SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the fiscal year ended March 31, 1996 or
--------------
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to
------------- ------------
Commission file number 0-19443
-------
Boston Capital Tax Credit Fund II Limited Partnership
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Massachusetts 04-3066791
- -------------------------------- -------------------------------
(State of other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
One Boston Place, Suite 2100 Boston, MA 02108-4406
- ---------------------------------------------- -----------------------
(Address of Principal executive offices) (Zip Code)
Partnership's telephone number, including area code: (617)624-8900
-------------
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
-------------------- ----------------------
None None
Securities registered pursuant to Section 12(g) of the Act:
Beneficial Assignee Certificates
--------------------------------
(Title of Class)
Indicate by check mark whether the Partnership (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
Partnership 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|<PAGE>
DOCUMENTS INCORPORATED BY REFERENCE
-----------------------------------
The following documents of the Partnership are incorporated by reference:
Form 10-K
Parts Document
--------- --------
Parts I, III October 25, 1989 Prospectus, as
supplemented
Parts II, IV
<PAGE>
BOSTON CAPITAL TAX CREDIT FUND II LIMITED PARTNERSHIP
Form 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 1996
TABLE OF CONTENTS
PART I
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of
Security-Holders
PART II
Item 5. Market for the Registrant's Limited Partnership
Interests and Related Partnership Matters
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis of
Financial Condition and Results of
Operations
Item 8. Financial Statements and Supplementary Data
Item 9. Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure
PART III
Item 10. Directors and Executive Officers
of the Partnership
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial
Owners and Management
Item 13. Certain Relationships and Related
Transactions
PART IV
Item 14. Exhibits, Financial Statement Schedules, and
Reports on Form 8-K
Signatures
<PAGE>
PART I
------
Item 1. Business
Organization
- ------------
Boston Capital Tax Credit Fund II Limited Partnership (the "Partnership")
is a limited partnership formed under the Delaware Revised Uniform Limited
Partnership Act as of June 28, 1989. The General Partner of the Partnership
is Boston Capital Associates II 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 II 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 have been 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 October 25, 1989 in connection with a public
offering ("Offering") in series 7, 9 through 12, and 14. The Partnership
raised $186,337,517 representing a total of 18,679,738 BACs. In 1991, BACs
were offered and sold to certain residents of the Commonwealth of
Pennsylvania. The provisions of Section 201 of the Pennsylvania Securities
Act of 1972, relating to the registration of securities, may not have been
complied with, in connection with, the offer or sale of some of the
securities. Accordingly, the Partnership offered to repurchase these
securities, at the investors option. Three investors holding 6,100 BACs
representing $61,000 accepted the Partnerships offer to repurchase. In 1993
the Partnership repurchased the BAC's with an effective date of December 31,
1992. The Partnership completed sales of BACs in all Series on January 27,
1992.
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 owns
or leases and operates an Apartment Complex exclusively or partially for low-
and moderate-income tenants. Each Operating Partnership in which the
Partnership invested owns Apartment Complexes which are completed,
newly-constructed, under construction or rehabilitation, or to-be constructed
or rehabilitated, and which are expected to receive Government Assistance.
1
Each Apartment Complex has 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 twelve 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 67 to 92 of the
Prospectus, as supplemented, under the caption "Government Assistance
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.
As of March 31, 1996, the Partnership had invested in a total of 310
Operating Partnerships; 15 Operating Partnerships on behalf of Series 7, 55
Operating Partnerships on behalf of Series 9, 46 Operating Partnerships on
behalf of Series 10, 40 Operating Partnerships on behalf of Series 11, 53
Operating Partnerships on behalf of Series 12, and 101 Operating Partnerships
on behalf of Series 14. 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 from 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 (except with respect to the Partnership's
investment in certain Non-Profit Operating Partnerships) 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;
(4) 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
2
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;
and
(5) provide, on a current basis and to the extent available, cash
distributions from the operations of the Apartment Complexes (no
significant amount of which is anticipated).
The business objectives and investment policies of the Partnership are
described more fully on pages 44 to 52 of the Prospectus, as supplemented,
under the caption "Business Objectives and Investment Policies, " which is
incorporated herein by reference.
Item 2. Properties
The Partnership has acquired a Limited Partnership Interest in each of the
three hundred ten Operating Partnerships in six series identified in the table
set forth below. In each instance the Apartment Complex owned by each of the
Operating Partnerships is eligible for the Federal Housing Tax Credit.
Occupancy of a unit in each Apartment Complex which initially complied with
the Minimum Set-Aside Test (i.e., occupancy by tenants with incomes equal to
no more than a certain percentage of area median income) and the Rent
Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the
applicable income standards) is referred to hereinafter as "Qualified
Occupancy." Each of the Operating Partnerships and each of the respective
Apartment Complexes are described more fully in the Prospectus or applicable
Report on Form 8-K filed during the past fiscal year. The General Partner
believes that there is adequate casualty insurance on the properties.
Please refer to Item 7. "Management's Discussion and Analysis of Financial
Condition and Results of Operations" for a more detailed discussion of
operational difficulties experienced by certain of the Operating Partnerships.
3 <PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 7
PROPERTY PROFILES AS OF March 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
The Bowditch
School
Lodging Jamaica Plain,
House MA 50 $1,645,676 12/89 12/89 100% $ 606,390
Briarwood Cameron,
Apartments MO 24 627,182 12/89 12/89 100% 157,254
Buckner Buckner,
Properties MO 24 621,696 12/89 3/89 100% 146,287
Creekside Vandergrift,
Apartments PA 30 1,095,805 6/89 9/89 100% 247,790
Deer Hill Huntersville,
II Apartments NC 40 1,484,213 2/90 5/89 100% 333,370
Hillandale Lithonia,
Commons GA 132 3,207,981 12/89 1/90 100% 1,138,907
Leo A. Meyer
Senior
Citizen King City,
Housing CA 44 1,658,088 6/90 11/89 100% 893,708
Lebanon
Properties Lebanon
II MO 24 575,564 12/89 7/89 100% 136,440
New Holland Danville,
Apartments IL 53 1,096,329 5/90 8/90 100% 800,434
Oak Grove Oak Grove,
Estates MO 20 487,453 12/89 9/89 100% 113,188
Oakview Delta,
Apartments OH 38 1,133,721 12/89 10/89 100% 258,264
Metropole Miami Beach,
Apartments FL 42 2,250,137 12/89 12/89 100% 694,581
4
Boston Capital Tax Credit Fund II Limited Partnership - Series 7
PROPERTY PROFILES AS OF March 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- --------------------------------------------------------------------------
Rosenberg Santa Rosa,
Apartments CA 77 $8,492,153 2/90 1/92 100% $1,943,360
Westwood
Square Moore Head City,
Apartments NC 36 1,419,114 7/90 7/90 100% 117,286
Winfield
Properties Winfield,
II MO 24 612,114 12/89 5/89 100% 142,525
5<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- --------------------------------------------------------------------------
Azalea
Village Crawford,
Apartments GA 24 $ 642,782 5/90 5/90 100% $ 143,206
Beaver
Brook Pelham,
Commons NH 24 1,190,067 4/90 5/90 95% 290,403
Bent Creek Crest View,
Apartments
II FL 24 711,968 6/90 5/90 100% 164,534
Big Lake Big Lake,
Seniors TX 20 563,791 4/94 6/95 100% 59,592
Blanco Blanco,
Senior Apts. TX 20 522,329 12/93 9/94 100% 93,593
Breezewood
Village Kissimmee,
Phase I FL 86 2,816,036 4/90 4/90 100% 831,650
Breezewood Kissimmee,
Village II FL 42 1,434,367 5/90 5/90 100% 416,268
Cambridge Madison,
Manor FL 36 1,139,783 4/90 1/90 100% 268,523
Corinth
Senior Corinth,
Housing NY 40 1,498,021 4/90 2/90 100% 384,000
Cotton Mill Stuart,
Apartments VA 40 1,491,425 10/92 7/93 100% 271,351
Country Cedar Rapids,
Hill Apts. IA 166 3,554,088 4/90 6/90 100% 3,471,607
Country Blakely,
Lane Apts. GA 32 950,891 5/90 5/90 100% 211,916
6
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- --------------------------------------------------------------------------
Fawn River Sturgis,
Apartments MI 100 $3,714,629 10/90 10/90 95% $971,446
Garden Lake Immokalee,
Apartments FL 65 2,202,100 5/90 5/90 100% 577,529
Glenwood Porterville,
Hotel CA 36 758,337 6/90 6/90 100% 383,100
Grand
Princess St. Croix,
Manor USVI 24 1,498,280 6/90 8/90 100% 374,766
Grand
Princess St. Croix,
Villa USVI 24 1,497,280 6/90 8/90 100% 276,203
Greenwich
Senior Greenwich,
Housing NY 36 1,491,521 4/90 2/90 97% 340,000
Grifton Grifton,
Manor Apts. NC 40 1,268,583 9/93 2/94 100% 261,645
Hacienda
Villa Firebaugh,
Apartments CA 120 3,980,713 4/90 1/90 100% 1,343,294
Haines
City . Haines City,
Apartments FL 46 1,446,142 4/90 2/90 100% 339,465
Hamlet Newfane,
Square NY 24 1,010,004 10/92 9/92 100% 193,830
Hill St. South Paris,
Commons ME 25 1,498,290 11/92 10/92 100% 301,064
Kristin
Park Las Vegas,
Apartments NM 44 1,397,423 3/90 6/90 100% 313,200
7
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Le Grand Le Grand,
Apts. CA 34 $1,750,788 11/92 10/93 100% $ 419,011
Longmeadow Skowhegan,
Apartments ME 28 1,487,505 8/90 8/90 100% 284,000
Magnolia
Lane Bloomingdale,
Apartments GA 48 1,487,564 5/90 3/90 100% 321,908
Maywood Corning,
Apartments CA 40 1,508,200 3/90 7/90 100% 365,280
Meadowcrest Southfield,
Apartments MI 83 2,914,423 9/90 10/90 100% 1,116,284
Mill Pond Brooklyn,
Apartments MI 36 1,112,292 5/90 5/90 100% 250,175
New Holland Danville,
Apartments IL 53 1,096,329 5/90 8/90 100% 565,622
Pinewoods Springfield,
Apartments IL 168 3,895,815 6/90 6/91 100% 1,258,700
Pine Ridge Polkton,
Place NC 16 662,348 1/94 12/93 100% 114,730
Pleasanton Pleasanton,
Seniors Apts.TX 24 627,543 12/93 7/93 100% 144,839
Port Portage,
Crossing IN 160 3,097,507 3/90 4/90 100% 2,733,580
Putney Putney,
Meadows Apts VT 28 1,426,642 12/92 5/93 100% 374,495
Quail
Hollow Homerville,
Apartments GA 54 1,477,740 5/90 1/90 100% 363,353
8
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- --------------------------------------------------------------------------
Quail
Hollow Warsaw,
II NC 36 $ 1,411,795 7/90 9/90 100% $ 313,521
Rainbow
Gardens Dunnellon,
Apartments FL 37 1,224,708 12/92 6/93 100% 236,763
Raitt Santa Ana,
Street Apts. CA 6 782,537 5/93 8/93 100% 416,200
School St. Marshall,
Apts. II WI 24 832,590 6/93 6/93 100% 652,967
Scottsville Scottsville,
Hollow NY 36 1,432,572 5/90 5/90 100% 304,060
Somerset Antioch,
Apartments CA 156 5,537,313 3/90 3/90 100% 3,920,000
St. Paul's St. Paul,
Apartments NC 32 1,270,914 5/90 9/90 100% 263,165
Surry
Village Surry,
II VA 24 779,972 5/90 1/90 100% 157,002
Tappahannock Tappahannock,
Greens Apts. VA 40 1,514,482 3/94 5/94 100% 293,486
Telluride Telluride,
Apartments CO 30 1,476,908 9/90 11/90 100% 300,033
The 438 Warren
St. Lodging Boston,
House MA 20 721,934 3/90 5/90 100% 460,900
Twin Oaks Raeford,
Apartments NC 28 1,144,522 5/90 5/90 100% 275,894
9
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Ventura Hernando,
Village FL 3 $ 1,492,075 6/90 7/90 100% $ 473,300
Vilage Live Oak,
Oaks FL 24 736,735 6/90 2/90 100% 164,291
Apartments II
Warrensburg Warrensburg,
Estates MO 32 796,924 4/90 4/90 100% 181,849
Westside Providence,
Apartments RI 40 1,863,906 6/90 12/90 100% 1,777,738
Westwood
Square Moorehead City,
Apartments NC 36 1,419,114 7/90 7/90 100% 195,391
Wilmington Wilmington,
Housing NY 24 1,058,012 8/90 8/90 100% 237,279
10 <PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
PROPERTY PROFILES AS OF March 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ----------------------------------------------------------------------------
Athens Park Athens,
Apartments AL 48 $1,342,337 8/90 6/90 100% $ 354,144
Autumn Lane Washington,
Apartments GA 24 736,560 8/89 11/90 100% 168,234
Baytree Richlands,
Apartments NC 24 961,494 11/88 7/90 100% 210,999
Benchmark China Grove,
Apartments NC 24 955,427 11/88 7/90 100% 223,328
Berkshire Wichita,
Apartments II KS 66 1,605,077 7/90 7/90 100% 1,183,452
Brentwood Eunice,
Apartments LA 32 959,213 11/90 10/90 100% 205,470
Briarwood Middleburg,
Apartments FL 52 1,489,634 8/90 8/90 100% 509,251
Butler Manor Morgantown,
Apartments KY 16 506,121 12/90 2/91 100% 119,952
Campbell
Creek Dallas,
Apartments GA 80 1,779,831 12/91 10/90 100% 735,000
Candlewick Monroeville,
Place AL 40 1,292,908 12/92 10/92 100% 241,600
Cedarstone Poplarville,
Apts. MS 24 779,017 5/93 5/93 96% 180,800
Charlton
Court Folkston,
Apartments GA 40 1,208,496 12/92 1/93 100% 263,520
11
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
PROPERTY PROFILES AS OF March 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Chuckatuck Suffolk
Square VA 42 $1,454,329 11/90 2/90 100% $ 320,900
Cloverleaf Bishopville,
Apartments SC 24 860,263 11/90 4/90 100% 153,900
Cloverleaf
Apts., Bishopville,
Phase II SC 24 879,595 11/90 4/90 100% 160,761
Connellsville Connellsville,
Heritage Apts. PA 36 1,376,147 11/90 3/90 100% 325,460
Freedom Ford City,
Apartments PA 28 1,055,152 11/90 9/90 96% 262,791
Hartway Munfordville,
Apts. KY 32 918,046 7/90 6/90 100% 239,041
Hilltop Kingsland,
Terrace GA 54 1,494,830 8/90 7/90 100% 455,851
Indian Run S. Kingston
Village RI 114 2,633,006 4/93 7/93 96% 604,867
Ironton Ironton,
Estates MO 24 629,371 5/93 1/93 100% 157,976
Lambert
Square Lambert,
Apts. MS 32 1,008,422 11/92 12/92 100% 192,347
Longview Maysville,
Apartments NC 24 875,576 11/88 8/90 100% 195,837
Maidu Roseville,
Village CA 81 2,222,801 3/91 12/91 100% 470,000
12
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
PROPERTY PROFILES AS OF March 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Mann Indianapolis,
Estates IN 132 $3,120,633 7/90 10/90 100% $ 1,980,000
Meadowbrook
Lane Americus,
Apartments GA 50 1,484,563 9/90 3/90 100% 336,264
Melrose Lane Great Falls,
Apartments SC 24 878,516 11/90 10/90 100% 203,645
Mercer Mercer,
Manor PA 26 913,182 11/90 8/90 100% 220,450
46 North
Connecticut Atlantic City,
Ave. NJ 13 1,024,762 1/93 12/92 100% 559,000
Pecan Village Ellaville,
Apartments GA 30 790,677 7/90 2/90 100% 221,856
Piedmont Forsyth,
Hills GA 50 1,464,338 7/90 9/90 100% 439,958
Pine View Perry,
Apartments FL 29 966,192 9/90 12/90 100% 277,405
Pines by the Newnan,
Creek Apts. GA 96 2,121,949 12/90 10/90 100% 890,000
Pine Grove Ackerman,
Apts. MS 24 618,317 9/93 6/94 100% 169,926
Pinetree
Manor Centreville,
Apts. MS 32 985,629 11/92 1/93 100% 191,500
Rosewood
Village Willacoochee,
Apartments GA 24 651,752 7/90 7/90 100% 147,480
13
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
PROPERTY PROFILES AS OF March 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 3/31/96 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Springwood
Park Durham,
Apartments NC 100 $ 2,688,473 3/91 5/91 100% $ 1,000,000
Stockton Stockton,
Estates MO 20 518,684 2/93 1/93 100% 120,352
Stratford
Square Brundidge,
Apartments AL 24 755,381 10/92 2/93 100% 145,036
Summer
Glen Immokalee,
Apartments FL 46 1,493,610 11/92 3/93 100% 246,230
Summerwood West Des Moines,
Apartments IA 86 2,417,885 7/90 7/90 100% 2,015,183
Sunmark Morgantown,
Apartments KY 24 773,412 8/90 12/90 100% 176,669
Village Lawton,
Commons MI 58 1,495,621 11/90 6/90 98% 323,665
Washington
Heights
Apartments, Bismarck,
IV ND 24 473,150 11/90 7/90 100% 381,010
Woods Hollow Centreville,
Apartments MI 24 590,287 11/90 2/90 100% 132,700
Woodside Lisbon,
Apartments ME 28 1,488,244 12/90 11/90 100% 397,630
14
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
PROPERTY PROFILES AS OF March 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- -----------------------------------------------------------------------------
Academy
Hill Ahoskie,
Apartments NC 40 $1,383,890 2/91 2/91 100% $ 319,224
Aspen
Square Tazewell,
Apartments VA 60 1,842,702 11/90 11/90 100% 356,495
Bridgeview Emlenton,
Apartments PA 36 1,372,163 12/90 12/89 100% 327,257
Buckeye
Senior Buckeye,
Apartments AZ 40 1,348,496 12/90 8/90 100% 311,480
Campbell
Creek Dallas,
Apartments GA 80 1,779,831 12/90 10/90 100% 142,000
Cambridge
Manor Macon,
Apartments MS 47 1,639,832 5/93 4/93 100% 356,356
Church Hill Church Point,
Apartments LA 32 960,268 12/90 1/91 100% 205,750
Copper
Creek Lebanon,
Apartments VA 36 1,180,530 11/90 9/90 100% 237,647
Coronado Tuscon,
Hotel AZ 42 566,835 3/91 3/91 100% 614,050
Crestwood St. Cloud,
Apartments FL 216 4,444,214 1/91 6/91 100% 5,636,484
El Dorado El Dorado Springs,
Springs Est. MO 24 584,383 11/90 9/90 100% 133,790
Eldon Est. Eldon,
II MO 24 584,585 12/90 11/90 100% 131,340
15
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Eldon Eldon,
Manor MO 24 $ 562,574 12/90 11/90 100% $ 241,980
Elmwood
Manor Eutaw,
Apartments AL 47 1,633,152 5/93 12/93 100% 333,440
Fairridge
Lane Denmark,
Apartments SC 24 822,193 11/90 6/90 100% 209,326
Fairridge
Village Denmark,
Apartments SC 24 774,121 11/90 6/90 100% 186,381
Farmerville Farmerville,
Square Apts. LA 32 971,696 1/91 4/91 100% 212,280
Forest
Glade Wauchula,
Apartments FL 50 1,489,364 12/90 12/90 100% 420,565
Franklin Great Falls,
School MT 40 2,992,552 10/90 12/91 100% 1,453,270
Hilltop Los Lunas,
Apts. NM 40 1,430,600 1/93 11/92 100% 253,455
Holland Holland,
Meadows NY 24 903,105 11/90 6/90 100% 213,880
Holley Holley,
Grove NY 24 921,863 11/90 10/90 100% 207,360
Ivan Woods Delta Township,
Senior Apts. MI 90 2,334,885 2/91 4/91 100% 1,184,275
Kaplan
Manor Kaplan,
Apartments LA 32 930,277 12/90 12/90 100% 198,460
16
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Lakewood
Village Lake Providence,
Apartments LA 32 $ 957,952 1/91 5/91 100% $ 223,827
Licking Licking,
Apartments MO 16 407,704 11/91 3/92 100% 90,436
London Miami Beach,
Arms FL 58 2,648,334 12/90 12/90 100% 937,961
Maidu Roseville,
Village CA 81 2,222,801 3/91 12/91 100% 530,000
Nevada Nevada,
Manor MO 24 651,450 11/90 10/90 100% 143,270
Oatka Warsaw,
Meadows NY 24 923,483 11/90 6/90 100% 206,670
Osage Arkansas City,
Place KS 38 1,238,084 12/90 12/90 100% 522,999
Pines by the
Creek Newnan,
Apartments GA 96 2,121,949 12/90 10/90 100% 245,000
Sandy
Pines Punta Gorda,
Manor FL 44 1,487,480 12/90 7/90 100% 399,977
Sierra
Springs Tazewell,
Apartments VA 36 1,181,148 11/90 11/90 100% 299,634
South Fork South Fork,
Heights CO 48 1,435,798 2/91 2/91 100% 343,358
Twin Oaks Allendale,
Apartments SC 24 785,745 12/90 9/90 100% 206,888
17
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ----------------------------------------------------------------------------
Walnut
Village Manning,
Apartments SC 24 $ 844,449 11/90 11/90 100% $ 183,244
Washington
Manor Washington,
Apartments LA 32 962,249 1/91 3/91 100% 216,990
Wildridge Jesup,
Apartments GA 48 1,502,627 1/91 4/91 100% 329,130
Windsor Metter,
Apts. GA 53 1,481,681 12/92 5/93 100% 248,207
18<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Bowman
Village Bowman,
Apartments GA 24 $ 668,505 6/91 10/91 100% $ 139,879
Brandywood Oak Creek,
Apartments WI 54 1,758,634 12/91 9/91 100% 1,532,506
Brentwood
Manor Clarkson,
Apartments KY 24 754,085 6/91 7/91 100% 173,969
Briarwick Nicholasville,
Apartments KY 40 1,264,423 4/91 4/91 100% 323,941
Bridgerun Cannon Falls,
Townhomes MN 18 580,840 6/91 7/91 100% 458,800
Bucksport
Park Bucksport,
Apartments ME 24 1,378,146 6/91 8/91 100% 334,600
Campbell
Creek Dallas,
Apartments GA 80 1,779,831 3/91 10/90 100% 593,000
Cananche
Creek Norton,
Apartments VA 36 1,241,287 5/91 6/91 100% 276,695
Carson
Village Wrightsville,
Apartments GA 24 655,934 10/91 6/92 100% 161,452
Clymer
House Clymer,
Apartments PA 26 1,087,541 6/91 10/91 100% 254,097
Corcoran
Garden Corcoran,
Apartments CA 38 1,531,749 2/91 11/90 100% 432,438
Cornish Cornish,
Park ME 25 1,462,198 6/91 6/91 100% 333,000
19
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Crescent City
Senior Crescent City,
Apartments CA 38 $1,874,110 3/91 3/91 100% $ 474,536
Earlimart
Senior Earlimart,
Apartments CA 35 1,352,437 6/91 6/91 100% 364,515
Evanwood Hardinsburg,
Apartments KY 24 763,531 6/91 5/91 100% 167,221
Fox Run Jesup,
Apartments GA 24 643,518 12/91 7/92 100% 150,033
Franklin
House Liberty,
Apts. MO 21 313,289 5/93 1/88 100% 137,836
Hamilton
Village Preston,
Apartments GA 20 572,712 10/91 3/92 100% 140,948
Hunters
Park Tarboro,
Apartments NC 40 1,417,263 5/91 4/91 100% 320,175
Ivan Woods
Senior Delta Township,
Apartments MI 90 2,334,885 2/91 4/91 100% 778,688
Keenland Burkesville,
Apartments KY 24 737,897 6/91 9/91 100% 164,246
Lakeridge Eufala,
Apartments AL 30 921,234 3/91 4/91 100% 186,780
Laurel
Village Wadley,
Apartments GA 24 665,485 10/91 5/92 100% 149,058
Los
Caballos Hatch,
II Apts. NM 24 784,637 7/91 8/91 100% 164,740
20
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ----------------------------------------------------------------------------
Marlboro
Place Bennettsville,
Apartments SC 24 $ 840,368 3/91 2/91 100% $ 192,779
Melville
Plaza Melville,
Apartments LA 32 897,991 7/91 10/91 100% 178,564
Nanty Glo
House Nanty Glo,
Apartments PA 36 1,482,642 6/91 7/91 100% 353,000
Newport Franklin,
Village VA 48 1,494,324 4/91 11/90 100% 330,000
Oakleigh Abbeville,
Apartments LA 32 918,998 8/91 3/92 100% 178,716
Oak
Street Scott City,
Apartments MO 24 601,273 6/91 11/91 100% 138,149
Oakwood Mamou,
Apartments LA 32 922,001 8/91 1/92 100% 180,819
Pines by
the Creek Newnan,
Apartments GA 96 2,121,949 3/91 10/90 100% 645,000
Pinewoods Springfield,
Apartments IL 168 3,895,815 7/91 6/91 100% 2,880,000
Portales Portales,
Estates NM 44 1,447,007 7/91 7/91 100% 365,100
Prairie
West West Fargo,
Apts. III ND 24 480,479 3/91 3/91 100% 360,698
Ridgeway
Court III Bemidji,
Apartments MN 24 897,442 4/91 1/91 100% 180,186
21
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
River Crystal River,
Beach Apts. FL 42 $1,372,674 5/91 5/91 100% $ 351,421
Rockmoor Banner Elk,
Apartments NC 12 439,959 5/91 3/91 100% 95,818
Shawnee
Ridge Norton,
Apartments VA 20 670,612 5/91 5/91 100% 145,606
Springwood
Park Durham,
Apartments NC 100 2,538,481 3/91 5/91 100% 374,349
Spring
Mountain Pahrump,
Apartments NV 33 1,371,576 5/91 4/91 100% 290,406
Stonegate Perry,
Manor FL 36 1,014,397 5/91 12/90 100% 274,321
Summit
Ridge Palmdale,
Apartments CA 304 8,874,224 10/92 12/93 100% 3,674,306
Turner
Lane Ashburn,
Apartments GA 24 724,296 5/91 7/91 100% 147,090
Union
Baptist
Plaza Springfield,
Apartments IL 24 552,199 5/91 4/91 100% 432,648
Uptown Salyersville,
Apartments KY 16 524,192 5/91 3/91 100% 121,700
Villas of Eufala,
Lakeridge AL 18 534,683 3/91 3/91 100% 96,868
Waynesboro
Village Waynesboro,
Apartments TN 48 1,377,553 4/91 1/91 100% 310,510
22
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Windsor Windsor,
Court II VA 24 $ 733,429 4/91 11/90 100% $ 169,347
Woodcrest
Manor Woodville,
Apartments MS 24 714,743 6/91 11/91 100% 138,579
Woodlawn
Village Abbeville,
Apartments GA 36 1,019,067 10/91 4/92 100% 229,601
Woodside Grove City,
Apartments PA 32 1,161,361 4/91 3/91 100% 152,861
Yorkshire
Townhome Fort Smith,
Apts. AR 50 1,172,277 9/93 8/94 100% 874,069
23<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ----------------------------------------------------------------------------
Ada Village Ada,
Apts. OK 44 $1,059,349 1/93 11/93 100% $ 158,976
Amherst Amherst,
Village VA 48 1,611,365 1/92 1/92 100% 322,796
Belmont
Village Belmont,
Court NY 24 932,897 1/92 12/91 100% 154,725
Bethel
Park Bethel,
Apartments ME 24 1,497,807 12/91 3/92 100% 324,100
Blanchard
Senior Blanchard,
Apts. II LA 24 601,126 10/91 9/91 100% 143,628
Blanchard Blanchard,
Village Apts. OK 8 219,826 1/93 7/93 100% 32,954
Brantwood
Lane Centreville,
Apartments AL 36 1,148,425 7/91 9/91 100% 237,873
Breckenridge McColl,
Apartments SC 24 873,052 1/92 3/92 100% 186,065
Briarwood
Apartments Middleburg,
Ph II FL 50 1,500,513 2/92 4/92 100% 293,694
The Bridge New York,
Building NY 15 N/A 1/92 12/91 100% 1,037,770
Buchanan Warren,
Court PA 18 728,917 7/91 11/90 100% 107,066
Burnt
Ordinary Toano,
Village VA 22 713,576 7/91 7/91 100% 159,400
24
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ----------------------------------------------------------------------------
Carleton
Court Providence,
Apartments RI 46 $2,596,079 12/91 12/91 100% $1,496,922
Carriage
Run Emporia,
Apartments VA 40 1,339,024 10/91 4/92 100% 259,980
Cedar
View Brinkley,
Apartments AR 32 1,277,070 5/92 10/92 100% 254,016
Cedarwood Pembroke,
Apartments NC 36 1,425,062 10/91 1/92 100% 326,310
Chapparral Kingman,
Apartments AZ 20 698,971 8/91 7/91 100% 198,275
College Chili,
Green NY 110 3,820,685 3/95 8/95 100% 622,759
Colorado City
Seniors Colorado City,
Apartments TX 24 544,735 10/91 10/91 100% 98,721
Cottonwood Cottonport,
Apts. II LA 24 657,443 10/91 7/91 100% 152,664
Country
Meadows Sioux Falls,
Apartments SD 44 1,132,223 11/91 10/91 100% 922,350
Countryside Fulton,
Manor MS 24 667,221 10/91 8/91 100% 151,868
Davis
Village Davis,
Apts. OK 44 1,186,146 1/93 9/93 100% 180,452
Devenwood Ridgeland,
Apartments SC 24 878,101 7/92 1/93 100% 186,000
25
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Duncan
Village Duncan,
Apts. OK 48 $1,162,462 1/93 11/93 100% $ 172,005
Edison
Village Edison,
Apartments GA 42 1,206,259 7/91 2/92 100% 274,144
Ethel
Bowman Tionesta,
Proper HousePA 36 1,437,376 2/92 1/92 97% 334,160
Excelsior
Springs Excelsior Springs,
Properties MO 24 626,632 2/92 4/91 100% 150,651
Fairground Bedford,
Place Apts. KY 19 697,977 3/95 8/95 100% 176,963
Four Oaks
Village Four Oaks,
Apartments NC 24 898,173 3/92 6/92 100% 179,900
Franklin
Vista Anthony,
III Apts. NM 28 934,030 1/92 4/92 100% 179,685
Friendship Bel Air,
Village MD 31 1,445,321 1/92 6/91 100% 226,000
Glenhaven Merced,
Park CA 12 412,907 1/94 6/90 100% 125,000
Glenhaven Merced,
Park II CA 15 510,973 1/94 6/89 100% 365,925
Glenhaven Merced,
Park III CA 15 504,865 1/94 12/89 100% 225,500
26
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Glenhaven Merced,
Estates CA 15 $ 718,930 6/89 6/89 100% $ 134,000
Green
Village Standardsville,
Apts. II VA 16 589,081 4/92 11/91 100% 99,100
Greenleaf Bowdoinham,
Apartments ME 21 1,134,180 11/91 8/92 100% 295,085
Harbor Springs
Seniors Hughes Springs,
Apartments TX 32 791,430 10/91 8/91 100% 183,674
Harrison
City Penn Township,
Apts. PA 38 1,487,996 7/92 9/92 94% 244,032
Hessmer
Village Hessmer,
Apartments LA 32 915,365 12/91 4/92 100% 186,503
Hillmont
Village Micro,
Apartments NC 24 889,713 9/91 1/92 100% 184,900
Hunters
Run Douglas,
Apartments GA 50 1,452,865 12/91 2/92 100% 322,368
Independence Mt. Pleasant,
Apartments PA 28 1,091,459 8/91 6/91 100% 223,100
Indian Creek Kilmarnock,
Apartments VA 20 766,881 7/91 4/91 100% 174,400
Jarratt
Village Jarratt,
Apartments VA 24 837,771 10/91 12/91 100% 159,140
Kingfisher
Village Kingfisher,
Apts. OK 8 173,368 1/93 12/93 100% 24,365
27
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ----------------------------------------------------------------------------
La Gema del Santa Ana,
Barrio Apts. CA 6 $ 669,734 6/92 8/92 100% $ 458,000
Lafayettee
Gardens Lafayette,
Apartments LA 56 627,654 10/91 11/91 100% 437,688
Lake Isabella
Senior Lake Isabella,
Apartments CA 46 2,002,699 9/91 1/92 100% 442,457
Lakeview Battle Creek,
Meadows MI 53 1,576,000 1/92 6/92 100% 1,018,808
Lakewood
Terrace Lakeland,
Apts. FL 132 3,989,887 11/93 8/89 100% 100,312
Lana Lu Lonaconing,
Apartments MD 30 1,492,701 12/91 9/92 100% 303,261
Lexington
Village Lexington,
Apts. OK 8 213,176 1/93 1/93 100% 32,178
Maidu Roseville,
Village CA 81 2,222,801 1/92 12/91 100% 1,096,199
Marion Manor Marion,
Apartments LA 32 1,012,062 2/92 6/92 100% 199,708
Maysville
Village Maysville,
Apts. OK 8 221,394 1/93 10/93 100% 33,726
Montague
Place Caro,
Apartmetns MI 28 1,146,416 12/91 12/91 100% 432,320
Navapai Prescott Valley,
Apartments AZ 26 887,313 6/91 4/91 100% 207,330
28
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ----------------------------------------------------------------------------
Nevada City
Senior Grass Valley,
Apartments CA 60 $3,563,661 1/92 10/91 100% $ 839,300
Newellton
Place Newellton,
Apartments LA 32 953,956 2/92 4/92 100% 190,600
New River
Overlook Radford,
Apartments VA 40 1,492,851 8/91 2/92 100% 285,371
Northridge Arlington,
Apartments TX 126 1,740,729 1/92 2/92 95% 741,300
Oak Ridge Crystal Springs,
Apartments MS 40 1,310,057 1/92 1/92 100% 308,578
Oakland
Village Littleton,
Apts. NC 24 857,322 5/92 8/92 100% 161,939
Okemah
Village Okemah,
Apts. OK 30 702,330 1/93 5/93 100% 119,832
Pineridge McComb,
Apartments MS 32 1,009,059 10/91 10/91 100% 238,995
Pineridge Walnut Cove,
Elderly NC 24 998,758 10/91 3/92 100% 199,311
Pittsfield
Park Pittsfield,
Apartments ME 18 1,051,965 12/91 6/92 100% 237,300
Plantation Richmond Hill,
Apartments GA 49 1,427,919 12/91 11/91 100% 320,858
Portville
Square Portville,
Apartments NY 24 934,142 3/92 3/92 100% 150,950
29
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Prague
Village Prague,
Apts. OK 8 $ 128,836 1/93 3/93 100% $ 21,373
Rainbow
Commons Marshfield,
Apartments WI 48 1,251,725 9/91 6/91 100% 1,126,901
Rainier
Manor Mt. Rainier,
Apartments MD 104 3,733,381 3/92 1/93 100% 1,190,350
Rosenberg Santa Rosa,
Hotel CA 77 8,492,153 12/91 1/92 100% 1,850,000
Rosewood
Manor Ellenton,
Apartments FL 43 1,445,595 12/91 11/91 100% 302,250
San Jacinto
Senior San Jacinto,
Apartments CA 46 2,383,362 1/92 10/91 100% 588,965
Lakeside
Manor Schroon Lake,
Apartments NY 24 1,102,849 12/91 1/92 95% 249,349
Smithville Smithville,
Properties MO 48 1,251,376 2/92 5/91 100% 285,384
Snow Hill
Ridge Snow Hill,
Apartments NC 32 1,222,611 10/91 12/91 100% 307,524
Somerset Antioch,
Apartments CA 156 5,537,313 8/92 3/90 100% 1,026,542
Spring
Creek Derby,
Village KS 72 1,895,766 6/91 9/91 100% 1,634,760
30
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ----------------------------------------------------------------------------
Spring
Valley Lexington Park,
Apartments MD 128 $4,872,223 11/91 12/92 100% $ 2,500,000
Springwood
Park Durham,
Apartments NC 100 2,538,481 10/91 5/91 100% 374,349
Summer
Lane Santee,
Apartments NC 24 865,598 7/91 11/91 100% 176,291
Summit
Ridge Palmdale,
Apartments CO 304 8,874,224 10/92 12/93 100% 1,236,600
Titusville Titusville,
Apartments PA 30 1,247,680 12/91 1/92 100% 280,829
Townview St. Mary's,
Apartments PA 36 1,386,281 9/91 10/91 100% 239,275
Tyrone
House Tyrone,
Apartments PA 36 1,492,485 12/91 1/92 100% 349,800
Valley Ridge
Senior Central Valley,
Apartments CA 38 1,835,571 1/92 12/91 100% 456,600
Victoria Victoria,
Place VA 39 1,415,346 1/92 6/92 100% 287,736
Villa West Topeka,
Apts. IV KS 60 1,576,334 8/91 1/91 100% 1,392,873
Village Jacksonville,
Green NC 42 733,863 5/92 9/91 100% 581,446
Washington Abingdon,
Court VA 39 1,200,303 7/91 8/91 100% 295,250
31
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Wesley
Village Martinsburg,
Apartments WV 36 $1,322,071 10/91 6/92 100% $ 266,253
Westside Louisville,
Apartments MS 32 840,050 3/92 1/92 100% 191,014
Wildwood
Terrace Wildwood,
Apartments FL 40 1,270,202 10/91 10/91 100% 281,647
Woodside Belleview,
Apartments FL 41 1,218,695 11/91 10/91 100% 268,500
Wynnewood
Village Wynnewood,
Apts. OK 16 427,247 1/93 11/93 100% 67,443
Yorkshire Delevan,
Corners NY 24 928,551 8/91 9/91 100% 143,625
Zinmaster Minneapolis,
Apartments MN 36 1,892,974 1/95 1/88 100% 150,000
32<PAGE>
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
33<PAGE>
PART II
-------
Item 5. Market for the Registrant's Partnership Interests and Related
Partnership Matters
(a) Market Information
The Partnership is classified as a limited partnership and thus has no
common stock. There is no established public trading market for the BACs
and it is not anticipated that any public market will develop.
(b) Approximate number of security holders
As of March 31, 1996, the Partnership has 11,690 registered BAC holders for
an aggregate of 18,679,738 BACs which were offered at a subscription price
of $10 per BAC.
The BACs were issued in series. Series 7 consists of 809 investors holding
1,036,100 BACs, Series 9 consists of 2,252 investors holding 4,178,029 BACs,
Series 10 consists of 1,629 investors holding 2,428,925 BACs, Series 11
consists of 1,405 investors holding 2,489,599 BACs, Series 12 consists of
1,952 investors holding 2,972,795 BACs, and Series 14 consists of 3,643
investors holding 5,574,290 BACs at March 31, 1996.
(c) Dividend history and restriction
The Partnership has made no distributions of Net Cash Flow to its BAC
Holders from its inception, June 28, 1989 through March 31, 1996.
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, Losses 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 107
to 112 of the Prospectus, as supplemented, which are incorporated
herein by reference.
34<PAGE>
Item 6. Selected Financial Data
The information set forth below presents selected financial data of the
Partnership for each of the five years in the period ended March 31, 1996.
Additional detailed financial information is set forth in the audited
financial statements listed in Item 14 hereof.
March 31, March 31, March 31, March 31, March 31,
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
Operations
- ----------
Interest
& other Inc $ 65,468 $ 78,723 $ 385,315 $ 646,392 $ 1,605,878
Share of Loss
of Operating
Partnerships (12,992,069) (14,053,018) (15,080,553) (14,123,632) (12,547,972)
Operating Exp (2,852,335) (2,876,048) (3,021,320) (3,135,298) (2,638,213)
----------- ----------- ----------- ----------- -----------
Net Loss $(15,778,936)$(16,850,343)$(17,716,558)$(16,612,538)$(13,580,307)
=========== =========== =========== =========== ===========
Net Loss
per BAC $ (.84)$ (.89)$ (.94)$ (.88)$ (.83)
=========== =========== =========== =========== ===========
Balance Sheet
- -------------
Total Assets $ 85,486,212 $ 99,601,389 $114,309,046 $137,676,534 $156,752,160
========== =========== =========== =========== ===========
Total Liab $ 11,054,129 $ 9,390,370 $ 7,247,684 $ 12,837,614 $ 15,300,702
Partners' ========== =========== =========== =========== ===========
Equity $ 74,432,083 $ 90,211,019 $107,061,362 $124,838,920 $141,451,458
========== =========== =========== =========== ===========
Other Data
- ----------
Credit per BAC for the
Investors Tax Year,
for the twelve months
ended, December 31,
1995, 1994, 1993,
1992 and 1991*
$ 1.39 $ 1.35 $ 1.16 $ 1.07 $ 0.73
=========== =========== =========== =========== ===========
* 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 from series to series. For more detailed
information refer to Item 7. Results of Operations.
35
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. All of
these sources of liquidity are available to meet the obligations of the
Partnership. The Partnership is currently accruing the annual partnership
management fee which enable each series to meet current and future third party
obligations. During the fiscal year ended March 31, 1996 the
Partnership accrued $2,509,458 in annual partnership management fees.
As of March 31, 1996 the accrued partnership management fees totalled
$9,061,934. Pursuant to the Partnership Agreement, such liabilities will be
deferred until the Partnership receives sale of refinancing proceeds from
Operating Partnership's which will be used to satisfy such liabilities. The
Partnership anticipates that there will be sufficient cash to meet future
third party obligations. The Partnership does not anticipate significant cash
distributions in the long or short term from operations of the Operating
Partnerships.
Capital Resources
- -----------------
The Partnership offered BACs in a public offering declared effective
by the Securities and Exchange Commission on October 25, 1989. The
Partnership received and accepted subscriptions for $186,337,517 representing
18,679,738 BACs from investors admitted as BAC Holders in Series 7, 9 through
12 and 14 of the Partnership.
Offers and sales of BACs in Series 7, 9 through 12, and 14 of the
Partnership were completed and the last of the BACs in Series 14 were
issued by the Partnership on January 27, 1992.
(Series 7). The Partnership commenced offering BACs in Series 7 on
November 14, 1989. As of March 31, 1996, the Partnership had received
and accepted subscriptions for $10,361,000, representing 1,036,100 BACs
from investors admitted as BAC Holders in Series 7. Offers and sales of
BACs in Series 7 were completed and the last of the BACs in Series 7 were
issued by the Partnership on December 29, 1989.
As of March 31, 1996 the net proceeds from the offer and sale of BACs in
Series 7 had been used to invest in a total of 15 Operating Partnerships in an
aggregate amount of $7,774,651. The Partnership has completed payment of
all installments of its capital contributions to all Operating Partnerships.
Series 7 net offering proceeds in the amount of $4,874 remains in working
capital.
36
(Series 9). The Partnership commenced offering BACs in Series 9 on
February 1, 1990. As of March 31, 1996, the Partnership had received and
accepted subscriptions for $41,574,518, representing 4,178,029 BACs from
investors admitted as BAC Holders in Series 9. Offers and sales of BACs
in Series 9 were completed and the last of the BACs in Series 9 were
issued by the Partnership on April 30, 1990.
During the fiscal year ended March 31, 1996, the Partnership used
$124,017 of Series 9 net offering proceeds to pay installments of its capital
contributions to two Operating Partnerships. As of March 31, 1996 the net
proceeds from the offer and sale of BACs in Series 9 had been used to invest
in a total of 55 Operating Partnerships in an aggregate amount of $31,605,286,
and the Partnership had completed payment of installments of its capital
contributions to 53 of the 55 Operating Partnerships. Series 9 net offering
proceeds in the amount of $658,264 remains to be used by the Partnership to
pay additional installments of capital contributions to Operating Partnerships
and in working capital.
(Series 10). The Partnership commenced offering BACs in Series 10 on
May 7, 1990. As of March 31, 1996, the Partnership had received and
accepted subscriptions for $24,288,997 representing 2,428,925 BACs from
investors admitted as BAC Holders in Series 10. Offers and sales of BACs
in Series 10 were completed and the last of the BACs in Series 10 were
issued by the Partnership on August 24, 1990.
37<PAGE>
During the fiscal year ended March 31, 1996, the Partnership used
$10,014 of Series 10 net offering proceeds to pay installments of its
capital contributions to one Operating Partnership. As of March 31, 1996 the
net proceeds from the offer and sale of BACs in Series 10 had been used to
invest in a total of 46 Operating Partnerships in an aggregate amount of
$18,555,455. The Partnership has completed payment of all installments of
its capital contributions to all of the Operating Partnerships. Series 10
net offering proceeds in the amount of $152,625 remains in working capital.
(Series 11). The Partnership commenced offering BACs in Series 11 on
September 17, 1990. As of March 31, 1996, the Partnership had received
and accepted subscriptions for $24,735,002, representing 2,489,599 BACs
in Series 11. Offers and sales of BACs in Series 11 were completed and
the last of the BACs in Series 11 were issued by the Partnership on
December 31, 1990.
As of March 31, 1996 the net proceeds from the offer and
sale of BACs in Series 11 had been used to invest in a total of 40
Operating Partnerships in an aggregate amount of $18,894,372, and the
Partnership had completed payment of all installments of its capital
contributions to 37 of the 40 Operating Partnerships. Series 11 net
offering proceeds in the amount of $233,619 remains to be used by the
Partnership to pay additional installments of capital contributions to
Operating Partnerships and in working capital.
(Series 12). The Partnership commenced offering BACs in Series 12 on
February 1, 1991. As of March 31, 1996, the Partnership had received and
accepted subscriptions for $29,649,003, representing 2,972,795 BACs in
Series 12. Offers and sales of BACs in Series 12 were completed and the
last of the BACs in Series 12 were issued by the Partnership on April 30,
1991.
As of March 31, 1996 the net proceeds from the offer and sale of BACs in
Series 12 had been used to invest in a total of 53 Operating Partnerships in
an aggregate amount of $22,356,179, and the Partnership had completed payment
of all installments of its capital contributions to 51 of the 53 Operating
Partnerships. Series 12 net offering proceeds in the amount of $167,568
remains to be used by the Partnership to pay additional installments of
capital contributions to Operating Partnerships and in Working Capital.
38
(Series 14). The Partnership commenced offering BACs in Series 14 on
May 20, 1991. As of March 31, 1996, the Partnership had received and
accepted subscriptions for $55,728,997, representing 5,574,290 BACs in
Series 14. Offers and sales of BACs in Series 14 were completed and the
last of the BACs in Series 14 were issued by the Partnership on January
27, 1992.
During the fiscal year ended March 31, 1996, the Partnership used
$634,903 of Series 14 net offering proceeds to pay additional installments of
its capital contributions to three Operating Partnerships. As of March 31,
1996 the net proceeds from the offer and sale of BACs in Series 14 had been
used to invest in a total of 101 Operating Partnerships in an aggregate amount
of $42,034,328, and the Partnership had completed payment of all installments
of its capital contributions to 78 of the 101 Operating Partnerships. Series
14 net offering proceeds in the amount of $645,336 remains to be used by the
Partnership to pay additional installments of capital contributions to
Operating Partnerships and 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 0.5% of the
aggregate cost of the Apartment Complexes owned by the Operating Partnerships,
less the amount of certain partnership management and reporting fees paid by
the Operating Partnerships. The annual partnership management fee incurred
for the fiscal years ended March 31, 1996 and 1995 was $2,356,546, and
$2,296,889, respectively. The amount is anticipated to decrease in
subsequent fiscal years as the Operating Partnerships begin to pay annual
partnership management fees and reporting fees to the Partnership.
In all series, the tax credits provided to the investors from the tax
years ended December 31, 1994 to December 31, 1995 either increased or were
consistent with the prior year. The increase is due to properties completing
construction during the fiscal year March 31, 1996 and others reaching
stabilized operations. The Partnership expects the stream of tax credits to
level off within the next year as the properties in all series reach
stabilized operations and generate credits as projected.
