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, 1998 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
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- -----------------------
(Address of Principal executive offices) (Zip
Code)
Partnership's telephone number, including area code:
(617)624-8900
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Securities registered pursuant to Section 12(b) of the Act:
Name of each
exchange
Title of each class on which
registered
--------------------
- ----------------------
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
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Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405
of Regulation S-K (229.405 of this chapter) is not contained
herein, and
will not be contained, to the best of registrant's knowledge, in
definitive
proxy or information statements incorporated by reference in Part
III of this
Form 10-K or any amendment to this Form 10-K. __
|XX|
DOCUMENTS INCORPORATED BY REFERENCE
-----------------------------------
The following documents of the Partnership are incorporated by
reference:
Form 10-K
Parts Document
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Parts I, III October 25, 1989 Prospectus,
as
supplemented
Parts II, IV
BOSTON CAPITAL TAX CREDIT FUND II LIMITED PARTNERSHIP
Form 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31,
1998
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
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, 1998, 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
Boston Capital Tax Credit Fund II Limited Partnership -
Series 7
PROPERTY PROFILES AS OF March 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
The Bowditch
School
Lodging Jamaica Plain,
House MA 50 $1,630,968 12/89 12/89 100% $
606,390
Briarwood Cameron,
Apartments MO 24 624,427 12/89 12/89 100%
157,254
Buckner Buckner,
Properties MO 24 619,396 12/89 3/89 100%
146,287
Creekside Vandergrift,
Apartments PA 30 1,091,361 6/89 9/89 100%
247,790
Deer Hill Huntersville,
II Apartments NC 40 1,479,045 2/90 5/89 100%
333,370
Hillandale Lithonia,
Commons GA 132 3,152,333 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 24 573,502 12/89 7/89 100%
136,440
New Holland Danville,
Apartments IL 53 951,963 5/90 8/90 100%
800,434
Oak Grove Oak Grove,
Estates MO 20 485,264 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 2,194,490 12/89 12/89 100%
694,581
4
Boston Capital Tax Credit Fund II Limited Partnership -
Series 7
PROPERTY PROFILES AS OF March 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ---------
Rosenberg Santa Rosa,
Apartments CA 77 $1,824,673 2/90 1/92 100%
$1,943,360
Westwood
Square Moore Head City,
Apartments NC 36 1,413,403 7/90 7/90 100%
117,286
Winfield
Properties Winfield,
II MO 24 609,884 12/89 5/89 100%
142,525
5
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ---------
Azalea
Village Crawford,
Apartments GA 24 $ 640,656 5/90 5/90 100% $
143,206
Beaver
Brook Pelham,
Commons NH 24 1,185,213 4/90 5/90 100%
290,403
Bent Creek Crest View,
Apartments
II FL 24 724,343 6/90 5/90 100%
164,534
Big Lake Big Lake,
Seniors TX 20 560,504 4/94 6/95 100%
141,072
Blanco Blanco,
Senior Apts. TX 20 519,876 12/93 9/94 100%
98,561
Breezewood
Village Kissimmee,
Phase I FL 86 2,801,426 4/90 4/90 100%
831,650
Breezewood Kissimmee,
Village II FL 42 1,429,634 5/90 5/90 100%
416,268
Cambridge Madison,
Manor FL 36 1,135,178 4/90 1/90 100%
268,523
Corinth
Senior Corinth,
Housing NY 40 1,491,978 4/90 2/90 100%
384,000
Cotton Mill Stuart,
Apartments VA 40 1,482,385 10/92 7/93 100%
271,351
Country Cedar Rapids,
Hill Apts. IA 166 4,401,632 4/90 6/90 100%
3,471,607
Country Blakely,
Lane Apts. GA 32 947,599 5/90 5/90 100%
211,916
6
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ---------
Fawn River Sturgis,
Apartments MI 100 $3,701,144 10/90 10/90 96%
$971,446
Garden Lake Immokalee,
Apartments FL 65 2,194,651 5/90 5/90 100%
577,529
Glenwood Porterville,
Hotel CA 36 744,109 6/90 6/90 100%
383,100
Grand
Princess St. Croix,
Manor USVI 24 1,493,133 6/90 8/90 100%
374,766
Grand
Princess St. Croix,
Villa USVI 24 1,492,136 6/90 8/90 100%
276,203
Greenwich
Senior Greenwich,
Housing NY 36 1,484,611 4/90 2/90 100%
340,000
Grifton Grifton,
Manor Apts. NC 40 1,259,126 9/93 2/94 100%
261,645
Hacienda
Villa Firebaugh,
Apartments CA 120 3,911,182 4/90 1/90 100%
1,343,294
Haines
City Haines City,
Apartments FL 46 1,440,156 4/90 2/90 100%
339,465
Hamlet Newfane,
Square NY 24 992,883 10/92 9/92 100%
193,830
Hill St. South Paris,
Commons ME 25 1,490,168 11/92 10/92 100%
301,064
Kristin
Park Las Vegas,
Apartments NM 44 1,392,250 3/90 6/90 100%
313,200
7
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Le Grand Le Grand,
Apts. CA 34 $1,741,818 11/92 10/93 100% $
419,011
Longmeadow Skowhegan,
Apartments ME 28 1,482,082 8/90 8/90 100%
284,000
Magnolia
Lane Bloomingdale,
Apartments GA 48 1,481,407 5/90 3/90 100%
321,908
Maywood Corning,
Apartments CA 40 1,502,617 3/90 7/90 100%
365,280
Meadowcrest Southfield,
Apartments MI 83 2,896,927 9/90 10/90 100%
1,116,284
Mill Pond Brooklyn,
Apartments MI 36 1,108,471 5/90 5/90 100%
250,175
New Holland Danville,
Apartments IL 53 951,963 5/90 8/90 100%
565,622
Pinewoods Springfield,
Apartments IL 168 3,830,348 6/90 6/91 100%
1,258,700
Pine Ridge Polkton,
Place NC 16 645,313 1/94 12/93 100%
114,730
Pleasanton Pleasanton,
Seniors Apts.TX 24 623,730 12/93 7/93 100%
144,839
Port Portage,
Crossing IN 160 3,214,268 3/90 4/90 100%
2,733,580
Putney Putney,
Meadows Apts VT 28 1,422,624 12/92 5/93 100%
374,495
Quail
Hollow Homerville,
Apartments GA 54 1,471,814 5/90 1/90 100%
363,353
8
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ---------
Quail
Hollow Raleigh
II NC 36 $ 1,406,357 7/90 9/90 100% $
313,521
Rainbow
Gardens Dunnellon,
Apartments FL 36 1,218,609 12/92 6/93 100%
236,763
Raitt Santa Ana,
Street Apts. CA 6 800,404 5/93 8/93 100%
416,200
School St. Marshall,
Apts. II WI 24 804,966 6/93 6/93 100%
652,967
Scottsville Scottsville,
Hollow NY 36 1,427,651 5/90 5/90 100%
304,060
Somerset Antioch,
Apartments CA 156 5,418,004 3/90 3/90 100%
3,920,000
St. Paul's St. Paul,
Apartments NC 32 1,266,317 5/90 9/90 100%
263,165
Surry
Village Surry,
II VA 24 776,903 5/90 1/90 100%
157,002
Tappahannock Tappahannock,
Greens Apts. VA 40 1,507,692 3/94 5/94 100%
293,486
Telluride Telluride,
Apartments CO 30 1,472,029 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 1,140,589 5/90 5/90 100%
275,894
9
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Ventura Hernando,
Village FL 53 $ 1,486,882 6/90 7/90 100% $
473,300
Vilage Live Oak,
Oaks FL 24 751,472 6/90 2/90 100%
164,291
Apartments II
Warrensburg Warrensburg,
Estates MO 32 793,526 4/90 4/90 100%
181,849
Westside Providence,
Apartments RI 40 2,434,577 6/90 12/90 100%
1,777,738
Westwood
Square Moorehead City,
Apartments NC 36 1,413,403 7/90 7/90 100%
195,391
Wilmington Wilmington,
Housing NY 24 1,052,377 8/90 8/90 100%
237,279
10
Boston Capital Tax Credit Fund II Limited Partnership -
Series 10
PROPERTY PROFILES AS OF March 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Athens Park Athens,
Apartments AL 48 $1,337,761 8/90 6/90 100%
$ 354,144
Autumn Lane Washington,
Apartments GA 24 734,854 8/89 11/90 100%
168,234
Baytree Richlands,
Apartments NC 24 958,217 11/88 7/90 100%
210,999
Benchmark China Grove,
Apartments NC 24 951,918 11/88 7/90 100%
223,328
Berkshire Wichita,
Apartments II KS 66 1,749,221 7/90 7/90 100%
1,183,452
Brentwood Eunice,
Apartments LA 32 955,769 11/90 10/90 100%
205,470
Briarwood Middleburg,
Apartments FL 52 1,484,144 8/90 8/90 100%
509,251
Butler Manor Morgantown,
Apartments KY 16 504,089 12/90 2/91 100%
119,952
Campbell
Creek Dallas,
Apartments GA 80 1,681,994 12/91 10/90 100%
735,000
Candlewick Monroeville,
Place AL 40 1,259,859 12/92 10/92 100%
241,600
Cedarstone Poplarville,
Apts. MS 24 774,097 5/93 5/93 100%
180,800
Charlton
Court Folkston,
Apartments GA 40 1,203,241 12/92 1/93 100%
263,520
11
Boston Capital Tax Credit Fund II Limited Partnership -
Series 10
PROPERTY PROFILES AS OF March 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -
- -----------------------------------------------------------------
- ----------
Chuckatuck Suffolk
Square VA 42 $1,448,269 11/90 2/90 100% $
320,900
Cloverleaf Bishopville,
Apartments SC 24 856,728 11/90 4/90 100%
153,900
Cloverleaf
Apts., Bishopville,
Phase II SC 24 875,981 11/90 4/90 100%
160,761
Connellsville Connellsville,
Heritage Apts. PA 36 1,370,451 11/90 3/90 100%
325,460
Freedom Ford City,
Apartments PA 28 1,051,305 11/90 9/90 89%
262,791
Hartway Munfordville,
Apts. KY 32 914,599 7/90 6/90 100%
239,041
Hilltop Kingsland,
Terrace GA 54 1,489,722 8/90 7/90 100%
455,851
Indian Run S. Kingston
Village RI 114 2,215,559 4/93 7/93 100%
604,867
Ironton Ironton,
Estates MO 24 625,640 5/93 1/93 100%
157,976
Lambert
Square Lambert,
Apts. MS 32 1,001,895 11/92 12/92 100%
192,347
Longview Maysville,
Apartments NC 24 872,593 11/88 8/90 100%
195,837
Maidu Roseville,
Village CA 81 2,160,267 3/91 12/91 100%
470,000
12
Boston Capital Tax Credit Fund II Limited Partnership -
Series 10
PROPERTY PROFILES AS OF March 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Mann Indianapolis,
Estates IN 132 $3,263,900 7/90 10/90 100% $
1,980,000
Meadowbrook
Lane Americus,
Apartments GA 50 1,480,487 9/90 3/90 100%
336,264
Melrose Lane Great Falls,
Apartments SC 24 875,089 11/90 10/90 100%
203,645
Mercer Mercer,
Manor PA 26 909,802 11/90 8/90 96%
220,450
46 North
Connecticut Atlantic City,
Ave. NJ 13 1,013,314 1/93 12/92 100%
559,000
Pecan Village Ellaville,
Apartments GA 30 788,440 7/90 2/90 100%
221,856
Piedmont Forsyth,
Hills GA 50 1,459,281 7/90 9/90 100%
439,958
Pine View Perry,
Apartments FL 29 962,572 9/90 12/90 100%
277,405
Pines by the Newnan,
Creek Apts. GA 96 2,002,390 12/90 10/90 100%
890,000
Pine Grove Ackerman,
Apts. MS 24 594,681 9/93 6/94 100%
169,926
Pinetree
Manor Centreville,
Apts. MS 32 981,648 11/92 1/93 100%
191,500
Rosewood
Village Willacoochee,
Apartments GA 24 650,109 7/90 7/90 100%
147,480
13
Boston Capital Tax Credit Fund II Limited Partnership -
Series 10
PROPERTY PROFILES AS OF March 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Springwood
Park Durham,
Apartments NC 100 $ 3,048,644 3/91 5/91 100% $
1,000,000
Stockton Stockton,
Estates MO 20 516,325 2/93 1/93 100%
120,352
Stratford
Square Brundidge,
Apartments AL 24 752,528 10/92 2/93 100%
145,036
Summer
Glen Immokalee,
Apartments FL 45 1,486,693 11/92 3/93 100%
246,230
Summerwood West Des Moines,
Apartments IA 86 2,368,447 7/90 7/90 100%
2,015,183
Sunmark Morgantown,
Apartments KY 24 770,290 8/90 12/90 100%
176,669
Village Lawton,
Commons MI 58 1,489,938 11/90 6/90 100%
323,665
Washington
Heights
Apartments, Bismarck,
IV ND 24 440,862 11/90 7/90 100%
381,010
Woods Hollow Centreville,
Apartments MI 24 634,272 11/90 2/90 100%
132,700
Woodside Lisbon,
Apartments ME 28 1,482,940 12/90 11/90 100%
397,630
14
Boston Capital Tax Credit Fund II Limited Partnership -
Series 11
PROPERTY PROFILES AS OF March 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ------------
Academy
Hill Ahoskie,
Apartments NC 40 $1,378,688 2/91 2/91 100%
$ 319,224
Aspen
Square Tazewell,
Apartments VA 60 1,836,234 11/90 11/90 100%
356,495
Bridgeview Emlenton,
Apartments PA 36 1,366,398 12/90 12/89 100%
327,257
Buckeye
Senior Buckeye,
Apartments AZ 41 1,343,157 12/90 8/90 100%
311,480
Campbell
Creek Dallas,
Apartments GA 80 1,681,994 12/90 10/90 100%
142,000
Cambridge
Manor Macon,
Apartments MS 47 1,630,712 5/93 4/93 100%
356,356
Church Hill Church Point,
Apartments LA 32 956,659 12/90 1/91 100%
205,750
Copper
Creek Lebanon,
Apartments VA 36 1,176,259 11/90 9/90 100%
237,647
Coronado Tuscon,
Hotel AZ 42 492,369 3/91 3/91 100%
614,050
Crestwood St. Cloud,
Apartments FL 216 4,319,614 1/91 6/91 100%
5,636,484
El Dorado El Dorado Springs,
Springs Est. MO 24 581,964 11/90 9/90 100%
133,790
Eldon Est. Eldon,
II MO 24 582,238 12/90 11/90 100%
131,340
15
Boston Capital Tax Credit Fund II Limited Partnership -
Series 11
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Eldon Eldon,
Manor MO 24 $ 560,336 12/90 11/90 100%
$ 241,980
Elmwood
Manor Eutaw,
Apartments AL 47 1,626,292 5/93 12/93 100%
333,440
Fairridge
Lane Denmark,
Apartments SC 24 819,126 11/90 6/90 100%
209,326
Fairridge
Village Denmark,
Apartments SC 24 771,233 11/90 6/90 100%
186,381
Farmerville Farmerville,
Square Apts. LA 32 968,487 1/91 4/91 100%
212,280
Forest
Glade Wauchula,
Apartments FL 50 1,484,300 12/90 12/90 100%
420,565
Franklin Great Falls,
School MT 40 1,265,208 10/90 12/91 100%
1,453,270
Hilltop Los Lunas,
Apts. NM 40 1,424,053 1/93 11/92 100%
258,455
Holland Holland,
Meadows NY 24 900,050 11/90 6/90 100%
213,880
Holley Holley,
Grove NY 24 918,527 11/90 10/90 100%
207,360
Ivan Woods Delta Township,
Senior Apts. MI 90 2,198,430 2/91 4/91 100%
1,184,275
Kaplan
Manor Kaplan,
Apartments LA 32 926,987 12/90 12/90 100%
198,460
16
Boston Capital Tax Credit Fund II Limited Partnership -
Series 11
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Lakewood
Village Lake Providence,
Apartments LA 32 $ 954,715 1/91 5/91 100%
$ 223,827
Licking Licking,
Apartments MO 16 406,367 11/91 3/92 100%
90,436
London Miami Beach,
Arms FL 58 2,654,248 12/90 12/90 100%
937,961
Maidu Roseville,
Village CA 81 2,160,267 3/91 12/91 100%
530,000
Nevada Nevada,
Manor MO 24 648,793 11/90 10/90 100%
143,270
Oatka Warsaw,
Meadows NY 24 920,064 11/90 6/90 100%
206,670
Osage Arkansas City,
Place KS 38 1,233,570 12/90 12/90 100%
522,999
Pines by the
Creek Newnan,
Apartments GA 96 2,002,390 12/90 10/90 100%
245,000
Sandy
Pines Punta Gorda,
Manor FL 44 1,482,191 12/90 7/90 100%
399,977
Sierra
Springs Tazewell,
Apartments VA 36 1,176,939 11/90 11/90 100%
299,634
South Fork South Fork,
Heights CO 48 1,448,759 2/91 2/91 100%
343,358
Twin Oaks Allendale,
Apartments SC 24 782,923 12/90 9/90 100%
206,888
17
Boston Capital Tax Credit Fund II Limited Partnership -
Series 11
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Walnut
Village Manning,
Apartments SC 24 $ 841,061 11/90 11/90 100%
$ 183,244
Washington
Manor Washington,
Apartments LA 32 958,686 1/91 3/91 100%
216,990
Wildridge Jesup,
Apartments GA 48 1,548,630 1/91 4/91 100%
329,130
Windsor Metter,
Apts. GA 52 1,474,127 12/92 5/93 100%
248,207
18
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Bowman
Village Bowman,
Apartments GA 24 $ 666,199 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 24 750,032 6/91 7/91 100%
173,969
Briarwick Nicholasville,
Apartments KY 40 1,253,406 4/91 4/91 100%
323,941
Bridgerun Cannon Falls,
Townhomes MN 18 572,558 6/91 7/91 100%
458,800
Bucksport
Park Bucksport,
Apartments ME 24 1,387,118 6/91 8/91 100%
334,600
Campbell
Creek Dallas,
Apartments GA 80 1,681,994 3/91 10/90 100%
593,000
Cananche
Creek Norton,
Apartments VA 36 1,236,724 5/91 6/91 100%
276,695
Carson
Village Wrightsville,
Apartments GA 24 653,315 10/91 6/92 100%
161,452
Clymer
House Clymer,
Apartments PA 26 1,083,630 6/91 10/91 100%
254,097
Corcoran
Garden Corcoran,
Apartments CA 38 1,526,248 2/91 11/90 100%
432,438
Cornish Cornish,
Park ME 25 1,456,823 6/91 6/91 100%
333,000
19
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Crescent City
Senior Crescent City,
Apartments CA 38 $1,867,066 3/91 3/91 100% $
474,536
Earlimart
Senior Earlimart,
Apartments CA 35 1,347,429 6/91 6/91 100%
364,515
Evanwood Hardinsburg,
Apartments KY 24 757,044 6/91 5/91 100%
167,221
Fox Run Jesup,
Apartments GA 24 631,506 12/91 7/92 100%
150,033
Franklin
House Liberty,
Apts. MO 21 305,487 5/93 1/88 100%
137,836
Hamilton
Village Preston,
Apartments GA 20 570,376 10/91 3/92 100%
140,948
Hunters
Park Tarboro,
Apartments NC 40 1,412,014 5/91 4/91 100%
320,175
Ivan Woods
Senior Delta Township,
Apartments MI 90 2,198,430 2/91 4/91 100%
778,688
Keenland Burkesville,
Apartments KY 24 735,262 6/91 9/91 100%
164,246
Lakeridge Eufala,
Apartments AL 30 917,823 3/91 4/91 100%
186,780
Laurel
Village Wadley,
Apartments GA 24 662,922 10/91 5/92 100%
149,058
20
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Los
Caballos Hatch,
II Apts. NM 24 $ 773,138 7/91 8/91 100%
$ 164,740
Marlboro
Place Bennettsville,
Apartments SC 24 837,163 3/91 2/91 100%
192,779
Melville
Plaza Melville,
Apartments LA 32 894,250 7/91 10/91 100%
178,564
Nanty Glo
House Nanty Glo,
Apartments PA 36 1,477,706 6/91 7/91 100%
353,000
Newport Franklin,
Village VA 48 1,488,528 4/91 11/90 100%
355,000
Oakleigh Abbeville,
Apartments LA 32 915,249 8/91 3/92 100%
178,716
Oak
Street Scott City,
Apartments MO 24 599,332 6/91 11/91 100%
138,149
Oakwood Mamou,
Apartments LA 32 911,682 8/91 1/92 100%
180,819
Pines by
the Creek Newnan,
Apartments GA 96 2,001,179 3/91 10/90 100%
645,000
Pinewoods Springfield,
Apartments IL 168 3,830,348 7/91 6/91 100%
2,880,000
Portales Portales,
Estates NM 44 1,441,485 7/91 7/91 100%
365,100
21
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Prairie
West West Fargo,
Apts. III ND 24 $ 472,796 3/91 3/91 100%
$ 360,698
Ridgeway
Court III Bemidji,
Apartments MN 24 894,407 4/91 1/91 100%
180,186
River Crystal River,
Reach Apts. FL 41 1,367,782 5/91 5/91 100%
351,421
Rockmoor Banner Elk,
Apartments NC 12 438,306 5/91 3/91 100%
95,818
Shawnee
Ridge Norton,
Apartments VA 20 668,146 5/91 5/91 100%
145,606
Springwood
Park Durham,
Apartments NC 100 3,048,644 3/91 5/91 100%
374,349
Spring
Mountain Pahrump,
Apartments NV 33 1,366,344 5/91 4/91 100%
290,406
Stonegate Perry,
Manor FL 36 1,010,946 5/91 12/90 100%
274,321
Summit
Ridge Palmdale,
Apartments CA 304 8,934,496 10/92 12/93 100%
3,674,306
Turner
Lane Ashburn,
Apartments GA 24 722,375 5/91 7/91 100%
147,090
Union
Baptist
Plaza Springfield,
Apartments IL 24 507,995 5/91 4/91 100%
432,648
22
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Uptown Salyersville,
Apartments KY 16 $ 522,178 5/91 3/91 100%
$ 121,700
Villas of Eufala,
Lakeridge AL 18 532,695 3/91 3/91 100%
96,868
Waynesboro
Village Waynesboro,
Apartments TN 48 1,372,681 4/91 1/91 100%
310,510
Windsor Windsor,
Court II VA 24 732,003 4/91 11/90 100%
169,347
Woodcrest
Manor Woodville,
Apartments MS 24 711,744 6/91 11/91 100%
138,579
Woodlawn
Village Abbeville,
Apartments GA 36 1,035,970 10/91 4/92 100%
229,601
Woodside Grove City,
Apartments PA 32 1,156,864 4/91 3/91 93%
229,291
Yorkshire
Townhome Fort Smith,
Apts. AR 50 1,039,337 9/93 8/94 100%
874,069
23
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Ada Village Ada,
Apts. OK 44 $1,048,982 1/93 11/93 100%
$ 158,976
Amherst Amherst,
Village VA 48 1,602,927 1/92 1/92 100%
322,796
Belmont
Village Belmont,
Court NY 24 929,502 1/92 12/91 100%
201,300
Bethel
Park Bethel,
Apartments ME 24 1,491,698 12/91 3/92 100%
324,100
Blanchard
Senior Blanchard,
Apts. II LA 24 598,621 10/91 9/91 100%
143,628
Blanchard Blanchard,
Village Apts. OK 8 218,258 1/93 7/93 100%
32,954
Brantwood
Lane Centreville,
Apartments AL 36 1,144,296 7/91 9/91 100%
237,873
Breckenridge McColl,
Apartments SC 24 867,880 1/92 3/92 100%
186,065
Briarwood
Apartments Middleburg,
Ph II FL 50 1,494,414 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 18 726,197 7/91 11/90 94%
160,600
Burnt
Ordinary Toano,
Village VA 22 710,789 7/91 7/91 100%
159,400
24
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Carleton
Court Providence,
Apartments RI 46 $2,712,472 12/91 12/91 100%
$1,496,922
Carriage
Run Emporia,
Apartments VA 40 1,329,397 10/91 4/92 100%
259,980
Cedar
View Brinkley,
Apartments AR 32 1,271,185 5/92 10/92 100%
254,016
Cedarwood Pembroke,
Apartments NC 36 1,419,039 10/91 1/92 100%
326,310
Chapparral Kingman,
Apartments AZ 20 696,420 8/91 7/91 100%
198,275
College Chili,
Green NY 110 3,781,020 3/95 8/95 100%
755,771
Colorado City
Seniors Colorado City,
Apartments TX 24 542,805 10/91 10/91 100%
98,721
Cottonwood Cottonport,
Apts. II LA 24 655,114 10/91 7/91 100%
152,664
Country
Meadows Sioux Falls,
Apartments SD 44 1,086,827 11/91 10/91 100%
922,350
Countryside Fulton,
Manor MS 24 665,122 10/91 8/91 100%
151,868
Davis
Village Davis,
Apts. OK 44 1,176,194 1/93 9/93 100%
180,452
Devenwood Ridgeland,
Apartments SC 24 874,134 7/92 1/93 100%
186,000
25
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Duncan
Village Duncan,
Apts. OK 48 $1,148,821 1/93 11/93 100%
$ 172,005
Edison
Village Edison,
Apartments GA 42 1,200,486 7/91 2/92 100%
274,144
Ethel
Bowman Tionesta,
Proper HousePA 36 1,431,388 2/92 1/92 88%
334,160
Excelsior
Springs Excelsior Springs,
Properties MO 24 624,169 2/92 4/91 100%
150,651
Fairground Bedford,
Place Apts. KY 19 695,155 3/95 8/95 100%
176,963
Four Oaks
Village Four Oaks,
Apartments NC 24 894,429 3/92 6/92 100%
179,900
Franklin
Vista Anthony,
III Apts. NM 28 930,247 1/92 4/92 100%
179,685
Friendship Bel Air,
Village MD 32 1,440,395 1/92 6/91 100%
226,000
Glenhaven Merced,
Park CA 12 399,865 1/94 6/90 100%
125,000
Glenhaven Merced,
Park II CA 15 494,773 1/94 6/89 100%
365,925
Glenhaven Merced,
Park III CA 15 497,333 1/94 12/89 100%
225,500
26
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Glenhaven Merced,
Estates CA 13 $ 688,873 1/94 6/89 100%
$ 134,000
Green
Village Standardsville,
Apts. II VA 16 586,746 4/92 11/91 100%
99,100
Greenleaf Bowdoinham,
Apartments ME 21 1,129,745 11/91 8/92 100%
295,085
Hughes Springs
Seniors Hughes Springs,
Apartments TX 32 788,584 10/91 8/91 100%
183,674
Harrison
City Penn Township,
Apts. PA 38 1,482,136 7/92 9/92 89%
311,775
Hessmer
Village Hessmer,
Apartments LA 32 911,466 12/91 4/92 100%
186,503
Hillmont
Village Micro,
Apartments NC 24 886,023 9/91 1/92 100%
184,900
Hunters
Run Douglas,
Apartments GA 50 1,448,179 12/91 2/92 100%
322,368
Independence Mt. Pleasant,
Apartments PA 28 1,086,435 8/91 6/91 96%
223,100
Indian Creek Kilmarnock,
Apartments VA 20 765,470 7/91 4/91 100%
174,400
Jarratt
Village Jarratt,
Apartments VA 24 833,930 10/91 12/91 100%
159,140
Kingfisher
Village Kingfisher,
Apts. OK 8 170,418 1/93 12/93 100%
24,365
27
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
La Gema del Santa Ana,
Barrio Apts. CA 6 $ 670,201 6/92 8/92 100%
$ 458,000
Lafayettee
Gardens Scott,
Apartments LA 56 568,088 10/91 11/91 100%
437,688
Lake Isabella
Senior Lake Isabella,
Apartments CA 46 1,995,709 9/91 1/92 100%
442,457
Lakeview Battle Creek,
Meadows MI 53 1,573,891 1/92 6/92 100%
1,018,808
Lakewood
Terrace Lakeland,
Apts. FL 132 3,873,540 11/93 8/89 100%
725,312
Lana Lu Lonaconing,
Apartments MD 30 1,487,952 12/91 9/92 100%
303,261
Lexington
Village Lexington,
Apts. OK 8 211,259 1/93 11/93 100%
32,178
Maidu Roseville,
Village CA 81 2,160,267 1/92 12/91 100%
1,096,199
Marion Manor Marion,
Apartments LA 32 1,007,304 2/92 6/92 100%
199,708
Maysville
Village Maysville,
Apts. OK 8 219,376 1/93 10/93 100%
33,726
Montague
Place Caro,
Apartments MI 28 1,141,805 12/91 12/91 100%
432,320
Navapai Prescott Valley,
Apartments AZ 26 883,977 6/91 4/91 100%
207,330
28
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Nevada City
Senior Grass Valley,
Apartments CA 60 $3,550,848 1/92 10/92 100%
$ 839,300
Newellton
Place Newellton,
Apartments LA 32 947,371 2/92 4/92 100%
190,600
New River
Overlook Radford,
Apartments VA 40 1,486,762 8/91 2/92 100%
285,371
Northridge Arlington,
Apartments TX 126 1,700,400 1/92 2/92 98%
741,300
Oak Ridge Crystal Springs,
Apartments MS 40 1,305,442 1/92 1/92 100%
308,578
Oakland
Village Littleton,
Apts. NC 24 851,583 5/92 8/92 100%
161,939
Okemah
Village Okemah,
Apts. OK 30 696,231 1/93 5/93 100%
119,832
Pineridge McComb,
Apartments MS 32 1,005,726 10/91 10/91 100%
238,995
Pineridge Walnut Cove,
Elderly NC 24 991,848 10/91 3/92 100%
199,311
Pittsfield
Park Pittsfield,
Apartments ME 18 1,047,764 12/91 6/92 100%
237,300
Plantation Richmond Hill,
Apartments GA 49 1,422,194 12/91 11/91 100%
320,858
Portville
Square Portville,
Apartments NY 24 924,798 3/92 3/92 95%
198,100
29
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Prague
Village Prague,
Apts. OK 8 $ 120,244 1/93 3/93 100%
$ 21,373
Rainbow
Commons Marshfield,
Apartments WI 48 1,186,524 9/91 6/91 100%
1,126,901
Rainier
Manor Mt. Rainier,
Apartments MD 104 2,690,165 3/92 1/93 100%
1,190,350
Rosenberg Santa Rosa,
Hotel CA 77 1,824,673 12/91 1/92 100%
1,850,000
Rosewood
Manor Ellenton,
Apartments FL 43 1,440,474 12/91 11/91 100%
302,250
San Jacinto
Senior San Jacinto,
Apartments CA 46 2,374,792 1/92 10/91 100%
588,965
Lakeside
Manor Schroon Lake,
Apartments NY 24 1,089,005 11/91 1/92 95%
249,349
Smithville Smithville,
Properties MO 48 1,246,529 2/92 5/91 100%
285,384
Snow Hill
Ridge Raleigh,
Apartments NC 32 1,211,580 10/91 12/91 100%
307,524
Somerset Antioch,
Apartments CA 156 5,418,004 8/92 3/90 100%
1,026,542
Spring
Creek Derby,
Village KS 72 1,851,036 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, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- -----------
Spring
Valley Lexington Park,
Apartments MD 128 $4,847,218 11/91 12/92 100%
$ 2,777,811
Springwood
Park Durham,
Apartments NC 100 3,048,644 10/91 5/91 100%
374,349
Summer
Lane Santee,
Apartments SC 24 861,833 7/91 11/91 100%
176,291
Summit
Ridge Palmdale,
Apartments CA 304 8,934,496 10/92 12/93 100%
1,236,600
Titusville Titusville,
Apartments PA 30 1,242,340 12/91 1/92 100%
280,829
Townview St. Mary's,
Apartments PA 36 1,381,297 9/91 10/91 97%
315,700
Tyrone
House Tyrone,
Apartments PA 36 1,487,044 12/91 1/92 100%
349,800
Valley Ridge
Senior Central Valley,
Apartments CA 38 1,827,871 1/92 12/91 100%
456,600
Victoria Victoria,
Place VA 39 1,402,517 1/92 6/92 100%
287,736
Villa West Topeka,
Apts. IV KS 60 1,539,129 8/91 1/91 100%
1,392,873
Village Raleigh,
Green NC 42 721,253 5/92 9/91 100%
581,446
Washington Abingdon,
Court VA 39 1,189,091 7/91 8/91 100%
295,250
31
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Wesley
Village Martinsburg,
Apartments WV 36 $1,316,210 10/91 6/92 100%
$ 266,253
Westside Louisville,
Apartments MS 33 826,809 3/92 1/92 100%
191,014
Wildwood
Terrace Wildwood,
Apartments FL 40 1,265,615 10/91 10/91 100%
281,647
Woodside Belleview,
Apartments FL 41 1,214,509 11/91 10/91 100%
268,500
Wynnewood
Village Wynnewood,
Apts. OK 16 410,877 1/93 11/93 100%
67,443
Yorkshire Delevan,
Corners NY 24 925,121 8/91 9/91 100%
191,500
Zinmaster Minneapolis,
Apartments MN 36 1,855,115 1/95 1/88 100%
150,000
32
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security
Holders
None.
