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Previous: COMMONWEALTH BANKSHARES INC, S-1, EX-27, 2000-11-20 |
Next: BOSTON CAPITAL TAX CREDIT FUND LTD PARTNERSHIP, 10-Q, EX-27, 2000-11-20 |
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
(X) QUARTERLY REPORT PERSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2000
or
( ) TRANSITION REPORT PERSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number 0-17679
BOSTON CAPITAL TAX CREDIT FUND LIMITED PARTNERSHIP.
(Exact name of registrant as specified in its charter)
|
Delaware |
04-3006542 |
|
(State or other jurisdiction |
(I.R.S. Employer |
|
of incorporation or organization) |
Identification No.) |
One Boston Place, Suite 2100, Boston, Massachusetts 02108
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code (617)624-8900
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceeding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
|
Yes |
X |
No |
_ |
BOSTON CAPITAL TAX CREDIT FUND LIMITED PARTNERSHIP
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2000
TABLE OF CONTENTS
FOR THE QUARTER ENDED SEPTEMBER 30, 2000
*BALANCE SHEETS
*Series 1 5
Series 2 6
Series 3 7
Series 4 8
Series 5 9
Series 6 10
STATEMENTS OF OPERATIONS 11
Three Months Ended SEPTEMBER 30, *
Series 1
*Series 2
*Series 3
*Series 4 15
Series 5 16
Series 6 17
SIX Months Ended SEPTEMBER 30, 18
Series 1 19
Series 2 20
Series 3 21
Series 4 22
Series 5 23
Series 6 24
STATEMENTS OF CHANGES IN PARTNERS CAPITAL 25
Series 1 26
Series 2 26
Series 3 27
Series 4 27
Series 5 28
Series 6 28
STATEMENTS OF CASH FLOWS 29
SIX Months Ended SEPTEMBER 30, 29
Series 1 *
Series 2 31
Series 3 32
Series 4 33
Series 5 34
Series 6 35
NOTES TO FINANCIAL STATEMENTS *
NOTE A - ORGANIZATION 36
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
*
Cost 34
NOTE C - RELATED PARTY TRANSACTIONS 37
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS 39
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS 40
Series 1 40
Series 2 41
Series 3 42
Series 4 43
Series 5 44
Series 6 45
Liquidity 47
Capital Resources 47
Results of Operations 48
PART II - OTHER INFORMATION 54
SIGNATURES 55
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
|
|
September 30, 2000 (Unaudited) |
March 31, 2000 (Audited) |
|
ASSETS |
||
|
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
$ 10,113,015 |
$ 10,837,526 |
|
OTHER ASSETS |
||
|
Cash and cash equivalents |
137,276 |
149,652 |
|
Other assets |
1,085,617 |
1,070,618 |
|
$ 11,335,908 |
$ 12,057,796 |
|
|
LIABILITIES |
||
|
Accounts payable |
$ - |
$ - |
|
Accounts payable affiliates (note C) |
8,571,371 |
8,033,544 |
|
PARTNERS CAPITAL |
||
|
Assignees
Units of beneficail interest of the |
3,586,804 |
4,833,921 |
|
General Partner |
(822,267) |
(809,669) |
|
2,764,537 |
4,024,252 |
|
|
$ 11,335,908 |
$ 12,057,796 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
Series 1
|
|
September 30, 2000 (Unaudited) |
March 31, 2000 (Audited) |
|
ASSETS |
||
|
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
$ - |
$ - |
|
OTHER ASSETS |
||
|
Cash and cash equivalents |
5,138 |
11,172 |
|
Other assets |
68,113 |
68,113 |
|
$ 73,251 |
$ 79,285 |
|
|
LIABILITIES |
||
|
Accounts payable |
$ - |
$ - |
|
Accounts payable affiliates (note C) |
1,793,250 |
1,696,505 |
|
PARTNERS CAPITAL |
||
|
Assignees
Units of beneficail interest of the |
(1,589,575) |
(1,487,824) |
|
General Partner |
(130,424) |
(129,396) |
|
(1,719,999) |
(1,617,220) |
|
|
$ 73,251 |
$ 79,285 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
Series 2
|
|
September 30, 2000 (Unaudited) |
March 31, 2000 (Audited) |
|
ASSETS |
||
|
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
$ 413,504 |
$ 494,972 |
|
OTHER ASSETS |
||
|
Cash and cash equivalents |
4,853 |
4,403 |
|
Other assets |
569,584 |
569,584 |
|
$ 987,941 |
$ 1,068,959 |
|
|
LIABILITIES |
||
|
Accounts payable |
$ - |
$ - |
|
Accounts payable affiliates (note C) |
604,842 |
562,376 |
|
PARTNERS CAPITAL |
||
|
Assignees
Units of beneficail interest of the |
448,611 |
570,860 |
|
General Partner |
(65,512) |
(64,277) |
|
383,099 |
506,583 |
|
|
$ 987,941 |
$ 1,068,959 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
Series 3
|
|
September 30, 2000 (Unaudited) |
March 31, 2000 (Audited) |
|
ASSETS |
||
|
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
$ 337,687 |
$ 582,673 |
|
OTHER ASSETS |
||
|
Cash and cash equivalents |
2,734 |
7,782 |
|
Other assets |
53,961 |
41,661 |
|
$ 394,382 |
$ 632,116 |
|
|
LIABILITIES |
||
|
Accounts payable |
$ - |
$ - |
|
Accounts payable affiliates (note C) |
2,353,265 |
2,197,590 |
|
PARTNERS CAPITAL |
||
|
Assignees
Units of beneficail interest of the |
(1,687,381) |
(1,297,906) |
|
General Partner |
(271,502) |
(267,568) |
|
(1,958,883) |
(1,565,474) |
|
|
$ 394,382 |
$ 632,116 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
Series 4
|
|
September 30, 2000 (Unaudited) |
March 31, 2000 (Audited) |
|
ASSETS |
||
|
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
$ 5,250,139 |
$ 5,684,221 |
|
OTHER ASSETS |
||
|
Cash and cash equivalents |
3,646 |
5,558 |
|
Other assets |
244,060 |
241,361 |
|
$ 5,497,845 |
$ 5,931,140 |
|
|
LIABILITIES |
||
|
Accounts payable |
$ - |
$ - |
|
Accounts payable affiliates (note C) |
2,249,724 |
2,099,012 |
|
PARTNERS CAPITAL |
||
|
Assignees
Units of beneficail interest of the |
3,475,744 |
4,053,911 |
