating Partnerships were in their next to last or final year of credit in 2000, and all had completed their credit periods as of 2001.

 

15

 

(Series 1).  As of March 31, 2002 and 2001, the Qualified Occupancy for the Series was 100%.  The Series had a total of 18 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the Series, in total, generated $2,311,040 and $1,826,627 respectively, in passive income tax losses that were passed through to the investors, and also provided $0.00 and $0.35, respectively, in tax credits per BAC to the investors.

 

For the years ended December 31, 2001 and 2000 Series 1 reflects a net loss from Operating Partnerships of $396,227 and $41,281, respectively, when adjusted for depreciation which is a non-cash item.  The increase in adjusted net loss in the current year primarily results from a collection loss expense recorded by one Operating Partnership during 2001.

 

Genesee Commons Associates (River Park Commons) and Kingston Property Associates (Broadway East Townhouses) have incurred operating deficits as a result of weak occupancy.  Both Operating Partnerships have a verbal forbearance agreement in place allowing the properties to pay minimal mortgage payments while the properties continue to accrue all interest payments due.  Both properties also received loans from the state housing agency, which were used to complete rehabilitation work.  The operations at Kingston Property Associates have improved, with an average 3 months occupancy level of 90% through March 31, 2002.   The operations at Genesee Commons Associates remain weak with an average 3 months occupancy level of 87% through March 31, 2002. Both properties continue to work with local and state agencies to locate qualified residents.  Also, the properties are working with local non-profit agencies and churches to develop a referral system.  The properties have not made the minimum debt service payments, as outlined in the forbearance agreements since 1997.  At this time, the mortgage holders for each of these two properties have not taken any adverse action.  The Operating General Partner met with the lenders for both properties. The Operating General Partner reports that the meeting was successful, receiving verbal approval that the mortgage holders would not foreclose on the properties prior to the end of the compliance period.  The 15 year compliance period for Genesee Commons and Kingston Property Associates ends on December 31st, 2002 and December 31st, 2003, respectively.  The Investment General Partner will continue to monitor the situation closely.

 

(Series 2).  As of March 31, 2002 and 2001, the Qualified Occupancy for the series was 100%.  The Series had a total of 8 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2000 and 1999, the Series, in total, generated $7,198 and $798,406, respectively, in passive income tax losses that were passed through to the investors, and also provided $0.09 and $0.36, respectively, in tax credits per BAC to the investors.

 

For the years ended December 31, 2001 and 2000 Series 2 reflects a net income (loss) from Operating Partnerships of $(529,164) and $598,084, respectively, when adjusted for depreciation which is a non-cash item. The decrease in adjusted net income in the current year primarily results from a change in operations of one Operating Partnership.  The Operating Partnership reported a significant increase in interest expense to correct for understated interest in prior years.

 

16

 

The properties owned by Haven Park Partners III, A California L.P. (Glenhaven Park III) and Haven Park Partners IV, A California L.P. (Glenhaven Park IV) continue to suffer from excessive operating expenses compared to operating income. New management put in place in the fourth quarter of 2000 has been successful in maintaining strong occupancy, however the Operating Partnerships are not operating at breakeven.  Operating expenses remain high, and debt service requirements are more than 50% of the operating income.  The Partnerships have filed for welfare tax exemption.  According to the management company the County of Merced has approved the exemption pending the receipt of additional Partnership documentation.  If the exemption is received, it is expected to be retroactive to 2000 and is expected to have a positive effect on cash flow.  As of March 31, 2002 physical occupancy at Haven Park III and Haven Park IV was 100% and 97%, respectively.

 

Annadale Housing Partners (Annadale Apartments) has historically reported net losses due to operational issues associated with the property.  As a result of efforts by the management company operations have improved significantly.  Rental increases combined with better rent collections, increased rental revenues by $99,860 (11.3%) in 2001.  This combined with stabilized operating expenses allowed the property to operate above breakeven.  Occupancy remains stable at 89% through the first quarter of 2002.  In accordance with the loan agreements, the property continues to fund capital improvements from operations.  A welfare tax exemption was approved in 2001, and the Partnership received a refund of $29,982 in January 2002.  If operations continue to demonstrate improvement, we will no longer be reporting on this Partnership.

 

(Series 3).  As of March 31, 2002 and 2001, the Qualified Occupancy for the Series was 99.9% and 99.7%, respectively.  The Series had a total of 33 properties at March 31, 2002.  Out of the total, 32 were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the Series, in total, generated $2,727,055 and $1,792,279, respectively, in passive income tax losses that were passed through to the investors, and also provided $0.04 and $0.05, respectively, in tax credits per BAC to the investors.

 

For the years ended December 31, 2001 and 2000 Series 3 reflects a net income (loss) from Operating Partnerships of $(542,458) and $58,793, respectively, when adjusted for depreciation which is a non-cash item.  Operations in the current year were negatively impacted by an Impairment Loss reported by one of the Operating Partnerships.

 

The Investment General Partner continues to monitor the operations of Lincoln Hotel Associates (Lincoln Apartments) in an effort to improve the overall operations of the series.  Physical occupancy for the first quarter of 2002 averaged 99.5%.  The stable occupancy, along with expense reductions, has resulted in improved operations.  The mortgage is current under the terms of the forbearance agreement.  The taxes, insurance and payables are current.  The Operating General Partner is currently in negotiations to replace management with a not-for-profit entity who is interested in assuming the ownership of the Partnership once the tax credit compliance period has expired.

 

Operations at California Investors VI (Orchard Park Apartments) continue to show improvement.  Historically, the property has suffered from low occupancy due to the remote location of the site.  The area has experienced economic growth over the past few years, and as a result operations at the property have improved as well. Occupancy remains stable averaging 97% for the first quarter of 2002.  A rent increase was implemented in March 2001, resulting in an increase in rental revenues of $68,822 (9.1%) in 2001. The increase was phased in as leases expired.  The full benefit of the increase will be evident in 2002.  Reports submitted by management demonstrate a 15% increase in rental

 

17

 

income for the first four months of 2002 compared with the prior year.  The property operated below breakeven in 2001 largely due to the fact that the welfare tax exemption was not in place, and the property paid the full value of the property taxes.  The exemption has been submitted, and the Partnership is due to receive a refund of approximately $32,612.  The Operating General Partner will continue to monitor the status of the exemption.  In addition to the positive changes affecting this partnership, an affiliate of the management company assumed the General Partner responsibilities for the Partnership on January 1, 2001, and is now responsible for funding all future operating deficits.

 

Operations continue to improve at Hidden Cove Apartments (Hidden Cove) as evidenced by stabilized occupancy and increased rental collections.  Occupancy through May 2002 has averaged 98%.  To date the property has been able to complete minor capital improvements and fund its replacement reserve account without financial assistance.  The property is currently operating at breakeven.  Cash flow and reserves will be utilized to make improvements necessary to maintain building safety.  The Operating General Partner has completed negotiations with the property’s management company and has transferred the Operating General Partnership interest to that entity effective January 1, 2001.  The Operating General Partner has been negotiating to refinance the permanent mortgage.  The mortgage note on the property was sold in the third quarter of 2001 to another party.  The new lender is unwilling at this time to entertain any refinance proposal not involving a complete pay down of all outstanding debt, including all accrued interest.  It is not in the Partnerships best interest to structure a refinance as proposed.

 

Central Parkway Towers (Central Parkway Towers) average occupancy increased to 88% through May 2002 as compared to 2001’s average occupancy of 75%.  The Management Company continues to work with city and state, non-profit agencies to expand tenant referrals and housing contracts.  The Operating General Partner’s operating deficit guarantee obligation has expired; however, it is currently participating, with the Investment Limited Partner, in funding shortfalls.  The property’s overall financial position is slowly improving, and third party accounts payable and accrued expenses are gradually being reduced.

 

The Investment Limited Partner continues to monitor the operations of Rainbow Housing Associates (Rainbow Apartments) in an effort to reduce the amount of aged payables and generate positive cash flow, which it did during the first quarter of 2002.  The majority of payables are due to the Management Company for past due fees and to the General Partner for previous operating advances. The property is beginning to pay down its payable balances from available cash flow and has begun operating at above break even for the first time in several years.  The real estate taxes and mortgage loan are current, and the capital improvements that were required as a result of a HUD REAC inspection have been completed.  Occupancy for the first quarter of 2002 averaged 96.71%.

 

(Series 4).  As of March 31, 2002 and 2001, the Qualified Occupancy for the series was 100%.  The Series had a total of 24 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the Series, in total, generated $1,523,632 and $2,331,820, respectively, in passive income tax losses that were passed through to the investors, and also provided $0.00 and $0.04, respectively, in tax credits per BAC to the investors.

 

For the years ended December 31, 2001 and 2000 Series 4 reflects a net loss from Operating Partnerships of $317,308 and $61,506, respectively, when adjusted for depreciation which is a non-cash item.  Operations in the current year were negatively impacted by an Impairment Loss reported by one Operating Partnerships.

 

18

 

Central Parkway Towers (Central Parkway Towers) average occupancy increased to 88% through May 2002 as compared to 2001’s average occupancy of 75%.  The Management Company continues to work with city and state, non-profit agencies to expand tenant referrals and housing contracts.  The Operating General Partner’s operating deficit guarantee obligation has expired; however, it is currently participating, with the Investment Limited Partner, in funding shortfalls.  The property’s overall financial position is slowly improving, and third party accounts payable and accrued expenses are gradually being reduced.

 

The property owned by Haven Park Partners II, A California LP (Glenhaven Park II) continues to suffer from excessive operating expenses compared to operating income. New management put in place in the fourth quarter of 2000 has been successful in maintaining strong occupancy, however the Operating Partnership continues to operate below breakeven.  Management was able to bring operating expenses to more acceptable levels in 2001, and although the Partnership did not cash flow, the deficit was much smaller than in prior years.  The property has filed for welfare tax exemption.  According to the management company the County of Merced has approved the exemption pending the receipt of additional Partnership documents.  If the exemption is received, it is expected to be retroactive to 2000 and is expected to have a positive effect on cash flow.  Physical occupancy at Haven Park II has stabilized at 100% through the first quarter of 2002.

 

The Operating Partnership Van Dyck Estates XVI-A, A California L.P. (Van Dyck Estates XVI-A) has improved operations while maintaining high occupancy.  Effective January 1, 2001, the General Partner interest was transferred to the Central Valley Affordable Housing LLC, an affiliate of San Mar Properties, Inc.  San Mar continues in its capacity as managing agent.  Effective with the date of the transfer, San Mar will be responsible for funding all operating deficits.  Occupancy dropped slightly in the first quarter of 2002 averaging 90%, however due to rent increases the income generated in the first quarter is up 8% compared to the prior year.  Due to the improvement in operations demonstrated in years 2000 and 2001, plus the commitment from the new General Partner, the Going Concern opinion was removed in 2001.

 

(Series 5).  As of March 31, 2002 and 2001, the Qualified Occupancy for the Series was 100%.  The Series had a total of 5 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the Series, in total, generated $18,380 and $273,549, respectively, in passive income tax losses that were passed through to the investors, and also provided $0.08 and $0.19, respectively, in tax credits per BAC to the investors.

 

For the years ended December 31, 2001 and 2000 Series 5 reflects a net income (loss) of $(448,744) and $619,978, respectively, from Operating Partnerships, when adjusted for depreciation which is a non–cash item. The decrease in adjusted net income in the current year primarily results from a change in operations of one Operating Partnership.  The Operating Partnership reported a significant increase in interest expense to correct for understated interest in prior years.

 

Annadale Housing Partners (Annadale Apartments) has historically reported net losses due to operational issues associated with the property.  As a result of efforts by the management company operations have improved significantly.  Rental increases combined with better rent collections, increased rental revenues by $99,860 (11.3%) in 2001.  This combined with stabilized operating expenses allowed the property to operate above breakeven.  Occupancy remains stable at 89% through the first quarter of 2002.  In accordance with the loan agreements, the property continues to fund capital improvements from operations.  A welfare tax exemption was approved in 2001, and the Partnership

 

19

 

received a refund of $29,982 in January 2002.  If operations continue to demonstrate improvement, we will no longer continue to report on this Partnerhsip.

 

The property owned by Glenhaven Park Partners, A California L.P. (Glenhaven Estates) continues to suffer from excessive operating expenses compared to operating income.  Effective October 4, 2000, San Mar Properties of Fresno, California assumed the role of management agent. An affiliate of San Mar Properties, Central Valley Affordable Housing LLC, assumed the General Partner interest effective December 31, 2000, and is now responsible for funding all future operating deficits.  In February 2001 the property was no longer able to meet the mortgage obligations.  The Operating General Partner with the assistance from the Investment General Partner attempted to restructure the debt, but was unsuccessful.  The Operating General Partner advanced funds to bring five of the mortgage notes current.  The Operating General Partner has agreed to keep these units tax credit compliant.  The mortgage holder with the seven remaining mortgage notes was unwilling to negotiate a restructure of those loans.  Therefore, in an attempt to stay of relief from foreclosure on the seven remaining notes, the Partnership filed for Chapter 11 bankruptcy protection on October 2, 2001.  The US Trustee approved cash collateral, which permitted the Partnership to remit a reduced monthly mortgage payment to the lender until January 15, 2002.  The Reorganization Plan involved bringing current one of the seven delinquent loans in order to remain compliant with IRS Section 42 minimum requirements, thus avoiding disallowance and full recapture of the tax credits.  This plan has been successful and shortly after January 15th a motion of dismissal of bankruptcy protection was filed by the General Partner.  The bankruptcy was dismissed in February 2002.  The Operating General Partner and Investment Limited Partner attempted negotiations with the lender to again avoid foreclosure on the remaining units but negotiations were not successful.  The six remaining units were foreclosed upon and removed from the Partnership.  As a result of the foreclosure the Partnership will face partial recapture of tax credits previously taken of approximately $50,000.  The remaining six units are 100% occupied as of May 2002. The Partnership has filed for a welfare tax exemption for 2001-2002 and 2002-2003, and is currently awaiting a decision by the state.  If granted, the tax exemption will have a positive effect on the cash flow.

 

(Series 6).  As of March 31, 2002 and 2001, the Qualified Occupancy for the series was 100%.  The Series had a total of 15 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax year ended December 31, 2001 and 2000, the Series, in total, generated $580,382 and $474,552, respectively, in passive income tax losses that were passed through to the investors, and also provided $0.03 and $.28, respectively, in tax credits per BAC to the investors.

 

For the years ended December 31, 2001 and 2000 Series 6 reflects a net income from Operating Partnerships of $1,109,151 and $856,719 respectively, when adjusted for depreciation which is a non–cash item.

 

20

 

Recent Accounting Statements Not Yet Adopted

 

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 of impairment or disposal of long-lived assets.  SFAS No.144 supercedes SFAS No. 121, “Accounting for the Impairment of Long-Lived Assts and for Long-Lived Assets to be Disposed Of”.  SFAS No. 144 is effective for fiscal years beginning after December 15, 2001.  The Managing General Partner does not anticipate that its adoption will have a material effect on the financial position or results of the operation of the partnership.

 

21

 

 

Item 7a.          Quantitative and Qualitative Disclosure About Market Risk- Not Applicable

                       

Item 8.            Financial Statements and Supplementary Data

                       

                        The information required by this item is contained in Part IV, Item 14 of this Annual Report on Form 10-K.

                       

Item 9.            Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

                       

                        None.

 

22

 

PART III

 

Item 10.        Directors and Executive Officers of the Registrant

                     

                      (a), (b), (c), (d) and (e)

 

The Partnership has no directors or executives officers of its own.  The following biographical information is presented for the partners of the General Partners and affiliates of those partners (including Boston Capital Partners, Inc. (“Boston Capital”)) with principal responsibility for the Partnership’s affairs.

 

John P. Manning, age 54, is Co-Founder, President and Chief Executive Officer of Boston Capital Corporation where he is primarily responsible for strategic planning and busi­ness development. In addition to his respon­sibilities at Boston Capital, Mr. Manning is a proactive leader in the industry. He served in 1990 as a member of the Mitchell-Danforth Task Force to review and reform the Low Income Housing Tax Credit. He was the found­ing President of the Affordable Housing Tax Credit Coalition, is a former member of the Board of the National Leased Housing Associa­tion and sits on the Advisory Board of the publication Housing and Develop­ment Reporter. During the 1980s he served as a member of the Massachusetts Housing Policy Committee, as an appointee of the Governor of Massachusetts.  In addition, Mr. Manning has testified before the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee on the critical role of the private sector in the success of the Low Income Housing Tax Credit Pro­gram.  In 1996, President Clinton appointed him to the President’s Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. In 1998, President Clinton also appointed Mr. Manning to the President’s Export Council, which is the premier com­mittee comprised of major corporate CEOs to advise the President in matters of foreign trade.  Mr. Manning is also a member of the Board of Directors of the John F. Kennedy Presi­dential Library in Boston, and is a member of the Advi­sory Board of the Woodrow Wilson Insti­tute for International Scholars in Washington, D.C.  Mr. Manning is a graduate of Boston College.

 

Richard J. DeAgazio, age 57, is Executive Vice President of Boston Capital Corporation, Inc. and is President of Boston Capital Services, Inc., Boston Capital’s NASD registered broker/dealer.  Mr. DeAgazio formerly served on the national Board of Governors of the National Association of Securities Dealers (NASD).  He recently served as a member of the National Adjudicatory Council of the NASD.  He was the Vice Chairman of the NASD’s District 11 Committee, and served as Chair­man of the NASD’s Statutory Disqualification Subcommittee of the National Business Conduct Committee.  He also served on the NASD State Liaison Committee and the Direct Participation Program Committee.  He is a founder and past President of the National Real Estate Investment Association, past President of the Real Estate Securities and Syndication Institute (Massachusetts Chapter) and the Real Estate Investment Association.  Prior to joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and Director of the Brokerage Division of Dresdner Securities (USA), Inc, an international invest­ment banking firm owned by four major European banks, and was a Vice President of Burgess & Leith/Advest.  He has been a member of the Boston Stock Exchange since 1967.  He is on the Board of Directors of Cognistar Corporation.  He is a leader in the community and serves on the Board of Trustees of Bunker Hill Community College, the Business Leaders Council of the Boston Symphony, the Board of Trustees of Junior Achievement of Northern New England, the Board of Advisors of the Ron Burton Training Village and is on the Board of Corporators of Northeastern University.  He graduated from Northeastern University.

 

23

 

Kevin P. Costello, age 56, is Executive Vice President in charge of corporate invest­ments for Boston Capital Partners, Inc. and serves on the firm’s Operating Committee.  He is responsible for all corporate investment acti­vity and has spent over twenty years in the real estate syndication and investment busi­ness.  Mr. Costello’s prior responsibilities at Boston Capital have involved the management of the Acquisitions Department and the struc­tur­ing and distribution of conventional and tax credit private placements.  Prior to joining Boston Capital in 1987, he held senior manage­ment executive positions in companies asso­ciated with real estate syndication as well as in the medical electronics industry.  Mr. Costello graduated from Stonehill College and received his MBA with honors from Rutgers’ Graduate School of Business Administra­tion.

 

Jeffrey H. Goldstein, age 41, is Chief Operating Officer for Boston Capital Partners, Inc.  Mr. Goldstein is a former member of the Board of Directors of the Council for Affordable and Rural Housing and formerly served as Chairman of the Finance Committee. Prior to joining Boston Capital in 1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., a real estate development firm, served as Manager for Home­owner Financial Services, a financial consulting firm, and was an analyst responsible for budgeting and forecasting for the New York City Counsel-Finance Division.  He graduated from the University of Colorado and received his MBA from Northeastern University.

 

24

 

(f)                  Involvement in certain legal proceedings.

                     

                      None.

                     

(g)                 Promoters and control persons.

                     

                      None.

                     

Item 11.         Executive Compensation

                     

                      (a), (b), (c), (d) and (e)

 

The Partnership has no officers or directors.  However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Partnership, the Partnership has paid or accrued obligations to the General Partner and its affiliates for the following fees during the 2002 fiscal year:

 

1.            An annual partnership management fee based on 0.375% of the aggregate cost of all apartment complexes acquired by the Operating Partnerships has been accrued as payable to Boston Capital Asset Management Limited Partnership.  The annual partnership management fees accrued during the year ended March 31, 2002 was $951,072.  Accrued fees are payable without interest as sufficient funds become available.

 

2.            The Partnership has reimbursed an affiliate of the General Partner a total of $39,152 for amounts charged to
operations during the year ended March 31, 2002.  The reimbursement includes, but may not be limited to postage, printing, travel, and overhead allocations.

 

25

 

Item 12.         Security Ownership of Certain Beneficial Owners and Management

 

(a)            Security ownership of certain beneficial owners.

 

As of March 31, 2002, 9,800,600 BACs had been issued.  No person is known to own beneficially in excess of 5% of the outstanding BACs in any series.

 

(b)            Security ownership of management.

 

The General Partner has a 1% interest in all Profits, Losses, Credits and distributions of the Partnership.  The Partnership’s response to Item 12(a) is incorporated herein by reference.

 

(c)            Changes in control.

 

There exists no arrangement known to the Partnership the operation of which may at a subsequent date result in a change in control of the Partnership.  There is a provision in the Limited Partnership Agreement which allows, under certain circumstances, the ability to change control.

 

Item 13.         Certain Relationships and Related Transactions

 

(a)           Transactions with management and others.

 

26

 

The Partnership has no officers or directors.  However, under the terms of the public offering, various kinds of compensation and fees are payable to the General Partner and its Affiliates during the organization and operation of the Partnership.  Additionally, the General Partner will receive distributions from the partnership 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 32 to 33 of the Prospectus under the caption “Compensation and Fees”, which is incorporated herein by reference.  See Note B of Notes to Financial Statements in Item 14 of this Annual Report on Form  10–K for amounts accrued or paid to the General Partner and its affiliates during the period from April 1, 1996 through March 31, 2002.

 

(b)           Certain business relationships.

 

The Partnership response to Item 13(a) is incorporated herein by reference.

 

(c)           Indebtedness of management.

 

None.

 

(d)           Transactions with promoters.

 

Not applicable.

 

 

27

 

PART IV

 

Item 14.         Exhibits, Financial Statement Schedules, and Reports on Form 8–K

 

(a) 1.       Financial Statements

 

Boston Capital Tax Credit Fund Limited Partnership

 

Independent Auditors’ Report

Balance Sheets, March 31, 2002 and 2001

Statements of Operations, Years ended March 31, 2002, 2001 and 2000

Statements of Changes in Partners’ Capital, Years ended March 31, 2002, 2001, and 2000

Statements of Cash Flows, Years ended March 31, 2002, 2001 and 2000

Notes to Financial Statements, Years ended March 31, 2002, 2001 and 2000

 

Columbia Park

 

Independent Auditors’ Report

Balance Sheets, December 31, 2001 and 2000

Statements of Operations, Years ended December 31, 2001 and 2000

Statements of Cash Flow, Years ended December 31, 2001 and 2000

Statements of Changes in Partners’ Capital, Years ended December 31, 2001 and 2000

Notes to Financial Statements, Years ended December 31, 2001 and 2000

 

(a) 2.       Financial Statement Schedules

 

Schedule III - Real Estate and Accumulated Depreciation

 

Notes to Schedule III

 

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes hereto.

 

28

 

(a)           3. Exhibits

 

(listed according to the number assigned in the table in Item 601 of Regulation S-K)

 

Exhibit No. 3 - Organization Documents

 

a.     Certificate of Limited Partnership of Boston Capital Tax Credit Fund Limited Partnership.  (Incorporated by reference from Exhibit 3 to the Partnership’s Registration Statement No. 33-22505 on Form S-11 as filed with the Securities and Exchange Commission on June 20, 1988.)

 

Exhibit No. 4 - Instruments defining the rights of security holders, including indentures.

 

a.     Agreement of Limited Partnership of Boston Capital Tax Credit Fund Limited Partnership.  Incorporated by reference from Exhibit 4 to Amendment No. 1 to the Partnership’s RegistrationStatement No. 33-22505 on Form S-11 as filed with the Securities and Exchange Commission on August 25, 1988.)

 

Exhibit No. 10 - Material contracts.

 

a.     Beneficial Assignee Certificate. (Incorporated by reference from Exhibit 10A to Amendment No. 1 to the Partnership’s Registration Statement No. 33-22505 on Form S-11 as filed with the Securities and Exchange Commission on August 25,1988.)

 

Exhibit No. 13 - Financial Statements

 

Exhibit No. 99 - Independent Auditor' Reports for Operating Partnerships

 

Exhibit No. 99 - Schedule III and Notes to Schedule III

 

(b)           Reports on Form 8-K

 

There were no reports on Form 8-K filed during the year ended March 31, 2002.

 

(c)           Exhibits

 

The list of exhibits required by Item 601 of Regulation S-K is included in Item 14(a)(3)..

 

(d)           Financial Statement Schedules

 

See Item 14(a) 1 and 2 above.

 

(e)           Independent Auditors’ Reports of Operating Limited Partnerships

 

29

 

SIGNATURES

 

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Partnership has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Boston Capital Tax Credit Fund Limited Partnership

 

 

 

 

By:

Boston Capital Associates Limited Partnership,

 

 

General Partner

 

 

 

 

By:

BCA Associates Limited Partnership,

 

 

General Partner

 

 

 

 

By:

C&M Management, Inc.,

 

 

General Partner

 

 

 

Date: July 12, 2002

By: /s/ John P. Manning

 

 

John P. Manning

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Partnership and in the capacities and on the dates indicated:

 

DATE:

 

SIGNATURE:

 

TITLE:

 

 

 

 

 

July 12, 2002

 

/s/ John P. Manning

 

Director, President (Principal Executive Officer), C&M Management Inc.; Director, President (Principal Executive Officer) BCTC Assignor Corp.

