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, 1999 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,
1999
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. 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.
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
1
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, 1999, the Partnership had invested in a total
of 309
Operating Partnerships; 15 Operating Partnerships on behalf of
Series 7, 55
Operating Partnerships on behalf of Series 9, 45 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
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 nine Operating Partnerships in six series
identified in the table set forth below. In each instance the
Apartment Complex owned by each
2
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, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
The Bowditch
School
Lodging Jamaica Plain,
House MA 50 $1,622,807 12/89 12/89 100% $
606,390
Briarwood Cameron,
Apartments MO 24 622,916 12/89 12/89 100%
157,254
Buckner Buckner,
Properties MO 24 618,119 12/89 3/89 100%
146,287
Creekside Vandergrift,
Apartments PA 30 1,088,820 6/89 9/89 100%
247,790
Deer Hill Huntersville,
II Apartments NC 40 1,476,070 2/90 5/89 100%
333,370
Hillandale Lithonia,
Commons GA 132 3,119,770 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 24 572,358 12/89 7/89 100%
136,440
New Holland Danville,
Apartments* IL 53 N/A 5/90 8/90 N/A
800,434
Oak Grove Oak Grove,
Estates MO 20 484,063 12/89 9/89 100%
113,188
Oakview Delta,
Apartments OH 38 1,125,970 12/89 10/89 100%
258,264
Metropole Miami Beach,
Apartments FL 42 2,164,291 12/89 12/89 100%
694,581
* Refer to note in Results of Operations for information on New
Holland Apartments.
4
Boston Capital Tax Credit Fund II Limited Partnership -
Series 7
PROPERTY PROFILES AS OF March 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ---------
Rosenberg Santa Rosa,
Apartments CA 77 $1,811,122 2/90 1/92 100%
$1,943,360
Westwood
Square Moore Head City,
Apartments NC 36 1,410,139 7/90 7/90 100%
117,286
Winfield
Properties Winfield,
II MO 24 608,648 12/89 5/89 100%
142,525
5
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ---------
Azalea
Village Crawford,
Apartments GA 24 $ 639,341 5/90 5/90 100% $
143,206
Beaver
Brook Pelham,
Commons NH 24 1,182,450 4/90 5/90 100%
290,403
Bent Creek Crest View,
Apartments
II FL 24 707,838 6/90 5/90 100%
164,534
Big Lake Big Lake,
Seniors TX 20 558,694 4/94 6/95 100%
141,072
Blanco Blanco,
Senior Apts. TX 20 518,510 12/93 9/94 100%
98,561
Breezewood
Village Kissimmee,
Phase I FL 86 2,793,221 4/90 4/90 100%
831,650
Breezewood Kissimmee,
Village II FL 42 1,426,808 5/90 5/90 100%
416,268
Cambridge Madison,
Manor FL 36 1,132,472 4/90 1/90 100%
268,523
Corinth
Senior Corinth,
Housing NY 40 1,487,949 4/90 2/90 100%
384,000
Cotton Mill Stuart,
Apartments VA 40 1,477,350 10/92 7/93 100%
271,351
Country Cedar Rapids,
Hill Apts. IA 166 4,379,835 4/90 6/90 100%
3,471,607
Country Blakely,
Lane Apts. GA 32 945,712 5/90 5/90 100%
211,916
6
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ---------
Fawn River Sturgis,
Apartments MI 100 $3,693,439 10/90 10/90 97%
$971,446
Garden Lake Immokalee,
Apartments FL 65 2,190,380 5/90 5/90 100%
577,529
Glenwood Porterville,
Hotel CA 36 735,954 6/90 6/90 100%
383,100
Grand
Princess St. Croix,
Manor USVI 24 1,490,181 6/90 8/90 100%
374,766
Grand
Princess St. Croix,
Villa USVI 24 1,489,187 6/90 8/90 100%
276,203
Greenwich
Senior Greenwich,
Housing NY 36 1,481,124 4/90 2/90 100%
340,000
Grifton Grifton,
Manor Apts. NC 40 1,253,867 9/93 2/94 100%
261,645
Hacienda
Villa Firebaugh,
Apartments CA 120 3,871,423 4/90 1/90 100%
1,343,294
Haines
City Haines City,
Apartments FL 46 1,436,748 4/90 2/90 100%
339,465
Hamlet Newfane,
Square NY 24 983,278 10/92 9/92 95%
193,830
Hill St. South Paris,
Commons ME 25 1,487,585 11/92 10/92 100%
301,064
Kristin
Park Las Vegas,
Apartments NM 44 1,389,295 3/90 6/90 100%
313,200
7
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Le Grand Le Grand,
Apts. CA 34 $1,736,822 11/92 10/93 100% $
419,011
Longmeadow Skowhegan,
Apartments ME 28 1,478,983 8/90 8/90 100%
284,000
Magnolia
Lane Bloomingdale,
Apartments GA 48 1,477,901 5/90 3/90 100%
321,908
Maywood Corning,
Apartments CA 40 1,499,427 3/90 7/90 100%
365,280
Meadowcrest Southfield,
Apartments MI 83 2,885,424 9/90 10/90 100%
1,116,284
Mill Pond Brooklyn,
Apartments MI 36 1,106,279 5/90 5/90 100%
250,175
New Holland Danville,
Apartments* IL 53 N/A 5/90 8/90 N/A
565,622
Pinewoods Springfield,
Apartments IL 168 3,792,526 6/90 6/91 100%
1,258,700
Pine Ridge Polkton,
Place NC 16 643,221 1/94 12/93 100%
114,730
Pleasanton Pleasanton,
Seniors Apts.TX 24 621,607 12/93 7/93 100%
144,839
Port Portage,
Crossing IN 160 3,226,054 3/90 4/90 100%
2,733,580
Putney Putney,
Meadows Apts VT 28 1,420,329 12/92 5/93 100%
374,495
Quail
Hollow Homerville,
Apartments GA 54 1,468,305 5/90 1/90 100%
363,353
* Refer to note in Results of Operations for information on New
Holland Apartments.