33
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, 1998, the Partnership has 11,710 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 812
investors holding
1,036,100 BACs, Series 9 consists of 2,260 investors holding
4,178,029 BACs,
Series 10 consists of 1,641 investors holding 2,428,925 BACs,
Series 11
consists of 1,412 investors holding 2,489,599 BACs, Series 12
consists of
1,932 investors holding 2,972,795 BACs, and Series 14 consists
of 3,653
investors holding 5,574,290 BACs at March 31, 1998.
(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,
1998.
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
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, 1998.
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,
1998 1997 1996 1995
1994
-------- -------- -------- --------
- --------
Operations
- ----------
Interest
& other Inc $ 42,913 $ 155,501 $ 65,468 $ 78,723
$ 385,315
Share of Loss
of Operating
Partnerships (8,573,433) (10,464,997) (12,992,069) (14,053,018)
(15,080,553)
Operating Exp (2,783,041) (2,781,444) (2,852,335) (2,876,048)
(3,021,320)
--------- --------- --------- ---------
- ---------
Net Loss $(11,313,561)
$(13,090,940)$(15,778,936)$(16,850,343)$(17,716,558)
========== ========== =========== ===========
===========
Net Loss
per BAC $ (.40) $ (.69)$ (.84) $
(.89)$ (.94)
========== ========== =========== ===========
===========
Balance Sheet
- -------------
Total Assets $64,633,488 $ 73,382,875 $ 85,486,212 $ 99,601,389
$114,309,046
=========== ========== =========== ===========
===========
Total Liab $14,605,906 $ 12,041,732 $ 11,054,129 $ 9,390,370
$ 7,247,684
Partners' =========== ========== =========== ===========
===========
Capital $50,027,582 $ 61,341,143 $ 74,432,083 $ 90,211,019
$107,061,362
=========== ========== =========== ===========
===========
Other Data
- ----------
Credit per BAC for the
Investors Tax Year,
for the twelve months
ended, December 31,
1997, 1996, 1995,
1994 and 1993*
$ 1.40 $ 1.40 $ 1.39 $ 1.35
$ 1.16
========== =========== =========== ===========
===========
* 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, 1998 and 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, 1998 the Partnership
accrued $2,509,932
in annual partnership management fees. As of March 31, 1998 the
accrued
partnership management fees totaled $14,113,128. 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 $111,400 to the
Partnership
to pay certain third party operating expenses and to fund
advances to
operating partnerships. Of this amount, $64,500 was advanced
during the fiscal
year ended March 31, 1998. The amounts advanced, in total, to
two of the six
series are as follows: $61,900 to Series 7; and $49,500 to
Series 12. 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.
Total interest income for the fiscal year ended March 31, 1998
has decreased from the fiscal year March 31, 1997. 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
funds were
released pursuant to the escrow agreement. Interest income
earned during
the fiscal year ended March 31, 1998 is now consistent with
interest
earned by the Partnership in prior years.
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. 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, 1998 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 $7,134 remains in
working
capital.
(Series 9). The Partnership commenced offering BACs in
Series 9 on
February 1, 1990. 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, 1998, the Partnership
did not use
any of Series 9's net offering proceeds to pay installments of
its capital
contributions to the Operating Partnerships. As of March 31,
1998 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 $267,915 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. 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, 1998 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
$41,484
remains in working capital.
(Series 11). The Partnership commenced offering BACs in
Series 11 on
September 17, 1990. 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.
During the fiscal year ended March 31, 1998, the
Partnership used $5,000
of Series 11 net offering proceeds to pay additional installments
of its
capital contributions to one Operating Partnership. As of March
31, 1998 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 39 of the 40 Operating Partnerships.
Series 11
net offering proceeds in the amount of $38,800 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. 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, 1998, the Partnership
did not use
any of Series 12's net offering proceeds to pay additional
installments of its
capital contributions to the Operating Partnerships. As of March
31, 1998
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 $21,827 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. 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, 1998, the Partnership
used
$13,000 of Series 14 net offering proceeds to pay additional
installments of
its capital contributions to one Operating Partnership. As of
March 31,
1998 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 86 of the 101 Operating
Partnerships. Series
14 net offering proceeds in the amount of $316,591 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, 1998 and 1997 was
$2,314,373
and $2,273,826, 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, 1996 to December 31, 1997 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,
1998.
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, 1998 and 1997, the average
Qualified
Occupancy for the series was 100% for both years.
For the tax years ended December 31, 1997 and 1996, the
series, in total,
generated $809,263 in passive income tax losses and $2,805,455 in
passive income that were passed through to the investors, and
also provided $1.20 and
$1.24, 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.
As of March 31, 1998 and 1997, the Investments in Operating
Partnerships
for Series 7 was $1,485,326 and $1,771,367, respectively.
Investments in
Operating Partnerships was affected by the way the Partnership
accounts for such investments, the equity method. By using the
equity method the Partnership adjusts its investment cost for its
share of each Operating Partnership's results of operations and
for any distributions received or accrued.
39
For the years ended December 31, 1997 and 1996 Series 7
reflects a net
loss from Operating Partnerships of $108,083 and $3,087,808,
respectively,
adjusted for depreciation which is a non-cash item. The decrease
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 at
December 31, 1996.
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 reflected a net loss of $125,508 for 1996.
Rosenberg Building Associates, Limited Partnerships
(Rosenberg Apartments)
refinanced in 1996 which resulted in a one-time gain as a result
of the debt
reduction. In 1997 the property realized positive operating cash
flows as a
result of the lower debt service payments and continued strong
occupancies.
As of March 31, 1998 Rosenberg Apartment's occupancy was 100%.
(Series 9). As of March 31, 1998 and 1997, the average
Qualified
Occupancy for the series was 99.9% for both years. The series had
a total of
55 properties as of March 31, 1998, of which 54 were at 100%
qualified occupancy.
For the tax years ended December 31, 1997 and 1996, the
series, in total,
generated $3,209,445 and $2,146,637, respectively, in passive
income tax
losses that were passed through to the investors, and also
provided $1.36 per
year for 1997 and 1996 in tax credits per BAC to the investors.
The increase
in passive losses from December 31, 1996 to December 31, 1997 was
due to an
adjustment made at December 31, 1996 for incorrect loss reported
at December
31, 1995.
As of March 31, 1998 and 1997, the Investments in Operating
Partnerships
for Series 9 was $10,821,707 and $12,528,610, respectively.
Investments in
Operating Partnerships was affected by the way the Partnership
accounts for such investments, the equity method. By using the
equity method the Partnership adjusts its investment cost for its
share of each Operating Partnership's results of operations and
for any distributions received or accrued.
For the years ended December 31, 1997 and 1996 Series 9
reflects a net
Income (loss) from Operating Partnerships of $673,107 and
$(1,958,157),
respectively, adjusted for depreciation which is a non cash item.
The prior 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 SFAS
No. 121. When adjusted for the impairment loss, the Operating
Partnerships
reflected net income of $385,843 for 1996.
The Operating General Partner of School Street II Limited
Partnership (School Street Apts. 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 during 1997. In the transition,
occupancies suffered and
as a result, a leasing agent has been hired by the new Operating
General
Partner to rent the vacant units. It is anticipated that all
units will be fully leased by the end of the third quarter. In
addition, the general
partner hired a new managing agent in the second quarter of 1998,
and will be
filing refinancing applications with the lender by year end to
further improve
operations.
40
(Series 10). As of March 31, 1998 and 1997, the average
Qualified
Occupancy for the series was 99.7% and 99.5%, respectively. The
series had a
total of 46 properties at March 31, 1998, of which 44 were at
100% qualified
occupancy.
For the tax years ended December 31, 1997 and 1996 the
series, in
total, generated $1,670,004 and $1,794,818, respectively, in
passive income
tax losses that were passed through to the investors, and also
provided $1.46
per year for 1997 and 1996 in tax credits per BAC to the
investors.
As of March 31, 1998 and 1997, the Investments in Operating
Partnerships
for Series 10 was $8,211,459 and $9,224,595, respectively.
Investments in
Operating Partnerships was affected by the way the Partnership
accounts for such investments, the equity method. By using the
equity method the Partnership adjusts its investment cost for its
share of each Operating Partnership's results of operations and
for any distributions received or accrued.
For the years ended December 31, 1997 and 1996 Series 10
reflects net
income from Operating Partnerships of $1,015,795 and $1,050,780,
respectively,
adjusted for depreciation which is a non cash item.
North Connecticut Avenue L.P. (46 North Connecticut Avenue)
is operating
at a deficit due to high operating expenses. The general partner
was seeking a loan modification from the loan holder, however the
holder was reluctant to grant the request. The loan holder is in
discussion with the general partner on a deed-in-lieu of
foreclosure. The existing general partner is diligently working
to locate a non-profit general partner acceptable to both the
loan holder and the Investment Limited Partner.
(Series 11). As of March 31, 1998 and 1997, the average
Qualified
Occupancy for the series was 100% for both years. The series had
a total of 40 properties at March 31, 1998, all of which were at
100% qualified
occupancy.
For the tax years ended December 31, 1997 and 1996, the
series, in total,
generated $1,878,254 and $1,660,788, respectively, in passive
income tax
losses that were passed through to the investors, and also
provided $1.32 per
year for 1997 and 1996 in tax credits per BAC to the investors.
As of March 31, 1998 and 1997, the Investments in Operating
Partnerships
for Series 11 was $9,872,942 and $11,085,975, respectively.
Investments in
Operating Partnerships was affected by the way the Partnership
accounts for such investments, the equity method. By using the
equity method the Partnership adjusts its investment cost for its
share of each Operating Partnership's results of operations and
for any distributions received or accrued.
For the years ended December 31, 1997 and 1996 Series 11
reflects net
income from Operating Partnerships of $922,140 and $2,892,360,
respectively,
adjusted for depreciation which is a non-cash item. The
decrease in net
income is the result of a one time non-cash gain on reduction of
debt by
the Operating Partnership Franklin School at December 31, 1996.
This debt
reduction occurred without a loss in ownership or tax credits.
When adjusted
for the gain on reduction of debt, the Operating Partnerships
reflected net
income of $982,179 for 1996.
41
(Series 12). As of March 31, 1998 and 1997, the average
Qualified
Occupancy for the series was 99.9% for both years. The series
had a
total of 53 properties at March 31, 1998, of which 52 were at
100% qualified
occupancy.
For the tax years ended December 31, 1997 and 1996, the
series, in total,
generated $2,395,934 and $2,418,461, respectively, in passive
income tax
losses that were passed through to the investors, and also
provided $1.46 per
year for 1997 and 1996 in tax credit per BAC to the investors.
As of March 31, 1998 and 1997, the Investments in Operating
Partnerships
for Series 12 was $10,585,841 and $11,946,248, respectively.
Investments in Operating Partnerships was affected by the way the
Partnership accounts for such investments, the equity method. By
using the equity method the Partnership adjusts its investment
cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued.
For the years ended December 31, 1997 and 1996 Series 12
reflects net
income from Operating Partnerships of $609,135 and $497,680,
respectively,
adjusted for depreciation which is a non cash item.
California Investors VII Limited Partnership (Summit Ridge
Apartments/Longhorn Pavillion) continues to operate at a deficit
due to high
operating expenses and a competitive rental market. The
Operating Partnership
closed on a debt refinancing in the fourth quarter of 1996 which
had a
a material affect on a debt service in 1997. The reduction in
debt service,
slowly improving occupancy and management's efforts to control
operating
expenses should permit the property to positively cash flow in
1998.
During 1997, the Operating General Partner of Brandywood
Limited Partnership (Brandywood Apts) and the affiliated
management company improved
the average occupancy of the property to 89.66%, up from 84%
during 1996. Through May of 1998, management has maintained and
average occupancy of 99%. During 1997, the property operated
under a forbearance agreement with the
permanent mortgage lender, making payments on debt service based
on cash flow.
The loan is anticipated to be refinanced with the lender in the
third quarter
of 1998 at a lower rate. The restructuring of the loan will
improve the financial feasibility of the property. In addition,
a capital needs assessment was recently completed and identified
items will be addressed going forward.
(Series 14). As of March 31, 1998 and 1997, the average
Qualified
Occupancy for the series was 99.6% and 99.4%, respectively. The
series had a
total of 101 properties at March 31, 1998. Out of the total, 94
were at 100%
qualified occupancy.
For the tax years ended December 31, 1997 and 1996, the series,
in total,
generated $4,856,228 and $2,821,765, respectively, in passive
income tax
losses that were passed through to the investors, and also
provided $1.44 and
$1.43, respectively, in tax credits per BAC to the investors.
The variance in
passive income tax losses generated for the tax years ended
December 31, 1996
and 1997 is due to the fact that the Operating Partnership
Rosenberg reflected
income from cancellation of indebtedness caused by debt
restructuring during
the tax year ended December 31, 1996.
42
As of March 31, 1998 and 1997, the Investments in Operating
Partnerships
for Series 14 was $19,862,702 and $22,915,969, respectively.
Investments in Operating Partnerships was affected by the way the
Partnership accounts for such investments, the equity method. By
using the equity method the Partnership adjusts its investment
cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued.
For the years ended December 31, 1997 and 1996 Series 14
reflects a net
Income (loss) from Operating Partnerships of $1,278,786 and
$(386,762),
respectively, adjusted for depreciation which is a non-cash item.
The prior 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 (Summit Ridge
Apartments/Longhorn Pavillion) continues to operate at a deficit
due to high
operating expenses and a competitive rental market. The
Operating Partnership
closed on a debt refinancing in the fourth quarter of 1996 which
had a
material affect on a debt service in 1997. The reduction in debt
service,
slowly improving occupancy and management's efforts to control
operating
expenses should permit the property to positively cash flow in
1998.
Glenhaven Park Partners, A California L.P. (Glenhaven II)
continues to
suffer from high operating expenses and occupancy issues.
Management has said that the rental market is soft with an
oversupply of housing. As of March 31, 1998, physical occupancy
was 80%. Management will continue to actively
conduct outreach to generate new interest in the property along
with working
towards reducing the operating expenses.
Rosenberg Building Associates, Limited Partnership (Rosenberg
Apartments) refinanced in 1996 which resulted in a one-time gain
as a result of the debt
reduction. In 1997 the property realized positive operating cash
flows as a result of the lower debt service payments and
continued strong occupancies. As of March 31, 1998 Rosenberg
Apartment's occupancy was 100%.
Woodfield Commons Limited Partnership (Rainbow Commons
Apartments) is in
receipt of a 60-Day letter issued by the IRS stating that the
partnership has
not met certain IRC Section 42 requirements. The finding was the
result of an
IRS audit of the partnership's tenant files. The IRS has
proposed an
adjustment that would disallow the partnership from utilizing
certain past or
future credits. The Operating General Partner and its counsel
are in the process of filing an appeal to the finding of the IRS,
and do not anticipate an outcome that will have a material effect
on the financial statements and accordingly, no adjustment has
been made in the accompanying financial
statements.
43
Recent Accounting Statements Not Yet Adopted
- ---------------------------------------------
On March 31, 1997, the partnership adopted Statement of
Financial Accounting Standards ("SFAS") No. 128, "Earnings per
Share" and SFAS No. 129, "Disclosure of Information about Capital
Structure." SFAS No. 128 provides
accounting and reporting standards for the amount of earnings per
share. SFAS
No. 129 requires the disclosure in summary form within the
financial statements of pertinent rights and privileges of the
various securities
outstanding. The implementation of these standards has not
materially affected the partnership's financial statements.
In June 1997, the Financial Accounting Standards Board
issued SFAS No. 130, "Reporting Comprehensive Income" and SFAS
No. 131, "Disclosures about Segments of an Enterprise and Related
Information." In February 1998, the Financial Accounting
Standards Board issued SFAS No. 132, "Employees'
Disclosures about Pensions and Other Post-retirement
Benefits." SFAS No. 130 is effective for years beginning after
December 15, 1997. SFAS No. 131 and No. 132 are effective for
years beginning after December 31, 1997 and early adoption is
encouraged.
The partnership does not have any items of other
comprehensive income, does not have other segments of its
business or when to report, and does not have any pensions or
other post-retirement benefits. Consequently, these
pronouncements are expected to have no effect on the
partnership's financial statements.
Boston Capital and its management have reviewed the
potential computer problems that may arise from the century date
change known as the "Year 2000"or "Y2K" problem. We are
currently in the process of taking the necessary precautions to
minimize any disruptions. The majority of Boston Capital's
systems are "Y2K" compliant. For all remaining systems we have
contacted the vendors to provide us with the necessary upgrades
and replacements. Boston Capital is committed to ensuring that
the "Y2K" issue will have no impact on our investors.
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.
44
PART III
--------
Item 10. Directors and Executive Officers of the Registrant
(a), (b), (c), (d) and (e)
The Partnership has no directors or executives officers of
its own.
The following biographical information is presented for the
partners of
the General Partners and affiliates of those partners (including
Boston
Capital Partners, Inc. ("Boston Capital")) with principal
responsibility
for the Partnership's affairs.
Herbert F. Collins, age 68, is co-founder and Chairman of
the Board of
Boston Capital Corporation. Nominated by President Clinton and
confirmed by the United States Senate, Mr. Collins served as the
Republican private sector member of the Thrift Depositor
Protection Oversight Board. During 1990 and 1991 he served as
Chairman of the Board of Directors for the Federal Home Loan Bank
of Boston, a 314-member, $12 billion central bank in New England.
Mr. Collins is the co-founder and past President of the Coalition
for Rural Housing and Development. In the 1980s he served as
Chairman of the Massachusetts Housing Policy Commission to
evaluate current programs and recommend future housing policy.
Additionally, he served as a member of the Board of Directors of
the Metropolitan Boston Housing Partnership and on the Mitchell-
Danforth Task Force, which helped structure the 1990 federal Tax
Credit legislation. Mr. Collins also is a past Member of the
Board of Directors of the National Leased Housing Association and
has served as a member of the U. S. Conference of Mayors Task
Force on "HUD and the cities: 1995 and Beyond." Mr. Collins also
was a member of the Fannie Mae Housing Impact Advisory Council
and the Republican Housing Opportunity Caucus. He is Chairman of
the Business Advisory Council and a member of the National
Council of State Housing Agencies Tax Credit Commission. Mr.
Collins graduated from Harvard College. President Bush appointed
him to the President's Advisory Committee on the Arts at the John
F. Kennedy Center for the Performing Arts. He is a leader in the
civic community, serving on the Boards of Youthbuild Boston, the
Pine Inn and I Have a Dream Foundation.
John P. Manning, age 50, is co-founder, President and Chief
Executive
Officer of Boston Capital Partners, Inc., where he is responsible
for strategic planning, business development and corporate
investor relations. In addition to his responsibilities at
Boston Capital, Mr. Manning is a proactive leader in the
industry. He served in 1990 as a member of the Mitchell-Danforth
Task Force, to review and reform the Low Income Housing Tax
Credit. He was the founding President of the Affordable Housing
Tax Credit Coalition, is a member of the board of the National
Leased Housing Association and sits on the Advisory Board of the
publication Housing and Development Reporter. During the 1980s
he served as a member of the Massachusetts Housing Policy
Committee, as an appointee of the Governor of Massachusetts. In
addition, Mr. Manning has testified before the U.S. House Ways
and Means Committee and the U.S. Senate Finance Committee, on the
critical role of the private sector in the success of the Low
Income Housing Tax Credit Program. In 1996, President Clinton
appointed him to the President's Advisory Committee on the Arts
at the John F. Kennedy Center for the Performing Arts. Mr.
Manning also is a leader in the civic community, serving on the
Boards of Youthbuild Boston and the Pine Street Inn. Mr. Manning
is a graduate of Boston College.
45
Richard J. DeAgazio, age 53, is Executive Vice President of
Boston Capital
Partners, Inc., and is President of Boston Capital Services, Inc.
Mr. DeAgazio
serves on the national Board of Governors of the National
Association of
Securities Dealers (NASD), was the Vice Chairman of the NASD's
District 11
Committee, and serves on the NASD's national Business Conduct
Committee, the
State Liaison Committee and the Direct Participation Program
Committee. He is
a founder and past President of the National Real Estate
Investment Association,
past President of the Real Estate Securities and Syndication
Institute
(Massachusetts Chapter) and the Real Estate Investment
Association. Prior to
joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice
President and
Director of the Brokerage Division of Dresdner Securities (USA),
Inc., an
international investment banking firm owned by four major
European banks, and was
a Vice President of Burgess & Leith/Advest. He has been a member
of the Boston
Stock Exchange since 1967. He is a leader in the community and
serves on the
Business Leaders Council of the Boston Symphony, Board of
Advisors for the Ron
Burton Training Village and is on the Board of Corporators of
Northeastern
University. He graduated from Northeastern University.
Christopher W. Collins, age 43, is an Executive Vice
President and
principal of Boston Capital Partners, Inc., and is responsible
for, among other
areas, overseeing the investment portfolio of funds sponsored by
Boston Capital
and the acquisition of real estate investments on behalf of such
funds. Mr.
Collins has had extensive experience in real estate development
activities,
having founded and directed the American Development Group, a
comprehensive real
estate development firm, and has also had extensive experience in
the area of
acquiring real estate investments. He is on the Board of
Directors of the
National Multi-Housing Council and a member of the Massachusetts
Housing Finance
Agency Multi-Family Advisory Committee. He graduated from the
University of New
Hampshire.
Anthony A. Nickas, age 38, is Chief Financial Officer of
Boston Capital
Partners, Inc., and serves on the firm's Operating Committee. He
has twelve
years of experience in the accounting and finance field and has
supervised the
financial aspects of Boston Capital's project development and
property management
affiliates. Prior to joining Boston Capital in 1987, he was
Assistant Director
of Accounting and Financial Reporting for the Yankee Companies,
Inc., and was an
Audit Supervisor for Wolf & Company of Massachusetts, P.C., a
regional certified
public accounting firm based in Boston. He graduated with honors
from Norwich
University.
(f) Involvement in certain legal proceedings.
None.
(g) Promoters and control persons.
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
46
Partnership of the Partnership, the Partnership has paid or
accrued
obligations to the General Partner and its affiliates for the
following
fees during the 1998 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
accrued as payable to Boston Capital Asset Management Limited
Partnership. The annual partnership management fee accrued
during the year
ended March 31, 1998 was $2,509,932. Accrued fees are payable
without
interest as sufficient funds become available.
2. The Partnership has reimbursed, or accrued to, an affiliate
of the
General Partner a total of $103,239 for amounts charged to
operations
during the year ended March 31, 1998. 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, 1998, 18,679,738 BACs had been issued. No
person is
known to own beneficially in excess of 5% of the outstanding BACs
in any
of the Series.
(b) Security ownership of management.
The General Partner has a 1% interest in all Profits, Losses,
Credits
and distributions of the Partnership. The Partnership's response
to Item
12(a) is incorporated herein by reference.
(c) Changes in control.
There exists no arrangement known to the Partnership the
operation of
which may at a subsequent date result in a change in control of
the
Partnership. There is a provision in the Limited Partnership
Agreement
which allows, under certain circumstances, the ability to change
control.
Item 13. Certain Relationships and Related Transactions
(a) Transactions with management and others.
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
47
amounts accrued or paid to the General Partner and its affiliates
during
the period from April 1, 1995 through March 31, 1998.
(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.