The Partnership's investment objectives do not include receipt of
significant cash distributions from the Operating Partnerships in which
it has invested. The Partnership's investments in Operating Partnerships have
been made principally with a view towards realization of Federal Housing Tax
Credits for allocation to its partners and BAC holders.
(Series 7). As of March 31, 1996 and 1995, the average Qualified
Occupancy for the series was 100%.
For the tax years ended December 31, 1995 and 1994, the series, in total,
generated $838,164 and $938,005, respectively, in passive income tax losses
that were passed through to the investors, and also provided $1.20 per year
for 1995 and 1994 in tax credits per BAC to the investors.
39
For the years ended December 31, 1995 and 1994 Series 7 reflects a net
loss from Operating Partnerships of $292,522 and $228,278, respectively,
adjusted for depreciation which is a non cash item.
(Series 9). As of March 31, 1996 and 1995, the average Qualified
Occupancy for the series was 99.8% and 99.7%, respectively. The series had a
total of 55 properties as of March 31, 1996, of which 52 were at 100%
qualified occupancy.
For the tax years ended December 31, 1995 and 1994, the series, in total,
generated $4,666,369 and $3,531,554, respectively, in passive income tax
losses that were passed through to the investors, and also provided $1.37 and
$1.33, respectively, in tax credits per BAC to the investors.
For the years ended December 31, 1995 and 1994 Series 9 reflects net
income from Operating Partnerships of $620,121 and $357,358, respectively,
adjusted for depreciation which is a non cash item.
(Series 10). As of March 31, 1996 and 1995, the average Qualified
Occupancy for the series was 99.7% and 100%, respectively. The series had a
total of 46 properties at March 31, 1996, of which 42 were at 100% qualified
occupancy.
For the tax years ended December 31, 1995 and 1994, the series, in
total, generated $1,744,865 and $1,876,654, respectively, in passive income
tax losses that were passed through to the investors, and also provided $1.46
and $1.45, respectively, in tax credits per BAC to the investors.
For the years ended December 31, 1995 and 1994 Series 10 reflects net
income from Operating Partnerships of $1,034,996 and $939,447, respectively,
adjusted for depreciation which is a non cash item.
(Series 11). As of March 31, 1996 and 1995, the average Qualified
Occupancy for the series was 100%. The series had a total of 40 properties at
March 31, 1996, all of which were at 100% qualified occupancy.
For the tax years ended December 31, 1995 and 1994, the series, in total,
generated $1,666,030 and $1,958,527, respectively, in passive income tax
losses that were passed through to the investors, and also provided $1.32 per
year for 1995 and 1994 in tax credits per BAC to the investors.
For the years ended December 31, 1995 and 1994 Series 11 reflects net
income from Operating Partnerships of $962,926 and $856,731, respectively,
adjusted for depreciation which is a non cash item.
(Series 12). As of March 31, 1996 and 1995, the average Qualified
Occupancy for the series was 100% and 99.9%, respectively. The series had a
total of 53 properties at March 31, 1996, all of which were at 100% qualified
occupancy.
40
For the tax years ended December 31, 1995 and 1994, the series, in total,
generated $2,468,406 and $2,314,438, respectively, in passive income tax
losses that were passed through to the investors, and also provided $1.46 and
$1.41, respectively, in tax credit per BAC to the investors.
For the years ended December 31, 1995 and 1994 Series 12 reflects net
income from Operating Partnerships of $495,173 and $487,674, respectively,
adjusted for depreciation which is a non cash item.
(Series 14). As of March 31, 1996 and 1995, the average Qualified
Occupancy for the series was 99.8% and 99.7%, respectively. The series had a
total of 101 properties at March 31, 1996. Out of the total, 97 were at 100%
qualified occupancy.
For the tax years ended December 31, 1995 and 1994, the series, in total,
generated $4,330,709 and $4,742,131 respectively, in passive income tax losses
that were passed through to the investors, and also provided $1.42 and $1.38,
respectively, in tax credits per BAC to the investors.
For the years ended December 31, 1995 and 1994 Series 14 reflects net
income from Operating Partnerships of $729,866 and $611,812, respectively,
adjusted for depreciation which is a non cash item.
Recent Accounting Statements Not Yet Adopted
--------------------------------------------
In March 1995, the Financial Accounting Standards Board (FASB) issued
SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to be Disposed Of." SFAS No. 121 is effective for
financial statements issued for fiscal years beginning after December 15,
1995, with earlier application permitted. SFAS No. 121 addresses the
accounting for long-lived assets and certain identifiable intangibles to
be held and used by an entity to be reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. The partnership will adopt SFAS No. 121
on April 1, 1996, as required. Adopting SFAS No. 121 is not expected to
have a significant effect on the partnership's financial statements.
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.
41 <PAGE>
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 65, is co-founder and Chairman of the Board of Boston
Capital Partners, Inc. During 1990 and 1991 he served as Chairman of the Board
of Directors for the Federal Home Loan Bank of Boston, a 314-member,
$12-billion central bank in New England which is part of the Federal Home Loan
Bank System. Mr. Collins is co-founder and serves as Chairman-Emeritus of the
Council for Rural Housing and Development, a 300-member organization including
14 state associations formed to encourage the development of rural housing
nationwide. He serves as Chairman of the Massachusetts Housing Policy
Commission, created by the Governor of the Commonwealth of Massachusetts and
the Secretary of the Executive Office of Communities & Development, to
assess the current status and recommend future housing policy for the
Commonwealth. Additionally, he serves as a Member of the Board of Directors,
of the Metropolitan Boston Housing Partnership, an organization dedicated to
the renewal of housing through rehabilitation and community involvement. He
served on the Mitchell-Danforth Task Force, which helped structure the 1990
tax credit legislation. In addition, Mr. Collins is a past director of the
National Leased Housing Association, past chairman of the Rural Development
Committee, and is a member of the National Rural Housing Council. Currently,
Mr. Collins is a Board member of the National Housing Conference. Prior to
co-founding Boston Capital, Mr. Collins served as Vice President and Director
of Marketing at ECS Corporation and the Advanced Research Corporation, and was
the Product Marketing Manager at Raytheon Corporation. Mr. Collins graduated
from Harvard College and attended the Advanced Management Program, Harbridge
House, Boston.
John P. Manning, age 47, is co-founder, President and Chief Executive Officer
of Boston Capital Partners, Inc., and serves as member of the Investment
Committee. Mr. Manning is Chairman of the Affordable Housing Tax Credit
Coalition and is member of the Board of Directors of the National Leased
Housing Association, two Washington, D.C.-based organizations. He also serves
on the Board of Advisors for the Housing Development Reporter. He served as a
Member of the Massachusetts Housing Policy Commission, Executive Office of
Communities & Development, appointed by the Governor of the Commonwealth of
Massachusetts. He was named by U.S. Senate Majority Leader George Mitchell to
the Mitchell-Danforth Task Force, which helped structure the 1990 tax credit
legislation. In similar capacities, Mr. Manning has been asked by the U.S.
House Ways and Means Committee and by the U.S. Senate Finance Committee to
represent the affordable housing industry as an expert on the efficacy of the
low income housing tax credit and its effect on capital markets and the
economy. Prior to co-founding Boston Capital in 1974, Mr. Manning was the
42
Eastern Regional Vice President of Western Diversified Equities, a Beverly
Hills-based real estate development firm, and was an Investment Manager at the
Industrial National Bank in Providence. In 1995, President Clinton appointed
Mr. Manning a Member of the Advisory Committee on the Arts (John F. Kennedy
Center for the Performing Arts). Mr. Manning graduated from Boston College.
Richard J. DeAgazio, age 51, is Executive Vice President of Boston Capital
Partners, Inc., and is President of Boston Capital Services, Inc., Boston
Capital's NASD registered broker/dealer. Mr. DeAgazio formally served on the
national Board of Governors of the National Association of Securities Dealers
(NASD), was the Vice Chairman of the NASD's District 11 Committee, and serves
as Chairman of the NASD's Statutory Disqualification Subcommittee of the
National Business Conduct Committee. He also serves on the NASD State Liaison
Committee and the Direct Participation Program Committee. He is a founder and
past President of the National Real Estate Investment Association, past
President of the Real Estate Securities and Syndication Institute
(Massachusetts Chapter) and the Real Estate Investment Association. Prior to
joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and
Director of the Brokerage Division of Dresdner Securities (USA), Inc., an
international investment banking firm owned by four major European banks, and
was a Vice President of Burgess & Leith/Advest. He has been a member of the
Boston Stock Exchange since 1967. He graduated from Northeastern University.
Christopher W. Collins, age 41, is an Executive Vice President and a principal
of Boston Capital Partners, Inc., and is responsible for, among other areas,
overseeing the investment portfolio of funds sponsored by Boston Capital and
the acquisition of real estate investments on behalf of such funds. Mr.
Collins has had extensive experience in real estate development activities,
having founded and directed the American Development Group, a comprehensive
real estate development firm, and has also had extensive experience in the
area of acquiring real estate investments. He is on the Board of Directors of
the National Multi-Housing Council and a member of the Massachusetts Housing
Finance Agency Multi-Family Advisory Committee. He graduated from the
University of New Hampshire.
Anthony A. Nickas, age 35, is Senior Vice President and Chief Financial
Officer of Boston Capital Partners, Inc. and has over twelve years experience
in the accounting and finance fields. Mr. Nickas has supervised the financial
aspects of both the Project Development and Property Management Affiliates.
Prior to joining Boston Capital in 1987, he was Assistant Director of
Accounting and Financial Reporting for the Yankee Companies, Inc., and was an
Audit Supervisor for Wolf & Company of Massachusetts, P.C., a regional
certified public accounting firm based in Boston. He graduated with honors
from Norwich University.
(f) Involvement in certain legal proceedings.
None.
(g) Promoters and control persons.
None.
43<PAGE>
Item 11. Executive Compensation
(a), (b), (c), (d) and (e)
The Partnership has no officers or directors. However, under the
terms of the Amended and Restated Agreement and Certificate of Limited
Partnership of the Partnership, the Partnership has paid or accrued
obligations to the General Partner and its affiliates for the following
fees during the 1996 fiscal year:
1. An annual partnership management fee based on .5 percent of the
aggregate cost of all Apartment Complexes acquired by the Operating
Partnerships, less the amount of certain partnership management and
reporting fees paid or payable by the Operating Partnerships, has been
paid or accrued as payable to Boston Capital Communications Limited
Partnership. The annual partnership management fee accrued during the year
ended March 31, 1996 was $2,509,458. 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 $84,931 for amounts charged to operations during the year
ended March 31, 1996. The reimbursement includes, but may not be limited
to postage, printing, travel, and overhead allocations.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Security ownership of certain beneficial owners.
As of March 31, 1996, 18,679,738 BACs had been issued. No person is
known to own beneficially in excess of 5% of the outstanding BACs in any
of the 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.
43
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, 1993 through March 31, 1996.
(b) Certain business relationships.
The Partnership response to Item 13(a) is incorporated herein by
reference.
(c) Indebtedness of management.
None.
(d) Transactions with promoters.
Not applicable.
44<PAGE>
PART IV
-------
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K
(a) 1 and 2. Financial Statements and Financial Statement
Schedules
Independent Auditors' Report
Balance Sheets, March 31, 1996 and 1995
Statement of Operations, Years ended March 31, 1996, 1995, and
1994.
Statements of Changes in Partners' Capital, Years ended March
31, 1996, 1995 and 1994.
Statements of Cash Flows, Years ended March 31, 1996, 1995 and
1994.
Notes to Financial Statements, March 31, 1996, 1995 and
1994.
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 II Limited Partnership.
(Incorporated by reference from Exhibit 3 to the
Partnership's Registration Statement No. 33-30145
on Form S-11 as filed with the Securities and
Exchange Commission on October 25, 1989.)
45
Exhibit No. 4 - Instruments defining the rights of security
holders, including indentures.
a. Agreement of Limited Partnership of Boston
Capital Tax Credit Fund II Limited Partnership.
(Incorporated by reference from Exhibit 4 to the
Partnership's Registration Statement No. 33-30145
on Form S-11 as filed with the Securities and
Exchange Commission on October 25, 1989.)
Exhibit No. 10 - Material contracts.
a. Beneficial Assignee Certificate. (Incorporated
by reference from Exhibit 10A to the
Partnership's Registration Statement No. 33-30145
on Form S-11 as filed with the Securities and
Exchange Commission on October 25, 1989.)
Exhibit No. 28 - Additional exhibits
(b) Reports on Form 8-K
-------------------
(c) Exhibits
--------
The list of exhibits required by Item 601 of Regulation S-K is
included in Item (a)(3).
(d) Financial Statement Schedules
-----------------------------
See Item (a) 1 and 2 above.
(e) Independent Auditors' Reports for Operating Limited
Partnerships.
---------------------------------------------------
46<PAGE>
SIGNATURES
----------
Pursuant to the requirements of Section 13 of the Securities
Exchange Act of 1934, the Partnership has duly caused this Report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Boston Capital Tax Credit Fund II
Limited Partnership
By: Boston Capital Associates II
Limited Partnership, General
Partner
By: Boston Capital Associates
Date: July 15, 1996 By: /s/ John P. Manning
-------------------
John P. Manning
By: /s/ Herbert F. Collins
----------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of
the Partnership and in the capacities and on the dates indicated:
DATE: July 15, 1996 SIGNATURE: TITLE:
General Partner and
/s/ John P. Manning Principal Executive
------------------- Officer, Principal
John P. Manning Financial Officer and
Principal Accounting
Officer of Boston
Capital Associates
General Partner and
/s/ Herbert F. Collins Principal Executive
--------------------- Officer, Principal
Herbert F. Collins Financial Officer and
Principal Accounting
Officer of Boston
Capital Associates
47
<PAGE>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT
FUND II LIMITED PARTNERSHIP -
SERIES 7, 9 THROUGH 12, AND 14
MARCH 31, 1996 AND 1995<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT F-3
FINANCIAL STATEMENTS
BALANCE SHEETS F-5
STATEMENTS OF OPERATIONS F-12
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL F-19
STATEMENTS OF CASH FLOWS F-23
NOTES TO FINANCIAL STATEMENTS F-37
SCHEDULE III - REAL ESTATE AND ACCUMULATED
DEPRECIATION F-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 * Business Consultants
A Professional Corporation
4520 East-West Highway * Suite 300 * Bethesda, MD 20814-3319
(301) 652-9100 * Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Boston Capital Tax Credit Fund II
Limited Partnership
We have audited the accompanying balance sheets of Boston Capital
Tax Credit Fund II Limited Partnership, including Boston Capital Tax Credit
Fund II Limited Partnership - Series 7, Series 9 through 12, and Series 14, in
total and for each series as of March 31, 1996 and 1995 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 in
the period ended March 31, 1996. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits. We did
not audit the financial statements of certain operating partnerships in which
Boston Capital Tax Credit Fund II Limited Partnership owns a limited
partnership interest. Investments in such partnerships comprise the following
percentages of the assets as of March 31, 1996 and 1995 for Series 7, Series 9
through 12 and Series 14, and the limited partnership loss for each of the
three years in the period ended March 31, 1996 for Series 7, Series 9 through
12, and Series 14: Total, 30% and 28% of the assets and 21%, 33% and 35% of
the partnership loss; Series 7, 24% and 30% of the assets and 17%, 24% and 26%
of the partnership loss; Series 9, 37% and 27% of the assets and 21%, 32% and
38% of the partnership loss; Series 10, 27% and 26% of the assets and 5%, 40%
and 38% of the partnership loss; Series 11, 29% and 35% of the assets and 31%,
35% and 35% of the partnership loss; Series 12, 32% and 22% of the assets and
28%, 28% and 36% of the partnership loss; and Series 14, 28% and 30% of the
assets and 20%, 34% and 36% 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 of each series. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits and the reports of the other auditors provide a reasonable basis for
our opinion.
In our opinion, based on our audits and the reports of the other
auditors, the financial statements referred to above present fairly, in all
material respects, the financial position of Boston Capital Tax Credit Fund II
Limited Partnership, including Boston Capital Tax Credit Fund II Limited
Partnership - Series 7, Series 9 through 12, and Series 14, in total and for
each series as of March 31, 1996 and 1995 and the results of its operations
and its cash flows for the total partnership and for each of the series for
each of the three years in the period ended March 31, 1996, in conformity with
generally accepted accounting principles.
F-3
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 II Limited Partnership Series 7, Series 9
through 12, and Series 14 as of March 31, 1996. In our opinion, the schedule
presents fairly, the information required to be set forth therein, in
conformity with generally accepted accounting principles.
Bethesda, Maryland
June 28, 1996
F-4<PAGE>
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 2, 1996
INDEPENDENT AUDFTOR'S REPORT
Partners
BRIARWOOD APARTMENTS, LP.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amount and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting Principles
Howe and Associates<PAGE>
HOWE AND ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 3, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
BUCKNER PROPERTIES, LP.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements
of income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amount and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
MCGLADREY&PULLEN, LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Deer Hill II Limited Partnership
Greensboro, North Carolina
We have audited the accompanying balance sheets of Deer Hill II Limited
Partnership as of December 3 1, 1995 and 1994, and the related statements of
income, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Deer Hill II Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 23, 1996 on our consideration of Deer Hill II Limited
Partnership's internal control structure and a report dated January 23, 1996
on its compliance with laws and regulations.
McGladrey & Pyllen, LLP
Greensboro, North Carolina
January 23, 1996
<PAGE>
HARN & ROWE
Certified Public Accountants
2255 Morello Avenue
Suite 209
Pleasant Hill, CA 94523
(510) 686-5550 - Fax (510) 686-581
INDEPENDENT AUDITORS' REPORT
To the Partners
King City Elderly Housing Associates
(a California Limited Partnership)
Salinas, California
We have audited the accompanying balance sheet of the King City Elderly
Housing Associates (a California Limited Partnership) as of December 31, 1995
and the related statements of income, 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
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 the King City Elderly Housing
Associates (a California Limited Partnership) as of December 31, 1995, and the
results of its operations and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.
March 21, 1996
<PAGE>
HOWE AND ASSOCIATES
CERTIFIED PUBUC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 23, 1996
INDEPENDENT AUDITORS REPORT
Partners
LEBANON PROPERTIES II, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
HOWE AND ASSOCIATES
CERTIFIED PUBUC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 15, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
OAK GROVE ESTATES, LP.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
DULIN, WARD & DEWALD, Inc.
Certified Public Accountants
Offices Located in Fort Wayne and Marion, Indiana
Michael R. DeWald
Robert F. Meyer
James R. Doty
J. Nelson Coats
Michael J. O'Brien
Jeff A. Taner
Mark S. Westerhausen
James E. Hindle, Jr.(1949 - 1994)
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Oakview Limited (A Limited Partnership)
Corunna, Indiana
We have audited the accompanying balance sheets of Oakview Limited (A Limited
Partnership) as of December 31, 1995 and 1994, and the related statements of
income, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States, and the US. Department of Agriculture, Farmers Home
Administration "Audit Program." 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 Oakview Limited (A Limited
Partnership) as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Audit Standards, we have also issued a report
dated January 19, 1996 on our consideration of Oakview Limited's internal
control structure and a report dated January 19, 1996 on its compliance with
laws and regulations.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying expense analysis 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.
Fort Wayne, Indiana
January 19, 1996<PAGE>
page 2
DULIN, WARD & DEWALD, Inc.
Certified Public Accountants
Our mission is to assist businesses, organizations and individuals in
measuring, controlling and managing their financial success.
1610 Spy Run Avenue, Fort Wayne, Indiana 46805
219-423-2414 / 800-232-8913
219-423-2419(Fax)<PAGE>
DUBLIN, WARD & DEWALD, INC.
Certified Public Accountants
Offices Located in Fort Wayne and Marion, Indiana
Michael R. DeWald
Robert F Meyer
James R. Doty
J. Nelson Coats
Michael J. O'Brien
Jeff A. Taner
Mark S. Westerhausen
James E. Hindle, Jr. (1949-1994)
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Oakview Limited
(A Limited Partnership)
Coruma, Indiana
We have audited the accompanying balance sheets of Oakview Limited (A Limited
Partnership) as of December 31, 1993 and 1992, and the related statements of
income, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Oakview Limited (A Limited
Partnership) as of December 31, 1993 and 1992, 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 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.
Fort Wayne, Indiana
January 20, 1994
Our mission is to assist businesses, organizations and individuals in
measuring, controlling and managing their financial success.
1610 Spy Run Avenue, Fort Wayne, Indiana 46805
219-423-2414/800-232-8913 219-423-2419(fax) <PAGE>
McGLADREY&PULLEN, LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Westwood Square Limited Partnership
Greensboro, North Carolina
We have audited the accompanying balance sheets of Westwood Square Limited
Partnership as of December 31, 1995 and 1994, and the related statements of
income, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 financial 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 Westwood Square Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 23, 1996 on our consideration of Westwood Square Limited
Partnership's internal control structure and a report dated January 23, 1996
on its compliance with laws and regulations.
Greensboro, North Carolina
January 23, 1996<PAGE>
HOWE AND ASSOCIATES, PC
CERTIFIED PUBUC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 14, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
WINFIELD PROPERTIES 11, LP.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements
of income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC<PAGE>
KEVIN P. MARTIN & ASSOCIATES, P.C.
Certified Public Accountants
KEVIN P. MARTIN, CPA SOUTHSHORE EXECUTIVE PARK
J. THOMAS HURLEY, CPA, MST TEN FORBES WEST
KEVIN P. MARTIN JR. CPA. MST BRAINTREE, MA 02184-2696
KENNETH J. DAVIN, CPA TELEPHONE (617) 380-3520
GARRETT H. DALTON III. CPA, MBA FACSIMILE (617) 380-7836
To the Partners of:
Metropole Apartments Associates, Ltd.
Boston, Massachusetts 02210
Independent Auditors' Report
We have audited the accompanying balance sheets of Metropole Apartments
Associates, Ltd. (A Florida Limited Partnership), as of December 31, 1994 and
1993, and the related statements of operations, partners I equity (deficit)
and cash f lows f or the years then ended. These financial statements are the
responsibility of the Metropole Apartments Associates,, Ltd. Is 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 Metropole Apartments
Associates, Ltd. as of December 31, 1994 and 1993, and the results of its
operations, the changes in partners' equity (deficit) and cash flows for the
years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information in Exhibit
'IF" 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 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.
Braintree, Massachusetts
February 23, 1995<PAGE>
HARN & ROWE
Certified Public Accountants
2255 Morello Avenue
Suite 209
Pleasant Hill, CA 94523
INDEPENDENT AUDITORS' REPORT
To the Partners
King City Elderly Housing Associates
(a California Limited Partnership)
Salinas, California
We have audited the accompanying balance sheet of the King City Elderly
Housing Associates (a California Limited Partnership) as of December 31, 1994
and the related statements of income, 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
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 the King City Elderly Housing
Associates (a California Limited Partnership) as of December 31, 1994, and the
results of its operations and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.
HARN & ROWE
April 20, 1995<PAGE>
HARN & ROWE
Certified Public Accountants
2255 Morello Avenue
Suite 209
Pleasant Hill, CA 94523
INDEPENDENT AUDITORS; REPORT
To the Partners
King City Elderly Housing Associates
(a California Limited Partnership)
Salinas, California
We have audited the accompanying balance sheet of the King City Elderly
Housing Associates (a California Limited Partnership) as of December 31, 1993
and the related statements of income, 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
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 the King City Elderly Housing
Associates (a California Limited Partnership) as of December 31, 1993, and the
results of its operations and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.
HARN & ROWE
March 28, 1994
<PAGE>
Ziner & Company
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners of
438 Warren Street Limited Partnership
We have audited the accompanying balance sheets of 438 Warren Street Limited
Partnership (a Massachusetts limited partnership) as of December 31, 1994 and
1993, and the related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are the
responsibility of the general partner. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by the general partner, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of 438 Warren Street Limited
Partnership as of December 31, 1994 and 1993, and the results of its
operations, its changes in partners' equity and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
January 12, 1995
7 WINTHROP SQUARE BOSTON, MASSACHUSETTS 02110-1256 Phone (617) 542-8880 Fax
(617) 542-8715
<PAGE>
JOHN G. BURK AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
56 COURT STREET
P.O. BOX 705
KEENE, NEW HAMPSHIRE 03431
(603) 357-4882
To the Partners of
Beaver Brook Housing Associates Limited Partnership
Independent Auditors' Report
We have audited the accompanying balance sheets of Beaver Brook Housing
Associates (a Limited Partnership) (Case No. 34-06-020424443) as of December
31, 1995 and 1994, and the related statements of income and expense, partners'
equity (deficit), and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
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 au@it 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 Beaver Brook Housing
Associates Limited Partnership at December 31, 1995 and 1994, and the results
of its operations, partners' equity (deficit) and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 18, 1996 on our consideration of Beaver Brook Housing
Associates' internal control structure and a report dated January 18, 1996 on
its compliance with laws and regulations.
January 18, 1996
<PAGE>
DAVID G. PELLICCIONE, C.P.A., P. C.
POST OFFICE BOX 1
SAVANNAH, GEORGIA 31402
DELIVERY ADDRESS
202 EAST LIBERTY STREET
SAVANNAH, GEORGIA 31401
TELEPHONE (912) 234-199
FAX (912) 234-0139
INDEPENDENT AUDITORS' REPORT
To The Partners
Blakely Properties Limited Partnership
We have audited the accompanying balance sheets of BLAKELY PROPERTIES LIMITED
PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the
elated statement of operations, changes in 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 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 of our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of BLAKELY PROPERTIES LIMITED
PARTNERSHIP as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements of BLAKELY PROPERTIES LIMITED PARTNERSHIP taken as a
whole. The accompanying financial information listed as supplementary data in
the table of contents is presented for purposes of additional analysis as
required by Farmers Home Administration. The information in these schedules
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 of' BLAKELY
PROPERTIES LIMITED PARTNERSHIP, taken as a whole.
Savannah, Georgia
February 24, 1995
<PAGE>
WILLIAM JEFFERSON COLE, C.P.A. COLE,EVANS & PETERSON
A. WILLIAM PETERSON,C.P.A. CERTIFIED PUBLIC ACCOUNTANTS
CAROL T. BARNES, C.P A.
C. WILLIAM GERARDY, JR.,C.P.A. Fifth floor Travis Place
BARRY S. SHIPP, C.P.A. Post Office Drawer 1768
STEVEN W. HEDGEPETH, C.P.A . Shreveport, Louisiana 7166-1768
STEVEN R. BAYER.C.P.A.
GWENDOLYN H. HARJU, C.P.A.
TIMOTHY R. OURR, C.P.A. R. January 22, 1996
STEPHEN TILLEY, C.P.A.
BAILEY B. BAYNHAM. C.P.A.
JOHN A. CA5KEY, C.P.A.
ROBERT A. BUSBY, C.P.A.
DEBORAH N. SHIVERS, C.P.A.
JUDY E. MONCRI EF, C.P.A.
ANNE-MARIE COLE CAIN,C.P.A.
TIMOTHY W. BORST, C. P.A.
RAYNELLE H.THOMPSON,C.P.A.
BRENDA BISHOP LEACH,C.P.A.
MARY WELLS CARMODY,C.P.A.
ERIC 0. SMITH, C.P.A.
PETER R. MOORE, C. P. A.
Telephone (318) 222-8367
TELECOPIER(318) 425-4101
INDEPENDENT AUDITORS' REPORT
To the Partners
Blanco Seniors Apartments, Ltd.
Mansfield, Louisiana
We have audited the accompanying balance sheets of Blanco Seniors Apartments.
Ltd. at December 31, 1995 and December 31, 1994, and the related statements of
income, 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 Blanco Seniors Apartments,
Ltd. at December 31, 1995 and December 31, 1994 and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Cole, Evans & Peterson
<PAGE>
WILLIAM JEFFERSON COLE,C.P.A. COLE, EVANS & PETERSON
A.WILLIAM PETERSON,C.P.A. Certified Public Accountants
CAROL T. BARNES, C.P.A.
C.WILLIAM GERARDY,JR.,C.P.A. Fifth Floor Travis Place
BARRY S. SHIPP, C.P.A. Post Office Drawer 1768
STEVEN W. GEPETH, C.P.A. Shreveport, Louisiana 71166-1768
STEVEN R. BAYER, C. P. A.
GWENDOLYN H. HARJU, C.P.A. March 11, 1994
TIMOTHY R. DURR,C.P.A.
R.STEPHEN TILLEY,C.P.A.
SAILEY S. BAYNHAM, C.P.A.
JOHN A.CASKEY.C.P.A.
ROBERT A.BUSBY,C.P.A.
JUDY F. MONCRIEF, C.P.A.
ANNE-MARIE COLE CAIN,C.P.A.
TIMOTHY W. BORST,C.P.A.
RAYNELLE H. THOMPSON, C.P.A.
BRENDA BISHOP LEACH,C.P.A.
MARY WELLS CARMODY,C.P.A.
ERIC 0. SMITH,C.P.A.
PETER R. MOORE, C.P.A.
DAVID W. BULLOCK, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Blanco Seniors Apartments, Ltd.
Mansfield, Louisiana
We have audited the accompanying balance sheet of Blanco Seniors Apartments,
Ltd. at December 31, 1993. This financial statement is the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
this financial statement 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 balance sheet is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall balance sheet
presentation. We believe that our audit of the balance sheet provides a
reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of Blanco Seniors Apartments, Ltd.
at December 31, 1993 in conformity with generally accepted accounting
principles.
Cole, Evans & Peterson
<PAGE>
DAVID G. PELLICCIONE, C.P.A., P. C.
POST OFFICE BOX 1
SAVANNAH, GEORGIA 31402
DELIVERY ADDRESS
202 EAST LIBERTY STREET TELEPHONE (912) 234-1999
SAVANNAH, GEORGIA 31401 FAX (912) 234-0139
MEMBER OF
AMERICAN INSTITUTE OF CPAs
GEORGIA SOCIETY OF CPAs
INDEPENDENT AUDITORS' REPORT
To The Partners
Bloomingdale Properties Limited Partnership
We have audited the accompanying balance sheets of BLOOMINGDALE PROPERTIES
LIMITED PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993,
and the related statement of operations, changes in 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 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 BLOOMINGDALE PROPERTIES
LIMITED PARTNERSHIP as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements of BLOOMINGDALE PROPERTIES LIMITED PARTNERSHIP taken as a
whole. The accompanying financial information listed as supplementary data in
the table of contents is presented for purposes of additional analysis as
required by Farmers Home Administration. The information in these schedules
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 of BLOOMINGDALE
PROPERTIES LIMITED PARTNERSHIP, taken as a whole.
Savannah, Georgia
February 24, 1995
<PAGE>
DUBLIN, WARD & DEWALD, INC.
Certified Public Accountants
Offices Located in Fort Wayne and Marion, Indiana
Michael R. DeWald
Robert F. Meyer
James R. Doty
J. Nelson Coats
Michael J. O'Brien
Jeff A.Taner
Mark S. Westerhausen
James E. Hindle, Jr. (1949-1994)
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Brooklyn Limited (An Indiana Limited Partnership)
Corunna, Indiana
We have audited the accompanying balance sheets of Brooklyn Limited (An
Indiana Limited Partnership) as of December 31, 1995 and 1994, and the related
statements of income, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Audit Standards, issued by the Comptroller General of
the United States, and the U.S. Department t of Agriculture, Farmers Home
Administration "Audit Program" 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 Brooklyn Limited (An Indiana
Limited Partnership) as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 19, 1996 on our consideration of Brooklyn Limited's internal
control structure and a report dated January 19, 1996 on its compliance with
laws and regulations.
<PAGE>
DUBLIN, WARD & DEWALD, INC.
Certified Public Accountants
page 2
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 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.
Fort Wayne, Indiana
January 19, 1996
Our mission is to assist businesses, organizations and individuals in
measuring, controlling and managing their financial success.
<PAGE>
<PAGE>
DUBLIN, WARD & DEWALD, INC.
Certified Public Accountants
Michael R. DeWald
Robert F. Meyer
James R. Doty
J. Nelson Coats
Michael J. O'Brien
Jeff A. Taner
Mark S. Westerhausen
James E. Hindle, Jr. (1949-1994)
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Brooklyn Limited (An Indiana
Limited Partnership)
Corunna, Indiana
We have audited the accompanying balance sheets of Brooklyn Limited (An
Indiana Limited Partnership) as of December 31, 1993 and 1992, and the related
statements of income, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Brooklyn Limited (An Indiana
Limited Partnership) as of December 31, 1993 and 1992, 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. 'Me supplemental information on page 9
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.
Fort Wayne, Indiana
January 20, 1994
<PAGE>
MARY K. FLEGAL
Certified Public Accountant
INDEPENDENT AUDITOR'S REPORT
To the Partners
Fawn River Apartments
I have audited the accompanying balance sheets of Fawn River Apartments (a
partnership) Project #26-078-382856293 as of December 31, 1995 and 1994, and
the related statements of operations, partners' deficit and cash flows for the
years ended December 31, 1995 and 1994. These financial statements are the
responsibility of the Project'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 standards for financial and compliance audits contained in the Standards
for Audit of Governmental Organizations, Programs, Activities and Functions,
issued by the U.S. General Accounting Office. Those standards require that I
plan and perform the audit to obtain reasonable assurance about whether
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
The financial statements include only the assets, liabilities and operations
of Fawn River Apartments Project #26-078-382856293 and do not include any
other assets, liabilities or operations of the Partnership.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the assets, liabilities and partners' deficit of Fawn
River Apartments Project #26-078-382856293 as of December 31, 1995 and 1994,
and its operations, partners' deficit and cash flows for the years ended
December 31, 1995 and 1994.
Mary K. Flegal
January 24, 1996
<PAGE>
SMITH, MILES & COMPANY, LC.
CERTIFIED PUBLIC ACCOUNTANTS
1230 AIRPORT ROAD
P.O. BOX 1177
PANAMA CITY, FLORIDA 32402
(904) 785-0261
INDEPENDENT AUDITORS' REPORT
To the Partners
Fountain Green Apartments, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Fountain Green Apartments,
Ltd., FMHA Project No: 09-46-592948719, as of December 31, 1994 and 1993, and
the related statements of operations, partners% equity and cash flows for the
years then ended. These financial statements are the responsibility of the
partnerships 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 Fountain Green Apartments,
Ltd., as of December 31, 1994 and 1993, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting
principles.
our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The 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
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.
Panama City, Florida
January 25, 1995
<PAGE>
JAMES KNUTZEN & ASSOCIATES, C.P.A.'s, PA
SUITE 230
3100 UNIVERSITY BOULEVARD SOUTH
JACKSONVILLE, FLORIDA 32216
(904) 725-5832 FAX (904) 727-6835
James Knutzen. C.P.A., M.B.A.
Christina E. Gibson. C.P.A.
Raja lyer, C.P.A.
Gregory Korn, C.P.A.
Todd Middlemas, C.P.A.
Wilson Trammell, C.P.A.
MEMBER OF AMERICAN AND FLORIDA
INSTITUTES OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of
Garden Lake of Immokalee, Ltd.
We have audited the accompanying balance sheets of Garden Lake of Immokalee,
Ltd. (a Florida Limited Partnership), FMHA Project No.:09-11-592909207 as of
December 31, 1995 and 1994, and the related statements of operations,
partners, equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Garden Lake of Immokalee,
Ltd. (a Florida Limited Partnership) as of December 31, 1995 and 1994, and the
results of its operations, partners' equity, and cash flows for the years then
ended in conformity with generally accepted accounting principles.
<PAGE>
JAMES KNUTZEN &ASSOCIATES
C.P.A.'s, PA
To the Partners of
Garden Lake of Immokalee, Ltd.
Page Two
In accordance with Government Auditing Standards, we have also issued a report
dated February 15, 1996 on our consideration of Garden Lake of Immokalee,
Ltd.'s internal control structure and a report dated February 15, 1996 on its
compliance with laws and regulations.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information on pages 14
- - 18 is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly stated
in all material respects in relation to the basic financial statements taken
as a whole.
James Knutzen & Associates, C.P.A.'s, P.A.
Jacksonville, Florida
February 15, 1996
<PAGE>
BOWMAN & COMPANY, LLP
Certified Public Accountants
TELEPHONE: 209/473-1040
LODI: 209/333-0540
FAX: 209/473-9771
2431 WEST MARCH LANE
SUITE 100
STOCKTON, CALIFORNIA 95207-6598
TAYLOR M. WELZ
HERBERT H. BOWMAN
BRUCE C. BENTZ
TAYLOR M. WELTZ
KATHLEEN D. O'BRIEN
GARY R. DANNIEL
DANNIEL E. PHELPS
MEMBER OF AICPA DIVISION OF FIRMS
Private companies Practice section
To the Partners
Glennwood Hotel Investors
(A California Limited Partnership)
Sacramento, California
We have audited the accompanying balance sheets of Glennwood Hotel Investors
(A California Limited Partnership) as of December 31, 1995 and 1994, and the
related statements of income, partners' equity (deficit), and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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 Glennwood Hotel Investors (A
California Limited Partnership) as of December 31, 1995 and 1 994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Stockton, California
January 23, 1 996
<PAGE>
OSCAR N. HARRIS & ASSOCIATES, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
OSCAR N. HARRIS, C.P.A
SHERRY S. JOHNSON, C.P.A.
KENNETH E. MILTON, C.P.A.
MARLA L. TART, C.P.A.
DARLENE LANGSTON, C.P.A.
CONNIE P. STANCIL, C.P.A.
Members: American Institute of Certified Public Accountants
North Carolina Association Of Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners of
Grifton Housing Associates, A NC Limited Partnership
Charlotte, North Carolina
We have audited the balance sheets of Grifton Housing Associates, A NC Limited
Partnership as of December 31, 1995 and 1994, and the related statements of
partners, capital, income, 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, Government Auditing Standards (1988 Revision) issued by the
Comptroller General of the United States, and the audit programs provided by
the U.S. Department of Agriculture-Farmers Home Administration (December 1989
Revision) issued by the office of Inspector General. 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 Grifton Housing Associates, A
NC Limited Partnership as of December 31, 1995 and 1994, and the results of
its operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. Schedule 11111 on page 15 is presented
for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Certified Public Accountants
February 15, 1996
<PAGE>
LOUIS YOUNG C.P.A. INC. LOUIS YOUNG, CPA
JASON LIAO, CPA
2630 E. ASHLAN, FRESNO, CALIFORNIA 93726
(209) 224-5141
INDEPENDENT AUDITOR'S REPORT
The Partners
Hacienda Villa Associates
Firebaugh, California
We have audited the accompanying balance sheet of Hacienda Villa Associates (A
Limited Partnership) as of December 31, 1995, and the related statements of
operations, partners' capital and cash flows 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, 1995, and the results of its
operations and its cash flows for the year then ended, in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
14 and 15 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Louis Young CPA Inc.
Fresno, California
February 15, 1996
<PAGE>
GTNunez & associates
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Partners Rural Economic & Community Development
Haines City Apartments, Ltd. 1137 Old 441, Suite 2
Haines City, Florida Mt. Dora, Florida
We have audited the accompanying statement of financial position of Haines
City Apartments, Ltd., A Limited Partnership, FmHA project No. 09-053-
592863437, as of December 31, 1995, and the related statement 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 these financial statements based on
our audits. The financial statements of Haines City Apartments, Ltd. as of
December 31, 1994, were audited by other auditors whose report dated January
14, 1995, expressed as unqualified opinion of those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Haines City Apartments, Ltd.,
A Limited Partnership, at December 31, 1995 and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 26, 1996 on our consideration of Haines City Apartments, Ltd.,
internal control structure and a report dated January 26, 1996 on its
compliance with laws and regulations.
January 26, 1996
713 Jones Avenue, Haines City, FL 33844
TEL: (941) 422-4861 FAX: (941) 421-9839
<PAGE>
McGEE & Associates, P.C.
Certified Public Accountants
Independent Auditors' Report
To the Partners
Kristin Park Apartments, Ltd.
and Rural Economic Community Development
We have audited the accompanying balance sheets of Kristin Park Apartments,
Ltd. (a limited partnership) as of December 31, 1995 and 1994, and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of 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 Kristin Park Apartments, Ltd.
as of December 31, 1995 and 1994, and the results of its operations and the
changes in partners' equity and 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 18, 1996, on our consideration of the Partnership's internal
control structure and a report dated January 18, 1996, on its compliance with
laws and regulations.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental information included in the
report is presented for purposes of additional analysis and is not a required
part of the financial statements of Kristin Park Apartments, Ltd. Such
information has been subjected to the auditing procedures applied in the audit
of the financial statements and, in our opinion, is fairly stated in all
material respects in relation to the financial statements taken as a whole.
January 18, 1996
Farmington, New Mexico
<PAGE>
BERRY, DUNN, McNEIL & PARKER
CERTIFIED PUBLIC ACCOUNTANTS
MANAGEMENT CONSULTANTS
100 Middle Street / P.O. Box I 100, Portland, Maine 04104-1100 / (207) 775-
2387 FAX (207) 774-2375
INDEPENDENT AUDITORS' REPORT
The Partners
Longmeadow Housing Associates
We have audited the accompanying balance sheets of Longmeadow Housing
Associates, a limited partnership, RECD Case No. 23-013-010439880, as of
December 31, 1995 and 1994, and the related statements of operations and
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 (1994 Revision) 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 Longmeadow Housing
Associates, a limited partnership, as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information on pages 15 and 16 is presented solely for the use of Rural
Economic and Community Development and is not a required part of the basic
financial statements. This 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.
Offices in: Bangor, Maine Portland, Maine Lebanon, New Hampshire
Manchester, New Hampshire
<PAGE>
The Partners
Longmeadow Housing Associates
page 2
In accordance with Government Auditing Standards, we have issued reports dated
January 19, 1996, on our considerations of Longmeadow Housing Associates'
internal control structure and its compliance with laws and regulations.
Portland, Maine
January 19, 1996
<PAGE>
David C. Moja, C.P.A.
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Meadow Run Limited Partnership
We have audited the accompanying balance sheets of Meadow Run Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the related statements of operations, partners, equity
(deficit) and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes 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 Meadow Run Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in
the table of contents is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied in the audits of the basic financial
statements and, in inion, is fairly presented in all material respects in
relation to the basic financial statements taken as a whole.
David C. Moja, C.P.A., P.C.
March 11, 1996
Savannah, Georgia
<PAGE>
TOSKI, SCHAEFER & CO., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
555 INTERNATIONAL DRIVE
WILLIAMSVILLE, NEW YORK 14221
TELEPHONE (716) 634-0700
FAX 1716) 634-0764
INDEPENDENT AUDITOR'S REPORT
The Partners
Newfane Senior Limited Partnership:
We have audited the accompanying balance sheets of Newfane senior Limited
Partnership as of December 31, 1995 and 1994 and the related statements of
operations, partners, equity and cash flows for the years then ended. These
financial statements are the responsibility of the 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 Newfane Senior Limited
Partnership as of December 31, 1995 and 1994 and the results of its
operations, changes in partners, equity and cash flows for the years then
ended, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying 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 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.
Williamsville, New York
January 13, 1996
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 1009 * Dunn, North Carolina 28335 * (910) 892-6001
P.O. Box 1568 * Lillington, North Carolina 27546 * (910) 893-6026
Russell W. Bradley, CPA
Larry D. Snipes, CPA.
Alton R. Gower, Jr., CPA
The Partners
Old Stage Road Associates Limited Partnership
Fayetteville, NC
Gentlemen:
We have audited the accompanying balance sheets of Old Stage Road Associates
Limited Partnership, Fayetteville, North Carolina (a North Carolina limited
partnership), FMHA Project No.: 38-078-561645244, as of December 31, 1995 and
1994, and the related statements of operations, partners' equity (deficit) and
cash flows for the years then ended. These financial statements are the
responsibility of the Old Stage Road Associates Limited Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the 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.
<PAGE>
page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Old Stage Road Associates
Limited Partnership, as of December 31, 1995 and 1994, and the results of its
operations, the changes in partners' equity (deficit) and cash flows for the
years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on 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.
Respectfully submitted,
Bradley, Snipes, Gower & Associates, P. A.
Dunn, North Carolina
January 26, 1996
<PAGE>
WILLIAM JEFFERSON COLE,C.P.A. COLE, EVANS & PETERSON
A,WILLIAM PETERSON,C.PA. CERTIFIED PUBLIC ACCOUNTANTS
CAROL T. BARNES, C.P.A. Fifth floor Travis Place
C, WILLIAM GERARDY, JR.,C.P. A. Post office Drawer 1768
BARRY S. SHIPP, C.P.A. Shreveport, Louisiana 71166-1768
STEVEN W. HEDGEPETH, C.P.A.
STEVEN R. BAYER, C.P A. January 23, 1996
GWENDOLYN H. HARJU, C.P.A.
TIMOTHY R. OURR, C.P.A.
R. STEPHEN TILLEY, C.P.A.
BAILEY S. SAYNHAM, C.P.A.
JOHN A. CASKEY, C.P.A.
ROBERT A. BUSBY, C. P, A.
DEBORAH N. SHIVERS, C.P.A.
JUDY E. MONCRIEF, C.P.A.
ANNE-MARIE COLE CAIN,C.P.A.
TIMOTHY W. BORST, C. P.A.
RAYNELLE H. THOMPSON, C.P.A.
BRENDA BISHOP LEACH,C.P.A.
MARY WELLS CARMODY,C.P.A.
ERIC D. SMITH, C.P.A.
PETER R. MOORE, C. P A.
TELEPHONE (318) 222-8367
TELECOPIER (318) 425-4101
INDEPENDENT AUDITORS' REPORT
To the Partners
Pleasanton, Ltd.
Mansfield, Louisiana
We have audited the accompanying balance sheets of Pleasanton, Ltd. at
December 31, 1995 and December 31, 1994, and the related statements of income,
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 Pleasanton, Ltd. at December
31, 1995 and December 31, 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
Cole, Evans & Peterson
<PAGE>
OTIS, ATWELL & TIMBERLAKE
Professional Association
Certified Public Accountants
James C. Otis, CPA., CFP 980 Forest Avenue
Stephen W AtwelL CPA. Portland, Maine 04103
Fred I. Tunberlake, C.PA. (207) 797-0990
Bruce E. Fritzson, CPA. FAX (207) 797-8618
Thomas J. Gioia, CPA.
INDEPENDENT AUDITOR'S REPORT
To the Partners
Putney First Limited Partnership
We have audited the accompanying balance sheets of Putney First Limited
Partnership, RECD Case No. 53-013-010451705, as of December 31, 1995 and 1994,
and the related statements of income, partners' equity (deficit) and cash
flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Putney First Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 30, 1996 on our consideration of Putney First Limited
Partnership's internal control structure and a report dated January 30, 1996
on its compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying additional
information on page 13 is presented solely for the use of Rural Economic and
Community Development and is not a required part of the basic financial
statements. The additional information presented on page 13 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.
Certified Public Accountants
January 30, 1996
Portland, Maine
<PAGE>
THOERNER & TOMA
CERTIFIED PUBLIC ACCOUNTANTS
17752 MITCHELL NORTH - SUITE D
IRVINE CA 927144802
TEL (714) 863-9900
FAX (714) 863-9926
INDEPENDENT AUDITORS' REPORT
To the Partners
Raitt Street Apartments,
A California Limited Partnership
Santa Ana, CA
We have audited the accompanying balance sheet of Raitt Street Apartments, A
California Limited Partnership as of December 31, 1995, 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 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 Raitt Street Apartments, A
California Limited Partnership as of December 31, 1995, and the results of its
operations, the changes in partners' equity and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page 6
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.
