April 16, 1998
Securities and Exchange Commission
Filer Support, Edgar
Operation Center, Stop 0-7
6432 General Green Way
Alexandria, VA 22312
Re: Boston Financial Qualified Housing Tax Credits L.P. II
Report on Form 10-K/A for Year Ended March 31, 1997
File No. 0-17777
Dear Sir/Madam:
In response to your staff comment letter dated March 3, 1998 concerning the
above referenced Partnership's filing of Form 10-K for Year Ended 3/31/97, we
are herewith filing an amended Form 10-K for the Year Ended 3/31/97.
Very truly yours,
/s/Dianne Groark
Dianne Groark
Senior Portfolio Accountant
QH210KA.DOC
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-K/A
Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the fiscal year ended Commission file number
March 31, 1997 0-17777
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L. P. II
(Exact name of registrant as specified in its charter)
Delaware 04-3002607
(State of organization) (I.R.S. Employer
Identification No.)
101 Arch Street, 16th Floor
Boston, Massachusetts 02110-1106
(Address of Principal executive office) (Zip Code)
Registrant's telephone number, including area code 617/439-3911
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on
Title of each class which registered
None None
Securities registered pursuant to Section 12(g) of the Act:
UNITS OF LIMITED PARTNERSHIP INTEREST
(Title of Class)
60,000
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (Subsection 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. [ X ]
State the aggregate sales price of partnership units held by nonaffiliates of
the registrant.
$60,000,000 as of March 31, 1997
<PAGE>
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K
(a)(1) and (a)(2) Documents filed as a part of this Report
In response to this portion of Item 14, the financial statements, financial
statement schedules and the auditors' reports relating thereto are submitted as
a separate section of this Report. See Index on page F-1 hereof.
The reports of auditors of the Local Limited Partnerships relating to the audits
of the financial statements of such Local Limited Partnerships appear in Exhibit
(28)(1) of this Report.
All other financial statement schedules and exhibits for which provision is made
in the applicable accounting regulations of the Securities and Exchange
Commission are not required under related instructions or are inapplicable and
therefore have been omitted.
(a)(3) Exhibit Index contained herein
(a)(3)(b) Reports on Form 8-K:
No reports on Form 8-K were filed during the quarter ended
March 31, 1997.
(a)(3)(c) Exhibits
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS II
(A Limited Partnership)
Annual Report on form 10-K
For The Year Ended March 31, 1997
Reports of Independent Auditors
<PAGE>
MACDONALD PAGE
Certified Public Accountants
30 Long Creek Drive South Portland, Maine 04106 (207) 774-5701
P.O. Box 2389 Augusta, Maine 04388 (207) 621-0330
Independent Auditors' Report
February 4, 1997
Newport Housing Associates
224 Maine Avenue
Gardiner, Maine
We have audited the accompanying balance sheet of Newport Housing Associates (a
limited partnership) as of December 31, 1996, 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.
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 Newport Housing Associates as
of December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting principles.
/s/Macdonald Page & Co.
Certified Public Accountants
<PAGE>
MACDONALD PAGE
Certified Public Accountants
30 Long Creek Drive South Portland, Maine 04106 (207) 774-5701
P.O. Box 2389 Augusta, Maine 04388 (207) 621-0330
Independent Auditors' Report
February 14, 1996
Newport Housing Associates
(a Limited Partnership)
224 Maine Avenue
Gardiner, Maine
We have audited the accompanying balance sheet of Newport Housing Associates (a
Limited Partnership) as of December 31, 1995, 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.
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 Newport Housing Associates (a
Limited Partnership) as of December 31, 1995, and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/Macdonald Page & Co.
Certified Public Accountants
<PAGE>
MACDONALD PAGE
Certified Public Accountants
30 Long Creek Drive South Portland, Maine 04106 (207) 774-5701
P.O. Box 2389 Augusta, Maine 04388 (207) 621-0330
Independent Auditors' Report
February 10, 1995
Newport Housing Associates
(a Limited Partnership)
224 Maine Avenue
Gardiner, Maine
We have audited the accompanying statement of assets, liabilities and partners'
capital - income tax basis of Newport Housing Associates (a Limited Partnership)
as of December 31, 1994, and the related statements of revenue and expenses
income tax basis, changes in partners' capital - income tax basis, and cash
flows income tax basis 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.
As described in Note 1, these financial statements were prepared on the basis of
accounting the Partnership uses for income tax purposes, which is a
comprehensive basis of accounting other than generally accepted accounting
principles.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets, liabilities and partners' capital of Newport
Housing Associates (a Limited Partnership) as of December 31, 1994 and its
revenue and expenses, changes in partners' capital, and cash flows for the year
then ended on the basis of accounting described in Note 1.
/s/Macdonald Page & Co.
Certified Public Accountants
<PAGE>
MACDONALD PAGE
Certified Public Accountants
30 Long Creek Drive South Portland, Maine 04106 (207) 774-5701
P.O. Box 2389 Augusta, Maine 04388 (207) 621-0330
Independent Auditors' Report
February 4, 1997
Unity Family Housing Associates
224 Maine Avenue
Gardiner, Maine
We have audited the accompanying balance sheet of Unity Family Housing
Associates (a Limited Partnership) as of December 31, 1996, 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.
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 Unity Family Housing Associates
as of December 31, 1996, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
/s/Macdonald Page & Co.
Certified Public Accountants
<PAGE>
MACDONALD PAGE
Certified Public Accountants
30 Long Creek Drive South Portland, Maine 04106 (207) 774-5701
P.O. Box 2389 Augusta, Maine 04388 (207) 621-0330
Independent Auditors' Report
February 14, 1996
Unity Family Housing Associates
(a Limited Partnership)
224 Maine Avenue
Gardiner, Maine
We have audited the accompanying statement of assets, liabilities and partners'
capital - income tax basis of Unity Family Housing Associates (a Limited
Partnership) as of December 31, 1995, and the related statements of revenue and
expenses - income tax basis, 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.
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 Unity Family Housing Associates
as of December 31, 1995, and the results of its operations and cash flows for
the year then ended in conformity with generally accepted accounting principles.
/s/Macdonald Page & Co.
Certified Public Accountants
<PAGE>
MACDONALD PAGE
Certified Public Accountants
30 Long Creek Drive South Portland, Maine 04106 (207) 774-5701
P.O. Box 2389 Augusta, Maine 04388 (207) 621-0330
Independent Auditors' Report
February 10, 1995
Unity Family Housing Associates
(a Limited Partnership)
224 Maine Avenue
Gardiner, Maine
We have audited the accompanying statement of assets, liabilities and partners'
capital - income tax basis of Unity Family Housing Associates (a Limited
Partnership) as of December 31, 1994, and the related statements of revenue and
expenses - income tax basis, changes in partners' capital - income tax basis,
and cash flows - income tax basis 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.
As described in Note 1, these financial statements were prepared on the basis of
accounting the Partnership uses for income tax purposes, which is a
comprehensive basis of accounting other than generally accepted accounting
principles.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets, liabilities and partners' capital of Unity
Family Housing Associates (a Limited Partnership) as of December 31, 1994, and
its revenue and expenses, changes in partners' capital, and cash flows for the
year then ended on the basis of accounting described in Note 1.
/s/Macdonald Page & Co.
Certified Public Accountants
<PAGE>
MACDONALD PAGE
Certified Public Accountants
30 Long Creek Drive South Portland, Maine 04106 (207) 774-5701
P.O. Box 2389 Augusta, Maine 04388 (207) 621-0330
Independent Auditors' Report
February 4, 1997
Buckfield Housing Associates
224 Maine Avenue
Gardiner, Maine
We have audited the accompanying balance sheet of Buckfield Housing Associates
(a limited partnership) as of December 31, 1996, 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.
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 Buckfield Housing Associates as
of December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting principles.
/s/Macdonald Page & Co.
Certified Public Accountants
<PAGE>
MACDONALD PAGE
Certified Public Accountants
30 Long Creek Drive South Portland, Maine 04106 (207) 774-5701
P.O. Box 2389 Augusta, Maine 04388 (207) 621-0330
Independent Auditors' Report
February 14, 1996
Buckfield Housing Associates
(a Limited Partnership)
224 Maine Avenue
Gardiner, Maine
We have audited the accompanying balance sheet of Buckfield Housing Associates
(a Limited Partnership) as of December 31, 1995, 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.
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 Buckfield Housing Associates (a
Limited Partnership) as of December 31, 1995, and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/Macdonald Page & Co.
Certified Public Accountants
<PAGE>
MACDONALD PAGE
Certified Public Accountants
30 Long Creek Drive South Portland, Maine 04106 (207) 774-5701
P.O. Box 2389 Augusta, Maine 04388 (207) 621-0330
Independent Auditors' Report
February 10, 1995
Buckfield Housing Associates
(a Limited Partnership)
224 Maine Avenue
Gardiner, Maine
We have audited the accompanying statement of assets, liabilities and
partners' capital income tax basis of Buckfield Housing Associates (a Limited
Partnership) as of December 31, 1994, and the related statements of revenue and
expenses - income tax basis, changes in partners' capital - income tax basis,
and cash flows - income tax basis 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 evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
As described in Note 1, these financial statements were prepared on the
basis of accounting the Partnership uses for income tax purposes, which is a
comprehensive basis of accounting other than generally accepted accounting
principles.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the assets, liabilities and partners' capital
of Buckfield Housing Associates (a Limited Partnership) as of December 31, 1994,
and its revenue and expenses, changes in partners' capital and cash flows for
the year then ended on the basis of accounting described in Note 1.