|
General Partner |
(227,623) |
(221,783) |
|
3,248,121 |
3,832,128 |
|
|
$ 5,497,845 |
$ 5,931,140 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
Series 5
|
|
September 30, 2000 (Unaudited) |
March 31, 2000 (Audited) |
|
ASSETS |
||
|
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
$ 462,334 |
$ 500,661 |
|
OTHER ASSETS |
||
|
Cash and cash equivalents |
97,922 |
105,507 |
|
Other assets |
149,899 |
149,899 |
|
$ 710,155 |
$ 756,067 |
|
|
LIABILITIES |
||
|
Accounts payable |
$ - |
$ - |
|
Accounts payable affiliates (note C) |
205,050 |
186,192 |
|
PARTNERS CAPITAL |
||
|
Assignees
Units of beneficail interest of the |
541,805 |
605,927 |
|
General Partner |
(36,700) |
(36,052) |
|
505,105 |
569,875 |
|
|
$ 710,155 |
$ 756,067 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
BALANCE SHEETS
Series 6
|
|
September 30, 2000 (Unaudited) |
March 31, 2000 (Audited) |
|
ASSETS |
||
|
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) |
$ 3,649,351 |
$ 3,574,999 |
|
OTHER ASSETS |
||
|
Cash and cash equivalents |
22,983 |
15,230 |
|
Other assets |
- |
- |
|
$ 3,672,334 |
$ 3,590,229 |
|
|
LIABILITIES |
||
|
Accounts payable |
$ - |
$ - |
|
Accounts payable affiliates (note C) |
1,365,240 |
1,291,869 |
|
PARTNERS CAPITAL |
||
|
Assignees
Units of beneficail interest of the |
2,397,600 |
2,388,953 |
|
General Partner |
(90,506) |
(90,593) |
|
2,307,094 |
2,298,360 |
|
|
$ 3,672,334 |
$ 3,590,229 |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
|
|
|
|
|
Income |
||
|
Interest income |
$ 783 |
$ 1,009 |
|
Miscellaneous income |
- |
10 |
|
783 |
1,019 |
|
|
Share of loss from Operating |
(376,461) |
(541,113) |
|
Expenses |
||
|
Professional fees |
47,000 |
72,050 |
|
Partnership management fees (Note C) |
237,768 |
238,677 |
|
General and administrative fees |
12,792 |
14,472 |
|
|
297,560 |
325,199 |
|
NET LOSS |
$ (673,238) |
$ (865,293) |
|
Net loss allocated to assignees |
$ (666,505) |
$ (856,640) |
|
Net loss allocated general partner |
$ (6,733) |
$ (8,653) |
|
Net loss per BAC |
$ (.34) |
$ (.47) |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 1
|
|
|
|
|
Income |
||
|
Interest income |
$ 50 |
$ 65 |
|
Miscellaneous income |
- |
- |
|
50 |
65 |
|
|
Share of loss from Operating |
- |
(8,070) |
|
Expenses |
||
|
Professional fees |
8,000 |
12,560 |
|
Partnership management fees (Note C) |
45,216 |
45,216 |
|
General and administrative fees |
1,670 |
1,841 |
|
|
54,886 |
59,617 |
|
NET LOSS |
$ (54,836) |
$ (67,622) |
|
Net loss allocated to assignees |
$ (54,288) |
$ (66,946) |
|
Net loss allocated general partner |
$ (548) |
$ (676) |
|
Net loss per BAC |
$ (.04) |
$ (.05) |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 2
|
|
|
|
|
Income |
||
|
Interest income |
$ 24 |
$ 73 |
|
Miscellaneous income |
- |
- |
|
24 |
73 |
|
|
Share of loss from Operating |
(38,659) |
(30,480) |
|
Expenses |
||
|
Professional fees |
6,500 |
9,075 |
|
Partnership management fees |
16,836 |
17,310 |
|
General and administrative fees |
1,562 |
1,829 |
|
|
24,898 |
28,214 |
|
NET LOSS |
$ (63,533) |
$ (58,621) |
|
Net loss allocated to assignees |
$ (62,898) |
$ (58,035) |
|
Net loss allocated general partner |
$ (635) |
$ (586) |
|
Net loss per BAC |
$ (.07) |
$ (.06) |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 3
|
|
|
|
|
Income |
||
|
Interest income |
$ 39 |
$ 79 |
|
Miscellaneous income |
- |
- |
|
39 |
79 |
|
|
Share of loss from Operating |
(133,016) |
(131,952) |
|
Expenses |
||
|
Professional fees |
9,000 |
15,700 |
|
Partnership management fees (Note C) |
67,497 |
67,497 |
|
General and administrative expenses |
3,596 |
4,159 |
|
|
80,093 |
87,356 |
|
NET LOSS |
$ (213,070) |
$ (219,229) |
|
Net loss allocated to assignees |
$ (210,939) |
$ (217,037) |
|
Net loss allocated general partner |
$ (2,131) |
$ (2,192) |
|
Net loss per BAC |
$ (.07) |
$ (.07) |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 4
|
|
|
|
|
Income |
||
|
Interest income |
$ 23 |
$ 80 |
|
Miscellaneous income |
- |
- |
|
23 |
80 |
|
|
Share of loss from Operating |
(235,520) |
(251,364) |
|
Expenses |
||
|
Professional feess |
10,000 |
15,380 |
|
Partnership management fees (Note C) |
62,721 |
62,721 |
|
General and administrative fees |
3,350 |
3,805 |
|
|
76,071 |
81,906 |
|
NET LOSS |
$ (311,568) |
$ (333,190) |
|
Net loss allocated to assignees |
$ (308,452) |
$ (329,858) |
|
Net loss allocated general partner |
$ (3,116) |
$ (3,332) |
|
Net loss per BAC |
$ (.10) |
$ (.11) |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 5
|
|
|
|
|
Income |
||
|
Interest income |
$ 502 |
$ 576 |
|
Miscellaneous income |
- |
- |
|
502 |
576 |
|
|
Share of loss from Operating |
(9,640) |
(31,620) |
|
Expenses |
||
|
Professional fees |
5,500 |
7,600 |
|
Partnership management fees (Note C) |
9,429 |
9,864 |
|
General and administrative fees |
1,186 |
1,200 |
|
|
16,115 |
18,664 |
|
NET LOSS |
$ (25,253) |
$ (49,708) |
|
Net loss allocated to assignees |
$ (25,000) |
$ (49,211) |
|
Net loss allocated general partner |
$ (253) |
$ (497) |
|
Net loss per BAC |
$ (.05) |
$ (.09) |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)
Series 6
|
|
|
|
|
Income |
||
|
Interest income |
$ 145 |
$ 136 |
|
Miscellaneous income |
- |
10 |
|
145 |
146 |
|
|
Share of Income (loss) from Operating |
40,374 |
(87,627) |
|
Expenses |
||
|
Professional fees |
8,000 |