April 4, 1996
<PAGE>
THOERNER & TOMA
CERTIFIED PUBLIC ACCOUNTANTS
17752 MITCHELL NORTH - SUITE D
IRVINE CA 92714-6802
TEL (714) 863-9900
FAX (714) 863-9926
INDEPENDENT AUDITORS' REPORT
To the Partners
Raitt Street Apartments,
A California Limited Partnership
Santa Ana, CA
We have audited the accompanying balance sheet of Raitt Street Apartments, A
California Limited Partnership as of December 31, 1994, 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 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 Raitt Street Apartments, A
California Limited Partnership as of December 31, 1994, and the results of its
operations, the changes in partners' equity and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page 6
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.
March 22, 1995
<PAGE>
Virchow, Krause & Company, LLP
Certified Public Accountants & Consultants
INDEPENDENT AUDITORS' REPORT
To the Partners
School Street Limited Partnership II
Madison, Wisconsin
We have audited the accompanying balance sheet of School Street Limited
Partnership II as of December 31, 1995, and the related statements of loss,
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 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 School Street Limited
Partnership 11 as of December 31, 1995, and the results of its operations,
changes in partners' equity and cash flows for the year then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental information found on page 12,
included in the report, 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 presented fairly in all
material respects in relation to the basic financial statements taken as a
whole.
Page 1
<PAGE>
To the Partners
School Street Limited Partnership II
The financial statements of School Street Limited Partnership 11 for the year
ended December 31, 1994 were audited by other accountants, whose report dated
January 24, 1995 stated that they were not aware of any material modifications
that should be made to those statements in order for them to be in conformity
with generally accepted accounting principles.
VIRCHOW, KRAUSE & COMPANY, LLP
Madison, Wisconsin
January 18, 1996
Page 2
<PAGE>
BENDER WELTMAN, THOMAS & CO.
Certified Public Accountants
12655 Olive Blvd. Suite 235
St. Louis, Missouri 63141
(314) 576-1350 Fax (314) 576-9650
William J. Bender
Joel W. Welthan
James E. Thomas
Gerald D. Magruder
INDEPENDENT AUDITORS' REPORT
To the Partners
South Paris Heights Associates
(A Limited Partnership)
We have audited the accompanying balance sheets of South Paris Heights
Associates (A Limited Partnership) as of December 31, 1995 and 1994, and the
related statements of operations, changes in partners' equity and cash flows
for the years then ended. These financial statements are the responsibility
of 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 South Paris Heights
Associates (A Limited Partnership) as of December 31, 1995 and 1994, and the
results of its operations, and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Bender, Welthan, Thomas & Co., CPAs
January 25, 1996
<PAGE>
BAKER, NEWMAN & NOYES Limited Liability Company
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
South Paris Heights Associates
(A Limited Partnership)
We have audited the accompanying balance sheets of South Paris Heights
Associates (A limited Partnership) as of December 31, 1994, and the related
statements of operations, changes in partners' equity and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted out audits in accordance with generally accepted 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 South Paris Heights
Associates (A Limited Partnership) as of December 31, 1995 and 1994, and the
results of its operations, and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 16,1996 on our consideration of the internal control structure
of the Partnership and a report dated February 16, 1996 on its compliance with
laws and regulations.
Page 1
<PAGE>
To the Partners
South Paris Heights Associates
(A Limited Partnership)
Page Two
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying additional
information is presented solely for the use of the Farmers Home Administration
and is not a required part of the basic financial statements. Part I of the
Multiple Family Housing Borrower Balance Sheet, Form FMHA 1930-8 and Column 2
(Actual), Parts 1, II and III of the Multiple Family Housing Project Budget,
Form FMHA 1930-7, have been subjected to the auditing procedures applied in
our audits of the basic financial statements and, in our opinion, are fairly
stated in all material respects in relation to the basic financial statements
taken as a whole. We have not audited Parts IV, V, and VI, and Columns 1 and
3 (Current Budget and Proposed Budget) of Parts 1, II and III of Form FMHA
1930-7, and, accordingly, express no opinion thereon.
February 16, 1996
Limited Liability Company
<PAGE>
TOSKI, SCHAEFER & CO., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
555 INTERNATIONAL DRIVE
WILLIAMSVILLE, NEW YORK 14221
TELEPHONE (716) 634-0700
FAX (716) 634-0764
INDEPENDENT AUDITOR'S REPORT
The Partners
Southwestern Limited Partnership:
We have audited the accompanying balance sheets of Southwestern Limited
Partnership as of December 31, 1995 and 1994 and the related statements of
operations, partners, equity and cash flows for the years then ended. These
financial statements are the responsibility of the 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 Southwestern Limited
Partnership as of December 31, 1995 and 1994 and the results of its
operations, changes in partners, equity and 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 January 12, 1995 on our consideration of the Partnership's internal
control structure and on its compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying 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 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.
Williamsville, New York
January 12, 1996
<PAGE>
CHRISTENSEN, RUCKI & CO.
Certified Public Accountants
109 South Main Street
Sheridan, Wyoming 82801
John P. Craff, C.P.A. 1922-1974
J. Gordon Macallster, C.P.A. 1916-1975
Curtis W. Christensen, C.P.A.
Steven W. Rucki, C.P.A.
Telephone Sherdian (307) 674-6609
Fax# (307) 674-7017
INDEPENDENT AUDITORS' REPORT
To the Partners
Sunshine Apartments, A Limited Partnership
Sheridan, Wyoming 82801
We have audited the accompanying balance sheets of Sunshine Apartments, A
Limited Partnership, as of December 31, 1995 and 1994 and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of Sunshine
Apartments, A Limited Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Sunshine Apartments, A
Limited Partnership as of December 31, 1995 and 1994 and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 31, 1996 on our consideration of Sunshine Apartments, A Limited
Partnership's internal control structure and a report dated January 31, 1996
on its compliance with laws and regulations.
<PAGE>
The accompanying supplementary information shown on page 15 is presented for
purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Christensen, Rucki & Co.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1996
<PAGE>
THOMAS C. CUNNINGHAM, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(540) 669-5531
(540) 669-5576 fax
INDEPENDENT AUDITOR'S REPORT
To the Partners
Tappahannock Greens Limited Partnership
I have audited the accompanying balance sheets of Tappahannock Greens Limited
Partnership, FMHA Case No.: 54-036-0541621981, as of December 31, 1995 and
1994, and the related statements of operations for the year ended December 31,
1995 and for the period May 11, 1994 to December 31, 1994 and the related
statements of partners' equity and cash flows for the years ended December 31,
1995 and 1994. These financial statements are the responsibility of the
Partnership's management. My responsibility is to express an opinion on these
financial statements based on my audit.
I conducted my 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 statement 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 Tappahannock Greens Limited
Partnership, as of December 31, 1995 and 1994 and the results of its
operations for the year ended December 31, 1995 and for the period May 11,
1994 to December 31, 1994 and cash flows for the years ended December 31, 1995
and 1994 in conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
15 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
audit procedures applied in the audits of the basic financial statements and,
in my opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
Thomas C. Cunningham, CPA PC
Bristol, Virginia
February 15, 1996
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 1009 * Dunn, North Carolina 28335 * (910) 892-6001
P.O. Box 1568 * Lillington, North Carolina 27546 * (910) 893-6026
Russell W. Bradley, CPA
Larry D. Snipes, CPA
Alton R. Gower, Jr., CPA
INDEPENDENT AUDITORS' REPORT
The Partners
Twin Oaks Associates Limited Partnership
Fayetteville, North Carolina
Gentlemen:
We have audited the accompanying balance sheets of Twin Oaks Associates
Limited Partnership, Fayetteville, North Carolina (a North Carolina limited
partnership), FMHA Project No.: 38-047-561642422, as of December 31, 1995 and
1994, and the related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are the
responsibility of the Twin Oaks Associates Limited Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statement referred to above present fairly, in
all material respects, the financial position of Twin Oaks Associates Limited
Partnership, Fayetteville, North Carolina, as of December 31, 1995 and 1994,
and the results of its operations, the changes in partners' equity and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on Page
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
audit procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
Respectfully submitted,
Bradley, Snipes, Gower
& Associates, P. A.
Dunn, North Carolina
January 26, 1996 <PAGE>
SMITH, MILES & COMPANY, L.C.
CERTIFIED PUBLIC ACCOUNTANTS
1230 Airport Road
P.O. Box 1177
PANAMA CITY, FLORIDA 32402
Phone (904) 785-0261
Fax: (904) 785-0263
INDEPENDENT AUDITORS' REPORT
To the Partners
Village Oaks Apartments II, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Village Oaks Apartments,
II, Ltd., FMHA Project No: 09-061-0592884971, as of December 31, 1995 and
1994, and the related statements of operations, partners, equity and cash
flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Village Oaks Apartments II,
Ltd., as of December 31, 1995 and 1994, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The 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
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.
Panama City, Florida
January 26, 1996
<PAGE>
HOWE AND ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 10, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
WARRENSBURG ESTATES, LP.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Governmental Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 1009 o Dunn, North Carolina 28335 0 (910) 892-6001
P.O. Box 1568 0 Lillington, North Carolina 27546 a (910) 893-6026
Russell W. Bradley, CPA
Larry D. Snipes, CPA
Alton R. Gower, CPA
INDEPENDENT AUDITORS' REPORT
The Partners
Twin Oaks Associates Limited Partnership
Fayetteville, North Carolina
Gentlemen:
We have audited the accompanying balance sheet of Twin Oaks Associates Limited
Partnership, Fayetteville, North Carolina (a North Carolina limited
partnership), FMHA Project No.: 38-047-561642422, as of December 31, 1993 and
1992, and the related statement of operations, partners' equity, and cash
flows for the years then ended. These financial statements are the
responsibility of the Twin Oaks Associates Limited Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Twin Oaks Associates Limited
Partnership, Fayetteville, North Carolina, as of December 31, 1993 and 1992,
and the results of its operations, the changes in partners' equity and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on Page
13 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 fmancial statements taken as a whole.
Respectfully submitted,
Bradley, Snipes, Gower
& Associates, P. A.
Dunn, North Carolina
January 25, 1994<PAGE>
BCC
Braunsdorf, Carlson and Clinkinbeard
Certified Public Accountants
A Professional Association
990 SW Fairlawn/ Topeka, Kansas 66606-2384/ (913) 272-3176
Fax (913) 272-2903
DAVID L. BRAUNSDORF. CPA GARY D. BASOM, CPA
GERRY F. CkRLSON, CPA MARGE S. CARLSON, CPA
STEVE CLINKINBEKRD. CPA DOUGLAS W. GLENN, CPA
DAVID N. ALLISON, CPA ROYCE C. JANSSEN, CPA
MICHEAL E. RUHLMAN,CPA CHERYL J. PAGE
D. THAD SULLIVAN, CPA DENISE J. PETTERSON
KIRK W. WIESNER, CPA MICHEAL D. SCHIRMER, CPA
EDWARD D. FENTON, PRINCIPAL JAMES R. SHOWALTER, CPA
DOUGLAS K. STACKEN, ISC
INDEPENDENT AUDITORS' REPORT
To the Partners
Cedar Rapids Housing Associates Limited Partnership
We have audited the accompanying balance sheets of Cedar Rapids Housing
Associates Limited Partnership as of December 31, 1993 and 1992, 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 Cedar Rapids Housing
Associates Limited Partnership as of December 31, 1993 and 1992, 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
I-13 - I-14 is presented for the purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected @@o the audit 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.
Braunsdorf, Carlson and Clinkinbeard, CPA'S, P.A.
Topeka, Kansas
January 12, 1994
93747A
Members of the American Institute of Certified Public Accountants
Harcourt Brace Professional Publishing CPA Digest 50 Award 1993 - 1992 - 1991
<PAGE>
SMITH, MILES & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
1230 AIRPORT ROAD
P.O. BOX 1177
PANAMA CITY, FLORIDA 32402
(904) 785-0261
INDEPENDENT AUDITORS' REPORT
To the Partners
Village Oaks Apartments II, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Village Oaks Apartments,
II, Ltd., FMHA Project No: 09-061-0592884971, as of December 31, 1993 and
1992, 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 Village Oaks Apartments II,
Ltd., as of December 31, 1993 and 1992, 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 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.
Panama City, Florida
January 28, 1994
<PAGE>
STANCIL & COMPANY
INDEPENDENT AUDITORS' REPORT
To the Partners of
Quail Hollow of Warsaw Limited Partnership
Raleigh, North Carolina
We have audited the balance sheets of Quail Hollow of Warsaw Limited
Partnership as of December 31, 1995 and 1994 and the related statements of
loss, partners' capital, and cash flows for the years then ended. These
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are 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 Quail Hollow of Warsaw
Limited Partnership as of December 31, 1995 and 1994 and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 9, 1996 on our consideration of Quail Hollow of Warsaw Limited
Partnership's internal control structure and a report dated February 9, 1996
on its compliance with laws and regulations.
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
11 through 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 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.
Raleigh, North Carolina
February 9, 1996
Certified Public Accountants
Management Consultants
1055 Dresser Court, Raleigh, North Carolina 27609, Tel: 919/872-1260
Fax: 919/872-6182
JACK M. STANCIL * REGINALD L. DUPREE * DAVID W. McKINNEY * HENRY L. WHITE
<PAGE>
SVA
SUBY, VON HADEN & ASSOCIATES, S.C.
Certified Public Accountants
Business Management Consultants
INDEPENDENT AUDITORS' REPORT
To the Partners
School Street Limited Partnership II
Madison, Wisconsin
We have audited the accompanying balance sheets of School Street Limited
Partnership II as of December 31, 1994 and 1993, and the related statements of
loss, 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 School Street Limited
Partnership II as of December 31, 1994 and 1993, and the results of its
operation, partners' equity and cash flows for the years then ended in
conformity with generally accepted accounting principles.
January 24, 1995
1221 John Q. Hammons Dr. * P.O. Box 44966 * Madison, WI 53744-4966
(608) 831-8181 * Fax (608) 831-4243 * Madison * Milwaukee * Rockford
<PAGE>
SVA
SUBY, VON HADEN & ASSOCIATES, S.C.
Certified Public Accountants
Business Management Consultants
INDEPENDENT AUDITORS' REPORT
To the Partners
School Street Limited Partnership II
Madison, Wisconsin
We have audited the accompanying balance sheets of School Street Limited
Partnership 11 as of December 31, 1993, and the related statements of loss,
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 School Street Limited
Partnership 11 as of December 31, 1993, and the results of its operation,
partners' equity and cash flows for the years then ended in conformity with
generally accepted accounting principles.
January 20, 1994
1221 John Q. Hammons Dr. * P.O. Box 44966 * Madison, WI 53744-4966
(608) 831-8181 * Fax (608) 831-4243 * Madison * Milwaukee * Rockford
<PAGE>
DAUBY O'CONNOR & ZALESKI
A Limited Liability Company
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Pedcor Investments 1989-VIII, L.P.
We have audited the accompanying balance sheets of Pedcor Investments 1989-
III, L.P. as of December 31, 1995 and 1994, and the related statements of
loss, 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 out audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Pedcor Investments 1989-VIII,
L.P. as of December 31, 1995 and 1994, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
The accompanying information is presented for additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the same auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is presented fairly in all material
respects in relation to the basic financial statements taken as a whole.
DAUBY O'CONNOR & ZALESKI. LLC
Certified Public Accountants
Indianapolis, Indiana
January 8, 1996
<PAGE>
BURKE & REA
Certified Public Accountants
Edward T. Burke, C.P.A.
Bernard E. Rea, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Maywood Associates, Ltd.
(A California Limited Partnership)
Cheyenne, WY
We have audited the accompanying balance sheets of Maywooe Associates, Ltd.
(A California Limited Partnership), FmHA case No. 04-052-680184284, as of
December 31, 1995 and 1994, and the related statements of income, partners'
equity, and cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on out 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. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management as well as evaluating the overall
financial statement presentation. We believe 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 Maywood associates, Ltd. (A
California Limited Partnership) as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated March 8, 1996 on our consideration of Maywood Associates, Ltd.'s
internal control structure and a report dated March 8, 1996 on its compliance
with laws and regulations.
BURKE & REA
Stockton, California
March 8, 1996
PO BOX 4632 STOCKTON,CA 95204 TELEPHONE 209/933-9113 FAX 209/933-9115
<PAGE>
SMITH, MILES & COMPANY, L.C.
Certified Public Accountants
1230 Airport Road
P.O. Box 1177
Panama City, Florida 32402
Phone: (904) 785-0261
Fax (904) 785-0263
INDEPENDENT AUDITORS' REPORT
To the Partners
Fountain Green Apartments, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Fountain Green Apartments,
Ltd., FmHA case No. 09-46-592948719, as of December 31, 1995 and 1994, and the
related statements of operations, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on out 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. These standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management as well as evaluating the overall
financial statement presentation. We believe 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 Fountain Green Apartments,
Ltd., as of December 31, 1995 and 1994, and the results of its operations and
its cash flows for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information is
presented for purpose of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected to the audit
procedure 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.
SMITH, MILES & COMPANY, L.C.
Panama City, Florida
January 25, 1886
<PAGE>
David C. Moja, C.P.A., PC
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Autumn Lane Limited Partnership
we have audited the accompanying balance sheets of Autumn Lane Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the related statements of operations, partners, equity
(deficit) and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes 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 Autumn Lane Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed
in the table of contents is presented for purposes of additional analysis and-
is not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied, in the audits of the basic
financial statements and, in our opinion, is fairly presented in all material
respects in to the basic financial statements taken as a whole.
David C. Moja, C.P.A., P.C.
March 11, 1996
Savannah, Georgia
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 1009 / Dunn, North Carolina 28335 / (910) 892-6001
P.O. Box 1568 / Lillington, North Carolina 27546 / (910) 893-6026
Russell W. Bradley, CPA
Larry D. Snipes, CPA.
Alton R. Gower. Jr., CPA
Independent Auditors' Report
- ----------------------------
The Partners
Baytree Associates Limited Partnership
We have audited the accompanying balance sheets of Baytree Associates Limited
Partnership (a North Carolina Limited Partnership), as of December 31, 1995
and 1994, and the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants
<PAGE>
BRADLEY, SNIPES, GOWER & ASSOCIATES, PA
Page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Baytree Associates Limited
Partnership, as of December 31, 1995 and 1994, and the results of its
operations, the changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on Page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
audit procedures applied in the 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.
Respectfully submitted,
Bradley, Snipes, Gower
& Associates, P. A.
Dunn, North Carolina
January 18, 1996
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 1009 * Dunn, North Carolina 28335 * (910) 892-6001
P.O. Box 1568 * Lillington, North Carolina 27546 * (910) 893-6026
Russell W. Bradley, CPA
Larry D. Snipes, CPA
Alton R. Gower, Jr., CPA
Independent Auditors' Report
The Partners
Benchmark Associates Limited Partnership
We have audited the accompanying balance sheets of Benchmark Associates
Limited Partnership (a North Carolina Limited Partnership), as of December 31,
1995 and 1994, and the related statements of operations, partners' equity
(deficit) and cash flows for the years then ended. These financial statements
are the responsibility of 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.
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
Page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Benchmark Associates Limited
Partnership, as of December 31, 1995 and 1994, and the results of its
operations, the changes in partners' equity (deficit) and cash flows for the
years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on Page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
Respectfully submitted,
Bradley, Snipes, Gower
& Associates, P. A.
Dunn, North Carolina
January 18, 1996
<PAGE>
THE GAUTREAU GROUP, L.L.C.
Certified Public Accountants
John. Gautreau, II, CPA*
J. Curt Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
*A Professional Accounting Corporation
Independent Auditors' Report
- ----------------------------
To the Partners of
Brentwood Partnership
We have audited the accompanying balance sheets of Brentwood Partnership (A
Louisiana Partnership in Commendam) as of December 31, 1995 and 1994, and the
related statements of operations, changes in 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 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 Brentwood Partnership as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 12, 1996 on our consideration of Brentwood Partnership's
internal control structure and a report dated February 12, 1996 on its
compliance with laws and regulations.
Certified Public Accountants
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton Rouge, Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street
P. 0. Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR'S REPORT
To the Partners
Butler Properties, Ltd.
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Butler Properties, Ltd. (a
Kentucky limited partnership), RECDS Project No.: 20-016-0611166123, as of
December 31, 1995 and 1994, and the related statements of operations,
partners' capital, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits, as of and for the years ended December 31, 1995 and
1994, 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
statement 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 Butler Properties, Ltd., as
f December 31, 1995 and 1994, and the results of its operations, the changes
in partners' capital and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Daniel G. DRANE
Certified Public Accountant
March 19, 1996
<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
P.O. BOX 775
516 WALNUT STREET
GADSDEN, ALABAMA 35902
Telephone (205) 543-3707
INDEPENDENT AUDITOR'S REPORT
To the Partners
Candlewick Place, Ltd.
Monroeville, Alabama
I have audited the accompanying balance sheets of Candlewick Place, Ltd.. a
limited partnership, RECD Project No.: 01-050-631017825 as of December 31,
1995 and 1994, and the related statements of operations, partners' capital and
cash flows for the, years then ended. These financial statements are the
responsibility, of the partnership's management. My responsibility is to
express an opinion on these financial statements based on my audits.
I conducted the 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 statement presentation. I believe that the 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 Candlewick Place, Ltd., RECD
Project No.: 0 1 -050-631017825 as of December 3 1, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
9 through 11 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. The supplemental info-
rmation presented in the Year End Report and Analysis (Form RECD 1930-8) Parts
I through III for the year ended December 31, 1995 and 1994, is presented for
purposes of complying with the requirements of the Rural Economic Community
Development 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 my opinion is fairly stated in
all material respects in relation to the basic financial statements taken as a
whole.
<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
Page 2
In accordance with Government Au Standards, I have also issued a report dated
March 4. 1996 on my consideration of Candlewick Place, Ltd., internal control
structure and a report dated March 4, 1996 on its compliance with laws and
regulations.
March 4. 1996
<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
P.O. BOX 775
516 WALNUT STREET
GADSDEN, ALABAMA 35902
Telephone (205) 543-3707
INDEPENDENT AUDITOR'S REPORT
To the Partners
Cedarstone Apartments, Ltd.
Poplarville, Mississippi
I have audited the accompanying balance sheets of Cedarstone Apartments, Ltd.,
a limited partnership, RECD Project No.: 28-055-026239203 as of December 31,
1995 and 1994, and the related statements of operations, partners' capital and
cash flows for the years then ended. The 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 the 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 n-misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. I believe that the
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 Cedarstone Apartments, Ltd.,
RECD Project No.: 28-055-026239203 as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
9 through 11 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. The supplemental information
presented in the Year End Report and Analysis (Form RECD 1930-8) Parts I
through III for the year ended December 31, 1995 and 1994, is presented for
purposes of complying with the requirements of the Rural Economic Community
Development 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 my opinion is fairly stated in
all material respects in relation to the basic financial statements taken as a
whole.
<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
Page 2
In accordance with Government Auditing Standards, I have also issued a
report dated January 22, 1996. on my consideration of Cedarstone Apartments,
Ltd., internal control structure and a report dated January 22, 1996. on its
compliance with laws and regulations.
January 22, 1996.
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 1009 * Dunn, North Carolina 28335 * (910) 892-6001
P.O. Box 1568 * Lillington, North Carolina 27546 * (910) 893-6026
Russell W. Bradley, CPA
Larry D. Snipes, CPA,
Alton R. Gowcr, Jr., CPA
Independent Auditors' Report
The Partners
Cloverleaf Associates Limited Partnership
Fayetteville, North Carolina
We have audited the accompanying balance sheets of Cloverleaf Associates
Limited Partnership (a North Carolina limited partnership) as of December 31,
1995 and 1994, and the related statements of operations, partners' deficit,
and cash flows for the years then ended. These financial statements are the
responsibility of 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.
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
Page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cloverleaf Associates Limited
Partnership, Fayetteville, North Carolina as of December 31, 1995 and 1994,
and the results of its operations, the changes in partners' deficit and cash
flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
13 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 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.
Respectfully submitted,
Bradley, Snipes, Gower & Associates, P. A.
Dunn, North Carolina
January 26, 1996
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 1009 * Dunn, North Carolina 28335 * (910) 892-6001
P.O. Box 1568 * Lillington, North Carolina 27546 * (910) 893-6026
Russell W. Bradley, CPA
Larry D. Snipes, CPA,
Alton R. Gower, Jr., CPA
Independent Auditors' Report
The Partners
Cloverleaf Associates - Phase II Limited Partnership
Fayetteville, North Carolina
We have audited the accompanying balance sheets of Cloverleaf Associates -
Phase II Limited Partnership (a North Carolina Limited Partnership) as of
December 31, 1995 and 1994, and the related statements of operations,
partners' deficit and cash flows for the years then ended. These financial
statements are the responsibility of the Cloverleaf Associates - Phase II
Limited Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
Page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cloverleaf Associates - Phase
11 Limited Partnership as of December 31, 1995 and 1994, and the results of
its operations, the changes in partners' deficit and cash flows for the years
then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
audit procedures applied in the 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.
Respectfully submitted,
Bradley, Snipes, Gower & Associates, P. A.
Dunn, North Carolina
January 26, 1996
<PAGE>
David C. Moja, C.P.A.
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Ellaville Properties Limited Partnership
We have audited the accompanying balance sheets of Ellaville Properties
Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995
and December 31, 1994, and the related statements of operations, partners,
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit 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 Ellaville Properties Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in
the table of contents is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied in the audits of the basic financial
statements and, in @r opinion, is fairly presented in all material respects in
relation to the basic financial statements taken as a whole.
David C. Moja, C.P.A., P.C.
March 12, 1996
Savannah, Georgia
<PAGE>
DAVID G. PELLICCIONE, C.P.A., P. C.
Post Office Box I
Savannah, Georgia 31402
Delivery Address
202 East Liberty Street
Savannah, Georgia 31401
Telephone (912) 234 -1999
Fax (912) 234-0139
INDEPENDENT AUDITORS' REPORT
To The Partners
Great Falls Limited Partnership
We have audited the accompanying balance sheets of GREAT FALLS LIMITED
PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the
related statement of operations, changes in 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 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 GREAT FALLS LIMITED
PARTNERSHIP as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Savannah, Georgia
February 24, 1995
<PAGE>
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street
P. 0. Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR'S REPORT
To the Partners
Hart Properties, Ltd.
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Hart Properties, Ltd. (a
Kentucky limited partnership), RECDS Project No.: 20-050-611135226, as of
December 31, 1995 and 1994, and the related statements of operations,
partners' capital, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audits.
I conducted my audits, as of and for the years ended December 31, 1995 and
1994, 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 ex@examining, on a test basis,
evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my 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 Hart Properties, Ltd., as of
December 31, 1995 and 1994, and the results of its operations, the changes in
partners' capital and cash flows for the years then ended in conformity@ with
generally accepted accounting principles.
Daniel G. DRANE
Certified Public Accountant
March 19, 1996
<PAGE>
BYRD, SMALLEY, EVANS, ADAMS & JOHNSON, P.C.
Certified Public Accountants
Telephone (205) 353-1611
Facsimile (205) 353-1578
237 Johnson Street S.E.
Post Office Box 2179
Decatur, AL 35602-217
Independent Auditor'S Report
To the Partners
Housing Investors, Athens II, LTD.
Decatur, Alabama
We have audited the accompanying balance sheets of Housing Investors Athens
II, Ltd (a partnership) as of December 31, 1994 and 1993, and the related
statements of operations, partners capital, and cash flows for the years
then ended. These financial statements are the responsibility of the
partnership's management. our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards, and Government@ Auditing Standards, issued by the Comptroller
General of the United States, and the provisions of Office of Management and
Budget Circular A-133 "Audits of Higher Education and Other Nonprofit
Institutions." 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 Housing Investors Athens II,
Ltd., as of December 31, 1994 and 1993, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
<PAGE>
BYRD, SMALLEY, EVANS, ADAMS & JOHNSON, P.C.
Certified Public Accountants
Page 2
Our audit was made for the purpose of forming an opinion on the basic f
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. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
March 6, 1995
Member: American Institute of Certified Public Accounting<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 18, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
IRONTON ESTATES, LP
Re:For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
THE GAUTREAU GROUP, L.L.C.
Certified Public Accountants
John C. Gautreau, II, CPA*
J.Curt Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
Independent Auditors' Report
To the Partners of
Lambert Square, L. P.
we have audited the accompanying balance sheets of Lambert Square, L. P. (A
Mississippi Limited Partnership) as of December 31, 1995 and 1994, and the
related statements of operations, changes in 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 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 Lambert Square, L. P. as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 12, 1996 on our consideration of Lambert Square, L. P. Is
internal control structure and a report dated February 12, 1996 on its
compliance with laws and regulations.
Certified Public Accountants
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton Rouge,
Louisiana 70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 1009 * Dunn, North Carolina 28335 * (910) 892-6001
P.O. Box 1568 * Lillington, North Carolina 27546 * (910) 893-6026
Russell W. Bradley , CPA
Larry D. Snipes, CPA.
Alton R. Gower, Jr., CPA
Independent Auditors' Report
The Partners
Longview Associates Limited Partnership
We have audited the accompanying balance sheets of Longview Associates Limited
Partnership (a North Carolina Limited Partnership), as of December 31, 1995
and 1994, and the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of Longview Associates Limited Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
Page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Longview Associates Limited
Partnership, as of December 31, 1995 and 1994, and the results of its
operations, and the changes in partners' equity and its cash flows for the
years then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on Page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
audit procedures applied in the 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.
Respectfully submitted,
Bradley, Snipes, Gower & Associates, P. A.
Dunn, North Carolina
January 18, 1996
<PAGE>
David C. Moja, C.P.A.
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Meadowbrook Properties II Limited Partnership
We have audited the accompanying balance sheets of Meadowbrook Properties II
Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995
and December 31, 1994, and the related statements of operations, partners'
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit 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 Meadowbrook Properties II
Limited Partnership (a Georgia Limited Partnership) as of December 31, 1995
and December 31, 1994, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in
the table of contents is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied in the audits of the basic financial
statements and, in @our opinion is fairly presented in all material respects
in relation to the basic financial statements taken as a whole.
David C. Moja, C.P.A., P . C.
March 12, 1996
Savannah, Georgia
<PAGE>
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street
P. 0. Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR'S REPORT
To the Partners
Morgantown Properties, Ltd.
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Morgantown Properties, Ltd.
(a Kentucky limited partnerships, RECDS Project No.: 20-016-0611149787, as of
December 31, 1995 and 1994, and the related statements of operations,
partners' capital, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audits.
I conducted my audits, as of and for the years ended December 31, 1995 and
1994, 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
statement 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 Morgantown Properties, Ltd.,
as of December 31, 1995 and 1994, and the results of its operations, the
changes in partners' capital and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Daniel G. Drane
Certified Public Accountant
March 19, 1996
<PAGE>
DAUBY O'CONNOR & ZALESKI, LLC
Certified Public Accountants
Independent Auditors' Report
To the Partners
Pedcor Investments 1989-X, L.P.
We have audited the accompanying balance sheets of Pedcor Investments 1989-X,
L.P. as of December 31, 1995 and 1994, and the related statements of loss,
partners' equity (deficit), and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Pedcor Investments 1989-X,
L.P. as of December 31, 1995 and 1994, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
The accompanying information is presented for additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the same auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is presented fairly in all material
respects in relation to the basic financial statements taken as a whole.
Indianapolis, Indiana Dauby O'Connor & Zaleski LLC
January 16, 1996 Certified Public Accountants
<PAGE>
THE GAUTREAU GROUP, L.L.C.
Certified Public Accountants
John C. Gautreau, 11, CPA'
J.Curt Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Pinetree Manor, L. P.
We have audited the accompanying balance sheets of Pinetree Manor, L. P. (A
Mississippi Limited Partnership) , as of December 31, 1995 and 1994, and the
related statements of operations, changes in 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 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 Pinetree Manor, L. P. as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 12, 1996 on our consideration of Pinetree Manor, L. P. IS
internal control structure and a report dated February 12, 1996 on its
compliance with laws and regulations.
Certified Public Accountants
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton Rouge,Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
David C. Moja, C.P.A.
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Rosewood Village Limited Partnership
We have audited the accompanying balance sheets of Rosewood Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the related statements of operations, partners, equity
(deficit) and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes 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 Rosewood Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in
the table of contents is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly presented in all material respects
in relation to the basic financial statements taken as a whole.
David C. Moja, C.P.A., P.C.
March 11, 1996
Savannah, Georgia
<PAGE>
KOSTIN, RUFFKESS & COMPANY, LLC
CERTIFIED PUBLIC ACCOUNTANTS
345 North Main Street
West Hartford, CT 06117-1783
Jerold M. Gold, CPA
Lawerence Marziale, CPA
Joseph W. Sparveri, Jr., CPA
Peter K. Askham, CPA
John L. Evanich, Jr., CPA
Richard V. Kretz, CPA
Edmund S. Kindelan, CPA
Micheal T. Novosel, CPA
John S. Pavlik, CPA
Kimberly O. Nardone, CPA
Nathan A. Sigal, CPA
Amy H. Gottesdiener, CPA
To the Partners
South Farm Limited Partnership
RIHMFC #HIP-023
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheet of South Farm Limited
Partnership, as of March 31, 1996, and the related statements of income and
expense, changes in partners' capital 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 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 South Farm Limited
Partnership at March 31, 1996, and the results of its operations and cash
flows for the year then ended, in conformity with generally accepted
accounting principles.
<PAGE>
KOSTIN, RUFFKESS & COMPANY, LLC
CERTIFIED PUBLIC ACCOUNTANTS
Page 2
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs, issued by the U.S. Department of Housing and
Urban Development, we have also issued a report dated June 4, 1996 on our
consideration of South Farm Limited Partnership's internal control structure
and a report dated June 4, 1996 on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplementary information contained in
Schedules 1 through 19 is presented for the purpose of additional analysis and
is not a required part of the financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the f financial
statements and, in our opinion, the supplementary information is fairly
presented in all material respects in relation to the basic financial
statements taken as a whole.
West Hartford, Connecticut
June 4, 1996
<PAGE>
HOWE & ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 12, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
STOCKTON ESTATES, LP
Re:For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements
of income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
JAMES KNUTZEN & ASSOCIATES, C.P.A.'s, PA.
SUITE 230
3100 UNIVERSITY BOULEVARD SOUTH
JACKSONVILLE, FLORIDA 32216
(904) 725-5832 FAX (904) 727-6835
James KNUTZEN. C.P.A., M.B.A.
Christina E. Gibson. C.P.A.
Raju lyer. C.P.A.
Gregory Korn. C.P.A
Todd Middlemas. C.P.A
Wilson Trammell. C.P.A
Member OF AMERICAN AND FLORIDA
INSTITUTES OF CERTIFIED PUBLIC ACCOUNTING
INDEPENDENT AUDITORS' REPORT
To the Partners of
Summer Glen of Immokalee, Ltd.
We have audited the accompanying balance sheets of Summer Glen of Immokalee,
Ltd. (a Florida Limited Partnership), FMHA Project No. :09-011-593009333 as of
December 31, 1995 and 1994, and the related statements of operations,
partners, equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall f 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 Summer Glen of Immokalee,
Ltd. (a Florida Limited Partnership) as of December 31, 1995 and 1994, and the
results of its operations, partners' equity, and cash flows for the years then
ended in conformity with generally accepted accounting principles.
<PAGE>
JAMES KNUTZEN & ASSOCIATES
C.P.A's, PA.
To the Partners of
Summer Glen of Immokalee, Ltd.
Page Two
In accordance with Government Auditing Standards, we have also issued a report
dated February 15, 1996 on our consideration of Summer Glen of Immokalee,
Ltd. Is internal control structure and a report dated February 15, 1996 on
its
compliance with laws and regulations.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information on pages 14
- - 19 is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly stated
in all material respects in relation to the basic financial statements taken
as a whole.
JAMES KNUTZEN & Associates, C.P.A.'s, P.A.
Jacksonville, Florida
February 15, 1996
<PAGE>
Ludvigson, Braun & Co.
ACCOUNTANTS AND AUDITORS
117 NW 3rd Street
PO. Box 845
Valley City, North Dakota 58072-0845
Telephone: (710) 845-1457
Facsimile: (701) 845-8003
R.B. Ludvigson, CPA (Retired)
Raymond J. Braun, LPA
Muriel G. Haugen, CPA
Comia E. Winkler CPA
JoAnn R. Zerface, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Washington Heights IV, A Limited Partnership
Bismarck, North Dakota
We have audited the accompanying balance sheets of Washington Heights IV, A
Limited Partnership, as of December 31, 1995 and 1994 and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of 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 Washington Heights IV, A
Limited Partnership as of December 31, 1995 and 1994 and the results of its
operations, the changes in partners' equity, and its cash flows for the years
then ended, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on page
10 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.
Valley City, North Dakota
January 26, 1996<PAGE>
BERRY, DUNN, McNEIL & PARKER
CERTIFIED PUBLIC ACCOUNTANTS
MANAGEMENT CONSULTANTS
INDEPENDENT AUDITORS' REPORT
The Partners
Woodside Housing Associates
We have audited the accompanying balance sheets of Woodside Housing
Associates, a limited partnership, RECD Case No. 23-01-010439878, as of
December 31, 1995 and 1994, and the related statements of operations, changes
in partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of 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 (1994 Revision) 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 Woodside Housing Associates,
a limited partnership, as of December 31, 1995 and 1994, and the results of
its operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information on pages 14 through 15 is presented solely for the use of Rural
Economic and Community Development and is not a required part of the basic
financial statements.
In accordance with Government Auditing Standards, we have issued reports dated
January 24, 1996, on our consideration of Woodside Housing Associates'
internal control structure and its compliance with laws and regulations.
Portland, Maine
January 24, 1996
Offices in: Bangor, Maine Portland, Maine Lebanon, New Hampshire
Manchester, New Hampshire
<PAGE>
LUDVIGSON, BRAUN & CO.
Accountants and Auditors
Foss Building
Valley City, North Dakota 58072-0845
R. S. LUDVIGSON, CPA (Retired)
RAYMOND J. BRAUN, CPA
CONNIE E. WINKLER, CPA
ARLIE A. BRAUNBERGER, CPA
JAMES M. LOCHOW. CPA
MURIEL HAUGEN. CPA
JOANN ZERFACE, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Washington Heights IV, A Limited Partnership Bismarck
We have audited the accompanying balance sheets of Washington Heights IV, A
Limited Partnership, as of December 31, 1994 and 1993 and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the 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 Washington Heights IV, A
Limited Partnership as of December 31, 1994 and 1993 and the results of its
operations, the changes in partners' equity, and its cash flows for the years
then ended, in conformity with generally accepted accounting principles.
Our audit was 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. 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.
Valley City, North Dakota
January 31, 1995
<PAGE>
DONALD W. CAUSEY, CPA, P.C.
CERTIFIED PUBLIC ACCOUNTANT
P.O.Box 775
516 Walnut Street
Gadsden, Alabama 35902
TELEPHONE (205) 543-3707
Fax (205) 543-9800
INDEPENDENT AUDITOR'S REPORT
To the Partners
Candlewick Place, Ltd.
Monroeville, Alabama
I have audited the accompanying sheets of Candlewick Place, Ltd., a
Limited Partnership, FMHA Project No.: 01-050-631017825 as of December 31,
1993 and 1992, and the related statements of operations, partners' capital and
cash flows for the year then ended. These financial statements are the
responsibility of the partners management. My responsibility is to express
an opinion on these financial statements based on my audits.
I conducted the 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 statement presentation. I believe that the 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 Candlewick Place, Ltd., FmHA
Project No.: 01-050-631017825 as of December 31, 1993 and 1992, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
9 through 11 is presented for purposes of additional analysis and is not a
required part of the basic Financial statement. The supplemental
information presented in the Year End Report and Analysis (Form FMHA 1930-8
Parts I through ][I for the years ended December 31, 1993 and 1992, 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 my opinion is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
February 15, 1994
(except for Note E, as to which the date is March 25, 1994)<PAGE>
EDMUND A. RESTIVO, Jr. LTD.
CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT
To The Partners
North Connecticut Avenue Limited Partnership
Boston, MA
I have audited the accompanying balance sheets of North Connecticut Avenue
Limited Partnership as of December 31, 1995 and 1994, and the related
statements of operations, changes in partners' equity, and cash flows for the
years then ended, These financial statements are the responsibility of North
Connecticut Avenue Limited Partnership's management. My responsibility is to
express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of North Connecticut Avenue
Limited Partnership as of December 31, 1995 and 1994, and the results of its
operations, changes in partners' equity and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
My audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information included
in the report (shown on pages 15 to 16) is presented for purposes of
additional analysis and is not a required part of the basic financial
statements of North Connecticut Avenue Limited Partnership. Such information
has been subjected to the auditing procedures applied in the audit of the
basic financial statements and, in my opinion, is fairly stated, in all
material respects, in relation to the basic financial statements taken as a
whole.
June 18, 1996
The Wilcox Building
Penthouse Suite
42 Weybosset Street
Providence, Rhode Island 02903
Telephone 401-331-0210
Fax 401-421-6799
<PAGE>
BURKE & REA
Certified Public Accountants
Edward T. Burke, C.P.A.
Bernard E. Rea, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Madiu Properties
(A California Limited Partnership)
Rocklin, California
We have audited the accompanying balance sheets of Maidu Properties
(A California Limited Partnership), as of December 31, 1995 and 1994, and the
related statements of income, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion o
these financial statements based on out 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 Maidu Properties
(A California Limited Partnership) as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information for the
years ended December 31, 1995 and 1994, on pages 13 and 14, is presented for
purpose 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 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.
BURKE & REA
Stockton, California
April 3, 1996
<PAGE>
BYRD, SMALLEY, EVANS,
ADAMS & JOHNSON, P.C.
Certified Public Accountants
Telephone (205) 353-1611
Facsimile (205) 353-1578
237 Johnston Street S.E.
Post Office Box 2179
Decatur, AL 35602-2179
INDEPENDENT AUDITORS' REPORT
To the Partners
Housing Investors, Athens II. Ltd.
Decatur, Alabama
We have audited the accompanying balance sheets of Housing investors Athens
II, Ltd (a partnership) as of December 31, 1995 and 1994, and the related
statements of operations, partners' capital, and cash flows for the years then
ended. These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our 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 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 the 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 portion of Housing Investors Athens II,
Ltd., as of December 31, 1995 and 1994, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 9, 1996 on our consideration of Housing Investors Athens II,
Ltd's internal control structure and a report dated February 9, 1996 on its
compliance with laws and regulations.
Our audit was made 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. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
February 9, 1996<PAGE>
McGLADREY & PULLEN, LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Academy Hill Limited Partnership
Greensboro, North Carolina
We have audited the accompanying balance sheets of Academy Hill Limited
Partnership as of December 31, 1995 and 1994 , and the related statements of
income, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Academy Hill Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 23, 1996 on our consideration of Academy Hill Limited
Partnership's internal control structure and a report dated January 23, 1996
on its compliance with laws and regulations.
Greensboro, North Carolina
January 23, 1996
<PAGE>
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH, TEXAS 75107
(8 17) 336 -5880
MEMBER of
AMERICAN INSTITUTE OF TEXAS SOCIETY OF
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Aspen Square, L.P.
I have audited the accompanying balance sheets of Aspen Square, L.P. , as of
December 31, 1995 and 1994, 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.
My responsibility is to express an opinion on these financial statements based
on my audit.
I conducted my audits in accordance with generally accepted auditing
standards. Those standards require that I plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the f financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my 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 Aspen Square, L.P., as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information on page I-17 is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Fort Worth, Texas
February 23, 1996
<PAGE>
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
PORT WORTH. TEXAS 76107
(817) 336-5880
MEMBER AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
and TEXAS SOCIETY OF
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Aspen Square, L.P.
I have audited the accompanying balance sheets of Aspen Square, L.P., as of
December 31, 1994 and 1993, 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.
My responsibility is to express an opinion on these financial statements based
on my audit.
I conducted my audits in accordance with generally accepted auditing
standards. Those standards require that I plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my 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 Aspen Square, L.P., as of
December 31, 1994 and 1993, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
My audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
I-17 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Fort Worth, Texas
February 21, 1995
<PAGE>
McGEE & Associates, P.C.
Certified Public Accountants
Independent Auditors' Report
To the Partners
Buckeye Senior, Ltd.
and Rural Economic Community Development
We have audited the accompanying balance sheets of Buckeye Senior, Ltd. (a
limited partnership) as of December 31, 1995 and 1994, and the related
statements of operations, partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the responsibility of 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 Buckeye Senior, Ltd. as of
December 31, 1995 and 1994, and the results of its operations and the changes
in partners' equity and 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 15, 1996, on our consideration of the Partnership's internal
control structure and a report dated January 15, 1996, on its compliance with
laws and regulations.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental information included in the
report is presented for purposes of additional analysis and is not a required
part of the financial statements of Buckeye Senior, Ltd. Such information has
been subjected to the auditing procedures applied in the audit of the
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a whole.
January 15, 1996
Farmington, New Mexico
<PAGE>
THE GAUTREAU GROUP, L.L.C.
Certified Public Accountants
John C. Gautreau, 11, CPA*
J .Curt Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Church Hill Partnership
We have audited the accompanying balance sheets of Church Hill Partnership (A
Louisiana Partnership in Commendam) as of December 31, 1995 and 1994, and the
related statements of operations, changes in partners, capital and cash flows
for the years then ended. These financial statements are the responsibility
of the Partnership I 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 Church Hill Partnership as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 12, 1996 on our consideration of Church Hill Partnership's
internal control structure and a report dated February 12, 1996 on its
compliance with laws and regulations.
Certified Public Accountants
Baton Rouge, Louisiana
February 12, 1996
P.O. Box 82430 \8641 united Plaza Boulevard, Suite 202 \Baton Rouge, Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916<PAGE>
GWEN WARD, P.C.
INDEPENDENT PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH, TEXAS 76107
(817) 336-5880
MEMBER AMERICAN INSTITUTE OF TEXAS SOCIETY OF
CERTIFIED PUBLIC ACCOUNTANTS
MEMBER AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Copper Creek, L.P.
I have audited the accompanying balance sheets of Copper Creek, L.P. as of
December 31, 1995 and 1994, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. 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. 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
statement 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 Copper Creek, L.P. as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
I-17 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Fort Worth, Texas
February 23, 1996
<PAGE>
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH, TEXAS 76107
(817) 336-5880
MEMBER AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
MEMBER TEXAS SOCIETY OF
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Copper Creek, L.P.
I have audited the accompanying balance sheets of Copper Creek, L.P. as of
December 31, 1994 and 1993, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. 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. 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
statement 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 Copper Creek, L.P. as of
December 31, 1994 and 1993, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
I-17 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Fort Worth, Texas
February 22, 1995
<PAGE>
Clifton
Gunderson & Co.
Public Accountants & Consultants
To the Partners
Coronado Housing Limited Partnership
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying balance sheet of Coronado Housing Limited
Partnership as of December 31, 1995 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 these financial statements based on
our audit. The financial statements of the Partnership as of December 31,
1994 were audited by other auditors whose report dated February 13, 1995
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 financial statements referred to above present fairly, in
all material respects, the financial position of Coronado Housing Limited
Partnership as of December 31, 1995 and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental
information is presented for purposes of additional analysis and is not a
required part of the basic financial statements. The accompanying
supplemental information for the year ended December 31, 1995 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. The
supplemental information for the year ended December 31, 1994 was audited by
other auditors whose report dated February 13, 1995 expressed an unqualified
opinion on such information, in all material respects, in relation to the
basic financial statements taken as a whole.
Tucson, Arizona
January 31, 1996
<PAGE>
DAVID G. PELLICCIONE, C.P.A., P. C.