/s/Macdonald Page & Co
Certified Public Accountants
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the General Partners
Willow Creek Housing Associates, Ltd.
HUD Project No. 125-94008
Reno, Nevada
We have audited the accompanying balance sheet of Willow Creek Housing
Associates, Ltd., dba Willow Creek Apartments, HUD Project No. 125-94008, as of
December 31, 1996, and the related statements of income and partners' 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 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 audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements present fairly, in all material
respects, the financial position of Willow Creek Housing Associates, Ltd. dba
Willow Creek Apartments, HUD Project No. 125-94008 as of December 31, 1996, 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 10, 1997, on our consideration of Willow Creek Housing
Associates, Ltd. dba Willow Creek Apartments, HUD Project No. 125-94006,
internal control structure and reports dated February 10, 1997, on its
compliance with laws and regulations.
<PAGE>
To the General Partners
Willow Creek Housing Associates, Ltd.
Page 2
The accompanying supplementary information shown on pages 13 to 21 is presented
for purposes of additional analysis and is not a required part of the basic
financial statements of the Partnership. Such information has been subjected to
the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/s/Proctor & Gaub
PROCTOR & GAUB
Reno, Nevada
February 10, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the General Partners
Willow Creek Housing Associates, Ltd.
HUD Project No. 125-94008
Reno, Nevada
We have audited the accompanying balance sheet of Willow Creek Housing
Associates, Ltd., HUD Project No. 125-94008, as of December 31, 1995, and the
related statement of income and partners' equity, and statement of 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 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 audit provides a reasonable basis for our
opinion. In our opinion, the financial statements present fairly, in all
material respects, the financial position of Willow Creek Housing Associates,
Ltd., HUD Project No. 125-94008 as of December 31, 1995 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 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 January 31, 1996, on our
consideration of Willow Creek Housing Associates, Ltd., HUD Project No.
125-94006, internal control structure and reports dated January 31, 1996, 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.
<PAGE>
To the General Partners
Willow Creek Housing Associates, Ltd.
Page 2
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 13 to 20 is presented for purpose of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/Proctor & Gaub
PROCTOR & GAUB
Reno, Nevada
January 31, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the General Partners
Willow Creek Housing Associates, Ltd.
HUD Project No. 125-10515 REF
Reno, Nevada
We have audited the accompanying balance sheet of Willow Creek Housing
Associates, Ltd., (a Limited Partnership), HUD Project No. 125-10515, REF as of
December 31, 1994, and the related statement of income and partners' equity, and
statement of 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 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, and the Consolidated Audit Guide for Audits of HUD Programs (the
"Guide"), issued by the U.S. Department of Housing and Urban Development, Office
of Inspector General, in July 1993. Those statements and the Guide 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 present fairly, in all material
respects, the financial position of Willow Creek Housing Associates, Ltd., HUD
Project No. 125-10515 REF as of December 31, 1994, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles. The supplemental information included
in these financial statements shown on pages 13 through 20 has been subjected to
the same auditing procedures applied in the audit 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.
/s/Proctor & Gaub
PROCTOR & GAUB
Reno, Nevada
February 15, 1995
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the General Partners
Birch Associates Limited Partnership
dba Reno Apartments I-IV
HUD Project No. 125-94006
Reno, Nevada
We have audited the accompanying balance sheet of Birch Associates Limited
Partnership, dba Reno Apartments I-IV, HUD Project No. 125-94006, as of December
31, 1996, and the related statements of income and partners' 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 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 audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements present fairly, in all material
respects, the financial position of Birch Associates Limited Partnership, dba
Reno Apartments I-IV, HUD Project No. 125-9400, 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 10, 1997, on our consideration of Birch Associates Limited
Partnership, dba Reno Apartments I-IV, HUD Project No. 125-94006, internal
control structure and reports dated February 10, 1997, on its compliance with
laws and regulations.
<PAGE>
To the General Partners
Birch Associates Limited Partnership
Page 2
The accompanying supplementary information shown on pages 13 to 21 is presented
for purposes of additional analysis and is not a required part of the basic
financial statements of the Partnership. Such information has been subjected to
the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/s/Proctor & Gaub
PROCTOR & GAUB
Reno, Nevada
February 10, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the General Partners
Birch Associates Limited Partnership
dba Reno Apartments I-IV
HUD Project No. 125-94006
Reno, Nevada
We have audited the accompanying balance sheet of Birch Associates Limited
Partnership, dba Reno Apartments I-IV, HUD Project No. 125-94006, as of December
31, 1995, and the related statements of income and partners' 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 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 audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements present fairly, in all material
respects, the financial position of Birch Associates Limited Partnership, dba
Reno Apartments I-IV, HUD Project No. 125-94006 as of December 31, 1995, 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 9, 1996, on our consideration of Birch Associates Limited
Partnership, dba Reno Apartments I-IV, HUD Project No. 125-94006, internal
control structure and reports dated February 9, 1996, 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.
<PAGE>
To the General Partners Birch
Associates Limited Partnership Page 2
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 13 to 20 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/Proctor & Gaub
PROCTOR & GAUB
Reno, Nevada
February 9, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the General Partners
Birch Associates Limited Partnership
dba Reno Apartments I-IV
HUD Project No. 125-10508 REF
Reno, Nevada
We have audited the accompanying balance sheet of Birch Associates Limited
Partnership, dba Reno Apartments I-IV, HUD Project No. 125-10508 REF, as of
December 31, 1994, and the related statement of income and partners' equity, and
statement of 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 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, and the Consolidated Audit Guide for Audits of HUD Programs (the
"Guide"), issued by the U.S. Department of Housing and Urban Development, Office
of Inspector General, in July 1993. Those statements and the Guide 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 present fairly, in all material
respects, the financial position of Birch Associates Limited Partnership, dba
Reno Apartments I-IV HUD Project No. 125-10508 REF as of December 31, 1994, and
the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles. The supplemental
information included in these financial statements shown on pages 13 through 18
has been subjected to the same auditing procedures applied in the audit 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.
/s/Proctor & Gaub
PROCTOR & GAUB
Reno, Nevada
February 15, 1995
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the General Partners
Linden Housing Associates, Ltd.
dba Linden Apartments
HUD Project No. 125-94007
Reno, Nevada
We have audited the accompanying balance sheet of Linden Housing Associates,
Ltd., dba Linden Apartments, HUD Project No. 125-94007, as of December 31, 1996,
and the related statement of income and partners' 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 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 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 Linden Housing Associates, Ltd,
dba Linden Apartments, HUD Project No. 125-94007 as of December 31, 1996, 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 10, 1997, on our consideration of Linden Housing Associates,
Ltd., dba Linden Apartments, HUD Project No. 125-94007, internal control
structure and reports dated February 10, 1997, on its compliance with laws and
regulations
<PAGE>
To the General Partners
Linden Housing Associates, Ltd.
Page 2
The accompanying supplementary information shown on pages 13 to 21 is presented
for purposes of additional analysis and is not a required part of the basic
financial statements of the Partnership. Such information has been subjected to
the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/s/Proctor & Gaub
PROCTOR & GAUB
Reno, Nevada
February 10, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the General Partners
Linden Housing Associates, Ltd.
dba Linden Apartments
HUD Project No. 125-94007
Reno, Nevada
We have audited the accompanying balance sheet of Linden Housing Associates,
Ltd., dba Linden Apartments, HUD Project No. 125-94007, as of December 31, 1995,
and the related statement of income and partners' equity, and statement of 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 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 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 Linden Housing Associates, Ltd,
dba Linden Apartments, HUD Project No. 125-94007 as of December 31, 1995, 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 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 January 26, 1996, on our
consideration of Linden Housing Associates, Ltd., dba Linden Apartments, HUD
Project No. 125-94007, internal control structure and reports dated January 26,
1996, 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.
<PAGE>
To the General Partners
Linden Housing Associates, Ltd.
Page 2
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 13 to 20 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/Proctor & Gaub
PROCTOR & GAUB
Reno, Nevada
January 26, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the General Partners
Linden Housing Associates, Ltd.
dba Linden Apartments
FHA Project No. 125-10511 REF
Reno, Nevada
We have audited the accompanying balance sheet of Linden Housing Associates,
Ltd., (a Limited Partnership), dba Linden Apartments, FHA Project No. 125-10511
REF, as of December 31, 1994, and the related statement of income and partners'
equity, and statement of 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 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, and the Consolidated Audit Guide for Audits of HUD Programs (the
"Guide"), issued by the U.S. Department of Housing and Urban Development, Office
of Inspector General, in July 1993. Those statements and the Guide 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 present fairly, in all material
respects, financial position of Linden Housing Associates, Ltd., dba Linden
Apartments, FHA Project No. 125-10511 REF as of December 31, 1994, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles. The supplemental
information included in these financial statements shown on pages 13 through 18
has been subjected to the same auditing procedures applied in the audit 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.