8
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ---------
Quail
Hollow Raleigh
II NC 36 $ 1,403,251 7/90 9/90 100% $
313,521
Rainbow
Gardens Dunnellon,
Apartments FL 36 1,215,070 12/92 6/93 100%
236,763
Raitt Santa Ana,
Street Apts. CA 6 809,371 5/93 8/93 100%
416,200
School St. Marshall,
Apts. II WI 24 795,889 6/93 6/93 100%
652,967
Scottsville Scottsville,
Hollow NY 36 1,424,829 5/90 5/90 100%
304,060
Somerset Antioch,
Apartments CA 156 5,492,513 3/90 3/90 100%
3,920,000
St. Paul's St. Paul,
Apartments NC 32 1,263,690 5/90 9/90 100%
263,165
Surry
Village Surry,
II VA 24 774,314 5/90 1/90 100%
157,002
Tappahannock Tappahannock,
Greens Apts. VA 40 1,503,897 3/94 5/94 100%
293,486
Telluride Telluride,
Apartments CO 30 1,469,230 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 1,138,335 5/90 5/90 100%
275,894
9
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Ventura Hernando,
Village FL 53 $ 1,483,797 6/90 7/90 100% $
473,300
Vilage Live Oak,
Oaks FL 24 731,985 6/90 2/90 100%
164,291
Apartments II
Warrensburg Warrensburg,
Estates MO 32 791,662 4/90 4/90 100%
181,849
Westside Providence,
Apartments RI 40 2,414,747 6/90 12/90 100%
1,777,738
Westwood
Square Moorehead City,
Apartments NC 36 1,410,139 7/90 7/90 100%
195,391
Wilmington Wilmington,
Housing NY 24 1,049,261 8/90 8/90 100%
237,279
10
Boston Capital Tax Credit Fund II Limited Partnership -
Series 10
PROPERTY PROFILES AS OF March 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Athens Park Athens,
Apartments AL 48 $1,335,137 8/90 6/90 100%
$ 354,144
Autumn Lane Washington,
Apartments GA 24 733,281 8/89 11/90 100%
168,234
Baytree Richlands,
Apartments NC 24 956,338 11/88 7/90 100%
210,999
Benchmark China Grove,
Apartments NC 24 949,911 11/88 7/90 100%
223,328
Berkshire Wichita,
Apartments II KS 66 1,738,640 7/90 7/90 100%
1,183,452
Brentwood Eunice,
Apartments LA 32 953,801 11/90 10/90 100%
205,470
Briarwood Middleburg,
Apartments FL 52 1,480,997 8/90 8/90 100%
509,251
Butler Manor Morgantown,
Apartments KY 16 502,875 12/90 2/91 100%
119,952
Campbell
Creek Dallas,
Apartments GA 80 1,627,681 12/91 10/90 100%
735,000
Candlewick Monroeville,
Place AL 40 1,256,465 12/92 10/92 100%
241,600
Cedarstone Poplarville,
Apts. MS 24 772,284 5/93 5/93 100%
180,800
Charlton
Court Folkston,
Apartments GA 40 1,200,178 12/92 1/93 100%
263,520
11
Boston Capital Tax Credit Fund II Limited Partnership -
Series 10
PROPERTY PROFILES AS OF March 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -
- -----------------------------------------------------------------
- ----------
Chuckatuck Suffolk
Square VA 42 $1,444,818 11/90 2/90 100% $
320,900
Cloverleaf Bishopville,
Apartments SC 24 854,716 11/90 4/90 100%
153,900
Cloverleaf
Apts., Bishopville,
Phase II SC 24 873,923 11/90 4/90 100%
160,761
Connellsville Connellsville,
Heritage Apts. PA 36 1,366,990 11/90 3/90 100%
325,460
Freedom Ford City,
Apartments PA 28 1,049,108 11/90 9/90 92%
262,791
Hartway Munfordville,
Apts. KY 32 912,622 7/90 6/90 100%
239,041
Hilltop Kingsland,
Terrace GA 54 1,486,583 8/90 7/90 100%
455,851
Indian Run S. Kingston
Village RI 114 1,979,327 4/93 7/93 100%
604,867
Ironton Ironton,
Estates MO 24 623,622 5/93 1/93 100%
157,976
Lambert
Square Lambert,
Apts. MS 32 998,233 11/92 12/92 100%
192,347
Longview Maysville,
Apartments NC 24 870,881 11/88 8/90 100%
195,837
Maidu Roseville,
Village CA 81 2,126,654 3/91 12/91 100%
470,000
12
Boston Capital Tax Credit Fund II Limited Partnership -
Series 10
PROPERTY PROFILES AS OF March 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Mann Indianapolis,
Estates IN 132 $3,242,689 7/90 10/90 100% $
1,980,000
Meadowbrook
Lane Americus,
Apartments GA 50 1,477,010 9/90 3/90 100%
336,264
Melrose Lane Great Falls,
Apartments SC 24 873,139 11/90 10/90 100%
203,645
Mercer Mercer,
Manor PA 26 907,871 11/90 8/90 96%
220,450
Pecan Village Ellaville,
Apartments GA 30 786,493 7/90 2/90 100%
221,856
Piedmont Forsyth,
Hills GA 50 1,456,276 7/90 9/90 100%
439,958
Pine View Perry,
Apartments FL 29 960,426 9/90 12/90 100%
277,405
Pines by the Newnan,
Creek Apts. GA 96 1,941,612 12/90 10/90 100%
890,000
Pine Grove Ackerman,
Apts. MS 24 587,088 9/93 6/94 100%
169,926
Pinetree
Manor Centreville,
Apts. MS 32 979,429 11/92 1/93 100%
191,500
Rosewood
Village Willacoochee,
Apartments GA 24 648,664 7/90 7/90 100%
147,480
13
Boston Capital Tax Credit Fund II Limited Partnership -
Series 10
PROPERTY PROFILES AS OF March 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Springwood
Park Durham,
Apartments NC 100 $ 3,009,245 3/91 5/91 100% $
1,000,000
Stockton Stockton,
Estates MO 20 515,002 2/93 1/93 100%
120,352
Stratford
Square Brundidge,
Apartments AL 24 750,916 10/92 2/93 100%
145,036
Summer
Glen Immokalee,
Apartments FL 45 1,482,950 11/92 3/93 100%
246,230
Summerwood West Des Moines,
Apartments IA 86 2,340,197 7/90 7/90 100%
2,015,183
Sunmark Morgantown,
Apartments KY 24 768,620 8/90 12/90 100%
176,669
Village Lawton,
Commons MI 58 1,486,690 11/90 6/90 100%
323,665
Washington
Heights
Apartments, Bismarck,
IV ND 24 500,000 11/90 7/90 100%
381,010
Woods Hollow Centreville,
Apartments MI 24 632,553 11/90 2/90 100%
132,700
Woodside Lisbon,
Apartments ME 28 1,479,910 12/90 11/90 100%
397,630
14
Boston Capital Tax Credit Fund II Limited Partnership -
Series 11
PROPERTY PROFILES AS OF March 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ------------
Academy
Hill Ahoskie,
Apartments NC 40 $1,375,726 2/91 2/91 100%
$ 319,224
Aspen
Square Tazewell,
Apartments VA 60 1,832,539 11/90 11/90 100%
356,495
Bridgeview Emlenton,
Apartments PA 36 1,363,117 12/90 12/89 100%
327,257
Buckeye
Senior Buckeye,
Apartments AZ 41 1,340,117 12/90 8/90 100%
311,480
Campbell
Creek Dallas,
Apartments GA 80 1,627,680 12/90 10/90 100%
142,000
Cambridge
Manor Macon,
Apartments MS 47 1,625,558 5/93 4/93 100%
356,356
Church Hill Church Point,
Apartments LA 32 954,605 12/90 1/91 100%
205,750
Copper
Creek Lebanon,
Apartments VA 36 1,173,818 11/90 9/90 100%
237,647
Coronado Tuscon,
Hotel AZ 42 448,837 3/91 3/91 100%
614,050
Crestwood St. Cloud,
Apartments FL 216 4,245,327 1/91 6/91 100%
5,636,484
El Dorado El Dorado Springs,
Springs Est. MO 24 580,637 11/90 9/90 100%
133,790
Eldon Est. Eldon,
II MO 24 580,948 12/90 11/90 100%
131,340
15
Boston Capital Tax Credit Fund II Limited Partnership -
Series 11
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Eldon Eldon,
Manor MO 24 $ 559,107 12/90 11/90 100%
$ 241,980
Elmwood
Manor Eutaw,
Apartments AL 47 1,622,443 5/93 12/93 100%
333,440
Fairridge
Lane Denmark,
Apartments SC 24 817,374 11/90 6/90 100%
209,326
Fairridge
Village Denmark,
Apartments SC 24 769,583 11/90 6/90 100%
186,381
Farmerville Farmerville,
Square Apts. LA 32 966,652 1/91 4/91 100%
212,280
Forest
Glade Wauchula,
Apartments FL 50 1,481,290 12/90 12/90 100%