POST OFFICE BOX I
SAVANNAH, GEORGIA 31402
DELIVERY ADDRESS
202 EAST LIBERTY STREET
SAVANNAH, GEORGIA 31401
TELEPHONE (912) 234-1999
FAX (912) 214-0139
MEMBER OF AMERICAN INSTITUTE OF CPA'S
GEORGIA SOCIETY OF CPA'S
INDEPENDENT AUDITORS' REPORT
To The Partners
Denmark Properties Limited Partnership II
We have audited the accompanying balance sheets of DENMARK PROPERTIES LIMITED
PARTNERSHIP II (A Limited Partnership), as of December 31, 1994 and 1993, and
the related statement of operations, changes in 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 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 DENMARK PROPERTIES LIMITED
PARTNERSHIP 11 as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Savannah, Georgia
February 24, 1995
<PAGE>
DAVID G. PELLICCIONE, C.P.A., P. C.
POST OFFICE BOX I
SAVANNAH, GEORGIA 31402
DELIVERY ADDRESS
202 EAST LIBERTY STREET
SAVANNAH, GEORGIA 31401
TELEPHONE (912) 234-1999
FAX (912) 234-0139
MEMBER OF
AMERICAN INSTITUTE OF CPAs
GEORGIA SOCIETY OF CPAs
INDEPENDENT AUDITORS' REPORT
To The Partners
Denmark Properties Limited Partnership
We have audited the accompanying balance sheets of DENMARK PROPERTIES LIMITED
PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the
related statement of operations, changes in 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 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 DENMARK PROPERTIES LIMITED
PARTNERSHIP as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Savannah, Georgia
February 24, 1995
<PAGE>
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 27, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
EL DORADO SPRINGS ESTATES, LP.
Re:For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements
of income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
WAY, RAY, SHELTON & Co., PC.
Certified public Accountants
216 Mcfarland Circle North .
Tuscaloosa, Alabama 35406 * 205/345-5883
FAX 206/345-5883
ROBERT S. WAY, C.P.A.
W. PAUL RAY C.P.A.
STEVEN A. SHELTON, C.P.A.
KIMBERLY F. ELMORE, C.P.A.
STEVEN L. MITCHELL, C.P.A.
CINDY T. SAVAGE, C.P.A.
SONIA M. CHISM, C.P.A.
M. ELBERT SIMS, JR., C.P.A.
SUSAN L. SPARKS, C.P.A.
MITZI H. COOGLER, C.P.A.
GLENDA T. LENAHAN, C.P.A.
C. CHIREEN ANDERSON, C.P.A.
ELIZABETH E. SATES, C.P.A.
STACEY M. SHINAS, C.P.A.
PAMELA D. SHAY, C.P.A.
LAURA W. RYAN, C.P.A.
ROGER F. BRYANT, C.P.A.
RUSSELL W. RANEY, C.P.A.
INDEPENDENT AUDITORS' REPORT
Elderly Housing of Macon, Ltd.
P.O. Box 168
Tuscaloosa, Alabama 35402
Dear Partners:
We have audited the accompanying balance sheets of Elderly Housing of Macon,
Ltd. as of December 31, 1995 and 1994, and the related statements of income,
changes in partners' capital, and cash flows for the years then ended. These
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are 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.
<PAGE>
WAY, RAY, SHELTON & Co., PC.
Certified public Accountants
Page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Elderly Housing of Macon,
Ltd. as of December 31, 1995 and 1994, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
<PAGE>
Elderly Housing of Macon, Ltd.
February 7, 1996
Page Two
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on Page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
auditing procedures applied in the 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.
Respectfully submitted,
Way, Ray, Sheiton & Co., P.C.
Certified Public Accountants
<PAGE>
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 27, 1996
INDEPENDENT AUDITORS' REPORT
Partners
ELDON ESTATES 11, L.P.
Re:For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 21, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
ELDON MANOR, L.P.
Re:For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements
of income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amount and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
THE GAUTREAU GROUP, L.L.C.
Certified Public Accountants
John C. Gautreau, 11, CPA*
J.Curt Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Farmerville Square Partnership
We have audited the accompanying balance sheets of Farmerville Square
Partnership (A Louisiana Partnership in Commendam) as of December 31, 1995 and
1994, and the related statements of operations, changes in 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 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 Farmerville Square
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 12, 1996 on our consideration of Farmerville Square
Partnership's internal control structure and a report dated February 12, 1996
on its compliance with laws and regulations.
Certified Public Accountants
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton Rouge, Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
KAY L. BOWEN & ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANT, P.C.
Phone (801) 627-0825 - FAX (801) 627-0829
3710 QUINCY AVENUE
OGDEN, UTAH 84403
KAY L. BOWEN, President * SHARI B. JOHNSON, CPA
MEMBER OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners
Franklin School Associates
Franklin School Apartments
Great Falls, Montana
We have audited the accompanying balance sheet of Franklin School Associates,
as of December 31, 1995, and the related statements of income and cash flows
and change in partners' equity for the year then ended. These financial
statements are the responsibility of the project's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Franklin School Apartments,
as of December 31, 1995, and the results of its operations, change in
partners, equity, and cash flows for the year then ended in conformity with
generally accepted accounting principles.
our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information shown on
pages 9 t 12 is presented for the purposes of additional analysis and is
not a required part of the basic financial statements of Franklin School
Apartments. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material. respects in relation to the financial.
statements taken as a whole.
Ogden, Utah
March 2, 1996
Kay L. Bowen, CPA, President
Kay L. Bowen & Associates, P.C.
Federal I.D. #87-0448933<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 MIDDLEBELT ROAD
Farmington Hills, Michigan 48334-1726
Telephone: (810) 626-3800
Fax: (810) 626-2276
JEFFREY F BUDAJ, CPA
BARTON A. LOWEN. CPA
EMIL A. RAAB. CPA
DIANE L ISAACS. CPA
JONATHON M. SHELDEN. CPA
JOHN W WEIPERT, CPA
'ALSO LICENSED IN FLORIDA AND SOUTH CAROLINA
Members:
American Institute of Certified Public Accountants
Michigan Association of Certified Public Accountants
Florida Institute of Certified Public Accountants
South Carolina Association of Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners of
The Harbor View Group, Ltd.
We have audited the accompanying balance sheet of THE HARBOR VIEW GROUP, LTD.
as of December 31, 1995 and 1994, and the related statements of operations,
changes in partners' equity (deficit) and cash flows - project operations for
the years then ended. These financial statements are the responsibility of
the general partner and management of the partnership. 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 THE HARBOR VIEW GROUP, LTD.,
as of December 31, 1995 and 1994, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
<PAGE>
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting data on pages 10
through 17 inclusive has been subjected to the auditing procedures applied in
the examination 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.
We have also reviewed internal accounting controls and compliance with laws
and regulations and have rendered our reports thereon on pages 18 through 20.
TAMA AND BUDAJ, P C.
Farmington Hills, Michigan
February 9, 1996<PAGE>
James L. Caughren
Certified Public Accountant
P.O. Box 36014
Albuquerque, NM 87176
Independent Auditor's Report
The Partners
Hilltop Apartments Limited Partnership
We have audited the accompanying balance sheet of Hilltop Apartments Limited
Partnership (a New Mexico limited partnership) as of December 31, 1995 and
1994, and the related statements of operations, changes in partners, capital,
and cash flows for the years then ended. These financial statements are the
responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our 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 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 Hilltop Apartments Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
JAMES L. CAUGHREN, CPA
March 19, 1996
<PAGE>
TOSKI, SCHAEFER & CO., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
555 INTERNATIONAL DRIVE
WILLIAMSVILLE, NEW YORK 14221
TELEPHONE (716) 634-0700
FAX (716) 634-0764
INDEPENDENT AUDITOR'S REPORT
The Partners
Holland Senior Limited Partnership:
We have audited the accompanying balance sheets of Holland Senior Limited
Partnership as of December 31, 1995 and 1994 and the related statements of
operations, partners, equity and cash flows for the years then ended. These
financial statements are the responsibility of the 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 Holland Senior Limited
Partnership as of December 31, 1995 and 1994 and the results of its
operations, changes in partners' equity and cash flows for the years then
ended, in conformity with generally accepted accounting principles.
our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying 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 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.
Williamsville, New York
January 13, 1996
<PAGE>
TOSKI, SCHAEFER & CO., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
555 INTERNATIONAL DRIVE
WILLIAMSVILLE, NEW YORK 14221
TELEPHONE (7161 634-0700
FAX (716) 634-0764
INDEPENDENT AUDITOR'S REPORT
The Partners
Holley Senior Limited Partnership:
We have audited the accompanying balance sheets of Holley Senior Limited
Partnership as of December 31, 1995 and 1994 and the related statements of
operations, partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the 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 Holley Senior Limited
Partnership as of December 31, 1995 and 1994 and the results Of its
operations, changes in partners, equity and cash flows for the years then
ended, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying 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 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.
Williamsville, New York
January 16, 1996
<PAGE>
THE GAUTREAU GROUP, L.L.C.
certified Public Accountants
John C. Gautreau, 11, CPA'
J. Curt Gautreau, CPA'
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Kaplan Manor Partnership
We have audited the accompanying balance sheets of Kaplan Manor
Partnership (A Louisiana Partnership in Commendam) as of December 31,
1995 and 1994, and the related statements of operations, changes in
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 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 Kaplan
Manor Partnership as of December 31, 1995 and 1994 ' and the results
of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
a report dated February 12, 1996 on our consideration of Kaplan Manor
Partnership's internal control structure and a report dated February
12, 1996 on its compliance with laws and regulations.
Certified Public Accountants
Baton Rouge, Louisiana
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton Rouge, Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
THE GAUTREAU GROUP, L.L.C.
Certified Public Accountants
John C. Gautreau, 11, CPA'
J.Curt Gautreau, CPA'
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Lakewood Village Partnership
We have audited the accompanying balance sheets of Lakewood Village
Partnership (A Louisiana Partnership in Commendam) as of December 31,
1995 and 1994, and the related statements of operations, changes in
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 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 Lakewood
Village Partnership as of December 31, 1995 and 1994, and the results
of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
a report dated February 12, 1996 on our consideration of Lakewood
Village Partnership's internal control structure and a report dated
February 12, 1996 on its compliance with laws and regulations.
Certified Public Accountants
Baton Rouge, Louisiana
February 12, 1996
<PAGE>
MUELLER & WALLA, PC.
CERTIFIED PUBLIC ACCOUNTANTS
10714 MANCHESTER ROAD, SUITE 202
KIRKWOOD, MISSOURI 63122
(314) 822-6575
INDEPENDENT AUDITORS' REPORT
The Partners
Licking Associates 11, L.P.
Licking, Missouri
We have audited the accompanying balance sheets of Licking Associates
11, L.P. (a limited partnership) as of December 31, 1994 and 1993, and
the related statements of operations, partners' capital and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Licking
Associates II, L.P. as of December 31, 1994 and 1993, and the results
of its operations, changes in partners' capital and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information included on page 11 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.
Mueller & Walla, P.C.
Certified Public Accountants
February 3, 1995
<PAGE>
MUELLER & WALLA, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
10714 MANCHESTER ROAD, SUITE 202
KIRKWOOD, MISSOURI 63122
(314) 622-6575
INDEPENDENT AUDITORS' REPORT
The Partners
Licking Associates 11, L.P.
Licking, Missouri
We have audited the accompanying balance sheets of Licking Associates
II, L.P. (a limited partnership) as of December 31, 1995 and 1994, and
the related statements of operations, partners' capital and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Licking
Associates 11, L.P. as of December 31, 1995 and 1994, and the results
of its operations, changes in partners' capital and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information included on page 12 is presented for purposes of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the 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.
Mueller & Walla, P.C.
Certified Public Accountants
February 6, 1996<PAGE>
David C. Moja, C.P.A., PC
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Manning Properties Limited Partnership
We have audited the accompanying balance sheets of Manning Properties
Limited Partnership (a Georgia Limited Partnership) as of December 31,
1995 and December 31, 1994, and the related statements of operations,
partners, equity (deficit) and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes 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 Manning
Properties Limited Partnership (a Georgia Limited Partnership) as of
December 31, 1995 and December.31, 1994, and the results of its
operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The additional
information listed in the table of contents is presented for purposes
of additional analysis and- is not a required part of the basic
financial statements. Such information, except for the portion marked
"unaudited", on which we express no opinion, has been subjected to the
procedures applied in the audits of the basic financial statements
and, in opinion, is fairly presented in all material respects in to
the basic financial statements taken as a whole.
David C. Moja, C.P.A., P.C.
March 11, 1996
Savannah, Georgia
<PAGE>
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 16, 1996
INDEPENDENT AUDITORS REPORT
Partners
NEVADA MANOR, L.P.
Re:For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related
statements of income, owners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position and results
of operations and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Howe and Associates
<PAGE>
TOSKI, SCHAEFER & CO., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
555 INTERNATIONAL DRIVE
WILLIAMSVILLE. NEW YORK 14221
TELEPHONE (716) 634-07(>O
FAX (716) 634-0764
INDEPENDENT AUDITOR'S REPORT
The Partners
Oatka Village Associates
(A Limited Partnership):
We have audited the accompanying balance sheets of Oatka Village
Associates (A Limited Partnership) as of December 31, 1995 and 1994
and the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of 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 oatka
Village Associates (A Limited Partnership) as of December 31, 1995 and
1994 and the results of its operations and its cash flows for the
years then ended, in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
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 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.
Williamsville, New York
January 23, 1996
<PAGE>
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH, TEXAS 76107
(817) 336-5880
MEMBER:
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
AND TEXAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Sierra Springs, L.P.
I have audited the accompanying balance sheets of Sierra Springs, L.P.
as of December 31, 1995 and 1994, and the related statements of
operations, partners' capital and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's
management. 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. 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
statement 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 Sierra
Springs, L.P. as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information
on pages I-17 and I-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 my opinion, is
fairly stated in all material respects in relation to the basic
statements taken as a whole.
Fort Worth, Texas
February 21, 1996<PAGE>
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH, TEXAS 76107
(817) 336-5880
MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MEMBER TEXAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Sierra Springs, L.P.
I have audited the accompanying balance sheets of Sierra Springs, L.P.
as of December 31, 1994 and 1993, and the related statements of
operations, partners' capital and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's
management. 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. 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 f financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. I believe that my 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 Sierra
Springs, L.P. as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information
on pages I-17 and I-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 my opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
Fort Worth, Texas
February 23, 1995<PAGE>
THOMPSON, DERRIG & SLOVACEK
A Professional Corporation of Certified Public Accountants
4500 Carter Creek Parkway Suite 101
Bryan, Texas 77802-4456
(409) 260-9696 * Fax (409) 260-9683
Woody Thompson, CPA/CFP
Sharla Akin, CPA
Andrea Derrig, CPA
Alline Briers, CPA
Ed Slovacek, CPA/CFP
Gay Vick Craig, CPA
Ronnie Craig, CPA
Frank Pipes, CPA
Alice Monroe, CPA
Marian Rose Varisco, CPA
INDEPENDENT AUDITORS' REPORT
February 20, 1996
To the Partners
South Fork Heights limited Partnership
We have audited the accompanying balance sheets of South Fork Heights Limited
Partnership (a Colorado limited partnership), as of December 31, 1995
and 1994 and the related statements of operations, partners' equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the partnerships 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 e g, 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 South Fork
Heights Limited Partnership as of December 31, 1995 and 1994 and the
results of its operations and its cash flows for the years then ended
in conformity with generally accepted accounting principles.
<PAGE>
THOMPSON, DERRIG & SLOVACEK
A Professional Corporation of Certified Public Accountants
Page 2
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 27 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-) Parts I through HI and Project
Budget (Form FMHA 1930-7) for year ended December 31, 1995, is
presented for purposes of complying with the requirements of the
Farmers Home Administration and is also not a required part of the
basic financial statements. Such information has been subjected to
the audit procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
THOMPSON, DERRIG & SLOVACEK, P.C.
Certified Public Accountants
<PAGE>
JAMES KNUTZEN & ASSOCIATES, C.P.A.'s, P
SUITE 280
8100 UNIVERSITY BOULEVARD SOUTH
JACKSONVILLE, FLORIDA 32216
(904) 725-5832 * FAX (904) 727-6835
INDEPENDENT AUDITORS' REPORT
To the Partners of
Twin Oaks of Allendale, Ltd.
We have audited the accompanying balance sheets of Twin Oaks of
Allendale, Ltd. (a Florida Limited Partnership) , FMHA Project No. :46-
30592894359 as of December 31, 1995 and 1994, and the related statements
of operations, partners' equity and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Twin Oaks of
Allendale, Ltd. (a Florida Limited Partnership) as of December 31, 1995
and 1994, and the results of its operations, partners, equity, and cash
flows for the years then ended in conformity with generally accepted
accounting principles.
<PAGE>
JAMES KNUTZEN & ASSOCIATES
C.P.A.'s., P.A.
To the Partners of
Twin Oaks of Allendale, Ltd.
Page Two
In accordance with Government Auditing Standards, we have also issued a
report dated February 15, 1996 on our consideration of Twin Oaks of
Allendale, Ltd. s internal control structure and a report dated February
15, 1996 on its compliance with laws and regulations.
James Knutzen & Associates, C.P.A.'s, P.A.
Jacksonville, Florida
February 15, 1996
<PAGE>
THE GAUTREAU GROUP, L.L.C.
Certified Public Accountants
John C. Gautreau, 11, CPA*
J.Curt Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Washington Manor Partnership
We have audited the accompanying balance sheets of Washington Manor
Partnership (A Louisiana Partnership in Commendam) as of December 31,
1995 and 1994, and the related statements of operations, changes in
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 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 Washington
Manor Partnership as of December 31, 1995 and 1994, and the results of
its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
a report dated February 12, 1996 on our consideration of Washington
Manor Partnership's internal control structure and a report dated
February 12, 1996 on its compliance with laws and regulations.
Certified Public Accountants
Baton Rouge, Louisiana
February 12, 1996
<PAGE>
SMITH, MILES & COMPANY .L.C.
CERTIFIED PUBLIC ACCOUNTANTS
1230 Airport Road
P.O. Box 1177
PANAMA CITY, FLORIDA 32402
Phone:(904) 785-0261
Fax: (904) 785-0263
INDEPENDENT AUDITORS' REPORT
To the Partners
Wildridge Apartments, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Wildridge Apartments, Ltd.,
FMHA Project No: 11-51-592863964, as of December 31, 1995 and 1994, and the
related statements of operations, partners, equity (deficit) and cash flows
for the years then ended. These financial statements are the responsibility
of the partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. 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 Wildridge Apartments, Ltd.,
as of December 31, 1995 and 1994, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The 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
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.
Panama City, Florida
February 9, 1996
<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 MIDDLEBELT ROAD
Farmington Hills, Michigan 48334-1726
Telephone: (810) 626-3800
Fax: (810) 626-2276
JEFFREY F BUDAJ, CPA
BARTON A. LOWEN. CPA
EMIL A. RAAB. CPA
DIANE L ISAACS. CPA
JONATHON M. SHELDEN. CPA
JOHN W WEIPERT, CPA
ALSO LICENSED IN FLORIDA AND SOUTH CAROLINA
Members:
American Institute of Certified Public Accountants
Michigan Association of Certified Public Accountants
Florida Institute of Certified Public Accountants
South Carolina Association of Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners of
The Harbor View Group, Ltd.
We have audited the accompanying balance sheet of THE HARBOR VIEW GROUP, LTD.
as of December 31, 1995 and 1994, and the related statements of operations,
changes in partners' capital (deficit) and cash flows - project operations for
the years then ended. These financial statements are the responsibility of
the general partner and management of the partnership. 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 THE HARBOR VIEW GROUP, LTD.,
as of December 31, 1993 and 1992, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting data on pages 10
through 13 inclusive has been subjected to the auditing procedures applied in
the examination 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.
We have also reviewed internal accounting controls and compliance with laws
and regulations and have rendered our reports there on pages 14 through 16.
TAMA AND BUDAJ, P C.
Farmington Hills, Michigan
February 7, 1994
<PAGE>
CHARLES BAILLY & COMPANY P.L.L.P.
Certified Public Accountants * Consultants
INDEPENDENT AUDITORS' REPORT
The Partners
RPI Limited Partnership #18
St. Paul, Minnesota
We have audited the accompanying balance sheets of RPI Limited Partnership
#18, FmHA Project Number: 18-18-411649005, as of December 31, 1994 and 1993,
and the related statements of operations, partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in
all material respects, the financial position of RPI Limited Partnership #18
as of December 31, 1994 and 1993, and the results of its operation and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
CHARLES BAILLY & COMPANY P.L.L.P.
Fargo, North Dakota
January 25, 1995
<PAGE>
CHARLES BAILLY & COMPANY P.L.L.P.
Certified Public Accountants * Consultants
INDEPENDENT AUDITORS' REPORT
The Partners
RPI Limited Partnership #18
St. Paul, Minnesota
We have audited the accompanying balance sheets of RPI Limited Partnership
#18, FmHA Project Number: 18-18-411649005, as of December 31, 1995 and 1994,
and the related statements of operations, partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in
all material respects, the financial position of RPI Limited Partnership #18
as of December 31, 1995 and 1994, and the results of its operation 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 29, 1996 on our consideration of RPI Limited Partnership #18's
internal control structure and a report dated January 29, 1996 on its
compliance with laws and regulations.
CHARLES BAILLY & COMPANY P.L.L.P.
Fargo, North Dakota
January 29, 1996
<PAGE>
DAVID G. PELLICCIONE, C.P.A., P. C.
POST OFFICE BOX 1
SAVANNAH, GEORGIA 31402
DELIVERY ADDRESS
202 EAST LIBERTY STREET TELEPHONE (912) 234-1999
SAVANNAH, GEORGIA 31401 FAX (912) 234-0139
MEMBER OF AMERICAN INSTITUTE OF CPA's
GEORGIA SOCIETY OF CPAs
INDEPENDENT AUDITORS' REPORT
To The Partners
Autumn Wood Village Limited Partnership
We have audited the accompanying balance sheets of AUTUMN WOOD VILLAGE
LIMITED PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and
1993, and the related statement of operations, changes in 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 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 AUTUMN WOOD VILLAGE LIMITED
PARTNERSHIP as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements of AUTUMN WOOD VILLAGE LIMITED PARTNERSHIP taken as a
whole. The accompanying financial information listed as supplementary data in
the table of contents is presented for purposes of additional analysis as
required by Farmers Home Administration. The information in these schedules
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 of AUTUMN WOOD
VILLAGE LIMITED PARTNERSHIP, taken as a whole.
Savannah, Georgia
February 24, 1995
<PAGE>
Fraley, Miller & Company
Certified Public Accountants
One Fraley-Miller Plaza suite 101
Grayson, Kentucky 41143-1366
Telephone (606) 474-6608
Fax (606)474-7094
Partners:
Robert A. Fraley
Mickey F Miller
Associates
Kim Whitley Horton
Brenda K. Ball
Scott Dyer
INDEPENDENT AUDITORS' REPORT
To the Partners of
B B & L Enterprises, Ltd.
We have audited the accompanying balance sheets of B B & L Enterprises, Ltd.
(a Kentucky limited partnership) as of December 31, 1995, 1994, and 1993, and
the related statements of results of operations, changes in 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, Government Auditing Standards, issued by the Comptroller General of
the United States, and the provisions of the United States Department of
Agriculture, Rural Economic and Community Development audit program. 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 B B & L Enterprises, Ltd. as
of December 31, 1995, 1994, and 1993, 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.
February 14, 1996
<PAGE>
David C. Moja, C.P.A., PC
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Bowman Village Limited Partnership
We have audited the accompanying balance sheets of Bowman Village Limited
Partnership (a Georgia Limited Partnership) as' of December 31, 1995 and
December 31, 1994, and the related statements of operations, partners' equity
(deficit) and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. -An audit includes 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 Bowman Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December.31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted -accounting
principles.
our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as -a whole. The additional information listed in
the table of contents -is presented for purposes of additional analysis. and'
is not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied in the audits of the basic financial
statements and, in inion, is fairly presented in all material respects in n to
the basic financial statements taken as a whole.
Moja, C.P.A.
March 11, 1996
Savannah, Georgia
<PAGE>
Morton, Nehls & Tierney, S.C.
Certified Public Accountants and Management Advisors
Old Sauk Trails Park
8018 Excelsior Drive Suite 200
P.O. Box 45800
Madison, Wisconsin 53744-5800
(608) 831-5831
FAX (608) 831-7067
INDEPENDENT AUDITORS' REPORT
To the Partners
Brandywood Limited Partnership
Madison, Wisconsin
We have audited the accompanying balance sheets of Brandywood Limited
Partnership as of December 31, 1995 and 1994, and the related statements of
income (loss), partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Partnership as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
Madison, Wisconsin
January 19, 1996
Madison ,Milwaukee
Associated worldwide with Accounting Group International, Inc.
<PAGE>
Fraley, Miller & Company
Certified Public Accountants
One Fraley-Miller Plaza Suite 101
Grayson, Kentucky 41143-1366
Telephone (606) 474-6608
Fax (606) 474-7094
Partners:
Robert A. Fraley
Mickey F. Miller
Associates:
Kim Whitley Horton
Brenda K. Ball
Scott Dyer
INDEPENDENT AUDITORS' REPORT
To the Partners of
Briarwick Apartments, Ltd.
We have audited the accompanying balance sheets of Briarwick Apartments, Ltd.
(a Kentucky limited partnership) as of December 31, 1995, 1994, and 1993, and
the related statements of results of operations, changes in partners' capital
and cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the provisions of the United States Department of
Agriculture, Rural Economic and Community Development audit program. 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 Briarwick Apartments, Ltd. as
of December 31, 1995, 1994, and 1993, 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.
February 16,1996
<PAGE>
Daniel G. Drane
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street
P. 0. Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR'S REPORT
To the Partners
Burkesville Properties, Ltd.
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Burkesville Properties, Ltd.
(a Kentucky limited partnership), RECDS Project No.: 20-029-025899601, as of
December 31, 1995 and 1994, and the related statements of operations,
partners' capital, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audits.
I conducted my audits, as of and for the years ended December 31, 1995 and
1994, 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
statement 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 Burkesville Properties, Ltd.,
as of December 31, 1995 and 1994, and the results of its operations, the
changes in partners' capital and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Daniel G. Drane
Certified Public Accountant
March 19, 1996
<PAGE>
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
MEMBER
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
MEMBER
TEXAS SOCIETY OF CERTIFIED
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Cananche Creek, L.P.
I have audited the accompanying balance sheets of Cananche Creek, L.P., as of
December 31, 1995 and 1994, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. 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. Those standards require that I plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my 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 Cananche Creek, L.P., as
of December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
I-17 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Fort Worth, Texas
February 20, 1996
<PAGE>
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
MEMBER
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
MEMBER
TEXAS SOCIETY OF CERTIFIED
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
Independent Auditor's Report
To the Partners of
Cananche Creek, L.P.
I have audited the accompanying balance sheets of Cananche Creek, L.P., as
of December 31, 1994 and 1993, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. 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. Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my 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 Cananche Creek, L.P., as
of December 31 ' 1994 and 1993, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
I-17 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic financial
statements and, in my opinion, is fairly stated in all material respects in
relation to the basic financial taken as a whole.
Fort Worth, Texas
February 21, 1995
<PAGE>
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street
P. 0. Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR'S REPORT
To the Partners
Clarkson Properties, Ltd.
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Clarkson Properties, Ltd. (a
Kentucky limited partnership), RECDS Project No' : @0-043-0611167952, as of
December 31, 1995 and 1994, and the related statements of operations,
partners' capital, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based
on my audits.
I conducted my audits, as of and for the years ended December 31, 1995 and
1994, 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
statement 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 Clarkson Properties, Ltd., as
of December 31, 1995 and 1994, and the results of its operations, the changes
in partners' capital and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Daniel G. Drane
Certified Public Accountant
March 19,1996
<PAGE>
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street
P. 0. Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITORS' REPORT
To the Partners
Evanwood Properties, Ltd.
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Evanwood Properties, Ltd. (a
Kentucky limited partnership), RECDS Project No.: 20-014-0611145803, as of
December 31, 1995 and 1994, and the related statements of operations,
partners' capital, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audits.
I conducted my audits, as of and for the years ended December 31, 1995 and
1994, 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
statement 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 Evanwood Properties, Ltd., as
of December 31, 1995 and 1994, and the results of its operations, the changes
in partners' capital and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Daniel G. Drane
Certified Public Accountant
March 19, 1996
<PAGE>
DAVID G. PELLICCIONE, C.P.A., P. C.
POST OFFICE BOX I
SAVANNAH, GEORGIA 31402
DELIVERY ADDRESS
202 EAST LIBERTY STREET
SAVANNAH, GEORGIA 31401
FAX (912)234-0139
TELEPHONE (912)234-1999
MEMBER OF
AMERICAN INSTITUTE OF CPAs
GEORGIA SOCIETY OF CPAs
INDEPENDENT AUDITORS' REPORT
To the Partners
Hamilton Village Limited Partner-ship
We have audited the accompanying balance sheets of HAMILTON VILLAGE LIMITED
PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the
related statement of operations, changes in 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
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. 'nose 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 HAMILTON VILLAGE LIMITED
PARTNERSHIP as of December 31-, 1994 and 1993, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Savannah, Georgia
February 24, 1995
<PAGE>
DAVID G. PELLICCIONE, C.P.A., P. C.
POST OFFICE BOX I
SAVANNAH, GEORGIA 31402
DELIVERY ADDRESS
202 EAST LIBERTY STREET
SAVANNAH, GEORGIA 31401
TELEPHONE (912)234-1999
FAX (912)234-0139
MEMBER OF
AMERICAN INSTITUTE OF CPAs
GEORGIA SOCIETY OF CPAs
INDEPENDENT AUDITORS' REPORT
To The Partners
Jesup Limited Partnership
We have audited the accompanying balance sheets of JESUP LIMITED PARTNERSHIP
(A Limited Partnership), as of December 31, 1994 and 1993, and the related
statement of operations, changes in 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 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 JESUP LIMITED PARTNERSHIP as
of December 31, 1994 and 1993, and the results of its operations and its cash
flows for the years then ended, in conformity with generally accepted
accounting principles.
Savannah, Georgia
February 24, 1995
<PAGE>
SMITH, MILES & COMPANY, L.C.
CERTIFIED PUBLIC ACCOUNTANT'S
1230 AIRPORT ROAD
P.O. BOX 1177
PANAMA CITY, FLORIDA 32402
Phone:(904) 785-0261
Fax: (904) 785-O263
INDEPENDENT AUDITORS' REPORT
To the Partners
Lakeridge Apartments of Eufaula, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Lakeridge Apartments of
Eufaula, Ltd., FMHA Project No: 01- 0030592933800, as of December 31, 1995 and
1994, and the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lakeridge Apartments of
Eufaula, Ltd., as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The 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
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.
Panama City, Florida
February 9, 1996
<PAGE>
David C. Moja, C.P.A.
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Laurel Village Limited Partnership
We have audited the accompanying balance sheets of Laurel Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the related statements of operations, partners I
equity(deficit) and cash f lows 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 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 Laurel Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in
the table of contents is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly presented in all material respects
in ion to the basic financial statements taken as a whole.
March 11, 1996
Savannah, Georgia
<PAGE>
McGee & Associates, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners
Los Caballos 11, Ltd.
and Rural Economic Community Development
We have audited the accompanying balance sheets of Los Caballos 11, Ltd. (a
limited partnership) as of December 31, 1995 and 1994, and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of 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 Los Caballos 11, Ltd. as of
December 31, 1995 and 1994, and the results of its operations and the changes
in partners' equity and cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 20, 1996, on our consideration of the Partnership's internal
control structure and a report dated January 20, 1996, on its compliance with
laws and regulations.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental information included in the
report is presented for purposes of additional analysis and is not a required
part of the financial statements of Los Caballos 11, Ltd. Such information
has been subjected to the auditing procedures applied in the audit of the
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a whole.
January 20, 1996
Farmington, New Mexico
<PAGE>
McGee & Associates, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners
Los Caballos 11, Ltd.
and Farmers Home administration
We have audited the accompanying balance sheets of Los Caballos 11, Ltd. (a
limited partnership) as of December 31, 1994 and 1993, and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit In accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Los Caballos 11, Ltd. as of
December 31, 1994 and 1993, and the results of its operations and the changes
in partners' equity and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental information included in the
report is presented for the purposes of additional analysis and is not a
required part of the financial statements of Los Caballos 11, Ltd. Such
information has been subjected to the auditing procedures applied in the audit
of the financial statements and, in our opinion, is fairly stated in all
material respects in relation to the financial statements taken as a whole.
January 13, 1995
Farmington, New Mexico
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 1009 a Dunn, North Carolina 28335 (910) 892-6001
P.O. Box 1568 11 Lillington, North Carolina 27546 (910) 893-6026
Russell W. Bradley, CPA
Larry D. Snipes, CPA.
Alton R. Gower, Jr., CPA
Independent Auditors' Report
The Partners
Marlboro Place Associates Limited Partnership
We have audited the accompanying balance sheets of Marlboro Place
Associates Limited Partnership (a North Carolina Limited Partnership), as of
December 31, 1995 and 1994, and the related statement of operations, partners'
equity and cash flows for the years then ended. These financial statements
are the responsibility of Marlboro Place Associates Limited Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Marlboro Place Associates
Limited Partnership, as of December 31, 1995 and 1994, and the results of its
operations, the changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting principles.
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
Page 2
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 I
I 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.
Members/American Institute of Certified Public Accountants
North Carolina Association of Certified Public Accountants
Respectfully submitted,
Bradley, Snipes, Gower & Associates, P.A.
Dunn, North Carolina
January 18, 1996
<PAGE>
The Gautreau Group LLC
Certified Public, accountants
John C. Gautreau, II, CPA*
J. Curl Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
*A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Melville Plaza Partnership
We have audited the accompanying balance sheets of Melville Plaza
Partnership (A Louisiana Partnership in Commendam) as of December 31, 1995 and
1994, and the related statements of operations, changes in 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 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 Melville Plaza
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 12, 1996 on our consideration of Melville Plaza Partnership's
internal control structure and a report dated February 12, 1996 on its
compliance with laws and regulations.
Certified Public Accountants
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton
Rouge,Louisiana 70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
The Gautreau Group LLC
Certified Public, accountants
John C. Gautreau, II, CPA*
J. Curl Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
*A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Oakleigh Partnership
We have audited the accompanying balance sheets of Oakleigh Partnership (A
Louisiana Partnership in Commendam) as of December 31, 1995 and 1994, and the
related statements of operations, changes in 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 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 Oakleigh Partnership as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 12, 1996 on our consideration of Oakleigh Partnership's
internal control structure and a report dated February 12, 1996 on its
compliance with laws and regulations.
Certified Public Accountants
Baton Rouge, Louisiana
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton
Rouge, Louisiana 70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
The Gautreau Group LLC
Certified Public, accountants
John C. Gautreau, II, CPA*
J. Curl Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
*A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Oakwood Partnership
We have audited the accompanying balance sheets of Oakwood Partnership (A
Louisiana Partnership in Commendam) as of December 31, 1995 and 1994, and the
related statements of operations, changes in partners, capital and cash flows
for the years then ended. These financial statements are the responsibility
of the Partnership Is 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 Oakwood Partnership as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 12, 1996 on our consideration of Oakwood Partnership's internal
control structure and a report dated February 12, 1996 on its compliance with
laws and regulations.
Certified Public Accountants
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton
Rouge, Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
HOWE AND ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 13, 1996
INDEPENDENT AUDITORS REPORT
Partners
PORTALES ESTATES, LP.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Governmental Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
LUDVIGSON, BRAUN & CO.
ACCOUNTANTS AND AUDITORS
Foss Building
VALLEY CITY, NORTH DAKOTA 58072-0845
PHONE:845-1457
FAX:845-8003
P.O BOX 845
R. S. LUDVIGSON, CPA(Retired)
RAYMOND J. BRAUN. LPA
CONNIE E. WINKLER, LPA
ARLIE A. BRAUNBERGER. CPA
JAMES M. LOCHOW. CPA
MURIEL HAUGEN, CPA
JOANN ZERFACE, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Prairie West Apartments III, A Limited Partnership West Fargo,
North Dakota
We have audited the accompanying balance sheets of Prairie West Apartments
III, A Limited Partnership, as of December 31, 1994 and 1993 and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the 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 Prairie West Apartments III,
A Limited Partnership as of December 31, 1994 and 1993 and the results of its
operations, the changes in partners' equity, and its cash flows for the years
then ended, in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on page
10 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.
Valley City, North Dakota
January 31, 1995
<PAGE>
Charles Bailly & Company P.L.L.P.
Certified Public Accountants -Consultants
INDEPENDENT AUDITORS REPORT
The Partners
Ridgeway Court III, A Limited Partnership Fargo, North Dakota
We have audited the accompanying balance sheets of Ridgeway Court III, A
Limited Partnership, FMHA Project Number: 27-04-411633960, as of December 31,
1995 and 1994, and the related statements of operations, partners' equity and
cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Ridgeway Court III, A Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Fargo, North Dakota
January 31, 1996
<PAGE>
DIXON ODOM & CO.,L.L.P
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Rockmoor Associates of Banner Elk
Raleigh, North Carolina
We have audited the accompanying balance sheets of Rockmoor Associates of
Banner Elk W(a limited partnership) as of December 31, 1995 and 1994 and the
related statements of operations, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility of 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 Rockmoor Associates of Banner
Elk as of December 31, 1995 and 1994 and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on page
1 1 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 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 whole.
January 23, 1996
A Member of
Moores
Rowland
International
A Worldwide Association
of Independent Accounting Firms
<PAGE>
MUELLER & WALLA, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
10714 MANCHESTER ROAD
SUITE 202
KIRKWOOD, MISSOURI 63122
(314) 822-6575
INDEPENDENT AUDITORS' REPORT
The Partners
Scott City Associates III, L.P.
Scott City, Missouri
We have audited the accompanying balance sheets of Scott City Associates III,
L.P. (a limited partnership) as of December 31, 1995 and 1994, and the related
statements of operations, partners' capital and cash flows for the years then
ended. These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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 Scott City Associates III,
L.P. as of December 31, 1995 and 1994, and the results of its operations,
changes in partners' capital and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information included
on page 13 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.
Mueller & Walla, P.C.
Certified Public Accountants
February 6, 1996
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MISSOURI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
MUELLER & WALLA, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
10714 MANCHESTER ROAD
SUITE 202
KIRKWOOD, MISSOURI 63122
(314) 822-6575
INDEPENDENT AUDITORS' REPORT
The Partners
Scott City Associates III, L.P.
Scott City, Missouri
We have audited the accompanying balance sheets of Scott City Associates III,
L.P. (a limited partnership) as of December 31, 1994 and 1993, and the related
statements of operations, partners' capital and cash flows for the years then
ended. These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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 Scott City Associates III,
L.P. as of December 31, 1994 and 1993, and the results of its operations,
changes in partners' capital and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information included
on page 12 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the 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.
Mueller & Walla, P.C.
Certified Public Accountants
February 3, 1995
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MISSOURI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
MEMBER
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
MEMBER
TEXAS SOCIETY OF
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Shawnee Ridge, L.P.
I have audited the accompanying balance sheets of Shawnee Ridge, L.P. as of
December 31, 1995 and 1994, and the related statements of operations,
partners, capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. 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. 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 statement 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 Shawnee Ridge, L.P. as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
I-17 and I-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 my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Fort Worth, Texas
February 23, 1996
<PAGE>
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
MEMBER
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
MEMBER
TEXAS SOCIETY OF
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
Independent Auditor's Report
To the Partners of
Shawnee Ridge, L.P.
I have audited the accompanying balance sheets of Shawnee Ridge, L.P. as of
December 31, 1994 and 1993, and the related statements of operations,
partners, capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. 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. 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 statement 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 Shawnee Ridge, L.P. as of
December 31, 1994 and 1993, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
I-17 and I-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 my opinion, is fairly stated in all material
respects in relation to the basic statements taken as a whole.
Fort Worth, Texas
February 23, 1995<PAGE>
David C. Moja, C.P.A.
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Turner Lane Limited Partnership
We have audited the accompanying balance sheets of Turner Lane Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the related statements of operations, partners' equity
(deficit) and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes 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 Turner Lane Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in
the table of contents is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly presented in all material respects
in relation to the basic financial statements taken as a whole.
David C. Moja, C.P.A, P.C.
March 11, 1996
Savannah, Georgia
<PAGE>
SMITH, MILES & COMPANY, L.C.
CERTIFIED PUBLIC ACCOUNTANTS
1230 AIRPORT ROAD
P.O. BOX 1177
PANAMA CITY, FLORIDA 32402
Phone: (904) 785-0261
Fax: (904) 785-0263
INDEPENDENT AUDITORS' REPORT
To the Partners
Villas of Lakeridge, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Villas of Lakeridge, Ltd.,
FMHA Project No: 01-0030592930819, as of December 31, 1995 and 1994, and the
related statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
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 Villas of Lakeridge, Ltd., as
of December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The 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
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.
Panama City, Florida
February 9, 1996
<PAGE>
YORK, DILLINGHAM & COMPANY. P.L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
P.O BOX 551
1708 ALPINE DRIVE
COLUMBIA TENNESSEE 38402-0551
TELEPHONE (615) 388-0517
FAX (615) 381-3440
Larry W. York
John M. Dillingham
Members
American Institute of C.P.A's
Tennessee Society of C.P.A's
Branch Offices
219 N. Military Ave. Lawrenceburg TN Telephone (615) 762-6877
147 Linden Hwy. Centerville TN Telephone (615) 729-3229
120 N. Second St. Pulaski TN Telephone (615) 424-9063
INDEPENDENT AUDITORS' REPORT
To the Partners
Waynesboro Associates, Limited
We have audited the accompanying balance sheets of Waynesboro Associates,
Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments,
FMHA Project No. : 48-091-621385326, as of December 31, 1995 and 1994, and the
related statements of operations, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
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 Waynesboro Associates, Limited (a Tennessee limited partnership)
d/b/a Waynesboro Village Apartments, FMHA Project No.: 48-091-621385326, as of
December 31, 1995 and 1994, and the results of its operations, the changes in
partners' equity and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
<PAGE>
YORK, DILLINGHAM & COMPANY. P.L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
audit procedures applied in the 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.
Columbia, Tennessee
January 26, 1996
<PAGE>
The Gautreau Group LLC
Certified Public, accountants
John C. Gautreau, II, CPA*
J. Curl Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
*A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Woodcrest Manor, L.L.P.
We have audited the accompanying balance sheets of Woodcrest Manor, L. P. (A
Mississippi Limited Partnership) as of December 31, 1995 and 1994, and the
related statements of operations, changes in 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 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 Woodcrest Manor, L. P. as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 12, 1996 on our consideration of Woodcrest Manor, L. P.'s
internal control structure and a report dated February 12, 1996 on its
compliance with laws and regulations.
Certified Public Accountants
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton
Rouge, Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
SMITH, MILES & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
1230 AIRPORT ROAD
P.O. BOX 11 77
PANAMA CITY, FLORIDA 32402
(904) 785-0261
INDEPENDENT AUDITORS' REPORT
To the Partners
Villas of Lakeridge, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Villas of Lakeridge, Ltd.,
FmHA Project No: 01-0030592930819, as of December 31, 1993 and 1992 s 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. 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 Villas of Lakeridge, Ltd., as
of December 31, 1993 and 1992, 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 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.
Panama City, Florida
February 7, 1994
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 1009 o Dunn, North Carolina 28335 (910) 892-6001
P.O. Box 1568 11 Lillington, North Carolina 27546 9 (910) 893-6026
Russell W. Bradley, CPA
Larry D. Snipes, CPA.
Alton R. Gower, Jr., CPA
Independent Auditors' Report
The Partners
Marlboro Place Associates Limited Partnership
We have audited the accompanying balance sheet of Marlboro Place Associates
Limited Partnership (a North Carolina Limited Partnership), as of December 31,
1993 and 1992, and the related statement of operations, partners' equity and
cash flow for the years then ended. These financial statements are the
responsibility of Marlboro Place Associates Limited 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 Marlboro Place Associates
Limited Partnership, as of December 31, 1993 and 1992, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
Page 2
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on Page
12 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected
to the audit procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Respectfully submitted,
Bradley, Snipes, Gower & Associates, P.A.
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants
Dunn, North Carolina
January 21, 1994
<PAGE>
SMITH, MILES & COMPANY, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
1230 AIRPORT ROAD
P.O. BOX 1177
PANAMA CITY, FLORIDA 32402
(904) 785-0261
INDEPENDENT AUDITORS' REPORT
To the Partners
Lakeridge Apartments of Eufaula, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Lakeridge Apartments of
Eufaula, Ltd., FMHA Project No: 01- 0030592933800, as of December 31, 1993 and
1992, 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 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 Lakeridge Apartments of
Eufaula, Ltd., as of December 31, 1993 and 1992, 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 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.
Panama City, Florida
February 1, 1994
<PAGE>
DIXON, ODOM & CO.,L.L.P.
Certified Public Accountants
INDEPENDENT AUDITORS REPORT
To the Partners
Rockmoor Associates of Banner Elk
Raleigh, North Carolina
We have audited the accompanying balance sheets of Rockmoor Associates of
Banner Elk W(a limited partnership) as of December 31, 1994 and 1993 and the
related statements of operations, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility of the
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 Rockmoor Associates of Banner
Elk as of December 31, 1994 and 1993, and the results of Its operations and
its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on page
I 1 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 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 whole.
January 20, 1995
A Member of
Moores
Rowland
International
1829 Eastchester Drive
P.O. Box 2646
High Point, NC 27261-2646
910-889-5156, Fax 910-889-6168
A Worldwide Association of Independent Accounting Firms <PAGE>
DAVID C. MOJA, C.P.A., PC
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the General Partners of
Turner Lane Limited Partnership
We have audited the accompanying balance sheets of Turner Lane Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1993 and
December 31, 1992, 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 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 Turner Lane Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1993 and
December 31, 1992, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in
the table of contents is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly presented in all material respects
in relation to the basic financial statements taken as a whole.
David C. Moja, C.P.A, P.C.
March 3, 1994
Savannah, Georgia
<PAGE>
CASEY, MENDEN & CO., P.A.
Certified Public Accountants
8000 Town Line Avenue South, Suite 202
Bloomington, Minnesota 55438-1000
(612) 946-7900
(612) 946-7901 FAX
Michael A. Casey, CPA
John F. Menden, CPA
Douglas J. Faust, CPA
John C. Nelson, CPA
Donald G. Langewisch, CPA
Janet E. Casey,
Paula M. Meidl,
Stephen J. Devries,
Michael A. Casey, Jr.
Debra K. Campbell
Jennifer A. Caspers
MEMBERS
- --------
Minnesota Society of Certified Public Accountants
American Institute of Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To The Partners
RPI Limited Partnership #22
St. Paul, Minnesota
We have audited the accompanying balance sheets of RPI Limited Partnership #22
as of December 31, 1994 and 1993, and the related statements of operations,
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States and OMB Circular A-128, "Audits of State and Local
Governments." Those standards and OMB Circular A-128 require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements ar free of material misstatement. An audit includes examining, on
test basis, evidence supporting the amount and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
<PAGE>
CASEY, MENDEN & CO., P.A.
Page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of RPI Limited Partnership #22
as of December 31, 1994 and 1993, and the results of its operations, changes
in partners' equity (deficit) and cash flows for the years then ended in
conformity with generally accepted accounting principles.
The supplemental information on pages 9 through 15 are not a required part of
the basic financial statements of RPI Limited Partnership #22 but is
supplemental information required by the Minnesota Housing Finance
Administration. We have applied certain limited procedures, which consisted
principally of inquiries of partnership management regarding the methods of
measurement and presentation of the supplemental information. However, we did
not audit the supplemental information and express no opinion on it.
January 23, 1995
<PAGE>
CASEY, MENDEN & CO., P.A.