/s/Proctor & Gaub
PROCTOR & GAUB
Reno, Nevada
February 15, 1995
<PAGE>
[Letterhead]
[LOGO]
RD HOAG & ASSOCIATES
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners
Eastmont Estates Associates
We have audited the accompanying balance sheets of HUD No. 033-35194-PM-SR (the
"Project") of Eastmont Estates Associates (A Limited Partnership) as of December
31, 1996 and 1995, and the related statements of operations and changes in
partners' equity, 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 have 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 HUD Project No. 033-35194-PM-SR
of Eastmont Estates Associates as of December 31, 1996 and 1995, and the results
of its operations and changes in partners' equity, and cash flows for the years
then ended, in conformity with generally accepted accounting principles.
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, 1997, on our
consideration of HUD Project No. 033-35194-PM-SR (The "Project") of Eastmont
Estates Associates internal control structure, and reports dated February 7,
1997, 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.
/s/R.D. Hoag & Assoc. P.C.
R.D. Hoag & Associates,
A Professional Corporation
February 7, 1997
Pittsburgh, Pennsylvania
<PAGE>
[Letterhead]
[LOGO]
R.D. HOAG & ASSOCIATES
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners
Eastmont Estates Associates
We have audited the accompanying balance sheets of HUD No. 033-35194-PM-SR (the
"Project") of Eastmont Estates Associates (A Limited Partnership) as of December
31, 1995 and 1994, and the related statements of operations and changes in
partners' equity, 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 have 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 HUD Project No. 033-35194-PM-SR
of Eastmont Estates Associates, as of December 31, 1995 and 1994, and the
results of its operations and changes in partners' equity, and cash flows for
the years then ended, in conformity with generally accepted accounting
principles.
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 13, 1996, on our
consideration of Eastmont Estates Associates, Ltd, HUD Project No.
033-35194-PM-SR (The "Project") of internal control structure, and reports dated
February 13, 1996, 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.
/s/R.D. Hoag & Assoc. P.C.
R.D. Hoag & Associates,
A Professional Corporation
February 13, 1996
Pittsburgh, Pennsylvania
<PAGE>
[Letterhead]
[LOGO]
STARK TINTER & ASSOCIATES, LLC
INDEPENDENT AUDITORS' REPORT
To the Partners of
Spring Hill Housing Associates I, Ltd.
Englewood, Colorado
We have audited the accompanying balance sheet of Spring Hill Housing Associates
I, Ltd. (a limited partnership), HUD Project No. 109-94001, as of December 31,
1996, and the related statements of profit and loss, changes in partners' equity
(deficiency) 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
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 Spring Hill Housing Associates I,
Ltd., HUD Project No. 109-94001, as of December 31, 1996, and the results of its
operations and the changes in its partners' equity (deficiency) and its cash
flows for the year then ended, in conformity with generally accepted accounting
principles.
/s/Stark Tinter & Associates
Englewood, Colorado
January 30, 1997
<PAGE>
[Letterhead]
[LOGO]
STARK TINTER & ASSOCIATES, LLC
INDEPENDENT AUDITORS' REPORT
To the Partners of
Spring Hill Housing Associates I, Ltd.
Englewood, Colorado
We have audited the accompanying balance sheet of Spring Hill Housing Associates
I, Ltd. (a limited partnership), HUD Project No. 109-94001, as of December 31,
1995, and the related statements of profit and loss, changes in partners' equity
(deficiency) 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
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 Spring Hill Housing Associates I,
Ltd., HUD Project No. 109-94001 as of December 31, 1995, and the results of its
operations and the changes in partners' equity (deficiency) and its cash flows
for the year then ended, in conformity with generally accepted accounting
principles.
/s/Stark Tinter & Associates
Englewood, Colorado
January 30, 1996
<PAGE>
[Letterhead]
[LOGO]
STARK TINTER & ASSOCIATES, LLC
INDEPENDENT AUDITORS' REPORT
To the Partners of
Spring Hill Housing Associates I, Ltd.
Englewood, Colorado
We have audited the accompanying balance sheet of Spring Hill Housing Associates
I, Ltd. (a limited partnership), HUD Project No. 109-94001, as of December 31,
1994, and the related statements of profit and loss, changes in partners' equity
and cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
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 Spring Hill Housing Associates
I, Ltd., HUD Project No. 109-94001 as of December 31, 1994, and the results of
its operations and the changes in its partners' equity and its cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
/s/Stark Tinter & Associates
Englewood, Colorado
February 5, 1995
<PAGE>
[Letterhead]
[LOGO]
STARK TINTER & ASSOCIATES, LLC
INDEPENDENT AUDITORS' REPORT
To the Partners of
Spring Hill Housing Associates II, Ltd.
Englewood, Colorado
We have audited the accompanying balance sheet of Spring Hill Housing Associates
II, Ltd. (a limited partnership), HUD Project No. 109-94002 as of December 31,
1996, and the related statements of profit and loss, changes in partners' equity
(deficiency) 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
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 Spring Hill Housing Associates
II, Ltd., HUD Project No. 109-94002, as of December 31, 1996, and the results of
its operations and the changes in its partners' equity (deficiency) and its cash
flows for the year then ended, in conformity with generally accepted accounting
principles.
/s/Stark Tinter & Associates
Englewood, Colorado
January 30, 1997
<PAGE>
[Letterhead]
[LOGO]
STARK TINTER & ASSOCIATES, LLC
INDEPENDENT AUDITORS' REPORT
To the Partners of
Spring Hill Housing Associates II, Ltd.
Englewood, Colorado
We have audited the accompanying balance sheet of Spring Hill Housing Associates
II, Ltd. (a limited partnership), HUD Project No. 109-94002 as of December 31,
1995, and the related statements of profit and loss, changes in partners' equity
(deficiency) 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
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 Spring Hill Housing Associates
II, Ltd., HUD Project No. 109-94002, as of December 31, 1995, and the results of
its operations and the changes in its partners' equity (deficiency) and its cash
flows for the year then ended, in conformity with generally accepted accounting
principles.
/s/Stark Tinter & Associates
Englewood, Colorado
January 30, 1996
<PAGE>
[Letterhead]
[LOGO]
STARK TINTER & ASSOCIATES, LLC
INDEPENDENT AUDITORS' REPORT
To the Partners of
Spring Hill Housing Associates II, Ltd.
Englewood, Colorado
We have audited the accompanying balance sheet of Spring Hill Housing Associates
II, Ltd. (a limited partnership), HUD Project No. 109-94002 as of December 31,
1994, and the related statements of profit and loss, changes in partners' equity
and cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
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 Spring Hill Housing Associates
II, Ltd., HUD Project No. 109-94002, as of December 31, 1994, and the results of
its operations and the changes in its partners' equity and its cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
/s/Stark Tinter & Associates
Englewood, Colorado
February 5, 1995
<PAGE>
[Letterhead]
[LOGO]
STARK TINTER & ASSOCIATES, LLC
INDEPENDENT AUDITORS' REPORT
To the Partners of
Spring Hill Housing Associates III, Ltd.
Englewood, Colorado
We have audited the accompanying balance sheet of Spring Hill Housing Associates
III, Ltd. (a limited partnership), HUD Project No. 109-94003, as of December 31,
1996, and the related statements of profit and loss, changes in partners' equity
(deficiency) 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
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 Spring Hill Housing Associates
III, Ltd., HUD Project No. 109-94003, as of December 31, 1996, and the results
of its operations and the changes in its partners' equity (deficiency) and its
cash flows for the year then ended, in conformity with generally accepted
accounting principles.
/s/Stark Tinter & Associates
Englewood, Colorado
January 30, 1997
<PAGE>
[Letterhead]
[LOGO]
STARK TINTER & ASSOCIATES, LLC
INDEPENDENT AUDITORS' REPORT
To the Partners of
Spring Hill Housing Associates III, Ltd.
Englewood, Colorado
We have audited the accompanying balance sheet of Spring Hill Housing Associates
III, Ltd. (a limited partnership), HUD Project No. 109-94003, as of December 31,
1995, and the related statements of profit and loss, changes in partners' equity
(deficiency) 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
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 Spring Hill Housing Associates
III, Ltd., HUD Project No. 109-94003, as of December 31, 1995, and the results
of its operations and the changes in its partners' equity (deficiency) and its
cash flows for the year then ended, in conformity with generally accepted
accounting principles.
/s/Stark Tinter & Associates
Englewood, Colorado
January 30, 1996
<PAGE>
[Letterhead]
[LOGO]
STARK TINTER & ASSOCIATES, LLC
INDEPENDENT AUDITORS' REPORT
To the Partners of
Spring Hill Housing Associates III, Ltd.
Englewood, Colorado
We have audited the accompanying balance sheet of Spring Hill Associates III,
Ltd. (a limited partnership), HUD Project No. 109-94003, as of December 31,
1994, and the related statements of profit and loss, changes in partners' equity
and cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
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 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 Spring Hill Housing Associates
III, Ltd., HUD Project No. 109-94003, as of December 31, 1994, and the results
of its operations and the changes in its partners' equity and its cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
/s/Stark Tinter & Associates
Englewood, Colorado
February 5, 1995
<PAGE>
[Letterhead]
[LOGO]
Floyd & Company
306 Commercial Drive Suite 202 Post Office Box 14251
Savannah, Georgia 31406 Savannah, Georgia 31416
Phone:(912)355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Willowpeg Lane Limited Partnership
We have audited the accompanying balance sheets of Willowpeg Lane Limited
Partnership (a Georgia limited partnership) as of December 31, 1996 and the
related statements of operations, partners' equity (deficit) and cash flows for
the year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
The financial statement information for the year ending December 31, 1995 was
audited by another independent certified public accountant who expressed and
unqualified opinion dated March 16, 1996.
