SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
/X/ Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended March 31, 2003
/ / Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from _____ to _____
Commission file number: 0-20131
Fidelity Leasing Income Fund VIII, L.P.
____________________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 23-2627143
____________________________________________________________________________
(State of organization) (I.R.S. Employer Identification No.)
1845 Walnut Street, Suite 1000, Philadelphia, Pennsylvania 19106
____________________________________________________________________________
(Address of principal executive offices) (Zip code)
(215) 574-1636
____________________________________________________________________________
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
Yes __X__ No _____
Page 1 of 19
Part I: Financial Information
Item 1: Financial Statements
FIDELITY LEASING INCOME FUND VIII, L.P.
BALANCE SHEETS
ASSETS
(Unaudited) (Audited)
March 31, December 31,
2003 2002
________ ________
Cash and cash equivalents $1,385,863 $2,222,845
Accounts receivable 10,383 15,667
Due from related parties 22,500 22,500
Net investment in direct
financing leases 539,737 317,389
Equipment under operating leases
(net of accumulated depreciation
of $874 and $874, respectively) - -
Equipment held for sale or lease 68,652 10,359
__________ __________
Total assets $2,027,135 $2,588,760
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Lease rents paid in advance $ 1,707 $ -
Accounts payable and
accrued expenses 54,040 55,114
Security Deposits 8,976 2,683
Due to related parties 5,737 15,801
__________ __________
Total liabilities 70,460 73,598
Partners' capital 1,956,675 2,515,162
__________ __________
Total liabilities and
partners' capital $2,027,135 $2,588,760
========== ==========
The accompanying notes are an integral part of these financial statements.
2
FIDELITY LEASING INCOME FUND VIII, L.P.
STATEMENTS OF OPERATIONS
For the three months ended March 31, 2003 and 2002
(Unaudited)
2003 2002
________ ________
Income:
Earned income on direct financing leases $10,594 $ 38,618
Rentals 4,016 40,491
Interest 9,886 19,067
Gain on sale of equipment, net - 850
Other 1,626 1,346
_______ ________
26,122 100,372
_______ ________
Expenses:
Depreciation - 11,973
General and administrative 28,764 20,836
General and administrative to related
party 23,034 23,605
Management fee to related party 2,811 13,057
_______ ________
54,609 69,471
_______ ________
Net (loss) income ($28,487) $ 30,901
======= ========
Net (loss) income per equivalent
limited partnership unit ( $ 3.83) $ 2.10
======= ========
Weighted average number of
equivalent limited partnership
units outstanding during the period 7,355 12,022
======= ========
The accompanying notes are an integral part of these financial statements.
3
FIDELITY LEASING INCOME FUND VIII, L.P.
STATEMENT OF PARTNERS' CAPITAL
For the three months ended March 31, 2003
(Unaudited)
General Limited Partners
Partner Units Amount Total
_______ _____ ______ _____
Balance, January 1, 2003 ($2,067) 21,695 $2,517,229 $2,515,162
Cash distributions (5,300) - (524,700) (530,000)
Net loss (285) - (28,202) (28,487)
______ ______ __________ __________
Balance, March 31, 2003 ($7,652) 21,695 $1,964,327 $1,956,675
====== ====== ========== ==========
The accompanying notes are an integral part of these financial statements.
4
FIDELITY LEASING INCOME FUND VIII, L.P.