11,735 |
|
Partnership management fees (Note C) |
36,069 |
36,069 |
|
General and administrative expenses |
1,428 |
1,638 |
|
|
45,497 |
49,442 |
|
NET LOSS |
$ (4,978) |
$ (136,923) |
|
Net loss allocated to assignees |
$ (4,928) |
$ (135,554) |
|
Net loss allocated general partner |
$ (50) |
$ (1,369) |
|
Net loss per BAC |
$ - |
$ (.09) |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
|
|
|
|
|
Income |
||
|
Interest income |
$ 1,614 |
$ 1,863 |
|
Miscellaneous income |
20 |
10 |
|
1,634 |
1,873 |
|
|
Share of loss from Operating |
(712,107) |
(1,338,050) |
|
Expenses |
||
|
Professional fees |
70,130 |
72,050 |
|
Partnership management fees (Note C) |
444,405 |
456,027 |
|
General and administrative expenses |
34,707 |
38,229 |
|
|
549,242 |
566,306 |
|
NET LOSS |
$(1,259,715) |
$(1,902,483) |
|
Net loss allocated to assignees |
$(1,247,117) |
$(1,883,458) |
|
Net loss allocated general partner |
$ (12,598) |
$ (19,025) |
|
Net loss per BAC |
$ (.68) |
$ (.94) |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 1
|
|
|
|
|
Income |
||
|
Interest income |
$ 107 |
$ 85 |
|
Miscellaneous income |
20 |
- |
|
127 |
85 |
|
|
Share of loss from Operating |
- |
(9,614) |
|
Expenses |
||
|
Professional fees |
12,490 |
12,560 |
|
Partnership management fees (Note C) |
85,759 |
91,432 |
|
General and administrative fees |
4,657 |
5,560 |
|
|
102,906 |
109,552 |
|
NET LOSS |
$ (102,779) |
$ (119,081) |
|
Net loss allocated to assignees |
$ 101,751) |
$ (117,890) |
|
Net loss allocated general partner |
$ (1,028) |
$ (1,191) |
|
Net loss per BAC |
$ (.08) |
$ (.09) |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 2
|
|
|
|
|
Income |
||
|
Interest income |
$ 47 |
$ 97 |
|
Miscellaneous income |
- |
- |
|
47 |
97 |
|
|
Share of loss from Operating |
(81,469) |
(80,839) |
|
Expenses |
||
|
Professional fees |
9,005 |
9,075 |
|
Partnership management fees (Note C) |
28,774 |
32,742 |
|
General and administrative fees |
4,283 |
4,632 |
|
|
42,062 |
46,449 |
|
NET LOSS |
$ (123,484) |
$ (127,191) |
|
Net loss allocated to assignees |
$ (122,249) |
$ (125,919) |
|
Net loss allocated general partner |
$ (1,235) |
$ (1,272) |
|
Net loss per BAC |
$ (.14) |
$ (.13) |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 3
|
|
|
|
|
Income |
||
|
Interest income |
$ 87 |
$ 94 |
|
Miscellaneous income |
- |
- |
|
87 |
94 |
|
|
Share of loss from Operating |
(244,986) |
(557,847) |
|
Expenses |
||
|
Professional fees |
15,630 |
15,700 |
|
Partnership management fees (Note C) |
122,994 |
129,944 |
|
General and administrative fees |
9,886 |
10,407 |
|
|
148,510 |
156,051 |
|
NET LOSS |
$ (393,409) |
$ (713,804) |
|
Net loss allocated to assignees |
$ (389,475) |
$ 706,666) |
|
Net loss allocated general partner |
$ (3,934) |
$ (7,138) |
|
Net loss per BAC |
$ (.14) |
$ (.24) |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 4
|
|
|
|
|
Income |
||
|
Interest income |
$ 49 |
$ 131 |
|
Miscellaneous income |
- |
- |
|
49 |
131 |
|
|
Share of loss from Operating |
(434,080) |
(524,220) |
|
Expenses |
||
|
Professional fees |
15,310 |
15,380 |
|
Partnership management fees (Note C) |
125,442 |
122,815 |
|
General and administrative fees |
9,224 |
10,215 |
|
|
149,976 |
148,410 |
|
NET LOSS |
$ (584,007) |
$ (672,499) |
|
Net loss allocated to assignees |
$ (578,167) |
$ (665,774) |
|
Net loss allocated general partner |
$ (5,840) |
$ (6,725) |
|
Net loss per BAC |
$ (.19) |
$ (.22) |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)
Series 5
|
|
|
|
|
Income |
||
|
Interest income |
$ 1,052 |
$ 1,216 |
|
Miscellaneous income |
- |
- |
|
1,052 |
1,216 |
|
|
Share of loss from Operating |
(38,327) |
(34,602) |
|
Expenses |
||
|
Professional fees |
6,030 |
7,600 |
|
Partnership management fees (Note C) |
18,798 |
19,456 |
|
General and administrative fees |
2,667 |
3,131 |
|
|
27,495 |
30,187 |
|
NET LOSS |
$ (64,770) |
$ (63,573) |
|
Net loss allocated to assignees |
$ (64,122) |
$ (62,937) |
|
Net loss allocated general partner |
$ (648) |
$ (636) |
|
Net loss per BAC |
$ (.13) |
$ (.12) |
The accompanying notes are an integral part of this statement
|
|
|
|
|
Income |
||
|
Interest income |
$ 272 |
$ 240 |
|
Miscellaneous income |
- |
10 |
|
272 |
250 |
|
|
Share of income/(loss) from Operating |
86,755 |
(130,928) |
|
Expenses |
||
|
Professional fees |
11,665 |
11,735 |
|
Partnership management fees (Note C) |
62,638 |
59,638 |
|
General and administrative fees |
3,990 |
4,284 |
|
|
78,293 |
75,657 |
|
NET LOSS |
$ 8,734 |
$ (206,335) |
|
Net loss allocated to assignees |
$ 8,647 |
$ (204,272) |
|
Net loss allocated general partner |
$ 87 |
$ (2,063) |
|
Net loss per BAC |
$ - |
$ (.14) |
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS CAPITAL
Six Months Ended September 30,
(Unaudited)
|
|
|
|
|
|
Partners Capital |
|
|
|
|
|
|||
|
Net loss |
(1,247,117) |
(12,598) |
(1,259,715) |
|
Partners capital |
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS CAPITAL
Six Months Ended September 30,
(Unaudited)
|
Assignees |
General |
Total |
|
|
Series 1 |
|||
|
Partners Capital |
|
|
|
|
|
|||
|
Net loss |
(101,751) |
(1,028) |
(102,779) |
|
Partners capital |
|
|
|
|
Series 2 |
|||
|
Partners Capital |
|
|
|
|
Net income (loss) |
(122,249) |
(1,235) |
(123,484) |
|
Partners capital |
|
|
|
The accompanying notes are an integral part of these statements.
