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, 2000 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, 2000
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
------------
Boston Capital Tax Credit Fund Limited Partnership (the
"Partnership") is a
limited partnership formed under the Delaware Revised Uniform
Limited
Partnership Act as of June 1, 1988. The General Partner of the
Partnership is
Boston Capital Associates Limited Partnership, a Delaware limited
partnership.
Boston Capital Associates, a Massachusetts general partnership,
whose only two
partners are Herbert F. Collins and John P. Manning, the
principals of Boston
Capital Partners, Inc., is the sole general partner of the
General Partner.
The limited partner of the General Partner is Capital Investment
Holdings, a
general partnership whose partners are certain officers and
employees of
Boston Capital Partners, Inc., and its affiliates. The Assignor
Limited
Partner is BCTC Assignor Corp., a Delaware corporation which is
wholly-owned
by Herbert F. Collins and John P. Manning.
The Assignor Limited Partner was formed for the purpose of
serving in that
capacity for the Partnership and will not engage in any other
business. Units
of beneficial interest in the Limited Partnership Interest of the
Assignor
Limited Partner were assigned by the Assignor Limited Partner by
means of
beneficial assignee certificates ("BACs") to investors and
investors are
entitled to all the rights and economic benefits of a Limited
Partner of the
Partnership including rights to a percentage of the income,
gains, losses,
deductions, credits and distributions of the Partnership.
A Registration Statement on Form S-11 and the related
prospectus, as
supplemented (the "Prospectus") was filed with the Securities and
Exchange
Commission and became effective August 29, 1988 in connection
with a public
offering ("Offering") of Series 1 through 6. The Partnership
raised
$97,746,940 representing a total of 9,800,600 BACs. The offering
of BACs in
all series ended on September 29, 1989.
Description of Business
-----------------------
The Partnership's principal business is to invest as a limited
partner in
other limited partnerships (the "Operating Partnerships"), each
of which was
to own or lease and operate an Apartment Complex exclusively or
partially for
low- and moderate-income tenants. Each Operating Partnership in
which the
Partnership has invested owns an Apartment Complex which is
completed,
newly-constructed, or newly-rehabilitated. Each Apartment Complex
qualified
for the low-income housing tax credit under Section 42 of the
Code (the
"Federal Housing Tax Credit"), thereby providing tax benefits
over a period of
eleven 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, 2000, 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, 2000
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/99 Completion
3/31/00 uted
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-------------
Apple Hill West Newton, 44 $1,478,324 1/88
100% $ 317,660
Apartments NC
Bolivar Manor Bolivar, 24 875,963 11/88
100% 180,498
Apartments NY
Briarwood Vero Beach, 45 1,471,056 8/89
100% 386,368
Apartments FL
Broadway Kingston, 122 5,184,279 6/89
100% 952,500
East NY
Country Coldwater, 32 932,876 7/89
100% 202,610
Knoll MI
Country Warwick, 64 3,160,361 4/89
100% 845,000
Village Apts NY
Elk Rapids II Elk Rapids, 24 735,782 2/89
100% 161,078
Apartments MI
Green Acres Yulee, 47 1,473,016 8/89
100% 394,500
Apartments FL
Inglewood St. Cloud, 50 1,479,639 11/88
100% 394,400
Meadows FL
Minnehaha St. Paul, 24 1,136,035 11/88
100% 631,138
Court Apts. MN
Moss Creek Wewahitchka, 23 707,959 6/88
100% 207,592
Apartments FL
River Park Rochester, 402 9,914,955 12/88
100% 2,315,400
Commons NY
Sunset West Conneaut, 40 1,167,002 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 1,182,349 8/88
100% 254,967
Geneva OH
4
Boston Capital Tax Credit Fund Limited Partnership -
Series 1
PROPERTY PROFILES AS OF MARCH 31, 2000
Continued
---------
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/99 Completion
3/31/00 uted
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-------------
Virginia
Circle St. Paul, 16 $ 672,077 6/88
100% $395,000
Townhomes MN
Westchase Three Rivers, 32 960,388 7/89
100% 202,610
Apartments MI
Wood Creek Saulte St. 32 960,890 7/89
100% 213,390
Manor Marie, MI
Woodland St. Cloud, 50 1,479,639 11/88
100% 394,500
Terrace FL
5
Boston Capital Tax Credit Fund Limited Partnership -
Series 2
PROPERTY PROFILES AS OF MARCH 31, 2000
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/99 Completion
3/31/00 uted
-----------------------------------------------------------------
-------------
Annadale Fresno, 222 $9,757,626 6/90 100%
$1,736,542
Apartments CA
Calexico Calexico, 36 1,562,547 4/90 100%
464,896
Village Apts. CA
Glenhaven Merced, 15 488,600 12/89 100%
490,000
Park III CA
Glenhaven Merced, 12 392,861 6/90 100%
395,300
Park CA
Heber II
Village Heber, 24 1,091,002 4/89 100%
345,000
Apts. CA
Redondo II Westmorland, 32 1,432,633 7/90 100%
580,000
Apts. CA
Redwood McKinleyville, 48 1,766,199 12/89 100%
688,572
Creek Apts. CA
Thunderbird Mecca, 54 2,591,178 7/90 100%
1,012,157
Apartments CA
6
Boston Capital Tax Credit Fund Limited Partnership -
Series 3
PROPERTY PROFILES AS OF MARCH 31, 2000
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/99 Completion
3/31/00 uted
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-------------
The 128
Park Street Dorchester, 16 $ 510,671 7/88
100% $340,000
Lodging House MA
Ashley Senior Ashland, 62 1,773,701 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 1,614,057 12/89
100% 883,623
Lodging House
Carriage Gate Palatka, 48 1,466,538 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 1,485,489 6/89
100% 384,200
Apartments FL
Crane Street Littleton, 33 1,470,840 12/88
100% 293,000
Court NH
Cruz Bay St. John, 20 1,481,679 2/89
100% 285,820
Apartments USVI
Fiddler's Creek Southport, 24 958,771 2/89
100% 200,397
Apartments NC
Gilmore Court Jaffrey, 28 1,378,823 6/89
92% 288,660
NH
Greenwood Owosso, 48 1,429,652 8/89
100% 312,090
Apartments MI
Hidden Cove W.Pittsburg 88 2,868,424 8/88
100% 1,761,650
Apartments CA
Hillmont Lake Park, 42 1,131,274 5/89
100% 265,218
Apartments GA
7
Boston Capital Tax Credit Fund Limited Partnership -
Series 3
PROPERTY PROFILES AS OF MARCH 31, 2000
Continued
---------
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/99 Completion
3/31/00 uted
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-------------
Jackson Jackson, 28 $1,185,952 7/89
100% $ 225,000
Apartments WY
Lake North Lady Lake, 36 1,053,835 1/89
100% 220,780
Apartments FL
Lakewood Terr Lakeland, 132 3,735,725 8/89
100% 572,400
Apartments FL
Lincoln Salem, 63 2,995,634 12/88
100% 520,000
Apartments MA
Mann Village Indianapolis,204 5,492,161 5/89
98% 2,620,620
Apartments IN
Maplewood Cloquet, 24 752,753 4/89
100% 150,800
Apartments MN
Mound Plaza Moundville, 24 619,793 9/89
100% 129,465
Apartments AL
Oak Crest Brainerd, 30 904,353 5/89
100% 168,130
Manor II MN
Orangewood Umatilla, 45 1,470,057 9/89
100% 358,350
Villas FL
Orchard Park Beaumont, 144 3,802,193 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 1,035,233 1/89
100% 759,500
Court Apts. PA
Rainbow Yuma, 81 1,887,613 1/89
100% 702,968
Apartments AZ
Ripon Ripon, 24 848,385 7/89
100% 176,260
Apartments WI
8
Boston Capital Tax Credit Fund Limited Partnership -
Series 3
PROPERTY PROFILES AS OF MARCH 31, 2000
Continued
---------
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/99 Completion
3/31/00 uted
-----------------------------------------------------------------
-------------
Sun Village Groveland, 34 $1,044,145 5/88
100% $211,880
Apartments FL
Taylor
Terrace W. Pittsburgh, 30 1,049,457 11/88
100% 227,103
Apartments PA
The Grove Vidalia, 54 1,477,124 5/89
100% 345,621
Apartments GA
Trinidad Trinidad, 24 915,372 6/89
100% 202,000
Apartments CO
Vassar Vassar, 32 915,635 11/89
100% 189,596
Apartments MI
9
Boston Capital Tax Credit Fund Limited Partnership -
Series 4
PROPERTY PROFILES AS OF MARCH 31, 2000
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/99 Completion
3/31/00 uted
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-------------
Amory Square Windsor, 74 $ 2,106,597 9/89
100% $1,644,338
Apartments VT
Auburn Trace Delray Beach,256 9,849,938 1/90
100% 2,849,298
FL
Ault Ault, 16 478,812 7/89
100% 92,232
Apartments CO
Berkshire Wichita, 90 1,986,969 9/89
100% 1,829,104
Apartments KS
Bowditch
School Jamaica Plain,50 1,614,057 12/89
100% 619,300
Lodging House MA
Burlwood Cripple 10 370,784 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, 24 752,315 11/89
100% 166,400
Apartments CO
Fuller St. Paul, 9 496,021 1/89
100% 254,671
Townhomes MN
Glenhaven Merced, 15 486,100 6/89
100% 415,000
Park II CA
Greenwood Quincy, 36 1,074,054 9/89
100% 282,000
Terrace FL
Highland Topeka, 22 361,172 12/88
100% 354,067
Village KS
Duplexes
10
Boston Capital Tax Credit Fund Limited Partnership -
Series 4
PROPERTY PROFILES AS OF MARCH 31, 2000
Continued
---------
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/99 Completion
3/31/00 uted
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-------------
Jefferson Pl Monticello, 38 $ 1,099,862 12/89
100% $ 294,150
Apartments FL
Landmark Chesapeake, 120 1,716,608 5/89
100% 1,470,835
Apartments VA
Meadowcrest Southfield, 83 2,871,827 10/90
100% 1,055,404
Apartments MI
Milliken Milliken, 28 835,229 8/89
100% 135,000
Apartments CO
Montana Ave. St. Paul, 13 646,597 11/89
100% 430,167
Townhomes MN
New Grand Salt Lake 80 2,821,292 3/90
100% 2,823,370
Hotel City,UT
Rosenberg Santa Rosa, 77 1,796,276 1/92
100% 844,300
Hotel CA
Shockoe Hill Richmond, 64 1,861,727 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, 16 638,584 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, 2000
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/99 Completion
3/31/00 uted
-----------------------------------------------------------------
-------------
Annadale Fresno, 222 $9,757,626 6/90
100% $1,161,810
Apartments CA
Calexico Village Calexico, 36 1,562,547 4/90
100% 128,174
Apartments CA
Glenhaven Merced, 13 657,858 6/89
100% 356,480
Estates CA
Heather Ridge Redding, 56 1,025,410 9/89
100% 1,182,030
Apartments CA
Point Arena Point Arena,25 1,197,672 2/90
100% 444,830
Village CA
12
Boston Capital Tax Credit Fund Limited Partnership -
Series 6
PROPERTY PROFILES AS OF MARCH 31, 2000
Mortgage
Balance
Qualified Capital
Property As of Construction
Occupancy Contrib-
Name Location Units 12/31/99 Completion
3/31/00 uted
-----------------------------------------------------------------
-------------
Auburn Trace Delray Beach, 256 $9,849,938 1/90 100%
$1,971,457
FL
Briarwood Cameron, 24 566,706 9/88 100%
137,367
Estates MO
Columbia Richland, 139 3,712,553 2/90 100%
1,607,375
Park Apts. WA
Eldon Estates Eldon, 24 552,558 7/88 100%
139,221
MO
Forty West Holland, 120 1,991,402 2/90 100%
1,431,562
Apartments MI
Hacienda Villa Firebaugh, 120 3,827,912 1/90 100%
1,460,316
Apartments CA
Hillandale Lithonia, 132 3,083,575 1/90 100%
1,444,800
Commons GA
Kearney Kearney, 16 361,255 3/88 100%
99,334
Properties II MO
Los Pueblos Socorro, 32 1,243,936 5/88 100%
414,851
Apartments NM
Pleasant Hill Pleasant Hill, 24 558,106 12/88 100%
141,624
MO
Rosenberg Santa Rosa, 77 1,796,276 1/92 100%
555,700
Apartments CA
Sherburne Sherburne, 29 1,303,838 10/89 100%
578,409
Senior Housing NY
Springridge Warrensburg, 24 567,275 2/88 100%
162,393
III MO
Tall Pines Charlestown, 32 1,428,063 11/89 100%
302,491
Apartments NH
Woodcliff Ishpeming, 24 754,039 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, 2000, the Partnership has
7,391 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
1,034
investors holding 1,299,900 BACs; Series 2 had 724
investors
holding 830,300 BACs; Series 3 had 2,330 investors
holding
2,882,200 BACs; Series 4 had 2,074 investors holding
2,995,300
BACs; Series 5 had 395 investors holding 489,900
BACs; and Series
6 had 834 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, 2000.
