SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the fiscal year ended March 31, 1996 or
--------------
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
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Commission file number 0-17679
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Boston Capital Tax Credit Fund Limited Partnership
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(Exact name of registrant as specified in its charter)
Massachusetts 04-3006542
- ----------------------------------- -----------------------------------
(State or other jurisdiction (I.R.S. Employer
incorporation or organization) Identification No.)
One Boston Place, Suite 2100 Boston, MA 02108-4406
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(Address of principal executive (Zip Code)
offices)
Partnership's telephone number, including area code (617)624-8900
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Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
------------------- ---------------------
None None
- ------------------------------ --------------------------------
Securities registered pursuant to Section 12(g) of the Act:
Beneficial Assignee Certificates
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(Title of class)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding twelve months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
YES X NO
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Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K(229.405 of this chapter) is not contained herein, and will
not be contained, to the best of registrant's knowledge, in definitive proxy
or information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K.
__
|XX|
DOCUMENTS INCORPORATED BY REFERENCE
-----------------------------------
The following documents of the Partnership are incorporated by reference:
Form 10-K
Parts Document
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Parts I, III October 14, 1988 Prospectus, as
supplemented
<PAGE>
BOSTON CAPITAL TAX CREDIT FUND LIMITED PARTNERSHIP
Form 10-K ANNUAL REPORT
FOR THE YEAR ENDED MARCH 31, 1996
TABLE OF CONTENTS
PART I
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote
of Security Holders
PART II
Item 5. Market for the Partnership's Limited
Partnership Interests and Related
Partnership Matters
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis of
Financial Condition and Results
of Operations
Item 8. Financial Statements and Supplementary
Data
Item 9. Changes in and Disagreements with
Accountants on Accounting and
Financial Disclosure
PART III
Item 10. Directors and Executive Officers
of the Partnership
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial
Owners and Management
Item 13. Certain Relationships and Related
Transactions
PART IV
Item 14. Exhibits, Financial Statement Schedules, and
Reports on Form 8-K
Signatures<PAGE>
PART I
Item 1. Business
Organization
- ------------
Boston Capital Tax Credit Fund Limited Partnership (the "Partnership") is a
limited partnership formed under the Delaware Revised Uniform Limited
Partnership Act as of June 1, 1988. The General Partner of the Partnership is
Boston Capital Associates Limited Partnership, a Delaware limited partnership.
Boston Capital Associates, a Massachusetts general partnership, whose only two
partners are Herbert F. Collins and John P. Manning, the principals of Boston
Capital Partners, Inc., is the sole general partner of the General Partner.
The limited partner of the General Partner is Capital Investment Holdings, a
general partnership whose partners are certain officers and employees of
Boston Capital Partners, Inc., and its affiliates. The Assignor Limited
Partner is BCTC Assignor Corp., a Delaware corporation which is wholly-owned
by Herbert F. Collins and John P. Manning.
The Assignor Limited Partner was formed for the purpose of serving in that
capacity for the Partnership and will not engage in any other business. Units
of beneficial interest in the Limited Partnership Interest of the Assignor
Limited Partner were assigned by the Assignor Limited Partner by means of
beneficial assignee certificates ("BACs") to investors and investors are
entitled to all the rights and economic benefits of a Limited Partner of the
Partnership including rights to a percentage of the income, gains, losses,
deductions, credits and distributions of the Partnership.
A Registration Statement on Form S-11 and the related prospectus, as
supplemented (the "Prospectus") was filed with the Securities and Exchange
Commission and became effective August 29, 1988 in connection with a public
offering ("Offering") of Series 1 through 6. The Partnership raised
$97,746,940 representing a total of 9,800,600 BACs. The offering of BACs in
all series ended on September 29, 1989.
Description of Business
- -----------------------
The Partnership's principal business is to invest as a limited partner in
other limited partnerships (the "Operating Partnerships"), each of which was
to own or lease and operate an Apartment Complex exclusively or partially for
low- and moderate-income tenants. Each Operating Partnership in which the
Partnership has invested owns an Apartment Complex which is completed,
newly-constructed, or newly-rehabilitated. Each Apartment Complex qualified
for the low-income housing tax credit under Section 42 of the Code (the
"Federal Housing Tax Credit"), thereby providing tax benefits over a period of
ten years in the form of tax credits which investors may use to offset income,
subject to certain strict limitations, from other sources. Certain of the
Apartment Complexes also qualified for the historic rehabilitation tax credit
under Section 48 of the Code (the "Rehabilitation Tax Credit"). The Federal
Housing Tax Credit and the Government Assistance programs are described on
pages 53 to 73 of the Prospectus under the caption "Government Assistance
1<PAGE>
Programs," which is incorporated herein by reference. Section 236 (f) (ii) of
the National Housing Act, as amended, in Section 101 of the Housing and Urban
Development Act of 1965, as amended, each provide for the making by HUD of
rent supplement payments to low income tenants in properties which receive
other forms of federal assistance such as Tax Credits. The payments for each
tenant, which are made directly to the owner of their property, generally are
in such amounts as to enable the tenant to pay rent equal to 30% of the
adjusted family income. Some of the Apartment Complexes in which the
Partnership has invested are receiving such rent supplements from HUD. HUD
has been in the process of converting rent supplement assistance to assistance
paid not to the owner of the Apartment Complex, but directly to the
individuals. At this time, the Partnership is unable to predict whether
Congress will continue rent supplement programs payable directly to owners of
the Apartment Complex.
At March 31, 1996, the Partnership had limited partnership equity
interests in one hundred 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. A description of these Operating Partnerships is set
forth in Item 2 herein.
The business objectives of the Partnership are to:
(1) preserve and protect the Partnership's capital;
(2) provide current tax benefits to Investors in the form of (a) Federal
Housing Tax Credits and Rehabilitation Tax Credits, which an Investor may
apply, subject to certain strict limitations, against his federal income tax
liability form active, portfolio and passive income, and (b) passive losses
which an Investor may apply to offset his passive income (if any);
(3) Provide capital appreciation through increases in value of the
Partnership's investments and, to the extent applicable, equity buildup
through periodic payments on the mortgage indebtedness with respect to the
Apartment Complexes;
(5) provide cash distributions (except with respect to the Partnership's
investment in certain Non-Profit Operating Partnerships) from a Capital
Transaction as to the Partnership. The Operating Partnerships intend to hold
the Apartment Complexes for appreciation in value. The Operating Partnerships
may sell the Apartment Complexes after a period of time if financial
conditions in the future make such sales desirable and if such sales are
permitted by government restrictions.
The business objectives and investment policies of the Partnership are
described more fully on pages 44 to 52 of the Prospectus under the caption
"Business Objectives and Investment Policies," which is incorporated herein by
reference.
2<PAGE>
Employees
- ---------
The Partnership does not have any employees. Services are performed by the
General Partner and its affiliates and agents retained by them.
Item 2. Properties
The Partnership has acquired a limited partnership interest in each of the
one hundred five Operating Partnerships identified in the following
tables. In each instance the Apartment Complex owned by the applicable
Operating Partnership is eligible for the Federal Housing Tax Credit.
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, as
supplemented, or applicable Report on Form 8-K. The General Partner believes
that there is adequate casualty insurance on the properties.
Please refer to Item 7. "Management's Discussion and Analysis of Financial
Condition and Results of Operations" for a more detailed discussion of
operational difficulties experienced by certain of the Operating Partnerships.
3<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 1
PROPERTY PROFILES AS OF MARCH 31, 1996
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/95 Completion 3/31/96 uted
- ------------------------------------------------------------------------------
Apple Hill West Neton, 44 $1,491,257 1/88 100% $ 317,660
Apartments NC
Bolivar Manor Bolivar, 24 882,270 11/88 91% 180,498
Apartments NY
Briarwood Vero Beach, 44 1,485,031 8/89 100% 386,368
Apartments FL
Broadway Kingston, 122 5,184,279 6/89 100% 952,500
East NY
Country Coldwater, 32 939,945 7/89 100% 202,610
Knoll MI
Country Warwick, 64 3,188,594 4/89 100% 845,000
Village Apts NY
Elk Rapids II Elk Rapids, 24 741,528 2/89 100% 161,078
Apartments MI
Green Acres Yulee, 47 1,486,133 8/89 100% 394,500
Apartments FL
Inglewood St. Cloud, 50 1,493,435 11/88 100% 394,400
Meadows FL
Minnehaha St. Paul, 24 1,143,460 11/88 100% 631,138
Court Apts. MN
Moss Creek Wewahitchka, 23 714,831 6/88 100% 207,592
Apartments FL
River Park Rochester, 402 8,474,772 12/88 98% 2,315,400
Commons NY
Sunset West Conneaut, 40 1,177,064 4/88 100% 250,701
Apartments OH
Unity Park Niagara Falls, 198 6,410,433 12/90 100% 600,000
Phase II NY
Villas of Geneva, 40 1,192,199 8/88 100% 254,967
Geneva OH
4<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 1
PROPERTY PROFILES AS OF MARCH 31, 1996
Continued
- ---------
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/95 Completion 3/31/96 uted
- ------------------------------------------------------------------------------
Virginia
Circle St. Paul, 16 $ 670,532 6/88 100% $395,000
Townhomes MN
Westchase Three Rivers, 32 967,769 7/89 100% 202,610
Apartments MI
Wood Creek Saulte St. 32 968,216 7/89 100% 213,390
Manor Marie, MI
Woodland St. Cloud, 50 1,493,429 11/88 100% 394,500
Terrace FL
5<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 2
PROPERTY PROFILES AS OF MARCH 31, 1996
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/95 Completion 3/31/96 uted
- ------------------------------------------------------------------------------
Annadale Fresno, 222 $6,762,134 6/90 98% $1,736,542
Apartments CA
Calexico Calexico, 36 1,578,989 4/90 100% 464,896
Village Apts. CA
Glenhaven Merced, 15 504,865 12/89 100% 490,000
Park III CA
Glenhave Merced, 12 412,907 6/90 100% 395,300
Park CA
Heber II
Village Heber, 24 1,101,116 4/89 100% 345,000
Apts. CA
Redondo Westmorland, 32 1,445,547 7/90 100% 580,000
Apts. II CA
Redwood McKinleyville, 48 1,782,727 12/89 100% 688,572
Creek Apts. CA
Thunderbird Mecca, 54 2,611,575 7/90 100% 1,012,157
Apartments CA
6<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 3
PROPERTY PROFILES AS OF MARCH 31, 1996
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/95 Completion 3/31/96 uted
- ------------------------------------------------------------------------------
The 128
Park Street Dorchester, 17 $ 518,999 7/88 100% $340,000
Lodging House MA
Ashley Senior Ashland, 62 1,787,443 5/89 100% 495,500
Center Apts. OR
Belfast Belfast, 24 1,092,556 5/89 100% 245,000
Birches ME
The Bowditch Jamaica Plain,
School MA 47 1,645,676 12/89 100% 883,623
Lodging House
Carriage Gate Palatka, 49 1,480,026 11/89 100% 385,000
Apartments FL
Central Cincinnati, 225 2,800,000 12/89 100% 4,482,818
Parkway Towers OH
Colony Court Eustis, 46 1,496,709 6/89 100% 384,200
Apartments FL
Crane Street Littleton, 33 1,485,034 12/88 100% 293,000
Court NH
Cruz Bay St. John, 20 1,492,592 2/89 100% 285,820
Apartments USVI
Fiddler's Creek Southport, 24 966,443 2/89 100% 200,397
Apartments NC
Gilmore Court Jaffrey, 28 1,389,420 6/89 92% 288,660
NH
Greenwood Owosso, 48 1,443,233 8/89 100% 312,090
Apartments MI
Hidden Cove W.Pittsburg 88 2,970,654 8/88 100% 1,761,650
Apartments CA
Hillmont Lake Park, 42 1,141,639 5/89 100% 265,218
Apartments GA
7<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 3
PROPERTY PROFILES AS OF MARCH 31, 1996
Continued
- ---------
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/95 Completion 3/31/96 uted
- ------------------------------------------------------------------------------
Jackson Jackson, 28 $1,196,531 7/89 100% $ 225,000
Apartments WY
Lake North Lady Lake, 36 1,066,279 1/89 100% 220,780
Apartments FL
Lakewood Terr Lakeland, 132 3,989,887 8/89 100% 572,400
Apartments FL
Lincoln Salem, 68 2,947,112 12/88 100% 520,000
Apartments MA
Mann Village Indianapolis,204 4,947,150 5/89 100% 2,620,620
Apartments IN
Maplewood Cloquet, 24 758,966 4/89 100% 150,800
Apartments MN
Mound Plaza Moundville, 24 624,595 9/89 100% 129,465
Apartments AL
Oak Crest Brainerd, 30 911,828 5/89 100% 168,130
Manor II MN
Orangewood Umatilla, 45 1,485,566 9/89 100% 358,350
Villas FL
Orchard Park Beaumont, 144 4,000,683 5/89 100% 2,950,000
Apartments CA
Paige Hall Minneapolis, 69 2,253,150 4/89 100% 378,538
MN
Queens Philadelphia, 32 1,261,348 1/89 100% 759,500
Court Apts. PA
Rainbow Yuma, 81 1,956,775 1/89 100% 702,968
Apartments AZ
Ripon Ripon, 24 806,649 7/89 100% 176,260
Apartments WI
8<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 3
PROPERTY PROFILES AS OF MARCH 31, 1996
Continued
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Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/95 Completion 3/31/96 uted
- ------------------------------------------------------------------------------
Sun Village Groveland, 34 $1,056,200 5/88 100% $211,880
Apartments FL
Taylor West
Terrace W. Pittsburgh, 30 1,059,413 11/88 100% 227,103
Apartments PA
The Grove Vidalia, 54 1,488,462 5/89 100% 345,621
Apartments GA
Trinidad Trinidad, 24 922,406 6/89 100% 202,000
Apartments CO
Vassar Vassar, 32 924,268 11/89 100% 189,596
Apartments MI
9<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 4
PROPERTY PROFILES AS OF MARCH 31, 1996
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/95 Completion 3/31/96 uted
- ------------------------------------------------------------------------------
Amory Square Windsor, 74 $ 2,216,041 9/89 100% $1,644,338
Apartments VT
Auburn Trace Delray Beach,256 10,087,298 1/90 100% 2,849,298
FL
Ault Ault, 16 457,100 7/89 100% 92,232
Apartments CO
Berkshire Wichita, 90 2,124,955 9/89 100% 1,829,104
Apartments KS
Bowditch
School Jamaica Plain,47 1,645,676 12/89 100% 619,300
Lodging House MA
Burlwood Cripple 10 230,963 8/89 100% 45,600
Apartments Creek, CO
Cambria Cambria, 24 1,034,192 7/89 100% 367,600
Commons NY
Central
Parkway Cincinnati, 225 2,800,000 12/89 100% 944,322
Towers OH
Clearview Monte Vista, 24 759,478 11/89 100% 166,400
Apartments CO
Fuller St. Paul, 9 515,902 1/89 100% 254,671
Townhomes MN
Glenhaven Merced, 15 510,973 6/89 100% 415,000
Park II CA
Greenwood Quincy, 36 1,084,087 9/89 100% 282,000
Terrace FL
Highland Topeka, 22 403,620 12/88 100% 354,067
Village KS
Duplexes
10<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 4
PROPERTY PROFILES AS OF MARCH 31, 1996
Continued
- ---------
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/95 Completion 3/31/96 uted
- ------------------------------------------------------------------------------
Jefferson Pl Monticello, 38 $ 1,109,896 12/89 100% $ 294,150
Apartments FL
Landmark Chesapeake, 120 1,831,606 5/89 100% 1,470,835
Apartments VA
Meadowcrest Southfield, 83 2,914,423 10/90 100% 1,055,404
Apartments MI
Montana Ave. St. Paul, 13 671,278 11/89 100% 430,167
Townhomes MN
New Grand Salt Lake 80 4,022,196 3/90 100% 2,823,370
Hotel City,UT
Numero Uno Milliken, 28 780,668 8/89 100% 135,000
Apartments CO
Rosenberg Santa Rosa, 77 8,492,153 1/92 100% 844,300
Hotel CA
Shockoe Hill Richmond, 64 1,913,776 9/89 100% 1,110,590
Apartments II VA
Sunnyview Salem, 60 2,232,823 9/89 100% 775,000
Apartments OR
Thompson Indianapolis, 240 5,058,674 12/89 100% 2,098,660
Village Apts. IN
Unity Park Niagara Falls,198 9,119,890 12/90 100% 1,470,300
Phase II NY
Van Dyke Sanger, 16 678,810 11/89 100% 474,360
Estates CA
XVI - A
11<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 5
PROPERTY PROFILES AS OF MARCH 31, 1996
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/95 Completion 3/31/96 uted
- ------------------------------------------------------------------------------
Annadale Fresno, 222 $6,762,134 6/90 98% $1,161,810
Apartments CA
Calexico Village Calexico, 36 1,578,989 4/90 100% 128,174
Apartments CA
Glenhaven Merced, 15 718,930 6/89 100% 356,480
Estates CA
Heather Ridge Redding, 56 1,256,834 9/89 100% 1,182,030
Apartments CA
Point Arena Point Arena,25 1,208,629 2/90 100% 444,830
Village CA
12<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 6
PROPERTY PROFILES AS OF MARCH 31, 1996
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/95 Completion 3/31/96 uted
- ------------------------------------------------------------------------------
Auburn Trace Delray Beach, 256 $10,087,298 1/90 100% $1,971,457
FL
Briarwood Cameron, 24 572,302 9/88 100% 137,367
Estates MO
Columbia Richland, 138 5,102,553 2/90 100% 1,607,375
Park Apts. WA
Eldon Estates Eldon, 24 558,101 7/88 100% 139,221
MO
Forty West Holland, 120 2,218,076 2/90 100% 1,431,562
Apartments MI
Hacienda Villa Firebaugh, 120 3,980,713 1/90 100% 1,460,316
Apartments CA
Hillandale Lithonia, 132 3,207,981 1/90 100% 1,444,800
Commons GA
Kearney Kearney, 16 365,022 3/88 100% 99,334
Properties II MO
Los Pueblos Socorro, 32 1,256,606 5/88 100% 414,851
Apartments NM
Pleasant Hill Pleasant Hill, 24 562,722 12/88 100% 141,624
MO
Rosenberg Santa Rosa, 77 8,492,153 1/92 100% 555,700
Apartments CA
Sherburne Sherburne, 29 1,317,585 10/89 93% 578,409
Senior Housing NY
Springridge Warrensburg, 24 573,188 2/88 100% 162,393
III MO
Tall Pines Charlestown, 32 1,441,864 11/89 100% 302,491
Apartments NH
Woodcliff Ishpeming, 24 721,266 11/89 100% 192,996
Apartments MI
13<PAGE>
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
14<PAGE>
PART II
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Item 5. Market for the Partnership's Limited Partnership Interests
and Related Partnership Matters
(a) Market Information
The Partnership is classified as a limited partnership and
thus has no common stock. There is no established public trading
market for the BACs and it is not anticipated that any public
market will develop.
(b) Approximate number of security holders.
As of March 31, 1996, the Partnership has 7,371 registered
BAC Holders for an aggregate of 9,800,600 BACs which were
offered a subscription price of $10 per BAC.
The BACs were issued in series. Series 1 had 1,018
investors holding 1,299,900 BACs; Series 2 had 725 investors
holding 830,300 BACs; Series 3 had 2,326 investors holding
2,882,200 BACs; Series 4 had 2,075 investors holding 2,995,300
BACs; Series 5 had 397 investors holding 489,900 BACs; and Series
6 had 830 investors holding 1,303,000 BACs.
(c) Dividend history and restriction.
The Partnership has made no distributions of Net Cash Flow
to its BAC Holders from its inception, June 1, 1988 through March
31, 1996.
The Partnership made a return of equity distribution to
the Limited Partners in the amount of $350,003 during the year
ended March 31, 1992. The distribution was the result of
certain Operating Partnerships not achieving their projected tax
credits.
The Partnership Agreement provides that Profits, Losses
and Credits will be allocated each month to the holder of record
of a BAC as of the last day of such month. Allocation of
Profits, and Credits among BAC Holders will be made in
proportion to the number of BACs held by each BAC Holder.
Any distributions of Net Cash Flow or Liquidation, Sale or
Refinancing Proceeds will be made within 180 days of the end of
the annual period to which they relate. Distributions will be
made to the holders of record of a BAC as of the last day of each
month in the ratio which (i) the BACs held by such Person on the
last day of the calendar month bears to (ii) the aggregate number
of BACs outstanding on the last day of such month.
15<PAGE>
Partnership allocations and distributions are described on
pages 99 to 103 of the Prospectus, as supplemented, which are
incorporated herein by reference.
Item 6. Selected Financial Data
The information set forth below presents selected financial data
of the Partnership for each of the five years in the period ended March
31, 1996. Additional detailed financial information is set forth in the
audited financial statements listed in Item 14 hereof.
March 31, March 31, March 31, March 31, March 31,
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
Operations
- ----------
Interest Inc $ 8,821 $ 11,022 $ 32,652 $ 79,016 $ 188,235
Other Income 1,557 6,921 72,994 83,668 107,225
Share of Loss
of operating
Partnerships ( 5,141,108) (6,602,292) (7,443,042) ( 7,135,491) (10,036,269)
Operating Exp. ( 1,066,179) (1,229,300) (1,405,305) ( 1,510,149) ( 1,570,918)
---------- ---------- --------- ---------- ---------
Net Loss $( 6,196,909)$(7,813,649)$(8,742,701)$( 8,482,956)$(11,311,727)
========== ========== ========= ========== ==========
Net Loss
per BAC $ (.63)$ (.78)$ (.88)$ ( .86)$ (1.14)
=========== ========== ========= ========== ==========
Balance Sheet
- -------------
Total Assets $ 28,194,596 $33,412,311 $40,271,022 $ 49,283,844 $ 57,677,985
=========== ========== ========== ========== ==========
Total Liab. $ 3,696,067 $ 2,716,873 $ 1,761,935 $ 1,986,530 $ 1,897,715
Partners' =========== ========== ========== ========== ==========
Equity $ 24,498,529 $30,695,438 $38,509,087 $ 47,297,314 $ 55,780,270
=========== ========== ========== ========== ==========
Other Data
Tax Credits per BAC for
the Investors Tax Year,
the twelve months ended
December 31, 1995, 1994
1993, 1992 and 1991*
$ 1.24 $ 1.25 $ 1.27 $ 1.44 $ 1.27
=========== ========= ========== ========== ==========
*Credit per BAC is a weighted average of all the Series. Since each Series
has invested as a limited partner in different Operating Partnerships the
Credit per BAC will vary slightly. For more detailed information refer to
Item 7. Results of Operations.