Certified Public Accountants
8000 Town Line Avenue South, Suite 202
Bloomington, Minnesota 55438-1000
(612) 946-7900
(612) 946-7901 FAX
Michael A. Casey, CPA
John F. Menden, CPA
Douglas J. Faust, CPA
John C. Nelson, CPA
Donald G. Langewisch, CPA
Janet E. Casey,
Paula M. Meidl,
Stephen J. Devries,
Michael A. Casey, Jr.
Debra K. Campbell
Anne J. Krumm
MEMBERS
- --------
Minnesota Society of Certified Public Accountants
American Institute of Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To The Partners
RPI Limited Partnership #22
St. Paul, Minnesota
We have audited the accompanying balance sheets of RPI Limited Partnership #22
as of December 31, 1995 and 1994, and the related statements of operations,
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States and OMB Circular A-128, "Audits of State and Local
Governments." Those standards and OMB Circular A-128 require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements ar free of material misstatement. An audit includes examining, on
test basis, evidence supporting the amount and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
<PAGE>
CASEY, MENDEN & CO., P.A.
Page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of RPI Limited Partnership #22
as of December 31, 1995 and 1994, and the results of its operations, changes
in partners' equity (deficit) and cash flows for the years then ended in
conformity with generally accepted accounting principles.
The supplemental information on pages 10 through 17 are not a required part of
the basic financial statements of RPI Limited Partnership #22 but is
supplemental information required by the Minnesota Housing Finance
Administration. We have applied certain limited procedures, which consisted
principally of inquiries of partnership management regarding the methods of
measurement and presentation of the supplemental information. However, we did
not audit the supplemental information and express no opinion on it.
January 19, 1996
<PAGE>
BURKE & REA
Certified Public Accountants
Edward T. Burke, CPA
Bernard E. Rea, CPA
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
We have audited the accompanying balance sheets of Nye County Associates (A
California Limited Partnership), FmHA Case No: 33-019-680192750, as of
December 31, 1995 and 1994 and the related statements of income, partners'
equity and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Nye County Associates (A
California Limited Partnership) as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated March 8, 1996 on our consideration of Nye County Associates' internal
control structure and a report dated March 8, 1996 on its compliance with laws
and regulations.
Stockton, California
March 8, 1996
P.O. BOX 4632
STOCKTON, CA 95204
TELEPHONE 209/933-9133
FAX 209/933-9115
<PAGE>
CASEY, MENDEN & CO., P.A.
Certified Public Accountants
8000 Town Line Avenue South, Suite 202
Bloomington, Minnesota 55438-1000
(612) 946-7900
(612) 946-7901 FAX
Michael A. Casey, CPA
John F. Menden, CPA
Douglas J. Faust, CPA
John C. Nelson, CPA
Donald G. Langewisch, CPA
Janet E. Casey,
Paula M. Meidl,
Stephen J. Devries,
Michael A. Casey, Jr.
Debra K. Campbell
Anne J. Krumm
MEMBERS
- --------
Minnesota Society of Certified Public Accountants
American Institute of Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To The Partners
RPI Limited Partnership #22
St. Paul, Minnesota
We have audited the accompanying balance sheets of RPI Limited Partnership #22
as of December 31, 1995 and 1994, and the related statements of operations,
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States and OMB Circular A-128, "Audits of State and Local
Governments." Those standards and OMB Circular A-128 require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements ar free of material misstatement. An audit includes examining, on
test basis, evidence supporting the amount and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
<PAGE>
CASEY, MENDEN & CO., P.A.
Page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of RPI Limited Partnership #22
as of December 31, 1995 and 1994, and the results of its operations, changes
in partners' equity (deficit) and cash flows for the years then ended in
conformity with generally accepted accounting principles.
The supplemental information on pages 9 through 15 are not a required part of
the basic financial statements of RPI Limited Partnership #22 but is
supplemental information required by the Minnesota Housing Finance
Administration. We have applied certain limited procedures, which consisted
principally of inquiries of partnership management regarding the methods of
measurement and presentation of the supplemental information. However, we did
not audit the supplemental information and express no opinion on it.
January 23, 1995
<PAGE>
CASEY, MENDEN & CO., P.A.
Certified Public Accountants
8000 Town Line Avenue South, Suite 202
Bloomington, Minnesota 55438-1000
(612) 946-7900
(612) 946-7901 FAX
Michael A. Casey, CPA
John F. Menden, CPA
Douglas J. Faust, CPA
John C. Nelson, CPA
Donald G. Langewisch, CPA
Janet E. Casey,
Paula M. Meidl,
Stephen J. Devries,
Michael A. Casey, Jr.
Debra K. Campbell
Anne J. Krumm
MEMBERS
- --------
Minnesota Society of Certified Public Accountants
American Institute of Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To The Partners
RPI Limited Partnership #22
St. Paul, Minnesota
We have audited the accompanying balance sheets of RPI Limited Partnership #22
as of December 31, 1994 and 1993, and the related statements of operations,
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States and OMB Circular A-128, "Audits of State and Local
Governments." Those standards and OMB Circular A-128 require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements ar free of material misstatement. An audit includes examining, on
test basis, evidence supporting the amount and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
<PAGE>
CASEY, MENDEN & CO., P.A.
Page 2
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of RPI Limited Partnership #22
as of December 31, 1994 and 1993, and the results of its operations, changes
in partners' equity (deficit) and cash flows for the years then ended in
conformity with generally accepted accounting principles.
The supplemental information on pages 9 through 15 are not a required part of
the basic financial statements of RPI Limited Partnership #22 but is
supplemental information required by the Minnesota Housing Finance
Administration. We have applied certain limited procedures, which consisted
principally of inquiries of partnership management regarding the methods of
measurement and presentation of the supplemental information. However, we did
not audit the supplemental information and express no opinion on it.
January 23, 1995
<PAGE>
STEWART AND KERR, PA
Certified Public Accountant
6817 Falls of Neuse Road, Suite 106
Raleigh, north Carolina 27615
Robert F. Stewart
Duncan J. Kerr
Jayne D. Jungen
Stanley I. Hofmeister
Member
American Institute of Certified Public Accountants
North Carolina Association of Certified Public Accountants
INDEPENDENT AUDITORS' REPORT ON THE FINANCIAL STATEMENT
We have audited the accompanying balance sheet of Hunters Park Limited
Partnership, as of December 31, 1995, 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 these financial statements
based on our audit. the financial statements of Hunters Park Limited
Partnership as of December 31, 1994 were audited by other auditors whose
report dated January 12, 1995, expressed an unqualified opinion on those
statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hunters Park Limited
Partnership as of December 31, 1995, and the results of its operations, and
its cash flows for the year ended, in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 31, 1996 on our consideration of Hunters Park Limited
Partnership's internal control structure and a report dated January 31, 1996
on its compliance with laws and regulations.
<PAGE>
STEWART AND KERR, PA
Certified Public Accountant
Page 2
Our audit was conducted for the purpose of forming an opinion on the 1995
financial statements taken as a whole. The accompanying information on pages
11 - 12 is presented for the purposes of additional analysis and is not a
required part of the financial statements of Hunters Park Limited Partnership.
Such 1995 information has been subjected to the auditing procedures applied in
the audit of the 1995 financial statements and, in our opinion, is fairly
presented in all material respects in relation to the 1995 financial
statements taken as a whole.
Stewart and Kerr, PA
Raleigh, North Carolina
January 31, 1996
<PAGE>
BEALL & COMPANY, PLC
CERTIFIED PUBUC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
Ada Village Apartments, Ltd.
(A Limited Partnership)
Inola, Oklahoma
We have audited the accompanying balance sheets of Ada Village Apartments,
Ltd. (A Limited Partnership), FMHA Project No: 42-062731398133 as of December
31, 1995 and 1994, and the related statements of operations, partners'
capital and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Ada Village Apartments, Ltd.,
as of December 31, 1995 and 1994, 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.
In accordance with Government Auditing Standards, we have also issued a report
dated January 12, 1996, on our consideration of Ada Village Apartments
internal control structure and a report dated January 12, 1996, on its
compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on
pages 15 through 19 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. The information
presented on pages 15 and 16 excludes fees allocated to property and
equipment relating to partnership syndication amounts, and as such does not
present financial position in conformity with generally accepted accounting
principles. Such information has been subjected to the auditing procedures
applied in the audits of the basic financial statements and in our opinion,
except for the effects of excluding the items described above, is fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
<PAGE>
BEALL & COMPANY, PLC
Certified Public Accountants
Fort Smith, Arkansas
January 12, 1996
<PAGE>
BEALL & COMPANY, PLC
CERTIFIED PUBUC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
Ada Village Apartments, Ltd.
(A Limited Partnership)
Inola, Oklahoma
We have audited the accompanying balance sheet of Ada Village Apartments, Ltd.
(A Limited Partnership), FMHA Project No: 42-062-731398133 as of December 31,
1993 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 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 Ada Village Apartments, Ltd.
at December 31, 1993, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
BEALL & com
Certified Public Accountants
Fort Smith, Arkansas
February 3, 1994
<PAGE>
March 11, 1996
LITTLE, SHANEYFELT & CO.
CERTIFIED PUBLIC ACCOUNTANTS
1501 N. UNIVERSITY, SUITE 300
LITTLE ROCK ARKANSAS 72207-5232
TELEPHONE (501) 666-2879
INDEPENDENT AUDITOR'S REPORT
To the Partners
Beckwood Manor Six Limited Partnership
We have audited the accompanying balance sheets of Beckwood Manor Six Limited
Partnership, FMHA Project No. 03-048-0710677265 (the Partnership), as of
December 31, 1995 and 1994, and the related statements of profit (loss),
changes in 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 Beckwood Manor Six Limited
Partnership as of December 31, 1995 and 1994, and its results of operations,
changes in partners, equity (deficit), and 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 March 11, 1996, on our consideration of the Partnership's internal
control structure and a report dated March 11, 1996 on its compliance with
laws, regulations, contracts and grants.
Little, Shaneyfelt & Co.
<PAGE>
WILLIAM JEFFERSON COLE,C.P.A.
WILLIAM PETERSON,C.P A.
CAROL T. BARNES, C.P.A.
C. WILLIAM GERARDY,JR.,C.P.A.
BARRY S. SHIPP,C.P.A.
STEVEN W. HEDGEPETH,C.P.A.
STEVEN R. BAYER,C.P A.
GWENDOLYN H.HARJU,C.P.A
TIMOTHY R. DURR,C.P.A.
R. STEPHEN TiLLEY,C.P.A.
BAILEY S. BAYNHAM, C.P.A.
JOMN A. CASKEY,C.P.A.
ROBERT A. BUSBY,C.P.A.
DEBORAH N. SHIVERS,C.P.A.
JUDY E. MONCRIEF,C.P.A.
ANNE-MARIE COLE CAIN,C.P.A.
TIMOTHY W. BORST,C.P.A.
RAYNELLE H.THOMPSON,C.P.A.
BRENDA BISHOP LEACH,C.P.A.
MARY WELLS CARMODY,C.P.A.
ERIC D. SMITH, C.P.A.
PETER R. MOORE,C.P.A.
COLE, EVANS & PETERSON
M.ALTON EVANS,JR.,C.P.A.
PARTNER EMERITUS
FIFTH FLOOR TRAVIS PLACE
POST OFFICE DRAWER 1768
SHREVEPORT, LOUISIANA 71166-1768
TELEPHONE (318) 222-8367
January 22, 1996
TELECOPIER(318) 425-4101
COLE, EVANS & PETERSON
M.ALTON EVANS,JR.,C.P.A.
PARTNER EMERITUS
INDEPENDENT AUDITORS' REPORT
To the Partners
Blanchard Seniors Apartments II,
A Limited Partnership
Mansfield, Louisiana
Page 1
<PAGE>
Cole, Evans & Petterson
Page 2
We have audited the accompanying balance sheets of Blanchard Seniors
Apartments II, A Limited Partnership at December 31, 1995 and December 31,
1994, and the related statements of income, 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 Blanchard Seniors Apartments
11, A Limited Partnership at December 31, 1995 and December 31, 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Cole, Evans & Peterson
<PAGE>
OSCAR N. HARRIS & ASSOCIATES, C.P.A.
OSCAR N. HARRIS, C.P.A.
SHERRY S. JOHNSON, C.P.A.
E. MILTON, C.P.A.
CERTIFIED PUBLIC ACCOUNTANTS
MARLA L. TART, C.P.A.
DARLENE LANGSTON, C.P.A..
CONNIE P. STANCIL, C.P.A.
MEMBERS:
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
NORTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of
Brantwood Lane Limited Partnership
Charlotte, North Carolina
We have audited the balance sheets of Brantwood Lane Limited Partnership as of
December 31, 1995 and 1994, and the related statements of partners' capital,
income, 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, Government Auditing Standards (1988 Revision) issued by the
Comptroller General of the United States, and the audit programs provided by
the U.S. Department of Agriculture-Farmers Home Administration (December 1989
Revision) issued by the Office of Inspector General. 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 Brantwood Lane Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Page 1
<PAGE>
Oscar N. Harris & Associates
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. Schedules I'll' and 11211 on pages 12
and 13 are 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.
Certified Public Accountants
February 14, 1996
100 EAST CUMBERLAND STREET, P.O. BOX 578, DUNN, N.C. (910) 892-1021 FAX (910)
892-6084
<PAGE>
C R I S P
H U G H E S
& CO., LLP.
Independent Auditors' Report
TO The Partners
Breckenridge Apartments, Limited Partnership
We have audited the accompanying balance sheets of Breckenridge Apartments,
Limited Partnership as of December 31, 1995 and 1994, and the related
statements of operations, changes in partners' capital and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, and with Governmental Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free 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 Breckenridge Apartments,
Limited Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated March 1, 1996 on our consideration of Breckenridge Apartments, Limited
Partnership's internal control structure and a report dated March 1, 1996 on
its compliance with laws and regulations.
March 1, 1996
1 Creekview Court P.O. Box 25849 o Greenville, South Carolina 29616 * (864)
288-5544 * FAX (864) 458-8519
Other Offices.- Asheville, Boone, Burnsville, Charlotte, Durham, Syh% NC
Member of The American Institute of Certified Public Accountants, The
continental Association of CPA Firms. Inc.,
The Intercontinental Accounting Associates and The North Carolina and South
Carolina Associations of CPAs
<PAGE>
C R I S P
H U G H E S
& CO., L.L.P.
Independent Auditors' Report
To The Partners
Breckenridge Apartments, Limited Partnership
We have audited the accompanying balance sheets of Breckenridge Apartments,
Limited Partnership as of December 31, 1994 and 1993, and the related
statements of operations, changes in partners' capital and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, and 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 Breckenridge Apartments,
Limited Partnership as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
January 25, 1995
I Creekview Court P.O. Box 25849 Greenville, South Carolina 29616 (864)
288-5544 FAX (864) 458-8519
Other Offices.-Asheville,Boone,Burnsville,Charlotte,Durham Sylva,NC member of
The American institute of Certified Public Accountants, The Continental
Association of CPA Firms,inc.,
The Intercontinental Accounting Associates and The North Carolina and South
Carolina Associates of CPA's
<PAGE>
EDMUND A. RESTIVO, JR. LTD.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners
Carleton Court Limited Partnership
Boston, MA
I have audited the accompanying balance sheets of Carleton Court Limited
Partnership as of December 31, 1994 and 1993, and the related statements of
operations, changes in partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of Carleton Court
Limited 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 audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my 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 Carleton Court Limited
Partnership as of December 31, 1994 and 1993, and the results of its
operations, changes in partners' equity and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
My audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information included
in the report (shown on pages 14 to 24) is presented for purposes of
additional analysis and is not a required part of the basic financial
statements of Carleton Court Limited Partnership. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in my opinion, is fairly stated, in all material
respects, in relation to the financial statements taken as a whole.
February 8, 1995
The Wilcox Building
Penthouse Suite
42 Weybosset Street
Providence, Rhode Island 02903
Telephone 401-331-0210
Fax 401421-6799
<PAGE>
GRAHAM CARTER
&JENNINGS,PLC
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Diane B. Carter
Independent Auditor's Report
To the Partners
Carriage Run Limited Partnership
We have audited the accompanying balance sheets of Carriage Run Limited
Partnership (a Virginia limited partnership), FMHA Project No.:
54-049-621449686, as of December 31, 1995 and 1994, and the related statements
of operations, partners' capital and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership' s
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Carriage Run Limited
Partnership, FMHA Project No.: 54-049621449686, as of December 31, 1995 and
1994, and the results of its operations, the changes in partners, capital and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Page 1
<PAGE>
Graham Carter
& Jennings, PLC
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 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.
February 26, 1996
601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia 23606 (804)
873-0767 Fax (804) 873-6938
<PAGE>
DIXON, ODOM & CO. L.L.P
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Cedarwood Apartments Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheets of Cedarwood Apartments
Limited Partnership as of December 31, 1995 and 1994 and the related
statements of operations, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the 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 Cedarwood Apartments United
Partnership as of December 31, 1995 and 1994, and the results of Its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 11, 1996 on our consideration of Cedarwood Apartments Limited
Partnership's internal control structure and a report dated January 11, 1996
on its compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on pages
11 and 12 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the audit procedures applied in the 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 whole.
January 11, 1996
Page 1
<PAGE>
Dixon, Odom & Co., L.L.P.
Page 2
A Member of
Moores
Rowland
International
A Worldwide Association
of Independent Accounting Firms
1829 Eastchester Drive
P.O. Box 2646
High Point, NC 27261-2646
910-889-5156, Fax 910-889-6168
<PAGE>
<PAGE>
LAURIE A. LEE
CERTIFIED PUBLIC ACCOUNTANT
5446 BIRCHBROOK COURT
LAS VEGAS, NEVADA 89120
TELEPHONE: (702) 456-2162
INDEPENDENT AUDITORS REPORT
To the Partners of
Chaparral Associates:
I have audited the balance sheets of Chaparral Associates, a Limited
Partnership (the "Partnership") as of December 31, 1995 and 1994, and the
related statements of operations, partners' capital, and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. 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 audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my 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 the Partnership as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, I have also issued a report
dated February 14, 1996 on my consideration of the Partnership's internal
control structure and a report dated February 14, 1996 on its compliance with
laws and regulations.
Page 1
<PAGE>
Laurie A. Lee
Page 2
The accompanying supplementary information (beginning on page 10) is presented
for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in my
opinion, is fairly stated in all material respects in relation to the
financial statements taken as a whole.
February 14, 1996
MEMBER: AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS AND NEVADA
SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
COLE, EVANS & PETERSON
CERTIFIED PUBLIC ACCOUNTANTS
M.ALTON EVANS.JR..C.P.A.
PARTNER EMERITUS
WILLIAM JEFFERSON COLE, C.P.A. A.
WILLIAM PETERSON.C.P.A.
CAROL T. BARNES, C.P.A. A.
C. WILLIAM GERARDY JR..C.P. A.
BARRY S. SHIPP, C. P.A.
STEVEN W. HEDGEPETH, C.P A.
STEVEN R. BAYER, C.P.A.
GWENDOLYN H. HARJU, C.P.A.
TIMOTHY R. DURR, C.P.A. R.
STEPHEN TILLEY, C.P.A.
BAILEY B. BAYNHAM, C. P. A.
JOHN A. CASKEY, C.P.A.
ROBERT A. BUSBY. C.P.A.
DEBORAH N. SHIVERS, C.P.A.
JUDY C. MONCRIEF, C.P.A.
ANNE-MARIE COLE CAIN.C.P.A.
TIMOTHY W. BORST, C. P.A.
RAYNELLE H. THOMPSON, C.P.A.
BRENDA BISHOP LEACH,C.P.A.
MARY WELLS CARMODY,C.P.A.
ERIC 0. SMITH, C.P.A.
PETER R. MOORE,C.P. A.
DAVID W. BULLOCK,C.P.A.
FIFTH FLOOR TRAVIS PLACE
POST OFFICE DRAWER 1768
SHREVEPORT, LOUISIANA 71166-1768
TELEPHONE (318) 222-6367
January 12, 1996
TELECOPIER (318) 425-4101
INDEPENDENT AUDITORS' REPORT
To the Partners
Colorado City Seniors,
A Limited Partnership
Mansfield, Louisiana
We have audited the accompanying balance sheets of Colorado City Seniors, A
Limited Partnership at December 31, 1995 and December 31, 1994, and the
related statements of income, 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 onthese
financial statements based on our audit.
<PAGE>
Cole, Evans & Peterson
Page 2
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 Colorado City Seniors, A
Limited Partnership at December 31, 1995 and December 31, 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Cole, Evans & Peterson
<PAGE>
COLE, EVANS & PETERSON
CERTIFIED PUBLIC ACCOUNTANTS
FIFTH FLOOR TRAVIS PLACE
POST OFFICE DRAWER 1768
SHREVEPORT, LOUISIANA 71166-1768
TELEPHONE (318) 222-8367
TELECOPIER (318) 425-4101
WILLIAM JEFFERSON COLE, C.P.A.
A.WILLIAM PETERSON, C.P.A.
CAROL T. BARNES, C.P.A.
C. WILLIAM GERARDY JR., C.P. A.
BARRY S. SHIPP, C. P. A,
STEVEN W. HEDGEPETH, C.P.A.
STEVEN R. BAYER, C.P.A.
GWENDOLYN H. HARJU, C.P.A.
TIMOTHY R. DURR, C.P.A.
R. STEPHEN TILLEY, C. P. A.
BAILEY B. BAYNHAM, C.P.A.
JOHN A. CASKEY, C.P.A.
ROBERT A. BUSBY, C.P.A.
DEBORAH N. SHIVERS,C.P.A.
JUDY E. MONCRIEF, C.P.A.
ANNE-MARIE COLE CAIN,C.P.A.
TIMOTHY W. BORST.C.P.A.
RAYNELLE H.THOMPSON,C.P.A.
BRENDA BISHOP LEACH,C.P.A.
MARY WELLS CARMOOY,C.P.A.
ERIC D. SMITH, C.P.A.
PETER R. MOORE,C.P. A.
M.ALTON EVANS,JR.,C.P.A.
PARTNER EMERITUS
January 25, 1996
INDEPENDENT AUDITORS' REPORT
To the Partners
Cottonwood Apartment II,
A Limited Partnership
Mansfield, Louisiana
We have audited the accompanying balance sheets of Cottonwood Apartments II, A
Limited Partnership at December 31, 1995 and December 31, 1994, and the
related statements of income, 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.
<PAGE>
Cole, Evans & Peterson
Page 2
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 in the first paragraph
above present fairly, in all material respects, the financial position of
Cottonwood Apartments II, A Limited Partnership at December 31, 1995 and
December 31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Cole, Evans & Peterson
<PAGE>
BEALL & COMPANY, PLC
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
Davis Village Apartments, Ltd.
(A Limited Partnership)
Inola, Oklahoma
We have audited the accompanying balance sheets of Davis Village Apartments,
Ltd. (A Limited Partnership), FMHA Project No: 42-050-731398137 as of December
31, 1995 and 1994, and the related statements of operations, partners' capital
and cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Davis Village Apartments,
Ltd. at December 31, 1995 and 1994, 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.
In accordance with Government Auditing Standards, we have also issued a report
dated January 11, 1996, on our consideration of Davis Village Apartments,
Ltd.'s internal control structure and a report dated January 11, 1996, on its
compliance with laws and regulations.
Page 1
<PAGE>
Beall & Company, PLC
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on pages
15 through 19 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. The information presented on
pages 15 and 16 excludes fees allocated to property and equipment relating to
partnership syndication amounts, and as such does not present financial
position in conformity with generally accepted accounting principles. Such
information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and in our opinion, except for the
effects of excluding the items described above, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
BEALL & COMPANY, PLC
Certified Public Accountants
Fort Smith, Arkansas
January 11, 1996
<PAGE>
BEALL & COMPANY, PLC
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
Davis Village Apartments, Ltd.
(A Limited Partnership)
Inola, Oklahoma
We have audited the accompanying balance sheet of Davis Village Apartments,
Ltd. (A Limited Partnership), FMHA Project No: 42-050-731398137 as of December
31, 1993 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 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 Davis Village Apartments,
Ltd. at December 31, 1993, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
BEALL & COMPANY
Certified Public Accountants
Fort Smith, Arkansas
February 12, 1994
<PAGE>
C R I S P
H U G H E S
& CO., L.L.P
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
Independent Auditors' Report
To The Partners
Devenwood Apartments, A Limited Partnership
We have audited the accompanying balance sheets of Devenwood Apartments, A
Limited Partnership as of December 31, 1995 and 1994, and the related
statements of operations, changes in partners' capital and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, and 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 Devenwood Apartments, A
Limited Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
January 12, 1996
1 Creekview Court P.O. Box 25849 * Greenville, South Carolina 29616 *
(864) 288-5544 FAX (864) 458-8519
Other Offices: Asheville, Boone, Burnsville, Charlotte, Durham, Sylva, NC
Member of:
The American lnstitute of Certified Public Accountants, The Continental
Association of CPA Firms, Inc.
The Intercontinental Accounting Association and The North Carolina and South
Carolina Associations of CPAs
<PAGE>
BEALL & COMPANY, PLC
CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITORS, REPORT
Duncan Village Apartments, Ltd.
(A Limited Partnership)
Inola, Oklahoma
We have audited the accompanying balance sheets of Duncan Village Apartments,
Ltd. (A Limited Partnership), FMHA Project No: 42-069-731398138, as of
December 31, 1995 and 1994 and the related statements of operations, partners'
capital and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Duncan Village Apartments,
Ltd. at December 31, 1995 and 1994, 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.
In accordance with Government Auditing Standards, we have also issued a report
dated January 12, 1996 on our consideration of Duncan Village Apartments,
Ltd.'s internal control structure and a report dated January 12, 1996 on its
compliance with laws and regulations.
Page 1
<PAGE>
Beall & Company, PLC
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on pages
14 through 18 is presented for purpose of additional analysis and is not a
required part of the basic financial statements. The information presented on
pages 14 and 15 excludes fees allocated to property and equipment relating to
partnership syndication amounts, and as such, does not present financial
position in conformity with generally accepted accounting principles. Such
information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, except for the
effect of excluding the items described above, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
<PAGE>
<PAGE>
BEALL & COMPANY, PLC
Certified Public Accountants
Fort Smith, Arkansas
January 12, 1996
BEALL & COMPANY, PLC
CERTIFIED PUBUC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
Duncan Village Apartments, Ltd.
(A Limited Partnership)
Inola, Oklahoma
We have audited the accompanying balance sheet of Duncan Village Apartments,
Ltd. (A Limited Partnership), FMHA Project No: 42-069-731398138 as of December
31, 1993 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 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 Duncan Village Apartments,
Ltd. at December 31, 1993, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
BEALL & COMPANY, PLC
Certified Public Accountants
Fort Smith, Arkansas
February 7, 1994
<PAGE>
DAVID G. PELLICCIONE C.P.A., P.C.
POST OFFICE BOX 1
SAVANNAH, GEORGIA 31402
DELIVERY ADDRESS
202 EAST UBERTY STREET
TELEPHONE (912) 234-1999
SAVANNAH, GEORGIA 31401
FAX (912) 234-0139
MEMBER OF
AMERICAN INSTITUTE OF CPAs
INDEPENDENT AUDITORS' REPORT
To The Partners,
Edison Village Limited Partnership
We have audited the accompanying balance sheets of EDISON VILLAGE LIMITED
PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the
related statement of operations, changes in 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 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 EDISON VILLAGE LIMITED
PARTNERSHIP as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming and opinion on the basic
financial statements of EDISON VILLAGE LIMITED PARTNERSHIP taken as a whole.
The accompanying financial information listed as supplementary data in the
table of contents is presented for purposes of additional analysis as required
by Farmers Home Administration. The information in these schedules 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 of EDISON VILLAGE LIMITED
PARTNERSHIP, taken as a whole.
Savannah, Georgia
February 24, 1995
<PAGE>
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 20, 1996
INDEPENDENT AUDITORS''S REPORT
Partners
EXCELSIOR SPRINGS PROPERTIES, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
David C. Moja, C.P.A., PC
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Four Oaks Limited Partnership
We have audited the accompanying balance sheets of Four Oaks Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and. the related statements of operations, partners, equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the - Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. -An audit includes 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 Four Oaks Limited Partnership
(a Georgia Limited Partnership) as of December 31, 1995 and December 31, 1994,
and the results of its operations and its cash flows for the years then ended
in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The additional information
listed in the table of contents is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information, except for the portion marked "unaudited", on which
we express no opinion, has been subjected to the procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly
presented in all material respects in to the basic financial statements taken
as a whole.
David C. Moja, C.P.A., P.C. .
March 11, 1996
Savannah, Georgia
<PAGE>
McGEE & Associates, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners
Franklin Vista III, Ltd.
and Rural Economic Community Development
We have audited the accompanying balance sheets of Franklin Vista, III, Ltd.
(a limited partnership) as of December 31, 1995 and 1994, and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of 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 Franklin Vista III, Ltd. as
of December 31, 1995 and 1994, and the results of its operations and the
changes in partners' equity and cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 19, 1996, on our consideration of the Partnership's internal
control structure and a report dated January 19, 1996, on its compliance with
laws and regulations.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental information included in the
report is presented for purposes of additional analysis and is not a required
part of the financial statements of Franklin Vista III, Ltd. Such information
has been subjected to the auditing procedures applied in the audit of the
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a whole.
January 19, 1996
Farmington, New Mexico
<PAGE>
REGARDIE, BROOKS & LEWIS
CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
JEROME P. LEWIS CPA
JESSE A. KAISER, CPA
NATHAN J. ROSEN, CPA
PAUL J. GNATT, CPA
CELSO T. MATAAC, JR, CPA
PHILIP R. BAKER, CPA
DOUGLAS A. DOWLING, CPA
DAVID A. BROOKS, CPA CONSULTANT
BENJAMIN A. BROOKS, CPA (1897-1973)
7101 WISCONDIN AVENUE - BETHESDA, MARYLAND 20814
TEL (301) 654-9000
FAX (301) 656-3056
February 16, 1996
To the Partners
Friendship Village Limited Partnership
Bethesda, Maryland
We have audited the accompanying balance sheets of Friendship Village
Limited Partnership as of December 31, 1995 and 1994, and the related
statements of income, partnership 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 eval-
uating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
Page 1
<PAGE>
REGARDIE, BROOKS & LEWIS
Page 2
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial Position of Friendship Village Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Certified Public Accountants
<PAGE>
NOVOGRADAC & COMPANY LLP
CERTIFIED PUBLIC ACCOUNTANTS
ATLANTA
LOS ANGELES
PORTLAND
SAN FRANCISCO
MICHAEL J. NOVOAGRADAC
RICHARD B HUTCHINS
JONE E. KRABRENSCHMIDT
HARRY ABRAM
WALTER C. McGILL,JR.
SCOTT J. HUBBARD
STEPHEN B.TRACY
Report of Independent Auditors
To the General Partner
Glenhaven Park Partners, A California Limited Partnership
We have audited the accompanying balance sheet of Glenhaven Park Partners, A
California Limited Partnership as of December 31, 1995, and the related
statements of operations, changes in partners' capital and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Glenhaven Park Partners, A
California Limited Partnership as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
February 16, 1996
425 MARKET STREET 7TH FLOOR SAN FRANCISCO CALIFORNIA 94105 TELEPHONE (415)
356-8000 FACSIMILE (415) 356-8001
<PAGE>
NOVOGRADAC & COMPANY LLP
CERTIFIED PUBLIC ACCOUNTANTS
ATLANTA
LOS ANGELES
PORTLAND
SAN FRANCISCO
MICHAEL J. NOVOAGRADAC
RICHARD B HUTCHINS
JONE E. KRABRENSCHMIDT
HARRY ABRAM
WALTER C. McGILL,JR.
SCOTT J. HUBBARD
STEPHEN B.TRACY
Report of Independent Auditors
To the General Partner
Haven Park Partners II, A California Limited Partnership
We have audited the accompanying balance sheet of Haven Park Partners II A
California Limited Partnership as of December 31, 1995, and the related
statements of operations, changes in partners' capital and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. . An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Haven Park Partners II, A
California Limited Partnership as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
February 16, 996
425 MARKET STREET 7TH FLOOR SAN FRANCISCO CALIFORNIA 94105 TELEPHONE (415)
356-8000 FACSIMILE (415) 356-8001
<PAGE>
NOVOGRADAC & COMPANY LLP
CERTIFIED PUBLIC ACCOUNTANTS
ATLANTA
LOS ANGELES
PORTLAND
SAN FRANCISCO
MICHAEL J. NOVOAGRADAC
RICHARD B HUTCHINS
JONE E. KRABRENSCHMIDT
HARRY ABRAM
WALTER C. McGILL,JR.
SCOTT J. HUBBARD
STEPHEN B.TRACY
Report of Independent Auditors
To the General Partner
Haven Park Partners III, A California Limited Partnership
We have audited the accompanying balance sheet of Haven Park Partners III, A
California Limited Partnership as of December 31, 1995, and the related
statements of operations, changes in partners' capital and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Haven Park Partners III, A
California Limited Partnership as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
February 16, 1996
425 MARKET STREET 7TH FLOOR SAN FRANCISCO CALIFORNIA 94105 TELEPHONE (415)
356-8000 FACSIMILE (415) 356-8001
<PAGE>
NOVOGRADAC & COMPANY LLP
CERTIFIED PUBLIC ACCOUNTANTS
ATLANTA
LOS ANGELES
PORTLAND
SAN FRANCISCO
MICHAEL J. NOVOAGRADAC
RICHARD B HUTCHINS
JONE E. KRABRENSCHMIDT
HARRY ABRAM
WALTER C. McG]LL,JR.
SCOTT J. HUBBARD
STEPHEN B.TRACY
Report of Independent Auditors
To the General Partner
Haven Park Partners IV, A California Limited Partnership
We have audited the accompanying balance sheet of Haven Park Partners IV, A
California Limited Partnership as of December 31, 1995, and the related
statements of operations, changes in partners' capital and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion the financial statements referred to above present fairly, in
all material respects, the financial position of Haven Park Partners IV, A
California Limited Partnership as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
February 16, 1996
425 MARKET STREET 7TH FLOOR SAN FRANCISCO CALIFORNIA 94105 TELEPHONE (415)
356-8000 FACSIMILE (415) 356-8001
<PAGE>
John C. Gautreau, II, CPA*
J. Curt Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
A Professional Accounting Corporation
Certified Public Accountants
Independent Auditors' Report
To the Partners of
Hessmer Village Partnership
We have audited the accompanying balance sheets of Hessmer Village Partnership
(A Louisiana Partnership in Commendam) as of December 31, 1995 and 1994, and
the related statements of operations, changes in partners, capital and cash
flows for the years then ended. These financial statements are the respond-
sibility 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 Hessmer Village
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 12, 1996 on our consideration of Hessmer village
Partnership's internal control structure and a report dated February 12, 1996
on its compliance with laws and regulations.
Certified Public Accountants
Baton Rouge, Louisiana
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton Rouge, Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
David C. Moja, C.P.A.
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Hillmont Village Limited Partnership
We have audited the accompanying balance sheets of Hillmont Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the related statements of operations, partners, equity
(deficit) and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes 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 Hillmont Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in
the table of contents is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly presented in all material respects
in the basic financial statements taken as a whole.
David C. Moja, C.P.A., P.C.
March 11, 1996
Savannah, Georgia
<PAGE>
COLE, EVANS & PETERSON
CERTIFIED PUBLIC ACCOUNTANTS
FIFTH FLOOR TRAVIS PLACE
POST OFFICE DRAWER 1768
SHREVEPORT, LOUISIANA 71166-1768
TELEPHONE (318) 222-8367
TELECOPIER (318) 425-4101
WILLIAM JEFFERSON COLE, C.P.A.
WILLIAM PETERSON.C.P.A.
CAROL T. BARNES, C.P.A.
C. WILLIAM GERARDY,JR.,C.P.A.
BARRY S. SHIPP, C.P.A.
STEVEN W. HEDGEPETH, C.P.A.
STEVEN R. BAYER, C.P.A.
GWENDOLYN H. HARJU, C.P.A.
TIMOTHY R. DURR, C.P.A. R.
STEPHEN TILLEY, C.P.A.
BAILEY B. BAYNHAM, C.P.A.
JOHN A. CASKEY, C. P. A.
ROBERT A. BUSBY. C.P.A.
DEBORAH N. SHIVERS.C.P.A.
JUDY E. MONCRIEF. C.P.A.
ANNE-MARIE COLE CAIN, C.P.A.
TIMOTHY W. BORST, C.P.A.
RAYNELLE H.THOMPSON,C.P.A.
BRENDA BISHOP LEACH,C.P.A.
MARY WELLS CARMODY,C.P.A.
ERIC D. SMITH. C.P.A.
PETER R. MOORE,C.P. A.
January 17, 1996
INDEPENDENT AUDITORS' REPORT
To the Partners
Hughes Springs Seniors Apartments,
A Limited Partnership
Mansfield, Louisiana
We have audited the accompanying balance sheets of Hughes Springs Seniors
Apartments, A Limited Partnership at December 31, 1995 and December 31, 1994,
and the related statements of income, 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.
Page 1<PAGE>
Cole, Evans & Peterson
Page 2
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
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 Hughes Springs Seniors
Apartments, A Limited Partnership at December 31, 1995 and December 31, 1994,
and the results of its operations and its cash flows for the years then ended
in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 17, 1996 on our consideration of Hughes Springs Seniors
Apartment's internal control structure and a report dated January 17, 1996 on
its compliance with laws and regulations.
Cole, Evans & Peterson
<PAGE>
GRAHAM CARTER & JENNINGS, P.C..
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Diane B. Carter
Independent Auditor'S Report
To the Partners
Jarratt Limited Partnership
We have audited the accompanying balance sheets of Jarratt Limited Partnership
(a Virginia limited partnership), FMHA Project No.: 55-014-541507373, as of
December 31, 1995 and 1994, and the related statements of operations,
partners, capital and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Jarratt Limited Partnership,
FMHA Project No. : 55-014-541507373, as of December 31, 1995 and 1994, and the
results of its operations, the changes in partners' capital and cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Page 1
<PAGE>
Graham Carter
& Jennings, PLC
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 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.
601 Thimble Shoals Boulevard
Suite 201 Newport News, Virginia 23606
(804) 873-0767 Fax (804) 873-6938
February 26, 1996
<PAGE>
CARTER & JENNINGS, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
Jack G. Jennings
Michael J. Carter
11832-B Canon Boulevard
Newport News, Virginia 23606
(804) 873-0767 Facsimile (804) 873-0874
Independent Auditor's Report
To the Partners
Jarratt Limited Partnership
We have audited the accompanying balance sheets of Jarratt Limited Partnership
(a Virginia limited partnership), FMHA Project No.: 55-014-541507373, as of
December 31, 1994 and 1993, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Jarratt Limited Partnership,
FMHA Project No.: 55-014- 541507373, as of December 31, 1994 and 1993, and the
results of its operations, the changes in partners' capital and cash flows
for the years then ended in conformity with generally accepted accounting
principles.
PAGE 1 OF 2
<PAGE>
CARTER & JENNINGS, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 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.
Newport News, VIRGINIA
February 3, 1995
PAGE 2 OF 2
<PAGE>
THOERNER & TOMA
CERTIFIED PUBLIC ACCOUNTANTS
17762 MITCHELL NORTH - SUITE D
IRVINE CA 92714-6802
TEL (714) 863-9900
FAX (714) 863-9926
INDEPENDENT AUDITORS' REPORT
To the Partners
La Gema Del Barrio,
A California Limited Partnership
We have audited the accompanying balance sheets of La Gema Del Barrio, a
California Limited Partnership, as of December 31, 1995 and 1994, and the
related statements of operations, partners' equity (deficit) and cash flows
for the years then ended. These financial statements are the responsibility
of the partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
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 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 La Gema Del Barrio, A
California Limited Partnership, as of December 31, 1995 and 1994, and the
results of its operations, the changes in partners, equity (deficit) and cash
flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page 6
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.
April 4, 1996
<PAGE>
PLANTE & MORAN,LLP
1111 Michigan Avenue
P.O. Box 2500
East Lansing, Michigan 48826-2500
Certified Public Accountants
Management Consultants
517-332-6200
FAX 517-332-8502
Independent Auditor's Report
To the Partners
Lakeview Meadows Limited
Dividend Housing Association
Limited Partnership
We have audited the accompanying balance sheet of Lakeview Meadows Limited
Dividend Housing Association Limited Partnership (a Michigan limited
partnership), MSHDA Development No. 874, as of December 31, 1995 and 1994,
and the related statements of profit and loss, 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. 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 Lakeview Meadows Limited
Dividend Housing Association Limited Partnership as of December 3 1, 1995 and
1994, and its profit and loss, partners' equity, and its cash flows for the
years then ended, in conformity with generally accepted accounting principles.
Page 1 of 2
<PAGE>
Plante & Morgan, LLP
Page 2 of 2
In accordance with Government Auditing Standards, we have also issued a report
dated January 15, 1996, on our consideration of the Partnership's internal
control structure and a report dated January 15, 1996, on its compliance with
laws and regulations.
January 15, 1996
A member of
Moores
Rowland
International
A association of independent accounting firms
<PAGE>
THE GAUTREAU GROUP, LLC
CERTIFIED PUBLIC ACCOUNTANTS
John C. Gautreau, II, CPA*
J.Curt Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
*A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Marion Manor Partnership
We have audited the accompanying balance sheets of Marion Manor Partnership (A
Louisiana Partnership in Commendam) as of December 31, 1995 and 1994, and the
related statements of operations, changes in 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 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 Marion Manor Partnership
as of December 31, 1995 and 1994, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 12, 1996 on our consideration of Marion Manor
Partnership's internal control structure and a report dated February 12, 1996
on its compliance with laws and regulations.
Certified Public Accountants
Baton Rouge, Louisiana
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton Rouge, Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
HM&R P.C
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners
Montague Place Limited Partnership
Lansing, Michigan
We have audited the accompanying balance sheets of Montague Place Limited
Partnership (a Michigan limited partnership), FMHA Project. No.
26-079-0382937919 as of December 31, 1995 and 1994, and the related statements
of operations, partners' equity and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government 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 Montague Place Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
Our audit was performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
11 to 20 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. This information has been
ubjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, the information is fairly stated in
all material respects in relation to the basic financial statements taken as a
whole.
Henderson, Miller & Robbins, P.C.
Lansing, Michigan
February 19, 1996
HENDERSON, MILLER & ROBBINS, P.C.. 1375 S. WASHINGTON AVE. LANSING, MI 48910
(517) 372-6565 fax (517) 372-6571
<PAGE>
LAURIE A. LEE
CERTIFIED PUBLIC ACCOUNTANT
5446 BIRCHBROOK COURT
LAS VEGAS, NEVADA 89120
TELEPHONE: (702) 456-2162
INDEPENDENT AUDITORS REPORT
To the Partners of
Navapai Associates:
I have audited the balance sheets of Navapai Associates, a Limited Partnership
(the "Partnership") as of December 31, 1995 and 1994, and the related
statements of operations, partners' capital, and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. 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 audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my 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 the Partnership as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, I have also issued a report
dated February 14, 1996 on my consideration of the Partnership's internal
control structure and a report dated February 14, 1996 on its compliance with
laws and regulations.
Page 1 of 2
<PAGE>
Laurie A. Lee
Page 2 0f 2
The accompanying supplementary information (beginning on page 10) is presented
for purposes of additional analysis and is not a required partof the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in my
opinion, is fairly stated in all material respects in relation to the
financial statements taken as a whole.
February 14, 1996
MEMBER: AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS AND
NEVADA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
THE GAUTREAU GROUP, LLC
CERTIFIED PUBLIC ACCOUNTANTS
John C. Gautreau, II, CPA*
J. Curt Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
*A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Newellton Place Partnership
We have audited the accompanying balance sheets of Newellton Place Partnership
(A Louisiana Partnership in Commendam) as of December 31, 1995 and 1994,
and the related statements of operations, changes in 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 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 Newellton Place Partnership
as of December 31, 1995 and 1994, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 12, 1996 on our consideration of Newellton Place Partnership's
internal control structure and a report dated February 12, 1996 on its
compliance with laws and regulations.
Certified Public Accountants
Baton Rouge, Louisiana
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton Rouge, Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
David C. Moja, C.P.A., PC
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Oakland Village Limited Partnership
We have audited the accompanying balance sheets of Oakland Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the related statements of operations, partners' equity
(deficit) and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit 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 Oakland Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in
the table of contents is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly presented in all material
respects in ion to the basic financial statements taken as a whole.
David C. Moja, C.P.A.
March 12, 1996
Savannah, Georgia
<PAGE>
BEALL & COMPANY, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
Okemah Village Apartments, Ltd.
(A Limited Partnership)
Inola, Oklahoma
We have audited the accompanying balance sheets of okemah Village Apartments,
Ltd. (A Limited Partnership), FMHA Project No: 42-054-731398143 as of December
31, 1995 and 1994, and the related statements of operations, partners'
capital, and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Okemah Village Apartments,
Ltd. at December 31, 1995 and 1994, and the results of its operations, changes
in partners' capital and 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 12, 1996 on our consideration of Okemah Village Apartments,
Ltd.'s internal control structure and a report dated January 12, 1996 on its
compliance with laws and regulations.
Page 1 0f 2
<PAGE>
Beall & Company, PLC
Page 2 of 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on pages
14 through 18 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. The information presented on
pages 14 and 15 excludes fees allocated to property and equipment relating to
partnership syndication amounts, and as such does not present financial
position in conformity with generally accepted accounting principles. Such
information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and in our opinion, except for the
effects of excluding the items described above, is fairly stated in
allmaterial respects in relation to the basic financial statements taken as a
whole.
BEALL & COMPANY, P.C.
Certified Public Accountants
Fort Smith, Arkansas
January 12, 1996
<PAGE>
BEALL & COMPANY, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
Okemah Village Apartments, Ltd.
(A Limited Partnership)
Inola, Oklahoma
We have audited the accompanying balance sheet of Okemah Village Apartments,
Ltd. (A Limited Partnership), FMHA Project No: 42-054731398143 as of December
31, 1993 and the related statements of operations, partners' capital
(deficit), and cash flows for the year then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audit.
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 Okemah Village Apartments,
Ltd. at December 31, 1993, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
BEALL & COMPANY, P.C.
Certified Public Accountants
Fort Smith, Arkansas
February 2, 1994
<PAGE>
DIAXON ODOM & CO.,L.L.P
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Pine Ridge Elderly Apartments Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheets of Pine Ridge Elderly
Apartments Limited Partnership as of December 31, 1995 and 1994 and the
related statements of operations, partners' equity (deficit), and cash flows
for the years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit Includes examining, on a test basis, evidence
supporting the amounts and disclosures In the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Pine Ridge Elderly Apartments
Limited Partnership as of December 31, 1995 and 1994 and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on page
10 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 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 whole.
