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, 1997 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
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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, 1997
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
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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 qualifies
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, 1997, 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, 1997
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/96 Completion 3/31/97 uted
- ------------------------------------------------------------------------------
Apple Hill West Neton, 44 $1,488,468 1/88 98% $ 317,660
Apartments NC
Bolivar Manor Bolivar, 24 880,921 11/88 95% 180,498
Apartments NY
Briarwood Vero Beach, 45 1,481,980 8/89 100% 386,368
Apartments FL
Broadway Kingston, 122 5,184,279 6/89 100% 952,500
East NY
Country Coldwater, 32 938,420 7/89 100% 202,610
Knoll MI
Country Warwick, 64 3,182,465 4/89 100% 845,000
Village Apts NY
Elk Rapids II Elk Rapids, 24 740,289 2/89 100% 161,078
Apartments MI
Green Acres Yulee, 47 1,483,297 8/89 100% 394,500
Apartments FL
Inglewood St. Cloud, 50 1,490,624 11/88 100% 394,400
Meadows FL
Minnehaha St. Paul, 24 1,130,421 11/88 100% 631,138
Court Apts. MN
Moss Creek Wewahitchka, 23 713,422 6/88 100% 207,592
Apartments FL
River Park Rochester, 402 8,380,509 12/88 98% 2,315,400
Commons NY
Sunset West Conneaut, 40 1,174,880 4/88 100% 250,701
Apartments OH
Unity Park Niagara Falls, 198 9,180,806 12/90 100% 600,000
Phase II NY
Villas of Geneva, 40 1,190,074 8/88 100% 254,967
Geneva OH
4<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 1
PROPERTY PROFILES AS OF MARCH 31, 1997
Continued
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Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/96 Completion 3/31/97 uted
- ------------------------------------------------------------------------------
Virginia
Circle St. Paul, 16 $ 661,800 6/88 100% $395,000
Townhomes MN
Westchase Three Rivers, 32 966,177 7/89 100% 202,610
Apartments MI
Wood Creek Saulte St. 32 966,635 7/89 100% 213,390
Manor Marie, MI
Woodland St. Cloud, 50 1,490,624 11/88 100% 394,500
Terrace FL
5<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 2
PROPERTY PROFILES AS OF MARCH 31, 1997
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/96 Completion 3/31/97 uted
- ------------------------------------------------------------------------------
Annadale Fresno, 222 $9,377,615 6/90 100% $1,736,542
Apartments CA
Calexico Calexico, 36 1,574,514 4/90 100% 464,896
Village Apts. CA
Glenhaven Merced, 15 501,859 12/89 100% 490,000
Park III CA
Glenhaven Merced, 12 403,505 6/90 100% 395,300
Park CA
Heber II
Village Heber, 24 1,096,511 4/89 100% 345,000
Apts. CA
Redondo II Westmorland, 32 1,442,728 7/90 100% 580,000
Apts. CA
Redwood McKinleyville, 48 1,779,119 12/89 100% 688,572
Creek Apts. CA
Thunderbird Mecca, 54 2,607,027 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, 1997
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/96 Completion 3/31/97 uted
- ------------------------------------------------------------------------------
The 128
Park Street Dorchester, 16 $ 516,977 7/88 100% $340,000
Lodging House MA
Ashley Senior Ashland, 62 1,784,479 5/89 100% 495,500
Center Apts. OR
Belfast Belfast, 24 1,090,423 5/89 100% 245,000
Birches ME
The Bowditch Jamaica Plain,
School MA 50 1,638,578 12/89 100% 883,623
Lodging House
Carriage Gate Palatka, 49 1,477,266 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 1,494,443 6/89 100% 384,200
Apartments FL
Crane Street Littleton, 33 1,482,022 12/88 100% 293,000
Court NH
Cruz Bay St. John, 20 1,490,247 2/89 100% 285,820
Apartments USVI
Fiddler's Creek Southport, 24 964,788 2/89 100% 200,397
Apartments NC
Gilmore Court Jaffrey, 28 1,387,134 6/89 92% 288,660
NH
Greenwood Owosso, 48 1,440,268 8/89 100% 312,090
Apartments MI
Hidden Cove W.Pittsburg 88 2,922,342 8/88 100% 1,761,650
Apartments CA
Hillmont Lake Park, 42 1,139,522 5/89 100% 265,218
Apartments GA
7<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 3
PROPERTY PROFILES AS OF MARCH 31, 1997
Continued
- ---------
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/96 Completion 3/31/97 uted
- ------------------------------------------------------------------------------
Jackson Jackson, 28 $1,194,231 7/89 100% $ 225,000
Apartments WY
Lake North Lady Lake, 36 1,063,573 1/89 100% 220,780
Apartments FL
Lakewood Terr Lakeland, 132 3,932,649 8/89 100% 572,400
Apartments FL
Lincoln Salem, 63 2,546,362 12/88 100% 520,000
Apartments MA
Mann Village Indianapolis,204 4,912,834 5/89 100% 2,620,620
Apartments IN
Maplewood Cloquet, 24 757,633 4/89 100% 150,800
Apartments MN
Mound Plaza Moundville, 24 623,559 9/89 100% 129,465
Apartments AL
Oak Crest Brainerd, 30 910,216 5/89 100% 168,130
Manor II MN
Orangewood Umatilla, 45 1,482,140 9/89 100% 358,350
Villas FL
Orchard Park Beaumont, 144 3,968,211 5/89 100% 2,950,000
Apartments CA
Paige Hall Minneapolis, 69 2,253,150 4/89 100% 378,538
Apartments MN
Queens Philadelphia, 32 1,211,879 1/89 100% 759,500
Court Apts. PA
Rainbow Yuma, 81 1,941,796 1/89 100% 702,968
Apartments AZ
Ripon Ripon, 24 803,249 7/89 100% 176,260
Apartments WI
8<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 3
PROPERTY PROFILES AS OF MARCH 31, 1997
Continued
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Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/96 Completion 3/31/97 uted
- ------------------------------------------------------------------------------
Sun Village Groveland, 34 $1,053,558 5/88 100% $211,880
Apartments FL
Taylor
Terrace W. Pittsburgh, 30 1,057,248 11/88 96% 227,103
Apartments PA
The Grove Vidalia, 54 1,486,172 5/89 100% 345,621
Apartments GA
Trinidad Trinidad, 24 920,889 6/89 100% 202,000
Apartments CO
Vassar Vassar, 32 922,383 11/89 100% 189,596
Apartments MI
9<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 4
PROPERTY PROFILES AS OF MARCH 31, 1997
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/96 Completion 3/31/97 uted
- ------------------------------------------------------------------------------
Amory Square Windsor, 74 $ 2,192,556 9/89 100% $1,644,338
Apartments VT
Auburn Trace Delray Beach,256 9,931,723 1/90 100% 2,849,298
FL
Ault Ault, 16 456,407 7/89 100% 92,232
Apartments CO
Berkshire Wichita, 90 2,095,023 9/89 100% 1,829,104
Apartments KS
Bowditch
School Jamaica Plain,50 1,638,578 12/89 100% 619,300
Lodging House MA
Burlwood Cripple 10 230,599 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, 24 757,952 11/89 100% 166,400
Apartments CO
Fuller St. Paul, 9 511,543 1/89 100% 254,671
Townhomes MN
Glenhaven Merced, 15 499,283 6/89 100% 415,000
Park II CA
Greenwood Quincy, 36 1,082,029 9/89 100% 282,000
Terrace FL
Highland Topeka, 22 394,880 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, 1997
Continued
- ---------
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/96 Completion 3/31/97 uted
- ------------------------------------------------------------------------------
Jefferson Pl Monticello, 38 $ 1,107,847 12/89 100% $ 294,150
Apartments FL
Landmark Chesapeake, 120 1,806,400 5/89 100% 1,470,835
Apartments VA
Meadowcrest Southfield, 83 2,906,533 10/90 100% 1,055,404
Apartments MI
Milliken Milliken, 28 779,485 8/89 100% 135,000
Apartments CO
Montana Ave. St. Paul, 13 665,869 11/89 100% 430,167
Townhomes MN
New Grand Salt Lake 80 2,884,950 3/90 100% 2,823,370
Hotel City,UT
Rosenberg Santa Rosa, 77 1,837,045 1/92 100% 844,300
Hotel CA
Shockoe Hill Richmond, 64 1,902,280 9/89 100% 1,110,590
Apartments II VA
Sunnyview Salem, 60 2,206,620 9/89 100% 775,000
Apartments OR
Thompson Indianapolis, 240 5,030,554 12/89 100% 2,098,660
Village Apts. IN
Unity Park Niagara Falls,198 9,180,806 12/90 100% 1,470,300
Phase II NY
Van Dyke Sanger, 16 668,875 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, 1997
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/96 Completion 3/31/97 uted
- ------------------------------------------------------------------------------
Annadale Fresno, 222 $9,377,615 6/90 100% $1,161,810
Apartments CA
Calexico Village Calexico, 36 1,574,514 4/90 100% 128,174
Apartments CA
Glenhaven Merced, 13 707,514 6/89 100% 356,480
Estates CA
Heather Ridge Redding, 56 1,206,204 9/89 100% 1,182,030
Apartments CA
Point Arena Point Arena,25 1,206,237 2/90 100% 444,830
Village CA
12<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 6
PROPERTY PROFILES AS OF MARCH 31, 1997
Mortgage
Balance Qualified Capital
Property As of Construction Occupancy Contrib-
Name Location Units 12/31/96 Completion 3/31/97 uted
- ------------------------------------------------------------------------------
Auburn Trace Delray Beach, 256 $ 9,931,723 1/90 100% $1,971,457
FL
Briarwood Cameron, 24 571,115 9/88 100% 137,367
Estates MO
Columbia Richland, 139 4,802,553 2/90 100% 1,607,375
Park Apts. WA
Eldon Estates Eldon, 24 556,925 7/88 100% 139,221
MO
Forty West Holland, 120 2,167,419 2/90 100% 1,431,562
Apartments MI
Hacienda Villa Firebaugh, 120 3,947,514 1/90 100% 1,460,316
Apartments CA
Hillandale Lithonia, 132 3,188,095 1/90 100% 1,444,800
Commons GA
Kearney Kearney, 16 364,222 3/88 100% 99,334
Properties II MO
Los Pueblos Socorro, 32 1,253,917 5/88 100% 414,851
Apartments NM
Pleasant Hill Pleasant Hill, 24 561,751 12/88 100% 141,624
MO
Rosenberg Santa Rosa, 77 1,837,045 1/92 100% 555,700
Apartments CA
Sherburne Sherburne, 29 1,314,835 10/89 96% 578,409
Senior Housing NY
Springridge Warrensburg, 24 571,934 2/88 100% 162,393
III MO
Tall Pines Charlestown, 32 1,438,924 11/89 100% 302,491
Apartments NH
Woodcliff Ishpeming, 24 759,473 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, 1997, the Partnership has 7,367 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 1,020
investors holding 1,299,900 BACs; Series 2 had 725 investors
holding 830,300 BACs; Series 3 had 2,324 investors holding
2,882,200 BACs; Series 4 had 2,073 investors holding 2,995,300
BACs; Series 5 had 395 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, 1997.
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, 1997. 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,
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
Operations
- ----------
Interest Inc $ 7,074 $ 8,821 $ 11,022 $ 32,652 $ 79,016
Other Income 2,910 1,557 6,921 72,994 83,668
Share of Loss
of operating
Partnerships ( 1,453,320) (5,141,108) (6,602,292) ( 7,443,043) ( 7,135,491)
Operating Exp. ( 1,081,835) (1,066,179) (1,229,300) ( 1,405,305) ( 1,510,149)
---------- ---------- --------- ---------- ---------
Net Loss $( 2,525,171)$(6,196,909)$(7,813,649)$( 8,742,701)$( 8,482,956)
========== ========== ========= ========== ==========
Net Loss
per BAC $ (.26)$ (.63)$ (.78)$ ( .88)$ ( .86)
=========== ========== ========= ========== ==========
Balance Sheet
- -------------
Total Assets $ 26,710,863 $28,194,596 $33,412,311 $ 40,271,022 $ 49,283,844
=========== ========== ========== ========== ==========
Total Liab. $ 4,737,505 $ 3,696,067 $ 2,716,873 $ 1,761,935 $ 1,986,530
Partners' =========== ========== ========== ========== ==========
Equity $ 21,973,358 $24,498,529 $30,695,438 $ 38,509,087 $ 47,297,314
=========== ========== ========== ========== ==========
Other Data
Tax Credits per BAC for
the Investors Tax Year,
the twelve months ended
December 31, 1996, 1995
1994, 1993 and 1992*
$ 1.25 $ 1.24 $ 1.25 $ 1.27 $ 1.44
=========== ========= ========== ========== ==========
*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, 1997 the Partnership accrued $954,708 in annual partnership
management fees. As of March 31, 1997, total partnership management fees
accrued were $4,536,059. 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.
An affiliate of the general partner has advanced $134,250 to the
Partnership to pay certain third party operating expenses. The amounts
advanced to four of the six series are as follows: $40,000 to Series 1;
$15,000 to Series 2; $74,250 to Series 3; and $5,000 to Series 4. These
and any additional advances will be paid, without interest, from available
cash flow, reporting fees, or the proceeds of sales or refinancing of the
Partnership's interests in Operating Partnerships. The Partnership
anticipates that as the Operating Partnerships continue to mature, more cash
flow and reporting fees will be generated. Cash flow and reporting fees will
be added to the Partnership's working capital and will be available to meet
future third party obligations of the Partnership. The Partnership is
currently pursuing, and will continue to pursue, available cash flow and
reporting fees and anticipates that the amount collected will be sufficient
to cover third party expenses.
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.
17<PAGE>
As of March 31, 1997, 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 $33,374 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.
As of March 31, 1997, 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 $3,205 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, 1997, 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 $1,832 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, 1997, 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 $12,708 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.
18<PAGE>
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, 1997, 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 $146,095 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.
As of March 31, 1997 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 $27,415 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, 1997 and 1996 was $919,609 and
$888,714, 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, 1997 and 1996, the Partnership received $36,055 and
$65,294, 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, 1997 and 1996, the Qualified Occupancy for
the Series was 99.6% and 99.4%, respectively. The Series had a total of 19
properties at March 31, 1997. Out of the total, 17 were at 100% qualified
occupancy.
For the years ended December 31, 1996 and 1995 Series 1 reflects a net
loss from Operating Partnerships of $738,210 and $720,063, respectively,
19<PAGE>
when adjusted for depreciation which is a non-cash item. 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. All three partnerships have closed on mortgages
which require minimum debt service payments, the funds from which are being
utilized exclusively for completing structural repairs and upgrades. The
Operating General Partners have continued to fund the majority of the balance
of the net loss.
The properties owned by Townhomes of Minnehaha Court and Virginia Circle
are experiencing high operating expenses which are resulting in operating
deficits. The respective management companies are implementing cost saving
measures to mitigate these deficits and stabilize the properties operations.
For the tax years ended December 31, 1996 and 1995, the Series, in
total, generated $2,081,132 and $1,902,699, respectively, in passive income
tax losses that were passed through to the investors, and also provided $1.40
per year for 1996 and 1995 in tax credits per BAC to the investors.
Series 2). As of March 31, 1997 and 1996, the Qualified Occupancy for
the series was 100% and 99.8%, respectively. The Series had a total of 8
properties at March 31, 1997, all of which were at 100% qualified
occupancy.
For the years ended December 31, 1996 and 1995 Series 2 reflects a net
loss from Operating Partnerships of $692,258 and $969,800, respectively,
when 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 Operating Partnership continues to stabilize since the
completion of rehabilitation and occupancy has shown steady improvement.
Occupancy is at 100% as of March 31, 1997.
For the tax years ended December 31, 1996 and 1995, the Series, in
total, generated $563,979 and $624,618, respectively, in passive income tax
losses that were passed through to the investors, and also provided $1.01 and
$1.04 per year for 1996 and 1995, respectively, in tax credits per BAC to the
investors.
(Series 3). As of March 31, 1997 and 1996, the Qualified Occupancy for
the Series was 99.6% and 99.8%, respectively. The Series had a total of 33
properties at March 31, 1997. Out of the total, 31 were at 100% qualified
occupancy.
For the years ended December 31, 1996 and 1995 Series 3 reflects a net
income (loss) from Operating Partnerships of $1,410,908 and ($257,966),
respectively, when adjusted for depreciation which is a non-cash item. The
current year income is the result of a one time gain on reduction of
debt incurred by one of the Operating Partnerships. When adjusted for the
gain, the Operating Partnerships reflect a net loss of $570,002 for 1996.
The General Partner is continuing to monitor the operations of Lincoln
Hotel Associates in an effort to improve the overall results of operations of
the series. The new management company of Lincoln Hotel has secured a 100%
20<PAGE>
project based subsidy. The increased income afforded under the favorable
subsidy contract should allow for a stabilization of the project's net
operating income. The subsidy will also increase affordability for
prospective tenants thereby increasing occupancy percentages. A debt
refinancing closed in the last quarter of 1996, as well.
The property owned by California Investors VI L.P. has experienced
a reduction in occupancy, which stands at 80% at March 31, 1997. The
management company is increasing their marketing efforts, as well as
implementing capital improvements to the property to attract tenants.
These efforts should improve occupancy and stabilize the property.
