FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
------------------
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 0-17679
-----------------------------------------
BOSTON CAPITAL TAX CREDIT FUND LIMITED PARTNERSHIP
- -----------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 04-3006542
- -------------------------------- -----------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
313 Congress Street, Boston, Massachusetts 02210
- -----------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 439-0072
--------------
- -----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2)has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
<PAGE>
BOSTON CAPITAL TAX CREDIT FUND LIMITED PARTNERSHIP
--------------------------------------------------
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 1995
-----------------------------------------------
TABLE OF CONTENTS
-----------------
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements..............................
Balance Sheets....................................
Statements of Operations..........................
Statement of Changes in Partners' Capital.........
Statements of Cash Flows..........................
Notes to Financial Statements.....................
Item 2. Management's Discussion and Analysis of
Financial Condition and Results
of Operations.....................................
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K..................
Signatures........................................
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
September 30, March 31,
1995 1995
(Unaudited) (Audited)
------------ ------------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (note D) $28,928,154 $32,538,323
OTHER ASSETS
Cash and cash equivalents 287,473 409,285
Other assets 503,554 464,703
---------- ----------
$29,719,181 $33,412,311
========== ==========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 3,194,483 $ 2,716,873
---------- ----------
PARTNERS' CAPITAL
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, $10 stated
value per BAC, 9,800,600 issued and 27,109,365 31,238,397
outstanding
General Partner (584,667) (542,959)
---------- ----------
26,524,698 30,695,438
---------- ----------
$29,719,181 $33,412,311
========== ==========
The accompanying notes are an integral part of these statements.
1
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
SERIES 1
----------------------------
September 30, March 31,
1995 1995
(Unaudited) (Audited)
----------- ---------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (note D) $ 452,583 $ 760,753
OTHER ASSETS
Cash and cash equivalents 50,972 67,610
Other assets 54,303 15,450
------- -------
$ 557,858 $ 843,813
======= =======
LIABILITIES
Accounts payable and accrued
expenses (Note C) $ 838,782 $ 708,350
------- -------
PARTNERS' CAPITAL
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, $10 stated
value per BAC, 1,299,900 issued and (164,891) 247,332
outstanding
General Partner (116,033) (111,869)
------- -------
(280,924) 135,463
------- -------
$ 557,858 $ 843,813
======= =======
The accompanying notes are an integral part of these statements.
2
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
SERIES 2
----------------------------
September 30, March 31,
1995 1995
ASSETS (Unaudited) (Audited)
----------- ---------
INVESTMENTS IN OPERATING
PARTNERSHIPS (note D) $2,391,510 $2,692,427
OTHER ASSETS
Cash and cash equivalents 8,107 23,531
Other assets 360,285 360,285
--------- ---------
$2,759,902 $3,076,243
========= =========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 178,870 $ 144,250
--------- ---------
PARTNERS' CAPITAL
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, $10 stated
value per BAC, 830,300 issued and
outstanding 2,624,565 2,972,016
General Partner (43,533) (40,023)
--------- ---------
2,581,032 2,931,993
--------- ---------
$2,759,902 $3,076,243
========= =========
The accompanying notes are an integral part of these statements.
3
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
SERIES 3
----------------------------
September 30, March 31,
1995 1995
ASSETS (Unaudited) (Audited)
----------- ---------
INVESTMENTS IN OPERATING
PARTNERSHIPS (note D) $7,918,268 $9,411,087
OTHER ASSETS
Cash and cash equivalents 1,339 25,072
Other assets 41,861 41,861
--------- ---------
$7,961,468 $9,478,020
========= =========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 882,855 $ 747,606
--------- ---------
PARTNERS' CAPITAL
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, $10 stated
value per BAC, 2,882,200 issued and
outstanding 7,259,741 8,895,024
General Partner (181,128) (164,610)
--------- ---------
7,078,613 8,730,414
--------- ---------
$7,961,468 $9,478,020
========= =========
The accompanying notes are an integral part of these statements.
4
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
SERIES 4
----------------------------
September 30, March 31,
1995 1995
(Unaudited) (Audited)
------------ ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (note D) $10,642,707 $11,655,359
OTHER ASSETS
Cash and cash equivalents 32,453 59,115
Other assets 13,992 13,994
---------- ----------
$10,689,152 $11,728,468
========== ==========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 648,117 $ 522,675
---------- ----------
PARTNERS' CAPITAL
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, $10 stated
value per BAC, 2,995,300 issued and
outstanding 10,200,730 11,353,840
General Partner (159,695) (148,047)
---------- ----------
10,041,035 11,205,793
---------- ----------
$10,689,152 $11,728,468
========== ==========
The accompanying notes are an integral part of these statements.
5
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
SERIES 5
----------------------------
September 30, March 31,
1995 1995
(Unaudited) (Audited)
------------ ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (note D) $1,514,131 $1,665,945
OTHER ASSETS
Cash and cash equivalents 159,411 208,686
Other assets 33,113 33,113
--------- ---------
$1,706,655 $1,907,744
========= =========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 8,640 $ 28,913
--------- ---------
PARTNERS' CAPITAL
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, $10 stated
value per BAC, 489,900 issued and
outstanding 1,722,785 1,901,793
General Partner (24,770) (22,962)
--------- ---------
1,698,015 1,878,831
--------- ---------
$1,706,655 $1,907,744
========= =========
The accompanying notes are an integral part of these statements.
6
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
SERIES 6
----------------------------
September 30, March 31,
1995 1995
(Unaudited) (Audited)
------------ ----------
ASSETS
INVESTMENTS IN OPERATING
PARTNERSHIPS (note D) $6,008,955 $6,352,752
OTHER ASSETS
Cash and cash equivalents 35,191 25,271
Other assets - -
--------- ---------
$6,044,146 $6,378,023
========= =========
LIABILITIES
Accounts payable & accrued
expenses (Note C) $ 637,219 $ 565,079
--------- ---------
PARTNERS' CAPITAL
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, $10 stated
value per BAC, 1,303,000 issued and
outstanding 5,466,435 5,868,392
General Partner (59,508) (55,448)
--------- ---------
5,406,927 5,812,944
--------- ---------
$6,044,146 $6,378,023
========= =========
The accompanying notes are an integral part of these statements.