A Member of
Moores
Rowland
A worldwide Association
of Independent Accounting Firms
1829 Eastchester Drive P.O. Box 2646 High Point, NC 27261-2646 910-889-5156,
Fax 910-889-6168
<PAGE>
Bob T. Robinson
Certified Public Accountant
2084 Dunbarton Drive
Jackson, Mississippi 39216
(601) 982-3875
To the Partners
Scott Partners, A Louisiana Partnership in Commendam
Independent Auditor's Report
I have audited the accompanying balance sheet of Scott Partners, A Louisiana
Partnership in Commendam as of December 31, 1995 and 1994, and the related
statements of operations, partners' equity (deficit) and cash flows for 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. Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my 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 Scott Partners, A Louisiana
Partnership in Commendam as of December 31, 1995 and 1994, and the results
of its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental 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 audits of the basis financial statements
and, in my opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Jackson, Mississippi
March 13, 1996
Page 1
<PAGE>
Bob T. Robinson
Certified Public Accountant
(601) 982-3875
2084 Dunbarton Drive
Jackson. Mississippi 39216
To the partners
Scott Partners, A Louisiana Partnership in Commendam
Independent Auditor's Report
I have audited the accompanying balance sheet of Scott Partners, A Louisiana
Partnership in Commendam as of December 31, 1993 and 1992, 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. 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. Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my 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 Scott Partners, A Louisiana
Partnership in Commendam as of December 31, 1993 and 1992, and the results of
its operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental 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 audits of the basis financial statements
and, in my opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Jackson, Mississippi
February 15, 1994
<PAGE>
HOWE AND ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 28, 1996
INDEPENDENT AUDFTOR'S REPORT
Partners
SMITHVILLE PROPERTIES, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Governmental Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
BCC
Braunsdorf, Carlson and Clinkinbeard
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL Association
990 SW Fairlawn, Topeka, Kansas 66606-2384 * 913 272-3176
FAX 913 272-2903
DAVID L. BRAUNSDOPF. CPA
GARY D.BASOM. CPA
GERRY F. CARLSON. CPA
MARGE S. CARLSONON. CPA
STEVE CLINKINBEARD. CPA
DOUGLAS W. GLENN, CPA
DAVID N. ALLISON. CPA
ROYCE C JANSSEN. CPA
MICHEAL E. RUHLMAN. CPA
CHERYL J.PAGE. CPA
D. THAD SULLIVAN. CPA
DENISE J.PETERSON. CPA
KIRK W. WIESNER. CPA
MICHAEL D.SCHIRMER. CPA
JAMES R. SHOWALTER. CPA
EDWARD D. FENTON. PRINICPAL
DOUGLAS K. STACKEN. ISC
INDEPENDENT AUDITORS' REPORT
To the Partners
Sioux Falls Housing Associates One Limited Partnership
We have audited the accompanying balance sheets of Sioux Falls Housing One
Limited Partnership as of December 31, 1993 and 1992, and the related
statements of operations, partners' equity, and cash flows for the year ended
December 31, 1993 and for the period from May 6, 1992 (date of inception)
through December 31, 1992. 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 f financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
Page 1 of 2
<PAGE>
Braunsdorf, Carlson and Clinkinbeard
Certified Public Accountants
A Professional Association
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Sioux Falls Housing One
Limited Partnership as of December 31, 1993 and 1992, and the results of its
operations and its cash flows for the periods 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
I-13 - I-14 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 audit 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.
Braunsdorf, Carlson and Clinkinbeard, CPA'S, P.A.
Topeka, Kansas
January 27, 1994
97423A
Members of the American Institute of Certified Public Accountants
Harcourt Brace Professional Publishing CPA Digest 50 Award 1993 - 1992 - 1991
page 2 of 2
<PAGE>
FRIEDMAN & FULLER, PC
Certified Public Accountants
Management Consultants
FF Profitable Ideas for Growing Businesses
2400 Research Boulevard
Suite 250
Rockville, Maryland
20850-3243
Telephone (301) 921-8000
FAX (301)921-4700
Email: info@ffgroup,com
URL: http://www.ffgroup.com
INDEPENDENT AUDITOR'S REPORT
To the Partners
Stanardsville Village
Limited Partnership
FMHA No. 54-048-0541523939
North Main Street
Stanardsville, Virginia 22973
We have audited the accompanying balance sheets of Stanardsville Village
Limited Partnership, FMHA No. 54-048-0541523939 as of December 31, 1995 and
1994, and the related statements of operations, partners' capital
(deficiency), 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 Stanardsville Village Limited
Partnership, FMHA No. 54-048-0541523939 as of December 31, 1995 and 1994, and
the results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Page 1 of 2
<PAGE>
Friedman & Fuller, PC
Certified Public Accountants
Management Consultants
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. 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.
February 2, 1996
Page 2 of 2
<PAGE>
David C. Moja, C.P.A., PC
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Summer Lane Limited Partnership
We have audited the accompanying balance sheets of Summer Lane Limited
Partnership (a Georgia Limited Partnership) as of, December 31, 1995 and
December 31, 1994, and the related statements of operations, partners, equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes 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 Summer Lane Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December.31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a' whole. The additional information listed in
the table of contents is presented for purposes of additional analysis and
is not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied in the audits of the basic financial
statements and, in inion, is fairly presented in all material respects in on
to the basic financial statements taken as a whole.
DAVID C. MOJA, C.P.A., P.C
March 11, 1996
Savannah, Georgia
<PAGE>
GRAHAM CARTER & JENNINGS, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Diane B. Carter
Independent Auditor's Report
To the Partners
Victoria Limited Partnership
We have audited the accompanying balance sheets of Victoria Limited
Partnership (a Virginia limited partnership) , FMHA Project No. : 54-067-
541518059, as of December 31, 1995 and 1994, and the related statements of
operations, partners' capital and cash flows for 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 Victoria Limited Partnership,
FMHA Project No.: 54-067-541518059, as of December 31, 1995 and 1994, and the
results of its operations, the changes in partners, capital and cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 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.
February 26, 1996
601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia 23606
(804) 873-0767 Fax (804) 873-6938
<PAGE>
CARTER & JENNINGS, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
Jack G. Jennings
Michael J. Carter
11832-B Canon Boulevard
Newport News, Virginia 23606
(804) 873-0767
Facsimile (804) 873-0874
Independent Auditor's Report
To the Partners
Victoria Limited Partnership
We have audited the accompanying balance sheets of Victoria Limited
Partnership (a Virginia limited partnership), FMHA Project No.:
54-067-541518059, as of December 31, 1994 and 1993, and the related statements
of operations, partners' capital and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Victoria Limited Partnership,
FMHA Project No.: 54-067- 541518059, as of December 31, 1994 and 1993, and the
results of its operations, the changes in partners' capital and cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 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.
Newport News, Virginia
February 3, 1995
<PAGE>
MCMILLAN, PATE & KING, L.L.P.
CERTIFIED PUBLIC ACCOUNTANTS
615 OBERLIN ROAD, SUITE 200
RALEIGH, NC 27605
INDEPENDENT AUDITORS' REPORT
Partners
Village Terrace Limited Partnership
We have audited the balance sheet of Village Terrace Limited Partnership as of
December 31, 1995 and the related statements of operations, partners' capital,
and cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit. The
financial statements of Village Terrace Limited Partnership as of December 31,
1994, were audited by other auditors who have ceased operations and whose
report dated February 13, 1995, expressed an unqualified opinion on those
statements.
McMillan, Pate & Robertson, Certified Public Accountants, a North Carolina
partnership, ceased business operations on February 29, 1996. In accordance
with North Carolina General Statutes and the North Carolina Accountancy Rules,
the Company directed its records to be transferred to McMillan, Pate & King,
L.L.P., which commenced business operations on March 1, 1996. Incomplete
accounting and tax services of McMillan, Pate & Robertson are being completed
by McMillan, Pate & King, L.L.P.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Village Terrace Limited
Partnership as of December 31, 1995 and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page 9
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.
February 2, 1996
and March 1, 1996
<PAGE>
JAMES KNUTZEN & ASSOCIATES, C.P.A.'s, PA
SUITE 230
3100 UNIVERSITY BOULEVARD SOUTH
JACKSONVILLE, FLORIDA 32216
(904) 725-5832 FAX (904) 727-6835
MEMBER OF AMERICAN AND
FLORIDA CERTIFIED PUBLIC ACCOUNTANTS
James Knutzen, C.P.A., M.B.A
Christina F. Gibson.C.P.A.
Raju Iyer. C.P.A
Gregory Korn. C.P.A.
Todd Middlemas. C.P.A.
Wilson Trammell, C.P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of
Wildwood Terrace, Ltd.
We have audited the accompanying balance sheets of Wildwood Terrace, Ltd. (a
Florida Limited Partnership), FMHA Project No.: 09-060-0593009334, as of
December 31, 1994 and 1993 and the related statements of operations, partners'
capital and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Wildwood Terrace, Ltd. (a
Florida Limited Partnership) as of December 31, 1994 and 1993, and the results
of its operations, partners' capital, and cash flows for the years then ended,
in conformity with generally accepted accounting principles.
Page 1 of 2
<PAGE>
James Knutzen & Associates
C.P.A.'s, P.A.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information on pages 15
- - 18 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.
JAMES KNUTZEN & ASSOCIATES, C.P.A'S P.A
JACKSONVILLE, FLORIDA
FEBRUARY 9, 1995
Page 2 of 2
<PAGE>
STIENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Woodfield Commons Limited Partnership
We have audited the accompanying balance sheets of Woodfleld Commons Limited
Partnership as of December 31, 1995 and 1994, and the related statements of
operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the 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 Woodfield Commons Limited
Partnership, as of December 31, 1995 and 1994, and the results of its
operations, changes in partners' equity, and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 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.
CERTIFIED PUBLIC ACCOUNTANTS
January 17, 1996
2411 N.HILLCREST PARKWAY, P.O. BOX 810, EAST CLAIRE, W 54702-0810 * PHONE
(715) 832-3425 * FAX (715) 832-1665
<PAGE>
MAHONEY ULBRICH CHRISTIANSEN RUSS P.A
MEMBERS
American Institute of Certified Accountants
Minnesota Society of Certified Public Accountants
Suite 800 Capital Center
386 North Wabasha
Saint Paul, Minnesota 55102
Telephone 612-227-6695
Facsimile 612-227-9796
To the Partners
Zinsmaster Limited Partnership
Minneapolis, Minnesota
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheets of Zinsmaster Limited
Partnership (FMHA Project No. 88-R-029) as of December 31, 1995 and 1994, and
the related statements of operations, partners' capital and cash flows, for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Zinsmaster Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
11 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 24, 1996
<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800
Fax No. (810) 626-2276
ELY TAMA, CPA*
JEFFREY F. BUDAJ, CPA
- ----------------------
BARTON A. LOWN, CPA
EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA
JONATHON M. SHELDON, CPA
JOHN W. WEIPERT, CPA
* Also Licensed in Florida And South Carolina
MEMBERS
- -------
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MICHIGAN ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
SOUTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners of
Rosewood Manor, Ltd.
We have audited the accompanying balance sheet of ROSEWOOD MANOR, LTD. as of
December 31, 1993, and the related statements of operations, changes
in partners' capital (deficit) and cash flows - project operations for the
year then ended. These financial statements are the responsibility of the
general partner and management of the partnership. Our responsibility is to
express an opinion on these financial statements based on our audit. The
financial statements of ROSEWOOD MANOR, LTD. as of December 31, 1992, were
audited by other auditors whose report darted February 5, 1993, expressed an
unqualified opinion on those statements.
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.
Page 1
<PAGE>
TAMA AND BUDAJ, P.C.
Page 2
In our opinion, the financial statements referred to above present fairly in
all material respects, the financial position of ROSEWOOD MANOR, LTD., as of
December 31, 1993, and the results of its operations and its cash
flows for the year then ended.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting data on pages 10
through 13 inclusive has been subjected to the auditing procedures applied in
the examination 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 whole.
We have also reviewed internal accounting controls and compliance with laws
and regulations and have rendered our reports thereon on pages 14 through 16.
TAMA AND BUDAJ, P C.
Farmington Hills, Michigan
February 9, 1994
<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800
Fax No. (810) 626-2276
ELY TAMA, CPA*
JEFFREY F. BUDAJ, CPA
- ----------------------
BARTON A. LOWN, CPA
EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA
JONATHON M. SHELDON, CPA
JOHN W. WEIPERT, CPA
* Also Licensed in Florida And South Carolina
MEMBERS
- -------
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MICHIGAN ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
SOUTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners of
Rosewood Manor, Ltd.
We have audited the accompanying balance sheet of ROSEWOOD MANOR, LTD. as of
December 31, 1995 and 1994, and the related statements of operations, changes
in partners' equity (deficit) and cash flows - project operations for the
year then ended. These financial statements are the responsibility of the
general partner and management of the partnership. 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 ROSEWOOD MANOR, LTD., as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
<PAGE>
TAMA AND BUDAJ, P.C.
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting data on pages 10
through 17 inclusive has been subjected to the auditing procedures applied in
the examination 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 whole.
We have also reviewed internal accounting controls and compliance with laws
and regulations and have rendered our reports thereon on pages 18 through 20.
TAMA AND BUDAJ, P C.
Farmington Hills, Michigan
February 9, 1996
<PAGE>
J. MARC HILL
CERTIFIED PUBLIC ACCOUNTANT
12700 PRESTON ROAD, SUITE 185
DALLAS, TEXAS 75230
June 9, 1995
To the Partners of
One Northridge Limited Partnership
INDEPENDENT AUDITOR'S REPORT LETTER
- -----------------------------------
I have audited the accompanying balance sheets of One Northridge Limited
Partnership as of December 31, 1994 and 1993, and the related statements of
operations, cash flows and partners' equity (deficit) 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 audit.
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of One Northridge Limited
Partnership as of December 31, 1994 and 1993 and the results of operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information included is for
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in my opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
J. Marc Hill
Certified Public Accountant
<PAGE>
J. MARC HILL
CERTIFIED PUBLIC ACCOUNTANT
12700 PRESTON ROAD, SUITE 185
DALLAS, TEXAS 75230
April 8, 1996
To the Partners of
One Northridge Limited Partnership
INDEPENDENT AUDITOR'S REPORT LETTER
- -----------------------------------
I have audited the accompanying balance sheets of One Northridge Limited
Partnership as of December 31, 1995 and 1994, and the related statements of
operations, cash flows and partners' equity (deficit) 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 audit.
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
or my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of One Northridge Limited
Partnership as of December 31, 1995 and 1994 and the results of operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information included is for
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in my opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
J. Marc Hill
Certified Public Accountant
<PAGE>
SADLER & LEBOWITZ
Certified Public Accountants
3000 Marcus Avenue
Lake Success, N.Y. 11042
516-352-0400
Fax 516-352-0494
MEMBERS
- -------
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
NEW YORK SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
Robert B. Lebowitz, CPA
Melvin R. Sadler, CPA
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
Bridge Coalition Limited Partnership
We have audited the balance sheet of Bridge Coalition Limited Partnership as
of December 31, 1993, and the related statements of operations, partners'
equity (deficit) and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit. The financial statements of Bridge Coalition Limited Partnership
as of December 31, 1992, were audited by other auditors whose report, dated
February 8, 1993, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the 1993 financial statements referred to above present fairly
in all material respects, the financial position of Bridge Coalition Limited
Partnership as of December 31, 1993 and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
Lake Success, New York
February 2, 1994
<PAGE>
SADLER & LEBOWITZ
Certified Public Accountants
3000 Marcus Avenue
Lake Success, N.Y. 11042
516-352-0400
Fax 516-352-0494
MEMBERS
- -------
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
NEW YORK SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
Robert B. Lebowitz, CPA
Melvin R. Sadler, CPA
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
Bridge Coalition Limited Partnership
We have audited the balance sheet of Bridge Coalition Limited Partnership as
of December 31, 1995 and 1994, 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 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 Bridge Coalition Limited
Partnership as of December 31, 1995 and 1994 and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
Lake Success, New York
May 1, 1996
<PAGE>
STEWART And KERR, PA
Certified Public Accountants
6817 Falls of Neuse Road, Suite 106
Raleigh, North Carolina 27615
(919) 676-3115
Fax (919) 676-3866
MEMBER
- ------
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
NORTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS
- --------------------------------------------------------
To the Partners
St. Barnabas Ridge Limited Partnership
d/b/a Snow Hill Ridge Apartments
Raleigh, North Carolina
We have audited the accompanying balance sheets of St. Barnabas Ridge Limited
Partnership d/b/a Snow Hill Ridge Apartments, as of December 31, 1995, and the
related statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit. The financial statements of
St. Barnabas Ridge Limited Partnership d/b/a Snow Hill Ridge Apartments as of
December 31, 1994 were audited by other auditors whose report dated January
24, 1995, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis or our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of St. Barnabas Ridge Limited
Partnership d/b/a Snow Hill Ridge Apartments as of December 31, 1995, and the
results of its operations, and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
Page 1
<PAGE>
STEWART AND KERR, PA
Page 2
In accordance with Government Auditing Standards, we have also issued a report
dated February 11, 1996 on our consideration of St. Barnabas Ridge Limited
Partnership d/b/a Snow Hill Ridge Apartments internal control structure and a
report dated February 11, 1996 on its compliance with laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the 1995
financial statements taken as a whole. The accompanying information on Pages
11-12 is presented for the purposes of additional analysis and is not a
required part of the financial statements of St. Barnabas Ridge Limited
Partnership d/b/a Snow Hill Ridge Apartments. Such 1995 information has been
subjected to the auditing procedures applied in the audit of the 1995
financial statements and, in our opinion, is fairly presented in all material
respects in relation to the 1995 financial statements taken as a whole.
Raleigh, North Carolina
February 11, 1996
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
BALANCE SHEETS
March 31, 1996 and 1995
Total
-----------------------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes B and D) $80,065,183 $93,408,771
OTHER ASSETS
Cash and cash equivalents (note E) 1,862,286 2,298,689
Notes receivable (note F) 1,168,584 1,168,584
Deferred acquisition costs, net of accumulated
amortization (notes A and C) 1,286,884 1,168,917
Organization costs, net of
accumulated amortization (note A) 9,828 71,097
Other 1,093,447 1,485,331
---------- ----------
$85,486,212 $99,601,389
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 14,877 $ 65,708
Accounts payable - affiliates (note B) 9,118,716 6,575,076
Capital contributions payable (note C) 1,920,536 2,749,586
---------- ----------
11,054,129 9,390,370
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 20,000,000 authorized
beneficial assignee certificates (BAC),
$10 stated value, 18,679,738 issued and
outstanding to the assignees at March 31,
1996 and 1995 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 18,679,738 issued and
outstanding at March 31, 1996 and 1995 75,304,476 90,925,623
General Partner (872,393) (714,604)
---------- ----------
74,432,083 90,211,019
---------- ----------
$85,486,212 $99,601,389
========== ==========
(continued)
F-5<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 7
--------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes B and D) $2,897,708 $3,767,285
OTHER ASSETS
Cash and cash equivalents (note E) 4,874 14,044
Notes receivable (note F) - -
Deferred acquisition costs, net of
accumulated amortization (notes A and C) - -
Organization costs, net of
accumulated amortization (note A) - -
Other 16,450 16,450
--------- ---------
$2,919,032 $3,797,779
========= =========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Accounts payable - affiliates (note B) 590,023 467,938
Capital contributions payable (note C) - -
--------- ---------
590,023 467,938
--------- ---------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 20,000,000 authorized
beneficial assignee certificates (BAC),
$10 stated value, 1,036,100 issued and
outstanding to the assignees at March 31,
1996 and 1995 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 1,036,100 issued and
outstanding at March 31, 1996 and 1995 2,395,645 3,386,469
General Partner (66,636) (56,628)
--------- ---------
2,329,009 3,329,841
--------- ---------
$2,919,032 $3,797,779
========= =========
(continued)
F-6<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 9
--------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes B and D) $15,204,634 $18,039,825
OTHER ASSETS
Cash and cash equivalents (note E) 658,264 712,489
Notes receivable (note H) - -
Deferred acquisition costs, net of accumulated
amortization (notes A and C) 23,052 -
Organization costs, net of
accumulated amortization (note A) - -
Other 12,351 98,012
---------- ----------
$15,898,301 $18,850,326
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Accounts payable - affiliates (note B) 2,306,757 1,722,093
Capital contributions payable (note C) 99,610 255,673
---------- ----------
2,406,367 1,977,766
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 20,000,000 authorized
beneficial assignee certificates (BAC),
$10 stated value, 4,178,029 issued and
outstanding to the assignees at March 31,
1996 and 1995 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 4,178,029 issued and
outstanding at March 31, 1996 and 1995 13,717,355 17,064,175
General Partner (225,421) (191,615)
---------- ----------
13,491,934 16,872,560
---------- ----------
$15,898,301 $18,850,326
========== ==========
(continued)
F-7<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 10
---------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes B and D) $10,398,970 $11,920,883
OTHER ASSETS
Cash and cash equivalents (note E) 152,625 183,187
Notes receivable (note F) - -
Deferred acquisition costs, net of accumulated
amortization (notes A and C) 91,197 -
Organization costs, net of
accumulated amortization (note A) - 6,966
Other 38,979 39,248
---------- ----------
$10,681,771 $12,150,284
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Accounts payable - affiliates (note B) 1,628,452 1,257,048
Capital contributions payable (note C) - 10,014
---------- ----------
1,628,452 1,267,062
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 20,000,000 authorized
beneficial assignee certificates (BAC),
$10 stated value, 2,428,925 issued and
outstanding to the assignees at March 31,
1996 and 1995 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 2,428,925 issued and
outstanding at March 31, 1996 and 1995 9,173,599 10,985,203
General Partner (120,280) (101,981)
---------- ----------
9,053,319 10,883,222
---------- ----------
$10,681,771 $12,150,284
========== ==========
(continued)
F-8<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 11
---------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes B and D) $10,593,335 $12,364,385
OTHER ASSETS
Cash and cash equivalents (note E) 233,619 147,072
Notes receivable (note F) - -
Deferred acquisition costs, net of accumulated
amortization (notes A and C) 46,224 -
Organization costs, net of
accumulated amortization (note A) - 8,365
Other 35,844 24,398
---------- ----------
$10,909,022 $12,544,220
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Accounts payable - affiliates (note B) 974,392 648,713
Capital contributions payable (note C) 27,528 27,528
---------- ----------
1,001,920 676,241
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 20,000,000 authorized
beneficial assignee certificates (BAC),
$10 stated value, 2,489,599 issued and
outstanding to the assignees at March 31,
1996 and 1995 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 2,489,599 issued and
outstanding at March 31, 1996 and 1995 10,022,716 11,963,984
General Partner (115,614) (96,005)
---------- ----------
9,907,102 11,867,979
---------- ----------
$10,909,022 $12,544,220
========== ==========
(continued)
F-9<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 12
---------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes B and D) $13,899,593 $16,087,796
OTHER ASSETS
Cash and cash equivalents (note E) 167,568 195,421
Notes receivable (note F) - -
Deferred acquisition costs, net of accumulated
amortization (notes A and C) 352,896 366,212
Organization costs, net of
accumulated amortization (note A) - 6,626
Other 52,141 44,452
---------- ----------
$14,472,198 $16,700,507
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Accounts payable - affiliates (note B) 1,245,117 861,848
Capital contributions payable (note C) 87,835 87,835
---------- ----------
1,332,952 949,683
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 20,000,000 authorized
beneficial assignee certificates (BAC),
$10 stated value, 2,972,795 issued and
outstanding to the assignees at March 31,
1996 and 1995 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 2,972,795 issued and
outstanding at March 31, 1996 and 1995 13,265,112 15,850,574
General Partner (125,866) (99,750)
---------- ----------
13,139,246 15,750,824
---------- ----------
$14,472,198 $16,700,507
========== ==========
(continued)
F-10<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 14
---------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes B and D) $27,070,943 $31,228,597
OTHER ASSETS
Cash and cash equivalents (note E) 645,336 1,046,476
Notes receivable (note F) 1,168,584 1,168,584
Deferred acquisition costs, net of accumulated
amortization (notes A and C) 773,515 802,705
Organization costs, net of
accumulated amortization (note A) 9,828 49,140
Other 937,682 1,262,771
---------- ----------
$30,605,888 $35,558,273
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 14,877 $ 65,708
Accounts payable - affiliates (note B) 2,373,975 1,617,436
Capital contributions payable (note C) 1,705,563 2,368,536
---------- ----------
4,094,415 4,051,680
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 20,000,000 authorized
beneficial assignee certificates (BAC),
$10 stated value, 5,574,290 issued and
outstanding to the assignees at March 31,
1996 and 1995 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 5,574,290 issued and
outstanding at March 31, 1996 and 1995 26,730,049 31,675,218
General Partner (218,576) (168,625)
---------- ----------
26,511,473 31,506,593
---------- ----------
$30,605,888 $35,558,273
========== ==========
See notes to financial statements
F-11<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF OPERATIONS
Years ended March 31, 1996, 1995 and 1994
Total
-------------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 65,468 $ 72,623 $ 371,989
Miscellaneous income - 6,100 13,326
---------- ----------- -----------
65,468 78,723 385,315
---------- ----------- -----------
Share of losses from operating
limited partnerships (12,992,069) (14,053,018) (15,080,553)
---------- ----------- -----------
Expenses
Professional fees 221,999 216,816 221,775
Partnership management fee
(note B) 2,356,546 2,296,779 2,282,405
Amortization (note A) 109,832 117,259 138,350
General and administrative
expenses (note B) 163,958 245,194 378,790
---------- ----------- -----------
2,852,335 2,876,048 3,021,320
---------- ----------- -----------
NET LOSS $(15,778,936)$(16,850,343)$(17,716,558)
========== =========== ===========
Net loss allocated to general
partner $ (157,789)$ (168,503)$ (177,166)
=========== =========== ===========
Net loss allocated to assignees $(15,621,147)$(16,681,840)$(17,539,392)
=========== =========== ===========
Net loss per BAC $ (.84)$ (.89)$ (.94)
========== =========== ===========
(continued)
F-12<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 7
-----------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 216 $ 429 $ 50,364
Miscellaneous income - 650 650
--------- -------- ----------
216 1,079 51,014
--------- -------- ----------
Share of losses from operating
limited partnerships (867,319) (839,141) (1,386,162)
--------- -------- ----------
Expenses
Professional fees 19,823 18,723 7,968
Partnership management fee
(note B) 107,256 108,653 109,457
Amortization (note A) - 3,133 7,567
General and administrative
expenses (note B) 6,650 11,644 12,555
--------- -------- ----------
133,729 142,153 137,547
--------- -------- ----------
NET LOSS $1,000,832 $(980,215) $(1,472,695)
========= ======== ==========
Net loss allocated to general
partner $ (10,008) $ (9,802) $ (14,727)
========= ======== ==========
Net loss allocated to assignees $ (990,824) $(970,413) $(1,457,968)
========= ======== ==========
Net loss per BAC $ (.96) $ (.94) $ (1.41)
========= ======== ==========
(continued)
F-13<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 9
------------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 25,217 $ 12,715 $ 84,014
Miscellaneous income - 1,150 3,150
---------- ---------- ----------
25,217 13,865 87,164
---------- ---------- ----------
Share of losses from operating
limited partnerships (2,777,350) (3,302,891) (3,094,592)
---------- ---------- ----------
Expenses
Professional fees 35,155 37,350 37,147
Partnership management fee
(note B) 560,971 544,340 521,108
Amortization (note A) 870 14,858 29,715
General and administrative
expenses (note B) 31,497 49,687 61,293
---------- ---------- ----------
628,493 646,235 649,263
---------- ---------- ----------
NET LOSS $(3,380,626) $(3,935,261) $(3,656,691)
========== ========== ==========
Net loss allocated to general
partner $ (33,806) $ (39,353) $ (36,567)
========== ========== ==========
Net loss allocated to assignees $(3,346,820) $(3,895,908) $(3,620,124)
========== ========== ==========
Net loss per BAC $ (.80) $ (.93) $ (.87)
========== ========== ==========
(continued)
F-14<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 10
------------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 4,445 $ 4,067 $ 44,447
Miscellaneous income - 950 2,063
--------- ---------- ----------
4,445 5,017 46,510
--------- ---------- ----------
Share of losses from operating
limited partnerships (1,426,332) (1,631,850) (1,714,242)
--------- ---------- ----------
Expenses
Professional fees 30,562 31,623 32,811
Partnership management fee
(note B) 343,505 322,413 335,618
Amortization (note A) 10,407 16,717 16,717
General and administrative
expenses (note B) 23,542 37,434 47,895
--------- ---------- ----------
408,016 408,187 433,041
--------- ---------- ----------
NET LOSS $(1,829,903) $(2,035,020) $(2,100,773)
========== ========== ==========
Net loss allocated to general
partner $ (18,299) $ (20,350) $ (21,008)
========== ========== ==========
Net loss allocated to assignees $(1,811,604) $(2,014,670) $(2,079,765)
========== ========== ==========
Net loss per BAC $ (.75) $ (.83) $ (.86)
========== ========== ==========
(continued)
F-15<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 11
-----------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 4,570 $ 4,869 $ 9,404
Miscellaneous income - 450 1,625
---------- ---------- ----------
4,570 5,319 11,029
---------- ---------- ----------
Share of losses from operating
limited partnerships (1,621,193) (1,766,133) (1,982,910)
---------- ---------- ----------
Expenses
Professional fees 29,212 30,864 38,119
Partnership management fee
(note B) 284,604 298,436 300,107
Amortization (note A) 10,109 16,729 18,529
General and administrative
expenses (note B) 20,329 29,243 36,568
---------- ---------- ----------
344,254 375,272 393,323
---------- ---------- ----------
NET LOSS $(1,960,877) $(2,136,086) $(2,365,204)
========== ========== ==========
Net loss allocated to general
partner $ (19,609) $ (21,361) $ (23,652)
========== ========== ==========
Net loss allocated to assignees $(1,941,268) $(2,114,725) $(2,341,552)
========== ========== ==========
Net loss per BAC $ (.78) $ (.85) $ (.94)
========== ========== ==========
(continued)
F-16<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 12
-----------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 4,804 $ 7,012 $ 22,782
Miscellaneous income - 1,025 1,800
---------- ---------- ----------
4,804 8,037 24,582
---------- ---------- ----------
Share of losses from operating
limited partnerships (2,179,426) (2,227,692) (2,155,526)
---------- ---------- ----------
Expenses
Professional fees 36,776 35,245 34,467
Partnership management fee
(note B) 353,184 359,903 379,259
Amortization (note A) 19,944 26,509 26,509
General and administrative
expenses (note B) 27,052 39,612 44,301
---------- ---------- ----------
436,956 461,269 484,536
---------- ---------- ----------
NET LOSS $(2,611,578) $(2,680,924) $(2,615,480)
========== ========== ==========
Net loss allocated to general
partner $ (26,116) $ (26,809) $ (26,155)
========== ========== ==========
Net loss allocated to assignees $(2,585,462) $(2,654,115) $(2,589,325)
========== ========== ==========
Net loss per BAC $ (.87) $ (.89) $ (.87)
========== ========== ==========
(continued)
F-17<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 14
-----------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 26,216 $ 43,531 $ 160,978
Miscellaneous income - 1,875 4,038
---------- ---------- ----------
26,216 45,406 165,016
---------- ---------- ----------
Share of losses from operating
limited partnerships (4,120,449) (4,285,311) (4,747,121)
---------- ---------- ----------
Expenses
Professional fees 70,471 63,011 71,263
Partnership management fee
(note B) 707,026 663,034 636,856
Amortization (note A) 68,502 39,313 39,313
General and administrative
expenses (note B) 54,888 77,574 176,178
---------- ---------- ----------
900,887 842,932 923,610
---------- ---------- ----------
NET LOSS $(4,995,120) $(5,082,837) $(5,505,715)
========== ========== ==========
Net loss allocated to general
partner $ (49,951) $ (50,828) $ (55,057)
========== ========== ==========
Net loss allocated to assignees $(4,945,169) $(5,032,009) $(5,450,658)
========== ========== ==========
Net loss per BAC $ (.89) $ (.90) $ (.98)
========== ========== ==========
See notes to financial statements
F-18<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 1996, 1995 and 1994
General
Assignees Partner Total
--------- ------- -----
Partners' capital (deficit),
March 31, 1993 $125,207,855 $(368,935) $124,838,920
Return of equity (61,000) - (61,000)
Net loss (17,539,392) (177,166) (17,716,558)
----------- -------- -----------
Partners' capital (deficit),
March 31, 1994 107,607,463 (546,101) 107,061,362
Net loss (16,681,840) (168,503) (16,850,343)
----------- -------- -----------
Partners' capital (deficit),
March 31, 1995 90,925,623 (714,604) 90,211,019
Net loss (15,621,147) (157,789) (15,778,936)
----------- -------- -----------
Partners' capital (deficit),
March 31, 1996 $75,304,476 $(872,393) $74,432,083
=========== ======== ==========
(continued)
F-19<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1996, 1995 and 1994
General
Assignees Partner Total
--------- ------- -----
Series 7
--------
Partners' capital (deficit),
March 31, 1993 $ 5,814,850 $(32,099) $ 5,782,751
Net loss (1,457,968) (14,727) (1,472,695)
---------- ------- ----------
Partners' capital (deficit),
March 31, 1994 4,356,882 (46,826) 4,310,056
Net loss (970,413) (9,802) (980,215)
---------- ------- ----------
Partners' capital (deficit),
March 31, 1995 3,386,469 (56,628) 3,329,841
Net loss (990,824) (10,008) (1,000,832)
---------- ------- ----------
Partners' capital (deficit),
March 31, 1996 $ 2,395,645 $(66,636) $ 2,329,009
========== ======= ==========
Series 9
--------
Partners' capital (deficit),
March 31, 1993 $24,580,207 $(115,695) $24,464,512
Net loss (3,620,124) (36,567) (3,656,691)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1994 20,960,083 (152,262) 20,807,821
Net loss (3,895,908) (39,353) (3,935,261)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1995 17,064,175 (191,615) 16,872,560
Net loss (3,346,820) (33,806) (3,380,626)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1996 $13,717,355 $(225,421) $13,491,934
========== ======== ==========
(continued)
F-20<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1996, 1995 and 1994
General
Assignees Partner Total
--------- ------- -----
Series 10
---------
Partners' capital (deficit),
March 31, 1993 $15,079,638 $(60,623) $15,019,015
Net loss (2,079,765) (21,008) (2,100,773)
---------- ------- ----------
Partners' capital (deficit),
March 31, 1994 12,999,873 (81,631) 12,918,242
Net loss (2,014,670) (20,350) (2,035,020)
---------- ------- ----------
Partners' capital (deficit),
March 31, 1995 10,985,203 (101,981) 10,883,222
Net loss (1,811,604) (18,299) (1,829,903)
---------- ------- ----------
Partners' capital (deficit),
March 31, 1996 $9,173,599 $(120,280) $9,053,319
========= ======== =========
Series 11
---------
Partners' capital (deficit),
March 31, 1993 $16,420,261 $(50,992) $16,369,269
Net loss (2,341,552) (23,652) (2,365,204)
---------- ------- ----------
Partners' capital (deficit),
March 31, 1994 14,078,709 (74,644) 14,004,065
Net loss (2,114,725) (21,361) (2,136,086)
---------- ------- ----------
Partners' capital (deficit),
March 31, 1995 11,963,984 (96,005) 11,867,979
Net loss (1,941,268) (19,609) (1,960,877)
---------- ------- ----------
Partners' capital (deficit),
March 31, 1996 $10,022,716 $(115,614) $ 9,907,102
========== ======= ==========
(continued)
F-21<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1996, 1995 and 1994
General
Assignees Partner Total
--------- ------- -----
Series 12
---------
Partners' capital (deficit),
March 31, 1993 $21,155,014 $(46,786) $21,108,228
Return of equity (61,000) - (61,000)
Net loss (2,589,325) (26,155) (2,615,480)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1994 18,504,689 (72,941) 18,431,748
Net loss (2,654,115) (26,809) (2,680,924)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1995 15,850,574 (99,750) 15,750,824
Net loss (2,585,462) (26,116) (2,611,578)
---------- --------- ----------
Partners' capital (deficit),
March 31, 1996 $13,265,112 $(125,866) $13,139,246
========== ======== ==========
Series 14
---------
Partners' capital (deficit),
March 31, 1993 $42,157,885 $(62,740) $42,095,145
Net loss (5,450,658) (55,057) (5,505,715)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1994 36,707,227 (117,797) 36,589,430
Net loss (5,032,009) (50,828) (5,082,837)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1995 31,675,218 (168,625) 31,506,593
Net loss (4,945,169) (49,951) (4,995,120)
---------- -------- ----------
Partners' capital (deficit),
March 31, 1996 $26,730,049 $(218,576) $26,511,473
========== ======== ==========
See notes to financial statements
F-22<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS
Years ended March 31, 1996, 1995 and 1994
Total
----------------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(15,778,936) $(16,850,343)$(17,716,558)
Adjustments to reconcile net loss to
net cash provided by (used in) operating
activities
Distributon from operating
limited partnerships 101,256 55,360 101,889
Share of losses from operating
limited partnerships 12,992,069 14,053,018 15,080,553
Amortization 109,832 117,259 138,350
Changes in assets and liabilities
Accounts payable and accrued
expenses 2,492,807 2,532,623 2,357,809
Prepaid expenses - 11,084 18,316
Other assets 415,503 (11,793) (91,763)
----------- ----------- -----------
Net cash provided by (used in)
operating activities 332,531 (92,792) (111,404)
----------- ----------- -----------
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships - (9,216) (96,853)
Capital contributions paid to operating
limited partnerships (768,934) (1,839,134) (8,474,856)
Deposits for purchases of operating
limited partnerships - 242,205 (507,910)
Repayment from (advance to) operating
limited partnerships - 401,272 (194,713)
Decrease (increase) in investments - 1,775,612 179,530
Proceeds from repurchase of operating
limited partnership interest - 190,001 -
----------- ----------- -----------
Net cash provided by (used in)
investing activities (768,934) 760,740 (9,094,802)
----------- ----------- -----------
Cash flows from financing activities
Return of equity to Limited Partner - - (61,000)
----------- ----------- -----------
Net cash used in
financing activities - - (61,000)
----------- ----------- -----------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (436,403) 667,948 (9,267,206)
Cash and cash equivalents, beginning 2,298,689 1,630,741 10,897,947
----------- ----------- -----------
Cash and cash equivalents, end $ 1,862,286 $ 2,298,689 $ 1,630,741
=========== =========== ===========
(continued)
F-23<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Total
--------------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash
investing and financing activities
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ - $787,615 $1,640,830
======= ======= =========
The partnership has decreased its
capital contribution obligation to
the operating limited partnerships for
low income tax credits not generated $ 60,116 $ 78,792 $ 758,186
======= ======= =========
The partnership has adjusted its
investment in operating limited
partnerships for low income tax
credits not generated $ 26,305 $ 51,995 $ 861,233
======= ======= =========
The partnership has applied deposits
for purchases of operating limited
partnerships against installments of
capital contributions $ - $ 81,084 $6,293,697
======= ======= =========
The partnership has applied notes
receivable against installments
of capital contributions $ - $ - $ 200,000
======= ======= =========
(continued)
F-24<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 7
----------------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(1,000,832) $(980,215)$(1,472,695)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities
Distributon from operating
limited partnerships 2,258 - -
Share of losses from operating
limited partnerships 867,319 839,141 1,386,162
Amortization - 3,133 7,567
Changes in assets and liabilities
Accounts payable and accrued
expenses 122,085 128,494 108,035
Prepaid expenses - - -
Other assets - - -
---------- --------- ----------
Net cash provided by (used in)
operating activities (9,170) (9,447) 29,069
---------- --------- ----------
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships - - -
Capital contributions paid to operating
limited partnerships - (1,378) (234,981)
Deposits for purchases of operating
limited partnerships - - -
Repayment from (advance to) operating
limited partnerships - - -
Decrease (increase) in investments - - -
Proceeds from repurchase of operating
limited partnership interest - - -
---------- --------- ----------
Net cash provided by (used in)
investing activities - (1,378) (234,981)
---------- --------- ----------
Cash flows from financing activities
Return of equity to limited partner - - -
---------- --------- ----------
Net cash used in
financing activities - - -
---------- --------- ----------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (9,170) (10,825) (205,912)
Cash and cash equivalents, beginning 14,044 24,869 230,781
---------- --------- ----------
Cash and cash equivalents, end $ 4,874 $ 14,044 $ 24,869
========== ========= ==========
(continued)
F-25<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 7
--------------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash
investing and financing activities:
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ - $ - $ -
======= ======= =======
The partnership has decreased its
capital contribution obligation to
the operating limited partnerships for
low income tax credits not generated $ - $ 15,248 $ -
======= ======= =======
The partnership has adjusted its
investment in operating limited
partnerships for low income tax
credits not generated $ - $ - $ -
======= ======= =======
The partnership has applied notes
receivable against installments
of capital contributions $ - $ - $ 1
======= ======= =======
(continued)
F-26<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 9
----------------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(3,380,626) $(3,935,261)$(3,656,691)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities
Distributon from operating
limited partnerships 4,554 5,845 6,882
Share of losses from operating
limited partnerships 2,777,350 3,302,891 3,094,592
Amortization 870 14,858 29,715
Changes in assets and liabilities
Accounts payable and accrued
expenses 584,663 554,924 552,770
Prepaid expenses - 3,200 7,374
Other assets 82,981 86,522 (12,114)
---------- ---------- ----------
Net cash provided by (used in)
operating activities 69,792 32,979 22,528
---------- ---------- ----------
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships - - -
Capital contributions paid to operating
limited partnerships (124,017) (500,371) (2,344,306)
Deposits for purchases of operating
limited partnerships - - (153,150)
Repayment from (advance to) operating
limited partnerships - - -
Decrease (increase) in investments - 794,961 63,100
Proceeds from repurchase of operating
limited partnership interest - - -
---------- ---------- -----------
Net cash provided by (used in)
investing activities (124,017) 294,590 (2,434,356)
---------- ---------- ----------
Cash flows from financing activities:
Return of equity to limited partner - - -
---------- ---------- ----------
Net cash used in
financing activities - - -
---------- ---------- ----------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (54,225) 327,569 (2,411,828)
Cash and cash equivalents, beginning 712,489 384,920 2,796,748
---------- ---------- ---------
Cash and cash equivalents, end $ 658,264 $ 712,489 $ 384,920
========== ========== =========
(continued)
F-27<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 9
-------------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash
investing and financing activities
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ - $ 14,566 $479,727
======= ======= =======
The partnership has decreased its
capital contribution obligation to
the operating limited partnerships for
low income tax credits not generated $ 32,046 $ 53,025 $ 68,359
======= ======= =======
The partnership has adjusted its
investment in operating limited
partnerships for low income tax
credits not generated $ - $ - $ 72,947
======= ======= ========
The partnership has applied notes
receivable against installments
of capital contributions $ - $ - $ -
======= ======= =======
(continued)
F-28<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 10
-----------------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(1,829,903) $(2,035,020) $(2,100,773)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities
Distributon from operating
limited partnerships 947 7,691 872
Share of losses from operating
limited partnerships 1,426,332 1,631,850 1,714,242
Amortization 10,407 16,717 16,717
Changes in assets and liabilities
Accounts payable and accrued
expenses 371,404 355,512 347,596
Prepaid expenses - 3,476 6,034
Other assets 265 71,245 (61,393)
---------- ---------- ----------
Net cash provided by (used in)
operating activities (20,548) 51,471 (76,705)
---------- ---------- ----------
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships - - -
Capital contributions paid to operating
limited partnerships (10,014) (134,401) (1,924,833)
Deposits for purchases of operating
limited partnerships - - -
Repayment from (advance to) operating
limited partnerships - - -
Decrease (increase) in investments - 67,928 701,503
Proceeds from repurchase of operating
limited partnership interest - - -
---------- ---------- ----------
Net cash provided by (used in)
investing activities (10,014) (66,473) (1,223,330)
---------- --------- ----------
Cash flows from financing activities
Return of equity to limites partner - - -
---------- --------- ----------
Net cash used in
financing activities - - -
---------- ---------- ----------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (30,562) (15,002) (1,300,035)
Cash and cash equivalents, beginning 183,187 198,189 1,498,224
---------- ---------- ----------
Cash and cash equivalents, end $ 152,625 $ 183,187 $ 198,189
========== ========== ==========
(continued)
F-29<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 10
------------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash
investing and financing activities
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ - $ - $145,525
======= ======= =======
The partnership has decreased its
capital contribution obligation to
the operating limited partnerships for
low income tax credits not generated $ - $ - $ 19,704
======= ======= =======
The partnership has adjusted its
investment in operating limited
partnerships for low income tax
credits not generated $ - $ 17,540 $ 34,994
======= ======= =======
The partnership has applied notes
receivable against installments
of capital contributions $ - $ - $ -
======= ======= =======
(continued)
F-30<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 11
---------------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(1,960,877) $(2,136,086)$(2,365,204)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities
Distributon from operating
limited partnerships 90,443 7,854 50,300
Share of losses from operating
limited partnerships 1,621,193 1,766,133 1,982,910
Amortization 10,109 16,729 18,529
Changes in assets and liabilities
Accounts payable and accrued
expenses 325,679 325,678 320,303
Prepaid expenses - - 3,645
Other assets - 3,101 (37,790)
---------- ----------- ----------
Net cash provided by (used in)
operating activities 86,547 (16,591) (27,307)
---------- ----------- ----------
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships - - (8,000)
Capital contributions paid to operating
limited partnerships - (223,655) (974,810)
Deposits for purchases of operating
limited partnerships - - -
Repayment from (advance to) operating limited
partnerships - - -
Decrease (increase) in investments - - 292,759
Proceeds from repurchase of operating
limited partnership interest - 190,001 -
---------- ------------ ---------
Net cash provided by (used in)
investing activities - (33,654) (690,051)
---------- ----------- ---------
Cash flows from financing activities:
Return of equity to limited partner - - -
---------- ----------- ----------
Net cash used in
financing activities - - -
---------- ----------- ----------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 86,547 (50,245) (717,358)
Cash and cash equivalents, beginning 147,072 197,317 914,675
---------- ----------- ---------
Cash and cash equivalents, end $ 233,619 $ 147,072 $ 197,317
========== =========== =========
(continued)
F-31<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 11
--------------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash
investing and financing activities
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ - $ - $ 33,654
======= ======= =======
The partnership has decreased its
capital contribution obligation to
the operating limited partnerships for
low income tax credits not generated $ - $ - $ 13,598
======= ======= =======
The partnership has adjusted its
investment in operating limited
partnerships for low income tax
credits not generated $ 11,446 $ 14,606 $ 15,360
======= ======= =======
The partnership has applied notes
receivable against installments
of capital contributions $ - $ - $ -
======= ======= =======
(continued)
F-32<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 12
----------------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(2,611,578) $(2,680,924) $(2,615,480)
Adjustments to reconcile net loss to
net cash provided by (used in) operating
activities
Distributon from operating
limited partnerships 1,087 482 8,087
Share of losses from operating
limited partnerships 2,179,426 2,227,692 2,155,526
Amortization 19,944 26,509 26,509
Changes in assets and liabilities
Accounts payable and accrued
expenses 383,268 383,268 369,591
Prepaid expenses - - 314
Other assets - 34,083 17,324
---------- --------- ----------
Net cash provided by (used in)
operating activities (27,853) (8,890) (38,129)
---------- --------- ----------
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships - (524) (13,449)
Capital contributions paid to operating
limited partnerships - (354,668) (624,591)
Deposits for purchases of operating
limited partnerships - 341,929 (354,760)
Repayment from (advance to) operating
limited partnerships - - 45,189
Decrease (increase) in investments - - 24,418
Proceeds from repurchase of operating
limited partnership interest - - -
---------- --------- ----------
Net cash provided by (used in)
investing activities - (13,263) (923,193)
---------- --------- ----------
Cash flows from financing activities
Return of equity to Limited Partner - - (61,000)
---------- --------- ----------
Net cash used in
financing activities - - (61,000)
---------- --------- ----------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (27,853) (22,153) (1,022,322)
Cash and cash equivalents, beginning 195,421 217,574 1,239,896
---------- --------- ----------
Cash and cash equivalents, end $ 167,568 $ 195,421 $ 217,574
========== ========== ===========
(continued)
F-33<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 12
-------------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash
investing and financing activities
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ - $ - $ 356,924
======= ======= =========
The partnership has decreased its
capital contribution obligation to
the operating limited partnerships for
low income tax credits not generated $ - $ - $ 18,493
======= ======= =========
The partnership has adjusted its
investment in operating limited
partnerships for low income tax
credits not generated $ 7,689 $ 19,164 $ 694
======= ======= =========
The partnership has applied deposits
for purchases of operating limited
partnerships against installments of
capital contributions $ - $ 81,084 $3,832,836
======= ======= =========
The partnership has applied notes
receivable against installments
of capital contributions $ - $ - $ -
======= ======= =========
(continued)
F-34<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 14
----------------------------------
1996 1995 1994
---- ---- ----
Cash flows from operating activities
Net loss $(4,995,120) $(5,082,837) $(5,505,715)
Adjustments to reconcile net loss to
net cash provided by (used in) operating
activities
Distributon from operating
limited partnerships 1,967 33,488 35,748
Share of losses from operating
limited partnerships 4,120,449 4,285,311 4,747,121
Amortization 68,502 39,313 39,313
Changes in assets and liabilities
Accounts payable and accrued
expenses 705,708 784,747 659,514
Prepaid expenses - 4,408 949
Other assets 332,257 (207,744) 1,210
---------- --------- ----------
Net cash provided by (used in)
operating activities 233,763 (143,314) (21,860)
---------- --------- ----------
Cash flows from investing activities
Acquisition costs paid for
operating limited partnerships - (8,692) (75,404)
Capital contributions paid to operating
limited partnerships (634,903) (624,661) (2,371,335)
Deposits for purchases of operating
limited partnerships - (99,724) -
Repayment from (advance to) operating
limited partnerships - 401,272 (239,902)
Decrease (increase) in investments - 913,723 (901,250)
Proceeds from repurchase of operating
limited partnership interest - - -
---------- --------- ----------
Net cash provided by (used in)
investing activities (634,903) 581,918 (3,587,891)
---------- --------- ----------
Cash flows from financing activities
Return of equity to Limited Partner - - -
---------- --------- ----------
Net cash used in
financing activities - - -
---------- --------- ----------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (401,140) 438,604 (3,609,751)
Cash and cash equivalents, beginning 1,046,476 607,872 4,217,623
---------- --------- -----------
Cash and cash equivalents, end $ 645,336 $1,046,476 $ 607,872
========== ========= ===========
(continued)
F-35<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1996, 1995 and 1994
Series 14
------------------------------
1996 1995 1994
---- ---- ----
Supplemental schedule of noncash
investing and financing activities
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ - $773,049 $ 625,000
======= ======= =========
The partnership has decreased its
capital contribution obligation to
the operating limited partnerships for
low income tax credits not generated $ 28,070 $ 10,519 $ 638,032
======= ======= =========
The partnership has adjusted its
investment in operating limited
partnerships for low income tax
credits not generated $ 7,170 $ 685 $ 737,238
======= ======= =========
The partnership has applied deposits
for purchases of operating limited
partnerships against installments of
capital contributions $ - $ - $2,460,861
======= ======= =========
The partnership has applied notes
receivable against installments
of capital contributions $ - $ - $ 200,000
======= ======= =========
See notes to financial statements
F-36<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS
March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Boston Capital Tax Credit Fund II Limited Partnership (the "partnership")
was formed under the laws of the State of Delaware on June 28, 1989, for
the purpose of acquiring, holding, and disposing of limited partnership
interests in operating limited partnerships which will acquire, develop,
rehabilitate, operate and own newly constructed, existing or rehabilitated
low-income 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
their rehabilitation of a certified historic structure; 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 II Limited
Partnership and the limited partner is BCTC Assignor Corp. II (the assignor
limited partner).