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS CAPITAL
Six Months Ended September 30,
(Unaudited)
|
Assignees |
General |
Total |
|
|
Series 3 |
|||
|
Partners Capital |
|
|
|
|
|
|||
|
Net income (loss) |
(389,475) |
(3,934) |
(393,409) |
|
Partners capital |
|
|
|
|
Series 4 |
|||
|
Partners Capital |
|
|
|
|
Net loss |
(578,167) |
(5,840) |
(584,007) |
|
Partners capital |
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS CAPITAL
Six Months Ended September 30,
(Unaudited)
|
Assignees |
General |
Total |
|
|
Series 5 |
|||
|
Partners Capital |
|
|
|
|
|
|||
|
Net loss |
(64,122) |
(648) |
(64,770) |
|
Partners capital |
|
|
|
|
Series 6 |
|||
|
Partners Capital |
|
|
|
|
|
|||
|
Net loss |
8,647 |
87 |
8,734 |
|
Partners capital |
|
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
|
2000 |
1999 |
|
|
Cash Flows from operating activities: |
||
|
Net Loss |
$(1,259,715) |
$(1,902,483) |
|
Adjustments |
||
|
Distributions from Operating |
|
3,192 |
|
Amortization |
- |
- |
|
Share of Loss from Operating |
|
|
|
Changes in assets and liabilities |
||
|
Increase (Decrease) in accounts |
|
|
|
Decrease (Increase) in other |
|
|
|
Net cash (used in) provided by |
|
|
|
INCREASE (DECREASE) IN CASH AND CASH |
|
(19,813) |
|
Cash and cash equivalents, beginning |
149,652 |
160,135 |
|
Cash and cash equivalents, ending |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 1
|
2000 |
1999 |
|
|
Cash Flows from operating activities: |
||
|
Net Loss |
$ (102,779) |
$ (119,081) |
|
Adjustments |
||
|
Distributions from Operating |
|
(1,397) |
|
Amortization |
- |
- |
|
Share of Loss from Operating |
|
|
|
Changes in assets and liabilities |
||
|
Increase (Decrease) in accounts |
|
|
|
Decrease (Increase) in other |
|
|
|
Net cash provided by (used in) |
|
|
|
INCREASE (DECREASE) IN CASH AND CASH |
|
(3,375) |
|
Cash and cash equivalents, beginning |
11,172 |
6,640 |
|
Cash and cash equivalents, ending |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 2
|
2000 |
1999 |
|
|
Cash Flows from operating activities: |
||
|
Net Loss |
$ (123,484) |
$ (127,191) |
|
Adjustments |
||
|
Distributions from Operating |
|
|
|
Amortization |
- |
- |
|
Share of Loss from Operating |
|
|
|
Changes in assets and liabilities |
||
|
Increase (Decrease) in accounts |
|
46,975 |
|
Decrease (Increase) in other |
|
|
|
Net cash (used in) provided by |
|
|
|
INCREASE (DECREASE) IN CASH AND CASH |
|
1,423 |
|
Cash and cash equivalents, beginning |
4,403 |
5,497 |
|
Cash and cash equivalents, ending |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 3
|
2000 |
1999 |
|
|
Cash Flows from operating activities: |
||
|
Net Loss |
$ (393,409) |
$ (713,804) |
|
Adjustments |
||
|
Distributions from Operating |
|
|
|
Amortization |
- |
- |
|
Share of Loss from Operating |
|
|
|
Changes in assets and liabilities |
||
|
Increase (Decrease) in accounts |
|
|
|
Decrease (Increase) in other |
|
|
|
Net cash (used in) provided by |
|
|
|
INCREASE (DECREASE) IN CASH AND CASH |
|
(816) |
|
Cash and cash equivalents, beginning |
7,782 |
2,331 |
|
Cash and cash equivalents, ending |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 4
|
2000 |
1999 |
|
|
Cash Flows from operating activities: |
||
|
Net Loss |
$ (584,007) |
$ (672,499) |
|
Adjustments |
||
|
Distributions from Operating |
|
|
|
Amortization |
- |
- |
|
Share of Loss from Operating |
|
|
|
Changes in assets and liabilities |
||
|
Increase (Decrease) in accounts |
|
|
|
Decrease (Increase) in other |
|
|
|
Net cash (used in) provided by |
|
|
|
INCREASE (DECREASE) IN CASH AND CASH |
|
(9,129) |
|
Cash and cash equivalents, beginning |
5,558 |
10,320 |
|
Cash and cash equivalents, ending |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 5
|
2000 |
1999 |
|
|
Cash Flows from operating activities: |
||
|
Net Loss |
$ (64,770) |
$ (63,573) |
|
Adjustments |
||
|
Distributions from Operating |
|
|
|
Amortization |
- |
- |
|
Share of Loss from Operating |
|
34,602 |
|
Changes in assets and liabilities |
||
|
Increase (Decrease) in accounts |
|
|
|
Decrease (Increase) in other |
|
|
|
Net cash (used in) provided by |
|
|
|
INCREASE (DECREASE) IN CASH AND CASH |
|
(9,243) |
|
Cash and cash equivalents, beginning |
105,507 |
118,832 |
|
Cash and cash equivalents, ending |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
STATEMENTS OF CASH FLOWS
Six Months Ended September 30,
(Unaudited)
Series 6
|
2000 |
1999 |
|
|
Cash Flows from operating activities: |
||
|
Net Income (Loss) |
$ 8,734 |
$ (206,335) |
|
Adjustments |
||
|
Distributions from Operating |
|
|
|
Amortization |
- |
- |
Share of Loss (Income) from Operating Partnerships |
|
|
|
Changes in assets and liabilities |
||
|
Increase (Decrease) in accounts |
|
|
|
Decrease (Increase) in other |
|
- |
|
Net cash (used in) provided by |
|
|
|
INCREASE (DECREASE) IN CASH AND CASH |
|
1,327 |
|
Cash and cash equivalents, beginning |
15,230 |
16,515 |
|
Cash and cash equivalents, ending |
|
|
The accompanying notes are an integral part of this statement
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(Unaudited)
NOTE A - ORGANIZATION
Boston Capital Tax Credit Fund Limited Partnership ("the Partnership")
was formed under the laws of the State of Delaware as of June 1, 1988, for the
purpose of acquiring, holding, and disposing of limited partnership interests
in operating partnerships which have acquired, developed, rehabilitated,
operate and own newly constructed, existing or rehabilitated low-income
apartment complexes ("Operating Partnerships"). On August 22, 1988, American
Affordable Housing VI Limited Partnership changed its name to Boston Capital
Tax Credit Fund Limited Partnership. The general partner of the Partnership
is Boston Capital Associates Limited Partnership and the limited partner is
BCTC Assignor Corp. (the "Assignor Limited Partner").
Pursuant to the Securities Act of 1933, the Partnership filed a Form S-11
Registration Statement with the Securities and Exchange Commission, effective
August 29, 1988, which covered the offering (the "Public Offering") of the
Partnership's beneficial assignee certificates ("BACs") representing
assignments of units of the beneficial interest of the limited partnership
interest of the Assignor Limited Partner. The Partnership registered
10,000,000 BACs at $10 per BAC for sale to the public in six series. Offers
and sales of BACs in Series 1 through Series 6 of the Partnership were
completed and the last of the BACs in Series 6 were issued by the Partnership
on September 29, 1989. The Partnership sold 1,299,900 of Series 1 BACs,
830,300 of Series 2 BACs, 2,882,200 of Series 3 BACs, 2,995,300 of Series 4
BACs, 489,900 of Series 5 BACs and 1,303,000 of Series 6 BACs. The
Partnership is no longer offering and does not intend to offer any additional
BACs.
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2000
(Unaudited)
NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES
The condensed financial statements included herein as of September 30,
2000 and for the six months then ended have been prepared by the
Partnership, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission. The Partnership accounts for its
investments in Operating Partnerships using the equity method, whereby the
Partnership adjusts its investment cost for its share of each Operating
Partnership's results of operations and for any distributions received or
accrued. Costs incurred by the Partnership in acquiring the investments in
Operating Partnerships are capitalized to the investment account. The
Partnership's accounting and financial reporting policies are in conformity
with generally accepted accounting principles and include adjustments in
interim periods considered necessary for a fair presentation of the results of
operations. Such adjustments are of a normal recurring nature. Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations . It is suggested
that these condensed financial statements be read in conjunction with the
financial statements and the notes thereto included in the Partnership's
Annual Report on Form 10-K.
