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, 1999 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
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- -----------------------------------
(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
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- --------------------------------
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
----- -----
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
--------- --------
Parts I, III October 14, 1988 Prospectus,
as
supplemented
BOSTON CAPITAL TAX CREDIT FUND LIMITED PARTNERSHIP
Form 10-K ANNUAL REPORT
FOR THE YEAR ENDED MARCH 31, 1999
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
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
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, 1999, 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
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
Boston Capital Tax Credit Fund Limited Partnership -
Series 1
PROPERTY PROFILES AS OF MARCH 31, 1999
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/98 Completion
3/31/99 uted
- -----------------------------------------------------------------
- -------------
Apple Hill West Newton, 44 $1,482,030 1/88
100% $ 317,660
Apartments NC
Bolivar Manor Bolivar, 24 877,783 11/88
100% 180,498
Apartments NY
Briarwood Vero Beach, 45 1,475,019 8/89
100% 386,368
Apartments FL
Broadway Kingston, 122 5,184,279 6/89
100% 952,500
East NY
Country Coldwater, 32 934,901 7/89
100% 202,610
Knoll MI
Country Warwick, 64 3,168,364 4/89
100% 845,000
Village Apts NY
Elk Rapids II Elk Rapids, 24 737,428 2/89
100% 161,078
Apartments MI
Green Acres Yulee, 47 1,476,754 8/89
100% 394,500
Apartments FL
Inglewood St. Cloud, 50 1,483,633 11/88
100% 394,400
Meadows FL
Minnehaha St. Paul, 24 1,151,718 11/88
100% 631,138
Court Apts. MN
Moss Creek Wewahitchka, 23 709,946 6/88
100% 207,592
Apartments FL
River Park Rochester, 402 10,009,215 12/88
100% 2,315,400
Commons NY
Sunset West Conneaut, 40 1,169,903 4/88
100% 250,701
Apartments OH
Unity Park Niagara Falls, 198 9,760,376 12/90
100% 600,000
Phase II NY
Villas of Geneva, 40 1,185,171 8/88
100% 254,967
Geneva OH
4
Boston Capital Tax Credit Fund Limited Partnership -
Series 1
PROPERTY PROFILES AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/98 Completion
3/31/99 uted
- -----------------------------------------------------------------
- -------------
Virginia
Circle St. Paul, 16 $ 682,580 6/88
100% $395,000
Townhomes MN
Westchase Three Rivers, 32 962,503 7/89
100% 202,610
Apartments MI
Wood Creek Saulte St. 32 962,989 7/89
100% 213,390
Manor Marie, MI
Woodland St. Cloud, 50 1,483,633 11/88
100% 394,500
Terrace FL
5
Boston Capital Tax Credit Fund Limited Partnership -
Series 2
PROPERTY PROFILES AS OF MARCH 31, 1999
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/98 Completion
3/31/99 uted
- -----------------------------------------------------------------
- -------------
Annadale Fresno, 222 $9,391,845 6/90 100%
$1,736,542
Apartments CA
Calexico Calexico, 36 1,566,878 4/90 100%
464,896
Village Apts. CA
Glenhaven Merced, 15 492,324 12/89 100%
490,000
Park III CA
Glenhaven Merced, 12 395,838 6/90 100%
395,300
Park CA
Heber II
Village Heber, 24 1,093,880 4/89 100%
345,000
Apts. CA
Redondo II Westmorland, 32 1,436,295 7/90 100%
580,000
Apts. CA
Redwood McKinleyville, 48 1,770,886 12/89 100%
688,572
Creek Apts. CA
Thunderbird Mecca, 54 2,596,612 7/90 100%
1,012,157
Apartments CA
6
Boston Capital Tax Credit Fund Limited Partnership -
Series 3
PROPERTY PROFILES AS OF MARCH 31, 1999
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/98 Completion
3/31/99 uted
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- -------------
The 128
Park Street Dorchester, 16 $ 512,597 7/88
100% $340,000
Lodging House MA
Ashley Senior Ashland, 62 1,777,638 5/89
100% 495,500
Center Apts. OR
Belfast Belfast, 24 1,082,747 5/89
100% 245,000
Birches ME
The Bowditch Jamaica Plain,
School MA 50 1,622,807 12/89
100% 883,623
Lodging House
Carriage Gate Palatka, 48 1,470,430 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 1,488,760 6/89
100% 384,200
Apartments FL
Crane Street Littleton, 33 1,475,125 12/88
100% 293,000
Court NH
Cruz Bay St. John, 20 1,484,816 2/89
100% 285,820
Apartments USVI
Fiddler's Creek Southport, 24 960,969 2/89
100% 200,397
Apartments NC
Gilmore Court Jaffrey, 28 1,381,859 6/89
92% 288,660
NH
Greenwood Owosso, 48 1,433,503 8/89
100% 312,090
Apartments MI
Hidden Cove W.Pittsburg 88 2,889,795 8/88
100% 1,761,650
Apartments CA
Hillmont Lake Park, 42 1,134,287 5/89
100% 265,218
Apartments GA
7
Boston Capital Tax Credit Fund Limited Partnership -
Series 3
PROPERTY PROFILES AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/98 Completion
3/31/99 uted
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Jackson Jackson, 28 $1,188,962 7/89
100% $ 225,000
Apartments WY
Lake North Lady Lake, 36 1,057,376 1/89
100% 220,780
Apartments FL
Lakewood Terr Lakeland, 132 3,805,716 8/89
100% 572,400
Apartments FL
Lincoln Salem, 63 3,003,622 12/88
100% 520,000
Apartments MA
Mann Village Indianapolis,204 5,367,147 5/89
96% 2,620,620
Apartments IN
Maplewood Cloquet, 24 754,535 4/89
100% 150,800
Apartments MN
Mound Plaza Moundville, 24 621,209 9/89
100% 129,465
Apartments AL
Oak Crest Brainerd, 30 906,495 5/89
100% 168,130
Manor II MN
Orangewood Umatilla, 45 1,474,451 9/89
100% 358,350
Villas FL
Orchard Park Beaumont, 144 3,868,597 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 1,096,856 1/89
100% 759,500
Court Apts. PA
Rainbow Yuma, 81 1,907,361 1/89
100% 702,968
Apartments AZ
Ripon Ripon, 24 851,258 7/89
100% 176,260
Apartments WI
8
Boston Capital Tax Credit Fund Limited Partnership -
Series 3
PROPERTY PROFILES AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/98 Completion
3/31/99 uted
- -----------------------------------------------------------------
- -------------
Sun Village Groveland, 34 $1,044,145 5/88
100% $211,880
Apartments FL
Taylor
Terrace W. Pittsburgh, 30 1,052,290 11/88
100% 227,103
Apartments PA
The Grove Vidalia, 54 1,480,429 5/89
100% 345,621
Apartments GA
Trinidad Trinidad, 24 917,387 6/89
100% 202,000
Apartments CO
Vassar Vassar, 32 918,083 11/89
100% 189,596
Apartments MI
9
Boston Capital Tax Credit Fund Limited Partnership -
Series 4
PROPERTY PROFILES AS OF MARCH 31, 1999
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/98 Completion
3/31/99 uted
- -----------------------------------------------------------------
- -------------
Amory Square Windsor, 74 $ 2,137,795 9/89
100% $1,644,338
Apartments VT
Auburn Trace Delray Beach,256 9,983,714 1/90
100% 2,849,298
FL
Ault Ault, 16 472,353 7/89
100% 92,232
Apartments CO
Berkshire Wichita, 90 2,026,315 9/89
100% 1,829,104
Apartments KS
Bowditch
School Jamaica Plain,50 1,622,807 12/89
100% 619,300
Lodging House MA
Burlwood Cripple 10 229,754 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, 24 754,311 11/89
100% 166,400
Apartments CO
Fuller St. Paul, 9 501,639 1/89
100% 254,671
Townhomes MN
Glenhaven Merced, 15 489,784 6/89
100% 415,000
Park II CA
Greenwood Quincy, 36 1,076,947 9/89
100% 282,000
Terrace FL
Highland Topeka, 22 373,689 12/88
100% 354,067
Village KS
Duplexes
10
Boston Capital Tax Credit Fund Limited Partnership -
Series 4
PROPERTY PROFILES AS OF MARCH 31, 1999
Continued
- ---------
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/98 Completion
3/31/99 uted
- -----------------------------------------------------------------
- -------------
Jefferson Pl Monticello, 38 $ 1,102,759 12/89
100% $ 294,150
Apartments FL
Landmark Chesapeake, 120 1,749,107 5/89
100% 1,470,835
Apartments VA
Meadowcrest Southfield, 83 2,885,424 10/90
100% 1,055,404
Apartments MI
Milliken Milliken, 28 808,667 8/89
100% 135,000
Apartments CO
Montana Ave. St. Paul, 13 653,571 11/89
100% 430,167
Townhomes MN
New Grand Salt Lake 80 2,844,479 3/90
100% 2,823,370
Hotel City,UT
Rosenberg Santa Rosa, 77 1,811,122 1/92
100% 844,300
Hotel CA
Shockoe Hill Richmond, 64 1,876,338 9/89
100% 1,110,590
Apartments II VA
Sunnyview Salem, 60 2,105,792 9/89
100% 775,000
Apartments OR
Thompson Indianapolis, 240 4,927,261 12/89
100% 2,098,660
Village Apts. IN
Unity Park Niagara Falls,198 9,760,376 12/90
100% 1,470,300
Phase II NY
Van Dyke Sanger, 16 649,257 11/89
100% 474,360
Estates CA
XVI - A
11
Boston Capital Tax Credit Fund Limited Partnership -
Series 5
PROPERTY PROFILES AS OF MARCH 31, 1999
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/98 Completion
3/31/99 uted
- -----------------------------------------------------------------
- -------------
Annadale Fresno, 222 $9,391,845 6/90
100% $1,161,810
Apartments CA
Calexico Village Calexico, 36 1,566,878 4/90
100% 128,174
Apartments CA
Glenhaven Merced, 13 672,431 6/89
100% 356,480
Estates CA
Heather Ridge Redding, 56 1,091,336 9/89
100% 1,182,030
Apartments CA
Point Arena Point Arena,25 1,200,778 2/90
100% 444,830
Village CA
12
Boston Capital Tax Credit Fund Limited Partnership -
Series 6
PROPERTY PROFILES AS OF MARCH 31, 1999
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/98 Completion
3/31/99 uted
- -----------------------------------------------------------------
- -------------
Auburn Trace Delray Beach, 256 $9,983,714 1/90 100%
$1,971,457
FL
Briarwood Cameron, 24 568,272 9/88 100%
137,367
Estates MO
Columbia Richland, 139 4,112,553 2/90 100%
1,607,375
Park Apts. WA
Eldon Estates Eldon, 24 554,108 7/88 100%
139,221
MO
Forty West Holland, 120 2,054,384 2/90 100%
1,431,562
Apartments MI
Hacienda Villa Firebaugh, 120 3,871,423 1/90 100%
1,460,316
Apartments CA
Hillandale Lithonia, 132 3,119,770 1/90 100%
1,444,800
Commons GA
Kearney Kearney, 16 362,308 3/88 100%
99,334
Properties II MO
Los Pueblos Socorro, 32 1,247,480 5/88 100%
414,851
Apartments NM
Pleasant Hill Pleasant Hill, 24 559,406 12/88 100%
141,624
MO
Rosenberg Santa Rosa, 77 1,811,122 1/92 100%
555,700
Apartments CA
Sherburne Sherburne, 29 1,307,404 10/89 100%
578,409
Senior Housing NY
Springridge Warrensburg, 24 568,929 2/88 100%
162,393
III MO
Tall Pines Charlestown, 32 1,432,216 11/89 100%
302,491
Apartments NH
Woodcliff Ishpeming, 24 756,010 11/89 100%
192,996
Apartments MI
13
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
14
PART II
-------
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, 1999, the Partnership has
7,377 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
1,024
investors holding 1,299,900 BACs; Series 2 had 726
investors
holding 830,300 BACs; Series 3 had 2,323 investors
holding
2,882,200 BACs; Series 4 had 2,078 investors holding
2,995,300
BACs; Series 5 had 395 investors holding 489,900
BACs; and Series
6 had 831 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, 1999.
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
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, 1999. 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,
1999 1998 1997 1996
1995
-------- -------- --------
- -------- -------- Operations
- ----------
Interest Income 4,355 $ 16,039 $ 7,074 $ 8,821
$ 11,022
Other Income - 813 2,910 1,557
6,921
Share of Loss
of operating
Partnerships (4,256,419) (4,676,547) ( 1,453,320)
(5,141,108) (6,602,292)
Operating Exp. (5,088,524) (1,096,282) ( 1,081,835)
(1,066,179) (1,229,300)
---------- ---------- ---------- ---------
- ----------
Net Loss (9,340,588) (5,755,977) $ (
2,525,171)$(6,196,909)$(7,813,649)
========== ========== ========== =========
==========
Net Loss
per BAC $ (.94) $ (.58) $ (.26)$
(.63)$ (.78) ========== ==========
=========== ========== =========
Balance Sheet
- -------------
Total Assets $13,845,884 $22,097,154 $ 26,710,863 $28,194,596
$33,412,311
========== ========== =========== ==========
==========
Total Liab. $ 6,969,091 $ 5,879,773 $ 4,737,505 $ 3,696,067
$ 2,716,873
Partners' ========== ========== =========== ==========
==========
Equity $ 6,876,793 $16,217,381 $ 21,973,358 $24,498,529
$30,695,438
========== ========== =========== ==========
==========
Other Data
Tax Credits per BAC for
the Investors Tax Year,
the twelve months ended
December 31,1998 1997
1996 1995 and 1994*
$ 1.20 $ 1.24 $ 1.25 $ 1.24
$ 1.25 ========= ========= ==========
========== ==========
*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
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, 1999 the Partnership accrued $954,708 in annual
partnership
management fees. As of March 31, 1999, total partnership
management fees
accrued were $6,445,474. 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 $258,250
to the
Partnership to pay certain third party operating expenses. The
amounts
advanced to four of the six series are as follows: $48,000 to
Series 1;
$45,000 to Series 2; $102,250 to Series 3; and $63,000 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
As of March 31, 1999, 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 $6,640 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, 1999, 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 $5,497 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, 1999, 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
$2,331 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, 1999, 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
$10,320 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
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, 1999, 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 $118,832 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, 1999 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
$16,515 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, 1999 and 1998 was
$919,866 and
$922,872, 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, 1999 and 1998, the Partnership received
$34,842 and
$31,836, 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, 1999 and 1998, the Qualified
Occupancy for
the Series was 100% and 99.7%, respectively. The Series had a
total of 19
properties at March 31, 1999. Out of the total, 19 were at 100%
qualified
occupancy.
19
For the years ended December 31, 1998 and 1997 Series 1
reflects a net
loss from Operating Partnerships of $16,589,287 and $694,852,
respectively,
when adjusted for depreciation which is a non-cash item. The
increase in the loss from 1997 to 1998 is due to an impairment
loss in Genesse Commons Associates (River Park Commons) and Unity
Park Associates (Unity Park Phase II). When adjusted for the
impairment loss the series reflects a net loss for 1998 of
$489,160. Substantially all of the net loss for both years is
attributable to accrued mortgage interest not payable currently
by Genesee Commons Associates (River Park Commons), Kingston
Property Associates (Broadway East Townhomes), and Unity Park
Associates (Unity Park Phase II). All three partnerships have
forbearance agreements in place allowing the property to pay
minimal mortgage payments while the property continues to accrue
all interest payments due. Occupancy remains low due to a lack
of rental assistance and a poor local economy. The properties
have received loans from the state housing agency, which are
being used to complete rehabilitation work. This rehab is
ongoing and loan proceeds will continue to fund repairs until the
moneys are exhausted. The management company feels these repairs
should have a positive effect on occupancy.
The properties owned by Townhomes of Minnehaha Court
(Minnehaha Court Apartments) and Virginia Circle (Virginia Circle
Townhomes) have shown improved operating results but continue to
incur high operating expenses, which have resulted in operating
deficits. Minnesota Housing Finance Agency has continued their
commitment to support improved operations by granting interest
free mortgage loans to Townhomes of Minnehaha and Virginia Circle
to correct deferred maintenance issues. Work on most of the
deferred maintenance items has been performed. The management
company continues to complete the remaining list of
repairs/improvements as weather permits. It is anticipated that
the improvements will allow for a reduction of operating expenses
in the future, which is essential for continued improvement in
the properties' performance.
For the tax years ended December 31, 1998 and 1997, the
Series, in
total, generated $1,828,117 and $2,091,204, respectively, in
passive income
tax losses that were passed through to the investors, and also
provided $1.19 and $1.40, respectively, per year for 1998 and
1997 in tax credits per BAC to the investors. The decrease in
tax credits per BAC in 1998 was due to Kingston Associates
(Broadway East) completing its 10-year tax credit allocation. The
Partnership has reached the point where many of the Operating
Limited Partnerships will be completing their 10-year tax credit
allocation; therefore , the partnerships will be generating
annual tax credits accordingly.
(Series 2). As of March 31, 1999 and 1998, the Qualified
Occupancy for
the series was 100%. The Series had a total of 8 properties at
March 31, 1999, all of which were at 100% qualified occupancy.
For the years ended December 31, 1998 and 1997 Series 2
reflects a net
loss from Operating Partnerships of $658,622 and $577,336,
respectively,
when adjusted for depreciation which is a non-cash item.
The properties owned by Haven Park Partners III, A
California L.P. (Glenhaven Park III) and Haven Park Partners IV,
A California L.P. (Glenhaven Park IV) continue to suffer from
high operating expenses and occupancy issues.
20
The management company has said that the rental market is poor
with an over supply of housing. As of March 31, 1999 physical
occupancy at the two properties were 86% and 75%, respectively.
The management company will continue to actively conduct outreach
to generate new interest in the properties along with working
towards reducing the operating expenses. The Investment General
Partner is also working with the Operating General Partner in
developing a capital needs plan to assess what can be done to the
properties in hopes of improving occupancy levels.
Annadale Housing Partners (Kingsview Manor & Estates) has
reported net losses due to operational issues associated with the
property. Decreasing occupancy during the quarter and economic
factors relevant to the marketplace prevent the necessary rental
income from being generated to cover the operational expenses.
In order to address these issues, the Operating General Partner
has hired a consultant to assist management in aggressively
marketing the property. In addition, the management agent has
hired a new on-site manager and leasing agent. The rental rates
at the property were increased during the last quarter of 1998.
In a step to cut costs even further the Operating General Partner
has initiated loan restructure discussions with the first lender
for more favorable terms. The Investment General Partner
continues to monitor this situation closely. Occupancy is 88% as
of March 31, 1999.
For the tax years ended December 31, 1998 and 1997, the
Series, in
total, generated $797,920 and $1,053,496, respectively, in
passive income tax losses that were passed through to the
investors, and also provided $1.01
per year for 1998 and 1997, respectively, in tax credits per BAC
to the
investors.
(Series 3). As of March 31, 1999 and 1998, the Qualified
Occupancy for
the Series was 99.6%. The Series had a total of 33 properties at
March 31,
1999. Out of the total, 31 were at 100% qualified occupancy.
For the years ended December 31, 1998 and 1997 Series 3
reflects a net
income (loss) from Operating Partnerships of $(4,963,468) and
$(4,926,027),
respectively, when adjusted for depreciation which is a non-cash
item. The current year and prior year loss is the result of a
non-cash impairment loss incurred by one of the Operating
Partnerships. When adjusted for the loss, the Operating
Partnerships reflect a net loss of $633,468 and $533,202,
respectively for 1998 and 1997.