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
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 Willowpeg Lane Limited
Partnership (a Georgia limited partnership) as of December 31, 1996 and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Floyd & Company, C.P.A.
/s/R. Doug Floyd
February 28, 1997
<PAGE>
[Letterhead]
[LOGO]
David C. Moja, C.P.A., P.C.
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Willowpeg Lane Limited Partnership
We have audited the accompanying balance sheets of Willowpeg Lane Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December
31, 1994, and the related statements of operations, partners' equity (deficit)
and cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with 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
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 Willowpeg Lane Limited
Partnership (a Georgia Limited Partnership), as of December 31, 1995 and
December 31, 1994, 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 conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in the
table of contents is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information, except for
the portion marked "unaudited", on which we express no opinion, has been
subjected to the procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly presented in all material respects in
relation to the basic financial statements taken as a whole.
/s/David C. Moja
David C. Moja, C.P.A., P.C.
March 12, 1996
Savannah, Georgia
<PAGE>
[Letterhead]
[LOGO]
DAVID G. PELLICIONE, C.P.A., P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Americus Properties Limited Partnership
We have audited the accompanying balance sheets of AMERICUS PROPERTIES LIMITED
PARTNERSHIP (a Limited Partnership), as of December 31, 1996 and 1995, and the
related statement of operations, changes in partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our 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 AMERICUS PROPERTIES LIMITED
PARTNERSHIP as of December 31, 1996 and 1995 and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements of AMERICUS PROPERTIES LIMITED PARTNERSHIP taken as a whole. The
accompanying financial information listed as supplementary data in the table of
contents is presented for purposes of additional analysis as required by Farmers
Home Administration. The information in these schedules 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 of AMERICUS PROPERTIES LIMITED PARTNERSHIP, taken as a
whole.
/s/David G. Pellicione
Savannah, Georgia
February 25, 1997
<PAGE>
[Letterhead]
[LOGO]
DAVID G. PELLICIONE, C.P.A., P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Americus Properties Limited Partnership
We have audited the accompanying balance sheets of AMERICUS PROPERTIES LIMITED
PARTNERSHIP (a Limited Partnership), as of December 31, 1995 and 1994, and the
related statement of operations, changes in partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our 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 AMERICUS PROPERTIES LIMITED
PARTNERSHIP as of December 31, 1995 and 1994 and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements of AMERICUS PROPERTIES LIMITED PARTNERSHIP taken as a whole. The
accompanying financial information listed as supplementary data in the table of
contents is presented for purposes of additional analysis as required by Farmers
Home Administration. The information in these schedules 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 of AMERICUS PROPERTIES LIMITED PARTNERSHIP, taken as a
whole.
/s/David G. Pellicione
Savannah, Georgia
March 1, 1996
<PAGE>
Coopers & Lybrand
Report of Independent Accountants
To the Partners of
Atlantic Terrace Limited Partnership:
We have audited the accompanying balance sheet of Atlantic Terrace Partnership
as of December 31, 1996, and the related statements of profit and loss,
partners' capital (deficiency), and cash flows for the year then ended. These
financial statements are the responsibility of the management of Atlantic
Terrace Limited Partnership. 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 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 Atlantic Terrace Limited
Partnership as of December 31, 1996, 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 January 31, 1997 on our consideration of Atlantic Terrace Limited
Partnership's internal control structure and a report dated January 31, 1997 on
its compliance with laws and regulations.
/s/ Coopers & Lybrand
Boston, Massachusetts
January 31, 1997
<PAGE>
[Letterhead]
[LOGO]
Coopers & Lybrand L.L.P.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Partners of
Atlantic Terrace Limited Partnership:
We have audited the accompanying balance sheet of Atlantic Terrace Limited
Partnership as of December 31, 1995, and the related statements of profit and
loss, partners' capital (deficiency), and cash flows for the year then ended.
These financial statements are the responsibility of the management of Atlantic
Terrace Limited Partnership. 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 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 Atlantic Terrace Limited
Partnership as of December 31, 1995, 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 9, 1996 on our consideration of Atlantic Terrace Limited
Partnership's internal control structure and a report dated February 9, 1996 on
its compliance with laws and regulations.
/s/Coopers & Lybrand L.L.P
Boston, Massachusetts
February 9, 1996
<PAGE>
Coopers & Lybrand
Report of Independent Accountants
To the Partners of
Atlantic Terrace Limited Partnership:
We have audited the accompanying balance sheet of Atlantic Terrace Partnership,
HUD Project No. 000-36636, as of December 31, 1994, and the related statements
of profit and loss, partners' capital (deficiency), and cash flows for the year
then ended. These financial statements are the responsibility of the management
of Atlantic Terrace Limited Partnership. 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 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 Atlantic Terrace Limited
Partnership as of December 31, 1994, and the results of its operations, and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Coopers & Lybrand
Boston, Massachusetts
February 14, 1995
<PAGE>
[Letterhead]
[LOGO]
Reznick Fedder & Silverman
Independent Auditors' Report
To the Partners
Garden Cove Apartments, Ltd.
We have audited the accompanying balance sheet of Garden Cove Apartments, Ltd.
as of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
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 Garden Cove Apartments, Ltd as
of December 31, 1996, and the results of its operations, the changes in
partners' equity and its cash flows for the year then ended, in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplementary information on pages 20 to 26 is
presented for the purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
<PAGE>
To the Partners
Garden Cove Apartments, Ltd.
Page 2
In accordance with Government Auditing Standards and the "Consolidated Audit
Guide for Audits of HUD Programs", we have also issued reports dated January 20,
1997 on our consideration of Garden Cove Apartments, Ltd.'s internal control
structure and on its compliance with specific requirements applicable to major
HUD programs, affirmative fair housing, and laws and regulations applicable to
the financial statements.
/s/Reznick Fedder & Silverman
Boston, Massachusetts Federal Employer
January 20, 1997 Identification Number
52-1088612
Audit Principal: Philip A. Weitzel
<PAGE>
[Letterhead]
[LOGO]
Reznick Fedder & Silverman
Certified Public Accountants Business Consultants
A Professional Corporation
745 Atlantic Avenue
Suite 800
Boston, MA 02111-2735
(617) 423-5855
Fax (617) 423-6651
Independent Auditors' Report
To the Partners
Garden Cove Apartments, Ltd.
We have audited the accompanying balance sheet of Garden Cove
Apartments, Ltd. as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 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 Garden Cove
Apartments, Ltd. as of December 31, 1995, and the results of its operations, the
changes in partners' equity and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 21
through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects as a
whole.
<PAGE>
Page2
In accordance with Government Auditing Standards, we have also issued
reports dated February 24, 1996 on our consideration of Garden Cove Apartments,
Ltd.'s internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/Reznick Fedder & Silverman
Boston, Massachusetts Federal Employer
Identification # 52-1088612
February 24, 1996
Audit Principal: Philip A. Weitzel
<PAGE>
Arthur Anderson LLP
Report of Independent Public Accountants
To the Partners of
Garden Cove Apartments, Ltd.:
We have audited the accompanying balance sheet of Garden Cove Apartments, Ltd.
(a Limited Partnership), HUD Project No. 062-36609, as of December 31, 1994, and
the related statements of income and expenses, 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.
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 Garden Cove Apartments, Ltd. as
of December 31, 1994, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting principles.
As more fully discussed in Note 6, there is ongoing litigation regarding the
general partner interests of Garden Cove Apartments, Ltd. In addition, the
Partnership's obligations under certain loan arrangements are not determinable
at this time. The accompanying financial statements do not include any
adjustments that might result from the resolution of these matters.
/s/Arthur Anderson LLP
Boston, Massachusetts
February 17, 1995
<PAGE>
[Letterhead]
[LOGO]
John D. Schuler
Independent Auditor's Report
To the Partners
B & C Housing Associates, III
Marlton, New Jersey
We have audited the accompanying balance sheets of B & C Housing Associates,
III, A Limited Partnership, HUD Project No. 117-94008, as of December 31, 1996,
and 1995, and the related statements of income and expense, changes in partners'
capital and cash flows for the year ended December 31, 1996. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our 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 B & C Housing Associates, III,
as of December 31, 1996 and 1995, and the results of its operations and the
changes in partners' capital and cash flows for the year ended December 31,
1996, in conformity with generally accepted accounting principles.
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 January 18, 1997 on our
consideration of B & C Housing Associates, III's internal control structure and
reports dated January 18, 1997, 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.
<PAGE>
To the Partners
B & C Housing Associates, III
Page 2
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 to 19 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/John D. Schuler
Tulsa, Oklahoma
January 18, 1997
<PAGE>
[Letterhead]
[LOGO]
John D. Schuler
Independent Auditor's Report
To the Partners
B & C Housing Associates, III
Marlton, New Jersey
We have audited the accompanying balance sheets of B & C Housing Associates,
III, A Limited Partnership, HUD Project No. 117-94008, as of December 31, 1995,
and 1994, and the related statements of income and expense, changes in partners'
capital and cash flows for the year ended December 31, 1995. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our 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 B & C Housing Associates, III,
as of December 31, 1995 and 1994, and the results of its operations and the
changes in partners' capital and cash flows for the year ended December 31,
1995, in conformity with generally accepted accounting principles.