16<PAGE>
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Liquidity
- ---------
The Partnership's primary source of funds was the proceeds of its public
offering. Other sources of liquidity include (i) interest earned on capital
contributions held pending investment or held for working capital reserves and
(ii) cash distributions from operations of the Operating Partnerships in which
the Partnership has invested. These sources of liquidity are available to
meet the obligations of the Partnership. The Partnership is currently
accruing the annual partnership management fees, which allows each series the
ability to pay non-affiliated third party obligations. During the fiscal year
ended March 31, 1996 the Partnership accrued $914,708 in annual partnership
management fees. As of March 31, 1996, total partnership management fees
accrued were $3,581,350. 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. The Partnership does not
anticipate significant cash distributions in the long or short term from
operations of the Operating Partnerships.
Capital Resources
- -----------------
The Partnership offered BACs in a public offering declared effective by
the Securities and Exchange Commission on August 29, 1988. The Partnership
received and accepted subscriptions for $97,746,940 representing 9,800,600
BACs from investors admitted as BAC Holders in Series 1 through Series 6 of
the Partnership.
Offers and sales of BACs in Series 1 through Series 6 of the Partnership
were completed and the last of the BACs in Series 6 were issued by the
Partnership on September 29, 1989.
(Series 1). The Partnership received and accepted subscriptions
for $12,999,000, representing 1,299,900 BACs from investors admitted as BAC
Holders in Series 1. Offers and sales of BACs in Series 1 were completed and
the last of the BACs in Series 1 were issued on December 14, 1988.
As of March 31, 1996, 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 $9,407,952, and the Partnership had completed payment
of all installments of its capital contributions. Series 1 net offering
proceeds in the amount of $52,334 remains in Working Capital.
(Series 2). The Partnership received and accepted subscriptions for
$8,303,000, representing 830,300 BACs from investors admitted as BAC Holders
in Series 2. Proceeds from the sale of BACs in Series 2 were invested in
Operating Partnerships owning apartment complexes located in California only,
which generate both California and Federal Housing Tax Credits. Offers and
sales of BACs in Series 2 were completed and the last of the BACs in Series 2
were issued by the Partnership on March 30, 1989.
17<PAGE>
As of March 31, 1996, the net proceeds of the offer and sale of BACs in
Series 2 had been used to invest in a total of 8 Operating Partnerships in
an aggregate amount of $6,498,176, and the Partnership had completed payment
of all installments of its capital contributions. Series 2 net offering
proceeds in the amount of $1,262 remains in Working Capital.
(Series 3). The Partnership received and accepted subscriptions for
$28,822,000, representing 2,882,200 BACs from investors admitted as BAC
Holders in Series 3. Offers and sales of BACs in Series 3 were completed
and the last of the BACs in Series 3 were issued by the Partnership on March
14, 1989.
As of March 31, 1996, the net proceeds from the offer and sale of BACs
in Series 3 had been used to invest in a total of 33 Operating Partnerships in
an aggregate amount of $21,738,797, and the Partnership had completed payment
of all installments of its capital contributions to all of its Operating
Partnerships. Series 3 net offering proceeds in the amount of $5,460 remains
in Working Capital.
(Series 4). The Partnership commenced offering BACs in Series 4 on
March 27, 1989. The Partnership received and accepted subscriptions for
29,788,160, representing 2,995,300 BACs from investors admitted as BAC Holders
in Series 4. Offers and sales of BACs in Series 4 were completed and the last
of the BACs in Series 4 were issued by the Partnership on July 7, 1989.
As of March 31, 1996, the net proceeds from the offer and sale of BACs
in Series 4 had been used to invest in a total of 25 Operating Partnerships in
an aggregate amount of $22,934,082, and the Partnership had completed payment
of all installments of its capital contributions to all of its Operating
Partnerships. Series 4 net offering proceeds in the amount of $25,928 remains
in Working Capital.
(Series 5). The Partnership commenced offering BACs in Series 5 on June
19, 1989. The Partnership received and accepted subscriptions for $4,899,000,
representing 489,900 BACs from investors admitted as BAC Holders in Series 5.
Proceeds from the sale of BACs in Series 5 were invested in Operating
Partnerships owning apartment complexes located in California only, which
generate both California and Federal Housing Tax Credits. Offers and sales of
BACs in Series 5 were completed and the last of the BACs in Series 5 were
issued by the Partnership on August 22, 1989.
As of March 31, 1996, the net proceeds of the offer and sale of BACs in
Series 5 had been used to invest in a total of 5 Operating Partnerships in
an aggregate amount of $3,431,044, and the Partnership had completed payment
of all installments of its capital contributions. Series 5 net offering
proceeds in the amount of $156,816 remains in Working Capital.
(Series 6). The Partnership commenced offering BACs in Series 6 on July
18, 1989. The Partnership received and accepted subscriptions for
$12,935,780, representing 1,303,000 BACs from investors admitted as BAC
Holders in Series 6. Offers and sales of BACs in Series 6 were completed and
the last of the BACs in Series 6 were issued by the Partnership on September
29, 1989.
18<PAGE>
As of March 31, 1996 the net proceeds from the offer and sale of BACs in
Series 6 had been used to invest in a total of 15 Operating Partnerships in an
aggregate amount of $10,652,631, and the Partnership had completed payment of
all installments of its capital contributions to all of its Operating
Partnerships. Series 6 net offering proceeds in the amount of $39,131 remains
in Working Capital.
Results of Operations
- ---------------------
The Partnership incurs an annual partnership management fee payable to
the General Partner and/or its affiliates in an amount equal to 0.375% of the
aggregate cost of the Apartment Complexes owned by the Operating Partnerships,
less the amount of certain partnership management and reporting fees paid or
payable by the Operating Partnerships. The annual partnership management fee
incurred for the fiscal years ended March 31, 1996 and 1995 was $888,714 and
$909,333, respectively, an amount which is anticipated to be lower for
subsequent fiscal years as more of the Operating Partnerships begin to accrue
and pay annual partnership management and reporting fees. During the fiscal
years ended March 31, 1996 and 1995, the Partnership received $65,294 and
$45,375, respectively, in reporting fees from the Operating Partnerships.
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.
(Series 1). As of March 31, 1996 and 1995, the Qualified Occupancy for
the Series was 99.4% and 99.4%, respectively. The Series had a total of 19
properties at March 31, 1996. Out of the total, 17 were at 100% qualified
occupancy.
For the years ended December 31, 1995 and 1994 Series 1 reflects a net
loss from Operating Partnerships of $720,063 and $1,265,332, respectively,
adjusted for depreciation which is a non-cash item. The decrease in loss
between 1994 and 1995 is due to an auditor's adjustment for an incorrectly
recorded interest reduction subsidy on Unity Park Associates. The adjustment
was for the four plus years ended December 31, 1994. Substantially all of the
net loss for both years 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. In 1995, Unity Park Associates and Genesee Commons Associates
secured additional funds which were incorporated into the current loan
balance. These funds were used for structural repairs and upgrades which the
General Partner feels will increase the Operating Partnerships' future
residual values. The General Partners of both the Operating and Investment
Partnerships 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.
19<PAGE>
For the tax years ended December 31, 1995 and 1994, the Series, in
total, generated $1,902,699 and $2,148,482, respectively, in passive income
tax losses that were passed through to the investors, and also provided $1.40
per year for 1995 and 1994 in tax credits per BAC to the investors.
(Series 2). As of March 31, 1996 and 1995, the Qualified Occupancy for
the series was 99.8% and 97.6%, respectively. The Series had a total of 8
properties at March 31, 1996. Out of the total, 7 were at 100% qualified
occupancy.
For the years ended December 31, 1995 and 1994 Series 2 reflects a net
loss from Operating Partnerships of $969,800 and $575,338, respectively,
adjusted for depreciation which is a non-cash item. Annadale Housing Partners
has reported net losses due to operational issues associated with the
property. The partnership has begun to stabilize since the completion of
rehabilitation. Occupancy has steadily improved and the Operating General
Partner, Annadale Housing Corporation, anticipates full stabilization by the
second quarter of 1996.
For the tax years ended December 31, 1995 and 1994, the Series, in
total, generated $624,618 and $628,438, respectively, in passive income tax
losses that were passed through to the investors, and also provided $1.04 per
year for 1995 and 1994 in tax credits per BAC to the investors.
(Series 3). As of March 31, 1996 and 1995, the Qualified Occupancy for
the Series was 99.8% and 99.6%, respectively. The Series had a total of 33
properties at March 31, 1996. Out of the total, 32 were at 100% qualified
occupancy.
For the years ended December 31, 1995 and 1994 Series 3 reflects a net
loss from Operating Partnerships of $257,966 and $624,870, respectively,
adjusted for depreciation which is a non-cash item.
The General Partner is closely monitoring the operations of Hidden Cove
Associates and Lincoln Hotel Associates 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.
The operating general partner is in the process of replacing the management
agency and implementing a capital improvement program.
Lincoln Hotel Associates has negotiated a 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.
For the tax years ended December 31, 1995 and 1994, the Series, in
total, generated $2,973,777 and $2,494,468, respectively, in passive income
tax losses that were passed through to the investors, and also provided $1.27
and $1.28, respectively, in tax credits per BAC to the investors.
20<PAGE>
(Series 4). As of March 31, 1996 and 1995, the Qualified Occupancy for
the series was 100% and 99.9%, respectively. The Series had a total of 25
properties at March 31, 1996, which were all at 100% qualified occupancy.
For the years ended December 31, 1995 and 1994 Series 4 reflects a net
loss from Operating Partnerships of $576,979 and $1,628,978 respectively,
adjusted for depreciation which is a non-cash item. The decrease in loss
between 1994 and 1995 is due to an auditor's adjustment for an incorrectly
recorded interest reduction subsidy on Unity Park Associates. The adjustment
was for the four plus years ended December 31, 1994. 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.
In 1995, Unity Park Associates secured additional funds which were
incorporated into the current loan balance. These funds were used for
structural repairs and upgrades which the General Partner feels will increase
the future residual value. The Operating General Partners and the General
Partner are reviewing further steps that can be taken to improve operations
and increase residual value to minimize 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 has removed
the Operating General Partner and his affiliated management agent, and is
moving to protect the Partnership's limited partnership interest. The
partnership is in arrears on real estate taxes and the new Operating General
Partner is in the process of arranging a payment plan.
For the tax years ended December 31, 1995 and 1994, the Series, in
total, generated $2,380,747 and $2,736,085, respectively, in passive income
tax losses that were passed through to the investors, and also provided $1.22
per year for 1995 and 1994 in tax credits per BAC to the investors.
(Series 5). As of March 31, 1996 and 1995, the Qualified Occupancy for
the Series was 99.6% and 99%, respectively. The Series had a total of 5
properties at March 31, 1996. Out of the total, 4 were at 100% qualified
occupancy.
For the years ended December 31, 1995 and 1994 Series 5 reflects a net
loss of $967,296 and $600,790, respectively, from Operating Partnerships,
adjusted for depreciation which is a non-cash item. Annadale Housing Partners
has reported net losses due to operational issues associated with the
21<PAGE>
property. The partnership has begun to stabilize since the completion of
rehabilitation. Occupancy has steadily improved and the Operating General
Partner, Annadale Housing Corporation, anticipates full stabilization by the
second quarter of 1996.
For the tax years ended December 31, 1995 and 1994, the Series, in
total, generated $275,128 and $351,277, respectively, in passive income tax
losses that were passed through to the investors, and also provided $1.06 and
$1.05, respectively, in tax credits per BAC to the investors.
(Series 6). As of March 31, 1996 and 1995, the Qualified Occupancy for
the series was 99.5% and 99.4%, respectively. The Series had a total of 15
properties at March 31, 1996. Out of the total, 14 were at 100% qualified
occupancy.
For the years ended December 31, 1995 and 1994 Series 6 reflects a net
income from Operating Partnerships of $449,188 and $370,978 respectively,
adjusted for depreciation which is a non-cash item. For the tax year ended
December 31, 1995 and 1994, the Series, in total, generated $403,133 and
$619,686, respectively, in passive income tax losses that were passed through
to the investors, and also provided $1.29 per year for 1995 and 1994 in tax
credits per BAC to the investors.
Recent Accounting Statements Not Yet Adopted
- --------------------------------------------
In March 1995, the FASB issued SFAS No. 121, "Accounting for the
Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed Of."
SFAS No. 121 is effective for financial statements issued for fiscal years
beginning after December 15, 1995, with earlier application permitted. SFAS
No. 121 addresses the accounting for long-lived assets and certain
identifiable intangibles to be held and used by an entity to be reviewed for
impairment whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. The partnership will
adopt SFAS No. 121 on April 1, 1996, as required. Adopting SFAS No. 121 is
not expected to have a significant effect on the partnership's financial
statements.
Item 8. Financial Statements and Supplementary Data
The information required by this item is contained in Part IV, Item 14
of this Annual Report on Form 10-K.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
None.
22<PAGE>
PART III
--------
Item 10. Directors and Executive Officers of the Partnership
(a), (b), (c), (d) and (e)
The Partnership has no directors or executives officers of its own. The
following biographical information is presented for the partners of the
General Partners and affiliates of those partners (including Boston Capital
Partners, Inc. ("Boston Capital")) with principal responsibility for the
Partnership's affairs.
Herbert F. Collins, age 65, is co-founder and Chairman of the Board of Boston
Capital Partners, Inc. During 1990 and 1991 he served as Chairman of the Board
of Directors for the Federal Home Loan Bank of Boston, a 314-member,
$12-billion central bank in New England which is part of the Federal Home Loan
Bank System. Mr. Collins is co-founder and serves as Chairman-Emeritus of the
Council for Rural Housing and Development, a 300-member organization including
14 state associations formed to encourage the development of rural housing
nationwide. He serves as Chairman of the Massachusetts Housing Policy
Commission, created by the Governor of the Commonwealth of Massachusetts and
the Secretary of the Executive Office of Communities & Development, to
assess the current status and recommend future housing policy for the
Commonwealth. Additionally, he serves as a Member of the Board of Directors,
of the Metropolitan Boston Housing Partnership, an organization dedicated to
the renewal of housing through rehabilitation and community involvement. He
served on the Mitchell-Danforth Task Force, which helped structure the 1990
tax credit legislation. In addition, Mr. Collins is a past director of the
National Leased Housing Association, past chairman of the Rural Development
Committee, and is a member of the National Rural Housing Council. Currently,
Mr. Collins is a Board member of the National Housing Conference. Prior to
co-founding Boston Capital, Mr. Collins served as Vice President and Director
of Marketing at ECS Corporation and the Advanced Research Corporation, and was
the Product Marketing Manager at Raytheon Corporation. Mr. Collins graduated
from Harvard College and attended the Advanced Management Program, Harbridge
House, Boston.
John P. Manning, age 47, is co-founder, President and Chief Executive Officer
of Boston Capital Partners, Inc., and serves as member of the Investment
Committee. Mr. Manning is Chairman of the Affordable Housing Tax Credit
Coalition and is member of the Board of Directors of the National Leased
Housing Association, two Washington, D.C.-based organizations. He also serves
on the Board of Advisors for the Housing Development Reporter. He served as a
Member of the Massachusetts Housing Policy Commission, Executive Office of
Communities & Development, appointed by the Governor of the Commonwealth of
Massachusetts. He was named by U.S. Senate Majority Leader George Mitchell to
the Mitchell-Danforth Task Force, which helped structure the 1990 tax credit
legislation. In similar capacities, Mr. Manning has been asked by the U.S.
House Ways and Means Committee and by the U.S. Senate Finance Committee to
represent the affordable housing industry as an expert on the efficacy of the
23<PAGE>
low income housing tax credit and its effect on capital markets and the
economy. Prior to co-founding Boston Capital in 1974, Mr. Manning was the
Eastern Regional Vice President of Western Diversified Equities, a Beverly
Hills-based real estate development firm, and was an Investment Manager at the
Industrial National Bank in Providence. In 1995, President Clinton appointed
Mr. Manning a Member of the Advisory Committee on the Arts (John F. Kennedy
Center for the Performing Arts). Mr. Manning graduated from Boston College.
Richard J. DeAgazio, age 51, is Executive Vice President of Boston Capital
Partners, Inc., and is President of Boston Capital Services, Inc., Boston
Capital's NASD registered broker/dealer. Mr. DeAgazio formally served on the
national Board of Governors of the National Association of Securities Dealers
(NASD), was the Vice Chairman of the NASD's District 11 Committee, and serves
as Chairman of the NASD's Statutory Disqualification Subcommittee of the
National Business Conduct Committee. He also serves on the NASD State Liaison
Committee and the Direct Participation Program Committee. He is a founder and
past President of the National Real Estate Investment Association, past
President of the Real Estate Securities and Syndication Institute
(Massachusetts Chapter) and the Real Estate Investment Association. Prior to
joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and
Director of the Brokerage Division of Dresdner Securities (USA), Inc., an
international investment banking firm owned by four major European banks, and
was a Vice President of Burgess & Leith/Advest. He has been a member of the
Boston Stock Exchange since 1967. He graduated from Northeastern University.
Christopher W. Collins, age 41, is an Executive Vice President and a principal
of Boston Capital Partners, Inc., and is responsible for, among other areas,
overseeing the investment portfolio of funds sponsored by Boston Capital and
the acquisition of real estate investments on behalf of such funds. Mr.
Collins has had extensive experience in real estate development activities,
having founded and directed the American Development Group, a comprehensive
real estate development firm, and has also had extensive experience in the
area of acquiring real estate investments. He is on the Board of Directors of
the National Multi-Housing Council and a member of the Massachusetts Housing
Finance Agency Multi-Family Advisory Committee. He graduated from the
University of New Hampshire.
Anthony A. Nickas, age 35, is Senior Vice President and Chief Financial
Officer of Boston Capital Partners, Inc. and has over twelve years experience
in the accounting and finance fields. Mr. Nickas has supervised the financial
aspects of both the Project Development and Property Management Affiliates.
Prior to joining Boston Capital in 1987, he was Assistant Director of
Accounting and Financial Reporting for the Yankee Companies, Inc., and was an
Audit Supervisor for Wolf & Company of Massachusetts, P.C., a regional
certified public accounting firm based in Boston. He graduated with honors
from Norwich University.
(f) Involvement in certain legal proceedings.
None.
(g) Promoters and control persons.
None.
24<PAGE>
Item 11. Executive Compensation
(a), (b), (c), (d) and (e)
The Partnership has no officers or directors. However, under the
terms of the Amended and Restated Agreement and Certificate of Limited
Partnership of the Partnership, the Partnership has paid or accrued
obligations to the General Partner and its affiliates for the following
fees during the 1996 fiscal year:
1. An annual partnership management fee based on 0.375% of the
aggregate cost of all apartment complexes acquired by the
Operating Partnerships has been accrued as payable to Boston
Capital Communications Limited Partnership. The annual
partnership management fees accrued during the year ended March
31, 1996 was $914,708. Accrued fees are payable without interest
as sufficient funds become available.
2. The Partnership has reimbursed an affiliate of the General
Partner a total of $29,272 for amounts charged to
operations during the year ended March 31, 1996. The
reimbursement includes, but may not be limited to postage,
printing, travel, and overhead allocations.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Security ownership of certain beneficial owners.
As of March 31, 1996, 9,800,600 BACs had been issued. No person
is known to own beneficially in excess of 5% of the outstanding
BACs in any series.
(b) Security ownership of management.
The General Partner has a 1% interest in all Profits, Losses,
Credits and distributions of the Partnership. The Partnership's
response to Item 12(a) is incorporated herein by reference.
(c) Changes in control.
There exists no arrangement known to the Partnership the operation
of which may at a subsequent date result in a change in control of
the Partnership. There is a provision in the Limited Partnership
Agreement which allows, under certain circumstances, the ability
to change control.
25<PAGE>
Item 13. Certain Relationships and Related Transactions
(a) Transactions with management and others.
The Partnership has no officers or directors. However, under the
terms of the public offering, various kinds of compensation and
fees are payable to the General Partner and its Affiliates during
the organization and operation of the Partnership. Additionally,
the General Partner will receive distributions from the
partnership if there is cash available for distribution or
residual proceeds as defined in the Partnership Agreement. The
amounts and kinds of compensation and fees are described on pages
32 to 33 of the Prospectus under the caption "Compensation and
Fees", which is incorporated herein by reference. See Note B of
Notes to Financial Statements in Item 14 of this Annual Report on
Form 10-K for amounts accrued or paid to the General Partner and
its affiliates during the period from April 1, 1995 through
March 31, 1996.
(b) Certain business relationships.
The Partnership response to Item 13(a) is incorporated herein by
reference.
(c) Indebtedness of management.
None.
(d) Transactions with promoters.
Not applicable.
26<PAGE>
PART IV
-------
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K
(a) 1. Financial Statements
--------------------
Independent Auditors' Report
Balance Sheets, March 31, 1996 and 1995
Statements of Operations, Years ended March 31, 1996, 1995,
and 1994
Statements of Changes in Partners' Capital, Years ended
March 31, 1996, 1995, and 1994
Statements of Cash Flows, Years ended March 31, 1996, 1995,
and 1994
Notes to Financial Statements, March 31, 1996, 1995, and
1994
(a) 2. Financial Statement Schedules
-----------------------------
Schedule III - Real Estate and Accumulated Depreciation
Notes to Schedule III
Schedules not listed are omitted because of the absence of
the conditions under which they are required or because the
information is included in the financial statements or the
notes hereto.
(a) 3. Exhibits (listed according to the number
assigned in the table in Item 601 of Regulation S-K)
Exhibit No. 3 - Organization Documents
a. Certificate of Limited Partnership of
Boston Capital Tax Credit Fund Limited Partnership.
(Incorporated by reference from Exhibit 3 to the
Partnership's Registration Statement No. 33-22505
on Form S-11 as filed with the Securities and
Exchange Commission on June 20, 1988.)
Exhibit No. 4 - Instruments defining the rights of
security holders, including indentures.
27<PAGE>
a. Agreement of Limited Partnership of Boston
Capital Tax Credit Fund Limited Partnership.
(Incorporated by reference from Exhibit 4 to
Amendment No. 1 to the Partnership's Registration
Statement No. 33-22505 on Form S-11 as filed with
the Securities and Exchange Commission on August
25, 1988.)
Exhibit No. 10 - Material contracts.
a. Beneficial Assignee Certificate.
(Incorporated by reference from Exhibit 10A to
Amendment No. 1 to the Partnership's Registration
Statement No. 33-22505 on Form S-11 as filed with
the Securities and Exchange Commission on August 25,
1988.)