The Investment General Partner continues to monitor the
operations of Lincoln Hotel Associates (Lincoln Apartments) in an
effort to improve the overall results of operations of the
series. A recent rehabilitation of the property has been
completed and should assist in attracting new tenants. As
of March 31, 1999 the overall physical occupancy of the property
was 87%. The
management company, with the assistance of area housing agencies
and a
21
more thorough screening process, has greatly improved occupancy
rates. The improvement in occupancy is anticipated to have a
positive effect on net income.
The property owned by California Investors VI L.P. (Orchard
Park) has increased its physical occupancy from 88% as of
December 31, 1998 to 91% as of March 31, 1999. The management
company continues to be aggressive with marketing the property
and conducting active outreach. The Operating General Partner,
with the assistance of a consultant, has developed a new
marketing campaign, which was implemented during the last quarter
of 1998. In addition, the management company replaced the site
manager and leasing agent. A large recreation facility is
expected to be built adjacent to the property at the end of 1999.
Once this park is opened, it is expected to enhance the appeal of
Orchard Park Apartments to families.
Hidden Cove Apartments (Hidden Cove) continues to incur
operating deficits due to high operating expenses. While the new
management company has been successful in reducing the deficits
by reducing expenses, the property remains unable to operate
above break-even. The Operating General Partner has been funding
a capital improvement plan established by the new management
company in hopes of improving the property's appeal. Average
occupancy at the property has risen to 98%. To date the
Operating General Partner has been unsuccessful in securing
refinancing through local lenders.
Central Parkway Tower (Central Parkway Towers)
continues to experience occupancy problems. Physical occupancy
as of March 31, 1999 was 64%. The low occupancy continues to
result in operating deficits, accrued payables, and deferred
maintenance. The property manager is currently trying to
increase occupancy by working with city, state, and federal
agencies to expand referrals and contracts. The property
continues to receive monthly income from the county mental health
board, although the contract has not been formally renewed since
it expired in 1996.
For the tax years ended December 31, 1998 and 1997, the
Series, in
total, generated $2,349,228 and $2,519,771, respectively, in
passive income
tax losses that were passed through to the investors, and also
provided $1.24 and $1.27, respectively, per year for 1998 and
1997 in tax credits per BAC to the investors. The variance in
passive income tax losses generated for the tax years ended
December 31, 1998 and 1997 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, 1999 and 1998, the Qualified
Occupancy for
the series was 100%. The Series had a total of 25 properties at
March 31,
1999, all of which were at 100% qualified occupancy.
22
For the years ended December 31, 1998 and 1997 Series 4
reflects a net
income (loss) from Operating Partnerships of $(13,076,365) and
$(529,503)
respectively, when adjusted for depreciation which is a non-cash
item.
Unity Park Associates (Unity Park Phase II) and Central Parkway
Tower (Central Parkway Towers) had a one time non-cash impairment
loss. This is in accordance with newly adopted SFAS No. 121.
When adjusted for the loss, the Operating Partnerships reflect a
net loss of $(680,222) for 1998.
Unity Park Associates (Unity Park Phase II) reflects a net
loss, which is attributable to accrued mortgage interest. The
Operating Partnership has a forbearance agreement in place
allowing the property to pay minimal mortgage
payments while the property continues to accrue all interest
payments
due. Occupancy remains low due to a lack of rental assistance
and a
poor local economy. The property has received loans from the
state
housing agency, which are being used to complete rehabilitation
work. This rehab is ongoing and proceeds will continue to fund
repairs until the moneys
are exhausted. The management company feels these repairs should
have a positive effect on occupancy.
The Operating Partnership, Van Dyck Estates XVI-A (Van Dyck
Estates XVI-A) has brought its delinquent real estate taxes
current in accordance with the repayment plan. A recent
reduction in real estate taxes should allow the property to
operate close to break-even. The property continues to operate
at nearly 100% occupancy every month.
Central Parkway Tower (Central Parkway Towers) continues to
experience occupancy problems. Physical occupancy as of March
31, 1999 was 64%. The low occupancy continues to result in
operating deficits, accrued payables, and deferred maintenance.
The property manager is currently trying to increase occupancy by
working with city, state, and federal agencies to expand
referrals and contracts. The property continues to receive
monthly income from the county mental health board, although the
contract has not been formally renewed since it expired in 1996.
The property owned by Haven Park Partners, A California L.P.
(Glenhaven Park II) continues to suffer from high operating
expenses and occupancy issues. The management company has said
that the rental market is poor with on over supply of housing.
As of March 31, 1999, physical occupancy was 86%. The management
company will continue to actively conduct outreach to generate
new interest in the property along with working towards reducing
the operating expenses. The Investment General Partner is also
working with the Operating General Partner in developing a
capital needs plan to assess what can be done to the property in
hopes of improving occupancy levels.
For the tax years ended December 31, 1997 and 1996, the
Series, in
total, generated $2,355,182 and $2,376,272, respectively, in
passive income
tax losses that were passed through to the investors, and also
provided $1.23
per year for 1998 and 1997 in tax credits per BAC to the
investors.
(Series 5). As of March 31, 1999 and 1998, the Qualified
Occupancy for
the Series was 100%. The Series had a total of 5 properties at
March 31, 1999, all of which were at 100% qualified occupancy.
23
For the years ended December 31, 1998 and 1997 Series 5
reflects a net
loss of $673,661 and $640,193, respectively, from Operating
Partnerships,
when adjusted for depreciation which is a non-cash item.
Annadale Housing Partners (Kingsview Manor & Estates) has
reported net losses due to operational issues associated with the
property. Decreasing occupancy during the quarter and economic
factors relevant to the marketplace prevent the necessary rental
income from being generated to cover the operational expenses.
In order to address these issues, the Operating General Partner
has hired a consultant to assist management in aggressively
marketing the property. In addition, the management agent has
hired a new on-site manager and lesing agent. The rental rates
at the property were increased during the last quarter of 1998.
In a step to cut costs even further the Operating General Partner
has initiated loan restructure discussions with the first lender
for more favorable terms. The Investment General Partner
continues to monitor this situation closely. Occupancy is 88% as
of March 31, 1999.
The property owned by Glenhaven Park Partners, A California
L.P. (Glenhaven Estates) continues to suffer from high operating
expenses and occupancy issues. The management company has said
that the rental market is poor with on over supply of housing.
As of March 31, 1999, physical occupancy was 69%. The management
company will continue to actively conduct outreach to generate
new interest in the property along with working towards reducing
the operating expenses. The Investment General Partner is also
working with the Operating General Partner to develop a capital
needs plan to assess what can be done to the property in hopes of
improving occupancy levels.
For the tax years ended December 31, 1998 and 1997, the
Series, in
total, generated $368,457 and $459,605, respectively, in passive
income tax
losses that were passed through to the investors, and also
provided $1.00 and $1.03, per year for 1998 and 1997,
respectively, in tax credits per BAC to the
investors.
(Series 6). As of March 31, 1999 and 1998, the Qualified
Occupancy for
the series was 100% and 99.7%, respectively. The Series had a
total of 15 properties at March 31, 1999, all of which were at
100% qualified occupancy.
For the years ended December 31, 1998 and 1997 Series 6
reflects a net income from Operating Partnerships of $773,057 and
$767,296 respectively, when adjusted for depreciation which is a
non-cash item.
For the tax year ended December 31, 1998 and 1997, the
Series, in total,
generated $732,065 and $732,065, respectively, in passive income
tax losses
that were passed through to the investors, and also provided
$1.27
per year for 1998 and 1997, respectively, in tax credits per BAC
to the
investors.
24
Recent Accounting Statements Not Yet Adopted
- --------------------------------------------
On March 31, 1997, the Partnership adopted 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 earnings per share. SFAS No. 129
requires the disclosure in summary form within the financial
statements of pertinent fights and privileges of the various
securities outstanding. On March 31, 1998, the Partnership
adopted SFAS No. 130, "Reporting Comprehensive Income," and SFAS
No. 131, "Disclosures about Segments of an Enterprise and Related
Information." SFAS No. 132, "Employees' Disclosures about
Pensions and Other Post-retirement Benefits." SFAS No. 130
establishes standards for reporting and display of comprehensive
income and its components, SFAS No. 131 establishes standards for
how public business enterprises report information about
operating segments and SFAS No. 132 revises employers'
disclosures about pension and other post-retirement benefit
plans. The implementation of these standards has not materially
affected the partnership's financial statements.
In June 1998, the FASB issued SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities." In October 1998,
the FASB issued SFAS No. 134, "Accounting for Mortgage-backed
Securities Retained after the Securitization of Mortgage Loans
Held for Sale by a Mortgage Banking Enterprise." In February
1999, the FASB issued SFAS No. 135, "Rescission of FASB Statement
75 and Technical Corrections." SFAS No. 133 is effective for all
the fiscal quarters of years beginning after June 15, 1999; SFAS
No. 134 is effective for the first fiscal quarter beginning after
December 31, 1998; and SFAS No. 135 is effective for years ending
after February 15, 1999. Early adoption is encouraged for SFAS
No. 133, 134 and 135.
The fund does not have any derivative or hedging activities
and does not have any mortgage-backed securities. FASB Statement
75, "Deferral of the Effective Date of Certain Accounting
Requirements for Pension Plans of State and Local Governmental
Units," does not apply to the fund. Consequently, these
pronouncements are expected to have no effect on the fund's
financial statements.
Year 2000 Compliance
- --------------------
Boston Capital and its management have reviewed the potential
computer problems that may arise from the century date change
known as the "Year 2000"or "Y2K" problem. We are currently in
the process of taking the necessary precautions to minimize any
disruptions. The majority of Boston Capital's systems are "Y2K"
compliant. For all remaining systems we have contacted the
vendors to provide us with the necessary upgrades and
replacements. Boston Capital is committed to ensuring that the
"Y2K" issue will have no impact on our investors.
25
Item 7a. Quantitative and Qualitative Disclosure About Market
Risk- Not Applicable
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.
26
PART III
--------
Item 10. Directors and Executive Officers of the Registrant
(a), (b), (c), (d) and (e)
The Partnership has no directors or executives officers of
its own. The following biographical information is presented for
the partners of the General Partners and affiliates of those
partners (including Boston Capital Partners, Inc. ("Boston
Capital")) with principal responsibility for the Partnership's
affairs.
Herbert F. Collins, age 68, is co-founder and Chairman of the
Board of Boston Capital Corporation. Nominated by President
Clinton and confirmed by the United States Senate, Mr. Collins
served as the Republican private sector member of the Thrift
Depositor Protection Oversight Board. During 1990 and 1991 he
served as Chairman of the Board of Directors for the Federal Home
Loan Bank of Boston, a 314-member, $12 billion central bank in
New England. Mr. Collins is the co-founder and past President of
the Coalition for Rural Housing and Development. In the 1980s he
served as Chairman of the Massachusetts Housing Policy Commission
to evaluate current programs and recommend future housing policy.
Additionally, he served as a member of the Board of Directors of
the Metropolitan Boston Housing Partnership and on the Mitchell-
Danforth Task Force, which helped structure the 1990 federal Tax
Credit legislation. Mr. Collins also is a past Member of the
Board of Directors of the National Leased Housing Association and
has served as a member of the U. S. Conference of Mayors Task
Force on "HUD and the cities: 1995 and Beyond." Mr. Collins also
was a member of the Fannie Mae Housing Impact Advisory Council
and the Republican Housing Opportunity Caucus. He is Chairman of
the Business Advisory Council and a member of the National
Council of State Housing Agencies Tax Credit Commission. Mr.
Collins graduated from Harvard College. President Bush appointed
him to the President's Advisory Committee on the Arts at the John
F. Kennedy Center for the Performing Arts. He is a leader in the
civic community, serving on the Boards of Youthbuild Boston, the
Pine Inn and I Have a Dream Foundation.
John P. Manning, age 51, is co-founder, President and Chief
Executive Officer of Boston Capital Corporation where he is
responsible for strategic planning and business development. In
addition to his responsibilities at Boston Capital, Mr. Manning
is a proactive leader in the industry. He served in 1990 as a
member of the Mitchell-Danforth Task Force, 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 publication Housing and Development
Reporter. During the 1980s he served as a member of the
Massachusetts Housing Policy Committee, as an appointee of the
Governor of Massachusetts. In addition, Mr. Manning has
testified before the U.S. House Ways and Means Committee and the
U.S. Senate Finance Committee, on the critical role of the
private sector in the success of the Low Income Housing Tax
Credit Program. 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. In 1998, President Clinton also
appointed Mr. Manning to the President's Export Council, which is
the premier committee comprised of major corporate CEOs to advise
the President in matters of foreign trade. Mr. Manning is also a
member of the Board of Directors of the John F. Kennedy
Presidential Library in Boston. In the civic community, Mr.
27
Manning is a leader, serving on the Board of Youthbuild Boston.
Mr. Manning is a graduate of Boston College.
Richard J. DeAgazio, age 54, 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 formerly 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 presently serves as a member of the National
Adjudicatory Council on NASD. 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 is a leader in the community and serves on the
Business Leaders Council of the Boston Symphony, Board of
Directors for Junior Achievement of Massachusetts, the Board of
Advisors for the Ron Burton Training Village and is on the Board
of Corporators of Northeastern University. He graduated from
Northeastern University.
Christopher W. Collins, age 43, 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 38, is Chief Financial Officer of
Boston Capital Partners, Inc., and serves as Chairman of the
firm's Operating Committee. He has fifteen years of experience
in the accounting and finance field and has supervised the
financial aspects of Boston Capital's 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.
28
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 1999 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, 1999 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 $18,999 for amounts charged to
operations during the year ended March 31, 1999.
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, 1999, 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.
29
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, 1999.
(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.
30
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, 1999 and 1998
Statements of Operations, Years ended March 31,
1999, 1998 and 1997.
Statements of Changes in Partners' Capital, Years
ended
March 31, 1999, 1998, and 1997
Statements of Cash Flows, Years ended March 31, 1999,
1998 and 1997
Notes to Financial Statements, March 31, 1999, 1998,
and
1997
(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.
31
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, 1999.
(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
32
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: June 30, 1999 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:
June 30, 1999 /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
33
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: June 30, 1998 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
June 30,1999 __________________ 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
34
<PAGE>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT FUND
LIMITED PARTNERSHIP -
SERIES 1 THROUGH SERIES 6
MARCH 31, 1999 AND 1998
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS REPORT F-3
FINANCIAL STATEMENTS
BALANCE SHEETS F-5
STATEMENTS OF OPERATIONS F-12
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL F-19
STATEMENTS OF CASH FLOWS F-23
NOTES TO FINANCIAL STATEMENTS F-30
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION F-65
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>
Reznick Fedder & Silverman
Certified Public Accountants * 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,
1999 and 1998, and the related statements of operations,
changes in partners' capital and cash flows for the total
partnership and for each of the series for each of the three
years ended March 31, 1999. 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 limited 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, 1999 and 1998, and the limited partnership loss for each of
the three years ended March 31, 1999: Total 28% and 30% of the
assets and 12%, 19% and 18% of the partnership loss; Series 1,
0% and 0% of the assets and 0%, 0% and 0% of the partnership
loss; Series 2, 9% and 17% of the assets and 10%, 25% and 18%
of the partnership loss; Series 3, 42% and 23% of the assets
and 8%, 14% and 22% of the partnership loss; Series 4, 34% and
37% of the assets and 20%, 34% and 17% of the partnership loss;
Series 5, 0% and 0% of the assets and 0%, 0% and 0% of the
partnership loss; and Series 6, 24% and 40% of the assets and
20%, 23% and 22% 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
w h e ther 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>
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, 1999 and 1998, 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 ended March 31, 1999, in
conformity with generally accepted accounting principles.
We and other auditors have also audited the
i n formation 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, 1999. In our opinion, the schedule presents
fairly the information required to be set forth therein, in
conformity with generally accepted accounting principles.
Bethesda, Maryland
June 29, 1999
F-4
McGLADREY&PULLEN, LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Apple Hill Limited Partnership
Winston-Salem, North Carolina
We have audited the accompanying balance sheets of Apple Hill
Limited Partnership as of December 31, 1998 and 1997, and the
related statements of income, partners' 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 the standards applicable to financial
audits contained in 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, 1998 and 1997, 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, 1999 on our consideration of
Apple Hill Limited Partnership's internal control over financial
reporting and on our tests of its compliance with certain
provisions of laws, regulations, contracts and grants.
Greensboro, North Carolina
January 21, 1999
I
McGladey and Pullen, LLP
Certified Public Accountants and Consultants
To the Partners of
Apple Hill Limited Partnership
Greensboro, North Carolina
We have audited the accompanying balance sheets of Apple Hill Limited
Partnership, as of December 31, 1997, and 1996, and the related statements
of income, partners' 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 the standards applicable to financial audits contained in
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 Apple Hill Limited
Partnership, at December 31, 1997,and 1996, 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 20, 1998 on our consideration of Apple Hill Limited
Partnership's internal control and a report dated January 20, 1998 on its
compliance with laws and regulations.
McGrady and Pullen, LLP
Greensboro, North Carolina
January 20, 1998
ROBERT G. CLAPHAM
ACCOUNTANCY CORPORATION
Certified Public Accountants
Pandeim Califinsia 91101-2613
Phone (626) 577-8624
FAX (626) 577-8634
February 12, 1999
To the Partners of
Mecca Apartments Limited Partnership
Independent Auditor' Report
We have audited the accompanying balance sheets of Mecca Apartments Limited
Partnership, as of December 31, 1998, and 1997, and the related statements
of income, changes in 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 these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, and with 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 3 1, 1998, and 1997, 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 purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting information included
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 financial statements taken as a whole.
ROBERT G. CLAPHAM
ACCOUNTANCY CORPORATION
By:
President
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,
1998 and 1997, 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, 1998 and 1997, 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 and the U. S. Department
of Agriculture, Farmers Home Administration "Audit Program", I have also
issued a report dated February 10, 1999 on my consideration of Redondo
Associates, Ltd's internal control and a report dated February 10, 1999 on
its compliance with laws and regulations.
February 10, 1999
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 0 California
Society of Certified Public Accountants
ROBERT G. CLAPHAM
ACCOUNTANCY CORPORATION
Certified Public Accountants
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,
1997 and 1996, 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 3 1, 1997 and 1996, 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 and the U. S. Department
of Agriculture, Farmers Home Administration "Audit Program", I have also
issued a report dated February 5, 1998 on my consideration of Redondo
Associates, Ltd. as internal control and a report dated February 5, 1998 on
its compliance with laws and regulations.
February 5, 1998
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
John G. Burk and Associates
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
56 COURT STREET 9
P.O. BOX 705
KEENE, NEW HAMPSHIRE 3431
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,
1998 and 1997 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, 1998 and 1997 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 20, 1999 on our consideration of Fylex Housing
Associates' internal control and on its compliance with laws and
regulations.
January 20, 1999
Andrews & Miller, P.A.
Certified Public Accountants
8543 South Highway 441 - P.O. Box 491271
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, 1998 and 1997, 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 Lake North Apartments
II, Ltd. as of December 31, 1998 and 1997, 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, 1999
Members of American Institute of Certified Public Accountants
Florida Institute of Certified Public Accountants
EideBailly LLP
Consultants - Certified Public Accountants
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, RHS Project Number: 27-009-450408000, as of December
31, 1998 and 1997, 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, 1998 and 1997, 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 10, 1999
406 Main Avenue - Suite 3000 - PO Box 2545 - Fargo, North Dakota 58108-2545
- - 701.239.8500 - Fax 701.239.8600
Offices in Arizona, Iowa, Minnesota, Montana, North Dakota and South Dakota
- - Equal Opportunity Employer
MORRISON & SMITH, LLP
CERTIFIED PUBLIC ACCOUNTANTS
1809 UNIVERSITY BOULEVARD
P.O. BOX 2064 7
TUSCALOOSA, ALABAMA 35402-0647
CERTIFIED PUBLIC ACCOUNTANTS
CLAUD A. MORRISON. C.P.A.