7
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
1995 1994
Income ---- ----
Interest income $ 2,291 $ 3,483
Miscellaneous income 1,304 2,250
---------- ----------
3,595 5,733
---------- ----------
Share of loss from Operating
Partnerships (Note D) (1,627,004) (2,374,822)
---------- ----------
Expenses
Amortization - 35,755
Partnership management fees 226,833 224,572
General and administrative expenses 108,847 78,468
---------- ----------
335,680 338,795
---------- ----------
NET LOSS $(1,959,089) $(2,707,884)
========== ==========
Net loss allocated to assignees $(1,939,498) $(2,680,805)
========== ==========
Net loss allocated to general partner $ (19,591) $ (27,079)
========== ==========
Net loss per BAC $ (1.14) $ (1.71)
========== ==========
The accompanying notes are an integral part of these statements.
8
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 1
-----------------------
1995 1994
---- ----
Income
Interest income $ 330 $ 536
Miscellaneous income - 500
-------- --------
330 1,036
-------- --------
Share of loss from Operating
Partnerships (Note D) (189,666) (555,179)
-------- --------
Expenses
Amortization - 5,920
Partnership management fees 39,485 45,216
General office and professional
fee expenses 21,516 16,284
-------- --------
61,001 67,420
-------- --------
NET LOSS $(250,337) $(621,563)
======== ========
Net loss allocated to assignees $(247,834) $(615,347)
======== ========
Net loss allocated to general partner $ (2,503) $ (6,216)
======== ========
Net loss per BAC $ (.19) $ (.47)
======== ========
The accompanying notes are an integral part of these statements.
9
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 2
----------------------
1995 1994
---- ----
Income
Interest income $ 81 $ 250
Miscellaneous income - 150
-------- --------
81 400
-------- --------
Share of loss from Operating
Partnerships (Note D) (109,990) (244,183)
-------- --------
Expenses
Amortization - 2,294
Partnership management fees 16,310 17,310
General office and professional
fee expenses 14,689 10,908
-------- --------
30,999 30,512
-------- --------
NET LOSS $(140,908) $(274,295)
======== ========
Net loss allocated to assignees $(139,500) $(271,552)
======== ========
Net loss allocated to general partner $ (1,408) $ (2,743)
======== ========
Net loss per BAC $ (.17) $ (.33)
======== ========
The accompanying notes are an integral part of these statements.
10
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 3
----------------------
1995 1994
---- ----
Income
Interest income $ 33 $ 251
Miscellaneous income 1,304 550
-------- --------
1,337 801
-------- --------
Share of loss from Operating
Partnerships (Note D) (565,553) (727,067)
-------- --------
Expenses
Amortization - 1,076
Partnership management fees 65,127 65,815
General office and professional
fee expenses 25,491 16,351
-------- --------
90,618 83,242
-------- --------
NET LOSS $(654,834) $(809,508)
======== ========
Net loss allocated to assignees $(648,286) $(801,413)
======== ========
Net loss allocated to general partner $ (6,548) $ (8,095)
======== ========
Net loss per BAC $ (.23) $ (.28)
======== ========
The accompanying notes are an integral part of these statements.
11
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 4
----------------------
1995 1994
---- ----
Income
Interest income $ 251 $ 998
Miscellaneous income - 700
-------- --------
251 1,698
-------- --------
Share of loss from Operating
Partnerships (Note D) (529,485) (594,924)
-------- --------
Expenses
Amortization - 16,451
Partnership management fees 62,721 50,448
General office and professional
fee expenses 21,992 14,097
-------- --------
84,713 80,996
-------- --------
NET LOSS $(613,947) $(674,222)
======== ========
Net loss allocated to assignees $(607,808) $(667,480)
======== ========
Net loss allocated to general partner $ (6,139) $ (6,742)
======== ========
Net loss per BAC $ (.20) $ (.22)
======== ========
The accompanying notes are an integral part of these statements.
12
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 5
----------------------
1995 1994
---- ----
Income
Interest income $ 1,287 $ 1,261
Miscellaneous income - 250
-------- --------
1,287 1,511
-------- --------
Share of loss from Operating
Partnerships (Note D) (83,093) (108,321)
-------- --------
Expenses
Amortization - 2,448
Partnership management fees 8,864 9,864
General office and professional
fee expenses 10,233 10,054
-------- --------
19,097 22,366
-------- --------
NET LOSS $(100,903) $(129,176)
======== ========
Net loss allocated to assignees $ (99,894) $(127,884)
======== ========
Net loss allocated to general partner $ (1,009) $ (1,292)
======== ========
Net loss per BAC $ (.20) $ (.26)
======== ========
The accompanying notes are an integral part of these statements.
13
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
SERIES 6
----------------------
1995 1994
---- ----
Income
Interest income $ 309 $ 187
Miscellaneous income - 100
-------- --------
309 287
-------- --------
Share of loss from Operating
Partnerships (Note D) (149,217) (145,148)
-------- --------
Expenses
Amortization - 7,566
Partnership management fees 34,326 35,919
General office and professional
fee expenses 14,927 10,774
-------- --------
49,253 54,259
-------- --------
NET LOSS $(198,161) $(199,120)
======== ========
Net loss allocated to assignees $(196,179) $(197,129)
======== ========
Net loss allocated to general partner $ (1,982) $ (1,991)
======== ========
Net loss per BAC $ (.15) $ (.15)
======== ========
The accompanying notes are an integral part of these statements.
14
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
1995 1994
Income ---- ----
Interest income $ 4,943 $ 5,945
Miscellaneous income 1,304 3,125
---------- ----------
6,247 9,070
---------- ----------
Share of loss from Operating
Partnerships (Note D) (3,608,631) (5,173,971)
---------- ----------
Expenses
Amortization - 75,312
Partnership management fees 437,606 461,327
General and administrative expenses 130,750 135,240
---------- ----------
568,356 671,879
---------- ----------
NET LOSS $(4,170,740) $(5,836,780)
========== ==========
Net loss allocated to assignees $(4,129,032) $(5,778,412)
========== ==========
Net loss allocated to general partner $ (41,708) $ (58,368)
========== ==========
Net loss per BAC $ (2.37) $ (3.61)
========== ==========
The accompanying notes are an integral part of these statements.
15
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 1
----------------------
1995 1994
---- ----
Income
Interest income $ 784 $ 952
Miscellaneous income - 700
-------- ----------
784 1,652
-------- ----------
Share of loss from Operating
Partnerships (Note D) (308,171) (1,081,416)
-------- ----------
Expenses
Amortization - 11,045
Partnership management fees 84,701 88,432
General office and professional
fee expenses 24,299 24,447
-------- ----------
109,000 123,924
-------- ----------
NET LOSS $(416,387) $(1,203,688)
======== ==========
Net loss allocated to assignees $(412,223) $(1,191,651)
======== ==========
Net loss allocated to general partner $ (4,164) $ (12,037)
======== ==========
Net loss per BAC $ (.32) $ (.92)
======== ==========
The accompanying notes are an integral part of these statements.