(b) Reports on Form 8-K
-------------------
There were no reports on Form 8-K filed during the
quarter ended March 31, 1996.
(c) Exhibits
--------
The list of exhibits required by Item 601 of Regulation S-K
is included in Item 14(a)(3).
(d) Financial Statement Schedules
-----------------------------
See Item 14(a) 1 and 2 above.
(e) Independent Auditors' Reports of Operating Limited
Partnerships
28<PAGE>
SIGNATURES
----------
Pursuant to the requirements of Section 13 of the Securities
Exchange Act of 1934, the Partnership has duly caused this Report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Boston Capital Tax Credit Fund Limited
Partnership
By: Boston Capital Associates Limited
Partnership, General Partner
By: Boston Capital Associates
Date: July 2, 1996 By:/s/ John P. Manning
----------------------------
John P. Manning
By:/s/ Herbert F. Collins
----------------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of the Partnership and in the capacities and on the dates
indicated:
DATE: SIGNATURE: TITLE:
July 2, 1996 /s/ John P. Manning General Partner and
------------------------ Principal Executive
John P. Manning Officer, Principal
Financial Officer and
Principal Accounting
Officer of Boston
Capital Associates
/s/ Herbert F. Collins General Partner and
-------------------------- Principal Executive
Herbert F. Collins Officer, Principal
Financial Officer and
Principal Accounting
Officer of Boston
Capital Associates
29<PAGE>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT FUND
LIMITED PARTNERSHIP -
SERIES 1 THROUGH SERIES 6
MARCH 31, 1996 AND 1995<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT F-3
FINANCIAL STATEMENTS
BALANCE SHEETS F-5
STATEMENTS OF OPERATIONS F-12
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL F-19
STATEMENTS OF CASH FLOWS F-23
NOTES TO FINANCIAL STATEMENTS F-37
SCHEDULE III - REAL ESTATE AND ACCUMULATED
DEPRECIATION F-66
Schedules not listed are omitted because of the absence of the conditions
under which they are required or because the information is included in the
financial statements or the notes thereto.<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants * Business Consultants
A Professional Corporation
4520 East-West Highway * Suite 300 * Bethesda, MD 20814-3319
(301) 652-9100 * Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Boston Capital Tax Credit Fund
Limited Partnership
We have audited the accompanying balance sheets of Boston Capital
Tax Credit Fund Limited Partnership - Series 1 through Series 6, in total
and for each series, as of March 31, 1996 and 1995, and the related
statements of operations, changes in partners' capital (deficit) and cash
flows for the total partnership and for each of the series for each of the
three years in the period ended March 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 did not audit the financial statements of certain operating partnerships
in which Boston Capital Tax Credit Fund Limited Partnership owns a limited
partnership interest. Investments in such partnerships comprise the
following percentages of the assets as of March 31, 1996 and 1995, and the
limited partnership loss for each of the three years in the period ended
March 31, 1996: Total 31% and 24% of the assets and 19%, 15% and 19% of the
partnership loss; Series 1, 0% and 15% of the assets and 0%, 8% and 21% of
the partnership loss; Series 2, 28% and 32% of the assets and 29%, 16% and
13% of the partnership loss; Series 3, 27% and 29% of the assets and 18%,
20% and 22% of the partnership loss; Series 4, 43% and 20% of the assets and
22%, 13% and 21% of the partnership loss; Series 5, 3% and 0% of the assets
and 3%, 0% and 42% of the partnership loss; and Series 6, 29% and 27% of the
assets and 32%, 20% and 16% of the partnership loss. The financial
statements of these partnerships were audited by other auditors, whose
reports have been furnished to us, and our opinion, insofar as it relates to
information relating to these partnerships, is based solely on the reports
of the other auditors.
We conducted our audits in accordance with 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 and
the reports of the other auditors provide a reasonable basis for our
opinion.
In our opinion, based on our audits and the reports of other
auditors, the financial statements referred to above present fairly, in all
material respects, the financial position of Boston Capital Tax Credit Fund
Limited Partnership - Series 1 through Series 6, in total and for each
series, as of March 31, 1996 and 1995, and the results of their operations
and their cash flows for the total partnership and for each of the series
for each of the three years in the period ended March 31, 1996, in
conformity with generally accepted accounting principles.
- F-3 -<PAGE>
We and other auditors have also audited the information included in
the related financial statement schedule listed in Form 10-K item 14(a) of
Boston Capital Tax Credit Fund Limited Partnership - Series 1 through Series
6 as of March 31, 1996. In our opinion, the schedule presents fairly the
information required to be set forth therein, in conformity with generally
accepted accounting principles.
Bethesda, Maryland
June 28, 1996
- F-4 -<PAGE>
MCGLADREY&PULLEN, LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Apple Hill Limited Partnership
Greensboro, North Carolina
We have audited the accompanying balance sheets of Apple FEII Limited
Partnership as of December 31, 1995 and 1994, and the related statements of
income, partners' equity (deficit), and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Apple Hill Limited
Partnership as of December 31, 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.
In accordance with Govemment Auditing Standards, we have also issued a report
dated January 23, 1996 on our consideration of Apple Hill Limited
Partnership's internal control structure and a report dated January 23, 1996
on its compliance with laws and regulations.
Greensboro, North Carolina
January 23, 1996
<PAGE>
JAMES KNUTZEN & ASSOCIATES
C.P.A:S. P.A.
To the Partners of
Briarwood Apartments of Vero Beach, Ltd.
Page Two
In accordance with Government Auditing Standards, we have also issued a report
dated February 15, 1996 on our consideration of Briarwood Apartments of Vero
Beach, Ltd.Is internal control structure and a report dated February 15, 1996
on its compliance with laws and regulations.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information on pages
14-17 is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly stated
in all material respects in relation to the basic financial statements taken
as a whole.
James Knutzbn & Associates, C.P.A.'s, P.A.
Jacksonville, Florida
February 15, 1996
2
JAMIES KNUTZEN & ASSOCIATES, C.PA's, PA.
SUITE 230
3100 UNIVERSITY BOULEVARD SOUTH
JACKSONVILLE, FLORIDA 32216
(904) 725-5832 FAX (904) 727-6835
James Knutzen, C.Rk. M.B.A.
Cliristina E. Gibson, C.P.A.
Raju lyer, C.PA
Gregory Korn. C.PA
Todd Middlemas, C.P.A
Wilson Trammell, C.P.A
INDEPENDENT AUDITORS' REPORT
MEMBER OF
AMERICAN AND FLORIDA
INSTTRUTES OF
CERT7FIED PUBLIC ACCOUNTANTS
To the Partners of
Briarwood Apartments of Vero Beach, Ltd.
We have audited the accompanying balance sheets of Briarwood Apartments of
Vero Beach, Ltd. (a Florida Limited Partnership), FMHA Project
No.:09-31-592834977 as of December 31, 1995 and 1994, and the related
statements of operations, partners equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
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 Briarwood Apartments of Vero
Beach, Ltd. (a Florida Limited Partnership) as of December 31, 1995 and 1994,
and the results of its operations, partners' equity, and cash flows for the
years then ended in conformity with generally accepted accounting principles.
<PAGE>
NOVOGRADAC & COMPANY LLP
CERTIFIED PUBLIC ACCOUNTANTS
MICHAEL J. NOVOGRADAC
RICHARD B. HUTCHINS
JON E. KRABBENSCHMIDT
HARRY ABRAM
WALTER C. McGILL, JR
SCOTT J. HUBBARD
STEPHEN B. TRACY
ATLANTA
LOS ANGELES
PORTLAND
SAN FRANCISCO
Report of Independent Auditors
To the General Partner
Haven Park Partners III, A California Limited Partnership
We have audited the accompanying balance sheet of Haven Park Partners III, A
California Limited Partnership as of December 31, 1995, and the related
statements of operations, 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 aucht 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 Haven Park Partners III, A
California 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.
February 16, 1996
425 MARKET STREET 7TH FLOOR SAN FRANCISCO CALIFORNIA 94105
TELEPHONE (415) 356-8000 FACSIMILE (415) 356-8001
JOYCE E. RETHMEIER
CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT
To the Partners
Redondo Associates. Ltd.
I have audited the accompanying balance sheets of Redondo Associates, Ltd. (a
limited partnership), FMHA Case No.04013-953603409, as of December 31, 1995
and 1994, and tile related statements of operations, changes in partners'
equity (deficit), and cash flows for the years then ended. These financial
statements are the responsibility of tile Pamiersliip's management. My
responsibility is to express an opinion on these financial statements based on
my audits.
I conducted my audits in accordance with generally accepted auditing standards
and Govemment Auditing Standards issued by the Comptroller General of the
United States. Those standards require that I plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing tile accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statements presentation. I believe that my audits provide a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Redondo Associates, Ltd. as
of December 3 1, 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.
In accordance with Government Auditine Standards, I have also issued a report
dated January 26, 1996 on my consideration of Redondo Associates, Ltd.'s
internal control structure and a report dated January 26, 1996 on its
compliance with laws and regulations.
January 26, 1996
11770 Bernardo Plaza Court, Suite 300, San Diego, CA 92128
Member of American Institute of Certified Public Accountants
California Society of Certified Public Accountants
Tel (619) 485-6400 Fax (619) 485-6866
<PAGE>
NOVOGRADAC & COMPANY LLP
CERTIFIED PUBLIC ACCOUNTANTS
MICHAEL J. NOVOGRADAC
RICHARD B. HUTCHINS
JON E. KRABBENSCHMIDT
HARRY ABRAM
WALTER C. McGILL, JR
SCOTT J. HUBBARD
STEPHEN B. TRACY
ATLANTA
LOS ANGELES
PORTLAND
SAN FRANCISCO
Report of Independent Auditors
To the General Partner
Haven Park Partners IV, A California Limited Partnership
We have audited the accompanying balance sheet of Haven Park Partners IV, A
California Limited Partnership as of December 31, 1995, and the related
statements of operations, 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 ini
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 Haven Park Partners IV, A
Califo@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.
February 16, 1996
425 MARKET STREET 7TH FLOOR SAN FRANCISCO CALIFORNIA 94105 TELEPHONE
(415)
356-8000 FACSIMILE (415) 356-8001
<PAGE>
ROBERT G. CLAPHAM
ACCOUNTANCY CORPORATION
Certified Public Accountants
7440 North FiSucroa
LAn Angeles, Cagoniia 90041
(213) 259-5066
February 19, 1996
To the Partners of
Mecca Apartments
Limited Partnership
Independent Auditor's Report
We have audited the accompanying balance sheets of Mecca Apartments Limited
Partnership, as of December 31, 1995, and 1994, and the related statements of
income, changes in partners' capital and cash flows for the years then ended.
These financial statements are the responsibility of the project's management.
our responsibility is to express an opinion on the financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the fianancial
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 opionion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Mecca Apartments Limited
Partnership, at December 31, 1995, and 1994, and the results of its operations
and changes in partners' capital and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audit was conducted for the purposes of forming an opinion on the basic
financial statements taken as a whole. The supporting information in the
report are presented for the purposes of additional analysis and are not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
ROBERT G. CLAPHAM
ACCOUNTANCY CORPORATION
President
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
128 Park Street Limited Partnership
We have audited the accompanying balance sheets of 128 Park Street Limited
Partnership (a Massachusetts limited partnership) as of December 31, 1994 and
1993, and the related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are the
responsibility of the general partner. 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 the general partner, 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 128 Park Street Limited
Partnership as of December 31, 1994 and 1993, and the results of its
operations, its changes in partners' equity and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
January 9, 1995
7 WINTHROP SQUARE BOSTON, MASSACHUSETTS 02110-1256
Phone (617) 542-8880 Fax (617) 542-8715
OTIS, ATWELL & TIMBERLAKE
PROFESSIONAL ASSOCIATION
CERTIFIED PUBLIC ACCOUNTANTS
James C. Otis, C.P.A., CFP
Stephen W. Atwell, C.P.A.
Fred I. Timberlake, C.P.A.
Bruce E. Fritzson, C.P.A.
Thomas J. Gioia, C.P.A.
980 Forest Avenue
Portland, Maine 04103
(207) 797-8618
INDEPENDENT AUDITOR'S REPORT
The Partners
Belfast Birches Associates
We have audited the accompanying balance sheets of Belfast Birches Associates,
a limited partnership, RECD Case No. 23-014-010408162, as of December 31, 1995
and 1994, and the related statements of income, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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 Belfast Birches Associates 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.
Certified Public Accountants
January 16, 1996
Portland, Maine
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
56 COURT STREET P.O. BOX 705 KEENE, NEW HAMPSHIRE 03431 9 (603) 357-4882
To the Partners of
Pylex Housing Associates
(a Limited Partnership)
Independent Auditors' Report
We have audited the accompanying balance sheets of Fylex Housing Associates (a
Limited Partnership)(Case No.34-003-0020417485) as of December 31, 1995 and
1994, and the related statements of income and expense, partners, equity, and
cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
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 Fylex Housing Associates at
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.
In accordance with Government Auditing Standards, we have also issued a report
dated January 17, 1996 on our consideration of Fylex Housing Associates,
internal control structure and a report dated January 17, 1996 on its
compliance with laws and regulations.
January 17, 1996
<PAGE>
CHRISTENSEN, RUCKI & CO.
CERTIFIED PUBLIC ACCOUNTANTS
109 SOUTH MAIN STREET
SHERIDAN, WYOMING 82801
John P. Croff, C.P.A. 1922-1974
J. Gordon Macalister, C.P.A. 1916-1978
- -----------------------
Curtis W. Christensen, C.P.A.
Steven W. Rucki, C.P.A.
Telephone
- ---------
Sheridan (307) 674-6609
Fax (307) 674-7017
INDEPENDENT AUDITORS' REPORT
To the Partners
Jackson Apartments, A Limited Partnership Sheridan, Wyoming 82801
We have audited the accompanying balance sheets of Jackson Apartments, A
Limited Partnership, as of December 31, 1995 and 1994 and the related
statements of operations, partners equity and cash flows for the years then
ended. These financial statements are the responsibility of Jackson
Apartments, A Limited 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 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 Jackson 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.
In accordance with Government Auditing Standards, we have also issued a report
dated January 31, 1996 on our consideration of Jackson Apartments, A Limited
Partnership's internal control structure and a report dated January 31, 1996
on its compliance with laws and regulations.
The accompanying supplementary information shown on page 15 is presented for
purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Christensen, Rucki & Co.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1996
<PAGE>
ANDREWS & MILLER P.A.
DANIEL M. ANDREWS, CPA
E.F. (RICH) MILLER, JR., CPA
<PAGE>
Certified Public Accountants
8525 South Highway 441 o P.O. Box 491271
Leesburg, Florida 34749-1271 Telephone 904/326-
8001 Fax 904/326-8011
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners
Lake North Apartments II, Ltd.
We have audited the accompanying balance sheets of Lake North Apartments II,
Ltd. (a Florida limited partnership), FMHA Project No. 09-035-0592821600, as
of December 31, 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. The audits include examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. The audits also include assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lake North Apartments II,
Ltd. as of December 31, 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.
Leesburg, Florida
February 21, 1996
Members of American Institute of Certified Public Accountants / Florida
Institute of Certified Public Accountants
<PAGE>
CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lakewood Terrace Limited Partnership
Boston, MA
I have audited the accompanying balance sheet of Lakewood Terrace Limited
Partnership (a Florida Limited Partnership) as of December 31, 1994 and 1993,
and the related statements of operations, changes in partners' equity, and
cash flows for the years then ended. These financial statements are the
responsibility of Lakewood Terrace Limited Partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audit.
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lakewood Terrace Limited
Partnership as of December 31, 1994 and 1993, and the results of its
operations, changes in partners' equity and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information included in the
report (shown on pages 15 to 16) is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in my opinion, is fairly stated, in all
material respects, in relation to the financial statements taken as a whole.
March 23, 1995
7-be Wilcox Building
Penthouse Suite
42 Weybosset Street
Providence, Rbode Island 02903
Telepbone 401-,331-0210
Fax 401-421-6799
Charles Bailly & CompanyP.L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR'S REPORT
The Partners
Maplewood Apartments, A Limited Partnership Fargo, North Dakota
We have audited the accompanying balance sheets of Maplewood Apartments, A
Limited Partnership, FMHA Project Number: 27-009-450408000, as of December 31,
1995 and 1994, and the related statements of operations, partners, equity and
cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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 Maplewood 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.
Fargo, North Dakota
January 19, 1996
<PAGE>
MORRISON AND SMITH
CERTIFIED PUBLIC ACCOUTANTS
1809 UNIVERSITY BOULEVARD
P.O BOX 020674
TUSCALOOSA, ALABAMA 35402-0647
205/349-2424
FAX 205/758-1740
CLAUD A. MORRISON. CPA.
WILLIAM D. SMITH. 11. CPA
G. LEVERT LAWRENCE. CPA.
G. ALAN HARTLEY. CPA.
H. MACK HITT. CPA
--------
AICPA DIVISION FOR CPA FIRMS
BARRETT A. BURNS, CPA.
JAMES F. RANDOLPH. CPA.
TIMOTHY D. CROWE. CPA.
R. DANIEL SUTRER, CPA
JOHN REESE PUGH, CPA.
INDEPENDENT AUDITOR'S REPORT
To The Partners
Mound Plaza, LTD.
Moundville, Alabama
We have audited the accompanying balance sheets of Mound Plaza, LTD. 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. 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
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Mound Plaza, LTD. as of
December 31, 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.
Certified Public Accountants
Tuscaloosa, Alabama
February 16, 1996
DAMRATOSKI & COMPANY
Certified Public Accountants
Corporate One West
Suite 350
1195 Washington Pike
Bridgeville, PA 15017
(412) 257-2882
(412) 257-2888 Fax
Independent Auditor's Report
To The Partners
Queens Court Limited Partnership
Philadelphia, Pennsylvania
We have audited the accompanying balance sheets of Queens Court Limited
Partnership as of December 31, 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. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Queens Court Limited
Partnership, as of December 31, 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 made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information on page 14
is presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all aterial respects in relation to
the basic financial statements taken as a whole.
Damratoski & Company
Certified Public Accountants
January 26, 1996
Page 1
MICHAEL SCZEKAN & CO., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
7936 EAST ARAPAHOE COURT, SUITE 2800
ENGLEWOOD, CO 80115
TELEPHONE (303) 770-3356
FACSIMILE (303) 770-3357
INDEPENDENT AUDITOR'S REPORT
Government National Mortgage Association
Care of: Boatmen's National Mortgage Inc.
Memphis, TN
To the Partners of
Rainbow housing Associates, Ltd.
Yuma, Arizona
We have audited the accompanying Balance Sheet of Rainbow Housing Associates,
Ltd., FI-IA Project Number 123-94008 REF, as of December 31, 1995, and the
related statements of profit and loss, changes in project equity and cash
flows for the year then ended. These financial statements are the
responsibility of the Project's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Govemment Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Rainbow Housing Associates,
Ltd., as of December 31, 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 3, 1996, on our consideration of Rainbow Housing
Associates, Ltd.'s internal control structure and a report dated February 3,
1996, on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supporting data included in the report on
pages 15 through 23 is presented for the purposes of additional analysis and
are not a required part of the financial statements of Rainbow Housing
Associates, Ltd. Such information has been subjected to the same auditing
procedures applied in the examination of the basic financial statements and,
in our opinion, are presented fairly in all material respects in relation to
the financial statements taken as a whole.
Respectfully submitted,
Michael Sczekan & Co., P.C.
Certified Public Accountants
Englewood, Colorado
February 3, 1996
Page 1
Auditing, Accounting, Income Taxes, Consulting
Licensed CPAs... Colorado, Arizona, Michigan
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
Russell W. Bradley, CPA
Larry D. Snipes, CPA
Alton R. Gower, Jr., CPA
P.O. Box 1009
Dunn, North Carolina 283356
(910) 892-6001
P.O. Box 1568
Lillington, North Carolina 27546
(910) 893-6026
Independent Auditors' Report
The Partners
Southport, Ltd. - Phase II Limited Partnership
We have audited the accompanying balance sheets of Southport, Ltd. - Phase II
Limited Partnership (a North Carolina 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 Southport, Ltd. - Phase II Limited 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. Members/American Institute of Certified Public Accountants,
North Carolina Association of Certified Public Accountants. In our opinion,
the financial statements referred to above present fairly, in all material
respects, the financial position of Southport, Ltd. - Phase II Limited
Partnership, as of December 31, 1995 and 1994, and the results of its
operations, the changes in partners' equity (deficit) and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on Page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Respectfully submitted,
Bradley, Snipes, Gower
& Associates, P. A.
Dunn, North Carolina
January 18, 1996
-2-
<PAGE>
CHRISTENSEN, RUCKI & CO.
CERTIFIED PUBLIC ACCOUNTANTS
109 SOUTH MAIN STREET
SHERIDAN, WYOMING 82801
John P. Croff, C.P.A. 1922-1974
J. Gordon Macalister, C.P.A. 1916-1978
- -----------------------
Curtis W. Christensen, C.P.A.
Steven W. Rucki, C.P.A.
Telephone
- ---------
Sheridan (307) 674-6609
Fax (307) 674-7017
INDEPENDENT AUDITORS' REPORT
To the Partners
Trinidad Apartments, A Limited Partnership Sheridan, Wyoming 82801
We have audited the accompanying balance sheets of Trinidad Apartments, A
Limited Partnership, as of December 31, 1995 and 1994 and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of Trinidad
Apartments, A Limited 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 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 Trinidad 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.
In accordance with Government Auditing Standards, we have also issued a report
dated January 31, 1996 on our consideration of Trinidad Apartments, A Limited
Partnership's internal control structure and a report dated January
31, 1996 on its compliance with laws and regulations.
The accompanying supplementary information shown on page 15 is presented for
purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Christensen, Rucki & Co.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1996
<PAGE>
JOHN G. BURK AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
56 COURT STREET P.O. BOX 705 KEENE
NEW HAMPSHIRE 03431
(603) 357-4882
To the Partners of
Willow Street Associates
(a Limited Partnership)
Independent Auditors' Report
We have audited the accompanying balance sheets of Willow Street Associates (a
Limited Partnership)(Case No. 34-012-0020413965) as of December 31, 1995 and
1994, and the related statements of income and expense, partners, equity
(deficit), and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform
the 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 Willow Street Associates (a
Limited Partnership) at December 31, 1995 and 1994, and the results of its
operations, partners' equity (deficit) and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 11, 1996 on our consideration of Willow Street Associates'
internal control structure and a report dated January 11, 1996 on its
compliance with laws and regulations.