STATEMENTS OF CASH FLOWS
For the three months ended March 31, 2003 and 2002
(Unaudited)
2003 2002
__________ __________
Cash flows from operating activities:
Net (loss) income ($ 28,487) $ 30,901
__________ __________
Adjustments to reconcile net (loss) income to
net cash (used in) provided by operating activities:
Depreciation - 11,973
Gain on sale of equipment, net - (850)
(Increase) decrease in accounts receivable 5,284 139,028
Increase (decrease) in security deposits 6,293 (91,750)
Increase (decrease) in lease rents paid
in advance 1,707 (119)
Increase (decrease) in accounts payable and
accrued expenses (1,074) 4,583
Increase (decrease) in due to related parties (10,064) 96,972
__________ __________
2,146 159,837
__________ __________
Net cash (used in) provided by operating
activities (26,341) 190,738
__________ __________
Cash flows from investing activities:
Acquisition of equipment, net (68,652) -
Investment in direct financing leases (333,927) (3,105)
Proceeds from direct financing leases,
net of earned income 121,938 412,989
Proceeds from sale of equipment - 850
__________ __________
Net cash (used in) provided by
investing activities (280,641) 410,734
__________ __________
Cash flows from financing activities:
Distributions (530,000) (810,000)
__________ __________
Net cash used in financing activities (530,000) (810,000)
__________ __________
Decrease in cash and cash equivalents (836,982) (208,528)
Cash and cash equivalents, beginning
of period 2,222,845 2,908,429
__________ __________
Cash and cash equivalents, end of period $1,385,863 $2,699,901
========== ==========
Supplemental disclosure on non-cash investing activities:
Equipment held for sale or lease transferred
to net investment in direct financing leases $ 10,359 $ -
========== ==========
The accompanying notes are an integral part of these financial statements.
5
FIDELITY LEASING INCOME FUND VIII, L.P.
NOTES TO FINANCIAL STATEMENTS
March 31, 2003
(Unaudited)
BASIS OF PRESENTATION
The accompanying unaudited condensed financial statements have been prepared
by the Fund in accordance with accounting principles generally accepted in
the United States of America, pursuant to the rules and regulations of the
Securities and Exchange Commission. In the opinion of Management, all ad-
justments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included. These condensed financial statements
should be read with the audited financial statements and notes thereto as of
December 31, 2002 and for the year then ended. The results for the three
months ended March 31, 2003 are not necessarily indicative of the results that
may be expected for the year ended December 31, 2003.
1. Recent Accounting Pronouncements
The Fund adopted FASB Interpretation 45 (FIN 45), "Guarantor's Accounting
and Disclosure Requirements for Guarantees, including Indirect Guarantees of
Indebtedness of Others" on January 1, 2003. FIN 45 requires a guarantor
entity, at the inception of a guarantee covered by the measurement provisions
of the interpretation, to record a liability for the fair value of the
obligation undertaken in issuing the guarantee. FIN 45 applies prospectively
to guarantees the Fund issues or modifies subsequent to December 31, 2002.
The adoption of FIN 45 did not have a material impact on the financial position
or results of operations of the Fund.
In January 2003, the FASB issued FIN 46 "Consolidation of Variable Interest
Entities". FIN 46 clarifies the application of Accounting Research Bulletin
51, "Consolidated Financial Statements", for certain entities that do not have
sufficient equity at risk for the entity to finance its activities without
additional subordinated financial support from other parties or in which equity
investors do not have the characteristics of a controlling financial interest
("variable interest entities"). Variable interest entities within the scope of
FIN 46 will be required to be consolidated by their primary beneficiary. The
primary beneficiary of a variable interest entity is determined to be the party
that absorbs a majority of the entity's expected losses, receives a majority of
its expected returns, or both. FIN 46 applies immediately to variable interest
entities created after January 31, 2003, and to variable interest entities in
which an enterprise obtains an interest after that date. It applies in the
first fiscal year or interim period beginning after June 15, 2003, to variable
interest entities in which an enterprise holds a variable interest that it
acquired before February 1, 2003. The Fund is in the process of determining
what impact, if any, the adoption of the provisions of FIN 46 will have upon
its financial condition or results of operations. The Fund does not anticipate
FIN 46 to have a material impact on the financial position or results of
operations of the Fund.
6
FIDELITY LEASING INCOME FUND VIII, L.P.
NOTES TO FINANCIAL STATEMENTS(Continued)
March 31, 2003
2. EQUIPMENT LEASED
The Fund has equipment leased under the direct financing method in
accordance with Statement of Financial Accounting Standards No. 13.
This method provides for recognition of income (the excess of the ag-
gregate future rentals and estimated unguaranteed residuals upon
expiration of the lease over the related equipment cost) over the
life of the lease using the interest method. The Fund's direct financ-
ing leases are for initial lease terms ranging from 24 to 72 months.
Unguaranteed residuals for direct financing leases represent the
estimated amounts recoverable at lease termination from lease exten-
sions or disposition of the equipment. The Fund reviews these resid-
ual values quarterly. If the equipment's fair market value is below
the estimated residual value, an adjustment is made.