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.
Partnership allocations and distributions are
described on
pages 99 to 103 of the Prospectus, as supplemented,
which are
incorporated herein by reference.
15
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, 2000. 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,
2000 1999 1998 1997
1996
-------- -------- -------- ------
-- --------
Operations
----------
Interest Income $ 3,362 $ 4,355 $ 16,039 $ 7,074
$ 8,821
Other Income 888 - 813 2,910
1,557
Share of Loss
of operating
Partnerships (1,797,917) (4,256,419) (4,676,547)
(1,453,320) (5,141,108)
Operating Exp. (1,058,874) (5,088,524) (1,096,282)
(1,081,835) (1,066,179)
---------- ---------- ----------- ---------
----------
Net Loss $(2,852,541) $(9,340,588) $
(5,755,977)$(2,525,171)$(6,196,909)
========== ========== =========== =========
==========
Net Loss
per BAC $ (.29) $ (.94) $ (.58)$
(.26)$ (.63)
========== ========== =========== ==========
=========
Balance Sheet
-------------
Total Assets $12,057,796 $13,845,884 $22,097,154 $26,710,863
$28,194,596
========== ========== ========== ==========
==========
Total Liab. $ 8,033,544 $ 6,969,091 $ 5,879,773 $ 4,737,505
$ 3,696,067
Partners' ========== ========== ========== ==========
==========
Equity $ 4,024,252 $ 6,876,793 $16,217,381 $21,973,358
$24,498,529
========== ========== ========== ==========
==========
Other Data
Tax Credits per BAC for
the Investors Tax Year,
the twelve months ended
December 31, 1999, 1998,
1997, 1996, and 1995*
$ .76 $ 1.20 $ 1.24 $ 1.25
$ 1.24
========= ========= ========== ==========
==========
*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, 2000 the Partnership accrued $954,708 in annual
partnership
management fees. As of March 31, 2000, total partnership
management fees
accrued were $7,400,182. 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 $321,250
to the
Partnership to pay certain third party operating expenses. The
amounts
advanced to four of the six series are as follows: $63,000 to
Series 1;
$55,000 to Series 2; $123,250 to Series 3; and $80,000 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, 2000, 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 $11,172 remain 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, 2000, 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 $4,403 remain 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, 2000, 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
$7,782 remain
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, 2000, 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
$5,558 remain
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, 2000, 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 $105,507 remain 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, 2000 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
$15,230 remain
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, 2000 and 1999 was
$914,669 and
$919,866, 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, 2000 and 1999, the Partnership received
$40,039 and
$34,842, 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.
All series in Boston Capital Tax Credit Fund Limited
Partnership experienced a decrease in the tax credits generated
per BAC from calendar year 1998 to 1999. The Operating
Partnerships were allocated tax credits for 10 years. Based on
each Operating Partnership's lease-up, the total credits could be
spread over as many as 13 years. In cases where the actual
number of years is more than 10, the credits delivered in the
early and later years will be less than the maximum allowable per
year. The decrease in credits for the year 1999 results from the
fact that a large number of the Operating
19
Partnerships were in their next to last or final year of credit
in 1999. The decrease in tax credits generated per BAC is
expected to continue into calendar year 2000, when the rest of
the Operating Partnerships complete their respective credit
periods.
(Series 1). As of March 31, 2000 and 1999, the Qualified
Occupancy for
the Series was 100%. The Series had a total of 19 properties at
March 31, 2000, all of which were at 100% qualified occupancy.
For the tax years ended December 31, 1999 and 1998, the
Series, in
total, generated $1,807,345 and $1,828,117 respectively, in
passive income
tax losses that were passed through to the investors, and also
provided $0.11 and $1.19, respectively, in tax credits per BAC to
the investors.
For the years ended December 31, 1999 and 1998 Series 1
reflects a net
loss from Operating Partnerships of $3,137,895 and $16,589,287,
respectively,
when adjusted for depreciation which is a non-cash item. In
1999, Kingston Property Associates (Broadway East Townhomes)
recorded a non-cash impairment loss of $2,664,114. In 1998,
Genesse Commons Associates (River Park Commons) and Unity Park
Associates (Unity Park Phase II) recorded non-cash impairment
losses totaling $16,100,127. When adjusted for the impairment
losses in addition to depreciation, the series reflects a net
loss for 1999 and 1998 of $473,751 and $489,160, respectively.
Substantially all of the adjusted 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 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 appear to be
improving and the properties are making partial mortgage
payments. Although the repairs have had a positive financial
impact on Genesse Commons Associates and Kingston Property
Associates, due to economic conditions in Niagra, NY, Unity Park
Associates remains unable to support itself without substantial
loans from the Operating General Partner. The Operating General
Partner is seeking additional financial support from the New York
State Housing Finance Agency to help stabilize the property, but
has been unsuccessful to date. At this time it is anticipated
the Unity Park Phase II property will be transferred to the State
of New York in August or September 2000. 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 0.5% to 1.0% 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
20
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 March 31, 2000 and 1999, the Qualified
Occupancy for
the series was 100%. The Series had a total of 8 properties at
March 31, 2000, all of which were at 100% qualified occupancy.
For the tax years ended December 31, 1999 and 1998, the
Series, in
total, generated $895,002 and $797,920, respectively, in passive
income tax losses that were passed through to the investors, and
also provided $0.96 and $1.01, respectively, in tax credits per
BAC to the
investors.
For the years ended December 31, 1999 and 1998 Series 2
reflects a net
loss from Operating Partnerships of $1,046,210 and $658,622,
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 compared to operating income. In an
attempt to reduce operating expenses the Operating General
Partner has been in negotiations with a not-for-profit General
Partner to provide tenant services and coordinate leasing and
community outreach. Terms have been reached with respect to the
installation of the not-for profit Managing General Partner. As
a result of repairs to unit interiors, occupancy levels have
stabilized. At March 31, 2000 physical occupancy at Haven Park
III was 93% and at Haven Park IV 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 and 93.7% as of March 31, 2000. Rental rates
at the property were increased. 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, property operations are anticipated to
improve significantly from prior years. As of March 31, 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 March 31, 2000 and 1999, the Qualified
Occupancy for
the Series was 99.7% and 99.6%, respectively. The Series had a
total of 33 properties at March 31,2000. Out of the total, 31
were at 100% qualified occupancy.
21
For the tax years ended December 31, 1999 and 1998, the
Series, in
total, generated $2,532,433 and $2,349,228, respectively, in
passive income
tax losses that were passed through to the investors, and also
provided $0.60 and $1.24, respectively, in tax credits per BAC to
the investors.
For the years ended December 31, 1999 and 1998 Series 3
reflects a net
income (loss) from Operating Partnerships of $121,626 and
$(4,963,468),
respectively, when adjusted for depreciation which is a non-cash
item. In the prior year, a non-cash impairment loss was recorded
by one of the Operating Partnerships. When adjusted for the
impairment loss, the Operating Partnerships reflect a net loss of
$633,468 for 1998. The current year improvement in operations is
mainly the result of forgiveness of debt income recorded by
another operating partnership.
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. In addition, the project has a
Housing Assistance contract with HUD which expires on August 31,
2000. The Operating General Partner is negotiating an extension
of the contract for a four-year term instead of an annual term.
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
April 30, 2000 the physical occupancy of the property was 94%.
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 four-
month period ended April 30, 2000 of $15,600.
The property owned by California Investors VI LP (Orchard
Park) sustained a physical occupancy of 96% for the first quarter
of 2000. The increased occupancy is 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. In addition, the property's surrounding area is
experiencing economic growth. A major public sports park,
currently being developed next to Orchard Park, is scheduled to
be completed in the fall of 2000. In addition to the park, a
high school is in the process of construction. It is however,
progressing slowly and its completion date is unknown as of this
time. These types of public development in the area should
increase the quantity of automobile traffic around Orchard Park
and in turn should continue to assist with marketing efforts and
the overall occupancy.
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. The Operating General Partner
has historically been unsuccessful in securing refinancing
through local lenders. Refinancing will be attempted again in
2000 once the property has maintained stabilized occupancy
greater than 90% for a significant period of time.
22
Central Parkway Towers (Central Parkway Towers), continues to
experience occupancy problems. Overall physical occupancy at the
property in the first quarter of 2000 was 58%, a 2% decrease from
the fourth quarter figure of 60%. Management reports that the low
occupancy results from residents having more housing options
available to them. The low occupancy continues to result in
operating deficits, accrued liabilities, and deferred
maintenance. The Operating General Partner notified the
Investment General Partner in January 2000 of its intention not
to fund further operating shortfalls as its required
obligation of $600,000 had been fulfilled. Since that time the
Operating General Partner has become more willing to be a part of
the turnaround solution. Management recently signed a contract
with the city for a 15 unit set aside - this represented an
increase over its previous commitment of 10 units. The increased
city funding was retroactive to January 1, 2000, and management
is continuing its efforts towards renegotiating a final contract
with the County Mental Health Board to increase the County's
commitment beyond 15 units. Management has also initiated
discussions with the Hamilton County Corrections Board regarding
its interest in utilizing a portion of the property's units.
Management continues to work with city, state, and federal
agencies to expand referrals and contracts. It has also
accelerated and streamlined its resident application process, and
has undertaken advertising in an attempt to locate potential
residents. The Investment General Partner initiated discussions
with the lessor in March 2000 regarding the current economic
position of the property, the structure of the Operating
Partnership, and the current lease payment.
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 March 31, 2000 and 1999, the Qualified
Occupancy for
the series was 100%. The Series had a total of 25 properties at
March 31,
2000, all of which were at 100% qualified occupancy.
For the tax years ended December 31, 1999 and 1998, the
Series, in
total, generated $2,360,937 and $2,355,182, respectively, in
passive income
tax losses that were passed through to the investors, and also
provided $0.95 and $1.23, respectively, in tax credits per BAC to
the investors.
For the years ended December 31, 1999 and 1998 Series 4
reflects a net
loss from Operating Partnerships of $733,438 and $13,076,365,
respectively, when adjusted for depreciation which is a non-cash
item.
In 1998 Unity Park Associates (Unity Park Phase II) and Central
Parkway Tower (Central Parkway Towers) had one time non-cash
impairment losses. When adjusted for the loss, the Operating
Partnerships reflected a net loss of $680,222 for 1998.
Substantially all of the adjusted net loss for both years is
attributable to accrued mortgage interest not payable currently
by Unity Park Associates (Unity Park Phase II). 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.
23
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 seeking additional financial support from the New York
State Housing Finance Agency to help stabilize the property, but
has been unsuccessful to date. At this time it is anticipated
the Unity Park Phase II
property will be transferred to the State of New York in August
or September 2000. 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 0.5% to 1.0% as a result of the recapture.
The Operating Partnership, Van Dyck Estates XVI-A (Van Dyck
Estates XVI-A) has improved operations while maintaining high
occupancy. Although unable to fund a reserve for replacements,
it is anticipated that the property will be able to fund required
repairs without financial assistance from the Operating General
Partner.
Central Parkway Towers (Central Parkway Towers), continues
to experience occupancy problems. Overall physical occupancy at
the property in the first quarter of 2000 was 58%, a 2% decrease
from the fourth quarter figure of 60%. Management reports that
the low occupancy results from residents having more housing
options available to them. The low occupancy continues to result
in operating deficits, accrued liabilities, and deferred
maintenance. The Operating General Partner notified the
Investment General Partner in January 2000 of its intention not
to fund further operating shortfalls as its required obligation
of $600,000 had been fulfilled. Since that time the Operating
General Partner has become more willing to be a part of the
turnaround solution. Management recently signed a contract with
the city for a 15 unit set aside - this represented an increase
over its previous commitment of 10 units. The increased city
funding was retroactive to January 1, 2000, and management is
continuing its efforts towards renegotiating a final contract
with the County Mental Health Board to increase the County's
commitment beyond 15 units. Management has also initiated
discussions with the Hamilton County Corrections Board regarding
its interest in utilizing a portion of the property's units.
Management continues to work with city, state, and federal
agencies to expand referrals and contracts. It has also
accelerated and streamlined its resident application process, and
has undertaken advertising in an attempt to locate potential
residents. The Investment General Partner initiated discussions
with the lessor in March 2000 regarding the current economic
position of the property, the structure of the Operating
Partnership, and the current lease payment.
The property owned by Haven Park Partners, A California L.P.
(Glenhaven Park II) continues to suffer from excessive operating
expenses compared to operating income. In an attempt to reduce
operating expenses the Operating General Partner has been in
negotiations with a not-for-profit General Partner to provide
tenant services and coordinate leasing and community development.
Terms have been reached with respect to the installation of the
not-for-profit Managing General Partner. As a result of repairs
to unit interiors, occupancy levels have stabilized. At March
31, 2000 physical occupancy at Haven Park II was 93%.
(Series 5). As of March 31, 2000 and 1999, the Qualified
Occupancy for
the Series was 100%. The Series had a total of 5 properties at
March 31, 2000, all of which were at 100% qualified occupancy.