The new management company at Hidden Cove continues to make
improvements to the tenant base and occupancy which stands at 92% at
March 31, 1997, however, the property is still generating operating
deficits. As such, the management company is implementing cost saving
measures to mitigate these deficits and stabilize the property.
For the tax years ended December 31, 1996 and 1995, the Series, in
total, generated $1,009,468 and $2,973,777, respectively, in passive income
tax losses that were passed through to the investors, and also provided $1.27
per year for 1996 and 1995 in tax credits per BAC to the investors. The
variance in passive income tax losses generated for the tax years ended
December 31, 1995 and 1996 is due to the fact that the Operating Partnership
Rosenberg reflected income from cancellation of indebtedness caused by debt
restructuring during the tax year ended December 31, 1996.
(Series 4). As of March 31, 1997 and 1996, the Qualified Occupancy for
the series was 100% and 100%, respectively. The Series had a total of 25
properties at March 31, 1997, all of which were at 100% qualified occupancy.
For the years ended December 31, 1996 and 1995 Series 4 reflects a net
income (loss) from Operating Partnerships of $1,231,906 and ($576,979)
respectively, when adjusted for depreciation which is a non-cash item.
The current year income is the result of a one time gain on reduction
of debt incurred by three operating partnerships, Central Parkway, New
Grand and Rosenberg. This debt reduction occurred without a loss in
ownership or tax credits. Rosenberg also had a one time non-cash impairment
loss. This is in accordance with newly adopted SFAS No. 121. When adjusted
for both the gain and the loss, the Operating Partnerships reflect a net loss
of $779,122 for 1996.
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. Unity Park Associates has closed on a second mortgage, the
funds from which are being utilized exclusively for completing structural
repairs and upgrades. The Operating General Partners have continued to fund
the majority of the balance of the net loss.
The new Operating General Partner has discovered that there are
delinquent real estate taxes on the property owned by Van Dyke Estates XVI.
These taxes are being paid resulting in operating deficits. The new Operating
General Partner believes that once these taxes have been paid operating
21<PAGE>
deficits will be minimal.
For the tax years ended December 31, 1996 and 1995, the Series, in
total, generated $2,044,665 and $2,380,747, respectively, in passive income
tax losses that were passed through to the investors, and also provided $1.23
and $1.22 per year for 1996 and 1995, respectively, in tax credits per BAC to
the investors.
(Series 5). As of March 31, 1997 and 1996, the Qualified Occupancy for
the Series was 100% and 99.6%, respectively. The Series had a total of 5
properties at March 31, 1997, all of which were at 100% qualified occupancy.
For the years ended December 31, 1996 and 1995 Series 5 reflects a net
loss of $685,860 and $967,296, respectively, from Operating Partnerships,
when 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 Operating Partnership has begun
to stabilize since the completion of rehabilitation and occupancy has
shown steady improvement. Occupancy is at 100% as of March 31, 1997.
The property owned by Glenhaven Park Partners is experiencing high operating
expenses which are resulting in operating deficits. The management company
is implementing cost saving measures to mitigate these deficits and stabilize
the property's operations.
For the tax years ended December 31, 1996 and 1995, the Series, in
total, generated $211,738 and $275,128, respectively, in passive income tax
losses that were passed through to the investors, and also provided $1.03 and
$1.06 per year for 1996 and 1995, respectively, in tax credits per BAC to the
investors.
(Series 6). As of March 31, 1997 and 1996, the Qualified Occupancy for
the series was 99.7% and 99.5%, respectively. The Series had a total of 15
properties at March 31, 1997. Out of the total, 14 were at 100% qualified
occupancy.
For the years ended December 31, 1996 and 1995 Series 6 reflects a net
income from Operating Partnerships of $613,062 and $449,188 respectively,
adjusted for depreciation which is a non-cash item.
For the tax year ended December 31, 1996 and 1995, the Series, in total,
generated $1,051,130 and $403,133, respectively, in passive income tax losses
that were passed through to the investors, and also provided $1.35 and $1.29
per year for 1996 and 1995, respectively, in tax credits per BAC to the
investors. The increase in passive losses from December 31, 1995 to December
31, 1996 was due to an adjustment made at December 31, 1996 for an incorrect
loss reported at December 31, 1995.
22<PAGE>
Recent Accounting Statements Not Yet Adopted
- --------------------------------------------
In February 1997, the Financial Accounting Board issued Statement of
Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share" and SFAS
No. 129, "Disclosure of Information about Capital Structure." SFAS No. 128
provides accounting and reporting standards for the amount of earning per
share. SFAS No. 129 requires the disclosure in summary form within the
financial statements of pertinent rights and privileges of the various
securities outstanding. SFAS No. 128 and SFAS No. 129 are effective for
fiscal years ending after December 31, 1997 and earlier application is not
permitted.
The implementation of these standards is not expected to materially
impact the partnership's financial statements because the partnership's
earnings per share would not be significantly affected and the disclosures
regarding the capital structure in the financial statements would not be
significantly changed.
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.
23<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 Partner and its affiliates of those partners (including Boston Capital
Partners, Inc. ("Boston Capital")) with principal responsibility for the
Partnership's affairs.
Herbert F. Collins, age 67, is co-founder and Chairman of the Board of
Boston Capital Corporation. Founded in 1974, Boston Capital, through its five
companies, offers a wide range of investment banking services to its domestic
and international clients. Mr. Collins has received Presidential appointments
from both President George Bush and President Bill Clinton. In 1992, President
Bush appointed Mr. Collins to the Presidential Advisory Committee on the Arts
at The Kennedy Center. In 1995, Mr. Collins was appointed by President Clinton
to the Thrift Depositor Protection Oversight Board. Mr. Collins is Chairman-
emeritus of the Council for Rural Housing and Development and former Chairman
of the Federal Home Loan Bank Board of Boston. Mr. Collins currently serves as
a member of the National Rural Housing Council, the Fannie Mae Housing Impact
Advisory Council, and is a member of the board of the National Housing
Conference. Mr. Collins is also involved with a number of civic and
charitable organizations with a particular interest in assisting disadvantaged
urban youth. These activities include serving on the boards of Youth Build-
Boston, the I Have a Dream Foundation, the Pine Street Inn and The Ron Burton
Training Village. Mr. Collins is a graduate of Harvard College and served in
the U.S. Marine Corps. He and his wife, Sheila, have six children. They reside
in Gloucester, Massachusetts.
John P. Manning, age 49, is co-founder, President and Chief Executive
Officer of Boston Capital Partners, Inc., and serves as member of the
Investment Committee. He has twenty-five years of experience in the financing,
development and operation of multi-family housing, especially affordable
housing. In addition to his responsibilities at Boston Capital, Mr. Manning
has been a proactive leader in the industry. He served as a member of the
Mitchell-Danforth Task Force, established by Senators Mitchell and Danforth in
1990, to review and reform the Low Income Housing Tax Credit. He was the
founding President of the Affordable Housing Tax Credit Coalition, is a member
of the board of the National Leased Housing Association and sits on the
Advisory Board of the Housing Development Reporter, three Washington D.C.
based housing organizations.
In 1996, he was asked to be a judge by the FNMA Foundation for its
prestigious Maxwell Awards, given to the most outstanding affordable housing
projects in America. He served as a member of the Massachusetts Housing Policy
Committee, Executive Office of Communities & Development, having been
appointed by the Governor of Massachusetts.
24<PAGE>
In similar capacities, Mr. Manning has been asked to testify as an
expert witness before the U.S. House Ways and Means Committee and the U.S.
Senate Finance Committee, on the efficacy of the Low Income Housing Tax
Credit, private sector participation and the effects on the capital markets
and the economy. In 1996, President Clinton appointed him to the President's
Advisory Committee on the Arts at the John F. Kennedy Center for the
Performing Arts, Washington, D.C. Mr. Manning graduated from Boston College.
Richard J. DeAgazio, age 52, 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
served as Chairman of the NASD's Statutory Disqualification Subcommittee of
the National Business Conduct Committee. He also served 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 42, 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 36, is Senior Vice President and Chief Financial
Officer of Boston Capital Partners, Inc. and has over fourteen 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.
25<PAGE>
None.
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 1997 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, 1997 was $954,708. 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 $26,415 for amounts charged to
operations during the year ended March 31, 1997. 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, 1997, 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.
Item 13. Certain Relationships and Related Transactions
(a) Transactions with management and others.
26<PAGE>
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, 1996 through
March 31, 1997.
(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.
27<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, 1997 and 1996
Statements of Operations, Years ended March 31, 1997, 1996,
and 1995
Statements of Changes in Partners' Capital, Years ended
March 31, 1997, 1996, and 1995
Statements of Cash Flows, Years ended March 31, 1997, 1996,
and 1995
Notes to Financial Statements, March 31, 1997, 1996, and
1995
(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.
28<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, 1997.
(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
29<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 8, 1997 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 8, 1997 /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
30<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 8, 1997 By:______________________
John P. Manning
By:______________________
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:
General Partner and
July 8,1997 __________________ Principal Executive
John P. Manning Officer, Principal
Financial Officer and
Principal Accounting
Officer of Boston
Capital Associates
General Partner and
__________________ Principal Executive
Herbert F. Collins Officer, Principal
Financial Officer and
Principal Accounting
Officer of Boston
Capital Associates
31<PAGE>
<PAGE> 1
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT FUND
LIMITED PARTNERSHIP -
SERIES 1 THROUGH SERIES 6
MARCH 31, 1997 AND 1996
<PAGE>
<PAGE> 2
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-30
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 thereto.
<PAGE>
<PAGE> 3
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, 1997 and 1996, 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, 1997. 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, 1997 and 1996, and the
limited partnership loss for each of the three years in the period ended
March 31, 1997: Total 29% and 31% of the assets and 18%, 19% and 15% of
the partnership loss; Series 1, 0% and 0% of the assets and 0%, 0% and 8% of
the partnership loss; Series 2, 9% and 28% of the assets and 18%, 29% and
16% of the partnership loss; Series 3, 20% and 27% of the assets and 22%,
18% and 20% of the partnership loss; Series 4, 38% and 43% of the assets and
17%, 22% and 13% of the partnership loss; Series 5, 0% and 3% of the assets
and 0%, 3% and 0% of the partnership loss; and Series 6, 46% and 29% of the
assets and 22%, 32% and 20% 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.
F-3
<PAGE>
<PAGE> 4
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, 1997 and 1996, 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, 1997, in
conformity with generally accepted accounting principles.
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, 1997. In our opinion, the schedule presents fairly the
information required to be set forth therein, in conformity with generally
accepted accounting principles.
Bethesda, Maryland
July 1, 1997
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 Hill Limited
Partnership as of December 31, 1996 and 1995, 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, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 21, 1997 on our consideration of Apple Hill Limited
Partnership's internal control structure and a report dated January 21, 1997
on its compliance with laws and regulations.
Greensboro, North Carolina
January 21, 1997<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 Hill 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 Government 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, PA.
Suite 230
3100 University Boulevard South
Jacksonville, Florida 32216
(904) 725-5832 Fax (904) 727-6835
James Knutzen, C.P.A., M.B.A. Christina E. Gibson, C.P.A.
Raju Iyer, C.P.A Gregory Korn, C.P.A.
Todd Middlemas, C.P.A. Wilson Trammell, C.P.A.
Member of American and Florida Institutes of CPAs
INDEPENDENT AUDITORS' REPORT
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, 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 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, 1994 and 1993,
and the results of its operations, partners' equity, and cash flows for the
years then ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information 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 Knutzen & Associates, C.P.A. s, P.A.
Jacksonville, Florida
February 9, 1995<PAGE>
ROBERT G. CLAPHAM
Accountancy Corporation
Certified Public Accountants
7440 North Figueroa
Los Angeles, California 90041
(213) 258-5066
February 19, 1997
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, 1996, and 1995, 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, arid 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
principle 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 Mecca Apartments Limited
Partnership, at December 31, 1996, and 1995, and the results of its operations
and changes in partners' capital and cash flows for the years their 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 reformation 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
By
President<PAGE>
ROBERT G. CLAPHAM
Accountancy Corporation
Certified Public Accountants
7440 North Figueroa
Los Angeles, California 90041
(213) 258-5066
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 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 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
By
President<PAGE>
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), RD Case No. 04013-953603409, as of December 31, 1996 and
1995, and the related statements of operations, changes in partners' equity
(deficit), and cash flows for the years 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 audits.
I conducted my 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 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 the 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 31, 1996 and 1995, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, I have also issued a report
dated February 10, 1997 on my consideration of Redondo Associates, Ltd.'s
internal control and a report dated February 10, 1997 on its compliance with
laws and regulations.
February 10, 1997
11770 Bernardo Plaza Court, Suite 300, San Diego, CA 92128
Tel (619) 485-6400 Fax (619) 485-6866
Member of American Institute of Certified Public Accountants
California Society of Certified Public Accountants<PAGE>
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, 1994
and 1993, and the related statements of operations, changes in partners'
equity (deficit), and cash flows for the years 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 audits.
I conducted my 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 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 the 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 31, 1994 and 1993, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
January 27, 1995
11770 Bernardo Plaza Court, Suite 300 San Diego, CA 92128
Tel (619) 485-6400 Fax (619) 485-6866
Member of American Institute of CPAs - California Society of CPAs<PAGE>
John G. Burk and Company
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, 1994 and
1993, 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, 1994 and 1993, 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.
January 13, 1995<PAGE>
Ziner & Company, P.C.
Certified Public Accountant
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, 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 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, 1995 and 1994, 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 10, 1996
7 Winthrop Square Boston, Massachusetts 02110-1256
Phone (617) 542-8880 Fax (617) 542-8715<PAGE>
John G. Burk and Company
Certified Public Accountants A Professional Corporation
56 Court Street
P.O. Box 705
Keene, New Hampshire 03431
(603) 357-4882
To the Partners Of
Fylex 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, 1994 and
1993, 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 generally accepted government auditing standards for financial
and compliance audits 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, 1994 and 1993, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
January 19, 1995<PAGE>
Otis, Atwell & Timberlake, C.P.A.
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.PA.
980 Forest Avenue
Portland, Maine 04103
(207) 797-0990
FAX (207) 797-8618
INDEPENDENT AUDITOR'S REPORT
To the Partners
Belfast Birches Associates
We have audited the accompanying balance sheets of Belfast Birches Associates,
a limited partnership, FMHA Project No. 23-014-010408162, as of December 31,
1994 and 1993 and the related statements of income and 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 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 Belfast Birches Associates, a
limited partnership, as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying additional
information on pages 13 and 14 is presented solely for the use of the Farmers
Home Administration and is not a required part of the basic financial
statements. The Multiple Family Housing Borrower Balance Sheet, Form FMHA
1930-8, 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.
Certified Public Accountants
January 16, 1995
Portland, Maine
Curtis W. Christensen & Co.
Certified Public Accountants
109 South Main Street
Sheridan, Wyoming 82801
Telephone (307) 674-6609 Fax (307) 674-7017
John P. Croff, C.P.A. 1922-1974
Gordon Macalister, C.P.A. 1916-1976
Curtis W. Christensen, C.P.A.
Steven W. Rucki, C. P. A.
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, 1994 and 1993, and the related
statements of operations and changes in partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of
the company'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 fee 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, 1994 and 1993, and the result 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 supplemental information 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.
Curtis W. Christensen & Co.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1995<PAGE>
Curtis W. Christensen & Co.
Certified Public Accountants
109 South Main Street
Sheridan, Wyoming 82801
Telephone (307) 674-6609 Fax (307) 674-7017
John P. Croff, C.P.A. 1922-1974
Gordon Macalister, C.P.A. 1916-1976
Curtis W. Christensen, C.P.A.
Steven W. Rucki, C. P. A.
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, 1994 and 1993, and the related
statements of operations and changes in partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of
the company'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 fee 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, 1994 and 1993, and the result 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 supplemental information 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.
Curtis W. Christensen & Co.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1995<PAGE>
Andrews & Miller, P.A.
Certified Public Accountants
8525 South Highway 441 - P.O. Box 491271
Leesburg, Florida 34749-1271
Telephone (352)326-8001 Fax (352)326-8011
Daniel M., Andrews, CPA
E.F. (Rick) Miller, Jr., CPA
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, 1994 and 1993, 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, 1994 and 1993, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were 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.
Leesburg, Florida
February 17, 1995
Members of American Institute of Certified Public Accountants
Florida Institute of Certified Public Accountants<PAGE>
Andrews & Miller, P.A.
Certified Public Accountants
8525 South Highway 441 - P.O. Box 491271
Leesburg, Florida 34749-1271
Telephone (352)326-8001 Fax (352)326-8011
Daniel M., Andrews, CPA
E.F. (Rick) Miller, Jr., CPA
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>
Edmund A. Restivo, Jr. LTD.
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 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 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
The Wilcox Building
Penthouse Suite
42 Weybosset Street
Providence, Rhode Island 02903
Telephone 401-331-0210
Fax 407-421-6799<PAGE>
Charles Bailly & Company P.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,
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 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, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Fargo, North Dakota
February 1, 1995<PAGE>
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR S REPORT
The Partners
Oak Crest Manor II, A Limited Partnership
Fargo, North Dakota
We have audited the accompanying balance sheets of Oak Crest Manor II, A
Limited Partnership FmHA Project Number: 27-018-450407999, 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 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 Oak Crest Manor II, A Limited
Partnership as of December 31, 1994 and 1993 and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Fargo, North Dakota
February 1, 1995<PAGE>
Andrews & Miller, P.A.
