Exhibit 13

 

 

BOSTON CAPITAL TAX CREDIT FUND V L.P.

 

FINANCIAL STATEMENTS AND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

MARCH 31, 2020 AND 2019

 

 

 

 

 

Boston Capital Tax Credit Fund V L.P.

Series 47 through 49

 

TABLE OF CONTENTS

 

		PAGE
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		F-3
FINANCIAL STATEMENTS
	BALANCE SHEETS	F-4
	STATEMENTS OF OPERATIONS	F-8
	STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)	F-12
	STATEMENTS OF CASH FLOWS	F-16
	NOTES TO FINANCIAL STATEMENTS	F-20

 

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.

 

 

Report of Independent Registered Public Accounting Firm

 

To the General Partner
Boston Capital Tax Credit Fund V L.P.

 

Opinion on the Financial Statements

 

We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund V L.P. - Series 47 through 49 (collectively, the "Partnership"), in total and for each series, as of March 31, 2020 and 2019, and the related statements of operations, changes in partners' capital (deficit) and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Partnership, in total and for each series, as of March 31, 2020 and 2019, 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.

 

Basis for Opinion

 

These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the Partnership's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Partnership in accordance with the U.S. federal security laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits of the financial statements provide a reasonable basis for our opinion.

  

/s/CohnReznick LLP
COHNREZNICK LLP

 

We have served as the Partnership’s auditor since 2004.

 

Bethesda, Maryland

 

June 19, 2020

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

BALANCE SHEETS

 

March 31,

 

		Total
		2020				2019
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS		$	-			$	-
OTHER ASSETS
Cash and cash equivalents			1,220,750				707,501
Other assets			106,411				106,411
		$	1,327,161			$	813,912
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses		$	9,343			$	343
Accounts payable - affiliates			9,053,594				8,362,077
Capital contributions payable			101				101
			9,063,038				8,362,521
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 11,777,706 at March 31, 2020 and 2019 are issued and outstanding to the assignees			-				-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner,  11,777,706 issued and 11,736,806 and 11,754,506 outstanding at March 31, 2020 and 2019, respectively			(7,455,334	)			(7,268,534	)
General partner			(280,543	)			(280,075	)
			(7,735,877	)			(7,548,609	)
		$	1,327,161			$	813,912

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

BALANCE SHEETS - CONTINUED

 

March 31,

 

		Series 47
		2020				2019
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS		$	-			$	-
OTHER ASSETS
Cash and cash equivalents			496,126				243,174
Other assets			-				-
		$	496,126			$	243,174
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses		$	6,179			$	-
Accounts payable - affiliates			3,386,708				3,190,337
Capital contributions payable			-				-
			3,392,887				3,190,337
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,478,334 at March 31, 2020 and 2019 are issued and outstanding to the assignees			-				-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,478,334 issued and 3,467,934 and 3,473,634 outstanding at March 31, 2020 and 2019, respectively			(2,812,811	)			(2,863,087	)
General partner			(83,950	)			(84,076	)
			(2,896,761	)			(2,947,163	)
		$	496,126			$	243,174

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

BALANCE SHEETS - CONTINUED

 

March 31,

 

		Series 48
		2020				2019
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS		$	-			$	-
OTHER ASSETS
Cash and cash equivalents			398,271				209,712
Other assets			-				-
		$	398,271			$	209,712
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses		$	2,500			$	-
Accounts payable - affiliates			1,834,383				1,850,341
Capital contributions payable			-				-
			1,836,883				1,850,341
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC,  2,299,372 at March 31, 2020 and 2019 are issued and outstanding to the assignees			-				-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 2,299,372 issued and 2,284,372 and 2,291,372 outstanding at March 31, 2020 and 2019, respectively			(1,384,253	)			(1,585,765	)
General partner			(54,359	)			(54,864	)
			(1,438,612	)			(1,640,629	)
		$	398,271			$	209,712

 

(continued)

 

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

BALANCE SHEETS - CONTINUED 

 