January 11, 1996
<PAGE>
Michael Sczekan & Co., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
8801 East Hampden Avenue, Suite 200
Denver, Colorado 80231
(303) 751-4656
Fax (303) 745-1156
INDEPENDENT AUDITOR'S REPORT
Government National Mortgage Association
Care of: Mellon Mortgage Co.
Cleveland, Ohio
To the Partners of
Rainbow housing Associates, Ltd.
Yuma, Arizona
We have audited the accompanying Balance Sheet of Rainbow Housing Associates,
Ltd., FHA Project Number 123-10545 REF, as of December 31, 1993, and the
related statements of profit and loss, changes in project equity and cash
flows for the year then ended. These financial statements are the
responsibility of the Project's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing and
Government Auditing Standards, issued by the Comptroller General of the United
States. These 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 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 Rainbow Housing Associates,
Ltd., as of December 31, 1993, 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 financial
statements taken as a whole. The supporting data included in the report on
pages 15 through 23 are presented for the purposes of additional analysis and
are not a required part of the financial statements of Rainbow Housing
Associates, Ltd. Such information has been subjected to the same auditing
procedures applied in the examination of the basic financial statements and,
in our opinion, are presented fairly in all material respects in relation to
the financial statements taken as a whole.
Respectfully submitted,
Michael Sczekan & Co., P.C.
Certified Public Accountants
Member: American Institute of CPA's and Colorado Society of CPA's
Independent Auditors' Report
To the Partners
Pedcor Investments 1988-IV, L.P.
We have audited the accompanying balance sheets of Pedcor Investments 1988-IV,
L.P. as of December 31, 1995 and 1994, and the related statements of loss,
partners' equity (deficit), and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Pedcor Investments 1988-IV,
L.P. 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.
The accompanying information is presented for additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the same auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is presented fairly in all material
respects in relation to the basic financial statements taken as a whole.
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 10, 1996 Certified Public Accountants
CERTIFIED PUBLIC ACCOUNTANTS Members:
Mahoney American Institute
Ulbrichii of Certified Public Accountants
Christiansen Minnesota Society
Russ P.A. of Certified Public Accountants
Suite 800 Capital Centre
386 North Wabasha
Saint Paul, Minnesota 55102
The Partners
Paige Hall Limited Partnership
Minneapolis, Minnesota
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheet of Paige Hall 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. The financial statements and supplemental information of Paige
Hall Limited Partnership as Of December 31, 1994, were audited by other
auditors whose report dated January 17, 1995, expressed an unqualified report
on those financial statements and supplemental information.
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 Paige Hall 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.
Our audit was made for the purpose of forming an opinion on the basic 1995
financial statements taken as a whole. The supplemental information on page 9
is presented for the purposes of additional analysis and is not a required
part of the basic 1995 financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic 1995
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic 1995 financial statements taken is a whole.
Saint Paul, Minnesota
January 18, 1996
<PAGE>
Allard, Allard, Triggs & Company, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
259 PAGE BOULEVARD
SPRINGFIELD, MASSACHUSETTS 01104
TELEPHONE: (413) 785-1414
FAX: (413) 739-9618
COLLEEN E. ALLARD, C.P.A.
ROGER D. ALLARD, C.P.A.
BARRY W. CROWLEY, C.P.A.
MARTIN R. TRIGGS, C.P.A. - 1947-1980
INDEPENDENT AUDITORS' REPORT
To the Partners
Armory Square Limited Partnership
We have audited the accompanying balance sheets of Armory Square Limited
Partnership as of December 31, 1995 and 1994 and the related statements of
operations, partners' equity, and cash flows for the years then ended. The
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on the 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 Armory Square 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 taken as a whole. The accompanying supplementary
schedules on pages 13-15 are presented only for analysis purposes and are not
a required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements. All information included in the schedules is the
representation of the management of Armory Square Limited Partnership. We did
not become aware of any material modifications that should be made to this
supplementary information.
January 31, 1996
<PAGE>
CHRISTENSEN, RUCKI & CO.
CERTIFIED PUBLIC ACCOUNTANTS
109 SOUTH MAIN STREET
SHERIDAN, WYOMING 82801
John P. Croff, C.P.A. 1922-1974
J. Gordon Macalister, C.P.A. 1916-1978
- -----------------------
Curtis W. Christensen, C.P.A.
Steven W. Rucki, C.P.A.
Telephone
- ---------
Sheridan (307) 674-6609
Fax (307) 674-7017
INDEPENDENT AUDITORS' REPORT
To the Partners
Ault Apartments, A Limited Partnership
Sheridan, Wyoming 82801
We have audited the accompanying balance sheets of Ault Apartments, A 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 Ault Apartments,
A Limited 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 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 Ault 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.
In accordance with Government Auditing Standards, we have also issued a report
dated January 31, 1996 on our consideration of Ault Apartments, A Limited
Partnership's internal control structure and a report dated January 31, 1996
on its compliance with laws and regulations.
The accompanying supplementary information shown on page 15 is presented for
purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Christensen, Rucki & Co.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1996
<PAGE>
CHRISTENSEN, RUCKI & CO.
CERTIFIED PUBLIC ACCOUNTANTS
109 SOUTH MAIN STREET
SHERIDAN, WYOMING 82801
John P. Croff, C.P.A. 1922-1974
J. Gordon Macalister, C.P.A. 1916-1978
- -----------------------
Curtis W. Christensen, C.P.A.
Steven W. Rucki, C.P.A.
Telephone
- ---------
Sheridan (307) 674-6609
Fax (307) 674-7017
INDEPENDENT AUDITORS' REPORT
To the Partners
Burlwood Apartments, A Limited Partnership
Sheridan, Wyoming 82801
We have audited the accompanying balance sheets of Burlwood Apartments, A
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
Burlwood Apartments, A Limited 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 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 Burlwood 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.
In accordance with Government Auditing Standards, we have also issued a report
dated January 31, 1996 on our consideration of Burlwood Apartments, A Limited
Partnership's internal control structure and a report dated January 31, 1996
on its compliance with laws and regulations.
The accompanying supplementary information shown on page 16 is presented for
purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Christensen, Rucki & Co.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1996
<PAGE>
FREED MAXICK
- ---------
SACHS & MURPHY, PC
Certified Public Accountants
800 Liberty Building
Buffalo, NY 14202-3508
(716) 847-0069
INDEPENDENT AUDITOR'S REPORT
To Partners of
Cambria Commons Limited Partnership
We have audited the accompanying balance sheets of Cambria Commons Limited
Partnership as of December 31, 1995 and 1994, and the related statements of
operations, partners' capital, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cambria Commons Limited
Partnership at December 31, 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 made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on page
10 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. The supplementary information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
February 1, 1996
<PAGE>
CHRISTENSEN, RUCKI & CO.
CERTIFIED PUBLIC ACCOUNTANTS
109 SOUTH MAIN STREET
SHERIDAN, WYOMING 82801
John P. Croff, C.P.A. 1922-1974
J. Gordon Macalister, C.P.A. 1916-1978
- -----------------------
Curtis W. Christensen, C.P.A.
Steven W. Rucki, C.P.A.
Telephone
- ---------
Sheridan (307) 674-6609
Fax (307) 674-7017
INDEPENDENT AUDITORS' REPORT
To the Partners
Clearview Apartments, A Limited Partnership Sheridan
Wyoming 82801
We have audited the accompanying balance sheets of Clearview Apartments, A
Limited Partnership, as of December 31, 1995 and 1994 and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of Clearview
Apartments, A Limited 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 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 Clearview 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.
In accordance with Government Auditing Standards, we have also issued a report
dated January 31, 1996 on our consideration of Clearview Apartments, A Limited
Partnership's internal control structure and a report dated January 31, 1996
on its compliance with laws and regulations.
The accompanying supplementary information shown on page 15 is presented for
purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Christensen, Rucki & CO.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1996
<PAGE>
LARSON, ALLEN, WEISHAIR & CO.
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
Partners
Fuller Homes Limited Partnership
St. Paul, Minnesota
We have audited the accompanying balance sheets of Fuller Homes 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. 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 Fuller Homes 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 made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental
financial data included on pages 13 through 23 is presented for purposes of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements as a whole.
LARSON, ALLEN, WEISHAIR & CO., LLP
Saint Paul, Minnesota
January 23, 1996
<PAGE>
Malvin, Riggins & Company, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
MEMBERS AMERICAN INSTITUTE OF CERTLFIED PUBLIC ACCOUNTANTS &
VIRGINIA SOCIETY
OF CERTIFIED PUBLIC ACCOUNTANTS
Page 4
Independent Auditor's Report
To the Partners
Landmark Limited Partnership
We have audited the accompanying balance sheets of Landmark Limited
Partnership (a limited partnership), VHDA Project No.: 88-01447-HF, as of
December 31, 1995 and 1994, and the related statements of loss, partners,
capital, and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Goverment 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 Landmark 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.
In accordance with Government Auditing Standards, we have also issued reports
dated March 11, 1996 on our consideration of Landmark Limited Partnership's
internal control structure and on its compliance with laws and regulations.
FREDERICK B. MALVIN, CPA
JOYCE RIGGINS SCHAFFER, CPA
CAROLYN J. LUCKADOO, CPA
12350 Jefferson Ave.
Suite 160
Patrick Henry Corporate Center
Newport News, VA 23602
Telephone (804) 881-9600
Facsimile (804) 881-9617
<PAGE>
Page 5
our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule, and
supporting data required by VHDA and prepared in accordance with VHDA
requirements, included in the report (shown on pages 20 and 21) are presented
for the purposes of additional analysis and are not a required part of the
basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
4
March 11, 1996
<PAGE>
CHRISTENSEN, RUCKI & CO.
CERTIFIED PUBLIC ACCOUNTANTS
109 SOUTH MAIN STREET
SHERIDAN, WYOMING 82801
John P. Croff, C.P.A. 1922-1974
J. Gordon Macalister, C.P.A. 1916-1978
- -----------------------
Curtis W. Christensen, C.P.A.
Steven W. Rucki, C.P.A.
Telephone
- ---------
Sheridan (307) 674-6609
Fax (307) 674-7017
INDEPENDENT AUDITORS' REPORT
To the Partners
Milliken Apartments, A Limited Partnership Sheridan, Wyoming 82801
We have audited the accompanying balance sheets of Milliken Apartments, A
Limited Partnership, as of December 31, 1995 and 1994 and the related
statements of operations, partners' deficit and cash flows for the years then
ended. These financial statements are the responsibility of Milliken
Apartments, A Limited 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 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 Milliken 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.
In accordance with Government Auditing Standards, we have also issued a report
dated January 31, 1996 on our consideration of Milliken Anartments A Limited
Partnership's internal control structure and a report dated January 31, 1996
on its compliance with laws and regulations.
<PAGE>
The accompanying supplementary information shown on page 15 is presented for
purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Christensen, Rucki & Co.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1996
<PAGE>
LARSON, ALLEN, WEISHAIR & CO.
Certified Public Accountants
To The Partners
Montana Avenue Townhomes Limited Partnership
St. Paul, Minnesota
We have audited the accompanying balance sheets of Montana Avenue Townhomes
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. 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 Montana Avenue Townhomes
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 made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental
financial data included on pages 13 through 24 is presented for purposes of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements as a whole.
LARSON, ALLEN, WEISHAIR & CO., LLP
Saint Paul, Minnesota
January 11, 1996
<PAGE>
Independent Auditors' Report
To the Partners of
Pedcor Investments 1988-VI, L.P.
We have audited the accompanying balance sheets of Pedcor Investments 1988-VI,
L.P. as of December 31, 1995 and 1994, and the related statements of loss,
partners' equity (deficit), and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Pedcor Investments 1988-VI,
L.P. as of December 31, 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.
The accompanying information is presented for additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the same auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is presented fairly in all material
respects in relation to the basic financial statements taken as a whole.
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 8, 1996 Certified Public Accountants
<PAGE>
Douglas A. Hollowell, P.C.
Certified Public Accountant
A Professional Corporation
309 County Street - Suite 100
P.O. Box 636
Portsmouth, Virginia 23705
Telephone: (804) 397-8425
1-800-858-8425
Fax # 393-1451
1500 W. Ehringhaus Street
P.O. Box 1387
Elizabeth City, North Carolina
27909
Telephone: (919) 335-7666
(919) 338-8021
Fax # 338-4148
Independent Auditor's Report
To the Partners
Shockoe Hill Associates II, L.P.
Richmond, Virginia
I have audited the accompanying balance sheet of Shockoe Hill Associates II,
L.P. as of December 31, 1995, and the related statements of income, partners'
capital, and cash flows for the year then ended. These financial statements
are the responsibility of Shockoe Hill Associates II, L.P.Is management. My
responsibility is to express an opinion on these financial statements based on
my audit.
I conducted my 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 I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Shockoe Hill Associates II,
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.
In accordance with Government Auditing Standards, I have also issued a report
dated January 22, 1996 on my consideration of Shockoe Hill Associates II,
L.P.Is internal control structure and a report dated January 22, 1996 on its
compliance with laws and regulations.
The accompanying supplementary information (shown on pages 13 to
22) is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
DOUGLAS A. HOLLOWELL, P.C.
MEMBER OF:
THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
THE VIRGINIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
THE NORTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
January 30, 1995
Page 1
Douglas A. Hollowell, P.C.
Certified Public Accountant
A Professional Corporation
309 County Street - Suite 100
P.O. Box 636
Portsmouth, Virginia 23705
Telephone: (804) 397-8425
1-800-858-8425
Fax # 393-1451
1500 W. Ehringhaus Street
P.O. Box 1387
Elizabeth City, North Carolina
27909
Telephone: (919) 335-7666
(919) 338-8021
Fax # 338-4148
Independent Auditor's Report
To the Partners
Shockoe Hill Associates II
A Virginia Limited Partnership
1705 East Main Street
Richmond, Virginia
I have audited the accompanying balance sheet of Shockoe Hill Associates II,
HUD Project No. 051-35393 (A Virginia Limited Partnership), as of December 31,
1994 and the related statements of income, expenses and changes in partners'
capital, and cash flows for the year then ended. These financial statements
are the responsibility of the Partnership's management. My responsibility is
to express an opinion on these financial statements based on my audit.
I corducted my 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 I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, all
material respects, the financial position of Shockoe Hitt Associates II, 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.
My audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting data included in the
report (shown on pages 15 to 20) are presented for the purposes of additional
analysis and are not a required part of the financial statements of Shockoe
Hilt Associates 11, L. P.. Such information has been subjected to the auditing
procedures applied in the audit of the financial statements and, in my
opinion, is fairly presented in all material respects in retati ial statements
taken as a whole.
DOUGLAS A. HOLLOWELL, P.C.
MEMBER OF:
THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
THE VIRGINIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
THE NORTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
DOUGLAS A. HOLLOWELL, P.C.
Douglas A. Hollowell, P.C.
Certified Public Accountant
A Professional Corporation
309 County Street - Suite 100
P.O. Box 636
Portsmouth, Virginia 23705
Telephone: (804) 397-8425
1-800-858-8425
Fax # 393-1451
1500 W. Ehringhaus Street
P.O. Box 1387
Elizabeth City, North Carolina
27909
Telephone: (919) 335-7666
(919) 338-8021
Fax # 338-4148
The Partners
Shockoe Hilt Associates 11
A Virginia Limited Partnership
1705 East Main Street
Richmond, Virginia 23219
I have audited the accompanying balance sheet of Shockoe Hitt Associates II,
HUD Project No. 051-35393 (A Virginia Limited Partnership), in which Boston
Capital Tax Credit Fund Limited Partnership is an investor limited partner, as
of December 31, 1993 and the related statements of income and expenses ard
changes in partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's Management.
My responsibility is to express an opinion on these financial statements based
on my audit.
I conducted my audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Shockoe Hitt Associates II,
at December 31, 1993, and the results of its operations and the changes in
partners' equity and cash flows for the year then erxied in conformity with
generally accepted accounting principles.
In connection with my audit, I represent the following:
That I am aware that the financial statements of Shockoe Hitt Associates II
Limited Partnership which I have audited will be included in the financial
statements on which you will report, and that my report thereon will be
referred to in your report.
That I am independent of each partnership under the requirements of the
Securities and Exchange Commission.
That I am independent of each partnership under requirements of the American
Institute of Certified Public Accountants.
<PAGE>
NOVOGRADAC & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Atlanta
Los Angeles
Portland
San Francisco
Michael J. Novogradac
Richard B. Hutchins
Jon E. Krabbenschmidt
Harry Abram
Walter C. McGill, JR.
Scott J. Hubbard
Stephen B. Tracy
REPORT OF INDEPENDENT AUDITORS
- ------------------------------
To the General Partner
Haven Park Partners II, A California Limited Partnership
We have audited the accompanying balance sheet of Haven Park Partners II, A
California Limited Partnership as of December 31, 1995, and the related
statements of operations, 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 Haven Park Partners II, A
California 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.
February 16, 1996
<PAGE>
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 3, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
BRIARWOOD ESTATES, L.P.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' 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 audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amount 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 and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 21, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
ELDON ESTATES, L.P.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners 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 audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amount 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 and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
BORDMAN & WINNICK
CERTIFIED PUBLIC ACCOUNTANTS
7439 Middlebelt Road, Suite 3
West Bloomfield, Michigan 48322
(810) 851-5350
Facsimile (810) 851-9148
Myron H. Bordman, CPA
Rober T. Winnick, CPA
------------
Hedda Benenson, CPA
INDEPENDENT AUDITORS' REPORT
To The Partners of
Holland West Limited Partnership
We have audited the accompanying balance sheet of HUD Project No. 047-12001 of
Holland West Limited Partnership (a Michigan Partnership) as of December 31,
1995, and the related statements of operations, changes in partner's equity
and the statements of cash flows for the years ended December 31, 1995 and
December 31, 1994. These financial statements are the responsibility of the
project's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and GOVERNMENT AUDITING STANDARDS, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An Audit includes examining on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of HUD Project No. 047-12001 as
of December 31, 1995, and the results of its operations and the changes in
partners' equity and 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 financial
statements taken as a whole. The supporting data included in the report
(shown on pages 11 to 16) are presented for the purposes of additional
analysis and are not a required part of the financial statements of HUD
Project No. 047-12001. Such information has been subject to the auditing
procedures applied in the audit of financial statements and, in our opinion,
is fairly stated in all material respects in relation to the financial
statements taken as a whole.
Bordman & Winnick
Certified Public Accountants
38-2900295
West Bloomfield, MI
January 29, 1996
HOWE AND ASSOCIATES
CERTIFIED PULIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 17, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
KEARNEY PROPERTES II, L.P.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' 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 audit to
obtain reasonable assurance about whether the financial statements are free
from 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 and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 12, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
PLEASANT HILL PROPERTIES, L.P.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' 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 audit to
obtain reasonable assurance about whether the financial statements are free
from 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 and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
COOPERS & LYBRAND
COOPERS & LYBRAND L.L.P.
a professional services firm
Report of Independent Accountants
<PAGE>
To the Partners
Sherburne Housing Redevelopment Company
We have audited the accompanying balance sheet of Sherburne Housing
Redevelopment Company (A Limited Partnership), as of December 31, 1995, and
the related statements of operations and partners' capital, and cash flows for
the year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit. The financial statements
of Sherburne Housing Redevelopment Company as of December 31, 1994, were
audited by other auditors whose report dated January 20, 1995, expressed an
unqualified opinion on those statements.
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 Sherburne Housing
Redevelopment Company 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.
Rochester, New York
January 22, 1996
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 29, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
SOCORRO PROPERTIES, LP.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' 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 Governmental 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 from 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 and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTATS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 12, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
WARRENSBURG PROPERTIES, LP.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' 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 audit to
obtain reasonable assurance about whether the financial statements are free
from 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 and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
NOVOGRADAC & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Atlanta
Los Angeles
Portland
San Francisco
Michael J. Novogradac
Richard B. Hutchins
Jon E. Krabbenschmidt
Harry Abram
Walter C. McGill, JR.
Scott J. Hubbard
Stephen B. Tracy
REPORT OF INDEPENDENT AUDITORS
- ------------------------------
To the General Partner
Glenhaven Park Partners, A California Limited Partnership
We have audited the accompanying balance sheet of Glenhaven Park Partners, A
California Limited Partnership as of December 31, 1995, and the related
statements of operations, 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 Glenhave Park Partners, A
California 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.
February 16, 1996
<PAGE>
LOUIS YOUNG C.P.A., INC.
2630 E. Ashlan
Fresno, California 93726
(209) 224-5141
Louis Young, CPA
Jason Liao, CPA
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
The Partners
Hacienda Villa Associates
Firebaugh, California
We have audited the accompanying balance sheet of Hacienda Villa Associates (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 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 Hacienda Villa 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.
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
14 and 15 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the 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.
Louis Young CPA Inc.