16
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 2
----------------------
1995 1994
---- ----
Income
Interest income $ 227 $ 457
Miscellaneous income - 225
-------- --------
227 682
-------- --------
Share of loss from Operating
Partnerships (Note D) (300,917) (491,293)
-------- --------
Expenses
Amortization - 6,102
Partnership management fees 32,516 34,620
General office and professional
fee expenses 17,755 16,541
-------- --------
50,271 57,263
-------- --------
NET LOSS $(350,961) $(547,874)
======== ========
Net loss allocated to assignees $(347,451) $(542,395)
======== ========
Net loss allocated to general partner $ (3,510) $ (5,479)
======== ========
Net loss per BAC $ (.42) $ (.65)
======== ========
The accompanying notes are an integral part of these statements.
17
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 3
------------------------
1995 1994
---- ----
Income
Interest income $ 190 $ 297
Miscellaneous income 1,304 950
---------- ----------
1,494 1,247
---------- ----------
Share of loss from Operating
Partnerships (Note D) (1,491,276) (1,489,777)
---------- ----------
Expenses
Amortization - 15,281
Partnership management fees 130,824 132,298
General office and professional
fee expenses 31,195 (18,309)
---------- ----------
162,019 129,270
---------- ----------
NET LOSS $(1,651,801) $(1,617,800)
========== ==========
Net loss allocated to assignees $(1,635,283) $(1,601,622)
========== ==========
Net loss allocated to general partner $ (16,518) $ (16,178)
========== ==========
Net loss per BAC $ (.57) $ (.56)
========== ==========
The accompanying notes are an integral part of these statements.
18
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 4
------------------------
1995 1994
---- ----
Income
Interest income $ 634 $ 1,489
Miscellaneous income - 850
---------- ----------
634 2,339
---------- ----------
Share of loss from Operating
Partnerships (Note D) (1,012,654) (1,420,659)
---------- ----------
Expenses
Amortization - 22,857
Partnership management fees 125,442 115,261
General office and professional
fee expenses 27,296 31,103
---------- ----------
152,738 169,221
---------- ----------
NET LOSS $(1,164,758) $(1,587,541)
========== ==========
Net loss allocated to assignees $(1,153,110) $(1,571,666)
========== ==========
Net loss allocated to general partner $ (11,648) $ (15,875)
========== ==========
Net loss per BAC $ (.38) $ (.52)
========== ==========
The accompanying notes are an integral part of these statements.
19
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 5
---------------------
1995 1994
---- ----
Income
Interest income $ 2,579 $ 2,457
Miscellaneous income - 250
------- --------
2,579 2,707
------- --------
Share of loss from Operating
Partnerships (Note D) (151,812) (390,679)
------- --------
Expenses
Amortization - 4,896
Partnership management fees 18,728 19,728
General office and professional
fee expenses 12,855 64,208
------- --------
31,583 88,832
------- --------
NET LOSS $(180,816) $(476,804)
======= ========
Net loss allocated to assignees $(179,008) $(472,036)
======= ========
Net loss allocated to general partner $ (1,808) $ (4,768)
======= ========
Net loss per BAC $ (.37) $ (.96)
======= ========
The accompanying notes are an integral part of these statements.
20
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
SERIES 6
----------------------
1995 1994
---- ----
Income
Interest income $ 529 $ 293
Miscellaneous income - 150
-------- --------
529 443
-------- --------
Share of loss from Operating
Partnerships (Note D) (343,801) (300,147)
-------- --------
Expenses
Amortization - 15,131
Partnership management fees 45,395 70,988
General office and professional
fee expenses 17,350 17,250
-------- --------
62,745 103,369
-------- --------
NET LOSS $(406,017) $(403,073)
======== ========
Net loss allocated to assignees $(401,957) $(399,042)
======== ========
Net loss allocated to general partner $ (4,060) $ (4,031)
======== ========
Net loss per BAC $ (.31) $ (.31)
======== ========
The accompanying notes are an integral part of these statements.
21
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1995
(Unaudited)
General
Assignees Partner Total
--------- ------- -----
Partners' capital (deficit),
April 1, 1995 $31,238,397 $(542,959) $30,695,438
Net loss (4,129,032) (41,708) (4,170,740)
---------- -------- ----------
Partners' capital (deficit),
September 30, 1995 $27,109,365 $(584,667) $26,524,698
========== ======== ==========
The accompanying notes are an integral part of these statements.
22
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1995
(Unaudited)
General
Assignees Partner Total
--------- ------- -----
Series 1
- --------
Partners' capital (deficit),
April 1, 1995 $ 247,332 $(111,869) $ 135,463
Net loss (412,223) (4,164) (416,387)
--------- -------- ---------
Partners' capital (deficit),
September 30, 1995 $ (164,891) $(116,033) $ (280,924)
========= ======== =========
Series 2
- --------
Partners' capital (deficit),
April 1, 1995 $2,972,016 $ (40,023) $2,931,993
Net loss (347,451) (3,510) (350,961)
--------- -------- ---------
Partners' capital (deficit),
September 30, 1995 $2,624,565 $ (43,533) $2,581,032
========= ======== =========
Series 3
- --------
Partners' capital (deficit),
April 1, 1995 $8,895,024 $(164,610) $8,730,414
Net loss (1,635,283) (16,518) (1,651,801)
--------- -------- ---------
Partners' capital (deficit),
September 30, 1995 $7,259,741 $(181,128) $7,078,613
========= ======== =========
The accompanying notes are an integral part of these statements.
23
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENT OF CHANGES IN PARTNERS' CAPITAL
Six Months Ended September 30, 1995
(Unaudited)
General
Assignees Partner Total
--------- ------- -----
Series 4
- --------
Partners' capital (deficit),
April 1, 1995 $11,353,840 $(148,047) $11,205,793
Net loss (1,153,110) (11,648) (1,164,758)
---------- -------- ----------
Partners' capital (deficit),
September 30, 1995 $10,200,730 $(159,695) $10,041,035
========== ======== ==========
Series 5
- --------
Partners' capital (deficit),
April 1, 1995 $ 1,901,793 $ (22,962) $ 1,878,831
Net loss (179,008) (1,808) (180,816)
---------- -------- ----------
Partners' capital (deficit),
September 30, 1995 $ 1,722,785 $ (24,770) $ 1,698,015
========== ======== ==========
Series 6
- --------
Partners' capital (deficit),
April 1, 1995 $ 5,868,392 $ (55,448) $ 5,812,944
Net loss (401,957) (4,060) (406,017)
---------- -------- ----------
Partners' capital (deficit),
September 30, 1995 $ 5,466,435 $ (59,508) $ 5,406,927
========== ======== ==========
The accompanying notes are an integral part of these statements.