48
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, 1998 and 1997
Statement of Operations, Years ended March 31, 1998, 1997,
and
1996.
Statements of Changes in Partners' Capital, Years ended March
31, 1998, 1997 and 1996.
Statements of Cash Flows, Years ended March 31, 1998, 1997
and
1996.
Notes to Financial Statements, March 31, 1998, 1997 and
1996.
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.)
49
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.
---------------------------------------------------
50
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 14, 1998 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 14, 1998 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
51
<PAGE>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS REPORT
BOSTON CAPITAL TAX CREDIT
FUND II LIMITED PARTNERSHIP -
SERIES 7, 9 THROUGH 12, AND 14
MARCH 31, 1998 AND 1997
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS REPORT F-3
FINANCIAL STATEMENTS
BALANCE SHEETS F-5
STATEMENTS OF OPERATIONS F-12
STATEMENTS OF CHANGES IN PARTNERS CAPITAL F-19
STATEMENTS OF CASH FLOWS F-23
NOTES TO FINANCIAL STATEMENTS F-37
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION F-71
NOTES TO SCHEDULE III
Schedules not listed are omitted because of the absence of the
conditions under which they are required or because the information
is included in the financial statements or the notes thereto.
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants * A Professional Corporation
4520 East-West Highway * Suite 300 * Bethesda, MD 20814-3319
(301) 652-9100 * Fax (301) 652-1848
INDEPENDENT AUDITORS REPORT
To the Partners
Boston Capital Tax Credit Fund 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, 1998 and 1997 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, 1998. These financial statements are the
responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our
audits. We did not audit the financial statements of certain
operating partnerships in which Boston Capital Tax Credit Fund II
Limited Partnership owns a limited partnership interest.
Investments in such partnerships comprise the following percentages
of the assets as of March 31, 1998 and 1997 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, 31% and 32% of the
assets and 22%, 11% and 21% of the partnership loss; Series 7, 4%
and 4% of the assets and 7%, 5% and 17% of the partnership loss;
Series 9, 33% and 38% of the assets and 27%, 26% and 21% of the
partnership loss; Series 10, 36% and 31% of the assets and 7%, 4%
and 5% of the partnership loss; Series 11, 43% and 18% of the
assets and 34%, 10% and 31% of the partnership loss; Series 12, 30%
and 26% of the assets and 32%, 24% and 28% of the partnership loss;
and Series 14, 25% and 16% of the assets and 18%, 15% and 20% of
the p artnership 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>
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, 1998 and 1997 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, 1998, 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, 1998. 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 8, 1998
F-4
McGLADREY & PULLEN, LLP
Certified Public Accountants and ConsultantsINDEPENDENT AUDITOR'S REPORTTo
the PartnersDeer Hill II Limited Partnership
Greensboro, North Carolina
We have audited the accompanying balance sheets of Deer Hill II Limited
Partnership as of December 31, 1997 and 1996, and the related statements of
income, partners' deficit, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a 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, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 20, 1998 on our consideration of Deer Hill II Limited
Partnership's internal control and a report dated January 20, 1998 on its
compliance with laws and regulations.
Greensboro, North Carolina
January 20, 1998
LAMORENA & CHANG
CERTIIIED PUBLIC ACCOUNTANTS
22 BATTERY STREET, SUITE 412 TELEPHONE: 415.781.8441
SAN FRANCISCO, CALIFORNIA 94111 FACSIMILE: 415.781.8442
INDEPENDENT AUDITORS'REPORT
To the Partners
King City Elderly Housing Associates
(a California Limited Partnership)
Salinas, California
We have audited the accompanying balance sheet of the King City Elderly
Housing Associates (a California Limited Partnership) as of December 31,
1997 and 1996, and the related statements of operations, partners' equity
(deficit), and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of the King City Elderly
Housing Associates (a California Limited Partnership) as of December 31,
1997 and 1996, and the results of its operations changes in partner's
equity (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 supplemental information on
pages and 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, 1998
BLOOM, GETTIS, HABIB, SILVER & TERRONE, P.A.CERTIFIED PUBLIC ACCOUNTANTS
SUITE 1450
2601 SOUTH BAYSHORE DRIVE
MIAMI, FLORIDA 33133-9893
TELLEPHONE (305) 858-6211
FACSIMILE (305) 858-9696
BURT R. BLOOM, C.P.A., C.V.A.
LAWRENCE W. GETTIS, C.P.A.
STEVEN M. HABIB, C.P.A.
MICHAEL A. SILVER, C.P.A.
ROGER J. TERRONE, C.P.A.
CURT A. ROSNER, C.P.A.
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
To the PartnersMetropole 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, 1997
and 1996, 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, 1997 and 1996, 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.
January 22, 1998
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.WesterhausenJames E. Hindle, Jr. (1949 - 1994)
Offices Located in Fort Wayne and Marion, Indiana
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, 1997 and 1996, 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,
Fanners 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, 1997 and 1996, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose 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 with Government Auditing Standards, we have also issued a
report dated January 22, 1998 on our consideration of Oakview Limited's
internal control structure and a report dated January 22, 1998 on its
compliance with laws and regulations.
Fort Wayne, Indiana
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)
McGLADREY & PULLEN, LLPCertified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORTTo 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, 1997 and 1996, and the related statements of
income, partners' deficit, and cash flows for the years then ended. These
financial statement are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Westwood Square Limited
Partnership as of December 31, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 20, 1998 on our consideration of Westwood Square
Limited Partnership's internal control and a report dated January 20, 1998
on its compliance with laws and regulations.
Greensboro, North Carolina
January 20, 1998
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
56 COURT STREET - P.0 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, 1997 and 1996 and the related statements of income and
expense, partners' equity (deficit), and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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, 1997 and 1996 and the
results of its operations, its partners' equity (deficit) and its cash
flows for the years then ended in conformity with generally accepted
principles.
In accordance with Government Auditing Standards, we have also issued our
reports dated January 21, 1998 on our consideration of Beaver Brook Housing
Associates' internal control structure and on its compliance with laws and
regulations.
January 21, 1998
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. WesterhausenJames E. Hindle, Jr. (1949 - 1994)
Offices Located in Fort Wayne and Marion, Indiana
INDEPENDENT AUDITOR'S REPORT
To the Partners ofBrooklyn Limited (An Indiana Limited Partnership)
Corunna, Indiana
We have audited the accompanying balance sheets of Brooklyn Limited (An
Indiana Limited Partnership) as of December 31,1997 and 1996, 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, 1997 and 1996, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 9 is presented for 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 22, 1998 on our consideration of Brooklyn Limited's
internal control structure and a report dated January 22, 1998 on its
compliance with laws and regulations.
Fort Wayne, Indiana
January 22, 1998
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)
INDEPENDENT AUDITORS'REPORT
To the Partners
Corinth Housing Redevelopment Company
We have audited the accompanying balance sheet of Corinth Housing
Redevelopment Company as of December 31, 1997, and the related statements
of operations, partners' equity, and cash flows for the year 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 Corinth Housing
Redevelopment Company as of December 31, 1997, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
The 1996 financial statements of Corinth Housing Redevelopment Company were
audited by other accountants whose report dated January 21, 1997, 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.
In accordance with Government Auditing Standards, we have also issued
reports dated February 2, 1998, on our consideration of the Program's
internal control structure and it's compliance with laws and regulations.
February 2, 1998
Albany, New York
FECTEAU & COMPANY, P.C.
Flegal & Tibbitts
Certified Public Accountants
May K. Flegal, CPA
Jana L. Tibbitts, CPA
To the Partners
Fawn River Apartments
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheet of Fawn River Apartments (a
partnership) Project 026078-382856293 as of December 31, 1997 and related
statement of operations, partners' equity and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit 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 we 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 includes 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 Fawn River Apartments
Project #26-078-382856293 as of December 31, 1997, and its operations, cash
flows and its changes in partners' equity 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 19, 1998, on our consideration of Fawn River Apartments
Project #26-078-382856293 internal control structure and a report dated
February 19, 1998, on its compliance with laws and regulations.
February 19, 1998
The Waters Edge, Second Floor5930 Lovers Lane
Portage, Michigan 49002
Phone (616) 383-1900
FLEGAL & TIBBITTS
227 Hubbard Street
Allegan, Michigan 49010
Phone (616) 673-2222
SMITH, MILES & COMPANY, L.C.
CERTIFIED PUBLIC ACCOUNTANIS
1230 AIRPORT ROAD
P.O. BOX 1177PANAMA CITY, FLORIDA 32402Phone: (850) 785-0261Fax: (850)
785-2078
INDEPENDENT AUDITORS' REPORTTo the PartnersFountain Green Apartments,
Ltd.Panama City, FloridaWe have audited the accompanying balance sheets of
Fountain Green Apartments, Ltd., FmHA Project No: 09-46-592948719, as of
December 31, 1997 and 1996, and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government 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, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information 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 27, 1998
INDEPENDENT AUDITORS'REPORT
To the Partners
Greenwich Housing Redevelopment Company
We have audited the accompanying balance sheet of Greenwich Housing
Redevelopment Company as of December 31, 1997, and the related statements
of operations, partners' equity, and cash flows for the year 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 Greenwich Housing
Redevelopment Company as of December 31, 1997, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
The 1996 financial statements of Greenwich Housing Redevelopment Company
were audited by other accountants whose report dated January 15, 1997,
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.
In accordance with Government Auditing Standards, we have also issued
reports dated February 2, 1998, on our consideration of the Program's
internal control structure and it's compliance with laws and regulations.
Fecteau & Company, P.C.
February 2, 1998
Albany, New York
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 CERTIFIED PUBLIC ACCOLINTANTS
NORTH CAROLINA ASSOCIATION OFCERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of
Grifton Housing Associates, A NC Limited Partnership
Charlotte, North Carolina
We have audited the balance sheets of Grifton Housing Associates, A NC
Limited Partnership as of December 31, 1997 and 1996, 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 Grifton Housing
Associates, A NC Limited Partnership as of December 31, 1997 and 1996, and
the results of its operations and its cash flows for the years then ended
in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 6, 1998 on our consideration of Grifton Housing
Associates, a
NC Limited Partnership's internal control structure and a report dated
February 6, 1998 on its compliance with laws and regulations.
100 EAST CUMBERLAND STREET, P.O. BOX 578, DUNN, N.C. 28335 (910) 892-1021
FAX (910) 892-6084
Grifton Housing Associates, A NC Limited Partnership
Page Two
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.
Oscar N. Harris & Associates, P.A.
Certified Public Accountants
February 6, 1998
LOUIS YOUNG C.P.A. INC.
2630 E. ASHLAN - FRESNO, CALIFORNIA 93726
(209) 224-5141
INDEPENDENT AUDITORIS REPORT
The Partners
Hacienda Villa Associates
Firebaugh, California
We have audited the accompanying balance sheet of Hacienda Villa Associates
(A Limited Partnership) as of December 31, 1997, and the related statements
of operations, partners' capital and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Hacienda Villa
Associates (a Limited Partnership) as of December 31, 1997, and the results
of its operations and its cash flows for the year then ended, in conformity
with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 14 and 15 is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Louis Young CPA Inc.
Fresno, California
February 26, 1998
DUGGAN, JOINER,
BIRKENMEYER,
STAFFORD & FURMAN, RA.
Certified Public Accountants
MAICOIM R. DUGGAN, JR. C.P.A.
C.D. JOINER, JR., C.P.A., Retired
WAYNE J.BIRKENMYER, 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.
MEMBERS:
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
February 6, 1998
To the Partners
Haines City Apartments, Ltd.
We have audited the accompanying basic fina.cial statements of Haines City
Apartments, Ltd., as of and for the year ended December 31, 1997 and 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 audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Govermnent 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 disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide 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, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 6, 1998 on our consideration of Haines City
Apartments, Ltd's internal control over financial reporting and our tests
of its compliance with certain provisions of laws, regulations, contracts
and grants.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information
presented on pages 9 to 15 is presented for the purposes of additional
analysis and is not a required part of the basic financial statements. The
information on pages 9 to 14 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. The information on page 15, which
is of a nonaccounting nature, has not been subjected to auditing procedures
applied in the audits of the basic financial statements, and we express no
opinion on it.
BOWMAN & COMPANY, LLP
Certified Public Accountants
Herbert H.Bowman,
Bruce G. Bentz,
Taylor M.Weltz,
Kathleen D.O'Brien,
Gary R.Daniel
Daniel E. Phelps
Telephone: 209/473-1040
LODI: 209/333-0540
Fax: 209/ 473-9771
2431 West March Lane,
Suite 100
Stockton California,
95207-6598
INDEPENDENT AUDITORS'REPORT
To the Partners
Glennwood Hotel Investors
(A California Limited Partnership)
Sacramento, Califomia
We have audited the accompanying balance sheets of Glennwood Hotel
Investors (A California Limited Partnership) as of December 31, 1997 and
1996, and the related statements of income, partners' equity (deficit), and
cash flows for the years then ended. These financial statements are the
responsibility ofthe Partnership's management. Our responsibility 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
ofmaterial misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a 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, 1997 and
1996, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
Stockton, Califomia
January 14, 1998
INDEPENDENT AUDITORS'REPORT
To the Partners
Greenwich Housing Redevelopment Company
We have audited the accompanying balance sheet of Greenwich Housing
Redevelopment Company as of December 31, 1997, and the related statements
of operations, partners' equity, and cash flows for the year 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 Greenwich Housing
Redevelopment Company as of December 31, 1997 and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
The 1996 financial statements of Greenwich Housing Redevelopment Company
were audited by other accountants whose report dated January 15, 1997,
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.
In accordance with Government Auditing Standards, we have also issued
reports dated February 2, 1998, on our consideration of the Program's
internal control structure and it's compliance with laws and regulations.
FECTEAU & COMPANY, P.C.
February 2, 1998
Albany, New York
FECTEAU & COMPANY, P.C.
McGEE & Associates, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners
Kristin Park Apartments, Ltd.
and Rural Development
We have audited the accompanying balance sheets of Kristin Park Apartments,
Ltd. (a limited partnership) as of December 31, 1997 and 1996, and the
related statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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, 1997 and 1996, 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 16, 1998, on our consideration of Kristin Park
Apartments, Ltd.'s internal control over financial reporting and our tests
of its compliance with certain provisions of laws, regulations, contracts
and grants.
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 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 16, 1998
Farmington, New Mexico
BURKE & REA
CERTIFIED PUBLIC ACCOUNTANTS
EDWARD T. BURKE, C.P.A.
BERNARD E. REA, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Maywood Associates, Ltd.
(A California Limited Partnership)
Cheyenne, WY
We have audited the accompanying balance sheets of Maywood Associates, Ltd.
(A California Limited Partnership), USA Rural Development Case No. 04-052-
680184284, as of December, 31, 1997 and 1996, and the related statements of
income, partners' equity, and cash flows for the years the ended. These
financial statements are the responsibility of the Partnership's
management. Our, responsibility 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, 1997 and 1996,
and the results of its operation, and its cash flows for then years ended,
in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated March 13, 1998 on our consideration of Maywood Associates,
Ltd.'s internal control structure and a report dated March 13, 1998 on its
compliance with laws and regulations.
Stockton, California.
March 13, 1998
- - 1 -
P.O. BOX 4632,STOCKTON, CA 95204
TELEPHONE 209/933-9113 FAX 2091933-9115
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenue, 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, 1997 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.
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 (a Georgia Limited Partnership) as of December 31, 1997 and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1998
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, 1997 and 1996, 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, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
The accompanying information is presented for additional analysis
and is not a required part of the basic financial statements. Such
information has been subjected to the same auditing procedures applied
in the audits of the basic financial statements and, in our opinion, is
presented fairly in all material respects in relation to the basic
financial statements taken as a whole.
Indianapolis, Indiana
January 23, 1998
Dauby O'Connor & Zaleski, LLC
Certified Public Accountants
698 Pro Med Lane, Carmel, Indiana 46032
317-848-5700 Fax: 317-815-6140
STANCIL & COMPANY
INDEPENDENT AUDITORS' REPORT
To the Partners of
Quail Hollow of Warsaw Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheets of Quail Hollow of Warsaw
Limited Partnership as of December 31, 1997 and 1996 and the related
statements of operations, partners' capital, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Quail Hollow of Warsaw
Limited Partnership as of December 31, 1997 and 1996 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 on
pages 12 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 audits of the
basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
In accordance with Government Auditing Standards, we have also issued a
report dated February 4, 1998 on our consideration of Quail Hollow of
Warsaw Limited Partnership's internal control and a report dated February
4, 1998 on its compliance with laws and regulations applicable to the
financial statements.
Raleigh, North Carolina
February 4, 1998
CERTIFIED PUBLIC ACCOUNTANTS
MANAGEMENT CONSULTANTS
Schonwit & Associates
Certified Public Accountants
575 Anton Boulevard, Suite 500, Costa Mesa, California 92626
(714) 437-1025 FAX (714) 957-1678
INDEPENDENT AUDITOR'S REPORT
To the PartnersRaitt 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, 1997, 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. I have previously audited
and reported on the financial statements for the preceding year.
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,
1997, 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
January 27, 1998
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, 1997 and 1996, 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, 1997 and 1996, 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.
The accompanying financial statements have been prepared assuming that the
partnership will continue as a going concern. As discussed in Note I to
the financial statements, the partnership has incurred recurring operating
losses and anticipates that this condition will continue. This factor
raises 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 I. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
January 22, 1998
1221 John Q. Hammons Dr. - P.O. Box 44966 - Madison, WI 53744-4966 -
(608) 831-8181 - FAX (608) 831-4243MADISON - MILWAUKEE - ROCKFORD
BAKER NEWMAN & NOYESCERTIFIED PUBLIC ACCOUNTANTSINDEPENDENT AUDITORS'
REPORT
To the PartnersSouth Paris Heights Associates(A Maine Limited
Partnership)We have audited the accompanying balance sheets of South Paris
Heights Associates (A Maine Limited Partnership) as of December 31, 1997
and 1996, and the related statements of operations and changes in
accumulated 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 South Paris Heights
Associates (A Maine Limited Partnership) at December 31, 1997 and 1996, and
the results of its operations and its cash flows for the years then ended
in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
reports dated February 12, 1998 on our consideration of the internal
control over financial reporting of South Paris Heights Associates (A Maine
Limited Partnership) and our tests of its compliance with certain
provisions of laws and regulations.
1
To the Partners
South Paris Heights Associates
(A Maine Limited Partnership)
page 2
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 U.S. Department of
Agriculture - Rural Housing and Community Development 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.
February 12, 1998
Baker Newman & Noyes
Limited Liability Company
BENDER, WELTMAN THOMAS & CO
CERTIFIED PUBLIC ACCOUNTANTS
1067 NORTH MASON ROAD, SUITE 7
ST. LOUIS, MISSOURI 63141-6341
(314) 576-1350
FAX (314) 576-9650
William J. Bender
Joel W. Weltman
James E. Thomas
Gerald D. Magruder
INDEPENDENT AUDITORS' 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, 1997 and
1996, and the related statements of operations, partners' capital, and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. These 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 statements presentation. We believe that our audits
provide a 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, 1997 and
1996, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
BENDER, WELTMAN, THOMAS & CO., CPA'S
February 13, 1998
Members: American Institute of Certified Public Accountants
Missouri Society of Certified Public Accountants
Thomas C. Cunningham, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(540) 669-5531
INDEPENDENT AUDITOR'S REPORT
To the Partners,
Tappahannock Greens Limited Partnership
I have audited the accompanying balance sheet of Tappahannock Greens
Limited Partnership as of December 31, 1997 and 1996, and the related
statements of operations, partner' 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, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. 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 also
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. 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, 1997 and 1996, 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 made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information on
pages 15 to 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 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 18, 1998 on my consideration of Tappahannock Green.
Limited Partnership's internal control and a report dated February 18, 1998
on its compliance with laws and regulations applicable to the financial
statements.
THOMAS C. CUNNINGHAM, CPA P.C.
February 18, 1998
SMITH, MILES & COMPANY, L.C.
CERTIFIED PUBLIC ACCOUNTANTS
1230 AIRPORT ROADP.O. BOX 1177PANAMA CITY, FLORIDA 32402Phone: (850) 785-
0261Fax: (850) 785-2078
INDEPENDENT AUDITORS' REPORTTo the Partners
Village Oaks Apartments II, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Village Oaks Apartments,
II, Ltd., FmHA Project No: 09-061-0592884971, as of December 31, 1997 and
1996, and the related statements of operations, partners, equity (deficit)
and cash flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our-audits in accordance with generally accepted auditing
standards and Government 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, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information 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 29, 1998
Coopers & LybrandReport of Independent AccountantsTo the PartnersWilmington
Housing Redevelopment CompanyWe have audited the accompanying statements of
financial position of Wilmington Housing Redevelopment Company (A Limited
Partnership), as of December 31, 1997 and 1996, and the related statements
of operations and partners' capital (deficit), 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 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 Wilmington Housing
Redevelopment Company as of December 31, 1997 and 1996, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 21, 1998 on our consideration of Wilmington Housing
Redevelopment Company's internal control structure and a report dated
January 21, 1998 on its compliance with laws and regulations..
Rochester, New York
January 21, 1998
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenue, Suite 202
Post Office, Box, 14251
Savannah, Georgia 31406
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, 1997 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.
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, 1997 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, 1998
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
Telephone (502)756-5704
FAX (502)756-5927
e-mail [email protected]
209 East Third Street - P. 0. Box 577
Hardinsburg, Kentucky 40143
INDEPENDENT AUDITORS REPORT
To the Partners
Butler Properties, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Butler Properties,
Limited (a Kentucky limited partnership), RHS Project No.: 20-016-
0611166123, as of December 31, 1997 and 1996, and the related statements of
operations, partners' capital, and cash flows for the years then ended.
These financial statements are the responsibility ofthe 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, 1997 and
1996, in accordance with generally accepted auditing standards and
Govemment 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 opirdon.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Butler Properties,
Limited, as of December 31, 1997 and 1996, and the results of its
operations, the changes in its partners' capital 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 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 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.
Daniel G. Drane
Certified Public Accountant
March 10, 1998
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenue, Suite 202
Post Office, Box, 14251
Savannah, Georgia 31406
Savannah, Georgia 31416
Phone: (912) 355-9969
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, 1997
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 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, 1997
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, 1998
DANIEL G. DRANIF, Telephone
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street - P. 0. Box 577
Hardinsburg, Kentucky 40143
(502)756-5704
FAX (502)756-5927
e-mail [email protected]
INDEPENDENT AUDITORS REPORT
To the Partners
Hart Properties, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Hart Properties, Limited
(a Kentucky Limited partnership), RHS Project No.: 20-050-611135226, as of
December 31, 1997 and 1996, and the related statements of operations,
partners' capital/deficit, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. 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, 1997 and
1996, 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 Hart Properties,
Limited, as of December 31, 1997 and 1996, and the results of its
operations, the changes in its partners' capital/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
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 my opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
Daniel G. Drane
Certified Public Accountant
March 10, 1998
Byrd, Smalley,
Evans, Adams & Johnson, P.C.CERTIFIED PUBLIC ACCOUNTANTS
TELEPHONE (205) 353-1611
FAX (205) 353-1578
237 Johnston Street S.E.
Post Office Box 2179,
Decatur, AL 35602-2179Independent Auditor's ReportTo the PartnersHousing
Investors, Athens II, LTD.Decatur, AlabamaWe have audited the accompanying
balance sheet of Housing Investors Athens II, Ltd. (a partnership) as of
December 31, 1997 and 1996, and the related statements of operations,
partners' capital, and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our 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 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 Financial
statement presentation. We believe that our audits provide a 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, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
February 25, 1998
BURKE & REA
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
CERTIFIED PUBLIC ACCOUNTANTS
We have audited the accompanying balance sheets of Maidu Properties (A
California Limited Partnership), as of Deceber 31, 1997 and 1996, 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 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, 1997 and 1996, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information for
the years ended December 31, 1997 and 1996, 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 opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
Stockton, California
March 20, 1998
P.O. BOX 4632 STOCKTON, CA 95204
TELEPHONE 209/933-9113 FAX 209/933-9115
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenue, Suite 202
Post Office, Box, 14251
Savannah, Georgia 31406
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,
1997 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 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,
1997 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, 1998
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street - P. 0. Box 577
Hardinsburg, Kentucky 40143
INEPENDENT AUDITORS REPORT
To the Partners
Morgantown Properties, Limited
Leitchfield, Kentucky
Telephone (502)756-5704
FAX (502)756-5927
e-mail dgdcpa@bbtcl-com
I have audited the accompanying balance sheets of Morgantown Properties,
Limited (a Kentucky limited partnership), RHS Project No.: 20-016-
0611149787, as of December 31, 1997 and 1996, and the related statements of
operations, partners' capital/deficit, and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. 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, 1997 and
1996, 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,
Limited, as of December 31, 1997 and 1996, and the results of its
operations, the changes in its partners' capital/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
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 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.
Daniel G. Drane
Certified Public Accountant
March 10, 1998
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Partners of
Pedcor Investments - 1989 - X, L.P.
(An Indiana Limited Partnership)
We have audited the accompanying balance sheet of Pedcor Investments - 1989
- - X, L.P. (an Indiana Limited Partnership) as of December 31, 1997, and the
related statements of profit and loss and changes in partners, equity
(deficit) and cash flows for the year then ended. These financial
statements are the responsibility of management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We.believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly
in all material respects the financial position of Pedcor Investments -
1989 - X, L.P. as of December 31, 1997, and the results of its operations
and changes in partners' equity (deficit) and cash flows for the year then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditincr Standards, we have also issued a
report dated January 23, 1998, on our consideration of the Partnership's
internal controls and a report dated January 23, 1998, on its compliance
with laws and regulations.
698 Pro Med Lane Carmel, Indiana, 46032
317-848-5700
Fax: 317-815-6140
Pedcor Investments - 1989 - X, L.P.
Page Two
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 auditing procedures
applied in the audit of the basic financial statements and in our opinion,
is fairly stated in all material respects in relation to the financial
statements taken as a whole.
Indianapolis, Indiana
January 23, 1998
Dauby O'Connor & Zaleski, LLC
Certified Public Accountants
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenue, Suite 202
Post Office, Box, 14251
Savannah, Georgia 31406
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, 1997 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.
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, 1997
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, 1998
KOSTIN, RUFFKESS & COMPANY, LLCCERTIFIED PUBLIC ACCOUNTANTS
To the partners
South Farm Limited Partnership
RIHMFC #HIP-023
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheet of South Farm Limited
Partnership, as of March 31, 1998, 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 the standards applicable to financial audits contained in
Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of South Farm Limited
Partnership at March 31, 1998, 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 HUD Programs, issued by the U.S. Department of Housing
and Urban Development, we have also issued a report dated April 30, 1998,
on our consideration of South Farm Limited Partnership's internal control
and reports dated April 30, 1998, on its compliance with laws and
regulations, specific requirements applicable to major HUD programs and
specific requirements applicable to Fair Housing and Nondiscrimination.
South Farm Limited Partnership
Page Two
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 24 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
April 30, 1998
345 North Main Street
West Hartford, CT 06117-2521
(860) 236-1975
Toll Free: (800) 286-5726
FAX: (860) 236-1783
260 U.S. Route #1
Bank Building
New London, CT 06320-0166
Members of the Firm:
Jerrold M. Gold, CPA
Lawrence Marziale, CPA
Joseph W. Sparveri, Jr., CPA
Peter K. Askham, CPA
Richard V. Kretz, CPA
Edmund S. Kindelan, CPA
Michael T. Novosel, CPA
John S. Pavlik, CPA
Kimberly O. Nordone, CPA
Daniel Donofrio, CPA
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, 1997 and 1996, 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 the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Academy Hill Limited
Partnership as of December 31, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 20, 1998 on our consideration of Academy Hill Limited
Partnership's internal control and a report dated January 20, 1998 on its
compliance with laws and regulations.
Greensboro, North Carolina
January 20, 1998
GWEN WARD, P.C.
Certified Public Accountant
609 University Drive,
Fort Worth, Texas 76107
(817) 336-5880
Member American Institute of Certified Accountants
Member 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, 1997 and 1996, and the related statements of operations,
partners, equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. 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, 1997 and 1996, 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 fo=ing 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 28, 1998
I-3
McGEE & Associates, P.C.CERTIFIED PUBLIC ACCOUNTANTSIndependent Auditors'
ReportTo the PartnersBuckeye Senior, Ltd.and Rural Development
We have audited the accompanying balance sheets of Buckeye Senior, Ltd. (a
limited partnership) as of December 31, 1997 and 1996, and the related
statements of operations, partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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, 1997 and 1996, and the results of its operations and the
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 January 16, 1998, on our consideration of Buckeye Senior,
Ltd.'s internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and
grants.