Certified Public Accountants
8525 South Highway 441 - P.O. Box 491271
Leesburg, Florida 34749-1271
Telephone 352/326-8001 Fax 352/326-8011
Daniel M., Andrews, CPA
E.F. (Rick) Miller, Jr., CPA
INDEPENDENT AUDITORS REPORT
To the Partners
Sun Village Apartments, Ltd.
We have audited the accompanying balance sheets of Sun Village Apartments,
Ltd. (a Florida limited partnership),FmHA Project No. 09035592798320, 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. 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 Sun Village Apartments, Ltd.
as of December 31, 1995 and 1994, and the results of its operations, the
changes in partners' equity and 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>
Andrews & Miller, P.A.
Certified Public Accountants
8525 South Highway 441 - P.O. Box 491271
Leesburg, Florida 34749-1271
Telephone (352)326-8001 Fax (352)326-8011
Daniel M., Andrews, CPA
E.F. (Rick) Miller, Jr., CPA
INDEPENDENT AUDITORS REPORT
To the Partners
Sun Village Apartments, Ltd.
We have audited the accompanying balance sheets of Sun Village Apartments,
Ltd. (a Florida limited partnership),FmHA Project No. 09035592798320, 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 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 misstatements. 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 Sun Village Apartments, Ltd.
as of December 31, 1994 and 1993, and the results of its operations, the
changes in partners' equity and 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 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 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.
Leesburg, Florida
February 17, 1995
Members of American Institute of Certified Public Accountants
Florida Institute of Certified Public Accountants<PAGE>
Michael Sczekan & Co., P.C.
Certified Public Accountants
7936 East Arapahoe Court, Suite 2800
Englewood, Colorado 80112
Telephone (303) 770-3356 Fax (303) 770-3357
INDEPENDENT AUDITOR'S REPORT
To the Partners of Government National Mortgage Association
Rainbow Housing Associates, Ltd. Care of: Mellon Mortgage Co.
Yuma, Arizona Cleveland, Ohio
We have audited the accompanying Balance Sheet of Rainbow Housing Associates,
Ltd., FmHA Project Number 123-94008 REF, as of December 31, 1994, 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 Government Auditing Standards issued by the Comptroller General
of the United States, and the Consolidated Audit Guide, issued by the U.S.
Department of Housing and Urban Development, Office of Inspector General in
July, 1993. 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, 1994, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the 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
Englewood, Colorado http://www.CPA News4U.com
January 28, 1995 E-mail... [email protected]<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
Certified Public Accountants
P.O. Box 1009 Dunn, North Carolina 28335 (910) 892-6001
P.O. Box 1568 Lillington, North Carolina 27546 (910) 893-6026
Russell W. Bradley, CPA Larry D. Snipes, CPA Alton R. Gower, Jr., CPA
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,
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 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.
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, 1994 and 1993, and the results of its
operations, the changes in partners' equity 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
audit 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 25, 1995
Members/American Institute of Certified Public Accountants
North Carolina Association of Certified Public Accountants<PAGE>
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 material respects in relation to
the basic financial statements taken as a whole.
Damratoski & Company
Certified Public Accountants
January 26, 1996<PAGE>
Michael Sczekan & Co., P.C.
Certified Public Accountants
7936 East Arapahoe Court, Suite 2800
Englewood, Colorado 80112
Telephone (303) 770-3356 Fax (303) 770-3357
INDEPENDENT AUDITOR'S REPORT
To the Partners of Government National Mortgage Association
Rainbow Housing Associates, Ltd. Care of: Boatmen s National Mortgage Inc.
Yuma, Arizona Memphis, TN
We have audited the accompanying Balance Sheet of Rainbow Housing Associates,
Ltd., FHA 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 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 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. Englewood, Colorado
Certified Public Accountants February 3, 1996<PAGE>
Charles Bailly & Company P.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 Apartment, 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
1809 UNIVERSITY BOULEVARD
P.0. BOX 020647
TUSCALOOSA, ALABAMA 35402-0647
(205)349-2424
FAX (205)758-1740
CLAUD A. MORRISON C.P.A. WILLIAM D. SMITH, C.P.A.
G. LEVERT LAWRENCE, C.P.A. G. ALAN HARTLEY, C.P.A.
MACK HITT, C.P.A.
BARRETT A. BURNS. C.P.A. JAMES F. RANDOLPH, C.P.A.
TIMOTHY D. CROWE, C.P.A. R. DANIEL SUTTER. C.P.A.
JOHN REESE PUGH. C.P.A.
Members of American Institute of Certified Public Accountants
Aicpa Division for CPA Firms Private Companies Practice Session
Alabama Society of Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To The Partners
Mound Plaza, LTD.
Moundville, Alabama
We have audited the accompanying balance sheets of Mound Plaza, LTD. (an
Alabama limited partnership), FmHA Project No. 01-33-630973608 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, the USDA/FmHA Audit Program 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 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.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
16 through 20 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. The supplementary
information presented in the Year End Report/Analysis (Form FmHA 1930-8) Parts
I through III for the years ended December 31, 1995 and 1994 is presented for
purposes of complying with the requirements of the Farmers Home Administration
and is also not a required part of the basic financial statements. Such
information has been subjected to the audit 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.
MORRISON AND SMITH
Certified Public Accountants
Tuscaloosa, Alabama
February 16, 1996<PAGE>
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR S REPORT
The Partners
Oak Crest Manor II, A Limited Partnership
Fargo, North Dakota
We have audited the accompanying balance sheets of Oak Crest Manor II, A
Limited Partnership FmHA Project Number: 27-018-450407999, 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 Oak Crest Manor II:, 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 19, 1996 an our consideration of Oak Crest Manor II, A Limited
Partnership s internal control structure and a report dated January 19, 1996
on its compliance with laws and regulations.
Fargo, North Dakota
January 19, 1996<PAGE>
Michael Sczekan & Co., P.C.
Certified Public Accountants
7936 East Arapahoe Court, Suite 2800
Englewood, Colorado 80112
Telephone (303) 770-3356 Fax (303) 770-3357
INDEPENDENT AUDITOR'S REPORT
To the Partners of Government National Mortgage Association
Rainbow Housing Associates, Ltd. Care of: Boatmen s National Mortgage Inc.
Yuma, Arizona Memphis, TN
We have audited the accompanying Balance Sheet of Rainbow Housing Associates,
Ltd., FHA Project Number 123-94008 REF, as of December 31, 1996, 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 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 Rainbow Housing Associates,
Ltd., as of December 31, 1996, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government, Auditing Standards, we have also issued a
report dated January 25,1997, on our consideration of Rainbow Housing
Associates, Ltd.'s internal control structure and a report dated January 25,
1997, 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 24 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. Englewood, Colorado
Certified Public Accountants January 25, 1997<PAGE>
John G. Burk and Company
Certified Public Accountants A Professional Corporation
56 Court Street
P.O. Box 705
Keene, New Hampshire 03431
(603) 357-4882
To the Partners of
Fylex 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, 1996 and
1995 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 management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our 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, 1996 and 1995 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 our
reports dated January 22, 1997 on our consideration of Fylex Housing
Associates' internal control structure and on its compliance with laws and
regulations.
January 22, 1997<PAGE>
Andrews & Miller, P.A.
Certified Public Accountants
8525 South Highway 441 - P.O. Box 491271
Leesburg, Florida 34749-1271
Telephone 904/326-8001 Fax 904/326-8011
Daniel M., Andrews, CPA
E.F. (Rick) Miller, Jr., CPA
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, 1996 and 1995, and the related statements of operations,
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. 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, 1996 and 1995, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
Leesburg, Florida
January 30, 1997
Members of American Institute of Certified Public Accountants
Florida institute of Certified Public Accountants<PAGE>
Charles Bailly & Company P.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,
1996 and 1995, 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, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Fargo, North Dakota
February 3, 1997<PAGE>
Morrison and Smith
Certified Public Accountants
1809 University Boulevard
P.O. Box 20647
Tuscaloosa, Alabama 35402-0647
349-2424 Fax(205) 758-1710
Claud A. Morrison, CPA William D. Smith, II, CPA
G. Alan Hartley, CPA Barrett A. Burns, CPA
Timothy D. Crowe, CPA R. Daniel Sutter, CPA
Members American Institute of CPAs - AICPA Division for CPA Firms - SEC
Practice Section Private Companies Practice Section - Alabama Society of CPAs
INDEPENDENT AUDITOR'S REPORT
To The Partners
Mound Plaza, LTD.
Moundville, Alabama
We have audited the accompanying balance sheets of Mound Plaza, LTD. (an
Alabama limited partnership), FmHA Project No. 01-33-630973608 as of December
31, 1996 and 1995 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, the USDA/FmHA Audit Program 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 Mound Plaza, LTD. as of
December 31, 1996 and 1995, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
16 through 20 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. The supplementary
information presented in the Year End Report/Analysis (Form FmHA 1930-8) Parts
I through III for the years ended December 31, 1996 and 1995 is presented for
purposes of complying with the requirements of the Farmers Home Administration
and is also not a required part of the basic financial statements. Such
information has been subjected to the audit 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.
MORRISON AND SMITH
Certified Public Accountants
Tuscaloosa, Alabama
February 12, 1997<PAGE>
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR S REPORT
The Partners
Oak Crest Manor II, A Limited Partnership
Fargo, North Dakota
We have audited the accompanying balance sheets of Oak Crest Manor II, A
Limited Partnership FmHA Project Number: 27-018-450407999, as of December 31,
1996 and 1995, 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 Oak Crest Manor II, A Limited
Partnership as of December 31, 1996 and 1995 and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 3, 1997 on our consideration of Oak Crest Manor II, A Limited
Partnership's internal control structure and a report dated February 3, 1997
on its compliance with laws and regulations.
Fargo, North Dakota
February 3, 1997<PAGE>
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, 1996 and 1995 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, 1996 and 1995 and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our 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 material respects in relation to
the basic financial statements taken as a whole.
Damratoski & Company
Certified Public Accountants
January 24, 1997<PAGE>
Andrews & Miller, P.A.
Certified Public Accountants
8525 South Highway 441 - P.O. Box 491271
Leesburg, Florida 34749-1271
Telephone 904/326-8001 Fax 904/326-8011
Daniel M., Andrews, CPA
E.F. (Rick) Miller, Jr., CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Sun Village Apartments, Ltd.
We have audited the accompanying balance sheets of Sun Village Apartments,
Ltd. (a Florida limited partnership, FmHA Project No. 09035592798320, as of
December 31, 1996 and 1995, 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
audits 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 Sun Village Apartments, Ltd.
as of December 31, 1996 and 1995, and the results of its operations, the
changes in partners' equity and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Leesburg, Florida
January 30, 1997
Members of American Institute of Certified Public Accountants
Florida Institute of Certified Public Accountants<PAGE>
John G. Burk and Company
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
(Case No. 34-012-0020413965) as of December 31, 1996 and 1995 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
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 Willow Street Associates at
December 31, 1996 and 1995 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 our
reports dated January 9, 1997 on our consideration of Willow Street
Associates, internal control structure and on its compliance with laws and
regulations.
January 9, 1997<PAGE>
John G. Burk and Company
Certified Public Accountants A Professional Corporation
56 Court Street
P.O. Box 705
Keene, New Hampshire 03431
(603) 357-4882
To the Partners of
Fylex 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, 1996 and
1995 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
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 Fylex Housing Associates at
December 31, 1996 and 1995 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 our
reports dated January 22, 1997 on our consideration of Fylex Housing
Associates' internal control structure and on its compliance with laws and
regulations.
January 22, 1997<PAGE>
Andrews & Miller, P.A.
Certified Public Accountants
8525 South Highway 441 - P.O. Box 491271
Leesburg, Florida 34749-1271
Telephone (904)326-8001 Fax (904)326-8011
Daniel M., Andrews, CPA
E.F. (Rick) Miller, Jr., CPA
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, 1996 and 1995, and the related statements of operations,
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. 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, 1996 and 1995, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
Leesburg, Florida
January 30, 1997
Members of American Institute of Certified Public Accountants
Florida Institute of Certified Public Accountants<PAGE>
Charles Bailly & Company P.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 Apartment, A
Limited Partnership, FmHA Project Number: 27-009-450408000, as of December 31,
1996 and 1995, 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, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Fargo, North Dakota
February 3, 1997<PAGE>
MORRISON AND SMITH
1809 UNIVERSITY BOULEVARD
P.0. BOX 020647
TUSCALOOSA, ALABAMA 35402-0647
205/349-2424
FAX 205/758-1740
CLAUD A. MORRISON C.P.A. WILLIAM D. SMITH, C.P.A.
G. LEVERT LAWRENCE, C.P.A. G. ALAN HARTLEY, C.P.A.
MACK HITT, C.P.A.
BARRETT A. BURNS. C.P.A. JAMES F. RANDOLPH, C.P.A.
TIMOTHY D. CROWE, C.P.A. R. DANIEL SUTTER. C.P.A.
JOHN REESE PUGH. C.P.A.
Members of American Institute of Certified Public Accountants
Aicpa Division for CPA Firms Private Companies Practice Session
Alabama Society of Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To The Partners
Mound Plaza, LTD.
Moundville, Alabama
We have audited the accompanying balance sheets of Mound Plaza, LTD. (an
Alabama limited partnership), FmHA Project No. 01-33-630973608 as of December
31, 1996 and 1995 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, the USDA/FmHA Audit Program 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 Mound Plaza, LTD. as of
December 31, 1996 and 1995, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
16 through 20 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. The supplementary
information presented in the Year End Report/Analysis (Form FmHA 1930-8) Parts
I through III for the years ended December 31, 1996 and 1995 is presented for
purposes of complying with the requirements of the Farmers Home Administration
and is also not a required part of the basic financial statements. Such
information has been subjected to the audit 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.
MORRISON AND SMITH
Certified Public Accountants
Tuscaloosa, Alabama
February 12, 1997<PAGE>
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR' S REPORT
The Partners
Oak crest Manor II, A Limited Partnership
Fargo, North Dakota
We have audited the accompanying balance sheets of Oak Crest Manor II, A
Limited Partnership FmHA Project Number: 27-018-450407999, as of December 31,
1996 and 1995, 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 Oak Crest Manor II, A Limited
Partnership as of December 31, 1996 and 1995 and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 3, 1997 on our consideration of Oak Crest Manor II, A Limited
Partnership's internal control structure and a report dated February 3, 1997
on its compliance with laws and regulations.
Fargo, North Dakota
February 3, 1997<PAGE>
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, 1996 and 1995 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, 1996 and 1995 and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our 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 material respects in relation to
the basic financial statements taken as a whole.
Damratoski & Company
Certified Public Accountants
January 24, 1997<PAGE>
Michael Sczekan & Co., P.C.
Certified Public Accountants
7936 East Arapahoe Court, Suite 2800
Englewood, Colorado 80112
Telephone (303) 770-3356 Fax (303) 770-3357
INDEPENDENT AUDITOR'S REPORT
To the Partners of Government National Mortgage Association
Rainbow Housing Associates, Ltd. Care of: Boatmen s National Mortgage Inc.
Yuma, Arizona Memphis, TN
We have audited the accompanying Balance Sheet of Rainbow Housing Associates,
Ltd., FHA Project Number 123-94008 REF, as of December 31, 1996, 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 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 Rainbow Housing Associates,
Ltd., as of December 31, 1996, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 25, 1997, on our consideration of Rainbow Housing Associates,
Ltd.'s internal control structure and a report dated January 25, 1997, 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 24 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. Englewood, Colorado
Certified Public Accountants January 25, 1997<PAGE>
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
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, 1996 and 1995, 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, 1996 and 1995, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
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 14, 1997 Certified Public Accountants
8395 Keystone Crossing, Suite 203 Indianapolis, Indiana 46240
317-259-6857 Fax: 317-259-6861<PAGE>
Certified Public Accountants
Mahoney, Ulbrich, Christiansen, Russ P.A.
Suite 800 Capital Centre
386 North Wabasha
Saint Paul, Minnesota 55102
Telephone 612-227-6695 Fax 612-227-9796
Members: American Institute of CPAs - Minnesota Society of CPAs
The Partners
Paige Hall Limited Partnership
Minneapolis, Minnesota
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheets of Paige Hall Limited
Partnership as of December 31, 1996 and 1995, 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 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 Paige Hall Limited
Partnership as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
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 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.
Saint Paul, Minnesota
January 18, 1997<PAGE>
GRAHAM & JENNINGS,PLC
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Independent Auditor's Report
To the Partners
Landmark Limited Partnership
We have audited the accompanying balance sheet of Landmark Limited Partnership
(a Virginia limited partnership), VHDA Project No.: 88-01447-HF, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No.: 92410), partners' deficit, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
The Partnership is required to file annually with the Virginia Housing
Development Authority (VHDA). The accompanying financial statements are
presented in accordance with the financial presentation recommended by VHDA.
The elements of the presentation do not conflict with generally accepted
accounting principles.
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 Landmark Limited Partnership,
VHDA Project No.: 88-01447-HF, as of December 31, 1996, and the results of its
operations, the changes in partners' deficit and cash flows for the year then
ended in conformity with generally accepted accounting principles.
601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia 23606 (757)
873-0767 Fax (757) 873-6938
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information on pages 14
through 17 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.