24
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
1995 1994
---- ----
Cash flows from operating activities:
Net loss $(4,170,740) $(2,889,799)
Adjustments
Distributions from Operating
Partnerships 1,543 1,539
Amortization - 49,603
Share of loss from Operating
Partnerships 3,608,631 2,568,338
Changes in assets and liabilities
Increase (Decrease) in accounts
payable and accrued expenses 477,607 238,891
Decrease (Increase) in other
assets (38,853) 12,541
---------- ----------
Net cash used in operating
activities (121,812) (18,887)
---------- ----------
Cash flows from investing activity:
Purchase of Operating
Partnership interest - (13,623)
---------- ----------
Net cash used in investing
activity - (13,623)
---------- ----------
DECREASE IN CASH AND CASH
EQUIVALENTS (121,812) (32,510)
Cash and cash equivalents, beginning 409,285 567,323
---------- ----------
Cash and cash equivalents, ending $ 287,473 $ 534,813
========== ==========
The accompanying notes are an integral part of these statements.
25
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 1
-------------------------
1995 1994
---- ----
Cash flows from operating activities:
Net loss $(416,387) $(1,203,688)
Adjustments
Distributions from Operating
Partnerships - 1,334
Amortization - 11,045
Share of loss from Operating
Partnerships 308,171 1,081,416
Changes in assets and liabilities
Increase (Decrease) in accounts
payable and accrued expenses 130,431 104,831
Decrease (Increase) in other
assets (38,853) -
-------- --------
Net cash provided by (used in)
operating activities (16,638) (5,062)
-------- --------
Cash flows from investing activity:
Purchase of Operating
Partnership interest - -
-------- --------
Net cash used in investing
activity - -
-------- --------
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (16,638) (5,062)
Cash and cash equivalents, beginning 67,610 100,237
-------- --------
Cash and cash equivalents, ending $ 50,972 $ 95,175
======== ========
The accompanying notes are an integral part of these statements.
26
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 2
-------------------------
1995 1994
---- ----
Cash flows from operating activities:
Net loss $(350,961) $(547,874)
Adjustments
Distributions from Operating
Partnerships - -
Amortization - 6,102
Share of loss from Operating
Partnerships 300,917 491,293
Changes in assets and liabilities
Increase (Decrease) in accounts
payable and accrued expenses 34,620 42,219
Decrease (Increase) in other
assets - -
-------- --------
Net cash provided by (used in)
operating activities (15,424) (8,258)
-------- --------
Cash flows from investing activity:
Purchase of Operating
Partnership interest - -
-------- --------
Net cash used in investing
activity - -
-------- --------
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (15,424) (8,258)
Cash and cash equivalents, beginning 23,531 51,300
-------- --------
Cash and cash equivalents, ending $ 8,107 $ 43,040
======== ========
The accompanying notes are an integral part of these statements.
27
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 3
-------------------------
1995 1994
---- ----
Cash flows from operating activities:
Net loss $(1,651,801) $(1,617,800)
Adjustments
Distributions from Operating
Partnerships 1,543 1,304
Amortization - 15,281
Share of loss from Operating
Partnerships 1,491,276 1,489,777
Changes in assets and liabilities
Increase (Decrease) in accounts
payable and accrued expenses 135,249 148,996
Decrease (Increase) in other
assets - -
-------- --------
Net cash provided by (used in)
operating activities (23,733) 37,558
-------- --------
Cash flows from investing activity:
Purchase of Operating
Partnership interest - (13,623)
-------- --------
Net cash used in investing
activity - (13,623)
-------- --------
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (23,733) 23,935
Cash and cash equivalents, beginning 25,072 21,109
-------- --------
Cash and cash equivalents, ending $ 1,339 $ 45,044
======== ========
The accompanying notes are an integral part of these statements.
28
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 4
-------------------------
1995 1994
---- ----
Cash flows from operating activities:
Net loss $(1,164,758) $(1,587,541)
Adjustments
Distributions from Operating
Partnerships - 205
Amortization - 22,857
Share of loss from Operating
Partnerships 1,012,654 1,420,659
Changes in assets and liabilities
Increase (Decrease) in accounts
payable and accrued expenses 125,442 137,442
Decrease (Increase) in other
assets - -
-------- --------
Net cash provided by (used in)
operating activities (26,662) (6,378)
-------- --------
Cash flows from investing activity:
Purchase of Operating
Partnership interest - -
-------- --------
Net cash used in investing
activity - -
-------- --------
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (26,662) (6,378)
Cash and cash equivalents, beginning 59,115 89,291
-------- --------
Cash and cash equivalents, ending $ 32,453 $ 82,913
======== ========
The accompanying notes are an integral part of these statements.
29
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 5
-------------------------
1995 1994
---- ----
Cash flows from operating activities:
Net loss $(180,816) $(476,804)
Adjustments
Distributions from Operating
Partnerships - -
Amortization - 4,896
Share of loss from Operating
Partnerships 151,812 390,679
Changes in assets and liabilities
Increase (Decrease) in accounts
payable and accrued expenses (20,271) 26,378
Decrease (Increase) in other
assets - -
------- --------
Net cash provided by (used in)
operating activities (49,275) (54,851)
------- --------
Cash flows from investing activity:
Purchase of Operating
Partnership interest - -
------- --------
Net cash used in investing
activity - -
------- --------
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (49,275) (54,851)
Cash and cash equivalents, beginning 208,686 278,678
------- --------
Cash and cash equivalents, ending $159,411 $ 223,827
======= ========
The accompanying notes are an integral part of these statements.
30
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 6
-------------------------
1995 1994
---- ----
Cash flows from operating activities:
Net loss $(406,017) $(403,073)
Adjustments
Distributions from Operating
Partnerships - -
Amortization - 15,132
Share of loss from Operating
Partnerships 343,801 300,147
Changes in assets and liabilities
Increase (Decrease) in accounts
payable and accrued expenses 72,136 81,284
Decrease (Increase) in other
assets - 12,542
-------- --------
Net cash provided by (used in)
operating activities 9,920 6,032
-------- --------
Cash flows from investing activity:
Purchase of Operating
Partnership interest - -
-------- --------
Net cash used in investing
activity - -
-------- --------
INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 9,920 6,032
Cash and cash equivalents, beginning 25,271 26,708
-------- --------
Cash and cash equivalents, ending $ 35,191 $ 32,740
======== ========
The accompanying notes are an integral part of these statements.
