SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the fiscal year ended March 31, 1997 or
--------------
[ ] Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to
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Commission file number 0-19443
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Boston Capital Tax Credit Fund II Limited Partnership
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(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
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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, 1997
TABLE OF CONTENTS
PART I
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of
Security-Holders
PART II
Item 5. Market for the 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
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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 Partnership's 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, 1997, 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, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
The Bowditch
School
Lodging Jamaica Plain,
House MA 50 $1,638,578 12/89 12/89 100% $ 606,390
Briarwood Cameron,
Apartments MO 24 625,922 12/89 12/89 100% 157,254
Buckner Buckner,
Properties MO 24 620,649 12/89 3/89 100% 146,287
Creekside Vandergrift,
Apartments PA 30 1,125,059 6/89 9/89 100% 247,790
Deer Hill Huntersville,
II Apartments NC 40 1,481,751 2/90 5/89 100% 333,370
Hillandale Lithonia,
Commons GA 132 3,324,477 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 24 574,542 12/89 7/89 100% 136,440
New Holland Danville,
Apartments IL 53 973,523 5/90 8/90 100% 800,434
Oak Grove Oak Grove,
Estates MO 20 486,452 12/89 9/89 100% 113,188
Oakview Delta,
Apartments OH 38 1,128,782 12/89 10/89 100% 258,264
Metropole Miami Beach,
Apartments FL 42 2,223,077 12/89 12/89 100% 694,581
4
Boston Capital Tax Credit Fund II Limited Partnership - Series 7
PROPERTY PROFILES AS OF March 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- --------------------------------------------------------------------------
Rosenberg Santa Rosa,
Apartments CA 77 $1,837,045 2/90 1/92 100% $1,943,360
Westwood
Square Moore Head City,
Apartments NC 36 1,416,387 7/90 7/90 100% 117,286
Winfield
Properties Winfield,
II MO 24 611,010 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, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- --------------------------------------------------------------------------
Azalea
Village Crawford,
Apartments GA 24 $ 641,812 5/90 5/90 100% $ 143,206
Beaver
Brook Pelham,
Commons NH 24 1,187,746 4/90 5/90 100% 290,403
Bent Creek Crest View,
Apartments
II FL 24 710,710 6/90 5/90 100% 164,534
Big Lake Big Lake,
Seniors TX 20 562,201 4/94 6/95 100% 141,072
Blanco Blanco,
Senior Apts. TX 20 521,147 12/93 9/94 100% 98,561
Breezewood
Village Kissimmee,
Phase I FL 86 2,808,946 4/90 4/90 100% 831,650
Breezewood Kissimmee,
Village II FL 42 1,432,211 5/90 5/90 100% 416,268
Cambridge Madison,
Manor FL 36 1,137,659 4/90 1/90 100% 268,523
Corinth
Senior Corinth,
Housing NY 40 1,495,099 4/90 2/90 100% 384,000
Cotton Mill Stuart,
Apartments VA 40 1,487,068 10/92 7/93 100% 271,351
Country Cedar Rapids,
Hill Apts. IA 166 4,421,315 4/90 6/90 100% 3,471,607
Country Blakely,
Lane Apts. GA 32 949,321 5/90 5/90 100% 211,916
6
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- --------------------------------------------------------------------------
Fawn River Sturgis,
Apartments MI 100 $3,708,188 10/90 10/90 95% $971,446
Garden Lake Immokalee,
Apartments FL 65 2,198,547 5/90 5/90 100% 577,529
Glenwood Porterville,
Hotel CA 36 751,549 6/90 6/90 100% 383,100
Grand
Princess St. Croix,
Manor USVI 24 1,495,825 6/90 8/90 100% 374,766
Grand
Princess St. Croix,
Villa USVI 24 1,494,827 6/90 8/90 100% 276,203
Greenwich
Senior Greenwich,
Housing NY 36 1,488,571 4/90 2/90 97% 340,000
Grifton Grifton,
Manor Apts. NC 40 1,264,023 9/93 2/94 100% 261,645
Hacienda
Villa Firebaugh,
Apartments CA 120 3,947,514 4/90 1/90 100% 1,343,294
Haines
City Haines City,
Apartments FL 46 1,443,279 4/90 2/90 100% 339,465
Hamlet Newfane,
Square NY 24 1,001,774 10/92 9/92 100% 193,830
Hill St. South Paris,
Commons ME 25 1,494,993 11/92 10/92 100% 301,064
Kristin
Park Las Vegas,
Apartments NM 44 1,394,952 3/90 6/90 100% 313,200
7
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Le Grand Le Grand,
Apts. CA 34 $1,746,464 11/92 10/93 100% $ 419,011
Longmeadow Skowhegan,
Apartments ME 28 1,484,915 8/90 8/90 100% 284,000
Magnolia
Lane Bloomingdale,
Apartments GA 48 1,484,619 5/90 3/90 100% 321,908
Maywood Corning,
Apartments CA 40 1,505,534 3/90 7/90 100% 365,280
Meadowcrest Southfield,
Apartments MI 83 2,906,533 9/90 10/90 100% 1,116,284
Mill Pond Brooklyn,
Apartments MI 36 1,110,469 5/90 5/90 100% 250,175
New Holland Danville,
Apartments IL 53 973,523 5/90 8/90 100% 565,622
Pinewoods Springfield,
Apartments IL 168 3,864,669 6/90 6/91 100% 1,258,700
Pine Ridge Polkton,
Place NC 16 660,264 1/94 12/93 100% 114,730
Pleasanton Pleasanton,
Seniors Apts.TX 24 625,705 12/93 7/93 100% 144,839
Port Portage,
Crossing IN 160 3,315,289 3/90 4/90 100% 2,733,580
Putney Putney,
Meadows Apts VT 28 1,424,723 12/92 5/93 100% 374,495
Quail
Hollow Homerville,
Apartments GA 54 1,475,030 5/90 1/90 100% 363,353
8
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- --------------------------------------------------------------------------
Quail
Hollow Raleigh
II NC 36 $ 1,405,922 7/90 9/90 100% $ 313,521
Rainbow
Gardens Dunnellon,
Apartments FL 36 1,221,901 12/92 6/93 100% 236,763
Raitt Santa Ana,
Street Apts. CA 6 791,508 5/93 8/93 100% 416,200
School St. Marshall,
Apts. II WI 24 819,094 6/93 6/93 100% 652,967
Scottsville Scottsville,
Hollow NY 36 1,430,225 5/90 5/90 100% 304,060
Somerset Antioch,
Apartments CA 156 5,480,494 3/90 3/90 100% 3,920,000
St. Paul's St. Paul,
Apartments NC 32 1,268,718 5/90 9/90 100% 263,165
Surry
Village Surry,
II VA 24 777,798 5/90 1/90 100% 157,002
Tappahannock Tappahannock,
Greens Apts. VA 40 1,511,213 3/94 5/94 100% 293,486
Telluride Telluride,
Apartments CO 30 1,474,581 9/90 11/90 100% 300,033
The Warren
St. Lodging Boston,
House MA 19 721,934 3/90 5/90 100% 460,900
Twin Oaks Raeford,
Apartments NC 28 1,142,647 5/90 5/90 100% 275,894
9
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
PROPERTY PROFILES AS OF March 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Ventura Hernando,
Village FL 53 $ 1,489,702 6/90 7/90 100% $ 473,300
Vilage Live Oak,
Oaks FL 24 735,288 6/90 2/90 100% 164,291
Apartments II
Warrensburg Warrensburg,
Estates MO 32 795,235 4/90 4/90 100% 181,849
Westside Providence,
Apartments RI 40 2,452,438 6/90 12/90 100% 1,777,738
Westwood
Square Moorehead City,
Apartments NC 36 1,416,387 7/90 7/90 100% 195,391
Wilmington Wilmington,
Housing NY 24 1,055,408 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, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ----------------------------------------------------------------------------
Athens Park Athens,
Apartments AL 48 $1,340,154 8/90 6/90 100% $ 354,144
Autumn Lane Washington,
Apartments GA 24 736,196 8/89 11/90 100% 168,234
Baytree Richlands,
Apartments NC 24 959,931 11/88 7/90 100% 210,999
Benchmark China Grove,
Apartments NC 24 953,752 11/88 7/90 100% 223,328
Berkshire Wichita,
Apartments II KS 66 1,759,000 7/90 7/90 100% 1,183,452
Brentwood Eunice,
Apartments LA 32 957,568 11/90 10/90 100% 205,470
Briarwood Middleburg,
Apartments FL 52 1,487,020 8/90 8/90 100% 509,251
Butler Manor Morgantown,
Apartments KY 16 505,202 12/90 2/91 100% 119,952
Campbell
Creek Dallas,
Apartments GA 80 1,729,489 12/91 10/90 100% 735,000
Candlewick Monroeville,
Place AL 40 1,263,000 12/92 10/92 100% 241,600
Cedarstone Poplarville,
Apts. MS 24 775,767 5/93 5/93 100% 180,800
Charlton
Court Folkston,
Apartments GA 40 1,206,076 12/92 1/93 100% 263,520
11
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
PROPERTY PROFILES AS OF March 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Chuckatuck Suffolk
Square VA 42 $1,451,431 11/90 2/90 100% $ 320,900
Cloverleaf Bishopville,
Apartments SC 24 858,572 11/90 4/90 100% 153,900
Cloverleaf
Apts., Bishopville,
Phase II SC 24 877,867 11/90 4/90 100% 160,761
Connellsville Connellsville,
Heritage Apts. PA 36 1,373,424 11/90 3/90 100% 325,460
Freedom Ford City,
Apartments PA 28 1,053,315 11/90 9/90 89% 262,791
Hartway Munfordville,
Apts. KY 32 916,402 7/90 6/90 100% 239,041
Hilltop Kingsland,
Terrace GA 54 1,492,592 8/90 7/90 100% 455,851
Indian Run S. Kingston
Village RI 114 2,432,946 4/93 7/93 96% 604,867
Ironton Ironton,
Estates MO 24 627,904 5/93 1/93 100% 157,976
Lambert
Square Lambert,
Apts. MS 32 1,005,284 11/92 12/92 100% 192,347
Longview Maysville,
Apartments NC 24 874,151 11/88 8/90 100% 195,837
Maidu Roseville,
Village CA 81 2,193,985 3/91 12/91 100% 470,000
12
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
PROPERTY PROFILES AS OF March 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Mann Indianapolis,
Estates IN 132 $3,068,810 7/90 10/90 100% $ 1,980,000
Meadowbrook
Lane Americus,
Apartments GA 50 1,483,679 9/90 3/90 100% 336,264
Melrose Lane Great Falls,
Apartments SC 24 876,877 11/90 10/90 100% 203,645
Mercer Mercer,
Manor PA 26 911,567 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 30 790,144 7/90 2/90 100% 221,856
Piedmont Forsyth,
Hills GA 50 1,462,028 7/90 9/90 100% 439,958
Pine View Perry,
Apartments FL 29 964,539 9/90 12/90 100% 277,405
Pines by the Newnan,
Creek Apts. GA 96 2,062,078 12/90 10/90 100% 890,000
Pine Grove Ackerman,
Apts. MS 24 601,745 9/93 6/94 100% 169,926
Pinetree
Manor Centreville,
Apts. MS 32 983,714 11/92 1/93 100% 191,500
Rosewood
Village Willacoochee,
Apartments GA 24 651,381 7/90 7/90 100% 147,480
13
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
PROPERTY PROFILES AS OF March 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Springwood
Park Durham,
Apartments NC 100 $ 2,397,002 3/91 5/91 100% $ 1,000,000
Stockton Stockton,
Estates MO 20 517,551 2/93 1/93 100% 120,352
Stratford
Square Brundidge,
Apartments AL 24 754,013 10/92 2/93 100% 145,036
Summer
Glen Immokalee,
Apartments FL 45 1,490,158 11/92 3/93 100% 246,230
Summerwood West Des Moines,
Apartments IA 86 2,394,690 7/90 7/90 100% 2,015,183
Sunmark Morgantown,
Apartments KY 24 772,016 8/90 12/90 100% 176,669
Village Lawton,
Commons MI 58 1,492,908 11/90 6/90 98% 323,665
Washington
Heights
Apartments, Bismarck,
IV ND 24 459,263 11/90 7/90 100% 381,010
Woods Hollow Centreville,
Apartments MI 24 635,846 11/90 2/90 100% 132,700
Woodside Lisbon,
Apartments ME 28 1,485,711 12/90 11/90 100% 397,630
14
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
PROPERTY PROFILES AS OF March 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- -----------------------------------------------------------------------------
Academy
Hill Ahoskie,
Apartments NC 40 $1,381,402 2/91 2/91 100% $ 319,224
Aspen
Square Tazewell,
Apartments VA 60 1,839,613 11/90 11/90 100% 356,495
Bridgeview Emlenton,
Apartments PA 36 1,369,406 12/90 12/89 100% 327,257
Buckeye
Senior Buckeye,
Apartments AZ 41 1,345,943 12/90 8/90 100% 311,480
Campbell
Creek Dallas,
Apartments GA 80 1,729,489 12/90 10/90 100% 142,000
Cambridge
Manor Macon,
Apartments MS 47 1,631,123 5/93 4/93 100% 356,356
Church Hill Church Point,
Apartments LA 32 958,542 12/90 1/91 100% 205,750
Copper
Creek Lebanon,
Apartments VA 36 1,178,490 11/90 9/90 100% 237,647
Coronado Tuscon,
Hotel AZ 42 535,030 3/91 3/91 100% 614,050
Crestwood St. Cloud,
Apartments FL 216 4,387,363 1/91 6/91 100% 5,636,484
El Dorado El Dorado Springs,
Springs Est. MO 24 583,276 11/90 9/90 100% 133,790
Eldon Est. Eldon,
II MO 24 583,417 12/90 11/90 100% 131,340
15
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Eldon Eldon,
Manor MO 24 $ 561,459 12/90 11/90 100% $ 241,980
Elmwood
Manor Eutaw,
Apartments AL 47 1,629,855 5/93 12/93 100% 333,440
Fairridge
Lane Denmark,
Apartments SC 24 820,723 11/90 6/90 100% 209,326
Fairridge
Village Denmark,
Apartments SC 24 772,741 11/90 6/90 100% 186,381
Farmerville Farmerville,
Square Apts. LA 32 970,163 1/91 4/91 100% 212,280
Forest
Glade Wauchula,
Apartments FL 50 1,487,052 12/90 12/90 100% 420,565
Franklin Great Falls,
School MT 40 1,273,665 10/90 12/91 100% 1,453,270
Hilltop Los Lunas,
Apts. NM 40 1,427,453 1/93 11/92 100% 253,455
Holland Holland,
Meadows NY 24 901,648 11/90 6/90 100% 213,880
Holley Holley,
Grove NY 24 920,270 11/90 10/90 100% 207,360
Ivan Woods Delta Township,
Senior Apts. MI 90 2,233,624 2/91 4/91 100% 1,184,275
Kaplan
Manor Kaplan,
Apartments LA 32 928,706 12/90 12/90 100% 198,460
16
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Lakewood
Village Lake Providence,
Apartments LA 32 $ 956,406 1/91 5/91 100% $ 223,827
Licking Licking,
Apartments MO 16 407,033 11/91 3/92 100% 90,436
London Miami Beach,
Arms FL 58 2,651,471 12/90 12/90 100% 937,961
Maidu Roseville,
Village CA 81 2,193,985 3/91 12/91 100% 530,000
Nevada Nevada,
Manor MO 24 650,235 11/90 10/90 100% 143,270
Oatka Warsaw,
Meadows NY 24 921,850 11/90 6/90 100% 206,670
Osage Arkansas City,
Place KS 38 1,235,928 12/90 12/90 100% 522,999
Pines by the
Creek Newnan,
Apartments GA 96 2,062,078 12/90 10/90 100% 245,000
Sandy
Pines Punta Gorda,
Manor FL 44 1,484,822 12/90 7/90 100% 399,977
Sierra
Springs Tazewell,
Apartments VA 36 1,179,138 11/90 11/90 100% 299,634
South Fork South Fork,
Heights CO 48 1,433,198 2/91 2/91 100% 343,358
Twin Oaks Allendale,
Apartments SC 24 784,397 12/90 9/90 100% 206,888
17
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ----------------------------------------------------------------------------
Walnut
Village Manning,
Apartments SC 24 $ 842,777 11/90 11/90 100% $ 183,244
Washington
Manor Washington,
Apartments LA 32 960,545 1/91 3/91 100% 216,990
Wildridge Jesup,
Apartments GA 48 1,407,038 1/91 4/91 100% 329,130
Windsor Metter,
Apts. GA 52 1,478,198 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, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Bowman
Village Bowman,
Apartments GA 24 $ 667,435 6/91 10/91 100% $ 139,879
Brandywood Oak Creek,
Apartments WI 54 1,752,028 12/91 9/91 100% 1,532,506
Brentwood
Manor Clarkson,
Apartments KY 24 752,147 6/91 7/91 100% 173,969
Briarwick Nicholasville,
Apartments KY 40 1,259,161 4/91 4/91 100% 323,941
Bridgerun Cannon Falls,
Townhomes MN 18 576,874 6/91 7/91 100% 458,800
Bucksport
Park Bucksport,
Apartments ME 24 1,390,266 6/91 8/91 100% 334,600
Campbell
Creek Dallas,
Apartments GA 80 1,729,489 3/91 10/90 100% 593,000
Cananche
Creek Norton,
Apartments VA 36 1,239,105 5/91 6/91 100% 276,695
Carson
Village Wrightsville,
Apartments GA 24 654,679 10/91 6/92 100% 161,452
Clymer
House Clymer,
Apartments PA 26 1,085,671 6/91 10/91 100% 254,097
Corcoran
Garden Corcoran,
Apartments CA 38 1,529,122 2/91 11/90 100% 432,438
Cornish Cornish,
Park ME 25 1,459,627 6/91 6/91 100% 333,000
19
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Crescent City
Senior Crescent City,
Apartments CA 38 $1,870,741 3/91 3/91 100% $ 474,536
Earlimart
Senior Earlimart,
Apartments CA 35 1,350,042 6/91 6/91 100% 364,515
Evanwood Hardinsburg,
Apartments KY 24 762,098 6/91 5/91 100% 167,221
Fox Run Jesup,
Apartments GA 24 637,753 12/91 7/92 100% 150,033
Franklin
House Liberty,
Apts. MO 21 309,602 5/93 1/88 100% 137,836
Hamilton
Village Preston,
Apartments GA 20 571,592 10/91 3/92 100% 140,948
Hunters
Park Tarboro,
Apartments NC 40 1,414,753 5/91 4/91 100% 320,175
Ivan Woods
Senior Delta Township,
Apartments MI 90 2,233,624 2/91 4/91 100% 778,688
Keenland Burkesville,
Apartments KY 24 736,637 6/91 9/91 100% 164,246
Lakeridge Eufala,
Apartments AL 30 919,603 3/91 4/91 100% 186,780
Laurel
Village Wadley,
Apartments GA 24 664,305 10/91 5/92 100% 149,058
20
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ----------------------------------------------------------------------------
Los
Caballos Hatch,
II Apts. NM 24 $ 779,138 7/91 8/91 100% $ 164,740
Marlboro
Place Bennettsville,
Apartments SC 24 838,836 3/91 2/91 100% 192,779
Melville
Plaza Melville,
Apartments LA 32 896,198 7/91 10/91 100% 178,564
Nanty Glo
House Nanty Glo,
Apartments PA 36 1,480,281 6/91 7/91 100% 353,000
Newport Franklin,
Village VA 48 1,491,552 4/91 11/90 100% 355,000
Oakleigh Abbeville,
Apartments LA 32 917,201 8/91 3/92 100% 178,716
Oak
Street Scott City,
Apartments MO 24 600,346 6/91 11/91 100% 138,149
Oakwood Mamou,
Apartments LA 32 914,168 8/91 1/92 100% 180,819
Pines by
the Creek Newnan,
Apartments GA 96 2,062,078 3/91 10/90 100% 645,000
Pinewoods Springfield,
Apartments IL 168 3,864,669 7/91 6/91 100% 2,880,000
Portales Portales,
Estates NM 44 1,444,481 7/91 7/91 100% 365,100
21
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Prairie
West West Fargo,
Apts. III ND 24 $ 475,649 3/91 3/91 100% $ 360,698
Ridgeway
Court III Bemidji,
Apartments MN 24 895,994 4/91 1/91 100% 180,186
River Crystal River,
Reach Apts. FL 41 1,370,435 5/91 5/91 100% 351,421
Rockmoor Banner Elk,
Apartments NC 12 439,169 5/91 3/91 100% 95,818
Shawnee
Ridge Norton,
Apartments VA 20 669,433 5/91 5/91 100% 145,606
Springwood
Park Durham,
Apartments NC 100 2,397,002 3/91 5/91 100% 374,349
Spring
Mountain Pahrump,
Apartments NV 33 1,369,074 5/91 4/91 100% 290,406
Stonegate Perry,
Manor FL 36 1,012,820 5/91 12/90 100% 274,321
Summit
Ridge Palmdale,
Apartments CA 304 9,004,859 10/92 12/93 100% 3,674,306
Turner
Lane Ashburn,
Apartments GA 24 723,743 5/91 7/91 100% 147,090
Union
Baptist
Plaza Springfield,
Apartments IL 24 529,851 5/91 4/91 100% 432,648
22
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Uptown Salyersville,
Apartments KY 16 $ 523,229 5/91 3/91 100% $ 121,700
Villas of Eufala,
Lakeridge AL 18 533,728 3/91 3/91 100% 96,868
Waynesboro
Village Waynesboro,
Apartments TN 48 1,375,226 4/91 1/91 100% 310,510
Windsor Windsor,
Court II VA 24 733,507 4/91 11/90 100% 169,347
Woodcrest
Manor Woodville,
Apartments MS 24 713,305 6/91 11/91 100% 138,579
Woodlawn
Village Abbeville,
Apartments GA 36 1,038,102 10/91 4/92 100% 229,601
Woodside Grove City,
Apartments PA 32 1,159,210 4/91 3/91 100% 229,291
Yorkshire
Townhome Fort Smith,
Apts. AR 50 1,107,190 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, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ----------------------------------------------------------------------------
Ada Village Ada,
Apts. OK 44 $1,054,346 1/93 11/93 100% $ 158,976
Amherst Amherst,
Village VA 48 1,607,320 1/92 1/92 100% 322,796
Belmont
Village Belmont,
Court NY 24 931,273 1/92 12/91 95% 201,300
Bethel
Park Bethel,
Apartments ME 24 1,494,878 12/91 3/92 100% 324,100
Blanchard
Senior Blanchard,
Apts. II LA 24 599,925 10/91 9/91 100% 143,628
Blanchard Blanchard,
Village Apts. OK 8 219,071 1/93 7/93 100% 32,954
Brantwood
Lane Centreville,
Apartments AL 36 1,146,451 7/91 9/91 100% 237,873
Breckenridge McColl,
Apartments SC 24 870,566 1/92 3/92 100% 186,065
Briarwood
Apartments Middleburg,
Ph II FL 50 1,497,599 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 18 727,618 7/91 11/90 88% 160,600
Burnt
Ordinary Toano,
Village VA 22 710,837 7/91 7/91 100% 159,400
24
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ----------------------------------------------------------------------------
Carleton
Court Providence,
Apartments RI 46 $2,632,853 12/91 12/91 100% $1,496,922
Carriage
Run Emporia,
Apartments VA 40 1,334,409 10/91 4/92 100% 259,980
Cedar
View Brinkley,
Apartments AR 32 1,274,241 5/92 10/92 100% 254,016
Cedarwood Pembroke,
Apartments NC 36 1,422,174 10/91 1/92 100% 326,310
Chapparral Kingman,
Apartments AZ 20 697,751 8/91 7/91 100% 198,275
College Chili,
Green NY 110 4,041,301 3/95 8/95 100% 742,771
Colorado City
Seniors Colorado City,
Apartments TX 24 543,812 10/91 10/91 100% 98,721
Cottonwood Cottonport,
Apts. II LA 24 656,329 10/91 7/91 100% 152,664
Country
Meadows Sioux Falls,
Apartments SD 44 1,110,281 11/91 10/91 100% 922,350
Countryside Fulton,
Manor MS 24 666,263 10/91 8/91 100% 151,868
Davis
Village Davis,
Apts. OK 44 1,181,354 1/93 9/93 100% 180,452
Devenwood Ridgeland,
Apartments SC 24 876,194 7/92 1/93 100% 186,000
25
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Duncan
Village Duncan,
Apts. OK 48 $1,155,877 1/93 11/93 100% $ 172,005
Edison
Village Edison,
Apartments GA 42 1,203,485 7/91 2/92 100% 274,144
Ethel
Bowman Tionesta,
Proper HousePA 36 1,434,505 2/92 1/92 88% 334,160
Excelsior
Springs Excelsior Springs,
Properties MO 24 625,408 2/92 4/91 100% 150,651
Fairground Bedford,
Place Apts. KY 19 713,046 3/95 8/95 100% 176,963
Four Oaks
Village Four Oaks,
Apartments NC 24 896,275 3/92 6/92 100% 179,900
Franklin
Vista Anthony,
III Apts. NM 28 932,216 1/92 4/92 100% 179,685
Friendship Bel Air,
Village MD 32 1,442,972 1/92 6/91 100% 226,000
Glenhaven Merced,
Park CA 12 403,505 1/94 6/90 100% 125,000
Glenhaven Merced,
Park II CA 15 499,283 1/94 6/89 100% 365,925
Glenhaven Merced,
Park III CA 15 501,859 1/94 12/89 100% 225,500
26
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Glenhaven Merced,
Estates CA 13 $ 707,514 6/89 6/89 100% $ 134,000
Green
Village Standardsville,
Apts. II VA 16 588,010 4/92 11/91 100% 99,100
Greenleaf Bowdoinham,
Apartments ME 21 1,132,054 11/91 8/92 100% 295,085
Harbor Springs
Seniors Hughes Springs,
Apartments TX 32 790,069 10/91 8/91 100% 183,674
Harrison
City Penn Township,
Apts. PA 38 1,485,187 7/92 9/92 86% 311,775
Hessmer
Village Hessmer,
Apartments LA 32 913,495 12/91 4/92 100% 186,503
Hillmont
Village Micro,
Apartments NC 24 887,931 9/91 1/92 100% 184,900
Hunters
Run Douglas,
Apartments GA 50 1,451,285 12/91 2/92 100% 322,368
Independence Mt. Pleasant,
Apartments PA 28 1,089,545 8/91 6/91 96% 223,100
Indian Creek Kilmarnock,
Apartments VA 20 767,003 7/91 4/91 100% 174,400
Jarratt
Village Jarratt,
Apartments VA 24 835,929 10/91 12/91 100% 159,140
Kingfisher
Village Kingfisher,
Apts. OK 8 171,876 1/93 12/93 100% 24,365
27
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ----------------------------------------------------------------------------
La Gema del Santa Ana,
Barrio Apts. CA 6 $ 670,088 6/92 8/92 100% $ 458,000
Lafayettee
Gardens Scott,
Apartments LA 56 599,319 10/91 11/91 100% 437,688
Lake Isabella
Senior Lake Isabella,
Apartments CA 46 1,999,356 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 3,932,649 11/93 8/89 100% 725,312
Lana Lu Lonaconing,
Apartments MD 30 1,493,502 12/91 9/92 100% 303,261
Lexington
Village Lexington,
Apts. OK 8 212,249 1/93 1/93 100% 32,178
Maidu Roseville,
Village CA 81 2,193,985 1/92 12/91 100% 1,096,199
Marion Manor Marion,
Apartments LA 32 1,009,781 2/92 6/92 100% 199,708
Maysville
Village Maysville,
Apts. OK 8 226,700 1/93 10/93 100% 33,726
Montague
Place Caro,
Apartmetns MI 28 1,144,205 12/91 12/91 100% 432,320
Navapai Prescott Valley,
Apartments AZ 26 885,717 6/91 4/91 100% 207,330
28
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ----------------------------------------------------------------------------
Nevada City
Senior Grass Valley,
Apartments CA 60 $3,557,533 1/92 10/92 100% $ 839,300
Newellton
Place Newellton,
Apartments LA 32 950,799 2/92 4/92 100% 190,600
New River
Overlook Radford,
Apartments VA 40 1,489,932 8/91 2/92 100% 285,371
Northridge Arlington,
Apartments TX 126 1,723,362 1/92 2/92 96% 741,300
Oak Ridge Crystal Springs,
Apartments MS 40 1,307,850 1/92 1/92 100% 308,578
Oakland
Village Littleton,
Apts. NC 24 855,063 5/92 8/92 100% 161,939
Okemah
Village Okemah,
Apts. OK 30 699,392 1/93 5/93 100% 119,832
Pineridge McComb,
Apartments MS 32 1,007,467 10/91 10/91 100% 238,995
Pineridge Walnut Cove,
Elderly NC 24 995,445 10/91 3/92 100% 199,311
Pittsfield
Park Pittsfield,
Apartments ME 18 1,049,950 12/91 6/92 100% 237,300
Plantation Richmond Hill,
Apartments GA 49 1,425,291 12/91 11/91 100% 320,858
Portville
Square Portville,
Apartments NY 24 980,810 3/92 3/92 95% 198,100
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 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Prague
Village Prague,
Apts. OK 8 $ 122,996 1/93 3/93 100% $ 21,373
Rainbow
Commons Marshfield,
Apartments WI 48 1,220,249 9/91 6/91 100% 1,126,901
Rainier
Manor Mt. Rainier,
Apartments MD 104 3,712,816 3/92 1/93 100% 1,190,350
Rosenberg Santa Rosa,
Hotel CA 77 1,837,045 12/91 1/92 100% 1,850,000
Rosewood
Manor Ellenton,
Apartments FL 43 1,443,146 12/91 11/91 100% 302,250
San Jacinto
Senior San Jacinto,
Apartments CA 46 2,379,264 1/92 10/91 100% 588,965
Lakeside
Manor Schroon Lake,
Apartments NY 24 1,096,402 11/91 1/92 95% 249,349
Smithville Smithville,
Properties MO 48 1,248,563 2/92 5/91 100% 285,384
Snow Hill
Ridge Raleigh,
Apartments NC 32 1,217,322 10/91 12/91 100% 307,524
Somerset Antioch,
Apartments CA 156 5,480,494 8/92 3/90 100% 1,026,542
Spring
Creek Derby,
Village KS 72 1,876,305 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, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ----------------------------------------------------------------------------
Spring
Valley Lexington Park,
Apartments MD 128 $4,860,326 11/91 12/92 100% $ 2,777,811
Springwood
Park Durham,
Apartments NC 100 2,397,002 10/91 5/91 100% 374,349
Summer
Lane Santee,
Apartments SC 24 863,418 7/91 11/91 100% 176,291
Summit
Ridge Palmdale,
Apartments CA 304 9,004,859 10/92 12/93 100% 1,236,600
Titusville Titusville,
Apartments PA 30 1,245,008 12/91 1/92 100% 280,829
Townview St. Mary's,
Apartments PA 36 1,383,897 9/91 10/91 97% 315,700
Tyrone
House Tyrone,
Apartments PA 36 1,489,985 12/91 1/92 100% 349,800
Valley Ridge
Senior Central Valley,
Apartments CA 38 1,831,879 1/92 12/91 100% 456,600
Victoria Victoria,
Place VA 39 1,409,195 1/92 6/92 100% 287,736
Villa West Topeka,
Apts. IV KS 60 1,558,771 8/91 1/91 100% 1,392,873
Village Raleigh,
Green NC 42 728,004 5/92 9/91 100% 581,446
Washington Abingdon,
Court VA 39 1,194,915 7/91 8/91 100% 295,250
31
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Wesley
Village Martinsburg,
Apartments WV 36 $1,319,261 10/91 6/92 100% $ 266,253
Westside Louisville,
Apartments MS 33 833,193 3/92 1/92 100% 191,014
Wildwood
Terrace Wildwood,
Apartments FL 40 1,267,980 10/91 10/91 100% 281,647
Woodside Belleview,
Apartments FL 41 1,216,779 11/91 10/91 100% 268,500
Wynnewood
Village Wynnewood,
Apts. OK 16 419,103 1/93 11/93 100% 67,443
Yorkshire Delevan,
Corners NY 24 926,910 8/91 9/91 100% 191,500
Zinmaster Minneapolis,
Apartments MN 36 1,874,424 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, 1997, the Partnership has 11,722 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 810 investors holding
1,036,100 BACs, Series 9 consists of 2,254 investors holding 4,178,029 BACs,
Series 10 consists of 1,635 investors holding 2,428,925 BACs, Series 11
consists of 1,411 investors holding 2,489,599 BACs, Series 12 consists of
1,963 investors holding 2,972,795 BACs, and Series 14 consists of 3,649
investors holding 5,574,290 BACs at March 31, 1997.
(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, 1997.
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, 1997.
Additional detailed financial information is set forth in the audited
financial statements listed in Item 14 hereof.
March 31, March 31, March 31, March 31, March 31,
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
Operations
- ----------
Interest
& other Inc $ 155,501 $ 65,468 $ 78,723 $ 385,315 $ 646,392
Share of Loss
of Operating
Partnerships (10,464,997) (12,992,069) (14,053,018) (15,080,553) (14,123,632)
Operating Exp (2,781,444) (2,852,335) (2,876,048) (3,021,320) (3,135,298)
---------- ----------- ----------- ----------- -----------
Net Loss $(13,090,940)$(15,778,936)$(16,850,343)$(17,716,558)$(16,612,538)
========== =========== =========== =========== ===========
Net Loss
per BAC $ (.69)$ (.84)$ (.89)$ (.94)$ (.88)
========== =========== =========== =========== ===========
Balance Sheet
- -------------
Total Assets $ 73,382,875 $ 85,486,212 $ 99,601,389 $114,309,046 $137,676,534
========== =========== =========== =========== ===========
Total Liab $ 12,041,732 $ 11,054,129 $ 9,390,370 $ 7,247,684 $ 12,837,614
Partners' ========== =========== =========== =========== ===========
Equity $ 61,341,143 $ 74,432,083 $ 90,211,019 $107,061,362 $124,838,920
========== =========== =========== =========== ===========
Other Data
- ----------
Credit per BAC for the
Investors Tax Year,
for the twelve months
ended, December 31,
1996, 1995, 1994,
1993 and 1992*
$ 1.40 $ 1.39 $ 1.35 $ 1.16 $ 1.07
=========== =========== =========== =========== ===========
* 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 unpaid as of March 31, 1997 or on working capital
reserves and (ii) cash distributions from operations of the Operating
Partnerships in which the Partnership has invested. These sources of
liquidity, along with the Partnership's working capital reserve, are available
to meet the obligations of the Partnership. The Partnership does not
anticipate significant cash distributions from operations of the Operating
Partnerships.
The Partnership is currently accruing the annual partnership management fee to
enable each series to meet current and future third party obligations.
During the fiscal year ended March 31, 1997 the Partnership accrued $2,509,932
in annual partnership management fees. As of March 31, 1997 the accrued
partnership management fees totalled $11,603,196. Pursuant to the Partnership
Agreement, such liabilities will be deferred until the Partnership receives
sale or refinancing proceeds from Operating Partnerships, and at that time
proceeds from such sales or refinancing 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.
An affiliate of the general partner has advanced $46,900 to the Partnership to
pay certain third party operating expenses. This amount has been advanced
solely to Series 7. These, and any additional advances, will be paid, without
interest, from available cash flow, reporting fees, or the proceeds of the
sale or refinancing of the Partnership's interest in Operating Partnerships.
The Partnership anticipates that as the Operating Partnerships continue to
mature, more cash flow and reporting fees will be generated. Cash flow and
reporting fees will be added to the Partnership's working capital and will be
available to meet future third party obligations of the Partnership. The
Partnership is currently pursuing, and will continue to pursue, available cash
flow and reporting fees and anticipates that the amount collected will be
sufficient to cover third party operating expenses.
For the fiscal year ended March 31, 1997, the Partnership earned $155,501 in
interest, the majority of which was earned as tax exempt interest in an escrow
account holding capital contributions due to the Operating Partnership
Lexington Park Associates Limited Partnership. During the year ended March
31, 1997, the portion of funds in the escrow account that represented a credit
adjuster, plus accrued interest, was returned to the Partnership, and the
portion due to Lexington Park Associates was released to the Operating
Partnership. Per the Escrow Agreement, the interest earned on the escrowed
funds was due to the Partnership.
36
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, 1997, 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, 1997 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 $12,008 remains in working
capital.
(Series 9). The Partnership commenced offering BACs in Series 9 on
February 1, 1990. As of March 31, 1997, 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, 1997, the Partnership used
$86,448 of Series 9 net offering proceeds to pay installments of its capital
contributions to two Operating Partnerships. As of March 31, 1997 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 54 of the 55 Operating Partnerships. Series 9 net offering
proceeds in the amount of $566,836 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, 1997, 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
As of March 31, 1997 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 $144,428
remains in working capital.
(Series 11). The Partnership commenced offering BACs in Series 11 on
September 17, 1990. As of March 31, 1997, 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, 1997 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 $307,351 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, 1997, 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.
During the fiscal year ended March 31, 1997, the Partnership used $76,430
of Series 12 net offering proceeds to pay additional installments of its
capital contributions to one Operating Partnership. As of March 31, 1997
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 $8,532 remains to be used by the
Partnership to pay additional installments of capital contributions to
Operating Partnerships and in working capital.
(Series 14). The Partnership commenced offering BACs in Series 14 on
May 20, 1991. As of March 31, 1997, 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.