NOTE C - RELATED PARTY TRANSACTIONS
The Partnership has entered into several transactions with various
affiliates of the general partner, including Boston Capital Partners, Inc. and
Boston Capital Asset Management Limited Partnership.
General and administrative expenses incurred by Boston Capital
Partners, Inc. and its affiliates were charged to each series' operations for
the quarters ended September 30, 2000 and 1999 as follows:
|
2000 |
1999 |
|
|
Series 1 |
$ 812 |
$1,841 |
|
Series 2 |
953 |
1,829 |
|
Series 3 |
1,649 |
4,159 |
|
Series 4 |
1,608 |
3,805 |
|
Series 5 |
855 |
1,200 |
|
Series 6 |
732 |
1,638 |
|
$6,609 |
$14,472 |
|
An annual partnership management fee based on .375 percent of the
aggregate cost of all apartment complexes owned by the Operating Partnerships
has been accrued to Boston Capital Asset Management Limited Partnership. The
partnership management fee accrued for the quarters ended September 30, 2000
and 1999 are as follows:
|
2000 |
1999 |
|
|
Series 1 |
$ 45,216 |
$ 45,216 |
|
Series 2 |
16,836 |
17,310 |
|
Series 3 |
67,497 |
67,497 |
|
Series 4 |
62,721 |
62,721 |
|
Series 5 |
9,429 |
9,864 |
|
Series 6 |
36,069 |
36,069 |
|
$237,768 |
$238,677 |
|
Accounts payable - affiliates at September 30, 2000 and 1999 represents
accrued general and administrative expenses, partnership management fees,
and advances from an affiliate of the general partner, which are payable to
Boston Capital Partners, Inc., and Boston Capital Asset Management Limited
Partnership.
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
September 30, 2000
NOTE C - RELATED PARTY TRANSACTIONS (continued)
As of September 30, 2000, an affiliate of the general partner advanced a
total of $617,629 to the Partnership to pay certain operating expenses of the
Partnership, and to make advances and/or loans to Operating Partnerships.
$33,000 of the total was advanced during the quarter ended September 30, 2000.
Below is a summary, by series, of the advances made to date.
|
2000 |
|
|
Series 1 |
$ 81,810 |
|
Series 2 |
62,000 |
|
Series 3 |
144,550 |
|
Series 4 |
329,269 |
|
$617,629 |
These advances are included in Accounts payable-affiliates. These advances,
and any additional advances, will be paid, without interest, from available
cash flow or the proceeds of sales or refinancing of the Partnership's
interests in Operating Partnerships.
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS
At September 30, 2000 and 1999, the Partnership had limited partnership
interests in one hundred and five Operating Partnerships which own operating
apartment complexes as follows: nineteen in Series 1; eight in Series 2;
thirty-three in Series 3; twenty-five in Series 4; five in Series 5; and
fifteen in Series 6.
Under the terms of the Partnership's investment in each Operating
Partnership, the Partnership was required to make capital contributions to
such Operating Partnerships. These contributions were payable in installments
over several years upon each Operating Partnership achieving specified levels
of construction and/or operations. At September 30, 2000 and 1999, all
capital contributions had been paid.
The Partnership's fiscal year ends March 31 of each year, while all the
Operating Partnerships' fiscal years are the calendar year. Pursuant to the
provisions of each Operating Partnership Agreement, financial results for each
of the Operating Partnerships are provided to the Partnership within 45 days
after the close of each Operating Partnership's quarterly period.
Accordingly, the current financial results available for the Operating
Partnerships are for the six months ended September 30, 2000.
The combined unaudited summarized statements of operations of the
Operating Partnerships for the six months ended June 30, 2000 and 1999
are as follows:
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 1
|
2000 |
1999 |
|
|
Revenues |
||
|
Rental |
$ 2,744,979 |
$ 2,570,501 |
|
Interest and other |
107,328 |
122,339 |
|
2,852,307 |
2,692,840 |
|
|
Expenses |
||
|
Interest |
708,195 |
585,096 |
|
Depreciation and amortization |
1,061,887 |
945,741 |
|
Operating expenses |
2,389,023 |
2,089,754 |
|
4,159,105 |
3,620,591 |
|
|
NET LOSS |
$(1,306,798) |
$ (927,751) |
|
Net loss allocated to Boston |
|
|
|
Net loss allocated to other |
|
|
|
Net loss suspended |
$(1,293,730) |
$ (908,859) |
The Partnership accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Partnership adjusts
its investment cost for its share of each Operating Partnerships results of
operations and for any distributions received or accrued. However, the
Partnership recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 2
|
2000 |
1999 |
|
|
Revenues |
||
|
Rental |
$ 715,504 |
$ 680,029 |
|
Interest and other |
34,111 |
36,512 |
|
749,615 |
716,541 |
|
|
Expenses |
||
|
Interest |
143,177 |
212,364 |
|
Depreciation and amortization |
199,458 |
215,973 |
|
Operating expenses |
571,577 |
539,730 |
|
914,212 |
968,067 |
|
|
NET LOSS |
$ (164,597) |
$ (251,526) |
|
Net loss allocated to Boston |
|
|
|
Net loss allocated to other |
|
|
|
Net loss suspended |
$ (81,482) |
$ (168,172) |
The Partnership accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Partnership adjusts
its investment cost for its share of each Operating Partnerships results of
operations and for any distributions received or accrued. However, the
Partnership recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 3
|
2000 |
1999 |
|
|
Revenues |
||
|
Rental |
$ 3,697,937 |
$ 3,340,174 |
|
Interest and other |
223,086 |
179,639 |
|
3,921,023 |
3,519,813 |
|
|
Expenses |
||
|
Interest |
1,124,799 |
1,111,732 |
|
Depreciation and amortization |
1,308,675 |
1,210,829 |
|
Operating expenses |
2,589,223 |
2,458,177 |
|
5,022,697 |
4,780,738 |
|
|
NET LOSS |
$(1,101,674) |
$(1,260,925) |
|
Net loss allocated to Boston |
|
|
|
Net loss allocated to other |
$ (11,017) |
$ (12,609) |
|
Net loss suspended |
|
|
The Partnership accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Partnership adjusts
its investment cost for its share of each Operating Partnerships results of
operations and for any distributions received or accrued. However, the
Partnership recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 4
|
2000 |
1999 |
|
|
Revenues |
||
|
Rental |
$ 3,394,914 |
$ 3,263,256 |
|
Interest and other |
132,822 |
148,369 |
|
3,527,736 |
3,411,625 |
|
|
Expenses |
||
|
Interest |
1,272,565 |
1,312,083 |
|
Depreciation and amortization |
1,132,835 |
1,122,081 |
|
Operating expenses |
2,216,253 |
2,207,865 |
|
4,621,653 |
4,642,029 |
|
|
NET LOSS |
$ 1,093,917) |
$(1,230,404) |
|
Net loss allocated to Boston |
|
|
|
Net loss allocated to other |
|
|
|
Net loss suspended |
$ (648,898) |
$ (693,880) |
The Partnership accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Partnership adjusts
its investment cost for its share of each Operating Partnerships results of
operations and for any distributions received or accrued. However, the
Partnership recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 5
|
2000 |
1999 |
|
|
Revenues |
||
|
Rental |
$ 345,130 |
$ 332,680 |
|
Interest and other |
36,780 |
33,009 |
|
381,910 |
365,689 |
|
|
Expenses |
||
|
Interest |
62,015 |
114,681 |
|
Depreciation and amortization |
114,354 |
114,067 |
|
Operating expenses |
280,992 |
249,519 |
|
457,361 |
478,267 |
|
|
NET LOSS |
$ (75,451) |
$ (112,578) |
|
Net loss allocated to Boston Capital Tax Credit Fund |
|
|
|
Net loss allocated to other |
|
|
|
Net loss suspended |
$ (36,369) |
$ (76,850) |
The Partnership accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Partnership adjusts
its investment cost for its share of each Operating Partnerships results of
operations and for any distributions received or accrued. However, the
Partnership recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(Unaudited)
NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months ended June 30,
(Unaudited)
Series 6
|
2000 |
1999 |
|
|
Revenues |
||
|
Rental |
$ 2,168,190 |
$ 2,205,423 |
|
Interest and other |
95,315 |
112,826 |
|
2,263,505 |
2,318,249 |
|
|
Expenses |
||
|
Interest |
564,491 |
803,834 |
|
Depreciation and amortization |
679,769 |
620,606 |
|
Operating expenses |
1,193,446 |
1,243,852 |
|
2,437,706 |
2,668,292 |
|
|
NET LOSS |
$ (174,201) |
$ (350,043) |
|
Net loss allocated to Boston Capital Tax Credit Fund |
|
|
|
Net loss allocated to other |
|
|
|
Net loss suspended |
$ (259,214) |
$ (215,615) |
The Partnership accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Partnership adjusts
its investment cost for its share of each Operating Partnerships results of
operations and for any distributions received or accrued. However, the
Partnership recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.