420,565
Franklin Great Falls,
School MT 40 1,255,938 10/90 12/91 100%
1,453,270
Hilltop Los Lunas,
Apts. NM 40 1,420,379 1/93 11/92 100%
258,455
Holland Holland,
Meadows NY 24 898,298 11/90 6/90 100%
213,880
Holley Holley,
Grove NY 24 916,621 11/90 10/90 100%
207,360
Ivan Woods Delta Township,
Senior Apts. MI 90 2,159,896 2/91 4/91 100%
1,184,275
Kaplan
Manor Kaplan,
Apartments LA 32 925,107 12/90 12/90 100%
198,460
16
Boston Capital Tax Credit Fund II Limited Partnership -
Series 11
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Lakewood
Village Lake Providence,
Apartments LA 32 $ 952,865 1/91 5/91 100%
$ 223,827
Licking Licking,
Apartments MO 16 405,572 11/91 3/92 100%
90,436
London Miami Beach,
Arms FL 58 2,657,187 12/90 12/90 100%
937,961
Maidu Roseville,
Village CA 81 2,126,654 3/91 12/91 100%
530,000
Nevada Nevada,
Manor MO 24 647,335 11/90 10/90 100%
143,270
Oatka Warsaw,
Meadows NY 24 918,111 11/90 6/90 100%
206,670
Osage Arkansas City,
Place KS 38 1,230,991 12/90 12/90 100%
522,999
Pines by the
Creek Newnan,
Apartments GA 96 1,941,612 12/90 10/90 100%
245,000
Sandy
Pines Punta Gorda,
Manor FL 44 1,479,306 12/90 7/90 100%
399,977
Sierra
Springs Tazewell,
Apartments VA 36 1,174,534 11/90 11/90 100%
299,634
South Fork South Fork,
Heights CO 48 1,431,810 2/91 2/91 100%
343,358
Twin Oaks Allendale,
Apartments SC 24 781,311 12/90 9/90 100%
206,888
17
Boston Capital Tax Credit Fund II Limited Partnership -
Series 11
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Walnut
Village Manning,
Apartments SC 24 $ 839,103 11/90 11/90 100%
$ 183,244
Washington
Manor Washington,
Apartments LA 32 960,033 1/91 3/91 100%
216,990
Wildridge Jesup,
Apartments GA 48 1,565,690 1/91 4/91 100%
329,130
Windsor Metter,
Apts. GA 53 1,469,751 12/92 5/93 100%
248,207
18
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Bowman
Village Bowman,
Apartments GA 24 $ 664,788 6/91 10/91 100%
$ 139,879
Brandywood Oak Creek,
Apartments WI 54 1,745,251 12/91 9/91 100%
1,532,506
Brentwood
Manor Clarkson,
Apartments KY 24 747,725 6/91 7/91 100%
173,969
Briarwick Nicholasville,
Apartments KY 40 1,247,109 4/91 4/91 100%
323,941
Bridgerun Cannon Falls,
Townhomes MN 18 567,860 6/91 7/91 100%
458,800
Bucksport
Park Bucksport,
Apartments ME 24 1,369,737 6/91 8/91 100%
334,600
Campbell
Creek Dallas,
Apartments GA 80 1,627,680 3/91 10/90 100%
593,000
Cananche
Creek Norton,
Apartments VA 36 1,234,126 5/91 6/91 100%
276,695
Carson
Village Wrightsville,
Apartments GA 24 651,834 10/91 6/92 100%
161,452
Clymer
House Clymer,
Apartments PA 26 1,114,698 6/91 10/91 100%
254,097
Corcoran
Garden Corcoran,
Apartments CA 38 1,523,105 2/91 11/90 100%
432,438
Cornish Cornish,
Park ME 25 1,453,966 6/91 6/91 100%
333,000
19
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Crescent City
Senior Crescent City,
Apartments CA 38 $1,863,054 3/91 3/91 100% $
474,536
Earlimart
Senior Earlimart,
Apartments CA 35 1,344,577 6/91 6/91 100%
364,515
Evanwood Hardinsburg,
Apartments KY 24 755,291 6/91 5/91 100%
167,221
Fox Run Jesup,
Apartments GA 24 624,741 12/91 7/92 100%
150,033
Franklin
House Liberty,
Apts. MO 21 301,027 5/93 1/88 100%
137,836
Hamilton
Village Preston,
Apartments GA 20 569,055 10/91 3/92 100%
140,948
Hunters
Park Tarboro,
Apartments NC 40 1,409,026 5/91 4/91 100%
320,175
Ivan Woods
Senior Delta Township,
Apartments MI 90 2,159,896 2/91 4/91 100%
778,688
Keenland Burkesville,
Apartments KY 24 733,763 6/91 9/91 100%
164,246
Lakeridge Eufala,
Apartments AL 30 915,854 3/91 4/91 100%
186,780
Laurel
Village Wadley,
Apartments GA 24 661,420 10/91 5/92 100%
149,058
20
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Los
Caballos Hatch,
II Apts. NM 24 $ 766,019 7/91 8/91 100%
$ 164,740
Marlboro
Place Bennettsville,
Apartments SC 24 835,337 3/91 2/91 100%
192,779
Melville
Plaza Melville,
Apartments LA 32 892,136 7/91 10/91 100%
178,564
Nanty Glo
House Nanty Glo,
Apartments PA 36 1,474,229 6/91 7/91 100%
353,000
Newport Franklin,
Village VA 48 1,485,229 4/91 11/90 100%
355,000
Oakleigh Abbeville,
Apartments LA 32 913,131 8/91 3/92 100%
178,716
Oak
Street Scott City,
Apartments MO 24 598,231 6/91 11/91 100%
138,149
Oakwood Mamou,
Apartments LA 32 908,981 8/91 1/92 100%
180,819
Pines by
the Creek Newnan,
Apartments GA 96 1,941,612 3/91 10/90 100%
645,000
Pinewoods Springfield,
Apartments IL 168 3,792,526 7/91 6/91 100%
2,880,000
Portales Portales,
Estates NM 44 1,438,457 7/91 7/91 100%
365,100
21
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Prairie
West West Fargo,
Apts. III ND 24 $ 515,000 3/91 3/91 100%
$ 360,698
Ridgeway
Court III Bemidji,
Apartments MN 24 892,666 4/91 1/91 100%
180,186
River Crystal River,
Reach Apts. FL 41 1,364,887 5/91 5/91 100%
351,421
Rockmoor Banner Elk,
Apartments NC 12 437,364 5/91 3/91 100%
95,818
Shawnee
Ridge Norton,
Apartments VA 20 666,743 5/91 5/91 100%
145,606
Springwood
Park Durham,
Apartments NC 100 3,009,245 3/91 5/91 100%
374,349
Spring
Mountain Pahrump,
Apartments NV 33 1,363,365 5/91 4/91 100%
290,406
Stonegate Perry,
Manor FL 36 1,008,896 5/91 12/90 100%
274,321
Summit
Ridge Palmdale,
Apartments CA 304 8,863,346 10/92 12/93 100%
3,674,306
Turner
Lane Ashburn,
Apartments GA 24 720,810 5/91 7/91 100%
147,090
Union
Baptist
Plaza Springfield,
Apartments IL 24 481,374 5/91 4/91 100%
432,648
22
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Uptown Salyersville,
Apartments KY 16 $ 519,780 5/91 3/91 100%
$ 121,700
Villas of Eufala,
Lakeridge AL 18 531,567 3/91 3/91 100%
96,868
Waynesboro
Village Waynesboro,
Apartments TN 48 1,369,897 4/91 1/91 100%
310,510
Windsor Windsor,
Court II VA 24 730,361 4/91 11/90 100%
169,347
Woodcrest
Manor Woodville,
Apartments MS 24 710,050 6/91 11/91 100%
138,579
Woodlawn
Village Abbeville,
Apartments GA 36 1,012,653 10/91 4/92 100%
229,601
Woodside Grove City,
Apartments PA 32 1,154,305 4/91 3/91 96%
229,291
Yorkshire
Townhome Fort Smith,
Apts. AR 50 968,663 9/93 8/94 100%
874,069
23
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -------------
Ada Village Ada,
Apts. OK 44 $1,043,226 1/93 11/93 100%
$ 158,976
Amherst Amherst,
Village VA 48 1,598,158 1/92 1/92 100%
322,796
Belmont
Village Belmont,
Court NY 24 927,572 1/92 12/91 100%
201,300
Bethel
Park Bethel,
Apartments ME 24 1,488,414 12/91 3/92 100%
324,100
Blanchard
Senior Blanchard,
Apts. II LA 24 597,205 10/91 9/91 100%
143,628
Blanchard Blanchard,
Village Apts. OK 8 217,381 1/93 7/93 100%
32,954
Brantwood
Lane Centreville,
Apartments AL 36 1,141,945 7/91 9/91 100%
237,873
Breckenridge McColl,
Apartments SC 24 865,139 1/92 3/92 100%
186,065
Briarwood
Apartments Middleburg,
Ph II FL 50 1,490,955 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 18 724,643 7/91 11/90 100%
160,600
Burnt
Ordinary Toano,
Village VA 22 709,214 7/91 7/91 100%
159,400
24