Fresno, California
February 15, 1996
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
March 31, 1996 and 1995
Total
-----
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING
LIMITED PARTNERSHIPS (note C) $27,395,600$32,538,323
OTHER ASSETS
Cash and cash equivalents (notes A and E) 280,931 409,285
Other 518,065 464,703
---------- ----------
$28,194,596$33,412,311
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $ 3,696,067$ 2,716,873
---------- ----------
3,696,067 2,716,873
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner Units
of limited partnership interest
consisting of 10,000,000
authorized beneficial assignee
certificates (BAC), $10 stated
value, 9,800,600 issued to the
assignees at March 31, 1996 and
1995 - -
Assignees
Units of beneficial interest
of the limited partnership
interest of the assignor
limited partner, 9,800,600
issued and outstanding at
March 31, 1996 and 1995 25,103,457 31,238,397
General Partner (604,928) (542,959)
---------- ----------
24,498,529 30,695,438
---------- ----------
$28,194,596$33,412,311
========== ==========
(continued)
- F-5 -
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 1
--------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING
LIMITED PARTNERSHIPS (note C) $378,057 $760,753
OTHER ASSETS
Cash and cash equivalents (notes A and E) 52,334 67,610
Other 54,303 15,450
------- -------
$484,694 $843,813
======= =======
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
LIABILITIES
Accounts payable - affiliates (note B) $929,214 $708,350
------- -------
929,214 708,350
------- -------
PARTNERS' CAPITAL (DEFICIT)(note A)
Assignor Limited Partner Units
of limited partnership interest
consisting of 10,000,000
authorized beneficial assignee
certificates (BAC), $10 stated
value, 1,299,900 issued to the
assignees at March 31, 1996 and
1995 - -
Assignees
Units of beneficial interest
of the limited partnership
interest of the assignor
limited partner, 1,299,900
issued and outstanding at
March 31, 1996 and 1995 (326,851) 247,332
General Partner (117,669) (111,869)
------- -------
(444,520) 135,463
------- -------
$484,694 $843,813
======= =======
(continued)
- F-6 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 2
--------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING
LIMITED PARTNERSHIPS (note C) $2,445,164 $2,692,427
OTHER ASSETS
Cash and cash equivalents (notes A and E) 1,262 23,531
Other 360,285 360,285
--------- ---------
$2,806,711 $3,076,243
========= =========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $ 213,489 $ 144,250
--------- ---------
213,489 144,250
--------- ---------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner Units
of limited partnership interest
consisting of 10,000,000
authorized beneficial assignee
certificates (BAC), $10 stated
value, 830,300 issued to the
assignees at March 31, 1996 and
1995 - -
Assignees
Units of beneficial interest
of the limited partnership
interest of the assignor
limited partner, 830,300
issued and outstanding at
March 31, 1996 and 1995 2,636,633 2,972,016
General Partner (43,411) (40,023)
--------- ---------
2,593,222 2,931,993
--------- ---------
$2,806,711 $3,076,243
========= =========
(continued)
- F-7 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 3
--------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING
LIMITED PARTNERSHIPS (note C) $7,500,960 $9,411,087
OTHER ASSETS
Cash and cash equivalents (notes A and E) 5,460 25,072
Other 41,861 41,861
--------- ---------
$7,548,281 $9,478,020
========= =========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $1,027,573 $ 747,606
--------- ---------
1,027,573 747,606
--------- ---------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner Units
of limited partnership interest
consisting of 10,000,000
authorized beneficial assignee
certificates (BAC), $10 stated
value, 2,882,200 issued to the
assignees at March 31, 1996 and
1995 - -
Assignees
Units of beneficial interest
of the limited partnership
interest of the assignor
limited partner, 2,882,200
issued and outstanding at
March 31, 1996 and 1995 6,707,415 8,895,024
General Partner (186,707) (164,610)
--------- ---------
6,520,708 8,730,414
--------- ---------
$7,548,281 $9,478,020
========= =========
(continued)
- F-8 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 4
--------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING
LIMITED PARTNERSHIPS (note C) $9,933,715$11,655,359
OTHER ASSETS
Cash and cash equivalents (notes A and E) 25,928 59,115
Other 28,503 13,994
--------- ----------
$9,988,146$11,728,468
========= ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $ 788,069$ 522,675
---------- ----------
788,069 522,675
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner Units
of limited partnership interest
consisting of 10,000,000
authorized beneficial assignee
certificates (BAC), $10 stated
value, 2,995,300 issued to the
assignees at March 31, 1996 and
1995 - -
Assignees
Units of beneficial interest
of the limited partnership
interest of the assignor
limited partner, 2,995,300
issued and outstanding at
March 31, 1996 and 1995 9,368,181 11,353,840
General Partner (168,104) (148,047)
--------- ----------
9,200,077 11,205,793
--------- ----------
$9,988,146$11,728,468
========= ==========
(continued)
- F-9 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 5
--------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING
LIMITED PARTNERSHIPS (note C) $1,422,271 $1,665,945
OTHER ASSETS
Cash and cash equivalents (notes A and E) 156,816 208,686
Other 33,113 33,113
--------- ---------
$1,612,200 $1,907,744
========= =========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $ 28,369 $ 28,913
--------- ---------
28,369 28,913
--------- ---------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner Units
of limited partnership interest
consisting of 10,000,000
authorized beneficial assignee
certificates (BAC), $10 stated
value, 489,900 issued to the
assignees at March 31, 1996 and
1995 - -
Assignees
Units of beneficial interest
of the limited partnership
interest of the assignor
limited partner, 489,900
issued and outstanding at
March 31, 1996 and 1995 1,609,743 1,901,793
General Partner (25,912) (22,962)
--------- ---------
1,583,831 1,878,831
--------- ---------
$1,612,200 $1,907,744
========= =========
(continued)
- F-10 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 6
--------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING
LIMITED PARTNERSHIPS (note C) $5,715,433 $6,352,752
OTHER ASSETS
Cash and cash equivalents (notes A and E) 39,131 25,271
Other - -
--------- ---------
$5,754,564 $6,378,023
========= =========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $ 709,353 $ 565,079
--------- ---------
709,353 565,079
--------- ---------
PARTNERS' CAPITAL (note A)
Assignor Limited Partner Units
of limited partnership interest
consisting of 10,000,000
authorized beneficial assignee
certificates (BAC), $10 stated
value, 1,303,000 issued to the
assignees at March 31, 1996 and
1995 - -
Assignees
Units of beneficial interest
of the limited partnership
interest of the assignor
limited partner, 1,303,000
issued and outstanding at
March 31, 1996 and 1995 5,108,336 5,868,392
General Partner (63,125) (55,448)
--------- ---------
5,045,211 5,812,944
--------- ---------
$5,754,564 $6,378,023
========= =========
See notes to financial statements
- F-11 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Years ended March 31, 1996, 1995 and 1994
Total
---------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 8,821 $ 11,022 $ 32,652
Miscellaneous income 1,557 6,921 72,994
---------- ---------- ----------
Total income 10,378 17,943 105,646
---------- ---------- ----------
Share of losses from operating
limited partnerships (note A) (5,141,108)(6,602,292)(7,443,042)
---------- ---------- ----------
Expenses
Professional fees 103,385 97,518 103,507
Partnership management fee (note B) 888,714 909,333 880,603
Amortization (note A) - 89,926 198,408
General and administrative
expenses (note B) 74,080 132,523 222,787
---------- ---------- ----------
1,066,179 1,229,300 1,405,305
---------- ---------- ----------
NET LOSS (note A) $(6,196,909)$(7,813,649)$(8,742,701)
========== ========== ==========
Net loss allocated to
general partner $ (61,969)$ (78,137)$ (87,427)
========== ========== ==========
Net loss allocated to assignees $(6,134,940)$(7,735,512)$(8,655,274)
========== ========== ==========
Net loss per BAC $ (.63)$ (.78)$ (.88)
========== ========== ==========
(continued)
- F-12 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 1
--------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 1,481 $ 1,768 $ 2,314
Miscellaneous income - 2,308 28,103
-------- -------- --------
Total income 1,481 4,076 30,417
-------- -------- --------
Share of losses from operating
limited partnerships (note A) (382,696) (542,971) (632,715)
-------- -------- --------
Expenses
Professional fees 20,906 19,417 9,303
Partnership management fee (note B) 168,613 169,824 176,864
Amortization (note A) - 11,045 20,498
General and administrative
expenses (note B) 9,249 12,876 11,230
-------- -------- --------
198,768 213,162 217,895
-------- -------- --------
NET LOSS (note A) $(579,983) $(752,057) $(820,193)
======== ======== ========
Net loss allocated to
general partner $ (5,800) $ (7,521) $(8,202)
======== ======== ========
Net loss allocated to assignees $(574,183) $(744,536) $(811,991)
======== ======== ========
Net loss per BAC $ (.44) $ (.57) $ (.62)
======== ======== ========
(continued)
- F-13 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 2
-------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 295 $ 813 $ 7,153
Miscellaneous income - 225 1,000
------- -------- ----------
Total income 295 1,038 8,153
------- -------- ----------
Share of losses from operating
limited partnerships (note A) (247,263) (709,485) (906,577)
------- -------- ----------
Expenses
Professional fees 13,857 11,569 9,160
Partnership management fee (note B) 67,136 69,090 65,995
Amortization (note A) - 6,102 15,233
General and administrative
expenses (note B) 10,810 17,388 19,090
------- -------- ----------
91,803 104,149 109,478
------- -------- ----------
NET LOSS (note A) $(338,771) $(812,596)$(1,007,902)
======= ======== ==========
Net loss allocated to
general partner $ (3,388) $ (8,126)$ (10,079)
======= ======== ==========
Net loss allocated to assignees $(335,383) $(804,470) $ (997,823)
======= ======== ==========
Net loss per BAC $ (.40) $ (.96)$ (1.20)
======= ======== ==========
(continued)
- F-14 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 3
-------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 250 $ 646 $ 2,096
Miscellaneous income 1,304 2,454 2,150
---------- ---------- ----------
Total income 1,554 3,100 4,246
---------- ---------- ----------
Share of losses from operating
limited partnerships (note A) (1,908,512) (2,120,318) (2,467,640)
---------- ---------- ----------
Expenses
Professional fees 23,827 23,367 30,476
Partnership management fee (note B) 260,282 260,024 268,712
Amortization (note A) - 20,196 56,820
General and administrative
expenses (note B) 18,639 46,961 104,324
---------- ---------- ----------
302,748 350,548 460,332
---------- ---------- ----------
NET LOSS (note A) $(2,209,706)$(2,467,766)$(2,923,726)
========== ========== ==========
Net loss allocated to
general partner $ (22,097)$ (24,678)$ (29,237)
========== ========== ==========
Net loss allocated to assignees $(2,187,609)$(2,443,088)$(2,894,489)
========== ========== ==========
Net loss per BAC $ (.76)$ (.85)$ (1.00)
========== ========== ==========
(continued)
- F-15 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 4
-------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 1,029 $ 2,252 $ 9,468
Miscellaneous income 253 1,234 2,000
---------- ---------- ----------
Total income 1,282 3,486 11,468
---------- ---------- ----------
Share of losses from operating
limited partnerships (note A) (1,721,644) (2,140,342) (2,006,989)
---------- ---------- ----------
Expenses
Professional fees 20,363 19,450 28,430
Partnership management fee (note B) 245,494 235,313 218,040
Amortization (note A) - 27,935 65,802
General and administrative
expenses (note B) 19,497 30,152 59,526
---------- ---------- ----------
285,354 312,850 371,798
---------- ---------- ----------
NET LOSS (note A) $(2,005,716)$(2,449,706)$(2,367,319)
========== ========== ==========
Net loss allocated to
general partner $ (20,057)$ (24,497)$ (23,673)
========== ========== ==========
Net loss allocated to assignees $(1,985,659)$(2,425,209)$(2,343,646)
========== ========== ==========
Net loss per BAC $ (.66)$ (.81)$ (.78)
========== ========== ==========
(continued)
- F-16 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 5
-------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 4,765 $ 4,976 $ 7,424
Miscellaneous income - 350 500
------- -------- --------
Total income 4,765 5,326 7,924
------- -------- --------
Share of losses from operating
limited partnerships (note A) (243,674) (374,284) (638,018)
------- -------- --------
Expenses
Professional fees 9,829 10,481 19,165
Partnership management fee (note B) 38,456 39,456 39,456
Amortization (note A) - 7,781 9,792
General and administrative
expenses (note B) 7,806 14,837 14,190
------- -------- --------
56,091 72,555 82,603
------- -------- --------
NET LOSS (note A) $(295,000) $(441,513) $(712,697)
======= ======== ========
Net loss allocated to
general partner $ (2,950) $ (4,415) $ (7,127)
======= ======== ========
Net loss allocated to assignees $(292,050) $(437,098) $(705,570)
======= ======== ========
Net loss per BAC $ (.60) $ (.89) $ (1.44)
======= ======== ========
(continued)
- F-17 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 6
-------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 1,001 $ 567 $ 4,197
Miscellaneous income - 350 39,241
-------- -------- --------
Total income 1,001 917 43,438
-------- -------- --------
Share of losses from operating
limited partnerships (note A) (637,319) (714,892) (791,103)
-------- -------- --------
Expenses
Professional fees 14,603 13,234 6,973
Partnership management fee (note B) 108,733 135,626 111,536
Amortization (note A) - 16,867 30,263
General and administrative
expenses (note B) 8,079 10,309 14,427
-------- -------- --------
131,415 176,036 163,199
-------- -------- --------
NET LOSS (note A) $(767,733) $(890,011) $(910,864)
======== ======== ========
Net loss allocated to
general partner $ (7,677) $ (8,900) $ (9,109)
======== ======== ========
Net loss allocated to assignees $(760,056) $(881,111) $(901,755)
======== ======== ========
Net loss per BAC $ (.58) $ (.68) $ (.69)
======== ======== ========
See notes to financial statements
- F-18 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 1996, 1995 and 1994
General
Assignees Partner Total
--------- ------- -----
Total
-----
Partners' capital (deficit),
March 31, 1993 $47,674,709 $(377,395)$47,297,314
Syndication costs (45,526) - (45,526)
Net loss (8,655,274) (87,427) (8,742,701)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1994 38,973,909 (464,822) 38,509,087
Net loss (7,735,512) (78,137) (7,813,649)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1995 31,238,397 (542,959) 30,695,438
Net loss (6,134,940) (61,969) (6,196,909)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1996 $25,103,457 $(604,928)$24,498,529
========== ======== ==========
(continued)
- F-19 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1996, 1995 and 1994
General
Assignees Partner Total
--------- ------- -----
Series 1
--------
Partners' capital (deficit),
March 31, 1993 $1,803,859 $ (96,146) $1,707,713
Net loss (811,991) (8,202) (820,193)
--------- -------- ---------
Partners' capital (deficit),
March 31, 1994 991,868 (104,348) 887,520
Net loss (744,536) (7,521) (752,057)
--------- -------- ---------
Partners' capital (deficit),
March 31, 1995 247,332 (111,869) 135,463
Net loss (574,183) (5,800) (579,983)
--------- -------- ---------
Partners' capital (deficit),
March 31, 1996 $ (326,851) $(117,669) $(444,520)
========= ======== =========
Series 2
--------
Partners' capital (deficit),
March 31, 1993 $4,774,309 $(21,818) $4,752,491
Net loss (997,823) (10,079) (1,007,902)
--------- ------- ---------
Partners' capital (deficit),
March 31, 1994 3,776,486 (31,897) 3,744,589
Net loss (804,470) (8,126) (812,596)
--------- ------- ---------
Partners' capital (deficit),
March 31, 1995 2,972,016 (40,023) 2,931,993
Net loss (335,383) (3,388) (338,771)
--------- ------- ---------
Partners' capital (deficit),
March 31, 1996 $2,636,633 $(43,411) $2,593,222
========= ======= =========
(continued)
- F-20 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1996, 1995 and 1994
General
Assignees Partner Total
--------- ------- -----
Series 3
--------
Partners' capital (deficit),
March 31, 1993 $14,232,601 $(110,695)$14,121,906
Net loss (2,894,489) (29,237) (2,923,726)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1994 11,338,112 (139,932) 11,198,180
Net loss (2,443,088) (24,678) (2,467,766)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1995 8,895,024 (164,610) 8,730,414
Net loss (2,187,609) (22,097) (2,209,706)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1996 $ 6,707,415 $(186,707)$ 6,520,708
========== ======== ==========
Series 4
--------
Partners' capital (deficit),
March 31, 1993 $16,122,695 $ (99,877)$16,022,818
Net loss (2,343,646) (23,673) (2,367,319)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1994 13,779,049 (123,550) 13,655,499
Net loss (2,425,209) (24,497) (2,449,706)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1995 11,353,840 (148,047) 11,205,793
Net loss (1,985,659) (20,057) (2,005,716)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1996 $ 9,368,181 $(168,104)$ 9,200,077
========== ======== ==========
(continued)
- F-21 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1996, 1995 and 1994
General
Assignees Partner Total
--------- ------- -----
Series 5
--------
Partners' capital (deficit),
March 31, 1993 $3,089,987 $(11,420) $3,078,567
Syndication costs (45,526) - (45,526)
Net loss (705,570) (7,127) (712,697)
--------- ------- ---------
Partners' capital (deficit),
March 31, 1994 2,338,891 (18,547) 2,320,344
Net loss (437,098) (4,415) (441,513)
--------- ------- ---------
Partners' capital (deficit),
March 31, 1995 1,901,793 (22,962) 1,878,831
Net loss (292,050) (2,950) (295,000)
--------- ------- ---------
Partners' capital (deficit),
March 31, 1996 $1,609,743 $(25,912) $1,583,831
========= ======= =========
Series 6
--------
Partners' capital (deficit),
March 31, 1993 $7,651,258 $(37,439) $7,613,819
Net loss (901,755) (9,109) (910,864)
--------- ------- ---------
Partners' capital (deficit),
March 31, 1994 6,749,503 (46,548) 6,702,955
Net loss (881,111) (8,900) (890,011)
--------- ------- ---------
Partners' capital (deficit),
March 31, 1995 5,868,392 (55,448) 5,812,944
Net loss (760,056) (7,677) (767,733)
--------- ------- ---------
Partners' capital (deficit),
March 31, 1996 $5,108,336 $(63,125) $5,045,211
========= ======= =========
See notes to financial statements
- F-22 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Years ended March 31, 1996, 1995 and 1994
Total
----------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(6,196,909)$(7,813,649)$(8,742,701)
Adjustments to reconcile net loss
to net cash used in operating
activities
Amortization - 89,926 198,408
Distributions from operating
limited partnerships 1,615 668 16,556
Share of losses from operating
limited partnerships 5,141,108 6,602,292 7,443,042
Other assets (53,362) 21,409 (208,005)
Accounts payable and accrued
expenses 979,194 954,939 900,347
---------- ---------- ----------
Net cash (used in) operating
activities (128,354) (144,415) (392,353)
---------- ---------- ----------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships - (13,623)(1,124,942)
---------- ---------- ----------
Net cash used in investing
activities - (13,623)(1,124,942)
---------- ---------- ----------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (128,354) (158,038) (1,517,295)
Cash and cash equivalents, beginning 409,285 567,323 2,084,618
---------- ---------- ----------
Cash and cash equivalents, ending $ 280,931 $ 409,285 $ 567,323
========== ========== ==========
(continued)
- F-23 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Total
----------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash investing
and financing activities
The partnership has decreased (increased)
its investments in operating limited
partnerships for amounts required to be
repaid (adjusted) by the operating limited
partnerships for low income tax
credits not generated $ - $(42,525) $ 1,602
======= ======= =======
The partnership has decreased
its investments in operating limited
partnerships for syndication costs
from operating partnerships $ - $ - $ 45,526
======= ======= =======
(continued)
- F-24 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 1
---------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(579,983) $(752,057) $(820,193)
Adjustments to reconcile net loss to
net cash provided by (used in) operating
activities
Amortization - 11,045 20,498
Cash flows from operating
limited partnerships - - -
Share of losses from operating
limited partnerships 382,696 542,971 632,715
Other assets (38,853) (15,449) -
Accounts payable and accrued
expenses 220,864 180,863 180,139
-------- -------- --------
Net cash provided by (used in)
operating activities (15,276) (32,627) 13,159
-------- -------- --------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships - - -
-------- -------- --------
Net cash used in investing
activities - - -
-------- -------- --------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (15,276) (32,627) 13,159
Cash and cash equivalents, beginning 67,610 100,237 87,078
-------- -------- --------
Cash and cash equivalents, ending $ 52,334 $ 67,610 $ 100,237
======== ======== ========
(continued)
- F-25 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 1
---------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash investing
and financing activities
The partnership has decreased (increased)
its investments in operating limited
partnerships for amounts required to be
repaid (adjusted) by the operating limited
partnerships for low income tax
credits not generated $ - $(42,525) $ 1,602
======= ======= =======
The partnership has decreased
its investments in operating limited
partnerships for syndication costs
from operating partnerships $ - $ - $ 45,526
======= ======= =======
(continued)
- F-26 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 2
---------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(338,771) $(812,596)$(1,007,902)
Adjustments to reconcile net loss to
net cash provided by (used in) operating
activities
Amortization - 6,102 15,233
Cash flows from operating
limited partnerships - - 4,556
Share of losses from operating
limited partnerships 247,263 709,485 906,577
Other assets - - (300,000)
Accounts payable and accrued
expenses 69,239 69,240 65,500
-------- -------- ----------
Net cash provided by (used in)
operating activities (22,269) (27,769) (316,036)
-------- -------- ----------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships - - -
-------- -------- ----------
Net cash used in investing
activities - - -
-------- -------- ----------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (22,269) (27,769) (316,036)
Cash and cash equivalents, beginning 23,531 51,300 367,336
-------- -------- ----------
Cash and cash equivalents, ending $ 1,262 $ 23,531 $ 51,300
======== ======== ==========
(continued)
- F-27 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 2
---------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash investing
and financing activities
The partnership has decreased (increased)
its investments in operating limited
partnerships for amounts required to be
repaid (adjusted) by the operating limited
partnerships for low income tax
credits not generated $ - $ - $ -
======= ======= =======
The partnership has decreased
its investments in operating limited
partnerships for syndication costs
from operating partnerships $ - $ - $ -
======= ======= =======
(continued)
- F-28 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 3
---------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(2,209,706)$(2,467,766)$(2,923,726)
Adjustments to reconcile net loss to
net cash provided by (used in) operating
activities
Amortization - 20,196 56,820
Cash flows from operating
limited partnerships 1,615 299 -
Share of losses from operating
limited partnerships 1,908,512 2,120,318 2,467,640
Other assets - 24,319 (200)
Accounts payable and accrued
expenses 279,967 320,220 263,566
---------- ---------- ----------
Net cash provided by (used in)
operating activities (19,612) 17,586 (135,900)
---------- ---------- ----------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships - (13,623) (24,944)
---------- ---------- ----------
Net cash used in investing
activities - (13,623) (24,944)
---------- ---------- ----------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (19,612) 3,963 (160,844)
Cash and cash equivalents, beginning 25,072 21,109 181,953
---------- ---------- ----------
Cash and cash equivalents, ending $ 5,460 $ 25,072 $ 21,109
========== ========== ==========
(continued)
- F-29 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 3
---------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash investing
and financing activities
The partnership has decreased (increased)
its investments in operating limited
partnerships for amounts required to be
repaid (adjusted) by the operating limited
partnerships for low income tax
credits not generated $ - $(27,278) $ -
======= ======= =======
The partnership has decreased
its investments in operating limited
partnerships for syndication costs
from operating partnerships $ - $ - $ -
======= ======= =======
(continued)
- F-30 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 4
----------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(2,005,716)$(2,449,706)$(2,367,319)
Adjustments to reconcile net loss to
net cash provided by (used in) operating
activities
Amortization - 27,935 65,802
Cash flows from operating
limited partnerships - 369 -
Share of losses from operating
limited partnerships 1,721,644 2,140,342 2,006,989
Other assets (14,509) - 83,564
Accounts payable and accrued
expenses 265,394 250,884 227,505
---------- ---------- ----------
Net cash provided by (used in)
operating activities (33,187) (30,176) 16,541
---------- ---------- ----------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships - - (668,690)
---------- ---------- ----------
Net cash used in investing
activities - - (668,690)
---------- ---------- ----------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (33,187) (30,176) (652,149)
Cash and cash equivalents, beginning 59,115 89,291 741,440
---------- ---------- ----------
Cash and cash equivalents, ending $ 25,928 $ 59,115 $ 89,291
========== ========== ==========
(continued)
- F-31 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 4
----------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash investing
and financing activities
The partnership has decreased (increased)
its investments in operating limited
partnerships for amounts required to be
repaid (adjusted) by the operating limited
partnerships for low income tax
credits not generated $ - $(15,247) $ 1,602
======= ======= =======
The partnership has decreased
its investments in operating limited
partnerships for syndication costs
from operating partnerships $ - $ - $ -
======= ======= =======
(continued)
- F-32 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 5
---------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(295,000) $(441,513) $(712,697)
Adjustments to reconcile net loss to
net cash provided by (used in) operating
activities
Amortization - 7,781 9,792
Cash flows from operating
limited partnerships - - -
Share of losses from operating
limited partnerships 243,674 374,284 638,018
Other assets - - (33,113)
Accounts payable and accrued
expenses (544) (10,544) 35,911
-------- -------- --------
Net cash provided by (used in)
operating activities (51,870) (69,992) (62,089)
-------- -------- --------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships - - -
-------- -------- --------
Net cash used in investing
activities - - -
-------- -------- --------
NET INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS (51,870) (69,992) (62,089)
Cash and cash equivalents, beginning 208,686 278,678 340,767
-------- -------- --------
Cash and cash equivalents, ending $ 156,816 $ 208,686 $ 278,678
======== ======== ========
(continued)
- F-33 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 5
---------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash investing
and financing activities
The partnership has decreased (increased)
its investments in operating limited
partnerships for amounts required to be
repaid (adjusted) by the operating limited
partnerships for low income tax
credits not generated $ - $ - $ -
======= ======= =======
The partnership has decreased
its investments in operating limited
partnerships for syndication costs
from operating partnerships $ - $ - $ 45,526
======= ======= =======
(continued)
- F-34 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 6
---------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(767,733) $(890,011) $(910,864)
Adjustments to reconcile net loss to
net cash provided by (used in) operating
activities
Amortization - 16,867 30,263
Cash flows from operating
limited partnerships - - 12,000
Share of losses from operating
limited partnerships 637,319 714,892 791,103
Other assets - 12,539 41,744
Accounts payable and accrued
expenses 144,274 144,276 127,726
-------- -------- --------
Net cash provided by (used in)
operating activities 13,860 (1,437) 91,972
-------- -------- --------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships - - (431,308)
-------- -------- --------
Net cash used in investing
activities - - (431,308)
-------- -------- --------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS 13,860 (1,437) (339,336)
Cash and cash equivalents, beginning 25,271 26,708 366,044
-------- -------- --------
Cash and cash equivalents, ending $ 39,131 $ 25,271 $ 26,708
======== ======== ========
(continued)
- F-35 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 6
---------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash investing
and financing activities
The partnership has decreased (increased)
its investments in operating limited
partnerships for amounts required to be
repaid (adjusted) by the operating limited
partnerships for low income tax
credits not generated $ - $ - $ -
======= ======= =======
The partnership has decreased
its investments in operating limited
partnerships for syndication costs
from operating partnerships $ - $ - $ -
======= ======= =======
See notes to financial statements
- F-36 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS
March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Boston Capital Tax Credit Fund Limited Partnership (the "partnership")
(formerly American Affordable Housing VI Limited Partnership) was formed
under the laws of the State of Delaware as of June 1, 1988, for the purpose
of acquiring, holding, and disposing of limited partnership interests in
operating limited partnerships which have acquired, developed,
rehabilitated, operate and own newly constructed, existing or rehabilitated
apartment complexes which qualify for the Low-Income Housing Tax Credit
established by the Tax Reform Act of 1986. Certain of the apartment
complexes may also qualify for the Historic Rehabilitation Tax Credit for
the rehabilitation of certified historic structures, accordingly, the
apartment complexes are restricted as to rent charges and operating methods
and are subject to the provisions of Section 42(g)(2) of the Internal
Revenue Code relating to the Rehabilitation Investment Credit. The general
partner of the partnership is Boston Capital Associates Limited Partnership
and the limited partner is BCTC Assignor Corp. (the assignor limited
partner).