Boston Capital Tax Credit Fund Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2000
(Unaudited)
NOTE E - TAXABLE LOSS
The Partnership's taxable loss for the year ended December 31, 2000 is
expected to differ from its loss for financial reporting purposes for the
year ended March 31, 2001. This is primarily due to accounting differences in
depreciation incurred by the Operating Partnerships and also differences
between the equity method of accounting and the IRS accounting methods. No
provision or benefit for income taxes has been included in these financial
statements since taxable income or loss passes through to, and is reportable
by, the partners and assignees individually.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Liquidity
The Partnership's primary source of funds was the proceeds of its
Public Offering. Other sources of liquidity include (i) interest earned on
working capital reserves, and (ii) cash distributions from the Operating
Partnerships in which the Partnership has invested. These sources of
liquidity are available to meet the obligations of the Partnership.
The Partnership is currently accruing the annual partnership management
fee. Partnership management fees accrued during the quarter ended September 30, 2000 were $237,768 and total partnership management fees accrued as of
September 30, 2000 were $7,875,718. Pursuant to the Partnership Agreement,
such liabilities will be deferred until the Partnership receives sales or
refinancing proceeds from Operating Partnerships, which will be used to
satisfy such liabilities.
The Partnership has recorded $695,651 as payable to affiliates. This
represents advances to pay certain third party operating expenses of the
Partnership, and to make advances and/or loans to Operating Partnerships, and
accrued overhead allocations. The breakout between series is: $90,148 in
series 1, $80,720 in series 2, $170,955 in series 3, $347,187 in series 4,
none in series 5, and $6,641 in series 6. These and any future advances or
accruals will be paid, without interest, from available cash flow, reporting
fees, or proceeds of sales or refinancing of the Partnership's interest in
Operating Partnerships.
Capital Resources
The Partnership offered BACs in a Public Offering declared effective by
the Securities and Exchange Commission on August 29, 1988. The Partnership
received and accepted subscriptions for $97,746,940 representing 9,800,600
BACs from investors admitted as BAC Holders in Series 1 through Series 6 of
the Partnership. Offers and sales of BACs in Series 1 through Series 6 of the
Partnership were completed and the last of the BACs in Series 6 were issued by
the Partnership on September 29, 1989. At September 30, 2000 and 1999 the
Partnership had limited partnership equity interests in 105 Operating
Partnerships.
As of September 30, 2000 the Partnership had $137,276 in remaining net offering proceeds. Below is a table, which provides, by series, the equity raised, number of BACs sold, final date BACs were offered, number of properties invested in, and
remaining proceeds.
|
Series |
Equity |
BACs |
Final Close Date |
Number of Properties |
Proceeds Remaining |
|
1 |
$12,999,000 |
1,299,900 |
12/18/88 |
19 |
$ 5,138 |
|
2 |
8,303,000 |
830,300 |
03/30/89 |
8 |
4,853 |
|
3 |
28,822,000 |
2,882,200 |
03/14/89 |
33 |
2,734 |
|
4 |
29,788,160 |
2,995,300 |
07/07/89 |
25 |
3,646 |
|
5 |
4,899,000 |
489,900 |
08/22/89 |
5 |
97,922 |
|
6 |
12,935,780 |
1,303,000 |
09/29/89 |
15 |
22,983 |
|
$ 97,746,940 |
9,800,600 |
105 |
$137,276 |
Results of Operations
At September 30, 2000 and 1999 the Partnership held limited partnership
interests in 105 Operating Partnerships. In each instance the Apartment
Complex owned by the applicable Operating Partnership is eligible for the
Federal Housing Tax Credit. Occupancy of a unit in each Apartment Complex
which initially complied with the Minimum Set-Aside Test (i.e., occupancy by
tenants with incomes equal to no more than a certain percentage of area median
income) and the Rent Restriction Test(i.e., gross rent charged tenants does
not exceed 30% of the applicable income standards) is referred to hereinafter
as "Qualified Occupancy." Each of the Operating Partnerships and each of the
respective Apartment Complexes are described more fully in the Prospectus or
applicable report on Form 8-K. The General Partner believes that there is
adequate casualty insurance on the properties.
The Partnership incurs an annual partnership management fee to the General
Partner and/or its affiliates in an amount equal to 0.375% of the aggregate
cost of the Apartment Complexes owned by the Operating Partnerships, less the
amount of certain partnership management and reporting fees paid by
the Operating Partnerships. The annual partnership management fee is
currently being accrued. It is anticipated that outstanding fees will be
repaid from sale or refinancing proceeds. The annual partnership management
fee charged to operations for the quarters ended September 30, 2000 and 1999, net of reporting fees were $237,768 and $238,677, respectively.
The Partnership's investment objectives do not include receipt of
significant cash distributions from the Operating Partnerships in which it has
invested. The Partnership's investments in Operating Partnerships have been
made principally with a view towards realization of Federal Housing Tax
Credits for allocation to its partners and BAC holders. The Results of
Operations reported herein are interim period estimates that may not
necessarily be indicative of final year end results.