38
During the fiscal year ended March 31, 1997, the Partnership used
$458,006 of Series 14 net offering proceeds to pay additional installments of
its capital contributions to seven Operating Partnerships. As of March 31,
1997 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 85 of the 101 Operating Partnerships. Series
14 net offering proceeds in the amount of $686,170 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 charged to
operations for the fiscal years ended March 31, 1997 and 1996 was $2,273,826
and $2,356,546, 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, 1995 to December 31, 1996 either increased or were
consistent with the prior year. The increase is due to properties reaching
stabilized operations during the fiscal year ended March 31, 1997. 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, 1997 and 1996, the average Qualified
Occupancy for the series was 100%.
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $2,805,455 in passive income and $838,164 in passive income tax
losses that were passed through to the investors, and also provided $1.24 and
$1.20, respectively, in tax credits per BAC to the investors. The series
generated passive income in 1996 due to the fact that the Operating
Partnership Rosenberg reflected income from cancellation of indebtedness
caused by debt restructuring during the tax year ended December 31, 1996.
39
For the years ended December 31, 1996 and 1995 Series 7 reflects a net
loss from Operating Partnerships of $3,087,808 and $292,522, respectively,
adjusted for depreciation which is a non-cash item. The increase in loss from
the prior year is the result of a one time non-cash impairment loss incurred
by two operating partnerships, Rosenberg and New Holland. This is in
accordance with SFAS No. 121. Rosenberg also had income from a gain on
reduction of debt. This debt reduction occurred without a loss in ownership
or tax credits. When adjusted for the impairment loss and gain on reduction
of debt, the Operating Partnerships reflect a net loss of $125,508 for 1996.
(Series 9). As of March 31, 1997 and 1996, the average Qualified
Occupancy for the series was 99.9% and 99.8%, respectively. The series had a
total of 55 properties as of March 31, 1997, of which 53 were at 100%
qualified occupancy.
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $2,146,637 and $4,666,369, respectively, in passive income tax
losses that were passed through to the investors, and also provided $1.36 and
$1.37, respectively, in tax credits per BAC to the investors. The reason for
the large decrease in passive losses from December 31, 1995 to December 31,
1996 was due to an adjustment made at December 31, 1996 for incorrect loss
reported at December 31, 1995.
For the years ended December 31, 1996 and 1995 Series 9 reflects a net
(loss) income from Operating Partnerships of $(1,958,157) and $620,121,
respectively, adjusted for depreciation which is a non cash item. The current
year loss is the result of a one time non-cash impairment loss incurred by one
of the Operating Partnerships, New Holland. This is in accordance with newly
addopted SFAS No. 121. When adjusted for the impairment loss, the Operating
Partnerships reflect net income of $385,843 for 1996.
The Operating General Partner of School Street II pledged his general
partnership interest in the Operating Partnership as collateral for another
loan. As this was a violation of the terms of the partnership agreement, the
operating general partner was removed and replaced. This did not affect
property operations, which are stable.
(Series 10). As of March 31, 1997 and 1996, the average Qualified
Occupancy for the series was 99.5% and 99.7%, respectively. The series had a
total of 46 properties at March 31, 1997, of which 43 were at 100% qualified
occupancy.
For the tax years ended December 31, 1996 and 1995, the series, in
total, generated $1,794,818 and $1,744,865, respectively, in passive income
tax losses that were passed through to the investors, and also provided $1.46
per year for 1996 and 1995 in tax credits per BAC to the investors.
For the years ended December 31, 1996 and 1995 Series 10 reflects net
income from Operating Partnerships of $1,050,780 and $1,034,996, respectively,
adjusted for depreciation which is a non cash item.
40
(Series 11). As of March 31, 1997 and 1996, the average Qualified
Occupancy for the series was 100%. The series had a total of 40 properties
at March 31, 1997, all of which were at 100% qualified occupancy.
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $1,660,788 and $1,666,030, respectively, in passive income tax
losses that were passed through to the investors, and also provided $1.32 per
year for 1996 and 1995 in tax credits per BAC to the investors.
For the years ended December 31, 1996 and 1995 Series 11 reflects net
income from Operating Partnerships of $2,892,360 and $962,926, respectively,
adjusted for depreciation which is a non-cash item. The increase in net
income is the result of a one time non-cash gain on reduction of debt by
the Operating Partnership Franklin School. This debt reduction occurred
without a loss in ownership or tax credits. When adjusted for the gain on
reduction of debt, the Operating Partnerships reflect net income of
$982,179 for 1996.
(Series 12). As of March 31, 1997 and 1996, the average Qualified
Occupancy for the series was 99.9% and 100%, respectively. The series had a
total of 53 properties at March 31, 1997, of which 52 were at 100% qualified
occupancy.
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $2,418,461 and $2,468,406, respectively, in passive income tax
losses that were passed through to the investors, and also provided $1.46 per
year for 1996 and 1995 in tax credit per BAC to the investors.
For the years ended December 31, 1996 and 1995 Series 12 reflects net
income from Operating Partnerships of $497,680 and $495,173, respectively,
adjusted for depreciation which is a non cash item.
California Investors VII Limited Partnership was operating at a deficit
due to higher than projected operating expenses and a competitive rental
market. Operating shortfalls caused the accrual of accounts payable. The
Operating Partnership closed on a debt refinancing in the fourth quarter of
1996. The favorable interest rate enabled the Operating Partnership to pay
off the accrued accounts payable and reduced the monthly debt payment. The
refinancing should also create increased operating stability for the Operating
Partnership.
During 1996, the Operating General Partner of Brandywood Limited
Partnership experienced financial difficulties. Shorlty thereafter, the
Operating General Partner and its affiliated management company were replaced.
The new Operating General Partner and management company, together, have
improved the operations of the property. Additionally, negotiations with the
permanent mortgage lender have been finalized resulting in restructuring of
the debt service in order to improve the financial feasibility of the
property.
41
(Series 14). As of March 31, 1997 and 1996, the average Qualified
Occupancy for the series was 99.4% and 99.8%, respectively. The series had a
total of 101 properties at March 31, 1997. Out of the total, 92 were at 100%
qualified occupancy.
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $2,821,765 and $4,330,709, respectively, in passive income tax
losses that were passed through to the investors, and also provided $1.43 and
$1.42, respectively, in tax credits per BAC to the investors. The variance in
passive income tax losses generated for the tax years ended December 31, 1995
and 1996 is due to the fact that the Operating Partnership Rosenberg reflected
income from cancellation of indebtedness caused by debt restructuring during
the tax year ended December 31, 1996.
For the years ended December 31, 1996 and 1995 Series 14 reflects a net
(loss) income from Operating Partnerships of $(386,762) and $729,866,
respectively, adjusted for depreciation which is a non-cash item. The current
year loss is a result of a one time non-cash gain on reduction of debt and a
one time impairment loss of the Operating Partnership Rosenberg. The debt
reduction occurred without a loss in ownership or tax credits and the
impairment loss is in accordance with the newly adopted SFAS No. 121. When
adjusted for both the gain and loss, the Operating Partnerships reflect net
income of $951,538 for 1996.
California Investors VII Limited Partnership was operating at a deficit
due to higher than projected operating expenses and a competitive rental
market. Operating shortfalls cause the accrual of accounts payable. The
Operating Partnership closed on a debt refinancing in the fourth quarter of
1996. The favorable interest rate enabled the Operating Partnership to pay
off the accrued accounts payable and reduced the monthly debt payment. The
refinancing should also create increased operating stability for the Operating
Partnership.
Recent Accounting Statements Not Yet Adopted
--------------------------------------------
In February 1997, the Financial Accounting Board issued Statement of
Financial Accounting Standards ("SFAS") No. 128, "Earnings per Share" and SFAS
No. 129, "Disclosure of Information about Capital Structure." SFAS No. 128
provides accounting and reporting standards for the amount of earning per
share. SFAS No. 129 requires the disclosure in summary form within the
financial statements of pertinent rights and privileges of the various
securities outstanding. SFAS No. 128 and SFAS No. 129 are effective for
fiscal years ending after December 31, 1997 and earlier application is not
permitted.
The implementation of these standards is not expected to materially
impact the partnership's financial statements because the partnership's
earnings per share would not be significantly affected and the disclosures
regarding the captial structure in the financial statements would not be
significantly changed.
42
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.
43<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 67, is co-founder and Chairman of the Board of Boston
Capital Corporation. Founded in 1974, Boston Capital, through its five
companies, offers a wide range of investment banking services to its domestic
and international clients. Mr. Collins has received Presidential appointments
from both President George Bush and President Bill Clinton. In 1992, President
Bush appointed Mr. Collins to the Presidential Advisory Committee on the Arts
at The Kennedy Center. In 1995, Mr. Collins was appointed by President Clinton
to the Thrift Depositor Protection Oversight Board. Mr. Collins is Chairman-
emeritus of the Council for Rural Housing and Development and former Chairman
of the Federal Home Loan Bank Board of Boston. Mr. Collins currently serves as
a member of the National Rural Housing Council, the Fannie Mae Housing Impact
Advisory Council, and is a member of the board of the National Housing
Conference. Mr. Collins is also involved with a number of civic and
charitable organizations with a particular interest in assisting disadvantaged
urban youth. These activities include serving on the boards of Youth Build -
Boston, the I Have a Dream Foundation, the Pine Street Inn and The Ron Burton
Training Village. Mr. Collins is a graduate of Harvard College and served in
the U.S. Marine Corps. He and his wife, Sheila, have six children. They reside
in Gloucester, Massachusetts.
John P. Manning, age 49, is co-founder, President and Chief Executive Officer
of Boston Capital Partners, Inc., and serves as member of the Investment
Committee. He has twenty-five years of experience in the financing,
development and operation of multi-family housing, especially affordable
housing. In addition to his responsibilities at Boston Capital, Mr. Manning
has been a proactive leader in the industry. He served as a member of the
Mitchell-Danforth Task Force, established by Senators Mitchell and Danforth in
1990, to review and reform the Low Income Housing Tax Credit. He was the
founding President of the Affordable Housing Tax Credit Coalition, is a member
of the board of the National Leased Housing Association and sits on the
Advisory Board of the Housing Development Reporter, three Washington D.C.
based housing organizations. In 1996, he was asked to be a judge by the FNMA
Foundation for its prestigious Maxwell Awards, given to the most outstanding
affordable housing projects in America. He served as a member of the
Massachusetts Housing Policy Committee, Executive Office of Communities &
Development, having been appointed by the Governor of Massachusetts. In
44
similar capacities, Mr. Manning has been asked to testify as an expert witness
before the U.S. House Ways and Means Committee and the U.S. Senate Finance
Committee, on the efficacy of the Low Income Housing Tax Credit, private
sector participation and the effects on the capital markets and the economy.
In 1996, President Clinton appointed him to the President's Advisory Committee
on the Arts at the John F. Kennedy Center for the Performing Arts, Washington,
D.C. Mr. Manning graduated from Boston College.
Richard J. DeAgazio, age 52, is Executive Vice President of Boston Capital
Partners, Inc., and is President of Boston Capital Services, Inc., Boston
Capital's NASD registered broker/dealer. Mr. DeAgazio formally served on the
national Board of Governors of the National Association of Securities Dealers
(NASD), was the Vice Chairman of the NASD's District 11 Committee, and served
as Chairman of the NASD's Statutory Disqualification Subcommittee of the
National Business Conduct Committee. He also served on the NASD State Liaison
Committee and the Direct Participation Program Committee. He is a founder and
past President of the National Real Estate Investment Association, past
President of the Real Estate Securities and Syndication Institute
(Massachusetts Chapter) and the Real Estate Investment Association. Prior to
joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and
Director of the Brokerage Division of Dresdner Securities (USA), Inc., an
international investment banking firm owned by four major European banks, and
was a Vice President of Burgess & Leith/Advest. He has been a member of the
Boston Stock Exchange since 1967. He graduated from Northeastern University.
Christopher W. Collins, age 42, is an Executive Vice President and a principal
of Boston Capital Partners, Inc., and is responsible for, among other areas,
overseeing the investment portfolio of funds sponsored by Boston Capital and
the acquisition of real estate investments on behalf of such funds. Mr.
Collins has had extensive experience in real estate development activities,
having founded and directed the American Development Group, a comprehensive
real estate development firm, and has also had extensive experience in the
area of acquiring real estate investments. He is on the Board of Directors of
the National Multi-Housing Council and a member of the Massachusetts Housing
Finance Agency Multi-Family Advisory Committee. He graduated from the
University of New Hampshire.
Anthony A. Nickas, age 36, is Senior Vice President and Chief Financial
Officer of Boston Capital Partners, Inc. and has over fourteen years
experience in the accounting and finance fields. Mr. Nickas has supervised the
financial aspects of both the Project Development and Property Management
Affiliates. Prior to joining Boston Capital in 1987, he was Assistant Director
of Accounting and Financial Reporting for the Yankee Companies, Inc., and was
an Audit Supervisor for Wolf & Company of Massachusetts, P.C., a regional
certified public accounting firm based in Boston. He graduated with honors
from Norwich University.
45
(f) Involvement in certain legal proceedings.
None.
(g) Promoters and control persons.
None.
Item 11. Executive Compensation
(a), (b), (c), (d) and (e)
The Partnership has no officers or directors. However, under the
terms of the Amended and Restated Agreement and Certificate of Limited
Partnership of the Partnership, the Partnership has paid or accrued
obligations to the General Partner and its affiliates for the following
fees during the 1997 fiscal year:
1. An annual partnership management fee based on .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, 1997 was $2,509,932. 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 $78,224 for amounts charged to operations during the year
ended March 31, 1997. The reimbursement includes, but may not be limited
to postage, printing, travel, and overhead allocations.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Security ownership of certain beneficial owners.
As of March 31, 1997, 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.
46
(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.
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, 1997.
(b) Certain business relationships.
The Partnership response to Item 13(a) is incorporated herein by
reference.
(c) Indebtedness of management.
None.
(d) Transactions with promoters.
Not applicable.
47
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, 1997 and 1996
Statement of Operations, Years ended March 31, 1997, 1996, and
1995.
Statements of Changes in Partners' Capital, Years ended March
31, 1997, 1996 and 1995.
Statements of Cash Flows, Years ended March 31, 1997, 1996 and
1995.
Notes to Financial Statements, March 31, 1997, 1996 and
1995.
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.)
48
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.
---------------------------------------------------
49<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, 1997 By: /s/ John P. Manning
-------------------
John P. Manning
By: /s/ Herbert F. Collins
----------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of
the Partnership and in the capacities and on the dates indicated:
DATE: July 15, 1997 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
49
<PAGE> 1
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT
FUND II LIMITED PARTNERSHIP -
SERIES 7, 9 THROUGH 12, AND 14
MARCH 31, 1997 AND 1996
<PAGE>
<PAGE> 2
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-70
NOTES TO SCHEDULE III
Schedules not listed are omitted because of the absence of the conditions
under which they are required or because the information is included in the
financial statements or the notes thereto.
<PAGE>
<PAGE> 3
Reznick Fedder & Silverman
Certified Public Accountants * Business Consultants
A Professional Corporation
4520 East-West Highway * Suite 300 * Bethesda, MD 20814-3319
(301) 652-9100 * Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Boston Capital Tax Credit Fund 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, 1997 and 1996 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, 1997. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits. We
did not audit the financial statements of certain operating partnerships in
which Boston Capital Tax Credit Fund II Limited Partnership owns a limited
p a rtnership interest. Investments in such partnerships comprise the
following percentages of the assets as of March 31, 1997 and 1996 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, 1997 for Series 7,
Series 9 through 12, and Series 14: Total, 32% and 30% of the assets
and 11%, 21% and 33% of the partnership loss; Series 7, 4% and 24% of the
assets and 5%, 17% and 24% of the partnership loss; Series 9, 38% and 37%
of the assets and 26%, 21% and 32% of the partnership loss; Series 10, 31%
and 27% of the assets and 4%, 5% and 40% of the partnership loss; Series
11, 18% and 29% of the assets and 10%, 31% and 35% of the partnership loss;
Series 12, 26% and 32% of the assets and 24%, 28% and 28% of the partnership
loss; and Series 14, 16% and 28% of the assets and 15%, 20% and 34% 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.
F-3
<PAGE>
<PAGE> 4
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, 1997 and 1996 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, 1997, in conformity
with generally accepted accounting principles.
We and other auditors have also audited the information included in the
related financial statement schedule listed in Form 10-K, Item 14(a) of
Boston Capital Tax Credit Fund II Limited Partnership Series 7, Series 9
through 12, and Series 14 as of March 31, 1997. In our opinion, the
schedule presents fairly, the information required to be set forth therein,
in conformity with generally accepted accounting principles.
Bethesda, Maryland
July 2, 1997
F-4
<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, 1996 and 1995, and the related statements of
income, partners' equity (deficit), and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Westwood Square Limited
Partnership as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 21, 1997 on our consideration of Westwood Square Limited
Partnership's internal control structure and a report dated January 21, 1997
on its compliance with laws and regulations.
Greensboro, North Carolina
January 21, 1997
<PAGE>
McGLADREY & PULLEN, LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Deer Hill II Limited Partnership
Greensboro, North Carolina
We have audited the accompanying balance sheets of Deer Hill II 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 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.
Greensboro, North Carolina
January 23, 1996
<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 free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes 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>
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 31, 1996 and 1995, and the related statements of
income, partners' equity (deficit), and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Deer Hill II Limited
Partnership as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 21, 1997 on our consideration of Deer Hill II Limited
Partnership's internal control structure and a report dated January 21, 1997
on its compliance with laws and regulations.
Greensboro, North Carolina
January 21, 1997<PAGE>
BLOOM, GETTIS, HABIB & TERRONE, P.A.
Certified Public Accountants
Suite 1450
2601 South Bayshore Drive
Miami, FL 33133-9893
Telephone (305) 858-6211 Fax (305) 858-9696
Burt R. Bloom, C.P.A., C.V.A. Lawrence W. Gettis, C.P.A.
Steven M. Habib, C.P.A. Roger J. Terrone, C.P.A.
Curt A. Rosner, C.P.A.
To the Partners
Metropole Apartments Associates, Ltd.
Boston, Massachusetts
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying Balance Sheets of Metropole
Apartments Associates, Ltd. (a Florida Limited Partnership), as of
December 31, 1996 and 1995, and the related Statements of
Operations, Partners' Deficit and Cash Flows for the years then
ended. These financial statements are the responsibility of the
Metropole Apartments Associates, Ltd.'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
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, 1996 and
1995, 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 audit was 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 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 28, 1997<PAGE>
Dulin, Ward & DeWald, Inc
Certified Public Accountants
Offices Located in Fort Wayne and Marion, Indiana
Michael R. DeWald Robert R. Meyer
James R. Doty Nelson Coats
Micheal J. O Brien Jeff A. Tanner
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, 1996 and 1995, 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 U.S. 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, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying 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.
In accordance Government Auditing Standards, we have also issued a report
dated January 23, 1997 on our consideration of Oakview Limited's internal
control structure and a report dated January 23, 1997 on its compliance with
laws and regulations.
Fort Wayne, Indiana
January 23, 1997
Our mission is to assist business, 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 Fax 219-423-2419
<PAGE>
HOWE AND ASSOCIATES
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 18, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
BRIARWOOD APARTMENTS, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the year then ended in conformity with generally accepted
accounting principles.
Howe and Associates<PAGE>
HOWE AND ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 24, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
BUCKNER PROPERTIES, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the year then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC<PAGE>
HOWE AND ASSOCIATES
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 15, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
LEBANON PROPERTIES II, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates<PAGE>
HOWE AND ASSOCIATES
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 15, 1995
INDEPENDENT AUDRTOR'S REPORT
Partners
OAK GROVE ESTATES, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates<PAGE>
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, 1994 and 1993, 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, 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 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 24, 1995
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 Fax 219-423-2419<PAGE>
HOWE AND ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 27, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
WINFIELD PROPERTIES II, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
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, 1996 and 1995 and the related statements of income and expense, partners'
equity (deficit), and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial
statementsare free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes 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 (a Limited Partnership) at December 31, 1996 and 1995 and the
results of its operations, its partners' equity (deficit) and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued our
reports dated January 22, 1997 on our consideration of Beaver Brook Housing
Associates' internal control structure and on its compliance with laws and
regulations.
January 22, 1997<PAGE>
Dulin, Ward & DeWald, Inc
Certified Public Accountants
Offices Located in Fort Wayne and Marion, Indiana
Michael R. DeWald Robert R. Meyer
James R. Doty Nelson Coats
Micheal J. O Brien Jeff A. Tanner
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, 1996 and 1995, 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 U.S. 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 Brooklyn Limited (An Indiana
Limited Partnership) as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page 9
is presented for 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.
In accordance with Government Auditing Standards, we have also issued a report
dated January 23, 1997 on our consideration of Brooklyn Limited's internal
control structure and a report dated January 23, 1997 on its compliance with
laws and regulations.
Fort Wayne, Indiana
January 23, 1997
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>
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, 1996 and 1995, and
the related statements of operations, partners' deficit and cash flows for
the years ended December 31, 1996 and 1995. 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, 1996 and 1995,
and its operations, partners' deficit and cash flows for the years ended
December 31, 1996 and 1995.
In accordance with Government Auditing Standards, I have also issued a
report dated January 17, 1997, on my consideration of Fawn River Apartments
Project #26-078-38285693 internal control structure and a report dazed January
17, 1997, on its compliance with laws and regulations.
MARY K. FLEGAL
January 17, 1997
The Waters Edge, Second Floor - 5930 Lovers Lane Portage, Michigan 49002
Phone (616) 383-1900
SMITH, MILES & COMPANY, L.C.
1230 AERPORT ROAD
CERTIFIED PUBLIC ACCOUNTANTS
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., Project No: 09-46-592948719, as of December 31, 1996 and
1995, and the related statements of operations, partners I 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 Fountain Green
Apartments, Ltd., as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The 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 6, 1997
BOWMAN & COMPANY, LLP
Certified Public Accountants
Herbert H. Bowman Telephone: 209/473-1040
Bruce G. Bentz Lodi: 209/333-0540
Taylor M. Welz Fax: 209/473-9771
Kathleen D. O'Brien 2431 West March Lane
Gary R. Daniel Suite 100
Daniel E. Phelps Stockton, California 95207-6598
Member Of Aicpa Division Of Firms
Private Companies Practice Section
INDEPENDENT AUDITORS'REPORT
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, 1996 and 1995, and the
related statements of income, partners' equity (deficit), and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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, 1996 and 1995, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Stockton, California
January 27, 1997
<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. Connie P. Stancil, C.P.A.
Members: American Institute of CPAs - North Carolina Association of CPAs
INDEPENDENT AUDITOR S 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, 1996 and 1995, 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 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
financialstatements. An audit also includes 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, 1996 and 1995, and the results of
its operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 31, 1997 on our consideration of Grifton Housing
Associates, a NC Limited Partnership's internal control structure and a report
dated January 31, 1997 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. Schedules 1, 2, 3, and 4 on pages 15,
16, 17, and 18 are presented for purposes of additional analysis and are not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the 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 31, 1997
100 EAST CUMBERLAND STREET, P.O. BOX 578 DUNN, N.C. 28335
(910) 892-1021 FAX (910) 892-6084 <PAGE>
LOUIS YOUNG C.P.A. INC.
2630 E. ASHLAN
FRESNO, CALIFORNIA 93726
224-5141
Louis Young CPA
Jason Liao CPA
INDEPENDENT AUDITOR S REPORT
The Partners
Hacienda villa Associates
Firebaugh, California
We have audited the accompanying balance sheet of Hacienda Villa Associates (A
Limited Partnership) as of December 31, 1996, and the related statements
ofoperations, partners, capital and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hacienda Villa Associates (a
Limited Partnership) as of December 31, 1996, and the results of its
operations and its cash flows for the year then ended, in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
14 and 15 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Louis Young CPA Inc.
Fresno, California
February 14, 1997<PAGE>
DUGGAN, JOINER, BIRKENMEYER, STAFFORD, & FURMAN, P.A.
Certified Public Accountants
334 N.W. Third Avenue
Ocala, Florida 34475
Phone (352) 732-0171 Fax (352) 867-1370
Malcolm R. Duggan, Jr., C.P.A. C.D. Joiner, Jr., C.P.A., Retired
Wayne J. Birkenmeyer, C.P.A. Frank E. Stafford, Jr., C.P.A.
Edward J. Furman, C.P.A. O.H. Daniels, Jr., C.P.A.
R. Phillip Bledsoe, C.P.A. Carole A. Wright, C.P.A.
Annette C. Furman, C.P.A. David A. Young, Jr., C.P.A.
Laura J. Allen, C.P.A. Jamie S. Hampy, C.P.A.
Patricia A. Lancaster, C.P.A. Julie A. Poole, C.P.A.
Robert K. Hund, C.P.A.
INDEPENDENT AUDITORS' REPORT
February 5, 1997
To the Partners
Haines City Apartments, Ltd.
We have audited the accompanying basic financial statements of Haines City
Apartments, Ltd., as of and for the year ended December 31, 1996, as listed in
the table of contents. These basic 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 basic financial statements referred to above present
fairly, in all material respects, the financial position of Haines City
Apartments, Ltd. as of December 31, 1996, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. additional information presented on
pages 8 to 14 is presented for the purposes of additional analysis and is not
a required part of the basic financial statements. The information on pages 8
to 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. The information on page 13, which is of a nonaccounting nature, has
not been subjected to the auditing procedures applied in the audit of the
basic financial statements, and we express no opinion on it.
In accordance with Government Auditing Standards, we have also issued a report
dated February 5, 1997 on our consideration of Haines City Apartments, Ltd. s
internal control structure and a report dated February 5, 1997 on its
compliance with laws and regulations.
Duggan, Joiner, Birkenmeyer, Stafford & Furman, P.A.
Certified Public Accountants<PAGE>
McGee & Associates, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Kristin Park Apartments, Ltd.
and Rural Housing Service
We have audited the accompanying balance sheets of Kristin Park Apartments,
Ltd. (a limited partnership) as of December 31, 1996 and 1995, and the related
statements of operations, partners' equity and cash flows for the years then
ended. These 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, 1996 and 1995, 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 a report
dated January 16, 1997, on our consideration of the Partnership's internal
control structure and a report dated January 16, 1997, on its compliance with
laws and regulations.
Our audits were conducted 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
audits 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 16, 1997
Farmington, New Mexico
Burke & Rea
Edward T. Burke, C.P.A
Bernard E. Rea, C.P.A
To the Partners
Maywood Associates, Ltd
(A California Limited Partnership)
Cheyenne, WY
We have audited the accompanying balance sheets of Maywood Associates, Ltd.
(A California Limited Partnership), USDA Rural Development Case No. 04-052-
680184284, as of December 31, 1996 and 1995 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 accounting principles used and
significant estimates made by management as well as evaluting the overall
financial statement presentation. We believe that our audits provide 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 Maywood Associates, Ltd. (A
California Limited Partnership) as of December 31, 1996 and 1995, and the
results of its operations and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated March 25, 1997 on our consideration of Maywood Associates, Ltd.'s
internal control structure and a report dated March 25, 1997 on its compliance
with laws and regulations.
Burke & Rea
Stockton, California
March 25, 1997
P.O. Box 4632
Stcokton, CA 95204
Telephone 209/933-9113
Fax 209/933-9115
FLOYD & COMPANY
Certified Public Accountant
306 Commercial Drive, Suite 202 Post Office Box 14251 Savannah, Georgia
31406 Savannah, Georgia 31416
Phone: (912) 355-9969
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, 1996 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 audits.
The financial statement information for the year ending December 31, 1995 was
audited by another independent certified public accountant who expressed an
unqualified opinion dated March 16, 1996.
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 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 Meadow Run Limited Partnership
p a Georgia Limited Partnership,), as of December 31, 1996 and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997
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-
VIII, L.P. as of December 31, 1996 and 1995, 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 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-VIII,
L.P. as of December 31, 1996 and 1995, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
The accompanying information is presented for additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the same auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is presented fairly in all material
respects in relation to the basic financial statements taken as a whole.
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 14, 1997 Certified Public Accountants
8395 Keystone Crossing, Suite 203 Indianapolis, Indiana 46240
317-259-6857 Fax: 317-259-6861<PAGE>
STANCIL & COMPANY
INDEPENDENT AUDITORS' REPORT
To the Partners of
Quail Hollow Associates
Raleigh, North Carolina
We have audited the balance sheets of Quail Hollow Associates (a limited
partnership) as of December 31, 1996 and 1995 and the related statements of
income (loss), partners' capital (deficit), 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 Associates as of
December 31, 1996 and 1995 and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 14, 1997 on our consideration of Quail Hollow Associates'
internal control structure and a report dated February 14, 1997 on its
compliance with laws and regulations.
Our audits 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 14, 1997
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 Henry L. White
Schonwit & Associates
Certified Public Accountant
575 Anton Boulevard, Suite 500
Costa Mesa, California 92626
(714) 437-1025 Fax (714) 957-1678
INDEPENDENT AUDITOR'S REPORT
To the Partners
Raitt Street Apartments, A California Limited Partnership
I have audited the accompanying balance sheet of Raitt Street Apartments, A
California Limited Partnership, as of December 31, 1996, 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. My responsibility is to express an opinion on these financial
statements based on my audit. The financial statements of Raitt Street
Apartments, A California Limited Partnership, for the year ended December 31,
1995, as presented herein, were examined by another auditor whose report dated
April 4, 1996, expressed an unqualified opinion on those statements.
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 accompanying 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, 1996, 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.
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 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
theauditing 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.
SCHONWIT & ASSOCIATES
February 14, 1997<PAGE>
Suby, Von Haden & Associates, S.C.
Certified Public Accountants - Business and Management Consultants
INDEPENDENT AUDITOR'S 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, 1996, 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. The financial statements of School Street Limited Partnership II
for the year ended December 31, 1995 were audited by other auditors, whose
report dated January 18, 1996 expressed an unqualified opinion on those
statements.
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, 1 996, 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.
January 10, 1997
1221 John Q. Hammons Dr., P.O. Box 44966 Madison, WI 53744-4966
(608) 831-8181 FAX (608) 831-4243 MADISON MILWAUKEE ROCKFORD<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, 1996 and 1995, 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, 1996 and 1995, and the
results of its operations, and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 23, 1997 on our consideration of the internal control structure
of the Partnership and a report dated January 23, 1997 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 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 I, 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 I, II and III of Form FmHA
1930-7, and, accordingly, express no opinion thereon.
January 23, 1997
Limited Liability Company
One Hundred Middle Street, P.O. Box 507, Portland, Maine 04112
Telephone 207-879-2100 Telefax 207-774-1793<PAGE>
Bender, Weltman, Thomas & Co.
Certified Public Accountants
1067 North Mason Road, Suite 7
St. Louis MI. 63141-6341
(314) 576-1350
Fax (314) 576-9650
WILLIAM J.BENDER
JOEL W.WELTMAN
JATAES R:.THOIAAS
GERALD O.MAGRUOER
Independent Auditors Report
To The Partners
Springfield Housing Associates, L.P.
Springfield, Illinois
We have audited the accounting balance sheets of Springfield Housing
Associates, L.P., a (limited partnership) as of December 31, 1996 and 1995, and
the related statements of operations, partners capital, and cash flows for
the years then ended. These statements are the responsibility of the
Partnership's management.
We conducted an audit in accordance with generally accepted auditing
standards. 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 the management, as well as evaluating the overall financial
statements presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Springfield Housing
Associates, L.P. (A limited partnership), as of December 31, 1996 and 1995,
and the results of its operations and its cash flows for the years then ended
in conformity with generally accepted accounting principles.
Bender, Weltman, & Thomas & Co., CPA
February 24, 1997
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, 1996 and
1995, and the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. My responsibility is to
express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing standards
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that I plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant.
estimates made by management, as well as evaluating the overall financial
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, 1996 and 1995 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.
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.
In accordance with Government Auditing Standards, I have also issued a report
dated February 15, 1997 on my consideration of Tappahannock Greens Limited
Partnership's internal control structure and a report dated February 15, 1997
on its compliance with laws and regulations applicable to the financial
statements.
Thomas C. Cunningham, CPA PC
Bristol, Virginia
February 15, 1997<PAGE>
SMITH, MILES & COMPANY, L.C. 1230 RT ROAD
CERTIFIED PUBLIC ACCOUNTANS 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., FMRA Project No: 09-061-0592884971, as of December 31,
1996 and 1995, and the related statements of operations, partners' equity and
cash flows for the years then ended. These financial statements are the
responsibility of the partnership 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 Auditors 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, 1996 and 1995, and the results of
its operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information 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 6, 1997
Ziner & Company, P.C.
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, 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 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, 1995 and 1994, and the results of its
operations, its changes in partners' deficit and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
January 10, 1996
7 Winthrop Square Boston, Massachusetts 02110-1256
Phone (617) 542-8880 Fax (617) 542-8715<PAGE>
SMITH, MILES & COMPANY, L.C.
Certified Public Accountants
1230 Aerport 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 Project 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 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, 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 25, 1996<PAGE>
BOWMAN & COMPANY, LLP
Certified Public Accountant
2431 West March Lane, Suite 100
Stockton, California 95207-6598
Telephone: 209/473-1040 Lodi: 209/333-0540 Fax: 209/473-9771
Herbert H. Bowman Bruce G. Bentz
Taylor M. Welz Kathleen 0. O'Brien
Gary R. Daniel Daniel E. Phelps
Member of AICPA Division of Firms, Private Companies Practice Section
INDEPENDENT AUDITORS' REPORT
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 1994, 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, 1996<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.
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
100 EAST CUMBERLAND STREET, P.O. BOX 578 DUNN, N.C. 28335
(910) 892-1021 FAX (910) 892-6084 <PAGE>
LOUIS YOUNG C.P.A. INC.
2630 E. Ashlan
Fresno, California 93726
224-5141
Louis Young CPA Jason Liao CPA
INDEPENDENT AUDITOR S REPORT
The Partners
Hacienda Villa Associates
Firebaugh, California
We have audited the accompanying balance sheet of Hacienda Villa Associates (A
Limited Partnership) as of December 31, 1995, and the related statements of
operations, partners' capital and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hacienda Villa Associates (a
Limited Partnership) as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended, in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
14 and 15 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Louis Young CPA Inc.
Fresno, California
February 15, 1996<PAGE>
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, Nordi Carolina 27609
Tel: 919/872-1260 Fax: 919/872-6182
Jack M. Stancil Reginald L. Dupree David W. McKinney Henry L. White<PAGE>
Virchow, Krause & Company
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 II 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.
The financial statements of School Street Limited Partnership II 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
January 18, 1996<PAGE>
Baker Newman & Noyes
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, 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.
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.
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 I, II and III of Form FmHA
1930-7, and, accordingly, express no opinion thereon.
February 16, 1996
Limited Liability Company
One Hundred Middle Street, P.O. Box 507, Portland, Maine 04112
Telephone 207-879-2100 Telefax 207-774-1793<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 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, 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 & Associates, P. A.
Dunn, North Carolina
January 26, 1996
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants<PAGE>
SMITH, MILES & COMPANY, L.C. 1230 AIRPORT ROAD
CERTIFIED PUBLIC ACCOUNTANTS 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., 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
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
INDEDENDENT 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, 1994 and 1993, and the related statements of income and expense, partners'
equity (deficit), and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards and generally accepted Government Auditing Standards for financial
and compliance audits issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Beaver Brook Housing
Associates Limited Partnership at December 31, 1994 and 1993, and the results
of its operations, partners, equity (deficit) and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
January 20, 1995<PAGE>
Cole, Evans & Peterson
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367
Telecopier (318) 425-4101
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. 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. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey,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 J. Bishop, C.P. A.
Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A.
David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A.
J. Amy Hemmings,C.P.A.
March 15, 1995
INDEPENDENT AUDITORS' REPORT
To the Partners
Big Lake Seniors Apartments, Ltd.
Mansfield, Louisiana
We have audited the accompanying balance sheet of Big Lake Seniors Apartments,
Ltd. at December 31, 1994. 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 Big Lake Seniors Apartments, Ltd.
at December 31, 1994 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
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
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
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 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>
Cole, Evans & Peterson
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367
Telecopier (318) 425-4101
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. 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. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey,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 J. Bishop, C.P. A.
Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A.
David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A.
J. Amy Hemmings,C.P.A.
February 3, 1995
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, 1994, and the related statements of income, 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 Blanco Seniors Apartments,
Ltd. at 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.
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
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
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>
Dulin, 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)
Offices Located in Fort Wayne and Marion, Indiana
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, 1994 and 1993, 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 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, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
8 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 24, 1995
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 Fax 219-423-2419 <PAGE>
FECTEAU & COMPANY, P.C.
Certified Public Accountants
Advisors of Taxation
INDEPENDENT AUDITORS'REPORT
To the Partners
Corinth Housing Redevelopment Company
Rochester, New York
We have audited the accompanying balance sheets of Corinth Housing
Redevelopment Company as of December 31, 1994 and 1993, and the related
statements of operations, partners' equity, and cash flows for the years then
ended. The financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on the financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by Management, as well as evaluating the
overall financial statements presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Corinth Housing Redevelopment
Company, as of December 31, 1994 and 1993, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
FECTEAU & Company P.C.
January 2O,l995
Albany, New York
Executive Woods, 4 Atrium Drive, Albany, NY 12205 0 (518) 438-7400 0 FAX (518)
438-7444
Member
American Institute of Certified Public Accountants
(Private Companies Practice Section & Tax Division)
New York State Society of CPA's
JAMES KNUTZEN & ASSOCIATES, CPAs P.A.