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -----------
Carleton
Court Providence,
Apartments RI 46 $2,751,899 12/91 12/91 100%
$1,496,922
Carriage
Run Emporia,
Apartments VA 40 1,323,955 10/91 4/92 100%
259,980
Cedar
View Brinkley,
Apartments AR 32 1,267,884 5/92 10/92 100%
254,016
Cedarwood Pembroke,
Apartments NC 36 1,415,635 10/91 1/92 100%
326,310
Chapparral Kingman,
Apartments AZ 20 694,967 8/91 7/91 100%
198,275
College Chili,
Green NY 110 3,767,582 3/95 8/95 100%
755,771
Colorado City
Seniors Colorado City,
Apartments TX 24 541,707 10/91 10/91 100%
98,721
Cottonwood Cottonport,
Apts. II LA 24 670,261 10/91 7/91 100%
152,664
Country
Meadows Sioux Falls,
Apartments SD 44 1,061,732 11/91 10/91 100%
922,350
Countryside Fulton,
Manor MS 24 663,961 10/91 8/91 100%
151,868
Davis
Village Davis,
Apts. OK 44 1,170,639 1/93 9/93 100%
180,452
Devenwood Ridgeland,
Apartments SC 24 872,269 7/92 1/93 100%
186,000
25
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ------------
Duncan
Village Duncan,
Apts. OK 48 $1,141,257 1/93 11/93 100%
$ 172,005
Edison
Village Edison,
Apartments GA 42 1,197,228 7/91 2/92 100%
274,144
Ethel
Bowman Tionesta,
Proper HousePA 36 1,428,005 2/92 1/92 91%
334,160
Excelsior
Springs Excelsior Springs,
Properties MO 24 622,819 2/92 4/91 100%
150,651
Fairground Bedford,
Place Apts. KY 19 693,571 3/95 8/95 100%
176,963
Four Oaks
Village Four Oaks,
Apartments NC 24 892,583 3/92 6/92 100%
179,900
Franklin
Vista Anthony,
III Apts. NM 28 927,923 1/92 4/92 100%
179,685
Friendship Bel Air,
Village MD 32 1,437,570 1/92 6/91 100%
226,000
Glenhaven Merced,
Park CA 12 395,838 1/94 6/90 100%
125,000
Glenhaven Merced,
Park II CA 15 489,784 1/94 6/89 100%
365,925
Glenhaven Merced,
Park III CA 15 492,324 1/94 12/89 100%
225,500
26
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -------------
Glenhaven Merced,
Estates CA 13 $ 672,431 1/94 6/89 100%
$ 134,000
Green
Village Standardsville,
Apts. II VA 16 585,373 4/92 11/91 100%
99,100
Greenleaf Bowdoinham,
Apartments ME 21 1,127,238 11/91 8/92 100%
295,085
Hughes Springs
Seniors Hughes Springs,
Apartments TX 32 786,964 10/91 8/91 100%
183,674
Harrison
City Penn Township,
Apts. PA 38 1,478,824 7/92 9/92 92%
311,775
Hessmer
Village Hessmer,
Apartments LA 32 911,688 12/91 4/92 100%
186,503
Hillmont
Village Micro,
Apartments NC 24 883,938 9/91 1/92 100%
184,900
Hunters
Run Douglas,
Apartments GA 50 1,444,807 12/91 2/92 100%
322,368
Independence Mt. Pleasant,
Apartments PA 28 1,083,586 8/91 6/91 100%
223,100
Indian Creek Kilmarnock,
Apartments VA 20 763,786 7/91 4/91 100%
174,400
Jarratt
Village Jarratt,
Apartments VA 24 831,759 10/91 12/91 100%
159,140
Kingfisher
Village Kingfisher,
Apts. OK 8 168,574 1/93 12/93 100%
24,365
27
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -------------
La Gema del Santa Ana,
Barrio Apts. CA 6 $ 670,048 6/92 8/92 100%
$ 458,000
Lafayettee
Gardens Scott,
Apartments LA 56 1,107,000 10/91 11/91 100%
437,688
Lake Isabella
Senior Lake Isabella,
Apartments CA 46 1,991,729 9/91 1/92 100%
442,457
Lakeview Battle Creek,
Meadows MI 53 1,564,909 1/92 6/92 100%
1,018,808
Lakewood
Terrace Lakeland,
Apts. FL 132 3,805,716 11/93 8/89 100%
725,312
Lana Lu Lonaconing,
Apartments MD 30 1,483,375 12/91 9/92 100%
303,261
Lexington
Village Lexington,
Apts. OK 8 210,193 1/93 11/93 100%
32,178
Maidu Roseville,
Village CA 81 2,126,654 1/92 12/91 100%
1,096,199
Marion Manor Marion,
Apartments LA 32 1,004,616 2/92 6/92 100%
199,708
Maysville
Village Maysville,
Apts. OK 8 218,254 1/93 10/93 100%
33,726
Montague
Place Caro,
Apartments MI 28 1,139,199 12/91 12/91 100%
432,320
Navapai Prescott Valley,
Apartments AZ 26 882,079 6/91 4/91 100%
207,330
28
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -------------
Nevada City
Senior Grass Valley,
Apartments CA 60 $3,543,553 1/92 10/92 100%
$ 839,300
Newellton
Place Newellton,
Apartments LA 32 943,650 2/92 4/92 100%
190,600
New River
Overlook Radford,
Apartments VA 40 1,483,320 8/91 2/92 100%
285,371
Northridge Arlington,
Apartments TX 126 1,678,920 1/92 2/92 96%
741,300
Oak Ridge Crystal Springs,
Apartments MS 40 1,302,815 1/92 1/92 100%
308,578
Oakland
Village Littleton,
Apts. NC 24 852,219 5/92 8/92 100%
161,939
Okemah
Village Okemah,
Apts. OK 30 692,828 1/93 5/93 100%
119,832
Pineridge McComb,
Apartments MS 32 1,003,822 10/91 10/91 100%
238,995
Pineridge Walnut Cove,
Elderly NC 24 988,253 10/91 3/92 100%
199,311
Pittsfield
Park Pittsfield,
Apartments ME 18 1,045,595 12/91 6/92 100%
237,300
Plantation Richmond Hill,
Apartments GA 49 1,418,832 12/91 11/91 100%
320,858
Portville
Square Portville,
Apartments NY 24 920,659 3/92 3/92 95%
198,100
29
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -------------
Prague
Village Prague,
Apts. OK 8 $ 117,445 1/93 3/93 100%
$ 21,373
Rainbow
Commons Marshfield,
Apartments WI 48 769,490 9/91 6/91 100%
1,126,901
Rainier
Manor Mt. Rainier,
Apartments MD 104 2,665,216 3/92 1/93 100%
1,190,350
Rosenberg Santa Rosa,
Hotel CA 77 1,811,122 12/91 1/92 100%
1,850,000
Rosewood
Manor Ellenton,
Apartments FL 43 1,437,558 12/91 11/91 100%
302,250
San Jacinto
Senior San Jacinto,
Apartments CA 46 2,369,914 1/92 10/91 100%
588,965
Lakeside
Manor Schroon Lake,
Apartments NY 24 1,081,358 11/91 1/92 100%
249,349
Smithville Smithville,
Properties MO 48 1,243,871 2/92 5/91 100%
285,384
Snow Hill
Ridge Raleigh,
Apartments NC 32 1,205,346 10/91 12/91 100%
307,524
Somerset Antioch,
Apartments CA 156 5,492,513 8/92 3/90 100%
1,026,542
Spring
Creek Derby,
Village KS 72 1,811,117 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, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -------------
Spring
Valley Lexington Park,
Apartments MD 128 $4,832,613 11/91 12/92 100%
$ 2,777,811
Springwood
Park Durham,
Apartments NC 100 3,009,245 10/91 5/91 100%
374,349
Summer
Lane Santee,
Apartments SC 24 860,017 7/91 11/91 100%
176,291
Summit
Ridge Palmdale,
Apartments CA 304 8,863,346 10/92 12/93 100%
1,236,600
Titusville Titusville,
Apartments PA 30 1,239,424 12/91 1/92 100%
280,829
Townview St. Mary's,
Apartments PA 36 1,378,459 9/91 10/91 97%
315,700
Tyrone
House Tyrone,
Apartments PA 36 1,483,059 12/91 1/92 100%
349,800
Valley Ridge
Senior Central Valley,
Apartments CA 38 1,823,519 1/92 12/91 100%
456,600
Victoria Victoria,
Place VA 39 1,395,267 1/92 6/92 100%
287,736
Villa West Topeka,
Apts. IV KS 60 1,517,825 8/91 1/91 100%
1,392,873
Village Raleigh,
Green NC 42 713,442 5/92 9/91 100%
581,446
Washington Abingdon,
Court VA 39 1,182,736 7/91 8/91 100%
295,250
31
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- -------------
Wesley
Village Martinsburg,
Apartments WV 36 $1,312,892 10/91 6/92 100%
$ 266,253
Westside Louisville,
Apartments MS 33 819,826 3/92 1/92 100%
191,014
Wildwood
Terrace Wildwood,
Apartments FL 40 1,263,034 10/91 10/91 100%