 

 

John P. Manning

 

 

30

 

FINANCIAL STATEMENTS AND

INDEPENDENT AUDITORS’ REPORT

 

BOSTON CAPITAL TAX CREDIT FUND

LIMITED PARTNERSHIP -

SERIES 1 THROUGH SERIES 6

 

MARCH 31, 2002 AND 2001

 

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

TABLE OF CONTENTS

 

INDEPENDENT AUDITORS’ REPORT

 

FINANCIAL STATEMENTS

 

BALANCE SHEETS

 

STATEMENTS OF OPERATIONS

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

 

STATEMENTS OF CASH FLOWS

 

NOTES TO FINANCIAL STATEMENTS

 

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

 

NOTES TO SCHEDULE III

 

Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

 

 

Reznick Fedder & Silverman

Certified Public Accountants * A Professional Corporation

 

7700 Old Georgetown Road * Suite 400 * Bethesda, MD 20814-6100

(301) 652-9100 * Fax (301) 652-1848

 

INDEPENDENT AUDITORS’ REPORT

 

To the Partners

Boston Capital Tax Credit Fund

Limited Partnership

 

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund Limited Partnership - Series 1 through Series 6, in total and for each series, as of March 31, 2002 and 2001, and the related statements of operations, changes in partners’ capital and cash flows for the total partnership and for each of the series for each of the three years ended March 31, 2002.  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 operating limited partnerships in which Boston Capital Tax Credit Fund Limited Partnership owns a limited partnership interest.  Investments in such partnerships comprise the following percentages of the assets as of March 31, 2002 and 2001, and the limited partnership loss for each of the three years ended March 31, 2002: Total, 16% and 9% of the assets and 7%, 25% and 26% of the partnership loss; Series 1, 0% and 0% of the assets and 0%, 0% and 0% of the partnership loss; Series 2, 0% and 0% of the assets and 0%, 25% and 30% of the partnership loss; Series 3, 0% and 0% of the assets and 0%, 23% and 34% of the partnership loss; Series 4, 31% and 14% of the assets and 4%, 32% and 27% of the partnership loss; Series 5, 0% and 0% of the assets and 0%, 0% and 0% of the partnership loss; and Series 6, 7% and 7% of the assets and 11%, 16% and 10% of the partnership loss.  The financial statements of these partnerships were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to information relating to these partnerships, is based solely on the reports of the other auditors.

 

We conducted our audits in accordance with auditing standards generally accepted in the United States of America.  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 the other auditors provide a reasonable basis for our opinion.

 

F-3

 

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 Boston Capital Tax Credit Fund Limited Partnership - Series 1 through Series 6, in total and for each series, as of March 31, 2002 and 2001, and the results of their operations and their cash flows for the total partnership and for each of the series for each of the three years ended March 31, 2002, in conformity with accounting principles generally accepted in the United States of America.

 

We and other auditors have also audited the information included in the related financial statement schedule listed in Form 10-K item 14(a) of Boston Capital Tax Credit Fund Limited Partnership - Series 1 through Series 6 as of March 31, 2002.  In our opinion, the schedule presents fairly the information required to be set forth therein, in conformity with accounting principles generally accepted in the United States of America.

 

 

/s/ Reznick Fedder & Silverman

 

Bethesda, Maryland

June 24, 2002

 

F-4

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

BALANCE SHEETS

 

March 31, 2002 and 2001

 

 

 

Total

 

 

 

2002

 

2001

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)

 

$

8,510,934

 

$

9,128,027

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents (notes A and E)

 

186,922

 

194,875

 

Other

 

1,127,970

 

1,105,471

 

 

 

 

 

 

 

 

 

$

9,825,826

 

$

10,428,373

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable - affiliates (note B)

 

$

10,115,156

 

$

9,091,047

 

 

 

 

 

 

 

PARTNERS’ CAPITAL (note A)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 9,800,600 issued to the assignees at March 31, 2002 and 2001

 

—

 

—

 

Assignees

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 9,800,600 issued and outstanding at March 31, 2002 and 2001

 

563,475

 

2,173,864

 

General partner

 

(852,805

)

(836,538

)

 

 

 

 

 

 

 

 

(289,330

) 

1,337,326

 

 

 

 

 

 

 

 

 

$

9,825,826

 

$

10,428,373

 

 

F-5

 

 

 

Series 1

 

 

 

2002

 

2001

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)

 

$

—

 

$

—

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents (notes A and E)

 

7,706

 

6,094

 

Other

 

68,113

 

68,113

 

 

 

 

 

 

 

 

 

$

75,819

 

$

74,207

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ DEFICIT

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable - affiliates (note B)

 

$

2,080,901

 

$

1,888,400

 

 

 

 

 

 

 

PARTNERS’ DEFICIT (note A)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 1,299,900 issued to the assignees at March 31, 2002 and 2001

 

—

 

—

 

Assignees

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,299,900 issued and outstanding at March 31, 2002 and 2001

 

(1,871,807

)

(1,682,827

)

General partner

 

(133,275

)

(131,366

)

 

 

 

 

 

 

 

 

(2,005,082

)

(1,814,193

)

 

 

 

 

 

 

 

 

$

75,819

 

$

74,207

 

 

F-6

 

 

 

Series 2

 

 

 

2002

 

2001

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)

 

$

269,170

 

$

325,798

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents (notes A and E)

 

6,538

 

5,977

 

Other

 

569,584

 

569,584

 

 

 

 

 

 

 

 

 

$

845,292

 

$

901,359

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable - affiliates (note B)

 

$

719,540

 

$

643,921

 

 

 

 

 

 

 

PARTNERS’ CAPITAL (note A)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 830,300 issued to the assignees at March 31, 2002 and 2001

 

—

 

—

 

Assignees

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 830,300 issued and outstanding at March 31, 2002 and 2001

 

193,837

 

324,206

 

General partner

 

(68,085

)

(66,768

)

 

 

 

 

 

 

 

 

125,752

 

257,438

 

 

 

 

 

 

 

 

 

$

845,292

 

$

901,359

 

 

F-7

 

 

 

Series 3

 

 

 

2002

 

2001

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)

 

$

90,387

 

$

206,629

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents (notes A and E)

 

11,378

 

5,293

 

Other

 

88,690

 

70,240

 

 

 

 

 

 

 

 

 

$

190,455

 

$

282,162

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ DEFICIT

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable - affiliates (note B)

 

$

2,819,018

 

$

2,513,823

 

 

 

 

 

 

 

PARTNERS’ DEFICIT (note A)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 2,882,200 issued to the assignees at March 31, 2002 and 2001

 

—

 

—

 

Assignees

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,882,200 issued and outstanding at March 31, 2002 and 2001

 

(2,350,364

)

(1,957,431

)

General partner

 

(278,199

)

(274,230

)

 

 

 

 

 

 

 

 

(2,628,563

)

(2,231,661

)

 

 

 

 

 

 

 

 

$

190,455

 

$

282,162

 

 

F-8

 

 

 

Series 4

 

 

 

2002

 

2001

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)

 

$

4,027,584

 

$

4,593,447

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents (notes A and E)

 

23,212

 

27,998

 

Other

 

251,684

 

247,635

 

 

 

 

 

 

 

 

 

$

4,302,480

 

$

4,869,080

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable - affiliates (note B)

 

$

2,645,463

 

$

2,382,066

 

 

 

 

 

 

 

PARTNERS’ CAPITAL (note A)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 2,995,300 issued to the assignees at March 31, 2002 and 2001

 

—

 

—

 

Assignees

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,995,300 issued and outstanding at March 31, 2002 and 2001

 

1,900,551

 

2,722,248

 

General partner

 

(243,534

)

(235,234

)

 

 

 

 

 

 

 

 

1,657,017

 

2,487,014

 

 

 

 

 

 

 

 

 

$

4,302,480

 

$

4,869,080

 

 

F-9

 

 

 

Series 5

 

 

 

2002

 

2001

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)

 

$

347,932

 

$

405,558

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents (notes A and E)

 

90,595

 

96,768

 

Other

 

149,899

 

149,899

 

 

 

 

 

 

 

 

 

$

588,426

 

$

652,225

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable - affiliates (note B)

 

$

261,621

 

$

223,908

 

 

 

 

 

 

 

PARTNERS’ CAPITAL (note A)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 489,900 issued to the assignees at March 31, 2002 and 2001

 

—

 

—

 

Assignees

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 489,900 issued and outstanding at March 31, 2002 and 2001

 

365,288

 

465,785

 

General partner

 

(38,483

)

(37,468

)

 

 

 

 

 

 

 

 

326,805

 

428,317

 

 

 

 

 

 

 

 

 

$

588,426

 

$

652,225

 

 

F-10

 

 

 

Series 6

 

 

 

2002

 

2001

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C)

 

$

3,775,861

 

$

3,596,595

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

Cash and cash equivalents (notes A and E)

 

47,493

 

52,745

 

Other

 

—

 

—

 

 

 

 

 

 

 

 

 

$

3,823,354

 

$

3,649,340

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Accounts payable - affiliates (note B)

 

$

1,588,613

 

$

1,438,929

 

 

 

 

 

 

 

PARTNERS’ CAPITAL (note A)

 

 

 

 

 

Assignor limited partner

 

 

 

 

 

Units of limited partnership interest consisting of 10,000,000 authorized beneficial assignee certificates (BAC), $10 stated value, 1,303,000 issued to the assignees at March 31, 2002 and 2001

 

—

 

—

 

Assignees

 

 

 

 

 

Units of beneficial interest of the limited partnership interest of the assignor limited partner, 1,303,000 issued and outstanding at March 31, 2002 and 2001

 

2,325,970

 

2,301,883

 

General partner

 

(91,229

)

(91,472

)

 

 

 

 

 

 

 

 

2,234,741

 

2,210,411

 

 

 

 

 

 

 

 

 

$

3,823,354

 

$

3,649,340

 

 

See notes to financial statements

 

F-11

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF OPERATIONS

 

Years ended March 31, 2002, 2001 and 2000

 

 

 

Total

 

 

 

2002

 

2001

 

2000

 

Income

 

 

 

 

 

 

 

Interest income

 

$

2,685

 

$

3,255

 

$

3,362

 

Miscellaneous income

 

38,023

 

1,266

 

888

 

 

 

 

 

 

 

 

 

Total income

 

40,708

 

4,521

 

4,250

 

 

 

 

 

 

 

 

 

Share of losses from operating limited partnerships (note A)

 

(617,075

)

(1,691,359

)

*

(1,797,917

)

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Professional fees

 

77,134

 

79,580

 

76,724

 

Partnership management fee (note B)

 

897,502

 

858,356

 

914,669

 

Impairment loss (note A)

 

—

 

—

 

—

 

General and administrative expenses (note B)

 

75,653

 

62,152

 

67,481

 

 

 

 

 

 

 

 

 

 

 

1,050,289

 

1,000,088

 

1,058,874

 

 

 

 

 

 

 

 

 

NET LOSS (note A)

 

$

(1,626,656

)

$

(2,686,926

)

$

(2,852,541

)

 

 

 

 

 

 

 

 

Net loss allocated to general partner

 

$

(16,267

)

$

(26,870

)

$

(28,524

)

 

 

 

 

 

 

 

 

Net loss allocated to assignees

 

$

(1,610,389

)

$

(2,660,056

)

$

(2,824,017

)

 

 

 

 

 

 

 

 

Net loss per BAC

 

$

(0.16

)

$

(0.27

)

$

(0.29

)

 

*  Net of $325,793 gain from sale of a portion of an operating limited partnership.

 

F-12

 

 

 

Series 1

 

 

 

2002

 

2001

 

2000

 

Income

 

 

 

 

 

 

 

Interest income

 

$

77

 

$

171

 

$

190

 

Miscellaneous income

 

20

 

20

 

842

 

 

 

 

 

 

 

 

 

Total income

 

97

 

191

 

1,032

 

 

 

 

 

 

 

 

 

Share of losses from operating limited partnerships (note A)

 

—

 

—

 

(24,367

)

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Professional fees

 

13,226

 

13,924

 

13,089

 

Partnership management fee (note B)

 

166,998

 

174,931

 

171,604

 

Impairment loss (note A)

 

—

 

—

 

—

 

General and administrative expenses (note B)

 

10,762

 

8,309

 

9,264

 

 

 

 

 

 

 

 

 

 

 

190,986

 

197,164

 

193,957

 

 

 

 

 

 

 

 

 

NET LOSS (note A)

 

$

(190,889

)

$

(196,973

)

$

(217,292

)

 

 

 

 

 

 

 

 

Net loss allocated to general partner

 

$

(1,909

)

$

(1,970

)

$

(2,173

)

 

 

 

 

 

 

 

 

Net loss allocated to assignees

 

$

(188,980

)

$

(195,003

)

$

(215,119

)

 

 

 

 

 

 

 

 

Net loss per BAC

 

$

(0.15

)

$

(0.15

)

$

(0.17

)

 

F-13

 

 

 

Series2

 

 

 

2002

 

2001

 

2000

 

Income

 

 

 

 

 

 

 

Interest income

 

$

100

 

$

86

 

$

151

 

Miscellaneous income

 

5,402

 

—

 

—

 

 

 

 

 

 

 

 

 

Total income

 

5,502

 

86

 

151

 

 

 

 

 

 

 

 

 

Share of losses from operating limited partnerships (note A)

 

(56,628

)

(169,174

)

*

(26,254

)

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Professional fees

 

9,385

 

10,048

 

9,604

 

Partnership management fee (note B)

 

61,949

 

62,446

 

67,362

 

Impairment loss (note A)

 

—

 

—

 

—

 

General and administrative expenses (note B)

 

9,226

 

7,563

 

8,301

 

 

 

 

 

 

 

 

 

 

 

80,560

 

80,057

 

85,267

 

 

 

 

 

 

 

 

 

NET LOSS (note A)

 

$

(131,686

)

$

(249,145

)

$

(111,370

)

 

 

 

 

 

 

 

 

Net loss allocated to general partner

 

$

(1,317

)

$

(2,491

)

$

(1,114

)

 

 

 

 

 

 

 

 

Net loss allocated to assignees

 

$

(130,369

)

$

(246,654

)

$

(110,256

)

 

 

 

 

 

 

 

 

Net loss per BAC

 

$

(0.16

)

$

(0.30

)

$

(0.13

)

 

*  Net of $209,299 gain from sale of a portion of an operating limited partnership.

 

F-14

 

 

 

Series 3

 

 

 

2002

 

2001

 

2000

 

Income

 

 

 

 

 

 

 

Interest income

 

$

110

 

$

122

 

$

139

 

Miscellaneous income

 

18,650

 

46

 

46

 

 

 

 

 

 

 

 

 

Total income

 

18,760

 

168

 

185

 

 

 

 

 

 

 

 

 

Share of losses from operating limited partnerships (note A)

 

(116,224

)

(375,991

)

(705,513

)

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Professional fees

 

17,362

 

18,294

 

16,229

 

Partnership management fee (note B)

 

261,638

 

254,513

 

260,113

 

Impairment loss (note A)

 

—

 

—

 

—

 

General and administrative expenses (note B)

 

20,438

 

17,557

 

18,557

 

 

 

 

 

 

 

 

 

 

 

299,438

 

290,364

 

294,899

 

 

 

 

 

 

 

 

 

NET LOSS (note A)

 

$

(396,902

)

$

(666,187

)

$

(1,000,227

)

 

 

 

 

 

 

 

 

Net loss allocated to general partner

 

$

(3,969

)

$

(6,662

)

$

(10,002

)

 

 

 

 

 

 

 

 

Net loss allocated to assignees

 

$

(392,933

)

$

(659,525

)

$

(990,225

)

 

 

 

 

 

 

 

 

Net loss per BAC

 

$

(0.14

)

$

(0.23

)

$

(0.34

)

 

F-15

 

 

 

Series 4

 

 

 

2002

 

2001

 

2000

 

Income

 

 

 

 

 

 

 

Interest income

 

$

356

 

$

177

 

$

171

 

Miscellaneous income

 

12,300

 

—

 

—

 

 

 

 

 

 

 

 

 

Total income

 

12,656

 

177

 

171

 

 

 

 

 

 

 

 

 

Share of losses from operating limited partnerships (note A)

 

(565,863

)

(1,090,774

)

(964,308

)

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Professional fees

 

16,644

 

17,668

 

15,909

 

Partnership management fee (note B)

 

241,257

 

220,529

 

244,630

 

Impairment loss (note A)

 

—

 

—

 

—

 

General and administrative expenses (note B)

 

18,889

 

16,320

 

17,906

 

 

 

 

 

 

 

 

 

 

 

276,790

 

254,517

 

278,445

 

 

 

 

 

 

 

 

 

NET LOSS (note A)

 

$

(829,997

)

$

(1,345,114

)

$

(1,242,582

)

 

 

 

 

 

 

 

 

Net loss allocated to general partner

 

$

(8,300

)

$

(13,451

)

$

(12,426

)

 

 

 

 

 

 

 

 

Net loss allocated to assignees

 

$

(821,697

)

$

(1,331,663

)

$

(1,230,156

)

 

 

 

 

 

 

 

 

Net loss per BAC

 

$

(0.27

)

$

(0.44

)

$

(0.41

)

 

F-16

 

 

 

Series 5

 

 

 

2002

 

2001

 

2000

 

Income

 

 

 

 

 

 

 

Interest income

 

$

1,363

 

$

2,060

 

$

2,304

 

Miscellaneous income

 

1,651

 

1,200

 

—

 

 

 

 

 

 

 

 

 

Total income

 

3,014

 

3,260

 

2,304

 

 

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships (note A)

 

(57,626

)

(95,103

)

*

19,012

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Professional fees

 

7,760

 

6,763

 

9,629

 

Partnership management fee (note B)

 

32,231

 

37,656

 

39,184

 

Impairment loss (note A)

 

—

 

—

 

—

 

General and administrative expenses (note B)

 

6,909

 

5,296

 

5,980

 

 

 

 

 

 

 

 

 

 

 

46,900

 

49,715

 

54,793

 

 

 

 

 

 

 

 

 

NET LOSS (note A)

 

$

(101,512

)

$

(141,558

)

$

(33,477

)

 

 

 

 

 

 

 

 

Net loss allocated to general partner

 

$

(1,015

)

$

(1,416

)

$

(335

)

 

 

 

 

 

 

 

 

Net loss allocated to assignees

 

$

(100,497

)

$

(140,142

)

$

(33,142

)

 

 

 

 

 

 

 

 

Net loss per BAC

 

$

(0.21

)

$

(0.29

)

$

(0.07

)

 

*  Net of $116,494 gain from sale of a portion of an operating limited partnership.

 

F-17

 

 

 

Series 6

 

 

 

2002

 

2001

 

2000

 

Income

 

 

 

 

 

 

 

Interest income

 

$

679

 

$

639

 

$

407

 

Miscellaneous income

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Total income

 

679

 

639

 

407

 

 

 

 

 

 

 

 

 

Share of income (losses) from operating limited partnerships (note A)

 

179,266

 

39,683

 

(96,487

)

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

Professional fees

 

12,757

 

12,883

 

12,264

 

Partnership management fee (note B)

 

133,429

 

108,281

 

131,776

 

Impairment loss (note A)

 

—

 

—

 

—

 

General and administrative expenses (note B)

 

9,429

 

7,107

 

7,473

 

 

 

 

 

 

 

 

 

 

 

155,615

 

128,271

 

151,513

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) (note A)

 

$

24,330

 

$

(87,949

)

$

(247,593

)

 

 

 

 

 

 

 

 

Net income (loss) allocated to general partner

 

$

243

 

$

(879

)

$

(2,476

)

 

 

 

 

 

 

 

 

Net income (loss) allocated to assignees

 

$

24,087

 

$

(87,070

)

$

(245,117

)

 

 

 

 

 

 

 

 

Net income (loss) per BAC

 

$

0.02

 

$

(0.07

)

$

(0.19

)

 

See notes to financial statements

 

F-18

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

 

Years ended March 31, 2002, 2001 and 2000

 

Total

 

Assignees

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 1999

 

$

7,657,936

 

$

(781,143

)

$

6,876,793

 

 

 

 

 

 

 

 

 

Net loss

 

(2,824,015

)

(28,526

)

(2,852,541

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2000

 

4,833,921

 

(809,669

)

4,024,252

 

 

 

 

 

 

 

 

 

Net loss

 

(2,660,057

)

(26,869

)

(2,686,926

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2001

 

2,173,864

 

(836,538

)

1,337,326

 

 

 

 

 

 

 

 

 

Net loss

 

(1,610,389

)

(16,267

)

(1,626,656

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2002

 

$

563,475

 

$

(852,805

)

$

(289,330

)

 

F-19

 

Series 1

 

Assignees

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 1999

 

$

(1,272,705

)

$

(127,223

)

$

(1,399,928

)

 

 

 

 

 

 

 

 

Net loss

 

(215,119

)

(2,173

)

(217,292

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2000

 

(1,487,824

)

(129,396

)

(1,617,220

)

 

 

 

 

 

 

 

 

Net loss

 

(195,003

)

(1,970

)

(196,973

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2001

 

(1,682,827

)

(131,366

)

(1,814,193

)

 

 

 

 

 

 

 

 

Net loss

 

(188,980

)

(1,909

)

(190,889

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2002

 

$

(1,871,807

)

$

(133,275

)

$

(2,005,082

)

 

Series 2

 

Assignees

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 1999

 

$

681,116

 

$

(63,163

)

$

617,953

 

 

 

 

 

 

 

 

 

Net loss

 

(110,256

)

(1,114

)

(111,370

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2000

 

570,860

 

(64,277

)

506,583

 

 

 

 

 

 

 

 

 

Net loss

 

(246,654

)

(2,491

)

(249,145

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2001

 

324,206

 

(66,768

)

257,438

 

 

 

 

 

 

 

 

 

Net loss

 

(130,369

)

(1,317

)

(131,686

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2002

 

$

193,837

 

$

(68,085

)

$

125,752

 

 

F-20

 

Series 3

 

Assignees

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 1999

 

$

(307,681

)

$

(257,566

)

$

(565,247

)

 

 

 

 

 

 

 

 

Net loss

 

(990,225

)

(10,002

)

(1,000,227

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2000

 

(1,297,906

)

(267,568

)

(1,565,474

)

 

 

 

 

 

 

 

 

Net loss

 

(659,525

)

(6,662

)

(666,187

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2001

 

(1,957,431

)

(274,230

)

(2,231,661

)

 

 

 

 

 

 

 

 

Net loss

 

(392,933

)

(3,969

)

(396,902

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2002

 

$

(2,350,364

)

$

(278,199

)

$

(2,628,563

)

 

Series 4

 

Assignees

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 1999

 

$

5,284,067

 

$

(209,357

)

$

5,074,710

 

 

 

 

 

 

 

 

 

Net loss

 

(1,230,156

)

(12,426

)

(1,242,582

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2000

 

4,053,911

 

(221,783

)

3,832,128

 

 

 

 

 

 

 

 

 

Net loss

 

(1,331,663

)

(13,451

)

(1,345,114

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2001

 

2,722,248

 

(235,234

)

2,487,014

 

 

 

 

 

 

 

 

 

Net loss

 

(821,697

)

(8,300

)

(829,997

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2002

 

$

1,900,551

 

$

(243,534

)

$

1,657,017

 

 

F-21

 

Series 5

 

Assignees

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 1999

 

$

639,069

 

$

(35,717

)

$

603,352

 

 

 

 

 

 

 

 

 

Net loss

 

(33,142

)

(335

)

(33,477

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2000

 

605,927

 

(36,052

)

569,875

 

 

 

 

 

 

 

 

 

Net loss

 

(140,142

)

(1,416

)

(141,558

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2001

 

465,785

 

(37,468

)

428,317

 

 

 

 

 

 

 

 

 

Net loss

 

(100,497

)

(1,015

)

(101,512

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2002

 

$

365,288

 

$

(38,483

)

$

326,805

 

 

Series 6

 

Assignees

 

General
partner

 

Total

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 1999

 

$

2,634,070

 

$

(88,117

)

$

2,545,953

 

 

 

 

 

 

 

 

 

Net loss

 

(245,117

)

(2,476

)

(247,593

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2000

 

2,388,953

 

(90,593

)

2,298,360

 

 

 

 

 

 

 

 

 

Net loss

 

(87,070

)

(879

)

(87,949

)

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2001

 

2,301,883

 

(91,472

)

2,210,411

 

 

 

 

 

 

 

 

 

Net income

 

24,087

 

243

 

24,330

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit), March 31, 2002

 

$

2,325,970

 

$

(91,229

)

$

2,234,741

 

 

See notes to financial statements

 

F-22

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

STATEMENTS OF CASH FLOWS

 

Years ended March 31, 2002, 2001 and 2000

 

 

 

Total

 

 

 

2002

 

2001

 

2000

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

 

$

(1,626,656

)

$

(2,686,926

)

$

(2,852,541

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

 

 

 

 

 

 

 

Distributions from operating limited partnerships

 

18

 

18,140

 

4,682

 

Share of losses from operating limited partnerships

 

617,075

 

1,691,359

 

2,123,710

 

Impairment loss

 

—

 

—

 

—

 

Other assets

 

(22,499

)

(34,853

)

(349,389

)

Accounts payable - affiliates

 

1,024,109

 

1,057,503

 

1,064,453

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(7,953

)

45,223

 

(9,085

)

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

Capital contributions paid to operating limited partnerships

 

—

 

—

 

(1,398

)

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

—

 

—

 

(1,398

)

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(7,953

)

45,223

 

(10,483

)

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

194,875

 

149,652

 

160,135

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end

 

$

186,922

 

$

194,875

 

$

149,652

 

 

F-23

 

 

 

Series 1

 

 

 

2002

 

2001

 

2000

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

 

$

(190,889

)

$

(196,973

)

$

(217,292

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

 

 

 

 

 

 

 

Distributions from operating limited partnerships

 

—

 

—

 

—

 

Share of losses from operating limited partnerships

 

—

 

—

 

24,367

 

Impairment loss

 

—

 

—

 

—

 

Other assets

 

—

 

—

 

—

 

Accounts payable - affiliates

 

192,501

 

191,895

 

198,855

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

1,612

 

(5,078

)

5,930

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

Capital contributions paid to operating limited partnerships

 

—

 

—

 

(1,398

)

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

—

 

—

 

(1,398

)

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

1,612

 

(5,078

)

4,532

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

6,094

 

11,172

 

6,640

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end

 

$

7,706

 

$

6,094

 

$

11,172

 

 

F-24

 

 

 

Series 2

 

 

 

2002

 

2001

 

2000

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

 

$

(131,686

)

$

(249,145

)

$

(111,370

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

 

 

 

 

 

 

 

Distributions from operating limited partnerships

 

—

 

—

 

800

 

Share of losses from operating limited partnerships

 

56,628

 

169,174

 

235,553

 

Impairment loss

 

—

 

—

 

—

 

Other assets

 

—

 

—

 

(209,299

)

Accounts payable - affiliates

 

75,619

 

81,545

 

83,222

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

561

 

1,574

 

(1,094

)

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

Capital contributions paid to operating limited partnerships

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

561

 

1,574

 

(1,094

)

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

5,977

 

4,403

 

5,497

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end

 

$

6,538

 

$

5,977

 

$

4,403

 

 

F-25

 

 

 

Series 3

 

 

 

2002

 

2001

 

2000

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

 

$

(396,902

)

$

(666,187

)

$

(1,000,227

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

 

 

 

 

 

 

 

Distributions from operating limited partnerships

 

18

 

53

 

1,124

 

Share of losses from operating limited partnerships

 