3100 University Boulevard South, Suite 230
Jacksonville, Florida 32216
(904) 725-5832 Fax (904) 727-6835
James Knutzen, CPA, MBA Christina E. Gibson, CPA
Raju Iyer, CPA Gregory Korn CPA
Todd Middlemas, CPA Wilson Trammell, CPA
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, 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
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 Garden Lake of Immokalee,
Ltd. , (a Florida Limited Partnership) as of December 31, 1994 and 1993, and
the results of its operations, partners' equity, and cash flows for the years
then ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information on pages 14
- - 17 is 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, CPAs P.A.
Jacksonville, Florida
February 9, 1995<PAGE>
FECTEAU & COMPANY, P.C.
Certified Public Accountants
Advisors of Taxation
INDEPENDENT AUDITORS' REPORT
To the Partners
Greenwich Housing Redevelopment Company Rochester, New York
We have audited the accompanying balance sheets of Greenwich Housing
Redevelopment Company as of December 31, 1994 and 1993, and the related
statements of operations, partners' equity, and cash flows for the years then
ended. The financial statements are the responsibility of the Partner-ship's
management. Our responsibility is to express an opinion on the financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by Management, as well as evaluating the
overall financial statements presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Greenwich Housing
Redevelopment Company, as of December 31, 1994 and 1993, and the results of
its operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
FECTEAU & COMPANY, P.C.
January 20, 1995
Albany, New York
Executive Woods, 4 Atrium Drive, Albany, NY 12205 0 (518) 438-7400 0 FAX (518)
438-7444
Member
American Institute of Certified Public Accountants
(Private Companies Practice Section & Tax Division)
New York State Society of CPA's
FECTEAU & COMPANY, P.C.
Certified Public Accountants
Advisors of Taxation
INDEPENDENT AUDITORS'REPORT
To the Partners
Wilmington Housing Redevelopment Company Rochester, New York
We have audited the accompanying balance sheets of Wilmington Housing
Redevelopment Company (a New York Limited Partnership) as of December 31, 1994
and 1993 and the related statements of operations, partners' equity, and cash
flows for the years then ended. The financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion on
the financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by Management, as well as evaluating the overall financial 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 Wilmington Housing
Redevelopment Company as of December 31, 1994 and 1993, and the results of
its operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
FECTEAU & COMPANY, P.C.
January 20, 1995
Albany, New York
Executive Woods, 4 Atrium Drive, Albany, NY 12205 0 (518) 438-7400 0 FAX (518)
438-7444
Member American Institute of Certified Public Accountants
(Private Companies Practice Section & Tax Division)
New York State Society of CPA's
McGee & Associates, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Kristin Park Apartments, Ltd.
and Farmers Home Administration
We have audited the accompanying balance sheets of Kristin Park Apartments,
Ltd. (a limited partnership) as of December 31, 1 994 and 1 993, 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 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 Kristin Park Apartments, 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 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 the 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 17, 1995
Farmington, New Mexico<PAGE>
Berry, Dunn, McNeil & Parker
Certified Public Accountants Management Consultants
100 Middle Street/P.O. Box 1100, 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 sheet of Longmeadow Housing
Associates, a limited partnership, FmHA Case No. 23-013-010439880, as of
December 31, 1994, and the related statements of operations and 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 and additional information as of and
for the year ended December 31, 1993, were audited by other auditors whose
report dated January 25, 1994, 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
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the 1994 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, 1994, and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying additional
information on pages 14 through 15 and Multiple Family Housing Borrower
Balance Sheet, Form FmHA 1930-7 is presented solely for the use of the Farmers
Home Administration and is not a required part of the basic financial
statements. This additional 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.
January 25, 1995
Portland, Maine
Offices in: Bangor, Maine Portland, Maine Lebanon, New Hampshire Manchester,
New Hampshire Portsmouth, New Hampshire<PAGE>
BURKE & REA
EDWARD T. BURKE, C.P.A. BERNARD E. REA, C.P.A.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Maywood Associates, Ltd.
(A California Limited Partnership)
Cheyenne, WY
We have audited the accompanying balance sheets of Maywood Associates, Ltd. (A
California Limited Partnership) , FmHA Case No. 04-052-680184284, as of
December 31, 1994 and 1993, 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 Maywood Associates, Ltd. (A
California 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.
Stockton, California
March 21, 1995
87 WEST MARCH LANE, SUITE I STOCKTON, CA 95207
TELEPHONE 209/476-0200 FAX 209/476-8980<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
Newfane Senior Limited Partnership:
We have audited the accompanying balance sheets of Newfane Senior 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 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 Newfane Senior Limited
Partnership as of December 31, 1994 and 1993 and the results of its operations
and its cash flows for the years then ended, in conformity with generally
accepted accounting principles.
Our audits were 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, 1995<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
Old Stage Road Associates Limited Partnership
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, 1994 and
1993, and the related statements of operations, partners' equity, and cash
flow 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.
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, 1994 and 1993, and the results of its
operations, the changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on 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.
Respectfully submitted,
Bradley, Snipes, Gower & Associates, P. A.
Dunn, North Carolina
January 25, 1995<PAGE>
Cole, Evans & Peterson
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367
Telecopier (318) 425-4101
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. 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. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey,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 J. Bishop, C.P. A.
Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A.
David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A.
J. Amy Hemmings,C.P.A.
February 10, 1995
INDEPENDENT AUDITORS' REPORT
To the Partners
Pleasanton, Ltd.
Mansfield, Louisiana
We have audited the accompanying balance sheets of Pleasanton, Ltd. at
December 31, 1994 and December 31, 1993, and the related statements of income,
partners, capital, and cash flows for the periods then ended. These 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, 1994 and December 31, 1993, and the results of its operations and its cash
flows for the periods then ended in conformity with generally accepted
accounting principles.
Cole, Evans & Peterson<PAGE>
Otis Atwell & Timberlake
980 Forest Avenue
Professional Association
Portland Maine 04103
CERTIIFIED PUBLIC ACCOUNTANTS
(207) 797-0990
FAX (207) 797-8618
James C. Otis, C.P.A., CFP
Stephen W. AtwelL C.P.A.
Fred 1. Timberlake, C.P.A.
Bruce E. Fritzson, C.P.A.
Thomas J. Gioia, C.P.A.
To The Partners
Putney First Limited Partnership
We have audited the accompanying balance sheets of Putney
First Limited Partnership, a Vermont limited partnership, FMHA
Project No. 53-013-010451705, as of December 31, 1994 and 1993,
and the related statements of income and partners' equity
(deficit), and cash flows for the year ended December 31, 1994 and
for the period from November 6, 1992 through December 31, 1993.
These 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 Putney
First Limited Partnership, a limited partnership, as of December
31, 1994 and 1993, and the results of its operations and its cash
flows for the year ended December 31, 1994 and for the period from
November 6, 1992 through December 31, 1993, in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The accompanying
additional information on page 12 is presented solely for the use
of the Farmers Home Administration 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 1, 1995
Portland, Maine
THOERNER & TOMA
CERTIFIED PUBLIC ACCOUNTANTS
17752 Mitchell North - Suite D
Irvine, CA 92614-6802
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 overal financial
statement presentation. We believe that our audit provies a 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 opertions, 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 aditional analusisi 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.
Thoerner & Toma
March 22, 1995
Suby, Von Haden & Associates, S.C.
Certified Public Accountants - Business and Management Consultants
INDEPENDENT AUDITOR'S 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
operations, 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>
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, 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 Southwestern Limited
Partnership as of December 31, 1994 and 1993 and the results of its operations
and its cash flows for the years then ended, in conformity with generally
accepted accounting principles.
Our audits were 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, 1995<PAGE>
Curtis W. Christensen & Co.
Certified Public Accountants
109 South Main Street
Sheridan, Wyoming 82801
Telephone (307) 674-6609 Fax (307) 674-7017
John P. Croff, C.P.A. 1922-1974
Gordon Macalister, C.P.A. 1916-1976
Curtis W. Christensen, C.P.A.
Steven W. Rucki, C. P. A.
INDEPENDENT AUDITORS' REPORT
To the Partners
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, 1994 and 1993, and the related
statements of operations and changes in partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of
the company's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are fee of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Sunshine Apartments, A
limited Partnership as of December 31, 1994 and 1993, and the result of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
15 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Curtis W. Christensen & Co.
Certified Public Accountants
Sheridan, Wyoming
January 31, 1995<PAGE>
Malvin, Riggins & Company, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
MEMBERS AMERICAN INSTTRUTE OF CER-NFIED PUBLIC ACCOUNTANTS & VIRGINIA SOCIETY
OF CERTIFIED PUBLIC ACCOUNTANTS
Page 4
INDEPENDENT ALTDITORIS REPORT
To the Partners
Surry Village II Limited Partnership
We have audited the accompanying balance sheets of Surry Village II Limited
Partnership, (a Virginia limited partnership), FMHA Project No.: 55-013-
541414965, 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. 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, Government Auditing Standards issued by the Comptroller General of
the United States and the "U.S. Department of Agriculture Farmers Home
Administration Audit Program," issued December 1989- 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 belie-ve
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 Surry Village II Limited
Partnership, FMHA Project No-:55-013-541414965 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.
FREDERICK B. MALVIN, CPA - JOYCE RIGGINS SCHAFFER, CPA - CAROLYN J. LUCKADOO,
CPA
12350 Jefferson Ave. - Suite 160 - Patrick Henry Corporate Center - Newport
News, VA 23602
Telephone (804) 881-9600 - Facsimile (804) 881-9617
<PAGE>
Page 5
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 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 and Analysis (Form FMHA 1930-8)
Part I for the years ended December 31, 1994 and 1993, 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.
Malvin, Riggins & Company
Certified Public Accountants
Newport News, Virginia
February 3, 199S
<PAGE>
Thomas C. Cunningham, CPA PC
23 Moore Street
Bristol, Virginia 24201
(703) 669-5531 Fax (703)669-5576
INDEPENDENT AUDITOR'S REPORT
To the Partners
Tappahannock Greens Limited Partnership
I have audited the accompanying balance sheet of Tappahannock Greens Limited
Partnership, FmHA Case No.: 54-036-0541621981, as of December 31, 1994 and the
related statement of operations for the period May 11, 1994 to December 31,
1994 and the related statements of partners' equity and cash flows for the
year 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
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Tappahannock Greens Limited
Partnership, as of December 31, 1994 and the results of its operations for the
period May 11, 1994 to December 31, 1994 and cash flows for the year 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 15 is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial statements and,
in 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, 1995<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, 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 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 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, 1994 and 1993,
and the results of its operations, the changes in partners' equity and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on Page
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 25, 1995
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants
FLOYD & COMPANY
Certified Public Accountant
306 Commercial Drive, Suite 202
Georgia 31406
Post Office Box 14251
Savannah, Georgia 31416
Phone: (912) 355-9969
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, 1996 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 audits.
The financial statement information for the year ending December 31, 1995 was
audited by another independent certified public accountant who expressed and
unqualified opinion dated March 16, 1996.
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 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 Lane Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997<PAGE>
FLOYD & COMPANY
Certified Public Accountant
306 Commercial Drive, Suite 202
Georgia 31406
Post Office Box 14251
Savannah, Georgia 31416
Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partner; 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, 1996
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 statement information for the year ending December 31, 1995 was
audited by another independent certified public accountant who expressed and
unqualified opinion dated March 16, 1996.
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 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, 1996
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
Flood & Company, CPA
February 28, 1997<PAGE>
Byrd, Smalley, Evans, Adams, & Johnson, P.C.
Certified Public Accountants
237 Johnson Street S.E.
P.O. Box 2179
Decatur, AL 35602-2179
(205) 353-1611 Fax (205) 353-1578
Larry O. Byrd, CPA Timothy Smalley, CPA
Stan A. Evans, CPA John R. Adams, CPA
Ray Johnson, CPA James A. Craig, CPA
Penny L. Smith, CPA Lisa A. Nuss, CPA
Julie S. Redmond, CPA Angie A. Harris, CPA
Laura S. Berry, CPA Kerry A. Burroughs, CPA
We have audited the accompanying balance sheets of Housing Investors Athens
II, Ltd (a partnerships as of December 31, 1996 and 199S, 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, 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 Institutions of Higher Education and Other
Nonprofit institutions.,, Those standards and OMB Circular A-133 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, an a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes 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, 1996 and 1995, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 28, 1997 on our consideration of Housing Investors Athens II,
Ltd's internal control structure and a report date February 28, 1997 an 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
recruited 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 28, 1997<PAGE>
Burke & Rea
Edward T. Burke, C.P.A
Bernard E. Rea, C.P.A
To the Partners
Maidu Properties
(A California Limited Partnership)
Rocklin, California
We have audited the accompanying balance sheets of Maidue Properties (A
California Limited Partnership), as of December 31, 1996 and 1995 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. 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 evaluting the overall
financial statement presentation. We believe that our audits provide 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 Maidu Properties (A
California Limited Partnership) as of December 31, 1996 and 1995, and the
results of its operations and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information for the
years ended December 31, 1996 and 1995, 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 audit
procedures applied in the audits of the basic financial statements and, in our
opionion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Burke & Rea
Stockton, California
April 4, 1997
P.O. Box 4632
Stcokton, CA 95204
Telephone 209/933-9113
Fax 209/933-9115
FLOYD & COMPANY
Certified Public Accountant
306 Commercial Drive, Suite 202
Georgia 31406
Post Office Box 14251
Savannah, Georgia 31416
Phone: (912) 355-9969
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, 1996
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 statement information for the year ending December 31, 1995 was
audited by another independent certified public accountant who expressed and
unqualified opinion dated March 16, 1996.
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 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, 1996
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997<PAGE>
Dauby O'Connor & Zaleski
A Limited Liability Company
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, 1996 and 1995, and the related statements of loss,
partners, equity (deficit), and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Pedcor Investments 1989-X,
L.P. as of December 31, 1996 and 1995, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
The accompanying information is presented for additional analysis and is not a
required part of the basic financial statements. Such Information has been
subjected to the same auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is presented fairly in all material
respects in relation to the basic financial statements taken as a whole.
Indianapolis, Indiana Dauby O Connor & Zaleski, LLC
January 17, 1997 Certified Public Accountants
8395 Keystone Crossing, Suite 203 Indianapolis, Indiana 46240
317-259-6857 Fax: 317-259-6861<PAGE>
FLOYD & COMPANY
Certified Public Accountant
306 Commercial Drive, Suite 202
Georgia 31406
Post Office Box 14251
Savannah, Georgia 31416
Phone: (912) 355-9969
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, 1996 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 audits.
The financial statement information for the year ending December 31, 1995 was
audited by another independent certified public accountant who expressed and
unqualified opinion dated March 16, 1996.
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 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 Rosewood Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Floyd Company, CPA
February 28, 1997<PAGE>
KOSTIN, RUFFKESS & COMPANY, LLC
Certified Public Accountants
345 North Main Street
West Hartford, CT 06117-2521
(860) 236-1975 (800) 286-1783
Internet: http://www.kostin.com
260 U.S. Route #1
Bank Building
New London, CT 06320-2608
447-1235 Fax (860) 442-0166
Members of the firm:
Jerrold M. Gold, CPA Lawrence Marziale, CPA
Joseph W. Sparveri, Jr. CPA Peter K. Askham, CPA
John L. Evanich, Jr. CPA Richard V. Kretz, CPA
Edmund S. Kindelan, CPA Michael T. Novosel, CPA
John S. Pavlik, CPA Kimberly O. Nardone, CPA
Jonathan A. Sigal, CPA Daniel Donofrio, CPA
INDEPENDENT AUDITORS'REPORT
We have audited the accompanying balance sheet of South Farm Limited
Partnership, as of March 31, 1997, 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, 1997, and the results of its operations and cash
flows for the year then ended, in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of Program, issued by the U.S. Department of Housing and
Urban Development, we have also issued a report dated May 9, 1997 on our
consideration of South Farm Limited Partnership's internal control structure
and a report dated May 9, 1997 on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplementary information contained in
Schedules 1 through 20 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 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
May 9, 1997<PAGE>
KOSTIN, RUFFKESS & COMPANY, LLC
Certified Public Accountants
345 North Main Street
West Hartford, CT 06117-2521
860 236-1975 Fax 860 236-1783
To The Partners
South Farm Limited Partnership
RIHMFC #HIP-023
INDEPENDENT AUDITORS' REPORT
Jerrold M. Gold, CPA Lawrence Marziale, CPA
Joseph W. Sparveri, Jr., CPA Peter K. Askham, CPA
John L Evanich, Jr., CPA Richard V. Kretz, CPA
Edmund S. Kindelan, CPA Michael T. Novosel, CPA
John S. Pavlik CPA Kimberly 0. Nardone, CPA
Nathan A. Sigal, CPA Amy H. Gottesdiener, CPA
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.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HAD 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 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
KOSIN, ROUGHCAST & COMPANY, LLC
CERTIFIED PUBLIC ACCOUNTANTS
American Institute of CPAs - Connecticut Society of CPAs - Associated
Accounting Firms International - Kreston International, An International
Association of Independent Accounting Firms<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
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 relation 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. Am audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Am audit
also includes 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 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
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants<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
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 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 12, 1996
Savannah, Georgia<PAGE>
Byrd, Smalley, Evans, Adams, & Johnson, P.C.
Certified Public Accountants
237 Johnson Street S.E.
P.O. Box 2179
Decatur, AL 35602-2179
(205) 353-1611 Fax (205) 353-1578
Larry O. Byrd, CPA Timothy Smalley, CPA
Stan A. Evans, CPA John R. Adams, CPA
Ray Johnson, CPA
James A. Craig, CPA Penny L. Smith, CPA
Lisa A. Nuss, CPA Julie S. Redmond, CPA
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, 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 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, 199S 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 Housing Investors Athens II,
Ltd s internal control structure and a report date February 9, 1995 on its
compliance with laws arid 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>
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
Meadowbrook Properties II L.P.
We have audited the accompanying balance sheets of Meadowbrook Properties II
L.P. (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
L.P. (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 he basic financial statements taken as a whole.
David C. Moja, C.P.A., P.C.
March 12, 1996
Savannah, Georgia<PAGE>
Dauby O'Connor & Zaleski
A Limited Liability Company
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
8395 Keystone Crossing, Suite 203 Indianapolis, Indiana 46240
317-259-6857 Fax: 317-259-6861<PAGE>
Ludvigson, Braun & Co.
Accountants and Auditors
117 NW 3rd Street
P.O. Box 845
Valley City, North Dakota 58072-0845
Telephone: (701) 845-1457 Fax: (701) 845-8OO3
R.B. Ludvigson, CPA (Retired)
Raymond J. Braun LPA Muriel G. Haugen, CFA
Connie E. Winkler, LPA 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>
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,
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 Benchmark Associates Limited
Partnership, as of December 31, 1994 and 1993, and the results of its
operations, the changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on 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.
Bradley, Snipes, Gower & Associates, P. A.
Dunn, North Carolina
January 25, 1995
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants<PAGE>
ROBBINS AND GAUTREAU
Certified Public Accountant (A Professional Corporation)
Calvin L. Robbins, Jr., CPA, CFE John C. Gautreau, II, CPA
Jeffrey Curt Gautreau, CPA Cora Crisler Head, CPA
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, 1994 and 1993, and the
related statements of changes in partners' capital, operations, 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 Brentwood 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.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809
PHONE (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.: 20-016-611166123, 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, as of and for the years ended December 31, 1994 and
1993 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 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 Butler Properties, 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.
Daniel G. Drane
Certified Public Accountant
March 9, 1995<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
516 Walnut Street - P.O. Box 775
Gadsden, Alabama 35902
Telephone (205) 543-3707 Fax (205) 543-9800 Fax
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, FmHA Project No.: 01-050-631017825 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 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.: 0 1-050-631017825 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.
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 FmHA 1930-8) Parts I
through HI for the year ended December 31, 1994 and 1993, 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 20, 1995<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
516 Walnut Street - P.O. Box 775
Gadsden, Alabama 35902
Telephone (205) 543-3707 Fax (205) 543-9800 Fax
INDEPENDENT AUDITOR S REPORT
To the Partners
Cedarstone Associates, L.P.
Poplarville, Mississippi
I have audited the accompanying balance sheets of Cedarstone Associates, L.P.,
a limited partnership, FmHA Project No.: 28-055-026239203 as of December 31,
1994 and 1993, and the related statements of, operations, partners' capital
and cash flows for the years then ended. Those 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
arc free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. 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 Associates, L. P.,
FmHA Project No.: 28-055-026239203 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.
The audits were made for the purpose of forming an opinion on die 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 FmHA 1930-8) Parts I
through III for the year ended December 31, 1994 and 1993, 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 die basic financial statements taken as a
whole.
February 23, 1995
Malvin, Riggins & Company, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS & \VIRGINIA SOCIETY
OF CERTIFIED PUBLIC ACCOUNTANTS
Page 4
INDEPENDENT AUDITOR S REPORT
To the Partners
Chuckatuck Limited Partnership
We have audited the accompanying balance sheets of Chuckatuck Limited
Partnership, (a Virginia limited partnership), FMHA Project No.: 54-074-
41440875, 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 audit.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards issued by the Comptroller General of
the United States and the "U.S. Department of Agriculture Farmers Home
Administration Audit Program, 11 issued December 1989. 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 Chuckatuck Limited
Partnership, FmHA Project No.:54-074-541440875 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.
FREDERICK B. MALVIN, CPA - JOYCE RIGGINS SCHAFFER, CPA - CAROLYN J. LUCKADOO,
CPA
12350 Jefferson Ave. - Suite 160 - Patrick Henry Corporate Center - Newport
News, VA 23602
Telephone (804) 881-9600 - Facsimile (804) 881-9617
<PAGE>
Page 5
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole- The supplemental information on pages
18 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 and Analysis (Form F 1930-8) Part
I for the years ended December 31, 1994 and 1993, 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-
Malvin, Riggins & Company, P.C.
Certified Public Accountants
Newport News, Virginia
February 3, 1995
<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 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,
1994 and 1993, and the related statements of operations, partners' equity
(deficit), and cash flow 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. @ audit
also includes 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 Cloverleaf Associates Limited
Partnership, Fayetteville, North Carolina 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 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 25, 1995
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants
<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, 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 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.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cloverleaf Associates - Phase
II Limited Partnership 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 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.
Bradley, Snipes, Gower & Associates, P. A.
Dunn, North Carolina
January 25, 1995
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants<PAGE>
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) 234-1999 Fax (912) 234-0139
Member of American Institute of CPAs/ Georgia Society of CPAs
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, 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, as of and for the years ended December 31, 1994 and
1993 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 Hart Properties, 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.
Daniel G. Drane
Certified Public Accountant
March 9, 1995<PAGE>
HOWE & ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 27, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
IRONTON ESTATES, LP
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC<PAGE>
ROBBINS AND GAUTREAU
Certified Public Accountant (A Professional Corporation)
Calvin L. Robbins, Jr., CPA, CFE John C. Gautreau, II, CPA
Jeffrey Curt Gautreau, CPA Cora Crisler Head, 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, 1994 and 1993, and the
related statements of changes in partners' capital, operations, 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, 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.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 United Plaza Blvd., Suite 202 Baton Rouge, Louisiana 70809
Phone (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, 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 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.
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, 1994 and 1993, 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.
Bradley, Snipes, Gower & Associates, P. A.
Dunn, North Carolina
January 25, 1995
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants<PAGE>
DANIEL G. DRANE
Certified Public Accountant
209 East Third Street
P. 0. 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 partnership), RECDS Project No.: 20-016-0611149787, 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, as of and for the years ended December 31, 1994 and
1993 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, 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.
Daniel G. Drane
Certified Public Accountant
March 9, 1995
<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 sheet of North Connecticut Avenue
Limited Partnership as of December 31, 1994, and the related statements of
operations, changes in partners' equity, and cash flows for the year 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, 1994, and the results of its
operations, changes in partners' equity and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
My audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information included
in the report (shown on pages 13 to 14) is presented for purpose 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.
February 10, 1995
The Wilcox Building
Penthouse Suite
42 Weybosset Street
Providence, Rhode Island 02903
Telephone 401-332-0210 Fax 401-421-6799<PAGE>
ROBBINS AND GAUTREAU
Certified Public Accountant (A Professional Corporation)
Calvin L. Robbins, Jr., CPA, CFE John C. Gautreau, II, CPA
Jeffrey Curt Gautreau, CPA Cora Crisler Head, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners of
Pinetree Manor, L.P.
We have audited the accompanying balance sheets of Pinetree Manor, L. P. as of
December 31, 1994 and 1993, and the related statements of changes in partners'
capital, operations, 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, 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.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 United Plaza Blvd., Suite 202 Baton Rouge, Louisiana 70809
Phone (504) 924-6744 Fax (504) 929-6916<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
Stratford Square, Limited Partnership
Brundidge, Alabama
I have audited the accompanying balance sheets of Stratford Square, Limited
Partnership, a limited partnership, FmHA Project No.: 01-036-631030935 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 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 Stratford Square, Limited
Partnership, FmHA Project No.: 01-036-631030935 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.
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 FmHA 1930-8) Parts I
through RI for the year ended December 31, 1994 and 1993, 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 26, 1995<PAGE>
HOWE & ASSOCIATES
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 15, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
STOCKTON ESTATES, LP
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates<PAGE>
JAMES KNUTZEN & ASSOCIATES, CPAs PA.
3100 University Boulevard South, Suite 230
Jacksonville, Florida 32216
(904) 725-5832 FAX (904) 727-6835
James Knutzen, C.P.A., M.B.A. Christina E. Gibson, C.P.A.
Raju Iyer, C.P.A. Gregory Korn, C.P.A.
Todd Middlemas, C.P.A. Wilson Trammell. C.P.A.
Member of American and Florida Institutes of CPAs
INDEPENDENT AUDITORS' REPORT
To the Partners of
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, 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
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 Summer Glen of Immokalee,
Ltd. (a Florida Limited Partnership) as of December 31, 1994 and 1993, and the
results of its operations, partners' equity, and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information on pages 14
- - 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, CPAs P.A.
Jacksonville, Florida
February 9, 1995
BERRY, DUNN, McNEIL & PARKER
CERTIFIED PUBLIC ACCOUNTANTS
MANAGEMENT CONSULTANTS
INDEPENDENT AUDITORS' REPORT
The Partners
Woodside Housing Associates
We have audited the accompanying balance sheet of Woodside Housing Associates,
a limited partnership, FMHA Case No. 23-01-010439878, as of December 31, 1994,
and the related statements 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. The financial statements and
additional information as of and for the year ended December 31, 1993, were
audited by other auditors whose report dated January 25, 1994, 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 1994 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, 1994, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying additional information
on pages 13 through 18 as of and for the year ended December 31, 1994, is
presented solely for the use of the Farmers Home Administration and is not a
required part of the basic financial statements. The additional information
presented in the Multiple Family Housing Borrower Balance Sheet, Form FMHA 1930-
, as of December 31, 1994, 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.
Portland, Maine
January 25, 1995 -2-
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, 1996 and 1995, 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. Am audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes 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, 1996 and 1995,
and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 21, 1997 on our consideration of
Academy Mil Limited Partnership's internal control structure and a
report dated January 21, 1997 on its compliance with laws and
regulations.
Greensboro, North Carolina
January 21, 1997<PAGE>
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH TEXAS 76107
(817) 336-588 0
MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC
ACCOUNTANTS
TEXAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Aspen Square, L. P.
Tazewell, Virginia
I have audited the accompanying balance sheets of Aspen
Square, L.P., as of December 31, 1996 and 1995, and the related
statements of operations, partners, equity (deficit) and cash
flows for the years then ended. These financial statements are
the responsibility of the partnership's management. 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 Aspen Square, L.P., as of December 31, 1996 and 1995, 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.
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 audit of the basic financial
statements and, in my opinion, is fairly stated in all material re
in relation to the basic financial statements taken as
Fort Worth, Texas
March 21, 1997
I-3
McGee & Associates, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Buckeye Senior, Ltd.
and Rural Housing Service
We have audited the accompanying balance sheets of Buckeye Senior,
Ltd. (a limited partnership) as of December 31, 1996 and 1995, and
the related statements of operations, partners' equity (deficit)
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards 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, 1996 and 1995, 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 a report dated January 13, 1997, on our consideration of
the Partnership's internal control structure and a report dated
January 13, 1997, on its compliance with laws and regulations.
Our audits were conducted 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 13, 1997
Farmington, New Mexico<PAGE>
GWEN WARD, PC.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH TEXAS 76107
(817) 336-5880
MEMBER TEXAS SOCIETY OF CERTIFIED PUBLIC
ACCOUNTANTS
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, 1996 and 1995, and the related
statements of operations, partners equity (deficit) and cash flows
or 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, 1996 and 1995, and the
results of its operations, changes in partners I equity (deficit)
and cash f lows f or 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 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.
Fort Worth, Texas
March 21, 1997
I-3
Clifton Gunderson L.L.C.
Certified Public Accountants & Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Coronado Housing Limited Partnership
We have audited the accompanying balance sheets of Coronado
Housing Limited Partnership as of December 31, 1996 and 1995
and the related statements of operations, partners' equity, and
cash flows for the years then ended. These 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
Coronado Housing Limited Partnership as of December 31, 1996 and
1995 and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying
supplemental 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
years ended December 31, 1996 and 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.
Tucson, Arizona
February 4, 1997
Members of Nexia International
American Institute Of Certified Public Accountants
Arizona Colorado Illinois Indiana Iowa Maryland Missouri Ohio
Texas Virginia Wisconsin <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
We have audited the accompanying balance sheet of Franklin School
Associates, as of December 31, 1996 and 1995, and the related
statements of income and cash flows and change an partners' equity
for the years then ended. These financial statements are the
responsibility of the project's management. Our responsibility is
to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides reasonable basis for our
opinion.
In our opinion, the financial statements referred to present
fairly, in all material respects, the financial position of
Franklin School Apartments, as of December 31, 1996 and 1995, and
the results of its operations, change in partners equity, and
cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the
U.S. Department of Housing and Urban Development, we have also
issued a report dated March 5, 1997, on our consideration of
Franklin School Associate's internal control structure, and
reports dated March 5, 1997, on its compliance with specific
requirements applicable to non-major HUD programs and specific
requirements applicable to Affirmative Fair Housing.
Ogden, Utah
March 5, 1997
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
(810) 626-3800 Fax (810) 626-2276
ELY TAMA, CPA JEFFREY F. BUDAJ. CPA
BARTON A. LOWEN, CPA EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA JOHN W. WEIPERT, CPA
SEAN M. DONOVAN, CPA
American, Michigan, Florida & South Carolina Institutes of CPAs
INDEPENDENT AUDITOR'S 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, 1996 and 1995, and the related
statements of operations, changes in partners' equity (deficit)
and cash flows for the years then ended. These financial
statements are the responsibility of the 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, 1996 and 1995, and the
results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The accompanying
information listed in the table of contents is presented for the
purpose of p additional analysis and is not a required part of the
basic financial statements. This accompanying information is the
responsibility of the partnership's management. Such information,
except for the portion marked "unaudited" on which we express no
opinion, has been subjected to the auditing procedures applied in
our audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects when considered in
relation to the basic financial statements taken as a whole.
TAMA AND BUDAJ, P.C.
Farmington Hills, Michigan January 31, 1997<PAGE>
James L. Caughren
Certified Public Accountant
P.O. Box 36014
Albuquerque, NM 87176
Report of Independent Certified Public Accountants
To the Partners
Hilltop Apartments Limited Partnership
We have audited the balance sheet of Hilltop Apartments Limited
Partnership (a New Mexico limited partnership) as of December 31,
1996 and 1995, and the related statements of operations, partners
I capital, and cash f lows f or the years then ended. All
information included in these financial statements is the
responsibility of the Company s management. Our responsibility is
to express an opinion on the financial statements based on our
audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States, and the U.S.
Department of Agriculture, Farmers Home Administration 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 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, 1996 and
1995, and the results of its operations 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 our reports dated May 30, 1997 on our consideration of
Hilltop Apartments Limited Partnership internal control and on its
compliance with laws and regulations.
May 30, 1997
MUELLER, WALLA & ALBERTSON, P.C.
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 II, L.P. (a limited partnership) as of December 31,
1996 and 1995, and the related statements of operations, partners'
capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Licking Associates II, L.P. as of December 31, 1996 and 1995, 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 & Albertson, P.C.
Certified Public Accountants
January 16, 1997
BLOOM, GETTIS, HABIB & TERRONE, P.A.
Certified Public Accountants
Suite 1450
2601 South Bayshore Drive
Miami, FL 33133-9893
Telephone (305) 858-6211 Fax (305) 858-9696
American Institute of Certified Public Accountants
Florida Institute of Certified Public Accountants
Burt R. Bloom, C.P.A., C.V.A. Lawrence W. Gettis, C.P.A.
Steven M. Habib, C.P.A. Roger J. Terrone, C.P.A.
Curt A. Rosner, C.P.A.
To the Partners
London Arms/Lyn Mar Limited Partnership
Boston, Massachusetts
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying Balance Sheets of London Arms/Lyn
Mar, Ltd. (a Florida Limited Partnership), as of December 31, 1996
and 1995, and the related Statements of Operations, Partners'
Deficit and Cash Flows for the years then ended. These financial
statements are the responsibility of the management of London
Arms/Lyn Mar Limited Partnership. 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
mounts and disclosures in the financial statements. An audit also
includes 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 London
Arms/Lyn Mar Limited Partnership as of December 31, 1996 and 1995,
and the results of its operations, the changes in partners' equity
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audit was 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 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 28, 1997<PAGE>
Burke & Rea
Edward T. Burke, C.P.A
Bernard E. Rea, C.P.A
To the Partners
Maidu Properties
(A California Limited Partnership)
Rocklin, California
We have audited the accompanying balance sheets of Maidue
Properties (A
California Limited Partnership), as of December 31, 1996 and 1995
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. 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 evaluting the overall financial statement
presentation. We believe that our audits provide 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 Maidu
Properties (A California Limited Partnership) as of December 31,
1996 and 1995, and the results of its operations and its cash
flows for the years then ended, in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information for the years ended December 31, 1996 and 1995, 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 audit procedures
applied in the audits of the basic financial statements and, in
our opionion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Burke & Rea
Stockton, California
April 4, 1997
P.O. Box 4632
Stcokton, CA 95204
Telephone 209/933-9113
Fax 209/933-9115
FLOYD & COMPANY
Certified Public Accountant
306 Commercial Drive, Suite 202
Savannah, Georgia 31406
Post Office Box 14251
Savannah, Georgia 31416
Phone:(912) 355-9969
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, 1996 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 audits.
The financial statement information for the year ending December
31, 1995 was audited by another independent certified public
accountant who expressed and unqualified opinion dated March 16,
1996.
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 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
Manning Properties Limited Partnership (a Georgia Limited
Partnership) as of December 31, 1996 and the results of its
operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997
<PAGE>
Charles Bailly & Company P.L.L.P.
Certified Public Accountants Consultants
INDEPENDENT AUDITOR S 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, 1996 and 1995, and the related statements of
operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United states. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates-made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion the financial statements referred to above present
fairly, in all material respects, the financial position of RPI
Limited Partnership #18 as of December 31, 1996 and 1995, and the
results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 12, 1997 on our consideration of
RPI Limited Partnership #18 s internal control structure and a
report dated February 12, 1997 on its compliance with laws and
regulations.
Fargo, North Dakota
February 12, 1997<PAGE>
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH TEXAS 76107
(817) 336-5880
MEMBER MEMBER
AMERICAN INSTITUTE OF TEXAS SOCIETY OF CERTIFIED
CERTIFIED PUBLIC ACCOUNTANTS 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, 1996 and 1995, and the related
statements of operations, partners, equity (deficit) and cash
flows for the years then ended. These financial statements are
the responsibility of the partnership's management. 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 ref erred to above
present fairly, in all material respects, the financial position
of Sierra Springs, L.P. as of December 31, 1996 and 1995, 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.
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 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.
Fort Worth, Texas March 24, 1997
Thompson, Derrig & Slovacek
A Professional Corporation of Certified Public Accountants
4500 Carter Creek Parkway Suite 201
Bryan, Texas 77802-4456
(409)260-9696 - FAX (409)260-9683
Woody Thompson, CPA/CFP Andrea Derrig, CPA Ed Slovacek, CPA/CFP
Sharla Akin, CPA Alline Briers, CPA
Gay Vick Craig, CPA Ronnie Craig, CPA
Alice Monroe, CPA Marian Rose Varisco, CPA
INDEPENDENT AUDITORS' REPORT
February 26, 1997
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, 1996 and 1995 and the related statements of
operations, partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership management. Our responsibility
is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan, and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
"Material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of South
Fork Heights Limited Partnership as of December 31, 1996 and 1995
and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 16 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 1930-8) Parts I through
III and Project Budget(Form FmHA 1930-7) for year ended
December 31, 1996, is presented for purposes of complying with the
requirements of the Farmers Home Administration and is also not a
required part of the basic financial statements. Such information
has been subjected to the audit procedures applied in the audit of
the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
Thompson, Derrig & Slovacek, P.C.
Certified Public Accountants<PAGE>
Smith, Miles & Company, L.C.