The approximate net investment in direct financing leases as of
March 31, 2003 is as follows (unaudited):
Minimum lease payments to be received $617,000
Unguaranteed residuals 13,000
Unearned rental income (87,000)
Unearned residual income (3,000)
________
$540,000
========
The Fund also has equipment under an operating lease for an initial
lease term of 3 months that terminates at March 31, 2003. Generally,
operating leases will not recover all of the undepreciated cost and re-
lated expenses of its rental equipment during the initial lease terms and
so, the Fund is prepared to remarket the equipment. Fund policy is
to review quarterly the expected economic life of its rental equipment
in order to determine the recoverability of its undepreciated cost.
Recent and anticipated technological developments affecting the equipment
and competitive factors in the marketplace are considered among other
things, as part of this review. In accordance with accounting principles
generally accepted in the United States of America, the Fund writes down
its rental equipment to its estimated net realizable value when the amounts
are reasonably estimated and only recognizes gains upon actual sale of its
rental equipment. As of March 31, 2003 and December 31, 2002, equipment
under operating leases was fully depreciated.
7
FIDELITY LEASING INCOME FUND VIII, L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
2. EQUIPMENT LEASED (continued)
The future approximate minimum rentals to be received on noncancellable
direct financing leases as of March 31, 2003 are as follows:
Years Ending December 31
________________________
2003 $170,000
2004 165,000
2005 136,000
2006 83,000
2007 63,000
________
$617,000
========
3. RELATED PARTY TRANSACTIONS
The General Partner receives 4% of rental payments on equipment under
operating leases and 2% of rental payments (as opposed to earned income)
on full pay-out leases for administrative and management services
performed on behalf of the Fund. Full pay-out leases are noncancellable
leases for which the rental payments due during the initial term of the
lease are at least sufficient to recover the purchase price of the equip-
ment, including acquisition fees. This management fee is paid monthly
only if and when the Limited Partners have received distributions for the
period from the initial closing through the end of the most recent calendar
quarter equal to a return for such period at a rate of 11% per year on the
aggregate amount paid for their units.
The General Partner may also receive up to 3% of the proceeds from the
sale of the Fund's equipment for services and activities to be per-
formed in connection with the disposition of equipment. The payment
of this sales fee is deferred until the Limited Partners have received
cash distributions equal to the purchase price of their units plus an
11% cumulative compounded priority return. Based on current estimates,
it is not expected that the Fund will be required to pay this fee to
the General Partner.
Additionally, the General Partner and its parent company are reim-
bursed by the Fund for certain costs of services and materials used by
or for the Fund except those items covered by the above-mentioned fees.
Following is a summary of fees and costs of services and materials
charged by the General Partner or its parent company during the three
months ended March 31, 2003 and 2002 (unaudited):
2003 2002
________ ________
Management fee $ 2,811 $13,057
Reimbursable costs 23,034 23,605
8
FIDELITY LEASING INCOME FUND VIII, L.P.
NOTES TO FINANCIAL STATEMENTS (Continued)
3. RELATED PARTY TRANSACTIONS (continued)
The Fund keeps its checking and investment accounts at The Bancorp Bank,
("TBB"). The son and the spouse of the Chairman of Resource America,
Inc. are the Chairman and Chief Executive Officer, respectively, of TBB.
The Fund maintains a normal banking relationship with TBB.
Amounts due from related parties at March 31, 2003 and December 31,
2002 represent monies due the Fund from the General Partner and/or
other affiliated funds for rentals and sales proceeds collected and
not yet remitted to the Fund.
Amounts due to related parties at March 31, 2003 and December 31,
2002 represent monies due to the General Partner and/or its parent
company for the fees and costs mentioned above, as well as, rentals
and sales proceeds collected by the Fund on behalf of other affili-
ated funds.
4. CASH DISTRIBUTIONS
The General Partner declared and paid cash distributions of $30,000
and $500,000 during the quarter ended March 31, 2003 for the
months of November and December 2002, respectively.
The General Partner declared cash distributions of $30,000, $30,000
and $500,000 subsequent to March 31, 2003 for the months ended
January 31, February 28 and March 31, 2003, respectively, to all
admitted partners as of January 31, February 28 and March 31, 2003.