116,224

 

375,991

 

705,513

 

Impairment loss

 

—

 

—

 

—

 

Other assets

 

(18,450

)

(28,579

)

200

 

Accounts payable - affiliates

 

305,195

 

316,233

 

298,841

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

6,085

 

(2,489

)

5,451

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

Capital contributions paid to operating limited partnerships

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

6,085

 

(2,489

)

5,451

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

5,293

 

7,782

 

2,331

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end

 

$

11,378

 

$

5,293

 

$

7,782

 

 

F-26

 

 

 

Series 4

 

 

 

2002

 

2001

 

2000

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

 

$

(829,997

)

$

(1,345,114

)

$

(1,242,582

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

 

 

 

 

 

 

 

Distributions from operating limited partnerships

 

—

 

—

 

—

 

Share of losses from operating limited partnerships

 

565,863

 

1,090,774

 

964,308

 

Impairment loss

 

—

 

—

 

—

 

Other assets

 

(4,049

)

(6,274

)

(23,504

)

Accounts payable - affiliates

 

263,397

 

283,054

 

297,016

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(4,786

)

22,440

 

(4,762

)

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

Capital contributions paid to operating limited partnerships

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(4,786

)

22,440

 

(4,762

)

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

27,998

 

5,558

 

10,320

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end

 

$

23,212

 

$

27,998

 

$

5,558

 

 

F-27

 

 

 

Series 5

 

 

 

2002

 

2001

 

2000

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

 

$

(101,512

)

$

(141,558

)

$

(33,477

)

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

 

 

 

Distributions from operating limited partnerships

 

—

 

—

 

—

 

Share of losses from operating limited partnerships

 

57,626

 

95,103

 

97,482

 

Impairment loss

 

—

 

—

 

—

 

Other assets

 

—

 

—

 

(116,786

)

Accounts payable - affiliates

 

37,713

 

37,716

 

39,456

 

 

 

 

 

 

 

 

 

Net cash used in operating activities

 

(6,173

)

(8,739

)

(13,325

)

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

Capital contributions paid to operating limited partnerships

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(6,173

)

(8,739

)

(13,325

)

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

96,768

 

105,507

 

118,832

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end

 

$

90,595

 

$

96,768

 

$

105,507

 

 

F-28

 

 

 

Series 6

 

 

 

2002

 

2001

 

2000

 

Cash flows from operating activities

 

 

 

 

 

 

 

Net income (loss)

 

$

24,330

 

$

(87,949

)

$

(247,593

)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

 

 

 

 

 

 

 

Distributions from operating limited partnerships

 

—

 

18,087

 

2,758

 

Share of (income) losses from operating limited partnerships

 

(179,266

)

(39,683

)

96,487

 

Impairment loss

 

—

 

—

 

—

 

Other assets

 

—

 

—

 

—

 

Accounts payable - affiliates

 

149,684

 

147,060

 

147,063

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

(5,252

)

37,515

 

(1,285

)

 

 

 

 

 

 

 

 

Cash flows from investing activities Capital contributions paid to operating limited partnerships

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

(5,252

)

37,515

 

(1,285

)

 

 

 

 

 

 

 

 

Cash and cash equivalents, beginning

 

52,745

 

15,230

 

16,515

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end

 

$

47,493

 

$

52,745

 

$

15,230

 

 

See notes to financial statements

 

F-29

 

Boston Capital Tax Credit Fund Limited Partnership

Series 1 through Series 6

 

NOTES TO FINANCIAL STATEMENTS

 

March 31, 2002, 2001 and 2000

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Boston Capital Tax Credit Fund Limited Partnership (the “partnership”) (formerly American Affordable Housing VI Limited Partnership) was formed under the laws of the State of Delaware as of June 1, 1988, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which have acquired, developed, rehabilitated, operate and own newly constructed, existing or rehabilitated apartment complexes which qualify for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986.  Certain of the apartment complexes may also qualify for the Historic Rehabilitation Tax Credit for the rehabilitation of certified historic structures, accordingly, the apartment complexes are restricted as to rent charges and operating methods and are subject to the provisions of Section 42(g)(2) of the Internal Revenue Code relating to the Rehabilitation Investment Credit.  The general partner of the partnership is Boston Capital Associates Limited Partnership and the limited partner is BCTC Assignor Corp. (the assignor limited partner).

 

Pursuant to the Securities Act of 1933, the partnership filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective August 29, 1988, which covered the offering (the “Public Offering”) of the partnership’s beneficial assignee certificates (“BACs”) representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner.  The partnership registered 10,000,000 BACs at $10 per BAC for sale to the public in six series.  BACs sold in bulk were offered to investors at a reduced cost per BAC.

 

In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.

 

Investments in Operating Limited Partnerships

 

The partnership accounts for its investments in operating limited partnerships using the equity method of accounting.  Under the equity method of accounting, the partnership adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued.  However, the partnership recognizes individual operating limited partnership losses only to the extent that the fund’s share of losses of the operating limited partnerships does not exceed the carrying amount of its investment.  Unrecognized losses will be suspended and offset against future individual operating limited partnership income.

 

F-30

 

A loss in value of an investment in an operating limited partnership other than a temporary decline would be recorded as an impairment loss.  Impairment is measured by comparing the investment carrying amount to the sum of the total amount of the remaining tax credits allocated to the partnership and the estimated residual value of the investment.

 

Capital contributions to operating limited partnerships are adjusted by tax credit adjusters.  Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected.  The partnership records tax credit adjusters as a reduction in investment in operating limited partnerships and capital contributions payable.

 

The operating limited partnerships maintain their financial statements based on a calendar year and the partnership utilizes a March 31 year end.  The partnership records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year end.

 

The partnership records capital contributions payable to the operating limited partnerships once there is a binding obligation to the partnerships of a specified amount.  The operating limited partnerships record capital contributions from the partnership when received.

 

The partnership records acquisition costs as an increase in its investment in operating limited partnerships.  Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the partnership.  These differences are shown as reconciling items in note C.

 

Cash Equivalents

 

Cash equivalents include repurchase agreements and money market accounts having original maturities at date of acquisition of three months or less.  The carrying amounts approximate fair value because of the short maturity of these instruments.

 

F-31

 

Income Taxes

 

No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the general partner and assignees individually.

 

Fiscal Year

 

For financial reporting purposes the partnership uses a March 31 year end, whereas for income tax reporting purposes, the partnership uses a calendar year.  The operating limited partnerships use a calendar year for both financial and income tax reporting.

 

Net Loss per Beneficial Assignee Certificate

 

Net loss per beneficial assignee certificate is calculated based upon the number of units outstanding.  The number of units outstanding in each series for each of the three years in the period ended March 31, 2002 is as follows:

 

Series 1

 

$

1,299,900

 

Series 2

 

830,300

 

Series 3

 

2,882,200

 

Series 4

 

2,995,300

 

Series 5

 

489,900

 

Series 6

 

1,303,000

 

 

 

 

 

Total

 

$

9,800,600

 

 

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 revenue and expenses during the reporting period.  Actual results could differ from those estimates.

 

F-32

 

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 Managing General Partner does not anticipate that its adoption will have a material effect on the financial position or results of operations of the partnership.

 

NOTE B - RELATED PARTY TRANSACTIONS

 

During the years ended March 31, 2002, 2001 and 2000, the partnership entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership, and Boston Capital Asset Management Limited Partnership, as follows:

 

Boston Capital Asset Management Limited Partnership is entitled to an annual partnership management fee based on .375% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnership and 99% of the permanent financing at the operating limited partnership level.

 

F-33

 

The annual partnership management fee charged to operations net of reporting fees for the years ended March 31, 2002, 2001 and 2000 is as follows:

 

 

 

2002

 

2001

 

2000

 

 

 

 

 

 

 

 

 

Series 1

 

$

166,998

 

$

174,931

 

$

171,604

 

Series 2

 

61,949

 

62,446

 

67,362

 

Series 3

 

261,638

 

254,513

 

260,113

 

Series 4

 

241,257

 

220,529

 

244,630

 

Series 5

 

32,231

 

37,656

 

39,184

 

Series 6

 

133,429

 

108,281

 

131,776

 

 

 

 

 

 

 

 

 

 

 

$

897,502

 

$

858,356

 

$

914,669

 

 

General and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership, and Boston Capital Asset Management Limited Partnership were charged to each series’ operations for the years ended March 31, 2002, 2001 and 2000 as follows:

 

 

 

2002

 

2001

 

2000

 

 

 

 

 

 

 

 

 

Series 1

 

$

5,638

 

$

3,030

 

$

2,991

 

Series 2

 

5,777

 

3,700

 

3,983

 

Series 3

 

8,757

 

5,822

 

5,697

 

Series 4

 

8,462

 

5,751

 

5,626

 

Series 5

 

5,109

 

2,933

 

739

 

Series 6

 

5,409

 

2,784

 

2,787

 

 

 

 

 

 

 

 

 

 

 

$

39,152

 

$

24,020

 

$

21,823

 

 

Accounts payable - affiliates at March 31, 2002 and 2001 represents general and administrative expenses, partnership management fees, and may include advances which are noninterest bearing and payable to Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership.  The carrying value of the accounts payable - affiliates approximates fair value.

 

F-34

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

At March 31, 2002, 2001 and 2000, the partnership has limited partnership interests in operating limited partnerships, which own apartment complexes.  During the year ended March 31, 2001, the partnership disposed of a portion of its interest in one of the operating limited partnerships owned by Series 2 and Series 5.  During the year ended March 31, 2001, the partnership fully disposed of its interest in one of the operating limited partnerships owned by Series 1 and Series 4.  The number of operating limited partnerships in which the partnership has limited partnership interests at March 31, 2002, 2001 and 2000 by series are as follows:

 

 

 

2002

 

2001

 

2000

 

 

 

 

 

 

 

 

 

Series 1

 

18

 

18

 

19

 

Series 2

 

8

 

8

 

8

 

Series 3

 

33

 

33

 

33

 

Series 4

 

24

 

24

 

25

 

Series 5

 

5

 

5

 

5

 

Series 6

 

15

 

15

 

15

 

 

 

 

 

 

 

 

 

Total

 

103

 

103

 

105

 

 

F-35

 

The partnership’s investments in operating limited partnerships at March 31, 2002 are summarized as follows:

 

 

 

Total

 

 

 

 

 

Capital contributions paid to operating limited partnerships, net of tax credit adjusters

 

$

69,626,749

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

11,976,945

 

 

 

 

 

Syndication costs from operating limited partnerships

 

(45,526

)

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(121,702

)

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(4,017,052

)

 

 

 

 

Cumulative losses from operating limited partnerships

 

(68,908,480

)

 

 

 

 

Investments in operating limited partnerships per balance sheets

 

8,510,934

 

 

 

 

 

The partnership has  recorded capital contributions to the operating limited partnerships during the year ended March 31, 2002 which have not been included in the partnerships’ capital account included in the operating limited partnerships’ financial statements as of December 31, 2001 (see note A).

 

(439,351

)

 

 

 

 

The partnership has recorded acquisition costs at March 31, 2002, which have not been accounted for in the net assets of the operating limited partnerships (see note A).

 

(852,435

)

 

 

 

 

The partnership has recorded a share of losses from operating limited partnerships for the three months ended March 31, 2002, which the operating limited partnerships have not included in their capital accounts as of December 31, 2001 due to different year ends (see note A).

 

1,466,033

 

 

 

 

 

The partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

182,949

 

 

 

 

 

Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(51,124,749

)

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

4,017,052

 

 

 

 

 

Other

 

78,890

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

(38,160,677

)

 

F-36

 

The partnership’s investments in operating limited partnerships at March 31, 2002 are summarized as follows:

 

 

 

Series 1

 

Series 2

 

Series 3

 

 

 

 

 

 

 

 

 

Capital contributions paid to operating limited partnerships, net of tax credit adjusters

 

$

9,037,551

 

$

5,565,026

 

$

20,710,406

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

1,569,525

 

1,005,656

 

3,486,122

 

 

 

 

 

 

 

 

 

Syndication costs from operating limited partnerships

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(4,140

)

(6,246

)

(48,146

)

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

—

 

(876,844

)

(1,402,374

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(10,602,936

)

(5,418,422

)

(22,655,621

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheets

 

—

 

269,170

 

90,387

 

 

 

 

 

 

 

 

 

The partnership has  recorded capital contributions to the operating limited partnerships during the year ended March 31, 2002, which have not been included in the partnerships’ capital account included in the operating limited partnerships’ financial statements as of December 31, 2001 (see note A).

 

—

 

(311,339

)

(128,012

)

 

 

 

 

 

 

 

 

The partnership has recorded acquisition costs at March 31, 2002, which have not been accounted for in the net assets of the operating limited partnerships (see note A).

 

(581,787

)

(46,332

)

116,864

 

 

 

 

 

 

 

 

 

The partnership has recorded a share of losses from operating limited partnerships for the three months ended March 31, 2002, which the operating limited partnerships have not included in their capital accounts as of December 31, 2001 due to different year ends (see note A).

 

667,397

 

—

 

798,636

 

 

 

 

 

 

 

 

 

The partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

31,815

 

63,725

 

47,192

 

 

 

 

 

 

 

 

 

Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(23,537,635

)

(2,783,895

)

(16,835,810

)

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

—

 

876,844

 

1,402,374

 

 

 

 

 

 

 

 

 

Other

 

(1,703

)

(361,065

)

300,572

 

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

(23,421,913

)

$

(2,292,892

)

$

(14,207,797

)

 

F-37

 

The partnership’s investments in operating limited partnerships at March 31, 2002 are summarized as follows:

 

 

 

Series 4

 

Series 5

 

Series 6

 

 

 

 

 

 

 

 

 

Capital contributions paid to operating limited partnerships, net of tax credit adjusters

 

$

21,719,700

 

$

3,273,323

 

$

9,320,743

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

3,661,756

 

599,776

 

1,654,110

 

 

 

 

 

 

 

 

 

Syndication costs from operating limited partnerships

 

—

 

(45,526

)

—

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(12,414

)

—

 

(50,756

)

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(654,684

)

(450,835

)

(632,315

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(20,686,774

)

(3,028,806

)

(6,515,921

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheets

 

4,027,584

 

347,932

 

3,775,861

 

 

 

 

 

 

 

 

 

The partnership has  recorded capital contributions to the operating limited partnerships during the year ended March 31, 2002, which have not been included in the partnerships’ capital account included in the operating limited partnerships’ financial statements as of December 31, 2001 (see note A).

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

The partnership has recorded acquisition costs at March 31, 2002, which have not been accounted for in the net assets of the operating limited partnerships (see note A).

 

(667,777

)

8,269

 

318,328

 

 

 

 

 

 

 

 

 

The partnership has recorded a share of losses from operating limited partnerships for the three months ended March 31, 2002, which the operating limited partnerships have not included in their capital accounts as of December 31, 2001 due to different year ends (see note A).

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

The partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

14,643

 

—

 

25,574

 

 

 

 

 

 

 

 

 

Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(4,774,007

)

(1,239,551

)

(1,953,851

)

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

654,684

 

450,835

 

632,315

 

 

 

 

 

 

 

 

 

Other

 

85,972

 

(154,146

)

209,260

 

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

(658,901

)

$

(586,661

)

$

3,007,487

 

 

F-38

 

The partnership’s investments in operating limited partnerships at March 31, 2002 are summarized as follows:

 

 

 

Total

 

 

 

 

 

Capital contributions paid to operating limited partnerships, net of tax credit adjusters

 

$

69,626,749

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

11,976,945

 

 

 

 

 

Syndication costs from operating limited partnerships

 

(45,526

)

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(121,684

)

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(4,017,052

)

 

 

 

 

Cumulative losses from operating limited partnerships

 

(68,291,405

)

 

 

 

 

Investments in operating limited partnerships per balance sheets

 

9,128,027

 

 

 

 

 

The partnership has  recorded capital contributions to the operating limited partnerships during the year ended March 31, 2001, which have not been included in the partnerships’ capital account included in the operating limited partnerships’ financial statements as of December 31, 2000 (see note A).

 

(479,273

)

 

 

 

 

The partnership has recorded acquisition costs at March 31, 2001, which have not been accounted for in the net assets of the operating limited partnerships (see note A).

 

(852,435

)

 

 

 

 

The partnership has recorded a share of losses from operating limited partnerships for the three months ended March 31, 2001, which the operating limited partnerships have not included in their capital accounts as of December 31, 2000 due to different year ends (see note A).

 

1,466,033

 

 

 

 

 

The partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

182,949

 

 

 

 

 

Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(45,141,707

)

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

4,017,052

 

 

 

 

 

Other

 

84,299

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

(31,595,055

)

 

F-39

 

The partnership’s investments in operating limited partnerships at March 31, 2002 are summarized as follows:

 

 

 

Series 1

 

Series 2

 

Series 3

 

 

 

 

 

 

 

 

 

Capital contributions paid to operating limited partnerships, net of tax credit adjusters

 

$

9,037,551

 

$

5,565,026

 

$

20,710,406

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

1,569,525

 

1,005,656

 

3,486,122

 

 

 

 

 

 

 

 

 

Syndication costs from operating limited partnerships

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(4,140

)

(6,246

)

(48,128

)

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

—

 

(876,844

)

(1,402,374

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(10,602,936

)

(5,361,794

)

(22,539,397

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheets

 

—

 

325,798

 

206,629

 

 

 

 

 

 

 

 

 

The partnership has  recorded capital contributions to the operating limited partnerships during the year ended March 31, 2001, which have not been included in the partnerships’ capital account included in the operating limited partnerships’ financial statements as of December 31, 2000 (see note A).

 

—

 

(311,339

)

(133,349

)

 

 

 

 

 

 

 

 

The partnership has recorded acquisition costs at March 31, 2001, which have not been accounted for in the net assets of the operating limited partnerships (see note A).

 

(581,787

)

(46,332

)

116,864

 

 

 

 

 

 

 

 

 

The partnership has recorded a share of losses from operating limited partnerships for the three months ended March 31, 2001, which the operating limited partnerships have not included in their capital accounts as of December 31, 2000 due to different year ends (see note A).

 

667,397

 

—

 

798,636

 

 

 

 

 

 

 

 

 

The partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

31,815

 

63,725

 

47,192

 

 

 

 

 

 

 

 

 

Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(22,081,031

)

(2,394,802

)

(14,412,617

)

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

—

 

876,844

 

1,402,374

 

 

 

 

 

 

 

 

 

Other

 

782

 

(361,065

)

305,910

 

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

(21,962,824

)

$

(1,847,171

)

$

(11,668,361

)

 

F-40

 

The partnership’s investments in operating limited partnerships at March 31, 2002 are summarized as follows:

 

 

 

Series 4

 

Series 5

 

Series 6

 

 

 

 

 

 

 

 

 

Capital contributions paid to operating limited partnerships, net of tax credit adjusters

 

$

21,719,700

 

$

3,273,323

 

$

9,320,743

 

 

 

 

 

 

 

 

 

Acquisition costs of operating limited partnerships

 

3,661,756

 

599,776

 

1,654,110

 

 

 

 

 

 

 

 

 

Syndication costs from operating limited partnerships

 

—

 

(45,526

)

—

 

 

 

 

 

 

 

 

 

Cumulative distributions from operating limited partnerships

 

(12,414

)

—

 

(50,756

)

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(654,684

)

(450,835

)

(632,315

)

 

 

 

 

 

 

 

 

Cumulative losses from operating limited partnerships

 

(20,120,911

)

(2,971,180

)

(6,695,187

)

 

 

 

 

 

 

 

 

Investments in operating limited partnerships per balance sheets

 

4,593,447

 

405,558

 

3,596,595

 

 

 

 

 

 

 

 

 

The partnership has  recorded capital contributions to the operating limited partnerships during the year ended March 31, 2001, which have not been included in the partnerships’ capital account included in the operating limited partnerships’ financial statements as of December 31, 2000 (see note A).

 

—

 

(34,585

)

—

 

 

 

 

 

 

 

 

 

The partnership has recorded acquisition costs at March 31, 2001, which have not been accounted for in the net assets of the operating limited partnerships (see note A).

 

(667,777

)

8,269

 

318,328

 

 

 

 

 

 

 

 

 

The partnership has recorded a share of losses from operating limited partnerships for the three months ended March 31, 2001, which the operating limited partnerships have not included in their capital accounts as of December 31, 2000 due to different year ends (see note A).

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

The partnership has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).

 

14,643

 

—

 

25,574

 

 

 

 

 

 

 

 

 

Equity in losses from operating limited partnerships not recognizable under the equity method of accounting (see note A).

 

(3,726,452

)

(1,079,254

)

(1,447,551

)

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

654,684

 

450,835

 

632,315

 

 

 

 

 

 

 

 

 

Other

 

47,822

 

(118,706

)

209,556

 

 

 

 

 

 

 

 

 

Equity per operating limited partnerships’ combined financial statements

 

$

916,367

 

$

(367,883

)

$

3,334,817

 

 

F-41

 

The combined summarized balance sheets of the operating limited parterships at December 31, 2001 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 

 

 

Total

 

Series 1

 

Series 2

 

Series 3

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

168,119,101

 

$

15,392,210

 

$

18,961,908

 

$

42,557,283

 

Land

 

14,053,489

 

1,487,098

 

1,123,628

 

3,796,769

 

Other assets

 

17,589,651

 

3,484,239

 

1,202,278

 

4,259,724

 

 

 

 

 

 

 

 

 

 

 

 

 

$

199,762,241

 

$

20,363,547

 

$

21,287,814

 

$

50,613,776

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

201,939,861

 

$

34,780,016

 

$

20,233,179

 

$

54,504,843

 

Accounts payable and accrued expenses

 

26,856,297

 

7,292,531

 

2,535,088

 

7,731,134

 

Other liabilities

 

21,131,580

 

1,821,138

 

1,592,560

 

5,251,849

 

 

 

 

 

 

 

 

 

 

 

 

 

249,927,738

 

43,893,685

 

24,360,827

 

67,487,826

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund Limited Partnership

 

(38,160,677

)

(23,421,913

)

(2,292,892

)

(14,207,797

)

Other partners

 

(12,004,820

)

(108,225

)

(780,121

)

(2,666,253

)

 

 

 

 

 

 

 

 

 

 

 

 

(50,165,497

)

(23,530,138

)

(3,073,013

)

(16,874,050

)

 

 

 

 

 

 

 

 

 

 

 

 

$

199,762,241

 

$

20,363,547

 

$

21,287,814

 

$

50,613,776

 

 

F-42

 

 

 

Series 4

 

Series 5

 

Series 6

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

44,819,867

 

$

14,968,803

 

$

31,419,030

 

Land

 

3,997,870

 

880,396

 

2,767,728

 

Other assets

 

4,350,279

 

390,655

 

3,902,476

 

 

 

 

 

 

 

 

 

 

 

$

53,168,016

 

$

16,239,854

 

$

38,089,234

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

45,482,775

 

$

15,227,038

 

$

31,712,010

 

Accounts payable and accrued expenses

 

5,929,844

 

175,469

 

3,192,231

 

Other liabilities

 

6,658,170

 

3,280,216

 

2,527,647

 

 

 

 

 

 

 

 

 

 

 

58,070,789

 

18,682,723

 

37,431,888

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund Limited Partnership

 

(658,901

)

(586,661

)

3,007,487

 

Other partners

 

(4,243,872

)

(1,856,208

)

(2,350,141

)

 

 

 

 

 

 

 

 

 

 

(4,902,773

)

(2,442,869

)

657,346

 

 

 

 

 

 

 

 

 

 

 

$

53,168,016

 

$

16,239,854

 

$

38,089,234

 

 

F-43

 

The combined summarized balance sheets of the operating limited parterships at December 31, 2001 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 

 

 

Total

 

Series 1

 

Series 2

 

Series 3

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

176,877,753

 

$

16,205,390

 

$

19,475,031

 

$

44,946,252

 

Land

 

14,038,438

 

1,487,098

 

1,123,628

 

3,788,603

 

Other assets

 

16,816,372

 

3,547,841

 

1,265,508

 

4,075,295

 

 

 

 

 

 

 

 

 

 

 

 

 

$

207,732,563

 

$

21,240,329

 

$

21,864,167

 

$

52,810,150

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

195,765,291

 

$

34,867,862

 

$

17,777,023

 

$

54,525,287

 

Accounts payable and accrued expenses

 

28,783,147

 

6,684,823

 

2,119,090

 

7,291,059

 

Other liabilities

 

22,909,849

 

1,775,184

 

3,850,362

 

4,829,999

 

 

 

 

 

 

 

 

 

 

 

 

 

247,458,287

 

43,327,869

 

23,746,475

 

66,646,345

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund Limited Partnership

 

(31,595,055

)

(21,962,824

)

(1,847,171

)

(11,668,361

)

Other partners

 

(8,130,669

)

(124,716

)

(35,137

)

(2,167,834

)

 

 

 

 

 

 

 

 

 

 

 

 

(39,725,724

)

(22,087,540

)

(1,882,308

)

(13,836,195

)

 

 

 

 

 

 

 

 

 

 

 

 

$

207,732,563

 

$

21,240,329

 

$

21,864,167

 

$

52,810,150

 

 

F-44

 

 

 

Series 4

 

Series 5

 

Series 6

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Buildings and improvements, net of accumulated depreciation

 

$

48,115,807

 

$

15,364,584

 

$

32,770,689

 

Land

 

3,990,985

 

880,396

 

2,767,728

 

Other assets

 

3,860,367

 

392,350

 

3,675,011

 

 

 

 

 

 

 

 

 

 

 

$

55,967,159

 

$

16,637,330

 

$

39,213,428

 

 

 

 

 

 

 

 

 

LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgages and construction loans payable

 

$

44,904,497

 

$

12,828,859

 

$

30,861,763

 

Accounts payable and accrued expenses

 

7,248,162

 

2,278,221

 

3,161,792

 

Other liabilities

 

5,762,096

 

3,055,429

 

3,636,779

 

 

 

 

 

 

 

 

 

 

 

57,914,755

 

18,162,509

 

37,660,334

 

PARTNERS’ CAPITAL (DEFICIT)

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund Limited Partnership

 

916,367

 

(367,883

)

3,334,817

 

Other partners

 

(2,863,963

)

(1,157,296

)

(1,781,723

)

 

 

 

 

 

 

 

 

 

 

(1,947,596

)

(1,525,179

)

1,553,094

 

 

 

 

 

 

 

 

 

 

 

$

55,967,159

 

$

16,637,330

 

$

39,213,428

 

 

F-45

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2001 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Total

 

Series 1

 

Series 2

 

Series 3

 

Revenue

 

 

 

 

 

 

 

 

 

Rental

 

$

35,068,554

 

$

5,134,323

 