1230 Airport Road
P.O. BOX 1177
PANAMA City, Florida 32402
Phone:(904) 785-0261 Fax:(904) 795-0263
INDEPENDENT AUDITORS' REPORT
To the Partners
Wildridge Apartments, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Wildridge
Apartments, Ltd., Project No: 11-51-592863964, as of December 31,
1996 and 1995, and the :related statements of operations,
partners, equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership s management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the 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, 1996 and 1995, and
the results of Its operations and Its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information 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 30, 1997<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 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 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, TX 76107
(817) 336-5880
Member American Institute of CPAs
Texas Society of CPAs
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 financial statements. 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 statement taken as a whole.
Fort Worth, Texas
February 23, 1996<PAGE>
GWEN WARD, P.C.
Certified Public Accountant
609 University Drive
Fort Worth, TX 76107
(817) 336-5880
Member American Institute of CPAs
Texas Society of CPAs
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>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800 Fax (810) 626-2276
ELY TAMA, CPA JEFFREY F. BUDAJ. CPA
BARTON A. LOWEN, CPA EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA JOHN W. WEIPERT, CPA
SEAN M. DONOVAN, CPA
American, Michigan, Florida & South Carolina Institutes of CPAs
INDEPENDENT AUDITOR'S 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.
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
March 19, 1996
BURKE & REA
Certified Public Accountants
Edward T. Burke, C.P.A.
Bernard E. Rea, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Maidu 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 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. 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, an
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 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.
Stockton, California
April 3,1996
P.O. BOX 4632 STOCKTON, CA 95204
TELEPHONE 209/933-9113 FAX 209/933-9115<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
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 our opinion, is fairly
presented in all material respects in Station to the basic
financial statements taken as a whole.
David C. Moja, C.P.A.
March 11, 1996
Savannah, Georgia<PAGE>
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR S REPORT
The Partners
RPI Limited Partnership #18
St. Paul, Minnesota
We have audited the accompanying balance sheets of RPI Limited
Partnership #18, 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 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 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.
Fargo, North Dakota
January 29, 1996<PAGE>
GWEN WARD, P.C.
Certified Public Accountant
609 University Drive
Fort Worth, TX 76107
(817) 336-5880
Member American Institute of CPAs
Texas Society of CPAs
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 1-18 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>
SMITH, MILES & COMPANY, L.C.
1230 AIRPORT ROAD
P.O.BOX 1177
CERTIFIED PUBLIC ACCOUNTANTS
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>
McGEE & Associates, P.C.
Certified Public Accountants
Independent Auditors' Report
To the Partners
Buckeye Senior, Ltd.
and Farmers Home Administration
We have audited the accompanying balance sheets of Buckeye Senior,
Ltd. (a limited partnership) as of December 31, 1 994 and 1 993,
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 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
Buckeye Senior, 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 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 the 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 13, 1995
Farmington, New Mexico
<PAGE>
Robbins & Gatreau
CERTIFIED PUBLIC ACCOUNTANTS
(A PROFESSIONAL CORPORATION)
CALVIN L. ROBBINS,JR., CPA, CFE
ROBBINS AND GAUTREAU
JOHN C. GAUTREAU, CPA
JEFFREY CURT GAUTREAU, CPA
CORA CRISLER HEAD, CPA
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, 1994 and 1993, and the related statements of changes in
partners I capital, operations, and cash f lows f or 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 Church Hill 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
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA
70809 PHONE (504) 924-6744 FAX (504) 929-6916
<PAGE>
KMG Peat Marwick, LLP
INDEPENDENT AUDITORS' REPORT
To the Partners
Coronado Housing Limited Partnership:
We have audited the accompanying balance sheets of Coronado
Housing 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 an 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
Coronado Housing Limited Partnership as of December 31, 1994 and
1993 and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information included in the attached schedule 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.
Tucson, Arizona
February 13, 1995
Member Firm of Klynveld Peat Marwick Goerdeler
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) 234-1999 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>
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) 234-1999 Fax (912) 234-0139
Member of American Institute of CPAs/ Georgia Society of CPAs
INDEPENDENT AUDITORS' REPORT
To The Partners
Denmark Properties Limited Partnership 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 if 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
WAY, RAY, SHELTON & Co., PC.
Certified Public Accountants
Telephone - 205-345-5860
FAX 205/345-5883
MEMBERS 216 McFarland Circle North ROBERT S. WAY, C.P.A.
AMERICAN INSTITUTE OF W. PAUL RAY, C.P.A.
CERTIFIED PUBLIC ACCOUNTANTS STEVEN A. SHELTON, C.P.A.
ALABAMA SOCIETY OF KIMBERLY F. ELMORE, C.P.A.
CERTIFIED PUBLIC ACCOUNTANTS STEVEN L. MITCHELL, C.P.A.
CINDY T. SAVAGE, C.P.A.
SONIA M. CHISM, C.P.A.
February 14, 1995 M. ELBERT SIMS, JR., C.P.A.
SUSAN L. SPARKS, C.P.A.
ELIZABETH E. BATES, 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 NATALIE T. MINOR, C.P.A.
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, 1994 and 1993, 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.
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, 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>
Elderly Housing of Macon, Ltd.
February 14, 1995
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
age 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, Shelton & Co., P.C.
Certified Public Accountants
<PAGE>
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 20, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
EL DORADO SPRINGS ESTATES, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related
statements of income, owners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
resent 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
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 15, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
ELDON ESTATES 11, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related
statements of income, owners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
and results of operations and cash flows for the years then ended
in conformity with generally accepted accounting principles.
Howe and Associates
<PAGE>
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 15, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
ELDON MANOR, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related
statements of
income, owners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An
audit includes examining, on a test basis, evidence supporting the
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>
ROBBIN AND GAUTREAU
(A PROFESSIONAL CORPORATION)
CERTIFIED PUBLIC ACCOUNTANTS
CALVIN L. ROBBINS, JR., CPA, CFE
JOHN C. GAUTREAU, 11, CPA
JEFFREY CURT GAUTREAU, CPA
CORA CRISLER HEAD, CPA
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, 1994 and 1993, and the related statements of changes
in partners' capital, operations, 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, 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.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 UNITED PLAZA Blvd., SUITE 202 BATON ROUGE, LOUISIANA 70809
PHONE (504) 924-6744 FAX (504) 929-6916
Toski, Schaeffer & CO., P.C.
CERTIFIED PUBLIC ACCOUNTANTS
555 INTERNATIONAL OR.VE
WILLIAMSVILLE. NEW YORK 14221
TELEPHONE (716) 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, 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 test
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes 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, 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 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, 1995
<PAGE>
ROBBINS AND GAUTREAU
(A PROFESSIONAL CORPORATION)
CERTIFIED PUBLIC ACCOUNTANTS
ROBBINS, JR., CPA, CFE
JOHN C. GAUTREAU, 11, CPA
JEFFREY CURT GAUTREAU, CPA
CORA CRISLER HEAD, CPA
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, 1994 and 1993, and the related statements of changes in
partners I capital, operations, and cash f lows f or 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, 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.
Certified Public
Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809
PHONE (504) 924-6744 FAX (504) 929-6916
<PAGE>
ROBBINS AND GAUTRAU
(A PROFESSIONAL CORPORATION)
CERTIFIED PUBLIC ACCOUNTANTS
CALVIN L ROBBINS, JR., CPA, CFE
JOHN C. GAUTREAU, 11, CPA
JEFFREY CURT GAUTREAU, CPA
CORA CRISLER HEAD, CPA
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, 1994 and 1993, and the related statements of changes
in partners' capital, operations, 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, 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.
Certified Public
Accountants
February 15, 1995
Baron Rouge, Louisiana
8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809
PHONE (504) 924-6744 FAX (504) 929-6916
<PAGE>
MUELLER, WALLA & ALBERTSON, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
10714 MANCHESTER ROAD
SUITE 202
KIRKWOOD, MISSOURI 63122
(314) 822-6575
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. Am audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes 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, 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 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 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>
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 15, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
NEVADA MANOR, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related
statements of income, owners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
and results of operations and cash flows for the years then ended
in conformity with generally accepted accounting principles.
Howe and Associates
<PAGE>
Toski, Schaeffer & 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
Oatka Village Associates
(A Limited Partnership):
We have audited the accompanying balance sheets of Oatka Village
Associates (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 an 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 Oatka
Village Associates (A Limited Partnership) as of December 31,.
1994 and 1993 and the results of its operations and its cash flows
for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were 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 11, 1995<PAGE>
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR S 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 operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
Fargo, North Dakota
January 25, 1995
<PAGE>
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
F0RT WORTH. TEXAS 76107
(817) 336-5880
MEMBER AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
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 financial statements. 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 prove de 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
I-3
<PAGE>
Thompson, Derrig &, Slovacek
Woody Thompson, CPA/CFP
4500 Carter Creek Parkway Suite 201
Gay Vick Craig, CPA
Ronnie Craig, CPA
Alice Monroe , CPA
Marian Rose Varisco, CPA
Sharia Akin CPA
Andrea Derrig, CPA
Bryan Texas 77802
Alline Briers: CPA
Ed Slovacek, CPAICFP
(409)260-9696 - FAX (409)260-9683
Independent Auditor s Report
February 17,1995
To the Partners
South Fork Heights Limited Partnership
We have audited the accompanying balance sheet of South Fork
Heights ]Limited Partnership (a Colorado limited partnership), as
of December 31, 1994 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.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued b 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 Fork Heights 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.
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 through 28 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 Fml4A 1930-8) Parts I -through
III and Project Budget(Form FmHA 1930-7) for year ended December
31, 1994, is presented for purposes of complying with the
requirements of the Farmers Home Administration and is also not
a required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in
the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Thompson, Derrig & Slovacek, P.C.
Certified Public Accountants
<PAGE>
Thompson, Derrig &, Slovacek
Woody Thompson, CPA/CFP
4500 Carter Creek Parkway Suite 201
Gay Vick Craig, CPA
Ronnie Craig, CPA
Alice Monroe , CPA
Marian Rose Varisco, CPA
Sharia Akin CPA
Andrea Derrig, CPA
Bryan Texas 77802
Alline Briers: CPA
Ed Slovacek, CPAICFP
(409)260-9696 - FAX (409)260-9683
Independent Auditor s Report
February 17, 1995
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, 1994 and 1993 and the related statements of
operations, partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of South
Fork Heights Limited Partnership as of December 31, 1994 and 1993
and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 14 through 28 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 Fml4A 1930-8) Parts I through
III and Project Budget (Form FMHA 1930-7) for year ended December
31, 1994, is presented for purposes of complying with the
requirements of the Farmers Home Administration and is also not a
required part of the basic financial statements. Such information
has been subjected to the audit procedures applied in the audit of
the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
Thompson, DERRIG & SLOVACEK, P.C.
Certified Public Accountants
<PAGE>
JAMES KNUTZEN & ASSOCIATES, CPA s, P.A.
SUITE 230
3100 UNIVERSITY BOULEVARD SOUTH
JACKSONVILLE, FLORIDA 32216 (904) 725-5832 FAX (904) 727-6835
MEMBER OF
AMERICAN AND FLORIDA INSTITUTES OF CERTIFIED PUBLIC ACCOUNTANTS
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 Case No.:
46-03-0592894359, 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 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 Twin
Oaks of Allendale, Ltd. (a Florida Limited Partnership) as of
December 31, 1994 and 1993, and the results of its operations,
partners' equity, and cash flows for the years then ended in
conformity with generally accepted accounting principles.
James Knutzen Associates, CPAs P.A.
Jacksonville, Florida
February 9, 1995
<PAGE>
Robbins & Gatreau
CERTIFIED PUBLIC ACCOUNTANTS
(A PROFESSIONAL CORPORATION)
CALVIN L. ROBBINS,JR., CPA, CFE
ROBBINS AND GAUTREAU
JOHN C. GAUTREAU, CPA
JEFFREY CURT GAUTREAU, CPA
CORA CRISLER HEAD, CPA
Independent Auditors' Report
CERTIFIED PUBLIC ACCOUNTANTS
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, 1994 and 1993, and -the related statements of changes
in partners I capital, operations, and cash f lows f or '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 auditing includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes 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 ref erred to above
present fairly, in all material respects, the financial position
of Washington Manor 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.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809
PHONE (504) 924-6744 FAX (504) 929-6916
Fraley, Miller & Company
Certified Public Accountants
101 Fraley-Miller Plaza Suite 101
Grayson, Kentucky 41143
Telephone (606)474-6608 Fax (606) 474-7094
Partners: Associates:
Robert A. Fraley Kim Whitley Horton
Mickey F. Miller Brenda K. Ball
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, 1996, 1995, and 1994, 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 accordance with Government Auditing Standards, we have also
issued a report dated February II, 1997, on our consideration of B
B & L Enterprises, Ltd.'s internal control structure and a report
dated February 11, 1997, on its compliance with laws and
regulations.
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, 1996, 1995, and 1994, 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 11, 1997
Branch Office Located at 374 Main Street, West Liberty, Kentucky
41472 Telephone (606) 743-7420 Fax (606) 743-7444<PAGE>
FLOYD & COMPANY
Certified Public Accountant
306 Commercial Drive, Suite 202
Savannah, Georgia 31406
Phone:(912) 355-9969
Post Office Box 14251
Savannah, Georgia 31416
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, 1996 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 ex an opinion on these
financial statements based on our audits.
The financial statement information for the year ending December
31, 1995 was audited by another independent certified public
accountant who expressed and unqualified opinion dated March 16,
1996.
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 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 Bowman
Village Limited Partnership (a Georgia Limited Partnership) as of
December 31, 1996 and the results of its operations and its cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Floyd & Company, CPA
February 28, 1997<PAGE>
Suby, Von Haden & Associates, S.C.
Certified Public Accountants - Business and Management
Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Brandywood Limited Partnership
Madison, Wisconsin
We have audited the accompanying balance sheet of WHEDA Project
No. 01 1/001 136 of Brandywood Limited Partnership as of December
31, 1996, 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. The financial statements of
Brandywood Limited Partnership for the year ended December 31,
1995 were audited by other auditors, whose report dated January
19, 1996, 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 financial statements referred to above present
fairly, in all material respects, the financial position of WHEDA
Project No. 01 1/001 136 of Brandywood Limited Partnership as of
December 31, 1996, 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.
The accompanying financial statements have been prepared assuming
that the partnership will continue as a going concern. As
discussed in Note J to the financial statements, the partnership
has incurred recurring negative cash flows and anticipates that
negative cash flows will continue. These factors raise
substantial doubt about the partnership's ability to continue as a
going concern. Management's plans in regard to these matters are
also described in Note J. The financial statements do no include
any adjustments that might result from the outcome of this
uncertainty.
January 14, 1997
1221 John 0. Hammons Dr. P.O. Box 44966 Madison, WI 53744-4966
(608) 831-8181 FAX (608) 831-4243 MADISON - MILWAUKEE -
ROCKFORD
<PAGE>
Fraley, Miller & Company
Certified Public Accountants
101 Fraley-Miller Plaza Suite 101
Grayson, Kentucky 41143
Telephone (606) 474-6608 Fax (606) 474-7094
Partners: Associates:
Robert A. Fraley Kim Whitley Horton
Mickey F. Miller Brenda K. Ball
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, 1996, 1995, and 1994, 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 accordance with Government Auditing Standards, we have also
issued a report dated February 17, 1997, on our consideration of
Briarwick Apartments, Ltd's internal control structure and a
report dated February 17, 1997, on its compliance with laws and
regulations.
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, 1996, 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.
February 17, 1997
Branch Office Located at 374 Main Street, West Liberty, Kentucky
41472
Telephone (606) 743-7420 Fax (606) 743-7444<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
Cananche Creek, L.P.
I have audited the accompanying balance sheets of Cananche
Creek, L.P., as of December 31, 1996 and 1995, and the related
statements of operations, partners, equity (deficit) and cash
flows for the years then ended. These financial statements are
the responsibility of the partnership's management. 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
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 Cananche Creek, L.P., as of December 31, 1996 and 1995, and the
results of its operations, changes in partners' equity (deficit)
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 audit of the basic financial statements
and, in my opinion, is
fairly stated in all material in relation to the basic financial
statements taken as a whole.
Fort Worth, Texas
March 21, 1997
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
Robert E. Stewart Duncan J. Kerr
Jayne D. Jungen Stanley I. Hofmeister
American Institute of CPAs - North Carolina Association of CPAs
INDEPENDENT AUDITOR S REPORT
To the Partners of Partners
Hunters Park Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheets of Hunters Park
Limited Partnership, as of December 31, 1996 and 1995 and the
related statements of operations, partners' equity, and cash flows
for the years then ended. These 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 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
Hunters Park Limited Partnership as of December 31, 1996 and 1995,
and the results of its operations and its cash flows for the years
then ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 17, 1997 on our consideration of
Hunters Park Limited Partnership's internal control structure and
a report dated January 17, 1997 on its compliance with laws and
regulations.
Our audits were conducted for the purpose of forming an opinion on
the 1996 and 1995 financial statements taken as a whole. The
accompanying information on pages 11-12 is presented for the
purpose of additional analysis and is not a required part of the
financial statements of Hunters Park Limited Partnership. Such
information has been subjected to the auditing procedures applied
in the audit of the financial statements and, in our opinion, is
fairly presented in all material respects in relation to the
financial statements taken as a whole.
Raleigh, North Carolina
January 17, 1997<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 Partner's
Lakeridge Apartments of Eufaula, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Lakeridge
Apartments of Eufaula, Ltd., Project No: 01-0030592933800, as of
December 31, 1996 and 1995, and the related statements of
operations, partnership equity (deficit) and cash flows for the
years then ended. These financial statements axe 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 mining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also Includes 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 Eufala, Ltd. as of December 31, 1996
and 1995, and the results of its operations and its cash flows for
the years then ended in Conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplementary
information presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such
information has been subjected to the account 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, 1997
FLOYD & COMPANY
Certified Public Accountant
306 Commercial Drive, Suite 202
Savannah, Georgia 31406
Phone:(912) 355-9969
Post Office Box 14251
Savannah, Georgia 31416
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, 1996 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 audits.
The financial statement information for the year ending December
31, 1995 was audited by another independent certified public
accountant who expressed and unqualified opinion dated March 16,
1996.
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 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 Laurel
Village Limited Partnership (a Georgia Limited Partnership) as of
December 31, 1996 and the results of its operations and its cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Floyd & Company, CPA
February 28, 1997<PAGE>
McGEE & Associates, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Los Caballos II, Ltd.
and Rural Housing Service
We have audited the accompanying balance sheets of Los Caballos
II, Ltd. (a limited partnership) as of December 31, 1996 and 1995,
and the related statements of operations, partners' equity and
cash flows for the years then ended. These 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 II, Ltd. as of December 31, 1 996 and 1 995, 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 a report dated January 17, 1997, on our consideration of
the Partnership's internal control structure and a report dated
January 17, 1997, on its compliance with laws and regulations.
Our audits were conducted 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 II, Ltd. Such information has been
subjected to the auditing procedures applied in the audits 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 17, 1997
Farmington, New Mexico
<PAGE>
Burke & Rea
Edward T. Burke, C.P.A
Bernard E. Rea, C.P.A
To the Partners
Nye County Associates
(A California Limited Partnership)
Cheyenne, WY
We have audited the accompanying balance sheets of Nye County
Associates (A
California Limited Partnership), USDA Rural Development Case No.
33-019-680192750, as of December 31, 1996 and 1995 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 evaluting the overall financial statement
presentation. We believe that our audits provide 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 Nye
County Associates (A
California Limited Partnership) as of December 31, 1996 and 1995,
and the results of its operations and its cash flows for the years
then ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report
dated March 25, 1997 on our consideration of Nye County
Associates' internal
control structure and a report dated March 25, 1997 on its
compliance with
laws and regulations.
Burke & Rea
Stockton, California
March 25, 1997
P.O. Box 4632
Stcokton, CA 95204
Telephone 209/933-9113
Fax 209/933-9115
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITORIS 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, 1996 and 1995, and the related statements of
operations, partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion..
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Ridgeway Court III, A Limited Partnership as of December 31, 1996
and 1995, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
Fargo, North Dakota
February 3, 1997<PAGE>
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR S REPORT
The Partners
RPI Limited Partnership #22
Bloomington, Minnesota
We have audited the accompanying balance sheet of RPI Limited
Partnership #22, MHFA Project Number 90-002, as of December 31,
1996, 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 RPI
Limited Partnership #22 for the year ended December 31, 1995 were
audited by other auditors whose report, dated January 19, 1996,
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 financial statements referred to above present
fairly, in all material respects, the financial position of RPI
Limited Partnership #22, as of December 31, 1996, and the results
of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Fargo, North Dakota
January 28, 1997<PAGE>
MUELLER, WALLA & ALBERTSON, PC.
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,
1996 and 1995, and the related statements of operations, partners'
capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion'.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Scott
City Associates III, L.P. as of December 31, 1996 and 1995, 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 & Albertson, P.C.
Certified Public Accountants
January 14, 1997
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, 1996 and 1995, and the related
statements of operations, partners' capital and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership, s management. 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 opine on, the financial statements ref erred to above
present fairly, in all material respects, the financial position
of Shawnee Ridge, L.P. as of December 31, 1996 and 1995, and the
results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
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 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.
March 22, 1997
Fort Worth, Texas
I-3
BENDER,WELTMAN,THOMAS & CO.
CERTIFIED PUBLIC ACCCOUNTANTS
1067 NORTH MASON ROAD. Suite 7
St. LOUIS MO 63141-634l
(314) 576-1350
Fax (314) 576-9650
WILLIAM J. Bender
Joel Weltman
James E. Thomas
Gerald E. McGruder
Independent Auditor s Report
To The Partners
Springfield Housing Associates, L.P.
Springfield, Illinois
We have audited the accompanying balance sheets of Springfield
Housing Associates, L.P., a (limited partnership) as of December
31, 1996 and 1995, and the related statements of operations,
partners, capital, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership s
management. Our responsibility is to express an opinion on these
financial statements based an our audit.
We conducted our audit in accordance with generally accepted
auditing standards. 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 the management, as well as
evaluating the overall financial statements presentation. We
believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Springfield Housing Associates, L.P. (a limited partnership), as
of December 31, 1996 and 1995, and the results of its operations
and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Bender, Weltman, Thomas & Co., CPA s
February 24, 1997
Members Institute of Certified Public Accountants
Missouri Society of Certified Public Accountants
FLOYD & COMPANY
Certified Public Accountant
306 Commercial Drive, Suite 202
Savannah, Georgia 31406
Phone:(912) 355-9969
Post Office Box 14251
Savannah, Georgia 31416
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, 1996 and the related statements of operations, partners'
equity (deficit) 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 audits.
The financial statement information for the year ending December
31, 1995 was audited by another independent certified public
accountant who expressed and unqualified opinion dated March 16,
1996.
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 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 Turner
Lane Limited Partnership (a Georgia Limited Partnership) as of
December 31, 1996 and the results of its operations and its cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Floyd & Company, CPA
February 28, 1997<PAGE>
Humiston, Skokan, Warren & Eichenberger
A Professional Corporation - Certified Public Accountants
West Des Moines, Iowa
INDEPENDENT AUDITORS' REPORT
To the Partners
Union Baptist Plaza, Limited Partnership
West Des Moines, Iowa
We have audited the accompanying balance sheets of UNION BAPTIST
PLAZA, LIMITED PARTNERSHIP as of December 31, 1996 and 1995, and
the related statements of operations, partners' equity and cash
flows for the years then ended. These 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 Union
Baptist Plaza, Limited Partnership as of December 31, 1996 and
1995, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
January 13, 1997<PAGE>
SMITH, MILES & COMPANY, L.C.
Certified Public Accountants
1230 AERPORT 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, 1996 and 1995, and the related statements of operations,
partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership 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 ref erred to above
present fairly, in all material respects, the financial position
of Villas of Lakeridge, Ltd., as of December 31, 1996 and 1995,
and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The 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 7, 1997<PAGE>
YORK, DILLINGHAM & COMPANY, P.L.L.C.
Certified Public Accountants
P.0. Box 551
1708 Alpine Drive
Columbia, Tennessee 38402-0551
Telephone (615) 388-0517 Fax (615) 381-3440
Branch Offices:
219 N Military Ave. Lawrenceburg, TN (615) 762-6877
147 Linden Hwy. Centerville, TN (615) 729-3229
120 N. Second St. Pulaski, TN (615) 424-9063
Larry W. York John M. Dillingham
Members: American Institute Of CPAs - Tennessee Society Of
CPAs
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, 1996 and 1995, and the related
statements of operations, partners' equity, and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes 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, 1996 and 1995, 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.
In accordance with Government Auditing Standards, we have also
issued a report dated February 7, 1997 on our consideration of
Waynesboro Associates, Limited's internal control structure and a
report dated February 7, 1997 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 supplemental
information 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 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
February 7, 1997<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
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 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 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 our opinion is fairly presented
in all material respects in
to the basic financial statements taken as a whole.
Moja, C.P.A.,
March 11, 1996
Savannah, Georgia<PAGE>
GWEN WARD, P.C.
Certified Public Accountant
609 University Drive
Fort Worth, Texas 76107
(817) 336-5880
Member American Institute of CPAs - Texas Society Of CPAs
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>
SMITH, MILES & COMPANY, L.C. 1230
AIRPORT ROAD
CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 1177
PANAMA CITY, FLORIDA 32402
Phone:
(904) 785-0261
Fax: (904) 785-0263
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 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 Auditor 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
McGEE & Associates, P.C.
Certified Public Accountants
Independent Auditors' Report
To the Partners
Los Caballos II, Ltd.
and Rural Economic Community Development
We have audited the accompanying balance sheets of Los Caballos
II, 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 II, 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 II, 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>
BURKE & REA
Certified Public Accountants
Edward T. Burke, C.P.A.
Bernard E. Rea, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Nye County Associates
(A California Limited Partnership)
Cheyenne, WY
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 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 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 209/933-9113 FAX
209/933-9115
<PAGE>
Ludvigson, Braun & Co.
ACCOUNTANTS AND AUDITORS
117 NW 3r-d Street
PO. Box 845
Valley City. North Dakota 5BO72-
0845
Telephone: (701) 845-1457
Facsimile: (701) 845-8003
H.B. Ludvigson, CFIA (retired)
Raymond J. Braun. LPA
Muriel G. Haugen, CPA
Connie E. Winkler LPA
JoAnn R. 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 M, 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
Prairie West Apartments , 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 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 24, 1996
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR S 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 (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 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 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
An association of independent accounting firms throughout the
world
1829 Eastchester Drive P.O. Box 2646 High Point, NC 27261-
2646
910-889-5156 Fax 910-889-6168<PAGE>
Casey, Menden & Co., P.A.
Certified Public Accountants
8000 Town Line Avenue South, Suite 202
Bloomington, Minnesota 55438-1000
(612) 946-7900 Fax (612) 946-7901
Michael A. Casey, C.P.A. John F. Menden, C.P.A.
Douglas J. Faust, C.P.A. John C. Nelson, C.P.A.
Donald G. Langewisch, C.P.A. Janet E. Casey
Paula M. Meidl Stephen J. Devries
Debra K. Campbell Michael A. Casey, Jr.
Jennifer A. Caspers
Minnesota Society of CPAs - American Institute of CPAs
INDEPENDENT AUDITOR S 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
are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes 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 #22 as of December 31, 1995 and 1994, and the
results of its operations, changes in partners I 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 is 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>
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>
GWEN WARD, P.C.
Certified Public Accountant
609 University Drive
Fort Worth, Texas 76107
(817) 336-5880
Member American Institute of CPAs - Texas Society of CPAs
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>
SMITH, MILES & COMPANY,L.C.
CERTIFIED PUBLIC ACOUNTANTS
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
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 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 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
YORK. DILLINGHAM & COMPANY. P.L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
LARRY W. YORK P. 0 BOX 551
JOHN M. DILLINGHAM 1708 ALPINE DRIVE
COLUMBIA. TENNESSEE 38402-
0551
TELEPHONE (615) 388-0517
FAX (615) 381-3440
MEMBERS:
AMERICAN INSTITUTE OF C.P.A.'S
TENNESSEE SOCIETY OF C.P.A:S
INDEPENDENT AUDITORS' REPORT
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
(615) 424-9063
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.
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.
see
January 26, 1996
- -2-
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) 234-1999 Fax (912) 234-0139
Member of American Institute of CPAs/ Georgia Society of CPAs
INDEPENDENT AUDITORS'REPORT
To The Partner
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 fire of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes 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>
DANIEL G. DRANE
Certified Public Account
209 East Third Street
P. 0. Box 577
Hardinsburg, Kentucky 40143
(502) 7561-5704
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, 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, as of and for the years ended December 31,
1994 and 1993 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, 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.
Daniel G. Drane
Certified Public Accountant
March 9, 1995<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) 234-1999 Fax (912) 234-0139
Member of American Institute of CPAs/ Georgia Society of CPAs
INDEPENDENT AUDITOR S REPORT
To The Partners
Carson Village Limited Partnership
We have audited the accompanying balance sheets of CARSON 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. 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 CARSON
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.
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
Clarkson Properties, Ltd.
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Clarkson
Properties, Ltd. (a Kentucky limited partnership), RECDS Project
No.: 20-043-0611167952, 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, as of and for the years ended December 31,
1994 and 1993 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, 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.
Daniel G. Drane
Certified Public Accountant
March 9, 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
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, 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, as of and for the years ended December 31,
1994 and 1993 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
Evanwood Properties, 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.
Daniel G. Drane
Certified Public Accountant
March 9, 1995<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) 234-1999 Fax (912) 234-0139
Member of American Institute of CPAs/ Georgia Society of CPAs
INDEPENDENT AUDITORS REPORT
To The Partners
Hamilton Village Limited Partnership
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. 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
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
DIXON ODOM & CO., L.L.P
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Hunters Park Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheets of Hunters
Park United 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 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
Hunters Park Limited Partnership as of December 31, 1994 and 1993,
and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information on pages 10 and 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
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
whole.
January 12, 1995
Page 1 829 Eastchester Drive
Page
1
P.O. Box 2646
High Point, NC 27261-2646
910-889-5156, Fax 910-889-6168
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) 234-1999 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>
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
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, 1994 and 1993, 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,
1994 and 1993, and the results of its operations the changes in
partners' equity and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as -a whole. The supplemental
information on Page 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Respectfully
Bradley, Snipes, Gower & Associates, P. A.
Dunn, North Carolina
January 25, 1995
Members/American Institute of CPAs, North Carolina Association of
CPAs<PAGE>
Robbins and Gautreau
Certified Public Accountants
(A Professional Corporation)
Calvin L. Robbins, Jr. CPA, CFE
John C. Gautreau, II, CPA
Jeffrey Curt Gautreu, CPA
Cora Crisler Head, CPA
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, 1994
and 1993, and the related statements of changes in partners
capital, operations, 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 4-cant 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 f financial position
of Melville Plaza Partnership as of December 31, 1994 and 1993,
and the results of its operations and its cash f lows f or -the
years then ended in conformity with generally accepted accounting
principles.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809
PHONE (504) 924-6744 FAX (504) 929-6916
ROBBINS AND GAUTREAU
CALVIN L ROBBINS, JR., CPA, CFE
JOHN C. GAUTREAU, 11, CPA
CERTIFIED PUBLIC ACCOUNTANTS
JEFFREY CURT GAUTREAU, CPA
(A PROFESSIONAL CORPORATION)
CORA CRISLER HEAD, CPA
Independent Auditors' Report
To the Partners of
Oakleigh Partnership
We have audited the accompanying balance sheets of Oakleigh
Partnership (A Partnership in Commendam) as of December 31, 1994
and 1993, and the related statements of changes in partners'
capital, operations, 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, 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.
As discussed in Note 10 to the financial statements, an error
in the allocation of partners' capital between the general and
limited partners in 1993 was discovered during 1994. Accordingly,
the 1994 Statement of Changes in Partners capital has been
reinstated to correct that error.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 UNITED PLAZA BLVD., SUITF, 202 BATON ROUGE, LOUISIANA 70809
PHONE (504) 924-6744 FAX (504) 929-6916
Robbins & Gattreau
Certified Public Accountants
A Professional Corporation
Independent Auditors' Report
To the Partners of
Oakleigh Partnership
We have audited the accompanying balance sheets of Oakleigh
Partnership (A Partnership in Commendam) as of December 31, 1994
and 1993, and the related statements of changes in partners'
capital, operations, 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, 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.
As discussed in Note 10 to the financial statements, an error
in the allocation of partners' capital between the general and
limited partners in 1993 was discovered during 1994. Accordingly
,the 1994 Statement of Changes in Partners Capital has been
restated to correct 'that error.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 UNITED PLAZA BLVD., Suite, 202 BATON ROUGE, LOUISIANA 70809
PHONE (504) 924-6744 FAX (504) 929-6916
Robbins & Gattreau
Certified Public Accountants
A Professional Corporation
Independent Auditors' Report
To the Partners of
Oakleigh Partnership
We have audited the accompanying balance sheets of Oakleigh
Partnership (A Partnership in Commendam) as of December 31, 1994
and 1993, and the related statements of changes in partners'
capital, operations, 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, 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.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 UNITED PLAZA BLVD., SUITE, 202 BATON ROUGE, LOUISIANA 70809
PHONE (504) 924-6744 FAX (504) 929-6916
HOWE AND ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 21, 1995
INDEPENDENT Auditor s REPORT
Partners
PORTALES ESTATES, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related
statements of income, owners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility Is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards 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
LUDVIGSON, BRAUN & CO.
Accountants and Auditions
Foss Building
Valley City, North Dakota 58072-0845
Phone 845-1457 Fax 845-8003
P.O. Box 845
R. B. 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>
Humiston, Shokan, Warren, & Eichenberger
A Professional Corporation
Certified Public Accountants
West Des Moines Iowa
INDEPENDENT AUDITORS' REPORT
To the Partners
Union Baptist Plaza, Limited Partnership
West Des Moines, Iowa
We have audited the accompanying balance sheets of UNION
BAPTIST PLAZA, 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 Union Baptist Plaza, 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 20, 1995
YORK. DILLINGHAM & COMPANY. P.L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
LARRY W. YORK P. 0 BOX 551
JOHN M. DILLINGHAM 1708 ALPINE DRIVE
COLUMBIA. TENNESSEE 38402-0551
TELEPHONE (615) 388-0517
FAX (615) 381-3440
MEMBERS:
AMERICAN INSTITUTE OF C.P.A.'S
TENNESSEE SOCIETY OF C.P.A:S
INDEPENDENT AUDITORS' REPORT
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
(615) 424-9063
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.
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 20, 1996
- -2-
<PAGE>
Malvin, Riggins & Company, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
MEMBERS AMERICAN INSTITUTE- OF CERTIFIED PUBLIC ACCOUNTANTS &
VIRGINIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
Page 4
INDEPENDENT AUDITOR'S REPORT
To the Partners
Windsor II Limited Partnership
We have audited the accompanying balance sheets of Windsor II
Limited Partnership, (a Virginia limited partnership), FMHA
Project No: 54-057-541440877, 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 audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards issued by the
Comptroller General of the United States and the "U.S. Department
of Agriculture Farmers Home Administration Audit Program," issued
December 1989. 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
Windsor II Limited Partnership, FmHA Project No.:54-057-541440877
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.
FREDERICK B. MALVIN, CPA - JOYCE RIGGINS SCHAFFER, CPA - CAROLYN
J. LUCKADOO, CPA
12350 Jefferson Ave. - Suite 160 - Patrick Henry Corporate Center
- - Newport News, VA 23602
Telephone (804) 881-9600 - Facsimile (804) 881-9617
<PAGE>
Page 5
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 17 through 26 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 and Analysis (Form 1930-8) Part I for the
years ended December 31, 1994 and 1993, 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.
Malvin, Riggins & Company,
Certified Public Accountants
Newport News, Virginia
February 3, 1995
ROBBINS AND GAUTREAU
CERTIFIED PUBLIC ACCOUNTANTS
(A PROFESSIONAL CORPORATION)
CALVIN L ROBBINS, JR., CPA, CFE
CORA CRISLER HEAD, CPA
JOHN C. GAUTREAU, 11, CPA
JEFFREY CURT GAUTREAU, CPA
Independent: Auditors' Report
To the Partners of
Woodcrest Manor, L.P.
We have audited the accompanying balance sheets of Woodcrest
Manor, L. P. (A Mississippi Limited Partnership) as of December
31, 1994 and 1993, and the related statements of changes in
partners' capital, operations, 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, 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.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 United Plaza Blvd. Suite 202 Baton Rouge, Louisiana 70809
Phone (504) 924-6744 FAX (504) 929-6916
STEWART AMD 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.
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.
STEWART AND KERR, PA
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 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
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, RHCD Project No. 03-048-0710677265 (the
Partnership), as of December 31, 1996 and 1995, 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, 1996 and
1995, 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 16, 1997, on our consideration of the
Partnerships internal control structure and a report dated March
16, 1997 on its compliance with laws, regulations, contracts and
grants.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The accompanying
supplementary information shown on pages 9 to 10 is presented for
the purposes of additional analysis and are not a required part of
the basic financial statements of the Partnership. such
information has been subjected to the auditing procedures applied
in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Little, Shaneyfelt & Co.
March 16, 1997<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. CONNIE P. STANCIL, C.P.A.