281,647
Woodside Belleview,
Apartments FL 41 1,212,032 11/91 10/91 100%
268,500
Wynnewood
Village Wynnewood,
Apts. OK 16 402,568 1/93 11/93 100%
67,443
Yorkshire Delevan,
Corners NY 24 923,180 8/91 9/91 100%
191,500
Zinmaster Minneapolis,
Apartments MN 36 1,835,021 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, 1999, the Partnership has 11,588 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 2,259 investors holding
4,178,029 BACs,
Series 10 consists of 1,648 investors holding 2,428,925 BACs,
Series 11
consists of 1,387 investors holding 2,489,599 BACs, Series 12
consists of
1,923 investors holding 2,972,795 BACs, and Series 14 consists
of 3,559
investors holding 5,574,290 BACs at March 31, 1999.
(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,
1999.
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, 1999.
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,
1999 1998 1997 1996
1995
-------- -------- -------- --------
- --------
Operations
- ----------
Interest
& other Inc $ 110,392 $ 42,913 $ 155,501 $ 65,468
$ 78,723
Share of Loss
of Operating
Partnerships (7,498,353) (8,573,433) (10,464,997) (12,992,069)
(14,053,018)
Operating Exp (3,177,618) (2,783,041) (2,781,444) (2,852,335)
(2,876,048)
--------- --------- --------- ---------
- ---------
Net Loss $(10,565,579)$(11,313,561)$(13,090,940)$(15,778,936)
$(16,850,343)
=========== ========== ========== ===========
===========
Net Loss
per BAC $ (.60) $ (.60)$ (.69)$ (.84)
$ (.89)
========== =========== ========== ===========
===========
Balance Sheet
- -------------
Total Assets$52,816,616 $ 64,633,488 $ 73,382,875 $ 85,486,212
$ 99,601,389
=========== =========== ========== ===========
===========
Total Liab $17,186,103 $ 14,605,906 $ 12,041,732 $ 11,054,129
$ 9,390,370 Partners' =========== =========== ==========
=========== ===========
Capital $39,462,003 $ 50,027,582 $ 61,341,143 $ 74,432,083
$ 90,211,019
=========== =========== ========== ===========
===========
Other Data
- ----------
Credit per BAC for the
Investors Tax Year,
for the twelve months
ended, December 31,
1998, 1997, 1996,
1995 and 1994*
$ 1.39 $ 1.40 $ 1.40 $ 1.39
$ 1.35
========== =========== ============ ===========
===========
* 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, 1999 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, 1999 the Partnership
accrued $2,509,932
in annual partnership management fees. As of March 31, 1999 the
accrued
partnership management fees totaled $16,623,060. 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 $169,038 to the
Partnership
to pay certain third party operating expenses and to fund
advances to
operating partnerships. Of this amount, $57,638 was advanced
during the fiscal
year ended March 31, 1999. The amounts advanced, in total, to
two of the six
series are as follows: $106,488 to Series 7; and $62,550 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.
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, 1999 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 $8,529 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, 1999, 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,
1999 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 $143,538 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, 1999 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
$33,116
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, 1999, the
Partnership did not use any of Series 11's 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 $95,122 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, 1999, 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, 1999
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 $82,710 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, 1999, the Partnership
did not use any of Series 14's net offering proceeds to pay
additional installments of
its capital contributions to one Operating Partnership. As of
March 31,
1999 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 $165,015 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, 1999 and 1998 was
$2,299,147
and $2,314,373, 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
year ended December 31, 1998 was consistent with the prior year.
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, 1999 and 1998, the average
Qualified
Occupancy for the series was 100% for both years.
For the tax years ended December 31, 1998 and 1997, the
series, in total,
generated $888,683 and $809,263, respectively, in passive income
tax losses that were passed through to the investors, and also
provided $1.20 per year for 1998 and 1997 in tax credits per BAC
to the investors.
As of March 31, 1999 and 1998, the Investments in Operating
Partnerships
for Series 7 was $974,248 and $1,485,326, 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, 1998 and 1997 Series 7
reflects a net
income (loss) from Operating Partnerships of $73,874 and
$(108,083), respectively, adjusted for depreciation which is a
non-cash item.
The Operating Partnership New Holland Apartments Limited
Partnership (New
Holland Apts) received a going concern opinion on the 1997 audit.
As a result
of the operating partnership incurring continued operational cash
flow deficits, a substantial doubt about the property continuing
as a going concern was raised. The cash flow deficits were the
result of continued poor occupancy at the property. As of the
1998 year-end, the senior mortgage was in default due to
nonpayment of interest and principal. As a result of ongoing
operating deficits and the first mortgage holder's unwillingness
to work with the Investment General Partner, the Investment
General Partner has determined that a foreclosure or a deed in
lieu of foreclosure transfer is the most likely resolution.
Assuming the bank does not change its position, a transfer of
ownership of the apartment complex from the Operating Partnership
to the first mortgage holder is likely to occur during the third
quarter of 1999. If this should occur, Series 7 of the
Partnership will face recapture of a portion of the credits
previously taken in the year 1999.
(Series 9). As of March 31, 1999 and 1998, 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 53 were at 100%
qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the
series, in total,
generated $3,281,045 and $3,209,445, respectively, in passive
income tax
losses that were passed through to the investors, and also
provided $1.36 per
year for 1998 and 1997 in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating
Partnerships
for Series 9 was $9,083,730 and $10,821,707, 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, 1998 and 1997 Series 9
reflects a net
income from Operating Partnerships of $740,696 and $673,107,
respectively, adjusted for depreciation which is a non cash item.