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 January 20, 1996 on our
consideration of B & C Housing Associates, III's internal control structure and
reports dated January 20, 1996, 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.
<PAGE>
To the Partners
B & C Housing Associates, III
Page 2
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 to 19 is presented for the purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/John D. Schuler
Tulsa, Oklahoma
January 20, 1996
<PAGE>
[Letterhead]
[LOGO]
Velez, Semprit, Nieves & Co.
San Juan, PR
INDEPENDENT AUDITORS' REPORT ON FINANCIAL STATEMENTS
Partners
San Antonio Limited Dividend Partnership S.E.
San Juan, Puerto Rico
We have audited the accompanying balance sheets of San Antonio Limited Dividend
Partnership S.E. as of December 31, 1996 and 1995, 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 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 San Antonio Limited Dividend
Partnership S.E. as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
/s/Velez, Semprit Nieves & Co.
February 4, 1997
Stamp number 1411418 was
affixed to the original of this report
<PAGE>
[Letterhead]
[LOGO]
Velez, Semprit, Nieves & Co.
San Juan, PR
INDEPENDENT AUDITORS' REPORT ON FINANCIAL STATEMENTS
Partners
San Antonio Limited Dividend Partnership S.E.
San Juan, Puerto Rico
We have audited the accompanying balance sheets of San Antonio Limited Dividend
Partnership S.E. as of December 31, 1995 and 1994, 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 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 San Antonio Limited Dividend
Partnership S.E. as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
/s/Velez, Semprit Nieves & Co.
February 2, 1996
Stamp number 1340312 was
affixed to the original of this report
<PAGE>
[Letterhead]
[LOGO]
Floyd & Company
Savannah, Georgia
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Waynesboro Properties Limited Partnership
We have audited the accompanying balance sheets of Waynesboro Properties Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the
related statements of operations, partners' equity (deficit) and cash flows for
the year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
The financial statement information for the year ending December 31, 1995 was
audited by another independent certified public accountant who expressed and
unqualified opinion dated March 16, 1996.
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 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 Waynesboro Properties Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Floyd & Company, CPA
/s/R. Doug Floyd
February 28, 1997
<PAGE>
[Letterhead]
[LOGO]
David C. Moja, C.P.A., P.C.
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Waynesboro Properties Limited Partnership
We have audited the accompanying balance sheets of Waynesboro Properties Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and December
31, 1994, and the related statements of operations, partners' equity (deficit)
and cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with 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 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 Waynesboro Properties Limited
Partnership (a Georgia Limited Partnership), as of December 31, 1995 and
December 31, 1994, and the results of its operations and cash flows for the
years then ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in the
table of contents is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information. except for
the portion marked "unaudited", on which we express no opinion, has been
subjected to the procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly presented in all material respects in
relation to the basic financial statements taken as a whole.
/s/David C. Moja
David C. Moja, C.P.A., P.C.
March 12, 1996
Savannah, Georgia
<PAGE>
[Letterhead]
[LOGO]
DAVID G. PELLICIONE, C.P.A., P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Monroe Properties Limited Partnership
We have audited the accompanying balance sheets of MONROE PROPERTIES LIMITED
PARTNERSHIP (A Limited Partnership), as of December 31, 1996 and 1995, and the
related statement of operations, changes in partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our 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 MONROE PROPERTIES LIMITED
PARTNERSHIP as of December 31, 1996 and 1995 and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements of MONROE PROPERTIES LIMITED PARTNERSHIP taken as a whole. The
accompanying financial information listed as supplementary data in the table of
contents is presented for purposes of additional analysis as required by Farmers
Home Administration. The information in these schedules 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 of MONROE PROPERTIES LIMITED PARTNERSHIP, taken as a
whole.
/s/David G. Pellicione
Savannah, Georgia
February 25, 1997
<PAGE>
[Letterhead]
[LOGO]
DAVID G. PELLICIONE, C.P.A., P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Monroe Properties Limited Partnership
We have audited the accompanying balance sheets of MONROE PROPERTIES LIMITED
PARTNERSHIP (A Limited Partnership), as of December 31, 1995 and 1994, and the
related statement of operations, changes in partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our 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 MONROE PROPERTIES LIMITED
PARTNERSHIP as of December 31, 1995 and 1994 and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements of MONROE PROPERTIES LIMITED PARTNERSHIP taken as a whole. The
accompanying financial information listed as supplementary data in the table of
contents is presented for purposes of additional analysis as required by Farmers
Home Administration. The information in these schedules has been subjected to
the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly presented in all material respects in relation to
the financial statements of MONROE PROPERTIES LIMITED PARTNERSHIP, taken as a
whole.
/s/David G. Pellicione
Savannah, Georgia
March 1, 1996
<PAGE>
[Letterhead]
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Braunsdorf, Carlson and Clinkinbeard
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners
Mulberry Associates I, L.P.
Mulberry, Arkansas
We have audited the accompanying balance sheet of Mulberry Associates I, L.P. (a
Missouri limited partnership) FmHA Case No: 30-170-431435777 as of December 31,
1995, and the related statements of loss, partners' equity and cash flows for
the year ended December 31, 1994. 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 Mulberry Associates I, L.P., as
of December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting principles.
/s/ Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Topeka, Kansas
February 13, 1996
<PAGE>
[Letterhead]
[LOGO]
Braunsdorf, Carlson and Clinkinbeard
INDEPENDENT AUDITORS' REPORT
To the Partners
Ward Manor Associates Limited Partnership
Ward, Arkansas
We have audited the accompanying balance sheet of Ward Manor Associates Limited
Partnership (a Missouri limited partnership) Rural Development Case No:
03-043-431482892 as of December 31, 1996, and the related statements of loss,
partners' equity and cash flows for the year ended December 31, 1996. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audit in accordance with 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 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 Ward Manor Associates Limited
Partnership as of December 31, 1996 and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Topeka, Kansas
January 21, 1997
<PAGE>
[Letterhead]
[LOGO]
Braunsdorf, Carlson and Clinkinbeard
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners
Ward Manor Associates Limited Partnership
Ward, Arkansas
We have audited the accompanying balance sheet of Ward Manor Associates Limited
Partnership (a Missouri limited partnership) FmHA Case No: 03-043-431482892 as
of December 31, 1994, and the related statements of loss, partners' equity and
cash flows for the year ended December 31, 1994. These financial statements are
the responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with 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 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 Ward Manor Associates Limited
Partnership as of December 31, 1994 and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Topeka, Kansas
February 25, 1995
<PAGE>
[Letterhead]
[LOGO]
Braunsdorf, Carlson and Clinkinbeard
INDEPENDENT AUDITORS' REPORT
To the Partners
Paragould Associates I, Limited Partnership
Paragould, Arkansas
We have audited the accompanying balance sheet of Paragould Associates I,
Limited Partnership (a Missouri limited partnership) Rural Development Case No.
: as of December 31, 1996, and the related statements of loss, partners' equity
and cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our 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 Paragould Associates I, Limited
Partnership as of December 31, 1996, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
/s/ Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Topeka, Kansas
January 21, 1997
<PAGE>
[Letterhead]
[LOGO]
Braunsdorf, Carlson and Clinkinbeard
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners
Paragould Associates I, Limited Partnership
Paragould, Arkansas
We have audited the accompanying balance sheet of Paragould Associates I,
Limited Partnership (a Missouri limited partnership) as of December 31, 1994 and
1993, and the related statements of loss, partners' equity and cash flows for
the year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our 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 Paragould Associates I, Limited
Partnership as of December 31, 1994 and 1993, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
/s/ Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Topeka, Kansas
February 24, 1995
<PAGE>
[Letterhead]
[LOGO]
Braunsdorf, Carlson and Clinkinbeard
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
To the Partners
Lamar Associates, Limited Partnership
Lamar, Arkansas
We have audited the accompanying balance sheet of Lamar Associates, Limited
Partnership (a Missouri limited partnership) RECD Case No.: 03-036-431424399 as
of December 31, 1995, and the related statements of loss, partners' equity and
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
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 Lamar Associates, Limited
Partnership as of December 31, 1995, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Topeka, Kansas
February 7, 1996
<PAGE>
[Letterhead]
[LOGO]
John D. Schuler
Independent Auditor's Report
To the Partners
B & C Housing Associates, II
Marlton, New Jersey
We have audited the accompanying balance sheets of B & C Housing Associates, II,
a Limited Partnership, HUD Project No. 118-94005, as of December 31, 1996, and
1995, and the related statements of income and expense, changes in partners'
(deficiency) and cash flows for the year ended December 31, 1996. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the 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 B & C Housing Associates, II,
as of December 31, 1996 and 1995, and the results of its operations and the
changes in partners' (deficiency) and cash flows for the year ended December 31,
1996, in conformity with generally accepted accounting principles.
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 January 18, 1997, on our
consideration of B & C Housing Associates, II's internal control structure and
reports dated January 18, 1997, 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.