March 31,

 

		Series 49
		2020				2019
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS		$	-			$	-
OTHER ASSETS
Cash and cash equivalents			326,353				254,615
Other assets			106,411				106,411
		$	432,764			$	361,026
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT)
LIABILITIES
Accounts payable and accrued expenses		$	664			$	343
Accounts payable - affiliates			3,832,503				3,321,399
Capital contributions payable			101				101
			3,833,268				3,321,843
PARTNERS’ CAPITAL (DEFICIT)
Assignor limited partner
Units of limited partnership interest consisting of 15,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 6,000,000 at March 31, 2020 and 2019 are issued and outstanding to the assignees			-				-
Limited partners
Units of beneficial interest of the limited partnership interest of the assignor limited partner,  6,000,000 issued and 5,984,500 and 5,989,500 outstanding at March 31, 2020 and 2019, respectively			(3,258,270	)			(2,819,682	)
General partner			(142,234	)			(141,135	)
			(3,400,504	)			(2,960,817	)
		$	432,764			$	361,026

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

STATEMENTS OF OPERATIONS

 

Years ended March 31, 2020 and 2019

 

		Total
		2020				2019
Income
Interest income		$	8,383			$	7,723
Other income			128,040				117,546
Total income			136,423				125,269
Gain on sale of operating limited partnerships			650,339				8,261
Expenses and loss
Professional fees			102,604				120,926
Partnership management fee			783,807				830,032
General and administrative expenses			87,619				101,921
			974,030				1,052,879
NET INCOME (LOSS)		$	(187,268	)		$	(919,349	)
Net income (loss) allocated to general partner		$	(468	)		$	(2,299	)
Net income (loss) allocated to limited partner		$	(186,800	)		$	(917,050	)
Net income (loss) per BAC		$	(0.02	)		$	(0.08	)

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2020 and 2019

 

		Series 47
		2020				2019
Income
Interest income		$	2,731			$	2,468
Other income			32,413				30,323
Total income			35,144				32,791
Gain on sale of operating limited partnerships			296,116				8,261
Expenses and loss
Professional fees			28,515				39,635
Partnership management fee			225,105				233,594
General and administrative expenses			27,238				31,472
			280,858				304,701
NET INCOME (LOSS)		$	50,402			$	(263,649	)
Net income (loss) allocated to general partner		$	126			$	(659	)
Net income (loss) allocated to limited partner		$	50,276			$	(262,990	)
Net income (loss) per BAC		$	0.01			$	(0.08	)

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2020 and 2019

 

		Series 48
		2020				2019
Income
Interest income		$	2,724			$	2,573
Other income			27,774				28,331
Total income			30,498				30,904
Gain on sale of operating limited partnerships			327,454				-
Expenses and loss
Professional fees			27,252				35,438
Partnership management fee			106,169				139,405
General and administrative expenses			22,514				25,062
			155,935				199,905
NET INCOME (LOSS)		$	202,017			$	(169,001	)
Net income (loss) allocated to general partner		$	505			$	(423	)
Net income (loss) allocated to limited partner		$	201,512			$	(168,578	)
Net income (loss) per BAC		$	0.09			$	(0.07	)

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

STATEMENTS OF OPERATIONS - CONTINUED

 

Years ended March 31, 2020 and 2019

 

		Series 49
		2020				2019
Income
Interest income		$	2,928			$	2,682
Other income			67,853				58,892
Total income			70,781				61,574
Gain on sale of operating limited partnerships			26,769				-
Expenses and loss
Professional fees			46,837				45,853
Partnership management fee			452,533				457,033
General and administrative expenses			37,867				45,387
			537,237				548,273
NET INCOME (LOSS)		$	(439,687	)		$	(486,699	)
Net income (loss) allocated to general partner		$	(1,099	)		$	(1,217	)
Net income (loss) allocated to limited partner		$	(438,588	)		$	(485,482	)
Net income (loss) per BAC		$	(0.07	)		$	(0.08	)

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)

 