$

2,246,609

 

$

8,663,167

 

Interest and other

 

2,435,672

 

171,848

 

594,393

 

368,024

 

 

 

 

 

 

 

 

 

 

 

 

 

37,504,226

 

5,306,171

 

2,841,002

 

9,031,191

 

Expenses

 

 

 

 

 

 

 

 

 

Interest

 

11,802,971

 

1,083,744

 

1,507,193

 

2,574,390

 

Depreciation and amortization

 

9,261,557

 

1,075,397

 

661,541

 

2,525,565

 

Taxes and insurance

 

4,288,722

 

732,954

 

204,240

 

1,110,565

 

Repairs and maintenance

 

6,772,804

 

1,203,066

 

362,125

 

1,849,846

 

Operating expenses

 

12,892,667

 

2,244,629

 

949,917

 

3,034,993

 

Other expenses

 

1,551,812

 

438,005

 

346,691

 

343,855

 

Impairment loss

 

1,320,000

 

—

 

—

 

660,000

 

 

 

 

 

 

 

 

 

 

 

 

 

47,890,533

 

6,777,795

 

4,031,707

 

12,099,214

 

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(10,386,307

)

$

(1,471,624

)

$

(1,190,705

)

$

(3,068,023

)

 

 

 

 

 

 

 

 

 

 

Net loss allocated to Boston Capital Tax Credit Fund Limited Partnership*

 

$

(6,652,608

)

$

(1,456,604

)

$

(445,723

)

$

(2,591,017

)

 

 

 

 

 

 

 

 

 

 

Net loss allocated to other partners

 

$

(3,733,699

)

$

(15,020

)

$

(744,982

)

$

(477,006

)

 

*            Amounts include $1,456,604, $389,095, $2,474,793, $1,047,566, $160,298 and $507,177 for Series 1, Series 2, Series 3, Series 4, Series 5 and Series 6, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-46

 

 

 

Series 4

 

Series 5

 

Series 6

 

Revenue

 

 

 

 

 

 

 

Rental

 

$

9,770,012

 

$

1,664,078

 

$

7,590,365

 

Interest and other

 

602,231

 

453,418

 

245,758

 

 

 

 

 

 

 

 

 

 

 

10,372,243

 

2,117,496

 

7,836,123

 

Expenses

 

 

 

 

 

 

 

Interest

 

3,255,868

 

1,211,119

 

2,170,657

 

Depreciation and amortization

 

2,637,613

 

468,946

 

1,892,495

 

Taxes and insurance

 

1,240,178

 

121,484

 

879,301

 

Repairs and maintenance

 

1,877,926

 

251,728

 

1,228,113

 

Operating expenses

 

3,546,629

 

908,970

 

2,207,529

 

Other expenses

 

108,950

 

72,939

 

241,372

 

Impairment loss

 

660,000

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

13,327,164

 

3,035,186

 

8,619,467

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(2,954,921

)

$

(917,690

)

$

(783,344

)

 

 

 

 

 

 

 

 

Net loss allocated to Boston Capital Tax Credit Fund Limited Partnership*

 

$

(1,613,429

)

$

(217,924

)

$

(327,911

)

 

 

 

 

 

 

 

 

Net loss allocated to other partners

 

$

(1,341,492

)

$

(699,766

)

$

(455,433

)

 

*            Amounts include $1,456,604, $389,095, $2,474,793, $1,047,566, $160,298 and $507,177 for Series 1, Series 2, Series 3, Series 4, Series 5 and Series 6, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-47

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2000 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Total

 

Series 1

 

Series 2

 

Series 3

 

Revenue

 

 

 

 

 

 

 

 

 

Rental

 

$

33,025,913

 

$

5,018,260

 

$

2,011,045

 

$

8,052,625

 

Interest and other

 

4,202,461

 

200,926

 

1,027,326

 

971,844

 

 

 

 

 

 

 

 

 

 

 

 

 

37,228,374

 

5,219,186

 

3,038,371

 

9,024,469

 

Expenses

 

 

 

 

 

 

 

 

 

Interest

 

11,107,477

 

1,036,726

 

774,714

 

3,075,614

 

Depreciation and amortization

 

9,140,672

 

1,059,179

 

585,120

 

2,516,423

 

Taxes and insurance

 

3,831,540

 

685,423

 

182,902

 

879,076

 

Repairs and maintenance

 

6,727,661

 

1,187,286

 

501,663

 

1,601,618

 

Operating expenses

 

12,153,829

 

2,225,792

 

945,543

 

3,005,092

 

Other expenses

 

1,377,080

 

125,240

 

35,465

 

404,276

 

Impairment loss

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

44,338,259

 

6,319,646

 

3,025,407

 

11,482,099

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(7,109,885

)

$

(1,100,460

)

$

12,964

 

$

(2,457,630

)

 

 

 

 

 

 

 

 

 

 

Net loss allocated to Boston Capital Tax Credit Fund Limited Partnership*

 

$

(5,891,022

)

$

(1,090,707

)

$

(305,905

)

$

(2,016,905

)

 

 

 

 

 

 

 

 

 

 

Net income (loss) allocated to other partners

 

$

(1,218,863

)

$

(9,753

)

$

318,869

 

$

(440,725

)

 

*            Amounts include $1,090,708, $136,731, $1,640,914, $803,790, $24,868 and $502,652 for Series 1, Series 2, Series 3, Series 4, Series 5 and Series 6, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-48

 

 

 

Series 4

 

Series 5

 

Series 6

 

Revenue

 

 

 

 

 

 

 

Rental

 

$

9,326,248

 

$

1,464,552

 

$

7,153,183

 

Interest and other

 

619,397

 

965,460

 

417,508

 

 

 

 

 

 

 

 

 

 

 

9,945,645

 

2,430,012

 

7,570,691

 

Expenses

 

 

 

 

 

 

 

Interest

 

3,344,596

 

513,003

 

2,362,824

 

Depreciation and amortization

 

2,673,148

 

458,314

 

1,848,488

 

Taxes and insurance

 

1,141,428

 

107,854

 

834,857

 

Repairs and maintenance

 

1,861,483

 

431,748

 

1,143,863

 

Operating expenses

 

3,190,729

 

683,634

 

2,103,039

 

Other expenses

 

468,915

 

73,795

 

269,389

 

Impairment loss

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

12,680,299

 

2,268,348

 

8,562,460

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(2,734,654

)

$

161,664

 

$

(991,769

)

 

 

 

 

 

 

 

 

Net loss allocated to Boston Capital Tax Credit Fund Limited Partnership*

 

$

(1,894,564

)

$

(119,971

)

$

(462,970

)

 

 

 

 

 

 

 

 

Net income (loss) allocated to other partners

 

$

(840,090

)

$

281,635

 

$

(528,799

)

 

*            Amounts include $1,090,708, $136,731, $1,640,914, $803,790, $24,868 and $502,652 for Series 1, Series 2, Series 3, Series 4, Series 5 and Series 6, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-49

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 1999 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

 

 

Total

 

Series 1

 

Series 2

 

Series 3

 

Revenue

 

 

 

 

 

 

 

 

 

Rental

 

$

33,142,955

 

$

5,525,500

 

$

1,830,157

 

$

8,111,737

 

Interest and other

 

2,693,424

 

218,484

 

405,251

 

1,093,778

 

 

 

 

 

 

 

 

 

 

 

 

 

35,836,379

 

5,743,984

 

2,235,408

 

9,205,515

 

Expenses

 

 

 

 

 

 

 

 

 

Interest

 

14,203,595

 

1,488,722

 

1,642,224

 

3,410,197

 

Depreciation and amortization

 

9,884,058

 

1,271,463

 

573,077

 

2,798,615

 

Taxes and insurance

 

3,815,051

 

750,280

 

186,841

 

826,622

 

Repairs and maintenance

 

6,644,604

 

1,276,601

 

581,960

 

1,426,796

 

Operating expenses

 

11,912,564

 

2,445,291

 

750,084

 

2,922,873

 

Other expenses

 

1,665,421

 

256,841

 

120,509

 

497,401

 

Impairment loss

 

2,664,144

 

2,664,144

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

50,789,437

 

10,153,342

 

3,854,695

 

11,882,504

 

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(14,953,058

)

$

(4,409,358

)

$

(1,619,287

)

$

(2,676,989

)

 

 

 

 

 

 

 

 

 

 

Net loss allocated to Boston Capital Tax Credit Fund Limited Partnership*

 

$

(10,178,945

)

$

(3,936,028

)

$

(791,865

)

$

(2,327,228

)

 

 

 

 

 

 

 

 

 

 

Net loss allocated to other partners

 

$

(4,774,113

)

$

(473,330

)

$

(827,422

)

$

(349,761

)

 

*            Amounts include $3,911,661, $556,312, $1,621,715, $1,274,231, $273,477 and $417,839 for Series 1, Series 2, Series 3, Series 4, Series 5 and Series 6, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-50

 

 

 

Series 4

 

Series 5

 

Series 6

 

Revenue

 

 

 

 

 

 

 

Rental

 

$

9,333,223

 

$

1,380,711

 

$

6,961,627

 

Interest and other

 

313,477

 

254,815

 

407,619

 

 

 

 

 

 

 

 

 

 

 

9,646,700

 

1,635,526

 

7,369,246

 

Expenses

 

 

 

 

 

 

 

Interest

 

3,768,339

 

1,387,700

 

2,506,413

 

Depreciation and amortization

 

2,947,249

 

448,960

 

1,844,694

 

Taxes and insurance

 

1,144,962

 

107,287

 

799,059

 

Repairs and maintenance

 

1,755,932

 

463,878

 

1,139,437

 

Operating expenses

 

3,241,347

 

571,373

 

1,981,596

 

Other expenses

 

469,558

 

86,216

 

234,896

 

Impairment loss

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

13,327,387

 

3,065,414

 

8,506,095

 

 

 

 

 

 

 

 

 

NET LOSS

 

$

(3,680,687

)

$

(1,429,888

)

$

(1,136,849

)

 

 

 

 

 

 

 

 

Net loss allocated to Boston Capital Tax Credit Fund Limited Partnership*

 

$

(2,238,539

)

$

(370,959

)

$

(514,326

)

 

 

 

 

 

 

 

 

Net loss allocated to other partners

 

$

(1,442,148

)

$

(1,058,929

)

$

(622,523

)

 

*            Amounts include $3,911,661, $556,312, $1,621,715, $1,274,231, $273,477 and $417,839 for Series 1, Series 2, Series 3, Series 4, Series 5 and Series 6, respectively, of loss not recognized under the equity method of accounting as described in note A.

 

F-51

 

NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN

 

The partnership’s net loss for financial reporting and income tax return purposes for the year ended March 31, 2002 is reconciled as follows:

 

 

 

Total

 

Series 1

 

Series 2

 

Series 3

 

Net loss for financial reporting purposes

 

$

(1,626,656

)

$

(190,889

)

$

(131,686

)

$

(396,902

)

 

 

 

 

 

 

 

 

 

 

Add:  Related party expenses

 

126,940

 

13,987

 

4,904

 

—

 

Other

 

1,391,233

 

—

 

803,598

 

—

 

 

 

 

 

 

 

 

 

 

 

Less: Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(1,914,984

)

(642,808

)

(360,888

)

(269,418

)

Operating limited partnership loss not allowed for financial reporting under equity method of accounting

 

(6,035,533

)

(1,456,604

)

(389,095

)

(2,474,793

)

Other

 

(672,593

)

(233,353

)

—

 

(337,619

)

Related party expenses

 

(84,638

)

—

 

—

 

(84,638

)

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

653,400

 

—

 

—

 

539,550

 

 

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(28,328

)

(5,581

)

(1,448

)

(769

)

 

 

 

 

 

 

 

 

 

 

Partnership management fees not deductible for tax purposes until paid

 

951,072

 

180,864

 

67,344

 

269,988

 

 

 

 

 

 

 

 

 

 

 

Loss for income tax return purposes, year ended December 31, 2001

 

$

(7,240,087

)

$

(2,334,384

)

$

(7,271

)

$

(2,754,601

)

 

F-52

 

The partnership’s net loss for financial reporting and income tax return purposes for the year ended March 31, 2002 is reconciled as follows:

 

 

 

Series 4

 

Series 5

 

Series 6

 

 

 

 

 

 

 

 

 

Net income (loss) for financial reporting purposes

 

$

(829,997

)

$

(101,512

)

$

24,330

 

 

 

 

 

 

 

 

 

Add:  Related party expenses

 

73,063

 

14,144

 

20,842

 

Other

 

—

 

587,635

 

—

 

 

 

 

 

 

 

 

 

Less: Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(131,868

)

(395,111

)

(114,891

)

Operating limited partnership loss not allowed for financial reporting under equity method of accounting

 

(1,047,566

)

(160,298

)

(507,177

)

Other

 

—

 

—

 

(101,621

)

Related party expenses

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

113,850

 

—

 

—

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

32,612

 

(1,139

)

(52,003

)

 

 

 

 

 

 

 

 

Partnership management fees not deductible for tax purposes until paid

 

250,884

 

37,716

 

144,276

 

 

 

 

 

 

 

 

 

Loss for income tax return purposes, year ended December 31, 2001

 

$

(1,539,022

)

$

(18,565

)

$

(586,244

)

 

F-53

 

The partnership’s net loss for financial reporting purposes and net income (loss) for income tax return purposes for the year ended March 31, 2001 is reconciled as follows:

 

 

 

Total

 

Series 1

 

Series 2

 

Series 3

 

Net loss for financial reporting purposes

 

$

(2,686,926

)

$

(196,973

)

$

(249,145

)

$

(666,187

)

 

 

 

 

 

 

 

 

 

 

Add:  Related party expenses

 

—

 

—

 

—

 

—

 

Other

 

7,504,210

 

1,970,656

 

—

 

465,727

 

 

 

 

 

 

 

 

 

 

 

Less: Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(1,003,585

)

(473,740

)

(105,780

)

(242,642

)

Operating limited partnership loss not allowed for financial reporting under equity method of accounting

 

(4,199,662

)

(1,090,707

)

(136,731

)

(1,640,914

)

Other

 

(835,551

)

—

 

(592,262

)

—

 

Related party expenses

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

333,991

 

1,780

 

210,104

 

3,645

 

 

 

 

 

 

 

 

 

 

 

Partnership management fees not deductible for tax purposes until paid

 

951,072

 

180,864

 

67,344

 

269,988

 

 

 

 

 

 

 

 

 

 

 

Income (loss) for income tax return purposes, year ended December 31, 2000

 

$

63,549

 

$

391,880

 

$

(806,470

)

$

(1,810,383

)

 

F-54

 

The partnership’s net loss for financial reporting purposes and net income (loss) for income tax return purposes for the year ended March 31, 2001 is reconciled as follows:

 

 

 

Series 4

 

Series 5

 

Series 6

 

 

 

 

 

 

 

 

 

Net loss for financial reporting purposes

 

$

(1,345,114

)

$

(141,558

)

$

(87,949

)

 

 

 

 

 

 

 

 

Add:  Related party expenses

 

—

 

—

 

—

 

Other

 

5,011,696

 

—

 

56,131

 

 

 

 

 

 

 

 

 

Less: Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(73,645

)

(18,854

)

(88,924

)

Operating limited partnership loss not allowed for financial reporting under equity method of accounting

 

(803,790

)

(24,868

)

(502,652

)

Other

 

—

 

(243,289

)

—

 

Related party expenses

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

4,149

 

114,541

 

(228

)

 

 

 

 

 

 

 

 

Partnership management fees not deductible for tax purposes until paid

 

250,884

 

37,716

 

144,276

 

 

 

 

 

 

 

 

 

Income (loss) for income tax return purposes, year ended December 31, 2000

 

$

3,044,180

 

$

(276,312

)

$

(479,346

)

 

F-55

 

The partnership’s net loss for financial reporting purposes and net income (loss) for income tax return purposes for the year ended March 31, 2001 is reconciled as follows:

 

 

 

Total

 

Series 1

 

Series 2

 

Series 3

 

Net loss for financial reporting purposes

 

$

(2,852,541

)

$

(217,292

)

$

(111,370

)

$

(1,000,227

)

 

 

 

 

 

 

 

 

 

 

Add:  Related party expenses

 

218,699

 

—

 

—

 

—

 

Other

 

359,803

 

33,055

 

89,927

 

—

 

 

 

 

 

 

 

 

 

 

 

Less: Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(1,404,996

)

(574,281

)

(185,317

)

(154,491

)

Operating limited partnership loss not allowed for financial reporting under equity method of accounting

 

(8,006,431

)

(3,911,661

)

(556,312

)

(1,608,911

)

Other

 

(60,791

)

—

 

—

 

(60,791

)

Related party expenses

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

2,664,144

 

2,664,144

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(369,550

)

(428

)

(210,211

)

(3,583

)

 

 

 

 

 

 

 

 

 

 

Partnership management fees not deductible for tax purposes until paid

 

954,708

 

180,864

 

69,240

 

269,988

 

 

 

 

 

 

 

 

 

 

 

Loss for income tax return purposes, year ended December 31, 1999

 

$

(8,496,955

)

$

(1,825,599

)

$

(904,043

)

$

(2,558,015

)

 

F-56

 

The partnership’s net loss for financial reporting purposes and net income (loss) for income tax return purposes for the year ended March 31, 2000 is reconciled as follows:

 

 

 

Series 4

 

Series 5

 

Series 6

 

 

 

 

 

 

 

 

 

Net loss for financial reporting purposes

 

$

(1,242,582

)

$

(33,477

)

$

(247,593

)

 

 

 

 

 

 

 

 

Add:  Related party expenses

 

—

 

9,207

 

209,492

 

Other

 

236,821

 

—

 

—

 

 

 

 

 

 

 

 

 

Less: Excess of tax depreciation over book depreciation on operating limited partnership assets

 

(350,332

)

(43,539

)

(97,036

)

Operating limited partnership loss not allowed for financial reporting under equity method of accounting

 

(1,274,231

)

(237,477

)

(417,839

)

Other

 

—

 

—

 

—

 

Related party expenses

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Difference due to fiscal year for book purposes and calendar year for tax purposes

 

(5,348

)

(151,437

)

1,457

 

 

 

 

 

 

 

 

 

Partnership management fees not deductible for tax purposes until paid

 

250,884

 

39,456

 

144,276

 

 

 

 

 

 

 

 

 

Loss for income tax return purposes, year ended December 31, 1999

 

$

(2,384,788

)

$

(417,267

)

$

(407,243

)

 

F-57

 

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2002, are as follows:

 

 

 

Total

 

Series 1

 

Series 2

 

Series 3

 

 

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - tax return December 31, 2001

 

$

(23,525,955

)

$

(13,827,871

)

$

(1,482,871

)

$

(8,878,288

)

 

 

 

 

 

 

 

 

 

 

Add back losses not recognized under the equity method

 

51,124,749

 

23,537,635

 

2,783,895

 

16,835,810

 

 

 

 

 

 

 

 

 

 

 

Historic tax credits

 

5,438,567

 

—

 

—

 

1,754,704

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2002

 

(1,466,033

)

(667,397

)

—

 

(798,636

)

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

(15,617,888

)

(10,677,788

)

—

 

(4,079,325

)

 

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(4,017,052

)

—

 

(876,844

)

(1,402,374

)

 

 

 

 

 

 

 

 

 

 

Other

 

(3,425,454

)

1,635,421

 

(155,010

)

(3,341,504

)

 

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

8,510,934

 

$

—

 

$

269,170

 

$

90,387

 

 

F-58

 

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2002, are as follows:

 

 

 

Series 4

 

Series 5

 

Series 6

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - tax return December 31, 2001

 

$

(764,446

)

$

265,660

 

$

1,161,861

 

 

 

 

 

 

 

 

 

Add back losses not recognized under the equity method

 

4,774,007

 

1,239,551

 

1,953,851

 

 

 

 

 

 

 

 

 

Historic tax credits

 

3,125,698

 

—

 

558,165

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2002

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

(860,775

)

—

 

—

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(654,684

)

(450,835

)

(632,315

)

 

 

 

 

 

 

 

 

Other

 

(1,592,216

)

(706,444

)

734,299

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

4,027,584

 

$

347,932

 

$

3,775,861

 

 

F-59

 

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2002, are as follows:

 

 

 

Total

 

Series 1

 

Series 2

 

Series 3

 

 

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - tax return December 31, 2000

 

$

(16,366,191

)

$

(11,509,000

)

$

(1,484,768

)

$

(6,134,723

)

 

 

 

 

 

 

 

 

 

 

Add back losses not recognized under the equity method

 

45,141,707

 

22,081,031

 

2,394,802

 

14,412,617

 

 

 

 

 

 

 

 

 

 

 

Historic tax credits

 

5,438,567

 

—

 

—

 

1,754,704

 

 

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2001

 

(1,466,033

)

(667,397

)

—

 

(798,636

)

 

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

(14,964,488

)

(10,677,788

)

—

 

(3,539,775

)

 

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(4,017,052

)

—

 

(876,844

)

(1,402,374

)

 

 

 

 

 

 

 

 

 

 

Other

 

(4,638,483

)

773,154

 

292,608

 

(4,085,184

)

 

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

9,128,027

 

$

—

 

$

325,798

 

$

206,629

 

 

F-60

 

The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2001, are as follows:

 

 

 

Series 4

 

Series 5

 

Series 6

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - tax return December 31, 2000

 

$

756,551

 

$

277,679

 

$

1,728,070

 

 

 

 

 

 

 

 

 

Add back losses not recognized under the equity method

 

3,726,452

 

1,079,254

 

1,447,551

 

 

 

 

 

 

 

 

 

Historic tax credits

 

3,125,698

 

—

 

558,165

 

 

 

 

 

 

 

 

 

Less share of loss - three months ended March 31, 2001

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

Impairment loss not recognized for tax purposes

 

(746,925

)

—

 

—

 

 

 

 

 

 

 

 

 

Impairment loss in investment in operating limited partnerships

 

(654,684

)

(450,835

)

(632,315

)

 

 

 

 

 

 

 

 

Other

 

(1,613,645

)

(500,540

)

495,124

 

 

 

 

 

 

 

 

 

Investments in operating limited partnerships - as reported

 

$

4,593,447

 

$

405,558

 

$

3,596,595

 

 

F-61

 

 

NOTE E - CASH EQUIVALENTS

 

Cash equivalents of $150,000 and $194,624 as of March 31, 2002 and 2001, respectively, include a repurchase agreement and a money market account with interest rates ranging from 1.00% to 2.00% per annum.

 

NOTE F - CONTINGENCY

 

Glenhaven Park Partners, A California L.P., an operating limited partnership, filed for Chapter 11 bankruptcy protection in 2001.  The property contains 12 single family units each with an individual mortgage note.  The Reorganization Plan involved bringing current one of the seven delinquent notes in order to remain compliant with IRS Section 42 minimum requirements, thus avoiding disallowance and full recapture of the tax credits.  The plan was successful and the bankruptcy was dismissed in February 2002.  However, under the plan only one delinquent note was cured and the six remaining delinquent loans were foreclosed upon and the related housing units were removed from the operating partnership.  As a result of the foreclosure of the six notes, the operating partnership will face partial recapture of tax credits previously taken of approximately $50,000.  Management believes that the foreclosure will not have a material adverse effect on the financial statements.  Accordingly, no adjustment has been made to the accompanying  financial statements.

 

F-62

 

Boston Capital Tax Credit Fund Limited Partnership - Series 1

Schedule III - - Real Estate and Accumulated Depreciation

March 31, 2002

 

 

 

 

 

Initial cost to company

 

Cost capitalized
subsequent to
acquisition

 

Gross amount at which carried
at close of period

 

 

 

 

 

 

 

 

 

 

 

Description

 

Encum-
brances

 

Land

 

Buildings and
improvements

 

Improvements

 

Land

 

Buildings and
improvements

 

Total

 

Accumulated
depreciation

 

Date of
construction

 

Date
acquired

 

Life on which
depreciation is
computed

 

APPLE HILL, L.P.

 

1,469,773

 

56,000

 

1,857,492

 

15,452

 

56,000

 

1,872,944

 

1,928,944

 

938,119

 

1/88

 

2/89

 

7-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BOLIVAR MANOR L.P.

 

871,381

 

111,316

 

999,415

 

126,539

 

111,316

 

1,125,954

 

1,237,270

 

596,142

 

11/88

 

1/89

 

27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BRIARWOOD - VERO BEACH

 

1,461,981

 

96,546

 

1,866,664

 

4,059

 

96,546

 

1,870,723

 

1,967,269

 

634,767

 

8/89

 

1/89

 

40 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COLDWATER LTDH

 

928,202

 

35,750

 

1,203,836

 

27,796

 

35,750

 

1,231,632

 

1,267,382

 

629,714

 

7/89

 

12/88

 

5-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONNEAUT, LTD.

 

1,160,306

 

50,000

 

1,439,961

 

126,514

 

50,000

 

1,566,475

 

1,616,475

 

873,166

 

4/88

 

1/89

 

27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COUNTRY VILLAGE

 

3,141,677

 

179,385

 

3,843,452

 

27,780

 

192,794

 

3,871,232

 

4,064,026

 

1,802,605

 

4/89

 

1/89

 

5-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ELK RAPIDS II APTS

 

731,982

 

37,000

 

929,264

 

13,190

 

37,000

 

942,454

 

979,454

 

502,054

 

2/89

 

12/88

 

5-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GENESEE COMMONS

 

9,885,996

 

250,000

 

11,622,137

 

(6,401,058

)

250,000

 

5,221,079

 

5,471,079

 

4,370,101

 

12/88

 

11/88

 

5-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GENEVA, LTD.

 

1,175,836

 

60,300

 

1,450,936

 

135,025

 

60,300

 

1,585,961

 

1,646,261

 

899,398

 

8/88

 

1/89

 

7-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GREEN ACRES-YULEE

 

1,464,063

 

90,650

 

1,908,145

 

(353,722

)

90,650

 

1,554,423

 

1,645,073

 

750,666

 

8/89

 

1/89

 

5-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INGLEWOOD MEADOWS

 

1,470,490

 

123,200

 

1,886,119

 

52,192

 

123,200

 

1,938,311

 

2,061,511

 

914,225

 

11/88

 

12/88

 

27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KINGSTON PROPERTY

 

5,184,279

 

50,000

 

6,024,746

 

(1,769,733

)

50,000

 

4,255,013

 

4,305,013

 

2,881,068

 

6/89

 

12/88

 

27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RIVERSIDE PLACE

 

955,508

 

65,200

 

1,202,452

 

31,987

 

65,200

 

1,234,439

 

1,299,639

 

643,257

 

7/89

 

12/88

 

5-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOWNHOMES MINNEHAHA COURT

 

1,100,388

 

64,827

 

1,766,883

 

15,147

 

64,827

 

1,782,030

 

1,846,857

 

871,325

 

11/88

 

11/88

 

5-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UNITY PARK

 

0

 

99,000

 

11,179,460

 

(11,179,460

)

0

 

0

 

0

 

0

 

12/90

 

4/89

 

5-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VIRGINIA CIRCLE LP

 

648,206

 

44,936

 

1,096,944

 

(29,584

)

44,936

 

1,067,360

 

1,112,296

 

522,427

 

6/88

 

11/88

 

5-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WEWAHITCHKA, LTD.