31
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS
September 30, 1995
(Unaudited)
NOTE A - ORGANIZATION
Boston Capital Tax Credit Fund Limited Partnership ("the
Partnership") was formed under the laws of the State of Delaware
as of June 1, 1988, for the purpose of acquiring, holding, and
disposing of limited partnership interests in operating partnerships
which have acquired, developed, rehabilitated, operate and own newly
constructed, existing or rehabilitated low-income apartment complexes
("Operating Partnerships"). On August 22, 1988, American Affordable Housing
VI Limited Partnership changed its name to Boston Capital Tax Credit Fund
Limited Partnership. The general partner of the Partnership is Boston Capital
Associates Limited Partnership and the limited partner is BCTC Assignor Corp.
(the "Assignor Limited Partner").
Pursuant to the Securities Act of 1933, the Partnership filed a
Form S-11 Registration Statement with the Securities and Exchange
Commission, effective August 29, 1988, which covered the offering (the
"Public Offering") of the Partnership's beneficial assignee certificates
("BACs") representing assignments of units of the beneficial interest of the
limited partnership interest of the Assignor Limited Partner. The Partnership
registered 10,000,000 BACs at $10 per BAC for sale to the public in six
series. Offers and sales of BACs in Series 1 through Series 6 of the
Partnership were completed and the last of the BACs in Series 6 were issued by
the Partnership on September 29, 1989. The Partnership sold 1,299,900 of
Series 1 BACs, 830,000 of Series 2 BACs, 2,882,200 of Series 3 BACs,
2,995,300 of Series 4 BACs, 489,900 of Series 5 BACs and 1,303,000 of Series 6
BACs. The Partnership is no longer offering and does not intend to offer any
additional BACs.
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements included herein as of September 30,
1995 and for the six months then ended have been prepared by the Partnership,
without audit, pursuant to the rules and regulations of the Securities and
Exchange Commission. The Partnership accounts for its investments in
Operating Partnerships using the equity method, whereby the Partnership
adjusts its investment cost for its share of each Operating Partnership's
results of operations and for any distributions received or accrued. Costs
incurred by the Partnership in acquiring the investments in Operating
Partnerships are capitalized to the investment account. The Partnership's
accounting and financial reporting policies are in conformity with generally
accepted accounting principles and include adjustments in interim periods
considered necessary for a fair presentation of the results of operations.
Such adjustments are of a normal recurring nature. Certain information and
footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been condensed
32
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1995
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES (continued)
or omitted pursuant to such rules and regulations. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and the notes thereto included in the Partnership's Annual Report
on Form 10-K.
NOTE C - RELATED PARTY TRANSACTIONS
The Partnership has entered into several transactions with various
affiliates of the general partner, including Boston Capital Partners, Inc. and
Boston Capital Communications Limited Partnership.
Administrative expenses were incurred by Boston Capital Partners, Inc.
and it's affiliates on behalf of the Partnership during the quarters ended
September 30, 1995 and 1994 as follows:
1995 1994
----- -----
Series 1 $ - $ 336
Series 2 - 490
Series 3 461 511
Series 4 461 546
Series 5 461 406
Series 6 287 336
----- -----
$1,670 $2,625
===== =====
An annual partnership management fee based on .375 percent of the
aggregate cost of all apartment complexes owned by the Operating Partnerships
has been accrued to Boston Capital Communications Limited Partnership. The
partnership management fee charged to operations, less the amount of certain
partnership management and reporting fees paid by the Operating Partnerships,
for the quarters ended September 30, 1995 and 1994 are as follows:
1995 1994
----- -----
Series 1 $ 39,485 $ 45,216
Series 2 16,310 17,310
Series 3 65,127 65,815
Series 4 62,721 50,448
Series 5 8,864 9,864
Series 6 34,326 35,919
------- -------
$226,833 $224,572
======= =======
33
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1995
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At September 30, 1995 and 1994, the Partnership had limited partnership
interests in one hundred and five Operating Partnerships which own operating
apartment complexes as follows: nineteen in Series 1; eight in Series 2;
thirty-three in Series 3; twenty-five in Series 4; five in Series 5; and
fifteen in Series 6.
Under the terms of the Partnership's investment in each Operating
Partnership, the Partnership was required to make capital contributions to
such Operating Partnerships. These contributions were payable in installments
over several years upon each Operating Partnership achieving specified levels
of construction and/or operations. At September 30, 1995 and 1994, all
capital contributions had been paid to the Operating Partnerships in all of
the Series.
The Partnership's fiscal year ends March 31 of each year, while all the
Operating Partnerships' fiscal years are the calendar year. Pursuant to the
provisions of each Operating Partnership Agreement, financial results for each
of the Operating Partnerships are provided to the Partnership within 45 days
after the close of each Operating Partnership's quarterly period.
Accordingly, the current financial results available for the Operating
Partnerships are for the six months ended September 30, 1995.
The combined unaudited summarized statements of operations of the
Operating Partnerships for the six months ended June 30, 1995 and 1994 are as
follows:
34
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1995
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 1
---------------------------
1995 1994
---- ----
Revenues
Rental $ 2,513,403 $ 2,415,546
Interest and other 79,495 162,024
---------- ----------
2,592,898 2,577,570
---------- ----------
Expenses
Interest 602,410 642,182
Depreciation and amortization 921,371 814,817
Operating expenses 2,269,518 2,212,911
---------- ----------
3,793,299 3,669,910
---------- ----------
NET LOSS $(1,200,401) $(1,092,340)
========== ==========
Net loss allocated to Boston
Capital Tax Credit Fund
Limited Partnership $ (308,171) $(1,081,416)
========== ==========
Net loss allocated to other partners $ (12,004) $ (10,924)
========== ==========
Net loss suspended $ (880,226) $ -
========== ==========
The variance in allowable loss from the Operating Partnerships for the six
months ended June 30, 1995 and 1994 is mainly a result of the way the
Partnership accounts for its investment in Operating Partnerships. The
Partnership accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the partnership adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the
Partnership recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.
35
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1995
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 2
--------------------------
1995 1994
---- ----
Revenues
Rental $ 496,780 $ 660,643
Interest and other 19,661 37,818
-------- ---------
516,441 698,461
-------- ---------
Expenses
Interest 328,081 369,899
Depreciation and amortization 155,445 223,449
Operating expenses 388,546 601,369
-------- ---------
872,072 1,194,717
-------- ---------
NET LOSS $(355,631) $ (496,256)
======== =========
Net loss allocated to Boston
Capital Tax Credit Fund
Limited Partnership $(300,917) $ (491,293)
======== =========
Net loss allocated to other partners $ (3,556) $ (4,963)
======== =========
Net loss suspended $ (51,158) $ -
======== =========
The variance in allowable loss from the Operating Partnerships for the six
months ended June 30, 1995 and 1994 is mainly a result of the way the
Partnership accounts for its investment in Operating Partnerships. The
Partnership accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the partnership adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for an distributions received or accrued. However, the
Partnership recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.