Year ended March 31, 2019 and 2018

 

		Limited				General
Total		partner				partner				Total
Partners’ capital (deficit),
March 31, 2018		$	(6,351,484	)		$	(277,776	)		$	(6,629,260	)
Net income (loss)			(917,050	)			(2,299	)			(919,349	)
Partners’ capital (deficit),
March 31, 2019			(7,268,534	)			(280,075	)			(7,548,609	)
Net income (loss)			(186,800	)			(468	)			(187,268	)
Partners’ capital (deficit),
March 31, 2020		$	(7,455,334	)		$	(280,543	)		$	(7,735,877	)

  

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Year ended March 31, 2020 and 2019

       

		Limited				General
Series 47		partner				partner				Total
Partners’ capital (deficit),
March 31, 2018		$	(2,600,097	)		$	(83,417	)		$	(2,683,514	)
Net income (loss)			(262,990	)			(659	)			(263,649	)
Partners’ capital (deficit),
March 31, 2019			(2,863,087	)			(84,076	)			(2,947,163	)
Net income (loss)			50,276				126				50,402
Partners’ capital (deficit),
March 31, 2020		$	(2,812,811	)		$	(83,950	)		$	(2,896,761	)

 

 (continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Year ended March 31, 2019 and 2018

       

		Limited				General
Series 48		partner				partner				Total
Partners’ capital (deficit),
March 31, 2018		$	(1,417,187	)		$	(54,441	)		$	(1,471,628	)
Net income (loss)			(168,578	)			(423	)			(169,001	)
Partners’ capital (deficit),
March 31, 2019			(1,585,765	)			(54,864	)			(1,640,629	)
Net income (loss)			201,512				505				202,017
Partners’ capital (deficit),
March 31, 2020		$	(1,384,253	)		$	(54,359	)		$	(1,438,612	)

 

 (continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED

 

Year ended March 31, 2020 and 2019

       

		Limited				General
Series 49		partner				partner				Total
Partners’ capital (deficit),
March 31, 2018		$	(2,334,200	)		$	(139,918	)		$	(2,474,118	)
Net income (loss)			(485,482	)			(1,217	)			(486,699	)
Partners’ capital (deficit),
March 31, 2019			(2,819,682	)			(141,135	)			(2,960,817	)
Net income (loss)			(438,588	)			(1,099	)			(439,687	)
Partners’ capital (deficit),
March 31, 2020		$	(3,258,270	)		$	(142,234	)		$	(3,400,504	)

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

STATEMENTS OF CASH FLOWS

 

Year ended March 31, 2020 and 2019

     

		Total
		2020				2019
Cash flows from operating activities
Net income (loss)		$	(187,268	)		$	(919,349	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships			(650,339	)			(8,261	)
Changes in assets and liabilities
Accounts payable and accrued expenses			9,000				-
Accounts payable - affiliates			691,517				(287,716	)
Net cash provided by (used in) operating activities			(137,090	)			(1,215,326	)
Cash flows from investing activities Proceeds from disposition of operating limited partnerships			650,339				8,261
Net cash provided by investing activities			650,339				8,261
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			513,249				(1,207,065	)
Cash and cash equivalents, beginning			707,501				1,914,566
Cash and cash equivalents, end		$	1,220,750			$	707,501

  

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Year ended March 31, 2020 and 2019

     

		Series 47
		2020				2019
Cash flows from operating activities
Net income (loss)		$	50,402			$	(263,649	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships			(296,116	)			(8,261	)
Changes in assets and liabilities
Accounts payable and accrued expenses			6,179				-
Accounts payable - affiliates			196,371				(269,407	)
Net cash provided by (used in) operating activities			(43,164	)			(541,317	)
Cash flows from investing activities Proceeds from disposition of operating limited partnerships			296,116				8,261
Net cash provided by investing activities			296,116				8,261
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			252,952				(533,056	)
Cash and cash equivalents, beginning			243,174				776,230
Cash and cash equivalents, end		$	496,126			$	243,174