 

703,410

 

28,179

 

950,637

 

1,071

 

28,179

 

951,708

 

979,887

 

483,176

 

6/88

 

12/88

 

5-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WOOD CREEK MANOR

 

956,047

 

10,000

 

1,274,577

 

24,711

 

10,000

 

1,299,288

 

1,309,288

 

679,676

 

7/89

 

12/88

 

5-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WOODLAND TERRACE

 

1,470,491

 

120,400

 

1,885,256

 

52,759

 

120,400

 

1,938,015

 

2,058,415

 

924,945

 

11/88

 

12/88

 

5-27.5 yrs

 

 

 

34,780,016

 

1,572,689

 

54,388,376

 

(19,079,335

)

1,487,098

 

35,309,041

 

36,796,139

 

19,916,831

 

 

 

 

 

 

 

 

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2001.

**There were no carrying costs as of December 31, 2001.  The column has been omitted for presentation purposes.

 

F-63

 

Notes to Schedule III

 

Boston Capital Tax Credit Fund Limited Partnership - Series 1

 

Reconciliation of Land, Building & Improvements current year changes

 

Balance at beginning of period - 4/1/92

 

 

 

$

56,048,622

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

948,241

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

948,241

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other*

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/93

 

 

 

$

56,996,863

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

87,241

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

87,241

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other*

 

(676,202

)

 

 

 

 

 

 

$

(676,202

)

Balance at close of period - 3/31/94

 

 

 

$

56,407,902

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

219,775

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

219,775

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/95

 

 

 

$

56,627,677

 

 

F-64

 

Balance at close of period - 3/31/95

 

 

 

$

56,627,677

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

561,834

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

561,834

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

(404,688

)

 

 

 

 

 

 

$

(404,688

)

Balance at close of period - 3/31/96

 

 

 

$

56,784,823

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

96,701

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

96,701

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

 

 

 

 

$

56,881,524

 

Balance at close of period - 3/31/97

 

 

 

 

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

2,124,065

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

2,124,065

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/98

 

 

 

$

59,005,589

 

 

F-65

 

Balance at close of period - 3/31/98

 

 

 

$

59,005,589

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

140,910

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

140,910

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other **

 

(15,866,273

)

 

 

 

 

 

 

$

(15,866,273

)

Balance at close of period - 3/31/99

 

 

 

$

43,280,226

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

226,938

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

226,938

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other **

 

(2,663,749

)

 

 

 

 

 

 

$

(2,663,749

)

Balance at close of period - 3/31/00

 

 

 

$

40,843,415

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

63,134

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

63,134

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other **

 

(4,309,818

)

 

 

 

 

 

 

$

(4,309,818

)

Balance at close of period - 3/31/01

 

 

 

$

36,596,731

 

 

F-66

 

Balance at close of period - 3/31/01

 

 

 

$

36,596,731

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

199,408

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

199,408

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other **

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/02

 

 

 

$

36,796,139

 

 

F-67

 

Reconciliation of Accumulated Depreciation current year changes

 

Balance at beginning of period - 4/1/92

 

 

 

$

6,809,399

 

Current year expense

 

$

2,384,747

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/93

 

 

 

$

9,194,146

 

Current year expense

 

$

1,365,846

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/94

 

 

 

$

10,559,992

 

Current year expense

 

$

2,061,874

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/95

 

 

 

$

12,621,866

 

Current year expense

 

$

1,958,217

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/96

 

 

 

$

14,580,083

 

Current year expense

 

$

2,005,451

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/97

 

 

 

$

16,585,534

 

Current year expense

 

$

2,007,981

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/98

 

 

 

$

18,593,515

 

Current year expense

 

$

2,002,521

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/99

 

 

 

$

20,596,036

 

Current year expense

 

$

1,277,701

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/00

 

 

 

$

21,873,737

 

Current year expense

 

$

(2,969,494

)

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/01

 

 

 

$

18,904,243

 

Current year expense

 

$

1,012,588

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/02

 

 

 

$

19,916,831

 

 

F-68

 

Boston Capital Tax Credit Fund Limited Partnership - Series 2
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2002

 

 

 

 

 

Initial cost to company

 

Cost capitalized
subsequent to acquisition

 

Gross amount at which carried
at close of period

 

 

 

 

 

 

 

 

 

 

 

Description

 

Encum-brances

 

Land

 

Buildings and
improvements

 

Improvements

 

Land

 

Buildings and
Improvements

 

Total

 

Accumulated
depreciation

 

Date of
construction

 

Date
acquired

 

Life on which
depreciation is
computed

 

ANNADALE APTS

 

10,970,799

 

794,249

 

3,448,985

 

8,846,810

 

226,000

 

12,295,795

 

12,521,795

 

2,649,063

 

6/90

 

9/90

 

5-50 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CALEXICO VILLAGE

 

1,552,698

 

189,545

 

2,140,711

 

4,211

 

189,545

 

2,144,922

 

2,334,467

 

504,761

 

4/90

 

2/90

 

5-50 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GLENHAVEN PARK III

 

481,049

 

225,000

 

599,444

 

578,387

 

225,000

 

1,177,831

 

1,402,831

 

346,186

 

12/89

 

11/89

 

40 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GLENHAVEN PARK IV

 

386,792

 

180,000

 

254,783

 

620,372

 

180,000

 

875,155

 

1,055,155

 

248,896

 

6/90

 

11/89

 

40 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HERBER II VILLAGE

 

1,084,410

 

135,000

 

1,374,347

 

(4,711

)

135,000

 

1,369,636

 

1,504,636

 

401,439

 

4/89

 

5/89

 

5-50 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MECCA APARTMENTS

 

2,577,650

 

55,580

 

2,377,218

 

1,106,178

 

56,283

 

3,483,396

 

3,539,679

 

883,889

 

7/90

 

11/89

 

5-40 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REDWOOD CREEK

 

1,755,504

 

100,000

 

2,479,092

 

(1,325

)

100,000

 

2,477,767

 

2,577,767

 

806,957

 

12/89

 

7/89

 

5-50 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REDONDO APTS. I

 

1,424,277

 

11,800

 

1,145,806

 

749,274

 

11,800

 

1,895,080

 

1,906,880

 

916,483

 

7/90

 

12/89

 

5-27.5 yrs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


20,233,179

 

1,691,174

 

13,820,386

 

11,899,196

 

1,123,628

 

25,719,582

 

26,843,210

 

6,757,674

 

 

 

 

 

 

 

 

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2001.

**There were no carrying costs as of December 31, 2001.  The column has been omitted for presentation purposes.

 

F-69

 

Notes to Schedule III

 

Boston Capital Tax Credit Fund Limited Partnership - Series 2

 

Reconciliation of Land, Building & Improvements current year changes

 

Balance at beginning of period - 4/1/92

 

 

 

$

25,884,758

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

(868,303

)

 

 

Other

 

0

 

 

 

 

 

 

 

$

(868,303

)

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other*

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/93

 

 

 

$

25,016,455

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

137,541

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

137,541

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other*

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/94

 

 

 

$

25,153,996

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

201,421

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

201,421

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/95

 

 

 

$

25,355,417

 

 

F-70

 

Balance at close of period - 3/31/95

 

 

 

$

25,355,417

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

1,311,862

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

1,311,862

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/96

 

 

 

$

26,667,279

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

34,395

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

34,395

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other  *

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/97

 

 

 

$

26,701,674

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

4,950

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

4,950

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/98

 

 

 

$

26,706,624

 

 

F-71

 

Balance at close of period - 3/31/98

 

 

 

$

26,706,624

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

1,464

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

1,464

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other **

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/99

 

 

 

$

26,708,088

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

19,117

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

19,117

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other **

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/00

 

 

 

$

26,727,205

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

51,860

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

51,860

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other **

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/01

 

 

 

$

26,779,065

 

 

F-72

 

Balance at close of period - 3/31/01

 

 

 

$

26,779,065

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

64,145

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

64,145

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other **

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/02

 

 

 

$

26,843,210

 

 

F-73

 

Reconciliation of Accumulated Depreciation current year changes

 

Balance at beginning of period - 4/1/92

 

 

 

$

1,024,113

 

Current year expense

 

$

580,739

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/93

 

 

 

$

1,604,852

 

Current year expense

 

$

572,977

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/94

 

 

 

$

2,177,829

 

Current year expense

 

$

582,155

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/95

 

 

 

$

2,759,984

 

Current year expense

 

$

571,705

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/96

 

 

 

$

3,331,689

 

Current year expense

 

$

586,836

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/97

 

 

 

$

3,918,525

 

Current year expense

 

$

582,095

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/98

 

 

 

$

4,500,620

 

Current year expense

 

$

562,334

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/99

 

 

 

$

5,062,954

 

Current year expense

 

$

551,812

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/00

 

 

 

$

5,614,766

 

Current year expense

 

$

565,640

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/01

 

 

 

$

6,180,406

 

Current year expense

 

$

577,268

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/02

 

 

 

$

6,757,674

 

 

F-74

 

 

Boston Capital Tax Credit Fund Limited Partnership - Series 3
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2002

 

 

 

 

 

Initial cost to company

 

Cost
capitalized
subsequent to
acquisition

 

Gross amount at which carried
at close of period

 

 

 

 

 

 

 

 

 

Description

 

Encum-
brances

 

Land

 

Buildings and
Improvements

 

Improvements

 

Land

 

Buildings and
improvements

 

Total

 

Accumulated
depreciation

 

Date of
construction

 

Date
acquired

 

Life on which
depreciation
is computed

 

128 PARK STREET

 

506,222

 

27,000

 

919,215

 

72,727

 

27,000

 

991,942

 

1,018,942

 

450,105

 

Jul-88

 

Apr-89

 

28 yrs.

 

ASHLAND INV GRP II

 

1,764,616

 

165,464

 

2,210,076

 

(17,793

)

165,464

 

2,192,283

 

2,357,747

 

689,134

 

May-89

 

Mar-89

 

5-50 yrs.

 

BELFAST BIRCHES

 

1,076,355

 

50,000

 

1,370,933

 

39,411

 

50,000

 

1,410,344

 

1,460,344

 

483,440

 

May-89

 

May-89

 

5-27.5 yrs.

 

BOWDITCH SCHOOL

 

1,594,613

 

65,961

 

4,872,047

 

42,182

 

65,961

 

4,914,229

 

4,980,190

 

1,837,385

 

Dec-89

 

Aug-89

 

34 yrs.

 

CALIFORNIA INV VI

 

3,683,410

 

400,000

 

7,307,955

 

(1,458,472

)

400,000

 

5,849,483

 

6,249,483

 

2,686,474

 

May-89

 

Jun-89

 

35 yrs.

 

CARRIAGE GATE APT

 

1,457,659

 

128,480

 

1,616,497

 

40,820

 

128,480

 

1,857,317

 

1,985,797

 

827,989

 

Nov-89

 

Jun-89

 

7-27.5 yrs.

 

CENTRAL PARKWAY

 

2,800,000

 

0

 

9,276,692

 

(4,906,246

)

0

 

4,370,446

 

4,370,446

 

3,990,084

 

Dec-89

 

Sep-89

 

5-27.5 yrs.

 

COLONY COURT

 

1,477,941

 

130,000

 

1,819,588

 

6,533

 

130,000

 

1,826,121

 

1,956,121

 

864,190

 

Jun-89

 

Apr-89

 

7-27.5 yrs.

 

CRUZ BAY, LTD.

 

1,474,408

 

217,600

 

1,729,345

 

(741

)

217,600

 

1,728,604

 

1,946,204

 

795,941

 

Feb-89

 

Feb-89

 

5-27.5 yrs.

 

FYLEX HOUSING

 

1,371,817

 

129,550

 

1,665,891

 

91,335

 

129,550

 

1,757,226

 

1,886,776

 

826,961

 

Jun-89

 

May-89

 

27.5 yrs.

 

GREENWOOD APTS.

 

1,420,864

 

55,000

 

1,824,558

 

29,189

 

55,000

 

1,853,747

 

1,908,747

 

948,571

 

Aug-89

 

Mar-89

 

7-27.5 yrs.

 

HIDDEN COVE APTS.

 

2,792,831

 

712,337

 

4,324,740

 

58,389

 

707,848

 

4,383,129

 

5,090,977

 

2,036,954

 

Aug-88

 

Apr-89

 

5-27.5 yrs.

 

JACKSON APTS

 

1,179,057

 

232,000

 

1,286,033

 

106,500

 

252,602

 

1,392,533

 

1,645,135

 

669,010

 

Jul-89

 

Jul-89

 

7-27.5 yrs.

 

LAKE NORTH APTS. II

 

1,045,726

 

60,000

 

1,340,829

 

17,152

 

60,000

 

1,357,981

 

1,417,981

 

469,980

 

Jan-89

 

Apr-89

 

5-27.5 yrs.

 

LAKE PARK L.P.

 

1,124,320

 

61,932

 

1,437,159

 

25,129

 

61,932

 

1,462,288

 

1,524,220

 

679,748

 

May-89

 

Apr-89

 

7-27.5 yrs.

 

LAKEWOOD TERRACE

 

3,581,317

 

124,707

 

2,263,782

 

4,623,329

 

124,707

 

6,887,111

 

7,011,818

 

2,394,331

 

Aug-89

 

May-89

 

27.5 yrs.

 

LINCOLN APTS

 

2,977,179

 

177,500

 

3,665,480

 

(2,030,507

)

0

 

1,634,973

 

1,634,973

 

1,195,545

 

Dec-88

 

Feb-89

 

5-27.5 yrs.

 

MAPLEWOOD APTS.

 

748,638

 

37,900

 

938,775

 

41,382

 

37,900

 

980,157

 

1,018,057

 

330,575

 

Apr-89

 

May-89

 

40 yrs.

 

MOUND PLAZA LTD

 

616,618

 

17,058

 

772,173

 

2,923

 

17,059

 

775,096

 

792,155

 

356,900

 

Sep-89

 

Aug-89

 

5-27.5 yrs.

 

OAK CREST MANOR II

 

899,411

 

77,500

 

1,049,551

 

55,202

 

77,500

 

1,104,753

 

1,182,253

 

350,301

 

May-89

 

May-89

 

40 yrs.

 

 

F-75

 

Boston Capital Tax Credit Fund Limited Partnership - Series 3

Schedule III - Real Estate and Accumulated Depreciation

March 31, 2002

 

 

 

 

 

Initial cost to company

 

Cost capitalized
subsequent to
acquisition

 

Gross amount at which carried
at close of period

 

 

 

 

 

 

 

 

 

Description

 

Encum-
brances

 

Land

 

Buildings and
Improvements

 

Improvements

 

Land

 

Buildings and
improvements

 

Total

 

Accumulated
depreciation

 

Date of
construction

 

Date
acquired

 

Life on which
depreciation
is computed

 

ORANGEWOOD
VILLAS

 

1,459,994

 

98,000

 

1,821,138

 

19,210

 

98,000

 

1,840,348

 

1,938,348

 

842,535

 

Sep-89

 

Jun-89

 

7-27.5 yrs.

 

PAIGE HALL

 

2,253,150

 

633,666

 

2,544,140

 

910,330

 

0

 

3,454,470

 

3,454,470

 

1,258,742

 

Apr-89

 

Mar-89

 

7-27.5 yrs.

 

PEDCOR INV

 

5,410,594

 

200,000

 

7,448,711

 

522,399

 

200,000

 

7,971,110

 

8,171,110

 

2,743,824

 

May-89

 

Feb-89

 

5-27.5 yrs.

 

QUEENS COURT

 

875,091

 

92,200

 

2,185,579

 

84,774

 

92,200

 

2,270,353

 

2,362,553

 

1,072,047

 

Jan-89

 

Feb-89

 

5-27.5 yrs.

 

RAINBOW APTS

 

2,022,615

 

181,767

 

2,215,940

 

65,447

 

141,767

 

2,281,387

 

2,423,154

 

1,122,828

 

Jan-89

 

Jun-89

 

5-27.5 yrs.

 

RIPON APARTMENTS

 

842,023

 

29,040

 

1,016,757

 

16,425

 

29,040

 

1,033,182

 

1,062,222

 

526,548

 

Jul-89

 

Mar-89

 

5-27.5 yrs.

 

SOUTHPORT, LTD

 

1,217,206

 

52,800

 

1,176,478

 

316,592

 

52,800

 

1,493,070

 

1,545,870

 

610,064

 

Feb-89

 

Apr-89

 

5-27.5 yrs.

 

SUN VILLAGE APTS.

 

1,036,402

 

55,973

 

1,313,338

 

11,361

 

55,973

 

1,324,699

 

1,380,672

 

486,374

 

May-88

 

Apr-89

 

5-27.5 yrs.

 

TAYLOR TERRACE

 

1,042,968

 

70,994

 

1,277,601

 

125,865

 

70,994

 

1,403,466

 

1,474,460

 

784,280

 

Nov-88

 

Apr-89

 

5-27.5 yrs.

 

TRINIDAD APTS

 

910,506

 

70,000

 

1,105,890

 

52,773

 

95,189

 

1,158,663

 

1,253,852

 

570,077

 

Jun-89

 

Jun-89

 

27.5 yrs.

 

VASSAR APTS

 

910,049

 

60,823

 

1,159,060

 

5,385

 

60,823

 

1,164,445

 

1,225,268

 

594,259

 

Nov-89

 

Mar-89

 

5-27.5 yrs.

 

VIDALIA L.P.

 

1,469,497

 

75,000

 

1,887,347

 

50,379

 

75,000

 

1,937,726

 

2,012,726

 

892,455

 

May-89

 

Apr-89

 

7-27.5 yrs.

 

WILLOW STREET

 

1,461,746

 

116,380

 

1,798,301

 

48,659

 

116,380

 

1,846,960

 

1,963,340

 

964,708

 

Dec-88

 

Feb-89

 

15-27.5 yrs.

 

 

 

54,504,843

 

4,606,632

 

78,841,599

 

(931,957

)

3,796,769

 

77,909,642

 

81,706,411

 

35,352,359

 

 

 

 

 

 

 

 

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2001.

There we no carrying costs as of December 31, 2001. The Column has been omitted for presentation purposes.

 

F-76

 

Notes to Schedule III

 

Boston Capital Tax Credit Fund Limited Partnership - Series 3

 

Reconciliation of Land, Building & Improvements current year changes

 

Balance at beginning of period - 4/1/92

 

 

 

$

83,692,934

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

52,507

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

52,507

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other*

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/93

 

 

 

$

83,745,441

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

46,581

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

46,581

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/94

 

 

 

$

83,792,022

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

4,295,176

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

4,295,176

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/95

 

 

 

$

88,087,198

 

 

F-77

 

Balance at close of period - 3/31/95

 

 

 

$

88,087,198

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

168,411

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

168,411

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

0

 

Balance at close of period - 3/31/96

 

 

 

$

88,255,609

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

7,950,557

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

7,950,557

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

(7,824,069

)

 

 

 

 

 

 

(7,824,069

) 

Balance at close of period - 3/31/97

 

 

 

$

88,382,097

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

(1,377,159

)

 

 

Other

 

0

 

 

 

 

 

 

 

$

(1,377,159

) 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

(3,844,767

)

 

 

 

 

 

 

(3,844,767

) 

Balance at close of period - 3/31/98

 

 

 

$

83,160,171

 

 

F-78

 

Balance at close of period - 3/31/98

 

 

 

$

83,160,171

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

(3,829,441

)

 

 

Other

 

0

 

 

 

 

 

 

 

$

(3,829,441

) 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

1,588,310

 

 

 

 

 

 

 

1,588,310

 

Balance at close of period - 3/31/99

 

 

 

$

80,919,040

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

4,734,899

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

4,734,899

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

(4,318,070

)

 

 

 

 

 

 

(4,318,070

) 

Balance at close of period - 3/31/00

 

 

 

$

81,335,869

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

302,159

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

302,159

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

0

 

Balance at close of period - 3/31/01

 

 

 

$

81,638,028

 

 

F-79

 

Balance at close of period - 3/31/01

 

 

 

$

81,638,028

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

68,383

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

68,383

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

0

 

Balance at close of period - 3/31/02

 

 

 

$

81,706,411

 

 

F-80

 

Reconciliation of Accumulated Depreciation current year changes

 

Balance at beginning of period - 4/1/92

 

 

 

$

7,778,563

 

Current year expense

 

$

2,897,006

 

 

 

Balance at close of period - 3/31/93

 

 

 

$

10,675,569

 

Current year expense

 

$

2,848,313

 

 

 

Balance at close of period - 3/31/94

 

 

 

$

13,523,882

 

Current year expense

 

$

2,914,588

 

 

 

Balance at close of period - 3/31/95

 

 

 

$

16,438,470

 

Current year expense

 

$

2,967,670

 

 

 

Balance at close of period - 3/31/96

 

 

 

$

19,406,140

 

Current year expense

 

$

2,896,912

 

 

 

Balance at close of period - 3/31/97

 

 

 

$

22,303,052

 

Current year expense

 

$

(88,832

)

 

 

Balance at close of period - 3/31/98

 

 

 

$

22,214,220

 

Current year expense

 

$

5,783,312

 

 

 

Balance at close of period - 3/31/99

 

 

 

$

27,997,532

 

Current year expense

 

$

2,732,680

 

 

 

Balance at close of period - 3/31/00

 

 

 

$

30,730,212

 

Current year expense

 

$

2,172,961

 

 

 

Balance at close of period - 3/31/01

 

 

 

$

32,903,173

 

Current year expense

 

$

2,449,186

 

 

 

Balance at close of period - 3/31/02

 

 

 

$

35,352,359

 

 

F-81

 

Boston Capital Tax Credit Fund Limited Partnership - Series 4

Schedule III - Real Estate and Accumulated Depreciation

March 31, 2002

 

 

 

Initial cost to company

 

Cost capitalized subsequent to acquisition

 

Gross amount at which carried at close of period

 

 

 

 

 

 

 

 

 

Description

 

Encum-
brances

 

Land

 

Buildings and
improvements

 

Improvements

 

Land

 

Buildings and
improvements

 

Total

 

Accumulated
depreciation

 

Date of
construction

 

Date
acquired

 

Life on which
depreciation
is computed

 

ARMORY SQUARE LTD

 

2,033,017

 

59,900

 

3,890,990

 

120,768

 

59,900

 

4,011,758

 

4,071,658

 

1,302,434

 

Sep-89

 

Jul-89

 

5-27.5 yrs.

 

AUBURN TRACE LTD

 

9,605,207

 

730,000

 

5,564,052

 

9,345,962

 

730,000

 

14,910,014

 

15,640,014

 

7,175,249

 

Jan-90

 

Jun-89

 

5-27.5 yrs.

 

AULT APARTMENTS

 

488,200

 

12,058

 

570,737

 

(660

)

17,593

 

570,077

 

587,670

 

334,925

 

Jul-89

 

Jun-89

 

7-27.5 yrs.

 

BOWDITCH SCHOOL

 

1,594,613

 

65,961

 

4,872,047

 

42,182

 

65,961

 

4,914,229

 

4,980,190

 

1,837,385

 

Dec-89

 

Aug-89

 

7-34 yrs.

 

BURLWOOD APTS

 

364,884

 

20,000

 

267,333

 

112,829

 

20,000

 

380,162

 

400,162

 

167,391

 

Aug-89

 

Jun-89

 

7-27.5 yrs.

 

CAMBRIA COMMONS

 

1,034,192

 

5,808

 

1,489,672

 

15,839

 

5,808

 

1,505,511

 

1,511,319

 

704,625

 

Jul-89

 

Sep-89

 

5-27.5 yrs.

 

CENTRAL PARKWAY TOWERS

 

2,800,000

 

0

 

9,276,692

 

(4,906,246

)

0

 

4,370,446

 

4,370,446

 

3,990,084

 

Dec-89

 

Sep-89

 

5-27.5 yrs.

 

CLEAR VIEW APTS

 

747,760

 

45,000

 

928,226

 

(49,210

)

45,000

 

879,016

 

924,016

 

453,312

 

Nov-89

 

Oct-89

 

7-27.5 yrs.

 

FULLER TOWNHOMES

 

476,479

 

33,600

 

642,804

 

17,980

 

33,600

 

660,784

 

694,384

 

331,221

 

Jan-88

 

Apr-89

 

7-27.5 yrs.

 

GREENWOOD TERR

 

1,067,452

 

80,439

 

1,352,865

 

6,463

 

80,439

 

1,359,328

 

1,439,767

 

637,493

 

Sep-89

 

Jul-89

 

7-27.5 yrs.

 

HAVEN PARK II

 

478,594

 

225,000

 

1,038,703

 

7,450

 

225,000

 

1,046,153

 

1,271,153

 

473,555

 

Jun-89

 

Jul-89

 

7-40 yrs.

 

LANDMARK LP

 

2,689,014

 

425,800

 

3,843,617

 

138,013

 

425,800

 

3,981,630

 

4,407,430

 

1,412,101

 

May-89

 

Aug-89

 

5-27.5 yrs.

 

MEADOWCREST APTS

 

2,837,449

 

286,065

 

867,009

 

4,205,899

 

286,065

 

5,072,908

 

5,358,973

 

2,334,795

 

Oct-90

 

Sep-89

 

5-27.5 yrs.

 

MILLIKEN APTS

 

850,957

 

40,000

 

860,882

 

34,818

 

69,638

 

895,700

 

965,338

 

500,112

 

Aug-89

 

Sep-89

 

7-27.5 yrs.

 

MONTANA AVE. APTS

 

630,742

 

92,179

 

1,007,036

 

48,760

 

93,846

 

1,055,796

 

1,149,642

 

488,993

 

Nov-89

 

Aug-89

 

5-27.5 yrs.

 

MONTICELLO LTD

 

1,093,252

 

48,000

 

1,436,974

 

4,751

 

48,000

 

1,441,725

 

1,489,725

 

661,901

 

Dec-89

 

Jul-89

 

7-27.5 yrs.

 

NEW GRAND HOTEL

 

2,768,046

 

308,000

 

6,150,420

 

1,248,152

 

308,000

 

7,398,572

 

7,706,572

 

3,308,521

 

Mar-90

 

May-89

 

7-27.5 yrs.