G. ALAN HARTLEY, C.P.A.
BARRETT A. BURNS, C.P.A.
DIVISION FOR CPA FIRMS
DAVID M.TUNSTALL. C.P.A.
PRACTICE SECTION
TIMOTHY D. CROWE. C.P.A.
R. DANIEL SUTTER. CPA.
PAMELA G. SANDERS, C.P.A.
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, 1998 and 1997 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.
Except as discussed in the following paragraph, 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.
Governmental Accounting Standards Board Technical Bulletin 98-1,
Disclosures about Year 2000 Issues, requires disclosure of certain matters
regarding the year issue. Mound Plaza, LTD. has included such disclosure in
Note 9. Because of the unprecedented nature of the year 2000 issue, its
effects and the success of related remediation efforts will not be fully
det6rminable until the year 2000 and thereafter. Accordingly, insufficient
audit evidence exists to support Mound Plaza, LTD's, disclosures with
respect to the year 2000 issue made in Note 9. Further, we do not provide
assurance that Mound Plaza, LTD., is or will be successful in whole or in
Tart, or that parties with which Mound Plaza, LTD., does business will be
year 200 ready.
In our opinion, except for the effects on the 1998 financial statements of
such adjustments, if any, have been determined to be necessary had we been
able to examine evidence regarding year 2000 disclosures, the financial
statements referred to above-present fairly, in all material respects, the
financial position of Mound Plaza, LTD., as of December 31, 1998 and 1997,
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 through 15 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, 1998 and 1997 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 & SMITH, LLP Certified Public Accountants Tuscaloosa Alabama
January 27: 1999
EideBailly,LLP
Consultants - Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
The Partners
Oak Crest Manor 11, A Limited Partnership
Fargo, North Dakota
We have audited the accompanying balance sheets of Oak Crest Manor H, A
Limited Partnership RHS Project Number: 27-018-450407999, as of December
31, 1998 and 1997, 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 11, A
Limited Partnership as of December 31, 1998 and 1997 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 12, 1998 on our consideration of Oak Crest Manor 11,
A Limited Partnership's internal control and a report dated February 12,
1999 on its compliance with laws and regulations.
Fargo, North Dakota
February 12, 1999
406 Main Avenue - Suite 3000 0 PO Box 2545 o Fargo, North Dakota 58108-2545
- - 701.239-8500Fax 701,239.8600
Offices in Arizona, Iowa, Minnesota, Montana, North Dakota and South Dakota
- - Equal Opportunity Employer
MAHONEY
CHRISTIANSEN
RUSS P A.
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, 1998 and 1997, 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 Paige Hall Limited
Partnership as of December 31, 1998 and 1997, 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 22, 1999
I
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, 1998 and 1997, 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, 1998 and 1997, 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.
January 22, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
698 Pro Med Lane
Carmel, Indiana 46032
317-848-5700
Fax: 317-815-6140
Michael Sczekan & CO., P.C.
7936 East Arapahoe Court, Suite 2800
Englewood, Colorado 80112
CERTIFIED PUBLIC ACCOUNTANTS
Telephone (303) 770-3356
Facsimile (303) 770-3357
INDEFENDENT AUDITOR'S REFORT
To the Partners of Government National Mortgage Association
Rainbow Housing Associates, Ltd.
Care of- Midland Loan Services, L.P.
Yuma, Arizona
Kansas City, MO
We have audited the accompanying Balance Sheet of Rainbow Housing
Associates, Ltd., FHA Project Number 123-94008 REF, as of December 31,
1998, 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, 1998, 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 23, 1999, on our consideration of Rainbow Housing
Associates, Ltd.'s internal control structure and a report dated February
23, 1999, 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 13 through 21 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 resented fairly in all material respects in relation to
the financial statements taken as a whole.
Michael Sczekan & Co., P.C
Certified Public Accountants
Englewood, Colorado
February 23, 1999
Andrews & Miller, P.A.
Certified Public Accountants
8543 South Highway 441 e RO. Box 491271
Leesburg, Florida 34749-1271
Telephone 352/326-8001
Fax 352/326-8011
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, 1998 and 1997, 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, 1998 and 1997, 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, 1999
Members of American Institute of Certified Public Accountants
Florida Institute of Certified Public Accountants
Damratoski & Company
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, 1998 and 1997 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 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, 1998 and 1997 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 29, 1999
Page I
John G. Burk and Associates
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
56 COURT STREET * P.O. BOX 705 * KEENE. NEW HAMPSHIRE 03431 * (603)
357-4882
To the Partners of
Willow Street Associates
(a Limited Partnership)
Independent Auditors' Report
We have audited the accompanying balance sheets of Willow Street Associates
(Case No. 34-012-0020413965) as of December 31, 1998 and 1997 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, 1998 and 1997 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 11, 1999 on our consideration of Willow Street
Associates' internal control and on its compliance with laws and
regulations.
January 11, 1999
John G. Burk and Associates
Certified Public Accountants
A Professional Corporation
56 Court Street
P.O. Box 705
Keen, New Hampshire 03431
(603) 357-4882
To the Partners of
Fylex Housing Associates
We have audited the accompanying balance sheets of Fylex Housing Associates
(a Limited Partnership) (case No. 34-003-0020417485) as of December 31,
1997, and 1996, 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 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 Fylex Housing
Associates at December 31, 1997,and 1996, 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 20, 1998 on our consideration of Fylex Housing
Associates internal control structure and on its compliance with laws and
regulations.
John G. Burk and Associates
January 20, 1998
Andrews & Miller, P.A. Certified Public Accountants
Daniel M. Andrews, CPA
E. F. (Rick) Miller, Jr., CPA
8525 South Highway 441 - P.O. Box 491271
Leesburg, Florida 34749-1271
Telephone 352/326-8001
Fax 352/326-8011
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, 1997 and 1996, 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 Lake North Apartments
II, Ltd. as of December 31, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Leesburq, Florida
January 30, 1998
Members of American Institute of Certified Accountants / Florida Institute
of Certified Public Accountants
Charles Bailly & Companv P.L.L.P.
Certified Public Accountants . Consultants
INDEPENDENT AUDITORIS REPORT
The Partners
Maplewood Apartments, A Limited Partnership
Fargo, North Dakota
We have audited the accompanying balance sheets of Maplewood Apartment, A
Limited Partnership, RHS Project Number: 27-009-450408000, as of December
31, 1997 and 1996, 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, 1997 and 1996, 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 26, 1998
MORRISON & SMITH, LLP
CERTIFIED PUBLIC ACCOUNTANTS
1800 University Boulevard, P.O. Box 20647, Tuscaloosa, Alabama 35402 - 0647
(205) 349-2424 FAX (205) 758-1740
Email: [email protected]
Members: American Institute of Certified Accountants, AICPA Division for
CPA Firms SEC Practice Section, Alabama Society of Certified Accountants
INDEPENDENT AUDTTOR'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, 1997 and 1996 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, 1997 and 1996, 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 13 through 14 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, 1997 and 1996 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 & SMITH, LLP
Certified Public Accountants
Tuscaloosa, Alabama
February 5, 1998
Charles Bailly & Companv P.L.L.P.
Certified Public Accountants . Consultants
INDEPENDENT AUDITORIS 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 RHS Project Number: 27-018-450407999, as of December,
31, 1997 and 1996, 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 financia1 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, 1997 and 1996 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 Standard, we have also issued a
report dated February 17, 1998 on our consideration of Oak Crest Manor II,
A Limited Partnership's internal control and a report dated February 17,
1998 on its compliance with laws and regulations.
Fargo, North Dakota
February 17, 1998
Certified Public Accountants
MAHONEY
ULIIRICH
CHIZISTIANSEN
Russ P.A.
Members: American Institute of Certified Public Accountants
Minnesota Society of Certified Public Accountants
Suite 800 Capital Centre, 386 North Wabasha, Saint Paul, minnesota 55102
Telephone: 612-227-6695 Facsimile: 612-227-9796
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, 1997 and 1996, 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 Paige Hall Limited
Partnership as of December 31, 1997 -and 1996, 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 15, 1998
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors Report
The Partners of
Pedcor Investments 1988-IV, L.P.
We have audited the accompanying balance sheets of Pedcor Investments 1988-
IV, L.P. as of December 31, 1997 and 1996, 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 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 Pedcor Investments 1988-
IV, L.P. as of December 31, 1997 and 1996, 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
January 23, 1998
Dauby O'Connor & Zaleski, LLC
Certified Public Accountants
Damratoski & Company
Corporate One West, Suite 350, 1195 Washington Pike, Bridgeville, Pa 15017
(412) 257 2882
(412) 257 2888 Fax
Certified Public Accountants
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, 1997 and 1996 and the related statements of
operations, partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our 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, 1997 and 1996 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 30, 1998
Page 1
Michael Sczekan & Co., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
7936 East Arapahoe Court, Suite 28OO Englewood, Colorado 8Oll2
Telephone (303)770-3356 Facsimile (303)770-3357
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Rainbow Housing Associates, Ltd.
Yuma, Arizona
Government National Mortgage Association
Care of. Midland Loan Services, L.P.
Kansas City, MO
We have audited the accompanying Balance Sheet of Rainbow Housing
Associates, Ltd., FHA Project Number 123-94008 REF, as of December 31,
1997, 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 3 1, 1997, 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 23, 1998, on our consideration of Rainbow Housing
Associates, Ltd.'s internal control structure and a report dated January
23, 1998, 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 14 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.
Michael Sczekan & Co., P.C.
Certified Public Accountants
Englewood, Colorado
January 23, 1998
Page 1
Auditing, Accounting, Income Taxes, Consulting
Web site... http://www.CPANews4U.com
E-mail... [email protected]
Andrews & Miller, P.A. Certified Public Accountants
Daniel M. Andrews, CPA, E. F. (Rick) Miller, Jr., CPA
8525 South Highway 441 - P.O. Box 491271
Leesburg, Florida 34749-1271
Telephone 352/326-8001
Fax 352/326-8011
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, 1997 and 1996, 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, 1997 and 1996,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, 1998
Members of American Institute of Certified Public Accountants / Florida
Institute of Certified Public Accountants
John G. Burk
Certified Public Accountants
A Professional Corporation
86 Court Street
P.O. Box 705
Keene, New Hampshire 03431
(603) 357-4882
To the Partners of
Willow Street Associates
(a Limited Partnership)
We have audited the accompanying balance sheets of Willow Street Associates
(Case No. 34-012-0020413965) as of December 31, 1997, and 1996, 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 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 Willow Street
Associates at December 31, 1997,and 1996, 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
report dated January 9, 1998 on our consideration of Willow Street
Associates' internal control structure and on its compliance with laws and
regulations.
John G. Burk & Associates
January 9, 1998
Michael Sczekan & Co., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
7936 East Arapahoe Court, Suite 28OO Englewood, Colorado 8Oll2
Telephone (303)770-3356 Facsimile (303)770-3357
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Rainbow Housing Associates, Ltd.
Yuma, Arizona
Government National Mortgage Association
Care of. Boatmen's National Mortgage Inc.
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.
Michael Sczehan & Co., P.C.
Certified Public Accountants
Englewood, Colorado
January 25, 1997
FREED MAXICK
SACHS & MURPHY, PC
CERTIFIED PUBLIC ACCOUNTANTS
800 LIBERTY BUILDING * BUFFALO, NEW YORK * 14202-3508 0 (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, 1998 and 1997, and the related statements of
operations, partners' capital (deficit), and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our 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, 1998 and 1997, 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.
January 26, 1999
I
Member American Institute of Certified Public Accountants (AICPA), Division
for CPA Firms SEC Practice Section
Member CPA Associates International, Inc. which provides representation in
cities in the US and foreign countries
MAHONEY
ULBRICH
CHRISTIANSEN
Minnesota Society
Russ P. A.
The Partners
Fuller Homes Limited Partnership
Saint Paul, Minnesota
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheet of Fuller Homes Limited
Partnership as of December 31, 1998, and the related statements of
operations, partners' capital and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit. The financial statements and supplemental
information of Fuller Homes Limited Partnership as of December 31, 1997,
were audited by other auditors whose report dated January 21, 1998,
expressed an unqualified opinion on those financial statements and
supplemental information.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Fuller Homes Limited
Partnership as of December 31, 1998, 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 10 through 16 is presented for the purposes of additional analysis
and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
Saint Paul, Minnesota
January 15, 1999
Randall Patterson, CPA, P.C.
12913 Alton Square, #101
Herndon, Virginia 20170
Phone: (703) 834-3804
Fax: (703) 834-1908
Independent Auditor's Report
To the Partners
Landmark Limited Partnership
We have audited the accompanying balance sheet of Landmark Limited
Partnership, VHDA Number 88-0144-HF, as of December 31, 1998 and 1997, and
the related statements of operations, and cash flows and changes in owners'
equity for the years then ended. These financial statements are the
responsibility of Landmark Limited Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audits in accordance with generally accepted auditing
standards and the Virginia Housing Development Authority's
Mortgagor/Grantee's Audit Guide. 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 Landmark Limited
Partnership as of December 31, 1998 and 1997, and the results of its
operations and its cash flows and its changes in owners equity for the
years then ended in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as whole. The supplementary information and
Schedule of Findings and Questioned Costs included in the report is
presented for purposes of additional analysis and is not a required part of
the basic financial statements of Landmark Limited Partnership. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the financial statements
taken as a whole.
Randall Patterson, CPA, P.C.
March 4, 1999
MAHONEY ULBRICH CHRISTIANSEN RUSS P.A.
386 North Wabasha Saint Paul, Minnesota 55102
American Institute of Certified Public Accountants
Telephone 651-227-669
Facsimile 651-227-9090
Minnesota Society
of Certified Public Accountants
The Partners
Montana Avenue Townhomes Limited Partnership
Saint Paul, Minnesota
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheet of Montana Avenue Townhomes
Limited Partnership as of December 31, 1998, and the related statements of
operations, partners' capital and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit. The financial statement and supplemental
information of Montana Avenue Townhomes Limited Partnership as of December
31, 1997, were audited by other auditors whose report dated January 16,
1998, expressed an unqualified opinion on those financial statements and
supplemental information.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Montana Avenue
Townhomes Limited Partnership as of December 31, 1998, 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 10 through 16 is presented for the purposes of additional analysis
and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to-the basic financial
statements taken as a whole.
Saint Paul, Minnesota
January 26, 1999
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, 1998 and 1997, 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, 1998 and 1997, 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.
January 22, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
698 Pro Med Lane
Carmel, Indiana 46032
317-848-5700
Fax: 317-815-6140
ROBERT ERCOLINI & COMPANY LLP
Certified Public Accountants & Business Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Rosenberg Building Associates Limited Partnership
Boston, Massachusetts
We have audited the accompanying balance sheets of Rosenberg Building
Associates Limited Partnership as of December 31, 1998 and 1997, 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 Rosenberg Building
Associates Limited Partnership as of December 31, 1998 and 1997, and the
results of its operations, changes in partners' capital, 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 included
in this report (shown on pages 18 and 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 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.
March 10, 1999
FIFTY-FIVE S~AIMER STREET - BOSTON, MA 02110-1007 - TELEPHONE 617.482-5511
- - Fax 617.426-5252
DOUGLAS A. HOLLOWELL, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
DOUGLAS A. HOLLOWELL, C.P.A.
DONNA L. HOLLOWELL, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Shockoe Hill Associates II, L.P.
Richmond, Virginia
We have audited the accompanying balance sheet of Shockoe Hill Associates
II, L.P. as of December 31, 1998, 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. 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 Shockoe Hill Associates
II, L.P.. As of December 31, 1998, 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.
our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information 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 our opinion,
is fairly stated in all material respects in relation to the financial
statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated March 2, 1999 on our consideration of Shockoe Hill Associates
II, L.P.'s internal controls and reports dated March 2, 1999 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.
MEMBERS OF:
THE AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS Portsmouth, Virginia
THE VIRGINIA SOCIETY OF March 2, 1999
CERTIFIED PUBLIC ACCOUNTANTS
THE NORTH CAROLINA
ASSOCIATION OF CERTIFIED
PUBLIC ACCOUNTANTS
Robert Ercolini & Company LLP
Certified Public Accountants Business Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Armory Square Limited Partnership
Holyoke, Massachusetts
We have audited the accompanying balance sheet of Armory Square Limited
Partnership as of December 31, 1997, and the related statements of
operations, partners' capital, and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit. The financial statements of Armory Square
Limited Partnership as of December 31, 1996, were audited by other auditors
whose report dated January 31, 1997, expressed an unqualified opinion on
those financial statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the 1997 financial statements referred to above present
fairly, in all material respects, the financial position of Armory Square
Limited Partnership as of December 31, 1997, and the results of its
operations, changes in partners' capital, 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 for the year ended December 31, 1997 taken as a whole.
The additional information related to the 1997 financial statements
included in this report (shown on pages 15 and 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
our opinion, is fairly stated in all material respects in relation to the
basic financial statements for the year ended December 31, 1997 taken as a
whole. The additional information related to the 1996 financial statements
included in this report (shown on pages 15 and 16) was audited by other
auditors whose report dated January 31, 1997, stated that, in their
opinion, such information was fairly stated in all material respects in
relation to the basic financial statements for the year ended December 31,
1996 taken as a whole.
January 28, 1998
FIFTY-FIVE SUMMMER STREET - BOSTON, MA 02110-1007 - TELEPHONE 617-482-511
FAX 617-426-5252
FREED MAXICK
SACHS & MURPHY, PC
CERTIFIED PUBLIC ACCOUNTANTS
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, 1997 and 1996, and the related statements of
operations, partners' capital (deficit), and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our 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, 1997 and 1996, 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 of NYS Housing Trust Fund
Corporation Funds, we have also issued a report dated January 27, 1998 on
our consideration of Cambria Commons Limited Partnership's internal control
over financial reporting and our tests of its compliance with laws,
provisions, regulations, contracts and grants.
January 27, 1998
Member American Institute of certified Public Accountants, Division for CPA
Firms SEC Practice Section, Member CPA Associates International, Inc.
LARREN, 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 as of December 3l, 1997 and 1996, and the related statements of
operations, partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our 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, 1997 and 1996, 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 25 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
Minneapolis, Minnesota
January 21, 1998
(1)
Witt, Mares & Company, PLC
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
INDEPENDENT AUDITOR'S REPORT
The Partners
Landmark Limited Partnership
We have audited the accompanying balance sheet of Landmark Limited
Partnership as of December 31, 1997, and the related statements of profit
and loss (on HUD Form No.: 92410), partners' equity and cash flows for the
year then ended. These financial statements are the responsibility of the
general partners of Landmark Limited Partnership. 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 the Virginia Housing Development Authority's
Mortgagor/Grantee's Audit Guide. 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 Landmark Limited
Partnership as of December 31, 1997 and the results of its operations, its
partners' equity and its cash flows for the year then ended, in conformity
with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion of the
financial statements take as a whole. The supplementary information and
Schedule of Findings and Questioned Costs included in the report (shown on
pages 17 through 26) is presented for purposes of additional analysis and
is not a required part of the basic financial statements of Landmark
Limited Partnership. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in
our opinion, is fairly stated in all material respects in relation to the
financial statements take as a whole.