February 18, 1997
<PAGE>
Malvin, Riggins & Company, P.C..
CERTIFIED PUBLIC ACCOUNTANTS
MEMBERS AMERICAN INSTITUTE OF CERTIFIED 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 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 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.
March 11, 1996
<PAGE>
Larson, Allen, Weishair & Co., LLP
Certified Public Accountants
INDEPENDENT AUDITOR S REPORT
Partners
Fuller Homes Limited Partnership
(a Minnesota Limited Partnership)
St Paul, Minnesota
We have audited the accompanying balance sheets of Fuller Homes Limited
Partnership (a Minnesota Limited Partnership) as of December 31, 1996 and
1995, 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, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our 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 14 through 19 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 17, 1997<PAGE>
LARSON, ALLEN, WEISHAIR & CO., LLP
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>
Larson, Allen, Weishair & Co., LLP
Certified Public Accountants
INDEPENDENT AUDITOR S REPORT
To The Partners
Montana Avenue Townhomes Limited Partnership
(a Minnesota Limited Partnership)
St. Paul, Minnesota
We have audited the accompanying balance sheets of Montana Avenue Townhomes
Limited Partnership (a Minnesota Limited Partnership) as of December 31, 1996
and 1995, 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, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our 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 23, 1997<PAGE>
Curtis W. Christensen & Co.
Certified Public Accountants
109 South Main Street
Sheridan, Wyoming 82801
Telephone (307) 674-6609 Fax (307) 674-7017
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.
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, 1994 and 1993, and the related statements of
operations and changes in partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the company'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 fee 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, 1994 and 1993, and the result 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 supplemental information 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.
Curtis W. Christensen & Co.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1995<PAGE>
Curtis W. Christensen & Co.
Certified Public Accountants
109 South Main Street
Sheridan, Wyoming 82801
Telephone (307) 674-6609 Fax (307) 674-7017
John P. Croff, C.P.A. 1922-1974
Gordon Macalister, C.P.A. 1916-1978
Curtis W. Christensen, C.P.A.
Steven W. Rucki, C.P.A.
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, 1994 and 1993, and the related
statements of operations and changes in partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of
the company'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 fee 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, 1994 and 1993, and the result 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 supplemental information 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.
Curtis W. Christensen & Co.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1995<PAGE>
Freed Maxick
Sachs & Murphy, PC
Certified Public Accountant
800 Liberty Building
Buffalo, New York 14202-3508
(716) 847-2651 Fax (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, 1994 and 1993, 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, 1994 and 1993, and the results of its operations
and its cash flows for the years then ended, in conformity with generally
accepted accounting principles.
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, 1995
Member American Institute of Certified Public Accountants (AICPA), Division
for CPA Firms SEC Practice Session - Member CPA Associates International,
Inc. which provides representation in cities in the US and foreign countries<PAGE>
Curtis W. Christensen & Co.
Certified Public Accountants
109 South Main Street
Sheridan, Wyoming 82801
Telephone (307) 674-6609 Fax (307) 674-7017
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.
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, 1994 and 1993, and the related
statements of operations and changes in partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of
the company'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 fee 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, 1994 and 1993, and the result 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 supplemental information 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.
Curtis W. Christensen & Co.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1995<PAGE>
Curtis W. Christensen & Co.
Certified Public Accountants
109 South Main Street
Sheridan, Wyoming 82801
Telephone (307) 674-6609 Fax (307) 674-7017
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.
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, 1994 and 1993, and the related
statements of operations and changes in partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of
the company'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 fee 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, 1994 and 1993, and the result 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 supplemental information 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.
Curtis W. Christensen & Co.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1995<PAGE>
Larson, Allen, Weishair & Co., LLP
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
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>
DOUGLAS A. HOLLOWELL, P.C.
Certified Public Accountant - A Professional Corporation
309 County Street - Suite 100
P.0. Box 636
Portsmouth, Virginia 23705
1-800-858-8425 Fax 393-1451
1500 W. Ehringhaus Street
P. 0. Box 1387
Elizabeth City, North Carolina 27909
(919) 338-8021 Fax 338-4148
Douglas A. Hollowell, C.P.A.
INDEPENDENT AUDITOR S REPORT
To the Partners
Shockoe Hill Associates II, L.P.
A Virginia Limited Partnership
Richmond, Virginia
I have audited the accompanying balance sheet of Shockoe Hill Associates II,
L. P., 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 Shockoe Hill Associates II, L.P. 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 Hill Associates II,
L. P., as of December 31, 1994, and the results of its operations, changes in
partners' capital, and cash flows for the year then ended in conformity with
generally accepted accounting principles.
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
Hill Associates II, 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 relation to
the financial statements taken as a whole.
Douglas A. Hollowell, P.C.
Certified Public Accountant
January 30, 1995
Member of: The American Institute of CPAs - The Society of CPAs - The North
Carolina Association of CPAs<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>
Freed Maxick
Sachs & Murphy, PC
Certified Public Accountant
800 Liberty Building
Buffalo, New York 14202-3508
(716) 847-2651 Fax (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
Member American Institute of Certified Public Accountants (AICPA), Division
for CPA Firms SEC Practice Session - Member CPA Associates International,
Inc. which provides representation in cities in the US and foreign countries<PAGE>
DOUGLAS A. HOLLOWELL, P.C.
Certified Public Accountant - A Professional Corporation
309 County Street - Suite 100
P.0. Box 636
Portsmouth, Virginia 23705
1-800-858-8425 Fax 393-1451
1500 W. Ehringhaus Street
P. 0. Box 1387
Elizabeth City, North Carolina 27909
(919) 338-8021 Fax 338-4148
Douglas A. Hollowell, C.P.A.
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. 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 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. s 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 to the
financial statements taken as a whole.
Douglas A. Hollowell, P.C.
Certified Public Accountant
January 22, 1996
Member of: The American Institute of CPAs - The Society of CPAs - The North
Carolina Association of CPAs<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 AUDITOR S REPORT
To the Partners
Armory Square Limited Partnership
We have audited the accompanying balance sheets of Armory Square Limited
Partnership as of December 31, 1996 and 1995 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, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements 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, 1997<PAGE>
Freed Maxick
Sachs & Murphy, PC
Certified Public Accountant
800 Liberty Building
Buffalo, New York 14202-3508
(716) 847-2651 Fax (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, 1996 and 1995, 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, 1996 and 1995, and the results of its operations
and its cash flows for the years then ended, in conformity with generally
accepted accounting principles.
Our 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.
In accordance with the Audit Guide for Recipients NYS Housing Trust Fund
Corporation Funds, we have also issued a report dated January 22, 1997 on our
consideration of Cambria Commons Limited Partnerships internal control
structure and a report dated January 22, 1997 on its compliance with laws and
regulations.
January 22, 1997
Member American Institute of Certified Public Accountants (AICPA), Division
for CPA Firms SEC Practice Session - Member CPA Associates International,
Inc. which provides representation in cities in the US and foreign countries<PAGE>
Graham Carter & Jennings, PLC
Certified Public Accountants
Harold D. Carter (1931-1993)
Jack G. Jennings
Walter H. Graham
Michael J. Carter
INDEPENDENT AUDITOR'S REPORT
To the Partners
Landmark Limited Partnership
We have audited the accompanying balance sheet of Landmark Limited Partnership
(a Virginia limited partnership), VHDA Project No.: 88-01447-HF, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No.: 92410), partners' deficit, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
The Partnership is required to file annually with the Virginia Housing
Development Authority (VHDA). The accompanying financial statements are
presented in accordance with the financial presentation recommended by VHDA.
The elements of the presentation do not conflict with generally accepted
accounting principles.
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 Landmark Limited Partnership,
VHDA Project No.: 88-01447-HF, as of December 31, 1996, and the results of its
operations, the changes in partners' deficit 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 basic
financial statements taken as a whole. The additional information on pages 14
through 17 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.
February 18, 1997
601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia 23606
(757) 873-0767 Fax (757) 873-6938<PAGE>
DOUGLAS A. HOLLOWELL, P.C.
Certified Public Accountant - A Professional Corporation
309 County Street - Suite 100
P.0. Box 636
Portsmouth, Virginia 23705
1-800-858-8425 Fax 393-1451
1500 W. Ehringhaus Street
P. 0. Box 1387
Elizabeth City, North Carolina 27909
(919) 338-8021 Fax 338-4148
Douglas A. Hollowell, C.P.A.
INDEPENDENT AUDITOR S REPORT
To the partners
Shockoe Hill Associates II, L.P.
I have audited the accompanying balance sheet of Shockoe Hill Associates II,
L.P. as of December 31, 1996, and the related statements of income, changes in
partners' capital, and cash flows for the year then ended. These financial
statements are the responsibility of Shockoe Hill Associates II, L.P. 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 Hill Associates II,
L.P. as of December 31, 1996, and the results of its operations, changes in
partners' capital, and cash flows for the year then ended in conformity with
generally accepted accounting principles..
In accordance with Government Auditing Standards and the consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, I have also issued a report dated January 28, 1997, on my
consideration of Shockoe Hill Associates II, L.P. is internal control
structure and reports dated January 28, 1997, on its compliance with specific
requirements applicable to major HUD programs, specific requirements
applicable to Affirmative Fair Housing, and specific requirements applicable
to non-major HUD program transactions.
My audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information shown on pages 13 to 23 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of
Shockoe Hill Associates II, L.P.. 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 relation to the financial
statements taken as a whole.
Portsmouth, Virginia
January 28, 1997
Member of: The American Institute of CPAs - The Society of CPAs - The North
Carolina Association of CPAs <PAGE>
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
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, 1996 and 1995, 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, 1996 and 1995, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
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 15, 1997 Certified Public Accountants
8395 Keystone Crossing, Suite 203 Indianapolis, Indiana 46240
317-259-6857 Fax: 317-259-6861<PAGE>
NOVOGRADAC & COMPANY LLP
Certified Public Accountants
San Francisco Portland Los Angeles Atlanta
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 performance 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 Glenhaven 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
425 Market Street 7th Floor San Francisco California 94105
Telephone(415)356-8000 Facsimile(415)356-8001 http://www.novoco.com<PAGE>
HOWE AND ASSOCIATES
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 18, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
BRIARWOOD ESTATES, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
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 year then ended in conformity with generally accepted
accounting principles.
Howe and Associates<PAGE>
KAY L. BOWEN & ASSOCIATES
Certified Public Accountant, P.C.
Phone (801) 627-0825 FAX (801) 627-0829
3710 Quincy Avenue
Ogden, Utah 84403
Kay L. Bowen, President Shari B. Johnson, CPA
To the Partners
Columbia Park Apartments
Ogden, Utah
We have audited the accompanying balance sheet of HUD Project No. WA-
19KO65001, of Columbia Park Apartments, as of December 31, 1995 and 1996, and
the related statements of income, cash flows, and change in partners' equity
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 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
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. WA-19KO65001
as of December 31, 1995 and 1996, and the results of its operations, change in
partners, equity, and cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued a report dated February 1, 1997, on our
consideration of Columbia Park Apartment s internal control structure, and
reports dated February 1, 1997, on its compliance with specific requirements
applicable to major HUD programs and specific requirements applicable to
Affirmative Fair Housing.
Ogden, Utah
February 1, 1997
Kay L. Bowen, CPA, President
Kay L. Bowen & Associates, P.C.
Federal I.D. #87-0448933<PAGE>
KAY L. BOWEN & ASSOCIATES
Certified Public Accountant, P.C.
Phone (801) 627-0825 FAX (801) 627-0829
3710 Quincy Avenue
Ogden, Utah 84403
Kay L. Bowen, President Shari B. Johnson, CPA
To the Partners
Columbia Park Apartments
Ogden, Utah
We have audited the accompanying balance sheet of HUD Project No. WA-
9K065001, of Columbia Park Apartments, as of December 31, 1995, and the
related statements of income, cash flows, and change in partners equity 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 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 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. WA-19KO65001
as of December 31, 1995, and the results of its operations, change in
partners equity, and cash flows for the year then ended in conformity with
generally accepted principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information shown on
pages 9 through 19 is presented for the of purposes of additional analysis and
is not a required part of the basic financial statements of HUD Project No.
WA-19KO65001. 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 financial statements
taken as a whole.
Kay L. Bowen, CPA, President
Kay L. Bowen & Associates, P.C.
Federal I.D. #87-0448933
Ogden, Utah
February 2, 1997<PAGE>
HOWE AND ASSOCIATES
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 20, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
ELDON ESTATES, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
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>
Bordman & Winnick
Certified Public Accountants
7439 Middlebelt Road, Suite 3
West Bloomfield, Michigan 48322
(810) 851-5350 Fax (810) 851-9148
Myron H. Bordman, C.P.A.
Robert F. Winnick, C.P.A.
Hedda Benenson, C.P.A.
INDEPENDENT AUDITOR S 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,
1994, and the related statements of operations, changes in partner's equity
and the statements of cash flows for the years ended December 31, 1994 and
December 31, 1993. 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, 1994, 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.
West Bloomfield, MI Bordman & Winnick
January 30, 1995 Certified Public Accountants<PAGE>
Louis Young C.P.A. Inc.
2630 E. Ashlan
Fresno, California 93726
(209) 224-5141
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, 1996, and the related statements of
operations, partners' capital and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the 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, 1996, and the results of its
operations and its cash flows for the year then ended, in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The 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 14, 1997<PAGE>
Bordman & Winnick
Certified Public Accountants
7439 Middlebelt Road, Suite 3
West Bloomfield, Michigan 48322
(810) 851-5350 Fax (810) 851-9148
Myron H. Bordman, C.P.A.
Robert F. Winnick, C.P.A.
Hedda Benenson, C.P.A.
INDEPENDENT AUDITOR S REPORT
To The Partners of
Holland West Limited Partnership
We have audited the accompanying balance sheet of HUD Project No. 047-
44050/12001 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.
West Bloomfield, MI BORDMAN & WINNICK
January 29, 1996 Certified Public Accountants 38-2900295<PAGE>
Louis Young C.P.A. Inc.
2630 E. Ashlan
Fresno, California 93726
(209) 224-5141
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>
Bordman & Winnick
Certified Public Accountants
7439 Middlebelt Road, Suite 3
West Bloomfield, Michigan 48322
(810) 851-5350 Fax (810) 851-9148
Myron H. Bordman, C.P.A.
Robert F. Winnick, C.P.A.
Hedda Benenson, C.P.A.
INDEPENDENT AUDITOR S REPORT
To The Partners of
Holland West Limited Partnership
We have audited the accompanying balance sheet of HUD Project No. 047-
44050/12001 of Holland West Limited Partnership (a Michigan Partnership) as of
December 31, 1996, and the related statements of operations, changes in
partner's equity and the statements of cash flows for the years ended December
31, 1996 and December 31, 1995. 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, 1996, 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.
West Bloomfield, MI BORDMAN & WINNICK
January 30, 1997 Certified Public Accountants 38-2900295<PAGE>
HOWE AND ASSOCIATES
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 15, 1995
INDEPENDENT AUDTIOR'S REPORT
Partners
KEARNEY PROPERTIES II, LP.
Re: For the Years Ended December 31, 1993 and December 31, 1994
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 15, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
PLEASANT HILL PROPERTIES, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
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>
FECTEAU & COMPANY, P.C.
Certified Public Accountants
Advisors of Taxation
INDEPENDENT AUDITORS' REPORT
To the Partners
Sherburne Housing Redevelopment Company Rochester, New York
We have audited the accompanying balance sheets of Sherburne Housing
Redevelopment Company (a New York 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. 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 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 statements 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, 1994 and 1993 and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
FECTEAU & COMPANY,
January 20, 1995
Albany, New York
Executive Woods, 4 Atrium Drive, Albany, NY 12205 (518) 438-7400 FAX (518)
438-7444
Member American Institute of Certified Public Accountants
(Private Companies Practice Section & Tax Division)
New York State society of CPA's
<PAGE>
Coopers & Lybrand
Report of Independent Accountants Coopers & Lybrand L.L.P
a professional services firm
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 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 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.
In accordance with Government Auditing Standards, we have also issued a report
dated January 22, 1996 on our consideration of Sherburne Housing Redevelopment
Company's internal control structure and a report dated January 22, 1996 on
its compliance with laws and regulations.
Rochester, New York
January 22, 1996
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.
HOWE AND ASSOCIATES
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 21, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
SOCORRO PROPERTIES, LP.
Re: For the Years Ended December 31, 1993 and December 31, 1994
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<PAGE>
HOWE AND ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 22, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
WARRENSBURG PROPERTIES, LP.