Series 1
As of September 30, 2000 and 1999, the average Qualified Occupancy for the
series was 100%. The series had a total of 19 properties at September 30,
2000, all of which were at 100% Qualified Occupancy.
For the six months being reported, the series reflects a net loss from
Operating Partnerships of $1,306,798. When adjusted for depreciation, which
is a non-cash item, the Operating Partnerships reflect a net loss of $244,911.
Substantially all of the adjusted net loss 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 properties to pay minimal mortgage payments
while the properties continue to accrue all interest payments due. All three
properties also received loans from the state housing agency, which were used
to complete rehabilitation work. Operations at both Genesse Commons
Associates and Kingston Property Associates remain weak. The current
occupancy levels are 89% at Genesse and 75% at Kingston. Although
forbearance agreements are in place, the property's have not made debt service
payments for 1999 and 2000. At this time, the mortgagee has not taken any
adverse actions. The Investment General Partner will continue to monitor the
situation. Unity Park Associates remains unable to support itself. At this
time the Operating General Partner is negotiating a Deed-in-lieu transfer of
ownership with the State of New York. It is anticipated the Unity Park Phase
II property will be transferred to the State of New York in November or
December 2000. The Investment General Partnership will continue to monitor
the situation. When the transfer occurs, the partnership will incur recapture
and interest penalties. The Investment General Partner has estimated the
overall credit yield for 2000 to decrease by 1.0% to 1.5% as a result of the
recapture.
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.
During 1999, the properties were able to operate without financial assistance
from the Operating General Partner and generated positive cash flow. This
improvement in operations is expected to continue. 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. All of the exterior items at
each property have been completed and the remaining maintenance items will be
completed as units turnover.
Series 2
As of September 30, 2000 and 1999, the average Qualified Occupancy for the
series was 100% for both years. The series had a total of eight properties at
September 30, 2000 all of which were at 100% Qualified Occupancy.
For the six months being reported the series reflects a net loss
from the Operating Partnerships of $164,597. When adjusted for depreciation,
which is a non-cash item, the Operating Partnerships reflect a positive
operations of $34,861.
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 compared to operating income.
Effective October 4th, San Mar Properties of Fresno, California assumed the
role of management agent The Investment Limited Partner is still in
negotiations with San Mar to assume the General Partner interest. It is
anticipated that a localized management presence will allow the properties to
operate in a more cost effective manner. Occupancy at both Haven Park III and
Haven Park IV has stabilized as a result of repairs to unit interiors. At
September 30, 2000 physical occupancy at the properties was 100%.
Annadale Housing Partners (Kingsview Manor & Estates) reported net losses due
to operational issues associated with the property. In order to address these
issues, the Operating General Partner hired a consultant to assist management
in aggressively marketing the property. In addition, the managing agent hired
a new on-site manager and leasing agent. As a result of the aforementioned
changes, occupancy reached 92% as of December 31, 1999, 93.7% as of March 31,
2000, and 92.3% as of June 30, 2000. Occupancy as of September 30, 2000 fell
to 86% as a result of evicting tenants. Occupancy is expected to increase to
over 90% by year-end. In order to reduce operating costs, a loan restructure
was finalized with the first mortgage lender. In exchange for a payment of
$620,457, the monthly mortgage payments were reduced by 79%, thereby
alleviating the property of a large monthly cash obligation. The payment to
the first mortgage holder was funded through the sale of a portion of the
Operating Partnership's future credit stream. With the additional cash
available from a lower monthly debt service payment and increased rental
rates, property operations are anticipated to improve significantly over prior
years. As of September 30, 2000, the property has been successful in
maintaining break-even operations, and the Investment General Partner
continues to monitor this situation closely.
Series 3.
As of September 30, 2000 and 1999, the average Qualified Occupancy for the
series was 99.1% and 99.7%, respectively. The series had a total of 33
properties at September 30, 2000 of which 30 were at 100% Qualified Occupancy.
For the six months being reported series reflects a net loss from the
Operating Partnerships of $1,101,674. When adjusted for depreciation, which
is a non-cash item, the Operating Partnerships reflect a positive operation of
$207,001.
Lakewood Terrace Limited Partnership (Lakewood Terrace Apartments) operated
with a net loss during 1999 primarily as a result of the extensive amount of
capital improvements that were made during the year. A portion of the expense
was reimbursed from the replacement reserve account but the property funded
the balance of the costs through operations. Capital improvements of this
magnitude are not anticipated in 2000. Despite the fact that occupancy
averaged 97.5% during 1999, the property could not sustain the expenses it
incurred and closed the year with high payables on their balance sheet.
Occupancy for the third quarter of 2000 continues strong at 100%. The
Operating General Partner has been successful in securing a four (4) year
contract with HUD and has also been granted a 2.2% rental increase. It is
anticipated that the lease renewals for the last quarter of 2000 will be
affected by the rental increase. The increase in rents and continued high
occupancy should financially assist the partnership.
The Investment General Partner continues to monitor the operations of Lincoln
Hotel Associates (Lincoln Apartments) in an effort to improve the overall
operations of the series. As of October 31, 2000 the physical occupancy of
the property was 100%. The management company, with the assistance of area
housing agencies and a more thorough screening process, has greatly improved
the occupancy. The improved occupancy, along with expense reductions, has
resulted in a net income for the eight-month period ended August 31, 2000 of
$72,779 and cash flow of $29,101.
The property owned by California Investors VI LP (Orchard Park) sustained a
physical occupancy of 95.1% for the first eight months of 2000. This stability
has been the result of the management company's aggressive marketing efforts
and the many capital improvements completed at the property, including office
renovations and the addition of an activity center. These improvements have
been successful in attracting and retaining tenants. The property's
surrounding area is experiencing economic growth which includes a major public
sports park which opened in September of 2000. The park is essentially a
complex of ball fields and soccer fields with a central concession area.
Drive by traffic has been good since the park opened and is expected to
increase dramatically once leagues are formed for the children in the
community. In addition to the park, a high school is in the process of
construction. Work has continued on the new school that will be located
across the street from the front entrance to the development. A formal
groundbreaking has occurred and the construction is in the site preparation
phase of the development. These types of public development in the area
should continue to increase the quantity of automobile traffic around Orchard
Park and in turn should continue to assist with marketing efforts. Actually,
the community has experienced an increased level of interest over the last
several months from prospective new tenants. There is now a waiting list for
units and this has enabled the property management staff to be much more
aggressive in dealing with the problem tenants. Negotiations are on going
with a third party to have them assume General Partner responsibilities and
management for the partnership and it is hoped that this transition will be
completed by the end of the year.
Operations continue to improve at Hidden Cove Apartments (Hidden Cove) as
evidenced by stabilized occupancy and increased rental collections. To date
the property has been able to complete minor capital improvements and fund its
replacement reserve account without financial assistance. It is anticipated
that the property will be able to operate at breakeven, barring any
significant unforeseen repairs. At this time, the Operating General Partner
has commenced negotiations with the property's management company aimed at
transferring the Operating General Partnership interest to that entity. It is
anticipated that the addition of a local Operating General Partner will
enhance the property's ability to refinance its permanent mortgage.