<PAGE>
To the Partners
B & C Housing Associates, II
Page 2
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 to 19 is presented for purposes of
additional analysis and is not a required part of the basic financial statements
of the Partnership. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/John D. Schuler
Tulsa, Oklahoma
January 18, 1997
<PAGE>
[Letterhead]
[LOGO]
John D. Schuler
Independent Auditor's Report
To the Partners
B & C Housing Associates, II
Marlton, New Jersey
We have audited the accompanying balance sheets of B & C Housing Associates, II,
a Limited Partnership, HUD Project No. 118-94005, as of December 31, 1995, and
1994, and the related statements of income and expense, changes in partners'
(deficiency) and cash flows for the year then ended December 31, 1995. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the 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 B & C Housing Associates, II,
as of December 31, 1995 and 1994, and the results of its operations and the
changes in partners' (deficiency) and cash flows for the year ended December 31,
1995, in conformity with generally accepted accounting principles.
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 January 20, 1996, on our
consideration of B & C Housing Associates, II's internal control structure and
reports dated January 20, 1996, 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.
<PAGE>
To the Partners
B & C Housing Associates, II
Page 2
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 to 19 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/John D. Schuler
Tulsa, Oklahoma
January 20, 1996
<PAGE>
[Letterhead]
[LOGO]
John D. Schuler
Independent Auditor's Report
To the Partners
Shadow Wood Housing Associates, Limited
Marlton, New Jersey
We have audited the accompanying balance sheets of Shadow Wood Housing
Associates, Limited, An Oklahoma Limited Partnership, HUD Project No. 117-94009,
as of December 31, 1996, and 1995, and the related statements of income and
expense, changes in partners' equity and cash flows for the year then ended
December 31, 1996. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the 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 Shadow Wood Housing Associates,
Limited, as of December 31, 1996, and 1995, and the results of its operations
and the changes in partners' equity and cash flows for the year ended December
31, 1996, in conformity with generally accepted accounting principles.
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 January 18, 1997, on our
consideration of Shadow Wood Housing Associates, Limited's internal control
structure and reports dated January 18, 1997, 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.
<PAGE>
To the Partners
Shadow Wood Housing Associates, Limited
Page 2
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 to 19 is presented for
purposes of additional analysis and is not a required part of the basic
financial statements of the Partnership. Such information has been subjected to
the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/s/John D. Schuler
Tulsa, Oklahoma
January 18, 1997
<PAGE>
[Letterhead]
[LOGO]
John D. Schuler
Independent Auditor's Report
To the Partners
Shadow Wood Housing Associates, Limited
Marlton, New Jersey
We have audited the accompanying balance sheets of Shadow Wood Housing
Associates, Limited, An Oklahoma Limited Partnership, HUD Project No. 117-94009,
as of December 31, 1995, and 1994, and the related statements of income and
expense, changes in partners' equity and cash flows for the year then ended
December 31, 1995. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the 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 Shadow Wood Housing Associates,
Limited, as of December 31, 1995, and 1994, and the results of its operations
and the changes in partners' equity and cash flows for the year ended December
31, 1995, in conformity with generally accepted accounting principles.
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 January 20, 1996, on our
consideration of Shadow Wood Housing Associates, Limited's internal control
structure and reports dated January 20, 1996, 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.
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 to 19 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/John D. Schuler
Tulsa, Oklahoma
January 20, 1996
<PAGE>
[Letterhead]
[LOGO]
Braunsdorf, Carlson and Clinkinbeard
INDEPENDENT AUDITORS' REPORT
To the Partners
Wayne Senior Housing , A Limited Partnership
Wayne, Nebraska
We have audited the accompanying balance sheet of Wayne Senior Housing, A
Limited Partnership (a Kansas limited partnership) Rural Development Case No.:
32-090-481008237 as of December 31, 1996, and the related statements of loss,
partners' equity and cash flows for the year ended December 31, 1996. 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 Wayne Senior Housing , A
Limited Partnership as of December 31, 1996, and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Braunsdorf, Carlson and Clinkinbeard, CPA's, P.A.
Topeka, Kansas
January 21, 1997
<PAGE>
[Letterhead]
[LOGO]
ZINER & COMPANY, P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners of
Wayne Apartments Project Limited Partnership
We have audited the accompanying balance sheet of Wayne Apartments Project
Limited Partnership (a Massachusetts limited partnership) (Project No.
023-44269) as of December 31, 1996, and the related statements of changes in
partners' capital, profit and loss, and cash flows for the year then ended.
These financial statements are the responsibility of Wayne Apartments Project
Limited Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our 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 Wayne Apartments Project
Limited Partnership as of December 31, 1996, and the results of its operations,
its cash flows and its changes in partners' capital 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 23, 1997 on our consideration of Wayne Apartments Project Limited
Partnership's internal control structure and a report dated January 23, 1997 on
its compliance with laws and regulations.
/s/Ziner & Company, P.C.
January 23, 1997
Boston, Massachusetts
<PAGE>
[Letterhead]
[LOGO]
ZINER & COMPANY, P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners of
Wayne Apartments Project Limited Partnership
We have audited the accompanying balance sheet of Wayne Apartments Project
Limited Partnership (a Massachusetts limited partnership) (Project No.
023-44269) as of December 31, 1995 and the related statements of changes in
partners' capital, profit and loss, and cash flows for the year then ended.
These financial statements are the responsibility of Wayne Apartments Project
Limited Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our 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 Wayne Apartments Project
Limited Partnership as of December 31, 1995, and the results of its operations,
its cash flows and its changes in partners' capital 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 26, 1996 on our consideration of Wayne Apartments Project Limited
Partnership's internal control structure and a report dated January 26, 1996 on
its compliance with laws and regulations.
/s/Ziner & Company, P.C.
January 26, 1996
Boston, Massachusetts
<PAGE>
[Letterhead]
[LOGO]
ZINER & COMPANY, P.C.
Independent Auditor's Report
To the Partners of
Wayne Apartments Project Limited Partnership
We have audited the accompanying balance sheet of Wayne Apartments Project
Limited Partnership (a Massachusetts limited partnership) (Project No.
023-44269) as of December 31, 1994, and the related statements of changes in
partners' capital, profit and loss, and cash flows for the year then ended.
These financial statements are the responsibility of the Wayne Apartments
Project Limited Partnership's general partner. 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 in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by the general partner, 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 Wayne Apartments Project
Limited Partnership, as of December 31, 1994, and the results of its operations,
its cash flows and its changes in partners' capital for the year then ended in
conformity with generally accepted accounting principles.
/s/Ziner & Company, P.C.
January 23, 1995
Boston, Massachusetts
<PAGE>
[Letterhead]
[LOGO]
John D. Schuler
Independent Auditors' Report
To the Partners
Chaparral Housing Associates, Ltd.
Marlton, New Jersey
We have audited the accompanying balance sheets of Chaparral Housing Associates,
Ltd., An Oklahoma Limited Partnership, HUD Project No. 133-94005, as of December
31, 1996, and 1995, and the related statements of income and expense, changes in
partners' capital and cash flows for the year ended December 31, 1996. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our 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 Chaparral Housing Associates,
Ltd., as of December 31, 1996, and 1995, and the results of its operations and
the changes in partners' capital and cash flows for the year ended December 31,
1996, in conformity with generally accepted accounting principles.
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 January 18, 1997, on our
consideration of Chaparral Housing Associates, Ltd.'s internal control structure
and reports dated January 18, 1997, 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.
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 to 19 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/John D. Schuler
Tulsa, Oklahoma
January 18, 1997
<PAGE>
[Letterhead]
[LOGO]
John D. Schuler
Independent Auditors' Report
To the Partners
Chaparral Housing Associates, Ltd.
Marlton, New Jersey
We have audited the accompanying balance sheets of Chaparral Housing Associates,
Ltd., An Oklahoma Limited Partnership, HUD Project No. 133-94005, as of December
31, 1995, and 1994, and the related statements of income and expense, changes in
partners' capital and cash flows for the year ended December 31, 1995. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our 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 Chaparral Housing Associates,
Ltd., as of December 31, 1995, and 1994, and the results of its operations and
the changes in partners' capital and cash flows for the year ended December 31,
1995, in conformity with generally accepted accounting principles.
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 January 20, 1996, on our
consideration of Chaparral Housing Associates, Ltd.'s internal control structure
and reports dated January 20, 1996, 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.
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 to 19 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/John D. Schuler
Tulsa, Oklahoma
January 20, 1996
<PAGE>
[Letterhead]
[LOGO]
Habif, Arogeti & Wynne, P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Snapfinger Creste Apartments, L.P.
We have audited the accompanying balance sheet of SNAPFINGER CRESTE APARTMENTS,
L.P., as of December 31, 1996, and the related statements of changes in
partners' equity (deficit), operations, and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
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.
As discussed in Note 1 to the financial statements, the Partnership has been in
default of its mortgage loan agreement with its lender since March of 1996 when
the Partnership ceased making its monthly mortgage payment and required escrow
deposits. The Partnership and the lender have been in negotiation regarding
various workout arrangements; however, at this time no agreement has been
reached and there is substantial doubt about the Partnership's ability to
continue as going concern. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of SNAPFINGER CRESTE APARTMENTS,
L.P., as of December 31, 1996, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The accompanying supplemental information is
presented for the purpose of additional analysis and is not a required part of
the basic financial statements. Such information has not been subjected to the
auditing procedures applied in the audit of the basic financial statements.
/s/Habif, Arogeti & Wynne, P.C.
Atlanta, Georgia
January 21, 1997
<PAGE>
[Letterhead]
[LOGO]
Habif, Arogeti & Wynne, P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Snapfinger Creste Apartments, L.P.