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 16, 1998
Farmington, New Mexico
GWEN WARD, P.C.
Certified Public Accountant
609 University Drive,
Fort Worth, Texas 76107
(817) 336-5880
Member American Institute of Certified Accountants
Member Texas Society of Certified Public Accountants
To the Partners of
Copper Creek, L.P.
Independent Auditor's Report
I have audited the accompanying balance sheets of Copper Creek, L.P. as of
December 31, 1997 and 1996, and the related statements of operations,
partners, equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. 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, 1997 and 1996, 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
respects in relation to the basic financial statements as a whole.
Fort Worth, Texas
March 27, 1998
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, 1997 and 1996 and the related
statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Coronado Housing
Limited Partnership as of December 31, 1997 and 1996 and the results of its
Federations 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, 1997 and 1996 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 25, 1998
I - 3
KAY L. Bowen & Associates
CERTIFIED PUBLIC, ACCOUNTANT, PC.
Phone- (801) 627-0825 - FAX (801) 627-0829 - 1-800-573-0609
3710 QUINCY AVENUE
OGDEN, UTAH 84403
KAY L BOWEN
PRESIDENT
SHARI B. JOHNSON
CPA
JAMES L HAWKINS
INDEPENDENT AUDITOR'S REPORT
To the Partners
Franklin School Associates
Franklin School Apartments
Great Falls, Montana
We have audited the accompanying balance sheet of Franklin School
Associates, as of December 31, 1997 and 1996, and the related statements of
income and cash flows and change in partners' equity for the years then
ended. These financial statements are the responsibility of Franklin
School Associates' management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audit provides reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Franklin School
Apartments, as of December 31, 1997 and 1996, and the results of its
operations, change in partners, equity, and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting information included
in the report (shown on pages 13 to 15) are presented for the purposes of
additional analysis and are not a required part of the basic financial
statements of Franklin School Associates. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial
statements and, in our opinion, is fairly stated in all material respects
in relation to the financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated February 12, 1998, on our consideration of Franklin School
Associates I internal controls and a report dated February 12, 1998, on its
compliance with laws and regulations.
Ogden, Utah
February 12, 1998
Kay L. Bowen, CPA, President
Kay L. Bowen & Associates, P.C.
Federal I.D. #87-0448933
Page 1
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, 1997 and 1996, and
the related statements of operations, partners' capital, and cash flows for
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, 1997 and 1996, 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 March 7, 1998 on our consideration of Hilltop Apartments
Limited Partnership internal control and on its compliance with laws and
regulations.
March 7, 1998
The Gautreau Group, L.L.C.
Certified Public Accountants
John C.Gautreau, II, CPA
J. Curt Gautreau CPA
Crissie Head, CPA
Kati M.Williamson
A Professional Accounting Operation
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, 1997
and 1996, 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
responsibilltv 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 bv management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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. 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 19, 1998 on our consideration of Lakewood Village
Partnership's internal control and a report dated Februarv 19, 1998 on its
compliance with laws and regulations.
Februarv 19, 1998
P.O. Box 82430 \ 8641 United Plaza Boulevard, Suite 202 \ Baton Rouge,
Louisiana 70884-2430 \ Telephone (504) 924-6744 \ FAX (504) 929-6916
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 II, L.P.
Licking, Missouri
We have audited the accompanying balance sheets of Licking Associates II,
L.P. (a limited partnership) as of December 31, 1997 and 1996, and the
related statements of operations, partners' capital and cash flows for the
years then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
response 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, 1997 and 1996, 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 15, 1998
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MISSOURI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
BLOOM, GETTIS, HAEBIB, SILVER & TERRONE, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
SUITE 1450
2601 SOUTH BAYSHORE DRIVE
MIAMI, FLORIDA 33133-9893
TELLEPHONE (305) 858-6211
FACSIMILE (305) 858-9696
BURT R. BLOOM, C.P.A., C.V.A.
LAWRENCE W. GETTIS, C.P.A.
STEVEN M. HABIB, C.P.A.
MICHAEL A. SILVER, C.P.A.
ROGER J. TERRONE, C.P.A.
CURT A. ROSNER, C.P.A.
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
To the PartnersLondon 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, 1997 and 1996,
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 amounts and disclosures in the financial
statements. An audit also includes 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, 1997 and 1996, and the results of its
operations, the changes in partners, equity and cash flows for the years
then
ended in conformity with generally accepted accounting principles.
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, on our opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
January 23, 1998
BURKE & REAEDWARD T. BURKE, C.P.A.BERNARD E. REA, C.P.A.
CERTIFIED PUBLIC ACCOUNTAN7S
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, 1997 and 1996, 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 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, 1997 and 1996, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information for
the years ended December 31, 1997 and 1996, 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 opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
Stockton, California
March 20, 1998
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenue, Suite 202
Post Office, Box, 14251
Savannah, Georgia 31406
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, 1997
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.
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, 1997 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, 1998
Charles Bailly & Company 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, RHS Project Number: 18-18-411649005, as of December 31, 1997 and 1996,
and the related statements of operations, partners, equity, and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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 Liited Partnership
#18 as of December 31, 1997 and 1996, and the results of its operations and
its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 3, 1998 on our consideration of RPI Liited
Partnership #18's internal control and a report dated February 3, 1998 on
its compliance with laws and regulations.
Fargo, North Dakota
February 3, 1998
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 Accountants
To the Partners of
Sierra Springs, L.P.
Independent Auditor's Report
I have audited the accompanying balance sheets of Sierra Springs, L.P. as
of December 31, 1997 and 1996, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. 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 Sierra Springs, L.P. as
of December 31, 1997 and 1996, 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.
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 28, 1998
I-3
Thompson, Derriq, Slovacek & Craig, P.C.
A Professional Corporation of Certified Public Accountants
4500 Carter Creek Parkway, Suite 201
Bryan, Texas 77802-4456
(409) 260-9696 Fax (409) 260-9683
INDEPENDENT AUDITORS'REPORT
March 6, 1998
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,
1997 and 1996 and the related statements of operations, partners' equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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 Partnerships as of December 31, 1997 and 1996 and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 15 through 29 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 (USDA Form RD 1930-8)
and Parts I through III of the Project Budget (USDAFormRD1930-7) for year
ended December 3l, 1997, is presented for purposes of complying with the
requirements of the United States Department of Agriculture 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 & CRAIG, P.C.
Certified Public Accountants
SMITH, MILES & COMPANY, L.C.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. BOX 1177
PANAMA CITY, FLORDDA 32402
Phone: (850) 785-0261
Fax: (850) 785-2078
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: ll:-51-592863964, as of December 31, 1997 and 1996, and
the related statements of operations, partners, deficit and cash flows for
the years then ended. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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, 1997,and 1996, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information 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, 1998
Fraley, Miller & Company
Certified Public Accountants
374 Main Street,
West Liberty, Kentucky, 41472
Telephone (606)743-7420
Fax (606) 743-7444
Partners:
Robert A. Fraley
Mickey F. Miller
Associates:
Kim Whitley Horton
Brenda K.Ball
To the Partners of
B B & L Enterprises, Ltd.
INDEPENDENT AUDITORS'REPORT
We have audited the accompanying balance sheets of B B & L Enterprises,
Ltd. (a Kentucky limited partnership) as of December 31, 1997, 1996, and
1995, 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
ofthe United State's, 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 23, 1998, on our consideration of B B & L
Enterprises, Ltd.'s internal control structure and a report dated February
23, 1998, 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, 1997, 1996, and 1995, 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 23, 1998
Main Office Located at 101 Fraley - Miller Plaza, Suite 101, Grayson,
Kentucky 41143 Telephone (606) 474-6608 - Fax (606) 474-7094
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenue, Suite 202
Post Office, Box, 14251
Savannah, Georgia 31406
Savannah, Georgia 31416
Phone: (912) 355-9969
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, 1997 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.
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, 1997 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, 1998
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 sheets of WHEDA Project No. 01
1/001 136 of Brandywood Limited Partnership as of December 31, 1997 and
1996, 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 Brandywood Limited
Partnership as of December 31, 1997 and 1996, 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.
January 13, 1998
- - 1 -
1221 John Q. Hammons Dr. - P.O. Box 44966 - Madison, WI 53744-4966 - (608)
831-8181 - FAX (608) 831-4243
MADISON - MILWAUKEE - ROCKFORD
Fraley, Miller & Company
Certified Public Accountants
374 Main Street,
West Liberty, Kentucky, 41472
Telephone (606)743-7420
Fax (606) 743-7444
Partners:
Robert A. Fraley
Mickey F. Miller
Associates:
Kim Whitley Horton
Brenda K.Ball
To the Partners of
Briarwick Apartments, Ltd.
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheets of Briarwick Apartments,
Ltd. (a Kentucky limited partnership) as of December 31, 1997, 1996, and
1995, 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
respopsibility 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
ofthe 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 12, 1998, on our consideration of Briarwick
Apartments, Ltd's internal control structure and a report dated February
12, 1998, 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, 1997, 1996, and 1995, and the results ofits
operations, changes in partners' capital and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
February 12, 1998
Main Office Located at 101 Fraley - Miller Plaza, Suite 101, Grayson,
Kentucky 41143 Telephone (606) 474-6608 - Fax (606) 474-70
GWEN WARD, P.C.
Certified Public Accountant
609 University Drive,
Fort Worth, Texas 76107
(817) 336-5880
Member American Institute of Certified 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, 1997 and 1996, and the related statements of operations,
partners, equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. 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, 1997 and 1996, 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
respects in relation to the basic financial statements taken as a whole.
Fort Worth, Texas
March 27, 1998
I-3
DANIEL G. DRANETelephone (502)756-5704
CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927
209 East Third Street - P. 0. Box 577 e-mail [email protected]
Hardinsburg, Kentucky 40143
INDEPENDENT AUDITORS REPORT
To the Partners
Clarkson Properties, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Clarkson Properties,
Limited (a Kentucky Limited partnership), RHS Project No.: 20-043-
0611167952, as of December 31, 1997 and 1996, and the related statements of
operations, partners' capital/deficit, and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. 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, 1997 and
1996, in accordance with generally accepted auditing standards and
Govemment 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,
Limited, as of December 31, 1997 and 1996, and the results of its
operations, the changes in its partners' capital/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
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 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.
Daniel G. Drane
Certified Public Accountant
March 10, 1998
DANIEL G. DRANETelephone (502)756-5704
CERTIFIED PUBLIC ACCOUNTANT FAX (502)756-5927
209 East Third Street - P. 0. Box 577 e-mail [email protected]
Hardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORT
To the Partners
Evanwood Properties, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Evanwood Properties,
Limited (a Kentucky limited partnership), RHS Project No.: 20-014-
0611145803, as of December 31, 1997 and 1996, and the related statements of
operations, partners' capital, and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's
management. 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, 1997 and
1996, in accordance with generally accepted auditing standards and
Govemment 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 arnounts and disclosures in the financial
statements. 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,
Limited, as of December 31, 1997 and 1996, and the results of its
operations, the changes in its partners' capital 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 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 my opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
Daniel G. Drane
Certified Public Accountant
March 10, 1998
McCartney & Company, P.C.Certified Public Accountants2121 University Park
Drive, Suite 150Okemos, Michigan 48864
Telephone (517) 347-5000 Fax (517) 347-5007
March 6, 1998PartnersIvan Woods Limited Partnership
Okemos, Michigan
Independent Auditor's Report
We have audited the accompanying balance sheets of Ivan Woods Limited
Partnership as of December 31, 1997 and 1996, and the related statements of
revenue, expenses and 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 Ivan Woods Limited
Partnership as of December 31, 1997 and 1996, 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 schedules of renting,
administrative, operating, maintenance, taxes and insurance expenses on
page 8 are presented for the purpose of additional analysis and are not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements, and in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
OKEMOS BRECKENRIDGE MARQUETTE
HOLDEN, MOSS, KNOTT, CLARK & TAYLOR, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners
Hunters Park Limited Partnership
We have audited the accompanying balance sheet of Hunters Park Limited
Partnership as of December 31, 1997, and the related statement of
operations, partners' equity, and cash flows for the year then ended.
These financial statements are the responsibflity of Hunters Park Limited
Partnership management. Our responsibility is to express an opinion on
these financial statements based on our audit. The financial statements of
Hunters Park Limited Partnership as of December 31, 1996 were audited by
other auditors whose report dated January 17, 1997, expressed an
unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Govemment Auditinia 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 afl material respects, the financial position of Hunters Park Limited
Partnership as of December 31, 1997, and the results of its operations and
its cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 28, 1998 on our consideration of Hunters Park Limited
Partnership's internal control over financial reporting and our tests of
its compliance with certain provisions of laws, regulations, contracts and
grants.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on
page 10, is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is presented fairly in all
material respects in relation to the basic financial statements taken as a
whole.
Certified Public Accountants
Henderson, North Carolina
January 28, 1998
SMITH, MILES & COMPANY, L.C.
CERTIFIED PUBLIC ACCOUNTANTS
1230 AERPORT ROAD
P.O. BOX 1177
PANAMA CITY, FLORIDA 32402
Phone: (850) 785-0261
Fax: (850) 785-2078
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, 1997
and 1996, and the related statements of operations, partners' deficit and
cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards 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, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information 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 2, 1998
FLOYD & COMPANYCertified Public Accountant132 Stephenson Avenue, Suite 202
Savannah, Georgia 31406
Post Office Box 14251
Savannah, Georgia 31416
Phone: (912) 355-9969
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, 1997 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.
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, 1997 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, 1998
McGEE & Associates, P.C.CERTIFIED PUBLIC ACCOUNTANTSIndependent Auditors'
ReportTo the PartnersLos Caballos II, Ltd.and Rural Development
We have audited the accompanying balance sheets of Los Caballos II, Ltd. (a
limited partnership) as of December 31, 1997 and 1996, and the related
statements of operations, partners' equity and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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, 1997 and 1996, 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 22, 1998, on our consideration of Los Caballos II,
Ltd.'s internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and
grants.
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 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 22, 1998
Farmington, New Mexico
BURKE & REA
EDWARD T. BURKE, C.P,A
BERNARD E. REA, C.P.A.
Certified Public Accountants
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), USDA Rural Development Case No. 33-019-
680192750, as of December 31, 1997 and 1996, 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 isstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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, 1997 and 1996, and
the results of its operations and its cash flows for the years then ended,
in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we havee also issued a
report dated March 13, 1998 on our consideration of Nye County Associates'
internal control structure and a report dated March 13, 1998 on its
compliance with laws and regulations.
Stockton, California
March 13, 1998
P.O. BOX 4632 STOCKTON, CA 95204
TELEPHONE 209/933-9113 FAX 209/933-9115
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, 1997 and 1996, and the
related statements of operations, partners' capital and cash flows for the
years then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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, l997 and 1996, 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 15, 1998
Charles Bailly & Company L.L.P.
Certified Public Accountants - Consultants
INDEPENDENT AUDITOR'S REPORT
The Partners
RPI Limited Partnership #22
St. Paul, Minnesota
We have audited the accompanying balance sheets of RPI Limited Partnership
#22, MHFA Project Number 90-002, as of December 31, 1997 and 1996, and the
related statements of operations, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of RPI Limited Partnership
#22, as of December 31, 1997 and 1996, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accept accounting principles.
Fargo, North Dakota
February 3, 1998
GWEN WARD, P.C.
Certified Public Accountant
609 University Drive,
Fort Worth, Texas 76107
(817) 336-5880
Member American Institute of Certified 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, 1997 and 1996, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. 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 Shawnee Ridge, L.P. as
of December 31, 1997 and 1996, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
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-16 and 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 28, 1998
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenue, Suite 202
Post Office, Box, 14251
Savannah, Georgia 31406
Savannah, Georgia 31416
Phone: (912) 355-9969
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, 1997 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.
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, 1997 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, 1998
HUMISTON, SKOKAN, WARREN & EICHENBERGER, P.C.
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, 1997 and 1996, and the related
statements of operations, partners' equity and cash flows for the years
then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Union Baptist Plaza,
Limited Partnership as of December 31, 1997 and 1996, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
January 16, 1998
SMITH, MILES & COMIPANY, L.C.
CERTIFIED PUBLIC ACCOUNTANTS
1230 AIRPORT ROAD
P.O. BOX 1177
PANAMA CITY, FLORIDA 32402
Phone: (850) 785-0261
Fax: (850) 785-2078
IMDEPENDENT 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, 1997 and 1996,
and the related statements of operations, partners' deficit and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Villas of Lakeridge,
Ltd., as of December 31, 1997 and 1996, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
Panama City, Florida
January 28, 1998
YORK, DILLINGHAM & COMPANY, P.L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 551
1708 Alpine Drive
Columbia, Tennessee 38402-0551
Telephone (931) 388-0517 Fax (931) 388-3440
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, RHS Project No.: 48-091-621385326, as of December 31, 1997 and
1996, and the related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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, RHS Project No.: 48-091-621385326, as of December 31, 1997 and
1996, 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 16, 1998 on our consideration of Waynesboro
Associates, Limited's internal control structure and a report dated
February 16, 1998 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.
Co1umbia, Tennessee
February 16, 1998
LITTLE, SHANEYFELT, MARSHALL & CO.
CERTIFIED PUBLIC ACCOUNTANTS
PROSPECT BUILDING
1501 N. UNIVERSITY, SUITE 300
LITTLE ROCK, ARKANSAS 72207-5232
TELEPHONE 501-666-2879
FAX NO. 501-666-5260
BENTON, ARKANSAS OFFICE
210 W. SEVIER STREET
BENTON, ARKANSAS 72015
TELEPHONE 501-378-7746
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, RD Project No. 03-048-0710677265 (the Partnership), as
of December 31, 1997 and 1996, 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, 1997 and 1996, 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 our
report dated March 18, 1998 on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
March 18, 1998
Little, Shaneyfelt, Marshall & Co.
OSCAR N. HARRIS & ASSOCIATES, P.A.
CERTIFIED PUBLIC ASSOCIATES
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 Certified Public Accountants
North Carolina Association of Certified Accountants
INEPENDENT AUDITORS' REPORT
To the Partners of
Brantwood Lane Limited Partnership
Charlotte, North Carolina
We have audited the balance sheets of Brantwood Lane Limited Partnership as
of December 31, 1997 and 1996, 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, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 6, 1998 on our consideration of Brantwood Lane
Limited Partnership's internal control structure and a report dated
February 6, 1998 on its compliance with laws and regulations.
100 EAST CUMBERLAND STREET, P.O. BOX 578, DUNN, N.C. 28335 (910) 892-1021
FAX (910) 892-6084
Brantwood Lane Limited Partnerhsip
Page Two
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
14, 15, 16, and 17 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.
Oscar N. Harris & Associates, P.A.
Certified Public Accountants
February 6, 1998
Crisp Huges Evans LLP
Certified Public Accountants & Consultants
Affiliates worldwide through AGN International
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, 1997 and 1996, and the related
statements of operations, partners' capital (deficit) and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, 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 Breckenridge
Apartments, Limited Partnership as of December 31, 1997 and 1996, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 27, 1998 on our consideration of Breckenridge
Apartments, Limited Partnership's internal control over financial reporting
and our consideration of its compliance with certain provisions of laws,
regulations, contracts, and grants.
January 27, 1998
1 Creekview Court
PO Box 25849
Greenville, SC 29616
864 288 554
Fax 864 458 8519
www.che-llp.com
N. CHENG & CO., P.C.
Certified Public Accountants
Independent Auditors' Report
To the Partners
Bridge Coalition Limited Partnership
New York, New York
We have audited the accompanying balance sheet of Bridge Coalition Limited
Partnership as of December 31, 1997 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.
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, 1997 and the results of its
operations and cash flows for the year then ended, in conformity with
generally accepted accounting principles.
New York, New York
February 4, 1998
40 Exchange Place, Suite 1206
New York, New York 10005
Tel (212) 785-0100 - Fax (212) 785-9168
Two Gramatan Avenue
Mount Vernon, New York 10550
Tel (914) 668-8010 - Fax (914) 668-8048
Witt, Mares & Company, PLC
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
The Partners
Carriage Run Limited Partnership
We have audited the accompanying balance sheets of Carriage Run Limited
Partnership (a Virginia Limited Partnership), as of December 31, 1997 and
1996, and the related statements of operations, partners' equity (deficit)
and cash flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
The financial statements as of December 31, 1996, were audited by Graham
Carter & Jennings, PLC, who merged with Witt, Mares & Company, PLC as of
December 1, 1997, whose report dated February 3, 1997 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 Carriage Run Limited
Partnership as of December 31, 1997 and 1996, and the results of its
operations, changes in partner's 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 our
report dated February 12, 1998 on our consideration of Carriage Run Limited
Partnership's internal control over financial reporting and our tests of
its compliance with certain provisions of laws, regulations, contracts and
grants.
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 18 and 19 is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the financial statements take as a whole.
Newport News, Virginia
February 12, 1998
LAURIE A. LEE
Certified Public Accountant
5446 Birchbrook Court,
Las Vegas, Nevada 89120
Telephone: (702) 456-2162
INDEPENDENT AUDITORS REPORT
To the Partners of
Chaparral Associates:
I have audited the balance sheet. of Chaparral Associates, a Limited
Partnership (the "Partnership") as of December 31, 1997 and 1996, and the
related statements of operations, partners' capital and cash flow 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, 1997 and 1996, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, I have also issued my
reports dated February 14, 1998 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, 1998
Member: American institute of Certified Public Accountants and Nevada
Society of Certified Public Accountants.
Coopers & Lybrand L.L.P.
Report of Independent Accountants
To the Partners
College Greene Rental Associates, L.P.
We have audited the accompanying balance sheets of College Greene Rental
Associates, L.P. (A Limited Partnership), as of December 31, 1997 and 1996,
and the related statements of operations and partners' capital, 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. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of College Greene Rental
Associates, L.P., as of December 31, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
Rochester, New York
February 9, 1998
Crisp Hughes Evans LLP
Certified Public Accountants & Consultants
Affiliated worldwide through AGN International
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, 1997 and 1996, and the related
statements of operations, partners' capital and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, 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 Devenwood Apartments, A
Limited Partnership as of December 31, 1997 and 1996, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 27, 1998 on our consideration of Devenwood Apartments,
A Limited Partnership's internal control over financial reporting and our
consideration of its compliance with certain provisions of laws,
regulations, contracts, and grants.
January 27, 1998
1 Creekview Court
PO Box 25849
Greenville, SC 29616
864 288 5544
Fax 864 458 8519
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenue, Suite 202
Post Office, Box, 14251
Savannah, Georgia 31406
Savannah, Georgia 31416
Phone: (912) 355-9969
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, 1997 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.
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, 1997 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, 1998
McGEE & Associates, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners
Franklin Vista III, Ltd.
and Rural Development
We have audited the accompanying balance sheets of Franklin Vista III, Ltd.
(a limited partnership) as of December 31, 1997 and 1996, and the related
statements of operations, partners' equity and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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, 1997 and 1996, 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 13, 1998, on our consideration of Franklin Vista III,
Ltd.'s internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and
grants.
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 13, 1998
Farmington, New Mexico
REGARDIE, BROOKS & LEWIS
CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
JEROME P. LEWIS, CPA
NATAN J. ROSEN, CPA
JESSE A. KAISER, CPA
PAUL J.GNATT, CPA
CELSO T. MATAAC, JR, CPA
PHILIP R. BAKER, CPA
DOUGLAS A. DOWUNG, CPA
BRLAN J. GIGANTI, CPA
DAVID A. BROOKS, CPA
CONSULTANT
BENJAMIN F. REGARDIE(1897-1973)
7101 WISCONSIN AVENUE - BETHESDA, MARYLAND 20814
TEL (301) 654-9000 FAX (301) 656-3056
INDEPENDENT AUDITOR'S REPORT
February 21, 1998
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, 1997 and 1996, 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, 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 provide a 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, 1997 and 1996, and the results of
its operations, changes in partners, capital, and cash flows for the years
then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
reports dated February 21, 1998 on our consideration of Friendship Village
Limited Partnership's internal controls and on its compliance with laws and
regulations.
Certified Public Accountants
- - I -
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenue, Suite 202
Post Office, Box, 14251
Savannah, Georgia 31406
Savannah, Georgia 31416
Phone: (912) 355-9969
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, 1997 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.
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, 1997
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, 1998
Schonwit & AssociatesCertified Public Accountants
575 Anton Boulevard, Suite 500, Costa Mesa, California 92626
(714) 437-1025 FAX (714) 957-1678
INDEPENDENT AUDITOR'S REPORT
To the PartnersLa 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, 1997, 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. I have previously audited
and reported on the financial statements for the preceding year.
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, 1997, 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
January 29, 1998
PLANTE & MORAN, LLP
1111 Michigan Avenue
P.O. Box 2500
East Lansing, Michigan 48826-2500
Certified Public Accountants
Management Consultants
517-332-6200
FAX 517-332-8502
Independent Auditor's Report
To the PartnersLakeview 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, 1997 and 1996,
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,
1997 and 1996, 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 16, 1998, on our consideration of the Partnership's
internal controls and a report dated February 16, 1998, on its compliance
with laws and regulations.
February 16, 1998
Maner, Costerisan & Ellis, P.C.
Certified Public Accountants
Jack E. Powers, David M.Raeck
Lawrence C.Kowalk, Robert E.Miller, Jr.
Gary W.Brya, Steven B.Robbins,
Lamonte T.Lator, Bruce J.Dunne
Jeffrey C.Stevens, Walter P.Maner,Jr
Linda I.Schirmer, Floyd L. Costerisan
Steven W.Scott, Leon A.Ellis(1933 - 1988)
INDEPENDENT AUDITORS'REPORT
To the Partners
February 20, 1998
Montague Place Limited Partnership
Lansing, Michigan
We have audited the accompanying balance sheet of Montague Place Limited
Partnership as of December 31, 1997, and the related statements of net
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 Montague Place
Limited Partnership as of December 31, 1996, were audited by other auditors
whose report dated February 4, 1997, expressed an unqualified opinion on
those statements.
We conducted our audit in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in ail material respects, the financial position of Montague Place Limited
Partnership as of December 31, 1997, and the results of its operations and
its cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 20, 1998 on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts, and grants.
6105W St. Joseph Highway - Suite 202 -Lansing, Michigan, 48917-4848 - (517)
323-7500 -Fax (517) 323-6346
LAURIE A. LEE
Certified Public Accountant
5446 Birchbrook Court,
Las Vegas, Nevada 89120
Telephone: (702) 456-2162
INDEPENDENT AUDITORS REPORT
To the Partners of
Navapai Associates:
I have audited the balance sheets of Navapai Associates, a Limited
Partnership (the "Partnership") as of December 31, 1997 and 1996, and the
related statements of operations, partners' capital, and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. My Responsibility is to express an opinion on
these financial statements based on my audit.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, 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 accessing 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, 1997 and 1996, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, I have also issued my
reports dated February 14, 1998 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 statement.
and, in my opinion, is fairly stated in all material respects in relation
to the financial statements taken as a whole.
February 14, 1998
Member: American institute of Certified Public Accountants and Nevada
Society of Certified Public Accountants
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenue, Suite 202
Post Office, Box, 14251
Savannah, Georgia 31406
Savannah, Georgia 31416
Phone: (912) 355-9969
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, 1997 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.
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 Oakland Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1997 and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1998
ROBERT ERCOLINI & COMPANY LLPCertified Public Accountants, Business
Consultants
INDEPENDENT AUDITOR'S REPORTTo the Partners ofRosenberg Building Associates
Limited Partnership
Boston, Massachusetts
We have audited the accompanying balance sheets of Rosenberg Building
Associates Limited Partnership as of December 31, 1997 and 1996, and the
related statements of operations, partners' capital, and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits
statements are free of obtain reasonable assurance about whether the
finance
the amounts and material misstatement. An audit includes examining, on a
test basis, evidence supporting disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Rosenberg Building
Associates Limited Partnership as of December 31, 1997 and 1996, and the
results of its
operations, changes in partners' capital, and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included
in this report (shown on pages 19 and 20) is presented for purposes of
additional
analysis and is not a required part of the basic financial statements.