36
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1995
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 3
--------------------------
1995 1994
Revenues ---- ----
Rental $2,925,876 $3,018,596
Interest and other 267,371 278,317
--------- ---------
3,193,247 3,296,913
--------- ---------
Expenses
Interest 1,461,603 1,481,308
Depreciation and amortization 1,269,825 1,260,104
Operating expenses 2,110,682 2,060,326
--------- ---------
4,842,110 4,801,738
--------- ---------
NET LOSS $(1,648,863) $(1,504,825)
========= =========
Net loss allocated to Boston
Capital Tax Credit Fund
Limited Partnership $(1,491,276) $(1,489,777)
========= =========
Net loss allocated to other partners $ (16,489) $ (15,048)
========= =========
Net loss suspended $ (141,098) $ -
========= =========
The variance in allowable loss from the Operating Partnerships for the six
months ended June 30, 1995 and 1994 is mainly a result of the way the
Partnership accounts for its investment in Operating Partnerships. The
Partnership accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the partnership adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the
Partnership recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.
37
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1995
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 4
----------------------------
1995 1994
Revenues ---- ----
Rental $3,356,769 $3,405,753
Interest and other 212,832 227,022
--------- ---------
3,569,601 3,632,775
--------- ---------
Expenses
Interest 1,493,005 1,489,818
Depreciation and amortization 1,306,084 1,307,083
Operating expenses 2,171,794 2,270,884
--------- ---------
4,970,883 5,067,785
--------- ---------
NET LOSS $(1,401,282) $(1,435,010)
========= =========
Net loss allocated to Boston
Capital Tax Credit Fund
Limited Partnership $(1,012,654) $(1,420,659)
========= =========
Net loss allocated to other partners $ (14,013) $ (14,351)
========= =========
Net loss suspended $ (374,615) $ -
========= =========
The variance in allowable loss from the Operating Partnerships for the six
months ended June 30, 1995 and 1994 is mainly a result of the way the
Partnership accounts for its investment in Operating Partnerships. The
Partnership accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the partnership adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the
Partnership recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.
38
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1995
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 5
--------------------------
1995 1994
Revenues ---- ----
Rental $ 260,247 $ 319,745
Interest and other 25,340 27,642
------- --------
285,587 347,387
------- --------
Expenses
Interest 104,059 208,641
Depreciation and amortization 108,651 226,180
Operating expenses 226,223 307,192
------- --------
438,933 742,013
------- --------
NET LOSS $(153,346) $(394,626)
======== ========
Net loss allocated to Boston
Capital Tax Credit Fund
Limited Partnership $(151,812) $(390,679)
======== ========
Net loss allocated to other partners $ (1,534) $ (3,947)
======== ========
39
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1995
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 6
--------------------------
1995 1994
Revenues ---- ----
Rental $2,059,852 $1,778,043
Interest and other 147,236 116,413
--------- ---------
2,207,088 1,894,456
--------- ---------
Expenses
Interest 697,551 536,352
Depreciation and amortization 639,027 666,664
Operating expenses 1,227,932 994,617
--------- ---------
2,564,510 2,197,633
--------- ---------
NET LOSS $ (357,422) $ (303,177)
========= =========
Net loss allocated to Boston
Capital Tax Credit Fund
Limited Partnership $ (343,801) $ (300,147)
========= =========
Net loss allocated to other partners $ (3,574) $ (3,030)
========= =========
Net loss suspended $ (10,047) $ -
========= =========
The variance in allowable loss from the Operating Partnerships for the six
months ended June 30, 1995 and 1994 is mainly a result of the way the
Partnership accounts for its investment in Operating Partnerships. The
Partnership accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the partnership adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued. However, the
Partnership recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.
40
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 1995
(Unaudited)
NOTE E - TAXABLE LOSS
The Partnership's taxable loss for the fiscal year ended March
31, 1996 is expected to differ from its loss for financial reporting
purposes primarily due to accounting differences in depreciation incurred by
the Operating Partnerships. No provision or benefit for income taxes has been
included in these financial statements since taxable income or loss passes
through to, and is reportable by, the partners and assignees individually.
41
<PAGE>
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Liquidity
- ---------
The Partnership's primary source of funds was the proceeds of its
Public Offering. Other sources of liquidity include (i) interest
earned on working capital reserves, and (ii) cash distributions from
the Operating Partnerships in which the Partnership has invested. These
sources of liquidity are available to meet the obligations of the Partnership.
The Partnership is currently accruing the annual asset management fee.
Pursuant to the Partnership Agreement, such liabilities will be deferred until
the Partnership receives sales or refinancing proceeds from Operating
Partnerships, which will be used to satisfy such liabilities. The Partnership
anticipates that there will be sufficient cash to meet future third party
obligations.
Capital Resources
- -----------------
The Partnership offered BACs in a Public Offering declared effective by
the Securities and Exchange Commission on August 29, 1988. The Partnership
received and accepted subscriptions for $97,746,940 representing 9,800,600
BACs from investors admitted as BAC Holders in Series 1 through Series 6 of
the Partnership. Offers and sales of BACs in Series 1 through Series 6 of the
Partnership were completed and the last of the BACs in Series 6 were issued by
the Partnership on September 29, 1989. At September 30, 1995 and 1994 the
Partnership had limited partnership equity interests in 105 Operating
Partnerships.
Series 1.
--------- The Partnership received and accepted subscriptions for
$12,999,000, representing 1,299,900 BACs from investors admitted as BAC
Holders in Series 1. Offers and sales of BACs in Series 1 were completed and
the last of the BACs in Series 1 were issued on December 14, 1988.
As of September 30, 1995, the net proceeds from the offer and sale of BACs
in Series 1 had been used to invest in a total of 19 Operating Partnerships in
an aggregate amount of $9,069,266, and the Partnership had completed payment
of all its capital contributions. Series 1 net offering proceeds in the
amount of $50,972 remains in Working Capital Reserves.
Series 2.
--------- The Partnership received and accepted subscriptions for
$8,303,000, representing 830,000 BACs from investors admitted as BAC Holders
in Series 2. Proceeds from the sale of BACs in Series 2 were invested in
Operating Partnerships owning apartment complexes located in California only,
which generate both California and Federal Housing Tax Credits. Offers and
sales of BACs in Series 2 were completed and the last of the BACs in Series 2
were issued by the Partnership on March 30, 1989.