Re: For the Years Ended December 31, 1993 and December 31, 1994
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> 5
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS
March 31, 1997 and 1996
<TABLE>
Total
-----------------------------------
1997 1996
---------------- ----------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (note C) $ 25,927,506 $ 27,395,600
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 224,629 280,931
Other 558,728 518,065
---------------- ----------------
$ 26,710,863 $ 28,194,596
================ ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 4,737,505 $ 3,696,067
---------------- ----------------
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, 1997 and
1996 - -
Assignees
Units of beneficial interest of
the limited partnership interest
of the assignor limited partner,
9,800,600 issued and outstanding
at March 31, 1997 and 1996 22,603,537 25,103,457
General Partners (630,179) (604,928)
---------------- ----------------
21,973,358 24,498,529
---------------- ----------------
$ 26,710,863 $ 28,194,596
================ ================
</TABLE>
(continued)
F-5
<PAGE>
<PAGE> 6
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 1
-----------------------------------
1997 1996
---------------- ----------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (note C) $ 117,749 $ 378,057
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 33,374 52,334
Other 54,303 54,303
---------------- ----------------
$ 205,426 $ 484,694
================ ================
LIABILITIES AND PARTNERS' DEFICIT
LIABILITIES
Accounts payable - affiliates
(note B) $ 1,110,078 $ 929,214
---------------- ----------------
PARTNERS' 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, 1997 and
1996 - -
Assignees
Units of beneficial interest of
the limited partnership interest
of the assignor limited partner,
1,299,900 issued and outstanding
at March 31, 1997 and 1996 (782,382) (326,851)
General Partners (122,270) (117,669)
---------------- ----------------
(904,652) (444,520)
---------------- ----------------
$ 205,426 $ 484,694
================ ================
</TABLE>
(continued)
F-6
<PAGE>
<PAGE> 7
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 2
-----------------------------------
1997 1996
---------------- ----------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (note C) $ 2,152,434 $ 2,445,164
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 3,205 1,262
Other 360,285 360,285
---------------- ----------------
$ 2,515,924 $ 2,806,711
================ ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 301,690 $ 213,489
---------------- ----------------
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, 1997 and
1996 - -
Assignees
Units of beneficial interest of
the limited partnership interest
of the assignor limited partner,
830,300 issued and outstanding at
March 31, 1997 and 1996 2,261,435 2,636,633
General Partners (47,201) (43,411)
---------------- ----------------
2,214,234 2,593,222
---------------- ----------------
$ 2,515,924 $ 2,806,711
================ ================
</TABLE>
(continued)
F-7
<PAGE>
<PAGE> 8
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 3
-----------------------------------
1997 1996
---------------- ----------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (note C) $ 7,481,197 $ 7,500,960
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 1,832 5,460
Other 41,861 41,861
---------------- ----------------
$ 7,524,890 $ 7,548,281
================ ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 1,319,724 $ 1,027,573
---------------- ----------------
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, 1997 and
1996 - -
Assignees
Units of beneficial interest of
the limited partnership interest
of the assignor limited partner,
2,882,200 issued and outstanding
at March 31, 1997 and 1996 6,395,028 6,707,415
General Partners (189,862) (186,707)
---------------- ----------------
6,205,166 6,520,708
---------------- ----------------
$ 7,524,890 $ 7,548,281
================ ================
</TABLE>
(continued)
F-8
<PAGE>
<PAGE> 9
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 4
-----------------------------------
1997 1996
---------------- ----------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (note C) $ 9,801,415 $ 9,933,715
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 12,708 25,928
Other 69,166 28,503
---------------- ----------------
$ 9,883,289 $ 9,988,146
================ ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 1,084,556 $ 788,069
---------------- ----------------
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, 1997 and
1996 - -
Assignees
Units of beneficial interest of
the limited partnership interest
of the assignor limited partner,
2,995,300 issued and outstanding
at March 31, 1997 and 1996 8,970,850 9,368,181
General Partners (172,117) (168,104)
---------------- ----------------
8,798,733 9,200,077
---------------- ----------------
$ 9,883,289 $ 9,988,146
================ ================
</TABLE>
(continued)
F-9
<PAGE>
<PAGE> 10
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 5
-----------------------------------
1997 1996
---------------- ----------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (note C) $ 1,308,171 $ 1,422,271
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 146,095 156,816
Other 33,113 33,113
---------------- ----------------
$ 1,487,379 $ 1,612,200
================ ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 67,824 $ 28,369
---------------- ----------------
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, 1997 and
1996 - -
Assignees
Units of beneficial interest of
the limited partnership interest
of the assignor limited partner,
489,900 issued and outstanding at
March 31, 1997 and 1996 1,447,110 1,609,743
General Partners (27,555) (25,912)
---------------- ----------------
1,419,555 1,583,831
---------------- ----------------
$ 1,487,379 $ 1,612,200
================ ================
</TABLE>
(continued)
F-10
<PAGE>
<PAGE> 11
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 6
-----------------------------------
1997 1996
---------------- ----------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (note C) $ 5,066,540 $ 5,715,433
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 27,415 39,131
Other - -
---------------- ----------------
$ 5,093,955 $ 5,754,564
================ ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 853,633 $ 709,353
---------------- ----------------
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, 1997 and
1996 - -
Assignees
Units of beneficial interest of
the limited partnership interest
of the assignor limited partner,
1,303,000 issued and outstanding
at March 31, 1997 and 1996 4,311,496 5,108,336
General Partners (71,174) (63,125)
---------------- ----------------
4,240,322 5,045,211
---------------- ----------------
$ 5,093,955 $ 5,754,564
================ ================
</TABLE>
See notes to financial statements
F-11
<PAGE>
<PAGE> 12
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Total
------------------------------------
1997 1996 1995
---------- ----------- -----------
<S> <C> <C> <C>
Income
Interest income $ 7,074 $ 8,821 $ 11,022
Miscellaneous income 2,910 1,557 6,921
----------- ----------- -----------
Total income 9,984 10,378 17,943
----------- ----------- -----------
Share of losses from operating
limited partnerships (note A) (1,453,320) (5,141,108) (6,602,292)
----------- ---------- ----------
Expenses
Professional fees 97,901 103,385 97,518
Partnership management fee (note B) 919,609 888,714 909,333
Amortization (note A) - - 89,926
General and administrative
expenses (note B) 64,325 74,080 132,523
----------- ----------- -----------
1,081,835 1,066,179 1,229,300
----------- ----------- -----------
NET LOSS (note A) $(2,525,171) $(6,196,909) $(7,813,649)
=========== =========== ============
Net loss allocated to general partner $ (25,251) $ (61,969) $ (78,137)
=========== =========== ===========
Net loss allocated to assignees $(2,499,920) $(6,134,940) $(7,735,512)
=========== =========== ===========
Net loss per BAC $ (0.26) $ (0.63) $ (0.78)
=========== =========== ===========
</TABLE>
(continued)
F-12
<PAGE>
<PAGE> 13
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 1
---------- ----------- -----------
1997 1996 1995
---------- ----------- -----------
<S> <C> <C> <C>
Income
Interest income $ 1,190 $ 1,481 $ 1,768
Miscellaneous income 1,353 - 2,308
---------- ---------- ----------
Total income 2,543 1,481 4,076
---------- ---------- ----------
Share of losses from operating
limited partnerships (note A) (260,308) (382,696) (542,971)
---------- ---------- ----------
Expenses
Professional fees 20,810 20,906 19,417
Partnership management fee (note B) 172,864 168,613 169,824
Amortization (note A) - - 11,045
General and administrative
expenses (note B) 8,693 9,249 12,876
---------- ---------- ----------
202,367 198,768 213,162
---------- ---------- ----------
NET LOSS (note A) $ (460,132) $ (579,983) $ (752,057)
========== ========== ==========
Net loss allocated to general partner $ (4,601) $ (5,800) $ (7,521)
========== ========== ==========
Net loss allocated to assignees $ (455,531) $ (574,183) $ (744,536)
========== ========== ==========
Net loss per BAC $ (0.35) $ (0.44) $ (0.57)
========== ========== ==========
</TABLE>
(continued)
F-13
<PAGE>
<PAGE> 14
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 2
------------------------------------
1997 1996 1995
---------- ----------- -----------
<S> <C> <C> <C>
Income
Interest income $ 78 $ 295 $ 813
Miscellaneous income - - 225
---------- ---------- ----------
Total income 78 295 1,038
---------- ---------- ----------
Share of losses from operating
limited partnerships (note A) (292,730) (247,263) (709,485)
---------- ---------- ----------
Expenses
Professional fees 11,325 13,857 11,569
Partnership management fee (note B) 65,876 67,136 69,090
Amortization (note A) - - 6,102
General and administrative
expenses (note B) 9,135 10,810 17,388
---------- ---------- ----------
86,336 91,803 104,149
---------- ---------- ----------
NET LOSS (note A) $ (378,988) $ (338,771) $ (812,596)
========== ========== ==========
Net loss allocated to general partner $ (3,790) $ (3,388) $ (8,126)
========== ========== ==========
Net loss allocated to assignees $ (375,198) $ (335,383) $ (804,470)
========== ========== ==========
Net loss per BAC $ (0.45) $ (0.40) $ (0.96)
========== ========== ==========
</TABLE>
(continued)
F-14
<PAGE>
<PAGE> 15
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 3
---------------------------------------
1997 1996 1995
---------- ------------ ------------
<S> <C> <C> <C>
Income
Interest income $ 114 $ 250 $ 646
Miscellaneous income 1,304 1,304 2,454
----------- ------------ ------------
Total income 1,418 1,554 3,100
----------- ------------ ------------
Share of losses from operating limited
partnerships (note A) (17,034) (1,908,512) (2,120,318)
----------- ------------ ------------
Expenses
Professional fees 22,250 23,827 23,367
Partnership management fee (note B) 260,067 260,282 260,024
Amortization (note A) - - 20,196
General and administrative expenses
(note B) 17,609 18,639 46,961
----------- ------------ ------------
299,926 302,748 350,548
=========== ============ ============
NET LOSS (note A) $ (315,542) $ (2,209,706) $ (2,467,766)
=========== ============ ============
Net loss allocated to general partner $ (3,155) $ (22,097) $ (24,678)
=========== ============ ============
Net loss allocated to assignees $ (312,387) $ (2,187,609) $ (2,443,088)
=========== ============ ============
Net loss per BAC $ (0.11) $ (0.76) $ (0.85)
=========== ============ ============
</TABLE>
(continued)
F-15
<PAGE>
<PAGE> 16
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 4
--------------------------------------
1997 1996 1995
---------- ------------- -----------
<S> <C> <C> <C>
Income
Interest income $ 556 $ 1,029 $ 2,252
Miscellaneous income 253 253 1,234
---------- ------------- -----------
Total income 809 1,282 3,486
---------- ------------- -----------
Share of losses from operating
limited partnerships (note A) (120,255) (1,721,644) (2,140,342)
---------- ------------- -----------
Expenses
Professional fees 18,930 20,363 19,450
Partnership management fee (note B) 245,494 245,494 235,313
Amortization (note A) - - 27,935
General and administrative
expenses (note B) 17,474 19,497 30,152
---------- ------------- -----------
281,898 285,354 312,850
---------- ------------- -----------
NET LOSS (note A) $ (401,344) $ (2,005,716) $(2,449,706)
========== ============= ===========
Net loss allocated to general partner $ (4,013) $ (20,057) $ (24,497)
========== ============= ===========
Net loss allocated to assignees $ (397,331) $ (1,985,659) $(2,425,209)
========== ============= ===========
Net loss per BAC $ (0.13) $ (0.66) $ (0.81)
========== ============= ===========
</TABLE>
(continued)
F-16
<PAGE>
<PAGE> 17
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 5
---------------------------------
1997 1996 1995
--------- --------- ---------
<S> <C> <C> <C>
Income
Interest income $ 4,178 $ 4,765 $ 4,976
Miscellaneous income - - 350
--------- --------- ---------
Total income 4,178 4,765 5,326
--------- --------- ---------
Share of losses from operating limited
partnerships (note A) (114,100) (243,674) (374,284)
--------- --------- ---------
Expenses
Professional fees 10,498 9,829 10,481
Partnership management fee (note B) 39,456 38,456 39,456
Amortization (note A) - - 7,781
General and administrative expenses
(note B) 4,400 7,806 14,837
--------- --------- ---------
54,354 56,091 72,555
--------- --------- ---------
NET LOSS (note A) $(164,276) $(295,000) $(441,513)
========= ========= =========
Net loss allocated to general partner $ (1,643) $ (2,950) $ (4,415)
========= ========= =========
Net loss allocated to assignees $(162,633) $(292,050) $(437,098)
========= ========= =========
Net loss per BAC $ (0.33) $ (0.60) $ (0.89)
========= ========= =========
</TABLE>
(continued)
F-17
<PAGE>
<PAGE> 18
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 6
------------------------------------
1997 1996 1995
----------- ---------- ----------
<S> <C> <C> <C>
Income
Interest income $ 958 $ 1,001 $ 567
Miscellaneous income - - 350
---------- ---------- ----------
Total income 958 1,001 917
---------- ---------- ----------
Share of losses from operating
limited partnerships (note A) (648,893) (637,319) (714,892)
---------- ---------- ----------
Expenses
Professional fees 14,088 14,603 13,234
Partnership management fee (note B) 135,852 108,733 135,626
Amortization (note A) - - 16,867
General and administrative
expenses (note B) 7,014 8,079 10,309
---------- ---------- ----------
156,954 131,415 176,036
---------- ---------- ----------
NET LOSS (note A) $ (804,889) $ (767,733) $ (890,011)
========== ========== ==========
Net loss allocated to general partner $ (8,049) $ (7,677) $ (8,900)
========== ========== ==========
Net loss allocated to assignees $ (796,840) $ (760,056) $ (881,111)
========== ========== ==========
Net loss per BAC $ (0.62) $ (0.58) $ (0.68)
========== ========== ==========
</TABLE>
See notes to financial statements
F-18
<PAGE>
<PAGE> 19
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 1997, 1996 and 1995
<TABLE>
General
Total Assignees partner Total
- ----------------------------------- ------------- ------------ -------------
<S> <C> <C> <C>
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
Net loss (2,499,920) (25,251) (2,525,171)
------------- ------------ -------------
Partners' capital (deficit), March
31, 1997 $ 22,603,537 $ (630,179) $ 21,973,358
============= ============ =============
</TABLE>
(continued)
F-19
<PAGE>
<PAGE> 20
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
General
Series 1 Assignees partner Total
- ----------------------------------- ---------- ---------- ----------
<S> <C> <C> <C>
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)
Net loss (455,531) (4,601) (460,132)
---------- ---------- ----------
Partners' capital (deficit), March
31, 1997 $ (782,382) $ (122,270) $ (904,652)
========== ========== ==========
</TABLE>
<TABLE>
General
Series 2 Assignees partner Total
- ----------------------------------- ---------- ---------- ----------
<S> <C> <C> <C>
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
Net loss (375,198) (3,790) (378,988)
- ----------------------------------- ---------- ---------- ----------
Partners' capital (deficit), March
31, 1997 $2,261,435 $ (47,201) $2,214,234
========== ========== ==========
</TABLE>
(continued)
F-20
<PAGE>
<PAGE> 21
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
General
Series 3 Assignees partner Total
- ----------------------------------- ------------ ----------- -------------
<S> <C> <C> <C>
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
Net loss (312,387) (3,155) (315,542)
------------ ----------- -------------
Partners' capital (deficit), March
31, 1997 $ 6,395,028 $ (189,862) $ 6,205,166
============ =========== =============
</TABLE>
<TABLE>
General
Series 4 Assignees partner Total
- ----------------------------------- ------------ ----------- -------------
<S> <C> <C> <C>
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
Net loss (397,331) (4,013) (401,344)
------------ ----------- -------------
Partners' capital (deficit), March
31, 1997 $ 8,970,850 $ (172,117) $ 8,798,733
============ =========== =============
</TABLE>
(continued)
F-21
<PAGE>
<PAGE> 22
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
General
Series 5 Assignees partner Total
- ----------------------------------- ---------- ---------- ----------
<S> <C> <C> <C>
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
Net loss (162,633) (1,643) (164,276)
---------- ---------- ----------
Partners' capital (deficit), March
31, 1997 $1,447,110 $ (27,555) $1,419,555
========== ========== ==========
</TABLE>
<TABLE>
General
Series 6 Assignees partner Total
- ---------------------------------- ---------- ---------- ----------
<S> <C> <C> <C>
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
Net loss (796,840) (8,049) (804,889)
---------- ---------- ----------
Partners' capital (deficit), March
31, 1997 $4,311,496 $ (71,174) $4,240,322
========== ========== ==========
</TABLE>
See notes to financial statements
F-22
<PAGE>
<PAGE> 23
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Total
------------ ----------- -------------
1997 1996 1995
------------ ----------- -------------
<S> <C> <C> <C>
Cash flows from operating activities
Net loss $ (2,525,171) $(6,196,909) $ (7,813,649)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities
Amortization - - 89,926
Distribution from operating
limited partnership 14,774 1,615 668
Share of losses from operating
limited partnerships 1,453,320 5,141,108 6,602,292
Other assets (40,663) (53,362) 21,409
Accounts payable and accrued
expenses 1,041,438 979,194 954,939
------------ ----------- -------------
Net cash used in operating
activities (56,302) (128,354) (144,415)
------------ ----------- -------------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships - - (13,623)
------------ ----------- -------------
Net cash used in investing
activities - - (13,623)
------------ ----------- -------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (56,302) (128,354) (158,038)
Cash and cash equivalents, beginning 280,931 409,285 567,323
------------ ----------- -------------
Cash and cash equivalents, end $ 224,629 $ 280,931 $ 409,285
============ =========== =============
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
============ =========== =============
</TABLE>
(continued)
F-23<PAGE>
<PAGE> 24
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 1
--------------------------------------
1997 1996 1995
---------- ------------ -----------
<S> <C> <C> <C>
Cash flows from operating activities
Net loss $ (460,132) $ (579,983) $ (752,057)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities
Amortization - - 11,045
Distribution from operating
limited partnership - - -
Share of losses from operating
limited partnerships 260,308 382,696 542,971
Other assets - (38,853) (15,449)