For the tax years ended December 31, 1999 and 1998, the
Series, in
total, generated $413,094 and $368,457, respectively, in passive
income tax
losses that were passed through to the investors, and also
provided $0.96 and $1.00, respectively, in tax credits per BAC to
the
investors.
24
For the years ended December 31, 1999 and 1998 Series 5
reflects a net
loss of $980,928 and $673,661, respectively, from Operating
Partnerships,
when adjusted for depreciation which is a non-cash item.
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 and 93.7% as of March 31, 2000. Rental rates
at the property were increased. 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, property operations are anticipated to
improve significantly from prior years. As of March 31, 2000,
the property has been successful in maintaining break-even
operations, and 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. In an attempt
to reduce operating expenses, the Operating General Partner has
been in negotiations with a not-for-profit General Partner to
provide tenant services and coordinate leasing and community
outreach. Terms have been reached with respect to the
installation of the not-for-profit Managing General Partner. 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 March 31, 2000
was 75%.
(Series 6). As of March 31, 2000 and 1999, the Qualified
Occupancy for
the series was 100%. The Series had a total of 15 properties at
March 31, 2000, all of which were at 100% qualified occupancy.
For the tax year ended December 31, 1999 and 1998, the
Series, in total,
generated $403,169 and $732,065, respectively, in passive income
tax losses
that were passed through to the investors, and also provided
$1.13 and $1.27, respectively, in tax credits per BAC to the
investors.
For the years ended December 31, 1999 and 1998 Series 6
reflects a net income from Operating Partnerships of $707,845 and
$773,057 respectively, when adjusted for depreciation which is a
non-cash item.
25
Recent Accounting Statements Not Yet Adopted
--------------------------------------------
In December 1999, the Financial Accounting Standards Board
(FASB) issued SFAS No. 136, "Transfers of Assets to a Not-For-
Profit Organization or Charitable Trust that Raises of Holds
Contributions for Others," and in June 1999, the FASB issued SFAS
No. 137, "Accounting for Derivative Instruments and Hedgers
Activities-Deferral of the Effective Date of SFAS No. 133".
SFAS No. 136 is generally effective for periods beginning
after December 15, 1999 and SAFS 137 is effective upon issuance
in June 1999.
The Fund does not have any derivative or hedging activities
and is not a not-for-profit organization. Consequently, these
pronouncements are not expected to have any effect on the Fund's
financial statements.
Year 2000 Compliance
--------------------
Boston Capital and its management did not experience any
computer-related problems as a result of the century date change
known as the "Year 2000" or "Y2K"and therefore, there was no
impact on our investors.
26
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.
27
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 70, 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 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 is also a past member of the
Board of Directors of the National Leased Housing Association and
has served as 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 Street Inn and the 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
primarily 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 former 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 premiere 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. Manning is a leader, serving on the
Board of Youthbuild Boston. Mr. Manning is a graduate of Boston
College.
28
Richard J. DeAgazio, age 55, is Executive Vice President of
Boston Capital Corporation, 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), He currently serves as a member of the National
Adjudicatory Council of the NASD. He was the Vice Chairman of
the NASD's District 11 Committee, and served as Chairman of the
NASD's Statutory Disqualification Subcommittee of the National
Business Conduct Committee. He also served on the NASD State
Liaison Committee and the Direct Participation Program Committee.
He is a founder and past President of the National Real Estate
Investment Association, past President of the Real Estate
Securities and Syndication Institute (Massachusetts Chapter) and
the Real Estate Investment Association. Prior to joining Boston
Capital in 1981, Mr. DeAgazio was the Senior Vice President and
Director of the Brokerage Division of Dresdner Securities (USA),
Inc., an international investment banking firm owned by four
major European banks, and was a Vice President of Burgess &
Leith/Advest. He has been a member of the Boston Stock Exchange
since 1967. He is on the Board of Directors of Kelmoore
Investment Company and Kansas City Technologies, Inc. He is a
leader in the community and serves on the Business Leaders
Council of the Boston Symphony, Board of Directors of 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 39, is Chief Financial Officer of Boston
Capital Partners, Inc., and serves as Chairman of the firm's
Operating Committee. Mr. Nickas is responsible for all the
financial, accounting and operational functions of Boston Capital
and has spent the past thirteen years in the real estate
syndication and investment business. His prior responsibilities
at Boston Capital included management of finance and accounting
for the project development and property management affiliates.
Prior to joining Boston Capital in 1987, he was Assistant
Director of Accounting and Financial Reporting for the Yankee
Companies, Inc., and was an Audit Supervisor for Wolf & Company
of Massachusetts, P.C., a regional certified public accounting
firm based in Boston. He graduated with honors from Norwich
University.
(f) Involvement in certain legal proceedings.
None.
(g) Promoters and control persons.
29
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 Asset Management Limited Partnership. The
annual
partnership management fees accrued during the year
ended March
31, 2000 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 $21,823 for amounts charged to
operations during the year ended March 31, 2000.
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, 2000, 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.
30
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, 2000.
(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.
31
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, 2000 and 1999
Statements of Operations, Years ended March 31,
2000, 1999 and 1998
Statements of Changes in Partners' Capital, Years
ended
March 31, 2000, 1999, and 1998
Statements of Cash Flows, Years ended March 31, 2000,
1999 and 1998
Notes to Financial Statements, March 31, 2000, 1999,
and
1998
(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.
32
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, 2000.
(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
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: July 10, 2000 By:/s/ John P. Manning
----------------------------
John P. Manning
By:/s/ Herbert F. Collins
----------------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act
of
1934, this report has been signed below by the following persons
on
behalf of the Partnership and in the capacities and on the dates
indicated:
DATE: SIGNATURE: TITLE:
July 10, 2000 /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
34
SIGNATURES
----------
Pursuant to the requirements of Section 13 of the Securities
Exchange Act
of 1934, the Partnership has duly caused this Report to be signed
on its
behalf by the undersigned, thereunto duly authorized.
Boston Capital Tax Credit Fund Limited
Partnership
By: Boston Capital Associates
Limited Partnership, General
Partner
By: Boston Capital Associates
DATE: July 10, 2000 By:______________________
John P. Manning
By:______________________
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act
of
1934, this report has been signed below by the following persons
on
behalf of the Partnership and in the capacities and on the dates
indicated:
DATE: SIGNATURE: TITLE:
General Partner
and
July 10, 2000 __________________ 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
35
<PAGE>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT FUND
LIMITED PARTNERSHIP -
SERIES 1 THROUGH SERIES 6
MARCH 31, 2000 AND 1999
<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-67
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, 2000 and 1999, 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, 2000. 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, 2000 and 1999, and the limited partnership loss for each
of the three years ended March 31, 2000: Total 30% and 28% of the assets and
26%, 12% and 19% of the partnership loss; Series 1, 0% and 0% of the assets and
0%, 0% and 0% of the partnership loss; Series 2, 6% and 9% of the assets and
30%, 10% and 25% of the partnership loss; Series 3, 24% and 42% of the assets
and 34%, 8% and 14% of the partnership loss; Series 4, 45% and 34% of the assets
and 27%, 20% and 34% of the partnership loss; Series 5, 0% and 0% of the assets
and 0%, 0% and 0% of the partnership loss; and Series 6, 20% and 24% of the
assets and 10%, 20% and 23% of the partnership loss. The financial statements
of these partnerships were audited by other auditors, whose reports have been
furnished to us, and our opinion, insofar as it relates to information relating
to these partnerships, is based solely on the reports of the other auditors.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits and the reports of the other auditors provide a
reasonable basis for our opinion.
F-3
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, 2000 and 1999, 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, 2000, in conformity with generally accepted
accounting principles.
We and other auditors have also audited the information included in the
related financial statement schedule listed in Form 10-K item 14(a) of Boston
Capital Tax Credit Fund Limited Partnership - Series 1 through Series 6 as of
March 31, 2000. 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 23, 2000
F-4
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
BALANCE SHEETS
March 31, 2000 and 1999
Total
---------------------------------------
2000 1999
------------------- -------------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED $
10,837,526 $ 12,964,520
PARTNERSHIPS (notes A and C)
OTHER ASSETS
Cash and cash equivalents (notes A and E)
149,652 160,135
Other
1,070,618 721,229
------------------ ------------------
$
12,057,796 $ 13,845,884
================== =================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $
8,033,544 $ 6,969,091
------------------ -----------------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest consisting of
10,000,000 authorized beneficial assignee certificates
(BAC), $10 stated value, 9,800,600 issued to the
assignees at March 31, 2000 and 1999
- -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 9,800,600 issued and
outstanding at March 31, 2000 and 1999
4,833,921 7,657,936
General partner
(809,669) (781,143)
------------------ ------------------
4,024,252 6,876,793
------------------ ------------------
$
12,057,796 $ 13,845,884
================== ==================
</TABLE>
(continued)
F-5
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 1
----------------------------------------
2000 1999
------------------- -------------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED $
- $ 22,969
PARTNERSHIPS (notes A and C)
OTHER ASSETS
Cash and cash equivalents (notes A and E)
11,172 6,640
Other
68,113 68,113
------------------ ------------------
$
79,285 $ 97,722
================== ==================
LIABILITIES AND PARTNERS' DEFICIT
LIABILITIES
Accounts payable - affiliates (note B) $
1,696,505 $ 1,497,650
------------------ ------------------
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, 2000 and 1999
- -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 1,299,900 issued and
outstanding at March 31, 2000 and 1999
(1,487,824) (1,272,705)
General partner
(129,396) (127,223)
------------------ ------------------
(1,617,220) (1,399,928)
------------------ ------------------
$
79,285 $ 97,722
================== ==================
</TABLE>
(continued)
F-6
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 2
---------------------------------------
2000 1999
------------------- -------------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
$ 494,972 $ 731,325
PARTNERSHIPS (notes A and C)
OTHER ASSETS
Cash and cash equivalents (notes A and E)
4,403 5,497
Other
569,584 360,285
------------------ ------------------
$ 1,068,959 $ 1,097,107
================== ==================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $
562,376 $ 479,154
------------------ ------------------
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, 2000 and 1999
- -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 830,300 issued and
outstanding at March 31, 2000 and 1999
570,860 681,116
General partner
(64,277) (63,163)
------------------ ------------------
506,583 617,953
------------------ ------------------
$ 1,068,959 $ 1,097,107
================== ==================
</TABLE>
(continued)
F-7
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 3
---------------------------------------
2000 1999
------------------ -----------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED $
582,673 $ 1,289,310
PARTNERSHIPS (notes A and C)
OTHER ASSETS
Cash and cash equivalents (notes A and E)
7,782 2,331
Other
41,661 41,861
------------------ ------------------
$
632,116 $ 1,333,502
================== ==================
LIABILITIES AND PARTNERS' DEFICIT
LIABILITIES
Accounts payable - affiliates (note B) $
2,197,590 $ 1,898,749
------------------ ------------------
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, 2,882,200 issued to the
assignees at March 31, 2000 and 1999
- -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 2,882,200 issued and
outstanding at March 31, 2000 and 1999
(1,297,906) (307,681)
General partner
(267,568) (257,566)
------------------ ------------------
(1,565,474) (565,247)
------------------ ------------------
$
632,116 $ 1,333,502
================== ==================
</TABLE>
(continued)
F-8
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 4
---------------------------------------
2000 1999
------------------ ------------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED $
5,684,221 $ 6,648,529
PARTNERSHIPS (notes A and C)
OTHER ASSETS
Cash and cash equivalents (notes A and E)
5,558 10,320
Other
241,361 217,857
------------------ ------------------
$
5,931,140 $ 6,876,706
================== ==================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $
2,099,012 $ 1,801,996
------------------ ------------------
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, 2000 and 1999
- -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 2,995,300 issued and
outstanding at March 31, 2000 and 1999
4,053,911 5,284,067
General partner
(221,783) (209,357)
------------------ ------------------
3,832,128 5,074,710
------------------ ------------------
$
5,931,140 $ 6,876,706
================== ==================
</TABLE>
(continued)
F-9
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 5
---------------------------------------
2000 1999
------------------ -----------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED $
500,661 $ 598,143
PARTNERSHIPS (notes A and C)
OTHER ASSETS
Cash and cash equivalents (notes A and E)
105,507 118,832
Other
149,899 33,113
------------------ ------------------
$
756,067 $ 750,088
================== ==================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $
186,192 $ 146,736
------------------ ------------------
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, 2000 and 1999
- -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 489,900 issued and
outstanding at March 31, 2000 and 1999
605,927 639,069
General partner
(36,052) (35,717)
------------------ ------------------
569,875 603,352
------------------ ------------------
$
756,067 $ 750,088
================== ==================
</TABLE>
(continued)
F-10
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 6
---------------------------------------
2000 1999
----------------- -----------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED $
3,574,999 $ 3,674,244
PARTNERSHIPS (notes A and C)
OTHER ASSETS
Cash and cash equivalents (notes A and E)
15,230 16,515
Other
- -
------------------ ------------------
$
3,590,229 $ 3,690,759
================== ==================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $
1,291,869 $ 1,144,806
------------------ ------------------
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, 2000 and 1999
- -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 1,303,000 issued and
outstanding at March 31, 2000 and 1999
2,388,953 2,634,070
General partner
(90,593) (88,117)
------------------ ------------------
2,298,360 2,545,953
------------------ ------------------
$ 3,590,229 $ 3,690,759
================== ==================
</TABLE>
See notes to financial statements
F-11
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS
Years ended March 31, 2000, 1999 and 1998
Total
--------------------------------------------------------------
2000
1999 1998
-------------------
------------------- ------------------
<S> <C>
<C> <C>
Income
Interest income $ 3,362 $
4,355 $ 16,039
Miscellaneous income 888
- 813
-------------------
------------------- ------------------
Total income 4,250
4,355 16,852
-------------------
------------------- ------------------
Share of losses from operating limited *
partnerships (note A) (1,797,917)
(4,256,419) (4,676,547)
-------------------
------------------- ------------------
Expenses
Professional fees 76,724
87,427 90,270
Partnership management fee (note B) 914,669
919,866 922,872
Impairment loss (note A) -
4,017,052 -
General and administrative expenses (note B) 67,481
64,179 83,140
-------------------
------------------- ------------------
1,058,874
5,088,524 1,096,282
-------------------
------------------- ------------------
NET LOSS (note A) $ (2,852,541) $
(9,340,588) $ (5,755,977)
===================
=================== ==================
Net loss allocated to general partner $ (28,526) $
(93,405) $ (57,559)
===================
=================== ==================
Net loss allocated to assignees $ (2,824,015) $
(9,247,183) $ (5,698,418)
===================
=================== ==================
Net loss per BAC $ (0.29) $
(0.94) $ (0.58)
===================
=================== ==================
* Net of $325,793 gain from sale of a portion of an operating limited
partnership.