The Operating General Partner and management agent of School
Street II Limited Partnership (School Street Apts. II) were
removed and replaced during 1997. In the transition, occupancies
suffered, and as a result, a leasing agent and new management
company were hired by the new Operating General Partner to rent
the vacant units. Due to the unresponsiveness of the new
management company, another company was hired in October 1998
with the goal to improve occupancy and operations. Occupancy
increased from 83% in December 1998 to 92% in March 1999 as a
result of the new site manager. In addition, the Operating
General Partner initiated negotiations with the first mortgage
holder to restructure the debt. As a result of these
negotiations, a more favorable refinancing closed on January 4,
1999. The Operating General Partner anticipates that the
property will generate positive cash flow next quarter.
40
The Operating Partnership New Holland Apartments Limited
Partnership (New
Holland Apts) received a going concern opinion on the 1997 audit.
As a result
of the operating partnership incurring continued operational cash
flow deficits, a substantial doubt about the property continuing
as a going concern was raised. The cash flow deficits were the
result of continued poor occupancy at the property. As of the
1998 year-end, the senior mortgage was in default due to
nonpayment of interest and principal. As a result of ongoing
operating deficits and the first mortgage holder's unwillingness
to work with the Investment General Partner, the Investment
General Partner has determined that a foreclosure or a deed in
lieu of foreclosure transfer is the most likely resolution.
Assuming the bank does not change its position, a transfer of
ownership of the apartment complex from the Operating Partnership
to the first mortgage holder is likely to occur during the third
quarter of 1999. If this should occur, Series 9 of the
Partnership will face recapture of a portion of the credits
previously taken in the year 1999.
The Operating Partnership Glennwood Hotel Investors
(Glennwood Hotel) continues to operate at an average occupancy of
66%. The area has an oversupply of affordable rental housing and
a poor local economy, which has negatively impacted the property.
The property's competition includes a number of newer complexes
with more space and amenities and, in some cases, lower rents.
The management company, an affiliate of the Operating General
Partner, has increased its marketing and outreach efforts and
continues to offer assistance to the Operating Partnership. The
Investment General Partner is working with the Operating General
Partner to monitor marketing efforts.
(Series 10). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the series was 99.7% for both years. The series
had a
total of 45 properties at March 31, 1999, of which 44 were at
100% qualified
occupancy.
For the tax years ended December 31, 1998 and 1997 the
series, in
total, generated $1,441,794 and $1,670,004, respectively, in
passive income
tax losses that were passed through to the investors, and also
provided $1.44 and $1.46, respectively, in tax credits per BAC to
the investors.
As of March 31, 1999 and 1998, the Investments in Operating
Partnerships
for Series 10 was $7,305,952 and $8,211,459, 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, 1998 and 1997 Series 10
reflects net
income from Operating Partnerships of $1,162,266 and $1,015,795,
respectively,
adjusted for depreciation which is a non cash item.
North Connecticut Avenue L.P. (46 North Connecticut Avenue)
operated
at a deficit in 1998 due to its high operating expenses. The
Operating General Partner was unable to secure a loan
modification from the loan holder. The continued level of high
operating deficits left the Operating General Partner with little
alternative but to grant a deed-in-lieu of foreclosure to
the loan holder. However, since the deed-in-lieu of foreclosure
occurred during January 1999, the Partnership will still be
eligible to receive 1998 tax credits. In 1999, Series 10 of the
Partnership will face recapture of a portion of credits
previously taken due to the transfer of ownership of the
apartment
41
complex from the Operating Partnership to the mortgage holder.
Further, the Investment Partnership no longer has an ownership
interest in the apartment complex.
(Series 11). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the series was 100% for both years. The series had
a total of 40 properties at March 31, 1999, all of which were at
100% qualified
occupancy.
For the tax years ended December 31, 1998 and 1997, the
series, in total,
generated $1,626,615 and $1,878,254, respectively, in passive
income tax
losses that were passed through to the investors, and also
provided $1.32 per
year for 1998 and 1997 in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating
Partnerships
for Series 11 was $8,819,044 and $9,872,942, 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, 1998 and 1997 Series 11
reflects net
income from Operating Partnerships of $849,812 and $922,140,
respectively,
adjusted for depreciation which is a non-cash item.
The Investment General Partner received notification during
the first quarter of 1999 that an Internal Revenue Service audit
of the Operating Partnership Crestwood RRH, Limited (Crestwood
Apartments) had been resolved. The audit for the years ended
December 31, 1995 and December 31, 1996 had resulted in a "no
change" determination and therefore had no impact on the
partnership or any tax credits previously generated by the
Operating Partnership.
(Series 12). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the series was 99.9% for both years. The series
had a
total of 53 properties at March 31, 1999, of which 52 were at
100% qualified
occupancy.
For the tax years ended December 31, 1998 and 1997, the
series, in total,
generated $1,927,382 and $2,395,934, respectively, in passive
income tax
losses that were passed through to the investors, and also
provided $1.46 per
year for 1998 and 1997 in tax credit per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating
Partnerships
for Series 12 was $9,338,564 and $10,585,841, 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, 1998 and 1997 Series 12
reflects net
income from Operating Partnerships of $859,723 and $609,135,
respectively,
adjusted for depreciation which is a non cash item.
42
(Series 14). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the series was 99.7% and 99.6%, respectively. The
series had a
total of 101 properties at March 31, 1999. Out of the total, 96
were at 100%
qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the series,
in total,
generated $4,535,451 and $4,856,228, respectively, in passive
income tax
losses that were passed through to the investors, and also
provided $1.42 and
$1.44, respectively, in tax credits per BAC to the investors.
As of March 31, 1999 and 1998, the Investments in Operating
Partnerships
for Series 14 was $17,295,078 and $19,862,702, 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, 1998 and 1997 Series 14
reflects a net
income from Operating Partnerships of $1,625,463 and $1,278,786,
respectively, adjusted for depreciation which is a non-cash item.
The properties owned by Glenhaven Park Partners, A California
LP (Glenhaven Estates), Haven Park Partners II, A California LP
(Glenhaven Park II), Haven Park Partners III, A California LP
(Glenhaven Park III), and Haven Park Parnters IV, A California LP
(Glenhaven Park) continue to suffer from high operating expenses
and occupancy issues. The management company has said that the
rental market is poor with an oversupply of housing. As of March
31, 1999, physical occupancy was 69%, 86%, 86%, and 75%,
respectively. The management company will continue to actively
conduct outreach to generate new interest in the properties along
with working towards reducing the operating expenses. The
Investment General Partner is also working with the Operating
General Partner to develop a capital needs plan to assess what
can be done in hopes of improving occupancy levels.
On April 27, 1998 Woodfield Commons Limited Partnership
(Rainbow Commons Apartments) received a 60-Day letter issued by
the IRS stating that the Operating Partnership had not met
certain IRC Section 42 requirements. The IRS has additionally
sent two Notices of Beginning of Administrative Proceedings for
the tax years ending 1996 and 1997 dated May 24, 1999 and June 1,
1999, respectively.
The initial 60-Day letter which was issued in relation to the
tax years ended December 31, 1993, 1994, and 1995, was the result
of an IRS audit of the Operating Partnership's tenant files. The
IRS has proposed an adjustment that would disallow the
Partnership from utilizing certain past or future credits. On
June 23, 1998, the Operating General Partner and its counsel
filed a written protest with the IRS and requested additional
information from the IRS with regards to the legal and factual
basis upon which it has proposed its assessment. As of this
date, the IRS has not responded to this request nor has a
conference with the Appeals Office been scheduled.