  

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Year ended March 31, 2020 and 2019

   

		Series 48
		2020				2019
Cash flows from operating activities
Net income (loss)		$	202,017			$	(169,001	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships			(327,454	)			-
Changes in assets and liabilities
Accounts payable and accrued expenses			2,500				-
Accounts payable - affiliates			(15,958	)			(288,160	)
Net cash provided by (used in) operating activities			(138,895	)			(457,161	)
Cash flows from investing activities Proceeds from disposition of operating limited partnerships			327,454				-
Net cash provided by investing activities			327,454				-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			188,559				(457,161	)
Cash and cash equivalents, beginning			209,712				666,873
Cash and cash equivalents, end		$	398,271			$	209,712

 

(continued)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through Series 49

 

STATEMENTS OF CASH FLOWS - CONTINUED

 

Year ended March 31, 2020 and 2019

 

		Series 49
		2020				2019
Cash flows from operating activities
Net income (loss)		$	(439,687	)		$	(486,699	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Gain on sale of operating limited partnerships			(26,769	)			-
Changes in assets and liabilities
Accounts payable and accrued expenses			321				-
Accounts payable - affiliates			511,104				269,851
Net cash provided by (used in) operating activities			44,969				(216,848	)
Cash flows from investing activities Proceeds from disposition of operating limited partnerships			26,769				-
Net cash provided by investing activities			26,769				-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			71,738				(216,848	)
Cash and cash equivalents, beginning			254,615				471,463
Cash and cash equivalents, end		$	326,353			$	254,615

 

See notes to financial statements

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS

 

March 31, 2020 and 2019

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Boston Capital Tax Credit Fund V L.P. (the “Fund” or “Partnership”) was formed under the laws of the State of Delaware on October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which have been organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. The general partner of the Fund is Boston Capital Associates V L.L.C. and the limited partner is BCTC V Assignor Corp. (the “assignor limited partner”).

 

In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99.75% to the assignees and .25% to the general partner.

 

A Registration Statement on Form S-11 and the related prospectus, (the "Prospectus") were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering ("Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004, an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series became effective. As of December 31, 2005, subscriptions had been received and accepted by the Fund for 11,777,706 BAC's representing capital contributions of $117,777,060.

 

The BAC’s issued and outstanding in each series at March 31, 2020 and 2019 are as follows:

 

			Issued								Outstanding
			2020				2019				2020				2019
Series 47				3,478,334				3,478,334				3,467,934				3,473,634
Series 48				2,299,372				2,299,372				2,284,372				2,291,372
Series 49				6,000,000				6,000,000				5,984,500				5,989,500
				11,777,706				11,777,706				11,736,806				11,754,506

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Investments in Operating Limited Partnerships

 

The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund 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 Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses from the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income.

 

After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the partnership’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the Fund recorded a valuation allowance of $120,000 as of March 31, 2020 and 2019.

 

The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships.

 

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 Fund records tax credit adjusters as a reduction in investments in operating limited partnerships and capital contributions payable.

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

The operating limited partnerships maintain their financial statements based on a calendar year and the Fund utilizes a March 31 year-end. The Fund 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 Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the Fund when received.

 

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party is required to consolidate the VIE.

 

The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements.

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in operating limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture.

 

Change in Accounting Principle

 

In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), as amended by subsequent Accounting Standard Updates (collectively, “ASC 606”).  The Partnership adopted ASC 606 during 2019 and applied the guidance on a retrospective basis. There was no impact as a result of the adoption of ASC 606 to recognize revenue on the financial statements of the Partnership as of and for the period ended March 31, 2020.

 

In August 2016, the FASB issued Accounting Standards Update 2016-15 Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.  The Partnership adopted the update on a retrospective basis.  The effect of the adoption was the application of an accounting policy election to classify distributions received from investees using the nature of the distribution approach.  The Partnership classifies distributions from tax credit investments as returns on investment because the design of the project entity is to generate tax credits and losses rather than income from operations.  Application of the accounting policy election had no impact on the presentation in the statement of cash flows in the current or prior reporting periods.