Newport News, Virginia
February 21, 1998
1742 Jefferson Ave., Suite 300, Newport News, VA 23606-4409, (757) 873-1587
Fax (757) 873-2324.
215 Market Street, Suffolk, VA 23434-5309, (757) 539-2369, Fax (757) 539-
1764
One Columbas Center Suite 1001, Virginia Beach, VA 23462-6764, (757) 499-
2762
Fax(757) 499-2762
133 Waller Mill Rd, Suite 301, Williamsburg, VA 23185-2989, (757) 229-7180
Fax (757) 229-5452
7301 Forest Avenue Suite 250, Richmond, VA 23226-3792, (804) 282-3551, Fax
(804) 282-3597
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,
1997 and 1996, and the related statements of operations, partners' equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our 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, 1997 and 1996, 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 16, 1998
(1)
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors Report
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, 1997 and 1996, 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 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 Pedcor Investments 1988-
VI, L.P. as of December 31, 1997 and 1996, 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
January 23, 1998
Dauby O'Connor & Zaleski, LLC
Certified Public Accountants
Robert Ercolini & Company LLP
Certified Public Accountants Business Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Rosenburg Building Associates Limited Partnership
Boston, Massachusetts
We have audited the accompanying balance sheet of Rosenburg Building
Associates Limited Partnership as of December 31, 1997 and 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 1997 financial statements referred to above present
fairly, in all material respects, the financial position of Rosenburg
Building Associates Limited Partnership as of December 31, 1997 and 1996,
and the results of its operations, changes in partners' capital, 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 additional information included
in this report (shown on pages 19 and 20) 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.
Robert Ercolini & Company LLP
February 4, 1998
DOUGLAS A. HOLLOWELL, P.C.
309 County Street - Suite 100
P.O. Box 636
Portsmouth, Virginia 23705
Telephone (757) 397-8425
1-800-858-8425
Fax# (757) 393-1451
1500 W.Ehringhaus Street,
P.O. Box 1387,
Elizabeth City, North Carolina 27909,
Telephone (919) 335-7666
(919) 338-8021
Fax# (919) 338-4148
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheet of Shockoe Hill Associates
II, L.P. as of December 31, 1997, 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. 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 Shockoe Hill Associates
II, L.P. as of December 31, 1997, 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.
Our audit as conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information shown on pages 14 to 24 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 our opinion, is fairly stated in all material respects
in relation to the financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated January 30, 1998 on our consideration of Shockoe Hill
Associates II, L.P.'s internal controls and reports dated January 30, 1998
on its compliance with specific requirements applicable to major HUD
programs, specific requirements applicable to Affirmative Fair Housing, and
specific requirements applicable to nonmajor HUD program transaction.
Portsmouth, Virginia
January 30 1998
Page 2
FREED MAXICK
SACHS & MURPHY, PC
CERTIFIED PUBLIC ACCOUNTANTS
800 LIBERTY BUILDING * BUFFALO, NEW YORK * 14202-3508 0 (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, 1998 and 1997, and the related statements of
operations, partners' capital (deficit), and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our 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, 1998 and 1997, 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.
January 26, 1999
I
Member American Institute of Certified Public Accountants (AICPA), Division
for CPA Firms SEC Practice Section
Member CPA Associates International, Inc. which provides representation in
cities in the US and foreign countries
MAHONEY
ULBRICH
CHRISTIANSEN
RUSS P. A.
Telephone 651-227-6695
Facsimile 651-227
The Partners
Fuller Homes Limited Partnership
Saint Paul, Minnesota
INDEPENDENT AUDITORS'REPORT
We have audited the accompanying balance sheet of Fuller Homes Limited
Partnership as of December 31, 1998, and the related statements of
operations, partners' capital and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit. The financial statements and supplemental
information of Fuller Homes Limited Partnership as of December 31, 1997,
were audited by other auditors whose report dated January 21, 1998,
expressed an unqualified opinion on those financial statements and
supplemental information.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Fuller Homes Limited
Partnership as of December 31, 1998, 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 10 through 16 is presented for the purposes of additional analysis
and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
Saint Paul, Minnesota
January 15, 1999
1
Randall Patterson, CPA, P.C.
12913 Alton Square, #101
Herndon, Virginia 20170 Fax:
Phone: 703) 834-3804
(703) 834-1908
Independent Auditor's Report
To the Partners
Landmark Limited Partnership
We have audited the accompanying balance sheet of Landmark Limited
Partnership, VHDA Number 88-0144-HF, as of December 31, 1998 and 1007, and
the related statements of operations, and cash flows and changes in owners'
equity for the years then ended. These financial statements are the
responsibility of Landmark Limited Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audits in accordance with generally accepted auditing
standards and the Virginia Housing Development Authority's
Mortgagor/Grantee's Audit Guide. 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 Landmark Limited
Partnership as of December 31, 1998 and 1997, and the results of its
operations and its cash flows and its changes in owners equity for the
years then ended in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as whole. The supplementary information and
Schedule of Findings and Questioned Costs included in the report is
presented for purposes of additional analysis and is not a required part of
the basic financial statements of Landmark Limited Partnership. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the financial statements
taken as a whole.
Randall Patterson, CPA, P.C.
March 4, 1999
MAHONEY
ULBRICH
CHRISTIANSEN
RUSS P. A.
Telephone 651-227-6695
Facsimile 651-227
The Partners
Montana Avenue Townhomes Limited Partnership
Saint Paul, Minnesota
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheet of Montana Avenue Townhomes
Limited Partnership as of December 31, 1998, and the related statements of
operations, partners' capital and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit. The financial statement and supplemental
information of Montana Avenue Townhomes Limited Partnership as of December
31, 1997, were audited by other auditors whose report dated January 16,
1998, expressed an unqualified opinion on those financial statements and
supplemental information.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Montana Avenue
Townhomes Limited Partnership as of December 31, 1998, 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 10 through 16 is presented for the purposes of additional analysis
and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to-the basic financial
statements taken as a whole.
Saint Paul, Minnesota
January 26, 1999
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, 1998 and 1997, 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, 1998 and 1997, 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.
January 22, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
698 Pro Med Lane
Carmel, Indiana 46032
317-848-5700
Fax: 317-815-6140
ROBERT ERCOLINI & COMPANY LLP
Certified Public Accountants & Business Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Rosenberg Building Associates Limited Partnership
Boston, Massachusetts
We have audited the accompanying balance sheets of Rosenberg Building
Associates Limited Partnership as of December 31, 1998 and 1997, 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 Rosenberg Building
Associates Limited Partnership as of December 31, 1998 and 1997, and the
results of its operations, changes in partners' capital, 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 included
in this report (shown on pages 18 and 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 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.
March 10, 1999
FIFTY-FIVE S~AIMER STREET - BOSTON, MA 02110-1007 - TELEPHONE 617.482-5511
- - Fax 617.426-5252
DOUGLAS A. HOLLOWELL, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
1-800-858-8425 (919) 338-8021
FAX * (757) 393-1451 FAX # (919) 338-4148
DOUGLAS A. HOLLOWELL, C.P.A.
DONNA L. HOLLOWELL, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Shockoe Hill Associates II, L.P.
Richmond, Virginia
We have audited the accompanying balance sheet of Shockoe Hill Associates
II, L.P. as of December 31, 1998, 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. 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 Shockoe Hill Associates
II, L.P.. As of December 31, 1998, 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.
our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information 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 our opinion,
is fairly stated in all material respects in relation to the financial
statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated March 2, 1999 on our consideration of Shockoe Hill Associates
II, L.P.'s internal controls and reports dated March 2, 1999 on its
compliance with specific requirements applicable to major HUD programs,
specific requirements applicable to Affirmative Fair Housing, and specific
requirements applicable (--i6-"nonmajor HUD program transactions.
MEMBERS OF:
THE AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS Portsmouth, Virginia
THE VIRGINIA SOCIETY OF March 2, 1999
CERTIFIED PUBLIC ACCOUNTANTS
THE NORTH CAROLINA
ASSOCIATION OF CERTIFIED
KAY L. BOWEN & ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANT PC.
Phone (801) 627-0825 - FAX (801) 627-0829 - 1-800-573-0609
371O QUINCY AVENUE
Ogden, Utah 84403
Kay L. Bowen PRESIDENT
SHARI B. JOHNSON CPA
JAMES L. HAWKINS
INDEPENDENT AUDITOR'S REPORT
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, 1997 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 Columbia Park Apartments' 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 Columbia Park
Apartments as of December 31, 1997 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.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting information included
in the report (shown on pages 12 to 21) are presented for the purposes of
additional analysis and are not a required part of the basic financial
statements of Columbia Park Apartments. 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.
In accordance with Government Auditing Standards, we have also issued a
report dated Feb 17, 1998, on our consideration of Columbia Park
Apartments' internal controls and a report dated February 17, 1998, on its
compliance with laws and regulations.
Ogden, Utah
February 17, 1998
Kay L. Bowen, CPA, President
Kay L. Bowen & Associates, P. C.
Federal I.D. #87-0448933
Page 1
LOUIS YOUNG C.P.A. INC.
2630 E. ASHLAN - FRESNO, CALIFORNIA 93726
LOUIS YOUNG C.P.A. INC.
LOUIS YOUNG, CPA 3142 WILLOW AVENUE #101 -CLOVIS, CA 93612
JASON LIAO, CPA (559) 291-1668 - FAX (559) 291-1692
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, 1998, and the related statements
of operations, partners' capital and cash flows f or 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, 1998, 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 23, 1999
Boardman & Winnick
CERTIFIED PUBLIC ACCOUNTANTS
Myron H. Bordman, C.P.A. 7439 Middlebelt Road, Suite 3
Robert F. Winnick, C.P.A. West Bloomfield, Michigan 48322
(248) 851-5350
Facsimile (248) 851-9148
Hedda Panzer, C.P.A.
Sharon Lin, 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, 1998, and the related statements
of income, and cash flows, and changes in partner's equity. 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 Holland West Limited Partnership as of December 31, 1998, and
the results of its operations and its cash flow and its changes
in partners' equity for the year then ended in conformity with
generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supporting
information 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 basic financial statements of Holland West
Limited Partnership. Such information has been subject 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.
In accordance with Government Auditing Standards, we have also
issued a report dated January 24, 1999, on our consideration of
Holland West Limited Partnership's internal controls and a report
dated January 24, 1999, on its compliance with laws and
regulations.
West Bloomfield, MI
BORDMAN & WINNICK
January 24, 1999
Certified Public Accountants
ROBERT ERCOLINI & COMPANY LLP
Certified Public Accountants * Business Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Rosenberg Building Associates Limited Partnership
Boston, Massachusetts
We have audited the accompanying balance sheets of Rosenberg
Building Associates Limited Partnership as of December 31, 1998
and 1997, 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, m 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
Rosenberg Building Associates Limited Partnership as of December
31, 1998 and 1997, and the results of its operations, changes in
partners' capital, 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 included in this report (shown on pages 18 and 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
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.
March 10, 1999
FECTEAU & COMPANY. P.C.
Certified Public Accountants -Advisors of Taxation
INDEPENDENT AUDITORS' REPORT
To the Partners
Sherburne Housing Redevelopment Company
We have audited the accompanying balance sheet of Sherburne
Housing Redevelopment Company as of December 31, 1998 and the
related statements of operations, partners' equity, and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on 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 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,
1998 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 reports dated February 4, 1999, on our consideration of
Sherburne Housing Redevelopment Company's internal control
structure and its compliance with laws and regulations.
The financial statements of Sherburne Housing Redevelopment
Company as of December 31, 1997 were audited by other accountants
whose report dated January 24, 1998 expressed an unqualified
opinion on those statements.
February 4, 1999
Albany, New York
Executive Woods, 4 Atrium Drive, Albany, NY 12205 0 (518)
438-7400 0 FAX (518) 438-7444
Member
American Institute of Certified Public Accountants
(Private Companies Practice Section & Tax Division)
New York state Society of CPA's
(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, 1997, 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, 1997, 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 26, 1998
BOARDMAN & WINNICK
CERTIFIED PUBLIC ACCOUNTANTS
Myron H. Bordman, C.P.A 7439 Middlebeit Road, Suite 3
Robert F. Winnick, C.P.A. West Bloomfield, Michigan 48322
Hedda Benenson, C.P.A.
Sharon Lin, C.P.A.
(248) 851-5350
Facsimile (248) 851-9148
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, 1997, and the related statements
of income, and cash flows, and changes in partner's equity.
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 Holland West Limited Partnership as of December 31, 1997, and
the results of its operations and its cash flow and its changes
in partners' equity for the year then ended in conformity with
generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supporting
information 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 basic financial statements of Holland West
Limited Partnership. Such information has been subject 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.
In accordance with Government Auditing Standards, we have also
issued a report dated January 24, 1998, on our consideration of
Holland West Limited Partnership's internal controls and a report
dated January 24, 1998, on its compliance with laws and
regulations.
West Bloomfield, MI
January 24, 1998
BORDMAN & WINNICK
Certified Public Accountants
38-2900295
Coopers and Lybrand L.L.P
A professional Services Firm
Report of Independent Accountants
The Partners
Sherburne Housing Redevelopment Company
We have audited the accompanying statements of financial position
of Sherburne Housing Redevelopment Company (A Limited
Partnership) as of December 31, 1997 and 1996, 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 audits.
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,
1997 and 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 our report dated January 24, 1998 on our consideration of
Sherburne Housing Redevelopment Company's internal control
structure and a report dated January 24, 1998 on its compliance
with laws and regulations.
Coopers and Lybrand LLP
Rochester, New York
January 24, 1998
Members of American Institute of Certified Public Accountants /
Florida Institute of Certified Public Accountants
COLLEEN E. ALLARD, C.P.A. ROGER D ALLARD C.P.A. BARRY W: CROWLEY,
C.P.A.
CERTIFIED PUBLIC ACCOUNTANTS
259 PAGE BOULEVARD
SPRINGFIELD, MASSACHUSETTS 01104
TELEPHONE: (413) 785-1414
FAX: (413) 739-9618
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, 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
Saint Paul, Minnesota
January 17, 1997
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.: 9241 0),
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
8395 Keystone Crossing, Suite 203 Indianapolis, Indiana 46240
317-259-6857 Fax: 317-259-6861
DOUGLAS A. HOLLOWELL, P.C.
Certified Public Accountants,
A Professional Corporation
309 County Street, Suite 100,
P.O. Box 630,
Portsmouth, Virginia 23705,
Telephone (804) 397-6425
1800 658 8425
Fax# 393 1451
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.Is
Management. My responsibility is to express an opinion on these
financial statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standard- 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 nonmajor 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
citing 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.