</TABLE>
(continued)
F-12
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series 1
----------------------------------------------------------
2000
1999 1998
------------------
------------------- -------------------
<S> <C>
<C> <C>
Income
Interest income $ 190 $
266 $ 629
Miscellaneous income 842
- -
------------------
------------------- -------------------
Total income 1,032
266 629
------------------
------------------- -------------------
Share of losses from operating limited
partnerships (note A) (24,367)
(16,041) (78,739)
------------------
------------------- -------------------
Expenses
Professional fees 13,089
16,459 16,896
Partnership management fee (note B) 171,604
175,604 173,604
Impairment loss (note A) -
- -
General and administrative expenses (note B) 9,264
8,047 10,781
------------------
------------------- -------------------
193,957
200,110 201,281
------------------
------------------- -------------------
NET LOSS (note A) $ (217,292)
$ (215,885) $ (279,391)
==================
=================== ===================
Net loss allocated to general partner $ (2,173)
$ (2,159) $ (2,794)
==================
=================== ===================
Net loss allocated to assignees $ (215,119)
$ (213,726) $ (276,597)
==================
=================== ===================
Net loss per BAC $ (0.17)
$ (0.17) $ (0.21)
==================
=================== ===================
</TABLE>
(continued)
F-13
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series 2
--------------------------------------------------------------
2000
1999 1998
-------------------
------------------- -------------------
<S> <C>
<C> <C>
Income
Interest income $ 151 $
115 $ 37
Miscellaneous income -
- -
-------------------
------------------- -------------------
Total income 151
115 37
-------------------
------------------ -------------------
Share of losses from operating limited *
partnerships (note A) (26,254)
(280,980) (263,285)
-------------------
------------------- -------------------
Expenses
Professional fees 9,604
10,797 11,579
Partnership management fee (note B) 67,362
67,362 66,362
Impairment loss (note A) -
876,844 -
General and administrative expenses (note B) 8,301
8,666 10,558
-------------------
------------------- -------------------
85,267
963,669 88,499
-------------------
------------------- -------------------
NET LOSS (note A) $ (111,370)
$ (1,244,534) $ (351,747)
===================
=================== ===================
Net loss allocated to general partner $ (1,114)
$ (12,445) $ (3,517)
===================
=================== ===================
Net loss allocated to assignees $ (110,256)
$ (1,232,089) $ (348,230)
===================
=================== ===================
Net loss per BAC $ (0.13)
$ (1.48) $ (0.42)
===================
=================== ===================
* Net of $209,299 gain from sale of a portion of an operating limited
partnership.
</TABLE>
(continued)
F-14
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series 3
-----------------------------------------------------------
2000
1999 1998
-------------------
------------------- -------------------
<S> <C>
<C> <C>
Income
Interest income $ 139 $
240 $ 11,056
Miscellaneous income 46
- 560
-------------------
------------------- -------------------
Total income 185
240 11,616
-------------------
------------------- -------------------
Share of losses from operating limited
partnerships (note A) (705,513)
(2,166,577) (2,619,755)
-------------------
------------------- -------------------
Expenses
Professional fees 16,229
18,536 17,746
Partnership management fee (note B) 260,113
259,856 257,189
Impairment loss (note A) -
1,402,374 -
General and administrative expenses (note B) 18,557
17,593 22,643
-------------------
------------------- -------------------
294,899
1,698,359 297,578
-------------------
------------------- -------------------
NET LOSS (note A) $ (1,000,227)
$ (3,864,696) $ (2,905,717)
===================
=================== ===================
Net loss allocated to general partner $ (10,002)
$ (38,647) $ (29,057)
===================
=================== ===================
Net loss allocated to assignees $ (990,225)
$ (3,826,049) $ (2,876,660)
===================
=================== ===================
Net loss per BAC $ (0.34)
$ (1.33) $ (1.00)
===================
=================== ===================
</TABLE>
(continued)
F-15
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series 4
------------------------------------------------------------
2000
1999 1998
-------------------
------------------- -------------------
<S> <C>
<C> <C>
Income
Interest income $ 171 $
200 $ 82
Miscellaneous income -
- 253
-------------------
------------------- -------------------
Total income 171
200 335
-------------------
------------------- -------------------
Share of losses from operating limited
partnerships (note A) (964,308)
(1,449,290) (1,048,912)
-------------------
------------------- -------------------
Expenses
Professional fees 15,909
18,815 19,554
Partnership management fee (note B) 244,630
247,884 247,257
Impairment loss (note A) -
654,684 -
General and administrative expenses (note B) 17,906
16,664 21,498
-------------------
------------------- -------------------
278,445
938,047 288,309
-------------------
------------------- -------------------
NET LOSS (note A) $ (1,242,582)
$ (2,387,137) $ (1,336,886)
===================
=================== ===================
Net loss allocated to general partner $ (12,426)
$ (23,871) $ (13,369)
===================
=================== ===================
Net loss allocated to assignees $ (1,230,156)
$ (2,363,266) $ (1,323,517)
===================
=================== ===================
Net loss per BAC $ (0.41)
$ (0.79) $ (0.44)
===================
=================== ===================
</TABLE>
(continued)
F-16
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series 5
------------------------------------------------------------
2000
1999 1998
------------------
------------------ ------------------
<S> <C>
<C> <C>
Income
Interest income $ 2,304
$ 3,065 $ 3,696
Miscellaneous income -
- -
------------------
------------------ ------------------
Total income 2,304
3,065 3,696
------------------
------------------ ------------------
Share of losses from operating limited *
partnerships (note A) 19,012
(124,175) (135,018)
------------------
------------------ ------------------
Expenses
Professional fees 9,629
9,236 10,002
Partnership management fee (note B) 39,184
39,184 39,184
Impairment loss (note A) -
450,835 -
General and administrative expenses (note B) 5,980
6,226 9,104
------------------
------------------ ------------------
54,793
505,481 58,290
------------------
------------------ ------------------
NET LOSS (note A) $ (33,477)
$ (626,591) $ (189,612)
==================
================== ==================
Net loss allocated to general partner $ (335)
$ (6,266) $ (1,896)
==================
================== ==================
Net loss allocated to assignees $ (33,142)
$ (620,325) $ (187,716)
==================
================== ==================
Net loss per BAC $ (0.07)
$ (1.27) $ (0.38)
==================
================== ==================
* Net of $116,494 gain from sale of a portion of an operating limited
partnership.
</TABLE>
(continued)
F-17
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series 6
-----------------------------------------------------------
2000
1999 1998
-------------------
------------------- ------------------
<S> <C>
<C> <C>
Income
Interest income $ 407 $
469 $ 539
Miscellaneous income -
- -
-------------------
------------------- ------------------
Total income 407
469 539
-------------------
------------------- ------------------
Share of losses from operating limited
partnerships (note A) (96,487)
(219,356) (530,838)
-------------------
------------------- ------------------
Expenses
Professional fees 12,264
13,584 14,493
Partnership management fee (note B) 131,776
129,976 139,276
Impairment loss (note A) -
632,315 -
General and administrative expenses (note B) 7,473
6,983 8,556
-------------------
------------------- ------------------
151,513
782,858 162,325
-------------------
------------------- ------------------
NET LOSS (note A) $ (247,593)
$ (1,001,745) $ (692,624)
===================
=================== ==================
Net loss allocated to general partner $ (2,476)
$ (10,017) $ (6,926)
===================
=================== ==================
Net loss allocated to assignees $ (245,117)
$ (991,728) $ (685,698)
===================
=================== ==================
Net loss per BAC $ (0.19)
$ (0.76) $ (0.53)
===================
=================== ==================
</TABLE>
See notes to financial statements
F-18
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 2000, 1999 and 1998
General
Total Assignees
partner Total
------------------------------------------- ------------------
------------------ -----------------
<S> <C>
<C> <C>
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
Net loss (2,824,015)
(28,526) (2,852,541)
-------------------
------------------- ------------------
Partners' capital (deficit), March 31, 2000 $ 4,833,921
$ (809,669) $ 4,024,252
===================
=================== ==================
</TABLE>
(continued)
F-19
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL -
CONTINUED
Years ended March 31, 2000, 1999 and 1998
General
Series 1 Assignees
partner Total
------------------------------------------- ------------------
------------------ -----------------
<S> <C>
<C> <C>
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)
Net loss (215,119)
(2,173) (217,292)
-------------------
------------------- ------------------
Partners' capital (deficit), March 31, 2000 $ (1,487,824)
$ (129,396) $ (1,617,220)
===================
=================== ==================
</TABLE>
<TABLE>
General
Series 2 Assignees
partner Total
------------------------------------------- ------------------
------------------ -----------------
<S> <C>
<C> <C>
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
Net loss (110,256)
(1,114) (111,370)
-------------------
------------------- ------------------
Partners' capital (deficit), March 31, 2000 $ 570,860
$ (64,277) $ 506,583
===================
=================== ==================
</TABLE>
(continued)
F-20
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL -
CONTINUED
Years ended March 31, 2000, 1999 and 1998
General
Series 3 Assignees
partner Total
------------------------------------------- ------------------
------------------ -----------------
<S> <C>
<C> <C>
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)
Net loss (990,225)
(10,002) (1,000,227)
-------------------
------------------- ------------------
Partners' capital (deficit), March 31, 2000 $ (1,297,906)
$ (267,568) $ (1,565,474)
===================
=================== ==================
</TABLE>
<TABLE>
General
Series 4 Assignees
partner Total
------------------------------------------- ------------------
------------------ -----------------
<S> <C>
<C> <C>
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
Net loss (1,230,156)
(12,426) (1,242,582)
-------------------
------------------- ------------------
Partners' capital (deficit), March 31, 2000 $ 4,053,911
$ (221,783) $ 3,832,128
===================
=================== ==================
</TABLE>
(continued)
F-21
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL -
CONTINUED
Years ended March 31, 2000, 1999 and 1998
General
Series 5 Assignees
partner Total
------------------------------------------- ------------------
------------------ -----------------
<S> <C>
<C> <C>
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
Net loss (33,142)
(335) (33,477)
-------------------
------------------- ------------------
Partners' capital (deficit), March 31, 2000 $ 605,927
$ (36,052) $ 569,875
===================
=================== ==================
</TABLE>
<TABLE>
General
Series 6 Assignees
partner Total
------------------------------------------- ------------------
------------------ -----------------
<S> <C>
<C> <C>
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, 1999 2,634,070
(88,117) 2,545,953
Net loss (245,117)
(2,476) (247,593)
-------------------
------------------- ------------------
Partners' capital (deficit), March 31, 2000 $ 2,388,953
$ (90,593) $ 2,298,360
===================
=================== ==================
</TABLE>
See notes to financial statements
F-22
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS
Years ended March 31, 2000, 1999 and 1998
Total
---------------------
--------------------------------------
2000
1999 1998
------------------
------------------ ------------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (2,852,541)
$ (9,340,588) $ (5,755,977)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distributions from operating limited
partnerships 4,682
9,839 3,129
Share of losses from operating limited
partnerships 2,123,710
4,256,419 4,676,547
Impairment loss -
4,017,052 -
Other assets (349,389)
(48,790) (113,711)
Accounts payable and accrued expenses 1,064,453
1,089,318 1,142,268
-------------------
------------------- ------------------
Net cash provided by (used in)
operating activities (9,085)
(16,750) (47,744)
-------------------
------------------- ------------------
Cash flows from investing activities
Capital contributions paid to operating
limited partnerships (1,398)
- -
-------------------
------------------- ------------------
Net cash used in investing activities (1,398)
- -
-------------------