Pursuant to the Securities Act of 1933, the partnership filed a Form S-11
Registration Statement with the Securities and Exchange Commission,
effective August 29, 1988, which covered the offering (the "Public
Offering") of the partnership's beneficial assignee certificates ("BACs")
representing assignments of units of the beneficial interest of the limited
partnership interest of the assignor limited partner. The partnership
registered 10,000,000 BACs at $10 per BAC for sale to the public in six
series. BACs sold in bulk were offered to investors at a reduced cost per
BAC.
In accordance with the limited partnership agreement, profits, losses, and
cash flow (subject to certain priority allocations and distributions) and
tax credits are allocated 99% to the assignees and 1% to the general
partner.
Organization Costs
------------------
Initial organization and offering expenses common to all series are
allocated on a percentage of equity raised to each series.
Organization costs were amortized on the straight-line method over sixty
months. As of March 31, 1995, the organization costs were fully amortized.
- F-37 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Continued)
Investments in Operating Limited Partnerships
---------------------------------------------
The partnership accounts for its investments in operating limited partner-
ships using the equity method of accounting. Under the equity method of
accounting, the partnership adjusts its investment cost for its share of
each operating limited partnership's results of operations and for any
distributions received or accrued. However, the partnership recognizes
individual operating limited partnership's losses only to the extent of
capital contributions. Unrec-ognized losses will be suspended and offset
against future individual operating partnership's income.
Cash Equivalents
----------------
Cash equivalents include certificates of deposit and a money market
accounts having original maturities at date of acquisition of three months
or less. The carrying amounts approximates fair value because of the short
maturity of these instruments.
Income Taxes
------------
No provision or benefit for income taxes has been included in these
financial statements since taxable income or loss passes through to, and is
reportable by, the general partner and assignees individually.
Fiscal Year
-----------
For financial reporting purposes the partnership uses a March 31 year end,
whereas for income tax reporting purposes, the partnership uses a calendar
year. The operating limited partnerships use a calendar year for both
financial and income tax reporting.
Net Loss per Beneficial Assignee Certificate
--------------------------------------------
Net loss per beneficial assignee certificate is calculated based upon the
number of units outstanding. The number of units outstanding in each series
for each of the three years in the period ended March 31, 1996 is as
follows:
- F-38 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
(Continued)
Series 1 $1,299,900
Series 2 830,300
Series 3 2,882,200
Series 4 2,995,300
Series 5 489,900
Series 6 1,303,000
---------
Total $9,800,600
=========
Use of Estimates
----------------
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from those
estimates.
Recent Accounting Statements Not Yet Adopted
--------------------------------------------
In March, 1995, the FASB issued SFAS No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
Of." SFAS No. 121 is effective for financial statements issued for fiscal
years beginning after December 15, 1995, with earlier application
permitted. SFAS No. 121 addresses the accounting for long-lived assets and
certain identifiable intangibles to be held and used by an entity to be
reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. The
partnership will adopt SFAS No. 121 on April 1, 1996, as required. Adopting
SFAS No. 121 is not expected to have a significant effect on the
partnership's financial statements.
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1996, 1995 and 1994, the partnership
entered into several transactions with various affiliates of the general
partner, including Boston Capital Partners, Inc., Boston Capital Services,
Inc., and Boston Capital Communications Limited Partnership as follows:
Boston Capital Communications Limited Partnership is entitled to an annual
partnership management fee based on .375 percent of the aggregate cost of
all apartment complexes acquired by the operating limited partnerships,
less the amount of certain partnership management and reporting fees paid
or payable by the operating limited partnerships. The aggregate cost is
comprised of the capital contributions made by each series to the operating
limited partnership and 99% of the permanent financing at the operating
limited partnership level.
- F-39 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
The annual partnership management fee charged to operations net of
reporting fees for the years ended March 31, 1996, 1995 and 1994 are as
follows:
1996 1995 1994
---- ---- ----
Series 1 $168,613 $169,824 $176,864
Series 2 67,136 69,090 65,995
Series 3 260,282 260,024 268,712
Series 4 245,494 235,313 218,040
Series 5 38,456 39,456 39,456
Series 6 108,733 135,626 111,536
------- ------- -------
$888,714 $909,333 $880,603
======= ======= =======
General and administrative expenses incurred by Boston Capital Partners,
Inc. and Boston Capital Communications Limited Partnership were charged to
each series' operations for the years ended March 31, 1996, 1995 and 1994
are as follows:
1996 1995 1994
---- ---- ----
Series 1 $ 3,563 $ 2,142 $ 1,494
Series 2 5,824 3,309 4,601
Series 3 4,356 3,444 6,753
Series 4 7,995 4,314 6,482
Series 5 4,147 2,599 4,350
Series 6 3,387 2,054 1,494
------ ------ ------
$29,272 $17,862 $25,174
====== ====== ======
Accounts payable - affiliates at March 31, 1996 and 1995 represents general
and administrative expense and partnership management fees which are
payable to Boston Capital Partners, Inc., Boston Capital Services, Inc. and
Boston Capital Communications Limited Partnership. The carrying value of
the accounts payable - affiliates approximates fair value.
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1996, 1995 and 1994, the partnership has limited partnership
interests in 105 operating limited partnerships which own apartment com-
plexes. The number of operating limited partnerships in which the
partnership has limited partnership interests at March 31, 1996, 1995 and
1994 by series are as follows:
Series 1 19
Series 2 8
Series 3 33
Series 4 25
Series 5 5
Series 6 15
---
105
===
- F-40 -
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1996 are summarized as follows:
Total
--------
Capital contributions paid and to be paid
to operating limited partnerships,
net of tax credit adjusters $69,626,749
Acquisition costs of operating
limited partnerships 11,976,945
Syndication costs from operating
limited partnerships (45,526)
Cumulative distributions from
operating limited partnerships (72,518)
Cumulative losses from operating
limited partnerships (54,090,050)
----------
Investment per balance sheets 27,395,600
The partnership has (has not)recorded capital
contributions to the operating limited
partnerships during the year ended March 31, 1996,
which have not (has) been included in the
partnerships' capital account included in the
operating limited partnerships' financial
statements as of December 31, 1995 (455,592)
The partnership has recorded acquisition costs
(reimbursements) at March 31, 1996, which have
not been accounted for in the net assets of the
operating limited partnerships (829,599)
The partnership has recorded a share of losses
from operating limited partnerships for the
three months ended March 31, 1990, which the
limited partnerships have not included in
their capital accounts as of December 31, 1995 1,466,033
The partnership has recorded low income
housing tax credit adjusters not record-
ed by operating limited partnerships. 178,052
Equity in losses from operating limited
partnerships not recognizable under
the equity method of accounting. (12,023,853)
Other (107,512)
----------
Equity per operating partnerships'
combined financial statements $15,623,129
==========
- F-41 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1996 are summarized as follows:
Series 1 Series 2 Series 3
-------- -------- --------
Capital contributions paid and to be
paid to operating limited partner-
ships, net of tax credit adjusters $ 9,037,551 $5,565,026 $20,710,406
Acquisition costs of operating
limited partnerships 1,569,525 1,005,656 3,486,122
Syndication costs from operating
limited partnerships - - -
Cumulative distributions from
operating limited partnerships (5,538) (5,446) (41,041)
Cumulative losses from operating
limited partnerships (10,223,481)(4,120,072)(16,654,527)
---------- --------- ----------
Investment per balance sheets 378,057 2,445,164 7,500,960
The partnership has (has not)
recorded capital contributions to
the operating limited partnerships
during the year ended March 31, 1996,
which have not (has) been included
in the partnerships' capital account
included in the operating limited
partnerships' financial statements
as of December 31, 1995. - (311,339) (105,193)
The partnership has recorded acquisi-
tion costs (reimbursements) at March 31,
1996, which have not been accounted for
in the net assets of the operating
limited partnerships. (578,746) (46,332) 116,865
The partnership has recorded a share
of losses from operating limited par-
tnerships for the three months ended
March 31, 1990, which the operating
limited partnerships have not includ-
ed in their capital accounts as of
December 31, 1995. 667,397 - 798,636
The partnership has recorded low income
housing tax credit adjusters not record-
ed by operating limited partnerships. 31,815 63,725 47,191
Equity in losses from operating limit-
ed partnerships not recognizable under
the equity method of accounting. (5,633,033) (690,350)(2,521,123)
Other (9,999) 80,763 (228,298)
---------- --------- ----------
Equity per operating partnerships'
combined financial statements $(5,144,509)$1,541,631$ 5,609,038
========== ========= ==========
- F-42 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1996 are summarized as follows:
Series 4 Series 5 Series 6
-------- -------- --------
Capital contributions paid and to be
paid to operating limited partner-
ships, net of tax credit adjusters $21,719,700 $3,273,323 $9,320,743
Acquisition costs of operating limit-
ed partnerships 3,661,756 599,776 1,654,110
Syndication costs from operating
limited partnerships - (45,526) -
Cumulative distributions from
operating limited partnerships (369) - (20,124)
Cumulative losses from operating
limited partnerships (15,447,372)(2,405,302)(5,239,296)
---------- --------- ----------
Investment per balance sheets 9,933,715 1,422,271 5,715,433
The partnership has (has not) recorded
capital contributions to the operating
limited partnerships during the year
ended March 31, 1996, which have not
(has) been included in the partner-
ships' capital account included in the
operating limited partnerships' finan-
cial statements as of December 31, 1995. (4,475) (34,585) -
The partnership has recorded acquisi-
tion costs (reimbursements) at March
31, 1996, which have not been account-
ed for in the net assets of the operat-
ing limited partnerships. (647,983) 8,269 318,328
The partnership has recorded a share
of losses from operating limited part-
nerships for the three months ended
March 31, 1990, which the operating
limited partnerships have not included
n their capital accounts as of Decem-
ber 31, 1995. - - -
The partnership has recorded low income
housing tax credit adjusters not record-
ed by operating limited partnerships. 9,747 - 25,574
Equity in losses from operating limited
partnerships not recognizable under
the equity method of accounting. (2,828,349) (216,335) (134,663)
Other 17,220 (2,207) 35,009
---------- --------- ---------
Equity per operating partnerships'
combined financial statements $ 6,479,875 $1,177,413 $5,959,681
========== ========= =========
- F-43 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1995 are summarized as follows:
Total
-----
Capital contributions paid and to be paid
to operating limited partner-ships, net
of tax credit adjusters $69,626,749
Acquisition costs of operating limited
partnerships 11,976,945
Syndication costs from operating
limited partnerships (45,526)
Cumulative distributions from
operating limited partnerships (70,903)
Cumulative losses from operating limited
partnerships
(48,948,942)
----------
Investment per balance sheets 32,538,323
The partnership has (has not) recorded
capital contributions to the operating
limited partnerships during the year
ended March 31, 1995, which have not (has)
been included in the partnerships' capital
account included in the operating limited
partnerships' financial statements as of
December 31, 1994. 66,010
The partnership has recorded acquisition
costs (reimbursements) at March 31, 1995,
which have not been accounted for in the
net assets of the operating limited part-
nerships. (829,599)
The partnership has recorded a share of
losses from operating limited partnerships
for the three months ended March 31, 1990,
which the operating limited partnerships
have not included in their capital accounts
as of December 31, 1994. 1,466,033
The partnership has recorded low income
housing tax credit adjusters not recorded
by operating limited partnerships. 178,052
Equity in losses from operating limited
partnerships not recognizable under the
equity method of accounting. (7,948,590)
Other 218,244
----------
Equity per operating partnerships'
combined financial statements $25,688,473
==========
- F-44 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1995 are summarized as follows:
Series 1 Series 2 Series 3
-------- -------- --------
Capital contributions paid and to be
paid to operating limited partner-
ships, net of tax credit adjusters $ 9,037,551 $5,565,026 $20,710,406
Acquisition costs of operating limit-
ed partnerships 1,569,525 1,005,656 3,486,122
Syndication costs from operating
limited partnerships - - -
Cumulative distributions from
operating limited partnerships (5,538) (5,446) (39,426)
Cumulative losses from operating
limited partnerships (9,840,785)(3,872,809)(14,746,015)
---------- --------- ----------
Investment per balance sheets 760,753 2,692,427 9,411,087
The partnership has (has not) record-
ed capital contributions to the oper-
ating limited partnerships during the
year ended March 31, 1995, which have
not (has) been included in the partn-
erships' capital account included in
the operating limited partnerships'
financial statements as of December 31,
1994. - 26,549 74,046
The partnership has recorded acquisi-
tion costs (reimbursements) at March
31, 1995, which have not been account-
ed for in the net assets of the operat-
ing limited partnerships. (578,746) (46,332) 116,865
The partnership has recorded a share
of losses from operating limited part-
nerships for the three months ended
March 31, 1990, which the operating
limited partnerships have not included
in their capital accounts as of Decem-
ber 31, 1994. 667,397 - 798,636
The partnership has recorded low
income housing tax credit adjusters
not recorded by operating limited
partnerships. 31,815 63,725 47,191
Equity in losses from operating
limited partnerships not recognizable
under the equity method of
accounting. (3,953,956) (12,452)(1,794,215)
Other (3,041) 81,867 (112,731)
---------- --------- ----------
Equity per operating partnerships'
combined financial statements $(3,075,778)$2,805,784$ 8,540,879
========== ========= ==========
- F-45 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1995 are summarized as follows:
Series 4 Series 5 Series 6
-------- -------- --------
Capital contributions paid and to
be paid to operating limited
partner-ships, net of tax credit
adjusters $21,719,700 $3,273,323 $9,320,743
Acquisition costs of operating
limited partnerships 3,661,756 599,776 1,654,110
Syndication costs from operating
limited partnerships - (45,526) -
Cumulative distributions from
operating limited partnerships (369) - (20,124)
Cumulative losses from operating
limited partnerships (13,725,728)(2,161,628)(4,601,977)
---------- --------- ----------
Investment per balance sheets 11,655,359 1,665,945 6,352,752
The partnership has (has not)
recorded capital contributionsto the
operating limited partnerships during
the yearended March 31, 1995, which
have not (has) been included in
the partnerships' capital account
included in the operating limited
partnerships' financial statements
as of December 31, 1994. - (34,585) -
The partnership has recorded
acquisition costs (reimbursements)
at March 31, 1995, which have not been
accounted for in the net assets of
the operating limited partnerships. (647,983) 8,269 318,328
The partnership has recorded a share of
losses from operating limited
partnerships for the three months
ended March 31, 1990, which the
operating limited partnerships have
not included in their capital accounts
as of December 31, 1994. - - -
The partnership has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships. 9,747 - 25,574
Equity in losses from operating
limited partnerships not
recognizable under the equity
method of accounting. (2,084,223) - (103,744)
Other 208,778 8,362 35,009
---------- --------- ----------
Equity per operating partnerships'
combined financial statements $ 9,141,678 $1,647,991$ 6,627,919
========== ========= ==========
- F-46 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships at December 31, 1995 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
Total Series 1 Series 2 Series 3
----- -------- -------- --------
ASSETS
Buildings and improvements,
net of accumulated
depreciation $276,339,830 $40,632,051 $22,211,962 $64,919,455
Land 14,410,152 1,572,689 1,123,628 3,930,014
Other assets 17,411,358 2,674,197 1,334,559 3,736,024
----------- ---------- ---------- ----------
$308,161,340 $44,878,937 $24,670,149 $72,585,493
=========== ========== ========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction
loans payable $226,352,153 $40,105,177 $16,199,860 $55,367,692
Accounts payable and
accrued expenses 31,518,943 7,598,609 2,490,068 5,757,991
Other liabilities 24,481,296 5,004,944 3,728,164 3,570,767
----------- ---------- ---------- ----------
282,352,392 52,708,730 22,418,092 64,696,450
----------- ---------- ---------- ----------
PARTNERS' CAPITAL
Boston Capital Tax
Credit Fund
Limited Partnership 15,623,129 (5,144,509) 1,541,631 5,609,038
Other partners 10,185,819 (2,685,284) 710,426 2,280,005
----------- ---------- ---------- ----------
25,808,948 (7,829,793) 2,252,057 7,889,043
----------- ---------- ---------- ----------
$308,161,340 $44,878,937 $24,670,149 $72,585,493
=========== ========== ========== ==========
- F-47 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships at December 31, 1995 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
Series 4 Series 5 Series 6
-------- -------- --------
ASSETS
Buildings and improvements, net
of accumulated depreciation $82,312,410 $17,568,067 $48,695,885
Land 4,098,697 880,396 2,804,728
Other assets 5,048,781 522,944 4,094,853
---------- ---------- ----------
$91,459,888 $18,971,407 $55,595,466
========== ========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction loans
payable $62,696,478 $11,525,516 $40,457,430
Accounts payable and accrued
expenses 10,017,923 2,413,512 3,240,840
Other liabilities 6,382,319 3,189,112 2,605,990
---------- ---------- ----------
79,096,720 17,128,140 46,304,260
---------- ---------- ----------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund
Limited Partnership 6,479,875 1,177,413 5,959,681
Other partners 5,883,293 665,854 3,331,525
---------- ---------- ----------
12,363,168 1,843,267 9,291,206
---------- ---------- ----------
$91,459,888 $18,971,407 $55,595,466
========== ========== ==========
- F-48 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships at December 31, 1994 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
Total Series 1 Series 2 Series 3
----- -------- -------- --------
ASSETS
Buildings and improvements,
net of accumulated
depreciation $283,681,465 $42,433,122 $21,471,805 $67,086,585
Land 15,042,281 1,572,689 1,123,628 4,562,143
Other assets 20,131,683 2,378,652 2,679,689 3,865,261
----------- ---------- ---------- ----------
$318,855,429 $46,384,463 $25,275,122 $75,513,989
=========== ========== ========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and
construction
loans payable $230,081,549 $43,078,212 $16,297,678 $54,837,250
Accounts payable and
accrued expenses 27,839,358 6,596,710 2,626,589 5,528,539
Other liabilities 20,139,933 1,753,293 2,870,871 3,904,244
----------- ---------- ---------- ----------
278,060,840 51,428,215 21,795,138 64,270,033
----------- ---------- ---------- ----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund Limited
Partnership 25,688,473 (3,075,778) 2,805,784 8,540,879
Other partners 15,106,116 (1,967,974) 674,200 2,703,077
----------- ---------- ---------- ----------
40,794,589 (5,043,752) 3,479,984 11,243,956
----------- ---------- ---------- ----------
$318,855,429 $46,384,463 $25,275,122 $75,513,989
=========== ========== ========== ==========
- F-49 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships at December 31, 1994 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
Series 4 Series 5 Series 6
-------- -------- --------
ASSETS
Buildings and improvements,
net of accumulated
depreciation $85,440,654 $16,686,991 $50,562,308
Land 4,098,697 880,396 2,804,728
Other assets 4,945,148 1,922,155 4,340,778
---------- ---------- ----------
$94,484,499 $19,489,542 $57,707,814
========== ========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction
loans payable $63,246,316 $11,670,936 $40,951,157
Accounts payable and accrued
expenses 7,588,154 2,612,489 2,886,877
Other liabilities 6,862,484 1,987,275 2,761,766
---------- ---------- ----------
77,696,954 16,270,700 46,599,800
---------- ---------- ----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund Limited Partnership 9,141,678 1,647,991 6,627,919
Other partners 7,645,867 1,570,851 4,480,095
---------- ---------- ----------
16,787,545 3,218,842 11,108,014
---------- ---------- ----------
$94,484,499 $19,489,542 $57,707,814
========== ========== ==========
- F-50 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1995 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Total Series 1 Series 2 Series 3
----- -------- -------- --------
Revenues
Rental $30,244,559 $5,619,115 $1,224,620 $7,001,752
Interest and other 2,394,577 329,667 139,405 756,180
---------- ---------- ---------- ----------
32,639,136 5,948,782 1,364,025 7,757,932
----------- ---------- ---------- ----------
Expenses
Interest 13,652,068 1,848,758 1,125,703 2,900,609
Depreciation and
amortization 12,151,535 2,065,977 591,658 3,032,909
Taxes and insurance 4,299,220 843,601 254,872 962,656
Repairs and
maintenance 4,997,543 794,888 348,447 1,291,119
Operating expenses 11,903,125 3,052,320 501,825 2,666,659
Other expenses 830,096 129,278 102,978 194,855
----------- ---------- ---------- ----------
47,833,587 8,734,822 2,925,483 11,048,807
----------- ---------- ---------- ----------
NET LOSS $(15,194,451)$(2,786,040)$(1,561,458)$(3,290,875)
=========== ========== ========== ==========
Net loss allocated to Boston
Capital Tax Credit Fund
Limited Partnership* $(9,216,371)$(2,061,773) $(925,161)$(2,635,420)
========== ========== ======== ==========
Net loss allocated
to other partners $(5,987,080)$ (724,267) $(636,297) $(655,455)
========== ========= ======== ========
* Amounts include $1,679,077, $677,898, $726,908, $744,126, $216,335, and
$30,919 for Series 1, Series 2, Series 3, Series 4, Series 5, and Series
6, respectively, of loss not recognized under the equity method of
accounting as described in note A.