Portsmouth, Virginia,
January 28, 1997
Member of:
The American Institute of Certified Public Accountants
The Virginia Society of Certified Public Accountants
The North Carolina Association of Certified Public Accountants
Page 1
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>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS
March 31, 1999 and 1998
<TABLE>
Total
--------------------------------
1999 1998
-------------- --------------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 12,964,520 $ 21,247,830
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 160,135 176,885
Other 721,229 672,439
-------------- --------------
$ 13,845,884 $ 22,097,154
-------------- --------------
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 6,969,091 $ 5,879,773
-------------- --------------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership
interest consisting of
1 0 ,000,000 authorized
beneficial assignee
certificates (BAC), $10
stated value, 9,800,600
issued to the assignees at
March 31, 1999 and 1998 - -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 9,800,600
issued and outstanding at
March 31, 1999 and 1998 7,657,936 16,905,119
General partners (781,143) (687,738)
-------------- --------------
6,876,793 16,217,381
-------------- --------------
$ 13,845,884 $ 22,097,154
============== ==============
(continued)
F-5
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
</TABLE>
<TABLE>
Series 1
--------------------------------
1999 1998
-------------- --------------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 22,969 $ 39,010
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 6,640 15,351
Other 68,113 68,113
-------------- --------------
$ 97,722 $ 122,474
============== ==============
LIABILITIES AND PARTNERS' DEFICIT
LIABILITIES
Accounts payable - affiliates
(note B) $ 1,497,650 $ 1,306,517
-------------- --------------
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, 1999 and 1998 - -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 1,299,900
issued and outstanding at
March 31, 1999 and 1998 (1,272,705) (1,058,979)
General partners (127,223) (125,064)
-------------- --------------
(1,399,928) (1,184,043)
-------------- --------------
$ 97,722 $ 122,474
============== ==============
(continued)
F-6
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
</TABLE>
<TABLE>
Series 2
--------------------------------
1999 1998
-------------- --------------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 731,325 $ 1,889,149
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 5,497 3,977
Other 360,285 360,285
-------------- --------------
$ 1,097,107 $ 2,253,411
============== ==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 479,154 $ 390,924
-------------- --------------
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, 1999 and 1998 - -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 830,300
issued and outstanding at
March 31, 1999 and 1998 681,116 1,913,205
General partners (63,163) (50,718)
-------------- --------------
617,953 1,862,487
-------------- --------------
$ 1,097,107 $ 2,253,411
============== ==============
(continued)
F-7
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
</TABLE>
<TABLE>
Series 3
-------------------------------
1999 1998
-------------- --------------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 1,289,310 $ 4,858,313
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 2,331 14,333
Other 41,861 41,861
-------------- --------------
$ 1,333,502 $ 4,914,507
============== ==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 1,898,749 $ 1,615,058
-------------- --------------
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, 1999 and 1998 - -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 2,882,200
issued and outstanding at
March 31, 1999 and 1998 (307,681) 3,518,368
General partners (257,566) (218,919)
-------------- --------------
(565,247) 3,299,449
-------------- --------------
$ 1,333,502 $ 4,914,507
============== ==============
(continued)
F-8
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
</TABLE>
<TABLE>
Series 4
--------------------------------
1999 1998
-------------- --------------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 6,648,529 $ 8,752,503
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 10,320 1,955
Other 217,857 169,067
-------------- --------------
$ 6,876,706 $ 8,923,525
============== ==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 1,801,996 $ 1,461,678
-------------- --------------
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, 1999 and 1998 - -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 2,995,300
issued and outstanding at
March 31, 1999 and 1998 5,284,067 7,647,333
General partners (209,357) (185,486)
-------------- --------------
5,074,710 7,461,847
-------------- --------------
$ 6,876,706 $ 8,923,525
============== ==============
(continued)
F-9
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
</TABLE>
<TABLE>
Series 5
--------------------------------
1999 1998
-------------- --------------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 598,143 $ 1,173,153
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 118,832 130,957
Other 33,113 33,113
-------------- --------------
$ 750,088 $ 1,337,223
============== ==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 146,736 $ 107,280
-------------- --------------
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, 1999 and 1998 - -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 489,900
issued and outstanding at
March 31, 1999 and 1998 639,069 1,259,394
General partners (35,717) (29,451)
-------------- --------------
603,352 1,229,943
-------------- --------------
$ 750,088 $ 1,337,223
============== ==============
(continued)
F-10
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
</TABLE>
<TABLE>
Series 6
-------------------------------
1999 1998
-------------- --------------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 3,674,244 $ 4,535,702
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 16,515 10,312
Other - -
-------------- --------------
$ 3,690,759 $ 4,546,014
============== ==============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 1,144,806 $ 998,316
-------------- --------------
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, 1999 and 1998 - -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 1,303,000
issued and outstanding at
March 31, 1999 and 1998 2,634,070 3,625,798
General partners (88,117) (78,100)
-------------- --------------
2,545,953 3,547,698
-------------- --------------
$ 3,690,759 $ 4,546,014
============== ==============
See notes to financial statements
F-11
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS
Years ended March 31, 1999, 1998 and 1997
</TABLE>
<TABLE>
Total
------------------------------------------
1999 1998 1997
------------ ------------ ------------
<S> <C> <C> <C>
Income
Interest income $ 4,355 $ 16,039 $ 7,074
Miscellaneous income - 813 2,910
------------ ------------ ------------
Total income 4,355 16,852 9,984
------------ ------------ ------------
Share of losses from
operating limited
partnerships (note A) (4,256,419) (4,676,547) (1,453,320)
------------ ------------ ------------
Expenses
Professional fees 87,427 90,270 97,901
Partnership management fee
(note B) 919,866 922,872 919,609
Impairment loss (note A) 4,017,052 - -
General and administrative
expenses (note B) 64,179 83,140 64,325
------------ ------------ ------------
5,088,524 1,096,282 1,081,835
------------ ------------ ------------
NET LOSS (note A) $ (9,340,588) $ (5,755,977) $ (2,525,171)
============ ============ ============
Net loss allocated to general
partner $ (93,405) $ (57,559) $ (25,251)
============ ============ ============
Net loss allocated to
assignees $ (9,247,183) $ (5,698,418) $ (2,499,920)
============ ============ ============
Net loss per BAC $ (0.94) $ (0.58) $ (0.26)
============ ============ ============
</TABLE>
(continued)
F-12
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Series 1
--------------------------------
1999 1998 1997
--------- --------- ---------
<S> <C> <C> <C>
Income
Interest income $ 266 $ 629 $ 1,190
Miscellaneous income - - 1,353
--------- --------- --------
Total income 266 629 2,543
--------- --------- --------
Share of losses from
operating limited
partnerships (note A) (16,041) (78,739) (260,308)
--------- --------- --------
Expenses
Professional fees 16,459 16,896 20,810
Partnership management fee
(note B) 175,604 173,604 172,864
Impairment loss (note A) - - -
General and administrative
expenses (note B) 8,047 10,781 8,693
--------- --------- --------
200,110 201,281 202,367
--------- --------- --------
NET LOSS (note A) $(215,885) $ (279,391) $(460,132)
========= ========= ========
Net loss allocated to general
partner $ (2,159) $ (2,794) $ (4,601)
========= ========= ========
Net loss allocated to
assignees $(213,726) $ (276,597) $(455,531)
========= ========= ========
Net loss per BAC $ (0.16) $ (0.21) $ (0.35)
========= ========= ========
</TABLE>
(continued)
F-13
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Series 2
--------------------------------------------
1999 1998 1997
------------- ------------- -------------
<S> <C> <C> <C>
Income
Interest income $ 115 $ 37 $ 78
Miscellaneous income - - -
------------- ------------- -------------
Total income 115 37 78
------------- ------------- -------------
Share of losses from
operating limited
partnerships (note A) (280,980) (263,285) (292,730)
------------- ------------- -------------
Expenses
Professional fees 10,797 11,579 11,325
Partnership management fee
(note B) 67,362 66,362 65,876
Impairment loss (note A) 876,844 - -
General and administrative
expenses (note B) 8,666 10,558 9,135
------------- ------------- -------------
963,669 88,499 86,336
------------- ------------- -------------
NET LOSS (note A) $ (1,244,534) $ (351,747) $ (378,988)
============= ============= =============
Net loss allocated to general
partner $ (12,445) $ (3,517) $ (3,790)
============= ============= =============
Net loss allocated to
assignees $ (1,232,089) $ (348,230) $ (375,198)
============= ============= =============
Net loss per BAC $ (1.48) $ (0.42) $ (0.45)
============= ============= =============
</TABLE>
(continued)
F-14
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Series 3
----------------------------------------
1999 1998 1997
----------- ----------- ------------
<S> <C> <C> <C>
Income
Interest income $ 240 $ 11,056 $ 114
Miscellaneous income - 560 1,304
----------- ----------- ------------
Total income 240 11,616 1,418
----------- ----------- ------------
Share of losses from
operating limited
partnerships (note A) (2,166,577) (2,619,755) (17,034)
----------- ----------- ------------
Expenses
Professional fees 18,536 17,746 22,250
Partnership management fee
(note B) 259,856 257,189 260,067
Impairment loss (note A) 1,402,374 - -
General and administrative
expenses (note B) 17,593 22,643 17,609
----------- ----------- ------------
1,698,359 297,578 299,926
----------- ----------- ------------
NET LOSS (note A) $ (3,864,696) $ (2,905,717) $ (315,542)
=========== =========== ============
Net loss allocated to general
partner $ (38,647) $ (29,057) $ (3,155)
=========== =========== ============
Net loss allocated to
assignees $ (3,826,049) $ (2,876,660) $ (312,387)
=========== =========== ============
Net loss per BAC $ (1.33) $ (1.00) $ (0.11)
=========== =========== ============
</TABLE>
(continued)
F-15
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Series 4
----------------------------------------
1999 1998 1997
----------- ----------- ------------
<S> <C> <C> <C>
Income
Interest income $ 200 $ 82 $ 556
Miscellaneous income - 253 253
----------- ----------- ------------
Total income 200 335 809
----------- ----------- ------------
Share of losses from
operating limited
partnerships (note A) (1,449,290) (1,048,912) (120,255)
----------- ----------- ------------
Expenses
Professional fees 18,815 19,554 18,930
Partnership management fee
(note B) 247,884 247,257 245,494
Impairment loss (note A) 654,684 - -
General and administrative
expenses (note B) 16,664 21,498 17,474
----------- ----------- ------------
938,047 288,309 281,898
----------- ----------- ------------
NET LOSS (note A) $ (2,387,137) $ (1,336,886) $ (401,344)
=========== =========== ============
Net loss allocated to general
partner $ (23,871) $ (13,369) $ (4,013)
=========== =========== ============
Net loss allocated to
assignees $ (2,363,266) $ (1,323,517) $ (397,331)
=========== =========== ============
Net loss per BAC $ (0.79) $ (0.44) $ (0.13)
=========== =========== ============
</TABLE>
(continued)
F-16
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Series 5
-------------------------------
1999 1998 1997
--------- -------- --------
<S> <C> <C> <C>
Income
Interest income $ 3,065 $ 3,696 $ 4,178
Miscellaneous income - - -
--------- --------- ---------
Total income 3,065 3,696 4,178
--------- --------- ---------
Share of losses from
operating limited
partnerships (note A) (124,175) (135,018) (114,100)
--------- --------- ---------
Expenses
Professional fees 9,236 10,002 10,498
Partnership management fee
(note B) 39,184 39,184 39,456
Impairment loss (note A) 450,835 - -
General and administrative
expenses
(note B) 6,226 9,104 4,400
--------- --------- ---------
505,481 58,290 54,354
--------- --------- ---------
NET LOSS (note A) $(626,591) $(189,612) $(164,276)
========= ========= =========
Net loss allocated to general
partner $ (6,266) $ (1,896) $ (1,643)
========= ========= =========
Net loss allocated to
assignees $(620,325) $(187,716) $(162,633)
========= ========= =========
Net loss per BAC $ (1.27) $ (0.38) $ (0.33)
========= ========= =========
</TABLE>
(continued)
F-17
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Series 6
----------------------------------------
1999 1998 1997
----------- ----------- ------------
<S> <C> <C> <C>
Income
Interest income $ 469 $ 539 $ 958
Miscellaneous income - - -
----------- ----------- ------------
Total income 469 539 958
----------- ----------- ------------
Share of losses from
operating limited
partnerships (note A) (219,356) (530,838) (648,893)
----------- ----------- ------------
Expenses
Professional fees 13,584 14,493 14,088
Partnership management fee
(note B) 129,976 139,276 135,852
Impairment loss (note A) 632,315 - -
General and administrative
expenses
(note B) 6,983 8,556 7,014
----------- ----------- ------------
782,858 162,325 156,954
----------- ----------- ------------
NET LOSS (note A) $ (1,001,745) $ (692,624) $ (804,889)
=========== =========== ============
Net loss allocated to general
partner $ (10,017) $ (6,926) $ (8,049)
=========== =========== ============
Net loss allocated to
assignees $ (991,728) $ (685,698) $ (796,840)
=========== =========== ============
Net loss per BAC $ (0.76) $ (0.53) $ (0.62)
=========== =========== ============
</TABLE>
See notes to financial statements
F-18
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 1999, 1998 and 1997
<TABLE>
General
Total Assignees partner Total
- ----------------------------- ----------- ----------- ------------
<S> <C> <C> <C>
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
Net loss (5,698,418) (57,559) (5,755,977)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1998 16,905,119 (687,738) 16,217,381
Net loss (9,247,183) (93,405) (9,340,588)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1999 $ 7,657,936 $ (781,143) $ 6,876,793
=========== =========== ============
</TABLE>
(continued)
F-19
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
General
Series 1 Assignees partner Total
- ----------------------------- ----------- ----------- ------------
<S> <C> <C> <C>
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)
Net loss (276,597) (2,794) (279,391)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1998 (1,058,979) (125,064) (1,184,043)
Net loss (213,726) (2,159) (215,885)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1999 $ (1,272,705) $ (127,223) $ (1,399,928)
=========== =========== ============
</TABLE>
<TABLE>
General
Series 2 Assignees partner Total
- ----------------------------- ----------- ----------- ------------
<S> <C> <C> <C>
Partners' capital (deficit), $ 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
Net loss (348,230) (3,517) (351,747)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1998 1,913,205 (50,718) 1,862,487
Net loss (1,232,089) (12,445) (1,244,534)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1999 $ 681,116 $ (63,163) $ 617,953
=========== =========== ============
</TABLE>
(continued)
F-20
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
General
Series 3 Assignees partner Total
- ----------------------------- ----------- ----------- ------------
<S> <C> <C> <C>
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
Net loss (2,876,660) (29,057) (2,905,717)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1998 3,518,368 (218,919) 3,299,449
Net loss (3,826,049) (38,647) (3,864,696)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1999 $ (307,681) $ (257,566) $ (565,247)
=========== =========== ============
</TABLE>
<TABLE>
General
Series 4 Assignees partner Total
- ----------------------------- ----------- ----------- ------------
<S> <C> <C> <C>
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
Net loss (1,323,517) (13,369) (1,336,886)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1998 7,647,333 (185,486) 7,461,847
Net loss (2,363,266) (23,871) (2,387,137)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1999 $ 5,284,067 $ (209,357) $ 5,074,710
=========== =========== ============
</TABLE>
(continued)
F-21
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
General
Series 5 Assignees partner Total
- ----------------------------- ----------- ----------- ------------
<S> <C> <C> <C>
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
Net loss (187,716) (1,896) (189,612)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1998 1,259,394 (29,451) 1,229,943
Net loss (620,325) (6,266) (626,591)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1999 $ 639,069 $ (35,717) $ 603,352
=========== =========== ============
</TABLE>
<TABLE>
General
Series 6 Assignees partner Total
- ----------------------------- ----------- ----------- ------------
<S> <C> <C> <C>
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
Net loss (685,698) (6,926) (692,624)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1998 3,625,798 (78,100) 3,547,698
Net loss (991,728) (10,017) (1,001,745)
----------- ----------- ------------
Partners' capital (deficit),
March 31, 1998 $ 2,634,070 $ (88,117) $ 2,545,953
=========== =========== ============
</TABLE>
See notes to financial statements
F-22
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Total
--------------------------------
1999 1998 1997
--------- --------- ---------
<S> <C> <C> <C>
Cash flows from operating
activities
Net loss $(9,340,58 $(5,755,97 $(2,525,17
Adjustments to reconcile
net loss to net cash
provided by (used in)
operating activities
Distribution from
operating limited
partnership 9,839 3,129 14,774
Share of losses from
operating limited
partnerships 4,256,419 4,676,547 1,453,320
Impairment loss 4,017,052 - -
Other assets (48,790) (113,711) (40,663)
Accounts payable and
accrued expenses 1,089,318 1,142,268 1,041,438
--------- --------- ---------
Net cash used in
operating
activities (16,750) (47,744) (56,302)
--------- --------- ---------
NET DECREASE IN CASH
AND CASH
EQUIVALENTS (16,750) (47,744) (56,302)
Cash and cash equivalents,
beginning 176,885 224,629 280,931
--------- --------- ---------
Cash and cash equivalents,
end $ 160,135 $ 176,885 $ 224,629
========= ========= =========
</TABLE>
(continued)
F-23
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Series 1
--------------------------------
1999 1998 1997
--------- --------- ---------
<S> <C> <C> <C>
Cash flows from operating
activities
Net loss $(215,885) $ (279,391)$ (460,132)
Adjustments to reconcile
net loss to net cash
provided by (used in)
operating activities
Distribution from
operating limited
partnership - - -
Share of losses from
operating limited
partnerships 16,041 78,739 260,308
Impairment loss - - -
Other assets - (13,810) -
Accounts payable and
accrued expenses 191,133 196,439 180,864
--------- --------- ---------
Net cash used in
operating
activities (8,711) (18,023) (18,960)
--------- --------- ---------
NET DECREASE IN CASH
AND CASH
EQUIVALENTS (8,711) (18,023) (18,960)
Cash and cash equivalents,
beginning 15,351 33,374 52,334
--------- --------- ---------
Cash and cash equivalents,
end $ 6,640 $ 15,351 $ 33,374
========= ========= =========
</TABLE>
(continued)
F-24
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Series 2
----------------------------------------
1999 1998 1997
----------- ----------- ------------
<S> <C> <C> <C>
Cash flows from operating
activities
Net loss $ (1,244,534) $ (351,747) $ (378,988)
Adjustments to reconcile
net loss to net cash
provided by (used in)
operating activities
Distribution from
operating limited
partnership - - -
Share of losses from
operating limited
partnerships 280,980 263,285 292,730
Impairment loss 876,844 - -
Other assets - - -
Accounts payable and
accrued expenses 88,230 89,234 88,201
----------- ----------- ------------
Net cash provided by
operating
activities 1,520 772 1,943
----------- ----------- ------------
NET INCREASE IN CASH
AND CASH
EQUIVALENTS 1,520 772 1,943
Cash and cash equivalents,
beginning 3,977 3,205 1,262
----------- ----------- ------------
Cash and cash equivalents,
end $ 5,497 $ 3,977 $ 3,205
=========== =========== ============
</TABLE>
(continued)
F-25
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Series 3
----------------------------------------
1999 1998 1997
----------- ----------- ------------
<S> <C> <C> <C>
Cash flows from operating
activities
Net loss $ (3,864,696) $ (2,905,717) $ (315,542)
Adjustments to reconcile
net loss to net cash
provided by (used in)
operating activities
Distribution from
operating limited
partnership 52 3,129 2,729
Share of losses from
operating limited
partnerships 2,166,577 2,619,755 17,034
Impairment loss 1,402,374 - -
Other assets - - -
Accounts payable and
accrued expenses 283,691 295,334 292,151
----------- ----------- ------------
Net cash provided by
(used in)
operating
activities (12,002) 12,501 (3,628)
----------- ----------- ------------
NET INCREASE
(DECREASE) IN
CASH AND CASH
EQUIVALENTS (12,002) 12,501 (3,628)
Cash and cash equivalents,
beginning 14,333 1,832 5,460
----------- ----------- ------------
Cash and cash equivalents,
end $ 2,331 $ 14,333 $ 1,832
=========== =========== ============
</TABLE>
(continued)
F-26
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Series 4
----------------------------------------
1999 1998 1997
----------- ----------- ------------
<S> <C> <C> <C>
Cash flows from operating
activities
Net loss $ (2,387,137) $ (1,336,886) $ (401,344)
Adjustments to reconcile
net loss to net cash
provided by (used in)
operating activities
Distribution from
operating limited
partnership - - 12,045
Share of losses from
operating limited
partnerships 1,449,290 1,048,912 120,255
Impairment loss 654,684 - -
Other assets (48,790) (99,901) (40,663)
Accounts payable and
accrued expenses 340,318 377,122 296,487
----------- ----------- ------------
Net cash provided by
(used in)
operating
activities 8,365 (10,753) (13,220)
----------- ----------- ------------
NET INCREASE
(DECREASE) IN
CASH AND CASH
EQUIVALENTS 8,365 (10,753) (13,220)
Cash and cash equivalents,
beginning 1,955 12,708 25,928
----------- ----------- ------------
Cash and cash equivalents,
end $ 10,320 $ 1,955 $ 12,708
=========== =========== ============
</TABLE>
(continued)
F-27
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Series 5
--------------------------------
1999 1998 1997
--------- --------- ---------
<S> <C> <C> <C>
Cash flows from operating
activities
Net loss $(626,591) $ (189,612)$ (164,276)
Adjustments to reconcile
net loss to net cash
provided by (used in)
operating activities
Distribution from
operating limited
partnership - - -
Share of losses from
operating limited
partnerships 124,175 135,018 114,100
Impairment loss 450,835 - -
Other assets - - -
Accounts payable and
accrued expenses 39,456 39,456 39,455
--------- --------- ---------
Net cash used in
operating
activities (12,125) (15,138) (10,721)
--------- --------- ---------
NET DECREASE IN CASH
AND CASH
EQUIVALENTS (12,125) (15,138) (10,721)
Cash and cash equivalents,
beginning 130,957 146,095 156,816
--------- --------- ---------
Cash and cash equivalents,
end $
118,832 $ 130,957 $ 146,095
========= ========= =========
</TABLE>
(continued)
F-28
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1999, 1998 and 1997
<TABLE>
Series 6
----------------------------------------
1999 1998 1997
----------- ----------- ------------
<S> <C> <C> <C>
Cash flows from operating
activities
Net loss $ (1,001,745) $ (692,624) $ (804,889)
Adjustments to reconcile
net loss to net cash
provided by (used in)
operating activities
Distribution from
operating limited
partnership 9,787 - -
Share of losses from
operating limited
partnerships 219,356 530,838 648,893
Impairment loss 632,315 - -
Other assets - - -
Accounts payable and
accrued expenses 146,490 144,683 144,280
----------- ----------- ------------
Net cash provided by
(used in)
operating
activities 6,203 (17,103) (11,716)
----------- ----------- ------------
NET INCREASE
(DECREASE) IN
CASH AND CASH
EQUIVALENTS 6,203 (17,103) (11,716)
Cash and cash equivalents,
beginning 10,312 27,415 39,131
----------- ----------- ------------
Cash and cash equivalents,
end $ 16,515 $ 10,312 $ 27,415
=========== =========== ============
</TABLE>
See notes to financial statements
F-29
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Boston Capital Tax Credit Fund Limited Partnership (the
""partnership") (formerly American Affordable Housing VI
Limited Partnership) was formed under the laws of the State
of Delaware as of June 1, 1988, for the purpose of
acquiring, holding, and disposing of limited partnership
interests in operating limited partnerships which have
acquired, developed, rehabilitated, operate and own newly
constructed, existing or rehabilitated apartment complexes
which qualify for the Low-Income Housing Tax Credit
established by the Tax Reform Act of 1986. Certain of the
apartment complexes may also qualify for the Historic
Rehabilitation Tax Credit for the rehabilitation of
certified historic structures, accordingly, the apartment
complexes are restricted as to rent charges and operating
methods and are subject to the provisions of Section
42(g)(2) of the Internal Revenue Code relating to the
Rehabilitation Investment Credit. The general partner of
the partnership is Boston Capital Associates Limited
Partnership and the limited partner is BCTC Assignor Corp.