 

PEDCOR INV 1988-VI

 

5,305,621

 

454,472

 

7,748,826

 

1,288,725

 

454,472

 

9,037,551

 

9,492,023

 

2,732,401

 

Dec-89

 

Jul-89

 

5-27.5 yrs.

 

 

F-82

 

Boston Capital Tax Credit Fund II Limited Partnership - Series 4

Schedule III - Real Estate and Accumulated Depreciation

March 31, 2002

 

 

 

Initial cost to company

 

Cost capitalized subsequent to acquisition

 

Gross amount at which carried at close of period

 

 

 

 

 

 

 

 

 

Description

 

Encum-
brances

 

Land

 

Buildings and
improvements

 

Improvements

 

Land

 

Buildings and
improvements

 

Total

 

Accumulated
depreciation

 

Date of
construction

 

Date
acquired

 

Life on which
depreciation
is computed

 

ROSENBURG HOTEL

 

1,762,198

 

452,000

 

4,946,965

 

(2,720,534

)

415,000

 

2,226,431

 

2,641,431

 

322,975

 

Jan-92

 

Nov-89

 

7-40 yrs. 

 

SHOCKOE HILL II

 

1,828,754

 

0

 

3,152,879

 

32,674

 

0

 

3,185,553

 

3,185,553

 

1,031,631

 

Sep-89

 

Aug-89

 

5-27.5 yrs. 

 

SUNNYVIEW APTS

 

2,182,357

 

135,000

 

1,806,927

 

2,065,821

 

315,000

 

3,872,748

 

4,187,748

 

937,552

 

Sep-89

 

Sep-89

 

5-50 yrs. 

 

TOPEKA PARK PH II

 

333,127

 

36,874

 

759,705

 

7,237

 

36,874

 

766,942

 

803,816

 

388,387

 

Dec-88

 

Jul-89

 

7-27.5 yrs. 

 

UNITY PARK APTS.

 

0

 

99,000

 

9,828,746

 

(9,828,746

)

0

 

0

 

 0

 

0

 

Dec-90

 

Apr-89

 

27.5 yrs. 

 

VAN DYCK EST XVI

 

614,207

 

80,000

 

1,134,679

 

 (18,387

)

80,000

 

1,116,292

 

1,196,292

 

469,836

 

Nov-89

 

Feb 90

 

7-40 yrs. 

 

WICHITA WEST HSNG

 

1,896,653

 

181,874

 

3,876,750

 

145,275

 

181,874

 

4,022,025

 

4,203,899

 

1,864,605

 

Sep-89

 

 Aug-89

 

7-27.5 yrs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,482,775

 

3,917,030

 

77,315,536

 

1,365,815

 

3,997,870

 

78,681,351

 

82,679,221

 

33,861,484

 

 

 

 

 

 

 

 

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2001.

There we no carrying costs as of December 31, 2001. The Column has been omitted for presentation purposes.

 

F-83

 

Notes to Schedule III

 

Boston Capital Tax Credit Fund Limited Partnership - Series 4

 

Reconciliation of Land, Building & Improvements current year changes

 

Balance at beginning of period - 4/1/92

 

 

 

$

103,193,346

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

1,703,785

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

1,703,785

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other*

 

(16,119

)

 

 

 

 

 

 

$

(16,119

) 

Balance at close of period - 3/31/93

 

 

 

$

104,881,012

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

2,453,119

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

2,453,119

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/94

 

 

 

$

107,334,131

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

83,082

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

83,082

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/95

 

 

 

$

107,417,213

 

 

F-84

 

Balance at close of period - 3/31/95

 

 

 

$

107,417,213

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

542,548

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

542,548

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

0

 

Balance at close of period - 3/31/96

 

 

 

$

107,959,761

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

220,246

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

220,246

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

(10,169,834

)

 

 

 

 

 

 

(10,169,834

) 

Balance at close of period - 3/31/97

 

 

 

$

98,010,173

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

496,394

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

496,394

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

0

 

Balance at close of period - 3/31/98

 

 

 

$

98,506,567

 

 

F-85

 

Balance at close of period - 3/31/98

 

 

 

$

98,506,567

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

(11,446,675

)

 

 

Other

 

0

 

 

 

 

 

 

 

$

(11,446,675

) 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

0

 

Balance at close of period - 3/31/99

 

 

 

$

87,059,892

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

447,562

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

447,562

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

0

 

Balance at close of period - 3/31/00

 

 

 

$

87,507,454

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

263,178

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

263,178

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

(4,309,818

)

 

 

 

 

 

 

(4,309,818

) 

Balance at close of period - 3/31/01

 

 

 

$

83,460,814

 

 

 

F-86

 

Balance at close of period - 3/31/01

 

 

 

$

83,460,814

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

(781,593

)

 

 

Other

 

0

 

 

 

 

 

 

 

$

(781,593

) 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

0

 

 

 

 

 

 

 

Balance at close of period - 3/31/02

 

 

 

$

82,679,221

 

 

F-87

 

Reconciliation of Accumulated Depreciation current year changes

 

Balance at beginning of period - 4/1/92

 

 

 

$

6,809,399

 

Current year expense

 

$

3,546,208

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/93

 

 

 

$

10,355,607

 

Current year expense

 

$

3,739,080

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/94

 

 

 

$

14,094,687

 

Current year expense

 

$

3,783,175

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/95

 

 

 

$

17,877,862

 

Current year expense

 

$

3,670,792

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/96

 

 

 

$

21,548,654

 

Current year expense

 

$

1,951,906

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/97

 

 

 

$

23,500,560

 

Current year expense

 

$

3,280,453

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/98

 

 

 

$

26,781,013

 

Current year expense

 

$

3,394,201

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/99

 

 

 

$

30,175,214

 

Current year expense

 

$

2,857,224

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/00

 

 

 

$

33,032,438

 

Current year expense

 

$

(1,678,416

)

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/01

 

 

 

$

31,354,022

 

Current year expense

 

$

2,507,462

 

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/02

 

 

 

$

33,861,484

 

 

F-88

 

Boston Capital Tax Credit Fund Limited Partnership - Series 5

Schedule III - Real Estate and Accumulated Depreciation

March 31, 2002

 

 

 

 

 

Initial cost to company

 

Cost capitalized subsequent to acquisition

 

Gross amount at which carried at close of period

 

 

 

 

 

 

 

 

 

 

 

Description

 

Encum
brances

 

Land

 

Buildings
and
improvements

 

Improvements

 

Land

 

Buildings
and
improvements

 

Total

 

Accumulated
depreciation

 

Date of
construction

 

Date
acquired

 

Life on
which
depreciation is computed

 

ANNADALE

 

10,970,799

 

794,249

 

3,448,985

 

8,846,810

 

226,000

 

12,295,795

 

12,521,795

 

2,649,063

 

6/90

 

10/90

   

5-50 yrs

 

CALEXICO

 

1,552,698

 

189,545

 

2,140,711

 

4,211

 

189,545

 

2,144,922

 

2,334,467

 

504,761

 

4/90

 

2/90

   

5-50 yrs.

 

GLENHAVEN PARK

 

632,477

 

225,000

 

991,586

 

(222,370

)

195,000

 

769,216

 

964,216

 

248,804

 

6/89

 

6/89

   

40 yrs.

 

POINT ARENA

 

1,190,581

 

79,160

 

1,715,209

 

81,167

 

79,160

 

1,796,376

 

1,875,536

 

426,444

 

2/90

 

2/90

   

5-50 yrs.

 

 

TKO INV PROPS. V

 

880,483

 

192,656

 

2,991,964

 

25,662

 

190,691

 

3,017,626

 

3,208,317

 

1,226,060

 

9/89

 

10/89

 

5-30 yrs.

 

 

 

15,227,038

 

1,480,610

 

11,288,455

 

8,735,480

 

880,396

 

20,023,935

 

20,904,331

 

5,055,132

 

 

 

 

 

 

 

 

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2001.

**There were no carrying costs as of December 31, 2001.  The column has been omitted for presentation purposes.

 

F-89

 

Notes to Schedule III

 

Boston Capital Tax Credit Fund Limited Partnership - Series 5

 

Reconciliation of Land, Building & Improvements current year changes

 

Balance at beginning of period - 4/1/92

 

 

 

$

20,288,851

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

4,975

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

4,975

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other*

 

(943,687

)

 

 

 

 

 

 

$

(943,687

) 

Balance at close of period - 3/31/93

 

 

 

$

19,350,139

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

139,600

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

139,600

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other*

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/94

 

 

 

$

19,489,739

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

12,561

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

12,561

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/95

 

 

 

$

19,502,300

 

 

F-90

 

Balance at close of period - 3/31/95

 

 

 

$

19,502,300

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

1,315,415

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

1,315,415

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/96

 

 

 

$

20,817,715

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

33,132

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

33,132

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other  *

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/97

 

 

 

$

20,850,847

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

4,950

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

4,950

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/98

 

 

 

$

20,855,797

 

 

F-91

 

Balance at close of period - 3/31/98

 

 

 

$

20,855,797

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

(65,649

)

 

 

Other

 

0

 

 

 

 

 

 

 

$

(65,490)

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/99

 

 

 

$

20,790,148

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

746

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

746

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/00

 

 

 

$

20,790,894

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

47,292

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

47,292

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/01

 

 

 

$

20,838,186

 

 

F-92

 

Balance at close of period - 3/31/01

 

 

 

$

20,838,186

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

66,145

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

66,145

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

 

 

 

 

 

 

 

Balance at close of period - 3/31/02

 

 

 

$

20,904,331

 

 

F-93

 

Reconciliation of Accumulated Depreciation current year changes

 

Balance at beginning of period - 4/1/92

 

 

 

$

724,098

 

Current year expense

 

$

400,685

 

 

 

Balance at close of period - 3/31/93

 

 

 

$

1,124,783

 

Current year expense

 

$

406,272

 

 

 

Balance at close of period - 3/31/94

 

 

 

$

1,531,055

 

Current year expense

 

$

403,858

 

 

 

Balance at close of period - 3/31/95

 

 

 

$

1,934,913

 

Current year expense

 

$

434,339

 

 

 

Balance at close of period - 3/31/96

 

 

 

$

2,369,252

 

Current year expense

 

$

449,720

 

 

 

Balance at close of period - 3/31/97

 

 

 

$

2,818,972

 

Current year expense

 

$

462,407

 

 

 

Balance at close of period - 3/31/98

 

 

 

$

3,281,379

 

Current year expense

 

$

420,998

 

 

 

Balance at close of period - 3/31/99

 

 

 

$

3,702,377

 

Current year expense

 

$

441,046

 

 

 

Balance at close of period - 3/31/00

 

 

 

$

4,143,423

 

Current year expense

 

$

449,783

 

 

 

Balance at close of period - 3/31/01

 

 

 

$

4,593,206

 

Current year expense

 

$

461,926

 

 

 

Balance at close of period - 3/31/02

 

 

 

$

5,055,132

 

 

F-94

 

Boston Capital Tax Credit Fund Limited Partnership - Series 6

Schedule III - Real Estate and Accumulated Depreciation

March 31, 2002

 

 

 

 

 

Initial cost to company

 

Cost capitalized subsequent to acquisition

 

Gross amount at which carried at close of period

 

 

 

 

 

 

 

 

 

 

 

Description

 

Encum-brances

 

Land

 

Buildings and
improvements

 

Improvements

 

Land

 

Buildings and
improvements

 

Total

 

Accumulated
depreciation

 

Date of
construction

 

Date
acquired

 

Life on which
depreciation is
computed

 

AUBURN TRACE

 

9,605,207

 

730,000

 

5,564,052

 

9,345,962

 

730,000

 

14,910,014

 

15,640,014

 

7,175,249

 

Jan-90

 

Jun-89

 

5-27.5 yrs.

 

BRIARWOOD ESTATES

 

563,121

 

45,000

 

694,093

 

8,803

 

45,000

 

702,896

 

747,896

 

358,975

 

Sep-88

 

Sep-89

 

5-27.5 yrs.

 

COLUMBIA PARK APTS.

 

2,802,553

 

189,631

 

7,194,885

 

775,068

 

189,631

 

7,969,953

 

8,159,584

 

3,032,977

 

Feb-90

 

Nov-89

 

5-27.5 yrs.

 

ELDON ESTATES

 

549,168

 

28,000

 

709,320

 

28,902

 

28,000

 

738,222

 

766,222

 

377,381

 

Jul-88

 

Sep-89

 

5-27.5 yrs.

 

GREEN PINES APTS.

 

1,414,721

 

106,484

 

1,750,831

 

54,793

 

106,484

 

1,805,624

 

1,912,108

 

595,183

 

Nov-89

 

Oct-89

 

5-27.5 yrs.

 

HACIENDA VILLA

 

3,728,188

 

233,165

 

4,135,079

 

3,378,323

 

233,165

 

7,513,402

 

7,746,567

 

2,287,947

 

Jan-90

 

Dec-89

 

40 yrs.

 

HILLANDALE COMMONS

 

4,677,372

 

601,653

 

4,198,973

 

2,898,458

 

601,653

 

7,097,431

 

7,699,084

 

2,794,110

 

Jan-90

 

Nov-89

 

5-27.5 yrs.

 

HOLLAND WEST APTS.

 

1,850,815

 

175,000

 

2,301,607

 

905,629

 

175,000

 

3,207,236

 

3,382,236

 

1,269,994

 

Feb-90

 

Dec-89

 

5-27.5 yrs.

 

KEARNEY PROP II

 

358,842

 

34,000

 

460,385

 

8,286

 

34,000

 

468,671

 

502,671

 

245,001

 

Mar-88

 

Sep-89

 

5-27.5 yrs.

 

PLEASANT HILL PROPERTIES

 

555,105

 

25,000

 

703,690

 

26,512

 

25,000

 

730,202

 

755,202

 

357,273

 

May-88

 

Sep-89

 

5-27.5 yrs.

 

ROSENBERG HOTEL

 

1,762,198

 

452,000

 

4,948,372

 

(2,721,941

)

415,000

 

2,226,431

 

2,641,431

 

322,975

 

Dec-88

 

Sep-89

 

5-27.5 yrs.

 

SHERBURNE SR. HOUSING

 

1,295,703

 

43,000

 

1,786,132

 

180,483

 

43,000

 

1,966,615

 

2,009,615

 

790,544

 

Jan-92

 

Nov-89

 

5-27.5 yrs.

 

SOCORRO PROPERTIES

 

1,235,818

 

85,000

 

1,652,129

 

94,564

 

85,000

 

1,746,693

 

1,831,693

 

889,603

 

Oct-89

 

Nov-89

 

27.5 yrs.

 

WARRENSBURG PROPERTIES

 

563,658

 

30,000

 

743,401

 

46,756

 

30,000

 

790,157

 

820,157

 

416,687

 

Feb-88

 

Sep-89

 

5-27.5 yrs.

 

WOODCLIFF APTS

 

749,541

 

26,795

 

919,806

 

15,401

 

26,795

 

935,207

 

962,002

 

475,825

 

Nov-89

 

Oct-89

 

5-27.5 yrs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,712,010

 

2,804,728

 

37,762,755

 

15,045,999

 

2,767,728

 

52,808,754

 

55,576,482

 

21,389,724

 

 

 

 

 

 

 

 

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2001.

**There were no carrying costs as of December 31, 2001.  The column has been omitted for presentation purposes.

 

F-95

 

Notes to Schedule III

 

Boston Capital Tax Credit Fund Limited Partnership - Series 6

 

Reconciliation of Land, Building & Improvements current year changes

 

Balance at beginning of period - 4/1/92

 

 

 

$

59,489,199

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

3,679,360

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

3,679,360

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other*

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/93

 

 

 

$

63,168,559

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

447,307

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

447,307

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other*

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/94

 

 

 

$

63,615,866

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

147,102

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

147,102

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

(261,992

)

 

 

 

 

 

 

$

(261,992

)

Balance at close of period - 3/31/95

 

 

 

$

63,500,976

 

 

F-96

 

Balance at close of period - 3/31/95

 

 

 

$

63,500,976

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

213,479

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

213,479

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/96

 

 

 

$

63,714,455

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

149,680

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

149,680

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other  *

 

(10,169,864

)

 

 

 

 

 

 

$

(10,169,864

) 

Balance at close of period - 3/31/97

 

 

 

$

53,694,271

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

213,929

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

213,929

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/98

 

 

 

$

53,908,200

 

 

F-97

 

Balance at close of period - 3/31/98

 

 

 

$

53,908,200

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

127,127

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

127,127

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/99

 

 

 

$

54,035,327

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

100,710

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

100,710

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/00

 

 

 

$

54,136,037

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

1,031,005

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

1,031,005

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/01

 

 

 

$

55,167,042

 

 

F-98

 

Balance at close of period - 3/31/01

 

 

 

$

55,167,042

 

Additions during period:

 

 

 

 

 

Acquisitions through foreclosure

 

$

0

 

 

 

Other acquisitions

 

0

 

 

 

Improvements, etc

 

409,440

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

409,440

 

Deductions during period:

 

 

 

 

 

Cost of real estate sold

 

$

0

 

 

 

Other

 

0

 

 

 

 

 

 

 

$

0

 

Balance at close of period - 3/31/02

 

 

 

$

55,576,482

 

 

F-99

 

Reconciliation of Accumulated Depreciation current year changes

 

Balance at beginning of period - 4/1/92

 

 

 

$

3,757,494

 

Current year expense

 

$

2,096,245

 

 

 

Balance at close of period - 3/31/93

 

 

 

$

5,853,739

 

Current year expense

 

$

2,168,130

 

 

 

Balance at close of period - 3/31/94

 

 

 

$

8,021,869

 

Current year expense

 

$

2,112,071

 

 

 

Balance at close of period - 3/31/95

 

 

 

$

10,133,940

 

Current year expense

 

$

2,079,902

 

 

 

Balance at close of period - 3/31/96

 

 

 

$

12,213,842

 

Current year expense

 

$

419,476

 

 

 

Balance at close of period - 3/31/97

 

 

 

$

12,633,318

 

Current year expense

 

$

1,767,719

 

 

 

Balance at close of period - 3/31/98

 

 

 

$

14,401,037

 

Current year expense

 

$

1,700,035

 

 

 

Balance at close of period - 3/31/99

 

 

 

$

16,101,072

 

Current year expense

 

$

1,759,182

 

 

 

Balance at close of period - 3/31/00

 

 

 

$

17,860,254

 

Current year expense

 

$

1,768,371

 

 

 

Balance at close of period - 3/31/01

 

 

 

$

19,628,625

 

Current year expense

 

$

1,761,099

 

 

 

Balance at close of period - 3/31/02

 

 

 

$

19,628,625

 

 

F-100

 

FINANCIAL STATEMENTS AND

INDEPENDENT AUDITOR’S REPORT

 

COLUMBIA PARK ASSOCIATES

A WASHINGTON LIMITED PARTNERSHIP

 

COLUMBIA PARK APARTMENTS

PROJECT NO. WA-19K065001

 

DECEMBER 31, 2001 AND 2000

 

 

COLUMBIA PARK ASSOCIATES

COLUMBIA PARK APARTMENTS

 

TABLE OF CONTENTS

 

INDEPENDENT AUDITOR’S REPORT

 

 

FINANCIAL STATEMENTS

 

 

 

BALANCE SHEET

 

 

 

STATEMENT OF INCOME

 

 

 

STATEMENT OF CHANGES IN PARTNER’S EQUITY (DEFICIT)

 

 

 

STATEMENT OF CASH FLOWS

 

 

 

NOTES TO FINANCIAL STATEMENTS

 

 

SUPPLEMENTAL INFORMATION

 

 

REPORT ON COMPLIANCE AND INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMNETS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

 

 

CERTIFICATION OF BORROWER

 

 

MANAGEMENT AGENT’S CERTIFICATION

 

 

Independent Auditor’s Report

 

To the Partners

Columbia Park Associates

 

We have audited the accompanying balance sheets of Columbia Park Associates, Columbia Park Apartments (Project) as of December 31, 2001 and 2000, 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 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 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 Project as of December 31, 2001 and 2000, and the results in 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.

 

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.  The accompanying supplemental information on pages 13 to 15 is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Project.  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.

 

1

 

In accordance with Government Auditing Standards, we have also issued a report dated February 7, 2002, on our consideration of the Project’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contract, 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.

 

 

 

Kay L. Bowen & Associates, P.C.

February 7, 2002

 

2

 

COLUMBIA PARK ASSOCIATES
COLUMBAI PARK APARTMENTS

 

BALANCE SHEET

 

December 31,

 

ASSETS

 

 

 

2001

 

2000

 

Current Assets:

 

 

 

 

 

Cash

 

260,888

 

$

202,450

 

Account receivable - tenants

 

2,183

 

1,776

 

Accounts receivable - subsidy

 

2,496

 

6,430

 

Prepaid expenses

 

33,837

 

35,872

 

Total current assets

 

299,404

 

246,528

 

 

 

 

 

 

 

RESTRICTED DEPOSITS AND FUNDED RESERVES

 

 

 

 

 

 

 

 

 

 

 

Tenant’s security deposits

 

26,636

 

24,276

 

Reserve for replacements

 

89,711

 

94,722

 

Reserve for bond retirement

 

383,115

 

406,405

 

Total restricted deposits and funded reserves

 

499,462

 

525,403

 

 

 

 

 

 

 

RENTAL PROPERTY

 

 

 

 

 

 

 

 

 

 

 

Land

 

189,631

 

189,631

 

Building

 

7,455,459

 

7,434,705

 

Building equipment

 

76,327

 

71,604

 

Furnishings

 

365,732

 

355,599

 

Office furniture and equipment

 

11,429

 

11,187

 

Maintenance equipment

 

43,991

 

43,655

 

Vehicles

 

17,015

 

13,800

 

Total fixed assets

 

8,159,584

 

8,120,181

 

Less Accumulated Depreciation

 

(3,032,977

)

(2,768,792

)

Total rental property

 

5,126,607

 

5,351,389

 

 

 

 

 

 

 

OTHER ASSETS

 

 

 

 

 

 

 

 

 

 

 

Organization, bond issuance, refinancing Costs, less accumulated amortization Of $328,900 and $290,927

 

121,403

 

159,376

 

 

 

 

 

 

 

TOTAL ASSETS

 

$

6,046,876

 

$

6,282,696

 

 

See notes to financial statement

 

3

 

 

 

2001

 

2000

 

CURRENT LIABILITIES:

 

 

 

 

 

Accounts payable - trade

 

56,057

 

$

55,682

 

Accounts payable - other

 

31,032

 

31,032

 

Accrued expenses

 

2,872

 

3,664

 

Accrued interest payable-first mortgage

 

328,077

 

340,311

 

Current maturities in long-term debt

 

520,000

 

475,000

 

Total current liabilities

 

938,038

 

905,689

 

 

 

 

 

 

 

DEPOSITS AND PREPAID LIABILITIES:

 

 

 

 

 

Tenant securities deposits

 

26,636

 

24,276

 

Rent deferred credits

 

811

 

523

 

Total deposits and prepaid libilities

 

27,447

 

24,799

 

 

 

 

 

 

 

LONG-TERM LIABILITIES:

 

 

 

 

 

Notes payable (Long-Term)

 

752,553

 

752,553

 

Mortgage payable - First Mortgage

 

2,050,000

 

2,525,000

 

Less Current Portion

 

(520,000

)

(475,000

)

Total Long-Term Liabilities

 

2,282,553

 

2,802,553

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

3,248,038

 

3,733,041

 

 

 

 

 

 

 

PARTNERS’ EQUITY (DEFICIT)

 

2,798,838

 

2,549,655

 

 

 

 

 

 

 

TOTAL LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)

 

$

6,046,876

 

$

6,282,696

 

 

See notes to financial statements.

 

4

 

COLUMBIA PARK ASSOCIATES

COLUMBIA APARTMENTS

 

STATEMENT OF INCOME

 

Year ended December 31,

 

 

 

2001

 

2000

 

Revenue

 

 

 

 

 

Rent

 

$

1,327,689

 

$

1,323,376

 

Late fees, deposit forfeitures, etc.

 

14,747

 

6,133

 

Interest income

 

4,278

 

23,373

 

 

 

 

 

 

 

Total revenue

 

1,346,714

 

1,352,882

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

Administrative

 

64,919

 

55,288

 

Management fee

 

80,165

 

80,108

 

Utilities

 

53,202

 

61,731

 

Maintenance

 

170,969

 

191,390

 

Taxes

 

59,716

 

65,389

 

Insurance

 

30,026

 

37,846

 

Financial

 

305,343

 

345,024

 

Depreciation and amortization

 

302,157

 

307,229

 

 

 

 

 

 

 

Total expenses

 

1,066,497

 

1,144,005

 

 

 

 

 

 

 

Loss from rental operations

 

280,217

 

208,877

 

 

 

 

 

 

 

Partnership management fees

 

26,032

 

26,032

 

Reporting fees

 

5,000

 

5,000

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

249,185

 

$

177,845

 

 

See notes to financial statements

 

5

 

COLUMBIA PARK ASSOCIATES

COLUMBIA PARK APARTMENTS

 

STATEMENT OF CHANGE IN PARTNER’S EQUITY (DEFICIT)

 

Years ended December 31, 2001 and 2000

 

Partner’s equity (deficit) - December 31, 1999

 

$

2,371,810

 

 

 

 

 

Cash Distributions for 2000

 

—

 

 

 

 

 

Net Income for 2000

 

177,845

 

 

 

 

 

Partner’s equity (deficit) - December 31, 2000

 

2,549,655

 

 

 

 

 

Cash Distributions for 2001

 

—

 

 

 

 

 

Net Income for 2001

 

249,185

 

 

 

 

 

Partner’s equity (deficit) - December 31, 2001

 

$

2,798,840

 

 

See notes to financial statements

 

6

 

COLUMBIA PARK ASSOCIATES

COLUMBIA PARK APARTMENTS

 

STATEMENT OF CASH FLOWS

 

Year ended December 31,

 

 

 

2001

 

2000

 

Cash flows from operating activities

 

 

 

 

 

Net income (loss)

 

$

249,185

 

$

177,845

 

Adjustments to reconcile net income (loss) to net cash Provided by (used in) operating activities

 

 

 

 

 

Depreciation

 

264,185

 

269,257

 

Amortization

 

37,972

 

37,972

 

(Increase) decrease in accounts receivable-tenant

 

(407

)

(1,741

)

(Increase) decrease in accounts receivable-subsidy

 

3,934

 

3,634

 

(Increase) decrease in miscellaneous receivable

 

0

 

1,916

 

(Increase) decrease in prepaid expenses

 

2,035

 

8,369

 

Increase (decrease) in accounts payable

 

375

 

(3,187

)

Increase (decrease) in accrued liabilities

 

(792

)

(736

)

Increase (decrease) in accrued interest payable

 

(12,234

)

(51,994

)

Increase (decrease) in rent deferred credits

 

288

 

415

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

544,541

 

441,750

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

Deposits to reserve for replacement account

 

(31,945

)

(32,511

)

Withdrawals from reserve for replacement account

 

36,956

 

24,744

 

(Increase) decrease reserve for bond retirement

 

23,289

 

(12,554

)

Purchase of depreciable assets

 

(39,403

)

(24,892

)

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

(11,103

)

(45,213

)

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

Mortgage principle payments

 

(475,000

)

(435,000

)

 

 

 

 

 

 

Net cash provided by (used in) financing activities

 

(475,000

)

(435,000

)

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH

 

58,438

 

(38,463

)

 

 

 

 

 

 

Cash, beginning

 

202,450

 

240,913

 

 

 

 

 

 

 

Cash, end

 

$

260,888

 

$

202,450

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information

 

 

 

 

 

Cash paid during the year for interest

 

$

285,697

 

$

360,052

 

 

See notes to financial statement

 

7

 

COLUMBIA PARK ASSOCIATES

COLUMBIA PARK APARTMENTS

 

NOTES TO FINANCIAL STATEMENTS

December 31, 2001 and 2000

 

Note 1 - Organization and Summary of Significant Accounting Policies:

 

Columbia Park Associates, A Washington Limited Partnership, was organized under the laws of the State of Washington on June 23, 1989, for the purpose of acquiring, rehabilitating and operating a low-income residential apartment project, known as Columbia Park Apartments.