Accounts payable and accrued
expenses 180,864 220,864 180,863
---------- ------------ -----------
Net cash used in operating
activities (18,960) (15,276) (32,627)
---------- ------------ -----------
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 (18,960) (15,276) (32,627)
Cash and cash equivalents, beginning 52,334 67,610 100,237
---------- ------------ -----------
Cash and cash equivalents, end $ 33,374 $ 52,334 $ 67,610
========== ============ ===========
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)
========== ============ ===========
</TABLE>
(continued)
F-24
<PAGE>
<PAGE> 25
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 2
----------------------------------------
1997 1996 1995
----------- ----------- ------------
<S> <C> <C> <C>
Cash flows from operating activities
Net loss $ (378,988) $ (338,771) $ (812,596)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities
Amortization - - 6,102
Distribution from operating
limited partnership - - -
Share of losses from operating
limited partnerships 292,730 247,263 709,485
Other assets - - -
Accounts payable and accrued
expenses 88,201 69,239 69,240
----------- ----------- ------------
Net cash provided by (used in)
operating activities 1,943 (22,269) (27,769)
----------- ----------- ------------
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 1,943 (22,269) (27,769)
Cash and cash equivalents, beginning 1,262 23,531 51,300
----------- ----------- ------------
Cash and cash equivalents, end $ 3,205 $ 1,262 $ 23,531
=========== =========== ============
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. $ - $ - $ -
=========== =========== ============
</TABLE>
(continued)
F-25
<PAGE>
<PAGE> 26
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 3
--------------------------------------
1997 1996 1995
---------- ------------ -----------
<S> <C> <C> <C>
Cash flows from operating activities
Net loss $ (315,542) $ (2,209,706) $(2,467,766)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities
Amortization - - 20,196
Distribution from operating
limited partnership 2,729 1,615 299
Share of losses from operating
limited partnerships 17,034 1,908,512 2,120,318
Other assets - - 24,319
Accounts payable and accrued
expenses 292,151 279,967 320,220
----------- ------------ -----------
Net cash used in operating
activities (3,628) (19,612) 17,586
----------- ------------ -----------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships - - (13,623)
----------- ------------ -----------
Net cash used in investing
activities - - (13,623)
----------- ------------ -----------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (3,628) (19,612) 3,963
Cash and cash equivalents, beginning 5,460 25,072 21,109
----------- ------------ -----------
Cash and cash equivalents, end $ 1,832 $ 5,460 $ 25,072
=========== ============ ===========
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
=========== ============ ===========
</TABLE>
(continued)
F-26
<PAGE>
<PAGE> 27
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 4
--------------------------------------
1997 1996 1995
---------- ------------ -----------
<S> <C> <C> <C>
Cash flows from operating activities
Net loss $ (401,344) $ (2,005,716) $(2,449,706)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities
Amortization - - 27,935
Distribution from operating
limited partnership 12,045 - 369
Share of losses from operating
limited partnerships 120,255 1,721,644 2,140,342
Other assets (40,663) (14,509) -
Accounts payable and accrued
expenses 296,487 265,394 250,884
---------- ------------ -----------
Net cash used in operating
activities (13,220) (33,187) (30,176)
---------- ------------ -----------
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 (13,220) (33,187) (30,176)
Cash and cash equivalents, beginning 25,928 59,115 89,291
---------- ------------ -----------
Cash and cash equivalents, end $ 12,708 $ 25,928 $ 59,115
========== ============ ===========
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
========== ============ ===========
</TABLE>
(continued)
F-27
<PAGE>
<PAGE> 28
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 5
---------- ---------- ----------
1997 1996 1995
---------- ---------- ----------
<S> <C> <C> <C>
Cash flows from operating activities
Net loss $ (164,276) $ (295,000) $ (441,513)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities
Amortization - - 7,781
Distribution from operating
limited partnership - - -
Share of losses from operating
limited partnerships 114,100 243,674 374,284
Other assets - - -
Accounts payable and accrued
expenses 39,455 (544) (10,544)
---------- ---------- ----------
Net cash used in operating
activities (10,721) (51,870) (69,992)
---------- ---------- ----------
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 (10,721) (51,870) (69,992)
Cash and cash equivalents, beginning 156,816 208,686 278,678
---------- ---------- ----------
Cash and cash equivalents, end $ 146,095 $ 156,816 $ 208,686
========== ========== ==========
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. $ - $ - $ -
========== ========== ==========
</TABLE>
(continued)
F-28
<PAGE>
<PAGE> 29
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 6
---------- ---------- ----------
1997 1996 1995
---------- ---------- ----------
<S> <C> <C> <C>
Cash flows from operating activities
Net loss $ (804,889) $ (767,733) $ (890,011)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities
Amortization - - 16,867
Distribution from operating
limited partnership - - -
Share of losses from operating
limited partnerships 648,893 637,319 714,892
Other assets - - 12,539
Accounts payable and accrued
expenses 144,280 144,274 144,276
---------- ---------- ----------
Net cash used in operating
activities (11,716) 13,860 (1,437)
---------- ---------- ----------
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 (11,716) 13,860 (1,437)
Cash and cash equivalents, beginning 39,131 25,271 26,708
---------- ---------- ----------
Cash and cash equivalents, end $ 27,415 $ 39,131 $ 25,271
========== ========== ==========
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. $ - $ - $ -
========== ========== ==========
</TABLE>
See notes to financial statements
F-29
<PAGE>
<PAGE> 30
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS
March 31, 1997, 1996 and 1995
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
i n terests 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 60
months. As of March 31, 1995, the organization costs were fully
amortized.
F-30
<PAGE>
<PAGE> 31
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Investments in Operating Limited Partnerships
The partnership accounts for its investments in operating limited
partnerships 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 that the fund s share of losses of the operating partnerships
does not exceed the carrying amount of its investment. Unrecognized
losses will be suspended and offset against future individual operating
partnership's income.
A loss in value of an investment in an operating partnership other than
a temporary decline would be recorded as an impairment loss. Impairment
is measured by comparing the investment carrying amount to the sum of
the total amount of the remaining tax credits allocated to the fund and
the estimated residual value of the investment.
Capital contributions to operating partnerships are adjusted by tax
credit adjusters. Tax credit adjusters are defined as adjustments to
operating partnership capital contributions due to reductions in actual
tax credits from those originally projected. The fund records tax
credit adjusters as a reduction in investment in operating partnerships
and capital contributions payable.
The operating partnerships maintain their financial statements based on
a calendar year and the fund utilizes a March 31 year end. The fund
records losses and income from the operating partnerships on a calendar
year basis which is not materially different from losses and income
generated if the operating partnerships utilized a March 31 year end.
The fund records capital contributions payable to the operating
partnerships once there is a binding obligation to fund a specified
amount. The operating partnerships record capital contributions from
the fund when received.
The fund records acquisition cost as an increase in its investment in
operating partnerships. Certain operating partnerships have not
recorded the acquisition costs as a capital contribution from the fund.
These differences are shown as reconciling items in Note C.
F-31
<PAGE>
<PAGE> 32
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Cash Equivalents
Cash equivalents include repurchase agreements and money market accounts
having original maturities at date of acquisition of three months or
less. The carrying amounts approximate 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, 1997 is
as follows:
<TABLE>
<S> <C>
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
=========
</TABLE>
F-32
<PAGE>
<PAGE> 33
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
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.
Adoption of Accounting Standard
On April 1, 1996, the operating partnerships adopted Statement of
Financial Accounting Standards ( SFAS") No. 121, Accounting for
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
of. " This standard requires that long-lived assets and certain
identifiable intangibles held and used by an entity be reviewed for
impairment whenever events or changes in circumstances indicate that the
carrying amount of an asset may be recoverable. Implementation of this
standard did not materially impact the partnership's financial statements.
Recent Accounting Statements Not Yet Adopted
In February 1997, the Financial Accounting Board issued Statement of
Financial Accounting Standards ("SFAS") No. 128, Earnings per Share"
and SFAS No. 129, Disclosure of Information about Capital Structure."
SFAS No. 128 provides accounting and reporting standards for the amount
of earning per share. SFAS No. 129 requires the disclosure in summary
form within the financial statements of pertinent rights and privileges
of the various securities outstanding. SFAS No. 128 and SFAS No. 129 are
effective for fiscal years ending after December 15, 1997 and earlier
application is not permitted.
The implementation of these standards is not expected to materially
impact the partnership's financial statements because partnership's
earnings per share would not be significantly affected and the
disclosures regarding the capital structure in the financial statements
would not be significantly changed.
F-33
<PAGE>
<PAGE> 34
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1997, 1996 and 1995, 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 Asset Management Limited Partnership
(formerly Boston Capital Communications Limited Partnership) as follows:
Boston Capital Asset Management 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.
The annual partnership management fee charged to operations net of
reporting fees for the years ended March 31, 1997, 1996 and 1995 are as
follows:
<TABLE>
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Series 1 $ 172,864 $ 168,613 $ 169,824
Series 2 65,876 67,136 69,090
Series 3 260,067 260,282 260,024
Series 4 245,494 245,494 235,313
Series 5 39,456 38,456 39,456
Series 6 135,852 108,733 135,626
---------------- ---------------- ----------------
$ 919,609 $ 888,714 $ 909,333
================ ================ ================
</TABLE>
F-34
<PAGE>
<PAGE> 35
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
General and administrative expenses incurred by Boston Capital Partners,
Inc. and Boston Capital Asset Management Limited Partnership were
charged to each series' operations for the years ended March 31, 1997,
1996 and 1995 are as follows:
<TABLE>
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Series 1 $ 2,849 $ 3,563 $ 2,142
Series 2 5,336 5,824 3,309
Series 3 5,851 4,356 3,444
Series 4 6,943 7,995 4,314
Series 5 2,671 4,147 2,599
Series 6 2,765 3,387 2,054
---------------- ---------------- ----------------
$ 26,415 $ 29,272 $ 17,862
================ ================ ================
</TABLE>
Accounts payable - affiliates at March 31, 1997 and 1996 represents
general and administrative expense and partnership management fees which
are payable to Boston Capital Partners, Inc., Boston Capital Services,
Inc. and Boston Capital Asset Management Limited Partnership. The
carrying value of the accounts payable - affiliates approximates fair
value.
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1997, 1996 and 1995, the partnership has limited
partnership interests in 105 operating limited partnerships which own
apartment complexes. The number of operating limited partnerships in
which the partnership has limited partnership interests at March 31,
1997, 1996 and 1995 by series are as follows:
<TABLE>
<S> <C>
Series 1 19
Series 2 8
Series 3 33
Series 4 25
Series 5 5
Series 6 15
----
Total 105
====
</TABLE>
F-35
<PAGE>
<PAGE> 36
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1997 are summarized as follows:
<TABLE>
Total
-----------------
<S> <C>
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 (87,292)
Cumulative losses from operating limited
partnerships (55,543,370)
-----------------
Investment per balance sheets 25,927,506
The partnership has (has not) recorded
capital contributions to the operating
limited partnerships during the year ended
March 31, 1997, which have not (have) been
included in the partnerships' capital
account included in the operating limited
partnerships' financial statements as of
December 31, 1996 (see note A). (483,748)
The partnership has recorded acquisition
costs (reimbursements) at March 31, 1997,
which have not been accounted for in the
net assets of the operating limited
partnerships (see note A). (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, 1996 due to
different year ends (see note A). 1,466,033
The partnership has recorded low income
housing tax credit adjusters not recorded
by operating limited partnerships (see
note A). 178,052
Equity in losses from operating limited
partnerships not recognizable under the
equity method of accounting (see note A). (16,312,454)
Other (122,719)
-----------------
Equity per operating partnerships'
combined financial statements $ 9,823,071
=================
</TABLE>
F-36
<PAGE>
<PAGE> 37
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1997 are summarized as follows:
<TABLE>
Series 1 Series 2 Series 3
---------------- ----------------- ----------------
<S> <C> <C> <C>
Capital contributions paid and to be
paid to operating limited
partnerships, 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) (43,770)
Cumulative losses from operating
limited partnerships (10,483,789) (4,412,802) (16,671,561)
---------------- ----------------- ----------------
Investment per balance sheets 117,749 2,152,434 7,481,197
The partnership has (has not)
recorded capital contributions to the
operating limited partnerships during
the year ended March 31, 1997, which
have not (have) been included in the
partnerships' capital account
included in the operating limited
partnerships' financial statements as
of December 31, 1996 (see note A). - (311,339) (133,349)
The partnership has recorded
acquisition costs (reimbursements) at
March 31, 1997, which have not been
accounted for in the net assets of
the operating limited partnerships
(see note A). (578,746) (46,332) 116,865
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, 1996 due
to different year ends (see note A). 667,397 - 798,636
The partnership has recorded low
income housing tax credit adjusters
not recorded by operating limited
partnerships (see note A). 31,815 63,725 47,191
Equity in losses from operating
limited partnerships not recognizable
under the equity method of accounting
(see note A). (7,443,282) (1,069,447) (3,532,960)
Other (9,999) (153,198) (4,301)
---------------- ----------------- ----------------
Equity per operating partnerships'
combined financial statements $ (7,215,066)$ 635,843 $ 4,773,279
================ ================= ================
</TABLE>
F-37
<PAGE>
<PAGE> 38
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1997 are summarized as follows:
<TABLE>
Series 4 Series 5 Series 6
---------------- ----------------- ----------------
<S> <C> <C> <C>
Capital contributions paid and to be
paid to operating limited
partnerships, 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 (12,414) - (20,124)
Cumulative losses from operating
limited partnerships (15,567,627) (2,519,402) (5,888,189)
---------------- ----------------- ----------------
Investment per balance sheets 9,801,415 1,308,171 5,066,540
The partnership has (has not)
recorded capital contributions to the
operating limited partnerships during
the year ended March 31, 1997, which
have not (have) been included in the
partnerships' capital account
included in the operating limited
partnerships' financial statements as
of December 31, 1996 (see note A). (4,475) (34,585) -
The partnership has recorded
acquisition costs (reimbursements) at
March 31, 1997, which have not been
accounted for in the net assets of
the operating limited partnerships
(see note A). (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, 1996 due
to different year ends (see note A). - - -
The partnership has recorded low
income housing tax credit adjusters
not recorded by operating limited
partnerships (see note A). 9,747 - 25,574
Equity in losses from operating
limited partnerships not recognizable
under the equity method of accounting
(see note A). (3,670,825) (427,324) (168,616)
Other 11,976 (2,207) 35,010
---------------- ----------------- ----------------
Equity per operating partnerships'
combined financial statements $ 5,499,855 $ 852,324 $ 5,276,836
================ ================= ================
</TABLE>
F-38<PAGE>
<PAGE> 39
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1996 are summarized as follows:
<TABLE>
Total
----------------
<S> <C>
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 (have) been
i n c luded in the partnerships' capital
account included in the operating limited
partnerships' financial statements as of
December 31, 1995 (see note A). (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
(see note A). (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, 1995 due to different
year ends (see note A). 1,466,033
The partnership has recorded low income
housing tax credit adjusters not recorded by
operating limited partnerships (see note A). 178,052
Equity in losses from operating limited
partnerships not recognizable under the
equity method of accounting (see note A). (12,023,853)
Other (107,512)
----------------
Equity per operating partnerships' combined
financial statements $ 15,623,129
================
</TABLE>
F-39
<PAGE>
<PAGE> 40
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1996 are summarized as follows:
<TABLE>
Series 1 Series 2 Series 3
---------------- ----------------- ----------------
<S> <C> <C> <C>
Capital contributions paid and to be
paid to operating limited
partnerships, 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 (have) been included in the
partnerships' capital account
included in the operating limited
partnerships' financial statements as
of December 31, 1995 (see note A). - (311,339) (105,193)
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
(see note A). (578,746) (46,332) 116,865
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, 1995 due
to different year ends (see note A). 667,397 - 798,636
The partnership has recorded low
income housing tax credit adjusters
not recorded by operating limited
partnerships (see note A). 31,815 63,725 47,191
Equity in losses from operating
limited partnerships not recognizable
under the equity method of accounting
(see note A). (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
================ ================= ================
</TABLE>
F-40<PAGE>
<PAGE> 41
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1996 are summarized as follows:
<TABLE>
Series 4 Series 5 Series 6
---------------- ----------------- ----------------
<S> <C> <C> <C>
Capital contributions paid and to be