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Income Taxes

 

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns.  The Fund’s federal tax status as a pass-through entity is based on its legal status as a Fund. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2016 remain open.

 

Cash and Cash Equivalents

 

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

 

Fiscal Year

 

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

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Net Loss per Beneficial Assignee Certificate

 

Net loss per beneficial assignee partnership unit is calculated based upon the weighted average number of units outstanding during the year. The weighted average number of units in Series 47, 48 and 49 at March 31, 2020 and 2019 are as follows:

 

		2020				2019
Series 47			3,472,209				3,475,884
Series 48			2,289,622				2,293,247
Series 49			5,988,250				5,992,125
			11,750,081				11,761,256

 

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.

 

  

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE B - RELATED PARTY TRANSACTIONS

 

During the years ended March 31, 2020 and 2019, the Fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Services, Inc. (BCS), Boston Capital Holdings Limited Partnership (BCHLP) and Boston Capital Asset Management Limited Partnership (BCAM), as follows:

 

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2020 and 2019, are as follows:

 

		Gross Fund Management Fee				Asset Management and Reporting Fee				Fund Management Fee net of Asset Management and Reporting Fee
Series 47		$	243,117			$	18,012			$	225,105
Series 48			141,388				35,219				106,169
Series 49			511,104				58,571				452,533
		$	895,609			$	111,802			$	783,807

 

		Gross Fund Management Fee				Asset Management and Reporting Fee				Fund Management Fee net of Asset Management and Reporting Fee
Series 47		$	250,608			$	17,014			$	233,594
Series 48			155,340				15,935				139,405
Series 49			511,104				54,071				457,033
		$	917,052			$	87,020			$	830,032

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE B - RELATED PARTY TRANSACTIONS - (continued)

 

All fund management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2020 and 2019, total fund management fees accrued were $9,053,594 and $8,362,077, respectively.

 

The fund management fees paid by the Fund for the years ended March 31, 2020 and 2019 are as follows:

 

		2020				2019
Series 47		$	46,746			$	520,015
Series 48			157,346				443,500
Series 49			-				241,253
		$	204,092			$	1,204,768

 

General and administrative expenses and professional fees incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership for each series for the years ended March 31, 2020 and 2019, charged to each series’ operations are as follows:

 

		2020				2019
Series 47		$	18,937			$	17,835
Series 48			16,815				15,902
Series 49			24,103				22,844
		$	59,855			$	56,581

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

 

At March 31, 2020 and 2019, the Fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2020 and 2019 by series are as follows:

 

		2020				2019
Series 47			7				12
Series 48			4				9
Series 49			22				24
			33				45

 

 

During the year ended March 31, 2020 the Fund disposed of twelve Operating Partnerships. A summary of the dispositions by Series for March 31, 2020 is as follows:

 

		Operating Partnership Interest Transferred				Sale of Underlying Operating Partnership				Partnership Proceeds from Disposition				Gain/(Loss) on Disposition
Series 47			3				2			$	296,116			$	296,116
Series 48			4				1				327,454				327,454
Series 49			1				1				26,769				26,769
			8				4			$	650,339			$	650,339

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - (continued)

 

During the year ended March 31, 2019 the Fund did not dispose of any Operating Partnerships. A summary of the dispositions by Series for March 31, 2019 is as follows:

 

		Operating Partnership Interest Transferred				Sale of Underlying Operating Partnership				Partnership Proceeds from Disposition				Gain/(Loss) on Disposition
Series 47			-				-			$	8,261			$	8,261
Series 48			-				-				-				-
Series 49			-				-				-				-
			-				-			$	8,261			$	8,261

 

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

 

Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations. At March 31, 2020 and 2019, contributions are payable to operating limited partnerships as follows:

 

		2020				2019
Series 47		$	-			$	-
Series 48			-				-
Series 49			101				101
		$	101			$	101

 

 

Boston Capital Tax Credit Fund V L.P.