The IRS has not proposed any adjustments for disallowing
credits with respect to the tax years 1996 and 1997. Therefore
the Operating General Partner has not yet responded to the
additional notices, nor have they been able to review the
information related to the notices to render an opinion on the
ultimate outcome.
43
The Partnership previously reported that the Operating General
Partner and its counsel did not anticipate an outcome that would
have a material effect on the financial statements and
accordingly, no adjustment has been made in the accompanying
financial statements. While the Operating General Partner and
its counsel are still of this opinion, it is the opinion of the
Investment General Partner that the outcome of the original
proceedings coupled with new notices could, in total, be
material. While no adjustments have been made to the
accompanying financial statements, the auditor's have included a
contingency footnote (see Note H).
The first permanent loan of One Northridge, Limited
(Northridge Apts) was scheduled to mature on December 10, 1998.
The Operating General Partner obtained an extension for the
maturity date of the loan to August 31, 1999 and
is currently evaluating multiple refinancing options.
44
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.
In June 1998, the FASB issued SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities." In October 1998,
the FASB issued SFAS No. 134, "Accounting for Mortgage-backed
Securities Retained after the Securitization of Mortgage Loans
Held for Sale by a Mortgage Banking Enterprise." In February
1999, the FASB issued SFAS No. 135, "Rescission of FASB Statement
75 and Technical Corrections." SFAS No. 133 is effective for all
the fiscal quarters of years beginning after June 15, 1999; SFAS
No. 134 is effective for the first fiscal quarter beginning after
December 31, 1998; and SFAS No. 135 is effective for years ending
after February 15, 1999. Early adoption is encouraged for SFAS
No. 133, 134 and 135.
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.
Year 2000 Compliance
- --------------------
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 7A. Quantitative and Qualitative Disclosure About Market
Risk
Not Applicable
Item 8. Financial Statements and Supplementary Data
The information required by this item is contained in Part
IV, Item 14
of this Annual Report on Form 10-K.
Item 9. Changes in and Disagreements with Accountants on
Accounting
and Financial Disclosure
None.
45
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 51, is co-founder, President and Chief
Executive Officer of Boston Capital Corporation where he is
responsible for strategic planning and business development. In
addition to his responsibilities at Boston Capital, Mr. Manning
is a proactive leader in the industry. He served in 1990 as a
member of the Mitchell-Danforth Task Force, to review and reform
the Low Income Housing Tax Credit. He was the founding President
of the Affordable Housing Tax Credit Coalition, is a member of
the board of the National Leased Housing Association and sits on
the Advisory Board of the publication Housing and Development
Reporter. During the 1980s he served as a member of the
Massachusetts Housing Policy Committee, as an appointee of the
Governor of Massachusetts. In addition, Mr. Manning has
testified before the U.S. House Ways and Means Committee and the
U.S. Senate Finance Committee, on the critical role of the
private sector in the success of the Low Income Housing Tax
Credit Program. In 1996, President Clinton appointed him to the
President's Advisory Committee on the Arts at the John F. Kennedy
Center for the Performing Arts. In 1998, President Clinton also
appointed Mr. Manning to the President's Export Council, which is
the premier committee comprised of major corporate CEOs to advise
the President in matters of foreign trade. Mr. Manning is also a
member of the Board of Directors of the John F. Kennedy
Presidential Library in Boston. In the civic community, Mr.
Manning is a leader, serving on the Board of Youthbuild Boston.
Mr. Manning is a graduate of Boston College.
46
Richard J. DeAgazio, age 54, is Executive Vice President of
Boston Capital Partners, Inc., and is President of Boston Capital
Services, Inc., Boston Capital's NASD registered broker/dealer.
Mr. DeAgazio formerly served on the national Board of Governors
of the National Association of Securities Dealers (NASD), was the
Vice Chairman of the NASD's District 11 Committee, and served as
Chairman of the NASD's Statutory Disqualification Subcommittee of
the National Business Conduct Committee. He also served on the
NASD State Liaison Committee and the Direct Participation Program
Committee. He presently serves as a member of the National
Adjudicatory Council on NASD. 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
Directors for Junior Achievement of Massachusetts, the Board of
Advisors for the Ron Burton Training Village and is on the Board
of Corporators of Northeastern University. He graduated from
Northeastern University.
Christopher W. Collins, age 43, is an Executive Vice
President and a principal of Boston Capital Partners, Inc., and
is responsible for, among other areas, overseeing the investment
portfolio of funds sponsored by Boston Capital and the
acquisition of real estate investments on behalf of such funds.
Mr. Collins has had extensive experience in real estate
development activities, having founded and directed the American
Development Group, a comprehensive real estate development firm,
and has also had extensive experience in the area of acquiring
real estate investments. He is on the Board of Directors of the
National Multi-Housing Council and a member of the Massachusetts
Housing Finance Agency Multi-Family Advisory Committee. He
graduated from the University of New Hampshire.
Anthony A. Nickas, age 38, is Chief Financial Officer of
Boston Capital Partners, Inc., and serves as Chairman of the
firm's Operating Committee. He has fifteen 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.
(g)
None.
(g) Promoters and control persons.
None.
47
Item 11. Executive Compensation
(a), (b), (c), (d) and (e)
The Partnership has no officers or directors. However, under
the
terms of the Amended and Restated Agreement and Certificate of
Limited
Partnership of the Partnership, the Partnership has paid or
accrued
obligations to the General Partner and its affiliates for the
following
fees during the 1999 fiscal year:
1. An annual partnership management fee based on .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, 1999 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 $57,587 for amounts charged to
operations
during the year ended March 31, 1999. 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, 1999, 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
48
Agreement. The amounts and kinds of compensation and fees are
described
on pages 32 to 33 of the Prospectus under the caption
"Compensation and
Fees", which is incorporated herein by reference. See Note B of
Notes to
Financial Statements in Item 14 of this Annual Report on Form
10-K for
amounts accrued or paid to the General Partner and its affiliates
during
the period from April 1, 1995 through March 31, 1999.
(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.
49
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, 1999 and 1998
Statement of Operations, Years ended March 31, 1999, 1998,
and
1997.
Statements of Changes in Partners' Capital, Years ended March
31, 1999, 1998 and 1997.
Statements of Cash Flows, Years ended March 31, 1999, 1998
and
1997.
Notes to Financial Statements, March 31, 1999, 1998 and
1997.
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.)
50
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.
---------------------------------------------------
51
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: June 30, 1999 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: June 30, 1999 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
52
<PAGE>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT
FUND II LIMITED PARTNERSHIP -
SERIES 7, 9 THROUGH 12, AND 14
MARCH 31, 1999 AND 1998
<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-
75
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, 1999 and 1998 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, 1999.
These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits. We
did not audit the financial statements of certain operating
limited partnerships in which Boston Capital Tax Credit Fund II
Limited Partnership owns a limited partnership interest.
I n vestments in such partnerships comprise the following
percentages of the assets as of March 31, 1999 and 1998 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, 1999 for Series 7, Series 9 through 12, and
Series 14: Total, 34% and 31% of the assets and 24%, 22% and
11% of the partnership loss; Series 7, 27% and 4% of the assets
and 13%, 7% and 5% of the partnership loss; Series 9, 35% and
33% of the assets and 29%, 27% and 26% of the partnership loss;
Series 10, 40% and 36% of the assets and 20%, 7% and 4% of the
partnership loss; Series 11, 38% and 43% of the assets and 32%,
34% and 10% of the partnership loss; Series 12, 24% and 30% of
the assets and 24%, 32% and 24% of the partnership loss; and
Series 14, 35% and 25% of the assets and 19%, 18% and 15% of
the partnership loss. The financial statements of these
partnerships were audited by other auditors, whose reports have
been furnished to us, and our opinion, insofar as it relates to
information relating to these partnerships, is based solely on
the reports of the other auditors.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements of each series. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
and the reports of the other auditors provide a reasonable
basis for our opinion.