------------------- ------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (10,483)
(16,750) (47,744)
Cash and cash equivalents, beginning 160,135
176,885 224,629
-------------------
------------------- ------------------
Cash and cash equivalents, end $ 149,652 $
160,135 $ 176,885
===================
=================== ==================
</TABLE>
(continued)
F-23
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series 1
---------------------
-------------------------------------
2000
1999 1998
------------------
------------------ -----------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (217,292)
$ (215,885) $ (279,391)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distributions from operating limited
partnerships -
- -
Share of losses from operating limited
partnerships 24,367
16,041 78,739
Impairment loss -
- -
Other assets -
- (13,810)
Accounts payable and accrued expenses 198,855
191,133 196,439
-------------------
------------------- ------------------
Net cash provided by (used in)
operating activities 5,930
(8,711) (18,023)
-------------------
------------------- ------------------
Cash flows from investing activities
Capital contributions paid to operating
limited partnerships (1,398)
- -
-------------------
------------------- ------------------
Net cash used in investing activities (1,398)
- -
-------------------
------------------- ------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS 4,532
(8,711) (18,023)
Cash and cash equivalents, beginning 6,640
15,351 33,374
-------------------
------------------- ------------------
Cash and cash equivalents, end $ 11,172 $
6,640 $ 15,351
===================
=================== ==================
</TABLE>
(continued)
F-24
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series 2
-----------------
-----------------------------------------
2000
1999 1998
------------------
------------------ -----------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (111,370)
$ (1,244,534) $ (351,747)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distributions from operating limited
partnerships 800
- -
Share of losses from operating limited
partnerships 235,553
280,980 263,285
Impairment loss -
876,844 -
Other assets (209,299)
- -
Accounts payable and accrued expenses 83,222
88,230 89,234
-------------------
------------------- ------------------
Net cash provided by (used in)
operating activities (1,094)
1,520 772
-------------------
------------------- ------------------
Cash flows from investing activities
Capital contributions paid to operating
limited partnerships -
- -
-------------------
------------------- ------------------
Net cash used in investing activities -
- -
-------------------
------------------- ------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (1,094)
1,520 772
Cash and cash equivalents, beginning 5,497
3,977 3,205
-------------------
------------------- ------------------
Cash and cash equivalents, end $ 4,403
$ 5,497 $ 3,977
===================
=================== ==================
</TABLE>
(continued)
F-25
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series 3
-------------------------
---------------------------------
2000
1999 1998
------------------
------------------ -----------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (1,000,227)
$ (3,864,696) $ (2,905,717)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distributions from operating limited
partnerships 1,124
52 3,129
Share of losses from operating limited
partnerships 705,513
2,166,577 2,619,755
Impairment loss -
1,402,374 -
Other assets 200
- -
Accounts payable and accrued expenses 298,841
283,691 295,334
-------------------
------------------- ------------------
Net cash provided by (used in)
operating activities 5,451
(12,002) 12,501
-------------------
------------------- ------------------
Cash flows from investing activities
Capital contributions paid to operating
limited partnerships -
- -
-------------------
------------------- ------------------
Net cash used in investing activities -
- -
-------------------
------------------- ------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS 5,451
(12,002) 12,501
Cash and cash equivalents, beginning 2,331
14,333 1,832
-------------------
------------------- ------------------
Cash and cash equivalents, end $ 7,782
$ 2,331 $ 14,333
===================
=================== ==================
</TABLE>
(continued)
F-26
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series 4
-------------------------
---------------------------------
2000
1999 1998
------------------
------------------ -----------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (1,242,582)
$ (2,387,137) $ (1,336,886)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distributions from operating limited
partnerships -
- -
Share of losses from operating limited
partnerships 964,308
1,449,290 1,048,912
Impairment loss -
654,684 -
Other assets (23,504)
(48,790) (99,901)
Accounts payable and accrued expenses 297,016
340,318 377,122
------------------
------------------- ------------------
Net cash provided by (used in)
operating activities (4,762)
8,365 (10,753)
-------------------
------------------- ------------------
Cash flows from investing activities
Capital contributions paid to operating
limited partnerships -
- -
-------------------
------------------- ------------------
Net cash used in investing activities -
- -
-------------------
------------------- ------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (4,762)
8,365 (10,753)
Cash and cash equivalents, beginning 10,320
1,955 12,708
-------------------
------------------- ------------------
Cash and cash equivalents, end $ 5,558
$ 10,320 $ 1,955
===================
=================== ==================
</TABLE>
(continued)
F-27
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series 5
-------------------------
---------------------------------
2000
1999 1998
------------------
------------------ -----------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (33,477)
$ (626,591) $ (189,612)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distributions from operating limited
partnerships -
- -
Share of losses from operating limited
partnerships 97,482
124,175 135,018
Impairment loss -
450,835 -
Other assets (116,786)
- -
Accounts payable and accrued expenses 39,456
39,456 39,456
-------------------
------------------- ------------------
Net cash provided by (used in)
operating activities (13,325)
(12,125) (15,138)
-------------------
------------------- ------------------
Cash flows from investing activities
Capital contributions paid to operating
limited partnerships -
- -
-------------------
------------------- ------------------
Net cash used in investing activities -
- -
-------------------
------------------- ------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (13,325)
(12,125) (15,138)
Cash and cash equivalents, beginning 118,832
130,957 146,095
-------------------
------------------- ------------------
Cash and cash equivalents, end $ 105,507
$ 118,832 $ 130,957
===================
=================== ==================
</TABLE>
(continued)
F-28
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited
Partnership
Series 1 through Series 6
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series 6
-------------------------
---------------------------------
2000
1999 1998
------------------
------------------ -----------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (247,593) $
(1,001,745) $ (692,624)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distributions from operating limited
partnerships 2,758
9,787 -
Share of losses from operating limited
partnerships 96,487
219,356 530,838
Impairment loss -
632,315 -
Other assets -
- -
Accounts payable and accrued expenses 147,063
146,490 144,683
-------------------
------------------- ------------------
Net cash provided by (used in)
operating activities (1,285)
6,203 (17,103)
-------------------
------------------- ------------------
Cash flows from investing activities
Capital contributions paid to operating
limited partnerships -
- -
-------------------
------------------- ------------------
Net cash used in investing activities -
- -
-------------------
------------------- ------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (1,285)
6,203 (17,103)
Cash and cash equivalents, beginning 16,515
10,312 27,415
-------------------
------------------- ------------------
Cash and cash equivalents, end $ 15,230 $
16,515 $ 10,312
===================
=================== ==================
</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, 2000, 1999 and 1998
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
p a r t nership'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 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 income.
F-30
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 operating 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
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000 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, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Recent Accounting Pronouncements
--------------------------------
In June 1999, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) No. 136, "Transfers of
Assets to a Not-for-Profit Organization or Charitable Trust that Raises
or Holds Contributions For Others," and in June 1999, the FASB issued SFAS
No. 137, "Accounting for Derivative Instruments and Hedgers Activities -
Deferral of the Effective Date of SFAS No. 133."
SFAS No. 136 is generally effective for periods beginning after December 15,
1999 and SFAS 137 is effective upon issuance in June 1999.
The fund does not have any derivative or hedging activities and is not a not-
for-profit organization. Consequently, these pronouncements are not expected
to have any effect on the fund's financial statements.
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 2000, 1999 and 1998, 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% of the aggregate cost of all
apartment complexes acquired by the operating limited partnerships, less the
amount of certain partnership management and reporting fees paid or payable
by the operating limited partnerships. The aggregate cost is comprised of the
capital contributions made by each series to the operating limited
partnership and 99% of the permanent financing at the operating limited
partnership level.
F-33
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
The annual partnership management fee charged to operations net of reporting
fees for the years ended March 31, 2000, 1999 and 1998 is as follows:
<TABLE>
2000 1999
1998
----------------
---------------- ----------------
<S> <C> <C>
<C>
Series 1 $ 171,604 $
175,604 $ 173,604
Series 2 67,362
67,362 66,362
Series 3 260,113
259,856 257,189
Series 4 244,630
247,884 247,257
Series 5 39,184
39,184 39,184
Series 6 131,776
129,976 139,276
----------------
---------------- ----------------
$ 914,669 $
919,866 $ 922,872
================
================ ================
</TABLE>
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, 2000, 1999 and 1998 as follows:
<TABLE>
2000 1999
1998
---------------- ----------------
----------------
<S> <C> <C> <C>
Series 1 $ 2,991 $ 1,973 $
2,495
Series 2 3,983 3,784
5,108
Series 3 5,697 4,031
5,545
Series 4 5,626 4,442
6,129
Series 5 739 2,796
3,655
Series 6 2,787 1,973
2,329
---------------- ----------------
----------------
$ 21,823 $ 18,999 $
25,261
================ ================
================
</TABLE>
Accounts payable - affiliates at March 31, 2000 and 1999 represents general
and administrative expenses, partnership management fees, and may include
advances which are noninterest bearing and 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.
F-34
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 2000, 1999 and 1998, the partnership has limited partnership
i n terests in 105 operating limited partnerships which own apartment
complexes. During the year ended March 31, 2000 the partnership disposed of
a portion of its interest in one of the operating limited partnerships owned
by Series 2 and Series 5. The number of operating limited partnerships in
which the partnership has limited partnership interests at March 31, 2000,
1999 and 1998 by series are as follows:
<TABLE>
<S> <C>
Series 1 19
Series 2 8
Series 3 33
Series 4 25
Series 5 5
Series 6 15
----------------
Total 105
================
</TABLE>
F-35
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at
March 31, 2000 are summarized as
follows:
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
(103,544)
Impairment loss in investment in operating limited partnerships
(4,017,052)
Cumulative losses from operating limited partnerships
(66,600,046)
-------------
Investment in operating limited partnerships per balance sheets
10,837,526
The partnership has recorded capital contributions to the
operating limited
partnerships during the year ended March 31, 2000, which have not been
included in the
partnerships' capital account included in the operating limited
partnerships' financial
statements as of December 31, 1999 (see note A).
(479,273)
The partnership has recorded acquisition costs at March 31, 2000, 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, 2000, which the operating limited
partnerships have
not included in their capital accounts as of December 31, 1999 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).
182,948
Equity in losses from operating limited partnerships not recognizable under
the equity
method of accounting (see note A).