Such information has been subjected to the auditing procedures applied in
the 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 4, 1998
FIFFY-FIVE SUMMER STREET - BOSTON, MA 02110-1007 - TELEPHONE 617-482-5511 -
Fax 617-426-5252
Coopers & Lybrand L.L.P.
Report of Independent Accountants
To the Partners
Schroon Lake Housing Redevelopment Company
We have audited the accompanying statements of financial position of
Schroon Lake Housing Redevelopment Company (A Limited Partnership), as of
December 31, 1997 and 1996, and the related statements of operations and
partners' capital, 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
the financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the 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 Schroon Lake Housing
Redevelopment Company as of December 31, 1997 and 1996, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 19, 1998 on our consideration of Schroon Lake Housing
Redevelopment Company's internal control structure and a report dated
January 19, 1998 on its compliance with laws and regulations.
Rochester, New York
January 19, 1998
FRIEDMAN & FULLER, PC
Certified Public Accountants
Management Consultants
2400 Research Boulevard
Suite 250
Rockville, Maryland
20850-3243
Telephone (301) 921-8000
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, 1997 and
1996, 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, 1997 and
1996, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on
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.
February 4, 1998
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenue, Suite 202
Savannah, Georgia 31406
Post Office Box 14251
Savannah, Georgia 31416
Phone: (912) 355-9969
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, 1997 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.
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, 1997 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, 1998
Witt, Mares & Company, PLC
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
The Partners
Victoria Limited Partnership
We have audited the accompanying balance sheets of Victoria Limited
Partnership (a Virginia Limited Partnership), as of December 31, 1997 and
1996, and the related statements of operations, partners' equity (deficit)
and cash flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
The financial statements as of December 31, 1996, were audited by Graham
Carter & Jennings, PLC, who merged with Witt, Mares & Company, PLC as of
December 1, 1997, whose report dated February 3, 1997 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 Victoria Limited.
Partnership as of December 31, 1997 and 1996, and the results of its
operations, changes in partner's 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 our
report dated February 12, 1998 on our consideration of Victoria Limited
Partnership's internal control over financial reporting and our tests of
its compliance with certain provisions of laws, regulations, contracts and
grants.
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 17 and 18 is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the financial statements take as a whole.
Newport News, Virginia
February 12, 1998
STANCIL & COMPANY
INDEPENDENT AUDITORS' REPORT
To the Partners of
Village Terrace Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheets of Village Terrace Limited
Partnership as of December 31, 1997 and 1996 and the related statements of
operations, partners' capital, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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 Village Terrace Limited
Partnership as of December 31, 1997 and 1996 and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
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.
Raleigh, North Carolina
February 5, 1998
CERTIFIED PUBLIC ACCOUNTANTS
MANAGEMENT CONSULTANTS
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, 1997 and 1996, and the related
statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Woodfield Commons
Limited Partnership, as of December 31, 1997 and 1996, and the results of
its operations, changes in partners' equity, and cash flows for the years
then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 13 and 14 is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 26, 1998
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810 -
PHONE(715) 832-3425 - FAX(715) 832-1665
- -I-
CERTIFIED PUBLIC ACCOUNTANTS
MAHONEY
ULBRICH
CHRISTIANSEN
RUSS P.A.
Suite 800 Capital Centre
386 North Wabasha
Saint Paul, Minnesota 55102
To the Partners
Zinsmaster Limited Partnership
Minneapolis, Minnesota
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheets of Zinsmaster Limited
Partnership A Project No. 88-R-029) as of December 31, 1997 and 1996, and
the related statements of operations, partners' capital and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Zinsmaster Limited
Partnership as of December 31, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 11 through 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
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 23, 1998
Dulin, Ward & DeWald, Inc.
Certified Public Accountants
Offices located in Fort Wayne & Marion, Indiana
Michael R. DeWeld
Robert F. Meyer
James R. Doty
J. Nelson Coats
Michael 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 Partner-
ship's management. Our responsibility 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 Controller
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 overall as evaluating
the overall financial statement presentation. We believe that our audits
provide a 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 vears 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 with 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 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)
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
MCGLADREY & PULLEN, LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Deer Hill II Limited Partnership
Greensboro, North Carolina
We have audited the accompanying balance sheets of Deer Hill II
Limited
Partnership as of December 3 1, 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.
e 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
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
statements are free of material misstatement. An audit includes
examining, on
a test basis, evidence supporting the amounts and disclosures in
the financial
statements. An audit also includes assessing the accounting
principles used
and significant estimates made by management, as well as
evaluating the
overall financial statement presentation. We believe that our
audits provide
a 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
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)
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
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
financial statements. An audit also includes assessing the
accounting
principles used and significant estimates made by management, as
well as
evaluating the overall financial statement presentation. We
believe that our
audits provide a 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
LOUIS YOUNG C.P.A. INC.
2630 E. ASHLAN - FRESNO, CALIFORNIA 93726
(209) 224-5141
INDEPENDENT AUDITOR'S REPORT
The PartnersHacienda Villa AssociatesFirebaugh, California
We have audited the accompanying balance sheet of Hacienda Villa
Associates (A Limited Partnership) as of December 31, 1996, and
the related statements of operations, partners' capital and cash
flows for the year then ended. These financial statements are
the responsibility of the Partnership's management. our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In cur 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
LOUIS YOUNG C.P.A. INC.
2630 E ASHLAN, FRESNO, CALIFORNIA 93726
(209) 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
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
Stockton, 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
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
Virchow, Krause & Company, LLP
Certified Public Accountants & Consultants
INDEPENDENT AUDITORS' REPORT
To the Partners
School Street Limited Partnership II
Madison, Wisconsin
We have audited the accompanying balance sheet of School Street
Limited Partnership II as of December 31, 1995, and the related
statements of loss, partners' equity and cash flows for the year
then ended. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of School Street Limited Partnership 11 as of December 31, 1995,
and the results of its operations, changes in partners' equity
and cash flows for the year then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The supplemental
information found on page 12, included in the report, is
presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied
in the audit of the basic financial statements and, in our
opinion, is presented fairly in all material respects in relation
to the basic financial statements taken as a whole.
Page 1
To the Partners
School Street Limited Partnership II
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
Madison, Wisconsin
January 18, 1996
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
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
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
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 Partnerships 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
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
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 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 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
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 Maidu
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 evaluating 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 opinion, 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
Stockton, 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
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
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
KOSTIN, RUFFKESS & COMPANY, LLC
CERTIFIED PUBLIC ACCOUNTANTS
345 North Main Street
West Hartford, CT 06117-2521
(860) 236-1975
Toll Free: (800) 286-5726
FAX: (860) 236-1783
260 U.S. Route #1
Bank Building
New London, CT 06320-2608
(860) 447-1235
FAX: (860) 442-0166
To The PartnersSouth Farm Limited PartnershipRIHMFC #HIP-023
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 HLTD Programs, 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.
South Farm Limited Partnership
Page Two
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
KOSTIN, RUFFKESS & COMPANY, LLCCERTIFIED PUBLIC ACCOUNTANTS
345 North Main Street
West Hartford, CT 06117-2521
(860) 236-1975
Toll Free: (800) 286-5726
FAX: (860) 236-1783
To The PartnersSouth Farm Limited PartnershipRIHMFC #HIP-023
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying balance sheet of South Farm
Limited Partnership, as of March 31, 1996, and the related
statements of income and expense, changes in partners'
capital and cash flows for the year then ended. These
financial statements are the responsibility of the Project's
management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards, and Government Auditing Standards,
issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used
and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of South Farm Limited Partnership at March 31,
1996, and the results of its operations and cash flows for
the year then ended, in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs, issued
by the U.S. Department of Housing and Urban Development, we
have also issued a report dated June 4, 1996 on our
consideration of South Farm Limited Partnership's internal
control structure and a report dated June 4, 1996 on its
compliance with laws and regulations.
South Farm Limited PartnershipPage Two
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
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH, TEXAS 76107
(817) 336-588
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
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
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
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
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
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 II, 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
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 Maidu
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 evaluating 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 opinion, 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 Stockton, 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
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
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
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
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
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
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 AUDITORS 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
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
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
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
evaluating 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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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.
NOVOGRADAC
& COMPANY LLP
CERTIFIED PUBLIC ACCOUNTANTS
Report of Independent Auditors
To the General Partner
Glenhaven Park Partners, A California Limited Partnership
We have audited the accompanying balance sheet of Glenhaven
Park Partners, A California Limited Partnership as of
December 31, 1995, and the related statements of operations,
changes in partners' capital and cash flows for the year
then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement, An audit includes ex g, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of Glenhaven Park Partners, A California Limited
Partnership as of December 3 1, 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
42 Market Street 7th Floor San Francisco California
94105
Telephone (415) 356-8000 Facsimile (415) 356-8001
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
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
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 opinion, 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
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
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
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
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
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
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
MCMILLAN, PATE & KING, L.L.P.
CERTIFIED PUBLIC ACCOUNTANTS
615 OBERLIN ROAD, SUITE 200
RALEIGH, NC 27605
INDEPENDENT AUDITORS' REPORT
Partners
Village Terrace Limited Partnership
We have audited the balance sheet of Village Terrace Limited
Partnership as of December 31, 1995 and the related
statements of operations, partners' capital, and cash flows
for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit. The financial statements of
Village Terrace Limited Partnership as of December 31, 1994,
were audited by other auditors who have ceased operations
and whose report dated February 13, 1995, expressed an
unqualified opinion on those statements.
McMillan, Pate & Robertson, Certified Public Accountants, a
North Carolina partnership, ceased business operations on
February 29, 1996. In accordance with North Carolina
General Statutes and the North Carolina Accountancy Rules,
the Company directed its records to be transferred to
McMillan, Pate & King, L.L.P., which commenced business
operations on March 1,1996. Incomplete accounting and tax
services of McMillan, Pate & Robertson are being completed
by McMillan, Pate & King, L.L.P.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of Village Terrace Limited Partnership as of
December 31, 1995 and the results of its operations and its
cash flows for the year then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on page 9 is presented for purposes
of additional analysis and is not a required part of the
basic financial statements. Such information has been
subjected to the audit procedures applied in the audit of
the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
February 2, 1996
and March 1,1996
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
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
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
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
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
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 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, cash flows
and partners' equity (deficit) for the years then ended.
These financial statements are the responsibility of the
partnership's management. My responsibility is to express
an opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a
reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of One Northridge Limited Partnership as of
December 31, 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
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
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
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
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
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS
March 31, 1998 and 1997
<TABLE>
Total
- -----------------------------------
1998 1997
- ---------------- ----------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $
60,839,977 $ 69,472,764
OTHER ASSETS
Cash and cash equivalents (note E)
693,751 1,725,325
Investments held to maturity
917,497 -
Notes receivable (note F)
604,695 603,920
Deferred acquisition costs, net of accumulated amortization (notes A
and C)
1,189,760 1,238,321
Other
387,808 342,545
- --------------- ---------------
$
64,633,488 $ 73,382,875
=============== ===============
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $
14,237,489 $ 11,654,634
Capital contributions payable (note C)
368,417 387,098
- --------------- ---------------
14,605,906 12,041,732
- --------------- ---------------
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, 1998 and 1997
- - -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 18,679,738 issued and
outstanding at March 31, 1998 and 1997
51,144,019 62,344,445
General partner
(1,116,437) (1,003,302)
- --------------- ---------------
50,027,582 61,341,143
- --------------- ---------------
$
64,633,488 $ 73,382,875
=============== ===============
</TABLE>
(continued)
F-5
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 7
- ---------------------------------
1998 1997
- ---------------- ----------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $
1,485,326 $ 1,771,367
OTHER ASSETS
Cash and cash equivalents (note E)
7,134 12,008
Investments held to maturity
- - -
Notes receivable (note F)
- - -
Deferred acquisition costs, net of accumulated amortization (notes A
and C)
- - -
Other
16,450 16,450
- --------------- ---------------
$
1,508,910 $ 1,799,825
=============== ===============
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $
860,885 $ 730,326
Capital contributions payable (note C)
- - -
- --------------- ---------------
860,885 730,326
- --------------- ---------------
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, 1998 and 1997
- - -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 1,036,100 issued and
outstanding at March 31, 1998 and 1997
731,471 1,148,730
General partner
(83,446) (79,231)
- --------------- ---------------
648,025 1,069,499
- --------------- ---------------
$
1,508,910 $ 1,799,825
=============== ===============
</TABLE>
(continued)
F-6
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 9
- -----------------------------------
1998 1997
- ---------------- ----------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $
10,821,707 $ 12,528,610
OTHER ASSETS
Cash and cash equivalents (note E)
267,915 566,836
Investments held to maturity
249,497 -
Notes receivable (note F)
- - -
Deferred acquisition costs, net of accumulated amortization (notes A
and C)
21,312 22,182
Other
47,650 14,009
- ---------------- ---------------
$
11,408,081 $ 13,131,637
=============== ===============
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $
3,457,163 $ 2,881,376
Capital contributions payable (note C)
4,590 4,590
- ---------------- ---------------
3,461,753 2,885,966
- --------------- ---------------
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, 1998 and 1997
- - -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 4,178,029 issued and
outstanding at March 31, 1998 and 1997
8,227,204 10,503,554
General partner
(280,876) (257,883)
- --------------- ---------------
7,946,328 10,245,671
- --------------- ---------------
$
11,408,081 $ 13,131,637
=============== ===============
</TABLE>
(continued)
F-7
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 10
- ----------------------------------
1998 1997
- --------------- ---------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $
8,211,459 $ 9,224,595
OTHER ASSETS
Cash and cash equivalents (note E)
41,484 144,428
Investments held to maturity
83,000 -
Notes receivable (note F)
- - -
Deferred acquisition costs, net of accumulated amortization (notes A
and C)
84,314 87,755
Other
39,662 38,979
- --------------- ---------------
$
8,459,919 $ 9,495,757
=============== ===============
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $
2,339,472 $ 1,983,960
Capital contributions payable (note C)
- - -
- --------------- ---------------
2,339,472 1,983,960
- --------------- ---------------
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, 1998 and 1997
- - -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 2,428,925 issued and
outstanding at March 31, 1998 and 1997
6,270,055 7,647,492
General partner
(149,608) (135,695)
- --------------- ---------------
6,120,447 7,511,797
- --------------- ---------------
$
8,459,919 $ 9,495,757
=============== ===============
</TABLE>
(continued)
F-8
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 11
- -----------------------------------
1998 1997
- ---------------- ---------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $
9,872,942 $ 11,085,975
OTHER ASSETS
Cash and cash equivalents (note E)
38,800 307,351
Investments held to maturity
249,000 -
Notes receivable (note F)
- - -
Deferred acquisition costs, net of accumulated amortization (notes A
and C)
42,735 44,479
Other
47,290 41,567
- --------------- ---------------
$
10,250,767 $ 11,479,372
=============== ===============
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $
1,625,754 $ 1,300,073
Capital contributions payable (note C)
22,528 27,528
- --------------- ---------------
1,648,282 1,327,601
- --------------- ---------------
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, 1998 and 1997
- - -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 2,489,599 issued and
outstanding at March 31, 1998 and 1997
8,731,145 10,264,938
General partner
(128,660) (113,167)
- --------------- ---------------
8,602,485 10,151,771
- --------------- ---------------
$
10,250,767 $ 11,479,372
=============== ===============
</TABLE>
(continued)
F-9
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 12
- -----------------------------------
1998 1997
- ---------------- ----------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $
10,585,841 $ 11,946,248
OTHER ASSETS
Cash and cash equivalents (note E)
21,827 8,532
Investments held to maturity
- - -
Notes receivable (note F)
61,111 60,336
Deferred acquisition costs, net of accumulated amortization (notes A
and C)
326,262 339,579
Other
59,831 55,986
- --------------- ---------------
$
11,054,872 $ 12,410,681
=============== ===============
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $
2,067,156 $ 1,628,384
Capital contributions payable (note C)
11,405 11,405
- --------------- ---------------
2,078,561 1,639,789
- --------------- ---------------
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, 1998 and 1997
- - -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 2,972,795 issued and
outstanding at March 31, 1998 and 1997
9,143,807 10,920,442
General partner
(167,496) (149,550)
- --------------- ---------------
8,976,311 10,770,892
- --------------- ---------------
$
11,054,872 $ 12,410,681
=============== ===============
</TABLE>
(continued)
F-10
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 14
- -----------------------------------
1998 1997
- ---------------- ----------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes B and D) $
19,862,702 $ 22,915,969
OTHER ASSETS
Cash and cash equivalents (note E)
316,591 686,170
Investments held to maturity
336,000 -
Notes receivable (note F)
543,584 543,584
Deferred acquisition costs, net of accumulated amortization (notes A
and C)
715,137 744,326
Other
176,925 175,554
- --------------- ---------------
$
21,950,939 $ 25,065,603
=============== ===============
LIABILITIES AND PARTNERS CAPITAL
LIABILITIES
Accounts payable - affiliates (note B) $
3,887,059 $ 3,130,515
Capital contributions payable (note C)
329,894 343,575
- --------------- ---------------
4,216,953 3,474,090
- --------------- ---------------
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, 1998 and 1997
- - -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 5,574,290 issued and
outstanding at March 31, 1998 and 1997
18,040,337 21,859,289
General partner
(306,351) (267,776)
- --------------- ---------------
17,733,986 21,591,513
- --------------- ---------------
$
21,950,939 $ 25,065,603
=============== ===============
</TABLE>
See notes to financial statements
F-11
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Total
- -----------------------------------------------------
1998
1997 1996
---------------
- ---------------- ----------------
<S> <C>
<C> <C>
Income
Interest income $ 41,471 $
155,501 $ 65,468
Miscellaneous income 1,442
- - -
---------------
- --------------- ---------------
42,913
155,501 65,468
---------------
- --------------- ---------------
Share of losses (income) from operating limited
partnerships (note A) (8,573,433)
(10,464,997) (12,992,069)
---------------
- --------------- ---------------
Expenses
Professional fees 228,290
315,326 221,999
Partnership management fee (note B) 2,314,373
2,273,826 2,356,546
Amortization (note A) 48,561
58,391 109,832
General and administrative expenses (note B) 191,817
133,901 163,958
---------------
- --------------- ---------------
2,783,041
2,781,444 2,852,335
---------------
- --------------- ---------------
$ (11,313,561) $
(13,090,940) $ (15,778,936)
===============
=============== ===============
Net loss allocated to general partner $ (113,136) $
(130,909) $ (157,789)
===============
=============== ===============
Net loss allocated to assignees $ (11,200,425) $
(12,960,031) $ (15,621,147)
===============
=============== ===============
Net loss per BAC $ (0.60) $
(0.69) $ (0.84)
===============
=============== ===============
</TABLE>
(continued)
F-12
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 7
- -----------------------------------------------------
1998
1997 1996
---------------
- ---------------- ----------------
<S> <C>
<C> <C>
Income
Interest income $ 257 $
222 $ 216
Miscellaneous income -
- - -
---------------
- --------------- ---------------
257
222 216
---------------
- --------------- ---------------
Share of losses from operating limited partnerships
(note A) (286,041)
(1,126,341) (867,319)
---------------
- --------------- ---------------
Expenses
Professional fees 16,079
20,369 19,823
Partnership management fee (note B) 111,089
106,774 107,256
Amortization (note A) -
- - -
General and administrative expenses (note B) 8,522
6,248 6,650
---------------
- --------------- ---------------
135,690
133,391 133,729
---------------
- --------------- ---------------
$ (421,474) $
(1,259,510) $ (1,000,832)
===============
=============== ===============
Net loss allocated to general partner $ (4,215) $
(12,595) $ (10,008)
===============
=============== ===============
Net loss allocated to assignees $ (417,259) $
(1,246,915) $ (990,824)
===============
=============== ===============
Net loss per BAC $ (0.40) $
(1.20) $ (0.96)
===============
=============== ===============
</TABLE>
(continued)
F-13
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 9
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $ 16,101 $
17,468 $ 25,217
Miscellaneous income 87
- - -
---------------
- --------------- ---------------
16,188
17,468 25,217
---------------
- --------------- ---------------
Share of losses (income) from operating limited
partnerships (note A) (1,699,785)
(2,660,814) (2,777,350)
---------------
- --------------- ---------------
Expenses
Professional fees 35,520
36,729 35,155
Partnership management fee (note B) 547,218
539,985 560,971
Amortization (note A) 870
870 870
General and administrative expenses (note B) 32,138
25,333 31,497
---------------
- --------------- ---------------
615,746
602,917 628,493
---------------
- --------------- ---------------
$ (2,299,343) $
(3,246,263) $ (3,380,626)
===============
=============== ===============
Net loss allocated to general partner $ (22,993) $
(32,463) $ (33,806)
===============
=============== ===============
Net loss allocated to assignees $ (2,276,350) $
(3,213,800) $ (3,346,820)
===============
=============== ===============
Net loss per BAC $ (0.55) $
(0.77) $ (0.80)
===============
=============== ===============
</TABLE>
(continued)
F-14
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 10
- -----------------------------------------------------
1998
1997 1996
---------------
- ---------------- ----------------
<S> <C>
<C> <C>
Income
Interest income $ 3,695 $
3,951 $ 4,445
Miscellaneous income -
- - -
---------------
- --------------- ---------------
3,695
3,951 4,445
---------------
- --------------- ---------------
Share of losses (income) from operating limited
partnerships (note A) (1,008,105)
(1,166,928) (1,426,332)
---------------
- --------------- ---------------
Expenses
Professional fees 31,229
30,509 30,562
Partnership management fee (note B) 321,682
324,407 343,505
Amortization (note A) 3,441
3,442 10,407
General and administrative expenses (note B) 30,588
20,187 23,542
---------------
- --------------- ---------------
386,940
378,545 408,016
---------------
- --------------- ---------------
$ (1,391,350) $
(1,541,522) $ (1,829,903)
===============
=============== ===============
Net loss allocated to general partner $ (13,913) $
(15,415) $ (18,299)
===============
=============== ===============
Net loss allocated to assignees $ (1,377,437) $
(1,526,107) $ (1,811,604)
===============
=============== ===============
Net loss per BAC $ (0.57) $
(0.63) $ (0.75)
===============
=============== ===============
</TABLE>
(continued)
F-15
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 11
- -----------------------------------------------------
1998
1997 1996
----------------
- ---------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $ 5,610 $
5,692 $ 4,570
Miscellaneous income 5
- - -
---------------
- --------------- ---------------
5,615
5,692 4,570
---------------
- --------------- ----------------
Share of income (losses) from operating limited
partnerships (note A) (1,197,310)
579,030 (1,621,193)
---------------
- --------------- ---------------
Expenses
Professional fees 30,344
30,044 29,212
Partnership management fee (note B) 298,613
291,053 284,604
Amortization (note A) 1,744
1,745 10,109
General and administrative expenses (note B) 26,890
17,211 20,329
---------------
- --------------- ---------------
357,591
340,053 344,254
---------------
- --------------- ---------------
$ (1,549,286) $
244,669 $ (1,960,877)
===============
================ ===============
Net income (loss) allocated to general partner $ (15,493) $
2,447 $ (19,609)
===============
=============== ===============
Net income (loss) allocated to assignees $ (1,533,793) $
242,222 $ (1,941,268)
===============
=============== ===============
Net income (loss) per BAC $ (0.61) $
0.10 $ (0.78)
===============
=============== ===============
</TABLE>
(continued)
F-16
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 12
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $ 228 $
2,674 $ 4,804
Miscellaneous income -
- - -
---------------
- --------------- ---------------
228
2,674 4,804
---------------
- --------------- ---------------
Share of losses from operating limited
partnerships (note A) (1,350,247)
(1,939,765) (2,179,426)
---------------
- --------------- ---------------
Expenses
Professional fees 42,629
46,798 36,776
Partnership management fee (note B) 360,155
347,953 353,184
Amortization (note A) 13,317
13,317 19,944
General and administrative expenses (note B) 28,461
23,195 27,052
---------------
- --------------- ---------------
444,562
431,263 436,956
---------------
- --------------- ---------------
$ (1,794,581) $
(2,368,354) $ (2,611,578)
===============
=============== ===============
Net loss allocated to general partner $ (17,946) $
(23,684) $ (26,116)
===============
=============== ===============
Net loss allocated to assignees $ (1,776,635) $
(2,344,670) $ (2,585,462)
===============
=============== ===============
Net loss per BAC $ (0.60) $
(0.79) $ (0.87)
===============
=============== ===============
</TABLE>
(continued)
F-17
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 14
- -----------------------------------------------------
1998
1997 1996
----------------
- ---------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $ 15,580 $
125,494 $ 26,216
Miscellaneous income 1,350
- - -
---------------
- --------------- ---------------
16,930
125,494 26,216
---------------
- --------------- ---------------
Share of losses from operating limited
partnerships (note A) (3,031,945)
(4,150,179) (4,120,449)
---------------
- --------------- ---------------
Expenses
Professional fees 72,489
150,877 70,471
Partnership management fee (note B) 675,616
663,654 707,026
Amortization (note A) 29,189
39,017 68,502
General and administrative expenses (note B) 65,218
41,727 54,888
---------------
- --------------- ---------------
842,512
895,275 900,887
---------------
- --------------- ---------------
$ (3,857,527) $
(4,919,960) $ (4,995,120)
===============
=============== ===============
Net loss allocated to general partner $ (38,575) $
(49,200) $ (49,951)
===============
=============== ===============
Net loss allocated to assignees $ (3,818,952) $
(4,870,760) $ (4,945,169)
===============
=============== ===============
Net loss per BAC $ (0.69) $
(0.87) $ (0.89)
===============
=============== ===============
</TABLE>
See notes to financial statements
F-18
<PAGE>
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, 1998, 1997 and 1996
<TABLE>
Total Assignees
General partner Total
- ---------------------------------------------------- ----------------
- ---------------- ---------------
<S> <C>
<C> <C>
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
Net loss (11,200,426)
(113,135) (11,313,561)
---------------
- --------------- ---------------
Partners' capital (deficit), March 31, 1998 $ 51,144,019 $
(1,116,437) $ 50,027,582
===============
=============== ===============
</TABLE>
(continued)
F-19
<PAGE>
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, 1998, 1997 and 1996
<TABLE>
Series 7 Assignees
General partner Total
- ---------------------------------------------------- ----------------
- ---------------- ----------------
<S> <C>
<C> <C>
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
Net loss (417,259)
(4,215) (421,474)
---------------
- -------------- ---------------
Partners' capital (deficit), March 31, 1998 $ 731,471 $
(83,446) $ 648,025
===============
=============== ===============
</TABLE>
<TABLE>
Series 9 Assignees
General partner Total
- ---------------------------------------------------- ---------------
- -------------- ---------------
<S> <C>
<C> <C>
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
Net loss (2,276,350)
(22,993) (2,299,343)
---------------
- -------------- ---------------
Partners' capital (deficit), March 31, 1998 $ 8,227,204 $
(280,876) $ 7,946,328
===============
============== ---------------
</TABLE>
(continued)
F-20
<PAGE>
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, 1998, 1997 and 1996
<TABLE>
Series 10 Assignees
General partner Total
- ---------------------------------------------------- ---------------
- --------------- ---------------
<S> <C>
<C> <C>
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
Net loss (1,377,437)
(13,913) (1,391,350)
---------------
- --------------- ---------------
Partners' capital (deficit), March 31, 1998 $ 6,270,055 $
(149,608) $ 6,120,447
===============
=============== ===============
</TABLE>
<TABLE>
Series 11 Assignees
General partner Total
- ---------------------------------------------------- ---------------
- --------------- ---------------
<S> <C>
<C> <C>
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
(113,167) 10,151,771
Net loss (1,533,793)
(15,493) (1,549,286)
---------------
- --------------- ---------------
Partners' capital (deficit), March 31, 1998 $ 8,731,145 $
(128,660) $ 8,602,485
===============
=============== ===============
</TABLE>
(continued)
F-21
<PAGE>
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, 1998, 1997 and 1996
<TABLE>
Series 12 Assignees
General partner Total
- ---------------------------------------------------- ---------------
- --------------- ---------------
<S> <C>
<C> <C>
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
Net loss (1,776,635)
(17,946) (1,794,581)
---------------
- --------------- ---------------
Partners' capital (deficit), March 31, 1998 $ 9,143,807 $
(167,496) $ 8,976,311
===============
=============== ===============
</TABLE>
<TABLE>
Series 14 Assignees
General partner Total
- ---------------------------------------------------- ---------------
- --------------- ---------------
<S> <C>
<C> <C>
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
Net loss (3,818,952)
(38,575) (3,857,527)
---------------
- --------------- ---------------
Partners' capital (deficit), March 31, 1998 $ 18,040,337 $
(306,351) $ 17,733,986
===============
=============== ===============
</TABLE>
See notes to financial statements
F-22
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Total
- -----------------------------------------------------
1998
1997 1996
----------------
- ---------------- ----------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (11,313,561) $
(13,090,940) $ (15,778,936)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distribution from operating limited
partnerships 44,006
106,453 101,256
Share of losses from operating limited
partnerships 8,573,433
10,464,997 12,992,069
Amortization 48,561
58,391 109,832
Changes in assets and liabilities
Accounts payable and accrued expenses 2,582,855
2,521,041 2,492,807
Other assets (2,899)
2,297 415,503
---------------