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019 

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2020 are summarized as follows:

 

		Total				Series 47				Series 48				Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters		$	62,665,698			$	12,363,803			$	5,528,822			$	44,773,073
Cumulative distributions from operating limited partnerships			(516,294	)			(166,080	)			(61,020	)			(289,194	)
Cumulative impairment loss in investments in operating limited partnerships			(38,300,568	)			(8,724,000	)			(2,854,185	)			(26,722,383	)
Cumulative losses from operating limited partnerships			(23,848,836	)			(3,473,723	)			(2,613,617	)			(17,761,496	)
Investments in operating limited partnerships per balance sheets			-				-				-				-

 

 

Boston Capital Tax Credit Fund V L.P.

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019 

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

		Total				Series 47				Series 48				Series 49
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2020 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2019 (see note A).			(384,817	)			-				-				(384,817	)
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).			(12,838,449	)			(750,844	)			(1,002,710	)			(11,084,895	)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).			333,626				-				-				333,626
Cumulative impairment loss in investments in operating limited partnerships			38,300,568				8,724,000				2,854,185				26,722,383
Other			384,697				(126,004	)			(50,367	)			561,068
Equity per operating limited partnerships’ combined financial statements		$	25,795,625			$	7,847,152			$	1,801,108			$	16,147,365

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The fund’s investments in operating limited partnerships at March 31, 2019 are summarized as follows:

 

		Total				Series 47				Series 48				Series 49
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters		$	76,215,127			$	18,281,713			$	12,641,817			$	45,291,597
Cumulative distributions from operating limited partnerships			(631,103	)			(181,171	)			(156,968	)			(292,964	)
Cumulative impairment loss in investments in operating limited partnerships			(45,260,615	)			(12,005,556	)			(6,247,466	)			(27,007,593	)
Cumulative losses from operating limited partnerships			(30,323,409	)			(6,094,986	)			(6,237,383	)			(17,991,040	)
Investments in operating limited partnerships per balance sheets			-				-				-				-

 

 

Boston Capital Tax Credit Fund V L.P.

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019 

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

		Total				Series 47				Series 48				Series 49
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2019 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2018 (see note A).			(384,817	)			-				-				(384,817	)
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A).			(13,981,780	)			(1,968,815	)			(1,622,844	)			(10,390,121	)
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A).			333,626				-				-				333,626
Cumulative impairment loss in investments in operating limited partnerships			45,260,615				12,005,556				6,247,466				27,007,593
Other			365,857				(128,706	)			(97,191	)			591,754
Equity per operating limited partnerships’ combined financial statements		$	31,593,501			$	9,908,035			$	4,527,431			$	17,158,035

 

 

Boston Capital Tax Credit Fund V L.P.

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019 

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2019 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 

		Total				Series 47				Series 48				Series 49
ASSETS
Buildings and improvements, net of accumulated depreciation		$	106,780,964			$	23,720,384			$	12,446,561			$	70,614,019
Land			10,513,484				2,573,828				1,692,115				6,247,541
Other assets			12,676,256				2,719,876				1,358,136				8,598,244
		$	129,970,704			$	29,014,088			$	15,496,812			$	85,459,804
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable		$	90,024,070			$	19,044,751			$	12,742,531			$	58,236,788
Accounts payable and accrued expenses			1,716,220				416,564				229,469				1,070,187
Other liabilities			10,100,095				384,136				479,938				9,236,021
			101,840,385				19,845,451				13,451,938				68,542,996
PARTNERS’ CAPITAL
Boston Capital Tax Credit
Fund V L.P.			25,795,625				7,847,152				1,801,108				16,147,365
Other partners			2,334,694				1,321,485				243,766				769,443
			28,130,319				9,168,637				2,044,874				16,916,808
		$	129,970,704			$	29,014,088			$	15,496,812			$	85,459,804

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2018 are as follows:

 

COMBINED SUMMARIZED BALANCE SHEETS

 