Operations are improving at Central Parkway Towers (Central Parkway Towers)
Occupancy has steadily improved over the last three quarters. Overall
physical occupancy at the property in the third quarter of 2000 was 75%, an
11% increase from the second quarter figure of 64%. The property's financial
position has improved as payables and rent obligations have been substantially
reduced. Management reports that the low occupancy continues to result from
residents having more housing options available to them. The low occupancy
has resulted in operating deficits, accrued liabilities, and deferred
maintenance. The Investment General Partner's operating deficit obligation
has expired, however it is currently participating in funding shortfalls.
Management was able to renegotiate a final contract with the County Mental
Health Board to increase the County's commitment beyond 15 units. The lessor
agreed to restructure the property's lease payment from $5,000 per month to
the greater of cash flow or $3,000 for a period of six months. Management
continues to work with city, state, and federal agencies to expand referrals
and contracts. The Investment General Partner reached a tentative agreement
with the lessor whereby the lessor will provide its resources for canvassing
additional housing support groups willing to commit to blocks of apartment
units.
The Operating General Partner of Rainbow Housing Associates (Rainbow
Apartments) has notified the Investment General Partner that the State Housing
Credit Agency has filed Form 8823 with the Internal Revenue Service indicating
certain instances of non-compliance with IRS Section 42 code and regulations.
The Operating General Partner engaged legal counsel to respond to the content
of Form 8823 and as of this date, that response was in the final stages of
completion. At this time, the Operating General Partner and its counsel do
not anticipate an outcome that would have a material effect on the
Partnership.
Series 4
As of September 30, 2000 and 1999, the average Qualified Occupancy for the
series was 100% for both years. The series had a total of 25 properties at
September 30, 2000, all of which were at 100% Qualified Occupancy.
For the six months being reported the series reflects a net loss from
the Operating Partnerships of $1,093,917. When adjusted for depreciation,
which is a non-cash item, the Operating Partnerships reflect positive
operations of $38,918.
While overall positive operations are being reported, Unity Park Associates
(Unity Park Phase II) continues to operate at a loss. 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. In addition, Unity Park Associates received loans from the
state housing agency, which were used to complete rehabilitation work.
However, due to economic conditions in Niagra, NY, the property remains unable
to support itself without substantial loans from the Operating General
Partner. The Operating General Partner is negotiating a Deed-in-lieu transfer
of ownership with the State of New York. It is anticipated the Unity Park
Phase II property will be transferred to the State of New York in November or
December 2000. The Investment General Partnership will continue to monitor
the situation. When the transfer occurs, the partnership will incur recapture
and interest penalties. The Investment General Partner has estimated the
overall credit yield for 2000 to decrease by 3.0% to 3.5% as a result of the
recapture.
Operations are improving at Central Parkway Towers (Central Parkway Towers).
Occupancy has steadily improved over the last three quarters. Overall
physical occupancy at the property in the third quarter of 2000 was 75%, an
11% increase from the second quarter figure of 64%. The property's financial
position has improved as payables and rent obligations have been substantially
reduced. Management reports that the low occupancy continues to result from
residents having more housing options available to them. The low occupancy
has resulted in operating deficits, accrued liabilities, and deferred
maintenance. The Investment General Partner's operating deficit obligation
has expired, however it is currently participating in funding shortfalls.
Management was able to renegotiate a final contract with the County Mental
Health Board to increase the County's commitment beyond 15 units. The lessor
agreed to restructure the property's lease payment from $5,000 per month to
the greater of cash flow or $3,000 for a period of six months. Management
continues to work with city, state, and federal agencies to expand referrals
and contracts. The Investment General Partner reached a tentative agreement
with the lessor whereby the lessor will provide its resources for canvassing
additional housing support groups willing to commit to blocks of apartment
units.
The property owned by Haven Park Partners II, A California L.P. (Glenhaven
Park II) continues to suffer from excessive operating expenses compared to
operating income. Effective October 4th, San Mar Properties of Fresno,
California assumed the role of management agent The Investment Limited
Partner is still in negotiations with San Mar to assume the General Partner
interest. It is anticipated that a localized management presence will allow
the properties to operate in a more cost effective manner. As a result of
repairs to unit interiors, occupancy levels have stabilized. At September 30,
2000 physical occupancy at Haven Park II was 87%.
Series 5
As of September 30, and 1999, the average Qualified Occupancy for the
series was 100% for both years. The series had a total of five properties at
September 30, 2000, all of which were at 100% Qualified Occupancy.
For the six months being reported the series reflects a net loss
from the Operating Partnerships of $75,451. When adjusted for depreciation,
which is a non-cash item, the Operating Partnerships reflect a positive
operation of $38,903.
Annadale Housing Partners (Kingsview Manor & Estates) reported net losses due
to operational issues associated with the property. In order to address these
issues, the Operating General Partner hired a consultant to assist management
in aggressively marketing the property. In addition, the managing agent hired
a new on-site manager and leasing agent. As a result of the aforementioned
changes, occupancy reached 92% as of December 31, 1999, 93.7% as of March 31,
2000, and 92.3% as of June 30, 2000. Occupancy as of September 30, 2000 fell
to 86% as a result of evicting tenants. Occupancy is expecting to increase to
over 90% by year-end. In order to reduce operating costs, a loan restructure
was finalized with the first mortgage lender. In exchange for a payment of
$620,457, the monthly mortgage payments were reduced by 79%, thereby
alleviating the property of a large monthly cash obligation. The payment to
the first mortgage holder was funded through the sale of a portion of the
Operating Partnership's future credit stream. With the additional cash
available from a lower monthly debt service payment and increased rental
rates, property operations are anticipated to improve significantly from prior
years. As of September 30, 2000, the property has been successful in
maintaining break-even operations. The Investment General Partner continues to
monitor this situation closely.
The property owned by Glenhaven Park Partners, A California L.P. (Glenhaven
Estates) continues to suffer from excessive operating expenses compared to
operating income. Effective October 4th, San Mar Properties of Fresno,
California assumed the role of management agent The Investment Limited
Partner is still in negotiations with San Mar to assume the General Partner
interest. It is anticipated that a localized management presence will allow
the properties to operate in a more cost effective manner. As a result of
repairs to unit interiors, occupancy was expected to stabilize, however due
largely to tenant evictions, the property has experienced high turnover.
Occupancy as of September 30, 2000 was 83%.
Series 6
As of September 30, 2000 and 1999, the average Qualified Occupancy for
the series was 100% for both years. The series had a total of 15 properties
at September 30, 2000, all of which were at 100% Qualified Occupancy.
For the six months being reported the series reflects a net loss from
the Operating Partnerships of $174,201. When adjusted for depreciation, which
is a non-cash item, the Operating Partnerships reflect positive operations of
$505,568.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
(b) Reports on Form 8-K
There were no reports on Form 8-K filed during the period
covered by this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
BOSTON CAPITAL TAX CREDIT
FUND LIMITED PARTNERSHIP
By: Boston Capital Associates Limited
Partnership, General Partner
By: C&M Associates, d/b/a
Boston Capital Associates
Date: November 20, 2000 By: /S/ John P. Manning
________________________
John P. Manning,
Partner & Principal Financial
Officer
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