MEMBERS: American Institute of CPAs - North Carolina Association
of CPAs
INDEPENDENT AUDITOR'S 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, 1996 and 1995, 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, 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
Brantwood Lane Limited Partnership as of December 31, 1996 and
1995, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards we have also
issued a report dated January 31, 1997 on our consideration of
Brantwood Lane Limited Partnership's internal control structure
and a report dated January 31, 1997 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. Schedules 1, 2, 3,
and 4 on pages 13, 14, 15, and 16 are presented for purposes of
additional analysis and are not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the 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 31, 1997
100 EAST CUMBERLAND STREET, P.O. BOX 578, DUNN, N.C. 28335
(910) 892-1021 FAX (910) 892-6084<PAGE>
CRISP HUGHES & CO., L.L.P
Certified Public Accountants and Consultants
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, 1996 and 1995,
and the related statements of operations, changes in partners'
capital (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with gene rally 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 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,
1996 and 1995, and the results of its operations and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 11, 1997 on our consideration of
Breckenridge Apartments, Limited Partnership's internal control
structure and a report dated February 11, 1997 on its compliance
with laws and regulations.
February 11, 1997
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 Institute of CPAs, The Continental
Association of CPA Firms, Inc., The Intercontinental Accounting
Associates and The North Carolina and South Carolina of CPAs<PAGE>
GRAHAM & JENNINGS, PLC
Certified Public Accountants
Harold D. Carter (1931-1993) Jack G. Jennings
Walter H. Graham Michael J. Carter
INDEPENDENT AUDITOR S REPORT
To the Partners
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, 1996 and 1995, and the
related statements of operations, partners' equity (deficit) and
cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the 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 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
Carriage Run Limited Partnership, FmHA Project No.: 54-
049621449686, as of December 31, 1996 and 1995, 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.
As described in Note G, Carriage Run Limited Partnership is a
defendant in a wrongful death action alleging negligence and
claiming compensatory and punitive damages. The ultimate outcome
of the lawsuit is not presently determinable. Accordingly, no
provision for liability, if any, has been made in the financial
statements.
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 12 and 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.
February 1997
601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia
23606
(757) 873-0767 Fax (757) 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, 1996 and 1995
and the related statements of operations, partners' equity, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Cedarwood Apartments Limited Partnership as of December 31, 1996
and 1995 and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 22, 1997 on our consideration of
Cedarwood Apartments Limited Partnership's internal control
structure and a report dated January 22, 1997 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 10 and 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
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.
January 22, 1997
A member of Moores Rowland International
An Association of independent accounting firms throughout the
world
1829 Eastchester Drive P.O. Box 2646 High Point, NC 27261-2646
910-889-5156 Fax 910-889-6168<PAGE>
LAURIE A. LEE
Certified Public Accountant
5446 Birchbrook Court
Las Vegas, Nevada 89120
Telephone:(702) 456-2162
INDEPENDENT AUDITOR S 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, 1996
and 1995, and the related statements of operations, partners'
capital, and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management.
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, and the US Department of
Agriculture, Farmers Home Administration Audit Program. 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, 1996 and 1995, and the results of
its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also
issued our reports dated February 14, 1997 on my consideration of
the Partnership's internal control and on its compliance with laws
and regulations.
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, 1997
Member: American Institute Of CPAs - Nevada Society Of CPAs
CRISP HUGHES & CO., L.L.P.
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, 1996 and
1995, and the related statements of operations, changes m
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 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
account' principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits 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,
1996 and 1995, and the results of its operations and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 11, 1997 on our consideration of
Devenwood Apartments, A Limited Partnership's internal control
structure and a report dated February 11, 1997 on its compliance
with laws and regulations.
February 11, 1997
1 Creekview Court P.O. Box 25949 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 CPAs, The Continental
Association of CPA Firms, Inc. - The Intercontinental Accounting
Associates and The North Carolina and South Carolina Associates of
CPAs<PAGE>
McGEE & Associates, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Franklin Vista 111, Ltd.
and Rural Housing Service
We have audited the accompanying balance sheets of Franklin Vista,
III, Ltd. (a limited partnership) as of December 31, 1996 and
1995, and the related statements of operations, partners' equity
and cash flows for the years then ended. These 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, 1996 and 1995, 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 a report dated January 17, 1997, on our consideration of
the Partnership's internal control structure and a report dated
January 17, 1997, on its compliance with laws and regulations.
Our audits were conducted 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 17, 1997
Farmington, New Mexico<PAGE>
FLOYD & COMPANY, CPA
Certified Public Accountant
306 Commercial Drive, Suite 202
Savannah, Georgia 31406
Phone: (912) 355-9969
Post Office Box 14251
Savannah, Georgia 31416
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, 1996 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 audits.
The financial statement information for the year ending December
31, 1995 was audited by another independent certified public
accountant who expressed and unqualified opinion dated March l6,
1996.
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 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 Four
Oaks Limited Partnership (a Georgia Limited Partnership) as of
December 31, 1996 and the results of its operations and its cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Floyd & company, CPA
February 28, 1997<PAGE>
REGARDIE, BROOKS & LEWIS
Certified Public Accountants
JEROME P. LEWIS, CPA
JESSE A. KAISER, CPA
CHARTERED NATHAN J. ROSEN, CPA
PAUL J. GNATT, CPA
CELSO T MATAAC, JR., CPA
PHILIP R. BAKER. CPA
7101 WISCONSIN AVENUE - BETHESDA, MARYLAND
20814
DOUGLAS A. DOWUNG, CPA
TEL (301) 654-9000
FAX (301) 656-3056
BRIAN J. GIGANTI, CPA
DAVID A. BROOKS, CPA
CONSULTANT
BENJAMIN F. REGARDIE
(1897-1973)
February 21, 1997
INDEPENDENT AUDITOR'S REPORT
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, 1996 and 1995, 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, Government Auditing Standards issued by the
Comptroller General of the United States and the U.S. Department
of Agriculture, Farmers Home Administration Audit Program
handbook, dated December 1989. 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 Friendship village Limited Partnership as of December 31, 1996
and 1995, and the results of its operations and its cash flows for
the' years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued our reports dated February 21, 1997 on our consideration of
Friendship Village Limited Partnership's internal control
structure and on its compliance with laws and regulations.
Certified Public Accountants
FLOYD & COMPANY, CPA
Certified Public Accountant
306 Commercial Ave, Suite 202
Savannah, Georgia 31406
Phone:(912) 355-9969
Post Office Box 14251
Savannah, Georgia 31416
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, 1996 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 audits.
The financial statement information for the year ending December
31, 1995 was audited by another independent certified public
accountant who expressed and unqualified opinion dated March 16,
1996.
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 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
Hillmont Village Limited Partnership (a Georgia Limited
Partnership) as of December 31, 1996 and the results of its
operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997<PAGE>
Schonwit & Associates
Certified Public Accountant
5 Anton Boulevard, Suite 500
Costa Mesa, California 92626
(714) 437-1025 FAX (714) 957-1678
INDEPENDENT AUDITOR'S REPORT
To the Partners
La Gema Del Barrio, A California Limited Partnership
I have audited the accompanying balance sheet of La Gema Del
Barrio, A California Limited Partnership, as of December 31, 1996,
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. My
responsibility is to express an opinion on these financial
statements based on my audit. The financial statements of La Gema
Del Barrio, a California Limited Partnership, for the year ended
December 31, 1995, as presented herein, were examined by another
auditor whose report dated April4, 1996, expressed an unqualified
opinion on those financial statements.
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 accompanying 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, 1996, 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.
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 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 my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
SCHONWIT & ASSOCIATES
February 14, 1997<PAGE>
PLANTE MORAN, LLP
Certified Public Accountants - Management Consultants
1111 Michigan Avenue
P.O. Box 2500
East Lansing, Michigan 48826-2500
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, 1996 and 1995, 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 31, 1996 and 1995, and its profit and
loss, partners' equity, 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, 1997, on our consideration of
the Partnership's internal control structure and a report dated
February 12, 1997, on its compliance with laws and regulations.
February 12, 1997
A member of Moores Rowland International
Burke & Rea
Edward T. Burke, C.P.A
Bernard E. Rea, C.P.A
To the Partners
Maidu Properties
(A California Limited Partnership)
Rocklin, California
We have audited the accompanying balance sheets of Maidue
Properties (A
California Limited Partnership), as of December 31, 1996 and 1995
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. 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 evaluting the
overall financial statement presentation. We believe that our
audits provide 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 Maidu
Properties (A California Limited Partnership) as of December 31,
1996 and 1995, and the results of its operations and its cash
flows for the years then ended, in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information for the years ended December 31, 1996 and 1995, 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 audit procedures
applied in the audits of the basic financial statements and, in
our opionion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Burke & Rea
Stockton, California
April 4, 1997
P.O. Box 4632
Stcokton, CA 95204
Telephone 209/933-9113
Fax 209/933-9115
H M & 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, 1996 and
1995, and the related to
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, 1996
and 1995, and the results of its operations and its cash flows
for the years then ended, in conformity with generally accepted
accounting principles.
Our audit was 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
subjected 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 4, 1997
HENDERSON, MILLER & ROBBINS, RC. 1375 S. WASHINGTON Ave. Lansing
MI 48910
517) 372-6565 - FAX (517) 372-6571
LAURIE A. LEE
Certified Public Accountant
5446 Birchbrook Court
Las Vegas, Nevada 89120
Telephone:(702)456-2162
INDEPENDENT AUDITOR S 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, 1996 and 1995,
and the related statements of operations, partners' capital, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. 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, and the U.S. Department
of Agriculture, Farmers Home Administration Audit Program. 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, 1996 and 1995, and the results of
its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also
issued my reports dated February 14, 1997 on my consideration of
the Partnership's internal control and on its compliance with laws
and regulations.
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, 1997
Member: American Institute Of CPAs - Nevada Society Of CPAs<PAGE>
FLOYD & COMPANY
Certified Public Accountant
306 Commercial Drive, Suite 202
Savannah, Georgia 31406
Phone:(912) 355-9969
Post Office Box 14251
Savannah, Georgia 31416
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, 1996 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 audits.
The financial statement information for the year ending December
31, 1995 was audited by another independent certified public
accountant who expressed and unqualified opinion dated March 16,
1996.
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 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, 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, 1996 and the results of its
operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997<PAGE>
FRIEDMAN & FULLER, PC
Certified Public Accountants - Management Consultants
2400 Research Boulevard, Suite 250
Rockville, Maryland 20850-3243
921-8000 Fax (301) 921-4700
E-mail: [email protected] URL: http://www.ffgroup.com/
Profitable Ideas for Growing Businesses
INDEPENDENT AUDITOR'S REPORT
To the Partners
Stanardsville Village Limited Partnership
RHS No. 54-48-541523939
North Main Street
Stanardsville, Virginia 22973
We have audited the accompanying balance sheets of Stanardsville
Village Limited Partnership, RHS No. 54-48-541523939 as of
December 31, 1996 and 1995, 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, and the U.S. Department
of Agriculture, Farmers Home Administration Audit Program. Those
standards and the Audit Program 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, RHS No. 54-48-541523939
as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information on pages 10 and 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.
January 29, 1997<PAGE>
FLOYD & COMPANY, CPA
Certified Public Accountant
306 Commercial Drive, Suite 202
Savannah, Georgia 31406
Phone: (912) 355-9969
Post Office Box 14251
Savannah, Georgia 31416
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, 1996 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 audits.
The financial statement information for the year ending December
31, 1995 was audited by another independent certified public
accountant who expressed and unqualified opinion dated March 16,
1996.
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 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 Summer
Lane Limited Partnership (a Georgia Limited Partnership) as of
December 31, 1996 and the results of its operations and its cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Floyd & Company, CPA
February 28, 1997<PAGE>
Graham, Carter & Jennings, PLC
Certified Public Accountants
Harold D. Carter (1931-1993) Jack G. Jennings
Walter H. Graham Michael J. Carter
INDEPENDENT AUDITOR'S REPORT
To the Partners
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, 1996 and 1995, and the
related statements of operations, partners' equity (deficit) and
cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the 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 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
Victoria Limited Partnership, FmHA Project No.: 54-067-541518059,
as of December 31, 1996 and 1995, and the results of its
operations, the changes in partners' equity and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
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 12 and 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.
February 3, 1997
601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia
23606
(757) 873-0767 Fax (757) 873-6938<PAGE>
STANCIL &COMPANY
INDEPENDENT AUDITORS' REPORT
To the Partners of
Village Terrace Limited Partnership
Raleigh, North Carolina
We have audited the balance sheet of Village Terrace Limited
Partnership as of December 31, 1996 and the related statements of
loss, partners' capital, and cash flow 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 Village Terrace Limited Partnership as of
December 31, 1995, were audited by other auditors whose report
dated February 2, 1996 and March 1, 1996 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 financial statements referred to above present
fairly, in all material respects, the financial position of
Village Terrace Limited Partnership as of December 31, 1996 and
the result 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 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 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
March 4, 1997
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 - Henry L. White
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 Woodfield
Commons Limited Partnership as of December 31, 1996 and 1995, and
the related statements of operations, partners' equity, and cash
flows for the years then ended. These 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, 1996 and
1995, 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 paces 12 and 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.
Certified Public Accountants
January 15, 1997
2411 N. Hillcrest Parkway, P.O. Box 810, Eau Claire, WI 54702-0810
Phone (715) 832-3425 Fax (715) 832-1665<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
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.
March 11, 1996
GRAHAM, CARTER & JENNINGS, PLC
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Independent Auditor's Report
To the Partners
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 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
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.
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 (757) 873-0767 Fax (757) 873-6938
<PAGE>
LAURIE A. LEE
CERTIFIED PUBLIC ACCOUNTANT
5446 BIRCHBROOK COURT
LAS VECIAS, NEVADA 89120
TELEPHONE: (702) 456-2162
INDEPENDENT AUDITOR S 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 Auditor s 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.
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
CRISP
HUGHES
& CO., L.L.P.
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 o pinion 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 als67 includes 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.
In accordance with Government Auditing Standards, we have also
issued a report dated March 1, 1996 on our consideration of
Devenwood Apartments, A Limited Partnership's internal control
structure and a report dated March 1, 1996 on its compliance with
laws and regulations.
March 1, 1996
2
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 Institute 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.
NOVOGRADAC & COMPANY LLP
Certified Public Accountants
Atlanta Los Angeles Portland San Francisco
Michael J. Novogradac Richard B. Hutchins
Jon E. Krabbenschmidt Harry Abram
Walter C. McJGill, 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, 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. Novogradac Richard B. Hutchins
Jon E. Krabbenschmidt Harry Abram
Walter C. McJGill, 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.
To the General Partner
Haven Park Partners III, A California Limited Partnership
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. Novogradac Richard B. Hutchins
Jon E. Krabbenschmidt Harry Abram
Walter C. McJGill, 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>
GRAHAM CARTER & JENNINGS,PLC
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Independent Auditor's Report
To the Partners
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 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
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.
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 (757) 873-0767 Fax (757) 873-6938
PLANTE MORAN, LLP
Certified Public Accountants - Management Consultants
1111 Michigan Avenue
P.O. Box 2500
East Lansing, Michigan 48826-2500
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 31, 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.
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 worldwide association of independent accounting firms<PAGE>
Tate, Propp, Beggs & Sugimoto
Certified Public Accountants and Consultants
INDEPENDENT AUDITORS' REPORT
To the Partners
Montague Enterprises
A California Limited Partnership
We have audited the accompanying balance sheet of Montague
Enterprises, a California Limited Partnership, as of December 31,
1995. This balance sheet is the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on this balance sheet 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
Montague Enterprises as of December 31, 1995, in conformity with
generally accepted accounting principles.
An Accountancy Corporation
May 15, 1996
Sacramento, California
A Professional Corporation
1545 River Park Drive, Suite 375
Sacramento, California 95815
916.929.1006 FAX 916.929.0879<PAGE>
LAURIE A. LEE
Certified Public Accountant
5446 Birchbrook Court
Las Vegas, Nevada 89120
Telephone: (702) 456-2162
INDEPENDENT AUDITORIS 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.
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 and Nevada Society of CPAs
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, Gash 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, 1995and 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 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
Public Accountant<PAGE>
DIXON, 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, 1996 and
1995 and the related statements of operations, partners' equity,
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Pine
Ridge Elderly Apartments Limited Partnership as of December 31,
1996 and 1995 and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The 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 a whole.
January 16, 1997
A member of Moores Rowland International
An association of independent accounting firms throughout the
world
1829 Eastchester Drive - P.O. Box 2646
High Point, NC 27261-2646
910-889-5156 Fax 910-889-6168<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800 Fax (810) 626-2276
ELY TAMA, CPA JEFFREY F. BUDAJ, CPA
BARTON A. LOWEN, CPA EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA JOHN W. WEIPERT, CPA
SEAN M. DONOVAN, CPA
American, Michigan, Florida & South Carolina Institutes of CPAs
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 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
ROSEWOOD MANOR, 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 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>
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>
DIXON, ODOM & CO. L.L.P
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
St. Barnabas Ridge Limited Partnership
d/b/a Snow Hill Ridge Apartments
Raleigh, North Carolina
We have audited the accompanying balance sheet of St. Barnabas
Ridge Limited Partnership d/b/a Snow Hill Ridge Apartments as of
December 31, 1996 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 St. Barnabas Ridge Limited Partnership as of December 31, 1995
were audited by other auditors whose report dated February 11,
1996 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 1996 financial statements referred to above
present fairly, in all material respects, the financial position
of St. Barnabas Ridge Limited Partnership as of December 31, 1996
and the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 7, 1997 on our consideration of St.
Barnabas Ridge Limited Partnership's internal control structure
and a report dated February 7, 1997 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 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 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 7, 1997
A member of Moores Rowland International
An association of independent accounting firms throughout the
world
1829 Eastchester Drive - P.O. Box 2646
High Point, NC 27261-2646
910-889-5156 Fax 910-889-6168<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
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 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.
March 11, 1996
Savannah, Georgia<PAGE>
GRAHAM, CARTER & Jennings, PLC
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Independent Auditor's Report
To the Partners
Victoria Limited Partnership
We have audited the accompanying balance sheets of Victoria
Limited Partnership (a Virginia limited partnership), FMHA Project No.:
54-067-41518059 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 Victoria Limited
Partnership, FMHA Project No.: 54-067-541518053, 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
(757) 873-0767 Fax (757) 873-6938
<PAGE>
MAHONEY ULBRICH CHRISTIANSEN RUSS P.A.
Certified Public Accountants
Suite 800 Capital Centre
386 North Wabasha
Saint Paul, Minnesota 55102
Telephone 612-227-6695 Fax 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 (MHFA 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
BEALL & COMPANY, PLC
CERTIFIED PUBLIC 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, 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 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, 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.
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 21 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
Certified Public Accountants
Independent Auditor s Report
Fort Smith, Arkansas
January 11, 1995
Cole, Evans & Peterson
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367
Telecopier (318) 425-4101
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. 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. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey,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 J. Bishop, C.P. A.
Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A.
David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A.
J. Amy Hemmings,C.P.A.
To the Partners
Blanchard Seniors Apartments,
A Louisiana Partnership In Commendam
Mansfield, Louisiana
We have compiled the accompanying balance sheets of Blanchard
Seniors Apartments, A Louisiana Partnership In Commendam at
December 31, 1994 and December 31, 1993, and the related
statements of income and partners' capital for the years then
ended in accordance with Statements on Standards for Accounting
and Review Services issued by the American Institute of Certified
Public Accountants.
A compilation is limited to presenting in the form of financial
statements information that is the representation of management.
We have not audited or reviewed the accompanying financial
statements and, accordingly, do not express an opinion or any
other form of assurance on them.
Management has elected to omitted substantially all of the
disclosures and the statements of cash flows required by generally
accepted accounting principles. If the omitted disclosures and
statements of cash flows were included with the financial
statements, they might influence the user's conclusions about the
partnership's financial position, results of operations and cash
flows. Accordingly, these financial statements are not designed
for those who are not informed about such matters.
Cole, Evans & Peterson
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. CONNIE P. STANCIL, C.P.A.
MEMBERS: American Institute of CPAs - North Carolina Association
of CPAs
INDEPENDENT AUDITOR'S 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, 1994 and 1993, 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 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
Brantwood Lane Limited Partnership as of December 31, 1994 and
1993, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. Schedules 11111 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 26, 1995
CRISP, HUGHES & CO., L.L.P.
Certified Public Accountants And Consultants
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 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,
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
2
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 Institute of Certified Public Accountants,
The Continental Association of CPA Firms, The Intercontinental
Accounting Associates and the North Carolina and South Carolina
Associates of CPA s
Edmund A. Restivo, Jr. Ltd.
Certified Public Accountant
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 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
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 401-421-6799
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, 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
Cedarwood 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.
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 10 and 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
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 24, 1995
Page 1
A member of Moores 1829 Eastchester Drive
Rowland International P.O. Box 2646
An association of independent High Point, NC 27261-2646
accounting firms throughout the world 910-889-5156 Fax 910-889-6168
Cole, Evans & Peterson
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367
Telecopier (318) 425-4101
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. 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. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey,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 J. Bishop, C.P. A.
Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A.
David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A.
J. Amy Hemmings,C.P.A.
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, 1994 and December
31, 1993, 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 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
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, 1994
and 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.
Cole, Evans & Peterson<PAGE>
Cole, Evans & Peterson
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367
Telecopier (318) 425-4101
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. 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. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey,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 J. Bishop, C.P. A.
Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A.
David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A.
J. Amy Hemmings,C.P.A.
To the Partners
Cottonwood Apartments A Louisiana Partnership In Commendam
Mansfield, Louisiana
We have compiled the accompanying balance sheets (income tax
basis) of Cottonwood Apartments A Louisiana Partnership In
Commendam at December 31, 1994 and December 31, 1993, and the
related statements (income tax basis) of income, and partners'
capital for the years then ended in accordance with Statements on
Standards of Accounting and Review Services issued by the American
Institute of Certified Public Accountants. The financial
statements have been prepared on the accounting basis used by the
Partnership for federal income tax purposes, which is a
comprehensive basis of accounting other than generally accepted
accounting principles.
A compilation is limited to presenting in the form of financial
statements information that is the representation of management.
We have not audited or reviewed the accompanying financial
statements and, accordingly, do not express an opinion or any
other form of assurance on them.
Management has elected to omit substantially all of the
disclosures ordinarily included in financial statements prepared
on the income tax basis of accounting. If the omitted disclosures
were included in the financial statements, they might influence
the user's conclusions about the Partnership's financial position
and results of operations. Accordingly, these financial
statements are not designed for those who are not informed about
such matters.
Cole, Evans & Peterson<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
Crystal Springs Associates, Ltd.
Crystal Springs, Mississippi
I have audited die accompanying balance sheets of Crystal Springs
Associates, Ltd., a limited partnership, FmHA Project No.: 28-015-
630806036 as of December 31, 1994 and 1993, 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. 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
Crystal Springs Associates, Ltd., FMHA Project No.: 28-015-
630806036 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.
'Me 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 FmHA 1930-8) Parts I
through II for the years ended December 31, 1994 and 1993, 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.
Gadsden, Alabama
January 27, 1995
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, 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 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, 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.
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 20 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 all material
respects in relation to the basic financial statements taken as a
whole.
BEALL & COMPANY
Certified Public Accountants
Fort Smith, Arkansas
January 17, 1995
<PAGE>
BEALL & COMPANY, PLC
CERTIFIED PUBLIC ACCOUNTANTS
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, 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. 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 Genera ' 1 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, 1994 and 1993, and the
results of its operations, changes in partners' capital (deficit)
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 pages 13 through 19 is presented for purpose of
additional analysis and is not a required part of the basic
financial statements. The information presented on pages 13 and
14 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.
BEALL & Co.
Certified Public Accountants
Fort Smith, Arkansas
January 17, 1995
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) 234-1999 Fax (912) 234-0139
Member of American Institute of CPAs/ Georgia Society 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 performance the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of 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, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 20, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
EXCELSIOR SPRINGS PROPERTIES, LP
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related
statements of
income, owners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position and
results of operations and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Howe and Associates
David C. Moja, C.P.A.
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 relation 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 Farmers Home Administration
We have audited the accompanying balance sheets of Franklin Vista
III, Ltd. (a limited partnership) as of December 31, 1994 and
1993, and the related statements of operations, partners' equity
and cash f lows f or the years ended December 31, 1994 and 1993.
These 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
Franklin Vista III, 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 ended December 31, 1994 and 1993 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 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 20, 1995
Farmington, New Mexico
ROBBINS AND GAUTREAU
Certified Public Accountants
(A Professional Corporation)
Calvin L. Robbins, Jr., CPA, CFE
John C. Gautreau, II, CPA
Jeffrey Curt Gautreau, CPA
Cora Crisler Head, CPA
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, 1994 and 1993, and the related statements of changes in
partners' capital, operations, 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
Hessmer Village 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.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, INDIANA 70809
PHONE (504) 924-6744 FAX (504) 929-6916
Cole, Evans & Peterson
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367
Telecopier (318) 425-4101
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. 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. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey,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 J. Bishop, C.P. A.
Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A.
David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A.
J. Amy Hemmings,C.P.A.
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, 1994 and
December 31, 1993, 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 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,
1994 and December 31, 1993, 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>
Malvin, Riggins & Company, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS &
VIRGINIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
Page 4
INDEPENDENT AUDITOR S REPORT
To the Partners
Kilmarnock Limited Partnership
We have audited the accompanying balance sheets of Kilmarnock
Limited Partnership, (a Virginia limited partnership), FMHA
Project No.: S4-063-541475121, 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 audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards issued by the
Comptroller General of the United States and the "U.S. Department
of Agriculture Farmers Home Administration Audit Program," issued
December 1989. 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
Kilmarnock Limited Partnership, FMHA Project No.:54-063-S41475121
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.
FREDEPICK B. MALVIN, CPA - JOYCE RGGINS SCHAFFER, CPA - CAROLYN J.
LUCKADOO, CPA
12350 Jefferson Ave. - Suite 160 - Patrick Henry Corporate Center
- - Newport News, VA 23602
Telephone (804) 881-9600 - Facsimile (804) 881-9617
<PAGE>
Page 5
our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 17 through 26 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 and Analysis (Form FMHA 1930-8) Part I for the
years ended December 31, 1994 and 1993, 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.
Malvin, Riggins & Company, P.C.
Certified-Public Accountants
Newport News, Virginia
February 3, 1995
ROBBINS AND GAUTREAU
Certified Public Accountants
(A Professional Corporation)
Calvin L. Robbins, Jr., CPA, CFE
John C. Gautreau, II, CPA
Jeffrey Curt Gautreau, CPA
Cora Crisler Head, CPA
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, 1994 and 1993, and the related statements of changes in
partners' capital, operations, 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, 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.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809
PHONE (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, 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. 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, 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 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 subjected 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 14, 1995
HENDERSON, MILLER & ROBBINS, RC. 1375 S. Washington Ave. LANSING,
Ml 48910
(517) 372-6565 Fax (517) 372-6571<PAGE>
ROBBINS AND GAUTREAU
Certified Public Accountants
(A Professional Corporation)
Calvin L. Robbins, Jr., CPA, CFE
John C. Gautreau, II, CPA
Jeffrey Curt Gautreau, CPA
Cora Crisler Head, CPA
INDEPENDENT AUDITORS'
To the Partners of
Newellton Place Partnership
We have audited the accompanying balance sheets of Newellton Place
Partnership (A Partnership in Commendam) as of December 31, 1994
and 1993, and the related statements of changes in partners'
capital, operations, 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 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, 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.
As discussed in Note 10 to the financial statements, an error in
the allocation of partners' capital between the general and
limited partners in 1993 was discovered during 1994. Accordingly
the 1994 Statement of Changes in Partners Capital has been
restated to correct that error.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 UNITED PLAZA BLVD., SUITE 202 BATON ROUGE, LOUISIANA 70809
PHONE (504) 924-6744 FAX (504) 929-6916<PAGE>
BEALL & COMPANY, PLC
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, 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 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, 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.
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 13 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 13 and
14 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
Certified Public Accountants
Fort Smith, Arkansas
January 18, 1995
DIXON ODOM & CO., L. L. P
Certified Public Accountants
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, 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 Pine
Ridge Elderly 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.
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 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 whole.
January 12, 1995
A member of Moores Rowland International 1829
Eastchester Drive
An association of independent accounting P.O. Box
2646
firms throughout the world. High Point,
NC 27261-
2646
910-889-5156<PAGE>
FECTEAU & COMPANY, P.C.
Certified Public Accountants
Advisors of Taxation
INDEPENDENT AUDITORS' REPORT
To the Partners
Schroon Lake Housing Redevelopment Company Rochester, New York
We have audited the accompanying balance sheets of Schroon Lake
Housing Redevelopment Company, (a New York Limited Partnership) as
of December 31, 1994 and 1993 and the related statements of
operations, partners' equity, and cash flows for the years then
ended. The financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on the financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. 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 presentations. 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
Schroon Lake Housing Redevelopment Company as of December 31, 1994
and 1993, in conformity with generally accepted accounting
principles.
FECTEAU & COMPANY, P.C.
January 20, 1995
Albany, New York
Executive Woods, 4 Atrium Drive, Albany, NY 12205 (518) 438-7400
FAX (518) 438-7444
Member
American Institute of Certified Public Accountants
(Private Companies Practice Section & Tax Division)
New York state Society of CPA's
HOWE AND ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 22, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
SMITHVILLE PROPERTIES, LP
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related
statements of income, owners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Governmental Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position and
results of operations and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Howe and Associates, PC<PAGE>
FRIEDMAN & FULLER, PC
Certified Public Accountants - Management Consultants
2400 Research Boulevard, Second Floor
Rockville, Maryland 20850-3243
Telephone (301) 921-8000 Fax (301) 921-4700
Profitable Ideas for Growing Businesses
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, 1994 and 1993, and the related statements of loss,
partners' capital, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our 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, 1994 and 1993, and the results of
its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information on page 10 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. 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.
January 25, 1995
8300 Boone Boulevard Eighth Floor Vienna, Virginia 22182
(703) 790-5252
DIXON ODOM & CO.,, L.L.P
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
St. Barnabas Ridge United Partnership
d/b/a Snow Hill Ridge Apartments
Raleigh, North Carolina
a have audited the accompanying balance sheet of St. Barnabas
Ridge United Partnership d/b/a Snow Hill Ridge Apartments 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. The financial statements
of St. Barnabas Ridge United Partnership d/b/a Snow Hill Ridge
Apartments as of December 31, 1993 were audited by other auditors
whose report dated January 18, 1994 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 1994 financial statements referred to above
present fairly, in all material respects, the financial position
of St. Barnabas Ridge United Partnership d/b/a Snow Hill Ridge
Apartments as of December 31, 1994 and the results of its
operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information on pages 10 and 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
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.
January 24, 1995
A member of Moores Rowland International An association of
independent accounting firms throughout the world.
1829 Eastchester Drive
P.O. Box 2646
High Point, NC 27261-2646
910-889-5156
Malvin, Riggins & Company. P.C.
CERTIFIED PUBLIC ACCOUNTANTS
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS &
VRGINIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
Page 4
INDEPENDENT AUDITOR'S REPORT
To the Partners
Toano III Limited Partnership
We have audited the accompanying balance sheets of Toano III
Limited Partnership, (a Virginia limited partnership), FMHA
Project No.: 54-058-541440874, 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 audit.
We conducted our audit in accordance with generally accepted
auditing standards, Government Auditing Standards issued by the
Comptroller General of the United States and the "U.S. Department
of Agriculture Farmers Home Administration Audit Program," issued
December 1989. 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 Toano
III Limited Partnership, FMHA Project No.:54-058-541440874 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-
FREDERICK B. MALVIN, CPA - JOYCE RIGGINS SCHAFFER, CPA - CAROLYN
J. LUCKADOO, CPA
12350 Jefferson Ave. - Suite 160 - Patrick Henry Corporate Center
- - Newport News, VA 23602
Telephone (804) 881-9600 - Facsimile (804) 881-9617
<PAGE>
Page 5
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole- The supplemental
information on pages 17 through 26 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 and Analysis (For FMHA 1930-8) Part I for the
years ended December 31, 1994 and 1993, 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
who
Malvin, Riggins & Company, P.
Certified Public Accountants
Newport News, Virginia
February 3, 1995
<PAGE>
BERRY, DUNN, McNEIL & PARKER
CERTIFIED PUBLIC ACCOUNTANTS MANAGEMENT CONSULTANTS
INDEPENDENT AUDITOR'S REPORT
The Partners
Topsham Housing Associates
We have audited the accompanying balance sheet of Topsham Housing
Associates, a limited partnership, FMHA Case No. 23-012-016080193
as of December 31, 1994 and the related statements of operations,
partners' equity, and cash flows for the year ended December 31,
1994. These 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 and additional information of Topsham Housing
Associates Limited Partnership as of and for the year ended
December 31, 1993, were audited by other auditors whose report
dated January 25, 1994, 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 statement referred to above present
fairly, in all material respects, the financial position of
Topsham Housing Associates, a 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.
Our audit was conducted for the purpose of forming an opinion on
the basic financial statements taken as a whole. The accompanying
additional information on pages 12 and 13 is presented solely for
the use of the Farmers Home Administration Multiple Family Housing
Borrower Balance Sheet, form FmHa 1930-8, as of December 31, 1994,
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,
Portland, Maine
February 8, 1995
Offices in: Bangor, Maine Portland, Maine Lebanon, New
Hampshire Manchester, New Hampshire
JAMES KNUTZEN & ASSOCIATES, C.P.A.'s, PA.
SUITE 230
3100 UNIVERSITY BOULEVARD SOUTH JACKSONVILLE, FLORIDA 32216 (904)
725-5832 FAX (904) 727-6835
James Knutzen. C.P.A. M.B.A.
Christina E. Gibson, C.P.A.
Raju Iyer, C.P.A.
Gregory Korn, C.P.A.
Todd Middelmas, 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
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.