- --------------- ---------------
Net cash provided by (used in)
operating activities (67,605)
62,239 332,531
---------------
- --------------- ---------------
Cash flows from investing activities
Capital contributions paid to operating limited
partnerships (18,000)
(620,884) (768,934)
Repayment from (advance to) operating limited
partnerships (28,474)
421,684 -
Purchase of investments (917,497)
- - -
---------------
- --------------- ---------------
Net cash used in investing activities (963,971)
(199,200) (768,934)
NET DECREASE IN CASH AND CASH
EQUIVALENTS (1,031,576)
(136,961) (436,403)
Cash and cash equivalents, beginning 1,725,325
1,862,286 2,298,689
---------------
- --------------- ---------------
Cash and cash equivalents, end $ 693,749 $
1,725,325 $ 1,862,286
===============
=============== ===============
</TABLE>
(continued)
F-23
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Total
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
The partnership has decreased its capital
contribution obligation to the operating
limited partnerships for low income tax
credits not generated $ 681 $
8,572 $ 60,116
===============
=============== ===============
The partnership has adjusted its investment in
operating limited partnerships for low income
tax credits not generated $ 14,988 $
20,969 $ 26,305
===============
=============== ===============
The partnership has applied notes receivable and
advances against installments of capital
contributions $ - $
902,811 $ -
===============
=============== ===============
</TABLE>
(continued)
F-24
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 7
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (421,474) $
(1,259,510) $ (1,000,832)
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 286,041
1,126,341 867,319
Amortization -
- - -
Changes in assets and liabilities
Accounts payable and accrued expenses 130,559
140,303 122,085
Other assets -
- - -
---------------
- --------------- ---------------
Net cash provided by (used in) operating
activities (4,874)
7,134 (9,170)
---------------
- --------------- ---------------
Cash flows from investing activities
Capital contributions paid to operating limited
partnerships -
- - -
Repayment from (advance to) operating limited
partnerships -
- - -
Purchase of investments -
- - -
---------------
- --------------- ---------------
Net cash provided by investing
activities -
- - -
---------------
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (4,874)
7,134 (9,170)
Cash and cash equivalents, beginning 12,008
4,874 14,044
---------------
- --------------- ---------------
Cash and cash equivalents, end $ 7,134 $
12,008 $ 4,874
===============
=============== ===============
</TABLE>
(continued)
F-25
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 7
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
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 $ - $
- - $ -
===============
=============== ===============
The partnership has applied notes receivable and
advances against installments of capital
contributions $ - $
- - $ -
===============
=============== ===============
</TABLE>
(continued)
F-26
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 9
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (2,299,343) $
(3,246,263) $ (3,380,626)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distribution from operating limited
partnerships 3,390
4,980 4,554
Share of income (losses) from operating
limited partnerships 1,699,785
2,660,814 2,777,350
Amortization 870
870 870
Changes in assets and liabilities
Accounts payable and accrued expenses 575,787
574,619 584,663
Other assets (2,216)
- - 82,981
---------------
- --------------- ---------------
Net cash provided by (used in) operating
activities (21,727)
(4,980) 69,792
---------------
- --------------- ---------------
Cash flows from investing activities
Capital contributions paid to operating limited
partnerships -
(86,448) (124,017)
Repayment from (advance to) operating limited
partnerships (27,697)
- - -
Purchase of investments (249,497)
- - -
---------------
- --------------- ---------------
Net cash used in investing activities (277,194)
(86,448) (124,017)
---------------
- --------------- ---------------
NET DECREASE IN CASH AND CASH
EQUIVALENTS (298,921)
(91,428) (54,225)
Cash and cash equivalents, beginning 566,836
658,264 712,489
---------------
- --------------- ---------------
Cash and cash equivalents, end $ 267,915 $
566,836 $ 658,264
===============
=============== ===============
</TABLE>
(continued)
F-27
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 9
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
The partnership has decreased its capital
contribution obligation to the operating
limited partnerships for low income tax
credits not generated $ - $
8,572 $ 32,046
===============
=============== ===============
The partnership has adjusted its investment in
operating limited partnerships for low income
tax credits not generated $ 3,728 $
10,230 $ -
===============
=============== ===============
</TABLE>
(continued)
F-28
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 10
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (1,391,350) $
(1,541,522) $ (1,829,903)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distribution from operating limited
partnerships 5,031
7,447 947
Share of losses (income) from operating
limited partnerships 1,008,105
1,166,928 1,426,332
Amortization 3,441
3,442 10,407
Changes in assets and liabilities
Accounts payable and accrued expenses 355,512
355,508 371,404
Other assets (683)
- - 265
---------------
- --------------- ---------------
Net cash used in operating activities (19,944)
(8,197) (20,548)
---------------
- --------------- ---------------
Cash flows from investing activities
Capital contributions paid to operating limited
partnerships -
- - (10,014)
Repayment from (advance to) operating limited
partnerships -
- - -
Purchase of investments (83,000)
- - -
---------------
- --------------- ---------------
Net cash used in investing activities (83,000)
- - (10,014)
---------------
- --------------- ---------------
NET DECREASE IN CASH AND CASH
EQUIVALENTS (102,944)
(8,197) (30,562)
Cash and cash equivalents, beginning 144,428
152,625 183,187
---------------
- --------------- ---------------
Cash and cash equivalents, end $ 41,484 $
144,428 $ 152,625
===============
=============== ===============
</TABLE>
(continued)
F-29
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 10
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
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 $ - $
- - $ -
===============
=============== ===============
The partnership has applied notes receivable and
advances against installments of capital
contributions $ - $
- - $ -
===============
=============== ===============
</TABLE>
(continued)
F-30
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 11
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $ (1,549,286) $
244,669 $ (1,960,877)
Adjustments to reconcile net income (loss) to net
cash provided by (used in) operating activities
Distribution from operating limited
partnerships 10,000
80,667 90,443
Share of (income) losses from operating
limited partnerships 1,197,310
(579,030) 1,621,193
Amortization 1,744
1,745 10,109
Changes in assets and liabilities
Accounts payable and accrued expenses 325,681
325,681 325,679
Other assets -
- - -
---------------
- --------------- ---------------
Net cash provided by (used in) operating
activities (14,551)
73,732 86,547
---------------
- --------------- ---------------
Cash flows from investing activities
Capital contributions paid to operating limited
partnerships (5,000)
- - -
Repayment from (advance to) operating limited
partnerships -
- - -
Purchase of investments (249,000)
- - -
---------------
- --------------- ---------------
Net cash used in investing activities (254,000)
- - -
---------------
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (268,551)
73,732 86,547
Cash and cash equivalents, beginning 307,351
233,619 147,072
---------------
- --------------- ---------------
Cash and cash equivalents, end $ 38,800 $
307,351 $ 233,619
===============
=============== ===============
</TABLE>
(continued)
F-31
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 11
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
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 $
5,723 $ 11,446
===============
=============== ===============
The partnership has applied notes receivable and
advances against installments of capital
contributions $ - $
- - $ -
===============
=============== ===============
</TABLE>
(continued)
F-32
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 12
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (1,794,581) $
(2,368,354) $ (2,611,578)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distribution from operating limited
partnerships 6,315
9,735 1,087
Share of losses from operating limited
partnerships 1,350,247
1,939,765 2,179,426
Amortization 13,317
13,317 19,944
Changes in assets and liabilities
Accounts payable and accrued expenses 438,772
383,267 383,268
Other assets -
- - -
---------------
- --------------- ---------------
Net cash provided by (used in) operating
activities 14,070
(22,270) (27,853)
---------------
- --------------- ---------------
Cash flows from investing activities
Capital contributions paid to operating limited
partnerships -
(76,430) -
Repayment from (advance to) operating limited
partnerships (775)
(60,336) -
Purchase of investments -
- - -
---------------
- --------------- ---------------
Net cash used in investing activities (775)
(136,766) -
---------------
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 13,295
(159,036) (27,853)
Cash and cash equivalents, beginning 8,532
167,568 195,421
---------------
- --------------- ---------------
Cash and cash equivalents, end $ 21,827 $
8,532 $ 167,568
===============
=============== ===============
</TABLE>
(continued)
F-33
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 12
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
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 $ 3,485 $
3,845 $ 7,689
===============
=============== ===============
The partnership has applied notes receivable and
advances against installments of capital
contributions $ - $
- - $ -
===============
=============== ===============
</TABLE>
(continued)
F-34
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 14
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (3,857,527) $
(4,919,960) $ (4,995,120)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distribution from operating limited
partnerships 19,270
3,624 1,967
Share of losses from operating limited
partnerships 3,031,945
4,150,179 4,120,449
Amortization 29,189
39,017 68,502
Changes in assets and liabilities
Accounts payable and accrued expenses 756,544
741,663 705,708
Other assets -
2,297 332,257
---------------
- --------------- ---------------
Net cash provided by (used in) operating
activities (20,579)
16,820 233,763
---------------
- --------------- ---------------
Cash flows from investing activities
Capital contributions paid to operating limited
partnerships (13,000)
(458,006) (634,903)
Repayment from (advance to) operating limited
partnerships -
482,020 -
Purchase of investments (336,000)
- - -
---------------
- --------------- ---------------
Net cash provided by (used in) investing
activities (349,000)
24,014 (634,903)
---------------
- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (369,579)
40,834 (401,140)
Cash and cash equivalents, beginning 686,170
645,336 1,046,476
---------------
- --------------- ---------------
Cash and cash equivalents, end $ 316,591 $
686,170 $ 645,336
===============
=============== ===============
</TABLE>
(continued)
F-35
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 14
- -----------------------------------------------------
1998
1997 1996
---------------
- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
The partnership has decreased its capital
contribution obligation to the operating
limited partnerships for low income tax
credits not generated $ 681 $
- - $ 28,070
===============
=============== ===============
The partnership has adjusted its investment in
operating limited partnerships for low income
tax credits not generated $ 2,052 $
1,171 $ 7,170
===============
=============== ===============
The partnership has applied notes receivable and
advances against installments of capital
contributions $ - $
902,811 $ -
===============
=============== ===============
</TABLE>
See notes to financial statements
F-36
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Boston Capital Tax Credit Fund II Limited Partnership (the
"partnership") was formed under the laws of the State of
Delaware on June 28, 1989, for the purpose of acquiring,
holding and disposing of limited partnership interests in
operating limited partnerships which will acquire, develop,
rehabilitate, operate and own newly constructed, existing or
rehabilitated low-income apartment complexes which qualify for
the Low-Income Housing Tax Credit established by the Tax
Reform Act of 1986. Certain of the apartment complexes may
also qualify for the Historic Rehabilitation Tax Credit
for their rehabilitation of a certified historic structure;
accordingly, the apartment complexes are restricted as to rent
charges and operating methods and are subject to the
provisions of Section 42(g)(2) of the Internal Revenue Code
relating to the Rehabilitation Investment Credit. The
general partner of the partnership is Boston Capital Associates
II Limited Partnership and the limited partner is BCTC Assignor
Corp. II (the "assignor limited partner").
Pursuant to the Securities Act of 1933, the partnership filed
a Form S-11 Registration Statement with the Securities and
Exchange Commission, effective August 29, 1988, which covered
the offering (the "Public Offering") of the partnership's
beneficial assignee certificates ("BACs") representing
assignments of units of the beneficial interest of the limited
partnership interest of the assignor limited partner. The
partnership registered 20,000,000 BACs at $10 per BAC for
sale to the public in six series. BACs sold in bulk over
$100,000 were offered to investors at a reduced cost per BAC.
The partnership is no longer selling any BACs related to any
series. The final closing in Series 14 was January 27, 1993.
The BACs issued and outstanding in each series at March 31,
1998 and 1997 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
5,574,290
Series 14 -----------
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>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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, 1998 and
1997 is as follows:
<TABLE>
1998 1997
---------------
- ---------------
<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
196,563
---------------
- ---------------
$ 682,837 $
682,837
===============
===============
</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>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Deferred Acquisition Costs (Continued)
--------------------------
Accumulated amortization for the years ended March 31, 1998 and
1997 is as follows:
<TABLE>
1998 1997
---------------
- ---------------
<S> <C> <C>
Series 7 $ - $
- -
Series 9 2,610
1,740
Series 10 10,324
6,883
Series 11 5,233
3,489
Series 12 39,951
26,634
Series 14 87,568
58,379
---------------
- ---------------
$ 145,686 $
97,125
===============
===============
</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.
F-39
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Investments in Operating Limited Partnerships (Continued)
---------------------------------------------
A loss in value of an investment in an operating partnership
other than a temporary decline would be recorded as an
impairment loss. Impairment is measured by comparing the
investment carrying amount to the sum of the total amount of the
remaining tax credits allocated to the partnership and the
estimated residual value of the investment.
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 partnership 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 partnership 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 partnership 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 partnership when received.
The partnership records acquisition cost as an increase in its
investment in operating partnerships. Certain operating
partnerships have not recorded the acquisition costs as a
capital contribution from the partnership. These differences
are shown as reconciling items in note C.
Cash Equivalents
----------------
Cash equivalents include tax-exempt sweep accounts, certificates
of deposit, 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.
F-40
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Net Loss per Beneficial Assignee Certificate (Continued)
--------------------------------------------
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, 1998, 1997 and 1996 is 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>
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.
Investments Held to Maturity
----------------------------
Investments held to maturity consist of certificates of deposit
with original maturities greater than 90 days and are carried at
amortized cost which approximates fair value.
F-41
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Adoption of Accounting Standard
-------------------------------
On March 31, 1997, the partnership adopted Statement of
Financial Accounting Standards ("SFAS") No. 128, "Earnings per
Share" and SFAS No. 129, "Disclosure of Information about
Capital Structure." SFAS No. 128 provides accounting and
reporting standards for the amount of earnings per share. SFAS
No. 129 requires the disclosure in summary form within the
financial statements of pertinent rights and privileges of the
various securities outstanding. The implementation of these
standards has not materially affected the partnership's
financial statements.
In June 1997, the Financial Accounting Standards Board issued
SFAS No. 130, "Reporting Comprehensive Income" and SFAS No. 131,
"Disclosures about Segments of an Enterprise and Related
Information." In February 1998, the Financial Accounting
Standards Board issued SFAS No. 132, "Employees Disclosures
about Pensions and Other Post-retirement Benefits." SFAS No.
130 is effective for years beginning after December 15, 1997.
SFAS No. 131 and No. 132 are effective for years beginning after
December 31, 1997 and early adoption is encouraged.
The partnership does not have any items of other comprehensive
income, does not have other segments of its business or when to
report, and does not have any pensions or other post-retirement
benefits. Consequently, these pronouncements are expected to
have no effect on the partnership's financial statements.
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1998, 1997 and 1996, the
partnership entered into several transactions with various
affiliates of the general partner, including Boston Capital
Partners, Inc., Boston Capital Services, Inc., Boston Capital
Holdings Limited Partnership, and Boston Capital Asset
Management Limited Partnership (formerly Boston Capital
Communications Limited Partnership) as follows:
F-42
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
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, 1998, 1997 and 1996 are as
follows:
<TABLE>
1998 1997
1996
---------------
- --------------- ---------------
<S> <C> <C>
<C>
Series 7 $ 111,089 $
106,774 $ 107,256
Series 9 547,218
539,985 560,971
Series 10 321,682
324,407 343,505
Series 11 298,613
291,053 284,604
Series 12 360,155
347,953 353,184
Series 14 675,616
663,654 707,026
---------------
- --------------- ---------------
$ 2,314,373 $
2,273,826 $ 2,356,546
===============
=============== ===============
</TABLE>
General and administrative expenses incurred by Boston Capital
Partners, Inc., Boston Capital Holdings Limited Partnership, and
Boston Capital Asset Management Limited Partnership (formerly
Boston Capital Communications Limited Partnership) during the
years ended March 31, 1998, 1997 and 1996 charged to each
series operations are as follows:
<TABLE>
1998 1997
1996
---------------
- --------------- ---------------
<S> <C> <C>
<C>
Series 7 $ 2,441 $
518 $ 742
Series 9 15,327
15,827 17,895
Series 10 18,402
12,050 12,777
Series 11 16,420
10,562 12,577
Series 12 13,492
13,990 16,322
Series 14 37,157
25,277 24,618
---------------
- --------------- ---------------
$ 103,239 $
78,224 $ 84,931
===============
=============== ===============
</TABLE>
F-43
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
Accounts payable - affiliates at March 31, 1998 and 1997
represents general and administrative expenses, partnership
management fees, and may include advances which are payable to
Boston Capital Partners, Inc., Boston Capital Holdings Limited
Partnership, 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, 1998 and 1997, 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, 1998 and 1997 by series are
as follows:
<TABLE>
1998 and 1997
---------------
<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.
F-44
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The contributions payable to operating limited partnerships at
March 31, 1998 and 1997 by series are as follows:
<TABLE>
1998
1997
---------------
- ---------------
<S> <C>
<C>
Series 7 $ - $
- -
Series 9 4,590
4,590
Series 10 -
- -
Series 11 22,528
27,528
Series 12 11,405
11,405
Series 14 329,894
343,575
---------------
- ---------------
$ 368,417 $
387,098
===============
===============
</TABLE>
F-45
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships
at March 31, 1998 are summarized as follows:
<TABLE>
Total
<S> <C>
- ---------------
Capital contributions paid and to be paid to operating
limited partnerships, net of tax credit adjusters $
133,483,117
Acquisition costs of operating limited partnerships
22,387,381
Cumulative distributions from operating limited
partnerships
(433,776)
Cumulative losses from operating limited partnerships
(94,596,745)
- ---------------
Investment per balance sheet
60,839,977
The partnership (has recorded) or has not recorded
capital contributions to the operating limited
partnerships during the year ended March 31, 1998,
which (have not) have been included in the
partnerships capital accounts included in the
operating limited partnerships financial statements as
of December 31, 1997 (See note A)
(2,619,980)
The partnership has recorded acquisition costs at March
31, 1998, which have not been recorded in the net
assets of the operating limited partnerships (see note
A)
(2,577,204)
Cumulative losses from operating limited partnerships
for the three months ended March 31, 1998, which the
operating limited partnerships have not included in
their capital as of December 31, 1997 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)
(9,596,954)
The partnership has recorded low-income housing tax
credit adjusters not recorded by operating partnerships
(see note A)
1,524,819
Other
97,038
- ---------------
Equity per operating limited partnerships combined
financial statements $
52,777,070
===============
</TABLE>
F-46
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships
at March 31, 1998 are summarized as follows:
<TABLE>
Series 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 $
29,796,871 $ 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)
(43,005) (23,359)
Cumulative losses from operating limited
partnerships (7,300,906)
(24,133,896) (12,305,174)
---------------
- --------------- ---------------
Investment per balance sheet 1,485,326
10,821,707 8,211,459
The partnership (has recorded) or has not
recorded capital contributions to the operating
limited partnerships during the year ended March
31, 1998, which (have not) have been included in
the partnerships capital accounts included in
the operating limited partnerships financial
statements as of December 31, 1997 (see note A) 24,274
(339,406) (11,530)
The partnership has recorded acquisition costs at
March 31, 1998, 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,
1998, which the operating limited partnerships
have not included in their capital as of December
31, 1997 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) (2,854,029)
(2,967,867) (1,137,095)
The partnership has recorded low-income housing
tax credit adjusters not recorded by operating
limited partnerships (see note A) (11,992)
231,710 93,713
Other (10,630)
38,185 (46,363)
---------------
- --------------- ---------------
Equity per operating limited partnerships
combined financial statements $ (1,703,128) $
8,733,884 $ 7,877,040
===============
=============== ===============
</TABLE>
F-47
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships
at March 31, 1998 are summarized as follows:
<TABLE>
Series 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 $ 17,701,870 $
21,394,399 $ 39,522,149
Acquisition costs of operating limited
partnerships 3,069,084
3,398,377 6,457,529
Cumulative distributions from operating limited
partnerships (239,296)
(29,166) (96,692)
Cumulative losses from operating limited
partnerships (10,658,716)
(14,177,769) (26,020,284)
---------------
- --------------- ---------------
Investment per balance sheet 9,872,942
10,585,841 19,862,702
The partnership (has recorded) or has not
recorded capital contributions to the operating
limited partnerships during the year ended March
31, 1998, which (have not) have been included in
the partnerships capital accounts included in
the operating limited partnerships financial
statements as of December 31, 1997 (see note A) (231,881)
(602,177) (1,459,260)
The partnership has recorded acquisition costs at
March 31, 1998, which have not been recorded in
the net assets of the operating limited
partnerships (see note A) (519,482)
(315,858) (1,085,641)
Cumulative losses from operating limited
partnerships for the three months ended March 31,
1998, which the operating limited partnerships
have not included in their capital as of December
31, 1997 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) (1,049,548)
(654,438) (933,977)
The partnership has recorded low-income housing
tax credit adjusters not recorded by operating
limited partnerships (see note A) 106,366
148,948 956,074
Other 199,237
49,178 (132,569)
---------------
- --------------- ---------------
Equity per operating limited partnerships
combined financial statements $ 9,099,336 $
9,825,200 $ 18,944,738
===============
=============== ===============
</TABLE>
F-48
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-49
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-50
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-51
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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, 1997 are as follows
<TABLE>
COMBINED SUMMARIZED BALANCE SHEETS
Total Series 7
Series 9 Series 10
-------------
- ------------- ------------- -------------
<S> <C> <C>
<C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 490,567,380 $
20,683,120 $ 95,427,592 $ 59,805,436
Land 31,344,813
1,871,570 6,035,503 4,073,162
Other assets 37,442,703
1,560,626 6,800,768 6,299,213
-------------
- ------------- ------------- -------------
$ 559,354,896 $
24,115,316 $ 108,263,863 $ 70,177,811
=============
============= ============= =============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans payable $ 418,158,409 $
19,437,579 $ 87,183,047 $ 56,450,825
Accounts payable and accrued expenses 11,890,156
2,555,081 3,575,180 680,340
Other liabilities 31,438,442
2,081,135 7,466,222 2,759,457
-------------
- ------------- ------------- -------------
461,487,007
24,073,795 98,224,449 59,890,622
-------------
- ------------- ------------- -------------
PARTNERS CAPITAL
Boston Capital Tax Credit Fund II
Limited Partnership 52,777,070
(1,703,128) 8,733,884 7,877,040
Other partners 45,090,819
1,744,649 1,305,530 2,410,149
-------------
- ------------- ------------- -------------
97,867,889
41,521 10,039,414 10,287,189
-------------
- ------------- ------------- -------------
$ 559,354,896 $
24,115,316 $ 108,263,863 $ 70,177,811
=============
============= ============= =============
</TABLE>
F-52
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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, 1997 are as follows:
<TABLE>
COMBINED SUMMARIZED BALANCE SHEETS -
CONTINUED
Series 11
Series 12 Series 14
- ------------- ------------- -------------
<S> <C>
<C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $
59,638,023 $ 87,252,862 $ 167,760,347
Land
3,234,637 5,010,480 11,119,461
Other assets
5,707,901 5,639,803 11,434,392
- ------------- ------------- -------------
$
68,580,561 $ 97,903,145 $ 190,314,200
============= ============= =============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans payable $
51,903,045 $ 67,131,203 $ 136,052,710
Accounts payable and accrued expenses
1,568,909 1,612,020 1,898,626
Other liabilities
2,458,523 5,779,176 10,893,929
- ------------- ------------- -------------
55,930,477 74,522,399 148,845,265
- ------------- ------------- -------------
PARTNERS CAPITAL
Boston Capital Tax Credit Fund II
Limited Partnership
9,099,336 9,825,200 18,944,738
Other partners
3,550,748 13,555,546 22,524,197
- ------------- ------------- -------------
12,650,084 23,380,746 41,468,935
- ------------- ------------- -------------
$
68,580,561 $ 97,903,145 $ 190,314,200
============= ============= =============
</TABLE>
F-53
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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
Total Series 7
Series 9 Series 10
--------------
- ------------- -------------- -------------
<S> <C> <C>
<C> <C>
ASSETS
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
-------------
- ------------- ------------- -------------
$ 576,638,527 $
25,135,177 $ 111,835,098 $ 71,926,872
=============
============= ============= =============
</TABLE>
F-54
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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
- -------------- -------------- --------------
<S> <C>
<C> <C>
ASSETS
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-55
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1997 in which series 7, 9 through 12, and 14 hold an interest as
of December 31, 1997 are as follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF
OPERATIONS
Year ended December 31, 1997
Total Series 7
Series 9 Series 10
-------------
- ------------- ------------- -------------
<S> <C> <C>
<C> <C>
Revenue
Rental $ 60,866,377 $
3,005,781 $ 11,454,200 $ 8,322,402
Interest and other 3,044,223
127,508 894,873 450,055
Gain on extinguishment of debt -
- - - -
-------------
- ------------- ------------- -------------
63,910,600
3,133,289 12,349,073 8,772,457
-------------
- ------------- ------------- -------------
Expenses
Interest 23,080,731
1,212,064 4,653,093 2,836,343
Depreciation and amortization 21,881,301
1,006,534 4,392,318 2,876,203
Taxes and insurance 7,907,163
393,005 1,657,582 1,171,139
Repairs and maintenance 9,379,705
596,308 1,688,160 1,251,379
Operating expenses 17,506,671
981,168 3,281,675 2,311,856
Impairment loss -
- - - -
Other expenses 1,645,450
58,827 395,456 185,945
-------------
- ------------- ------------- -------------
81,401,021
4,247,906 16,068,284 10,632,865
-------------
- ------------- ------------- -------------
NET LOSS $ (17,490,421) $
(1,114,617) $ (3,719,211) $ (1,860,408)
=============
============= ============= =============
Net loss allocated to Boston Capital Tax
Credit Fund II Limited Partnership* $ (12,084,411) $
(719,926) $ (2,638,120) $ (1,511,279)
=============
============= ============= =============
Net loss allocated to other partners $ (5,406,010) $
(394,691) $ (1,081,091) $ (349,129)
=============
============= ============= =============
</TABLE>
* Amounts include $433,885, $938,335, $503,174, $560,616,
$450,482 and $624,486 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>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year ended December 31,
1997 in which series 7, 9 through 12, and 14 hold an interest as
of December 31, 1997 are as follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS -
CONTINUED
Year ended December 31, 1997
Series
11 Series 12 Series 14
- ------------- ------------- -------------
<S> <C>
<C> <C>
Revenue
Rental $
7,846,610 $ 9,757,092 $ 20,480,292
Interest and other
359,822 418,119 793,846
Gain on extinguishment of debt
- - - -
- ------------- ------------- -------------
8,206,432 10,175,211 21,274,138
- ------------- ------------- -------------
Expenses
Interest
2,794,082 3,550,707 8,034,442
Depreciation and amortization
2,983,261 3,753,430 6,869,555
Taxes and insurance
1,022,372 1,291,332 2,371,733
Repairs and maintenance
1,204,789 1,499,444 3,139,625
Operating expenses
2,175,920 2,925,854 5,830,198
Impairment loss
- - - -
Other expenses
87,129 298,739 619,354
- ------------- ------------- -------------
10,267,553 13,319,506 26,864,907
- ------------- ------------- -------------
NET LOSS $
(2,061,121) $ (3,144,295) $ (5,590,769)
============= ============= =============
Net income (loss) allocated to Boston
Capital Tax Credit Fund II Limited
Partnership* $
(1,757,926) $ (1,800,729) $ (3,656,431)
============= ============= =============
Net loss allocated to other partners $
(303,195) $ (1,343,566) $ (1,934,338)
============= ============= =============
</TABLE>
* Amounts include $433,885, $938,335, $503,174, $560,616,
$450,482 and $624,486 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>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-58
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 income (loss) allocated to Boston
Capital Tax Credit Fund II Limited
Partnership* $
179,458 $ (2,108,851) $ (4,334,239)
============= ============= =============
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-59
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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, 1998 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, 1998 $ (11,313,561) $
(421,474) $ (2,299,343) $ (1,391,350)
Operating limited partnership rents
received in advance 8,213
(2,682) 9,078 (1,127)
Partnership management fees not recognized
for tax purposes 2,509,932
113,148 575,784 355,512
Tax exempt interest income -
- - - -
Other (802,323)
187,685 (250,638) (25,546)
Operating limited partnership loss not
allowed for financial reporting under
equity method of accounting (3,510,977)
(433,884) (938,335) (503,174)
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (1,880,059)
(260,145) (342,599) (126,715)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes 28,560
(84) 5,231 5,525
Impairment loss not recognized for tax
purposes -
- - - -
-------------
- ------------- ------------- -------------
Income (loss) for tax return purposes,
December 31, 1997 $ (14,960,215) $
(817,436) $ (3,240,822) $ (1,686,875)
=============
============= ============= =============
</TABLE>
F-60
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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, 1998 are reconciled as follows:
<TABLE>
Series
11 Series 12 Series 14
- ------------- ------------- -------------
<S> <C>
<C> <C>
Net income (loss) for financial reporting
purposes, March 31, 1998 $
(1,549,286) $ (1,794,581) $ (3,857,527)
Operating limited partnership rents
received in advance
(138) (1,742) 4,824
Partnership management fees not recognized
for tax purposes
325,680 383,268 756,540
Tax exempt interest income
- - - -
Other
50,360 (164,594) (599,590)
Operating limited partnership loss not
allowed for financial reporting under
equity method of accounting
(560,616) (450,482) (624,486)
Excess of tax depreciation over book
depreciation on operating limited
partnership assets
(162,458) (393,680) (594,462)
Difference due to fiscal year for book
purposes and calendar year for tax
purposes
(768) 1,677 16,979
Impairment loss not recognized for tax
purposes
- - - -
- ------------- ------------- -------------
Income (loss) for tax return purposes,
December 31, 1997 $
(1,897,226) $ (2,420,134) $ (4,897,722)
============= ============= =============
</TABLE>
F-61
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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>
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-62
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-63
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-64
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-65
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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, 1998, 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,
1997 $ 54,366,018 $
3,699,459 $ 8,224,889 $ 6,955,886
Add back losses not recognized under the
equity method 9,596,954
2,854,029 2,967,867 1,137,095
Historic tax credits 5,105,527
1,819,802 240,250 -
Less share of loss - three months ended
March 31, 1998 (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 3,834,086
(3,889,878) 1,554,860 895,170
-------------
- ------------- ------------- -------------
Investment in operating limited
partnerships - as reported, March 31,
1998 $ 60,839,977 $
1,485,326 $ 10,821,707 $ 8,211,459
=============
============= ============= =============
</TABLE>
F-66
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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, 1998, 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,
1997 $
7,937,986 $ 8,896,024 $ 18,651,774
Add back losses not recognized under the
equity method
1,049,548 654,438 933,977
Historic tax credits
1,281,688 - 1,763,787
Less share of loss - three months ended
March 31, 1998
(721,702) (613,706) (1,737,409)
Impairment loss not recognized for tax
purposes
- - - (3,048,854)
Other
325,422 1,649,085 3,299,427
- ------------- ------------- -------------
Investment in operating limited
partnerships - as reported, March 31,
1998 $
9,872,942 $ 10,585,841 $ 19,862,702
============= ============= =============
</TABLE>
F-67
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-68
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-69
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7,9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE E - CASH EQUIVALENTS
Cash equivalents of $661,174 and $1,680,747 as of March 31, 1998
and 1997, respectively, include tax-exempt sweep accounts,
certificates of deposit, 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, 1998 and 1997, consist of advance
installments of capital contributions and/or advances made to
operating limited partnerships of $604,695 and $603,920,
respectively. The Series 12 notes, $61,111 and $60,336 at March
31, 1998 and 1997, respectively, are noninterest bearing and due
on demand. The Series 14 notes, $543,584 and $583,584 at March
31, 1998 and 1997, respectively, are noninterest bearing and due
on demand. The prime rate was 8.5% and 8.5% at March 31, 1998
and 1997, respectively. The carrying value of the notes
receivable approximates fair value.