 

The Project was completed January 1, 1990, in Richland, Washington, and is an apartment complex of 138 units.  The partnership agreement limits annual distributions of net operating receipts to “surplus cash” available at the end of each year.  Surplus cash as of December 31, 2001 and 2000 amounted to $189,638 and $138,574, respectively.

 

The following significant accounting policies have been followed in the preparation of the financial statements:

 

Basis of Accounting

 

The financial statements of the partnership are prepared on the accrual basis of accounting and in accordance with generally accepted accounting principles.

 

Depreciation

 

Depreciation is generally provided using the straight-line method over the estimated useful lives of the assets.

 

Amortization

 

Bond issuance costs are amortized over the term of the bond period using the effective interest method.

 

Organizational cost is amortized over sixty months using the straight-line method.

 

Income Taxes

 

Income or loss of the Partnership is allocated to the general partners and to the limited partners.  No income tax provision has been included in the financial statements since income or loss of the Partnership is required to be reported by the respective partners on their income tax returns.

 

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles 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 revenue and expenses during the reporting period.  Actual results could differ from those estimates.

 

Cash and cash equivalents include: petty cash, cash in bank, and escrow deposits.

 

8

 

Note 2 -  Notes Payable and Due to General Partners:

 

Commission Developer Note Payable and Funds Held by Bond Trustee

 

Construction and permanent financing have been provided to the Partnership through the issuance of tax-exempt bonds by the Washington State Housing Finance Commission, in the total amount of $5,685,000, which is evidenced by a commission developer note.

 

The notes provides for interest only to be paid semi-annually on July 1 and January 1 at the weighted average rate of 7.28 percent, which rate is the average rate of the outstanding bonds, through December 31, 1990.  Beginning on January 1, 1991, principal will be due along with the interest noted above on each semi-annual payment date.  Principal payments are made according to the bond amortization schedule, with final maturity on January 1, 2005.  The note, however, is subject to certain prepayment provisions as discussed in the bond indenture.

 

Under the terms of the loan agreement, the mortgage lender has issued an irrevocable direct-pay letter of credit in the amount of $5,685,000 plus 198 days of interest on the bonds as additional security for the payment of the bonds.  Beginning on July 1, 1990, the Partnership was required to make monthly deposits with the mortgage lender into the mortgage fund. The original letter of credit agreement expired on July 15, 1999. A new letter of credit agreement has been established with Key Bank National Association. The annual letter of credit fee is 1.0 percent of the outstanding letter of credit balance and is due annually on the letter of credit anniversary date.

 

The liability of the Partnership under the note is limited to the underlying value of the real estate collateral, amounts deposited with the lender and an assignment of project rents and leases.

 

Promissory Note Payable

 

The Partnership is obligated under the terms of an $800,000 promissory note, secured by a second deed of trust and subordinate to the note described in the previous paragraph.  The note bears interest at a rate of 15 percent and provides for annual principal and interest payments to the extent of surplus cash flow, as defined in the agreement.  In the event that surplus cash flow is not sufficient to service the debt, the accrued interest will carry over, but will not bear additional interest.  All unpaid principal and interest are due and payable on December 31, 2004.

 

The note is also secured by an unconditional and irrevocable letter of credit in the amount of $300,000 which letter of credit shall expire upon the payment of $300,000 of principal and/or interest.  If $300,000 has not been paid by the earlier of December 31, 1995, or five years from commencement of the bond amortization, the lender may draw on the letter of credit up to the $300,000 total.  During 1991, the letter of credit was reduced by $228,269, the principal and interest portion paid to Farr West Bank.  During 1993, the letter of credit was reduced by the remaining $71,371, the interest portion paid to Farr West Bank, leaving a zero balance.

 

9

 

Note 2 -  Notes Payable and Due to General Partners, continued:

 

The liability of the Partnership under the note is limited to the underlying value of the real estate collateral and an assignment of project rents and leases.

 

The following schedule outlines principle amounts due on the notes over the next five years:

 

December 31,

 

Amount

 

 

 

 

 

2002

 

$

520,000

 

2003

 

570,000

 

2004

 

625,000

 

2005

 

335,000

 

2006

 

—

 

 

 

$

2,050,000

 

 

Note 3 - Transactions and Affiliates and Related Parties:

 

Management Fees

 

In accordance with the partnership agreement, the Partnership paid Kier Management Corporation, an affiliate of one of the general partners, management fees of $80,165 and $80,108, during 2001 and 2000, respectively, for services rendered in connection with the leasing and operation of the Project.  The fee for its services is equal to 6 percent of the Project’s rental income.

 

There are no notes payable to the management agent

 

Reporting Fee

 

As of December 31, 2000, an annual reporting fee is payable to an affiliate of the investor limited partner, which holds a 99 percent interest in the Partnership, for services to be rendered in connection with the Partnership’s accounting matters relating to the investor limited partner.  The fee is based on the lessor of $5,000 or 0.375 percent of the aggregate cost of the project, as defined in the partnership agreement.  The fee is payable out of cash flow, as defined in the partnership agreement.  The amount charged to operations during 2001 and 2000 was $5,000, resulting in a payable balance at December 31, 2001 and 2000, of $5,000.

 

Partners’ Capital Contributions

 

The Partnership has two general partners - Landex Corporation and Kier Corporation, and one limited partner - Boston Capital Tax Credit Fund Limited Partnership.  Each general partner has made capital contributions of $100.00.

 

10

 

Note 3 - Transactions with Affiliates and Related Parties, continued:

 

Annual Partnership Management Fee

 

An annual partnership management fee is due to the general partners for their services in connection with administering the day-to-day operations of the partnership.  The fee is equal to the excess of 0.375 percent of the aggregate cost of the Project, as defined in the partnership agreement, over the reporting fee discussed above.  The fee is payable out of cash flow, as defined in the partnership agreement.  The amount charged to operations during 2001 and 2000 was  $26,032, resulting in a payable balance at December 31, 2001 and 2000, of $26,032.

 

Contingent Fees Payable to the General Partners

 

The general partners are entitled to receive certain fees based on the results of the construction phase of the Project and in the event of a sale or refinancing of the Project.  Such fees are contingent upon certain results and circumstances as defined in the partnership agreement.  No such fees were incurred by the Partnership during the period.

 

Housing Assistance Payment Contract Agreements

 

The Housing Authority of the City of Richland has contracted with the partnership, effective October 7, 1989 under Section 8 of Title II of the Housing and Community Development Act of 1974, to make housing assistance payments to the partnership on behalf of qualified tenants.  The agreements are being entered into on a unit-by-unit basis and will expire fifteen years from their inception.  As of December 31, 2001 and 2000, all of the units have been contracted.  During 2001 and 2000, rental assistance payments received under this contract were $1,089,698 and $1,089,584, respectively.

 

11

 

SUPPLEMENTAL INFORMATION

 

12

 

COLUMBIA PARK ASSOCIATES

COLUMBIA PARK APARTMENTS

 

SCHEDULE OF ADMINISTRATIVE, UTILITIES, MAINTENANCE

TAXES, INSURANCE AND INTEREST EXPENSE

 

Year ended December 31,

 

 

 

2001

 

2000

 

Administrative expenses

 

 

 

 

 

 

 

 

 

 

 

Advertising

 

$

178

 

$

394

 

Other renting expenses

 

1,275

 

2,036

 

Office salaries

 

11,448

 

5,131

 

Office expenses

 

6,085

 

6,151

 

Manager Salaries

 

25,231

 

21,693

 

Managers rent free unit

 

7,800

 

7,800

 

Legal

 

1,666

 

840

 

Auditing

 

5,100

 

4,855

 

Bookkeeping

 

2,000

 

1,500

 

Bad Debts

 

2,360

 

2,122

 

Miscellaneous

 

1,776

 

2,766

 

 

 

 

 

 

 

Total Administrative Expenses

 

64,919

 

55,288

 

 

 

 

 

 

 

Utilities:

 

 

 

 

 

 

 

 

 

 

 

Electricity

 

14,997

 

17,393

 

Water

 

27,982

 

33,621

 

Sewer

 

518

 

374

 

Natural gas

 

9,705

 

10,343

 

 

 

 

 

 

 

Total Utilities Expenses

 

53,202

 

61,731

 

 

 

 

 

 

 

Operating and Maintenance

 

 

 

 

 

 

 

 

 

 

 

Grounds supplies

 

3,894

 

4,692

 

Grounds contract

 

30,825

 

27,009

 

Repairs material

 

14,863

 

17,928

 

Repairs contract

 

86,410

 

95,274

 

Exterminating contract

 

2,174

 

2,100

 

Heating/ Cooling contract

 

1,183

 

427

 

Painting/ decorating contract

 

7,549

 

15,274

 

Cleaning contract/ supplies

 

22,089

 

21,175

 

Garbage and trash

 

250

 

315

 

Vehicle maintenance equipment and repairs

 

1,492

 

6,957

 

Miscellaneous

 

240

 

239

 

 

 

 

 

 

 

Total operating and maintenance

 

170,969

 

191,390

 

 

13

 

 

 

2001

 

2000

 

 

 

 

 

 

 

Taxes

 

 

 

 

 

 

 

 

 

 

 

Real estate taxes

 

56,025

 

56,137

 

Payroll taxes

 

2,389

 

8,753

 

Other taxes

 

1,302

 

499

 

 

 

 

 

 

 

Total Tax Expenses

 

59,716

 

65,389

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

Property and liability insurance

 

23,095

 

26,237

 

Fidelity bond insurance

 

4

 

—

 

Workman’s compensation

 

83

 

—

 

Employee health

 

6,844

 

11,609

 

 

 

 

 

 

 

Total Insurance expense

 

30,026

 

37,846

 

 

 

 

 

 

 

Financial:

 

 

 

 

 

 

 

 

 

 

 

Interest on mortgage payable

 

273,463

 

308,058

 

Miscellaneous financial expenses

 

31,880

 

36,966

 

 

 

 

 

 

 

Total Interest Expense

 

305,343

 

345,024

 

 

14

 

COLUMBAI PARK ASSOCIATES

COLUMBIA PARK APARTMENTS

 

SUPPLEMENTAL DATA

December 31, 2001

 

Reserve for Replacements

 

A replacement reserve has been established to be used for capital expenditures.  As of December 31, 2001 and 2000 the replacement reserve has been adequately funded.

 

Balance - December 31, 1999

 

$

86,956

 

Monthly Deposits ($2,565.00 x 12)

 

30,780

 

Interest Income

 

1,730

 

Withdrawals

 

 

 

Approved withdrawals

 

(24,743

)

Bank fees

 

0

 

 

 

 

 

Balance - December 31, 2000

 

94,722

 

 

 

 

 

Monthly Deposits ($2,565.00 x 12)

 

30,780

 

Interest Income

 

1,165

 

Withdrawals

 

 

 

Approved withdrawals

 

(36,952

)

Bank fees

 

(4

)

 

 

 

 

Balance - December 31, 2001

 

$

89,711

 

 

Schedule of Changes in Fixed Assets Accounts:

 

Description

 

Balance
12/31/00

 

Additions

 

Deductions

 

Balance
12/31/01

 

 

 

 

 

 

 

 

 

 

 

Land

 

$

189,631

 

—

 

—

 

$

189,631

 

Building

 

7,434,705

 

20,754

 

—

 

7,455,459

 

Building Equipment (Portable)

 

71,604

 

4,723

 

—

 

76,327

 

Furnishings

 

355,599

 

10,133

 

—

 

365,732

 

Office Furniture/Equipment

 

11,187

 

242

 

—

 

11,429

 

Maintenance equipment

 

43,655

 

336

 

—

 

43,991

 

Vehicles

 

13,800

 

3,215

 

—

 

17,0115

 

 

 

$

8,120,181

 

39,403

 

—

 

$

8,159,584

 

Accumulated Depreciation

 

$

2,768,792

 

264,185

 

 

 

$

3,032,977

 

Net Book Value

 

$

5,351,389

 

 

 

 

 

$

5,126,607

 

 

15

 

Report on Compliance and Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards

 

To the Partners

Columbia Park Associates

 

We have audited the financial statements of Columbia Park Associates, Columbia Park Apartments (Project) as of and for the year ended December 31, 2001, and have issued our report thereon dated February 7, 2002.  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 of America.

 

Compliance

 

As part of obtaining reasonable assurance about whether the Project’s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts.  However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion.  The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards.

 

Internal Control Over Financial Reporting

 

In planning and performing our audit, we considered the Project’s internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting.  Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses.  A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions.  We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses.

 

16

 

This report is intended solely for the information and use of the audit committee, management, others within the organization, and federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties.

 

 

 

Kay L. Bowen & Associates, P.C.

 

February 7, 2002

 

 

17

 

COLUMBIA PARK ASSOCIATES

COLUMBIA PARK APARTMENTS

 

CERTIFICATE OF BORROWER

December 31, 2001

 

The information provided by Columbia Park Associates, to Kay L. Bowen & Associates, Certified Public Accountants, for the preparation of the 2001 annual audit, to which this certification is attached, is hereby certified to be true and correct, and it is further certified that the handling of the reserve account, the operating and maintenance account, rental receipts, interest credit by Columbia Park Associates was in accordance with the governing federal regulation.

 

Done this       day of                           , 2002

 

 

 

General Partner

 

 

18

 

COLUMBIA PARK ASSOCIATES

COLUMBIA PARK APARTMENTS

 

MANAGEMENT AGENT’S CERTIFICATION

December 31, 2001

 

We hereby certify that we have examined the accompanying financial statements and supplemental data of Columbia Park Associates and to the best of our knowledge and belief the same are accurate and complete.

 

Kier Management Corporation

 

 

 

Signature of Management

 

Agent’s Representative

 

 

 

 

 

Title

 

 

 

 

 

Date:

 

 

 

 

Employer Identification No. - 87-0385825

 

 

19

 

To the Partners

Apple Hill Limited Partnership

Winston-Salem, North Carolina

 

We have audited the accompanying balance sheets of Apple Hill Limited Partnership as of December 31, 2001 and 2000, 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 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 Apple Hill Limited Partnership as of December 31, 2001 and 2000, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted m the United States of America.

 

In accordance with Government Auditing Standards, we have also issued a report dated January 15, 2002 on our consideration of Apple Hill Limited Partnership’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.

 

Greensboro, North Carolina

January 15, 2002

 

 

To the Partners

Country Village Associates

 

We have audited the accompanying balance sheets of Country Village Associates, RHS Project No.:37-36-1333-319-448, as of December 31, 2001 and 2000, and the related statements of operations, partners’ deficit and cash flows for the years then ended. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards and 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 Country Village Associates, RHS Project No.: 37-36-1333-319-448, as of December 31, 2001 and 2000, and the results of its operations, the changes in partners’ deficit and cash flows for the years then ended, in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, we have also issued our report dated March 4, 2002, on our consideration of Country Village Associates’ 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 result 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 18 through 20 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 basis financial statements taken as a whole.

 

FASMAN, KLEIN & FELDSTEIN

New City, New York

March 4, 2002

 

 

January 24, 2002

 

To the Partners of

Mecca Apartments

 

Independent Auditor’s Report

 

We have audited the accompanying balance sheets of Mecca Apartments, a limited partnership, as of December 31, 2001, and 2000, and the related statements of income and 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 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 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 ha 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 Mecca Apartments, a limited partnership, as of December 31, 2001, and 2000, and the results of its operations and for changes in partners’ capital and cash flows for the years then ended in conformity with generally accepted accounting principles.

 

Our audit was conducted for the purposes of forming an opinion on the basic financial statements taken as a whole. The supporting information included in the report are presented for the purposes of additional analysis and are 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.

 

 

INDEPENDENT AUDITOR'S REPORT

 

To the Partners

Redondo Associates, Ltd.

 

I have audited the accompanying balance sheets of Redondo Associates, Ltd. (a limited partnership), RD Case No. 04-013-953603409, as of December 31, 2001 and 2000, 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. My responsibility is to express an opinion on these financial statements based on my audits.

 

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the 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. 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 Redondo Associates, Ltd. as of December 31, 2001 and 2000, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, I have also issued a report dated January 22, 2002 on my consideration of Redondo Associates, Ltd.’s internal control over financial reporting and a report dated January 22, 2002 on 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 the results of my audits.

 

 

INDEPENDENT AUDITOR'S REPORT

 

To the Partners of

California Investors VI

Fresno, California

 

We have audited the accompanying balance sheet of California Investors VI (a California Limited Partnership) (the “Partnership”), as of December 31, 2001 and the related statement 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.

 

We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 California Investors VI as of December 31, 2001 and the results of its operations, changes in partners’ equity (deficit), and its cash flows for the year then ended in conformity with generally accepted accounting principles.

 

The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As discussed in Note G, the Partnership is incurring liquidity problems. This condition raises substantial doubt about the Partnership’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

 

INDEPENDENT AUDITOR'S REPORT

 

To the Partners of

California Investors VI

Fresno, California

 

We have audited the accompanying balance sheet of California Investors VI (a California Limited Partnership) (the “Partnership”), as of December 31, 2001 and the related statement 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.

 

We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 California Investors VI as of December 31, 2001 and the results of its operations, changes in partners’ equity (deficit), and its cash flows for the year then ended in conformity with generally accepted accounting principles.

 

The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As discussed in Note G, the Partnership is incurring liquidity problems. This condition raises substantial doubt about the Partnership’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Janzen, Tamberi & Wong

Accountancy Corporation

 

February 28, 2002

 

 

To the Partners of

Fylex Housing Associates Limited Partnership

 

Independent Auditors’ Report

 

We have audited the accompanying balance sheets of Fylex Housing Associates Limited Partnership (CASE NO. 34-003-0020417485) as of December 31, 2001 and 2000, and the related statements of income and expense, 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 Fylex Housing Associates Limited Partnership at December 31, 2001 and 2000, and the results of its operations, changes in its 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 January 25, 2002 on our consideration of Fylex Housing Associates Limited Partnership’s internal control over financial reporting and our tests of its compliance with laws and regulations. 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.

 

 

To the Partners

Lake North Apartments II, Ltd.

 

We have audited the accompanying balance sheets of Lake North Apartments II, Ltd. (a Florida limited partnership), RHS Project No. 09-035-0592821600, as of December 31, 2001 and 2000, 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 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. The audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The 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 North Apartments II, Ltd., RHS Project No. 09-035-0592821600, as of December 31, 2001 and 2000, 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 on pages 20 through 35 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 a report dated January 25, 2002 on our consideration of Lake North Apartments, Ltd.’s 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.

 

 

To The Partners

Mound Plaza, LTD.

Moundville, Alabama

 

We have audited the accompanying balance sheets of Mound Plaza, LTD., Moundville, Alabama, as of December 31, 2001 and 2000, and the related statements of income, partnership capital (deficit), and cash flows for the years 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, the USDA/Rural Development Audit Program, 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 Mound Plaza, LTD. as of December 31, 2001 and 2000, 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.

 

Our reports were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental information on pages 14 and 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 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.

 

 

Independent Auditors’ Report

 

To the Partners of

Pedcor Investments - 1988 - IV, L.P.

(An Indiana Limited Partnership)

 

We have audited the accompanying balance sheet of Pedcor Investments - 1988 - IV, L.P. (an Indiana Limited Partnership) as of December 31, 2001, and the related statements of profit and loss and changes in partners’ equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of 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 Pedcor Investments - 1988 - IV, L.P. as of December 31, 2001, and the results of its operations and 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.

 

In accordance with Government Auditing Standards, we have also issued a report dated January 25, 2002, on our consideration of the Partnership’s internal controls and a report dated January 25, 2002, on its compliance with laws and regulations.

 

The accompanying 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 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.

 

 

INDEPENDENT AUDITORS' REPORT

 

Partners

Queens Court Limited Partnership

 

We have audited the accompanying balance sheet of Queens Court Limited Partnership (the Partnership) as of December 31, 2001 and the related statements of profit and loss, changes in partners’ capital 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 tile Partnership for the year ended December 31, 2000 were audited by other auditors, whose report dated January 28, 2001 expressed an unqualified opinion.

 

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 Partnership at December 31, 2001, and the results of its operations, changes in Palmers’ capital and its cash flow’s for the year then ended in conformity with general accepted accounting principles in the United States of America.

 

Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data, included in the report on Pages 14-20, is presented for the purposes of additional analysis and is not a required part of the 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.

 

In accordance with Government Auditing Standards, we have also issued our report dated March 25, 2002, on our consideration of the Partnerships control over financial reporting and our test 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 thee results of our audit.

 

 

INDEPENDENT AUDITORS, REPORT

 

To the Partners

Sun Village Apartments, Ltd.

 

We have audited the accompanying balance sheets of Sun Village Apartments, Ltd. (a Florida limited partnership), RHS Project No. 09-035-592798320, as of December 31, 2001 and 2000, 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 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. The audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The 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 Sun Village Apartments, Ltd., RHS Project No. 09-035-592798320, as of December 31, 2001 and 2000, and the results of its operations, the 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 on pages 20 through 35 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 a report dated January 25, 2002 on our consideration of Sun Village Apartments, Ltd. ‘s 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.

 

 

To the Partners of

Willow Street Associates

(a Limited Partnership)

 

Independent Auditors’ Report

 

We have audited the accompanying balance sheets of Willow Street Associates (Case No. 34-012-0020413965) as of December 31, 2001 and 2000 and the related statements of income and expense, 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 Willow street Associates at December 31, 2001 and 2000 and the results of its operations, 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 January 10, 2002 on our consideration of willow Street Associates’ 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.

 

 

INDEPENDENT AUDITOR'S REPORT

 

To the Partners of

Rainbow Housing Associates, Ltd.

Yuma, Arizona

 

We have audited the accompanying Balance Sheet of Rainbow Housing Associates, Ltd., FHA Project Number 123-11124, as of December 31, 2001, and the related statements of profit and loss, changes in project equity and cash flows for the year then ended. These financials statements are of the Project’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 fully, in all material respects, the financial position of Rainbow Housing Associates, Ltd.; as of December 31, 2001, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted, accounting principles.

 

In accordance with Government Auditing Standards, we have also issued a report dated March 6, 2002, consideration of Rainbow Housing Associates, Ltd.’s internal control structure and a report dated March 6, 2002, on its compliance with laws and regulations.

 

Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included in the report on pages 13 through 21 is presented for the purposes of additional analysis and are not a required part of the financial statements of Rainbow Housing Associates, Ltd. Such information has been subjected to the same auditing procedures applied in the examination of the basic financial statements and, in our opinion, are presented fairly in all material respects in relation to the financial statements taken as a whole.

 

 

INDEPENDENT AUDITORS' REPORT

 

To the Partners

Armory Square Limited Partnership

Holyoke, Massachusetts

 

We have audited the accompanying balance sheet of Armory Square Limited Partnership as of December 31, 2001, and the related statements of operations, partners’ capital, 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 and supplemental information of Armory Square Limited Partnership as of December 31, 2000 were audited by other auditors, whose report dated January 25, 2001 expressed an unqualified opinion on those financial statements and supplemental information.

 

We conducted our audit in accordance with auditing standards generally accepted in the United States of America. 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 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 Armory Square Limited partnership as of December 31, 2001, and the results of operations, partners’ capital 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 fanning an opinion on the basic financial statements taken as a whole. The supplemental information included in this report (shown on pages 17 and 18) is presented for the purpose of additional analysis and is not required a 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.

 

 

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

 

To the Partners of

Auburn Trace, Ltd.

 

We have audited the accompanying balance sheets of Auburn Trace, Ltd. (a Florida limited partnership) (the “Partnership”) as of December 31, 2001 and 2000 and the related statements of operations, partners’ equity (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 auditing standards generally accepted in the United States of America. 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 Auburn Trace, Ltd. as of December 31, 2001 and 2000 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.

 

 

INDEPENDENT AUDITOR’S REPORT

 

To Partners of

Cambria Commons Limited Partnership

 

We have audited the accompanying balance sheet of Cambria Commons Limited Partnership as of December 31, 2001, and the related statements of operations, partners’ deficit, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of Cambria commons Limited Partnership for the year ended December 31, 2000 were audited by other auditors whose report, dated January 24, 2001, 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 Cambria Commons Limited Partnership at December 31, 2001, 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 reports dated January 24, 2002 on our consideration of Cambria Commons Limited 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 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 supplementary information on page 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary 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.

 

Buffalo, New York

January 24, 2002

 

 

INDEPENDENT AUDITOR'S REPORT

 

To the Partners

Haven Park Partners II, A California Limited Partnership

 

I have audited the accompanying balance sheets of Haven Park Partners II, A California Limited Partnership as of December 31, 2001 and 2000, 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. My responsibility is to express an opinion on these financial statements based on my audit.

 

I conducted my audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

 

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Haven Park Partners II, A California Limited Partnership as of December 31, 2001 and 2000, and the results of its operations, the changes in partners equity and cash flows for the year then ended in conformity with accounting Principles generally accepted in the United States of America.