9
FIDELITY LEASING INCOME FUND VIII, L.P.
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Fidelity Leasing Income Fund VIII, L.P. had revenues of $26,122 and
$100,372 for the three months ended March 31, 2003 and 2002, respectively.
Earned income on direct financing leases and rental income from the leasing
of equipment accounted for 56% and 79% of total revenues for the first quarter
of 2003 and 2002, respectively. The decrease in revenues in 2003 was primarily
attributable to the decrease in rental income. In 2003, rental income de-
reased by approximately $36,000 because of equipment that terminated and
was sold since March 2002. Additionally, the decrease in earned income on
direct financing leases also contributed to the overall decrease in revenues
during the first quarter of 2003. The overall decrease in this account
resulted from the termination of certain direct financing leases in 2002 as
well as the normal monthly amortization of unearned income using the interest
method. This decrease was reduced by approximately $4,700 of income earned
on investments made in direct financing leases during the first quarter of
2003. The decrease in interest income also accounted for the decrease in
revenues during the first quarter of 2003. Interest income decreased due
to lower cash balances available for investment by the Fund during 2003
because of larger cash distributions made to partners during 2002 and
2003.
Expenses were $54,609 and $69,471 for the three months ended
March 31, 2003 and 2002, respectively. The decrease in expenses in
2003 was primarily related to the decrease in depreciation expense.
There was no depreciation expense during the first quarter of 2003 compared
to $11,973 of depreciation expense in 2002. All equipment under operating
leases was fully depreciated as of December 2002. The decrease in management
fee to related party also contributed to the decrease in expenses during the
first quarter of 2003. This account decreased as a direct result of lower
rentals received on both operating and direct financing leases during the first
quarter of 2003 compared to the first quarter of 2002. The increase in general
and administrative expense reduced the overall decrease in expenses during the
first quarter of 2003. The increase in this account was caused by the accrual
of filing fees owed to the state of New Jersey. During 2002, New Jersey
enacted legislation that requires a partnership to pay a per partner filing fee
to the state with its tax return.
The Fund's net income (loss) was ($28,487) and $30,901 for the three
months ended March 31, 2003 and 2002, respectively. The net income (loss)
per equivalent limited partnership unit, after income (loss) allocated to the
General Partner, was ($3.83) and $2.10 based on a weighted average number of
equivalent limited partnership units outstanding of 7,355 and 12,022 for the
three months ended March 31, 2003 and 2002, respectively.
The Fund generated (used) ($28,487) and $42,024 of cash from operations,
for the purpose of determining cash available for distribution, during the
quarter ended March 31, 2003 and 2002, respectively. There were no cash
distributions paid to partners during the first quarter of 2003 and 2002
10
FIDELITY LEASING INCOME FUND VIII, L.P.
Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (Continued)
RESULTS OF OPERATIONS (Continued)
for the three months ended March 31, 2003 and 2002. However, the General
Partner declared and paid cash distributions of $30,000 and $500,000 during
the first quarter of 2003 for the months ended November 30 and December 31,
2002, respectively. Subsequent to March 31, 2003 and 2002, the General Partner
declared and paid two cash distributions of $30,000 each and one cash distri-
bution of $500,000 to partners totaling $560,000 for both the first quarter
of 2003 and 2002. For financial statement purposes, the Fund records cash
distributions to partners on a cash basis in the period in which they are
paid.
ANALYSIS OF FINANCIAL CONDITION
The Fund is currently in the process of dissolution. As provided in
the Restated Limited Partnership Agreement, the assets of the Fund shall be
liquidated as promptly as is consistent with obtaining their fair value.
During this time, the Fund will continue to look for opportunities to pur-
chase equipment under operating leases or invest in direct financing leases
with cash available from operations that was not distributed to partners in
prior periods. The Fund invested $344,286 and $3,105 in direct financing
leases during the three months ended March 31, 2003 and 2002, respectively.
The Fund also acquired $58,293 of equipment during the quarter ended
March 31, 2003.
The cash position of the Fund is reviewed daily and cash is invested
on a short-term basis.
The Fund's cash from operations is expected to continue to be adequate
to cover all operating expenses and contingencies during the next twelve
month period.