(the assignor limited partner).
Pursuant to the Securities Act of 1933, the partnership
filed a Form S-11 Registration Statement with the Securities
and Exchange Commission, effective August 29, 1988, which
covered the offering (the "Public Offering") of the
partnership's beneficial assignee certificates ("BACs")
representing assignments of units of the beneficial interest
of the limited partnership interest of the assignor limited
partner. The partnership registered 10,000,000 BACs at $10
per BAC for sale to the public in six series. BACs sold in
bulk were offered to investors at a reduced cost per BAC.
In accordance with the limited partnership agreement,
profits, losses, and cash flow (subject to certain priority
allocations and distributions) and tax credits are allocated
99% to the assignees and 1% to the general partner.
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 limited partnerships does not exceed the carrying
amount of its investment. Unrecognized losses will be
suspended and offset against future individual operating
limited partnership's income.
F-30
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Investments in Operating Limited Partnerships (Continued)
---------------------------------------------
A loss in value of an investment in an operating limited
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
partnership and the estimated residual value of the
investment. Accordingly, the partnership recorded an
impairment loss of $4,017,052 during the year ended March
31, 1999.
Capital contributions to operating limited partnerships are
adjusted by tax credit adjusters. Tax credit adjusters are
defined as adjustments to operating limited partnership
capital contributions due to reductions in actual tax
credits from those originally projected. The partnership
records tax credit adjusters as a reduction in investment in
operating limited partnerships and capital contributions
payable.
The operating limited partnerships maintain their financial
statements based on a calendar year and the partnership
utilizes a March 31 year end. The partnership records
losses and income from the operating limited partnerships on
a calendar year basis which is not materially different from
losses and income generated if the operating limited
partnerships utilized a March 31 year end.
The partnership records capital contributions payable to the
operating limited partnerships once there is a binding
obligation to partnership of a specified amount. The
operating limited partnerships record capital contributions
from the partnership when received.
The partnership records acquisition costs as an increase in
its investment in operating limited partnerships. Certain
o p erating limited partnerships have not recorded the
acquisition costs as a capital contribution from the
partnership. These differences are shown as reconciling
items in note C.
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.
F-31
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
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, 1999 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>
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.
F-32
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Recent Accounting Pronouncements
--------------------------------
On March 31, 1997, the partnership adopted 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 earnings 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. On March
31, 1998, the partnership adopted SFAS No. 130, "Reporting
Comprehensive Income," SFAS No. 131, "Disclosures about
Segments of an Enterprise and Related Information," and SFAS
No. 132, "Employers' Disclosures about Pensions and Other
Postretirement Benefits." SFAS No. 130 establishes
standards for reporting and display of comprehensive income
and its components, SFAS No. 131 establishes standards for
how public business enterprises report information about
operating segments and SFAS No. 132 revises employers'
disclosures about pension and other postretirement benefit
plans. The implementation of these standards has not
materially affected the partnership's financial statements.
In June 1998, the FASB issued SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities." In October
1998, the FASB issued SFAS No. 134, "Accounting for
Mortgage-backed Securities Retained after the Securitization
of Mortgage Loans Held for Sale by a Mortgage Banking
Enterprise." In February 1999, the FASB issued SFAS No.
135, "Rescission of FASB Statement 75 and Technical
Corrections." SFAS No. 133 is effective for all fiscal
quarters of years beginning after June 15, 1999; SFAS No.
134 is effective for the first fiscal quarter beginning
after December 31, 1998; and SFAS No. 135 is effective for
years ending after February 15, 1999. Early adoption is
encouraged for SFAS No. 133, 134 and 135.
The fund does not have any derivative or hedging activities
and does not have any mortgage-backed securities. FASB
Statement 75, "Deferral of the Effective Date of Certain
Accounting Requirements for Pension Plans of State and Local
Governmental Units," does not apply to the fund.
Consequently, these pronouncements are expected to have no
effect on the fund's financial statements.
F-33
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1999, 1998 and 1997, the
partnership entered into several transactions with various
affiliates of the general partner, including Boston Capital
Partners, Inc., Boston Capital Services, Inc., Boston
Capital Holdings Limited Partnership, and Boston Capital
Asset Management 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, 1999,
1998 and 1997 are as follows:
<TABLE>
1999 1998 1997
--------------- ---------------- -----------------
<S> <C> <C> <C>
Series 1 $ 175,604 $ 173,604 $ 172,864
Series 2 67,362 66,362 65,876
Series 3 259,856 257,189 260,067
Series 4 247,884 247,257 245,494
Series 5 39,184 39,184 39,456
Series 6 129,976 139,276 135,852
--------------- --------------- ----------------
$ 919,866 $ 922,872 $ 919,609
=============== =============== ================
</TABLE>
F-34
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
General and administrative expenses incurred by Boston
Capital Partners, Inc., Boston Capital Holdings Limited
Partnership, and Boston Capital Asset Management Limited
Partnership were charged to each series' operations for the
years ended March 31, 1999, 1998 and 1997 as follows:
<TABLE>
1999 1998 1997
--------------- ---------------- ----------------
<S> <C> <C> <C>
Series 1 $ 1,973 $ 2,495 $ 2,849
Series 2 3,784 5,108 5,336
Series 3 4,031 5,545 5,851
Series 4 4,442 6,129 6,943
Series 5 2,796 3,655 2,671
Series 6 1,973 2,329 2,765
--------------- ---------------- ----------------
$ 18,999 $ 25,261 $ 26,415
=============== ================ ================
</TABLE>
Accounts payable - affiliates at March 31, 1999 and 1998
represents general and administrative expenses, partnership
management fees, and may include advances which are payable
to Boston Capital Partners, Inc., Boston Capital Services,
Inc., Boston Capital Holdings Limited Partnership 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, 1999, 1998 and 1997, 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, 1999, 1998 and
1997 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
===============
F-35
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The partnership's investments in operating limited
partnerships at March 31, 1999 are summarized as follows:
</TABLE>
<TABLE>
Total
----------------
<S> <C>
Capital contributions 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 (100,260)
Impairment loss in investment (4,017,052)
Cumulative losses from
operating limited
partnerships (64,476,336)
----------------
Investment in operating limited
partnerships per balance
sheets 12,964,520
The partnership has recorded
capital contributions to the
operating limited partnerships
during the year ended March 31,
1999, which have not been
included in the partnerships'
capital account included in the
operating limited partnerships'
financial statements as of
December 31, 1998 (see note A). (483,748)
The partnership has recorded
acquisition costs at March 31,
1999, 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,
1999, which the operating
limited partnerships have not
included in their capital
accounts as of December 31,
1998 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). (48,628,797)
Impairment loss in investment 4,017,052
Other 571,798
----------------
Equity per operating limited
partnerships' combined
financial statements $ (30,744,689)
================
</TABLE>
F-36
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The partnership's investments in operating limited
partnerships at March 31, 1999 are summarized as follows:
<TABLE>
Series 1 Series 2 Series
3
---------------- ---------------- ----------
- -----
<S> <C> <C> <C>
Capital contributions 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)
(46,951)
Impairment loss in investment
in operating limited
partnerships - (876,844)
(1,402,374)
Cumulative losses from
operating limited
partnerships (10,578,569) (4,957,067)
(21,457,893)
---------------- ---------------- ----------
- -----
Investment in operating
limited partnerships per
balance sheets 22,969 731,325
1,289,310
F-37
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
Series 1 Series 2 Series
3
---------------- ---------------- ----------
- -----
<S> <C> <C> <C>
The partnership has recorded
capital contributions to the
operating limited part-
nerships during the year
ended March 31, 1999, which
have not been included in the
partnerships' capital account
included in the operating
limited partnerships' fi-
nancial statements as of
December 31, 1998 (see note
A). - (311,339)
(133,349)
The partnership has recorded
acquisition costs at March
31, 1999, 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 part-
nerships for the three
months ended March 31, 1999,
which the operating limited
partnerships have not
included in their capital
accounts as of December 31,
1998 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 part-
nerships (see note A). 31,815 63,725
47,191
Equity in losses from
operating limited partner-
ships not recognizable under
the equity method of
accounting (see note A). (21,585,032) (1,775,191)
(11,499,087)
Impairment loss in investment
in operating limited
partnerships - 876,844
1,402,374
Other 69,393 (153,148)
306,402
---------------- ---------------- ----------
- -----
Equity per operating limited
partnerships' combined
financial statements $ (21,372,204) $ (614,116) $
(7,671,658)
================ ================
===============
</TABLE>
F-38
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The partnership's investments in operating limited
partnerships at March 31, 1999 are summarized as follows:
<TABLE>
Series 4 Series 5 Series
6
---------------- ---------------- ----------
- -----
<S> <C> <C> <C>
Capital contributions 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) -
(29,911)
Impairment loss in investment
in operating limited
partnerships (654,684) (450,835)
(632,315)
Cumulative losses from
operating limited
partnerships (18,065,829) (2,778,595)
(6,638,383)
---------------- ---------------- ----------
- -----
Investment in operating
limited partnerships per
balance sheets 6,648,529 598,143
3,674,244
F-39
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
Series 4 Series 5 Series
6
---------------- ---------------- -----------
- -----
<S> <C> <C> <C>
The partnership has recorded
capital contributions to
the operating limited
partnerships during the year
ended March 31, 1999, which
have not been included in the
partnerships' capital account
included in the operating
limited partnerships' fi-
nancial statements as of
December 31, 1998 (see note
A). (4,475) (34,585)
- -
The partnership has recorded
acquisition costs at March
31, 1999, 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 part-
nerships for the three
months ended March 31, 1999,
which the operating limited
partnerships have not
included in their capital
accounts as of December 31,
1998 due to different year
ends (see note A). - -
- -
The partnership has recorded
low income housing tax credit
adjusters not recorded by
operating limited part-
nerships (see note A). 9,747 -
25,574
Equity in losses from
operating limited part-
nerships not recognizable
under the equity method of
accounting (see note A). (12,420,643) (821,784)
(527,060)
Impairment loss in investment
in operating limited
partnerships 654,684 450,835
632,315
Other 141,794 (2,207)
209,564
---------------- ---------------- ----------
- -----
Equity per operating limited
partnerships' combined
financial statements $ (5,618,347) $ 198,671 $
4,332,965
================ ================
===============
</TABLE>
F-40
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The partnership's investments in operating limited
partnerships at March 31, 1998 are summarized as follows:
<TABLE>
Total
----------------
<S> <C>
Capital contributions 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 (90,421)
Cumulative losses from
operating limited
partnerships (60,219,917)
----------------
Investment in operating limited
partnerships per balance
sheets 21,247,830
The partnership has recorded
capital contributions to the
operating limited partnerships
during the year ended March 31,
1998, which have not been
included in the partnerships'
capital account included in the
operating limited partnerships'
financial statements as of
December 31, 1997 (see note A). (483,748)
The partnership has recorded
acquisition costs at March 31,
1998, 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,
1998, which the operating
limited partnerships have not
included in their capital
accounts as of December 31,
1997 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). (24,188,312)
Other (19,256)
----------------
Equity per operating limited
partnerships' combined
financial statements $ (2,629,000)
</TABLE>
F-41
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The partnership's investments in operating limited
partnerships at March 31, 1998 are summarized as follows:
<TABLE>
Series 1 Series 2
Series 3
---------------- ---------------- --------
- -------
<S> <C> <C> <C>
Capital contributions 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)
(46,899)
Cumulative losses from
operating limited
partnerships (10,562,528) (4,676,087)
(19,291,316)
---------------- ---------------- --------
- --------
Investment in operating
limited partnerships per
balance sheets 39,010 1,889,149
4,858,313
The partnership has recorded
capital contributions to the
operating limited
partnerships during the year
ended March 31, 1998, which
have not been included in the
partnerships' capital account
included in the operating
limited partnerships'
financial statements as of
December 31, 1997 (see note
A). - (311,339)
(133,349)
The partnership has recorded
(acquisition costs)
reimbursements at March 31,
1998, 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 s hare of losses from
operating limited
partnerships for the three
months ended March 31, 1998,
which the operating limited
partnerships have not
included in their capital
accounts as of December 31,
1997 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). (9,440,838) (1,420,570)
(7,551,598)
Other (9,998) (153,201)
(30,548)
---------------- ---------------- --------
- --------
Equity per operating limited
partnerships' combined
financial statements $ (9,291,360)$ 21,432 $
(1,894,490)
================ ================
================
</TABLE>
F-42
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The partnership's investments in operating limited
partnerships at March 31, 1998 are summarized as follows:
<TABLE>
Series 4 Series 5 Series
6
---------------- ---------------- -----------
- -----
<S> <C> <C> <C>
Capital contributions 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 (16,616,539) (2,654,420)
(6,419,027)
---------------- ---------------- -----------
- -----
Investment in operating
limited partnerships per
balance sheets 8,752,503 1,173,153
4,535,702
The partnership has recorded
capital contributions to the
operating limited partner-
ships during the year ended
March 31, 1998, which have
not been included in the
partnerships' capital account
included in the operating li-
mited partnerships' financial
statements as of December 31,
1997 (see note A). (4,475) (34,585)
- -
The partnership has recorded
(acquisition costs) reim-
bursements at March 31, 1998,
which have not been accounted
for in the net assets of the
operating limited part-
nerships (see note A). (647,983) 8,269
318,328
The partnership has recorded
a share of losses from
operating limited part-
nerships for the three months
ended March 31, 1998, which
the operating limited part-
nerships have not included in
their capital accounts as of
December 31, 1997 due to
different year ends (see note
A). - -
- -
The partnership has recorded
low income housing tax credit
adjusters not recorded by
operating limited part-
nerships (see note A). 9,747 -
25,574
Equity in losses from
operating limited part-
nerships not recognizable
under the equity method of
accounting (see note A). (4,938,252) (622,744)
(214,310)
Other 141,690 (2,208)
35,009
---------------- ---------------- -----------
- -----
Equity per operating limited
partnerships' combined
financial statements $ 3,313,230 $ 521,885 $
4,700,303
================ ================
================
</TABLE>
F-43
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized balance sheets of the operating
limited partnerships at December 31, 1998 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Total Series 1
Series 2
Series 3
- ---------------------------- ---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
ASSETS
Buildings and
improvements,
net of accumulated
depreciation $ 194,949,386 $ 21,098,092 $ 20,521,506
$ 49,132,905
Land 14,208,150 1,586,098 1,123,628
3,788,603
Other assets 16,515,778 3,172,213 1,300,765
3,887,260
---------------- ---------------- ----------------
- ----------------
$ 225,673,314 $ 25,856,403 $ 22,945,899
$ 56,808,768
================ ================ ================
================
LIABILITIES AND PARTNERS'
CAPITAL
Mortgages and
construction
loans payable $ 219,637,005 $ 44,898,225 $ 18,744,558
$ 55,084,402
Accounts payable
and accrued
expenses 32,774,050 10,704,448 1,694,183
5,957,055
Other liabilities 21,633,190 2,087,318 2,920,834
4,535,027
---------------- ---------------- ----------------
- ----------------
274,044,245 57,689,991 23,359,575
65,576,484
---------------- ---------------- ----------------
- ----------------
PARTNERS' CAPITAL
Boston Capital Tax
Credit Fund
Limited
Partnership (30,744,689) (21,372,204) (614,116)
(7,671,658)
Other partners (17,626,242) (10,461,384) 200,440
(1,096,058)
---------------- ---------------- ----------------
- ----------------
(48,370,931) (31,833,588) (413,676)
(8,767,716)
---------------- ---------------- ----------------
- ----------------
$ 225,673,314 $ 25,856,403 $ 22,945,899
$ 56,808,768
================ ================ ================
================
</TABLE>
F-44
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized balance sheets of the operating
limited partnerships at December 31, 1998 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
<TABLE>
Series 4 Series 5
Series 6
---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
ASSETS
Buildings and improvements,
net of accumulated
depreciation $ 52,822,981 $ 16,207,375 $
35,166,527
Land 4,061,697 880,396
2,767,728
Other assets 4,088,211 425,409
3,641,920
---------------- ---------------- ------
- ----------
$ 60,972,889 $ 17,513,180 $
41,576,175
================ ================
================
LIABILITIES AND PARTNERS'
CAPITAL
Mortgages and construction
loans payable $ 54,677,453 $ 13,923,268 $
32,309,099
Accounts payable and accrued
expenses 10,212,715 1,665,594
2,540,055
Other liabilities 6,978,264 2,181,273
2,930,474
---------------- ---------------- ------
- ----------
71,868,432 17,770,135
37,779,628
---------------- ---------------- ------
- ----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund Limited
Partnership (5,618,347) 198,671
4,332,965
Other partners (5,277,196) (455,626)
(536,418)
---------------- ---------------- ------
- ----------
(10,895,543) (256,955)
3,796,547
---------------- ---------------- ------
- ----------
$ 60,972,889 $ 17,513,180 $
41,576,175
================ ================
================
</TABLE>
F-45
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized balance sheets of the operating
limited partnerships at December 31, 1997 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
<TABLE>
Total Series 1 Series 2
Series 3
---------------- ---------------- ----------------
- ----------------
<S> <C> <C> <C>
<C>
ASSETS
Buildings and
improvements,
net of accumulated
depreciation $ 236,333,064 $ 38,839,385 $ 21,082,376
$ 55,313,989
Land 14,204,791 1,572,689 1,123,628
3,798,653
Other assets 16,727,992 2,700,397 1,342,898
3,809,722
---------------- ---------------- ----------------
- ----------------
$ 267,265,847 $ 43,112,471 $ 23,548,902
$ 62,922,364
================ ================ ================
================
LIABILITIES AND PARTNERS'
CAPITAL
Mortgages and
construction
loans payable $ 219,893,323 $ 44,299,799 $ 18,782,034
$ 54,769,734
Accounts payable
and accrued
expenses 27,900,319 9,306,340 1,196,353
5,308,211
Other liabilities 22,392,732 2,852,688 2,739,911
4,414,530
---------------- ---------------- ----------------
- ----------------
270,186,374 56,458,827 22,718,298
64,492,475
---------------- ---------------- ----------------
- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund Limited
Partnership (2,629,000) (9,291,360) 21,432
(1,894,490)
Other partners (291,527) (4,054,996) 809,172
324,379
---------------- ---------------- ----------------
- ----------------
(2,920,527) (13,346,356) 830,604
(1,570,111)
---------------- ---------------- ----------------
- ----------------
$ 267,265,847 $ 43,112,471 $ 23,548,902
$ 62,922,364
================ ================ ================