 

My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 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 my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

 

 

Independent Auditor's Report

 

To the Partners

Landmark Limited Partnership

 

We have audited the accompanying balance sheet of Landmark Limited Partnership, VHDA Number 88-0144-HF, as of December 31, 2001, and the related statements of operations, and cash flows and changes in owners’ equity for the year then ended. These financial statements are the responsibility of Landmark Limited Partnership’s management, our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audits in accordance with generally accepted auditing standards and the Virginia Housing Development Authority’s Mortgagor/Grantee’s Audit Guide. 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 Landmark Limited Partnership as of December 31, 2001, and the results of its operations and its cash flows and its changes in owners equity for the year then ended in conformity with generally accepted accounting principles.

 

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as whole. The supplementary information and schedule of Findings and Questioned Costs included in the report is presented for purposes of additional analysis and is not a required part of the basic financial statements of Landmark Limited 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 financial statements taken as a whole.

 

 

Independent Auditors' Report

 

To the Partners of

Pedcor Investments - 1988 - VI, L.P.

(An Indiana Limited Partnership)

 

We have audited the accompanying balance sheet of Pedcor Investments - 1988 — VI, L.P. (an Indiana Limited Partnership) as of December 31, 2001, and the related statements of profit and loss and changes in partners’ equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of 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 Pedcor Investments - 1988 - VI, L.P. as of December 31, 2001, and the results of its operations and 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.

 

In accordance with Government Auditing Standards, we have also issued a report dated January 25, 2002, on our consideration of the Partnership’s internal controls and a report dated January 25, 2002, on its compliance with laws and regulations.

 

The accompanying 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 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.

 

 

REPORT OF INDEPENDENT AUDITORS

 

Partners

Shockoe Hill Associates II, L.P.

T/A Shockoe Hill II Apartment

 

We have audited the accompanying balance sheet of Shockoe Hill Associates II, L.P., T/A Shockoe HiIl II Apartments (HUD Project No, 051-35393) as of December 3 l, 2001, and the related statements of income, changes in equity and cash flows for the year then ended. These financial statements are the responsibility of the management of Shockoe Hill Associates II, LP., T/A Shockoe Hill II Apartments. 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 Stales. 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 Shockoe Hill Associates II, L.P., T/A Shockoe Hill II Apartments as of December 31,2001, 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 and the Consolidated Audit Guide for Audits of HUD Programs issued by the U.S. Department of Housing and Urban Development, we have also issued a report dated February 7, 2002 on our consideration of Shockoe Hill Associates II, L.P. ‘s internal control and reports dated February 7, 2002 on its compliance with specific requirements applicable to major HUD programs and specific requirements applicable to Fair Housing and Non-Discrimination. Those reports are integral part of an audit performed in accordance with Government Audit 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 schedules and supporting data for the year ended December 31, 2001, are presented for the purpose of additional analysis and are not a required part of these financial statements. Such information has been subjected to the auditing procedures applied to 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.

 

 

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

 

To the Partners of

Auburn Trace, Ltd.

 

We have audited the accompanying balance sheets of Auburn Trace, Ltd. (a Florida limited partnership) (the “Partnership”) as of December 31, 2001 and 2000 and the related statements of operations, partners’ equity (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 auditing standards generally accepted in the United States of America. 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 Auburn Trace, Ltd. as of December 31, 2001 and 2000 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.

 

 

INDEPENDENT AUDITOR’S REPORT

 

To The Partners of

Holland West Limited Partnership

 

We have audited the accompanying balance sheet of HUD Project No. 047-44050/12001 of Holland West Limited Partnership (a Michigan Partnership) as of December 31, 2001, and the related statements of income, and cash flows, and changes in partner’s equity. 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 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 Holland West Limited Partnership as of December 31, 2001, and the results of its operations and its cash flow and its changes in partners’ equity for the year then ended in conformity with accounting principles generally accepted in the United States of America.

 

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting information included in the report (shown on pages 11 to 16) are presented for the purposes of additional analysis and are not a required part of the basic financial statements of Holland West Limited Partnership, Such information has been subject 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 January 23. 2002, on our consideration of Holland West Limited Partnership’s internal controls and a report dated January 23, 2002, on its compliance with laws and regulations.

 

 

INDEPENDENT AUDITORS' REPORT

 

To the Partners

Sherburne Housing Redevelopment Company

 

We have audited the accompanying balance sheets of Sherburne Housing Redevelopment Company as of December 31, 2001 and 2000, 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 the 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 Sherburne Housing Redevelopment Company as of December 31, 2001 and 2000, 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 30, 2002, on our consideration of Sherburne Housing Redevelopment Company’s internal control structure and its compliance with laws and regulations.

 

 

To the Partners

Apple Hill Limited Partnership

Winston-Salem, North Carolina

 

We have audited the accompanying balance sheets of Apple Hill Limited Partnership as of December 31, 2000 and 1999, 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 all opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Apple Hill Limited Partnership as of December 31, 2000 and 1999, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, we have also issued a report dated January 22, 2001 on our consideration of Apple Hill Limited Partnership’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.

 

Greensboro, North Carolina January 22, 2001

 

 

INDEPENDENT AUDITOR’S REPORT

 

To the Partners

Redondo Associates, Ltd.

 

I have audited the accompanying balance sheets of Redondo Associates, Ltd. (a limited partnership), RD Case No. 04-013-953603409, as of December 31, 2000 and 1999, 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. My responsibility is to express an opinion on these financial statements based on my audits.

 

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the 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. 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 Redondo Associates, Ltd. as of December 31, 2000 and 1999, and thc results of its operations and its cash flows for the years then ended, in conformity with generally accepted ...accounting principles.

 

In accordance with Government Auditing Standards, I have also issued a report dated January 22, 2001 on my consideration of Redondo Associates, Ltd.’s internal control over financial reporting and a report dated January 22, 2001 on 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 the results of my audits.

 

 

To the Partners of

Mecca Apartments

 

Independent Auditor’s Report

 

We have audited the accompanying balance sheets of Mecca Apartments, a limited partnership, as of December 31, 2000, and 1999, and the related statements of income and 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 audit.

 

We conducted our audit in accordance with generally accepted auditing standards, 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 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 Mecca Apartments, a limited partnership, as of December 31, 2000, and 1999, and the results of its operations and for changes in partners’ capital and cash flows for the years then ended in conformity with generally accepted accounting principles.

 

Our audit was conducted for the purposes of forming an opinion on the basic financial statements taken as a whole. The supporting information included in the report are presented for the purposes of additional analysis and are 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.

 

 

To the Partners of

Fylex Housing Associates

(a Limited Partnership)

 

Independent Auditors’ Report

 

We have audited the accompanying balance sheets of Fylex Housing Associates (a Limited Partnership) (Case No. 34-003-0020417485) as of December 31, 2000 and 1999 and the related statements of income and expense, partners’ equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fylex Housing Associates at December 31, 2000 and 1999 and the results of its operations, partners’ equity (deficit) and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, we have also issued our report dated January 23, 2001 on our consideration of Fylex Housing Associates’ 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.

 

January 23, 2001

 

 

INDEPENDENT AUDITORS REPORT

 

To the Partners

Lake North Apartments II, Ltd.

 

We have audited the accompanying balance sheets of Lake North Apartments II, Ltd. (a Florida limited partnership), FmHA Project No. 09-035-0592821600, as of December 31, 2000 and 1999, and the related statements of operations, partners’ equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The audits include examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The audits also include 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 North Apartments II, Ltd. as of December 31, 2000 and 1999, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

Leesburg, Florida January 29, 2001

 

 

Independent Auditors Report

 

To The Partners

Mound Plaza, LTD.

Moundville. Alabama

 

We have audited the accompanying balance sheets of Mound Plaza, LTD., Moundville., Alabama, as of December 31, 2000 and 1999, and the related statements of income, partnership capital (deficit), and cash flows for the years 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 generally accepted auditing standards, the USDA/Rural Development Audit Program, 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. Art 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 Mound Plaza, LTD. as of December 31, 2000 and 1999, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

Our reports were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 14 and 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 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.

 

 

Independent Auditors’ Report

 

To the Partners of

Pedcor Investments - 1988 - IV, L.P.

(An Indiana Limited Partnership)

 

We have audited the accompanying balance sheet of Pedcor Investments - 1988 - IV, L.P. (an Indiana Limited Partnership) as of December 31, 2000, and the related statements of profit and loss and changes in partners’ equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly in all material respects the financial position of Pedcor Investments - 1988 - IV, L.P. as of December 31, 2000, and the results of its operations and changes in partners’ equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, we have also issued a report dated January 24, 2001, on our consideration of the Partnership’s internal controls and a report dated January 24, 2001, on its compliance with laws and regulations.

 

The accompanying 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 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.

 

 

Independent Auditor's Report

 

To The Partners

Queens Court Limited Partnership

Philadelphia, Pennsylvania

 

We have audited the accompanying balance sheets of Queens Court Limited Partnership as of December 31, 2000 and 1999 and the related statements of operations, partners’ equity and cash flows for the years then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards. 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 Queens Court Limited Partnership, as of December 31,2000 and 1999 and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information on page 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.

 

 

INDEPENDENT AUDITOR'S REPORT

 

To the Partners of

Rainbow Housing Associates, Ltd.

Yuma, Arizona

 

We have audited the accompanying Balance Sheet of Rainbow Housing Associates, Ltd., FI IA Project Number 123-94008 REF, as of December 31, 2000, and the related statements of profit and loss, changes in project equity and cash flows for the year then ended. These financial statements are the responsibility of the Project’s management. Our responsibility is to express an opinion on these financial statements based on our 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 ill 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 Rainbow Housing Associates, Ltd., as of December 31, 2000, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, we have also issued a report dated February 20, 2001, on our consideration of Rainbow Housing Associates, Ltd.’s internal control structure and a report dated February 20, 2001, on its compliance with laws and regulations.

 

Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included in the report on pages 13 through 21 is presented for the purposes of additional analysis and are not a required part of thc financial statements of Rainbow Housing Associates, Ltd. Such information has been subjected to the same auditing procedures applied in the examination of the basic financial statements and, in our opinion, are presented fairly in all material respects in relation to the financial statements taken as a whole.

 

 

INDEPENDENT AUDITORS' REPORT

 

To the Partners

Sun Village Apartments, Ltd.

 

We have audited the accompanying balance sheets of Sun Village Apartments, Ltd. (a Florida limited partnership),FmHA Project No. 09035592798320, as of December 31, 2000 and 1999, and the related statements of operations, partners’ equity and cash flows for the years then ended. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The audits include examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. The audits also include 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 Sun Village Apartments, Ltd. as of December 31, 2000 and 1999, and the results of its operations, the changes in partners’ equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

 

 

To the Partners of

Willow Street Associates

(a Limited Partnership)

 

Independent Auditors’ Report

 

We have audited the accompanying balance sheets of Willow Street Associates (Case No. 34-012-0020413965) as of December 31, 2000 and 1999 and the related statements of income and expense, partners’ equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation, we believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Willow Street Associates at December 31, 2000 and 1999 and the results of its operations, partners’ equity (deficit) and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, we have also issued our report dated January 11, 2001 on our consideration of Willow Street Associates’ 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.

 

 

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

 

To the Partners of

Auburn Trace, Ltd.

 

We have audited the accompanying balance sheets of Auburn Trace, Ltd. (a Florida limited partnership) (the “Partnership”) as of December 31, 2000 and 1999 and the related statements of operations, partners’ equity (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 auditing standards generally accepted in the United States of America. 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 Auburn Trace, Ltd. as of December 31, 2000 and 1999 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.

 

 

INDEPENDENT AUDITOR’S REPORT

 

To Partners of

Cambria Commons Limited Partnership

 

We have audited the accompanying balance sheet of Cambria Commons Limited Partnership as of December 31, 2000, and the related statements of operations, partners’ deficit, and cash flows for the year then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements and supplementary information of Cambria Commons Limited Partnership for the year ended December 31, 1999, were audited by Freed Maxick Sachs & Murphy, P.C., independent accountants, whose directors merged with McGladrey & Pullen, LLP on November 1, 2000. Freed Maxick Sachs & Murphy, P.C.’s report dated January 27, 2000, expressed an unqualified opinion on those statements.

 

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our 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 Cambria Commons Limited Partnership at December 31, 2000, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, we have also issued reports dated January 24, 2001 on our consideration of Cambria Commons Limited 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 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 supplementary information on page 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary 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.

 

Buffalo, New York

January 24, 2001

 

 

Independent Auditor's Report

 

To the Partners

Landmark Limited Partnership

 

We have audited the accompanying balance sheet of Landmark Limited Partnership, VHDA Number 88-0144-HF, as of December 31, 2000, and the related statements of operations, and cash flows and changes in owners’ equity for the year then ended. These financial statements are the responsibility of Landmark Limited Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audits in accordance with generally accepted auditing standards and the Virginia Housing Development Authority’s Mortgagor/Grantee’s Audit Guide. 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 Landmark Limited Partnership as of December 31, 2000, and the results of its operations and its cash flows and its changes in owners equity for the year then ended in conformity with generally accepted accounting principles.

 

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as whole. The supplementary information and Schedule of Findings and Questioned Costs included in the report is presented for purposes of additional analysis and is not a required part of the basic financial statements of Landmark Limited 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 financial statements taken as a whole.

 

 

Independent Auditors' Report

 

To the Partners of

Pedcor Investments - 1988 - VI, L.P.

(An Indiana Limited Partnership)

 

We have audited the accompanying balance sheet of Pedcor Investments - 1988 - VI, L.P. (an Indiana Limited Partnership) as of December 31, 2000, and the related statements of profit and loss and changes in partners’ equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly in all material respects the financial position of Pedcor Investments - 1988 - VI, L.P. as of December 31, 2000, and the results of its operations and changes in partners’ equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, we have also issued a report dated January 24, 2001, on our consideration of the Partnership’s internal controls and a report dated January 24, 2001, on its compliance with laws and regulations.

 

The accompanying 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 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.

 

 

Independent Auditors' Report

 

To the Partners

Shockoe Hill Associates II, L.P.

Richmond, Virginia

 

We have audited the accompanying balance sheet of Shockoe Hill Associates II, L.P. as of December 31, 2000, and the related statements of income, changes in partners’ capital, and cash flows for the year then ended. These financial statements are the responsibility of Shockoe Hill Associates II, L.P.’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Shockoe Hill Associates II, L.P. as of December 31, 2000, and the results of its operations, changes in partners’ capital, and cash flows for the year then ended in conformity with generally accepted accounting principles.

 

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 14-22 and the accompanying Financial Data Templates are presented for purposes of additional analysis and are not a required part of the basic financial statements of Shockoe Hill Associates II, L.P. 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 May 11, 2001 on our consideration of Shockoe Hill Associates II, L.P.’s internal controls and reports dated May 11, 2001 on its compliance with specific requirements applicable to major HUD programs, specific requirements applicable to Affirmative Fair Housing, and specific requirements applicable to nonmajor HUD program transactions. 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.

 

 

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

 

To the Partners of

Auburn Trace, Ltd.

 

We have audited the accompanying balance sheets of Auburn Trace, Ltd. (a Florida limited partnership) (the “Partnership”) as of December 31, 2000 and 1999 and the related statements of operations, partners’ equity (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 auditing standards generally accepted in the United States of America. 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 Auburn Trace, Ltd. as of December 31, 2000 and 1999 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.

 

 

INDEPENDENT AUDITOR’S REPORT

 

To The Partners of

Holland West Limited Partnership

 

We have audited the accompanying balance sheet of HUD Project No. 047-44050/12001 of Holland West Limited Partnership (a Michigan Partnership) as of December 31, 2000, and the related statements of income, and cash flows, and changes in partner’s equity. 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 audit.

 

We conducted our audit in accordance with generally accepted auditing standards and Government Auditinq 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 Holland West Limited Partnership as of December 31, 2000, and the results of its operations and its cash flow and its changes in partners’ equity for the year then ended in conformity with generally accepted accounting principles,

 

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting information included in the report (shown on pages 11 to 16) are presented for the purposes of additional analysis and are not a required part of the basic financial statements of Holland West Limited Partnership, Such information has been subject 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 January 25, 2001, on our consideration of Holland West Limited Partnership’s internal controls and a report dated January 25, 2001, on its compliance with laws and regulations.

 

 

Independent Auditor's Report

 

To the Partners

Sherburne Housing Redevelopment Company

 

We have audited the accompanying balance sheets of Sherburne Housing Redevelopment Company as of December 31, 2000 and 1999, 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 the financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards and Government Auditinq 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 Sherburne Housing Redevelopment Company as of December 31, 2000 and 1999, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

In accordance with Government Auditinq Standards, we have also issued reports dated January 30, 2001, on our consideration of Sherburne Housing Redevelopment Company’s internal control structure and its compliance with laws and regulations.

 

January 30, 2001

Albany, New York

 

 

To the Partners

Apple Hill Limited Partnership

Winston-Salem, North Carolina

 

We have audited the accompanying balance sheets of Apple Hill Limited Partnership as of December 31, 1999 and 1998, and the related statements of income, partners equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards and 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 accordance with Government Auditing Standards, we have also issued a report dated January 21, 2000 on our consideration of Apple Hill Limited Partnership1s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grants.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Apple Hill Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

 

To the Partners of

Mecca Apartments Limited Partnership

 

Independent Auditor’s Report

 

We have audited the accompanying balance sheets of Mecca Apartments Limited Partnership, as of December 31, 1999, and 1998, and the related statements of income, changes in 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 generally accepted auditing standards, and with 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 Mecca Apartments Limited Partnership, at December 31 I 999, and 1998, and the results of its operations and changes in partners’ capital and cash flows for the years then ended in conformity with generally accepted accounting principles.

 

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting information included in the report are presented for the purposes of additional analysis and are 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.

 

 

To the Partners

Redondo Associates, Ltd.

 

I have audited the accompanying balance sheets of Redondo Associates, Ltd. (a limited partnership), RD Case No.04-013-953603409, as of December 31.1999 and 1998, and the related statements of operations, changes in partners’ equity (deficit), and cash flows for the years then ended. These financial statements are the responsibility of the Partnership’s management. My responsibility is to express an opinion on these financial statements based on my audits.

 

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the 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. 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 Redondo Associates, Ltd. as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards and the U. S. Department of Agriculture, Farmers Home Administration “Audit Program”, I have also issued a report dated January 24, 2000 on my consideration of Redondo Associates, Ltd.’s internal control and a report dated January 24, 2000 on its compliance with laws and regulations applicable to the financial statements.

 

 

To the Partners of

Fylex Housing Associates

(a Limited Partnership)

 

Independent Auditors’ Report

 

We have audited the accompanying balance sheets of Fylex Housing Associates (a Limited Partnership) (Case No. 34-003-0020417485) as of December 31, 1999 and 1998 and the related statements of income and expense, partners’ equity (deficit), and cash flows for the years then ended.  These financial statements are the responsibility of the Partnership’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fylex Housing Associates at December 31, 1999 and 1998 and the results of its operations, partners’ equity (deficit) and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, we have also issued our report dated January 19, 2000 on our consideration of Fylex Housing Associates’ internal control over financial reporting and our tests of its compliance with laws and regulations.

 

 

To the Partners

Lake North Apartments II, Ltd.

 

We have audited the accompanying balance sheets of Lake North Apartments II, Ltd. (a Florida limited partnership), FmHA Project No. 09-035-0592821600, as of December 31, 1999 and 1998, and the related statements of operations, partners’ equity and cash flows for the years then ended.  These financial statements are the responsibility of the partnership’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The audits include examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  The audits also include 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 North Apartments II, Ltd. as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

 

To The Partners

Mound Plaza, LTD.

Moundville, Alabama

 

We have audited the accompanying balance sheet of Mound Plaza, LTD., Moundville, Alabama, as of December 31, 1999, and the related statements of income, partnership capital (deficit), 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. The financial statements of Mound Plaza, LTD. as of December 31, 1998, were audited by other auditors whose report, dated January 27, 1999, on those statements was qualified because of lack of evidence regarding year 2000 disclosures.

 

We conducted our audit in accordance with generally accepted auditing standards, the USDA/Rural Development Audit Program, 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 Mound Plaza, LTD. as of December 31, 1999, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.

 

Our reports were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 14 and 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 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.

 

 

To the Partners of

Pedcor Investments - 1988 - IV, L.P.

(An Indiana Limited Partnership)

 

We have audited the accompanying balance sheet of Pedcor Investments - 1988 - IV, L.P. (an Indiana Limited Partnership) as of December 31, 1999, and the related statements of profit and loss and changes in partners’ equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly in all material respects the financial position of Pedcor Investments - 1988 - IV, L.P. as of December 31, 1999, and the results of its operations and changes in partners’ equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, we have also issued a report dated January 21, 2000, on our consideration of the Partnership’s internal controls and a report dated January 21, 2000, on its compliance with laws and regulations.

 

The accompanying 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 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.

 

 

To the Partners of

Rainbow Housing Associates, Ltd.

Yuma, Arizona

 

We have audited the accompanying Balance Sheet of Rainbow Housing Associates, Ltd., FHA Project Number 123-94008 RFF, as of December 31, 1999, and the related statements of profit and loss, changes in project equity and cash flows for the year then ended. These financial statements are the responsibility of the Project’s management. Our responsibility is to express an opinion on these financial statements based on our 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 Rainbow Housing Associates, Ltd., as of December 31, 1999, and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, we have also issued a report dated March 8, 2000 on our consideration of Rainbow Housing Associates, Ltd.’s internal control structure and a report dated March 8, 2000, on its compliance with laws and regulations.

 

Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supporting data included in the report on pages 13 through 21 is presented for the purposes of additional analysis and are not a required part of the financial statements of Rainbow Housing Associates, Ltd. Such information has been subjected to the same auditing procedures applied in the examination of the basic financial statements and, in our opinion, are presented fairly in all material respects in relation to the financial statements taken as a whole.

 

 

To the Partners

Sun Village Apartments, Ltd.

 

We have audited the accompanying balance sheets of Sun Village Apartments, Ltd. (a Florida limited partnership),FMHA Project No. 09035592798320, as of December 31, 1999 and 1998, and the related statements of operations, partners’ equity and cash flows for the years then ended.  These financial statements are the responsibility of the partnership1s management.  Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The audits include examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  The audits also include 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 Sun Village Apartments, Ltd. as of December 31, 1999 and 1998, and the results of its operations, the changes in partners’ equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

 

 

To the Partners of

Willow Street Associates

(a Limited Partnership)

 

Independent Auditors’ Report

 

We have audited the accompanying balance sheets of Willow Street Associates (case No. 34-012-0020413965) as of December 31, 1999 and 1998 and the related statements of income and expense, partners’ equity (deficit), and cash flows for the years then ended.  These financial statements are the responsibility of the Partnership’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Willow Street Associates at December 31, 1999 and 1998 and the results of its operations, partners’ equity (deficit) and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, we have also issued our report dated January 14, 2000 on our consideration of Willow Street Associates’ internal control over financial reporting and our tests of its compliance with laws and regulations.

 

 

To the Partners of

Armory Square Limited Partnership

Holyoke, Massachusetts

 

We have audited the accompanying balance sheets of Armory Square Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners’ capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards. 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 Armory Square Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, changes in partners’ capital, and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in this report (shown on pages 16 and 17) is presented for the purpose 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.

 

 

To Partners of

Cambria Commons Limited Partnership

 

We have audited the accompanying balance sheets of Cambria Commons Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners’ deficit, and cash flows for the years then ended.  These financial statements are the responsibility of the Partnership’s management. 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. 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 Cambria Commons Limited Partnership at December 31,1999 and 1998, and the results of its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles.

 

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on page 10 is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplementary 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.

 

 

To the Partners of

Pedcor Investments 1988-VI, L.P.

 

We have audited the accompanying balance sheets of Pedcor Investments 1988-VI, L.P. as of December 31, 1999 and 1998, and the related statements of loss, partners’ equity (deficit), and cash flows for the years then ended.  These financial statements are the responsibility of the partnership’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards.  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 Pedcor Investments 1988-VI, L.P. as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

The accompanying information is presented for additional analysis and is not a required part of the basic financial statements.  Such information has been subjected to the same auditing procedures applied in the audits of the basic financial statements and, in our opinion, is presented fairly in all material respects in relation to the basic financial statements taken as a whole.

 

 

To the Partners of

Rosenberg Building Associates Limited Partnership

Boston, Massachusetts

 

We have audited the accompanying balance sheets of Rosenberg Building Associates Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners’ capital, and cash flows for the years then ended.  These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with generally accepted auditing standards. 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 Rosenberg Building Associates Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, changes in partners’ capital, and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in this report (shown on pages 17 and 18) 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.

 

 

To the Partners

Shockoe Hill Associates II, L.P.

Richmond, Virginia

 

We have audited the accompanying balance sheet of Shockoe Hill Associates II,  L.P. as of  December  31,  1999, and  the related statements of income, changes in partners’ capital, and cash flows for  the year  then  ended.  These financial statements are the responsibility of Shockoe Hill Associates II,  L.P.’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Shockoe Hill Associates II, L.P. as of December 31, 1999, and the results of its operations, changes in partners’ capital, and cash flows for the year then ended in conformity with generally accepted accounting principles.

 

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.  The accompanying supplementary information is presented for purposes of additional analysis and is not a requited part of the basic financial statements of Shockoe Hill Associates II, L.P.  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 23, 2000 on our consideration of Shockoe Hill Associates II, L.P.’s internal controls and reports dated March 23, 2Q00 on its compliance with specific requirements applicable to major HUD programs, specific requirements applicable

 

 

To The Partners of

Holland West Limited Partnership

 

We have audited the accompanying balance sheet of HOD Project No. 047-44050/12001 of Holland West Limited Partnership (a Michigan Partnership) as of December 31. 1999, and the related statements of income, and cash flows, and changes in partner’s equity. 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 audit.

 

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An Audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Holland West Limited Partnership as of December 31. 1999, and the results of its operations and its cash flow and its changes in partners’ equity for the year then ended in conformity with generally accepted accounting principles.

 

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supporting information included in the report (Shown on pages 11 to 16) are presented for the purposes of additional analysis and are not a required part of the basic financial statements of Holland West Limited Partnership. Such information has been subject 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 January 27. 2000, on our consideration of Holland West Limited Partnership’s internal controls and a report dated January 27, 2000, on it’s compliance with laws and regulations.

 

 

To the Partners

Sherburne Housing Redevelopment Company

 

We have audited the accompanying balance sheets of Sherburne Housing Redevelopment Company as of December 31, 1999 and 1998, and the related statements of operations, partners’ equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on the 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 Sherburne Housing Redevelopment Company as of December 31,1999 and 1998, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

 

In accordance with Government Auditing Standards, we have also issued reports dated February 1, 2000, on our consideration of Sherburne Housing Redevelopment Company’s internal control structure and its compliance with laws and regulations.