We have audited the accompanying balance sheet of SNAPFINGER CRESTE APARTMENTS,
L.P., as of December 31, 1995, and the related statements of changes in
partners' equity, operations, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and 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 SNAPFINGER CRESTE APARTMENTS,
L.P., as of December 31, 1995, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The accompanying supplemental information is
presented for the purpose of additional analysis and is not a required part of
the basic financial statements. Such information has not been subjected to the
auditing procedures applied in the audit of the basic financial statements.
/s/Habif, Arogeti & Wynne, P.C.
Atlanta, Georgia
January 31, 1996
<PAGE>
[Letterhead]
[LOGO]
Habif, Arogeti & Wynne, P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Snapfinger Creste Apartments, L.P.
We have audited the accompanying balance sheet of SNAPFINGER CRESTE APARTMENTS,
L.P., as of December 31, 1994, and the related statements of changes in
partners' equity [deficit], operations, and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit 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 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 SNAPFINGER CRESTE APARTMENTS,
L.P., as of December 31, 1994, and the results of its operations and its cash
flows for the years then ended, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The accompanying supplementary information is
presented for the purpose of additional analysis and is not a required part of
the basic financial statements. Such information has not been subjected to the
auditing procedures applied in the audit of the basic financial statements.
/s/Habif, Arogeti & Wynne, P.C.
Atlanta, Georgia
February 1, 1995
<PAGE>
[Letterhead]
[LOGO]
Habif, Arogeti & Wynne, P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Grayton Pointe Apartments, L.P.
We have audited the accompanying balance sheets of GRAYTON POINTE APARTMENTS
L.P. [a Georgia Limited Partnership], as of December 31, 1996, and the related
statements of changes in partners' equity (deficit), operations, and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
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 GRAYTON POINTE APARTMENTS, L.P.
as of December 31, 1996, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
As discussed in Note H to the financial statements, the Partnership's first
mortgage loan will mature on March 1, 1997. In addition, the Partnership has
been in default of its second mortgage loan agreement with its lender since
November of 1995 when the partnership ceased making its monthly mortgage
payment. The Partnership and its lenders have been in negotiation regarding
various extensions and workout agreements; however, at this time no agreement
has been reached, and there is 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.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The accompanying supplemental information is
presented for the purpose of additional analysis and is not a required part of
the basic financial statements. Such information has not been subjected to the
auditing procedures applied in the audit of the basic financial statements.
/s/Habif, Arogeti & Wynne, P.C.
Atlanta, Georgia
January 31, 1997
<PAGE>
[Letterhead]
[LOGO]
Habif, Arogeti & Wynne, P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Grayton Pointe Apartments, L.P.
We have audited the accompanying balance sheets of GRAYTON POINTE APARTMENTS
L.P. [a Georgia Limited Partnership], as of December 31, 1995, and the related
statements of changes in partners' equity, operations, and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 GRAYTON POINTE APARTMENTS, L.P.
as of December 31, 1995, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The accompanying supplemental information is
presented for the purpose of additional analysis and is not a required part of
the basic financial statements. Such information has not been subjected to the
auditing procedures applied in the audit of the basic financial statements.
/s/Habif, Arogeti & Wynne, P.C.
Atlanta, Georgia
January 31, 1996
<PAGE>
[Letterhead]
[LOGO]
Habif, Arogeti & Wynne, P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Grayton Pointe Apartments, L.P.
We have audited the accompanying balance sheet of GRAYTON POINTE APARTMENTS,
L.P. [a Georgia Limited Partnership], as of December 31, 1994, and the related
statements of changes in partners' equity, operations, and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 GRAYTON POINT APARTMENTS, L.P.
as of December 31, 1994, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The accompanying supplemental information is
presented for the purposes of additional analysis and is not a required part of
the basic financial statements. Such information has not been subjected to the
auditing procedures applied in the audit of the basic financial statements.
/s/Habif, Arogeti & Wynne, P.C.
Atlanta, Georgia
February 1, 1995
<PAGE>
[Letterhead]
[LOGO]
ARTHUR ANDERSON LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Partners of
Durham Park Limited Partnership
We have audited the accompanying balance sheets of DURHAM PARK LIMITED
PARTNERSHIP (an Oregon limited partnership) as of December 31, 1996 and 1995,
and the related statements of operations, partners' capital, and cash flows for
each of the three years in the period ended December 31, 1996. 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 Durham Park Limited Partnership
as of December 31, 1996 and 1995, and the results of its operations and its cash
flows for each of the three years in the period ended December 31, 1996, in
conformity with generally accepted accounting principles.
/s/Arthur Anderson LLP
Denver, Colorado
February 12, 1997
<PAGE>
[Letterhead]
[LOGO]
ARTHUR ANDERSON LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Partners of
Durham Park Limited Partnership
We have audited the accompanying balance sheets of DURHAM PARK LIMITED
PARTNERSHIP, (an Oregon limited partnership) as of December 31, 1995 and 1994,
and the related statements of operations, partners' capital, and cash flows for
each of the three years in the period ended December 31, 1995. 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 Durham Park Limited Partnership
as of December 31, 1995 and 1994, and the results of its operations and its cash
flows for each of the three years in the period ended December 31, 1995, in
conformity with generally accepted accounting principles.
/s/Arthur Anderson LLP
Denver, Colorado
February 1, 1996
<PAGE>
[Letterhead]
[LOGO]
David G. Pelliccione, C.P.A., P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Bamberg Properties Limited Partnership
We have audited the accompanying balance sheets of BAMBERG PROPERTIES LIMITED
PARTNERSHIP (A Limited Partnership), as of December 31, 1996 and 1995, and the
related statement of operations, changes in partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit 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 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 BAMBERG PROPERTIES LIMITED
PARTNERSHIP as of December 31, 1996 and 1995, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
/s/ David G. Pelliccione
Savannah, Georgia
February 25, 1997
<PAGE>
[Letterhead]
[LOGO]
David G. Pelliccione, C.P.A., P.C.
INDEPENDENT AUDITOR'S REPORT
To the Partners
Bamberg Properties Limited Partnership
We have audited the accompanying balance sheets of BAMBERG PROPERTIES LIMITED
PARTNERSHIP (A Limited Partnership), as of December 31, 1995 and 1994, and the
related statement of operations, changes in partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit 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 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 BAMBERG PROPERTIES LIMITED
PARTNERSHIP as of December 31, 1995, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
/s/ David G. Pelliccione
Savannah, Georgia
March 1, 1996
<PAGE>
[Letterhead]
[LOGO]
Floyd & Company
Savannah, Georgia
INDEPENDENT AUDITORS' REPORT
To the General Partners of
McKinley-Walker Limited Partnership
We have audited the accompanying balance sheets of McKinley-Walker Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the
related statements of operations, partners' equity (deficit) and cash flows for
the years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
The financial statement information for the year ending December 31, 1995 was
audited by another independent certified public accountant who expressed and
unqualified opinion dated March 31, 1996.
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
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 McKinley-Walker Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Floyd & Company, CPA
/s/R. Doug Floyd
February 28, 1997
<PAGE>
[Letterhead]
[LOGO]
David C. Moja, C.P.A., P.C.
INDEPENDENT AUDITORS' REPORT
To the General Partners of
McKinley-Walker Limited Partnership
We have audited the accompanying balance sheets of McKinley-Walker Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and 1994,
and the related statements of operations, partners' equity (deficit) and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with 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
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 McKinley-Walker Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and 1994,
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 conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in the
table of contents is presented for purpose of additional analysis and is not a
required part of the basic financial statements. Such information except for the
portion marked "unaudited", on which we express no opinion, has been subjected
to the procedures applied in the audits of the basic financial statements and,
in our opinion, is fairly presented in all material respects in relation to the
basic financial statements taken as a whole.
/s/David C. Moja
David C. Moja, C.P.A., P.C.
March 12, 1996
Savannah, Georgia
<PAGE>
[Letterhead]
[LOGO]
MUELLER, WALLA & ALBERTSON, P.C.
Kirkwood, Missouri
INDEPENDENT AUDITORS' REPORT
The Partners
DeSoto Associates III, L.P.
St. Louis, Missouri
We have audited the accompanying balance sheet of DeSoto Associates III, L.P. (a
limited partnership) as of December 31, 1996, 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.
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 1996 financial statements referred to above present fairly,
in all material respects, the financial position of DeSoto Associates III, L.P.
as of December 31, 1996, 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.
The 1995 financial statements were compiled by us and our report thereon, dated
February 9, 1996, stated that we did not audit or review those financial
statements and, accordingly, expressed no opinion or other form of assurance on
them.
/s/Mueller, Walla & Albertson, P.C.
Mueller, Walla & Albertson, P.C.
Certified Public Accountants
February 7, 1997
<PAGE>
[Letterhead]
[LOGO]
Mueller & Walla, P.C.
Certified Public Accountants
10714 Manchester Road
Suite 202
Kirkwood, Missouri 63122
(314) 822-6575
Accountants' Compilation Report
The Partners
DeSoto Associates III, L.P.
St. Louis, Missouri
We have compiled the accompanying balance sheet of DeSoto Associates III, L.P.