================
</TABLE>
F-46
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized balance sheets of the operating
limited partnerships at December 31, 1997 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
<TABLE>
Series 4 Series 5
Series 6
---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
ASSETS
Buildings and improvements,
net of accumulated
depreciation $ 67,663,857 $ 16,694,022 $
36,739,435
Land 4,061,697 880,396
2,767,728
Other assets 4,697,484 478,424
3,699,067
---------------- ---------------- ------
- ----------
$ 76,423,038 $ 18,052,842 $
43,206,230
================ ================
================
LIABILITIES AND PARTNERS'
CAPITAL
Mortgages and construction
loans payable $ 55,028,671 $ 14,018,854 $
32,994,231
Accounts payable and accrued
expenses 8,683,770 1,213,337
2,192,308
Other liabilities 7,192,075 1,947,298
3,246,230
---------------- ---------------- ------
- ----------
70,904,516 17,179,489
38,432,769
---------------- ---------------- ------
- ----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund Limited
Partnership 3,313,230 521,885
4,700,303
Other partners 2,205,292 351,468
73,158
---------------- ---------------- ------
- ----------
5,518,522 873,353
4,773,461
---------------- ---------------- ------
- ----------
$ 76,423,038 $ 18,052,842 $
43,206,230
================ ================
================
</TABLE>
F-47
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1998 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Total Series 1 Series 2
Series 3
---------------- ---------------- ----------------
- ----------------
<S> <C> <C> <C>
<C>
Revenue
Rental $ 32,611,065 $ 5,476,338 $ 1,813,038
$ 7,793,254
Interest and
other 1,955,128 204,070 379,897
437,542
Gain on
extinguishment
of debt - - -
- -
---------------- ---------------- ----------------
- ----------------
34,566,193 5,680,408 2,192,935
8,230,796
---------------- ---------------- ----------------
- ----------------
Expenses
Interest 13,745,034 1,460,249 1,319,051
3,484,379
Depreciation and
amortization 11,048,613 2,033,421 585,658
2,778,169
Taxes and insurance 3,941,585 793,154 186,362
903,295
Repairs and
maintenance 6,396,684 1,214,687 468,981
1,530,945
Operating expenses 11,414,287 2,441,030 708,748
2,728,318
Other expenses 1,430,679 260,448 168,415
217,327
Impairment loss 32,826,270 16,100,127 -
4,330,000
---------------- ---------------- ----------------
- ----------------
80,803,152 24,303,116 3,437,215
15,972,433
---------------- ---------------- ----------------
- ----------------
NET LOSS $ (46,236,959) $ (18,622,708) $ (1,244,280)
$ (7,741,637)
================ ================ ================
================
Net loss allocated to
Boston Capital
Tax Credit Fund
Limited
Partnership* $ (28,696,904) $ (12,160,235) $ (635,601)
$ (6,114,066)
================ ================ ================
================
Net loss allocated
to other
partners $ (17,540,055) $ (6,462,473) $ (608,679)
$ (1,627,571)
================ ================ ================
================
</TABLE>
* A m o unts include $12,144,194, $354,621, $3,947,489,
$7,482,391, $199,040 and $312,750 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>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1998 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 4 Series 5
Series 6
---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
Revenues
Rental $ 9,165,944 $ 1,393,031 $
6,969,460
Interest and other 342,479 251,970
339,170
Gain on extinguishment of
debt - -
- -
---------------- ---------------- ------
- ----------
9,508,423 1,645,001
7,308,630
---------------- ---------------- ------
- ----------
Expenses
Interest 3,786,804 1,131,728
2,562,823
Depreciation and
amortization 3,360,783 456,647
1,833,935
Taxes and insurance 1,173,513 107,767
777,494
Repairs and maintenance 1,607,399 420,319
1,154,353
Operating expenses 3,158,052 547,024
1,831,115
Other expenses 462,877 111,824
209,788
Impairment loss 12,396,143 -
- -
---------------- ---------------- ------
- ----------
25,945,571 2,775,309
8,369,508
---------------- ---------------- ------
- ----------
NET LOSS $ (16,437,148) $ (1,130,308) $
(1,060,878)
================ ================
================
Net loss allocated to Boston
Capital Tax Credit Fund
Limited Partnership* $ (8,931,681) $ (323,215) $
(532,106)
================ ================
================
Net loss allocated to other
partners $ (7,505,467) $ (807,093) $
(528,772)
================ ================
================
</TABLE>
* A m o unts include $12,144,194, $354,621, $3,947,489,
$7,482,391, $199,040 and $312,750 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>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1997 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
<TABLE>
Total Series 1 Series 2
Series 3
---------------- ---------------- ----------------
- ---------------
<S> <C> <C> <C>
<C>
Revenue
Rental $ 32,090,480 $ 5,326,223 $ 1,762,463
$ 7,613,646
Interest and
other 1,394,722 165,121 149,460
326,048
Gain on
extinguishment
of debt - - -
- -
---------------- ---------------- ----------------
- ---------------
33,485,202 5,491,344 1,911,923
7,939,694
---------------- ---------------- ----------------
- ---------------
Expenses
Interest 13,010,664 1,416,716 986,462
3,289,198
Depreciation and
amortization 11,437,836 2,042,138 594,542
2,877,600
Taxes and insurance 4,130,868 881,234 213,975
947,948
Repairs and
maintenance 6,015,894 1,246,489 466,003
1,450,704
Operating expenses 11,142,349 2,475,091 684,771
2,490,852
Other expenses 1,393,217 166,666 138,048
294,194
Impairment loss 4,392,825 - -
4,392,825
---------------- ---------------- ----------------
- ---------------
51,523,653 8,228,334 3,083,801
15,743,321
---------------- ---------------- ----------------
- ---------------
NET LOSS $ (18,038,451) $ (2,736,990) $ (1,171,878)
$ (7,803,627)
================ ================ ================
===============
Net loss allocated
to Boston
Capital Tax
Credit Fund
Limited
Partnership* $ (12,552,405) $ (2,076,295) $ (614,408)
$ (6,638,393)
================ ================ ================
===============
Net loss allocated
to other
partners $ (5,486,046) $ (660,695) $ (557,470)
$ (1,165,234)
================ ================ ================
===============
</TABLE>
* Amounts include $1,997,556, $351,123, $4,018,638,
$1,267,427, $195,420 and $45,694 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-50
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1997 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
<TABLE>
Series 4 Series 5
Series 6
---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
Revenue
Rental $ 9,217,674 $ 1,333,607 $
6,836,867
Interest and other 300,810 74,014
379,269
Gain on extinguishment of
debt - -
- -
---------------- ---------------- ------
- ----------
9,518,484 1,407,621
7,216,136
---------------- ---------------- ------
- ----------
Expenses
Interest 3,825,987 908,733
2,583,568
Depreciation and
amortization 3,497,204 457,497
1,968,855
Taxes and insurance 1,144,373 136,130
807,208
Repairs and maintenance 1,467,787 379,476
1,005,435
Operating expenses 3,064,329 575,111
1,852,195
Other expenses 545,511 48,364
200,434
Impairment loss - -
- -
---------------- ---------------- ------
- ----------
13,545,191 2,505,311
8,417,695
---------------- ---------------- ------
- ----------
NET LOSS $ (4,026,707) $ (1,097,690) $
(1,201,559)
================ ================
================
Net loss allocated to Boston
Capital Tax Credit Fund
Limited Partnership* $ (2,316,339) $ (330,438) $
(576,532)
================ ================
================
Net loss allocated to other
partners $ (1,710,368) $ (767,252) $
(625,027)
================ ================
================
</TABLE>
* Amounts include $1,997,556, $351,123, $4,018,638,
$1,267,427, $195,420 and $45,694 for Series 1, Series 2,
Series 3, Series 4, Series 5, and Series 6,
respectively, of loss not recognized under the equity
method of accounting as described in note A.
F-51
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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>
Total Series 1 Series 2
Series 3
---------------- ---------------- ----------------
- ----------------
<S> <C> <C> <C>
<C>
Revenue
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-52
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-53
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1999
is reconciled as follows:
<TABLE>
Total Series 1 Series 2
Series 3
--------------- --------------- ---------------
- ---------------
<S> <C> <C> <C>
<C>
Net loss for financial
reporting purposes $ (9,340,588) $ (215,885) $ (1,244,534)
$ (3,864,696)
Add: Related party
expenses 61,977 444 18,442
5,243
Other 430,478 - 25,174
222,141
Excess of book
depreciation over
tax depreciation on
operating limited
partnerships 65,077 40,031 -
10,663
Less:
Excess of tax
depreciation over
book depreciation
on operating
limited partnership
assets (289,982) - (139,232)
- -
Operating limited
partnership loss
not allowed for
financial reporting
under equity
method of
accounting (24,440,485) (12,144,194) (354,621)
(3,947,489)
Other (56,251) (42,698) (13,553)
- -
Related party expenses (89,665) - (36,004)
- -
Impairment loss not
recognized for tax
purposes 20,285,825 10,352,825 -
3,539,775
Impairment loss in investment
in operating limited
partnerships 4,017,052 - 876,844
1,402,374
Difference due to fiscal
year for book purposes
and calendar year for
tax purposes 14,180 495 325
12,778
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,
1998 $ (8,387,674) $ (1,828,118) $ (797,919)
$ (2,349,223)
=============== =============== ===============
===============
</TABLE>
F-54
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1999
is reconciled as follows:
<TABLE>
Series 4 Series 5
Series 6
---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
Net loss for financial
reporting purposes $ (2,387,137) $ (626,591) $
(1,001,745)
Add: Related party expenses 18,071 16,783
2,994
Other 183,163 -
- -
Excess of book
depreciation over
tax depreciation on
operating limited
partnerships 14,383 -
- -
Less: Excess of tax
depreciation over
book depreciation on
operating limited
partnership assets - (43,246)
(107,504)
Operating limited
partnership loss
not allowed for
financial reporting
under equity method
of accounting (7,482,391) (199,040)
(312,750)
Other - -
- -
Related party expenses (2,304) (6,384)
(44,973)
Impairment loss not
recognized for tax
purposes 6,393,225 -
- -
Impairment loss in investment
in operating limited
partnerships 654,684 450,835
632,315
Difference due to fiscal year
for book purposes and
calendar year for tax
purposes 2,245 (271)
(1,392)
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, 1998 $ (2,355,177) $ (368,458) $
(688,779)
</TABLE>
F-55
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1998
is reconciled as follows:
<TABLE>
Total Series 1 Series 2
Series 3
--------------- --------------- ---------------
- --------------
<S> <C> <C> <C>
<C>
Net loss for financial
reporting purposes $ (5,755,977) $ (279,391) $ (351,747)
$ (2,905,717)
Add: Related party
expenses 23,843 - 19,489
- -
Other 4,127,660 - -
4,127,660
Excess of book
depreciation over
tax depreciation on
operating limited
partnership 10,364 - -
10,364
Less:
Excess of tax
depreciation over
book depreciation
on operating
limited partnership
assets (386,731) (20,634) (173,233)
- -
Operating limited
partnership loss
not allowed for
financial reporting
under equity method
of accounting (7,875,858) (1,997,556) (351,123)
(4,018,638)
Other (409,610) (3,655) (276,855)
- -
Related party expenses - - -
- -
Difference due to fiscal year
for business purposes and
calendar year for tax
purposes 13,971 8,043 92
(840)
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,
1997 $ (9,297,630) $ (2,112,329) $ (1,064,137)
$ (2,517,183)
=============== =============== ===============
==============
</TABLE>
F-56
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1998
is reconciled as follows:
<TABLE>
Series 4 Series 5
Series 6
--------------- --------------- ------
- ---------
<S> <C> <C> <C>
Net loss for financial
reporting purposes $ (1,336,886) $ (189,612) $
(692,624)
Add: Related party expenses - 4,354
- -
Other - -
- -
Excess of book
depreciation over
tax depreciation on
operating limited
partnership - -
- -
Less: Excess of tax
depreciation over book
depreciation on
operating limited
partnership assets (40,771) (43,546)
(108,547)
Operating limited
partnership loss
not allowed for
financial reporting
under equity method
of accounting (1,267,427) (195,420)
(45,694)
Other (12,641) (79,705)
(36,754)
Related party expenses - -
- -
Difference due to fiscal year
for book purposes and
calendar year for tax
purposes 6,566 226
(116)
Partnership management fees
not deductible for tax
purposes until paid 250,884 39,456
144,276
--------------- --------------- ------
- ---------
Loss for income tax purposes,
year ended December 31,
1997 $ (2,400,275) $ (464,247) $
(739,459)
=============== ===============
===============
</TABLE>
F-57
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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>
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 book 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-58
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-59
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1999, 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, 1998 $ (7,728,998) $ (10,103,496) $ 407,232
$ (1,810,024)
Add back losses not
recognized under
the equity method 48,628,797 21,585,032 1,775,191
11,499,087
Historic tax credits 5,438,567 - -
1,754,704
Less share of loss - three
months ended March 31,
1999 (1,466,033) (667,397) -
(798,636)
Impairment loss not
recognized for tax
purposes (20,285,825) (10,352,825) -
(3,539,775)
Impairment loss in investment
in operating limited
partnerships (4,017,052) - (876,844)
(1,402,374)
Other (7,604,936) (438,345) (574,254)
(4,413,672)
--------------- --------------- ---------------
- ---------------
Investment in operating
limited partnerships
- as reported $ 12,964,520 $ 22,969 $ 731,325
$ 1,289,310
=============== =============== ===============
===============
</TABLE>
F-60
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1999, 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, 1998 $ 65,113 $ 1,065,627 $
2,646,550
Add back losses not
recognized under the
equity method 12,420,643 821,784
527,060
Historic tax credits 3,125,698 -
558,165
Less share of loss - three
months ended March 31,
1999 - -
- -
Impairment loss not
recognized for tax
purposes (6,393,225) -
- -
Impairment loss in investment
in operating limited
partnerships (654,684) (450,835)
(632,315)
Other (1,915,016) (838,433)
574,784
--------------- --------------- ------
- ---------
Investment in operating
limited partnerships - as
reported $ 6,648,529 $ 598,143 $
3,674,244
=============== ===============
===============
</TABLE>
F-61
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1998, 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, 1997 $ 570,562 $ (8,293,861) $ 1,188,005
$ 526,283
Add back losses not
recognized under the
equity method 24,188,312 9,440,838 1,420,570
7,551,598
Historic tax credits 5,438,567 - -
1,754,704
Less share of loss - three
months ended March 31,
1998 (1,466,033) (667,397) -
(798,636)
Other (7,483,578) (440,570) (719,426)
(4,175,636)
--------------- --------------- ---------------
- ---------------
Investment in operating
limited partnerships
- as reported $ 21,247,830 $ 39,010 $ 1,889,149
$ 4,858,313
=============== =============== ===============
===============
</TABLE>
F-62
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1998, 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, 1997 $ 2,390,255 $ 1,421,955 $
3,337,925
Add back losses not
recognized under the
equity method 4,938,252 622,744
214,310
Historic tax credits 3,125,698 -
558,165
Less share of loss - three
months ended March 31,
1998 - -
- -
Other (1,701,702) (871,546)
425,302
--------------- --------------- ------
- ---------
Investment in operating
limited partnerships - as
reported $ 8,752,503 $ 1,173,153 $
4,535,702
=============== ===============
===============
</TABLE>
F-63
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE E - CASH EQUIVALENTS
Cash equivalents of $160,135 and $176,885 as of March 31,
1999 and 1998, respectively, include a repurchase agreement
and a money market account with interest rates ranging from
2.70% to 2.84% per annum.
F-64
<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, 1999
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 1,482,030 56,000 1,857,492 11,160 56,000 1,868,652
1,924,652 730,088 1/88 2/89 7-27.5
Bolivar
Manor LP 877,783 111,316 999,415 32,817 111,316 1,032,232
1,143,548 442,890 11/88 1/89 27.5
Briarwood
Vero Bch. 1,475,019 96,546 1,866,664 4,059 96,546 1,870,723
1,967,269 499,889 8/89 1/89 40
Coldwater
Ltd.
Dividend Hsg. 934,901 35,750 1,203,836 5,614* 35,750 1,209,450
1,245,200 492,617 7/89 12/88 5-27.5
Conneaut, Ltd. 1,169,903 50,000 1,439,961 24,591 50,000 1,464,552
1,514,552 658,834 4/88 1/89 27.5
Country
Vlg. Assoc. 3,168,364 179,385 3,843,452 12,337 192,794 3,855,789
4,048,583 1,380,560 4/89 1/89 5-27.5
Elk Rapids II
Apts. Co. 737,428 37,000 929,264 11,690 37,000 940,954
977,954 397,502 2/89 12/88 5-27.5
Genesee
Commons
Assoc. LP 10,009,215 250,000 11,622,137(6,444,901) 250,000 5,177,236
5,427,236 4,243,688 12/88 11/88 5-27.5
-F -61-
<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, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- --------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -----------------------------------------
Geneva, Ltd. 1,185,171 60,300 1,450,936 41,009 60,300 1,491,945
1,552,245 669,776 8/88 1/89 7-27.5
Green Acres
of Yulee 1,476,754 90,650 1,908,145 (353,722) 90,650 1,554,423
1,645,073 584,620 8/89 1/89 5-27.5
Inglewood
Meadows 1,483,633 123,200 1,886,119 12,086 123,200 1,898,205
2,021,405 728,416 11/88 12/88 27.5
Kingston
Property
Assoc. 5,184,279 50,000 6,024,746 890,207 50,000 6,914,953
6,964,953 2,502,432 6/89 12/88 27.5
Riverside Pl.
Dividend Hsg. 962,503 65,200 1,202,452 13,781 65,200 1,216,233
1,281,433 506,591 7/89 12/88 5-27.5
Townhomes
Minnehaha Ct. 1,151,718 64,827 1,766,883 (17,121)* 64,827 1,749,762
1,814,589 668,161 11/88 11/88 5-27.5
Unity Park 9,760,376 99,000 11,179,460(6,968,642) 99,000 4,210,818
4,309,818 3,995,033 12/90 4/89 5-27.5
Virginia
Circle LP 682,580 44,936 1,096,944 (1,616)* 44,936 1,095,328
1,140,264 443,626 6/88 11/88 5-27.5
Wewahitchka Ltd. 709,946 28,179 950,637 1 28,179 950,638
978,817 383,138 6/88 12/88 5-27.5
-F -62-
<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, 1999
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
- --------------------------------------------------------------------------------
- -----------------------------------------
Wood Creek
Manor Ltd.
Dividend 962,989 10,000 1,274,577 19,611 10,000 1,294,188
1,304,188 530,074 7/89 12/88 5-27.5
Woodland
Terrace 1,483,633 120,400 1,885,256 12,791 120,400 1,898,047
2,018,447 738,101 11/88 12/88 5-27.5 ---------- ---------
- ---------- --------- --------- ---------- ---------- ----------
44,898,225 1,572,689 54,388,376(12,694,248)1,586,098 41,694,128
43,280,226 20,596,036
========== ========= ========== ========== ========= ==========
========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
*Decrease due to reallocation of acquisition costs.
-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
===========
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
===========
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 2,124,065
Other............................................ 0
-----------
$ 2,124,065
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 59,005,589
===========
-F- 65-
Notes to Schedule III
Boston Capital Tax Credit Fund Limited Partnership - Series 1
Reconciliation of Land, Building & Improvements current year changes -
continued
Acquisitions through foreclosure................. $ 0
Other acquisitions............................... 0
Improvements, etc................................ 140,910
Other............................................ (15,866,273)
-----------
$(15,866,273)
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
----------- 0
----------
Balance at close of period - 03/31/99............................$ 43,280,226
==========
-F -66-
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
Current year expense..................................$2,007,981
---------
Balance at close of period - 3/31/98..............................$18,593,515
Current year expense..................................$2,002,521
---------
Balance at close of period - 3/31/99..............................$20,596,036
==========
-F -67-
</TABLE>
<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, 1999
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. 9,391,845 794,249 3,448,985 8,736,115 226,000 12,185,100
12,411,100 1,892,353 6/90 9/90 5-50
Calexico
Village
Apts. 1,566,878 189,545 2,140,711 4,211 189,545 2,144,922
2,334,467 376,125 4/90 2/90 5-50
Glenhaven
Park III 492,324 225,000 599,444 577,645 225,000 1,177,089
1,402,089 257,601 12/89 11/89 40
Glenhaven
Park IV 395,838 180,000 254,783 619,630 180,000 874,413
1,054,413 183,000 6/90 11/89 40
Herber II
Vlg. Apts. 1,093,880 135,000 1,374,347 (4,711)* 135,000 1,369,636
1,504,636 323,617 4/89 5/89 5-50
Mecca
Apts. 2,596,612 55,580 2,377,218 1,106,178 56,283 3,483,396
3,539,679 681,800 7/90 11/89 5-40
Redwood
Creek Apts. 1,770,886 100,000 2,479,092 (20,442) 100,000 2,458,650
2,558,650 622,042 12/89 7/89 5-50
-F -68-
</TABLE>
<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, 1998
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 1,436,295 11,800 1,145,806 745,448 11,800 1,891,254
1,903,054 726,416 7/90 12/89 5-27.5
---------- --------- ---------- ---------- --------- ----------
- ---------- ---------
18,744,558 1,691,174 13,820,386 11,764,074 1,123,628 25,584,460
26,708,088 5,062,954
========== ========= ========== ========== ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1997.