Item 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
Item 4: CONTROLS AND PROCEDURES
The Chief Executive Officer and Chief Financial Officer of LEAF Financial
Corporation, the General Partner of the Fund, have concluded, based on an
evaluation conducted within 90 days prior to the filing date of this Quarterly
Report on Form 10-Q, that the Fund's disclosure controls and procedures as
defined in Rules Section 240.13a-14(c) and 240.15d-14(c) are effective.
There have been no significant changes in the Fund's internal controls or
in other factors since the date of the Chief Executive Officer's and Chief
Financial Officer's evaluation that could significantly affect these internal
controls, including any corrective actions with regard to significant
deficiencies and material weaknesses.
11
Part II: Other Information
FIDELITY LEASING INCOME FUND VIII, L.P.
March 31, 2003
Item 1. Legal Proceedings: Inapplicable.
Item 2. Changes in Securities: Inapplicable.
Item 3. Defaults Upon Senior Securities: Inapplicable.
Item 4. Submission of Matters to a Vote of Securities Holders: Inapplicable.
Item 5. Other Information: Inapplicable.
Item 6. Exhibits and Reports on Form 8-K:
a) Exhibit No. Description
----------- -----------
99.1 Certification pursuant to 18 U.S.C.,
Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley
Act of 2002
99.2 Certification pursuant to 18 U.S.C.,
Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley
Act of 2002
b) Reports on Form 8-K: None
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FIDELITY LEASING INCOME FUND VIII, L.P.
5-15-03 By: /s/ Crit DeMent
____________________________
Crit DeMent
Chairman of the Board of Directors
of LEAF Financial Corporation
(Principal Executive Officer)
5-15-03 By: /s/ Miles Herman
____________________________
Miles Herman
President and Director of
LEAF Financial Corporation
5-15-03 By: /s/ Freddie M. Kotek
____________________________
Freddie M. Kotek
Director of LEAF Financial Corporation
5-15-03 By: /s/ Marianne T. Schuster
____________________________
Marianne T. Schuster
Vice President of Accounting of
LEAF Financial Corporation
(Principal Financial Officer)
13
CERTIFICATIONS
I, Crit DeMent, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Fidelity Leasing
Income Fund VIII, L.P.;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particu-
larly during the period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effect-
tiveness of the disclosure controls and procedures based on our evaluation as
of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and
6. The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
14
CERTIFICATIONS (continued)
Date: May 15, 2003
/s/ Crit DeMent
____________________________
Crit DeMent
Chairman of the Board of Directors of LEAF Financial Corporation,
The General Partner
(Principal Executive Officer)
15
CERTIFICATIONS
I, Marianne T. Schuster, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Fidelity Leasing
Income Fund VIII, L.P.;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particu-
larly during the period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effect-
tiveness of the disclosure controls and procedures based on our evaluation as
of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based
on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and
6. The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
16
CERTIFICATIONS (continued)
Date: May 15, 2003
/s/ Marianne T. Schuster
____________________________
Marianne T. Schuster
Vice President of Accounting of LEAF Financial Corporation,
The General Partner
(Principal Financial Officer)
17
Exhibit 99.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Fidelity Leasing Income Fund VIII,
L.P. (the "Fund") on Form 10-Q for the period ended March 31, 2003 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Crit DeMent, Principal Executive Officer of LEAF Financial Corporation,
the General Partner of the Fund, certify, pursuant to 18 U.S.C. Section 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of opera-
tions of the Fund.
/s/ Crit DeMent
________________________
Crit DeMent
Principal Executive Officer of LEAF Financial Corporation
May 15, 2003
18
Exhibit 99.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Fidelity Leasing Income Fund VIII,
L.P. (the "Fund") on Form 10-Q for the period ended March 31, 2003 as filed
with the Securities and Exchange Commission on the date hereof (the "Report"),
I, Marianne T. Schuster, Principal Financial Officer of LEAF Financial Corpora-
tion, the General Partner of the Fund, certify, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002,
that:
(1) The Report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of opera-
tions of the Fund.
/s/ Marianne T. Schuster
________________________
Marianne T. Schuster
Principal Financial Officer of LEAF Financial Corporation
May 15, 2003
19