Pursuant to the Securities Act of 1933, the partnership filed a Form S-11
Registration Statement with the Securities and Exchange Commission,
effective August 29, 1988, which covered the offering (the "Public
Offering") of the partnership's beneficial assignee certificates ("BACs")
representing assignments of units of the beneficial interest of the limited
partnership interest of the assignor limited partner. The partnership
registered 20,000,000 BACs at $10 per BAC for sale to the public in six
series. BACs sold in bulk over $100,000 were offered to investors at a
reduced cost per BAC. The partnership is no longer selling any BACs
related to any series. The final closing in Series 14 was January 27,
1993.
The BACs issued and outstanding in each series at March 31, 1996 and 1995
are as follows:
Series 7 1,036,100
Series 9 4,178,029
Series 10 2,428,925
Series 11 2,489,599
Series 12 2,972,795
Series 14 5,574,290
----------
18,679,738
==========
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.
F-37<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Organization Costs
------------------
Initial organization and offering expenses, common to all series, are
allocated on a percentage of equity raised to each series.
Organization costs are being amortized on the straight-line method over
sixty months.
Accumulated amortization for the years ended March 31, 1996 and 1995 is as
follows:
1996 1995
---- ----
Series 7 $ 44,056 $ 44,056
Series 9 156,077 156,077
Series 10 90,168 83,202
Series 11 91,182 82,817
Series 12 104,791 98,164
Series 14 186,735 147,423
------- -------
$673,009 $611,739
======= =======
Deferred Acquisition Costs
--------------------------
Deferred acquisition costs are being amortized on the straight-line method
starting April 1, 1995 over 27.5 years (330 months).
As of April 1, 1995, the partnership reclassified certain unallocated
acquisition costs included in the investments in operating limited
partnerships to deferred acquisition costs. The amounts include $23,920,
$94,634 and $47,968 for Series 9, Series 10 and Series 11, respectively.
Accumulated amortization for the year ended March 31, 1996 is as follows:
1996
----
Series 7 $ -
Series 9 870
Series 10 3,441
Series 11 1,744
Series 12 13,317
Series 14 29,190
-------
$ 48,562
=======
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 partners and assignees individually.
F-38<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Investments in Operating Limited Partnerships
---------------------------------------------
The partnership accounts for its investments in operating limited partner-
ships using the equity method of accounting. Under the equity method of
accounting, the partnership adjusts its investment cost for its share of
each operating limited partnership's results of operations and for any
distributions received or accrued. However, the partnership recognizes
individual operating partnership's losses only to the extent of capital
contributions and acquisition expenses. Unrecognized losses are suspended
and offset against future individual operating partnership's income. During
the years ended March 31, 1995 and 1994, the partnership acquired interests
in operating limited partnerships as follows (no operating partnerships
were acquired during 1996):
1995 1994
---- ----
Series 7 - -
Series 9 1 7
Series 10 - 5
Series 11 - 2
Series 12 - 2
Series 14 4 4
- --
5 20
= ==
Investments
-----------
Investments held to maturity are carried at amortized cost and investments
available-for-sale are carried at fair market value.
Cash Equivalents
----------------
Cash equivalents include tax-exempt sweep accounts and money market
accounts having original maturities at date of acquisition of three months
or less. The carrying amounts approximates fair value because of the short
maturity of these instruments.
Fiscal Year
-----------
For financial reporting, all the series use a March 31 year end, whereas
for income tax reporting, each series 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
weighted average number of units outstanding. The weighted average number
of units outstanding in each series at March 31, 1996, 1995 and 1994 is as
follows:
Series 7 1,036,100
Series 9 4,178,029
Series 10 2,428,925
Series 11 2,489,599
Series 12 2,972,795
Series 14 5,574,290
----------
18,679,738
==========
F-39<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Use of Estimates
----------------
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those estimates.
Recent Accounting Statements Not Yet Adopted
--------------------------------------------
In March, 1995, the FASB issued SFAS No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
Of." SFAS No. 121 is effective for financial statements issued for fiscal
years beginning after December 15, 1995, with earlier application permitted
SFAS No. 121 addresses the accounting for long-lived assets and certain
identifiable intangibles to be held and used by an entity to be reviewed
for impairment whenever events or changes in circumstances indicate that
the carrying amount of an asset may not be recoverable. The partnership
will adopt SFAS No. 121 on April 1, 1996, as required. Adopting SFAS No.
121 is not expected to have a significant effect on the partnership's
financial statements.
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1996, 1995 and 1994, the partnership
entered into several transactions with various affiliates of the general
partner, including Boston Capital Partners, Inc., Boston Capital Services,
Inc., and Boston Capital Communications Limited Partnership as follows:
Boston Capital Communications Limited Partnership is entitled to an annual
partnership management fee based on .5 percent of the aggregate cost of all
apartment complexes acquired by the operating limited partnerships, less
the amount of certain partnership management and reporting fees paid or
payable by the operating limited partnerships. The aggregate cost is
comprised of the capital contributions made by each series to the operating
limited partnership and 99% of the permanent financing at the operating
limited partnership level. The annual partnership management fees charged
to each series' operations during the years ended March 31, 1996, 1995 and
1994 are as follows:
1996 1995 1994
---- ---- ----
Series 7 $ 107,256 $ 108,653 $ 109,457
Series 9 560,971 544,340 521,108
Series 10 343,505 322,413 335,618
Series 11 284,604 298,436 300,107
Series 12 353,184 359,903 379,259
Series 14 707,026 663,034 636,856
--------- --------- ---------
$2,356,546 $2,296,779 $2,282,405
========= ========= =========
General and administrative expenses incurred by Boston Capital Partners,
Inc. and Boston Capital Communications Limited Partnership during the years
ended March 31, 1996, 1995 and 1994 charged to each series' operations are
as follows:
F-40<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
1996 1995 1994
---- ---- ----
Series 7 $ 742 $ 2,966 $ 6,046
Series 9 17,895 8,278 9,916
Series 10 12,777 8,508 9,242
Series 11 12,577 7,834 8,076
Series 12 16,322 9,407 8,405
Series 14 24,618 16,239 15,754
------ ------ ------
$84,931 $53,232 $57,439
====== ====== ======
Accounts payable - affiliates at March 31, 1996 and 1995 represents
general and administrative expenses, partnership management fees, and
commissions which are payable to Boston Capital Partners, Inc., Boston
Capital Services, Inc., and Boston Capital Communications Limited
Partnership. The carrying value of the accounts payable - affiliates
approximates fair value.
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1996, 1995 and 1994, the partnership has limited partner-
ship interests in operating limited partnerships which own or are
constructing operating apartment complexes. The number of operating
limited partnerships in which the partnership has limited partnership
interests at March 31, 1996, 1995 and 1994 by series are as follows:
1996 and 1995 1994
------------- ----
Series 7 15 15
Series 9 55 54
Series 10 46 46
Series 11 40 40
Series 12 53 53
Series 14 101 97
--- ---
310 305
=== ===
Under the terms of the partnership's investment in each operating limited
partnership, the partnership is required to make capital contributions to
the operating limited partnerships. These contributions are payable in
installments over several years upon each operating limited partnership
achieving specified levels of construction or operations.
The contributions payable to operating limited partnerships at March 31,
1996 and 1995 by series are as follows:
F-41<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
1996 1995
---- ----
Series 7 $ - $ -
Series 9 99,610 255,673
Series 10 - 10,014
Series 11 27,528 27,528
Series 12 87,835 87,835
Series 14 1,705,563 2,368,536
--------- ---------
$1,920,536 $2,749,586
========= =========
The partnership's investments in operating limited partnerships at March
31, 1996 are summarized as follows:
Total
----------
Capital contributions paid and to be
paid to operating limited partnerships,
net of tax credit adjusters $133,519,434
Acquisition costs of operating limited
partnerships 22,387,381
Cumulative distributions from operating
limited partnerships (283,317)
Cumulative losses from operating limited
partnerships (75,558,315)
-----------
Investment per balance sheet 80,065,183
The partnership (has recorded) or has
not recorded capital contributions to
the operating limited partnerships
during the year ended March 31, 1996,
which (have not) have been included in
the partnerships' capital accounts
included in the operating limited
partnerships' financial statements as
of December 31, 1995 (3,104,213)
The partnership has recorded acquisition
costs at March 31, 1996, which have not
been recorded in the net assets of the
operating limited partnerships (2,577,205)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1991 through
March 31, 1995, which the operating
limited partnerships have not included
in their capital as of December 31, 1995 5,109,374
Equity in loss of operating limited
partnerships not recognizable under the
equity method of accounting (1,277,478)
F-42<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership has recorded low income housing tax credit adjusters
not recorded by operating limited partnerships $1,478,953
Other 272,162
----------
Equity per operating limited partnerships'
combined financial statements $79,966,776
==========
The partnership's investments in operating limited partnerships at March
31, 1996 are summarized as follows:
Series 7 Series 9 Series 10
-------- -------- ---------
Capital contributions paid and to be
paid to operating limited partnerships,
net of tax credit adjusters $7,486,177 $29,810,829 $17,581,651
Acquisition costs of operating
limited partnerships 1,302,313 5,201,737 2,958,341
Cumulative distributions from
operating limited partnerships (2,258) (34,635) (10,881)
Cumulative losses from operating
limited partnerships (5,888,524) (19,773,297) (10,130,141)
--------- ---------- ----------
Investment per balance sheet 2,897,708 15,204,634 10,398,970
The partnership (has recorded) or has
not recorded capital contributions to
the operating limited partnerships during
the year ended March 31, 1996, which (have
not) have been included in the partnerships'
capital accounts included in the operating
limited partnerships' financial statements
as of December 31, 1995 24,274 (436,115) (364)
The partnership has recorded acquisition
costs at March 31, 1996, which have not
been recorded in the net assets of the
operating limited partnerships (461,143) (185,244) (9,836)
Cumulative losses from operating limited
partnerships for the three months ended
March 31, 1991 through March 31, 1995,
which the operating limited partnerships
have not included in their capital as of
December 31, 1995 125,066 1,134,799 776,692
Equity in loss of operating limited
partnerships not recognizable under the
equity method of accounting (489,114) (315,829) (222,844)
The partnership has recorded low income
housing tax credit adjusters not recorded
by operating limited partnerships (11,992) 231,130 93,713
Other (9,469) 38,153 (64,268)
---------- ---------- ----------
Equity per operating limited partner-
ships' combined financial
statements $2,075,330 $15,671,528 $10,972,063
========== ========== ==========
F-43<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March 31,
1996 are
summarized as follows:
Series 11 Series 12 Series 14
--------- -------- ---------
Capital contributions paid and to be paid to
operating limited partnerships,
net of tax credit adjusters $17,713,316 $21,402,089 $39,525,372
Acquisition costs of operating
limited partnerships 3,069,084 3,398,377 6,457,529
Cumulative distributions from operating
limited partnerships (148,629) (13,116) (73,798)
Cumulative losses from operating limited
partnerships (10,040,436)(10,887,757)(18,838,160)
---------- ---------- ----------
Investment per balance sheet 10,593,335 13,899,593 27,070,943
The partnership (has recorded) or has not
recorded capital contributions to the
operating limited partnerships during the year
ended March 31, 1996, which (have not) have
been included in the partnerships' capital ac
counts included in the operating limited
partnerships' financial statements as of De-
cember 31, 1995 (199,820) (600,319) (1,891,869)
The partnership has recorded
acquisition costs at March 31, 1996,
which have not been recorded in the net
assets of the operating limited
partnerships (519,483) (315,858) (1,085,641)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1991 through
March 31, 1995, which the operating
limited partnerships have not included
in their capital as of December 31,
1995 721,702 613,706 1,737,409
Equity in loss of operating limited
partnerships not recognizable under the
equity method of accounting (89,390) (34,870) (125,431)
The partnership has recorded low income
housing tax credit adjusters notrecorded
by operating limited partnerships 94,920 145,103 926,079
Other 158,658 (4,044) 153,132
---------- ---------- ---------
Equity per operating limited partner-
ships' combined financial statements $10,759,922 $13,703,311 $26,784,622
========== ========== ==========
F-44<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1995 are summarized as follows:
Total
------------
Capital contributions paid and to be
paid to operating limited partnerships,
net of tax credit adjusters
$133,603,175
Acquisition costs of operating limited
partnerships
22,553,903
Cumulative distributions from operating
limited partnerships (182,061)
Cumulative losses from operating
limited partnerships
(62,566,246)
-----------
Investment per balance sheet 93,408,771
The partnership (has recorded) or has
not recorded capital contributions to
the operating limited partnerships
during the year ended March 31, 1995,
which (have not) have been included in
the partnerships' capital accounts
included in the operating limited
partnerships' financial statements as
of December 31, 1994
(4,561,900)
The partnership has recorded
acquisition costs at March 31, 1995,
which have not been recorded in the net
assets of the operating limited
partnerships
(2,522,585)
Cumulative losses from operating limited
partnerships for the three months ended
March 31, 1991 through March 31, 1994,
which the operating limited partnerships
have not included in their capital as of
December 31, 1994 5,109,374
Equity in loss of operating limited
partnerships not recognizable under the
equity method of accounting (366,246)
The partnership has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships 1,441,599
Other 31,353
-----------
Equity per operating limited partner-
ships' combined financial statements $ 92,540,366
===========
F-45<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at
March 31, 1995 are summarized as follows:
Series 7 Series 9 Series 10
-------- -------- ---------
Capital contributions paid and to be
paid to operating limited partnerships,
net of tax credit adjusters $7,486,177 $29,840,196 $17,581,651
Acquisition costs of operating limited
partnerships
1,302,313 5,225,657 3,052,975
Cumulative distributions from operating
limited partnerships - (30,081) (9,934)
Cumulative losses from operating
limited partnerships (5,021,205)(16,995,947)(8,703,809)
---------- ---------- ---------
Investment per balance sheet 3,767,285 18,039,825 11,920,883
The partnership (has recorded) or has
not recorded capital contributions to
the operating limited partnerships
during the year ended March 31, 1995,
which (have not) have been included in
the partnerships' capital accounts
included in the operating limited
partnerships' financial statements as
of December 31, 1994
22,017 (587,516) (60,364)
The partnership has recorded
acquisition costs at March 31, 1995,
which have not been recorded in the net
assets of the operating limited
partnerships
(461,143) (235,666) (9,836)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1991 through
March 31, 1994, which the operating
limited partnerships have not included
in their capital as of December 31, 1994 125,066 1,134,799 776,692
Equity in loss of operating limited
partnerships not recognizable under the
equity method of accounting (269,493) (25,743) (56,648)
The partnership has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships
3,025 201,802 93,713
Other 7,332 14,189 (158,019)
--------- ---------- ----------
Equity per operating limited partner-
ships' combined financial statements $3,194,089 $18,541,690 $12,506,421
========= ========== ==========
F-46<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1995 are summarized as follows:
Series 11 Series 12 Series 14
--------- --------- ---------
Capital contributions paid and to be
paid to operating limited partnerships,
net of tax credit adjusters
$17,724,762 $21,409,779 $39,560,610
Acquisition costs of operating limited
partnerships
3,117,052 3,398,377 6,457,529
Cumulative distributions from operating
limited partnerships
(58,186) (12,029) (71,831)
Cumulative losses from operating
limited partnerships
(8,419,243) (8,708,331) (14,717,711)
---------- ---------- ----------
Investment per balance sheet 12,364,385 16,087,796 31,228,597
The partnership (has recorded) or has
not recorded capital contributions to
the operating limited partnerships
during the year ended March 31, 1995,
which (have not) have been included in
the partnerships' capital accounts
included in the operating limited
partnerships' financial statements as
of December 31, 1994
(230,373) (600,319) (3,105,345)
The partnership has recorded acquisition
costs at March 31, 1995, which have
not been recorded in the net assets
of the operating limited partnerships (603,087) (315,858) (896,995)
Cumulative losses from operating limited
limited partnerships for the three months
ended March 31, 1991 through March 31,
1994, which the operating limited
partnerships have not included in their
capital as of December 31, 1994 721,702 613,706 1,737,409
Equity in loss of operating limited
partnerships not recognizable under the
equity method of accounting
(6,197) - (8,165)
The partnership has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships 83,474 137,413 922,172
Other 122,849 1,584 43,418
---------- ---------- ----------
Equity per operating limited partner-
ships' combined financial
statements $12,452,753 $15,924,322 $29,921,091
========== ========== ==========
F-47<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
in which series 7, 9 through 12, and 14 hold an interest as of December 31,
1995 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
Total Series 7 Series 9 Series 10
-------- -------- --------- ---------
ASSETS
Buildings and improvements,
net of accumulated
depreciation $553,145,475 $33,729,029 $106,094,488 $65,177,409
Construction in progress -
Land 32,023,649 1,908,570 6,043,933 3,975,745
Other assets 34,748,426 1,710,631 5,986,744 5,508,823
----------- ---------- ----------- ----------
$619,917,550 $37,348,230 $118,125,165 $74,661,977
=========== =========== =========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans
payable $435,370,281 26,407,226 86,320,559 56,711,910
Accounts payable and accrued
expenses 10,254,034 1,885,514 2,654,114 842,715
Other liabilities 33,675,700 2,239,166 9,278,698 2,944,862
----------- ---------- ----------- ----------
479,300,015 30,531,906 98,253,371 60,499,487
----------- ---------- ---------- -----------
PARTNERS' CAPITAL
Boston Capital Tax
Credit Fund II
Limited Partnership 79,966,776 2,075,330 15,671,528 10,972,063
Other partners 60,650,759 4,740,994 4,200,266 3,190,427
----------- --------- ----------- -----------
140,617,535 6,816,324 19,871,794 14,162,490
----------- ---------- ----------- ----------
$619,917,550 $37,348,230 $118,125,165 $74,661,977
=========== ========== =========== ==========
F-48<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships
in which series 7, 9 through 12, and 14 hold an interest as of December 31,
1995 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
Series 11 Series 12 Series 14
--------- --------- ---------
ASSETS
Buildings and improvements, net
of accumulated depreciation $65,178,232 $94,032,086 $188,934,231
Construction in progress - - -
Land 3,241,164 5,321,275 11,532,962
Other assets 5,122,566 5,414,178 11,005,484
---------- ---------- -----------
$73,541,962 $104,767,539 $211,472,677
========== =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans
payable $54,307,045 $67,340,183 $144,283,358
Accounts payable and accrued
expenses 1,030,227 1,218,726 2,622,738
Other liabilities 3,140,711 5,811,803 10,260,460
---------- ---------- -----------
58,477,983 74,370,712 157,166,556
---------- ---------- -----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund II Limited Partnership 10,759,922 13,703,311 26,784,622
Other partners 4,304,057 16,693,516 27,521,499
---------- ---------- ----------
15,063,979 30,396,827 54,306,121
---------- ---------- ----------
$73,541,962 $104,767,539 $211,472,677
========== =========== ===========
F-49<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which series 7, 9 through 12, and 14 hold an interest as of
December 31, 1994 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
Total Series 7 Series 9 Series 10
-------- -------- --------- ---------
Buildings and improvements, net of
accumulated
depreciation $565,151,762 $35,087,215 $109,811,480 $68,207,119
Construction in progress 299,419 - 299,419 -
Land 31,755,152 1,908,570 6,043,933 4,068,451
Other assets 32,013,987 1,624,650 5,549,267 4,667,086
----------- ---------- ----------- ---------
$629,220,320 $38,620,435 $121,704,099 $76,942,656
=========== ========== =========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans
payable $432,476,235 $26,634,093 $87,213,719 $57,513,802
Accounts payable and
accrued expenses 8,058,069 1,747,857 1,276,783 755,433
Other liabilities 31,259,884 1,601,565 9,593,851 2,685,786
----------- ---------- ----------- ----------
471,794,188 29,983,515 98,084,353 60,955,021
----------- ---------- ----------- ----------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund II
Limited Partnership 92,540,366 3,194,089 18,541,690 12,506,421
Other partners 64,885,766 5,442,831 5,078,056 3,481,214
----------- ---------- ----------- ----------
157,426,132 8,636,920 23,619,746 15,987,635
----------- ---------- ----------- ----------
$629,220,320 $38,620,435 $121,704,099 $76,942,656
=========== =========== =========== ==========
F-50<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which series 7, 9 through 12, and 14 hold an interest as of
December 31, 1994 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
Series 11 Series 12 Series 14
--------- --------- ---------
ASSETS
Buildings and improvements,
net of accumulated
depreciation $68,001,070 $ 97,916,991 $186,127,887
Construction in progress - - -
Land 3,239,961 5,321,275 11,172,962
Other assets 4,973,781 5,364,670 9,834,533
---------- ----------- -----------
$76,214,812 $108,602,936 $207,135,382
========== =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction
loans payable $54,672,000 $68,258,851 $138,183,771
Accounts payable and
accrued expenses 865,782 904,815 2,507,399
Other liabilities 3,456,783 5,307,688 8,614,210
---------- ----------- -----------
58,994,565 74,471,354 149,305,380
---------- ---------- ------------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund II Limited
Partnership 12,452,753 15,924,322 29,921,091
Other partners 4,767,494 18,207,260 27,908,911
---------- ---------- ------------
17,220,247 34,131,582 57,830,002
---------- ---------- ------------
$76,214,812 $108,602,936 $207,135,382
========== =========== ===========
F-51<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1995 in which series 7, 9
through 12, and 14 hold an interest as of December 31, 1995 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Year ended December 31, 1995
Total Series 7 Series 9 Series 10
-------- -------- --------- ---------
Revenue
Rental $ 62,157,406 $ 3,268,111 $12,625,157 $ 8,025,279
Interest and other 2,816,226 123,779 661,026 400,160
----------- --------- ---------- ---------
64,973,632 3,391,890 13,286,183 8,425,439
----------- --------- ---------- ---------
Expenses
Interest 26,955,424 1,623,805 5,908,311 2,786,978
Depreciation and
amortization 23,814,033 1,488,792 4,612,835 2,905,773
Taxes and insurance 7,610,524 392,701 1,580,274 1,106,818
Repairs and maintenance 7,483,900 499,446 1,534,736 950,358
Operating expenses 15,963,889 1,103,535 3,307,421 2,284,471
Other expenses 3,409,335 64,925 335,320 261,818
----------- ---------- --------- ----------
85,237,105 5,173,204 17,278,897 10,296,216
----------- ---------- ---------- ----------
NET LOSS $(20,263,473) $(1,781,314) $(3,992,714) $(1,870,777)
=========== ========== ========== ==========
Net loss allocated to Boston
Capital Tax Credit Fund
II Limited
Partnership* $(13,903,301) $(1,086,940) $(3,067,436) $(1,592,528)
=========== ========== ========== ==========
Net loss allocated to
other partners $ (6,360,172) $ (694,374) $ (925,278) $ (278,249)
=========== ========== ========== ==========
* Amounts include $219,621, $290,086, $166,196, $83,193, $34,870 and $117,266
for Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14,
respectively, of loss not recognized under the equity method of accounting
as described in Note A.
F-52<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1995 in which series 7, 9
through 12, and 14 hold an interest as of December 31, 1995 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
Year ended December 31, 1995
Series 11 Series 12 Series 14
--------- --------- ---------
Revenue
Rental $8,074,820 $10,092,062 $20,071,977
Interest and other 456,806 470,428 704,027
--------- ---------- ----------
8,531,626 10,562,490 20,776,004
--------- ---------- ----------
Expenses
Interest 3,499,466 4,226,651 8,910,213
Depreciation and amortization 3,009,594 4,254,968 7,542,071
Taxes and insurance 1,022,650 1,259,750 2,248,331
Repairs and maintenance 913,760 1,198,249 2,387,351
Operating expenses 1,094,604 2,279,003 5,894,855
Other expenses 1,038,220 1,103,664 605,388
---------- ---------- ----------
10,578,294 14,322,285 27,588,209
---------- ---------- ----------
NET LOSS $(2,046,668)$(3,759,795) $(6,812,205)
========== ========== ==========
Net loss allocated to Boston
Capital Tax Credit Fund
II Limited Partnership* $(1,704,386)$(2,214,296) $(4,237,715)
========== ========== ==========
Net loss allocated to
other partners $ (342,282)$(1,545,499) $(2,574,490)
========== ========== ==========
* Amounts include $219,621, $290,086, $166,196, $83,193, $34,870 and $117,266
for Series 7, Series 9, Series 10 Series 11, Series 12 and Series 14,
respectively, of loss not recognized under the equity method of accounting as
described in Note A.
F-53<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1994 in which series 7, 9
through
12, and 14 hold an interest as of December 31, 1994 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
Year ended December 31, 1994
Total Series 7 Series 9 Series 10
------- -------- -------- ---------
Revenue
Rental $ 66,155,915$ 3,208,349 $13,077,508 $ 9,646,732
Interest and other 1,947,167 123,400 362,501 309,066
----------- ---------- ---------- ----------
68,103,082 3,331,749 13,440,009 9,955,798
----------- ---------- ---------- ----------
Expenses
Interest 33,057,299 1,552,673 6,841,822 4,602,007
Depreciation and
amortization 23,764,492 1,454,255 4,663,655 2,938,163
Taxes and insurance 7,688,068 458,086 1,591,984 1,055,160
Repairs and maintenance 6,394,470 421,876 1,326,375 874,951
Operating expenses 16,699,213 1,011,310 3,082,698 2,310,191
Other expenses 1,239,288 116,082 239,772 174,042
----------- ---------- ---------- ----------
88,842,830 5,014,282 17,746,306 11,954,514
----------- ---------- ---------- ----------
NET LOSS $(20,739,748)$(1,682,533)$(4,306,297)$(1,998,716)
=========== ========== ========== ==========
Net loss allocated to Boston
Capital Tax Credit Fund
II Limited
Partnership* $(14,276,419)$(1,007,181)$(3,302,891)$(1,679,046)
=========== ========== ========== ==========
Net loss allocated to
other partners $ (6,463,329)$ (675,352)$(1,003,406)$ (319,670)
=========== ========== ========== ==========
* Amounts include $168,040, $47,196 and $8,165 for Series 7, Series 10 and
Series 14, respectively, of loss not recognized under the equity method of
accounting as described in Note A.
F-54<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1994 in which series 7, 9
through 12, and 14 hold an interest as of December 31, 1994 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
Year ended December 31, 1994
Series 11 Series 12 Series 14
--------- --------- ---------
Revenue
Rental $ 8,986,788 $10,152,370 $21,084,168
Interest and other 296,356 388,290 467,554
---------- ---------- ----------
9,283,144 10,540,660 21,551,722
---------- ---------- ----------
Expenses
Interest 4,608,036 4,672,103 10,780,658
Depreciation and
amortization 3,040,822 4,265,400 7,402,197
Taxes and insurance 946,647 1,234,835 2,401,356
Repairs and maintenance 764,146 1,004,299 2,002,823
Operating expenses 1,998,273 2,925,130 5,371,611
Other expenses 109,311 216,619 383,462
---------- ---------- ----------
11,467,235 14,318,386 28,342,107
---------- ---------- ----------
NET LOSS $(2,184,091) $(3,777,726)$(6,790,385)
========== ========== ==========
Net loss allocated to Boston
Capital Tax Credit Fund
II Limited Partnership* $(1,766,133) $(2,227,692)$(4,293,476)
========== ========== ==========
Net loss allocated to
other partners $ (417,958) $(1,550,034)$(2,496,909)
========== ========== ==========
* Amounts include $168,040, $47,196 and $8,165 for Series 7, Series 10 and
Series 14, respectively, of loss not recognized under the equity method of
accounting as described in Note A.
F-55<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO TAX RETURN
For income tax purposes, the partnership reports using a December 31 year
end. The partnership's net loss for financial reporting and tax return
purposes for the year ended March 31, 1996 are reconciled as follows:
Total Series 7 Series 9 Series 10
-------- -------- -------- ---------
Net loss for financial reporting
purposes $(15,778,936)$(1,000,832) $(3,380,626) $(1,829,903)
Operating limited partnership rents
received in advance 4,661 513 4,102 (3,976)
Partnership management fees
not recognized for
tax purposes 2,312,283 107,256 540,717 316,814
Other 570,416 - (187,432) 3,814
Operating Limited Partnership
loss not allowed for financial
reporting under equity
method of accounting (911,232) (219,621) (290,086) (166,196)
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (1,542,117) (1,944) (275,324) (149,140)
Difference due to fiscal year
for book purposes and calendar
year for tax purposes (526,463) 267,998 (1,124,860) 66,095
----------- -------- ---------- ----------
Loss for tax return purposes,
December 31, 1995 $(15,871,388) $(846,630)$(4,713,509) $(1,762,492)
=========== ======== ========== ==========
F-56<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO TAX RETURN
(Continued)
For income tax purposes, the partnership reports using a December 31 year
end. The partnership's net loss for financial reporting and tax return
purposes for the year ended March 31, 1996 are reconciled as follows:
Series 11 Series 12 Series 14
--------- --------- ---------
Net loss for financial
reporting purposes $(1,960,877)$(2,611,578) $(4,995,120)
Operating limited
partnership rents
received in advance (1,745) (2,053) 7,820
Partnership management
fees not recognized for
tax purposes 293,577 351,469 707,026
Other 146,439 (44,593) 652,188
Operating limited
partnership loss
not allowed for financial
reporting under equity
method of accounting (83,193) (34,870) (117,266)
Excess of tax depreciation
over book depreciation
on operating limited
partnership assets (174,075) (191,560) (750,074)
Difference due to fiscal
year for book purposes
and calendar
year for tax purposes 97,950 40,806 120,972
---------- ---------- ----------
Loss for tax return
purposes, December
31, 1995 $(1,681,924)$(2,492,379) $(4,374,454)
========== ========== ==========
F-57<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO TAX RETURN
(Continued)
For income tax purposes, the partnership reports using a December 31 year
end. The partnership's net loss for financial reporting and tax return
purposes for the year ended March 31, 1995 are reconciled as follows:
Total Series 7 Series 9 Series 10
-------- -------- -------- ---------
Net loss for financial
reporting purposes $(16,850,343) $(980,215) $(3,935,261)$(2,035,020)
Operating limited partnership
rents received in advance 1,512 - - -
Partnership management fees
not recognized for
tax purposes 2,299,927 106,456 523,364 335,456
Other 858,679 135,106 58,038 32,703
Operating limited partnership,
net loss not allowed for
financing reporting under
equity method (255,341) (168,040) (25,743) (47,196)
Excess of tax depreciation over
book depreciation on operating
limited partnership assets (1,622,856) (48,597) (185,385) (188,627)
Difference due to fiscal year
for book purposes and calendar
year for tax purposes 117,507 7,810 15,582 10,451
----------- -------- ---------- ----------
Loss for tax return purposes,
December 31, 1994 $(15,450,915) $(947,480)$(3,549,405)$(1,892,233)
=========== ======== ========== ==========
F-58<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO TAX RETURN
(Continued)
For income tax purposes, the partnership reports using a December 31 year
end. The partnership's net loss for financial reporting and tax return
purposes for the year ended March 31, 1995 are reconciled as follows:
Series 11 Series 12 Series 14
--------- --------- ---------
Net loss for financial
reporting purposes $(2,136,086) $(2,680,924) $(5,082,837)
Operating limited
partnership rents
received in advance - 71 1,441
Partnership management
fees not recognized
for tax purposes 309,625 374,819 650,207
Other 61,170 260,261 311,401
Operating limited
partnership, net loss
not allowed for financing
reporting under
equity method (6,197) - (8,165)
Excess of tax depreciation
over book depreciation
on operating limited
partnership assets (178,964) (300,258) (721,025)
Difference due to fiscal
year for book purposes
and calendar year
for tax purposes (24,960) 10,984 97,640
---------- ---------- ----------
Loss for tax return purposes,
December 31, 1994 $(1,975,412) $(2,335,047) $(4,751,338)
========== ========== ==========
F-59<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO TAX RETURN
(Continued)
The difference between the investments in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1995, the differences are as follows:
Total Series 7 Series 9 Series 10
--------- -------- -------- ---------
Investment in operating limited
partnerships - tax return
December 31, 1994 $89,973,412 $2,508,295 $18,408,539$12,273,763
Add back losses not recognized
under the equity method 366,246 269,493 25,743 56,648
Historic tax credit 5,105,527 1,819,802 240,250 -
Less share of loss - three months
ended March 31, 1994 (5,109,374) (125,066) (1,134,799) (776,692)
Other 3,072,960 (705,239) 500,092 367,164
---------- --------- ---------- ----------
Investment in operating limited
partnerships - as reported $93,408,771 $3,767,285 $18,039,825$11,920,883
========== ========= ========== ==========
F-60<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO TAX RETURN
(Continued)
The difference between the investments in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1995, the differences are as follows:
Series 11 Series 12 Series 14
--------- --------- ---------
Investment in operating limited
partnerships - tax return
December 31, 1994 $11,364,312 $16,141,480 $29,277,023
Add back losses not recognized
under the equity method 6,197 - 8,165
Historic tax credit 1,281,688 - 1,763,787
Less share of loss -
three months ended
March 31, 1994 (721,702) (613,706) (1,737,409)
Other 433,890 560,022 1,917,031
---------- ---------- ----------
Investment in operating
limited partnerships -
as reported $12,364,385 $16,087,796 $31,228,597
========== ========== ==========
F-61<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO TAX RETURN
(Continued)
For income tax purposes, the partnership reports using a December 31
year end. The partnership's net loss for financial reporting and tax return
purposes for the year ended March 31, 1994 are reconciled as follows:
Total Series 7 Series 9 Series 10
--------- -------- -------- ---------
Net loss for financial
reporting purposes $(17,716,558) $(1,472,695) $(3,656,691) $(2,100,773)
Operating limited partnership
rents received in
advance 2,989 799 2,190 -
Partnership management fees
not recognized for
tax purposes 2,110,980 109,457 521,108 335,618
Other 1,502,458 523,954 77,677 (50,678)
Operating limited partnership,
net loss not allowed for
financing reporting under
equity method (110,905) (101,453) - (9,452)
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (1,646,520) (39,360) (276,614) (140,107)
Difference due to fiscal year
for book purposes and
calendar year for tax
purposes 325,256 (2,240) 84,040 18,044
---------- --------- ---------- ----------
Loss for tax return
purposes, December 31,
1993 $(15,532,300) $(981,538) $(3,248,290) $(1,947,348)
=========== ========= ========== ==========
F-62<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO TAX RETURN
(Continued)
For income tax purposes, the partnership reports using a December 31 year
end. The partnership's net loss for financial reporting and tax return
purposes for the year ended March 31, 1994 are reconciled as follows:
Series 11 Series 12 Series 14
--------- --------- ---------
Net loss for financial
reporting purposes $(2,365,204) $(2,615,480) $(5,505,715)
Operating limited
partnership rents
received in advance - - -
Partnership management
fees not recognized for
tax purposes 248,682 379,259 516,856
Other 102,030 171,615 677,860
Operating limited
partnership, net loss
not allowed for financing
reporting under equity
method - - -
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (155,553) (362,173) (672,713)
Difference due to fiscal
year for book purposes
and calendar year for
tax purposes 27,814 (21,375) 218,973
---------- ---------- ----------
Loss for tax return
purposes, December
31, 1993 $(2,142,231) $(2,448,154) $(4,764,739)
========== ========== ==========
F-63<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO TAX RETURN
(Continued)
The difference between the investments in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1996, the differences are as follows:
Total Series 7 Series 9 Series 10
--------- -------- -------- ---------
Investment in operating limited
partnerships - tax return
December 31, 1995 $75,397,066 $1,679,526 $13,631,595 $10,418,219
Add back losses not recognized
under the equity method 1,277,478 489,114 315,829 222,844
Historic tax credit 5,105,527 1,819,802 240,250 -
Less share of loss - three months
ended March 31, 1995 (5,109,374) (125,066) (1,134,799) (776,692)
Other 3,394,486 (965,668) 2,151,759 534,599
---------- --------- ---------- ----------
Investment in operating limited
partnerships - as reported $80,065,183 $2,897,708 $15,204,634 $10,398,970
========== ========= ========== ==========
F-64<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO TAX RETURN
(Continued)
The difference between the investments in operating limited partnerships for
tax purposes and financial statements purposes is primarily due to the
differences in the losses not recognized under the equity method of
accounting and the historic tax credits taken for income tax purposes. At
March 31, 1996, the differences are as follows:
Series 11 Series 12 Series 14
--------- --------- ---------
Investment in operating limited
partnerships - tax return $ 9,795,177 $13,684,043 $26,188,506
Add back losses not recognized
under the equity method 89,390 34,870 125,431
Historic tax credit 1,281,688 - 1,763,787
Less share of loss - three months
ended March 31, 1995 (721,702) (613,706) (1,737,409)
Other 148,782 794,386 730,628
---------- ---------- ----------
Investment in operating limited
partnerships - as reported $10,593,335 $13,899,593 $27,070,943
========== ========== ==========
F-65<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1996, 1995 and 1994
NOTE E - CASH EQUIVALENTS
Cash equivalents of $1,700,000 and $2,000,000 as of March 31, 1996 and
1995, respectively, include tax-exempt sweep accounts and money market
accounts with interest at rates ranging 2.25% to 5.3% per annum.
NOTE F - NOTES RECEIVABLE
Notes receivable at March 31, 1996 and 1995, in Series 14, consist of
advance installments of capital contributions and/or advances made to
operating limited partnerships of $1,168,584. The Series 14 notes provide
for varying terms which include noninterest-bearing notes and interest-
bearing notes with interest rates at prime plus 1% or a flat 8% rate. The
prime rate was 8.25% and 9% at March 31, 1996 and 1995, respectively. The
carrying value of the notes receivable approximates fair value.
- F-66 -
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund II Limited Partnership - Series 7
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Bowditch
School 1,645,676 65,961 4,818,466 52,714 65,961 4,871,180 4,937,141 931,657 12/89 12/89 34
Briarwood
Apts LP 627,182 44,500 747,246 19,136 44,500 766,382 810,882 201,574 12/89 12/89 5-27.5
Buckner
Prop LP 621,696 27,500 771,030 8,760 27,500 779,790 807,290 227,423 3/89 12/89 5-27.5
Creekside 1,095,805 89,016 1,290,616 (7,432)* 89,016 1,283,184 1,372,200 136,643 9/89 6/89 5-27.5
Deer Hill
II LP 1,484,213 103,000 1,424,556 337,809 103,000 1,762,365 1,865,365 455,359 5/89 2/90 5-27.5
Hillandale 3,207,981 601,653 4,198,973 1,814,396 601,653 6,013,369 6,615,022 1,458,458 1/90 12/89 5-27.5
King City
Elderly 1,658,088 175,000 2,549,870 54,594 175,000 2,604,464 2,779,464 553,116 11/89 6/90 27.5
Lebanon
Prop II
LP 575,564 3,000 730,187 9,536 3,000 739,723 742,723 201,298 7/89 12/89 5-27.5
Metropole
Apts
Assoc 2,250,137 82,800 2,621,625 51,040 82,800 2,672,665 2,755,465 578,378 12/89 12/89 27.5
F-67
Boston Capital Tax Credit Fund II Limited Partnership - Series 7
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
New
Holland
Apts 1,096,329 80,000 3,269,700 43,105 80,000 3,312,805 3,392,805 668,347 8/90 5/90 35
Oak Groove
Estates
LP 487,453 15,200 597,465 7,710 15,200 605,175 620,375 163,345 9/89 12/89 27.5
Oakview
LTD 1,133,721 35,280 1,375,820 78,040 35,280 1,453,860 1,489,140 273,628 10/89 12/89 40
Rosenberg
Hotel 8,492,153 452,000 7,434,335 4,873,499 452,000 12,307,834 12,759,834 1,374,986 1/92 2/90 27.5
Westwood 1,419,114 96,600 1,355,174 345,989 96,660 1,701,163 1,797,823 449,977 7/90 7/90 5-27.5
Winfield
Prop II
LP 612,114 37,000 735,086 5,265 37,000 740,351 777,351 211,092 5/89 12/89 5-27.5
---------- --------- ---------- ---------- --------- ----------- ----------- -----------
26,407,226 1,908,510 33,920,149 7,694,161 1,908,570 41,614,310 43,522,880 7,885,281
========== ========= ========== ========== ========= =========== =========== ===========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been ommitted for presentation purposes.
</TABLE>
F-68
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 7
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 41,816,362
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 1,735,711
Other............................................. 0
----------
$ 1,735,711
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/93............................$ 43,552,073
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 147,543
Other............................................. 0
----------
$ 147,543
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/94............................$ 43,699,616
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 58,462
Other............................................. 0
----------
$ 58,462
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. (261,992)
----------
$ (261,992)
-----------
Balance at close of period - 03/31/95............................$ 43,496,086
F-69
Notes to Schedule III-Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 7
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/95.........................$ 43,496,086
Additions during period:
Acquisitions through foreclosure..............$ 0
Other acquisitions............................ 0
Improvements, etc............................. 26,794
Other......................................... 0
-----------
$ 26,794
Deductions during period:
Cost of real estate sold......................$ 0
Other......................................... 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96.........................$ 43,522,880
===========
F-70
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 7
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.......................$ 2,312,199
Current year expense................................$1,360,178
---------
Balance at close of period - 3/31/93............................$ 3,672,377
Current year expense................................$1,436,830
---------
Balance at close of period - 3/31/94............................$ 5,109,207
Current year expense................................$1,391,094
---------
Balance at close of period - 3/31/95............................$ 6,500,301
Current year expense................................$1,384,980
---------
Balance at close of period - 3/31/96............................$ 7,885,281
==========
F-71
<TABLE>
S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
438 Warren
St. 721,934 45,972 1,177,081 28,521 45,972 1,205,602 1,251,574 266,310 5/90 3/90 28
Beaver
Brook 1,190,067 135,070 1,395,155 3,197 135,070 1,398,352 1,533,422 357,965 5/90 4/90 27.5
Big Lake
Seniors 563,791 27,804 732,961 0 27,804 732,961 760,765 10,013 6/95 4/94 5-27.5
Blakely 950,891 50,000 1,159,403 9,623 50,000 1,169,026 1,219,026 272,179 5/90 5/90 5-27.5
Blanco Sr 522,329 40,147 679,816 0 40,147 679,816 719,963 22,939 9/94 12/93 7-40
Blooming-
dale 1,487,564 100,338 1,771,660 5,410 100,338 1,777,070 1,877,408 418,891 3/90 5/90 5-27.5
Breeze-
wood 1,434,367 114,000 1,784,173 4,415 114,000 1,788,588 1,902,588 403,898 5/90 5/90 7-27.5
Brooklyn 1,112,292 9,000 1,416,895 26,729 9,000 1,443,624 1,452,624 247,845 5/90 5/90 5-27.5
Calif.