		Total				Series 47				Series 48				Series 49
ASSETS
Buildings and improvements, net of accumulated depreciation		$	145,585,266			$	39,816,213			$	25,478,305			$	80,290,748
Land			14,092,429				4,061,785				2,801,342				7,229,302
Other assets			16,733,513				4,454,343				2,716,753				9,562,417
		$	176,411,208			$	48,332,341			$	30,996,400			$	97,082,467
LIABILITIES AND PARTNERS’ CAPITAL
Mortgages and construction loans payable		$	123,597,649			$	34,114,981			$	23,143,314			$	66,339,354
Accounts payable and accrued expenses			2,555,897				677,203				800,962				1,077,732
Other liabilities			13,928,705				1,793,741				2,088,920				10,046,044
			140,082,251				36,585,925				26,033,196				77,463,130
PARTNERS’ CAPITAL
Boston Capital Tax Credit
Fund V L.P.			31,593,501				9,908,035				4,527,431				17,158,035
Other partners			4,735,456				1,838,381				435,773				2,461,302
			36,328,957				11,746,416				4,963,204				19,619,337
		$	176,411,208			$	48,332,341			$	30,996,400			$	97,082,467

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2019 in which Series 47 through Series 49 had an interest as of December 31, 2019 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

		Total				Series 47				Series 48				Series 49
Revenue
Rent		$	20,724,191			$	4,803,398			$	2,684,429			$	13,236,364
Interest and other			714,011				233,431				48,105				432,475
			21,438,202				5,036,829				2,732,534				13,668,839
Expenses
Interest			2,828,885				532,319				289,473				2,007,093
Depreciation and amortization			5,031,104				1,064,608				596,152				3,370,344
Taxes and insurance			2,163,136				441,119				299,370				1,422,647
Repairs and maintenance			3,105,072				703,650				455,617				1,945,805
Operating expenses			8,048,398				1,978,776				1,036,195				5,033,427
Other expenses			643,043				172,730				141,557				328,756
			21,819,638				4,893,202				2,818,364				14,108,072
NET INCOME (LOSS)		$	(381,436	)		$	143,627			$	(85,830	)		$	(439,233	)
Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P.		$	(1,333,132	)		$	(78,717	)		$	(205,540	)		$	(1,048,875	)
Net income (loss) allocated to other partners		$	951,696			$	222,344			$	119,710			$	609,642

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)

 

The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2018 in which Series 47 through Series 49 had an interest as of December 31, 2018 are as follows:

 

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS

 

		Total				Series 47				Series 48				Series 49
Revenue
Rent		$	27,111,119			$	7,823,098			$	4,800,175			$	14,487,846
Interest and other			563,068				144,494				89,010				329,564
			27,674,187				7,967,592				4,889,185				14,817,410
Expenses
Interest			4,004,668				983,283				546,515				2,474,870
Depreciation and amortization			6,602,675				1,719,420				1,159,457				3,723,798
Taxes and insurance			3,345,353				1,075,906				558,066				1,711,381
Repairs and maintenance			4,141,219				1,255,838				816,163				2,069,218
Operating expenses			10,931,036				3,274,491				1,955,362				5,701,183
Other expenses			813,654				267,413				281,343				264,898
			29,838,605				8,576,351				5,316,906				15,945,348
NET INCOME (LOSS)		$	(2,164,418	)		$	(608,759	)		$	(427,721	)		$	(1,127,938	)
Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P.		$	(2,515,087	)		$	(617,831	)		$	(436,928	)		$	(1,460,328	)
Net income (loss) allocated to other partners		$	350,669			$	9,072			$	9,207			$	332,390

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

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

 

For income tax purposes, the fund reports using a December 31 year-end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2020 is reconciled as follows:

 