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 Woodfield
Commons 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 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, 1994 and
1993, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 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 Acountants
February 2, 1995
2411 N. Hillcrest Parkway, P.O. Box 810, Eau Claire, WI 54702-
0810
Phone (715) 832-3425 Fax (715) 832-1665
<PAGE> 5
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS
March 31, 1997 and 1996
<TABLE>
Total
-----------------------------------
1997 1996
---------------- ---------------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes B and D) $ 69,472,764 $ 80,065,183
OTHER ASSETS
Cash and cash equivalents (note E) 1,725,325 1,862,286
Notes receivable (note F) 603,920 1,168,584
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 1,238,321 1,286,884
Organization costs, net of accumulated
amortization (note A) - 9,828
Other 342,545 1,093,447
---------------- ---------------
$ 73,382,875 $ 85,486,212
================ ===============
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ 14,877
Accounts payable - affiliates (note B) 11,654,634 9,118,716
Capital contributions payable (note C) 387,098 1,920,536
---------------- ---------------
12,041,732 11,054,129
---------------- ---------------
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,
1997 and 1996 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 18,679,738 issued and
outstanding at March 31, 1997 and 1996 62,344,445 75,304,476
General partner (1,003,302) (872,393)
---------------- ---------------
61,341,143 74,432,083
---------------- ---------------
$ 73,382,875 $ 85,486,212
================ ===============
</TABLE>
(continued)
F-5
<PAGE>
<PAGE> 6
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 7
-----------------------------------------------
1997 1996
------------------------ -----------------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes B and D) $ 1,771,367 $ 2,897,708
OTHER ASSETS
Cash and cash equivalents (note E) 12,008 4,874
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
------------------------ -----------------------
$ 1,799,825 $ 2,919,032
======================== =======================
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Accounts payable - affiliates (note B) 730,326 590,023
Capital contributions payable (note C) - -
------------------------ -----------------------
730,326 590,023
------------------------ -----------------------
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,
1997 and 1996 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 1,036,100 issued and
outstanding at March 31, 1997 and 1996 1,148,730 2,395,645
General partner (79,231) (66,636)
------------------------ -----------------------
1,069,499 2,329,009
------------------------ -----------------------
$ 1,799,825 $ 2,919,032
======================== =======================
</TABLE>
(continued)
F-6
<PAGE>
<PAGE> 7
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 9
---------------------------------------------------
1997 1996
------------------------ -----------------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes B and D) $ 12,528,610 $ 15,204,634
OTHER ASSETS
Cash and cash equivalents (note E) 566,836 658,264
Notes receivable (note F) - -
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 22,182 23,052
Organization costs, net of accumulated
amortization (note A) - -
Other 14,009 12,351
------------------------ -----------------------
$ 13,131,637 $ 15,898,301
======================== =======================
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Accounts payable - affiliates (note B) 2,881,376 2,306,757
Capital contributions payable (note C) 4,590 99,610
------------------------ -----------------------
2,885,966 2,406,367
------------------------ -----------------------
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,
1997 and 1996 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 4,178,029 issued and
outstanding at March 31, 1997 and 1996 10,503,554 13,717,355
General partner (257,883) (225,421)
------------------------ -----------------------
10,245,671 13,491,934
------------------------ -----------------------
$ 13,131,637 $ 15,898,301
======================== =======================
</TABLE>
(continued)
F-7
<PAGE>
<PAGE> 8
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 10
---------------------------------------------------
1997 1996
------------------------ -----------------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes B and D) $ 9,224,595 $ 10,398,970
OTHER ASSETS
Cash and cash equivalents (note E) 144,428 152,625
Notes receivable (note F) - -
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 87,755 91,197
Organization costs, net of accumulated
amortization (note A) - -
Other 38,979 38,979
------------------------ -----------------------
$ 9,495,757 $ 10,681,771
======================== =======================
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Accounts payable - affiliates (note B) 1,983,960 1,628,452
Capital contributions payable (note C) - -
------------------------ -----------------------
1,983,960 1,628,452
------------------------ -----------------------
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,
1997 and 1996 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 2,428,925 issued and
outstanding at March 31, 1997 and 1996 7,647,492 9,173,599
General partner (135,695) (120,280)
------------------------ -----------------------
7,511,797 9,053,319
------------------------ -----------------------
$ 9,495,757 $ 10,681,771
======================== =======================
</TABLE>
(continued)
F-8
<PAGE>
<PAGE> 9
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 11
---------------------------------------------------
1997 1996
------------------------ -----------------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes B and D) $ 11,085,975 $ 10,593,335
OTHER ASSETS
Cash and cash equivalents (note E) 307,351 233,619
Notes receivable (note F) - -
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 44,479 46,224
Organization costs, net of accumulated
amortization (note A) - -
Other 41,567 35,844
------------------------ -----------------------
$ 11,479,372 $ 10,909,022
======================== =======================
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Accounts payable - affiliates (note B) 1,300,073 974,392
Capital contributions payable (note C) 27,528 27,528
------------------------ -----------------------
1,327,601 1,001,920
------------------------ -----------------------
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,
1997 and 1996 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 2,489,599 issued and
outstanding at March 31, 1997 and 1996 10,264,938 10,022,716
General partner (113,167) (115,614)
------------------------ -----------------------
10,151,771 9,907,102
------------------------ -----------------------
$ 11,479,372 $ 10,909,022
======================== =======================
</TABLE>
(continued)
F-9
<PAGE>
<PAGE> 10
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 12
---------------------------------------------------
1997 1996
------------------------ -----------------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes B and D) $ 11,946,248 $ 13,899,593
OTHER ASSETS
Cash and cash equivalents (note E) 8,532 167,568
Notes receivable (note F) 60,336 -
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 339,579 352,896
Organization costs, net of accumulated
amortization (note A) - -
Other 55,986 52,141
------------------------ -----------------------
$ 12,410,681 $ 14,472,198
======================== =======================
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Accounts payable - affiliates (note B) 1,628,384 1,245,117
Capital contributions payable (note C) 11,405 87,835
------------------------ -----------------------
1,639,789 1,332,952
------------------------ -----------------------
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,
1997 and 1996 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 2,972,795 issued and
outstanding at March 31, 1997 and 1996 10,920,442 13,265,112
General partner (149,550) (125,866)
------------------------ -----------------------
10,770,892 13,139,246
------------------------ -----------------------
$ 12,410,681 $ 14,472,198
======================== =======================
</TABLE>
(continued)
F-10
<PAGE>
<PAGE> 11
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 14
---------------------------------------------------
1997 1996
------------------------ -----------------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes B and D) $ 22,915,969 $ 27,070,943
OTHER ASSETS
Cash and cash equivalents (note E) 686,170 645,336
Notes receivable (note F) 543,584 1,168,584
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 744,326 773,515
Organization costs, net of accumulated
amortization (note A) - 9,828
Other 175,554 937,682
------------------------ -----------------------
$ 25,065,603 $ 30,605,888
======================== =======================
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ 14,877
Accounts payable - affiliates (note B) 3,130,515 2,373,975
Capital contributions payable (note C) 343,575 1,705,563
------------------------ -----------------------
3,474,090 4,094,415
------------------------ -----------------------
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,
1997 and 1996 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 5,574,290 issued and
outstanding at March 31, 1997 and 1996 21,859,289 26,730,049
General partner (267,776) (218,576)
------------------------ -----------------------
21,591,513 26,511,473
------------------------ -----------------------
$ 25,065,603 $ 30,605,888
======================== =======================
</TABLE>
See notes to financial statements
F-11
<PAGE>
<PAGE> 12
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Total
-----------------------------------------------------------
1997 1996 1995
------------------ ----------------- -----------------
<S> <C> <C> <C>
Income
Interest income $ 155,501 $ 65,468 $ 72,623
Miscellaneous income - - 6,100
------------------ ----------------- -----------------
155,501 65,468 78,723
------------------ ----------------- -----------------
Share of losses from operating limited
partnerships (note A) (10,464,997) (12,992,069) (14,053,018)
------------------ ----------------- -----------------
Expenses
Professional fees 315,326 221,999 216,816
Partnership management fee (note B) 2,273,826 2,356,546 2,296,779
Amortization (note A) 58,391 109,832 117,259
General and administrative expenses (note B) 133,901 163,958 245,194
------------------ ----------------- -----------------
2,781,444 2,852,335 2,876,048
------------------ ----------------- -----------------
$ (13,090,940) $ (15,778,936) $ (16,850,343)
================== ================= =================
Net loss allocated to general partner $ (130,909) $ (157,789) $ (168,503)
================== ================= =================
Net loss allocated to assignees $ (12,960,031) $ (15,621,147) $ (16,681,840)
================== ================= =================
Net loss per BAC $ (0.69) $ (0.84) $ (0.89)
================== ================= =================
</TABLE>
(continued)
F-12
<PAGE>
<PAGE> 13
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 7
-----------------------------------------------------------
1997 1996 1995
------------------ ----------------- -----------------
<S> <C> <C> <C>
Income
Interest income $ 222 $ 216 $ 429
Miscellaneous income - - 650
------------------ ----------------- -----------------
222 216 1,079
------------------ ----------------- -----------------
Share of losses from operating limited
partnerships (note A) (1,126,341) (867,319) (839,141)
------------------ ----------------- -----------------
Expenses
Professional fees 20,369 19,823 18,723
Partnership management fee (note B) 106,774 107,256 108,653
Amortization (note A) - - 3,133
General and administrative expenses (note B) 6,248 6,650 11,644
------------------ ----------------- -----------------
133,391 133,729 142,153
------------------ ----------------- -----------------
$ (1,259,510) $ (1,000,832) $ (980,215)
================== ================= =================
Net loss allocated to general partner $ (12,595) $ (10,008) $ (9,802)
================== ================= =================
Net loss allocated to assignees $ (1,246,915) $ (990,824) $ (970,413)
================== ================= =================
Net loss per BAC $ (1.20) $ (0.96) $ (0.94)
================== ================= =================
</TABLE>
(continued)
F-13
<PAGE>
<PAGE> 14
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 9
-----------------------------------------------------------
1997 1996 1995
------------------ ----------------- -----------------
<S> <C> <C> <C>
Income
Interest income $ 17,468 $ 25,217 $ 12,715
Miscellaneous income - - 1,150
------------------ ----------------- -----------------
17,468 25,217 13,865
------------------ ----------------- -----------------
Share of losses from operating limited
partnerships (note A) (2,660,814) (2,777,350) (3,302,891)
------------------ ----------------- -----------------
Expenses
Professional fees 36,729 35,155 37,350
Partnership management fee (note B) 539,985 560,971 544,340
Amortization (note A) 870 870 14,858
General and administrative expenses (note B) 25,333 31,497 49,687
------------------ ----------------- -----------------
602,917 628,493 646,235
------------------ ----------------- -----------------
$ (3,246,263) $ (3,380,626) $ (3,935,261)
================== ================= =================
Net loss allocated to general partner $ (32,462) $ (33,806) $ (39,353)
================== ================= =================
Net loss allocated to assignees $ (3,213,801) $ (3,346,820) $ (3,895,908)
================== ================= =================
Net loss per BAC $ (0.77) $ (0.80) $ (0.93)
================== ================= =================
</TABLE>
(continued)
F-14
<PAGE>
<PAGE> 15
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 10
------------------------------------------------------
1997 1996 1995
---------------- --------------- ---------------
<S> <C> <C> <C>
Income
Interest income $ 3,951 $ 4,445 $ 4,067
Miscellaneous income - - 950
---------------- --------------- ---------------
3,951 4,445 5,017
---------------- --------------- ---------------
Share of losses from operating limited
partnerships (note A) (1,166,928) (1,426,332) (1,631,850)
---------------- --------------- ---------------
Expenses
Professional fees 30,509 30,562 31,623
Partnership management fee (note B) 324,407 343,505 322,413
Amortization (note A) 3,442 10,407 16,717
General and administrative expenses (note B) 20,187 23,542 37,434
---------------- --------------- ---------------
378,545 408,016 408,187
---------------- --------------- ---------------
$ (1,541,522) $ (1,829,903) $ (2,035,020)
================ =============== ===============
Net loss allocated to general partner $ (15,415) $ (18,299) $ (20,350)
================ =============== ===============
Net loss allocated to assignees $ (1,526,107) $ (1,811,604) $ (2,014,670)
================ =============== ===============
Net loss per BAC $ (0.63) $ (0.75) $ (0.83)
================ =============== ===============
</TABLE>
(continued)
F-15
<PAGE>
<PAGE> 16
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 11
------------------------------------------------------
1997 1996 1995
---------------- --------------- ---------------
<S> <C> <C> <C>
Income
Interest income $ 5,692 $ 4,570 $ 4,869
Miscellaneous income - - 450
---------------- --------------- ---------------
5,692 4,570 5,319
---------------- --------------- ---------------
Share of income (losses) from operating
limited partnerships (note A) 579,030 (1,621,193) (1,766,133)
---------------- --------------- ---------------
Expenses
Professional fees 30,044 29,212 30,864
Partnership management fee (note B) 291,053 284,604 298,436
Amortization (note A) 1,745 10,109 16,729
General and administrative expenses (note B) 17,211 20,329 29,243
---------------- --------------- ---------------
340,053 344,254 375,272
---------------- --------------- ---------------
$ 244,669 $ (1,960,877) $ (2,136,086)
================ =============== ===============
Net income (loss) allocated to general partner $ 2,447 $ (19,609) $ (21,361)
================ =============== ===============
Net income (loss) allocated to assignees $ 242,222 $ (1,941,268) $ (2,114,725)
================ =============== ===============
Net income (loss) per BAC $ (0.10) $ (0.78) $ (0.85)
================ =============== ===============
</TABLE>
(continued)
F-16
<PAGE>
<PAGE> 17
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 12
------------------------------------------------------
1997 1996 1995
---------------- --------------- ---------------
<S> <C> <C> <C>
Income
Interest income $ 2,674 $ 4,804 $ 7,012
Miscellaneous income - - 1,025
---------------- --------------- ---------------
2,674 4,804 8,037
---------------- --------------- ---------------
Share of losses from operating limited
partnerships (note A) (1,939,765) (2,179,426) (2,227,692)
---------------- --------------- ---------------
Expenses
Professional fees 46,798 36,776 35,245
Partnership management fee (note B) 347,953 353,184 359,903
Amortization (note A) 13,317 19,944 26,509
General and administrative expenses (note B) 23,195 27,052 39,612
---------------- --------------- ---------------
431,263 436,956 461,269
---------------- --------------- ---------------
$ (2,368,354) $ (2,611,578) $ (2,680,924)
================ =============== ===============
Net loss allocated to general partner $ (23,684) $ (26,116) $ (26,809)
================ =============== ===============
Net loss allocated to assignees $ (2,344,670) $ (2,585,462) $ (2,654,115)
================ =============== ===============
Net loss per BAC $ (0.79) $ (0.87) $ (0.89)
================ =============== ===============
</TABLE>
(continued)
F-17
<PAGE>
<PAGE> 18
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 14
------------------------------------------------------
1997 1996 1995
---------------- --------------- ---------------
<S> <C> <C> <C>
Income
Interest income $ 125,494 $ 26,216 $ 43,531
Miscellaneous income - - 1,875
---------------- --------------- ---------------
125,494 26,216 45,406
---------------- --------------- ---------------
Share of losses from operating limited
partnerships (note A) (4,150,179) (4,120,449) (4,285,311)
---------------- --------------- ---------------
Expenses
Professional fees 150,877 70,471 63,011
Partnership management fee (note B) 663,654 707,026 663,034
Amortization (note A) 39,017 68,502 39,313
General and administrative expenses (note B) 41,727 54,888 77,574
---------------- --------------- ---------------
895,275 900,887 842,932
---------------- --------------- ---------------
$ (4,919,960) $ (4,995,120) $ (5,082,837)
================ =============== ===============
Net loss allocated to general partner $ (49,200) $ (49,951) $ (50,828)
================ =============== ===============
Net loss allocated to assignees $ (4,870,760) $ (4,945,169) $ (5,032,009)
================ =============== ===============
Net loss per BAC $ (0.87) $ (0.89) $ (0.90)
================ =============== ===============
</TABLE>
See notes to financial statements
F-18
<PAGE>
<PAGE> 19
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Total Assignees General partner Total
- ------------------------------------------- ---------------- --------------- ---------------
<S> <C> <C> <C>
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
Net loss (12,960,031) (130,909) (13,090,940)
---------------- --------------- ---------------
Partners capital (deficit), March 31, 1997 $ 62,344,445 $ (1,003,302) $ 61,341,143
================ =============== ===============
</TABLE>
(continued)
F-19
<PAGE>
<PAGE> 20
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 7 Assignees General partner Total
- ------------------------------------------- ---------------- --------------- ---------------
<S> <C> <C> <C>
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
Net loss (1,246,915) (12,595) (1,259,510)
---------------- --------------- ---------------
Partners capital (deficit), March 31, 1997 $ 1,148,730 $ (79,231) $ 1,069,499
================ =============== ===============
</TABLE>
<TABLE>
Series 9 Assignees General partner Total
- ------------------------------------------- ---------------- --------------- ---------------
<S> <C> <C> <C>
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
Net loss (3,213,801) (32,462) (3,246,263)
---------------- --------------- ---------------
Partners capital (deficit), March 31, 1997 $ 10,503,554 $ (257,883) $ 10,245,671
================ =============== ===============
</TABLE>
(continued)
F-20
<PAGE>
<PAGE> 21
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 10 Assignees General partner Total
- ------------------------------------------- ---------------- --------------- ---------------
<S> <C> <C> <C>
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
Net loss (1,526,107) (15,415) (1,541,522)
---------------- --------------- ---------------
Partners capital (deficit), March 31, 1997 $ 7,647,492 $ (135,695) $ 7,511,797
================ =============== ===============
</TABLE>
<TABLE>
Series 11 Assignees General partner Total
- ------------------------------------------- ---------------- --------------- ---------------
<S> <C> <C> <C>
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
Net income 242,222 2,447 244,669
---------------- --------------- ---------------
Partners capital (deficit), March 31, 1997 $ 10,264,938 $ (118,167) $ 10,151,771
================ =============== ===============
</TABLE>
(continued)
F-21
<PAGE>
<PAGE> 22
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 12 Assignees General partner Total
- ------------------------------------------- ---------------- --------------- ---------------
<S> <C> <C> <C>
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
Net loss (2,344,670) (23,684) (2,368,354)
---------------- --------------- ---------------
Partners capital (deficit), March 31, 1997 $ 10,920,442 $ (149,550) $ 10,770,892
================ =============== ===============
</TABLE>
<TABLE>
Series 14 Assignees General partner Total
- ------------------------------------------- ---------------- --------------- ---------------
<S> <C> <C> <C>
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
Net loss (4,870,760) (49,200) (4,919,960)
---------------- --------------- ---------------
Partners capital (deficit), March 31, 1997 $ 21,859,289 $ (267,776) $ 21,591,513
================ =============== ===============
</TABLE>
See notes to financial statements
F-22
<PAGE>
<PAGE> 23
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Total
------------------------------------------------------
1997 1996 1995
---------------- --------------- ---------------
<S> <C> <C> <C>
Cash flows from operating activities
Net loss $ (13,090,940) $ (15,778,936) $ (16,850,343)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities
Distribution from operating limited
partnerships 106,453 101,256 55,360
Share of losses from operating limited
partnerships 10,464,997 12,992,069 14,053,018
Amortization 58,391 109,832 117,259
Changes in assets and liabilities
Accounts payable and accrued expenses 2,521,041 2,492,807 2,532,623
Prepaid expenses - - 11,084
Other assets 2,297 415,503 (11,793)
---------------- --------------- ---------------
Net cash provided by (used in) operating
activities 62,239 332,531 (92,792)
---------------- --------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating limited
partnerships - - (9,216)
Capital contributions paid to operating
limited partnerships (620,884) (768,934) (1,839,134)
Deposits for purchases of operating limited
partnerships - - 242,205
Repayment from (advance to) operating
limited partnerships 421,684 - 401,272
Decrease (increase) in investments - - 1,775,612
Proceeds from repurchase of operating
limited partnership interest - - 190,001
---------------- --------------- ---------------
Net cash provided by (used in) investing
activities (199,200) (768,934) 760,740
---------------- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (136,961) (436,403) 667,948
Cash and cash equivalents, beginning 1,862,286 2,298,689 1,630,741
---------------- --------------- ---------------
Cash and cash equivalents, end $ 1,725,325 $ 1,862,286 $ 2,298,689
================ =============== ===============
</TABLE>
(continued)
F-23
<PAGE>
<PAGE> 24
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Total
------------------------------------------------------
1997 1996 1995
---------------- --------------- ---------------
<S> <C> <C> <C>
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
================ =============== ===============
The partnership has decreased its capital
contribution obligation to the operating
limited partnerships for low income tax
credits not generated $ 8,572 $ 60,116 $ 78,792
================ =============== ===============
The partnership has adjusted its investment
in operating limited partnerships for low
income tax credits not generated $ 20,969 $ 26,305 $ 51,995
================ =============== ===============
The partnership has applied deposits for
purchases of operating limited
partnerships against installments of
capital contributions $ - $ - $ 81,084
================ =============== ===============
The partnership has applied notes receivable
and advances against installments of
capital contributions $ 902,811 $ - $ -
================ =============== ===============
</TABLE>
(continued)
F-24
<PAGE>
<PAGE> 25
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 7
------------------------------------------------------
1997 1996 1995
---------------- --------------- ---------------
<S> <C> <C> <C>
Cash flows from operating activities
Net loss $ (1,259,510) $ (1,000,832) $ (980,215)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities
Distribution from operating limited
partnerships - 2,258 -
Share of losses from operating limited
partnerships 1,126,341 867,319 839,141
Amortization - - 3,133
Changes in assets and liabilities
Accounts payable and accrued expenses 140,303 122,085 128,494
Prepaid expenses - - -
Other assets - - -
---------------- --------------- ---------------
Net cash provided by (used in) operating
activities 7,134 (9,170) (9,447)
---------------- --------------- ---------------
Cash flows from investing activities
Acquisition costs paid for operating limited
partnerships - - -
Capital contributions paid to operating
limited partnerships - - (1,378)
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)
---------------- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 7,134 (9,170) (10,825)
Cash and cash equivalents, beginning 4,874 14,044 24,869
---------------- --------------- ---------------
Cash and cash equivalents, end $ 12,008 $ 4,874 $ 14,044
================ =============== ===============
</TABLE>
(continued)
F-25
<PAGE>
<PAGE> 26
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 7
------------------------------------------------------
1997 1996 1995
---------------- --------------- ---------------
<S> <C> <C> <C>
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 deposits for
purchases of operating limited
partnerships against installments of
capital contributions $ - $ - $ -
================ =============== ===============
The partnership has applied notes receivable
and advances against installments of
capital contributions $ - $ - $ -
================ =============== ===============
</TABLE>
(continued)
F-26
<PAGE>
<PAGE> 27
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 9
------------------------------------------------------
1997 1996 1995
---------------- --------------- ----------------
<S> <C> <C> <C>
Cash flows from operating activities
Net loss $ (3,246,263) $ (3,380,626) $ (3,935,261)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities
Distribution from operating limited
partnerships 4,980 4,554 5,845
Share of losses from operating limited
partnerships 2,660,814 2,777,350 3,302,891
Amortization 870 870 14,858
Changes in assets and liabilities
Accounts payable and accrued expenses 574,619 584,663 554,924
Prepaid expenses - - 3,200
Other assets - 82,981 86,522
---------------- --------------- ----------------
Net cash provided by (used in) operating
activities (4,980) 69,792 32,979
---------------- --------------- ----------------
Cash flows from investing activities
Acquisition costs paid for operating limited
partnerships - - -
Capital contributions paid to operating
limited partnerships (86,448) (124,017) (500,371)
Deposits for purchases of operating limited
partnerships - - -
Repayment from (advance to) operating
limited partnerships - - -
Decrease (increase) in investments - - 794,961
Proceeds from repurchase of operating
limited partnership interest - - -
---------------- --------------- ----------------
Net cash provided by (used in) investing
activities (86,448) (124,017) 294,590
---------------- --------------- ----------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (91,428) (54,225) 327,569
Cash and cash equivalents, beginning 658,264 712,489 384,920
---------------- --------------- ----------------
Cash and cash equivalents, end $ 566,836 $ 658,264 $ 712,489
================ =============== ================
</TABLE>
(continued)
F-27
<PAGE>
<PAGE> 28
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 9
------------------------------------------------------
1997 1996 1995
---------------- --------------- ----------------
<S> <C> <C> <C>
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
================ =============== ================
The partnership has decreased its capital
contribution obligation to the operating
limited partnerships for low income tax
credits not generated $ 8,572 $ 32,046 $ 53,025
================ =============== ================
The partnership has adjusted its investment
in operating limited partnerships for low
income tax credits not generated $ 10,230 $ - $ -
================ =============== ================
The partnership has applied deposits for
purchases of operating limited
partnerships against installments of
capital contributions $ - $ - $ -
================ =============== ================
The partnership has applied notes receivable
and advances against installments of
capital contributions $ - $ - $ -
================ =============== ================
</TABLE>
(continued)
F-28
<PAGE>
<PAGE> 29
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 10
------------------------------------------------------
1997 1996 1995
---------------- --------------- ----------------
<S> <C> <C> <C>
Cash flows from operating activities
Net loss $ (1,541,522) $ (1,829,903) $ (2,035,020)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities
Distribution from operating limited
partnerships 7,447 947 7,691
Share of losses from operating limited
partnerships 1,166,928 1,426,332 1,631,850
Amortization 3,442 10,407 16,717
Changes in assets and liabilities
Accounts payable and accrued expenses 355,508 371,404 355,512
Prepaid expenses - - 3,476
Other assets - 265 71,245
---------------- --------------- ----------------
Net cash provided by (used in) operating
activities (8,197) (20,548) 51,471
---------------- --------------- ----------------
Cash flows from investing activities
Acquisition costs paid for operating limited
partnerships - - -
Capital contributions paid to operating
limited partnerships - (10,014) (134,401)
Deposits for purchases of operating limited
partnerships - - -
Repayment from (advance to) operating
limited partnerships - - -
Decrease (increase) in investments - - 67,928
Proceeds from repurchase of operating
limited partnership interest - - -
---------------- --------------- ----------------
Net cash provided by (used in) investing
activities - (10,014) (66,473)
---------------- --------------- ----------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (8,197) (30,562) (15,002)
Cash and cash equivalents, beginning 152,625 183,187 198,189
---------------- --------------- ----------------
Cash and cash equivalents, end $ 144,428 $ 152,625 $ 183,187
================ =============== ================
</TABLE>
(continued)
F-29
<PAGE>
<PAGE> 30
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 10
------------------------------------------------------
1997 1996 1995
---------------- --------------- ----------------
<S> <C> <C> <C>
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 $ - $ - $ -
================ =============== ================
The partnership has adjusted its investment
in operating limited partnerships for low
income tax credits not generated $ - $ - $ 17,540
================ =============== ================
The partnership has applied deposits for
purchases of operating limited
partnerships against installments of
capital contributions $ - $ - $ -
================ =============== ================
The partnership has applied notes receivable
and advances against installments of
capital contributions $ - $ - $ -
================ =============== ================
</TABLE>
(continued)
F-30
<PAGE>
<PAGE> 31
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 11
------------------------------------------------------
1997 1996 1995
---------------- --------------- ----------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ 244,669 $ (1,960,877) $ (2,136,086)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating
activities
Distribution from operating limited
partnerships 80,667 90,443 7,854
Share of income (losses) from operating
limited partnerships (579,030) 1,621,193 1,766,133
Amortization 1,745 10,109 16,729
Changes in assets and liabilities
Accounts payable and accrued expenses 325,681 325,679 325,678
Prepaid expenses - - -
Other assets - - 3,101
---------------- --------------- ----------------
Net cash provided by (used in) operating
activities 73,732 86,547 (16,591)
---------------- --------------- ----------------
Cash flows from investing activities
Acquisition costs paid for operating limited
partnerships - - -
Capital contributions paid to operating
limited partnerships - - (223,655)
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 - - 190,001
---------------- --------------- ----------------
Net cash provided by (used in) investing
activities - - (33,654)
---------------- --------------- ----------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 73,732 86,547 (50,245)
Cash and cash equivalents, beginning 233,619 147,072 197,317
---------------- --------------- ----------------
Cash and cash equivalents, end $ 307,351 $ 233,619 $ 147,072
================ =============== ================
</TABLE>
(continued)
F-31
<PAGE>
<PAGE> 32
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 11
------------------------------------------------------
1997 1996 1995
---------------- --------------- ----------------
<S> <C> <C> <C>
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 $ - $ - $ -
================ =============== ================
The partnership has adjusted its investment
in operating limited partnerships for low
income tax credits not generated $ 5,723 $ 11,446 $ 14,606
================ =============== ================
The partnership has applied deposits for
purchases of operating limited
partnerships against installments of
capital contributions $ - $ - $ -
================ =============== ================
The partnership has applied notes receivable
and advances against installments of
capital contributions $ - $ - $ -
================ =============== ================
</TABLE>
(continued)
F-32
<PAGE>
<PAGE> 33
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 12
------------------------------------------------------
1997 1996 1995
---------------- --------------- ----------------
<S> <C> <C> <C>
Cash flows from operating activities
Net loss $ (2,368,354) $ (2,611,578) $ (2,680,924)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities
Distribution from operating limited
partnerships 9,735 1,087 482
Share of losses from operating limited
partnerships 1,939,765 2,179,426 2,227,692
Amortization 13,317 19,944 26,509
Changes in assets and liabilities
Accounts payable and accrued expenses 383,267 383,268 383,268
Prepaid expenses - - -
Other assets - - 34,083
---------------- --------------- ----------------
Net cash provided by (used in) operating
activities (22,270) (27,853) (8,890)
---------------- --------------- ----------------
Cash flows from investing activities
Acquisition costs paid for operating limited
partnerships - - (524)
Capital contributions paid to operating
limited partnerships (76,430) - (354,668)
Deposits for purchases of operating limited
partnerships - - 341,929
Repayment from (advance to) operating
limited partnerships (60,336) - -
Decrease (increase) in investments - - -
Proceeds from repurchase of operating
limited partnership interest - - -
---------------- --------------- ----------------
Net cash provided by (used in) investing
activities (136,766) - (13,263)
---------------- --------------- ----------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (159,036) (27,853) (22,153)
Cash and cash equivalents, beginning 167,568 195,421 217,574
---------------- --------------- ----------------
Cash and cash equivalents, end $ 8,532 $ 167,568 $ 195,421
================ =============== ================
</TABLE>
(continued)
F-33
<PAGE>
<PAGE> 34
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 12
------------------------------------------------------
1997 1996 1995
---------------- --------------- ----------------
<S> <C> <C> <C>
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 $ - $ - $ -
================ =============== ================
The partnership has adjusted its investment
in operating limited partnerships for low
income tax credits not generated $ 3,845 $ 7,689 $ 19,164
================ =============== ================
The partnership has applied deposits for
purchases of operating limited
partnerships against installments of
capital contributions $ - $ - $ 81,084
================ =============== ================
The partnership has applied notes receivable
and advances against installments of
capital contributions $ - $ - $ -
================ =============== ================
</TABLE>
(continued)
F-34
<PAGE>
<PAGE> 35
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 14
------------------------------------------------------
1997 1996 1995
---------------- --------------- ----------------
<S> <C> <C> <C>
Cash flows from operating activities
Net loss $ (4,919,960) $ (4,995,120) $ (5,082,837)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities
Distribution from operating limited
partnerships 3,624 1,967 33,488
Share of losses from operating limited
partnerships 4,150,179 4,120,449 4,285,311
Amortization 39,017 68,502 39,313
Changes in assets and liabilities
Accounts payable and accrued expenses 741,663 705,708 784,747
Prepaid expenses - - 4,408
Other assets 2,297 332,257 (207,744)
---------------- --------------- ----------------
Net cash provided by (used in) operating
activities 16,820 233,763 (143,314)
---------------- --------------- ----------------
Cash flows from investing activities
Acquisition costs paid for operating limited
partnerships - - (8,692)
Capital contributions paid to operating
limited partnerships (458,006) (634,903) (624,661)
Deposits for purchases of operating limited
partnerships - - (99,724)
Repayment from (advance to) operating
limited partnerships 482,020 - 401,272
Decrease (increase) in investments - - 913,723
Proceeds from repurchase of operating
limited partnership interest - - -
---------------- --------------- ----------------
Net cash provided by (used in) investing
activities 24,014 (634,903) 581,918
---------------- --------------- ----------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 40,834 (401,140) 438,604
Cash and cash equivalents, beginning 645,336 1,046,476 607,872
---------------- --------------- ----------------
Cash and cash equivalents, end $ 686,170 $ 645,336 $ 1,046,476
================ =============== ================
</TABLE>
(continued)
F-35
<PAGE>
<PAGE> 36
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 14
------------------------------------------------------
1997 1996 1995
---------------- --------------- ----------------
<S> <C> <C> <C>
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
================ =============== ================
The partnership has decreased its capital
contribution obligation to the operating
limited partnerships for low income tax
credits not generated $ - $ 28,070 $ 10,519
================ =============== ================
The partnership has adjusted its investment
in operating limited partnerships for low
income tax credits not generated $ 1,171 $ 7,170 $ 685
================ =============== ================
The partnership has applied deposits for
purchases of operating limited
partnerships against installments of
capital contributions $ - $ - $ -
================ =============== ================
The partnership has applied notes receivable
and advances against installments of
capital contributions $ 902,811 $ - $ -
================ =============== ================
</TABLE>
See notes to financial statements
F-36
<PAGE>
<PAGE> 37
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Boston Capital Tax Credit Fund II Limited Partnership (the "partner-
ship") 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, 1997 and
1996 are as follows:
<TABLE>
<S> <C>
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
------------
Total 18,679,738
============
</TABLE>
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>
<PAGE> 38
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Organization Costs
Initial organization and offering expenses, common to all series, were
allocated on a percentage of equity raised to each series.
Organization costs were being amortized on the straight-line method over
sixty months.
Accumulated amortization for the years ended March 31, 1997 and 1996 is
as follows:
<TABLE>
1997 1996
---------------- ---------------
<S> <C> <C>
Series 7 $ 44,056 $ 44,056
Series 9 156,077 156,077
Series 10 90,168 90,168
Series 11 91,182 91,182
Series 12 104,791 104,791
Series 14 196,563 186,735
---------------- ---------------
$ 682,837 $ 673,009
================ ===============
</TABLE>
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.
F-38
<PAGE>
<PAGE> 39
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Deferred Acquisition Costs (Continued)
Accumulated amortization for the years ended March 31, 1997 and 1996 is
as follows:
<TABLE>
1997 1996
------------------ -----------------
<S> <C> <C>
Series 7 $ - $ -
Series 9 1,740 870
Series 10 6,883 3,441
Series 11 3,489 1,744
Series 12 26,634 13,317
Series 14 58,379 29,190
------------------ -----------------
$ 97,125 $ 48,562
================== =================
</TABLE>
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.
Investments in Operating Limited Partnerships
The partnership accounts for its investments in operating limited
partnerships using the equity method of accounting. Under the equity
method of accounting, the partnership adjusts its investment cost for
its share of each operating limited partnership's results of operations
and for any distributions received or accrued. However, the partnership
recognizes individual operating partnership's losses only to the extent
that the fund s share of losses of the operating partnerships exceeds
the carrying amount of the investment. Unrecognized losses are suspended
and offset against future individual operating partnership's income. No
operating partnerships were acquired during 1996 or 1997.
A loss in value of an investment in an operating partnership other than
a temporary decline would be recorded as an impairment loss. Impairment
is measured by comparing the investment carrying amount to the sum of
the total amount of the remaining tax credits allocated to the fund and
the estimated residual value of the investment.
F-39
<PAGE>
<PAGE> 40
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Investments in Operating Limited Partnerships (Continued)
Capital contributions to operating partnerships are adjusted by tax
credit adjusters. Tax credit adjusters are defined as adjustments to
operating partnership capital contributions due to reductions in actual
tax credits from those originally projected. The fund records tax
credit adjusters as a reduction in investment in operating partnerships
and capital contributions payable.
The operating partnerships maintain their financial statements based on
a calendar year and the fund utilizes a March 31 year end. The fund
records losses and income from the operating partnerships on a calendar
year basis which is not materially different from losses and income
generated if the operating partnerships utilized a March 31 year end.
The fund records capital contributions payable to the operating
partnerships once there is a binding obligation to fund a specified
amount. The operating partnerships record capital contributions from
the fund when received.
The fund records acquisition cost as an increase in its investment in
o p erating partnerships. Certain operating partnerships have not
recorded the acquisition costs as a capital contribution from the fund.
These differences are shown as reconciling items in Note C.
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, 1997, 1996 and
1995 is as follows:
F-40
<PAGE>
<PAGE> 41
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Net Loss per Beneficial Assignee Certificate (Continued)
<TABLE>
-----------
<S> <C>
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
------------
Total 18,679,738
============
</TABLE>
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses
during the reporting period. Actual results could differ from those
estimates.
Adoption of Accounting Standard
On March 31, 1996, the operating partnerships adopted Statement of
Financial Accounting Standards ("SFAS") No. 121, "Accounting for
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
of." This standard requires that long-lived assets and certain
identifiable intangibles held and used by an entity be reviewed for
impairment whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. Implementation of
this statement did not materially impact the partnership's financial
statements.
Recent Accounting Statements Not Yet Adopted
In February 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards ("SFAS") No. 128, "Earnings
per Share" and SFAS No. 129, "Disclosure of Information about Capital
Structure." SFAS No. 128 provides accounting and reporting standards
for the amount of earnings per share. SFAS No. 129 requires the
disclosure in summary form within the financial statements of pertinent
rights and privileges of the various securities outstanding. SFAS No.
128 and SFAS No. 129 are effective for fiscal years ending after
December 15, 1997 and earlier application is not permitted.
The implementation of these standards is not expected to materially
impact the partnership's financial statements because partnership's
earnings per share would not be significantly affected and the
disclosures regarding the capital structure in the financial statements
would not be significantly changed.
F-41
<PAGE>
<PAGE> 42
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1997, 1996 and 1995, the partnership
entered into several transactions with various affiliates of the general
partner, including Boston Capital Partners, Inc., Boston Capital
Services, Inc., and Boston Capital Asset Management Limited Partnership
(formerly Boston Capital Communications Limited Partnership) as follows:
Boston Capital Asset Management Limited Partnership (formerly 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, 1997, 1996 and 1995 are as follows:
<TABLE>
1997 1996 1995
---------------- --------------- ---------------
<S> <C> <C> <C>
Series 7 $ 106,774 $ 107,256 $ 108,653
Series 9 539,985 560,971 544,340
Series 10 324,407 343,505 322,413
Series 11 291,053 284,604 298,436
Series 12 347,953 353,184 359,903
Series 14 663,654 707,026 663,034
---------------- --------------- ---------------
$ 2,273,826 $ 2,356,546 $ 2,296,779
================ =============== ===============
</TABLE>
General and administrative expenses incurred by Boston Capital Partners,
Inc. and Boston Capital Asset Management Limited Partnership (formerly
Boston Capital Communications Limited Partnership) during the years
ended March 31, 1997, 1996 and 1995 charged to each series' operations
are as follows:
<TABLE>
1997 1996 1995
---------------- --------------- ---------------
<S> <C> <C> <C>
Series 7 $ 518 $ 742 $ 2,966
Series 9 15,827 17,895 8,278
Series 10 12,050 12,777 8,508
Series 11 10,562 12,577 7,834
Series 12 13,990 16,322 9,407
Series 14 25,277 24,618 16,239
---------------- --------------- ---------------
$ 78,224 $ 84,931 $ 53,232
================ =============== ===============
</TABLE>
F-42
<PAGE>
<PAGE> 43
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
Accounts payable - affiliates at March 31, 1997 and 1996 represents
general and administrative expenses, partnership management fees, and
may include advances which are payable to Boston Capital Partners, Inc.,
Boston Capital Services, Inc., and Boston Capital Asset Management
Limited Partnership. The carrying value of the accounts payable -
affiliates approximates fair value.