*Decrease due to a reallocation of acquisition costs and reduction of
development fees.
</TABLE>
-F -69-
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 -70-
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
Acquisitions through foreclosure................. $ 0
Other acquisitions............................... 0
Improvements, etc................................ 4,950
Other............................................ 0
-----------
$ 4,950
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 26,706,624
-F -71-
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 - 03/31/98............................$ 26,706,624
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 1,464
Other............................................ 0
-----------
$ 1,464
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/99............................$ 26,708,088
==========
-F- 72-
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
Current year expense................................. $ 582,095
---------
Balance at close of period - 3/31/98..............................$ 4,500,620
Current year expense..................................$ 562,334
---------
Balance at close of period - 3/31/99..............................$ 5,062,954
==========
-F -73-
<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, 1999
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 512,597 27,000 919,215 42,831 27,000 962,046
989,046 341,779 7/88 4/89 28
Ashland
Invstmt.
Grp. II 1,777,638 165,464 2,210,076 (16,928)* 165,464 2,193,148
2,358,612 569,480 5/89 3/89 5-50
Belfast
Birches
Assocs. 1,082,747 50,000 1,370,933 5,791 50,000 1,376,724
1,426,724 377,080 5/89 5/89 5-27.5
Bowditch
School
Lodging 1,622,807 65,961 4,872,047 22,325 65,961 4,894,372
4,960,333 1,384,366 12/89 8/89 34
California
Investors VI 3,868,597 400,000 7,307,955 (1,458,472) 400,000 5,849,483
6,249,483 2,047,171 5/89 6/89 35
Carriage
Gate Apts. 1,470,430 128,480 1,816,497 5,335 128,480 1,821,832
1,950,312 647,252 11/89 6/89 7-27.5
Central
Parkway
Towers 2,800,000 0 9,276,692 (4,256,566) 0 5,020,126
5,020,126 3,643,849 12/89 9/89 5-27.5
Colony Ct.
Apts. 1,488,760 130,000 1,819,588 4,553 130,000 1,824,141
1,954,141 671,388 6/89 4/89 7-27.5
-F -74-
Boston Capital Tax Credit Fund Limited Partnership
- - Series 3
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Cruz Bay
Ltd. 1,484,816 217,600 1,729,345 (725) 217,600 1,728,620
1,946,220 621,643 2/89 2/89 5-27.5
Fylex
Housing 1,381,859 129,550 1,665,891 30,556 129,550 1,696,447
1,825,997 620,794 6/89 5/89 27.5
Greenwood
Apts. 1,433,503 55,000 1,824,558 29,189 55,000 1,853,747
1,908,747 744,494 8/89 3/89 7-27.5
Hidden Cove
Apts. 2,889,795 712,337 4,324,740 17,309b 707,848 4,342,049
5,049,897 1,604,525 8/89 4/89 7-27.5
Jackson
Apts. 1,188,962 232,000 1,286,033 50,448 248,026 1,336,481
1,584,507 503,806 7/89 4/89 7-27.5
Lake North
Apts. II 1,057,376 60,000 1,340,829 1,583a 60,000 1,342,412
1,402,412 365,773 1/89 4/89 5-27.5
Lake Park
LP 1,134,287 61,932 1,437,159 1,287 61,932 1,438,446
1,500,378 540,809 5/89 4/89 7-27.5
Lakewood
Terrace
Ltd. 3,805,716 124,707 2,263,782 4,417,820 124,707 6,681,602
6,806,309 1,668,727 8/89 5/89 27.5
Lincoln
Apts. 3,003,622 177,500 3,665,480 (2,077,170) 0 1,588,310
1,588,310 1,114,340 12/88 2/89 5-27.5
Maplewood
Apts. 754,535 37,900 938,775 41,382 37,900 980,157
1,018,057 247,526 4/89 5/89 40
-F -75-
Boston Capital Tax Credit Fund Limited Partnership
- - Series 3
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Mound
Plaza Ltd. 621,209 17,058 772,173 2,923 17,059 775,096
792,155 272,459 9/89 8/89 5-27.5
Oak Crest
Manor II 906,495 77,500 1,049,551 47,675a 77,500 1,097,226
1,174,726 261,319 5/89 5/89 40
Orange-
wood
Villas 1,474,451 98,000 1,821,138 4,058 98,000 1,825,196
1,923,196 663,695 9/89 6/89 7-27.5
Paige Hall 2,253,150 633,666 2,544,140 706,485 0 3,250,625
3,250,625 970,911 4/89 3/89 7-27.5
Pedcor
Invstmts. 5,367,147 200,000 7,448,711 382,970 200,000 7,831,681
8,031,681 2,143,268 5/89 2/89 5-27.5
Queens
Ct. Apts. 1,096,856 92,200 2,185,579 91,422 92,200 2,277,001
2,369,201 844,968 1/89 2/89 5-27.5
Rainbow
Apts. 1,907,361 181,767 2,215,940 52,590 141,767 2,268,530
2,410,297 873,739 1/89 6/89 5-27.5
Ripon Apts. 851,258 29,040 1,016,757 16,425 29,040 1,033,182
1,062,222 413,752 7/89 3/89 5-27.5
Southport,
Ltd. 960,969 52,800 1,176,478 45,527a 52,800 1,222,005
1,274,805 464,339 2/89 4/89 5-27.5
Sun Village
Apts. 1,044,145 55,973 1,313,338 11,640 55,973 1,324,978
1,380,951 386,260 5/88 4/89 5-27.5
-F -76-
Boston Capital Tax Credit Fund Limited Partnership
- - Series 3
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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
- --------------------------------------------------------------------------------
- ------------------------------------------
Taylor
Terrace
Apts. 1,052,290 70,994 1,277,601 23,572 70,994 1,301,173
1,372,167 607,603 11/88 4/89 5-27.5
Trinidad
Apts. 917,387 70,000 1,105,890 34,382 91,599 1,140,272
1,231,871 436,661 6/89 6/89 27.5
Vassar Apts. 918,083 60,823 1,159,060 5,814 60,823 1,164,874
1,225,697 469,104 11/89 3/89 7-27.5
Vidalia LP 1,480,429 75,000 1,887,347 (2,278)a 75,000 1,885,069
1,960,069 703,202 5/89 4/89 7-27.5
Willow St.
Assoc. 1,475,125 116,380 1,798,301 5,085 116,380 1,803,386
1,919,766 771,450 12/88 2/89 15-27.5
---------- --------- --------- --------- --------- ----------
- ---------- ----------
55,084,402 4,606,632 78,841,599(1,711,162) 3,788,603 77,130,437
80,919,040 27,997,532
========== ========= ========= ========== ========= ==========
========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1999.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
</TABLE>
-F -77-
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- 78-
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
===========
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ (1,377,159)
Other............................................ 0
-----------
$ (1,377,159)
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ (3,844,767)
-----------
$ (3,844,767)
-----------
Balance at close of period - 03/31/98............................$ 83,160,171
===========
-F- 79-
Notes to Schedule III
Boston Capital Tax Credit Fund Limited Partnership - Series 3
Reconciliation of Land, Building & Improvements current year changes
Balance at close of period - 03/31/98............................$ 83,160,171
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ (3,829,441)
Other............................................ 0
-----------
$ (3,829,441)
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 1,588,310
-----------
$ 1,588,310
-----------
Balance at close of period - 03/31/99............................$ 80,919,040
===========
-F- 80-
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.........................$ 7,778,563
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..............................$22,303,052
==========
Current year expense..................................$ (88,832)
---------
Balance at close of period - 3/31/98..............................$22,214,220
==========
Current year expense..................................$5,783,312
---------
Balance at close of period - 3/31/99..............................$27,997,532
==========
-F-81-
<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, 1999
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. 2,137,795 59,900 3,890,990 50,860 59,900 3,941,850
4,001,750 961,323 9/89 7/89 5-27.5
Auburn
Trace
Ltd. 9,983,714 730,000 5,564,052 9,216,103 730,000 14,780,155
15,510,155 5,448,070 1/90 6,89 5-27.5
Ault Apts. 472,353 12,058 570,737 56,401 12,058 627,138
639,196 241,891 7/89 6/89 7-27.5
Bowditch
School
Lodging 1,622,807 65,961 4,872,047 22,325 65,961 4,894,372
4,960,333 1,384,366 12/89 8/89 7-34
Burlwood
Apts. 229,754 20,000 267,333 21,401 20,000 288,734
308,734 112,182 8/89 6/89 7-27.5
Cambria
Commons 1,034,192 5,808 1,489,672 5,440 5,808 1,495,112
1,500,920 545,529 7/89 9/89 5-27.5
Central
Parkway
Towers 2,800,000 0 9,276,692 (4,256,566) 0 5,020,126
5,020,126 3,643,849 12/89 9/89 5-27.5
-F -82-
Boston Capital Tax Credit Fund Limited Partnership
- - Series 4
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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. 754,311 45,000 928,226 8,670 45,000 936,896
981,896 352,404 11/89 10/89 7-27.5
Fuller
Townhomes 501,639 33,600 642,804 17,980 33,600 660,784
694,384 259,357 1/88 4/89 7-27.5
Greenwood
Terrace
Ltd. 1,076,947 80,439 1,352,865 6,463 80,439 1,359,328
1,439,767 492,705 9/89 7/89 7-27.5
Haven
Park II 489,784 225,000 1,038,703 6,708 225,000 1,045,411
1,270,411 360,685 6/89 7/89 7-40
Landmark
Ltd.
Partner-
ship 1,749,107 425,800 3,843,617 37,741 425,800 3,881,358
4,307,158 1,164,074 5/89 8/89 5-27.5
Meadow-
crest
Apts. 2,885,424 286,065 867,009 4,166,426 286,065 5,033,435
5,319,500 1,770,960 10/90 9/89 5-27.5
Milliken
Apts. 808,667 40,000 860,882 110,546 40,000 971,428
1,011,428 360,736 8/89 9/89 7-27.5
Montana
Ave. Apts. 653,571 92,179 1,007,036 25,998 93,846 1,033,034
1,126,880 367,909 11/89 8/89 5-27.5
-F -83-
Boston Capital Tax Credit Fund Limited
Partnership - Series 4
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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
- --------------------------------------------------------------------------------
- -------------------------------------------
Monti-
cello
Ltd. 1,102,759 48,000 1,436,974 4,751 48,000 1,441,725
1,489,725 509,110 12/89 7/89 7-27.5
New Grand
Hotel 2,844,479 308,000 6,150,420 1,165,308 308,000 7,315,728
7,623,728 2,512,265 3/89 5/89 7-27.5
Pedcor
Invstmts.
1988 VI 4,927,261 454,472 7,748,826 1,186,040 454,472 8,934,866
9,389,338 2,043,978 12/89 8/89 5-27.5
Rosen-
burg
Hotel 1,811,122 452,000 4,946,965 (2,754,885)b 415,000 2,192,080
2,607,080 125,939 1/89 11/89 7-40
Shockoe
Hill Apts. 1,876,338 0 3,152,879 21,005a 0 3,173,884
3,173,884 775,581 9/89 8/89 5/27.5
Sunnyview
Apts. 2,105,792 135,000 1,806,927 2,030,736 315,000 3,837,663
4,152,663 702,503 9/89 9/89 5-50
Topeka
Park
Phase II 373,689 36,874 759,705 11,558 36,874 771,263
808,137 301,869 12/88 7/89 7-27.5
-F -84-
Boston Capital Tax Credit Fund Limited
Partnership - Series 4
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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. 9,760,376 99,000 9,828,746 (5,617,928) 99,000 4,210,818
4,309,818 3,995,033 12/90 4/89 27.5
Van Dyke
Estates
XVI 649,257 80,000 1,134,679 87,787 80,000 1,222,466
1,302,466 348,066 11/89 2/90 7-40
Wichita
West
Housing 2,026,315 181,874 3,876,750 51,791 181,874 3,928,541
4,110,415 1,394,830 9/89 8/89 7-27.5
---------- --------- ---------- ---------- --------- -----------
- ----------- ----------
54,677,453 3,917,030 77,315,536 5,682,659 4,061,697 82,998,195
87,059,892 30,175,214
========== ========= ========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,1998.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
</TABLE>
-F -85-
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
-----------
Balance at close of period - 03/31/95.........................$107,417,213
-F -86-
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 496,394
Other............................................ 0
-----------
$ 496,394
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 98,506,567
- -F-87- ===========
Notes to Schedule III-Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 4
Reconciliation of Land, Building & Improvements current year changes-Continued
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ (11,446,675)
Other............................................ 0
-----------
$(11,446,675)
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/99............................$ 87,059,892
===========
-F- 88-
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 - 3/31/97..............................$23,500,560
Current year expense.................................. $3,280,453
Balance at close of period - 3/31/98..............................$26,781,013
Current year expense.................................. $3,394,201
Balance at close of period - 3/31/99..............................$30,175,214
==========
-F- 89-
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund Limited Partnership
- - Series 5
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- ------------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Annadale 9,391,845 794,249 3,448,985 8,736,115 226,000 12,185,100
12,411,100 1,892,353 6/90 10/90 5-50
Calexico 1,566,878 189,545 2,140,711 4,211 189,545 2,144,922
2,334,467 376,125 4/90 2/90 5-50
Glenhaven
Park 672,431 225,000 991,586 (223,115)* 195,000 768,471
963,471 190,852 6/89 6/89 40
Point
Arena 1,200,778 79,160 1,715,209 81,167 79,160 1,796,376
1,875,536 318,554 2/90 2/90 5-50
TKO
Investments
Props. V 1,091,336 192,656 2,991,964 22,919 190,691 3,014,883
3,205,574 924,493 9/89 10/89 5-30
---------- --------- ---------- --------- ------- ----------
- ---------- ---------
13,923,268 1,480,610 11,288,455 8,621,297 880,396 19,909,752
20,790,148 3,702,377
========== ========= ========== ========= ======= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end the information
reported on this schedule is as of December 31,
1998.
*Reduction due to the sale of two building.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
</TABLE>
-F- 90-
Notes to Schedule III
Boston Capital Tax Credit Fund Limited Partnership - Series 5
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 20,288,851
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 4,975
Other............................................. 0
----------
$ 4,975
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. (943,687)
----------
$ (943,687)
-----------
Balance at close of period - 03/31/93............................$ 19,350,139
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 139,600
Other............................................. 0
----------
$ 139,600
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/94............................$ 19,489,739
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 12,561
Other............................................. 0
----------
$ 12,561
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$ 19,502,300
-F- 91-
Notes to Schedule III-Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 5
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/95............................$ 19,502,300
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 1,315,415
Other............................................ 0
-----------
$ 1,315,415
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96............................$ 20,817,715
===========
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
===========
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 4,950
Other............................................ 0
-----------
$ 4,950
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 20,855,797
===========
-F- 92-
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 - 03/31/98............................$ 20,855,797
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ (65,649)
Other............................................ 0
-----------
$ (65,649)
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/99............................$ 20,790,148
===========
-F- 93-
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
==========
Current year expense.................................$ 462,407
---------
Balance at close of period - 3/31/98..............................$ 3,281,379
Current year expense.................................$ 420,998
---------
Balance at close of period - 3/31/99..............................$ 3,702,377
==========
-F- 94-
<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, 1999
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 9,983,714 730,000 5,564,052 9,216,103 730,000 14,780,155
15,510,155 5,448,070 1/80 6/90 5-27.5
Briar-
wood
Estates 568,272 45,000 694,093 7,453 45,000 701,546
746,546 286,407 9/88 9/89 5-27.5
Columbia
Park
Apts. 4,112,553 189,631 7,194,885 665,451 189,631 7,860,336
8,049,967 2,228,925 2/90 11/89 5-27.5
Eldon
Estates 554,108 28,000 709,320 21,874 28,000 731,194
759,194 297,172 7/88 9/89 5-27.5
Green
Pines
Apts. 1,432,216 106,484 1,750,831 23,554 106,484 1,774,385
1,880,869 457,433 11/89 10/89 5-27.5
Hacienda
Villa
Apts. 3,871,423 233,165 4,135,079 3,373,993 233,165 7,509,072
7,742,237 1,704,525 1/90 12/89 5-27.5
-F- 95-
</TABLE>
<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, 1999
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 3,119,770 601,653 4,198,973 1,822,375 601,653 6,021,348
6,623,001 2,125,278 1/90 11/89 5-27.5
Holland
West Apts. 2,054,384 175,000 2,301,607 905,629 175,000 3,207,236
3,382,236 970,773 2/90 12/89 5-27.5
Kearney
Proper-
ties II 362,308 .34,000 460,385 2,446 34,000 462,831
496,831 196,888 3/88 9/89 5-27.5
Pleasant
Hill
Properties 559,406 25,000 703,690 18,558 25,000 722,248
747,248 280,729 5/88 9/89 5-27.5
Rosen-
berg
Hotel 1,811,122 452,000 4,948,372 (2,756,292) 415,000 2,192,080
2,607,080 125,939 12/88 9/89 5-27.5
Sherburne
Sr. Hsng. 1,307,404 43,000 1,786,132 93,917 43,000 1,880,049
1,923,049 591,690 1/92 11/89 27.5
Socorro
Properties 1,247,480 85,000 1,652,129 62,018 85,000 1,714,147
1,799,147 685,357 10/89 11/89 5-27.5
Warrensburg
Properties 568,928 30,000 743,401 36,039 30,000 779,440
809,440 329,851 2/88 9/89 5-27.5
-F -96-
</TABLE>
<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, 1999
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. 756,010 26,795 919,806 11,726 26,795 931,532
958,327 372,035 11/89 10/89 5-27.5
---------- --------- ---------- ---------- --------- ----------
- ---------- ----------
32,309,099 2,804,728 37,762,755 13,504,844 2,767,728 51,267,599
54,035,327 16,101,072
========== ========= ========== ========== ========= ==========
========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December
31, 1998.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1999. The column has been
ommitted for presentation purposes.
</TABLE>
-F -97-
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- 98-
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
-----------
$ 213,479
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
===========
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 213,929
Other............................................ 0
-----------
$ 213,929
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98...........................$ 53,908,200
===========
-F- 99-
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 - 03/31/98...........................$ 53,908,200
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 127,127
Other............................................ 0
-----------
$ 127,127
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/99...........................$ 54,035,327
===========
-F- 100-
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
==========
Current year
expense.....................................$1,767,719
- ---------
Balance at close of period -
3/31/98................................$ 14,401,037
==========
Current year expense...................................
$1,700,035
- ---------
Balance at close of period -
3/31/99................................$ 16,101,072
==========
-F- 101-
<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-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<TOTAL-ASSETS> 13,845,884
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 13,845,884
<TOTAL-REVENUES> 4,355
<INCOME-TAX> 0
<INCOME-CONTINUING> (9,344,943)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (9,340,588)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