paid to operating limited
partnerships, 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 (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 (have) been included in the
partnerships' capital account
included in the operating limited
partnerships' financial statements as
of December 31, 1995 (see note A). (4,475) (34,585) -
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
(see note A). (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, 1995 due
to different year ends (see note A). - - -
The partnership has recorded low
income housing tax credit adjusters
not recorded by operating limited
partnerships (see note A). 9,747 - 25,574
Equity in losses from operating
limited partnerships not recognizable
under the equity method of accounting
(see note A). (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
================ ================= ================
</TABLE>
F-41<PAGE>
<PAGE> 42
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships at December 31, 1996 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Total Series 1 Series 2 Series 3
---------------- ------------ ------------ ----------------
ASSETS
<S> <C> <C> <C> <C>
Buildings and improvements, net of
accumulated depreciation $ 248,413,255 $ 38,723,301 $ 21,659,521 $ 62,137,813
Land 14,347,370 1,572,689 1,123,628 3,941,232
Other assets 17,051,869 2,754,002 1,386,454 3,766,821
---------------- ------------ ------------ ----------------
$ 279,812,494 $ 43,049,992 $ 24,169,603 $ 69,845,866
================ ============ ============ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction loans
payable $ 218,123,153 $ 42,726,091 $ 18,785,283 $ 54,670,221
Accounts payable and accrued expenses 24,262,140 8,602,237 912,612 4,533,106
Other liabilities 22,166,872 2,331,030 2,472,772 4,347,752
---------------- ------------ ------------ ----------------
264,552,165 53,659,358 22,170,667 63,551,079
---------------- ------------ ------------ ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund
Limited Partnership 9,823,071 (7,215,066) 635,843 4,773,279
Other partners 5,437,258 (3,394,300) 1,363,093 1,521,508
---------------- ------------ ------------ ----------------
15,260,329 (10,609,366) 1,998,936 6,294,787
---------------- ------------ ------------ ----------------
$ 279,812,494 $ 43,049,992 $ 24,169,603 $ 69,845,866
================ ============ ============ ================
</TABLE>
F-42
<PAGE>
<PAGE> 43
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships at December 31, 1996 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
<TABLE>
Series 4 Series 5 Series 6
---------------- ---------------- ----------------
ASSETS
<S> <C> <C> <C>
Buildings and improvements, net of
accumulated depreciation $ 70,447,916 $ 17,151,479 $ 38,293,225
Land 4,061,697 880,396 2,767,728
Other assets 4,804,147 514,570 3,825,875
---------------- ---------------- ----------------
$ 79,313,760 $ 18,546,445 $ 44,886,828
================ ================ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction loans
payable $ 54,602,029 $ 14,072,084 $ 33,267,445
Accounts payable and accrued expenses 7,353,155 933,198 1,927,832
Other liabilities 7,837,092 1,572,092 3,606,134
---------------- ---------------- ----------------
69,792,276 16,577,374 38,801,411
---------------- ---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund
Limited Partnership 5,499,855 852,324 5,276,836
Other partners 4,021,629 1,116,747 808,581
---------------- ---------------- ----------------
9,521,484 1,969,071 6,085,417
---------------- ---------------- ----------------
$ 79,313,760 $ 18,546,445 $ 44,886,828
================ ================ ================
</TABLE>
F-43
<PAGE>
<PAGE> 44
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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
<TABLE>
Total Series 1 Series 2 Series 3
-------------- -------------- -------------- --------------
ASSETS
<S> <C> <C> <C> <C>
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
============== ============== ============== ==============
</TABLE>
F-44
<PAGE>
<PAGE> 45
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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
<TABLE>
Series 4 Series 5 Series 6
---------------- ---------------- ----------------
ASSETS
<S> <C> <C> <C>
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
================ ================ ================
</TABLE>
F-45
<PAGE>
<PAGE> 46
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1996 are as
follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Total Series 1 Series 2 Series 3
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Revenues
Rental $ 31,275,610 $ 5,275,820 $ 1,745,062 $ 6,972,510
Interest and other 1,396,112 154,876 101,243 268,427
Gain on extinguishment of debt 19,502,788 - - 1,980,910
-------------- -------------- -------------- --------------
52,174,510 5,430,696 1,846,305 9,221,847
-------------- -------------- -------------- --------------
Expenses
Interest 13,097,177 1,415,840 1,006,475 2,842,588
Depreciation and amortization 12,569,585 2,037,600 602,619 2,936,807
Taxes and insurance 4,210,846 861,479 292,086 907,420
Repairs and maintenance 5,769,844 1,164,155 429,013 1,394,625
Operating expenses 11,192,025 2,610,129 673,831 2,419,536
Other expenses 1,142,044 117,303 137,158 246,770
Impairment loss 16,849,150 - - -
-------------- -------------- -------------- --------------
64,830,671 8,206,506 3,141,182 10,747,746
-------------- -------------- -------------- --------------
NET LOSS $ (12,656,161) $ (2,775,810) $ (1,294,877) $ (1,525,899)
============== ============== ============== ==============
Net loss allocated to Boston Capital
Tax Credit Fund Limited
Partnership* $ (5,741,921) $ (2,070,557) $ (671,827) $ (1,028,871)
============== ============== ============== ==============
Net loss allocated to other partners $ (6,914,240) $ (705,253) $ (623,050) $ (497,028)
============== ============== ============== ==============
</TABLE>
* Amounts include $1,810,249, $379,097, $1,011,837, $842,476, $210,989,
and $33,953 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-46
<PAGE>
<PAGE> 47
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1996 are as
follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 4 Series 5 Series 6
---------------- ---------------- ----------------
<S> <C> <C> <C>
Revenues
Rental $ 8,985,682 $ 1,416,152 $ 6,880,384
Interest and other 424,899 144,752 301,915
Gain on extinguishment of debt 10,435,603 - 7,086,275
---------------- ---------------- ----------------
19,846,184 1,560,904 14,268,574
---------------- ---------------- ----------------
Expenses
Interest 3,926,316 1,113,307 2,792,651
Depreciation and amortization 4,048,017 457,636 2,486,906
Taxes and insurance 1,161,046 211,844 776,971
Repairs and maintenance 1,467,094 341,239 973,718
Operating expenses 3,212,693 541,437 1,734,399
Other expenses 422,554 38,937 179,322
Impairment loss 8,424,575 - 8,424,575
---------------- ---------------- ----------------
22,662,295 2,704,400 17,368,542
---------------- ---------------- ----------------
NET LOSS $ (2,816,111) $ (1,143,496) $ (3,099,968)
================ ================ ================
Net loss allocated to Boston Capital
Tax Credit Fund Limited
Partnership* $ (962,731) $ (325,089) $ (682,846)
================ ================ ================
Net loss allocated to other partners $ (1,853,380) $ (818,407) $ (2,417,122)
================ ================ ================
</TABLE>
* Amounts include $1,810,249, $379,079, $1,011,837, $842,476, $210,989,
and $33,953 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-47
<PAGE>
<PAGE> 48
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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
<TABLE>
Total Series 1 Series 2 Series 3
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
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 $ (5,978,080) $ (724,267) $ (636,297) $ (655,455)
============== ============== ============== ==============
</TABLE>
* 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-48
<PAGE>
<PAGE> 49
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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
<TABLE>
Series 4 Series 5 Series 6
---------------- ---------------- ----------------
<S> <C> <C> <C>
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)
================ ================ ================
</TABLE>
* 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-49
<PAGE>
<PAGE> 50
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997 is reconciled as follows:
<TABLE>
Total Series 1 Series 2 Series 3
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Net loss for financial reporting
purposes $ (2,525,171) $ (460,132) $ (378,988) $ (315,542)
Add: Related party expenses 333,310 195 266,496 24,916
Other 855,708 6,135 11,469 -
Excess of book depreciation over
tax depreciation on operating
limited partnership - - - -
Less: Excess of tax depreciation over
book depreciation on operating
limited partnership assets (446,187) (20,151) (158,776) (61,921)
Operating limited partnership loss
not allowed for financial
reporting under equity method
of accounting (4,288,601) (1,810,249) (379,097) (1,011,837)
Other (595,522) - - (5,190)
Related party expenses (51,096) - - -
Difference due to fiscal year for
business purposes and calendar
year for tax purposes 85,147 1,185 (20) 79,918
Partnership management fees not
deductible for tax purposes until
paid 954,708 180,864 69,240 269,988
-------------- -------------- -------------- --------------
Loss for income tax return purposes,
year ended December 31, 1996 $ (5,677,704) $ (2,102,153) $ (569,676) $ (1,019,668)
============== ============== ============== ==============
</TABLE>
F-50
<PAGE>
<PAGE> 51
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997 is reconciled as follows:
<TABLE>
Series 4 Series 5 Series 6
---------------- ---------------- ----------------
<S> <C> <C> <C>
Net loss for financial reporting
purposes $ (401,344) $ (164,276) $ (804,889)
Add: Related party expenses 24,168 17,535 -
Other 531,575 151,058 155,471
Excess of book depreciation over
tax depreciation on operating
limited partnership - - -
Less: Excess of tax depreciation over
book depreciation on operating
limited partnership assets (99,099) (44,543) (61,697)
Operating limited partnership loss
not allowed for financial
reporting under equity method
of accounting (842,476) (210,989) (33,953)
Other (171,294) - (419,038)
Related party expenses - (2,080) (49,016)
Difference due to fiscal year for
book purposes and calendar year
for tax purposes (2,996) (38) 7,098
Partnership management fees not
deductible for tax purposes until
paid 250,884 39,456 144,276
---------------- ---------------- ----------------
Loss for income tax return purposes,
year ended December 31, 1996 $ (710,582) $ (213,877) $ (1,061,748)
================ ================ ================
</TABLE>
F-51
<PAGE>
<PAGE> 52
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Total Series 1 Series 2 Series 3
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
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
of 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)
============== ============== ============== ==============
</TABLE>
F-52
<PAGE>
<PAGE> 53
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Series 4 Series 5 Series 6
---------------- ---------------- ----------------
<S> <C> <C> <C>
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)
================ ================ ================
</TABLE>
F-53
<PAGE>
<PAGE> 54
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997, the differences are as follows:
<TABLE>
Total Series 1 Series 2 Series 3
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1996 $ 9,769,059 $ (6,201,583) $ 2,233,010 $ 3,046,577
Add back losses not recognized under
the equity method 16,312,454 7,443,282 1,069,447 3,532,960
Historic tax credits 5,438,567 - - 1,754,704
Less share of loss - three months
ended March 31, 1997 (1,466,033) (667,397) - (798,636)
Other (4,126,541) (456,553) (1,150,023) (54,408)
-------------- -------------- -------------- --------------
Investment in operating limited
partnerships - as reported $ 25,927,506 $ 117,749 $ 2,152,434 $ 7,481,197
============== ============== ============== ==============
</TABLE>
F-54
<PAGE>
<PAGE> 55
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997, the differences are as follows:
<TABLE>
Series 4 Series 5 Series 6
---------------- ---------------- ----------------
<S> <C> <C> <C>
Investment in operating limited
partnerships - tax return December
31, 1996 $ 4,760,005 $ 1,871,291 $ 4,059,759
Add back losses not recognized under
the equity method 3,670,825 427,324 168,616
Historic tax credits 3,125,698 - 558,165
Less share of loss - three months
ended March 31, 1997 - - -
Other (1,755,113) (990,444) 280,000
---------------- ---------------- ----------------
Investment in operating limited
partnerships - as reported $ 9,801,415 $ 1,308,171 $ 5,066,540
================ ================ ================
</TABLE>
F-55
<PAGE>
<PAGE> 56
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Total Series 1 Series 2 Series 3
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
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
============== ============== ============== ==============
</TABLE>
F-56
<PAGE>
<PAGE> 57
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Series 4 Series 5 Series 6
--------------- --------------- ----------------
<S> <C> <C> <C>
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, 1997 - - -
Other (1,469,764) (868,474) (94,280)
--------------- --------------- ----------------
Investment in operating limited
partnerships - as reported $ 9,933,715 $ 1,422,271 $ 5,715,433
=============== =============== ================
</TABLE>
F-57
<PAGE>
<PAGE> 58
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Total Series 1 Series 2 Series 3
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
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
business 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)
============== ============== ============== ==============
</TABLE>
F-58
<PAGE>
<PAGE> 59
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Series 4 Series 5 Series 6
---------------- ---------------- ----------------
<S> <C> <C> <C>
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)
================ ================ ================
</TABLE>
F-59
<PAGE>
<PAGE> 60
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE E - CASH EQUIVALENTS
Cash equivalents of $224,012 and $280,390 as of March 31, 1997 and 1996,
respectively, include a repurchase agreement and a money market account
with interest rates ranging from 2.70% to 2.84% per annum.
F-60<PAGE>
<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, 1997
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 1,488,468 56,000 1,857,492 9,395 56,000 1,866,887 1,922,887 589,965 1/88 2/89 7-27.5
Bolivar
Manor LP 880,921 111,316 999,415 31,840 111,316 1,031,255 1,142,571 367,457 11/88 1/89 27.5
Briarwood
Vero Bch. 1,481,980 96,546 1,866,664 4,059 96,546 1,870,723 1,967,269 409,488 8/89 1/89 40
Coldwater
Ltd.
Dividend Hsg. 938,420 35,750 1,203,836 (8)* 35,750 1,203,828 1,239,578 404,884 7/89 12/88 5-27.5
Conneaut, Ltd. 1,174,880 50,000 1,439,961 19,586 50,000 1,459,547 1,509,547 544,353 4/88 1/89 27.5
Country
Vlg. Assoc. 3,182,465 179,385 3,843,452 25,746 179,385 3,869,198 4,048,583 1,097,373 4/89 1/89 5-27.5
Elk Rapids II
Apts. Co. 740,289 37,000 929,264 8,191 37,000 937,455 974,455 325,938 2/89 12/88 5-27.5
-F -61-
Boston Capital Tax Credit Fund Limited Partnership - Series 1
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- -------------------------------------------------------------------------------------------------------------------------
Genesee
Commons
Assoc. LP 8,380,509 250,000 11,622,137 129,994 250,000 11,752,131 12,002,131 3,390,541 12/88 11/88 5-27.5
Geneva, Ltd. 1,190,074 60,300 1,450,936 17,584 60,300 1,468,520 1,528,820 549,737 8/88 1/89 7-27.5
Green Acres
of Yulee 1,483,297 90,650 1,908,145 (355,085) 90,650 1,553,060 1,643,710 473,622 8/89 1/89 5-27.5
Inglewood
Meadows 1,490,624 123,200 1,886,119 9,136 123,200 1,895,255 2,018,455 592,533 11/88 12/88 27.5
Kingston
Property
Assoc. 5,184,279 50,000 6,024,746 279,243 50,000 6,303,989 6,353,989 2,047,014 6/89 12/88 27.5
Riverside Pl.
Dividend Hsg. 966,177 65,200 1,202,452 2,335 65,200 1,204,787 1,269,987 415,204 7/89 12/88 5-27.5
Townhomes
Minnehaha Ct. 1,130,421 64,828 1,766,883 (17,121)* 64,827 1,749,762 1,814,589 542,827 11/88 11/88 5-27.5
Unity Park 9,180,806 99,000 11,179,460 754,177 99,000 11,933,637 12,032,637 3,115,378 12/90 4/89 5-27.5
-F -62-
Boston Capital Tax Credit Fund Limited Partnership - Series 1
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- -------------------------------------------------------------------------------------------------------------------------
Virginia
Circle LP 661,800 44,936 1,096,944 (10,716)* 44,936 1,086,228 1,131,164 366,255 6/88 11/88 5-27.5
Wewahitchka Ltd. 713,422 28,179 950,637 1 28,179 950,638 978,817 314,575 6/88 12/88 5-27.5
Wood Creek
Manor Ltd.
Dividend 966,635 10,000 1,274,577 4,711 10,000 1,279,288 1,289,288 434,119 7/89 12/88 5-27.5
Woodland
Terrace 1,490,624 120,400 1,885,256 7,391 120,400 1,892,647 2,013,047 604,271 11/88 12/88 5-27.5
---------- --------- ---------- ------- --------- ---------- ---------- ----------
42,726,091 1,572,690 54,388,376 920,459 1,572,689 55,308,835 56,881,524 16,585,534
========== ========= ========== ======= ========= ========== ========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
*Decrease due to reallocation of acquisition costs.
</TABLE>
-F -63-
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 -64-
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................................ 561,834
Other............................................ 0
-----------
$ 561,834
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ (404,688)
-----------
$ (404,688)
-----------
Balance at close of period - 03/31/96............................$ 56,784,823
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 96,701
Other............................................ 0
-----------
$ 96,701
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/97............................$ 56,881,524
===========
-F -65-<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
Current year expense..................................$2,005,451
---------
Balance at close of period - 3/31/97..............................$16,585,534
==========
-F -66-
<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, 1997
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. 9,377,615 794,249 3,448,985 8,731,165 226,000 12,180,150 12,406,150 1,396,814 6/90 9/90 5-50
Calexico
Village
Apts. 1,574,514 189,545 2,140,711 4,211 189,545 2,144,922 2,334,467 290,072 4/90 2/90 5-50
Glenhaven
Park III 501,859 225,000 599,444 577,645 225,000 1,177,089 1,402,089 198,757 12/89 11/89 40
Glenhaven
Park IV 403,505 180,000 254,783 619,630 180,000 874,413 1,054,413 139,282 6/90 11/89 40
Herber II
Vlg. Apts. 1,096,511 135,000 1,374,347 (4,711)* 135,000 1,369,636 1,504,636 271,735 4/89 5/89 5-50
Mecca
Apts. 2,607,027 55,580 2,377,218 1,106,178 56,283 3,483,396 3,539,679 525,092 7/90 11/89 5-40
Redwood
Creek Apts. 1,779,119 100,000 2,479,092 (20,442)* 100,000 2,458,650 2,558,650 502,748 12/89 7/89 5-50
-F -67-
Boston Capital Tax Credit Fund Limited Partnership - Series 2
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- -----------------------------------------------------------------------------------------------------------------------------
Redondo
Apts. II 1,442,728 11,800 1,145,806 743,984 11,800 1,889,790 1,901,590 594,025 7/90 12/89 5-27.5
---------- --------- ---------- ---------- --------- ---------- ---------- ---------
18,782,878 1,691,174 13,820,386 11,757,660 1,123,628 25,578,046 26,701,674 3,918,525
========== ========= ========== ========== ========= ========== ========== =========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
*Reduction due to a reallocation of acquisition costs and reduction of development fees.