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1997 and 1996, the partnership has limited partnership
interests in operating limited partnerships which own operating
apartment complexes. The number of operating limited partnerships in
which the partnership has limited partnership interests at March 31,
1997 and 1996 by series are as follows:
<TABLE>
1997 and 1996
---------------
<S> <C>
Series 7 15
Series 9 55
Series 10 46
Series 11 40
Series 12 53
Series 14 101
---------------
310
===============
</TABLE>
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,
1997 and 1996 by series are as follows:
<TABLE>
1997 1996
---------------- ----------------
<S> <C> <C>
Series 7 $ - $ -
Series 9 4,590 99,610
Series 10 - -
Series 11 27,528 27,528
Series 12 11,405 87,835
Series 14 343,575 1,705,563
---------------- ----------------
$ 387,098 $ 1,920,536
================ ================
</TABLE>
F-43
<PAGE>
<PAGE> 44
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1997 are summarized as follows:
<TABLE>
Total
-----------------
<S> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax
credit adjusters $ 133,498,465
Acquisition costs of operating limited
partnerships 22,387,381
Cumulative distributions from operating limited
partnerships (389,770)
Cumulative losses from operating limited
partnerships (86,023,312)
-----------------
Investment per balance sheet 69,472,764
The partnership (has recorded) or has not
recorded capital contributions to the operating
limited partnerships during the year ended March
31, 1997, which (have not) have been included in
the partnerships capital accounts included in
the operating limited partnerships financial
statements as of December 31, 1996 (See note A) (2,468,695)
The partnership has recorded acquisition costs
at March 31, 1997, which have not been recorded
in the net assets of the operating limited
partnerships (see note A) (2,577,205)
Cumulative losses from operating limited
partnerships for the three months ended March
31, 1997, which the operating limited
partnerships have not included in their capital
as of December 31, 1996 due to different year ends
(see note A) 5,109,374
Equity in loss of operating limited partnerships
not recognizable under the equity method of
accounting (see note A) (6,085,976)
The partnership has recorded low-income housing
tax credit adjusters not recorded by operating
partnerships (see note A) 1,488,703
Other 27,515
-----------------
Equity per operating limited partnerships
combined financial statements $ 64,966,480
=================
</TABLE>
F-44
<PAGE>
<PAGE> 45
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1997 are summarized as follows:
<TABLE>
Series 7 Series 9 Series 10
---------------- --------------- ---------------
<S> <C> <C> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax
credit adjusters $ 7,486,177 $ 29,800,599 $ 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) (39,615) (18,328)
Cumulative losses from operating limited
partnerships (7,014,865) (22,434,111) (11,297,069)
---------------- --------------- ---------------
Investment per balance sheet 1,771,367 12,528,610 9,224,595
The partnership (has recorded) or has not
recorded capital contributions to the operating
limited partnerships during the year ended March
31, 1997, which (have not) have been included in
the partnerships capital accounts included in
the operating limited partnerships financial
statements as of December 31, 1996 (see note A) 24,274 (345,499) (11,530)
The partnership has recorded acquisition costs
at March 31, 1997, which have not been recorded
in the net assets of the operating limited
partnerships (see note A) (461,143) (185,244) (9,836)
Cumulative losses from operating limited
partnerships for the three months ended March
31, 1997, which the operating limited
partnerships have not included in their capital
as of December 31, 1996 due to different year
ends (see note A) 125,066 1,134,799 776,692
Equity in loss of operating limited partnerships
not recognizable under the equity method of
accounting (see note A) (2,420,144) (2,029,532) (633,921)
The partnership has recorded low-income housing
tax credit adjusters not recorded by operating
limited partnerships (see note A) (11,992) 227,982 93,713
Other (10,631) 38,661 (51,388)
---------------- --------------- ---------------
Equity per operating limited partnerships
combined financial statements $ (983,203) $ 11,369,777 $ 9,388,325
================ =============== ===============
</TABLE>
F-45
<PAGE>
<PAGE> 46
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1997 are summarized as follows:
<TABLE>
Series 11 Series 12 Series 14
---------------- --------------- ---------------
<S> <C> <C> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax
credit adjusters $ 17,707,593 $ 21,398,244 $ 39,524,201
Acquisition costs of operating limited
partnerships 3,069,084 3,398,377 6,457,529
Cumulative distributions from operating limited
partnerships (229,296) (22,851) (77,422)
Cumulative losses from operating limited
partnerships (9,461,406) (12,827,522) (22,988,339)
---------------- --------------- ---------------
Investment per balance sheet 11,085,975 11,946,248 22,915,969
The partnership (has recorded) or has not
recorded capital contributions to the operating
limited partnerships during the year ended March
31, 1997, which (have not) have been included in
the partnerships capital accounts included in
the operating limited partnerships financial
statements as of December 31, 1996 (see note A) (163,881) (600,610) (1,371,449)
The partnership has recorded acquisition costs
at March 31, 1997, which have not been recorded
in the net assets of the operating limited
partnerships (see note A) (519,483) (315,858) (1,085,641)
Cumulative losses from operating limited
partnerships for the three months ended March
31, 1997, which the operating limited
partnerships have not included in their capital
as of December 31, 1996 due to different year
ends (see note A) 721,702 613,706 1,737,409
Equity in loss of operating limited partnerships
not recognizable under the equity method of
accounting (see note A) (488,932) (203,956) (309,491)
The partnership has recorded low-income housing
tax credit adjusters not recorded by operating
limited partnerships (see note A) 100,643 148,948 929,409
Other 199,264 15,446 (163,837)
---------------- --------------- ---------------
Equity per operating limited partnerships
combined financial statements $ 10,935,288 $ 11,603,924 $ 22,652,369
================ =============== ===============
</TABLE>
F-46
<PAGE>
<PAGE> 47
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1996 are summarized as follows:
<TABLE>
Total
---------------
<S> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax
credit adjusters $ 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 (see note A) (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 (see note A) (2,577,205)
Cumulative losses from operating limited
partnerships for the three months ended March
31, 1996, which the operating limited
partnerships have not included in their capital
as of December 31, 1995 due to different year
ends (see note A) 5,109,374
Equity in loss of operating limited partnerships
not recognizable under the equity method of
accounting (see note A) (1,277,478)
The partnership has just recorded low-income
housing tax credit adjusters not recorded by
operating limited partnerships (see note A) 1,478,953
Other 272,162
---------------
Equity per operating limited partnerships
combined financial statements $ 79,966,776
===============
</TABLE>
F-47
<PAGE>
<PAGE> 48
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1996 are summarized as follows:
<TABLE>
Series 7 Series 9 Series 10
---------------- --------------- ---------------
<S> <C> <C> <C>
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 (see note A) 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 (see note A) (461,143) (185,244) (9,836)
Cumulative losses from operating limited
partnerships for the three months ended March
31, 1996, which the operating limited
partnerships have not included in their capital
as of December 31, 1995 due to different year
ends (see note A) 125,066 1,134,799 776,692
Equity in loss of operating limited partnerships
not recognizable under the equity method of
accounting (see note A) (489,114) (315,829) (222,844)
The partnership has just recorded low-income
housing tax credit adjusters not recorded by
operating limited partnerships (see note A) (11,992) 231,130 93,713
Other (9,469) 38,153 (64,268)
---------------- --------------- ---------------
Equity per operating limited partnerships
combined financial statements $ 2,075,330 $ 15,671,528 $ 10,972,063
================ =============== ===============
</TABLE>
F-48
<PAGE>
<PAGE> 49
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships at March
31, 1995 are summarized as follows:
<TABLE>
Series 11 Series 12 Series 14
---------------- --------------- ---------------
<S> <C> <C> <C>
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 accounts included in
the operating limited partnerships financial
statements as of December 31, 1995 (see note A) (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 (see note A) (519,483) (315,858) (1,085,641)
Cumulative losses from operating limited
partnerships for the three months ended March
31, 1996, which the operating limited
partnerships have not included in their capital
as of December 31, 1995 due to different year
ends (see note A) 721,702 613,706 1,737,409
Equity in loss of operating limited partnerships
not recognizable under the equity method of
accounting (see note A) (89,390) (34,870) (125,431)
The partnership has just recorded low-income
housing tax credit adjusters not recorded by
operating limited partnerships (see note A) 94,920 145,103 926,079
Other 158,658 (4,044) 153,132
---------------- --------------- ---------------
Equity per operating limited partnerships
combined financial statements $ 10,759,922 $ 13,703,311 $ 26,784,622
================ =============== ===============
</TABLE>
F-49<PAGE>
<PAGE> 50
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which series 7, 9 through 12, and 14 hold an interest as
of December 31, 1996 are as follows
<TABLE>
COMBINED SUMMARIZED BALANCE SHEETS
Total Series 7 Series 9 Series 10
-------------- -------------- --------------- ---------------
ASSETS
<S> <C> <C> <C> <C>
Buildings and improvements, net of
accumulated depreciation $ 510,675,769 $ 21,619,257 $ 99,459,012 $ 62,471,017
Land 31,448,023 1,871,570 6,043,933 4,072,051
Other assets 34,514,735 1,644,350 6,332,153 5,383,804
-------------- -------------- --------------- ---------------
$ 576,638,527 $ 25,135,177 $ 111,835,098 $ 71,926,872
============== ============== =============== ===============
LIABILITIES AND PARTNERS CAPITAL
Mortgage and construction loans payable $ 419,841,875 $ 19,725,342 $ 87,607,507 $ 56,111,510
Accounts payable and accrued expenses 11,357,882 2,127,882 3,136,395 861,747
Other liabilities 30,564,306 2,029,817 7,340,235 2,792,063
-------------- -------------- --------------- ---------------
461,764,063 23,883,041 98,084,137 59,765,320
-------------- -------------- --------------- ---------------
PARTNERS CAPITAL
Boston Capital Tax Credit Fund II
Limited Partnership 64,966,480 (983,203) 11,369,777 9,388,325
Other partners 49,907,984 2,235,339 2,381,184 2,773,227
-------------- -------------- --------------- ---------------
114,874,464 1,252,136 13,750,961 12,161,552
-------------- -------------- --------------- ---------------
$ 516,638,527 $ 25,135,177 $ 111,835,098 $ 71,926,872
============== ============== =============== ===============
</TABLE>
F-50
<PAGE>
<PAGE> 51
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which series 7, 9 through 12, and 14 hold an interest as
of December 31, 1996 are as follows:
<TABLE>
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
Series 11 Series 12 Series 14
-------------- --------------- ---------------
ASSETS
<S> <C> <C> <C>
Buildings and improvements, net of
accumulated depreciation $ 62,414,776 $ 90,721,825 $ 173,989,882
Land 3,239,961 5,011,397 11,209,111
Other assets 5,433,275 5,149,548 10,571,605
-------------- --------------- ---------------
$ 71,088,012 $ 100,882,770 $ 195,770,598
============== =============== ===============
LIABILITIES AND PARTNERS CAPITAL
Mortgage and construction loans payable $ 52,099,557 $ 66,926,828 $ 137,371,131
Accounts payable and accrued expenses 1,669,503 1,582,294 1,980,061
Other liabilities 2,525,818 5,847,967 10,028,406
-------------- --------------- ---------------
56,294,878 74,357,089 149,379,598
-------------- --------------- ---------------
PARTNERS CAPITAL
Boston Capital Tax Credit Fund II
Limited Partnership 10,935,288 11,603,924 22,652,369
Other partners 3,857,846 14,921,757 23,738,631
-------------- --------------- ---------------
14,793,134 26,525,681 46,391,000
-------------- --------------- ---------------
$ 71,088,012 $ 100,882,770 $ 195,770,598
============== =============== ===============
</TABLE>
F-51
<PAGE>
<PAGE> 52
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which series 7, 9 through 12, and 14 hold an interest as
of December 31, 1995 are as follows:
<TABLE>
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
Total Series 7 Series 9 Series 10
-------------- -------------- --------------- ---------------
ASSETS
<S> <C> <C> <C> <C>
Buildings and improvements, net of
accumulated depreciation $ 553,145,475 $ 33,729,029 $ 106,094,488 $ 65,177,409
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
============== ============== =============== ===============
</TABLE>
F-52
<PAGE>
<PAGE> 53
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which series 7, 9 through 12, and 14 hold an interest as
of December 31, 1995 are as follows:
<TABLE>
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
Series 11 Series 12 Series 14
-------------- --------------- ---------------
ASSETS
<S> <C> <C> <C>
Buildings and improvements, net of
accumulated depreciation $ 65,178,232 $ 94,032,086 $ 188,934,231
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
============== =============== ===============
</TABLE>
F-53
<PAGE>
<PAGE> 54
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1996 in which
series 7, 9 through 12, and 14 hold an interest as of December 31, 1996
are as follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Year ended December 31, 1996
Total Series 7 Series 9 Series 10
-------------- -------------- --------------- ---------------
<S> <C> <C> <C> <C>
Revenue
Rental $ 58,961,658 $ 2,949,168 $ 11,010,403 $ 8,155,351
Interest and other 2,411,868 148,591 502,216 354,109
Gain on extinguishment of debt 16,082,731 7,086,275 - -
-------------- ------------- -------------- --------------
77,456,257 10,184,034 11,512,619 8,509,460
-------------- ------------- -------------- --------------
Expenses
Interest 22,585,425 1,248,725 4,353,890 2,731,337
Depreciation and amortization 24,446,031 1,659,202 4,572,101 2,886,971
Taxes and insurance 7,813,912 394,466 1,694,007 1,133,757
Repairs and maintenance 8,456,129 497,519 1,546,652 1,108,104
Operating expenses 17,164,115 928,994 3,309,520 2,282,111
Impairment loss 21,537,150 10,768,575 2,344,000 -
Other expenses 1,611,433 153,563 222,707 203,371
-------------- ------------- -------------- --------------
103,614,195 15,651,044 18,042,877 10,345,651
-------------- ------------- -------------- --------------
NET LOSS $ (26,157,938) $ (5,467,010) $ (6,530,258) $ (1,836,191)
============== ============= ============== ==============
Net loss allocated to Boston Capital Tax
Credit Fund II Limited Partnership* $ (15,273,526) $ (3,057,372) $ (4,374,517) $ (1,578,005)
============== ============= ============== ==============
Net loss allocated to other partners $ (10,884,412) $ (2,409,638) $ (2,155,741) $ (258,186)
============== ============= ============== ==============
</TABLE>
* Amounts include $1,931,030, $1,713,703, $411,077, $399,572,
$169,086 and $184,060 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-54
<PAGE>
<PAGE> 55
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1996 in which
series 7, 9 through 12, and 14 hold an interest as of December 31, 1996
are as follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
Year ended December 31, 1996
Series 11 Series 12 Series 14
-------------- --------------- ---------------
<S> <C> <C> <C>
Revenue
Rental $ 7,651,444 $ 9,513,804 $ 19,681,488
Interest and other 323,198 381,167 702,587
Gain on extinguishment of debt 1,910,181 - 7,086,275
-------------- ------------- -------------
9,884,823 9,894,971 27,470,350
-------------- ------------- -------------
Expenses
Interest 2,824,169 3,670,176 7,757,128
Depreciation and amortization 2,979,535 4,341,452 8,006,770
Taxes and insurance 996,614 1,282,895 2,312,173
Repairs and maintenance 1,016,852 1,305,890 2,981,112
Operating expenses 2,041,473 2,817,436 5,784,581
Impairment loss - - 8,424,575
Other expenses 113,355 320,894 597,543
-------------- ------------- -------------
9,971,998 13,738,743 35,863,882
-------------- ------------- -------------
NET LOSS $ (87,175) $ (3,843,772) $ (8,393,532)
============== ============= =============
Net loss allocated to Boston Capital Tax
Credit Fund II Limited Partnership* $ 179,458 $ (2,108,851) $ (4,334,289)
============== ============= =============
Net loss allocated to other partners $ (266,633) $ (1,734,921) $ (4,059,293)
============== ============= =============
</TABLE>
* Amounts include $1,931,030, $1,713,703, $411,077, $399,572,
$169,086 and $184,060 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-55
<PAGE>
<PAGE> 56
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1995 in which
series 7, 9 through 12, and 14 hold an interest as of December 31, 1995
are as follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
Year ended December 31, 1995
Total Series 7 Series 9 Series 10
-------------- -------------- ------------- --------------
<S> <C> <C> <C> <C>
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)
============== ============== ============= ==============
</TABLE>
* 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-56
<PAGE>
<PAGE> 57
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships for the year ended December 31, 1995 in which
series 7, 9 through 12, and 14 hold an interest as of December 31, 1995
are as follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
Year ended December 31, 1995
Series 11 Series 12 Series 14
------------- ------------- -------------
<S> <C> <C> <C>
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)
============= ============= =============
</TABLE>
* 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-57
<PAGE>
<PAGE> 58
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO
TAX RETURN
For income tax purposes, the partnership reports using a December 31
year end. The partnership's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1997 are reconciled
as follows:
<TABLE>
Total Series 7 Series 9 Series 10
------------ ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net income (loss) for financial reporting
purposes, March 31, 1997 $(13,090,940) $ (1,259,510) $ (3,246,263) $ (1,541,522)
Operating limited partnership rents
received in advance (68,776) 174 (54,803) (2,360)
Partnership management fees not recognized
for tax purposes 2,538,800 113,700 589,293 371,400
Tax exempt interest income (105,477) - - -
Other 3,285,917 3,040,622 - (66,003)
Operating limited partnership loss not
allowed for financial reporting under
equity method of accounting (4,808,528) (1,931,030) (1,713,703) (411,077)
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (1,539,602) (42,774) (265,391) (141,482)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 675,015 868 1,491,187 (21,904)
Impairment loss not recognized for tax
purposes 6,953,234 2,873,020 1,031,360 -
------------ ------------ ------------ ------------
Income (loss) for tax return purposes,
December 31, 1996 $ (6,160,357) $ 2,795,070 $ (2,168,320) $ (1,812,948)
============ ============ ============ ============
</TABLE>
F-58
<PAGE>
<PAGE> 59
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO
TAX RETURN (Continued)
For income tax purposes, the partnership reports using a December 31
year end. The partnership's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1997 are reconciled
as follows:
<TABLE>
Series 11 Series 12 Series 14
------------- ------------- -------------
<S> <C> <C> <C>
Net income (loss) for financial reporting
purposes, March 31, 1997 $ 244,669 $ (2,368,354) $ (4,919,960)
Operating limited partnership rents
received in advance - (9,471) (2,316)
Partnership management fees not recognized
for tax purposes 325,680 383,268 755,459
Tax exempt interest income - - (105,477)
Other 144,689 11,193 155,416
Operating limited partnership loss not
allowed for financial reporting under
equity method of accounting (399,572) (169,086) (184,060)
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (128,565) (295,913) (665,477)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 26,617 5,473 (827,226)
Impairment loss not recognized for tax
purposes - - 3,048,854
------------- ------------- -------------
Income (loss) for tax return purposes,
December 31, 1996 $ 213,518 $ (2,442,890) $ (2,744,787)
============= ============= =============
</TABLE>
F-59
<PAGE>
<PAGE> 60
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO
TAX RETURN (Continued)
For income tax purposes, the partnership reports using a December 31
year end. The partnership's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1996 are reconciled
as follows:
<TABLE>
Total Series 7 Series 9 Series 10
------------ ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net loss for financial reporting purposes,
March 31, 1996 $ (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
Tax exempt interest income - - - -
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
------------ ------------- ------------- -------------
Income (loss) for tax return purposes,
December 31, 1995 $ (15,871,388) $ (846,630)$ (4,713,509)$ (1,762,492)
============ ============= ============= =============
</TABLE>
F-60
<PAGE>
<PAGE> 61
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO
TAX RETURN (Continued)
For income tax purposes, the partnership reports using a December 31
year end. The partnership's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1996 are reconciled
as follows:
<TABLE>
Series 11 Series 12 Series 14
-------------- --------------- ---------------
<S> <C> <C> <C>
Net loss for financial reporting purposes,
March 31, 1996 $ (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
Tax exempt interest income - - -
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
-------------- --------------- ---------------
Income (loss) for tax return purposes,
December 31, 1995 $ (1,681,924)$ (2,492,379)$ (4,374,454)
============== =============== ===============
</TABLE>
F-61
<PAGE>
<PAGE> 62
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO
TAX RETURN (Continued)
For income tax purposes, the partnership reports using a December 31
year end. The partnership's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1995 are reconciled
as follows:
<TABLE>
Total Series 7 Series 9 Series 10
------------ ------------ ------------- -------------
<S> <C> <C> <C> <C>
Net loss for financial reporting purposes,
March 31, 1995 $ (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 loss not
allowed for financial reporting under
equity method of accounting (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
------------ ------------ ------------- -------------
Income (loss) for tax return purposes,
December 31, 1994 $ (15,450,915) $ (947,480)$ (3,549,405)$ (1,892,233)
============ ============ ============= =============
</TABLE>
F-62
<PAGE>
<PAGE> 63
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX
RETURN (Continued)
For income tax purposes, the partnership reports using a December 31
year end. The partnership's net income (loss) for financial reporting
and tax return purposes for the year ended March 31, 1995 are reconciled
as follows:
<TABLE>
Series 11 Series 12 Series 14
-------------- --------------- ---------------
<S> <C> <C> <C>
Net loss for financial reporting purposes,
March 31, 1995 $ (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 loss not
allowed for financial reporting under
equity method of accounting (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
-------------- --------------- ---------------
Income (loss) for tax return purposes,
December 31, 1994 $ (1,975,412)$ (2,335,047)$ (4,751,338)
============== =============== ===============
</TABLE>
F-63
<PAGE>
<PAGE> 64
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (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, 1997, the differences are as follows:
<TABLE>
Total Series 7 Series 9 Series 10
------------ ------------ ------------- -------------
<S> <C> <C> <C> <C>
Investment in operating limited
partnerships - tax return December 31,
1996 $ 69,234,722 $ 4,494,526 $ 11,455,941 $ 8,620,851
Add back losses not recognized under the
equity method 6,085,976 2,420,144 2,029,532 633,921
Historic tax credits 5,105,527 1,819,802 240,250 -
Less share of loss - three months ended
March 31, 1997 (5,109,374) (125,066) (1,134,799) (776,692)
Impairment loss not recognized for tax
purposes (6,953,234) (2,873,020) (1,031,360) -
Other 2,276,072 (3,965,022) 969,046 1,913,443
------------ ------------ ------------- -------------
Investment in operating limited
partnerships - as reported, March 31,
1997 $ 70,639,689 $ 1,771,364 $ 12,528,610 $ 10,391,523
============ ============ ============= =============
</TABLE>
F-64
<PAGE>
<PAGE> 65
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (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, 1997, the differences are as follows:
<TABLE>
Series 11 Series 12 Series 14
------------- -------------- --------------
<S> <C> <C> <C>
Investment in operating limited
partnerships - tax return December 31,
1996 $ 9,891,906 $ 11,264,295 $ 23,507,203
Add back losses not recognized under the
equity method 488,932 203,956 309,491
Historic tax credits 1,281,688 - 1,763,787
Less share of loss - three months ended
March 31, 1997 (721,702) (613,706) (1,737,409)
Impairment loss not recognized for tax
purposes - - (3,048,854)
Other 145,151 1,091,703 2,121,751
------------- -------------- --------------
Investment in operating limited
partnerships - as reported, March 31,
1997 $ 11,085,975 $ 11,946,248 $ 22,915,969
============= ============== ==============
</TABLE>
F-65
<PAGE>
<PAGE> 66
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (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:
<TABLE>
Total Series 7 Series 9 Series 10
------------ ------------ ------------- -------------
<S> <C> <C> <C> <C>
Investment in operating limited
partnerships - tax return December 31,
1995 $ 78,397,066 $ 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 credits 5,105,527 1,819,802 240,250 -
Less share of loss - three months ended
March 31, 1996 (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, March 31,
1996 $ 83,065,183 $ 2,897,708 $ 15,204,634 $ 10,398,970
============ ============ ============= =============
</TABLE>
F-66
<PAGE>
<PAGE> 67
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (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:
<TABLE>
Series 11 Series 12 Series 14
------------- -------------- --------------
<S> <C> <C> <C>
Investment in operating limited
partnerships - tax return December 31,
1995 $ 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 credits 1,281,688 - 1,763,787
Less share of loss - three months ended
March 31, 1996 (721,702) (613,706) (1,737,409)
Other 148,782 794,386 730,628
------------- -------------- --------------
Investment in operating limited
partnerships - as reported, March 31,
1996 $ 10,593,335 $ 13,899,593 $ 27,070,943
============= ============== ==============
</TABLE>
F-67
<PAGE>
<PAGE> 68
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE E - CASH EQUIVALENTS
Cash equivalents of $1,680,747 and $1,820,628 as of March 31, 1997 and
1996, 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, 1997 and 1996, consist of advance
installments of capital contributions and/or advances made to operating
limited partnerships of $603,920 and $1,168,584, respectively. The
Series 12 notes, $60,336 and $-0- at March 31, 1997 and 1996,
respectively, are noninterest bearing and due on demand. The Series 14
notes, $583,584 and $1,168,584 at March 31, 1997 and 1996, respectively,
are noninterest bearing and due on demand. The prime rate was 8.5% and
8.25% at March 31, 1997 and 1996, respectively. The carrying value of
the notes receivable approximates fair value.
F-68
<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, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Bowditch
School 1,638,578 65,961 4,818,466 53,764 65,961 4,872,230 4,938,191 1,082,532 12/89 12/89 34
Briarwood
Apts LP 625,922 44,500 747,246 24,268 44,500 771,514 816,014 234,812 12/89 12/89 5-27.5
Buckner
Prop LP 620,649 27,500 771,030 14,916 27,500 785,946 813,446 257,129 3/89 12/89 5-27.5
Creekside 1,125,059 89,016 1,290,616 (5,440)a 89,016 1,285,176 1,374,192 158,158 9/89 6/89 5-27.5
Deer Hill
II LP 1,481,751 103,000 1,424,556 337,809 103,000 1,762,365 1,865,365 517,574 5/89 2/90 5-27.5
Hillandale 3,324,477 601,653 4,198,973 1,816,091 601,653 6,015,064 6,616,717 1,691,806 1/90 12/89 5-27.5
King City
Elderly 1,658,088 175,000 2,549,870 49,017 175,000 2,598,887 2,773,887 647,355 11/89 6/90 27.5
Lebanon
Prop II LP 574,542 3,000 730,187 9,536 3,000 739,723 742,723 229,516 7/89 12/89 5-27.5
F-69
Boston Capital Tax Credit Fund II Limited Partnership - Series 7
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Metropole
Apts
Assoc 2,223,077 82,800 2,621,625 51,040 82,800 2,672,665 2,755,465 675,599 12/89 12/89 27.5
New
Holland
Apts 973,523 80,000 3,269,700 (2,288,395)b 80,000 981,305 1,061,305 795,525 8/90 5/90 35
Oak Grove
Estates
LP 486,452 15,200 597,465 11,344 15,200 608,809 624,009 190,252 9/89 12/89 27.5
Oakview
LTD 1,128,782 35,280 1,375,820 78,642 35,280 1,454,462 1,489,742 318,571 10/89 12/89 40
Rosenberg
Hotel 1,837,045 452,000 7,434,335 (5,259,335)b 415,000 2,175,000 2,590,000 0 1/92 2/90 27.5
Westwood 1,416,387 96,600 1,355,174 350,940 96,660 1,706,114 1,802,774 511,534 7/90 7/90 5-27.5
Winfield
Prop II
LP 611,010 37,000 735,086 6,487 37,000 741,573 778,573 241,213 5/89 12/89 5-27.5
---------- --------- ---------- ---------- --------- ----------- ----------- -----------
19,725,342 1,908,510 33,920,149 (4,749,316) 1,871,570 29,170,833 31,042,403 7,551,576
========== ========= ========== ========== ========= =========== =========== ===========
F-70
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
a - Decrease due to a reallocation of acquisition costs.
b - Decrease due to building impairment in year ended December 31, 1996.
**There were no carrying costs as of December 31, 1996. The column has been ommitted for presentation purposes.
</TABLE>
F-71
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-72
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
Additions during period:
Acquisitions through foreclosure..............$ 0
Other acquisitions............................ 0
Improvements, etc............................. 0
Other......................................... 0
-----------
$ 0
Deductions during period:
Cost of real estate sold......................$ 0
Other......................................... (12,480,477)
-----------
$(12,480,477)
-----------
Balance at close of period - 03/31/97.........................$ 31,042,403
===========
F-73
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
Current year expense................................$ (333,705)
---------
Balance at close of period - 3/31/97............................$ 7,551,576
==========
F-74
<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, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
438 Warren
St. 721,934 45,972 1,177,081 31,084 45,972 1,208,165 1,254,137 312,555 5/90 3/90 28
Beaver
Brook 1,187,746 135,070 1,395,155 3,197 135,070 1,398,352 1,533,422 417,196 5/90 4/90 27.5
Big Lake
Seniors 562,201 27,804 732,961 0 27,804 732,961 760,765 28,516 6/95 4/94 5-27.5
Blakely 949,321 50,000 1,159,403 13,499 50,000 1,172,902 1,222,902 319,499 5/90 5/90 5-27.5
Blanco Sr 521,147 40,147 679,816 0 40,147 679,816 719,963 40,143 9/94 12/93 7-40
Blooming-
dale 1,484,619 100,338 1,771,660 5,410 100,338 1,777,070 1,877,408 487,178 3/90 5/90 5-27.5
Breeze-
wood 1,432,211 114,000 1,784,173 4,415 114,000 1,788,588 1,902,588 473,555 5/90 5/90 7-27.5
Brooklyn 1,110,469 9,000 1,416,895 37,565 9,000 1,454,460 1,463,460 292,983 5/90 5/90 5-27.5
F-75
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Calif.
Inv.V 5,480,494 401,411 10,661,108 165,384 401,411 10,826,492 11,227,903 2,066,347 3/90 3/90 35
Cambridge 1,137,659 99,974 1,381,815 377 99,974 1,382,192 1,482,166 385,837 1/90 4/90 7-27.5
Cedar
Rapids 4,421,315 294,600 7,692,319 161,008 294,600 7,853,327 8,147,927 1,999,945 6/90 4/90 7-27.5
Corinth 1,495,099 53,351 1,865,231 25,157 53,351 1,890,388 1,943,739 518,761 2/90 4/90 5-27.5
Cotton Mill
Assoc. 1,487,068 75,000 1,730,384 13,741 75,000 1,744,125 1,819,125 190,176 7/93 10/92 5-27.5
Fawn
River 3,708,188 77,000 4,396,993 315,071 77,000 4,712,064 4,789,064 1,074,441 10/90 10/90 27.5
Fountain
Green 710,710 68,134 880,440 2,995 68,134 883,435 951,569 221,493 5/90 6/90 27.5
Glenwood
Hotel 751,549 25,000 1,128,486 8,725 25,000 1,137,211 1,162,211 299,938 6/90 6/90 7-27.5
Greenwich 1,488,571 85,197 1,862,476 22,277 85,197 1,884,753 1,969,950 503,370 2/90 4/90 5-27.5
Grifton 1,264,023 35,393 1,170,847 367,089 35,393 1,537,936 1,573,329 125,961 2/94 9/93 7-27.5
F-76
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Hacienda
Villa 3,947,514 233,165 7,304,446 121,467 233,165 7,425,913 7,659,078 1,320,077 1/90 4/90 40
Haines
City 1,443,279 100,000 1,709,218 10,512 100,000 1,719,730 1,819,730 486,953 2/90 4/90 27.5
Hernando 1,489,702 70,000 1,975,766 8,818 70,000 1,984,584 2,054,584 532,733 7/90 6/90 27.5
Hobe
Sound 2,808,946 261,000 3,482,634 29,920 261,000 3,512,554 3,773,554 940,792 4/90 4/90 27.5
Immokalee 2,198,547 160,000 2,732,134 9,069 160,000 2,741,203 2,901,203 544,138 5/90 5/90 7-27.5
Kristin
Park 1,394,952 117,179 1,694,459 34,906 117,179 1,729,365 1,846,544 324,405 6/90 3/90 27.5
Le Grande
Enterprise 1,746,464 13,090 2,232,493 0 67,500 2,232,493 2,299,993 166,330 10/93 11/92 5-50
Long-
meadow 1,484,915 95,000 1,765,749 7,690 95,000 1,773,439 1,868,439 306,121 8/90 8/90 10-40
Maywood 1,505,534 53,000 1,961,139 3,569 53,000 1,964,708 2,017,708 504,623 7/90 3/90 5-27.5
Meadow
run 641,812 44,400 784,163 5,165 44,400 789,328 833,728 214,485 5/90 5/90 27.5
F-77
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Meadow-
crest 2,906,533 286,065 4,982,274 36,756 286,065 5,019,030 5,305,095 1,395,485 10/90 9/90 5-27.5
Newfane
Senior 1,001,774 30,000 1,211,708 8,461 30,000 1,220,169 1,250,169 229,862 9/92 10/92 5-27.5
New
Holland 973,523 80,000 3,269,700 (2,288,395)b 80,000 981,305 1,061,305 795,525 8/90 5/90 5-27.5
Old
Stage 1,268,718 39,840 1,517,419 7,746 39,840 1,525,165 1,565,005 401,964 9/90 5/90 27.5
Pedcor
Invest. 3,315,289 170,435 6,211,383 (14,090)a 170,435 6,197,293 6,367,728 1,112,340 4/90 3/90 27.5
Pleasanton
Sr 625,705 40,000 813,308 0 40,000 813,308 853,308 82,826 7/93 12/93 40
Polkton
Housing 660,264 25,038 754,785 0 25,038 754,785 779,823 146,739 12/93 1/94 5-27.5
Princess
Manor 1,495,825 57,066 1,869,314 7,059 57,066 1,876,373 1,933,439 506,912 8/90 6/90 5-27.5
Princess
Villas 1,494,827 63,104 1,786,927 8,009 63,104 1,794,936 1,858,040 475,166 8/90 6/90 5-27.5
F-78
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Putney
First 1,424,723 128,800 1,804,424 (11,983) 128,800 1,792,441 1,921,241 181,110 5/93 12/92 5-27.5
Quail Hollow
RRH 1,475,030 100,000 1,861,652 3,827 100,000 1,865,479 1,965,479 526,102 1/90 5/90 27.5
Quail Hollow
Warsaw 1,405,922 33,500 1,747,578 7,844 33,500 1,755,422 1,788,922 296,774 9/90 7/90 7-40
Rainbow
Gardens 1,221,901 70,000 1,450,989 803 70,000 1,451,792 1,521,792 211,213 6/93 12/92 7-27.5
Raitt
St. Apts. 791,508 270,281 1,221,755 0 270,281 1,221,755 1,492,036 149,934 8/93 5/93 5-27.5
School
St. II 819,094 37,622 1,585,434 3,793 37,622 1,589,227 1,626,849 231,331 6/93 6/93 7-27.5
South
Paris
Housing 1,494,993 65,000 1,853,831 (176,840) 242,301 1,676,991 1,919,292 275,985 10/92 11/92 5-27.5
South-
western 1,430,225 30,000 1,766,094 12,497 30,000 1,778,591 1,808,591 486,776 5/90 5/90 7-27.5
F-79
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Spring-
field 3,864,669 775,955 4,177,205 5,474,378 775,955 9,651,583 10,427,538 1,927,125 6/91 6/90 5-27.5
Sunshine 1,474,581 127,000 1,729,289 20,681 127,000 1,749,970 1,876,970 431,818 11/90 9/90 5-27.5
Surry
Village II 777,798 60,000 938,244 1,982 50,718 940,226 990,944 267,590 1/90 5/90 5-27.5
Tappa-
hannock
Green 1,511,213 122,500 1,703,483 0 122,500 1,703,483 1,825,983 205,521 5/94 3/94 5-27.5
Twin
Oaks 1,142,647 53,636 1,397,601 5,222 53,636 1,402,823 1,456,459 380,721 5/90 5/90 5-27.5
Village
Oaks 735,288 42,140 884,614 4,022 42,140 888,636 930,776 232,019 2/90 6/90 5-27.5
Warrens-
burg 795,235 32,000 991,475 9,571 32,000 1,001,046 1,033,046 310,419 4/90 4/90 5-27.5
Westside 2,452,438 25,000 4,022,240 (45,749)a 25,000 3,976,491 4,001,491 899,790 12/90 6/90 5-27.5
F-80
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Westwood 1,416,387 96,660 1,690,074 16,040 96,660 1,706,114 1,802,774 511,534 7/90 7/90 27.5
Wilming-
ton 1,055,408 75,637 1,293,362 (5,865)a 75,637 1,287,497 1,363,134 329,341 8/90 8/90 27.5
---------- --------- ----------- --------- --------- ----------- ----------- ----------
87,607,507 5,821,504 123,065,606 4,493,879 6,043,933 127,559,485 133,603,418 28,100,473
========== ========= =========== ========= ========== =========== =========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
a - Decrease due to a reallocation of acquisition costs.
b - Decrease due to building impairment in year ended December 31, 1996.