NOTE G - INVESTMENTS HELD TO MATURITY
Investments held to maturity at March 31, 1998 and 1997, consist
of certificates of deposit totaling $917,497 and $-0-,
respectively. The certificates of deposit mature within the
next 12 months with interest rates ranging from 5.30% to 5.65%
per annum.
NOTE H - CONTINGENCY
Woodfield Commons is in receipt of a 60-Day letter issued by the
IRS stating that the partnership has not met certain IRC Section
42 requirements. The finding was the result of an IRS audit of
the partnerships tenant files. The IRS has proposed an
adjustment that would disallow the partnership from utilizing
certain past or future credits. The Operating General Partner
and its Counsel are in the process of filing an appeal to the
findings of the IRS, and do not anticipate an outcome that will
have a material effect on the financial statements and
accordingly, no adjustment has been made in accompanying finan-
cial statements.
F-70
<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, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts Total
ciation Date Date Life
- -------------------------------------------------------------------------------------
- --------------------------------------
Bowditch
School 1,630,968 65,961 4,818,466 75,906 65,961 4,894,372
4,960,333 1,232,873 12/89 12/89 34
Briarwood
Apts LP 624,427 44,500 747,246 24,268 44,500 771,514
816,014 263,591 12/89 12/89 5-27.5
Buckner
Prop LP 619,396 27,500 771,030 16,550 27,500 787,580
815,080 284,640 3/89 12/89 5-27.5
Creekside 1,091,361 89,016 1,290,616 (4,390)a 89,016 1,286,226
1,375,242 179,844 9/89 6/89 5-27.5
Deer Hill
II LP 1,479,045 103,000 1,424,556 337,809 103,000 1,762,365
1,865,365 581,072 5/89 2/90 5-27.5
Hillandale 3,152,333 601,653 4,198,973 1,816,091 601,653 6,015,064
6,616,717 1,913,880 1/90 12/89 5-27.5
King City
Elderly 1,658,088 175,000 2,549,870 48,271 175,000 2,598,141
2,773,141 739,823 11/89 6/90 27.5
Lebanon
Prop II LP 573,502 3,000 730,187 9,536 3,000 739,723
742,723 255,429 7/89 12/89 5-27.5
F-71
Boston Capital Tax Credit Fund II Limited
Partnership - Series 7
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Metropole
Apts
Assoc 2,194,490 82,800 2,621,625 51,040 82,800 2,672,665
2,755,465 772,853 12/89 12/89 27.5
New
Holland
Apts 951,963 80,000 3,269,700 (2,279,307)b 80,000 990,393
1,070,393 836,335 8/90 5/90 35
Oak Grove
Estates
LP 485,264 15,200 597,465 11,344 15,200 608,809
624,009 211,603 9/89 12/89 27.5
Oakview
LTD 1,128,782 35,280 1,375,820 82,393 35,280 1,458,213
1,493,493 363,711 10/89 12/89 40
Rosenberg
Hotel 1,824,673 452,000 7,434,335 (5,259,335)b 415,000 2,175,000
2,590,000 62,143 1/92 2/90 27.5
Westwood 1,413,403 96,600 1,355,174 354,965 96,660 1,710,139
1,806,799 567,359 7/90 7/90 5-27.5
Winfield
Prop II
LP 609,884 37,000 735,086 9,919 37,000 745,005
782,005 266,933 5/89 12/89 5-27.5
---------- --------- ---------- --------- --------- ---------- --
- -------- ---------
19,437,579 1,908,510 33,920,149 (4,704,940) 1,871,570 29,215,209
31,086,779 8,532,089
========== ========= ========== ========= ========= ==========
========== =========
F-72
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1997.
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, 1997. The column has been
ommitted for presentation purposes.
</TABLE>
F-73
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-74
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
Additions during period:
Acquisitions through foreclosure..............$ 0
Other acquisitions............................ 0
Improvements, etc............................. 44,376
Other......................................... 0
-----------
$ 44,376
Deductions during period:
Cost of real estate sold......................$ 0
Other......................................... 0
-----------
$ 0
------------
Balance at close of period - 03/31/98........................ $ 31,086,779
============
F-75
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
Current year expense................................$ 980,513
---------
Balance at close of period - 3/31/98............................$ 8,532,089
==========
F-76
<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, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
438 Warren
St. 721,934 45,972 1,177,081 35,005 45,972 1,212,086
1,258,058 358,653 5/90 3/90 28
Beaver
Brook 1,185,213 135,070 1,395,155 3,197 135,070 1,398,352
1,533,422 470,293 5/90 4/90 27.5
Big Lake
Seniors 560,504 27,804 732,961 0 27,804 732,961
760,765 47,019 6/95 4/94 5-27.5
Blakely 947,599 50,000 1,159,403 27,320 50,000 1,186,723
1,236,723 366,399 5/90 5/90 5-27.5
Blanco Sr 519,876 40,147 679,816 0 40,147 679,816
719,963 57,347 9/94 12/93 7-40
Blooming-
dale 1,481,407 100,338 1,771,660 7,676 100,338 1,779,336
1,879,674 552,945 3/90 5/90 5-27.5
Breeze-
wood 1,429,634 114,000 1,784,173 4,415 114,000 1,788,588
1,902,588 539,922 5/90 5/90 7-27.5
Brooklyn 1,108,471 9,000 1,416,895 52,159 9,000 1,469,054
1,478,054 339,062 5/90 5/90 5-27.5
F-77
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Calif.
Inv.V 5,418,004 401,411 10,661,108 165,384 401,411 10,826,492
11,227,903 2,375,835 3/90 3/90 35
Cambridge 1,135,178 99,974 1,381,815 2,550 99,974 1,384,365
1,484,339 434,994 1/90 4/90 7-27.5
Cedar
Rapids 4,401,632 294,600 7,692,319 188,094 294,600 7,880,413
8,175,013 2,297,547 6/90 4/90 7-27.5
Corinth 1,491,978 53,351 1,865,231 62,186 53,351 1,927,417
1,980,768 587,077 2/90 4/90 5-27.5
Cotton Mill
Assoc. 1,482,385 75,000 1,730,384 17,491 75,000 1,747,875
1,822,875 248,660 7/93 10/92 5-27.5
Fawn
River 3,701,144 77,000 4,396,993 489,476 77,000 4,886,469
4,963,469 1,304,769 10/90 10/90 27.5
Fountain
Green 724,343 68,134 880,440 2,995 68,134 883,435
951,569 255,451 5/90 6/90 27.5
Glenwood
Hotel 744,109 25,000 1,128,486 10,400 25,000 1,138,886
1,163,886 341,870 6/90 6/90 7-27.5
Greenwich 1,484,611 85,197 1,862,476 24,090 85,197 1,886,566
1,971,763 572,953 2/90 4/90 5-27.5
Grifton 1,259,126 35,393 1,170,847 367,089 35,393 1,537,936
1,573,329 166,082 2/94 9/93 7-27.5
F-78
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Hacienda
Villa 3,911,182 233,165 7,304,446 154,995 233,165 7,459,441
7,692,606 1,521,157 1/90 4/90 40
Haines
City 1,440,156 100,000 1,709,218 10,512 100,000 1,719,730
1,819,730 551,174 2/90 4/90 27.5
Hernando 1,486,882 70,000 1,975,766 8,818 70,000 1,984,584
2,054,584 607,098 7/90 6/90 27.5
Hobe
Sound 2,801,426 261,000 3,482,634 29,920 261,000 3,512,554
3,773,554 1,070,971 4/90 4/90 27.5
Immokalee 2,194,651 160,000 2,732,134 10,354 160,000 2,742,488
2,902,488 617,119 5/90 5/90 7-27.5
Kristin
Park 1,392,250 117,179 1,694,459 34,906 117,179 1,729,365
1,846,544 376,065 6/90 3/90 27.5
Le Grande
Enterprise 1,741,818 13,090 2,232,493 0 67,500 2,232,493
2,299,993 216,469 10/93 11/92 5-50
Long-
meadow 1,482,082 95,000 1,765,749 8,181 95,000 1,773,930
1,868,930 354,324 8/90 8/90 10-40
Maywood 1,502,617 53,000 1,961,139 5,614 53,000 1,966,753
2,019,753 576,460 7/90 3/90 5-27.5
Meadow
run 640,656 44,400 784,163 6,398 44,400 790,561
834,961 244,095 5/90 5/90 27.5
F-79
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Meadow-
crest 2,896,927 286,065 4,982,274 36,756 286,065 5,019,030
5,305,095 1,588,612 10/90 9/90 5-27.5
Newfane
Senior 992,883 30,000 1,211,708 9,050 30,000 1,220,758
1,250,758 278,365 9/92 10/92 5-27.5
New
Holland 951,963 80,000 3,269,700 (2,279,307)b 80,000 990,393
1,070,393 836,335 8/90 5/90 5-27.5
Old
Stage 1,266,317 39,840 1,517,419 6,830 39,840 1,524,249
1,564,089 453,308 9/90 5/90 27.5
Pedcor
Invest. 3,214,268 170,435 6,211,383 (1,817)a 170,435 6,209,566
6,380,001 1,267,816 4/90 3/90 27.5
Pleasanton
Sr 623,730 40,000 813,308 0 40,000 813,308
853,308 107,067 7/93 12/93 40
Polkton
Housing 645,313 25,038 754,785 0 25,038 754,785
779,823 180,538 12/93 1/94 5-27.5
Princess
Manor 1,493,133 57,066 1,869,314 7,059 57,066 1,876,373
1,933,439 578,176 8/90 6/90 5-27.5
Princess
Villas 1,492,136 63,104 1,786,927 8,009 63,104 1,794,936
1,858,040 543,041 8/90 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, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Putney
First 1,422,624 128,800 1,804,424 (10,683) 128,800 1,793,741
1,922,541 231,696 5/93 12/92 5-27.5
Quail Hollow
RRH 1,471,814 100,000 1,861,652 4,796 100,000 1,866,448
1,966,448 595,251 1/90 5/90 27.5
Quail Hollow
Warsaw 1,406,357 33,500 1,747,578 8,435 33,500 1,756,013
1,789,513 341,554 9/90 7/90 7-40
Rainbow
Gardens 1,218,609 70,000 1,450,989 803 70,000 1,451,792
1,521,792 267,792 6/93 12/92 7-27.5
Raitt
St. Apts. 800,404 270,281 1,221,755 0 270,281 1,221,755
1,492,036 194,357 8/93 5/93 5-27.5
School
St. II 804,966 37,622 1,585,434 3,793 37,622 1,589,227
1,626,849 291,773 6/93 6/93 7-27.5
South
Paris
Housing 1,490,168 65,000 1,853,831 (176,840) 242,301 1,676,991
1,919,292 341,433 10/92 11/92 5-27.5
South-
western 1,427,651 30,000 1,766,094 17,303 30,000 1,783,397
1,813,397 553,715 5/90 5/90 7-27.5
F-81
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Spring-
field 3,830,348 775,955 4,177,205 5,474,378 775,955 9,651,583
10,427,538 2,278,171 6/91 6/90 5-27.5
Sunshine 1,472,029 127,000 1,729,289 36,923 117,000 1,766,212
1,883,212 499,581 11/90 9/90 5-27.5
Surry
Village II 776,903 60,000 938,244 2,475 50,718 940,719
991,437 302,263 1/90 5/90 5-27.5
Tappa-
hannock
Green 1,507,692 122,500 1,703,483 0 122,500 1,703,483
1,825,983 275,706 5/94 3/94 5-27.5
Twin
Oaks 1,140,589 53,636 1,397,601 (128) 53,636 1,397,473
1,451,109 427,359 5/90 5/90 5-27.5
Village
Oaks 751,472 42,140 884,614 4,022 42,140 888,636
930,776 266,560 2/90 6/90 5-27.5
Warrens-
burg 793,526 32,000 991,475 9,572 32,000 1,001,047
1,033,047 351,813 4/90 4/90 5-27.5
Westside 2,434,577 25,000 4,022,240 (45,749)a 25,000 3,976,491
4,001,491 1,045,829 12/90 6/90 5-27.5
F-82
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Westwood 1,413,403 96,660 1,690,074 18,495 98,230 1,708,569
1,806,799 567,359 7/90 7/90 27.5
Wilming-
ton 1,052,377 75,637 1,293,362 (5,865)a 75,637 1,287,497
1,363,134 378,269 8/90 8/90 27.5
---------- --------- ----------- --------- --------- ----------- -
- ---------- ----------
87,183,047 5,821,504 123,065,606 4,857,535 6,035,503 127,923,141
133,958,644 32,495,549
========== ========= =========== ========= ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1997.
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, 1997. The column has been
omitted for presentation purposes.
</TABLE> F-83
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-84
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.........................$133,603,418
Additions during period:
Acquisitions through foreclosure..............$ 0
Other acquisitions............................ 0
Improvements, etc............................. 355,226
Other......................................... 0
-----------
$
355,226
Deductions during period:
Cost of real estate sold......................$ 0
Other......................................... 0
-----------
$
0
- -----------
Balance at close of period -
03/31/98.........................$133,958,644
===========
F-85
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92......................$
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
Current year expense...............................$4,359,076
---------
Balance at close of period -
3/31/98...........................$32,495,549
==========
F-86
<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, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Ackerman 594,681 42,000 619,380 245,001 42,000 864,381
906,381 87,070 6/94 9/93 5-27.5
Athens II 1,337,761 75,000 1,642,281 10,324 75,000 1,652,605
1,727,605 447,799 6/90 8/90 5-27.5
Autumn
Lane 734,854 34,094 891,072 382 34,094 891,454
925,548 257,710 11/90 8/89 5-27.5
Baytree 958,217 44,759 1,099,246 93,247 44,759 1,192,493
1,237,252 389,774 7/90 11/88 5-27.5
Benchmark 951,918 60,600 1,137,112 34,022 60,600 1,171,134
1,231,734 382,545 7/90 11/88 5-27.5
Brentwood 955,769 64,999 1,163,002 19,746 64,999 1,182,748
1,247,747 225,933 10/90 11/90 5-27.5
Briarwood 1,484,144 154,900 1,898,553 (415,160) 154,900 1,483,393
1,638,293 446,326 8/90 8/90 7-27.5
Butler
Properties 504,089 37,500 376,730 223,430 37,500 600,160
637,660 103,010 2/91 12/90 5-27.5
Candlewick
Place 1,259,859 70,800 1,500,289 61,171 70,800 1,561,460
1,632,260 239,926 10/92 12/92 5-27.5
F-87
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Cedarstone 774,097 66,000 955,695 5,794 66,000 961,489
1,027,489 142,176 5/93 5/93 5-40
Centre-
ville Apts. 634,272 63,073 697,069 53,246 16,000 750,315
766,315 289,653 2/90 11/90 5-27.5
Charlton
Court 1,203,241 56,144 1,449,050 802 56,144 1,449,852
1,505,996 300,215 1/93 12/92 7-27.5
Chuck-
atuck 1,448,269 128,725 1,731,557 12,863 128,725 1,744,420
1,873,145 380,226 2/90 11/90 12-40
Clover-
leaf I 856,728 54,740 969,048 20,419 54,740 989,467
1,044,207 305,732 4/90 11/90 5-27.5
Clover-
leaf II 875,981 66,488 981,480 23,283 66,488 1,004,763
1,071,251 309,832 4/90 11/90 5-27.5
Connells-
ville 1,370,451 55,440 1,591,799 11,901 55,440 1,603,700
1,659,140 345,516 3/90 11/90 5-27.5
Dallas 1,681,994 230,059 3,408,933 (195,432)* 230,059 3,213,501
3,443,560 988,741 10/90 12/91 5-27.5
Ellaville 788,440 45,000 977,293 1,270 45,000 978,563
1,023,563 309,944 2/90 7/90 5-27.5
Forsyth 1,459,281 55,000 1,894,917 5,321 55,000 1,900,238
1,955,238 552,594 9/90 7/90 7-27.5
F-88
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Freedom
Apts. 1,051,305 144,065 1,219,436 21,961 144,065 1,241,397
1,385,462 253,118 9/90 11/90 5-27.5
Great
Falls 875,089 38,292 1,053,154 6,064 38,292 1,059,218
1,097,510 310,023 10/90 11/90 5-27.5
Hartway
Properties 914,599 49,000 1,116,507 0 49,000 1,116,507
1,165,507 273,867 6/90 7/90 5-27.5
Hilltop 1,489,722 105,000 1,916,734 8,766 105,000 1,925,500
2,030,500 584,493 7/90 8/90 7-27.5
Ironton
Estates 625,640 29,500 794,461 914 29,500 795,375
824,875 181,118 1/93 5/93 5-27.5
Lambert
Square 1,001,895 41,200 1,243,568 3,192 41,200 1,246,760
1,287,960 164,921 12/92 11/92 5-40
Lawton
Apts. 1,489,938 54,400 1,848,603 18,842 54,400 1,867,445
1,921,845 700,325 6/90 11/90 5-27.5
Longview 872,593 25,000 1,071,946 45,342 25,000 1,117,288
1,142,288 366,199 8/90 11/88 5-27.5
Maidu 2,160,267 56,500 4,890,261 299,890 56,500 5,190,151
5,246,651 1,307,774 12/91 3/91 7-27.5
F-89
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Meadow-
brook 1,480,487 75,141 1,789,549 1,916 75,141 1,791,465
1,866,606 560,190 3/90 9/90 5-27.5
Mercer
Apts. 909,802 46,249 1,098,860 25,226 46,249 1,124,086
1,170,335 231,345 8/90 11/90 5-27.5
Morgan-
town 770,290 36,000 930,187 7 36,000 930,194
966,194 172,479 12/90 8/90 5-27.5
Newnan 2,002,390 92,706 4,128,942 (241,857)* 92,706 3,887,085
3,979,791 1,196,557 10/90 12/90 5-27.5
Northern
Conn 1,013,314 42,500 1,536,482 10,144 42,500 1,546,626
1,589,126 283,522 12/92 1/93 5-27.5
Parkwood 3,048,644 316,667 4,358,381 7,812 316,667 4,366,193
4,682,860 1,203,537 5/91 3/91 5-27.5
Pedcor
Invest-
ments 3,263,900 200,000 4,714,711 285,289 200,000 5,000,000
5,200,000 906,517 10/90 7/90 5-27.5
Pinetree
Manor 981,648 30,000 1,210,633 1,895 30,000 1,212,528
1,242,528 157,678 1/93 11/92 7-40
Pineview 962,572 125,000 1,178,400 4,541 125,000 1,182,941
1,307,941 346,510 12/90 9/90 7-27.5
F-90
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Rosewood
Village 650,109 36,000 806,255 3,813 36,000 810,068
846,068 248,405 7/90 7/90 5-27.5
South
Farm 2,215,559 254,636 3,486,308 7,644 254,636 3,493,952
3,748,588 711,148 7/93 4/93 7-40
Stockton
Estates 516,325 17,500 647,699 1,371 17,500 649,070
666,570 154,333 1/93 2/93 5-27.5
Stratford
Square 752,528 63,000 443,433 452,618 63,000 896,051
959,051 129,156 2/93 10/92 5-40
Summer
Glen 1,486,693 147,225 1,669,056 2,673 147,225 1,671,729
1,818,954 261,205 3/93 11/92 5-40
Washington
Heights 440,862 76,537 974,803 11,261 81,248 986,064
1,067,312 206,111 7/90 11/90 5-27.5
West Des
Moines 2,368,447 437,568 4,154,100 296,779 437,568 4,450,879
4,888,447 1,235,666 7/90 7/90 7-27.5
Wichita
West 1,749,221 110,377 2,920,599 49,509 110,377 2,970,108
3,080,485 835,558 7/90 7/90 7-27.5
F-91
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Woodside
Housing 1,482,940 60,140 1,926,294 12,302 60,140 1,938,596
1,998,736 371,499 11/90 12/90 5-27.5
---------- --------- ---------- ---------- --------- ----------- -
- --------- ----------
56,450,825 4,115,524 78,113,868 1,549,544 4,073,162 79,663,412
83,736,574 19,857,976
========== ========= ========== ========== ========= ===========
========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this
schedule is as of December 31, 1997.
* Decrease due to reduction in development fee which reduced the property basis.
**There were no carrying costs as of December 31, 1997. The column has been
ommitted for
presentation purposes.