(a limited partnership) as of December 31, 1995, and the related statements of
operations, partners' capital, and cash flows for the year then ended, in
accordance with Statements on Standards for Accounting and Review Services
issued by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements
information that is the representation of management. We have not audited or
reviewed the accompanying financial statements and, accordingly, do not express
an opinion or any other form of assurance on them.
The financial statements for the year ended December 31, 1994, were audited by
us, and we expressed an unqualified opinion on them in our report dated February
3, 1995, but we have not performed any auditing procedures since that date.
/s/Mueller & Walla, P.C.
Mueller & Walla, P.C.
Certified Public Accountants
February 9, 1996
<PAGE>
[Letterhead]
[LOGO]
Mueller & Walla, P.C.
Certified Public Accountants
10714 Manchester Road
Suite 202
Kirkwood, Missouri 63122
(314)822-6575
Independent Auditors' Report
The Partners
DeSoto Associates III, L.P.
St. Louis, Missouri
We have audited the accompanying balance sheet of DeSoto Associates III, L.P. (a
limited partnership) as of December 31, 1994, 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.
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 1994 financial statements referred to above present fairly,
in all material respects, the financial position of DeSoto Associates III, L.P.
as of December 31, 1994, 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.
The 1993 financial statements were compiled by us and our report thereon, dated
January 5, 1994, stated that we did not audit or review those financial
statements and, accordingly, expressed no opinion or other form of assurance on
them.
/s/Mueller & Walla, P.C.
Mueller & Walla, P.C.
Certified Public Accountants
February 3, 1995
<PAGE>
Mueller & Walla, P.C.
Certified Public Accountants
10714 Manchester Road
Suite 202
Kirkwood, Missouri 63122
INDEPENDENT AUDITORS' REPORT
The Partners
Warrenton Associates I, L.P.
Warrenton, Missouri
We have compiled the accompanying balance sheet of Warrenton Associates I, L.P.
(a limited partnership) as of December 31, 1996, and the related statements of
operations, partners' capital and cash flows for the year then ended, in
accordance with Statements on Standards for Accounting and Review Services
issued by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements
information that is the representation of management. We have not audited or
reviewed the accompanying financial statements and, accordingly, do not express
an opinion or any other form of assurance on them.
The financial statements for the year ended December 31, 1995, were audited by
us, and we expressed an unqualified opinion on them in our report dated February
6, 1996, but we have not performed any auditing procedures since that date.
/s/Mueller, Walla & Albertson, P.C.
Mueller, Walla & Albertson, P.C.
Certified Public Accountants
February 10, 1997
<PAGE>
Mueller & Walla, P.C.
Certified Public Accountants
10714 Manchester Road
Suite 202
Kirkwood, Missouri 63122
INDEPENDENT AUDITORS' REPORT
The Partners
Warrenton Associates I, L.P.
Warrenton, Missouri
We have audited the accompanying balance sheet of Warrenton Associates I, L.P.
(a limited partnership) as of December 31, 1995, 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.
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 provide a reasonable basis for our opinion.
In our opinion, the 1995 financial statements referred to above present fairly,
in all material respects, the financial position of Warrenton Associates, I,
L.P. as of December 31, 1995, 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.
The 1994 financial statements were compiled by us and our report thereon, dated
February 3, 1995, stated that we did not audit or review those financial
statements and, accordingly, express no opinion or other form of assurance on
them.
/s/Mueller & Walla, P.C.
Mueller & Walla, P.C.
Certified Public Accountants
February 6, 1995
<PAGE>
Mueller & Walla, P.C.
Certified Public Accountants
10714 Manchester Road
Suite 202
Kirkwood, Missouri 63122
(314) 822-6575
Accountants' Compilation Report
The Partners
Warrenton Associates I, L.P.
Warrenton, Missouri
We have compiled the accompanying balance sheet of Warrenton Associates I, L.P.
(a limited partnership) as of December 31, 1994, and the related statements of
operations, partners' capital, and cash flows for the year then ended, in
accordance with Statements on Standards for Accounting and Review Services
issued by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements
information that is the representation of management. We have not audited or
reviewed the accompanying financial statements and, accordingly, do not express
an opinion or any other form of assurance on them.
The financial statements for the year ended December 31, 1993, were audited by
us, and we expressed an unqualified opinion on them in our report dated February
3, 1994, but we have not performed any auditing procedures since that date.
/s/Mueller & Walla, P.C.
Mueller & Walla, P.C.
Certified Public Accountants
February 3, 1995
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Habif, Arogeti & Wynne, P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Shannon Creste Apartments, L.P.
We have audited the accompanying balance sheet of SHANNON CRESTE APARTMENTS,
L.P., [a Georgia Limited Partnership], as of December 31, 1996, and the related
statements of changes in partners' equity, operations, and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 SHANNON CRESTE APARTMENTS, L.P.
as of December 31, 1996, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The accompanying supplemental information is
presented for the purpose of additional analysis and is not a required part of
the basic financial statements. Such information has not been subjected to the
auditing procedures applied in the audit of the basic financial statements.
/s/Habif, Arogeti & Wynne, P.C.
Atlanta, Georgia
January 31, 1997
<PAGE>
[Letterhead]
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Habif, Arogeti & Wynne, P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Shannon Creste Apartments, L.P.
We have audited the accompanying balance sheet of SHANNON CRESTE APARTMENTS,
L.P., [a Georgia Limited Partnership], as of December 31, 1995, and the related
statements of changes in partners' equity, operations, and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 SHANNON CRESTE APARTMENTS, L.P.
as of December 31, 1995, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The accompanying supplemental information is
presented for the purpose of additional analysis and is not a required part of
the basic financial statements. Such information has not been subjected to the
auditing procedures applied in the audit of the basic financial statements.
/s/Habif, Arogeti & Wynne, P.C.
Atlanta, Georgia
January 31, 1996
<PAGE>
[Letterhead]
[LOGO]
Habif, Arogeti & Wynne, P.C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Shannon Creste Apartments, L.P.
We have audited the accompanying balance sheet of SHANNON CRESTE APARTMENTS,
L.P., [a Georgia Limited Partnership], as of December 31, 1994, and the related
statements of changes in partners' equity, operations, and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit 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 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 SHANNON CRESTE APARTMENTS, L.P.
as of December 31, 1994, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The accompanying supplemental information is
presented for the purposes of additional analysis and is not a required part of
the basic financial statements. Such information has not been subjected to the
auditing procedures applied in the audit of the basic financial statements.
/s/Habif, Arogeti & Wynne, P.C.
Atlanta, Georgia
January 31, 1995
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MACDONALDPAGE
Independent Auditor's Report
February 4, 1997
Milo Housing Associates
224 Maine Avenue
Gardiner, Maine
We have audited the accompanying balance sheet of Milo Housing Associates (a
limited partnership) as of December 31, 1996, 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.
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 Milo Housing Associates as of
December 31, 1996, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/Macdonald Page & Co.
Certified Public Accountants
<PAGE>
[Letterhead]
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MACDONALD PAGE
South Portland, Maine
Independent Auditor's Report
February 14, 1996
Milo Housing Associates
(a Limited Partnership)
224 Maine Avenue
Gardiner, Maine
We have audited the accompanying balance sheet of Milo Housing Associates (a
Limited Partnership) as of December 31, 1995, 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.
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 Milo Housing Associates (a
Limited Partnership) as of December 31, 1995, and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/Macdonald Page & Co.
Certified Public Accountants
<PAGE>
[LETTERHEAD]
[LOGO]
MACDONALDPAGE
South Portland, Maine
Independent Auditor's Report
February 10, 1995
Milo Housing Associates
(a Limited Partnership)
224 Maine Avenue
Gardiner, Maine
We have audited the accompanying statement of assets, liabilities and partners'
capital - income tax basis of Milo Housing Associates (a Limited Partnership) as
of December 31, 1994, and the related statements of revenue and expenses income
tax basis, changes in partners' capital - income tax basis, and cash flows
- -income tax basis 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.
As described in Note 1, these financial statements were prepared on the basis of
accounting the Partnership uses for income tax purposes, which is a
comprehensive basis of accounting other than generally accepted accounting
principles.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets, liabilities and partners' capital of Milo
Housing Associates (a Limited Partnership) as of December 31, 1994 and its
revenue and expenses, changes in partners' capital, and cash flows for the year
then ended on the basis of accounting described in Note 1.
/s/Macdonald Page & Co.
Certified Public Accountants
<PAGE>
[Letterhead]
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KPMG Peat Marwick LLP
Atlanta, Georgia
Independent Auditors' Report
The Partners
Brighton Manor Apartments,
A Limited Partnership:
We have audited the accompanying balance sheets of Brighton Manor Apartments, A
Limited Partnership as of December 31, 1996 and 1995, and the related statements
of loss, partners' capital (deficit), and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
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 of the financial statements 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 Brighton Manor Apartments, A
Limited Partnership as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
/s/KPMG Peat Marwick LLP
January 24, 1997
<PAGE>
[Letterhead]
[LOGO]
KPMG Peat Marwick LLP
Atlanta, Georgia
Independent Auditors' Report
The Partners
Brighton Manor Apartments,
A Limited Partnership:
We have audited the balance sheets of Brighton Manor Apartments, A Limited
Partnership as of December 31, 1995 and 1994, and the related statements of
loss, partners' capital (deficit), and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
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 of the financial statements 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 Brighton Manor Apartments, A
Limited Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
/s/KPMG Peat Marwick LLP
February 2, 1996