- F-51 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1995 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
Series 4 Series 5 Series 6
-------- -------- --------
Revenues
Rental $9,042,458 $ 826,296 $6,530,318
Interest and other 859,386 115,011 194,928
---------- ---------- ----------
9,901,844 941,307 6,725,246
---------- ---------- ----------
Expenses
Interest 4,204,170 1,046,979 2,525,849
Depreciation and
amortization 3,795,840 439,037 2,226,114
Taxes and insurance 1,207,491 181,794 848,806
Repairs and
maintenance 1,339,107 288,833 935,149
Operating expenses 3,482,881 323,522 1,875,918
Other expenses 245,174 67,475 90,336
---------- ---------- ----------
14,274,663 2,347,640 8,502,172
---------- ---------- ----------
NET LOSS $(4,372,819)$(1,406,333)$(1,776,926)
========== ========== ==========
Net loss allocated to Boston
Capital Tax Credit Fund
Limited Partnership* $(2,465,770) $(460,009) $(668,238)
========== ======== ========
Net loss allocated
to other partners $(1,907,049) $(946,324)$(1,108,688)
========== ======== ==========
* Amounts include $1,679,077, $677,898, $726,908, $744,126, $216,335, and
$30,919 for Series 1, Series 2, Series 3, Series 4, Series 5, and Series
6, respectively, of loss not recognized under the equity method of
accounting as described in note A.
- F-52 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1994 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
Total Series 1 Series 2 Series 3
----- -------- -------- --------
Revenues
Rental $ 33,632,849 $5,696,497 $2,226,825 $8,230,768
Interest and other 1,380,235 245,659 72,554 427,585
----------- ---------- ---------- ----------
35,013,084 5,942,156 2,299,379 8,658,353
----------- ---------- ---------- ----------
Expenses
Interest 17,108,169 2,360,850 1,610,474 4,428,658
Depreciation and
amortization 12,419,980 2,075,457 603,728 2,971,902
Taxes and insurance 4,324,851 721,692 323,997 924,791
Repairs and
maintenance 5,046,843 1,183,476 294,634 1,233,686
Operating expenses 11,999,770 2,775,527 598,067 2,491,996
Other expenses 857,781 165,943 47,545 204,092
----------- ---------- ---------- ----------
51,757,394 9,282,945 3,478,445 12,255,125
----------- ---------- ---------- ----------
NET LOSS $(16,744,310)$(3,340,789)$(1,179,066)$(3,596,772)
=========== ========== ========== ==========
Net loss allocated to
Boston Capital Tax
Credit Fund Limited
Partnership* $(10,072,468)$(2,263,774) $ (721,937)$(2,710,152)
=========== ========== ========= ==========
Net loss allocated
to other partners $ (6,671,842)$(1,077,015) $ (457,129)$ (886,620)
=========== ========== ========= =========
* Amounts include $1,720,803, $12,452, $589,834, $1,108,937 and $38,150
for Series 1, Series 2, Series 3, Series 4, and Series 6, respectively,
of loss not recognized under the equity method of accounting as
described in note A.
- F-53 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1994 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
Series 4 Series 5 Series 6
-------- -------- --------
Revenues
Rental $ 9,377,279 $1,439,328 $6,662,152
Interest and other 344,223 55,430 234,784
---------- ---------- ----------
9,721,502 1,494,758 6,896,936
---------- ---------- ----------
Expenses
Interest 4,875,690 1,128,584 2,703,913
Depreciation and
amortization 4,039,583 422,645 2,306,665
Taxes and insurance 1,226,761 228,124 899,486
Repairs and
maintenance 1,268,266 238,406 828,375
Operating expenses 3,717,571 446,066 1,970,543
Other expenses 262,192 54,368 123,641
---------- ---------- ----------
15,390,063 2,518,193 8,832,623
---------- ---------- ----------
NET LOSS $(5,668,561)$(1,023,435)$(1,935,687)
========== ========== ==========
Net loss allocated to
Boston Capital Tax
Credit Fund Limited
Partnership* $(3,249,279)$ (374,284) $ (753,042)
========== ========= ==========
Net loss allocated
to other partners $(2,419,282)$ (649,151) $(1,182,645)
========== ========= ==========
* Amounts include $1,720,803, $12,452, $589,834, $1,108,937 and $38,150
for Series 1, Series 2, Series 3, Series 4, and Series 6, respectively,
of loss not recognized under the equity method of accounting as
described in note A.
- F-54 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN
The partnership's net loss for financial reporting and income tax return
purposes for the year ended March 31, 1996 is reconciled as follows:
Total Series 1 Series 2 Series 3
----- -------- -------- --------
Net loss for financial
reporting purposes $(6,196,909)$ (579,983)$ (338,771)$(2,209,706)
Add: Related party expenses 62,606 - - -
Other 586,858 168,952 166,662 15,935
Excess of book
depreciation over tax
depreciation on
operating limited
partnership - - - -
Less: Excess of tax
depreciation over book
depreciation on
operating limited
partnership assets (487,145) (20,202) (136,686) (23,510)
Operating limited
partnership loss
not allowed for
financial reporting
under equity method
accounting (4,075,263) (1,679,077) (677,898) (726,908)
Other (345,874) - - (215,253)
Related party
expenses (52,072) - (7,264) (41,054)
Difference due to
fiscal year for book
purposes and calendar
year for tax purposes 1,068,908 26,300 295,894 (63,437)
Partnership management fees
not deductible for tax
purposes until paid 792,327 162,093 67,136 260,115
---------- ---------- --------- ----------
Loss for income tax return
purposes, year ended
December 31, 1995 $(8,646,564)$(1,921,917) $(630,927)$(3,003,818)
========== ========== ======== ==========
- F-55 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN
(Continued)
The partnership's net loss for financial reporting and income tax return
purposes for the year ended March 31, 1996 is reconciled as follows:
Series 4 Series 5 Series 6
-------- -------- --------
Net loss for financial
reporting purposes $(2,005,716)$ (295,000)$(767,733)
Add: Related party expenses 56,688 - 5,918
Other 124,808 110,501 -
Excess of book depreciation
over tax depreciation on
operating limited
partnership - - -
Less: Excess of tax depreciation
over book depreciation
on operating limited
partnership assets (80,873) (36,456) (189,418)
Operating limited
partnership loss not
allowed for financial
reporting under
equity method of
accounting (744,126) (216,335) (30,919)
Other - - (130,621)
Related Party Expenses (3,754)
Difference due to fiscal year
for book purposes and
calendar year for tax
purposes (1,069) 214,681 (596,539)
Partnership management fees
not deductible for tax
purposes until paid 245,494 (51,544) 109,033
---------- -------- ---------
Loss for income tax
return purposes, year
ended December 31, 1995 $(2,404,794) $(277,907) $(407,201)
========== ======== ========
- F-56 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN
(Continued)
The partnership's net loss for financial reporting and income tax return
purposes for the year ended March 31, 1995 is reconciled as follows:
Total Series 1 Series 2 Series 3
----- -------- -------- --------
Net loss for financial
reporting purposes $(7,813,649)$ (752,057) $(812,596)$(2,467,766)
Add: Related party expenses 147,275 1,854 (25,063) 2,940
Other 959,598 216,212 15,554 193,558
Excess of book
depreciation over
tax depreciation on
operating limited
partnership 181,269 - - 29,604
Less: Excess of tax
depreciation over book
depreciation on
operating limited
partnership assets (286,125) (19,067) (106,206) -
Operating limited
partnership loss
not allowed for
financial
reporting under
equity method of
accounting (3,470,176) (1,720,803) (12,452) (589,834)
Other 357,325 - 238,174 (13,318)
Difference due to fiscal
year for book purposes
and calendar year for
tax purposes (53,725) (66,147) (1,277) 65,127
Partnership management fees
not deductible for tax
purposes until paid 909,333 169,824 69,090 260,024
---------- ---------- -------- ----------
Loss for income tax
return purposes, year
ended December 31, 1994 $(9,068,875)$(2,170,184)$(634,776)$(2,519,665)
========== ========== ======== ==========
- F-57 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN
(Continued)
The partnership's net loss for financial reporting and income tax return
purposes for the year ended March 31, 1995 is reconciled as follows:
Series 4 Series 5 Series 6
-------- -------- --------
Net loss for financial
reporting purposes $(2,449,706) $(441,513) $(890,011)
Add: Related party expenses 15,956 - 151,588
Other 407,817 6,292 120,165
Excess of book depreciation
over tax depreciation on
operating limited
partnership 151,665 - -
Less: Excess of tax depreciation
over book depreciation
on operating limited
partnership assets - (44,240) (116,612)
Operating limited
partnership loss not
allowed for financial
reporting under
equity method of
accounting (1,108,937) - (38,150)
Other - 132,469 -
Difference due to fiscal year
for book purposes and
calendar year for tax
purposes (15,830) (47,047) 11,449
Partnership management fees
not deductible for tax
purposes until paid 235,313 39,456 135,626
---------- -------- --------
Loss for income tax
return purposes, year
ended December 31,
1994 $(2,763,722) $(354,583) $(625,945)
========== ======== ========
- F-58 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN
(Continued)
The difference between the investments in operating limited partnerships
for tax purposes and financial statements purposes are primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1996, the differences are as follows:
Total Series 1 Series 2 Series 3
----- -------- -------- --------
Investment in operating
limited partnerships -
tax return December 31,
1995 $15,352,456$(4,117,204)$2,785,648 $4,043,285
Add back losses not
recognized under the
equity method 12,023,853 5,633,033 690,350 2,521,123
Historic tax credits 5,438,567 - - 1,754,704
Less share of loss -
three months ended
March 31, 1996 (1,466,033) (667,397) - (798,636)
Other (3,953,243) (470,375)(1,030,834) (19,516)
---------- ---------- --------- ---------
Investment in operating
limited partnerships -
as reported $27,395,600$ 378,057 $2,445,164 $7,500,960
========== ========== ========= =========
- F-59 -
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN
(Continued)
The difference between the investments in operating limited partnerships
for tax purposes and financial statements purposes are primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1996, the differences are as follows:
Series 4 Series 5 Series 6
-------- -------- --------
Investment in operating
limited partnerships -
tax return December 31,
1995 $ 5,449,432 $2,074,410 $5,116,885
Add back losses not
recognized under the
equity method 2,828,349 216,335 134,663
Historic tax credits 3,125,698 - 558,165
Less share of loss -
three months ended
March 31, 1996 - - -
Other (1,469,764) (868,474) (94,280)
--------- --------- ---------
Investment in operating
limited partnerships -
as reported $9,933,715 $1,422,271 $5,715,433
========= ========= =========
- F-60 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN
(Continued)
The difference between the investments in operating limited partnerships
for tax purposes and financial statements purposes are primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1995, the differences are as follows:
Total Series 1 Series 2 Series 3
----- -------- -------- --------
Investment in operating
limited partnerships -
tax return December 31,
1994 $23,787,236$(2,205,514)$3,392,311 $6,943,145
Add back losses not
recognized under the
equity method 7,948,590 3,953,956 12,452 1,794,215
Historic tax credits 5,438,567 - - 1,754,704
Less share of loss -
three months ended
March 31, 1995 (1,466,033) (667,397) - (798,636)
Other (3,170,037) (320,292) (712,336) (282,341)
---------- ---------- --------- ---------
Investment in operating
limited partnerships -
as reported $32,538,323$ 760,753 $2,692,427 $9,411,087
========== ========== ========= =========
- F-61 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN
(Continued)
The difference between the investments in operating limited partnerships
for tax purposes and financial statements purposes are primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1995, the differences are as follows:
Series 4 Series 5 Series 6
-------- -------- --------
Investment in operating
limited partnerships -
tax return December 31,
1994 $ 7,819,929 $2,299,617 $5,537,748
Add back losses not
recognized under the
equity method 2,084,223 - 103,744
Historic tax credits 3,125,698 - 558,165
Less share of loss -
three months ended
March 31, 1995 - - -
Other (1,374,491) (633,672)
153,095
---------- --------- ---------
Investment in operating
limited partnerships -
as reported $11,655,359 $1,665,945 $6,352,752
========== ========= =========
- F-62 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN
(Continued)
The partnership's net loss for financial reporting and income tax return
purposes for the year ended March 31, 1994 is reconciled as follows:
Total Series 1 Series 2 Series 3
----- -------- -------- --------
Net loss for financial
reporting purposes $(8,742.701)$ (820,193)$(1,007,902)$(2,923,726)
Add: Operating limited partnership rents
received in advance 8,791 2,849 - (1,985)
Related party expenses 40,001 4,092 1,210 23,909
Other 405,492 22,036 4,904 357,910
Less: Excess of tax depreciation
over book depreciation on
operating limited partner-
ship assets (340,773) (21,089) (105,725) (35,461)
Operating limited partnership
loss not allowed for
financial reporting under
equity method of
accounting (2,312,493) (1,239,245) - (550,386)
Other 471,943 - 214,594 -
Difference due to fiscal year
for book purposes and calendar
year for tax purposes 14,231 19,700 1,511 (39,079)
Partnership management fees not
deductible for tax purposes
until paid 847,430 176,864 57,700 268,712
---------- ---------- ---------- ----------
Loss for income tax
return purposes,
year ended December 31,
1993 $(9,608,079)$(1,854,986)$ (833,708)$(2,900,106)
========== ========== ========= ==========
- F-63 -
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN
(Continued)
The partnership's net loss for financial reporting and income tax return
purposes for the year ended March 31, 1994 is reconciled as follows:
Series 4 Series 5 Series 6
-------- -------- --------
Net loss for financial
reporting purposes $(2,367,319) $(712,697) $(910,864)
Add: Operating limited
partnership rents
received in advance 7,927 - -
Related party expenses 10,790 - -
Other 15,264 16,035 (10,657)
Less: Excess of tax depreciation
over book depreciation
on operating limited
partnership assets (60,743) (45,249) (72,506)
Operating limited
partnership loss not
allowed for financial
reporting under equity
method of accounting (483,391) - (39,471)
Other - 268,510 (11,161)
Difference due to fiscal year
for book purposes and
calendar year for tax
purposes (6,630) (3,600) 42,329
Partnership management fees
not deductible for tax
purposes until paid 203,026 29,592 111,536
---------- -------- --------
Loss for income tax
return purposes,
year ended
December 31, 1993 $(2,681,076) $(447,409) $(890,794)
========== ======== ========
- F-64 -<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE E - CASH EQUIVALENTS
Cash equivalents of $280,390 and $408,168 as of March 31, 1996 and 1995,
respectively, include a certificate of deposit and a money market account
with interest rates ranging from 2.70% to 2.80% per annum.
- F-65 -
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund Limited
Partnership - Series 1
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- ------------------------------------------------------------------------------
- -------------------------------------------
Apple
Hill, LP 1,491,257 56,000 1,857,492 3,073 56,000 1,860,565
1,916,565 521,383 1/88 2/89 7-27.5
Bolivar
Manor LP 882,270 111,316 999,415 31,840 111,316 1,031,255
1,142,571 329,558 11/88 1/89 27.5
Briarwood
Vero Bch. 1,485,031 96,546 1,866,664 4,059 96,546 1,870,723
1,967,269 360,398 8/89 1/89 40
Coldwater
Ltd.
Dividend Hsg. 939,945 35,750 1,203,836 (8)* 35,750 1,203,828
1,239,578 357,390 7/89 12/88 5-27.5
Conneaut, Ltd. 1,177,064 50,000 1,439,961 17,160 50,000 1,457,121
1,507,121 486,489 4/88 1/89 27.5
Country
Vlg. Assoc. 3,188,594 179,385 3,843,452 25,746 179,385 3,869,198
4,048,583 953,541 4/89 1/89 5-27.5
Elk Rapids II
Apts. Co. 741,528 37,000 929,264 4,987 37,000 934,251
971,251 289,001 2/89 12/88 5-27.5
Genesee
Commons
Assoc. LP 8,474,772 250,000 11,622,137 95,378 250,000 11,717,515
11,967,515 2,964,500 12/88 11/88 5-27.5
-F -66-
Boston Capital Tax Credit Fund Limited
Partnership - Series 1
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- ------------------------------------------------------------------------------
- -------------------------------------------
Geneva, Ltd. 1,192,199 60,300 1,450,936 16,016 60,300 1,466,952
1,527,252 491,145 8/88 1/89 7-27.5
Green Acres
of Yulee 1,486,133 90,650 1,908,145 (355,085) 90,650 1,553,060
1,643,710 414,314 8/89 1/89 5-27.5
Inglewood
Meadows 1,493,435 123,200 1,886,119 12,703 123,200 1,898,822
2,022,022 527,413 11/88 12/88 27.5
Kingston
Property
Assoc. 5,184,279 50,000 6,024,746 267,848 50,000 6,292,594
6,342,594 1,820,011 6/89 12/88 27.5
Riverside Pl.
Dividend Hsg. 967,769 65,200 1,202,452 (616)* 65,200 1,201,836
1,267,036 368,209 7/89 12/88 5-27.5
Townhomes
Minnehaha Ct. 1,143,460 64,828 1,766,883 (17,121)* 64,827 1,749,762
1,814,589 480,134 11/88 11/88 5-27.5
Unity Park 6,410,433 99,000 11,179,460 716,391 99,000 11,895,851
11,994,851 2,687,034 12/90 4/89 5-27.5
Virginia
Circle LP 670,532 44,936 1,096,944 (10,716)* 44,936 1,086,228
1,131,164 328,229 6/88 11/88 5-27.5
Wewahitchka Ltd. 714,831 28,179 950,637 1 28,179 950,638
978,817 281,104 6/88 12/88 5-27.5
Wood Creek
Manor Ltd.
Dividend 968,216 10,000 1,274,577 4,711 10,000 1,279,288
1,289,288 383,454 7/89 12/88 5-27.5
-F -67-
Boston Capital Tax Credit Fund Limited
Partnership - Series 1
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- ------------------------------------------------------------------------------
- -------------------------------------------
Woodland
Terrace 1,493,429 120,400 1,885,256 7,391 120,400 1,892,647
2,013,047 536,776 11/88 12/88 5-27.5
---------- --------- ---------- ------- --------- ----------
- ---------- ----------
40,105,177 1,572,690 54,388,376 823,758 1,572,689 55,212,134
56,784,823 14,580,083
========== ========= ========== ======= ========= ==========
========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1995.
*Decrease due to reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been
omitted for presentation purposes.
</TABLE>
-F -68-
Notes to Schedule III
Boston Capital Tax Credit Fund Limited Partnership - Series 1
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 56,048,622
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 948,241
Other............................................. 0
----------
$ 948,241
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/93............................$ 56,996,863
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 87,241
Other............................................. 0
----------
$ 87,241
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. (676,202)
----------
$ (676,202)
-----------
Balance at close of period - 03/31/94............................$ 56,407,902
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 219,775
Other............................................. 0
----------
$ 219,775
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$ 56,627,677
-F -69-
Notes to Schedule III
Boston Capital Tax Credit Fund Limited Partnership - Series 1
Reconciliation of Land, Building & Improvements current year changes -
continued
Balance at close of period - 3/31/95 ............................$ 56,627,677
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 157,146
Other............................................ 0
-----------
$ 157,146
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 56,784,823
===========
-F -70-<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 1
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.........................$ 6,809,399
Current year expense..................................$2,384,747
---------
Balance at close of period - 3/31/93..............................$ 9,194,146
Current year expense..................................$1,365,846
---------
Balance at close of period - 3/31/94..............................$10,559,992
Current year expense..................................$2,061,874
---------
Balance at close of period - 3/31/95..............................$12,621,866
Current year expense..................................$1,958,217
---------
Balance at close of period - 3/31/96..............................$14,580,083
==========
-F -71-<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund Limited
Partnership - Series 2
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- ------------------------------------------------------------------------------
- -----------------------------------------------
Annadale
Apts. 6,762,134 794,000 3,448,985 8,698,033 226,000 12,147,018
12,373,018 1,149,582 6/90 9/90 5-50
Calexico
Village
Apts. 1,578,989 189,545 2,140,711 4,211 189,545 2,144,922
2,334,467 246,996 4/90 2/90 5-50
Glenhaven
Park III 504,865 225,000 599,444 577,645 225,000 1,177,089
1,402,089 169,335 12/89 11/89 40
Glenhaven
Park IV 412,907 180,000 254,783 619,630 180,000 874,413
1,054,413 117,423 6/90 11/89 40
Herber II
Vlg. Apts. 1,101,116 135,000 1,374,347 (4,711)* 135,000 1,369,636
1,504,636 245,794 4/89 5/89 5-50
Mecca
Apts. 2,611,575 55,580 2,377,218 1,106,178 56,283 3,483,396
3,539,679 443,165 7/90 11/89 5-40
Redwood
Creek Apts. 1,782,727 100,000 2,479,092 (21,705)* 100,000 2,457,387
2,557,387 443,897 12/89 7/89 5-50
Redondo
Apts. II 1,445,547 11,800 1,145,806 743,984 11,800 1,889,790
1,901,590 515,497 7/90 12/89 5-27.5
---------- --------- ---------- ---------- --------- ----------
- ---------- ---------
16,199,860 1,691,174 13,820,386 11,723,265 1,123,628 25,543,651
26,667,279 3,331,689
========== ========= ========== ========== ========= ==========
========== =========
-F -72-
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1995.