(56,332,250)
Impairment loss in investment in operating limited partnerships
4,017,052
Other
599,233
----------------
Equity per operating limited partnerships' combined financial statements
$ (40,538,330)
================
</TABLE>
F-36
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at
March 31, 2000 are summarized as
follows:
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 (4,140)
(6,246) (48,075)
Impairment loss in investment in operating limited
partnerships -
(876,844) (1,402,374)
Cumulative losses from operating limited
partnerships (10,602,936)
(5,192,620) (22,163,406)
---------------
---------------- ----------------
Investment in operating limited partnerships per
balance sheets -
494,972 582,673
</TABLE>
F-37
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 partnerships during the
year ended March 31, 2000, which have not been
included in the partnerships' capital account
included in the operating limited partnerships'
financial statements as of December 31, 1999 (see
note A). -
(311,339) (133,349)
The partnership has recorded acquisition costs at
March 31, 2000, which have not been accounted for
in the net assets of the operating limited
partnerships (see note A). (578,746)
(46,332) 116,865
The partnership has recorded a share of losses from
operating limited partnerships for the three months
ended March 31, 2000, which the operating limited
partnerships have not included in their capital
accounts as of December 31, 1999 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). (25,494,010)
(2,331,503) (12,771,703)
Impairment loss in investment in operating limited
partnerships -
876,844 1,402,374
Other 67,996
(152,348) 306,174
----------------
---------------- ----------------
Equity per operating limited partnerships' combined
financial statements $ (25,305,548) $
(1,405,981) $ (9,651,139)
================
================ ================
</TABLE>
F-38
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at
March 31, 2000 are summarized as
follows:
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)
- (32,669)
Impairment loss in investment in operating limited
partnerships (654,684)
(450,835) (632,315)
Cumulative losses from operating limited
partnerships (19,030,137)
(2,876,077) (6,734,870)
----------------
---------------- ----------------
Investment in operating limited partnerships per
balance sheets 5,684,221
500,661 3,574,999
</TABLE>
F-39
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000, which have not been
included in the partnerships' capital account
included in the operating limited partnerships'
financial statements as of December 31, 1999 (see
note A). -
(34,585) -
The partnership has recorded acquisition costs at
March 31, 2000, which have not been accounted for
in the net assets of the operating limited
partnerships (see note A). (647,983)
8,269 318,328
The partnership has recorded a share of losses from
operating limited partnerships for the three months
ended March 31, 2000, which the operating limited
partnerships have not included in their capital
accounts as of December 31, 1999 due to different
year ends (see note A). -
- -
The partnership has recorded low income housing tax
credit adjusters not recorded by operating limited
partnerships (see note A). 14,643
- 25,574
Equity in losses from operating limited
partnerships not recognizable under the equity
method of accounting (see note A). (13,694,874)
(1,095,261) (944,899)
Impairment loss in investment in operating limited
partnerships 654,684
450,835 632,315
Other 170,061
(2,212) 209,562
----------------
---------------- ----------------
Equity per operating limited partnerships' combined
financial statements $ (7,819,248) $
(172,293) $ 3,815,879
================
================ ================
</TABLE>
F-40
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at
March 31, 1999 are summarized as
follows:
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 in operating limited partnerships
(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 in operating limited partnerships
4,017,052
Other
571,798
----------------
Equity per operating limited partnerships' combined financial statements
$ (30,744,689)
================
</TABLE>
F-41
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at
March 31, 1999 are summarized as
follows:
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
</TABLE>
F-42
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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 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). -
(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 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). 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). (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-43
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at
March 31, 1999 are summarized as
follows:
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
</TABLE>
F-44
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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'
financial 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 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). -
- -
The partnership has recorded low income housing tax
credit adjusters not recorded by operating limited
partnerships (see note A). 9,747
- 25,574
Equity in losses from operating limited
partnerships not recognizable under the equity
method of accounting (see note A). (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-45
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
at December 31, 1999 are as
follows:
COMBINED SUMMARIZED BALANCE SHEETS
Total Series 1
Series 2 Series 3
---------------- ----------------
---------------- ---------------
<S> <C> <C> <C>
<C>
ASSETS
Buildings and improvements, net
of accumulated depreciation $ 183,877,894 $ 17,383,580 $
19,988,811 $ 46,817,054
Land 14,208,150 1,586,098
1,123,628 3,788,603
Other assets 17,105,400 3,466,571
1,279,853 4,337,991
---------------- ----------------
---------------- ---------------
$ 215,191,444 $ 22,436,249 $
22,392,292 $ 54,943,648
================ ================
================ ===============
LIABILITIES AND
PARTNERS' CAPITAL
Mortgages and construction
loans payable $ 218,997,833 $ 44,732,966 $
19,082,646 $ 54,891,236
Accounts payable and accrued
expenses 37,725,502 11,815,977
2,134,488 6,782,150
Other liabilities 21,851,163 2,130,252
3,208,121 4,719,495
---------------- ----------------
---------------- ---------------
278,574,498 58,679,195
24,425,255 66,392,881
---------------- ----------------
---------------- ---------------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund Limited Partnership (40,538,330) (25,305,548)
(1,405,981) (9,651,139)
Other partners (22,844,724) (10,937,398)
(626,982) (1,798,094)
---------------- ----------------
---------------- ---------------
(63,383,054) (36,242,946)
(2,032,963) (11,449,233)
---------------- ----------------
---------------- ---------------
$ 215,191,444 $ 22,436,249 $
22,392,292 $ 54,943,648
================ ================
================ ===============
</TABLE>
F-46
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
at December 31, 1999 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS -
CONTINUED
Series 4 Series
5 Series 6
----------------
---------------- ----------------
<S> <C> <C>
<C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 50,413,319 $
15,767,075 $ 33,508,055
Land 4,061,697
880,396 2,767,728
Other assets 3,899,520
451,851 3,669,614
----------------
---------------- ----------------
$ 58,374,536 $
17,099,322 $ 39,945,397
================
================ ================
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction loans payable $ 54,492,442 $
14,201,111 $ 31,597,432
Accounts payable and accrued expenses 12,088,892
2,217,998 2,685,997
Other liabilities 6,353,082
2,367,056 3,073,157
----------------
---------------- ----------------
72,934,416
18,786,165 37,356,586
----------------
---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund Limited
Partnership (7,819,248)
(172,293) 3,815,879
Other partners (6,740,632)
(1,514,550) (1,227,068)
----------------
---------------- ----------------
(14,559,880)
(1,686,843) 2,588,811
----------------
---------------- ----------------
$ 58,374,536 $
17,099,322 $ 39,945,397
================
================ ================
</TABLE>
F-47
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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
Total Series 1
Series 2 Series 3
---------------- ----------------
---------------- ---------------
<S> <C> <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-48
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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
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-49
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships at December 31,
1999 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Total Series 1
Series 2 Series 3
---------------- ----------------
---------------- --------------
<S> <C> <C> <C>
<C>
Revenue
Rental
$ 33,142,955 $ 5,525,500 $
1,830,157 $ 8,111,737
Interest and other
2,693,424 218,484
405,251 1,093,778
---------------- ----------------
---------------- --------------
35,836,379 5,743,984
2,235,408 9,205,515
Expenses ---------------- ----------------
---------------- --------------
Interest 14,203,595 1,488,722
1,642,224 3,410,197
Depreciation and amortization 9,884,058 1,271,463
573,077 2,798,615
Taxes and insurance 3,815,051 750,280
186,841 826,622
Repairs and maintenance 6,644,604 1,276,601
581,960 1,426,796
Operating expenses 11,912,564 2,445,291
750,084 2,922,873
Other expenses 1,665,421 256,841
120,509 497,401
Impairment loss 2,664,144 2,664,144
- -
---------------- ----------------
---------------- --------------
50,789,437 10,153,342
3,854,695 11,882,504
---------------- ----------------
---------------- --------------
NET LOSS $ (14,953,058) $ (4,409,358) $
(1,619,287) $ (2,676,989)
================ ================
================ ==============
Net loss allocated to Boston
Capital Tax Credit Fund
Limited Partnership* $ (10,178,945) $ (3,936,028) $
(791,865) $ (2,327,228)
================ ================
================ ==============
Net loss allocated to other
partners $ (4,774,113) $ (473,330) $
(827,422) $ (349,761)
================ ================
================ ==============
*Amounts include $3,911,661, $556,312, $1,621,715, $1,274,231, $273,477 and
$417,839 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.
</TABLE>
F-50
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships at December 31, 1999
are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS -
CONTINUED
Series 4
Series 5 Series 6
----------------
---------------- ----------------
<S> <C> <C>
<C>
Revenue
Rental $ 9,333,223 $
1,380,711 $ 6,961,627
Interest and other 313,477
254,815 407,619
----------------
---------------- ----------------
9,646,700
1,635,526 7,369,246
Expenses ----------------
---------------- ----------------
Interest 3,768,339
1,387,700 2,506,413
Depreciation and amortization 2,947,249
448,960 1,844,694
Taxes and insurance 1,144,962
107,287 799,059
Repairs and maintenance 1,755,932
463,878 1,139,437
Operating expenses 3,241,347
571,373 1,981,596
Other expenses 469,558
86,216 234,896
Impairment loss -
- -
----------------
---------------- ----------------
13,327,387
3,065,414 8,506,095
----------------
---------------- ----------------
NET LOSS $ (3,680,687) $
(1,429,888) $ (1,136,849)
================
================ ================
Net loss allocated to Boston
Capital Tax Credit Fund
Limited Partnership* $ (2,238,539) $
(370,959) $ (514,326)
================
================ ================
Net loss allocated to other partners $ (1,442,148) $
(1,058,929) $ (622,523)
================
================ ================
*Amounts include $3,911,661, $556,312, $1,621,715, $1,274,231, $273,477
and $417,839 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.
</TABLE>
F-51
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships at December 31,
1998 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
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
---------------- ----------------
---------------- --------------
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)
================ ================
================ ==============
*Amounts 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.
</TABLE>
F-52
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships at December 31, 1998
are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS -
CONTINUED
Series 4
Series 5 Series 6
----------------
---------------- ----------------
<S> <C> <C>
<C>
Revenue
Rental $ 9,165,944 $
1,393,031 $ 6,969,460
Interest and other 342,479
251,970 339,170
----------------
---------------- ----------------
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)
================
================ ================
*Amounts 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.
</TABLE>
F-53
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships at December 31,
1997 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
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
---------------- ----------------
---------------- --------------
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)
================ ================
================ =============
*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.
</TABLE>
F-54
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships at December 31, 1997
are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS -
CONTINUED
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
----------------
---------------- ----------------
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)
================
================ ================
*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.
</TABLE>
F-55
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000 is reconciled as follows:
Total Series 1
Series 2 Series 3
---------------- ----------------
---------------- --------------
<S> <C> <C> <C>
<C>
Net loss for financial reporting
purposes $ (2,852,541) $ (217,292) $
(111,370) $ (1,000,227)
Add: Related party expenses - -
- -
Other 578,502 33,055
89,927 -
Excess of book
depreciation over
tax depreciation on
operating limited
partnerships - -
- -
Less: Excess of tax depreciation
over book depreciation
on operating limited
partnership assets (1,404,996) (574,281)
(185,317) (154,491)
Operating limited
partnership loss not
allowed for financial
reporting under equity
method of accounting (8,006,431) (3,911,661)
(556,312) (1,608,911)
Other (60,791) -
- (60,791)
Related party expenses - -
- -
Impairment loss not recognized
for tax purposes 2,664,144 2,664,144
- -
Impairment loss in investment in
operating limited partnerships - -
- -
Difference due to fiscal year for
book purposes and calendar
year for tax purposes (369,550) (428)
(210,211) (3,583)
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, 1999 $ (8,496,955) $ (1,825,599) $
(904,043) $ (2,558,015)
================ ================
================ ==============
</TABLE>
F-56
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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,
2000 is reconciled as follows:
Series 4
Series 5 Series 6
----------------
---------------- ----------------
<S> <C> <C>
<C>
Net loss for financial reporting purposes $ (1,242,582) $
(33,477) $ (247,593)
Add: Related party expenses -
- -
Other 236,821
9,207 209,492
Excess of book depreciation over tax
depreciation on operating limited
partnerships -
- -
Less: Excess of tax depreciation over book
depreciation on operating limited
partnership assets (350,332)
(43,539) (97,036)
Operating limited partnership loss not
allowed for financial reporting
under equity method of accounting (1,274,231)
(237,477) (417,839)
Other -
- -
Related party expenses -
- -
Impairment loss not recognized for tax purposes -
- -
Impairment loss in investment in operating limited
partnerships -
- -
Difference due to fiscal year for book purposes
and calendar year for tax purposes (5,348)
(151,437) 1,457
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, 1999 $ (2,384,788) $
(417,267) $ (407,243)
================
================ ================
</TABLE>
F-57
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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:
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-58
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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:
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-59
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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:
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 partnerships 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
book 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-60
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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:
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
partnerships -
- -
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 return purposes, year
ended December 31, 1997 $ (2,400,275) $
(464,247) $ (739,459)
================
================ ================
</TABLE>
F-61
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000, the
differences are as follows:
Total Series 1
Series 2 Series 3
---------------- ----------------
---------------- ---------------
<S> <C> <C> <C>
<C>
Investment in operating limited
partnerships - tax return
December 31, 1999 $ (16,122,067) $ (11,915,208) $
(480,821) $ (4,340,812)
Add back losses not recognized
under the equity method 56,332,250 25,494,010
2,331,503 12,771,703
Historic tax credits 5,438,567 -
- 1,754,704
Less share of loss - three months
ended March 31, 2000 (1,466,033) (667,397)
- (798,636)
Impairment loss not recognized
for tax purposes (22,949,969) (13,016,969)
- (3,539,775)
Impairment loss in investment in
operating limited
partnerships (4,017,052) -
(876,844) (1,402,374)
Other (6,378,170) 105,564
(478,866) (3,862,137)
---------------- ----------------
---------------- ---------------
Investment in operating limited
partnerships - as reported $ 10,837,526 $ - $
494,972 $ 582,673
================ ================
================ ==============
</TABLE>
F-62
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000, the
differences are as follows:
Series 4
Series 5 Series 6
----------------
---------------- ----------------
<S> <C> <C>
<C>
Investment in operating limited partnerships - tax
return December 31, 1999 $ (2,286,937) $
659,792 $ 2,241,919
Add back losses not recognized under the equity
method 13,694,874
1,095,261 944,899
Historic tax credits 3,125,698
- 558,165
Less share of loss - three months ended
March 31, 2000 -
- -
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 (1,801,505)
(803,557) 462,331
----------------
---------------- ----------------
Investment in operating limited partnerships - as
reported $ 5,684,221 $
500,661 $ 3,574,999
================
================ ================
</TABLE>
F-63
PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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:
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-64
PAGE>
<TABLE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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:
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-65
<PAGE>
Boston Capital Tax Credit Fund Limited Partnership
Series 1 through Series 6
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE E - CASH EQUIVALENTS
Cash equivalents of $149,448 and $160,135 as of March 31,
2000 and 1999,
respectively, include a repurchase agreement and a money
market account with
interest rates ranging from 2.70% to 2.84% per annum.
F-66
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, 1999 and 1998, and the
related statements of income, partners equity (deficit), and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and 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 accordance with Government Auditing Standards, we have also
issued a report dated January 21, 2000 on our consideration of
Apple Hill Limited Partnership1s internal control over financial
reporting and on our tests of its compliance with certain
provisions of laws, regulations, contracts and grants.
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, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
To the Partners of
Mecca Apartments Limited Partnership
Independent Auditor's Report
We have audited the accompanying balance sheets of Mecca
Apartments Limited Partnership, as of December 31, 1999, and
1998, 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 31 I 999,
and 1998, 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.
To the Partners
Redondo Associates, Ltd.