		Total				Series 47				Series 48				Series 49
Net income (loss) for financial reporting purposes		$	(187,268	)		$	50,402			$	202,017			$	(439,687	)
Accrued partnership management fee not deducted for income tax purposes			691,517				196,371				(15,958	)			511,104
Other			(631,586	)			(279,008	)			(1,130,895	)			778,317
Excess of tax depreciation over book depreciation on operating limited partnership assets			(1,263,571	)			(305,820	)			(144,088	)			(813,663	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting			(1,333,132	)			(78,717	)			(205,540	)			(1,048,875	)
Difference due to fiscal year for book purposes and calendar year for tax purposes			(1,005,078	)			(401,181	)			(289,742	)			(314,155	)
Income (loss) for tax return purposes, December 31, 2019		$	(3,729,118	)		$	(817,953	)		$	(1,584,206	)		$	(1,326,959	)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

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

 

For income tax purposes, the fund reports using a December 31 year-end.  The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2019 is reconciled as follows:

 

		Total				Series 47				Series 48				Series 49
Net income (loss) for financial reporting purposes		$	(919,349	)		$	(263,649	)		$	(169,001	)		$	(486,699	)
Accrued partnership management fee not deducted for income tax purposes			(287,716	)			(269,407	)			(288,160	)			269,851
Other			(2,647,128	)			(777,309	)			(2,005,696	)			135,877
Excess of tax depreciation over book depreciation on operating limited partnership assets			(1,476,485	)			(451,984	)			(246,460	)			(778,041	)
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting			(2,515,087	)			(617,831	)			(436,928	)			(1,460,328	)
Difference due to fiscal year for book purposes and calendar year for tax purposes			1,262,944				247,378				113,483				902,083
Income (loss) for tax return purposes, December 31, 2018		$	(6,582,821	)		$	(2,132,802	)		$	(3,032,762	)		$	(1,417,257	)

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

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

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2020 are as follows:

 

		Total				Series 47				Series 48				Series 49
Investments in operating limited partnerships - tax return December 31, 2019		$	14,940,197			$	3,276,811			$	(834,409	)		$	12,497,795
Impairment loss in investment in operating limited partnerships			(38,300,568	)			(8,724,000	)			(2,854,185	)			(26,722,383	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method			(12,838,449	)			(750,844	)			(1,002,710	)			(11,084,895	)
Other			36,198,820				6,198,033				4,691,304				25,309,483
Investments in operating limited partnerships - as reported		$	-			$	-			$	-			$	-

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

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

 

The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2019 are as follows: 

 

		Total				Series 47				Series 48				Series 49
Investments in operating limited partnerships - tax return December 31, 2018		$	19,222,164			$	4,220,349			$	811,629			$	14,190,186
Impairment loss in investment in operating limited partnerships			(45,260,615	)			(12,005,556	)			(6,247,466	)			(27,007,593	)
Operating limited partnership losses not recognized for financial reporting purposes under the equity method			(13,981,780	)			(1,968,815	)			(1,622,844	)			(10,390,121	)
Other			40,020,231				9,754,022				7,058,681				23,207,528
Investments in operating limited partnerships - as reported		$	-			$	-			$	-			$	-

 

 

Boston Capital Tax Credit Fund V L.P. -

Series 47 through 49

 

NOTES TO FINANCIAL STATEMENTS - CONTINUED

 

March 31, 2020 and 2019

 

NOTE E- CASH EQUIVALENTS

 

Cash equivalents of $1,213,799 and $702,647 as of March 31, 2020 and 2019, respectively, include money market accounts with interest rates ranging from 0.35% to 1.20% per annum.

 

NOTE F - CONCENTRATION OF CREDIT RISK

 

The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the Fund has not experienced any losses with respect to it balances in excess of FDIC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2020.

 

NOTE G - CONTINGENCY

 

The spread of a novel strain of coronavirus (COVID-19) has caused significant business disruptions in the United States beginning February 2020. The economic impact of the business disruptions caused by COVID-19 is uncertain. The extent of any effects these disruptions may have on the operations and financial performance of the Partnership will depend on future developments, including possible impacts on the operations of the underlying real estate of its investments, which cannot be determined.

 

NOTE H - SUBSEQUENT EVENTS

 

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes.  Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.