*Decrease due to a reallocation of acquisition costs and reduction of
development fees.
**There were no carrying costs as of December 31, 1995. The column has been
omitted for presentation purposes.
</TABLE>
-F -73-
Notes to Schedule III
Boston Capital Tax Credit Fund Limited Partnership - Series 2
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 25,884,758
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. (868,303)
Other............................................. 0
----------
$ (868,303)
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/93............................$ 25,016,455
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 137,541
Other............................................. 0
----------
$ 137,541
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/94............................$ 25,153,996
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 201,421
Other............................................. 0
----------
$ 201,421
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$ 25,355,417
-F -74-
Notes to Schedule III-Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 2
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/95............................$ 25,355,417
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 1,311,862
Other............................................ 0
-----------
$ 1,311,862
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 26,667,279
===========
-F -75-<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 2
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.........................$ 1,024,113
Current year expense..................................$ 580,739
---------
Balance at close of period - 3/31/93..............................$ 1,604,852
Current year expense..................................$ 572,977
---------
Balance at close of period - 3/31/94..............................$ 2,177,829
Current year expense..................................$ 582,155
---------
Balance at close of period - 3/31/95..............................$ 2,759,984
Current year expense..................................$ 571,705
---------
Balance at close of period - 3/31/96..............................$ 3,331,689
==========
-F -76-<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C>
Boston Capital Tax Credit Fund Limited
Partnership - Series 3
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- ------------------------------------------------------------------------------
- ---------------------------------------------
128 Park 518,999 27,000 919,215 11,804 27,000 931,019
958,019 236,410 7/88 4/89 28
Ashland
Invstmt.
Grp. II 1,787,443 165,464 2,210,076 (16,928)* 165,464 2,193,148
2,358,612 448,961 5/89 3/89 5-50
Belfast
Birches
Assocs. 1,092,556 50,000 1,370,933 5,791 50,000 1,376,724
1,426,724 260,035 5/89 5/89 5-27.5
Bowditch
School
Lodging 1,645,676 65,961 4,872,047 (867)* 65,961 4,871,180
4,937,141 931,657 12/89 8/89 34
California
Investors VI 4,000,683 400,000 7,307,955 139,892 400,000 7,447,847
7,847,847 1,405,584 5/89 6/89 35
Carriage
Gate Apts. 1,480,026 128,480 1,816,497 4,390 128,480 1,820,887
1,949,367 451,968 11/89 6/89 7-27.5
Central
Parkway
Towers 2,800,000 0 9,276,692 62,333 0 9,339,025
9,339,025 2,423,731 12/89 9/89 5-27.5
Colony Ct.
Apts. 1,496,709 130,000 1,819,588 2,863 130,000 1,822,451
1,952,451 475,838 6/89 4/89 7-27.5
-F -76-
Boston Capital Tax Credit Fund Limited
Partnership - Series 3
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- ------------------------------------------------------------------------------
- ---------------------------------------------
Cruz Bay
Ltd. 1,492,592 217,600 1,729,345 8,254 217,600 1,737,599
1,955,199 448,672 2/89 2/89 5-27.5
Fylex
Housing 1,389,420 129,550 1,665,891 (3,967)* 129,550 1,661,924
1,791,474 432,422 6/89 5/89 27.5
Greenwood
Apts. 1,443,233 55,000 1,824,558 3,409 55,000 1,827,967
1,882,967 532,692 8/89 3/89 7-27.5
Hidden Cove
Apts. 2,970,654 712,337 4,324,740 12,962 707,848 4,337,702
5,045,550 1,164,917 8/89 4/89 7-27.5
Jackson
Apts. 1,196,531 232,000 1,286,033 21,841 233,537 1,307,874
1,541,411 344,714 7/89 4/89 7-27.5
Lake North
Apts. II 1,066,279 60,000 1,340,829 (2,848)* 60,000 1,337,981
1,397,981 273,280 1/89 4/89 5-27.5
Lake Park
LP 1,141,639 61,932 1,437,159 0 61,932 1,437,159
1,499,091 386,055 5/89 4/89 7-27.5
Lakewood
Terrace
Ltd. 3,989,887 124,707 2,263,782 4,414,667 124,707 6,678,449
6,803,156 947,561 8/89 5/89 27.5
Lincoln
Apts. 2,947,112 177,500 3,665,480 (10,300)* 177,500 3,655,180
3,832,680 820,576 12/88 2/89 5-27.5
Maplewood
Apts. 758,966 37,900 938,775 16,925 37,900 955,700
993,600 160,609 4/89 5/89 40
-F -77-
Boston Capital Tax Credit Fund Limited
Partnership - Series 3
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- ------------------------------------------------------------------------------
- ---------------------------------------------
Mound
Plaza Ltd. 624,595 17,058 772,173 2,923 17,058 775,096
792,154 187,913 9/89 8/89 5-27.5
Oak Crest
Manor II 911,828 77,500 1,049,551 (2,865)* 77,500 1,046,868
1,124,186 177,266 5/89 5/89 40
Orange-
wood
Villas 1,485,566 98,000 1,821,138 4,058 98,000 1,825,196
1,923,196 464,892 9/89 6/89 7-27.5
Paige Hall 2,253,150 633,666 2,544,140 679,146 0 3,223,286
3,223,286 678,938 4/89 3/89 7-27.5
Pedcor
Invstmts. 4,947,150 200,000 7,448,711 (13,230)* 200,000 7,435,481
7,635,481 1,433,147 5/89 2/89 5-27.5
Queens
Ct. Apts. 1,261,348 92,200 2,185,579 70,173 92,200 2,255,752
2,347,952 599,508 1/89 2/89 5-27.5
Rainbow
Apts. 1,956,775 181,767 2,215,940 26,782 141,767 2,242,722
2,384,489 618,443 1/89 6/89 5-27.5
Ripon Apts. 806,649 29,040 1,016,757 12,432 29,040 1,029,189
1,058,229 299,284 7/89 3/89 5-27.5
Southport,
Ltd. 966,443 52,800 1,176,478 (1,665)* 52,800 1,174,813
1,227,613 338,825 2/89 4/89 5-27.5
Sun Village
Apts. 1,056,200 55,973 1,313,338 7,709 55,973 1,321,047
1,377,020 303,627 5/88 4/89 5-27.5
Taylor
Terrace
Apts. 1,059,413 70,994 1,277,601 15,607 70,994 1,293,208
1,364,202 433,016 11/88 4/89 5-27.5
-F -78-
Boston Capital Tax Credit Fund Limited
Partnership - Series 3
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- -----------------------------------------
- ------------------------------------------------------------------------------
- ----
Trinidad
Apts. 922,406 70,000 1,105,890 22,200 70,000 1,128,090
1,198,090 303,332 6/89 6/89 27.5
Vassar Apts. 924,268 60,823 1,159,060 1,936 60,823 1,160,996
1,221,819 336,007 11/89 3/89 7-27.5
Vidalia LP 1,488,462 75,000 1,887,347 (10,278)* 75,000 1,877,069
1,952,069 511,336 5/89 4/89 7-27.5
Willow St.
Assoc. 1,485,034 116,380 1,798,301 (1,153)* 116,380 1,797,148
1,913,528 574,924 12/88 2/89 15-27.5
---------- --------- --------- --------- --------- ----------
- ---------- ----------
55,367,692 4,606,632 78,841,599 5,483,996 3,930,014 84,325,595
88,255,609 19,406,140
========== ========= ========= ========= ========= ==========
========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1995.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been
omitted for presentation purposes.
</TABLE>
-F -79-
Notes to Schedule III
Boston Capital Tax Credit Fund Limited Partnership - Series 3
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 83,692,934
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 52,507
Other............................................. 0
----------
$ 52,507
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/93............................$ 83,745,441
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 46,581
Other............................................. 0
----------
$ 46,581
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/94............................$ 83,792,022
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 4,295,176
Other............................................. 0
----------
$ 4,295,176
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$ 88,087,198
-F- 80-
Notes to Schedule III-Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 3
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/95............................$ 88,087,198
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 168,411
Other............................................ 0
-----------
$ 168,411
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 88,255,609
===========
-F- 81-
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 3
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.........................$ 7,778,663
Current year expense..................................$2,897,006
---------
Balance at close of period - 3/31/93..............................$10,675,569
Current year expense..................................$2,848,313
---------
Balance at close of period - 3/31/94..............................$13,523,882
Current year expense..................................$2,914,588
---------
Balance at close of period - 3/31/95..............................$16,438,470
Current year expense..................................$2,226,160
---------
Balance at close of period - 3/31/96..............................$19,406,140
==========
-F-82-
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C>
Boston Capital Tax Credit Fund Limited
Partnership - Series 4
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- ------------------------------------------------------------------------------
- ---------------------------------------------
Armory
Square
Ltd. 2,216,041 59,900 3,890,990 (7,515)* 59,900 3,883,475
3,943,375 628,598 9/89 7/89 5-27.5
Auburn
Trace
Ltd. 10,087,298 730,000 5,564,052 9,181,103 730,000 14,745,155
15,475,155 3,650,408 1/90 6,89 5-27.5
Ault Apts. 457,100 12,058 570,737 30,249 12,058 600,986
613,044 166,744 7/89 6/89 7-27.5
Bowditch
School
Lodging 1,645,676 65,961 4,872,047 (867)* 65,961 4,871,180
4,937,141 931,657 12/89 8/89 7-34
Burlwood
Apts. 230,963 20,000 267,333 6,506 20,000 273,839
293,839 77,473 8/89 6/89 7-27.5
Cambria
Commons 1,034,192 5,808 1,489,672 1,695 5,808 1,491,367
1,497,175 384,636 7/89 9/89 5-27.5
Central
Parkway
Towers 2,800,000 0 9,276,692 62,333 0 9,339,025
9,339,025 2,423,731 12/89 9/89 5-27.5
Clear
View Apts. 759,478 45,000 928,226 6,478 45,000 934,704
979,704 249,286 11/89 10/89 7-27.5
-F -83-
Boston Capital Tax Credit Fund Limited
Partnership - Series 4
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- ------------------------------------------------------------------------------
- ---------------------------------------------
Fuller
Townhomes 515,902 33,600 642,804 6,024 33,600 648,828
682,428 182,767 1/88 4/89 7-27.5
Greenwood
Terrace
Ltd. 1,084,087 80,439 1,352,865 3,294 80,439 1,356,159
1,436,598 345,892 9/89 7/89 7-27.5
Haven
Park II 510,973 225,000 1,038,703 6,708 225,000 1,045,411
1,270,411 246,758 6/89 7/89 7-40
Landmark
Ltd.
Partner-
ship 1,831,606 425,800 3,843,617 37,741 425,800 3,881,358
4,307,158 845,748 5/89 8/89 5-27.5
Meadow-
crest
Apts. 2,914,432 286,065 867,009 4,143,306 286,065 5,010,315
5,296,380 1,192,810 10/90 9/89 5-27.5
Milliken
Apts. 780,668 40,000 860,882 51,037 40,000 911,919
951,919 247,862 8/89 9/89 7-27.5
Montana
Ave. Apts. 671,278 92,179 1,007,036 3,543 93,846 1,010,579
1,104,425 253,762 11/89 8/89 5-27.5
Monti-
cello
Ltd. 1,109,896 48,000 1,436,974 2,968 48,000 1,439,942
1,487,942 353,945 12/89 7/89 7-27.5
New Grand
Hotel 4,022,196 308,000 6,150,420 1,079,355 308,000 7,229,775
7,537,775 1,681,639 3/89 5/89 7-27.5
-F -84-
Boston Capital Tax Credit Fund Limited
Partnership - Series 4
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- ------------------------------------------------------------------------------
- ---------------------------------------------
Pedcor
Invstmts.
1988 VI 5,058,674 454,472 7,748,826 439,409 454,472 8,188,235
8,642,707 1,226,107 12/89 8/89 5-27.5
Rosen-
burg
Hotel 8,492,153 452,000 4,946,965 7,360,869 452,000 12,307,834
12,759,834 1,374,986 1/89 11/89 7-40
Shockoe
Hill Apts. 1,913,776 0 3,152,879 (4,285)* 0 3,148,594
3,148,594 520,599 9/89 8/89 5/27.5
Sunnyview
Apts. 2,232,823 135,000 1,806,927 2,018,783 315,000 3,825,710
4,140,710 466,571 9/89 9/89 5-50
Topeka
Park
Phase II 403,620 36,874 759,705 1,911 36,874 761,616
798,490 219,933 12/88 7/89 7-27.5
Unity
Park
Apts. 9,119,890 99,000 9,828,746 2,067,105 99,000 11,895,851
11,994,851 2,687,034 12/90 4/89 27.5
Van Dyke
Estates
XVI 678,810 80,000 1,134,679 87,787 80,000 1,222,466
1,302,466 226,299 11/89 2/90 7-40
Wichita
West
Housing 2,124,955 181,874 3,876,750 (40,009)* 181,874 3,836,741
4,018,615 963,409 9/89 8/89 7-27.5
---------- --------- ---------- ---------- --------- -----------
- ----------- ----------
62,696,478 3,917,030 77,315,536 26,545,528 4,098,697 103,861,064
107,959,761 21,548,654
========== ========= ========== ========== ========= ===========
=========== ==========
-F -85-
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1995.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been
omitted for presentation purposes.
</TABLE>
-F- 86-<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund Limited Partnership - Series 4
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92.......................$103,193,346
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 1,703,785
Other.......................................... 0
----------
$ 1,703,785
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... (16,119)
----------
$ (16,119)
-----------
Balance at close of period - 03/31/93.........................$104,881,012
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 2,453,119
Other.......................................... 0
----------
$ 2,453,119
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
----------
$ 0
-----------
Balance at close of period - 03/31/94.........................$107,334,131
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 83,082
Other.......................................... 0
----------
$ 83,082
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
----------
$ 0
-----------
Balance at close of period - 03/31/95.........................$107,417,213
-F -87-
Notes to Schedule III-Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 4
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/95............................$107,417,213
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 542,548
Other............................................ 0
-----------
$ 542,548
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96............................$107,959,761
===========
-F -88-<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 4
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.........................$ 6,809,399
Current year expense..................................$3,546,208
---------
Balance at close of period - 3/31/93..............................$10,355,607
Current year expense..................................$3,739,080
---------
Balance at close of period - 3/31/94..............................$14,094,687
Current year expense..................................$3,783,175
---------
Balance at close of period - 3/31/95..............................$17,877,862
Current year expense..................................$3,670,792
---------
Balance at close of period - 3/31/96..............................$21,548,654
==========
-F- 89-<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund Limited
Partnership - Series 5
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- ------------------------------
Buildings
Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land
provements Total ciation Date Date Life
- ------------------------------------------------------------------------------
- ----------------------------------------------
Annadale 6,762,134 794,249 3,448,985 8,698,033 226,000
12,147,018 12,373,018 1,149,582 6/90 10/90 5-50
Calexico 1,578,989 189,545 2,140,711 4,211 189,545
2,144,922 2,334,467 246,996 4/90 2/90 5-50
Glenhaven
Park 718,930 225,000 991,586 (157,466)* 195,000
834,120 1,029,120 144,228 6/89 6/89 40
Point
Arena 1,208,629 79,160 1,715,209 81,167 79,160
1,796,376 1,875,536 209,442 2/90 2/90 5-50
TKO
Investments
Props. V 1,256,834 192,656 2,991,964 22,919 190,691
3,014,883 3,205,574 619,004 9/89 10/89 5-30
---------- --------- ---------- --------- -------
- ---------- ---------- ---------
11,525,516 1,480,610 11,288,455 8,648,864 880,396
19,937,319 20,817,715 2,369,252
========== ========= ========== ========= =======
========== ========== =========
Since the Operating Partnerships maintain a calendar year end the information
reported on this schedule is as of December 31,
1995.
*Reduction due to the sale of two building.
**There were no carrying costs as of December 31, 1995. The column has been
omitted for presentation purposes.
</TABLE>
-F- 90-
Notes to Schedule III
Boston Capital Tax Credit Fund Limited Partnership - Series 5
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 20,288,851
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 4,975
Other............................................. 0
----------
$ 4,975
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. (943,687)
----------
$ (943,687)
-----------
Balance at close of period - 03/31/93............................$ 19,350,139
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 139,600
Other............................................. 0
----------
$ 139,600
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/94............................$ 19,489,739
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 12,561
Other............................................. 0
----------
$ 12,561
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$ 19,502,300
-F- 91-
Notes to Schedule III-Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 5
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/95............................$ 19,502,300
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 1,315,415
Other............................................ 0
-----------
$ 1,315,415
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 20,817,715
===========
-F- 92-<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 5
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.........................$ 724,098
Current year expense.................................$ 400,685
---------
Balance at close of period - 3/31/93..............................$ 1,124,783
Current year expense.................................$ 406,272
---------
Balance at close of period - 3/31/94..............................$ 1,531,055
Current year expense.................................$ 403,858
---------
Balance at close of period - 3/31/95..............................$ 1,934,913
Current year expense.................................$ 434,339
---------
Balance at close of period - 3/31/96..............................$ 2,369,252
==========
-F- 93-
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund Limited
Partnership - Series 6
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- ----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provments
Total ciation Date Date Life
- ------------------------------------------------------------------------------
- -------------------------------------------
Auburn
Trace 10,087,298 730,000 5,564,052 9,181,103 730,000 14,745,155
15,475,155 3,650,408 1/80 6/89 5-27.5
Briar-
wood
Estates 572,302 45,000 694,093 4,631 45,000 698,724
743,724 212,625 9/88 9/89 5-27.5
Columbia
Park
Apts. 5,102,553 189,631 7,194,885 513,773 189,631 7,708,658
7,898,289 1,444,384 2/90 11/89 5-27.5
Eldon
Estates 558,101 28,000 709,320 10,692 28,000 720,012
748,012 220,711 7/88 9/89 5-27.5
Green
Pines
Apts. 1,441,864 106,484 1,750,831 6,627 106,484 1,757,458
1,863,942 306,345 11/89 10/89 5-27.5
Hacienda
Villa
Apts. 3,980,713 233,165 4,135,079 3,290,834 233,165 7,425,913
7,659,078 1,121,261 1/90 12/89 5-27.5
Hillan-
dale
Commons 3,207,981 601,653 4,198,973 1,814,396 601,653 6,013,369
6,615,022 1,458,458 1/90 11/89 5-27.5
Holland
West Apts. 2,218,076 175,000 2,301,607 842,227 175,000
3,143,834 3,318,834 660,377 2/90 12/89 5-27.5
-F- 94-
Boston Capital Tax Credit Fund Limited
Partnership - Series 6
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- ------------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- ------------------------------------------------------------------------------
- --------------------------------------------
Kearney
Proper-
ties II 365,022 34,000 460,385 1,407 34,000 461,792
495,792 149,496 3/88 9/89 5-27.5
Pleasant
Hill
Properties 562,722 25,000 703,690 3,848 25,000 707,538
732,538 204,288 5/88 9/89 5-27.5
Rosen-
berg
Hotel 8,492,153 452,000 4,948,372 7,359,462 452,000 12,307,834
12,759,834 1,374,986 12/88 9/89 5-27.5
Sherburne
Sr. Hsng. 1,317,585 43,000 1,786,132 54,813 43,000 1,840,945
1,883,945 399,618 1/92 11/89 27.5
Socorro
Properties 1,256,606 85,000 1,652,129 45,787 85,000 1,697,916
1,782,916 501,173 10/89 11/89 5-27.5
Warrensburg
Properties 573,188 30,000 743,401 18,409 30,000 761,810
791,810 244,299 2/88 9/89 5-27.5
Woodcliff
Apts. 721,266 26,795 919,806 (1,037)* 26,795 918,769
945,564 265,413 11/89 10/89 5-27.5
---------- --------- ---------- ---------- --------- ----------
- ---------- ----------
40,457,430 2,804,728 37,762,755 23,146,972 2,804,728 60,909,727
63,714,455 12,213,842
========== ========= ========== ========== ========= ==========
========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December
31, 1995.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been
ommitted for presentation purposes.
</TABLE>
-F -95-
Notes to Schedule III
Boston Capital Tax Credit Fund Limited Partnership - Series 6
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 59,489,199
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 3,679,360
Other............................................. 0
----------
$ 3,679,360
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/93............................$ 63,168,559
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 447,307
Other............................................. 0
----------
$ 447,307
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/94............................$ 63,615,866
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 147,102
Other............................................. 0
----------
$ 147,102
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. (261,992)
----------
$ (261,992)
-----------
Balance at close of period - 03/31/95............................$ 63,500,976
-F- 96-
Notes to Schedule III-Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 6
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/95............................$ 63,500,976
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 231,479
Other............................................ 0
-----------
$ 231,479
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 63,714,455
===========
-F- 97-
<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 6
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92............................$
3,757,494
Current year expense.....................................$2,096,245
---------
Balance at close of period - 3/31/93.................................$
5,853,739
Current year expense.....................................$2,168,130
---------
Balance at close of period - 3/31/94.................................$
8,021,869
Current year expense.....................................$2,112,071
---------
Balance at close of period -
3/31/95.................................$10,133,940
Current year expense.....................................$2,079,902
---------
Balance at close of period -
3/31/96.................................$12,213,842
==========
-F- 98-
<TABLE> <S> <C>
<ARTICLE> CT
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> MAR-31-1996
<TOTAL-ASSETS> 28,194,596
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 28,194,596
<TOTAL-REVENUES> 10,378
<INCOME-TAX> 0
<INCOME-CONTINUING> (6,207,287)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (6,196,909)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