I have audited the accompanying balance sheets of Redondo
Associates, Ltd. (a limited partnership), RD Case No.04-013-
953603409, as of December 31.1999 and 1998, 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, 1999 and 1998, 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 January 24, 2000 on
my consideration of Redondo Associates, Ltd.'s internal control
and a report dated January 24, 2000 on its compliance with laws
and regulations applicable to the financial statements.
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, 1999 and 1998 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, 1999 and 1998 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 19, 2000 on our consideration of
Fylex Housing Associates' internal control over financial
reporting and our tests of its compliance with laws and
regulations.
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, 1999 and 1998, 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, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
To The Partners
Mound Plaza, LTD.
Moundville, Alabama
We have audited the accompanying balance sheet of Mound Plaza,
LTD., Moundville, Alabama, as of December 31, 1999, and the
related statements of income, partnership capital (deficit), and
cash flows for the year then ended. These financial statements
are the responsibility of the company's management. Our
responsibility is to express an opinion on these financial
statements based on our audit. The financial statements of Mound
Plaza, LTD. as of December 31, 1998, were audited by other
auditors whose report, dated January 27, 1999, on those
statements was qualified because of lack of evidence regarding
year 2000 disclosures.
We conducted our audit in accordance with generally accepted
auditing standards, the USDA/Rural Development 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
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 Mound Plaza, LTD. as of December 31, 1999, and the results of
its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Our reports were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supplemental
information on pages 14 and 15 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
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.
To the Partners of
Pedcor Investments - 1988 - IV, L.P.
(An Indiana Limited Partnership)
We have audited the accompanying balance sheet of Pedcor
Investments - 1988 - IV, L.P. (an Indiana Limited Partnership)
as of December 31, 1999, and the related statements of profit and
loss and changes in partners' equity (deficit) and cash flows for
the year then ended. These financial statements are the
responsibility of 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
Pedcor Investments - 1988 - IV, L.P. as of December 31, 1999, and
the results of its operations and changes in partners' equity
(deficit) and 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 21, 2000, on our consideration of
the Partnership's internal controls and a report dated January
21, 2000, on its compliance with laws and regulations.
The accompanying supplementary information 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 financial statements taken
as a whole.
To the Partners of
Rainbow Housing Associates, Ltd.
Yuma, Arizona
We have audited the accompanying Balance Sheet of Rainbow Housing
Associates, Ltd., FHA Project Number 123-94008 RFF, as of
December 31, 1999, 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, 1999, 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 March 8, 2000 on our consideration of
Rainbow Housing Associates, Ltd.'s internal control structure and
a report dated March 8, 2000, 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, are presented fairly in all
material respects in relation to the financial statements taken
as a whole.
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, 1999 and 1998, and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership1s 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, 1999 and 1998,
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.
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, 1999
and 1998 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, 1999 and 1998 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 14, 2000 on our consideration of
Willow Street Associates' internal control over financial
reporting and our tests of its compliance with laws and
regulations.
To the Partners of
Armory Square Limited Partnership
Holyoke, Massachusetts
We have audited the accompanying balance sheets of Armory Square
Limited Partnership as of December 31, 1999 and 1998, 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 Armory Square Limited Partnership as of December 31, 1999 and
1998, 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 16 and 17) is
presented for the purpose 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.
To Partners of
Cambria Commons Limited Partnership
We have audited the accompanying balance sheets of Cambria
Commons Limited Partnership as of December 31, 1999 and 1998, and
the related statements of operations, 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. 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 31,1999 and
1998, 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.
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, 1999 and 1998, 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, 1999 and
1998, 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.
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, 1999
and 1998, 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, 1999 and 1998, 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 17 and 18) 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.
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, 1999, 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, 1999, 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 requited 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 23, 2000 on our consideration of
Shockoe Hill Associates II, L.P.'s internal controls and reports
dated March 23, 2Q00 on its compliance with specific requirements
applicable to major HUD programs, specific requirements
applicable
To The Partners of
Holland West Limited Partnership
We have audited the accompanying balance sheet of HOD Project No.
047-44050/12001 of Holland West Limited Partnership (a Michigan
Partnership) as of December 31. 1999, 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. 1999, 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 27. 2000, on our consideration of
Holland West Limited Partnership's internal controls and a report
dated January 27, 2000, on it's compliance with laws and
regulations.
To the Partners
Sherburne Housing Redevelopment Company
We have audited the accompanying balance sheets of Sherburne
Housing Redevelopment Company as of December 31, 1999 and 1998,
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 the financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
Management, as well as evaluating the overall financial statement
presentation. We believe that our 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 Sherburne Housing Redevelopment Company as of December 31,1999
and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued reports dated February 1, 2000, on our consideration of
Sherburne Housing Redevelopment Company's internal control
structure and its compliance with laws and regulations.
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
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
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
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]
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
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)
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)
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
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
<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,
2000
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 1,478,324 56,000 1,857,492 11,472 56,000
1,868,964 1,924,964 799,985 1/88 2/89 7-27.5
Bolivar
Manor LP 875,963 111,316 999,415 100,494 111,316
1,099,909 1,211,225 504,174 11/88 1/89 27.5
Briarwood
Vero Bch. 1,471,056 96,546 1,866,664 4,059 96,546
1,870,723 1,967,269 544,889 8/89 1/89 40
Coldwater
Ltd.
Dividend Hsg. 932,876 35,750 1,203,836 11,202* 35,750
1,215,038 1,250,788 538,366 7/89 12/88 5-27.5
Conneaut, Ltd. 1,167,002 50,000 1,439,961 99,800 50,000
1,539,761 1,589,761 744,910 4/88 1/89 27.5
Country
Vlg. Assoc. 3,160,361 179,385 3,843,452 12,337 192,794
3,855,789 4,048,583 1,521,235 4/89 1/89 5-27.5
Elk Rapids II
Apts. Co. 735,782 37,000 929,264 13,190 37,000
942,454 979,454 432,771 2/89 12/88 5-27.5
Genesee
Commons
Assoc. LP 9,914,955 250,000 11,622,137 (6,447,538) 250,000
5,174,599 5,424,599 4,284,382 12/88 11/88 5-27.5
-F -67-
<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,
2000
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. 1,182,349 60,300 1,450,936 125,705 60,300
1,576,641 1,636,941 764,867 8/88 1/89 7-27.5
Green Acres
of Yulee 1,473,016 90,650 1,908,145 (353,722) 90,650
1,554,423 1,645,073 640,139 8/89 1/89 5-27.5
Inglewood
Meadows 1,479,639 123,200 1,886,119 12,086 123,200
1,898,205 2,021,405 796,027 11/88 12/88 27.5
Kingston
Property
Assoc. 5,184,279 50,000 6,024,746 (1,773,542) 50,000
4,251,204 4,301,204 2,766,236 6/89 12/88 27.5
Riverside Pl.
Dividend Hsg. 960,388 65,200 1,202,452 21,617 65,200
1,224,069 1,289,269 552,054 7/89 12/88 5-27.5
Townhomes
Minnehaha Ct. 1,136,035 64,827 1,766,883 (1,852)* 64,827
1,765,031 1,829,858 733,882 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 4,006,954 12/90 4/89 5-27.5
Virginia
Circle LP 672,077 44,936 1,096,944 (34,698)* 44,936
1,062,246 1,107,182 442,014 6/88 11/88 5-27.5
Wewahitchka Ltd. 707,959 28,179 950,637 1 28,179
950,638 978,817 416,600 6/88 12/88 5-27.5
-F -68-
<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,
2000
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 960,890 10,000 1,274,577 24,711 10,000
1,299,288 1,309,288 580,065 7/89 12/88 5-27.5
Woodland
Terrace 1,479,639 120,400 1,885,256 12,261 120,400
1,897,517 2,017,917 804,187 11/88 12/88 5-27.5
---------- --------- ---------- --------- --------- ----------
---------- ----------
44,732,966 1,572,689 54,388,376(15,131,059)
1,586,098 39,257,317 40,843,415 21,873,737
========== ========= ========== ========== =========
========== ========== ==========
Since the Operating Partnerships maintain a calendar year end,
the information reported on this schedule is as of December 31,
1999.
*Decrease due to reallocation of acquisition costs.
-F -69-
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 -70-
Notes to Schedule III
Boston Capital Tax Credit Fund Limited Partnership - Series 1
Reconciliation of Land, Building & Improvements current year changes -
continued
Balance at close of period - 3/31/95 ............................$ 56,627,677
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 561,834
Other............................................ 0
-----------
$ 561,834
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ (404,688)
-----------
$ (404,688)
-----------
Balance at close of period - 03/31/96............................$ 56,784,823
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 96,701
Other............................................ 0
-----------
$ 96,701
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/97............................$ 56,881,524
Additions during period:
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- 71-
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 - 03/31/98....................... ....$ 59,005,589
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 140,910
Other............................................ (15,866,273)
-----------
$(15,752,363)
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
----------- 0
----------
Balance at close of period - 03/31/99............................$ 43,280,226
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 226,938
Other............................................ 0
-----------
$ 226,938
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ (2,663,749)
----------- (2,663,749)
----------
Balance at close of period - 03/31/00............................$ 40,843,415
==========
-F -72-
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
Current year expense..................................$1,277,701
---------
Balance at close of period - 3/31/00..............................$21,873,737
==========
-F -73-
</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, 2000
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. 9,757,626 794,249 3,448,985 8,736,115 226,000 12,185,100
12,411,100 2,133,322 6/90 9/90 5-50
Calexico
Village
Apts. 1,562,547 189,545 2,140,711 4,211 189,545 2,144,922
2,334,467 419,003 4/90 2/90 5-50
Glenhaven
Park III 488,600 225,000 599,444 577,645 225,000 1,177,089
1,402,089 287,023 12/89 11/89 40
Glenhaven
Park IV 392,861 180,000 254,783 619,630 180,000 874,413
1,054,413 204,859 6/90 11/89 40
Herber II
Vlg. Apts. 1,091,002 135,000 1,374,347 (4,711)* 135,000 1,369,636
1,504,636 349,557 4/89 5/89 5-50
Mecca
Apts. 2,591,178 55,580 2,377,218 1,106,178 56,283 3,483,396
3,539,679 749,163 7/90 11/89 5-40
Redwood
Creek Apts. 1,766,199 100,000 2,479,092 (1,325) 100,000 2,477,767
2,577,767 682,392 12/89 7/89 5-50
-F -74-
<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, 2000
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 1,432,633 11,800 1,145,806 745,448 11,800 1,891,254
1,903,054 789,447 7/90 12/89 5-27.5
---------- --------- ---------- ---------- --------- ----------
---------- ---------
19,082,646 1,691,174 13,820,386 11,783,191 1,123,628 25,603,577
26,727,205 5,614,766
========== ========= ========== ========== ========= ==========
========== =========
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 and reduction of
development fees.
-F -75-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 -76-
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
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............................$ 26,706,624
-F -77-
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 19,117
Other............................................ 0
-----------
$ 19,117
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/00............................$ 26,727,205
==========
-F- 78-
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
Current year expense..................................$ 551,812
---------
Balance at close of period - 3/31/00..............................$ 5,614,766
==========
-F -79-
</TABLE>
<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, 2000
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 510,671 27,000 919,215 58,207 27,000 977,422
1,004,422 377,889 7/88 4/89 28
Ashland
Invstmt.
Grp. II 1,773,701 165,464 2,210,076 (16,928)* 165,464 2,193,148
2,358,612 609,653 5/89 3/89 5-50
Belfast
Birches
Assocs. 1,082,747 50,000 1,370,933 5,791 50,000 1,376,724
1,426,724 413,000 5/89 5/89 5-27.5
Bowditch
School
Lodging 1,614,057 65,961 4,872,047 42,182 65,961 4,914,229
4,980,190 1,535,744 12/89 8/89 34
California
Investors VI 3,802,193 400,000 7,307,955 (1,458,472) 400,000 5,849,483
6,249,483 2,260,865 5/89 6/89 35
Carriage
Gate Apts. 1,466,538 128,480 1,816,497 8,835 128,480 1,825,332
1,953,812 710,936 11/89 6/89 7-27.5
Central
Parkway
Towers 2,800,000 0 9,276,692 (4,252,736) 0 5,023,956
5,023,956 4,052,384 12/89 9/89 5-27.5
Colony Ct.