As of September 30, 1995, the net proceeds from the offer and sale of BACs
in Series 2 had been used to invest in a total of eight Operating Partnerships
in an aggregate amount of $6,411,018, and the Partnership had completed
payment of all its capital contributions. Series 2 net offering proceeds in
the amount of $8,107 remains in Working Capital Reserves.
42
<PAGE>
Series 3.
--------- The Partnership received and accepted subscriptions for
$28,822,000, representing 2,882,200 BACs from investors admitted as BAC
Holders in Series 3. Offers and sales of BACs in Series 3 were completed and
the last of the BACs in Series 3 were issued by the Partnership on March 14,
1989.
As of September 30, 1995, the net proceeds from the offer and sale of BACs
in Series 3 had been used to invest in a total of 33 Operating Partnerships in
an aggregate amount of $20,858,886 and the Partnership had completed payment
of all its capital contributions. Series 3 net offering proceeds in the
amount of $1,339 remains in Working Capital Reserves.
Series 4.
--------- The Partnership received and accepted subscriptions for
$29,788,160, representing 2,995,300 BACs from investors admitted as BAC
Holders in Series 4. Offers and sales of BACs in Series 4 were completed and
the last of the BACs in Series 4 were issued by the Partnership on July 7,
1989.
As of September 30, 1995 the net proceeds from the offer and sale of BACs
in Series 4 had been committed to invest in a total of 25 Operating
Partnerships in an aggregate amount of $21,868,519, and the Partnership had
completed payment of all its capital contributions. Series 4 net offering
proceeds in the amount of $32,453 remains in Working Capital Reserves.
Series 5.
--------- The Partnership received and accepted subscriptions for
$4,899,000, representing 489,900 from investors admitted as BAC Holders in
Series 5. Offers and sales of BACs in Series 5 were completed and the last of
the BACs in Series 5 were issued by the Partnership on August 22, 1989.
Proceeds from the sale of BACs in Series 5 were invested in Operating
Partnerships owning apartment complexes located in California only, which
generate both California and Federal Housing Tax Credits. Offers and sales of
BACs in Series 5 were completed and the last of the BACs in Series 5 were
issued by the Partnership on August 22, 1989.
As of September 30, 1995, the net proceeds from the offer and sale of BACs
in Series 5 had been used to invest in a total of five Operating Partnerships
in an aggregate amount of $3,431,044, and the Partnership had completed
payment of all installments of its capital contributions. Series 5 net
offering proceeds in the amount of $159,411 remains in Working Capital
Reserves.
Series 6.
--------- The Partnership received and accepted subscriptions for
$12,935,780, representing 1,303,000 BACs from investors admitted as BAC
Holders in Series 6. Offers and sales of BACs in Series 6 were completed and
the last of the BACs in Series 6 were issued on September 29, 1989.
As of September 30, 1995 the net proceeds from the offer and sale of BACs
in Series 6 had been used to invest in a total of 15 Operating Partnerships in
an aggregate amount of $9,359,053, and the Partnership had completed payment
of all its capital contributions. Series 6 net offering proceeds in the
amount of $35,191 remains in Working Capital Reserves.
43
<PAGE>
Results of Operations
- ---------------------
As of September 30, 1995 and 1994 the Partnership held limited
partnership interests in 105 Operating Partnerships. In each instance the
Apartment Complex owned by the applicable Operating Partnership is
eligible for the Federal Housing Tax Credit. Occupancy of a unit in each
Apartment Complex which initially complied with the Minimum Set-Aside Test
(i.e., occupancy by tenants with incomes equal to no more than a certain
percentage of area median income) and the Rent Restriction Test(i.e., gross
rent charged tenants does not exceed 30% of the applicable income standards)
is referred to hereinafter as "Qualified Occupancy." Each of the Operating
Partnerships and each of the respective Apartment Complexes are described more
fully in the Prospectus or applicable report on Form 8-K. The General Partner
believes that there is adequate casualty insurance on the properties.
The Partnership incurs an annual partnership management fee to the General
Partner and/or its affiliates in an amount equal to 0.375% of the aggregate
cost of the Apartment Complexes owned by the Operating Partnerships, less the
amount of certain partnership management and reporting fees paid or payable by
the Operating Partnerships. The annual partnership management fee is
currently being accrued. It is anticipated that all outstanding fees
will be repaid from the sale or refinancing proceeds. The annual partnership
management fee incurred for the quarters ended September 30, 1995 and 1994
were $226,833 and $222,390 respectively. This amount is anticipated to be
lower in subsequent fiscal years as more of the Operating Partnerships begin
to accrue and pay annual asset management fees and reporting fees.
The Partnership's investment objectives do not include receipt of
significant cash distributions from the Operating Partnerships in which it has
invested. The Partnership's investments in Operating Partnerships have been
made principally with a view towards realization of Federal Housing Tax
Credits for allocation to its partners and BAC holders. The Results of
Operations reported herein are interim period estimates that may not
necessarily be indicative of final year end results.
Series 1.
--------- As of September 30, 1995 and 1994, the average Qualified
Occupancy for the series was 99.4% and 99.2%, respectively. The series had a
total of 19 properties at June 30, 1995. Out of the total, 17 were at 100%
Qualified Occupancy.
For the six months being reported, the series reflects a net loss from
Operating Partnerships of $1,200,401. When adjusted for depreciation, which
is a non-cash item, the Operating Partnerships reflect a net loss of $279,030.
Substantially all of the net loss is attributable to accrued mortgage interest
not payable currently by Genesee Commons Associates, Kingston Property
Associates, and Unity Park Associates. The mortgages owed by these Operating
Partnerships are held by a quasi-governmental state agency. The mortgages
provide for the partial payment of interest based on cash flow from
operations. Any unpaid balance is being accrued and will be paid from
future cash flow, or at maturity. The General Partners feel that continual
interest accruals could adversely affect the residual value of these three
properties.
44
<PAGE>
During 1995, Unity Park Associates and Genesee Commons Associates secured
approximately $1 million of additional funds for structural repairs and
upgrades which the General Partners feel will enhance operations and be
incorporated into the current loan balance. The Operating general partner and
the General Partner are reviewing further steps that can be taken to improve
operations and increase residual value thus minimizing any potential long-term
negative impact. The Operating General Partners have funded the majority of
the balance of the net loss.
Series 2.
--------- As of September 30, 1995 and 1994, the average Qualified
Occupancy for the series was 98.5% and 96.9%, respectively. The series had a
total of eight properties at September 30, 1995, seven of which were at 100%
Qualified Occupancy.
For the six months being reported the series reflects a net loss
from the Operating Partnerships of $355,631. When adjusted for depreciation,
which is a non-cash item, the Operating Partnerships reflect a net loss of
$200,186.