**There were no carrying costs as of December 31, 1996. The column has been ommitted for presentation purposes.
</TABLE> F-81
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-82
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.........................$135,721,308
Additions during period:
Acquisitions through foreclosure..............$ 0
Other acquisitions............................ 0
Improvements, etc............................. 0
Other......................................... 0
-----------
$ 0
Deductions during period:
Cost of real estate sold......................$ 0
Other......................................... (2,117,890)
-----------
$ (2,117,890)
-----------
Balance at close of period - 03/31/97.........................$133,603,418
===========
F-83
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92......................$ 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
Current year expense...............................$4,517,586
---------
Balance at close of period - 3/31/97...........................$28,100,473
==========
F-84
<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, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Ackerman 601,745 42,000 619,380 245,001 42,000 864,381 906,381 64,766 6/94 9/93 5-27.5
Athens II 1,340,154 75,000 1,642,281 13,502 75,000 1,655,783 1,730,783 390,406 6/90 8/90 5-27.5
Autumn
Lane 736,196 34,094 891,072 382 34,094 891,454 925,548 222,644 11/90 8/89 5-27.5
Baytree 959,931 44,759 1,099,246 93,247 44,759 1,192,493 1,237,252 345,258 7/90 11/88 5-27.5
Benchmark 953,752 60,600 1,137,112 30,358 60,600 1,167,470 1,228,070 338,632 7/90 11/88 5-27.5
Brentwood 957,568 64,999 1,163,002 13,580 64,999 1,176,582 1,241,581 194,276 10/90 11/90 5-27.5
Briarwood 1,487,020 154,900 1,898,553 (438,637) 154,900 1,459,916 1,614,816 388,967 8/90 8/90 7-27.5
Butler
Properties 505,202 37,500 376,730 223,430 37,500 600,160 637,660 87,563 2/91 12/90 5-27.5
Candlewick
Place 1,263,000 70,800 1,500,289 59,041 70,800 1,559,330 1,630,130 191,942 10/92 12/92 5-27.5
F-85
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Cedarstone 775,767 66,000 955,695 5,794 66,000 961,489 1,027,489 111,300 5/93 5/93 5-40
Centre-
ville Apts. 635,846 63,073 697,069 49,780 16,000 746,849 762,849 261,104 2/90 11/90 5-27.5
Charlton
Court 1,206,076 56,144 1,449,050 802 56,144 1,449,852 1,505,996 244,036 1/93 12/92 7-27.5
Chuck-
atuck 1,451,431 128,725 1,731,557 5,363 128,725 1,736,920 1,865,645 330,117 2/90 11/90 12-40
Clover-
leaf I 858,572 54,740 969,048 19,819 54,740 988,867 1,043,607 268,641 4/90 11/90 5-27.5
Clover-
leaf II 877,867 66,488 981,480 23,283 66,488 1,004,763 1,071,251 272,350 4/90 11/90 5-27.5
Connells-
ville 1,373,424 55,440 1,591,799 11,143 55,440 1,602,942 1,658,382 301,620 3/90 11/90 5-27.5
Dallas 1,729,489 230,059 3,408,933 (195,432)* 230,059 3,213,501 3,443,560 857,520 10/90 12/91 5-27.5
Ellaville 790,144 45,000 977,293 413 45,000 977,706 1,022,706 274,047 2/90 7/90 5-27.5
Forsyth 1,462,028 55,000 1,894,917 5,321 55,000 1,900,238 1,955,238 478,469 9/90 7/90 7-27.5
F-86
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Freedom
Apts. 1,053,315 144,065 1,219,436 20,062 144,065 1,239,498 1,383,563 219,082 9/90 11/90 5-27.5
Great
Falls 876,877 38,292 1,053,154 6,064 38,292 1,059,218 1,097,510 270,243 10/90 11/90 5-27.5
Hartway
Properties 916,402 49,000 1,116,507 0 49,000 1,116,507 1,165,507 241,496 6/90 7/90 5-27.5
Hilltop 1,492,592 105,000 1,916,734 8,803 105,000 1,925,537 2,030,537 512,324 7/90 8/90 7-27.5
Ironton
Estates 627,904 29,500 794,461 914 29,500 795,375 824,875 148,234 1/93 5/93 5-27.5
Lambert
Square 1,005,284 41,200 1,243,568 2,126 41,200 1,245,694 1,286,894 131,621 12/92 11/92 5-40
Lawton
Apts. 1,492,908 54,400 1,848,603 18,842 54,400 1,867,445 1,921,845 626,017 6/90 11/90 5-27.5
Longview 874,151 25,000 1,071,946 45,342 25,000 1,117,288 1,142,288 324,773 8/90 11/88 5-27.5
Maidu 2,193,985 56,500 4,890,261 293,579 56,500 5,183,840 5,240,340 1,101,092 12/91 3/91 7-27.5
F-87
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Meadow-
brook 1,483,679 75,141 1,789,549 765 75,141 1,790,314 1,865,455 493,847 3/90 9/90 5-27.5
Mercer
Apts. 911,567 46,249 1,098,860 18,940 46,249 1,117,800 1,164,049 199,423 8/90 11/90 5-27.5
Morgan-
town 772,016 36,000 930,187 7 36,000 930,194 966,194 148,129 12/90 8/90 5-27.5
Newnan 2,062,078 92,706 4,128,942 (248,251)* 92,706 3,880,691 3,973,397 1,044,519 10/90 12/90 5-27.5
Northern
Conn 1,024,762 42,500 1,536,482 10,144 42,500 1,546,626 1,589,126 227,367 12/92 1/93 5-27.5
Parkwood 2,397,002 316,667 4,358,381 7,812 316,667 4,366,193 4,682,860 1,033,737 5/91 3/91 5-27.5
Pedcor
Invest-
ments 3,068,810 200,000 4,714,711 272,995 200,000 4,987,706 5,187,706 781,598 10/90 7/90 5-27.5
Pinetree
Manor 983,714 30,000 1,210,633 438 30,000 1,211,071 1,241,071 125,581 1/93 11/92 7-40
Pineview 964,539 125,000 1,178,400 4,541 125,000 1,182,941 1,307,941 301,579 12/90 9/90 7-27.5
F-88
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Rosewood
Village 651,381 36,000 806,255 2,394 36,000 808,649 844,649 218,386 7/90 7/90 5-27.5
South
Farm 2,432,946 254,636 3,486,308 7,644 254,636 3,493,952 3,748,588 572,592 7/93 4/93 7-40
Stockton
Estates 517,551 17,500 647,699 1,371 17,500 649,070 666,570 126,920 1/93 2/93 5-27.5
Stratford
Square 754,013 63,000 443,433 452,618 63,000 896,051 959,051 101,967 2/93 10/92 5-40
Summer
Glen 1,490,158 147,225 1,669,056 1,078 147,225 1,670,134 1,817,359 214,160 3/93 11/92 5-40
Washington
Heights 459,263 76,537 974,803 10,385 80,137 985,188 1,065,325 177,311 7/90 11/90 5-27.5
West Des
Moines 2,394,690 437,568 4,154,100 279,443 437,568 4,433,543 4,871,111 1,068,979 7/90 7/90 7-27.5
Wichita
West 1,759,000 110,377 2,920,599 37,851 110,377 2,958,450 3,068,827 723,644 7/90 7/90 7-27.5
F-89
Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Woodside
Housing 1,485,711 60,140 1,926,294 12,302 60,140 1,938,596 1,998,736 381,971 11/90 12/90 5-27.5
---------- --------- ---------- ---------- --------- ----------- ---------- ----------
56,111,510 4,115,524 78,113,868 1,434,399 4,072,051 79,548,267 83,620,318 17,077,250
========== ========= ========== ========== ========= =========== ========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this
schedule is as of December 31, 1996.
* Decrease due to reduction in development fee which reduced the property basis.
**There were no carrying costs as of December 31, 1996. The column has been ommitted for
presentation purposes.
</TABLE>
F-90
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-91
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
Additions during period:
Acquisitions through foreclosure..............$ 0
Other acquisitions............................ 0
Improvements, etc............................. 0
Other......................................... 0
-----------
$ 0
Deductions during period:
Cost of real estate sold......................$ 0
Other......................................... 186,916
-----------
$ 186,916
-----------
Balance at close of period - 03/31/97.........................$ 83,620,318
===========
F-92
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
==========
Current year expense................................$2,797,002
---------
Balance at close of period - 3/31/97............................$17,077,250
==========
F-93
<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, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Academy
Hill 1,381,402 119,500 1,607,604 14,775 119,500 1,622,379 1,741,879 389,796 2/91 2/91 5-27.5
Aspen
Square 1,839,613 150,413 2,118,648 98,321 150,703 2,216,969 2,367,672 357,884 11/90 11/90 5-27.5
Bridge-
view 1,369,406 50,686 1,586,090 1,520 50,686 1,587,610 1,638,296 476,648 12/89 12/90 5-27.5
Buckeye 1,345,943 93,421 1,584,893 66,462 93,421 1,651,355 1,744,776 298,090 8/90 12/90 5-27.5
Church
Hill 958,542 63,232 663,136 532,056 63,232 1,195,192 1,258,424 186,857 1/91 12/90 7-40
Copper
Creek 1,178,490 77,750 1,410,989 48,812 77,750 1,459,801 1,537,551 239,160 9/90 11/90 5-27.5
Coronado 535,030 9,998 1,499,265 1,006 9,998 1,500,271 1,510,269 362,677 4/91 2/91 5-27.5
Crestwood 4,387,363 360,000 10,649,129 35,358 360,000 10,684,487 11,044,487 2,500,120 7/91 1/91 7-27.5
F-94
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Dallas
Apts. 1,729,489 230,059 3,408,933 (195,432)* 230,059 3,213,501 3,443,560 857,520 10/90 12/90 7-27.5
Denmark I 772,741 54,000 915,172 4,332 54,000 919,504 973,504 248,982 6/90 11/90 27.5
Denmark II 820,728 36,000 1,003,547 727 36,000 1,004,274 1,040,274 267,560 6/90 11/90 5-27.5
El Dorado
Springs 583,276 22,500 735,245 6,046 22,500 741,291 763,791 217,818 9/90 11/90 5-27.5
Eldon
Estates II 583,417 30,000 690,453 30,506 30,000 720,959 750,959 204,676 11/90 12/90 5-27.5
Eldon
Manor 561,459 7,500 787,399 14,811 7,500 802,210 809,710 226,499 11/90 12/90 5-27.5
Elderly
Housing
of Macon 1,631,123 50,000 1,992,329 9,153 50,000 2,001,482 2,051,482 190,547 4/93 5/93 5-27.5
Eutaw
Elderly 1,629,855 24,000 1,972,439 6,720 24,000 1,979,159 2,003,159 147,599 12/93 5/93 5-50
Farmer-
ville 970,163 57,015 1,195,142 3,546 57,015 1,198,688 1,255,703 173,356 4/91 1/91 N/A
F-95
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Forest
Glade 1,487,052 100,000 1,841,104 23,316 100,000 1,864,420 1,964,420 453,602 12/90 12/90 7-27.5
Franklin
School 1,273,665 112,032 2,528,326 1,922,098 112,032 4,450,424 4,562,456 849,405 12/91 10/90 27.5
Harbor
View 1,484,822 143,957 1,802,615 5,350 143,957 1,807,965 1,951,922 470,233 7/90 12/90 7-27.5
Hilltop
Apts. 1,427,453 178,736 1,545,237 724 178,736 1,545,961 1,724,697 251,122 11/92 1/93 27.5
Holland
Senior 901,648 27,500 1,096,333 17,438 27,500 1,113,771 1,141,271 296,147 6/90 11/90 27.5
Holly
Senior 920,270 36,882 1,139,044 19,384 36,882 1,158,428 1,195,310 301,556 10/90 11/90 27.5
Ivan
Woods 2,233,624 275,000 4,347,328 16,337 275,000 4,363,665 4,638,665 1,105,431 4/91 2/91 5-27.5
Kaplan
Manor 928,706 66,000 1,106,192 42,027 66,000 1,148,219 1,214,219 184,960 12/90 12/90 7-40
F-96
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Lakewood 956,406 53,100 1,162,254 4,842 53,100 1,167,096 1,220,196 174,680 5/91 1/91 N/A
Licking
Associates 407,033 14,000 316,889 175,452 14,000 492,341 506,341 92,301 3/92 11/91 N/A
London
Arms 2,651,471 37,500 3,479,332 (22,804)* 37,500 3,456,528 3,494,028 759,525 12/90 12/90 5-27.5
Maidu 2,193,985 56,500 4,890,261 293,579 56,500 5,183,840 5,240,340 1,101,092 12/91 3/91 7-27.5
Manning
Properties 842,777 44,125 1,015,703 7,152 44,125 1,022,855 1,066,980 262,657 11/90 11/90 5-27.5
Metter 1,478,198 44,500 1,770,511 4,205 45,141 1,774,716 1,819,857 272,958 5/93 12/92 5-27.5
Nevada
Manor 650,235 50,000 782,543 10,670 50,000 793,213 843,213 230,270 10/90 11/90 5-27.5
Newnan
Apts. 2,062,078 92,706 4,128,942 (248,251)* 92,706 3,880,691 3,973,397 1,044,519 10/90 12/90 5-27.5
Oatka
Villige 921,850 35,000 1,151,205 5,695 35,000 1,156,900 1,191,900 311,155 6/90 11/90 5-27.5
RPI#18L.P. 1,235,928 100 1,776,840 116,895 100 1,893,735 1,893,835 433,224 12/90 12/90 5-27.5
F-97
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- --------------------------------------------------------------------------------------------------------------------------
Sierra
Springs 1,179,138 52,290 1,448,815 54,433 52,387 1,503,248 1,555,635 238,861 11/90 11/90 5-27.5
South
Fork 1,433,198 100,000 1,782,527 3,726 100,000 1,786,253 1,886,253 294,070 2/91 2/91 5-27.5
Twin
Oaks of
Allendale 784,397 71,305 951,711 (170,609)* 71,305 781,102 852,407 201,913 9/90 12/90 5-27.5
Washington 960,545 55,050 1,150,878 6,304 55,050 1,157,182 1,212,232 175,378 3/91 1/91 7-40
Wildridge 1,407,038 156,576 1,617,243 4,187 156,576 1,621,430 1,778,006 357,491 4/91 1/91 7-27.5
---------- --------- ---------- ---------- --------- ----------- ----------- ----------
$52,099,557 3,238,933 76,652,246 2,970,869 3,239,961 79,623,115 82,863,076 17,208,339
========== ========= ========== ========== ========= =========== =========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this
schedule is as of December 31, 1996.
*Decrease due to reduction of development fee which reduced the property basis.
**There were no carrying costs as of December 31, 1996. The column has been ommitted for
presentation purposes.
</TABLE>
F-98
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 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-99
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
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 125,078
Other.......................................... 0
-----------
$ 125,078
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
-----------
$ 0
-----------
Balance at close of period - 03/31/97..........................$ 82,863,076
===========
F-100
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
Current year expense................................$2,889,737
---------
Balance at close of period - 3/31/97............................$17,208,339
==========
F-101
<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, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Autumnwood
Village 1,038,102 40,777 371,734 898,028 40,777 1,269,762 1,310,539 239,892 4/92 10/91 5-27.5
BB&L
Enterprises 523,229 24,000 648,985 1,600 24,000 650,585 674,585 136,090 3/91 5/91 5-40
Bowman
Village 667,435 17,000 848,107 2,520 17,000 850,627 867,627 181,199 10/91 6/91 5-27.5
Brandy-
wood 1,752,028 86,029 3,313,958 (62,248)* 86,029 3,251,710 3,337,739 806,738 9/91 12/91 5-27.5
Briarwick 1,259,161 95,079 1,587,073 0 95,079 1,587,073 1,682,152 259,973 4/91 4/91 5-40
Bucksport 1,390,266 71,500 1,683,768 (155,543)* 271,318 1,528,225 1,799,543 346,614 8/91 6/91 7-27.5
Burkes-
ville 736,637 40,000 897,118 0 40,000 897,118 937,118 120,998 9/91 6/91 5-27.5
F-102
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
California
Investors
VII 9,004,859 820,000 9,361,922 16,788,173 803,050 26,150,095 26,953,145 3,011,776 12/93 10/92 5-27.5
Cananche
Creek 1,239,105 66,200 1,515,813 28,312 66,200 1,544,125 1,610,325 209,474 6/91 5/91 5-27.5
Carson
Village 654,679 30,000 193,264 609,146 30,000 802,410 832,410 148,931 6/92 10/91 5-27.5
Clarkson
Prop 752,147 36,000 932,918 0 36,000 932,918 968,918 126,823 7/91 6/91 7-27.5
Clymer
House 1,085,671 20,000 1,387,091 (542)* 20,000 1,386,549 1,406,549 287,966 10/91 6/91 5-27.5
Corcoran
Investment 1,529,122 75,000 1,976,455 0 75,000 1,976,455 2,051,455 297,827 11/90 2/91 5-50
Cornish
Park 1,459,627 67,390 1,761,946 79,503 68,500 1,841,449 1,909,949 412,717 6/91 6/91 5-27.5
Crescent
City 1,870,741 211,000 2,297,055 (14,590)* 211,000 2,282,465 2,493,465 381,171 3/91 3/91 5-50
Dallas II 1,729,489 230,059 3,194,199 19,302 230,059 3,213,501 3,443,560 857,520 10/90 3/91 7-27.5
F-99
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Earlimart 1,350,042 90,000 1,711,424 827 90,000 1,712,251 1,802,251 259,156 6/91 6/91 5-50
Evanwood 762,098 36,000 929,102 0 36,000 929,102 965,102 142,095 5/91 6/91 5-27.5
Fort
Smith 1,107,190 87,500 2,089,062 0 87,500 2,089,062 2,176,562 238,366 8/94 9/93 7-27.5
Frank-
lin II 1,491,552 50,000 1,864,100 2,199 50,000 1,866,299 1,916,299 470,612 11/90 4/91 7-27.5
Franklin
House 309,602 1,000 812,706 2,742 1,000 815,448 816,448 194,090 1/88 5/93 5-27.5
Hamilton
Village 571,592 18,943 368,532 344,202 18,943 712,734 731,677 140,848 3/92 10/91 5-27.5
Hunters
Park 1,414,753 92,750 1,650,083 15,431 92,750 1,665,514 1,758,264 212,685 4/91 5/91 5-27.5
Ivan
Woods 2,233,624 275,000 4,347,328 16,337 275,000 4,363,665 4,638,665 1,105,431 4/91 2/91 5-27.5
Jesup 637,753 19,375 427,265 382,416 19,375 809,681 829,056 161,247 7/92 12/91 5-27.5
F-103
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Lakeridge 919,603 34,832 1,103,517 7,461 34,832 1,110,978 1,145,810 242,898 4/91 3/91 5-50
Laurel
Village 664,305 15,145 256,421 569,407 15,145 825,828 840,973 158,507 5/92 10/91 5-27.5
Los
Caballos 779,138 53,886 1,006,731 1,700 26,943 1,008,431 1,035,374 148,395 8/91 7/91 5-27.5
Marlboro 838,836 26,176 1,032,404 14,417 26,176 1,046,821 1,072,997 268,353 2/91 3/91 5-27.5
Melvilles 896,198 18,500 1,103,074 26,798 18,500 1,129,872 1,148,372 151,555 10/91 7/91 5-27.5
Nanty Glo 1,480,281 35,000 1,869,757 5,117 35,000 1,874,874 1,909,874 393,678 7/91 6/91 7-40
Newnan II 2,062,078 92,706 3,868,800 11,891 92,706 3,880,691 3,973,397 1,044,519 10/90 3/91 7-27.5
Nye
County 1,369,074 60,000 1,694,731 5,023 60,000 1,699,754 1,759,754 419,349 4/91 5/91 5-27.5
Oakleigh 917,201 57,500 553,121 556,122 57,500 1,109,243 1,166,743 140,157 3/92 8/91 7-40
Oakwood 914,168 52,000 782,736 341,812 52,000 1,124,548 1,176,548 144,045 1/92 8/91 7-40
Parkwood 2,397,002 316,667 4,358,381 7,812 316,667 4,366,193 4,682,860 1,033,737 5/91 3/91 5-27.5
F-104
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Portales
Estates 1,444,481 66,500 1,777,470 5,720 66,500 1,783,190 1,849,690 449,686 7/91 7/91 5-27.5
Prairie
West 475,649 65,000 983,964 4,735 65,000 988,699 1,053,699 239,626 9/95 3/91 5-27.5
Ridgeway
Court 895,994 48,500 1,039,377 6,645 50,450 1,046,022 1,096,472 234,689 1/91 4/91 5-27.5
River
Reach 1,370,435 118,750 1,656,515 6,732 118,750 1,663,247 1,781,997 380,621 5/91 5/91 7-27.5
Rockmoor 439,169 30,000 521,541 17,017 30,000 538,558 568,558 70,772 3/91 5/91 5-27.5
RPI #22 576,874 0 1,177,719 10,944 0 1,188,663 1,188,663 241,323 7/91 6/91 7-27.5
Scott City 600,346 13,000 764,225 (285) 13,000 763,940 776,940 110,236 11/91 6/91 5-27.5
Shawnee
Ridge 669,433 53,650 801,129 6,929 53,650 808,058 861,708 113,941 5/91 5/91 5-27.5
Spring-
field 3,864,669 775,955 9,620,653 30,930 775,955 9,651,583 10,427,538 1,927,125 6/91 7/91 5-27.5
Stonegate
Manor 1,012,820 76,000 1,265,168 6,097 76,000 1,271,265 1,347,265 307,926 12/90 5/91 7-27.5
F-105
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total ciation Date Date Life
- ----------------------------------------------------------------------------------------------------------------------------
Turner
Lane 723,743 31,530 882,974 0 31,530 882,974 914,504 199,820 7/91 5/91 7-27.5
Union
Baptist 529,851 0 1,151,557 16,582 0 1,168,139 1,168,139 197,175 4/91 5/91 5-27.5
Villas of
Lakeridge 533,728 47,952 605,356 809 47,952 606,165 654,117 133,291 3/91 3/91 5-27.5
Waynesboro 1,375,226 50,000 1,455,507 1,074 50,000 1,456,581 1,506,581 334,122 1/91 4/91 5-27.5
Windsor II 733,507 51,178 887,455 10,016 51,178 897,471 948,649 233,752 11/90 4/91 7-27.5
Woodcrest 713,305 42,000 883,702 1,891 42,000 885,593 927,593 120,263 11/91 6/91 7-40
Woodside 1,159,210 19,383 1,378,829 0 19,383 1,378,829 1,398,212 373,408 3/91 4/91 5-40
---------- --------- ---------- ---------- ---------- ----------- ----------- ---------
66,926,828 4,852,412 90,653,822 20,631,211 5,011,397 111,285,033 116,296,430 20,563,208
========== ========= ========== ========== ========= =========== =========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this
schedule is as of December 31, 1996
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1996 The column has been ommitted for
presentation purposes.
</TABLE>
F-106
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-107
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..........................$116,229,378
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 67,052
Other.......................................... 0
-----------
$ 67,052
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
-----------
$ 0
-----------
Balance at close of period - 03/31/97..........................$116,296,430
===========
F-108
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.......................$ 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
Current year expense................................$3,687,191
---------
Balance at close of period - 3/31/97............................$20,563,208
==========
F-109
<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, 1997
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 1,054,436 125,997 1,201,080 0 125,997 1,201,080 1,327,077 151,732 11/93 1/93 5-30
Amherst 1,607,320 60,000 1,920,734 0 60,000 1,920,734 1,980,734 385,411 1/92 1/92 7-27.5
Beckwood
Manor 1,274,241 35,000 1,569,743 38,578 35,000 1,608,321 1,643,321 306,577 10/92 5/92 5-27.5
Belmont
Vlg 931,273 64,312 1,073,695 6,676 64,312 1,080,371 1,144,683 154,237 12/91 1/92 7-27.5
Bethel
Park 1,494,878 265,800 1,310,374 478,546 117,500 1,788,920 1,906,420 245,500 3/92 12/91 5-40
Blan-
chard 219,071 42,000 727,225 (473,334) 23,726 253,891 277,617 37,470 9/91 10/91 7-40
F-110
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Blanchard
Vlg 599,925 42,000 730,704 0 42,000 730,704 772,704 98,019 7/93 1/93 5-30
Brant-
wood 1,146,451 55,500 1,382,381 977 55,500 1,383,358 1,438,858 310,057 9/91 7/91 7-27.5
Brecken-
ridge 870,566 21,500 1,181,178 1,909 21,500 1,183,087 1,204,587 171,701 3/92 1/92 7-27.5
Briar-
wood II 1,497,599 90,000 1,785,580 (297,553) 90,000 1,488,027 1,578,027 298,149 4/92 2/92 7-27.5
Bridge Coali-
tion 0 0 695,990 0 0 695,990 695,990 125,179 12/91 1/92 27.5
Buchanan 727,618 63,275 833,561 33,758 63,275 867,319 930,594 226,967 10/90 7/91 7-27.5
California
Inv. V 5,480,494 401,411 10,824,261 2,231 401,411 10,826,492 11,227,903 2,066,347 03/90 8/92 7-27.5
California
Inv. VII 9,004,859 820,000 9,361,922 16,788,173 803,050 26,150,095 26,953,145 3,011,776 12/93 10/92 7-27.5
Capital
Hsg 1,558,771 178,000 3,131,389 39,766 178,000 3,171,155 3,349,155 656,736 1/91 8/91 7-27.5
F-111
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Capitol
One 713,046 35,000 883,508 0 35,000 883,508 918,508 70,799 8/95 3/95 7-27.5
Carleton
Court 2,632,853 94,360 3,954,231 219,892 94,360 4,174,123 4,268,483 643,676 12/91 12/91 7-34
Carriage
Run 1,334,409 83,980 1,046,960 550,232 83,980 1,597,192 1,681,172 306,638 4/92 10/91 7-27.5
Cedar-
wood 1,422,174 61,698 1,477,659 231,450 61,698 1,709,109 1,770,807 199,689 1/92 10/91 7-27.5
Central
Valley 1,831,879 141,353 2,170,282 0 141,353 2,170,282 2,311,635 284,314 12/91 1/92 5-50
Chapar-
ral 697,751 38,972 863,939 3,510 38,972 867,449 906,421 111,358 7/91 8/91 7-50
College
Green 4,041,301 225,000 6,774,847 37,748 225,000 6,812,595 7,037,595 434,810 8/95 3/95 7-27.5
Colorado
City 543,812 30,000 608,138 16,258 30,000 624,396 654,396 82,442 10/91 10/91 7-40
Cotton
wood 656,329 40,000 775,242 3,710 40,000 778,952 818,952 104,637 7/91 10/91 7-40
F-112
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Crystal
Sprgs 1,307,850 60,000 1,574,032 6,642 60,000 1,580,674 1,640,674 263,217 1/92 1/92 7-27.5
Davis
Vlg 1,181,354 55,000 1,456,778 0 55,000 1,456,778 1,511,778 192,623 9/93 1/93 5-30
Derby
Hsg 1,876,305 165,000 3,451,914 (46,262) 165,000 3,405,652 3,570,652 715,254 9/91 6/91 7-27.5
Deven-
wood 876,194 76,000 1,215,772 3,057 76,000 1,218,829 1,294,829 196,053 1/93 7/92 N/A
Duncan
Vlg 1,155,877 83,875 1,391,226 0 83,875 1,391,226 1,475,101 174,324 11/93 1/93 5-30
Edison
Village 1,203,485 46,536 1,425,180 50,796 46,536 1,475,976 1,522,512 295,588 2/92 7/91 7-27.5
Excel-
sior 625,408 70,000 704,252 8,633 70,000 712,885 782,885 191,533 4/91 2/92 7-27.5
Four Oaks
Hsg 896,275 48,000 1,063,004 3,228 73,083 1,066,232 1,139,315 196,700 6/92 3/92 7-27.5
F-113
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Franklin
Vista 932,216 49,520 1,130,261 0 49,520 1,130,261 1,179,781 145,273 4/92 1/92 7-27.5
Friend-
ship 1,442,972 195,314 1,639,123 124,570 213,230 1,763,693 1,976,923 520,595 6/91 1/92 7-27.5
Glenhaven
Park 707,514 195,000 834,120 0 195,000 834,120 1,029,120 165,080 6/89 1/94 7-27.5
Harrison
City 1,485,187 35,521 1,792,881 5,424 35,521 1,798,305 1,833,826 338,058 9/92 7/92 7-27.5
Haven Park
Part-
ners II 499,283 225,000 1,045,411 0 225,000 1,045,411 1,270,411 285,651 6/89 1/94 7-27.5
Haven Park
Partners
III 501,859 225,000 1,177,089 0 225,000 1,177,089 1,402,089 198,757 12/89 1/94 7-27.5
Haven Park
Part-
ners IV 403,505 180,000 874,413 0 180,000 874,413 1,054,413 139,282 6/90 1/94 7-27.5
Hessmer 913,495 35,000 380,289 777,463 35,000 1,157,752 1,192,752 142,300 4/92 12/91 7-40
F-114
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Hillmont
Village 887,931 38,000 911,697 160,272 38,000 1,071,969 1,109,969 218,321 1/92 9/91 7-27.5
Hughes
Springs 790,069 35,000 947,230 0 35,000 947,230 982,230 126,109 8/91 10/91 7-40
Hunters
Run 1,451,285 120,000 1,169,479 537,695 120,000 1,707,174 1,827,174 345,954 2/92 12/91 7-27.5
Indepen-
dence 1,089,545 103,901 1,237,331 9,492 103,901 1,246,823 1,350,724 281,348 6/91 8/91 7-27.5
Jarratt 835,929 55,926 1,028,925 (67,608) 55,926 961,317 1,017,243 197,380 12/91 10/91 7-27.5
Kilmar-
nock 767,003 44,000 969,309 0 44,000 969,309 1,013,309 227,854 4/91 7/91 7-27.5
King
Fisher 171,876 21,000 198,768 0 21,000 198,768 219,768 26,819 12/93 1/93 5-30
La Gama
Del
Bario 670,088 110,000 1,020,084 46,465 110,000 1,066,549 1,176,549 165,761 8/92 6/92 7-27.5
F-115
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
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 1,999,356 360,000 2,036,815 229,471 360,000 2,266,286 2,626,286 294,029 1/92 9/91 5-50
Lakeview
Meadows 1,576,0000 99,580 2,665,491 7,868 99,580 2,673,359 2,772,939 573,136 6/92 1/92 12-40
Lakewood
Terr 3,932,649 124,707 2,257,609 4,420,840 124,707 6,678,449 6,803,156 1,193,692 8/89 11/93 5-27.5
Lexington
Park 4,860,326 500,000 7,754,757 0 500,000 7,754,757 8,254,757 890,623 12/93 11/91 7-27.5
Lexington
Vlg 212,249 23,814 246,703 0 23,814 246,703 270,517 35,231 11/93 1/93 5-30
Lonacon-
ing 1,493,502 113,305 181,203 1,588,889 113,305 1,740,092 1,853,397 217,412 9/92 12/91 5-27.5
Louis
Assocs. 833,193 13,720 1,038,651 426 13,720 1,039,077 1,052,797 190,831 1/92 3/92 7-27.5
Maidu 2,193,985 56,500 5,108,838 75,002 56,500 5,183,840 5,240,340 1,101,092 12/91 1/92 7-27.5
Marion
Mnr 1,009,781 50,000 1,237,671 8,394 50,000 1,246,065 1,296,065 141,776 6/92 2/92 7-27.5
F-116
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Maysville
Vlg 226,700 25,920 255,681 0 25,920 255,681 281,601 36,887 10/93 1/93 5-30
McComb
Fam 1,007,467 30,000 1,226,748 3,297 30,000 1,230,045 1,260,045 233,111 10/91 10/91 7-27.5
Mon-
tague 1,144,205 0 1,493,360 96,949 22,223 1,590,309 1,612,532 284,516 12/91 12/91 5-30
Navapai 885,717 53,480 1,073,287 25,572 53,480 1,098,859 1,152,339 163,270 4/91 6/91 7-50
Nevada
City 3,557,533 492,000 3,954,179 130,975 492,000 4,085,154 4,577,154 501,493 10/91 1/91 5-27.5
New
River 1,489,932 46,400 1,279,522 519,597 46,400 1,799,119 1,845,519 232,510 2/92 8/91 7-27.5
Newel-
lton 950,799 57,600 1,161,263 2,430 57,600 1,163,693 1,221,293 143,531 4/92 2/92 7-40
Oakland
Vlg 855,063 38,400 1,021,589 2,502 58,014 1,024,091 1,082,105 180,146 8/92 5/92 7-27.5
F-117
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Okemah
Vlg 699,392 27,752 872,256 0 27,752 872,256 900,008 119,548 5/93 1/93 7-27.5
One
North-
ridge 1,723,362 190,000 3,051,424 59,364 190,000 3,110,788 3,300,788 473,077 2/92 1/92 7-27.5
Park-
wood 2,397,002 316,667 4,358,381 7,812 316,667 4,366,193 4,682,860 1,033,737 5/91 10/91 7-27.5
Pine-
ridge 995,445 31,500 494,515 715,923 31,500 1,210,438 1,241,938 130,969 3/92 10/91 7-27.5
Pittsfield
Park 1,049,950 204,900 781,557 541,973 58,000 1,323,530 1,381,530 207,623 6/92 12/91 5-30
Planta-
tion IV 1,425,291 77,000 1,697,631 16,686 77,000 1,714,317 1,791,317 364,841 11/91 12/91 7-27.5
Portville
Square 980,810 66,206 1,068,007 29,836 66,206 1,097,843 1,164,049 149,031 3/92 3/92 7-27.5
Prague
Vlg 122,996 10,500 157,060 0 10,500 157,060 167,560 24,589 3/93 1/93 7-27.5
F-118
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Rainer
Manor 3,712,816 521,000 5,852,852 0 521,000 5,852,852 6,373,852 667,360 1/93 3/92 7-27.5
Rosen-
berg 1,837,045 452,000 10,701,246 (8,526,246) 415,000 2,175,000 2,590,000 0 1/92 12/91 7-27.5
Rosewood
Manor 1,443,146 175,000 1,605,480 7,408 175,000 1,612,888 1,787,888 338,216 11/91 12/91 7-27.5
San
Jacinto 2,379,264 288,000 2,694,130 105,463 288,000 2,799,593 3,087,593 407,098 10/91 1/92 5-50
Schroon
Lake 1,096,402 78,000 1,318,831 (13,366) 78,000 1,305,465 1,383,465 247,269 1/92 11/91 5-50
Scott
Part-
ners 599,319 60,000 1,171,445 22,194 60,000 1,193,639 1,253,639 251,420 11/91 10/91 7-27.5
Sioux
Falls 1,110,281 82,406 2,233,596 (15,816) 82,406 2,217,780 2,300,186 473,310 10/91 11/91 7-27.5
F-119
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Smith-
ville 1,248,563 79,790 1,465,210 21,214 79,790 1,486,424 1,566,214 399,693 5/91 2/92 7-27.5
South
Fulton 666,263 34,000 794,896 0 34,000 794,896 828,896 157,576 8/91 10/91 7-27.5
Standard-
ville 588,010 29,500 691,006 0 29,500 691,006 720,506 112,183 11/91 4/92 5-40
St.
Barnabas 1,217,322 43,335 1,520,445 2,648 43,335 1,523,093 1,566,428 174,986 12/91 10/91 7-27.5
Summerlane 863,418 48,700 1,010,651 3,038 48,700 1,013,689 1,062,389 213,402 11/91 7/91 7-27.5
Tionesta
Manor 1,434,505 229,850 1,666,675 17,639 229,850 1,684,314 1,914,164 365,137 1/92 2/92 7-27.5
Titus-
ville 1,245,008 85,280 1,235,975 226,530 85,280 1,462,505 1,547,785 298,774 1/92 12/91 7-27.5
Toano III 710,837 56,266 874,381 1,499 56,266 875,880 932,146 207,084 7/91 7/91 7-27.5
Topsham 1,132,054 135,552 1,458,644 1,522 135,552 1,460,166 1,595,718 182,060 8/92 11/91 10-40
F-120
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Townview 1,383,897 87,238 1,713,135 16,525 87,238 1,729,660 1,816,898 261,678 10/91 9/91 5-27.5
Tyrone
Hsg 1,489,985 138,700 1,850,252 (60,949) 138,700 1,789,303 1,928,003 253,411 1/92 12/91 5-40
Vic-
toria 1,409,195 12,500 1,733,581 0 12,500 1,733,581 1,746,081 323,249 6/92 1/92 5-27.5
Village
Terrace 728,004 63,000 1,529,691 0 63,000 1,529,691 1,529,691 324,124 9/91 5/92 5-40
Washing-
ton 1,194,915 72,396 1,494,696 2,410 72,396 1,497,106 1,569,502 318,063 8/91 7/91 7-27
Wesley
Vlg 1,319,261 44,750 347,831 1,253,193 44,750 1,601,024 1,645,774 215,806 6/92 10/91 5-27.5
Wild-
wood 1,267,980 94,949 1,498,290 7,245 94,949 1,505,535 1,600,484 245,935 10/91 10/91 5-40
Woodfield
Commons 1,220,249 66,533 2,478,583 129,178 66,533 2,607,761 2,674,294 384,577 6/91 9/91 12-40
Wood-
side 1,216,779 44,000 1,472,335 6,808 44,000 1,479,143 1,523,143 317,920 10/91 11/91 7-27.5
F-121
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im- Depre- struct uired ciation
tion brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Wynnewood
Vlg 419,103 41,987 521,591 0 41,987 521,591 563,578 72,988 11/93 1/93 5-27.5
York-
shire 926,910 29,265 1,079,451 29,983 29,265 1,109,434 1,138,699 244,603 9/91 8/91 5-27.5
Zin-
master 1,874,424 100,000 3,307,709 1,363 100,000 3,309,072 3,409,072 1,117,120 1/88 1/95 7-27.5
----------- ---------- ----------- ---------- ---------- ----------- ----------- ----------
137,371,131 11,491,699 186,719,997 20,995,683 11,209,111 207,715,680 218,924,791 33,725,798
=========== ========== =========== ========== ========== =========== =========== ==========
Since the Operating Partnerships maintain a calendar year end, the information on this schedule
is as of December 31, 1996
* - Reduction due to reduced development fee, which reduced the property basis.
</TABLE>
F-122
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-123
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..........................$228,857,095
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 0
Other.......................................... 0
-----------
$ 0
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... (9,932,304)
-----------
$ (9,932,304)
-----------
Balance at close of period - 03/31/97..........................$218,924,791
===========
F-124
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.........................$ 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
==========
Current year expense..................................$4,502,253
---------
Balance at close of period - 3/31/97..............................$32,892,154
==========
F-125
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<ARTICLE> CT
<CIK> 0000853566
<NAME> BOSTON CAPITAL TAX CREDIT FUND II, LP
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> MAR-31-1997
<TOTAL-ASSETS> 73382875
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 73382875
<TOTAL-REVENUES> 155501
<INCOME-TAX> 0
<INCOME-CONTINUING> (13246441)
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