Apts. 1,485,489 130,000 1,819,588 4,880 130,000 1,824,468
1,954,468 735,670 6/89 4/89 7-27.5
-F -80-
Boston Capital Tax Credit Fund Limited Partnership
- Series 3
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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. 1,481,679 217,600 1,729,345 (725) 217,600 1,728,620
1,946,220 686,966 2/89 2/89 5-27.5
Fylex
Housing 1,378,823 129,550 1,665,891 55,668 129,550 1,721,559
1,851,109 688,427 6/89 5/89 27.5
Greenwood
Apts. 1,429,652 55,000 1,824,558 29,189 55,000 1,853,747
1,908,747 813,105 8/89 3/89 7-27.5
Hidden Cove
Apts. 2,868,424 712,337 4,324,740 36,529 b 707,848 4,361,269
5,069,117 1,747,503 8/89 4/89 7-27.5
Jackson
Apts. 1,185,952 232,000 1,286,033 59,978 248,026 1,346,011
1,594,037 556,533 7/89 4/89 7-27.5
Lake North
Apts. II 1,053,835 60,000 1,340,829 1,963 a 60,000 1,342,792
1,402,792 398,210 1/89 4/89 5-27.5
Lake Park
LP 1,131,274 61,932 1,437,159 21,738 61,932 1,458,897
1,520,829 582,569 5/89 4/89 7-27.5
Lakewood
Terrace
Ltd. 3,735,725 124,707 2,263,782 4,593,605 124,707 6,857,387
6,982,094 1,906,714 8/89 5/89 27.5
Lincoln
Apts. 2,995,634 177,500 3,665,480 (2,056,897) 0 1,608,583
1,608,583 1,128,649 12/88 2/89 5-27.5
Maplewood
Apts. 752,753 37,900 938,775 41,382 37,900 980,157
1,018,057 276,232 4/89 5/89 40
-F -81-
Boston Capital Tax Credit Fund Limited Partnership
- Series 3
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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. 619,793 17,058 772,173 2,923 17,059 775,096
792,155 300,631 9/89 8/89 5-27.5
Oak Crest
Manor II 904,353 77,500 1,049,551 48,196a 77,500 1,097,747
1,175,247 291,035 5/89 5/89 40
Orange-
wood
Villas 1,470,057 98,000 1,821,138 4,058 98,000 1,825,196
1,923,196 728,068 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 1,066,849 4/89 3/89 7-27.5
Pedcor
Invstmts. 5,492,161 200,000 7,448,711 386,691 200,000 7,835,402
8,035,402 2,342,808 5/89 2/89 5-27.5
Queens
Ct. Apts. 1,035,233 92,200 2,185,579 94,804 92,200 2,280,383
2,372,583 927,742 1/89 2/89 5-27.5
Rainbow
Apts. 1,887,613 181,767 2,215,940 52,590 141,767 2,268,530
2,410,297 957,305 1/89 6/89 5-27.5
Ripon Apts. 848,385 29,040 1,016,757 16,425 29,040 1,033,182
1,062,222 451,580 7/89 3/89 5-27.5
Southport,
Ltd. 958,771 52,800 1,176,478 45,527a 52,800 1,222,005
1,274,805 506,575 2/89 4/89 5-27.5
Sun Village
Apts. 1,044,145 55,973 1,313,338 11,361 55,973 1,324,699
1,380,672 416,482 5/88 4/89 5-27.5
-F -82-
Boston Capital Tax Credit Fund Limited Partnership
- Series 3
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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. 1,049,457 70,994 1,277,601 112,288 70,994 1,389,889
1,460,883 664,483 11/88 4/89 5-27.5
Trinidad
Apts. 915,372 70,000 1,105,890 37,449 91,599 1,143,339
1,234,938 480,824 6/89 6/89 27.5
Vassar Apts. 915,635 60,823 1,159,060 5,814 60,823 1,164,874
1,225,697 512,076 11/89 3/89 7-27.5
Vidalia LP 1,477,124 75,000 1,887,347 1,407a 75,000 1,888,754
1,963,754 767,038 5/89 4/89 7-27.5
Willow St.
Assoc. 1,470,840 116,380 1,798,301 5,460 116,380 1,803,761
1,920,141 835,667 12/88 2/89 15-27.5
---------- --------- --------- --------- --------- ----------
---------- ----------
54,891,236 4,606,632 78,841,599(1,294,333) 3,788,603 77,547,266
81,335,869 30,730,212
========== ========= ========= ========== ========= ==========
========== ==========
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.
-F -83-
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- 84-
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- 85-
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 4,734,899
Other........................................ 0
-----------
$ 4,734,899
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ (4,318,070)
-----------
$ (4,318,070)
-----------
Balance at close of period - 03/31/00............................$ 81,335,869
===========
-F- 86-
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
Current year expense..................................$2,732,680
---------
Balance at close of period - 3/31/00..............................$30,730,212
==========
-F-87-
</TABLE>
<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, 2000
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. 2,106,597 59,900 3,890,990 75,504 59,900 3,966,494
4,026,394 1,076,471 9/89 7/89 5-27.5
Auburn
Trace
Ltd. 9,849,938 730,000 5,564,052 9,226,717 730,000 14,790,769
15,520,769 6,034,636 1/90 6,89 5-27.5
Ault Apts. 478,812 12,058 570,737 86,716 12,058 657,453
669,511 267,499 7/89 6/89 7-27.5
Bowditch
School
Lodging 1,614,057 65,961 4,872,047 42,182 65,961 4,914,229
4,980,190 1,535,744 12/89 8/89 7-34
Burlwood
Apts. 370,784 20,000 267,333 158,092 20,000 425,425
445,425 124,646 8/89 6/89 7-27.5
Cambria
Commons 1,034,192 5,808 1,489,672 10,458 5,808 1,500,130
1,505,938 598,538 7/89 9/89 5-27.5
Central
Parkway
Towers 2,800,000 0 9,276,692 (4,252,736) 0 5,023,956
5,023,956 4,052,384 12/89 9/89 5-27.5
-F -88-
Boston Capital Tax Credit Fund Limited Partnership
- Series 4
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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. 752,315 45,000 928,226 9,692 45,000 937,918
982,918 385,010 11/89 10/89 7-27.5
Fuller
Townhomes 496,021 33,600 642,804 17,980 33,600 660,784
694,384 283,554 1/88 4/89 7-27.5
Greenwood
Terrace
Ltd. 1,074,054 80,439 1,352,865 6,463 80,439 1,359,328
1,439,767 541,301 9/89 7/89 7-27.5
Haven
Park II 486,100 225,000 1,038,703 6,708 225,000 1,045,411
1,270,411 398,202 6/89 7/89 7-40
Landmark
Ltd.
Partner-
ship 1,716,608 425,800 3,843,617 70,847 425,800 3,914,464
4,340,264 1,257,557 5/89 8/89 5-27.5
Meadow-
crest
Apts. 2,871,827 286,065 867,009 4,181,573 286,065 5,048,582
5,334,647 1,957,367 10/90 9/89 5-27.5
Milliken
Apts. 835,229 40,000 860,882 162,057 40,000 1,022,939
1,062,939 403,474 8/89 9/89 7-27.5
Montana
Ave. Apts. 646,597 92,179 1,007,036 47,196 93,846 1,054,232
1,148,078 406,881 11/89 8/89 5-27.5
-F -89-
Boston Capital Tax Credit Fund Limited
Partnership - Series 4
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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. 1,099,862 48,000 1,436,974 4,751 48,000 1,441,725
1,489,725 560,181 12/89 7/89 7-27.5
New Grand
Hotel 2,821,292 308,000 6,150,420 1,204,507 308,000 7,354,927
7,662,927 2,774,190 3/89 5/89 7-27.5
Pedcor
Invstmts.
1988 VI 4,927,261 454,472 7,748,826 1,188,686 454,472 8,937,512
9,391,984 2,271,944 12/89 8/89 5-27.5
Rosen-
burg
Hotel 1,796,276 452,000 4,946,965 (2,747,782)b 415,000 2,199,183
2,614,183 191,280 1/89 11/89 7-40
Shockoe
Hill Apts. 1,861,727 0 3,152,879 21,442a 0 3,174,321
3,174,321 860,814 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
4,152,663 781,280 9/89 9/89 5-50
Topeka
Park
Phase II 361,172 36,874 759,705 16,543 36,874 776,248
813,122 330,038 12/88 7/89 7-27.5
-F -90-
Boston Capital Tax Credit Fund Limited
Partnership - Series 4
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 4,006,954 12/90 4/89 27.5
Van Dyke
Estates
XVI 638,584 80,000 1,134,679 87,787 80,000 1,222,466
1,302,466 388,655 11/89 2/90 7-40
Wichita
West
Housing 1,986,969 181,874 3,876,750 92,030 181,874 3,968,780
4,150,654 1,543,838 9/89 8/89 7-27.5
---------- --------- ---------- ---------- --------- -----------
----------- ----------
54,492,442 3,917,030 77,315,536 6,130,221 4,061,697 83,445,757
87,507,454 33,032,438
========== ========= ========== ========== ========= ===========
=========== ==========
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.
-F -91-
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 -92-
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-93-
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 - 03/31/98............................$ 98,506,567
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 447,562
Other............................................ 0
-----------
$ 447,562
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/00............................$ 87,507,454
===========
-F- 94-
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
Current year expense..................................$2,857,224
---------
Balance at close of period - 3/31/00..............................$33,032,438
==========
-F- 95-
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund Limited Partnership
- Series 5
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
------------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
--------------------------------------------
Annadale 9,757,626 794,249 3,448,985 8,736,115 226,000 12,185,100
12,411,100 2,133,322 6/90 10/90 5-50
Calexico 1,562,547 189,545 2,140,711 4,211 189,545 2,144,922
2,334,467 419,003 4/90 2/90 5-50
Glenhaven
Park 657,856 225,000 991,586 (223,115)* 195,000 768,471
963,471 210,678 6/89 6/89 40
Point
Arena 1,197,672 79,160 1,715,209 81,167 79,160 1,796,376
1,875,536 354,721 2/90 2/90 5-50
TKO
Investments
Props. V 1,025,410 192,656 2,991,964 23,665 190,691 3,015,629
3,206,320 1,025,699 9/89 10/89 5-30
---------- --------- ---------- --------- ------- ----------
---------- ---------
14,201,111 1,480,610 11,288,455 8,622,043 880,396 19,910,498
20,790,894 4,143,423
========== ========= ========== ========= ======= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end the information
reported on this schedule is as of December 31,
1999.
*Reduction due to the sale of two building.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
-F- 96-Notes to
Schedule III
Boston Capital Tax Credit Fund Limited Partnership - Series 5
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 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- 97-
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- 98-
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 746
Other............................................ 0
-----------
$ 746
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/00............................$ 20,790,894
===========
-F- 99-
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
Current year expense.................................$ 441,046
---------
Balance at close of period - 3/31/00..............................$ 4,143,423
==========
-F- 100-
</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, 2000
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 9,849,938 730,000 5,564,052 9,226,717 730,000 14,790,769
15,520,769 6,034,636 1/90 6/90 5-27.5
Briar-
wood
Estates 566,706 45,000 694,093 8,803 45,000 702,896
747,896 310,617 9/88 9/89 5-27.5
Columbia
Park
Apts. 3,712,553 189,631 7,194,885 710,773 189,631 7,905,658
8,095,289 2,499,535 2/90 11/89 5-27.5
Eldon
Estates 552,558 28,000 709,320 23,180 28,000 732,500
760,500 323,891 7/88 9/89 5-27.5
Green
Pines
Apts. 1,428,063 106,484 1,750,831 23,554 106,484 1,774,385
1,880,869 507,038 11/89 10/89 5-27.5
Hacienda
Villa
Apts. 3,827,912 233,165 4,135,079 3,376,390 233,165 7,511,469
7,744,634 1,898,245 1/90 12/89 5-27.5
-F- 101-
<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, 2000
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 3,083,575 601,653 4,198,973 1,823,295 601,653 6,022,268
6,623,921 2,333,475 1/90 11/89 5-27.5
Holland
West Apts. 1,991,402 175,000 2,301,607 905,629 175,000 3,207,236
3,382,236 1,071,399 2/90 12/89 5-27.5
Kearney
Proper-
ties II 361,255 34,000 460,385 2,445 34,000 462,830
496,830 212,709 3/88 9/89 5-27.5
Pleasant
Hill
Properties 558,106 25,000 703,690 18,558 25,000 722,248
747,248 306,185 5/88 9/89 5-27.5
Rosen-
berg
Hotel 1,796,276 452,000 4,948,372 (2,749,189) 415,000 2,199,183
2,614,183 191,280 12/88 9/89 5-27.5
Sherburne
Sr. Hsng. 1,303,838 43,000 1,786,132 102,513 43,000 1,888,645
1,931,645 655,735 1/92 11/89 27.5
Socorro
Properties 1,243,936 85,000 1,652,129 79,694 85,000 1,731,823
1,816,823 750,757 10/89 11/89 5-27.5
Warrensburg
Properties 567,275 30,000 743,401 37,791 30,000 781,192
811,192 358,056 2/88 9/89 5-27.5
-F -102-
<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, 2000
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. 754,039 26,795 919,806 15,401 26,795 935,207
962,002 406,696 11/89 10/89 5-27.5
---------- --------- ---------- ---------- --------- ----------
---------- ----------
31,597,432 2,804,728 37,762,755 13,605,554 2,767,728 51,368,309
54,136,037 17,860,254
========== ========= ========== ========== ========= ==========
========== ==========
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
ommitted for presentation purposes.
-F -103-
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- 104-
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- 105-
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 100,710
Other............................................ 0
-----------
$ 100,710
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/00...........................$ 54,136,037
===========
-F- 106-
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
Current year expense...................................
$1,759,182
---------
Balance at close of period -
3/31/00................................$ 17,860,254
==========
-F- 107-
</TABLE>