</TABLE>
-F -68-<PAGE>
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 -69-
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 34,395
Other............................................ 0
-----------
$ 34,395
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/97............................$ 26,701,674
===========
-F -70-<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
Current year expense..................................$ 586,836
---------
Balance at close of period - 3/31/97..............................$ 3,918,525
==========
-F -71-<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, 1997
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 516,977 27,000 919,215 11,804 27,000 931,019 958,019 270,575 7/88 4/89 28
Ashland
Invstmt.
Grp. II 1,784,479 165,464 2,210,076 (16,928)a 165,464 2,193,148 2,358,612 489,134 5/89 3/89 5-50
Belfast
Birches
Assocs. 1,090,423 50,000 1,370,933 5,791 50,000 1,376,724 1,426,724 299,116 5/89 5/89 5-27.5
Bowditch
School
Lodging 1,638,578 65,961 4,872,047 183 65,961 4,872,230 4,938,191 1,082,532 12/89 8/89 34
California
Investors VI 3,968,211 400,000 7,307,955 139,892 b 400,000 7,447,847 7,847,847 1,619,446 5/89 6/89 35
Carriage
Gate Apts. 1,477,266 128,480 1,816,497 5,332 128,480 1,821,829 1,950,309 518,440 11/89 6/89 7-27.5
-F -72-
Boston Capital Tax Credit Fund Limited Partnership - Series 3
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- ---------------------------------------------------------------------------------------------------------------------------
Central
Parkway
Towers 2,800,000 0 9,276,692 65,334 0 9,342,026 9,342,026 2,830,604 12/89 9/89 5-27.5
Colony Ct.
Apts. 1,494,443 130,000 1,819,588 4,553 130,000 1,824,141 1,954,141 539,976 6/89 4/89 7-27.5
Cruz Bay
Ltd. 1,490,247 217,600 1,729,345 8,254 217,600 1,737,599 1,955,199 514,271 2/89 2/89 5-27.5
Fylex
Housing 1,387,134 129,550 1,665,891 (3,967) 129,550 1,661,924 1,791,474 495,789 6/89 5/89 27.5
Greenwood
Apts. 1,440,268 55,000 1,824,558 20,989 55,000 1,845,547 1,900,547 605,082 8/89 3/89 7-27.5
Hidden Cove
Apts. 2,922,342 712,337 4,324,740 16,806 b 707,848 4,341,546 5,049,394 1,321,144 8/89 4/89 7-27.5
Jackson
Apts. 1,194,231 232,000 1,286,033 35,877 242,656 1,321,910 1,564,566 398,975 7/89 4/89 7-27.5
Lake North
Apts. II 1,063,573 60,000 1,340,829 (2,848)a 60,000 1,337,981 1,397,981 306,644 1/89 4/89 5-27.5
-F -73-
Boston Capital Tax Credit Fund Limited Partnership - Series 3
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- ---------------------------------------------------------------------------------------------------------------------------
Lake Park
LP 1,139,522 61,932 1,437,159 0 61,932 1,437,159 1,499,091 439,777 5/89 4/89 7-27.5
Lakewood
Terrace Ltd. 3,932,649 124,707 2,263,782 4,414,667 124,707 6,678,449 6,803,156 1,193,692 8/89 5/89 27.5
Lincoln
Apts. 2,546,362 177,500 3,665,480 1,787 177,500 3,667,267 3,844,767 953,961 12/88 2/89 5-27.5
Maplewood
Apts. 757,633 37,900 938,775 22,121 37,900 960,896 998,796 188,055 4/89 5/89 40
Mound
Plaza Ltd. 623,559 17,058 772,173 2,923 17,058 775,096 792,154 216,095 9/89 8/89 5-27.5
Oak Crest
Manor II 910,216 77,500 1,049,551 (2,865)a 77,500 1,046,686 1,124,186 203,927 5/89 5/89 40
Orangewood
Villas 1,482,140 98,000 1,821,138 4,058 98,000 1,825,196 1,923,196 534,456 9/89 6/89 7-27.5
Paige Hall 2,253,150 633,666 2,544,140 695,094 0 3,239,234 3,239,234 776,162 4/89 3/89 7-27.5
Pedcor
Invstmts. 4,912,834 200,000 7,448,711 7,154 200,000 7,455,865 7,655,865 1,620,100 5/89 2/89 5-27.5
-F -74-
Boston Capital Tax Credit Fund Limited Partnership - Series 3
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- --------------------------------------------------------------------------------------------------------------------------
Queens
Ct. Apts. 1,211,879 92,200 2,185,579 73,794 92,200 2,259,373 2,351,573 680,946 1/89 2/89 5-27.5
Rainbow
Apts. 1,941,796 181,767 2,215,940 29,376 141,767 2,245,316 2,387,083 705,091 1/89 6/89 5-27.5
Ripon Apts. 803,249 29,040 1,016,757 13,275 29,040 1,030,032 1,059,072 338,959 7/89 3/89 5-27.5
Southport,
Ltd. 964,788 52,800 1,176,478 (1,665)a 52,800 1,174,813 1,227,613 382,307 2/89 4/89 5-27.5
Sun Village
Apts. 1,053,558 55,973 1,313,338 7,709 55,973 1,321,047 1,377,020 335,758 5/88 4/89 5-27.5
Taylor
Terrace
Apts. 1,057,248 70,994 1,277,601 17,372 70,994 1,294,973 1,365,967 483,222 11/88 4/89 5-27.5
Trinidad
Apts. 920,889 70,000 1,105,890 30,922 72,099 1,136,812 1,208,911 348,202 6/89 6/89 27.5
Vassar Apts. 922,383 60,823 1,159,060 2,540 60,823 1,161,600 1,222,423 384,041 11/89 3/89 7-27.5
Vidalia LP 1,486,172 75,000 1,887,347 (10,278)a 75,000 1,877,069 1,952,069 581,911 5/89 4/89 7-27.5
-F -75-<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 3
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- --------------------------------------------------------------------------------------------------------------------------
Willow St.
Assoc. 1,482,022 116,380 1,798,301 210 116,380 1,798,511 1,914,891 644,662 12/88 2/89 15-27.5
---------- --------- --------- --------- --------- ---------- ---------- ----------
54,670,221 4,606,632 78,841,599 5,599,266 3,941,232 84,440,865 88,382,097 22,303,052
========== ========= ========= ========= ========= ========== ========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
a Decrease due to a reallocation of acquisition costs.
b Decrease due to impairment
</TABLE>
-F -76-
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- 77-<PAGE>
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 7,950,557
Other............................................ 0
-----------
$ 7,950,557
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ (7,824,069)
-----------
$ (7,824,069)
-----------
Balance at close of period - 03/31/97............................$ 88,382,097
===========
-F- 78-<PAGE>
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..................................$2,967,670
---------
Balance at close of period - 3/31/96..............................$19,406,140
Current year expense..................................$2,896,912
---------
Balance at close of period - 3/31/97..............................$22,303,052
==========
-F-79-
<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, 1997
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. 2,192,556 59,900 3,890,990 4,599 59,900 3,895,589 3,955,489 732,928 9/89 7/89 5-27.5
Auburn
Trace
Ltd. 9,931,723 730,000 5,564,052 9,201,609 730,000 14,765,661 15,495,661 4,310,644 1/90 6,89 5-27.5
Ault Apts. 456,407 12,058 570,737 37,906 12,058 608,643 620,701 192,248 7/89 6/89 7-27.5
Bowditch
School
Lodging 1,638,578 65,961 4,872,047 183 65,961 4,872,230 4,938,191 1,082,532 12/89 8/89 7-34
Burlwood
Apts. 230,599 20,000 267,333 12,565 20,000 279,898 299,898 89,073 8/89 6/89 7-27.5
Cambria
Commons 1,034,192 5,808 1,489,672 1,695 5,808 1,491,367 1,497,175 438,795 7/89 9/89 5-27.5
Central
Parkway
Towers 2,800,000 0 9,276,692 65,334 0 9,342,026 9,342,026 2,830,604 12/89 9/89 5-27.5
-F -80-<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 4
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- ---------------------------------------------------------------------------------------------------------------------------
Clear
View Apts. 757,952 45,000 928,226 7,388 45,000 935,614 980,614 286,471 11/89 10/89 7-27.5
Fuller
Townhomes 511,543 33,600 642,804 17,980 33,600 660,784 694,384 208,788 1/88 4/89 7-27.5
Greenwood
Terrace
Ltd. 1,082,029 80,439 1,352,865 3,294 80,439 1,356,159 1,436,598 397,662 9/89 7/89 7-27.5
Haven
Park II 499,283 225,000 1,038,703 6,708 225,000 1,045,411 1,270,411 285,651 6/89 7/89 7-40
Landmark
L.P. 1,806,400 425,800 3,843,617 37,741 425,800 3,881,358 4,307,158 959,772 5/89 8/89 5-27.5
Meadowcrest
Apts. 2,906,533 286,065 867,009 4,152,021 286,065 5,019,030 5,305,095 1,395,485 10/90 9/89 5-27.5
Milliken
Apts. 779,485 40,000 860,882 56,801 40,000 917,683 957,683 284,723 8/89 9/89 7-27.5
Montana
Ave. Apts. 665,869 92,179 1,007,036 6,558 93,846 1,013,594 1,107,440 292,429 11/89 8/89 5-27.5
-F -81-<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 4
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- ---------------------------------------------------------------------------------------------------------------------------
Monticello
Ltd. 1,107,847 48,000 1,436,974 3,742 48,000 1,440,716 1,488,716 406,194 12/89 7/89 7-27.5
New Grand
Hotel 2,884,950 308,000 6,150,420 1,091,180 308,000 7,241,600 7,549,600 1,983,733 3/89 5/89 7-27.5
Pedcor
Invstmts.
1988 VI 5,030,554 454,472 7,748,826 478,697 454,472 8,227,523 8,681,995 1,433,308 12/89 8/89 5-27.5
Rosen-
burg
Hotel 1,837,045 452,000 4,946,965 (2,771,965)b 415,000 2,175,000 2,590,000 0 1/89 11/89 7-40
Shockoe
Hill Apts. 1,902,280 0 3,152,879 (1,340)a 0 3,151,539 3,151,539 605,130 9/89 8/89 5/27.5
Sunnyview
Apts. 2,206,620 135,000 1,806,927 2,030,736 315,000 3,837,663 4,152,663 544,949 9/89 9/89 5-50
Topeka
Park
Phase II 394,880 36,874 759,705 4,075 36,874 763,780 800,654 246,787 12/88 7/89 7-27.5
-F -82-<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 4
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- ---------------------------------------------------------------------------------------------------------------------------
Unity
Park
Apts. 9,180,806 99,000 9,828,746 2,104,891 99,000 11,933,637 12,032,637 3,115,378 12/90 4/89 27.5
Van Dyke
Estates
XVI 668,875 80,000 1,134,679 87,787 80,000 1,222,466 1,302,466 266,888 11/89 2/90 7-40
Wichita
West
Housing 2,095,023 181,874 3,876,750 (7,245)a 181,874 3,869,505 4,051,379 1,110,388 9/89 8/89 7-27.5
---------- --------- ---------- ---------- --------- ----------- ----------- ----------
54,602,029 3,917,030 77,315,536 16,632,940 4,061,697 93,948,476 98,010,173 23,500,560
========== ========= ========== ========== ========= =========== =========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
a Decrease due to a reallocation of acquisition costs.
b Decrease due to impairment.
</TABLE>
-F -83-<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 -84-
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............................$107,959,761
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 220,246
Other............................................ 0
-----------
$ 220,246
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ (10,169,834)
-----------
$(10,169,834)
-----------
Balance at close of period - 03/31/97............................$ 98,010,173
===========
-F-85- <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
Current year expense..................................$1,951,906
---------
Balance at close of period - 3/31/96..............................$23,500,560
==========
-F- 86-
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund Limited Partnership - Series 5
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- ------------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Annadale 9,377,615 794,249 3,448,985 8,731,165 226,000 12,180,150 12,406,150 1,396,814 6/90 10/90 5-50
Calexico 1,574,514 189,545 2,140,711 4,211 189,545 2,144,922 2,334,467 290,072 4/90 2/90 5-50
Glenhaven
Park 707,514 225,000 991,586 (157,466)* 195,000 834,120 1,029,120 165,080 6/89 6/89 40
Point
Arena 1,206,237 79,160 1,715,209 81,167 79,160 1,796,376 1,875,536 245,898 2/90 2/90 5-50
TKO
Investments
Props. V 1,206,204 192,656 2,991,964 22,919 190,691 3,014,883 3,205,574 721,108 9/89 10/89 5-30
---------- --------- ---------- --------- ------- ---------- ---------- ---------
14,072,084 1,480,610 11,288,455 8,681,996 880,396 19,970,451 20,850,847 2,818,972
========== ========= ========== ========= ======= ========== ========== =========
Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31,
1996.
*Reduction due to the sale of two building.
**There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
</TABLE>
-F- 87-<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund Limited Partnership - Series 5
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 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- 88-<PAGE>
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 33,132
Other............................................ 0
-----------
$ 33,132
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/97............................$ 20,850,847
===========
-F- 89-<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
Current year expense.................................$ 449,720
---------
Balance at close of period - 3/31/97..............................$ 2,818,972
==========
-F- 91-<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, 1997
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 9,931,723 730,000 5,564,052 9,201,609 730,000 14,765,661 15,495,661 4,310,644 1/80 6/89 5-27.5
Briarwood
Estates 571,115 45,000 694,093 4,631 45,000 698,724 743,724 238,067 9/88 9/89 5-27.5
Columbia
Park
Apts. 4,802,553 189,631 7,194,885 554,032 189,631 7,748,917 7,938,548 1,701,262 2/90 11/89 5-27.5
Eldon
Estates 556,925 28,000 709,320 15,135 28,000 724,455 752,455 245,938 7/88 9/89 5-27.5
Green Pines
Apts. 1,438,924 106,484 1,750,831 6,627 106,484 1,757,458 1,863,942 356,334 11/89 10/89 5-27.5
Hacienda
Villa
Apts. 3,947,514 233,165 4,135,079 3,290,834 233,165 7,425,913 7,659,078 1,320,077 1/90 12/89 5-27.5
-F- 92-<PAGE>
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
- --------------------------------------------------------------------------------------------------------------------------
Hillandale
Commons 3,188,095 601,653 4,198,973 1,816,091 601,653 6,015,064 6,616,717 1,691,806 1/90 11/89 5-27.5
Holland
West Apts. 2,167,419 175,000 2,301,607 876,423 175,000 3,178,030 3,353,030 769,269 2/90 12/89 5-27.5
Kearney
Proper-
ties II 364,222 34,000 460,385 1,407 34,000 461,792 495,792 165,279 3/88 9/89 5-27.5
Pleasant
Hill
Properties 561,751 25,000 703,690 18,558 25,000 722,248 747,248 229,402 5/88 9/89 5-27.5
Rosenberg
Hotel 1,837,045 452,000 4,948,372 (2,773,372)* 415,000 2,175,000 2,590,000 0 12/88 9/89 5-27.5
Sherburne
Sr. Hsng. 1,314,835 43,000 1,786,132 56,534 43,000 1,842,666 1,885,666 466,980 1/92 11/89 27.5
Socorro
Properties 1,253,917 85,000 1,652,129 53,287 85,000 1,705,416 1,790,416 562,226 10/89 11/89 5-27.5
Warrensburg
Properties 571,934 30,000 743,401 34,359 30,000 777,760 807,760 272,420 2/88 9/89 5-27.5
-F -93-<PAGE>
Boston Capital Tax Credit Fund Limited Partnership - Series 6
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
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
- --------------------------------------------------------------------------------------------------------------------------
Woodcliff
Apts. 759,473 26,795 919,806 7,633 26,795 927,439 954,234 303,614 11/89 10/89 5-27.5
---------- --------- ---------- ---------- --------- ---------- ---------- ----------
33,267,445 2,804,728 37,762,755 13,163,788 2,767,728 50,926,543 53,694,271 12,633,318
========== ========= ========== ========== ========= ========== ========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December
31, 1996.
*Decrease due to impairment.
**There were no carrying costs as of December 31, 1996. The column has been ommitted for presentation purposes.
</TABLE>
-F -94-<PAGE>
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- 95-<PAGE>
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 149,680
Other............................................ 0
-----------
$ 149,680
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ (10,169,864)
-----------
$(10,169,864)
-----------
Balance at close of period - 03/31/97............................$ 53,694,271
===========
-F- 96-<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.................................$12,213,842
Current year expense.....................................$ 419,476
---------
Balance at close of period - 3/31/97.................................$12,633,318
==========
-F- 97-<PAGE>
<TABLE> <S> <C>
<ARTICLE> CT
<CIK> 0000835095
<NAME> BOSTON CAPITAL TAX CREDIT FUND LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<TOTAL-ASSETS> 26,710,863
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 26,710,863
<TOTAL-REVENUES> 9,984
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,535,155)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,525,171)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