Inv.V 5,537,313 401,411 10,661,108 164,739 401,411 10,825,847 11,227,258 1,756,859 3/90 3/90 35
Cambridge 1,139,783 99,974 1,381,815 377 99,974 1,382,192 1,482,166 332,825 1/90 4/90 7-27.5
F-72
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Cedar
Rapids 3,554,088 294,600 7,692,319 86,191 294,600 7,778,510 8,073,110 1,705,735 6/90 4/90 7-27.5
Corinth 1,498,021 53,351 1,865,231 21,611 53,351 1,886,842 1,940,193 448,022 2/90 4/90 5-27.5
Cotton Mill
Assoc. 1,491,425 75,000 1,730,384 0 75,000 1,730,384 1,805,384 133,877 7/93 10/92 5-27.5
Fawn
River 3,714,629 77,000 4,396,993 311,627 77,000 4,708,620 4,785,620 900,240 10/90 10/90 27.5
Fountain
Green 711,968 68,134 880,440 1,607 68,134 882,047 950,181 187,701 5/90 6/90 27.5
Glenwood
Hotel 758,337 25,000 1,128,486 8,725 25,000 1,137,211 1,162,211 256,385 6/90 6/90 7-27.5
Greenwich 1,491,521 85,197 1,862,476 18,788 85,197 1,881,264 1,966,461 428,307 2/90 4/90 5-27.5
Grifton 1,268,583 35,393 1,170,847 361,689 35,393 1,532,536 1,567,929 86,114 2/94 9/93 7-27.5
Hacienda
Villa 3,980,713 233,165 7,304,446 121,467 233,165 7,425,913 7,659,078 1,121,261 1/90 4/90 40
Haines
City 1,446,142 100,000 1,709,218 10,512 100,000 1,719,730 1,819,730 419,296 2/90 4/90 27.5
F-73
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Hernando 1,492,075 70,000 1,975,766 8,818 70,000 1,984,584 2,054,584 453,591 7/90 6/90 27.5
Hobe
Sound 2,816,036 261,000 3,482,634 29,920 261,000 3,512,554 3,773,554 803,917 4/90 4/90 27.5
Immokalee 2,202,100 160,000 2,732,134 9,069 160,000 2,741,203 2,901,203 467,108 5/90 5/90 7-27.5
Kristin
Park 1,397,423 117,179 1,694,459 29,368 117,179 1,723,827 1,841,006 272,835 6/90 3/90 27.5
Le Grande
Enterprise 1,750,788 13,090 2,232,493 (53,368) 67,500 2,179,125 2,246,625 116,546 10/93 11/92 5-50
Long-
meadow 1,487,505 95,000 1,765,749 3,640 95,000 1,769,389 1,864,389 258,262 8/90 8/90 10-40
Maywood 1,508,200 53,000 1,961,139 3,569 53,000 1,964,708 2,017,708 430,363 7/90 3/90 5-27.5
Meadow
run 642,782 44,400 784,163 5,165 44,400 789,328 833,728 184,123 5/90 5/90 27.5
Meadow-
crest 2,914,423 286,065 4,982,274 28,041 286,065 5,010,315 5,296,380 1,192,810 10/90 9/90 5-27.5
Newfane
Senior 1,010,004 30,000 1,211,708 8,118 30,000 1,219,826 1,249,826 181,126 9/92 10/92 5-27.5
New
Holland 1,096,329 80,000 3,269,700 43,105 80,000 3,312,805 3,392,805 668,347 8/90 5/90 5-27.5
F-74
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Old
Stage 1,270,914 39,840 1,517,419 5,759 39,840 1,523,178 1,563,018 341,987 9/90 5/90 27.5
Pedcor
Invest. 3,097,507 170,435 6,211,383 (14,090)* 170,435 6,197,293 6,367,728 957,292 4/90 3/90 27.5
Pleasanton
Sr 627,543 40,000 813,308 0 40,000 813,308 853,308 58,584 7/93 12/93 40
Polkton
Housing 662,348 25,038 752,017 0 25,038 752,017 777,055 109,294 12/93 1/94 5-27.5
Princess
Manor 1,498,280 57,066 1,869,314 7,059 57,066 1,876,373 1,933,439 433,336 8/90 6/90 5-27.5
Princess
Villas 1,497,280 63,104 1,786,927 8,009 63,104 1,794,936 1,858,040 405,524 8/90 6/90 5-27.5
Putney
First 1,426,642 128,800 1,804,424 (11,983) 128,800 1,792,441 1,921,241 130,604 5/93 12/92 5-27.5
Quail
Hollow
RRH 1,477,740 100,000 1,861,652 3,827 100,000 1,865,479 1,965,479 453,113 1/90 5/90 27.5
Quail
Hollow
Warsaw 1,411,795 33,500 1,747,578 7,252 33,500 1,754,830 1,788,330 250,714 9/90 7/90 7-40
F-75
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Rainbow
Gardens 1,224,708 70,000 1,450,989 802 70,000 1,451,791 1,521,791 156,235 6/93 12/92 7-27.5
Raitt
St. Apts. 782,537 270,281 1,221,755 0 270,281 1,221,755 1,492,036 105,511 8/93 5/93 5-27.5
School
St. II 832,590 37,622 1,585,434 3,943 37,622 1,589,377 1,626,999 169,008 6/93 6/93 7-27.5
South
Paris
Housing 1,498,290 65,000 1,853,831 (176,840) 242,301 1,676,991 1,919,292 209,724 10/92 11/92 5-27.5
South-
western 1,432,572 30,000 1,766,094 9,026 30,000 1,775,120 1,805,120 417,003 5/90 5/90 7-27.5
Spring-
field 3,895,815 775,955 4,177,205 5,474,378 775,955 9,651,583 10,427,538 1,576,075 6/91 6/90 5-27.5
Sunshine 1,476,908 127,000 1,729,289 17,266 127,000 1,746,555 1,873,555 363,098 11/90 9/90 5-27.5
Surry
Village II 779,972 60,000 938,244 1,982 50,718 940,226 990,944 231,108 1/90 5/90 5-27.5
Tappa-
hannock
Green 1,514,482 122,500 1,703,038 0 122,500 1,703,038 1,825,538 130,829 5/94 3/94 5-27.5
F-76
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Twin
Oaks 1,144,522 53,636 1,397,601 5,222 53,636 1,402,823 1,456,459 325,583 5/90 5/90 5-27.5
Village
Oaks 736,735 42,140 884,614 3,359 42,140 887,973 930,113 197,559 2/90 6/90 5-27.5
Warrens-
burg 796,924 32,000 991,475 10,399 32,000 1,001,874 1,033,874 272,304 4/90 4/90 5-27.5
Westside 1,863,906 25,000 4,022,240 (45,749)* 25,000 3,976,491 4,001,491 752,988 12/90 6/90 5-27.5
Westwood 1,419,114 96,660 1,690,074 11,089 96,660 1,701,163 1,797,823 449,977 7/90 7/90 27.5
Wilming-
ton 1,058,012 75,637 1,293,362 (6,401)* 75,637 1,286,961 1,362,598 279,747 8/90 8/90 27.5
---------- -------- ----------- ---------- --------- ----------- ----------- -----------
86,320,559 5,821,504 123,062,393 6,614,982 6,043,933 129,677,375 135,721,308 23,582,887
========== ========= =========== ========== ========= =========== =========== ===========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been ommitted for presentation purposes.
</TABLE>
F-77
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$122,231,856
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 3,447,429
Improvements, etc................................. 143,343
Other............................................. 0
----------
$ 3,590,772
Deductions during period:
Cost of real estate sold..........................$(7,395,934)
Other............................................. (24,083)
----------
$ (7,420,017)
-----------
Balance at close of period - 03/31/93............................$118,402,611
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 3,591,731
Improvements, etc................................. 9,011,423
Other............................................. 0
----------
$ 12,603,154
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/94............................$131,005,765
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 2,630,397
Improvements, etc................................. 1,266,494
Other............................................. 0
----------
$ 3,896,891
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$134,902,656
F-78
Notes to Schedule III-Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/95.........................$134,902,656
Additions during period:
Acquisitions through foreclosure..............$ 0
Other acquisitions............................ 0
Improvements, etc............................. 818,652
Other......................................... 0
-----------
$ 818,652
Deductions during period:
Cost of real estate sold......................$ 0
Other......................................... 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96.........................$135,721,308
===========
F-79
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92......................$ 6,203,920
Current year expense...............................$4,059,735
---------
Balance at close of period - 3/31/93...........................$10,263,655
Current year expense...............................$4,195,190
---------
Balance at close of period - 3/31/94...........................$14,458,845
Current year expense...............................$4,588,398
---------
Balance at close of period - 3/31/95...........................$19,047,243
Current year expense...............................$4,535,644
---------
Balance at close of period - 3/31/96...........................$23,582,887
==========
F-80
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Ackerman 618,317 42,000 619,380 244,777 42,000 864,157 906,157 42,494 6/94 9/93 5-27.5
Athens II 1,342,337 75,000 1,642,281 13,502 75,000 1,655,783 1,730,783 329,759 6/90 8/90 5-27.5
Autumn
Lane 736,560 34,094 891,072 382 34,094 891,454 925,548 186,784 11/90 8/89 5-27.5
Baytree 961,494 44,759 1,099,246 74,543 44,759 1,173,789 1,218,548 296,734 7/90 11/88 5-27.5
Benchmark 955,427 60,600 1,137,112 14,980 60,600 1,152,092 1,212,692 290,820 7/90 11/88 5-27.5
Brentwood 959,213 64,999 1,163,002 8,598 64,999 1,171,600 1,236,599 162,960 10/90 11/90 5-27.5
Briarwood 1,489,634 154,900 1,898,553 (438,637) 154,900 1,459,916 1,614,816 331,810 8/90 8/90 5-27.5
Butler
Properties 506,121 37,500 376,730 223,430 37,500 600,160 637,660 72,115 2/91 12/90 5-27.5
Candlewick
Place 1,265,908 70,800 1,500,289 46,824 70,800 1,547,113 1,617,913 145,019 10/92 12/92 5-27.5
Cedarstone 779,017 66,000 955,695 1,673 66,000 957,368 1,023,368 80,424 5/93 5/93 5-40
Centre-
ville Apts. 590,287 63,073 697,069 49,780 16,000 746,849 762,849 229,129 2/90 11/90 5-27.5
F-81
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Charlton
Court 1,208,496 56,144 1,449,050 802 56,144 1,449,852 1,505,996 185,502 1/93 12/92 7-27.5
Chuck-
atuck 1,454,329 128,725 1,731,557 5,363 128,725 1,736,920 1,865,645 281,263 2/90 11/90 12-40
Clover-
leaf I 860,263 54,740 969,048 18,097 54,740 987,145 1,041,885 230,000 4/90 11/90 5-27.5
Clover-
leaf II 879,595 66,488 981,480 21,561 66,488 1,003,041 1,069,529 233,233 4/90 11/90 5-27.5
Connells-
ville 1,376,147 55,440 1,591,799 11,143 55,440 1,602,942 1,658,382 257,810 3/90 11/90 5-27.5
Dallas 1,779,831 230,059 3,408,933 (203,647)* 230,059 3,205,286 3,435,345 744,124 10/90 12/91 5-27.5
Ellaville 790,677 45,000 977,293 413 45,000 977,706 1,022,706 236,493 2/90 7/90 5-27.5
Forsyth 1,464,338 55,000 1,894,917 1,085 55,000 1,896,002 1,951,002 409,368 9/90 7/90 7-27.5
Freedom
Apts. 1,055,152 144,065 1,219,436 18,300 144,065 1,237,736 1,381,801 185,218 9/90 11/90 5-27.5
Great
Falls 878,516 38,292 1,053,154 3,495 38,292 1,056,649 1,094,941 228,547 10/90 11/90 5-27.5
F-82
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Hartway
Properties 918,046 49,000 1,116,507 0 49,000 1,116,507 1,165,507 210,505 6/90 7/90 5-27.5
Hilltop 1,494,830 105,000 1,916,734 8,803 105,000 1,925,537 2,030,537 434,328 7/90 8/90 7-27.5
Ironton
Estates 629,371 29,500 794,461 914 29,500 795,375 824,875 112,684 1/93 5/93 5-27.5
Lambert
Square 1,008,422 41,200 1,243,568 0 41,200 1,243,568 1,284,768 98,663 12/92 11/92 5-40
Lawton
Apts. 1,495,621 54,400 1,848,603 15,152 54,400 1,863,755 1,918,155 544,372 6/90 11/90 5-27.5
Longview 875,576 25,000 1,071,946 26,737 25,000 1,098,683 1,123,683 279,767 8/90 11/88 5-27.5
Maidu 2,222,801 56,500 4,890,261 269,330 56,500 5,159,591 5,216,091 896,043 12/91 3/91 7-27.5
Meadow-
brook 1,484,563 75,141 1,789,549 765 75,141 1,790,314 1,865,455 425,096 3/90 9/90 5-27.5
Mercer
Apts. 913,182 46,249 1,098,860 14,266 46,249 1,113,126 1,159,375 168,351 8/90 11/90 5-27.5
Morgan-
town 773,412 36,000 930,187 7 36,000 930,194 966,194 123,779 12/90 8/90 5-27.5
F-83
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------
Newnan 2,121,949 92,706 4,128,942 (155,545)* 0 3,973,397 3,973,397 895,160 10/90 12/90 5-27.5
Northern
Conn 1,024,762 42,500 1,536,482 10,144 42,500 1,546,626 1,589,126 171,212 12/92 1/93 5-27.5
Parkwood 2,688,473 316,667 4,358,381 6,117 316,667 4,364,498 4,681,165 863,626 5/91 3/91 5-27.5
Pedcor
Invest-
ments 3,120,633 200,000 4,714,711 272,995 200,000 4,987,706 5,187,706 657,713 10/90 7/90 5-27.5
Pinetree
Manor 985,629 30,000 1,210,633 438 30,000 1,211,071 1,241,071 93,483 1/93 11/92 7-40
Pineview 966,192 125,000 1,178,400 4,541 125,000 1,182,941 1,307,941 256,053 12/90 9/90 7-27.5
Rosewood
Village 651,752 36,000 806,255 1,956 36,000 808,211 844,211 187,485 7/90 7/90 5-27.5
South
Farm 2,633,006 254,636 3,486,308 7,644 254,636 3,493,952 3,748,588 434,036 7/93 4/93 7-40
Stockton
Estates 518,684 17,500 647,699 0 17,500 647,699 665,199 97,365 1/93 2/93 5-27.5
Stratford
Square 755,381 63,000 443,433 452,618 63,000 896,051 959,051 74,777 2/93 10/92 5-40
F-84
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Summer
Glen 1,493,610 147,225 1,669,056 1,078 147,225 1,670,134 1,817,359 164,892 3/93 11/92 5-40
Washington
Heights 473,150 76,537 974,803 8,932 76,537 983,735 1,060,272 148,679 7/90 11/90 5-27.5
West Des
Moines 2,417,885 437,568 4,154,100 256,366 437,568 4,410,466 4,848,034 903,166 7/90 7/90 7-27.5
Wichita
West 1,605,077 110,377 2,920,599 12,655 110,377 2,933,254 3,043,631 612,949 7/90 7/90 7-27.5
Woodside
Housing 1,488,244 60,140 1,926,294 11,412 60,140 1,937,706 1,997,846 266,458 11/90 12/90 5-27.5
---------- --------- ---------- ---------- --------- ----------- ----------- ------------
56,711,910 4,115,524 78,113,868 1,343,789 3,975,745 79,457,657 83,433,402 14,280,248
========== ========= ========== ========== ========= =========== =========== ============
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been ommitted for presentation purposes.
</TABLE>
F-85
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 73,561,151
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 2,204,866
Improvements, etc................................. 314,333
Other............................................. 0
----------
$ 2,519,199
Deductions during period:
Cost of real estate sold..........................$(7,395,934)
Other............................................. 0
----------
$(7,395,934)
-----------
Balance at close of period - 03/31/93............................$ 68,684,416
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 8,492,161
Improvements, etc................................. 6,297,007
Other............................................. 0
----------
$ 14,789,168
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/94............................$ 83,473,584
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 313,600
Other............................................. 0
----------
$ 313,600
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$ 83,787,184
F-86
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Reconciliation of Land, Building & Improvements current year changes - continued
Balance at close of period - 03/31/95.........................$ 83,787,184
Additions during period:
Acquisitions through foreclosure..............$ 0
Other acquisitions............................ 0
Improvements, etc............................. 0
Other......................................... 86,855
-----------
$ 86,855
Deductions during period:
Cost of real estate sold......................$ 0
Other......................................... (440,637)
-----------
$ (440,637)
-----------
Balance at close of period - 03/31/96.........................$ 83,433,402
===========
F-87
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.......................$ 3,259,154
Current year expense................................$2,487,975
---------
Balance at close of period - 3/31/93............................$ 5,747,129
Current year expense................................$2,881,214
---------
Balance at close of period - 3/31/94............................$ 8,628,343
Current year expense................................$2,883,271
---------
Balance at close of period - 3/31/95............................$11,511,614
Current year expense................................$2,768,634
---------
Balance at close of period - 3/31/96............................$14,280,248
==========
F-88
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Academy
Hill 1,383,890 119,500 1,607,604 10,489 119,500 1,618,093 1,737,593 328,856 2/91 2/91 5-27.5
Aspen
Square 1,842,702 150,413 2,118,648 82,342 150,703 2,200,990 2,351,693 296,139 11/90 11/90 5-27.5
Bridge-
view 1,372,163 50,686 1,586,090 1,520 50,686 1,587,610 1,638,296 413,875 12/89 12/90 5-27.5
Buckeye 1,348,496 93,421 1,584,893 58,417 93,421 1,643,310 1,736,731 250,651 8/90 12/90 5-27.5
Church
Hill 960,268 63,232 663,136 531,531 63,232 1,194,667 1,257,899 154,465 1/91 12/90 7-40
Copper
Creek 1,180,530 77,750 1,410,989 42,494 77,750 1,453,483 1,531,233 198,771 9/90 11/90 5-27.5
Coronado 566,835 9,998 1,499,265 0 9,998 1,499,265 1,509,263 299,575 4/91 2/91 5-27.5
Crestwood 4,444,214 360,000 10,649,129 34,324 360,000 10,683,453 11,043,453 2,078,649 7/91 1/91 7-27.5
Dallas
Apts. 1,779,831 230,059 3,408,933 (203,647)* 230,059 3,205,286 3,435,345 744,124 10/90 12/90 7-27.5
Denmark I 774,121 54,000 915,172 4,332 54,000 919,504 973,504 213,070 6/90 11/90 27.5
F-89
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Denmark II 822,193 36,000 1,003,547 727 36,000 1,004,274 1,040,274 228,927 6/90 11/90 5-27.5
El Dorado
Springs 584,383 22,500 735,245 6,046 22,500 741,291 763,791 186,808 9/90 11/90 5-27.5
Eldon
Estates II 584,585 30,000 690,453 26,720 30,000 717,173 747,173 174,881 11/90 12/90 5-27.5
Eldon
Manor 562,574 7,500 787,399 10,111 7,500 797,510 805,010 192,954 11/90 12/90 5-27.5
Elderly
Housing
of Macon 1,639,832 50,000 1,992,329 9,153 50,000 2,001,482 2,051,482 138,654 4/93 5/93 5-27.5
Eutaw
Elderly 1,633,152 24,000 1,972,439 6,720 24,000 1,979,159 2,003,159 96,687 12/93 5/93 5-50
Farmer-
ville 971,696 57,015 1,195,142 732 57,015 1,195,874 1,252,889 141,454 4/91 1/91 N/A
Forest
Glade 1,489,364 100,000 1,841,104 23,316 100,000 1,864,420 1,964,420 381,340 12/90 12/90 7-27.5
Franklin
School 2,992,552 112,032 2,528,326 1,921,166 112,032 4,449,492 4,561,524 674,469 12/91 10/90 27.5
F-90<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Harbor
View 1,487,480 143,957 1,802,615 5,350 143,957 1,807,965 1,951,922 399,615 7/90 12/90 7-27.5
Hilltop
Apts. 1,430,600 178,736 1,545,237 0 178,736 1,545,237 1,723,973 189,926 11/92 1/93 27.5
Holland
Senior 903,105 27,500 1,096,333 13,773 27,500 1,110,106 1,137,606 251,584 6/90 11/90 27.5
Holly
Senior 921,863 36,882 1,139,044 11,611 36,882 1,150,655 1,187,537 255,965 10/90 11/90 27.5
Ivan
Woods 2,334,885 275,000 4,347,328 13,831 275,000 4,361,159 4,636,159 931,714 4/91 2/91 5-27.5
Kaplan
Manor 930,277 66,000 1,106,192 38,553 66,000 1,144,745 1,210,745 154,241 12/90 12/90 7-40
Lakewood 957,952 53,100 1,162,254 4,022 53,100 1,166,276 1,219,376 143,325 5/91 1/91 N/A
Licking
Associates 407,704 14,000 316,889 175,452 14,000 492,341 506,341 72,869 3/92 11/91 N/A
London
Arms 2,648,334 37,500 3,479,332 (22,804)* 37,500 3,456,528 3,494,028 633,195 12/90 12/90 5-27.5
F-91<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Maidu 2,222,801 56,500 4,890,261 269,330 56,500 5,159,591 5,216,091 896,043 12,91 3/91 7-27.5
Manning
Properties 844,449 44,125 1,015,703 7,152 44,125 1,022,855 1,066,980 222,811 11/90 11/90 5-27.5
Metter 1,481,681 44,500 1,770,511 4,205 45,141 1,774,716 1,819,857 200,114 5/93 12/92 5-27.5
Nevada
Manor 651,450 50,000 782,543 8,430 51,203 790,973 842,176 196,434 10/90 11/90 5-27.5
Newnan
Apts. 2,121,949 92,706 4,128,942 (248,251)* 92,706 3,880,691 3,973,397 895,160 10/90 12/90 5-27.5
Oatka
Villige 923,483 35,000 1,151,205 5,695 35,000 1,156,900 1,191,900 265,526 6/90 11/90 5-27.5
PRI#10L.P. 1,238,084 100 1,776,840 106,924 100 1,883,764 1,883,864 362,215 12/90 12/90 5-27.5
Sierra
Springs 1,181,148 52,290 1,448,815 48,719 52,387 1,497,534 1,549,921 198,275 11/90 11/90 5-27.5
South
Fork 1,435,798 100,000 1,782,527 3,551 100,000 1,786,078 1,886,078 244,125 2/91 2/91 5-27.5
F-92<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- --------------------------------------------------------------------------------------------------------------------------
Twin
Oaks of
Allendale 785,745 71,305 951,711 (170,609)* 71,305 781,102 852,407 171,419 9/90 12/90 5-27.5
Washington 962,249 55,050 1,150,878 300 55,050 1,151,178 1,206,228 144,644 3/91 1/91 7-40
Wildridge 1,502,627 156,576 1,617,243 2,861 156,576 1,620,104 1,776,680 295,053 4/91 1/91 7-27.5
---------- --------- ---------- ---------- --------- ----------- ----------- ----------
54,307,045 3,238,933 76,652,246 2,844,588 3,241,164 79,496,834 82,737,998 14,318,602
========== ========= ========== ========== ========= =========== =========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been ommitted for presentation purposes.
</TABLE>
F-93<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 75,467,308
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 44,500
Improvements, etc................................. 862,272
Other............................................. 0
----------
$ 906,772
Deductions during period:
Cost of real estate sold..........................$(1,343,477)
Other............................................. (188,348)
----------
$ (1,531,825)
-----------
Balance at close of period - 03/31/93............................$ 74,842,255
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 5,762,741
Improvements, etc................................. 1,962,905
Other............................................. 0
----------
$ 7,725,646
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/94............................$ 82,567,901
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 1,297,882
Other............................................. 0
----------
$ 1,297,822
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$ 83,865,783
F-94<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Reconciliation of Land, Building & Improvements current year changes - continued
Balance at close of period - 03/31/95..........................$ 83,865,783
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 81,256
Other.......................................... 0
-----------
$ 81,256
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... (1,209,041)
-----------
$ (1,209,041)
-----------
Balance at close of period - 03/31/96..........................$ 82,737,998
===========
F-95<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.......................$ 2,602,158
Current year expense................................$2,916,577
---------
Balance at close of period - 3/31/93............................$ 5,518,735
Current year expense................................$2,946,686
---------
Balance at close of period - 3/31/94............................$ 8,465,421
Current year expense................................$4,159,331
---------
Balance at close of period - 3/31/95............................$12,624,752
Current year expense................................$1,693,850
---------
Balance at close of period - 3/31/96............................$14,318,602
==========
F-96<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Autumnwood
Village 1,019,067 40,777 371,734 898,028 40,777 1,269,762 1,310,539 191,108 5/93 9/92 5-27.5
BB&L
Enterprises 524,192 24,000 648,985 1,600 24,000 650,585 674,585 120,922 1/93 8/92 5-27.5
Bowman
Village 668,505 17,000 848,107 1,718 17,000 849,825 866,825 147,876 3/93 10/92 5-27.5
Brandy-
wood 1,758,634 86,029 3,313,958 (62,248) 86,029 3,251,710 3,337,739 669,962 7/92 7/92 7-27.5
Briarwick 1,264,423 95,079 1,587,073 0 95,079 1,587,073 1,682,152 214,095 1/92 3/92 7-27.5
Bucksport 1,378,146 71,500 1,683,768 (162,716) 271,318 1,521,052 1,792,370 280,765 9/92 4/92 7-27.5
Burkes-
ville 737,897 40,000 897,118 0 40,000 897,118 937,118 97,951 9/92 9/92 7-27.5
California
Investors 8,874,224 820,000 9,361,922 16,786,917 803,050 26,148,839 26,951,889 2,317,477 12/93 10/92 N/A
VII
F-97<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Cananche
Creek 1,241,287 66,200 1,515,813 23,061 66,200 1,538,874 1,605,074 168,869 9/92 9/92 7-27.5
Carson
Village 655,934 30,000 193,264 609,146 30,000 802,410 832,410 118,131 10/92 3/92 7-27.5
Clarkson
Prop 754,085 36,000 932,918 0 36,000 932,918 968,918 103,044 7/93 9/92 5-27.5
Clymer
House 1,087,541 20,000 1,387,091 (67,961) 87,419 1,319,130 1,406,549 235,200 6/92 4/92 7-27.5
Corcoran
Investment 1,531,749 75,000 1,976,455 0 75,000 1,976,455 2,051,455 259,676 1/93 9/92 10-40
Cornish
Park 1,462,198 67,390 1,761,946 (89,370) 231,959 1,672,576 1,904,535 336,741 8/92 6/92 7-27.5
Crescent
City 1,874,110 211,000 2,297,055 (14,590) 211,000 2,282,465 2,493,465 331,381 11/92 6/92 10-40
Dallas II 1,779,831 230,059 3,194,199 11,087 230,059 3,205,286 3,435,345 744,124 2/93 5/92 5-27.5
F-98<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Earlimart 1,352,437 90,000 1,711,424 827 90,000 1,712,251 1,802,251 218,410 5/93 8/92 5-27.5
Evanwood 763,531 36,000 929,102 0 36,000 929,102 965,102 116,034 11/91 3/92 7-27.5
Fort
Smith 1,172,277 87,500 2,089,062 0 87,500 2,089,062 2,176,562 143,020 11/92 4/92 7-27.5
Frank-
lin II 1,494,324 50,000 1,864,100 2,199 50,000 1,866,299 1,916,299 398,700 10/92 10/92 7-27.5
Franklin
House 313,289 1,000 812,706 2,742 1,000 815,448 816,448 173,291 3/91 3/92 7-27.5
Hamilton
Village 572,712 18,943 368,532 344,202 18,943 712,734 731,677 113,468 8/92 8/92 7-27.5
Hunters
Park 1,417,263 92,750 1,650,083 15,431 92,750 1,665,514 1,758,264 175,385 1/92 5/92 7-27.5
Ivan
Woods 2,334,885 275,000 4,347,328 13,831 275,000 4,361,159 4,636,159 931,714 7/92 4/92 7-27.5
Jesup 643,518 19,375 427,265 380,977 19,375 808,242 827,617 129,586 2/92 3/92 7-27.5
Lakeridge 921,234 34,832 1,103,517 0 34,832 1,103,517 1,138,349 200,215 2/93 8/92 5-27.5
Laurel
Village 665,485 15,145 256,421 568,879 15,145 825,300 840,445 126,979 2/92 3/92 7-27.5
F-99
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Los
Caballos 784,637 53,886 1,006,731 1,700 26,943 1,008,431 1,035,374 120,748 7/92 6/92 7-27.5
Marlboro 840,368 26,176 1,032,404 14,417 26,176 1,046,821 1,072,997 226,087 11/93 12/92 5-27.5
Melvilles 897,991 18,500 1,103,074 25,498 18,500 1,128,572 1,147,072 121,369 3/93 8/92 5-27.5
Nanty Glo 1,482,642 35,000 1,869,757 (82,178) 114,000 1,787,579 1,901,579 322,889 12/92 8/92 5-27.5
Newnan II 2,121,949 92,706 3,868,800 11,891 92,706 3,880,691 3,973,397 895,160 3/92 5/92 7-27.5
Nye
County 1,371,576 60,000 1,694,731 5,023 60,000 1,699,754 1,759,754 352,804 5/93 9/92 5-27.5
Oakleigh 918,998 57,500 553,121 555,618 57,500 1,108,739 1,166,239 110,595 11/91 4/92 7-27.5
Oakwood 922,001 52,000 782,736 339,338 52,000 1,122,074 1,174,074 114,133 5/92 5/92 7-27.5
Parkwood 2,538,481 316,667 4,358,381 6,117 316,667 4,364,498 4,681,165 863,626 6/92 4/92 7-27.5
Portales
Estates 1,447,007 66,500 1,777,470 2,028 66,500 1,779,498 1,845,998 376,908 5/92 5/92 7-27.5
Prairie
West 480,479 65,000 983,964 3,798 65,000 987,762 1,052,762 197,429 9/93 10/92 5-27.5
F-100
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Ridgeway
Court 897,442 48,500 1,039,377 6,645 50,450 1,046,022 1,096,472 194,673 1/93 4/92 5-27.5
River
Reach 1,372,674 118,750 1,656,515 6,732 118,750 1,663,247 1,781,997 314,936 1/92 3/92 7-27.5
Rockmoor 439,959 30,000 521,541 17,017 30,000 538,558 568,558 58,131 4/92 4/92 7-27.5
RPI #22 580,840 0 1,177,719 3,855 0 1,181,574 1,181,574 196,888 11/92 6/92 7-27.5
Scott City 601,273 13,000 764,225 (285) 13,000 763,940 776,940 88,406 5/92 4/92 5-27.5
Shawnee
Ridge 670,612 53,650 801,129 6,717 53,650 807,846 861,496 93,188 2/93 8/92 5-27.5
Spring-
field 3,895,815 775,955 9,620,653 30,930 775,955 9,651,583 10,427,538 1,576,075 2/92 7/92 5-27.5
Stonegate
Manor 1,014,397 76,000 1,265,168 6,097 76,000 1,271,265 1,347,265 258,437 9/92 5/92 7-27.5
Turner
Lane 724,296 31,530 882,974 0 31,530 882,974 914,504 166,043 8/92 9/92 7-27.5
Union
Baptist 552,199 0 1,151,557 16,582 0 1,168,139 1,168,139 162,161 5/92 4/92 7-27.5
F-101
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Villas
Lakeridge 534,683 47,952 605,356 0 47,952 605,356 653,308 110,053 7/92 5/92 7-27.5
Waynesboro 1,377,553 50,000 1,455,507 1,074 50,000 1,456,581 1,506,581 278,352 12/92 6/92 5-28
Windsor II 733,429 51,178 887,455 10,016 51,178 897,471 948,649 198,716 4/93 6/92 7-27.5
Woodcrest 714,743 42,000 883,702 1,891 42,000 885,593 927,593 96,721 7/93 8/92 5-27.5
Woodside 1,161,361 19,383 1,378,829 0 19,383 1,378,829 1,398,212 317,365 8/92 8/92 7-27.5
---------- --------- ---------- ---------- ---------- ----------- ------------ ----------
67,340,183 4,852,412 90,653,822 20,254,281 5,321,275 110,908,103 116,229,378 16,876,017
========== ========= ========== ========== ========= =========== ============ ===========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been ommitted for presentation purposes.
</TABLE>
F-102
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 79,690,665
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 9,428,122
Improvements, etc................................. 7,164,766
Other............................................. 0
----------
$ 16,592,888
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/93............................$ 96,283,553
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 901,206
Improvements, etc................................. 16,586,367
Other............................................. 0
----------
$ 17,487,573
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/94............................$113,771,126
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 0
Improvements, etc................................. 2,226,528
Other............................................. 0
----------
$ 2,226,528
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$115,997,654
F-103
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Reconciliation of Land, Building & Improvements current year changes - continued
Balance at close of period - 03/31/95..........................$115,997,654
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 231,724
Other.......................................... 0
-----------
$ 231,724
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96..........................$116,229,378
===========
F-104<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.......................$ 2,036,741
Current year expense................................$3,141,623
---------
Balance at close of period - 3/31/93............................$ 5,178,364
Current year expense................................$3,409,630
---------
Balance at close of period - 3/31/94............................$ 8,587,994
Current year expense................................$4,171,394
---------
Balance at close of period - 3/31/95............................$12,759,388
Current year expense................................$4,116,629
---------
Balance at close of period - 3/31/96............................$16,876,017
==========
F-105<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Ada
Vil 1,059,349 125,997 1,201,080 0 125,997 1,201,080 1,327,077 109,725 11/93 1/93 5-30
Amherst 1,611,365 60,000 1,920,734 0 60,000 1,920,734 1,980,734 312,104 1/92 1/92 7-27.5
Beckwood
Manor 1,277,070 35,000 1,569,743 16,528 35,000 1,586,271 1,621,271 238,958 10/92 5/92 5-27.5
Belmont
Vlg 932,897 64,312 1,073,695 6,676 64,312 1,080,371 1,144,683 124,924 12/91 1/92 7-27.5
Bethel
Park 1,497,807 265,800 1,310,374 300,790 279,674 1,611,164 1,890,838 192,780 3/92 12/91 5-40
Blan-
chard 219,826 42,000 727,225 (473,334) 23,726 253,891 277,617 27,883 9/91 10/91 7-40
Blanchard
Vlg 601,126 42,000 730,704 0 42,000 730,704 772,704 79,503 7/93 1/93 5-30
Brant-
wood 1,148,425 55,500 1,382,381 977 55,500 1,383,358 1,438,858 256,640 9/91 7/91 7-27.5
F-106<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Brecken-
ridge 873,052 21,500 1,181,178 1,909 21,500 1,183,087 1,204,587 136,127 3/92 1/92 7-27.5
Briar-
wood II 1,500,513 90,000 1,785,580 (297,553) 90,000 1,488,027 1,578,027 239,830 4/92 2/92 7-27.5
Bridge Coali-
tion 0 0 695,990 0 0 695,990 695,990 100,179 12/91 1/92 27.5
Buchanan 728,917 63,275 833,561 33,758 63,275 867,319 930,594 193,468 10/90 7/91 7-27.5
California
Inv. V 5,537,313 401,411 10,824,261 1,586 401,411 10,825,847 11,227,258 1,756,859 03/90 8/92 7-27.5
California
Inv. VII 8,874,224 820,000 9,361,922 16,786,917 803,050 26,148,839 26,951,889 2,317,477 12/93 10/92 7-27.5
Capital
Hsg 1,576,334 178,000 3,131,389 22,505 178,000 3,153,894 3,331,894 539,409 1/91 8/91 7-27.5
Capitol
One 697,977 35,000 883,508 0 35,000 883,508 918,508 22,259 8/95 3/95 7-27.5
Carleton
Court 2,596,079 94,360 3,954,231 219,892 94,360 4,174,123 4,268,483 533,749 12/91 12/91 7-34
Carriage
Run 1,339,024 83,980 1,046,960 550,232 83,980 1,597,192 1,681,172 242,006 4/92 10/91 7-27.5
Cedar-
wood 1,425,062 61,698 1,477,659 231,450 61,698 1,709,109 1,770,807 158,928 1/92 10/91 7-27.5
F-108
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Central
Valley 1,835,571 141,353 2,170,282 0 141,353 2,170,282 2,311,635 227,440 12/91 1/92 5-50
Chapar-
ral 698,971 38,972 863,939 3,510 38,972 867,449 906,421 90,375 7/91 8/91 7-50
College
Green 3,820,685 225,000 6,774,847 0 225,000 6,774,847 6,999,847 143,806 8/95 3/95 7-27.5
Colorado
City 544,735 30,000 608,138 16,258 30,000 624,396 654,396 66,592 10/91 10/91 7-40
Cotton
wood 657,443 40,000 775,242 3,710 40,000 778,952 818,952 85,162 7/91 10/91 7-40
Crystal
Sprgs 1,310,057 60,000 1,574,032 426 60,000 1,574,458 1,634,458 221,000 1/92 1/92 7-27.5
Davis
Vlg 1,186,146 55,000 1,456,778 0 55,000 1,456,778 1,511,778 138,870 9/93 1/93 5-30
Derby
Hsg 1,895,766 165,000 3,451,914 (55,307) 165,000 3,396,607 3,561,607 587,774 9/91 6/91 7-27.5
Deven-
wood 878,101 76,000 1,215,772 2,075 76,000 1,217,847 1,293,847 146,929 1/93 7/92 N/A
Duncan
Vlg 1,162,462 83,875 1,391,226 0 83,875 1,391,226 1,475,101 124,848 11/93 1/93 5-30
F-108<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Edison
Village 1,206,259 46,536 1,425,180 49,028 46,536 1,474,208 1,520,744 238,651 2/92 7/91 7-27.5
Excel-
sior 626,632 70,000 704,252 3,997 70,000 708,249 778,249 161,737 4/91 2/92 7-27.5
Four Oaks
Hsg 898,173 48,000 1,063,004 3,228 73,083 1,066,232 1,139,315 156,042 6/92 3/92 7-27.5
Franklin
Vista 934,030 49,520 1,130,261 0 49,520 1,130,261 1,179,781 114,689 4/92 1/92 7-27.5
Friend-
ship 1,445,321 195,314 1,639,123 123,782 213,230 1,762,905 1,976,135 445,960 6/91 1/92 7-27.5
Glenhaven
Park 718,930 195,000 834,120 0 195,000 834,120 1,029,120 144,228 6/89 1/94 7-27.5
Harrison
City 1,487,996 35,521 1,792,881 5,424 35,521 1,798,305 1,833,826 268,430 9/92 7/92 7-27.5
Haven Park
Part-
ners II 510,973 225,000 1,045,411 0 225,000 1,045,411 1,270,411 246,758 6/89 1/94 7-27.5
Haven Park
Partners
III 504,865 225,000 1,177,089 0 225,000 1,177,089 1,402,089 169,335 12/89 1/94 7-27.5
F-109<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Haven Park
Part-
ners IV 412,907 180,000 874,413 0 180,000 874,413 1,054,413 117,423 6/90 1/94 7-27.5
Hessmer 915,365 35,000 380,289 776,293 35,000 1,156,582 1,191,582 111,660 4/92 12/91 7-40
Hillmont
Village 889,713 38,000 911,697 159,573 38,000 1,071,270 1,109,270 177,091 1/92 9/91 7-27.5
Hughes
Springs 791,430 35,000 947,230 0 35,000 947,230 982,230 102,285 8/91 10/91 7-40
Hunters
Run 1,452,865 120,000 1,169,479 536,591 120,000 1,706,070 1,826,070 279,841 2/92 12/91 7-27.5
Indepen-
dence 1,091,459 103,901 1,237,331 9,492 103,901 1,246,823 1,350,724 232,956 6/91 8/91 7-27.5
Jarratt 837,771 55,926 1,028,925 (67,608) 55,926 961,317 1,017,243 156,728 12/91 10/91 7-27.5
Kilmar-
nock 766,881 44,000 969,309 0 44,000 969,309 1,013,309 190,438 4/91 7/91 7-27.5
King
Fisher 173,368 21,000 198,768 0 21,000 198,768 219,768 19,166 12/93 1/93 5-30
La Gama
Del
Bario 669,734 110,000 1,020,084 46,465 110,000 1,066,549 1,176,549 126,973 8/92 6/92 7-27.5
F-110<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Lake Isa-
bella 2,002,699 360,000 2,036,815 229,471 360,000 2,266,286 2,626,286 232,657 1/92 9/91 5-50
Lakeview
Meadows 1,576,000 99,580 2,665,491 7,868 99,580 2,673,359 2,772,939 460,068 6/92 1/92 12-40
Lakewood
Terr 3,989,887 124,707 2,257,609 4,420,840 124,707 6,678,449 6,803,156 947,561 8/89 11/93 5-27.5
Lexington
Park 4,872,223 500,000 7,754,757 0 500,000 7,754,757 8,254,757 676,843 12/93 11/91 7-27.5
Lexington
Vlg 213,176 23,814 246,703 0 23,814 246,703 270,517 25,840 11/93 1/93 5-30
Lonacon-
ing 1,492,701 113,305 181,203 1,554,289 113,305 1,735,492 1,848,797 171,134 9/92 12/91 5-27.5
Louis
Assocs. 840,050 13,720 1,038,651 426 13,720 1,039,077 1,052,797 162,329 1/92 3/92 7-27.5
Maidu 2,222,801 56,500 5,108,838 50,753 56,500 5,159,591 5,216,091 896,043 12/91 1/92 7-27.5
Marion
Mnr 1,012,062 50,000 1,237,671 8,394 50,000 1,246,065 1,296,065 108,995 6/92 2/92 7-27.5
Maysville
Vlg 221,394 25,920 255,681 0 25,920 255,681 281,601 27,236 10/93 1/93 5-30
F-111<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
McComb
Fam 1,009,059 30,000 1,226,748 2,476 30,000 1,229,224 1,259,224 198,523 10/91 10/91 7-27.5
Mon-
tague 1,146,416 0 1,493,360 118,408 0 1,611,768 1,611,768 227,226 12/91 12/91 5-30
Navapai 887,313 53,480 1,073,287 25,572 53,480 1,098,859 1,152,339 133,780 4/91 6/91 7-50
Nevada
City 3,563,661 492,000 3,954,179 130,975 492,000 4,085,154 4,577,154 406,102 10/91 1/91 5-27.5
New
River 1,492,851 46,400 1,279,522 508,999 46,400 1,788,521 1,834,921 179,573 2/92 8/91 7-27.5
Newel-
lton 953,956 57,600 1,161,263 1,357 57,600 1,162,620 1,220,220 112,587 4/92 2/92 7-40
Oakland
Vlg 857,322 38,400 1,021,589 1,761 58,014 1,023,350 1,081,364 141,954 8/92 5/92 7-27.5
Okemah
Vlg 702,330 27,752 872,256 0 27,752 872,256 900,008 88,124 5/93 1/93 7-27.5
One
North-
ridge 1,740,729 190,000 3,051,424 58,314 190,000 3,109,738 3,299,738 359,954 2/92 1/92 7-27.5
Park-
wood 2,538,481 316,667 4,358,381 6,117 316,667 4,364,498 4,681,165 863,626 5/91 10/91 7-27.5
F-112<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Pine-
ridge 998,758 31,500 494,515 715,923 31,500 1,210,438 1,241,938 102,218 3/92 10/91 7-27.5
Pittsfield
Park 1,051,965 204,900 781,557 366,071 204,900 1,147,628 1,352,528 158,302 6/92 12/91 5-30
Planta-
tion IV 1,427,919 77,000 1,697,631 16,686 77,000 1,714,317 1,791,317 298,154 11/91 12/91 7-27.5
Portville
Square 934,142 66,206 1,068,007 29,836 66,206 1,097,843 1,164,049 118,836 3/92 3/92 7-27.5
Prague
Vlg 128,836 10,500 157,060 0 10,500 157,060 167,560 18,528 3/93 1/93 7-27.5
Rainer
Manor 3,733,381 521,000 5,852,852 0 521,000 5,852,852 6,373,852 498,305 1/93 3/92 7-27.5
Rosen-
berg 8,492,153 452,000 10,701,246 1,606,588 452,000 12,307,834 12,759,834 1,374,986 1/92 12/91 7-27.5
Rosewood
Manor 1,445,595 175,000 1,605,480 7,408 175,000 1,612,888 1,787,888 276,404 11/91 12/91 7-27.5
San
Jacinto 2,383,362 288,000 2,694,130 105,463 288,000 2,799,593 3,087,593 331,650 10/91 1/92 5-50
Schroon
Lake 1,102,849 78,000 1,318,831 (13,366) 78,000 1,305,465 1,383,465 197,673 1/92 11/91 5-50
F-113<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Scott
Part-
ners 627,654 60,000 1,171,445 1,297 60,000 1,172,742 1,232,742 203,646 11/91 10/91 7-27.5
Sioux
Falls 1,132,223 82,406 2,233,596 (16,522) 82,406 2,217,074 2,299,480 387,662 10/91 11/91 7-27.5
Smith-
ville 1,251,376 79,790 1,465,210 17,594 79,790 1,482,804 1,562,594 335,579 5/91 2/92 7-27.5
South
Fulton 667,221 34,000 794,896 0 34,000 794,896 828,896 135,052 8/91 10/91 7-27.5
Standard-
ville 589,081 29,500 691,006 0 29,500 691,006 720,506 92,838 11/91 4/92 5-40
St.
Barnabas 1,222,611 43,335 1,520,445 2,648 43,335 1,523,093 1,566,428 140,035 12/91 10/91 7-27.5
Summerlane 865,598 48,700 1,010,651 3,038 48,700 1,013,689 1,062,389 173,330 11/91 7/91 7-27.5
Tionesta
Manor 1,437,376 229,850 1,666,675 12,965 229,850 1,679,640 1,909,490 298,213 1/92 2/92 7-27.5
Titus-
ville 1,247,680 85,280 1,235,975 226,530 85,280 1,462,505 1,547,785 242,263 1/92 12/91 7-27.5
Toano
III 713,576 56,266 874,381 1,499 56,266 875,880 932,146 173,386 7/91 7/91 7-27.5
F-114<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Topsham 1,134,180 135,552 1,458,644 950 135,552 1,459,594 1,595,146 141,349 8/92 11/91 10-40
Townview 1,386,281 87,238 1,713,135 16,525 87,238 1,729,660 1,816,898 214,805 10/91 9/91 5-27.5
Tyrone
Hsg 1,492,485 138,700 1,850,252 (71,103) 138,700 1,779,149 1,917,849 200,154 1/92 12/91 5-40
Vic-
toria 1,415,346 12,500 1,733,581 0 12,500 1,733,581 1,746,081 253,961 6/92 1/92 5-27.5
Village
Trc 733,863 63,000 1,529,691 0 63,000 1,592,691 1,529,691 264,630 9/91 5/92 5-40
Washing-
ton 1,200,303 72,396 1,494,696 2,410 72,396 1,497,106 1,569,502 257,563 8/91 7/91 7-27
Wesley
Vlg 1,322,071 44,750 347,831 1,253,193 44,750 1,601,024 1,645,774 172,327 6/92 10/91 5-27.5
Wild-
wood 1,270,202 94,949 1,498,290 7,245 94,949 1,505,535 1,600,484 203,164 10/91 10/91 5-40
Woodfield
Commons 1,251,725 66,533 2,478,583 129,178 66,533 2,607,761 2,674,294 313,964 6/91 9/91 12-40
Wood-
side 1,218,695 44,000 1,472,335 6,808 44,000 1,479,143 1,523,143 261,518 10/91 11/91 7-27.5
Wynnewood
Vlg 427,247 41,987 521,591 0 41,987 521,591 563,578 53,598 11/93 1/93 5-27.5
F-115<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
York-
shire 928,551 29,265 1,079,451 29,982 29,265 1,109,433 1,138,698 201,708 9/91 8/91 5-27.5
Zin-
master 1,892,974 100,000 3,307,709 0 100,000 3,307,709 3,407,709 997,950 1/88 1/95 7-27.5
----------- ---------- ----------- ---------- ---------- ----------- ----------- ----------
144,283,359 11,491,699 186,719,997 30,604,136 11,532,962 217,324,133 228,857,095 28,389,901
=========== ========== =========== ========== ========== =========== =========== ==========
Since the Operating Partnerships maintain a calendar year end, the information on this schedule is as of December 31, 1995.
* - Reduction due to reduced development fee, which reduced the property basis.
</TABLE>
F-116<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 81,648,074
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 80,920,213
Improvements, etc................................. 5,161,569
Other............................................. 0
----------
$ 86,081,782
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/93............................$167,729,856
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 2,382,316
Improvements, etc................................. 38,261,558
Other............................................. 0
----------
$ 40,643,874
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/94............................$208,373,730
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 4,756,033
Improvements, etc................................. 4,399,236
Other............................................. 0
----------
$ 9,155,269
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$217,528,999
F-117
<PAGE>
Notes to Schedule III-Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/95..........................$217,528,999
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 11,627,996
Other.......................................... 0
-----------
$ 11,627,996
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... (299,900)
-----------
$ (299,900)
-----------
Balance at close of period - 03/31/96..........................$228,857,095
===========
F-118<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.........................$ 659,075
Current year expense..................................$5,383,385
---------
Balance at close of period - 3/31/93..............................$ 6,042,460
Current year expense..................................$6,562,213
---------
Balance at close of period - 3/31/94..............................$12,604,673
Current year expense..................................$7,623,477
---------
Balance at close of period - 3/31/95..............................$20,228,150
Current year expense..................................$8,161,751
---------
Balance at close of period - 3/31/96..............................$28,389,901
==========
F-119<PAGE>
<TABLE> <S> <C>
<ARTICLE> CT
<CIK> 0000853566
<NAME> BOSTON CAPITAL TAX CREDIT FUND II LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> MAR-31-1996
<TOTAL-ASSETS> 85,486,212
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 85,486,212
<TOTAL-REVENUES> 65,468
<INCOME-TAX> 0
<INCOME-CONTINUING> (15,844,404)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (15,778,936)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