Annadale Housing Partners has reported net losses due to operational
issues associated with the property. The Operating Partnership elected to
file a petition for reorganization under Chapter 11. This action was taken in
order to initiate serious negotiations with the first mortgage lender and
allow the Operating Partnership time to structure a long term viable solution.
Annadale Housing Corporation has been admitted to the Operating Partnership as
the new Operating General Partner. Annadale Housing Corporation is not
affiliated with any of the original Operating General Partners. The
Operating Partnership completed rehabilitation of the property in July 1995.
In addition, significant concessions have been received from the lender with
respect to the mortgage debt. The plan of reorganization was filed with the
court and was confirmed in June of 1995. The Partnership has realized
improved operations since improvements have begun and the bankruptcy case has
since been closed.
Series 3.
--------- As of September 30, 1995 and 1994, the average Qualified
Occupancy for the series was 99.6% and 99.7%, respectively. The series had a
total of 33 properties at September 30, 1995, of which 31 were at 100%
Qualified Occupancy.
For the six months being reported series reflects a net loss from the
Operating Partnerships of $1,648,865. When adjusted for depreciation, which
is a non-cash item, the Operating Partnerships reflect a net loss of $379,040.
The General Partner is closely monitoring the operations of Hidden Cove,
Lincoln Hotel Associates, and California Investors VI in an effort to improve
the overall results of operations of the series. Hidden Cove Associates, which
had been experiencing fluctuating vacancies, is stabilizing through effective
tenant screening and management.
Lincoln Hotel Associates is currently negotiating debt restructure in
order to improve future operating results. The original Operating General
Partners have been removed and replaced by an Operating General Partner who is
not affiliated with the original Operating General Partners.
California Investors VI reached an agreement in June of 1994 with its
first mortgagor to restructure its mortgage with a reduced interest rate and a
30 year amortization period. A new management company took over at that time
and addressed occupancy fluctuation problems. Under the new management
company, occupancy initially dropped off as problem tenants were evicted.
45<PAGE>
The average physical occupancy for the first quarter of 1995 was 88% and
increased in the second quarter to 99%. In prior SEC filings, the series had
inadvertently reported on the operations of California Investors II instead of
California Investors VI.
Series 4.
--------- As of September 30, 1995 and 1994, the average Qualified
Occupancy for the series was 99.9% for both years. The series had a total of
25 properties at September 30, 1995, of which 24 were at 100% Qualified
Occupancy.
For the six months being reported series reflects a net loss from
the Operating Partnerships of $1,401,281. When adjusted for depreciation,
which is a non-cash item, the Operating Partnerships reflect a net loss of
$95,197.
Unity Park Associates reflects a net loss which is attributable to accrued
mortgage interest which is not payable currently under the terms of its
mortgage. The mortgage owed by this Operating Partnership is held by a
quasi-governmental state agency. The mortgage provides for the partial
payment of interest based on cash flow from operations. Any unpaid balance is
being accrued and will be paid from future cash flow, or at maturity. The
General Partner feels that continual interest accruals could adversely affect
the residual value of the property. During 1995, Unity Park Associates
secured additional funds for structural repairs and upgrades which the
General Partner feels will enhance operations and be incorporated into the
current loan balance. The Operating General Partners and the General Partner
are reviewing further steps that can be taken to improve operations and
increase residual value thus minimizing any potential long-term negative
impact. The Operating General Partners have funded the majority of the
balance of the net loss.
In October of 1995, the General Partner discovered that the Operating
General Partner of Van Dyck Estates XVI had collateralized the property in
violation of the partnership agreement. Though this property maintains 100%
occupancy, continues to operate profitably, and generates tax credits in line
with the Partnership's projections, an unaffiliated lending institution has
initiated foreclosure proceedings. The General Partner and their counsel feel
that the institution will not prevail. The General Partner is initiating
steps to remove the Operating General Partner and his affiliated management
agent, and is moving to protect the Partnership's limited partnership
interest.
Series 5.
--------- As of September 30, 1995 and 1994, the average Qualified
Occupancy for the series was 99% for both years. The series had a total of
five properties at September 30, 1995, four of which were at 100% Qualified
Occupancy.
For the six months being reported the series reflects a net loss
from the Operating Partnerships of $153,345. When adjusted for depreciation,
which is a non-cash item, the Operating Partnerships reflect a net loss of
$44,694.
Annadale Housing Partners has reported net losses due to operational
issues associated with the property. The Operating Partnership elected to
file a petition for reorganization under Chapter 11. This action was taken in
order to initiate serious negotiations with the first mortgage lender and
allow the Operating Partnership time to structure a long term viable solution.
Annadale Housing Corporation has been admitted to the Operating Partnership as
46<PAGE>
the new Operating General Partner. Annadale Housing Corporation is not
affiliated with any of the original Operating General Partners.
The Operating Partnership completed rehabilitation of the property in July
1995. The plan of reorganization was filed with the court and was confirmed in
June of 1995. The Partnership has realized improved operations since the
improvements have begun and the bankruptcy case has since been closed.
Series 6.
--------- As of September 30, 1995 and 1994, the average Qualified
Occupancy for the series was 99.5% and 99.9%, respectively. The series had a
total of 15 properties at September 30, 1995, of which 13 were at 100%
Qualified Occupancy.
For the six months being reported the series reflects a net loss from the
Operating Partnerships of $357,422. When adjusted for depreciation, which is
a non-cash item, the Operating Partnerships reflect positive operations of
$281,605.
47
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
(b) Reports on Form 8-K
There were no reports on Form 8-K filed during the period
covered by this report.
48
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND LIMITED PARTNERSHIP
By: Boston Capital Associates Limited
Partnership, General Partner
By: C&M Associates, d/b/a
Boston Capital Associates
Date: November 15, 1995 By: /s/JOHN P. MANNING
---------------------------
John P. Manning, Partner
Partner & Principal Financial
Officer
49
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND LIMITED PARTNERSHIP
By: Boston Capital Associates Limited
Partnership
By: C&M Associates, d/b/a
Boston Capital Associates
Date: November 15, 1995 By:
------------------------------
John P. Manning, Partner
Partner & Principal Financial
Officer
50
<PAGE>
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<ARTICLE> CT
<CIK> 0000835095
<NAME> BOSTON CAPITAL TAX CREDIT FUND LTD PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> SEP-30-1995
<TOTAL-ASSETS> 29,719,181
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 29,719,181
<TOTAL-REVENUES> 6,247
<INCOME-TAX> 0
<INCOME-CONTINUING> (4,176,987)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
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