</TABLE>
F-92
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-93
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
Additions during period:
Acquisitions through foreclosure..............$ 0
Other acquisitions............................ 0
Improvements, etc............................. 116,256
Other......................................... 0
-----------
$
116,256
Deductions during period:
Cost of real estate sold......................$ 0
Other......................................... 0
-----------
- -----------
Balance at close of period - 03/31/98.........................$
83,736,574
===========
F-94
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
Current year expense................................$2,780,726
---------
Balance at close of period -
3/31/98............................$19,857,976
==========
F-95
<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, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Academy
Hill 1,378,688 119,500 1,607,604 15,024 119,500 1,622,628
1,742,128 445,897 2/91 2/91 5-27.5
Aspen
Square 1,836,234 150,413 2,118,648 107,758 150,703 2,226,406
2,377,109 419,760 11/90 11/90 5-27.5
Bridge-
view 1,366,398 50,686 1,586,090 3,480 50,686 1,589,570
1,640,256 534,027 12/89 12/90 5-27.5
Buckeye 1,343,157 93,421 1,584,893 69,821 93,421 1,654,714
1,748,135 346,156 8/90 12/90 5-27.5
Church
Hill 956,659 63,232 663,136 537,056 63,232 1,200,192
1,263,424 219,611 1/91 12/90 7-40
Copper
Creek 1,176,259 77,750 1,410,989 52,436 77,750 1,463,425
1,541,175 278,616 9/90 11/90 5-27.5
Coronado 492,369 9,998 1,499,265 7,561 9,998 1,506,826
1,516,824 420,913 4/91 2/91 5-27.5
Crestwood 4,319,614 360,000 10,649,129 36,963 360,000 10,686,092
11,046,092 2,940,861 7/91 1/91 7-27.5
F-96
Boston Capital Tax Credit Fund II Limited Partnership
- - Series 11
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings Accum. Con-
Acq- Depre- Encum- and im- Improve-
and im- Depre- struct uired ciation Description
brances Land provements ments Land provemnts Total
ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Dallas
Apts. 1,681,994 230,059 3,408,933 (195,432)* 230,059 3,213,501
3,443,560 988,741 10/90 12/90 7-27.5
Denmark I 771,233 54,000 915,172 6,494 54,000 921,666
975,666 283,328 6/90 11/90 27.5
Denmark II 819,126 36,000 1,003,547 727 36,000 1,004,274
1,040,274 304,408 6/90 11/90 5-27.5
El Dorado
Springs 581,964 22,500 735,245 10,956 17,176 746,201
763,377 245,938 9/90 11/90 5-27.5
Eldon
Estates II 582,238 30,000 690,453 30,506 30,000 720,959
750,959 233,885 11/90 12/90 5-27.5
Eldon
Manor 560,336 7,500 787,399 21,758 7,500 809,157
816,657 261,817 11/90 12/90 5-27.5
Elderly Hsing
of Macon 1,630,712 50,000 1,992,329 9,260 50,000 2,001,589
2,051,589 241,590 4/93 5/93 5-27.5
Eutaw
Elderly 1,626,292 24,000 1,972,439 6,720 24,000 1,979,159
2,003,159 198,511 12/93 5/93 5-50
Farmer-
ville 968,487 57,015 1,195,142 7,045 57,015 1,202,187
1,259,202 205,811 4/91 1/91 N/A
F-97
Boston Capital Tax Credit Fund II Limited
Partnership - Series 11
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Forest
Glade 1,484,300 100,000 1,841,104 23,316 100,000 1,864,420
1,964,420 525,586 12/90 12/90 7-27.5
Franklin
School 1,265,208 112,032 2,528,326 1,939,760 112,032 4,468,086
4,580,118 1,024,679 12/91 10/90 27.5
Harbor
View 1,482,191 143,957 1,802,615 5,350 143,957 1,807,965
1,951,922 537,400 7/90 12/90 7-27.5
Hilltop
Apts. 1,424,053 178,736 1,545,237 1,223 178,736 1,546,460
1,725,196 312,452 11/92 1/93 27.5
Holland
Senior 900,050 27,500 1,096,333 22,160 27,500 1,118,493
1,145,993 339,294 6/90 11/90 27.5
Holly
Senior 918,527 36,882 1,139,044 26,408 36,882 1,165,452
1,202,334 346,636 10/90 11/90 27.5
Ivan
Woods 2,198,430 275,000 4,347,328 20,064 275,000 4,367,392
4,642,392 1,281,979 4/91 2/91 5-27.5
Kaplan
Manor 926,987 66,000 1,106,192 46,434 66,000 1,152,626
1,218,626 216,281 12/90 12/90 7-40
F-98
Boston Capital Tax Credit Fund II Limited
Partnership - Series 11
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Lakewood 954,715 53,100 1,162,254 6,491 53,100 1,168,745
1,221,845 206,262 5/91 1/91 N/A
Licking
Associates 406,367 14,000 316,889 176,342 14,000 493,231
507,231 111,828 3/92 11/91 N/A
London
Arms 2,654,248 37,500 3,479,332 (22,804)* 37,500 3,456,528
3,494,028 885,855 12/90 12/90 5-27.5
Maidu 2,160,267 56,500 4,890,261 299,890 56,500 5,190,151
5,246,651 1,307,774 12/91 3/91 7-27.5
Manning
Properties 841,061 44,125 1,015,703 7,152 44,125 1,022,855
1,066,980 301,847 11/90 11/90 5-27.5
Metter 1,474,127 44,500 1,770,511 4,472 45,141 1,774,983
1,820,124 342,294 5/93 12/92 5-27.5
Nevada
Manor 648,793 50,000 782,543 10,670 50,000 793,213
843,213 264,951 10/90 11/90 5-27.5
Newnan
Apts. 2,002,390 92,706 4,128,942 (241,857)* 92,706 3,887,085
3,979,791 1,196,557 10/90 12/90 5-27.5
Oatka
Villige 920,064 35,000 1,151,205 6,230 35,000 1,157,435
1,192,435 354,132 6/90 11/90 5-27.5
RPI#18L.P. 1,233,570 100 1,776,840 116,895 100 1,893,735
1,893,835 503,421 12/90 12/90 5-27.5
F-99
Boston Capital Tax Credit Fund II Limited
Partnership - Series 11
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ------------------------------------------
Sierra
Springs 1,176,939 52,290 1,448,815 58,057 52,387 1,506,872
1,559,259 279,031 11/90 11/90 5-27.5
South
Fork 1,448,759 100,000 1,782,527 14,161 100,000 1,796,688
1,896,688 344,366 2/91 2/91 5-27.5
Twin
Oaks of
Allendale 782,923 71,305 951,711 (170,609)* 71,305 781,102
852,407 232,360 9/90 12/90 5-27.5
Washington 958,686 55,050 1,150,878 14,587 55,050 1,165,465
1,220,515 207,075 3/91 1/91 7-40
Wildridge 1,548,630 156,576 1,617,243 5,292 156,576 1,622,535
1,779,111 420,110 4/91 1/91 7-27.5
---------- --------- ---------- ---------- --------- -----------
- ----------- ----------
$51,903,045 3,238,933 76,652,246 3,097,817 3,234,637 79,750,063
82,984,700 20,112,040
========== ========= ========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this
schedule is as of December 31, 1997.
*Decrease due to reduction of development fee which reduced the property basis.
**There were no carrying costs as of December 31, 1997. The column has been
ommitted for
presentation purposes.
</TABLE>
F-100
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 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-101
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
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 121,624
Other.......................................... 0
-----------
$ 121,624
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98..........................$ 82,984,700
===========
F-102
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
Current year expense.................................$2,903,701
---------
Balance at close of period -
3/31/98............................$20,112,040
==========
F-103
<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, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Autumnwood
Village 1,035,970 40,777 371,734 901,535 40,777 1,273,269
1,314,046 289,309 4/92 10/91 5-27.5
BB&L
Enterprises 522,178 24,000 648,985 1,600 24,000 650,585
674,585 151,218 3/91 5/91 5-40
Bowman
Village 666,199 17,000 848,107 2,520 17,000 850,627
867,627 214,433 10/91 6/91 5-27.5
Brandy-
wood 1,752,028 86,029 3,313,958 (47,086)* 86,029 3,266,872
3,352,901 944,876 9/91 12/91 5-27.5
Briarwick 1,253,406 95,079 1,587,073 595 95,079 1,587,668
1,682,747 305,870 4/91 4/91 5-40
Bucksport 1,387,118 71,500 1,683,768 (136,548)* 271,318 1,547,220
1,818,538 391,655 8/91 6/91 7-27.5
Burkes-
ville 735,262 40,000 897,118 530 40,000 897,648
937,648 144,098 9/91 6/91 5-27.5
F-104
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
California
Investors
VII 8,934,496 820,000 9,361,922 16,788,173 803,050 26,150,095
26,953,145 3,714,028 12/93 10/92 5-27.5
Cananche
Creek 1,236,724 66,200 1,515,813 39,125 66,200 1,554,938
1,621,138 250,833 6/91 5/91 5-27.5
Carson
Village 653,315 30,000 193,264 610,191 30,000 803,455
833,455 179,940 6/92 10/91 5-27.5
Clarkson
Prop 750,032 36,000 932,918 0 36,000 932,918
968,918 150,603 7/91 6/91 7-27.5
Clymer
House 1,083,630 20,000 1,387,091 2,709 20,000 1,389,800
1,409,800 322,164 10/91 6/91 5-27.5
Corcoran
Investment 1,526,248 75,000 1,976,455 0 75,000 1,976,455
2,051,455 335,978 11/90 2/91 5-50
Cornish
Park 1,456,823 67,390 1,761,946 94,424 68,500 1,856,370
1,924,870 458,776 6/91 6/91 5-27.5
Crescent
City 1,867,066 211,000 2,297,055 (14,590)* 211,000 2,282,465
2,493,465 424,183 3/91 3/91 5-50
Dallas II 1,681,994 230,059 3,194,199 19,302 230,059 3,213,501
3,443,560 988,741 10/90 3/91 7-27.5
F-105
Boston Capital Tax Credit Fund II Limited
Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Earlimart 1,347,429 90,000 1,711,424 827 90,000 1,712,251
1,802,251 291,962 6/91 6/91 5-50
Evanwood 757,044 36,000 929,102 456 32,400 929,558
961,958 168,163 5/91 6/91 5-27.5
Fort
Smith 1,039,337 87,500 2,089,062 0 87,500 2,089,062
2,176,562 333,713 8/94 9/93 7-27.5
Frank-
lin II 1,488,528 50,000 1,864,100 2,199 50,000 1,866,299
1,916,299 540,603 11/90 4/91 7-27.5
Franklin
House 305,487 1,000 812,706 2,742 1,000 815,448
816,448 214,750 1/88 5/93 5-27.5
Hamilton
Village 570,376 18,943 368,532 344,202 18,943 712,734
731,677 168,226 3/92 10/91 5-27.5
Hunters
Park 1,412,014 92,750 1,650,083 15,434 92,750 1,665,517
1,758,267 249,984 4/91 5/91 5-27.5
Ivan
Woods 2,198,430 275,000 4,347,328 20,064 275,000 4,367,392
4,642,392 1,281,979 4/91 2/91 5-27.5
Jesup 631,506 19,375 427,265 382,416 19,375 809,681
829,056 193,080 7/92 12/91 5-27.5
F-106
Boston Capital Tax Credit Fund II Limited
Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Lakeridge 917,823 34,832 1,103,517 7,461 34,832 1,110,978
1,145,810 286,105 4/91 3/91 5-50
Laurel
Village 662,922 15,145 256,421 569,407 15,145 825,828
840,973 190,064 5/92 10/91 5-27.5
Los
Caballos 773,138 53,886 1,006,731 1,700 26,943 1,008,431
1,035,374 176,042 8/91 7/91 5-27.5
Marlboro 837,163 26,176 1,032,404 14,417 26,176 1,046,821
1,072,997 310,519 2/91 3/91 5-27.5
Melvilles 894,250 18,500 1,103,074 30,288 18,500 1,133,362
1,151,862 181,911 10/91 7/91 5-27.5
Nanty Glo 1,477,706 35,000 1,869,757 17,675 35,000 1,887,432
1,922,432 438,202 7/91 6/91 7-40
Newnan II 2,001,179 92,706 3,868,800 18,285 92,706 3,887,085
3,979,791 1,196,557 10/90 3/91 7-27.5
Nye
County 1,366,344 60,000 1,694,731 5,023 60,000 1,699,754
1,759,754 485,870 4/91 5/91 5-27.5
Oakleigh 915,249 57,500 553,121 564,755 57,500 1,117,876
1,175,376 170,228 3/92 8/91 7-40
Oakwood 911,682 52,000 782,736 345,697 52,000 1,128,433
1,180,433 174,222 1/92 8/91 7-40
Parkwood 3,048,644 316,667 4,358,381 7,812 316,667 4,366,193
4,682,860 1,203,537 5/91 3/91 5-27.5
F-107
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Portales
Estates 1,441,485 66,500 1,777,470 5,720 66,500 1,783,190
1,849,690 522,716 7/91 7/91 5-27.5
Prairie
West 472,796 65,000 983,964 3,798 69,633 987,762
1,057,395 281,977 9/95 3/91 5-27.5
Ridgeway
Court 894,407 48,500 1,039,377 21,524 48,500 1,060,901
1,109,401 274,946 1/91 4/91 5-27.5
River
Reach 1,367,782 118,750 1,656,515 6,732 118,750 1,663,247
1,781,997 445,971 5/91 5/91 7-27.5
Rockmoor 438,306 30,000 521,541 17,017 30,000 538,558
568,558 83,415 3/91 5/91 5-27.5
RPI #22 572,558 0 1,177,719 16,447 0 1,194,166
1,194,166 288,026 7/91 6/91 7-27.5
Scott City 599,332 13,000 764,225 (285) 13,000 763,940
776,940 132,060 11/91 6/91 5-27.5
Shawnee
Ridge 668,146 53,650 801,129 8,388 53,650 809,517
863,167 134,820 5/91 5/91 5-27.5
Spring-
field 3,830,348 775,955 9,620,653 30,930 775,955 9,651,583
10,427,538 2,278,171 6/91 7/91 5-27.5
Stonegate
Manor 1,010,946 76,000 1,265,168 6,097 76,000 1,271,265
1,347,265 357,126 12/90 5/91 7-27.5
F-108
Boston Capital Tax Credit Fund II Limited
Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- --------------------------------------------
Turner
Lane 722,375 31,530 882,974 2,172 31,530 885,146
916,676 233,673 7/91 5/91 7-27.5
Union
Baptist 507,995 0 1,151,557 19,964 0 1,171,521
1,171,521 232,418 4/91 5/91 5-27.5
Villas of
Lakeridge 532,695 47,952 605,356 809 47,952 606,165
654,117 156,504 3/91 3/91 5-27.5
Waynesboro 1,372,681 50,000 1,455,507 1,074 50,000 1,456,581
1,506,581 389,677 1/91 4/91 5-27.5
Windsor II 732,003 51,178 887,455 10,641 51,178 898,096
949,274 267,654 11/90 4/91 7-27.5
Woodcrest 711,744 42,000 883,702 8,102 42,000 891,804
933,804 144,014 11/91 6/91 7-40
Woodside 1,156,864 19,383 1,378,829 1,136 19,383 1,379,965
1,399,348 428,977 3/91 4/91 5-40
---------- --------- ---------- ---------- ---------- -----------
- ----------- ---------
67,131,203 4,852,412 90,653,822 20,773,607 5,010,480 111,427,429
116,437,909 24,174,567
========== ========= ========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this
schedule is as of December 31, 1997
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1997 The column has been
ommitted for
presentation purposes.
</TABLE>
F-109
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-110
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..........................$116,296,430
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 141,479
Other.......................................... 0
-----------
$
141,479
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
-----------
$
0
- -----------
Balance at close of period -
03/31/98..........................$116,437,909
===========
F-111
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.......................$
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
Current year expense................................$3,611,359
---------
Balance at close of period -
3/31/98............................$24,174,567
==========
F-112
<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, 1998
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 1,048,982 125,997 1,201,080 0 125,997 1,201,080
1,327,077 193,739 11/93 1/93 5-30
Amherst 1,602,927 60,000 1,920,734 0 60,000 1,920,734
1,980,734 458,712 1/92 1/92 7-27.5
Beckwood
Manor 1,271,185 35,000 1,569,743 38,578 35,000 1,608,321
1,643,321 374,762 10/92 5/92 5-27.5
Belmont
Vlg 929,502 64,312 1,073,695 6,676 64,312 1,080,372
1,144,684 182,905 12/91 1/92 7-27.5
Bethel
Park 1,491,698 265,800 1,310,374 486,472 117,500 1,796,846
1,914,346 299,461 3/92 12/91 5-40
Blan-
chard 218,258 42,000 727,225 (473,334) 23,726 253,891
277,617 46,914 9/91 10/91 7-40
F-113
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 598,621 42,000 730,704 0 42,000 730,704
772,704 116,535 7/93 1/93 5-30
Brant-
wood 1,144,296 55,500 1,382,381 2,409 55,500 1,384,790
1,440,290 362,946 9/91 7/91 7-27.5
Brecken-
ridge 867,880 21,500 1,181,178 1,909 21,500 1,183,087
1,204,587 207,276 3/92 1/92 7-27.5
Briar-
wood II 1,494,414 90,000 1,785,580 (297,553) 90,000 1,488,027
1,578,027 356,301 4/92 2/92 7-27.5
Bridge Coali-
tion 0 0 695,990 45,082 0 741,072
741,072 151,800 12/91 1/92 27.5
Buchanan 726,197 63,275 833,561 34,172 63,275 867,733
931,008 259,153 10/90 7/91 7-27.5
California
Inv. V 5,418,004 401,411 10,824,261 2,231 401,411 10,826,492
11,227,903 2,375,835 03/90 8/92 7-27.5
California
Inv. VII 8,934,496 820,000 9,361,922 16,788,173 803,050 26,150,095
26,953,145 3,714,028 12/93 10/92 7-27.5
Capital
Hsg 1,539,129 178,000 3,131,389 49,397 178,000 3,180,786
3,358,786 777,820 1/91 8/91 7-27.5
F-114
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 695,155 35,000 883,508 0 35,000 883,508
918,508 113,724 8/95 3/95 7-27.5
Carleton
Court 2,712,472 94,360 3,954,231 219,892 94,360 4,174,123
4,268,483 753,602 12/91 12/91 7-34
Carriage
Run 1,329,397 83,980 1,046,960 550,232 83,980 1,597,192
1,681,172 371,070 4/92 10/91 7-27.5
Cedar-
wood 1,419,039 61,698 1,477,659 231,450 61,698 1,709,109
1,770,807 240,422 1/92 10/91 7-27.5
Central
Valley 1,827,871 141,353 2,170,282 0 141,353 2,170,282
2,311,635 326,281 12/91 1/92 5-50
Chapar-
ral 696,420 38,972 863,939 3,510 38,972 867,449
906,421 132,343 7/91 8/91 7-50
College
Green 3,781,020 225,000 6,774,847 38,689 225,000 6,813,536
7,038,536 703,949 8/95 3/95 7-27.5
Colorado
City 542,805 30,000 608,138 16,258 30,000 624,396
654,396 98,292 10/91 10/91 7-40
Cotton
wood 655,114 40,000 775,242 3,710 40,000 778,952
818,952 124,111 7/91 10/91 7-40
F-115
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 1,305,442 60,000 1,574,032 6,642 60,000 1,580,674
1,640,674 305,820 1/92 1/92 7-27.5
Davis
Vlg 1,176,194 55,000 1,456,778 0 55,000 1,456,778
1,511,778 246,376 9/93 1/93 5-30
Derby
Hsg 1,851,036 165,000 3,451,914 (28,429) 165,000 3,423,485
3,588,485 844,530 9/91 6/91 7-27.5
Deven-
wood 874,134 76,000 1,215,772 3,057 76,000 1,218,829
1,294,829 245,210 1/93 7/92 N/A
Duncan
Vlg 1,148,821 83,875 1,391,226 0 83,875 1,391,226
1,475,101 223,800 11/93 1/93 5-30
Edison
Village 1,200,486 46,536 1,425,180 50,796 46,536 1,475,976
1,522,512 352,666 2/92 7/91 7-27.5
Excel-
sior 624,169 70,000 704,252 10,279 70,000 714,531
784,531 221,780 4/91 2/92 7-27.5
Four Oaks
Hsg 894,429 48,000 1,063,004 3,228 73,083 1,066,232
1,139,315 236,685 6/92 3/92 7-27.5
F-116
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
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 930,247 49,520 1,130,261 0 49,520 1,130,261
1,179,781 175,857 4/92 1/92 7-27.5
Friend-
ship 1,440,395 195,314 1,639,123 127,149 213,230 1,766,272
1,979,502 592,644 6/91 1/92 7-27.5
Glenhaven
Park 688,873 195,000 834,120 0 195,000 834,120
1,029,120 185,932 6/89 1/94 7-27.5
Harrison
City 1,482,136 35,521 1,799,025 6,144 35,521 1,799,025
1,834,546 407,736 9/92 7/92 7-27.5
Haven Park
Part-
ners II 494,773 225,000 1,045,411 0 225,000 1,045,411
1,270,411 323,168 6/89 1/94 7-27.5
Haven Park
Partners
III 497,333 225,000 1,177,089 0 225,000 1,177,089
1,402,089 228,179 12/89 1/94 7-27.5
Haven Park
Part-
ners IV 399,865 180,000 874,413 0 180,000 874,413
1,054,413 161,141 6/90 1/94 7-27.5
Hessmer 911,466 35,000 1,158,895 778,606 35,000 1,158,895
1,193,895 173,096 4/92 12/91 7-40
F-117
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 886,023 38,000 911,697 160,272 38,000 1,071,969
1,109,969 259,323 1/92 9/91 7-27.5
Hughes
Springs 788,584 35,000 947,230 0 35,000 947,230
982,230 149,934 8/91 10/91 7-40
Hunters
Run 1,448,179 120,000 1,169,479 537,695 120,000 1,707,174
1,827,174 412,178 2/92 12/91 7-27.5
Indepen-
dence 1,086,435 103,901 1,237,331 12,402 103,901 1,249,733
1,353,634 328,930 6/91 8/91 7-27.5
Jarratt 833,930 55,926 1,028,925 (67,608) 55,926 961,317
1,017,243 234,439 12/91 10/91 7-27.5
Kilmar-
nock 765,470 44,000 969,309 0 44,000 969,309
1,013,309 265,273 4/91 7/91 7-27.5
King
Fisher 170,418 21,000 198,768 0 21,000 198,768
219,768 34,300 12/93 1/93 5-30
La Gama
Del
Bario 670,201 110,000 1,020,084 46,465 110,000 1,066,549
1,176,549 204,541 8/92 6/92 7-27.5
F-118
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 1,995,709 360,000 2,036,815 229,471 360,000 2,266,286
2,626,286 341,621 1/92 9/91 5-50
Lakeview
Meadows 1,573,891 99,580 2,665,491 15,063 99,580 2,680,554
2,780,134 684,271 6/92 1/92 12-40
Lakewood
Terr 3,873,540 124,707 2,257,609 4,422,726 124,707 6,680,335
6,805,042 1,431,108 8/89 11/93 5-27.5
Lexington
Park 4,847,218 500,000 7,754,757 59,955 500,000 7,814,712
8,314,712 1,107,137 12/93 11/91 7-27.5
Lexington
Vlg 211,259 23,814 246,703 0 23,814 246,703
270,517 44,462 11/93 1/93 5-30
Lonacon-
ing 1,487,952 113,305 181,203 1,558,889 113,305 1,740,092
1,853,397 265,186 9/92 12/91 5-27.5
Louis
Assocs. 826,809 13,720 1,038,651 4,099 13,720 1,042,750
1,056,470 219,456 1/92 3/92 7-27.5
Maidu 2,160,267 56,500 5,108,838 81,313 56,500 5,190,151
5,246,651 1,307,774 12/91 1/92 7-27.5
Marion
Mnr 1,007,304 50,000 1,237,671 12,940 50,000 1,250,611
1,300,611 174,841 6/92 2/92 7-27.5
F-119
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 219,376 25,920 255,681 0 25,920 255,681
281,601 46,397 10/93 1/93 5-30
McComb
Fam 1,005,726 30,000 1,226,748 19,051 30,000 1,245,799
1,275,799 268,863 10/91 10/91 7-27.5
Mon-
tague 1,141,805 0 1,493,360 97,666 22,223 1,591,026
1,613,249 341,873 12/91 12/91 5-30
Navapai 883,977 53,480 1,073,287 25,572 53,480 1,098,859
1,152,339 192,760 4/91 6/91 7-50
Nevada
City 3,550,848 492,000 3,954,179 130,975 492,000 4,085,154
4,577,154 581,346 10/91 1/91 5-27.5
New
River 1,486,762 46,400 1,279,522 519,597 46,400 1,799,119
1,845,519 286,528 2/92 8/91 7-27.5
Newel-
lton 947,371 57,600 1,161,263 7,800 57,600 1,169,063
1,226,663 174,830 4/92 2/92 7-40
Oakland
Vlg 851,583 38,400 1,021,589 2,502 58,014 1,024,091
1,082,105 217,882 8/92 5/92 7-27.5
F-120
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 696,231 27,752 872,256 0 27,752 872,256
900,008 150,972 5/93 1/93 7-27.5
One
North-
ridge 1,700,400 190,000 3,051,424 59,364 190,000 3,110,788
3,300,788 586,246 2/92 1/92 7-27.5
Park-
wood 3,048,644 316,667 4,358,381 7,812 316,667 4,366,193
4,682,860 1,203,537 5/91 10/91 7-27.5
Pine-
ridge 991,848 31,500 494,515 715,923 31,500 1,210,438
1,241,938 159,720 3/92 10/91 7-27.5
Pittsfield
Park 1,047,764 204,900 781,557 548,732 58,000 1,330,289
1,388,289 247,997 6/92 12/91 5-30
Planta-
tion IV 1,422,194 77,000 1,697,631 22,624 77,000 1,720,255
1,797,255 431,753 11/91 12/91 7-27.5
Portville
Square 924,798 66,206 1,068,007 64,495 66,206 1,132,502
1,198,708 184,522 3/92 3/92 7-27.5
Prague
Vlg 120,244 10,500 157,060 0 10,500 157,060
167,560 30,510 3/93 1/93 7-27.5
F-121
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 2,690,165 521,000 5,852,852 14,190 521,000 5,867,042
6,388,042 836,922 1/93 3/92 7-27.5
Rosen-
berg 1,824,673 452,000 10,701,246 (8,526,246) 415,000 2,175,000
2,590,000 62,143 1/92 12/91 7-27.5
Rosewood
Manor 1,440,474 175,000 1,605,480 7,408 175,000 1,612,888
1,787,888 400,032 11/91 12/91 7-27.5
San
Jacinto 2,374,792 288,000 2,694,130 105,463 288,000 2,799,593
3,087,593 460,604 10/91 1/92 5-50
Schroon
Lake 1,089,005 78,000 1,318,831 (11,386) 78,000 1,307,445
1,385,445 293,479 1/92 11/91 5-50
Scott
Part-
ners 568,088 60,000 1,171,445 31,816 60,000 1,203,261
1,263,261 301,983 11/91 10/91 7-27.5
Sioux
Falls 1,086,827 82,406 2,233,596 (12,432) 82,406 2,221,164
2,303,570 559,301 10/91 11/91 7-27.5
F-122
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 1,246,529 79,790 1,465,210 25,305 79,790 1,490,515
1,570,305 463,697 5/91 2/92 7-27.5
South
Fulton 665,122 34,000 794,896 1,930 34,000 796,826
830,826 179,448 8/91 10/91 7-27.5
Standard-
ville 586,746 29,500 691,006 0 29,500 691,006
720,506 131,528 11/91 4/92 5-40
St.
Barnabas 1,211,580 43,335 1,520,445 2,648 43,335 1,523,093
1,566,428 209,937 12/91 10/91 7-27.5
Summerlane 861,833 48,700 1,010,651 3,038 48,700 1,013,689
1,062,389 253,087 11/91 7/91 7-27.5
Tionesta
Manor 1,431,388 229,850 1,666,675 17,639 229,850 1,684,314
1,914,164 432,307 1/92 2/92 7-27.5
Titus-
ville 1,242,340 85,280 1,235,975 239,616 85,280 1,475,591
1,560,871 355,721 1/92 12/91 7-27.5
Toano III 710,789 56,266 874,381 1,828 56,266 876,209
932,475 240,851 7/91 7/91 7-27.5
Topsham 1,129,745 135,552 1,458,644 1,522 135,552 1,460,166
1,595,718 222,800 8/92 11/91 10-40
F-123
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im-
Depre- struct uired ciation
tion brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ---------------------------------------------
Townview 1,381,297 87,238 1,713,135 16,525 87,238 1,729,660
1,816,898 308,526 10/91 9/91 5-27.5
Tyrone
Hsg 1,487,044 138,700 1,850,252 29,130 49,050 1,879,382
1,928,432 307,003 1/92 12/91 5-40
Vic-
toria 1,402,517 12,500 1,733,581 0 12,500 1,733,581
1,746,081 392,403 6/92 1/92 5-27.5
Village
Terrace 721,253 63,000 1,529,691 800 63,000 1,530,491
1,593,491 383,779 9/91 5/92 5-40
Washing-
ton 1,189,091 72,396 1,494,696 2,410 72,396 1,497,106
1,569,502 378,563 8/91 7/91 7-27
Wesley
Vlg 1,316,210 44,750 347,831 1,253,193 44,750 1,601,024
1,645,774 259,281 6/92 10/91 5-27.5
Wild-
wood 1,265,615 94,949 1,498,290 8,152 94,949 1,506,442
1,601,391 284,856 10/91 10/91 5-40
Woodfield
Commons 1,186,524 66,533 2,478,583 129,178 66,533 2,607,761
2,674,294 455,190 6/91 9/91 12-40
Wood-
side 1,214,509 44,000 1,472,335 9,013 44,000 1,481,348
1,525,348 372,667 10/91 11/91 7-27.5
F-124
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 410,877 41,987 521,591 0 41,987 521,591
563,578 92,214 11/93 1/93 5-27.5
York-
shire 925,121 29,265 1,079,451 89,221 29,265 1,168,672
1,197,937 301,056 9/91 8/91 5-27.5
Zin-
master 1,855,115 100,000 3,307,709 13,873 100,000 3,321,582
3,421,582 1,238,216 1/88 1/95 7-27.5
----------- ---------- ----------- ---------- ---------- -----------
- ----------- ---------- 136,052,710 11,491,699
186,719,997 21,455,055 11,119,461 208,175,052 219,294,513 40,414,705
=========== ========== =========== ========== ========== ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
on this schedule
is as of December 31, 1997.
* - Reduction due to reduced development fee, which reduced the property basis.
***There were no carrying costs as of December 31, 1997. The column has been
omitted for presentation purposes.
</TABLE>
F-125
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-126
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..........................$218,924,791
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 369,722
Other.......................................... 0
-----------
$ 369,722
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98..........................$219,294,513
===========
F-127
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/92.........................$ 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..................................$5,335,897
- ---------
Balance at close of period -
3/31/97..............................$33,725,798
Current year
expense..................................$6,668,907
- ---------
Balance at close of period -
3/31/98..............................$40,414,705
==========
F-128
<TABLE> <S> <C>
<ARTICLE> CT
<CIK> 0000853566
<NAME> BOSTON CAPITAL TAX CREDIT FUND II, A LIMITED PARTNERSHIP
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<TOTAL-ASSETS> 64,633,488
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 64,633,488
<TOTAL-REVENUES> 42,913
<INCOME-TAX> 0
<INCOME-CONTINUING> (11,356,474)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (11,313,561)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