F-3
<PAGE>
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, 1999 and 1998
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, 1999, 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, 1999. In our opinion, the
schedule presents fairly, the information required to be set
forth therein, in conformity with generally accepted accounting
principles.
Bethesda, Maryland
June 29, 1999
F-4
MCGLADREY & PULLEN, LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Deer Hill 11 Limited Partnership
Winston-Salem, North Carolina
We have audited the accompanying balance sheets of Deer Hill 11
Limited Partnership as of December 31, 1998 and 1997, and the
related statements of income, partners' deficit, and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Deer Hill II Limited Partnership as of December 31, 1998 and
1997, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 21, 1999 on our consideration of
Forest Hill Limited Partnership's internal control over financial
reporting on our tests of its compliance with certain provisions
of laws, regulations contracts and grants.
Greensboro, North Carolina
January 21, 1999
I
LAMORENA & CHANG
CERTIFIED 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 sheets of the King City Elderly
Housing Associates (a California Limited Partnership) as of December 31,
1998 and 1997, and the related statements of operations, partners' equity
(deficit), and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a 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,
1998 and 1997, and the results of its operations, changes in partner's
equity (deficit) and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
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 21, 1999
BLOOM, GETTIS, HABIB, SILVER & TERRONE, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
SUITE 1450
2601 SOUTH BAYSHORE DRIVE
MIAMI, FLORIDA 33133-91393
TELEPHONE (305) 858-6211
FACSIMILE (305) 858-9696
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.
To the Partners
Metropole Apartments Associates, Ltd.
Boston, Massachusetts
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying Balance Sheets of Metropole Apartments
Associates, Ltd. (a Florida Limited Partnership), as of December 31, 1998
and 1997, 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, 1998 and 1997, 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 18, 1999
ROBERT ERCOLINI & COMPANY LLP
Certified Public Accountants * Business Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Rosenberg Building Associates Limited Partnership
Boston, Massachusetts
We have audited the accompanying balance sheets of Rosenberg Building
Associates Limited Partnership as of December 31, 1998 and 1997, and the
related statements of operations, partners' capital, and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial Position of Rosenberg Building
Associates Limited Partnership as of December 31, 1998 and 1997, and the
results of its operations, changes in partners' capital, and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included
in this report (shown on pages 18 and 19) is presented for purposes of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
March 10, 1999
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, 1998 and 1997, and the related statements of
income, partners' deficit, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Westwood Square Limited
Partnership as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 21, 1999 on our consideration of Westwood Square
Limited Partnership's internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations,
contracts and grants.
Greensboro, North Carolina
January 21, 1999
I
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
CERTIFIED 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,
Farmers Home Administration "Audit Program." Those standards require that
we plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management
as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Oakview Limited (A
Limited Partnership) as of December 31, 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 statements are the responsibility of the Partnership's
management. Our responsibility 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
Dulin, Ward & DeWald, Inc.
CERTIFIED PUBLIC ACCOUNTANTS
BUSINESS CONSULTANTS
Offices Located in Fort Wayne and Marion, Indiana
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Brooklyn Limited (An Indiana Limited Partnership)
Corunna, Indiana
We have audited the accompanying balance sheets of Brooklyn Limited (An
Indiana Limited Partnership) as of December 31, 1998 and 1997, 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, and the US. Department of Agriculture, Farmers Home
Administration "AUCE 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 respect, the financial position of Brooklyn Limited (An
Indiana Limited Partnership) as of December 31, 1998 and 1997, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
9 is presented for 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 28, 1999 on our consideration of Brooklyn Limited's
internal control structure and a report dated January 28, 1999 on its
compliance with laws and regulations.
Fort Wayne, Indiana
January 28, 1999
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
January 20, 1999
To the Partners of Beaver Brook Housing
Associates Limited Partnership
Independent Auditors' Report on Compliance
We have audited the financial statements of Beaver Brook Housing Associates
(a Limited Partnership), (Case No. 34-06-020424443) as of and for the year
ended December 31, 1998, and have issued our report thereon dated January
20, 1999.
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.
Compliance with laws, regulations, contracts, and the loan agreement
applicable to Beaver Brook Housing Associates (a Limited Partnership), is
the responsibility of Beaver Brook Housing Associates' management. As part
of obtaining reasonable assurance about whether the financial statements
are free of material misstatement, we performed tests of Beaver Brook
Housing Associates' (a Limited Partnership) compliance with certain
provisions of laws, regulations, contracts, and the loan agreement.
However, the objective of our audit of the financial statements was not to
provide an opinion on overall compliance with such provisions. Accordingly,
we do not express such an opinion.
We also considered those compliance matters regarding types of services
allowed or unallowed, eligibility, matching, level of effort and
earmarking, reporting and special tests and provisions comprehended in
Attachment 2 of U.S. Department of Agriculture, Farmers Home Administration
Audit Program issued December 1989.
The results of our tests disclosed no instances of noncompliance that are
required to be reported herein under Government Auditing Standards.
However, the results of our tests disclosed certain immaterial instances of
non-compliance that are described in accompanying Schedule of Findings and
Questioned Costs.
This report is intended solely for the information and use of management
and Rural Development and is not intended to be and should not be used by
anyone other than these specified parties.
Certified Public Accountants
INDEPENDENT AUDITORS'REPORT ON COMPLIANCE
To the Partners
Corinth Housing Redevelopment Company
We have audited the financial statements of Corinth Housing Redevelopment
Company as of and for the year ended December 31, 1998, and have issued our
report thereon dated February 4, 1999. 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.
Compliance with laws, regulations, contracts, and grants applicable to
Corinth Housing Redevelopment Company is the responsibility of the
Partnership's management. As part of obtaining reasonable assurance about
whether the financial statements are free of material misstatement, we
performed tests of the Partnership's compliance with certain provisions of
laws, regulations, contracts, and grants in accordance with suggestions
contained in the U.S. Department of Agriculture Rural Development Audit
Program dated December 1989, and the Compliance Supplement for Rural Rental
Housing Loans and Rural Rental Assistance Payments. However, the objective
of our audit was not to provide an opinion on overall compliance with such
provisions. Accordingly, we do not express such an opinion.
The results of our tests disclosed no instances of noncompliance that are
required to be reported herein under Government Auditing Standards.
This report is intended for the information of Management and the Rural
Development Agency and should not be used for any other purpose. This
restriction is not intended to limit distribution of this report, which is
a matter of public record.
February 4, 1999
Albany, New York
Flegal & Tibbitts
Certified Public Accountants
Mary K. Flegal, CPA
Jana L. Tibbitts, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Fawn River Apartment Company Limited Partnership
d/b/a Fawn River Apartments
We have audited the accompanying balance sheet of Fawn River Apartment
Company Limited Partnership d/b/a Fawn River Apartments (a partnership)
Project #26 382856293 as of December 31, 1998 and 1997 and related
statement of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes 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 Apartment
Company Limited Partnership d/b/a Fawn River Apartments Project #26-078-
382856293 as of December 31, 1998 and 1997, and its operations, cash flows
and its changes in partners' equity 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 22, 1999, on our consideration of Fawn River
Apartment Company Limited Partnership d/b/a Fawn River Apartments Project
#26-078-382856293 internal control structure and a report dated February
22, 1999, on its compliance with laws and regulations.
FLEGAL & TIBBITTS
February 22, 1999
The Waters Edge, Second Floor
5930 Lovers Lane
227 Hubbard Street
Portage, Michigan 49002
Allegan, Michigan 49010
Phone (616) 383-1900
SMITH, MILES & COMPANY, L.C.
CERTIFIED PUBLIC ACCOUNTANTS
1230 AIRPORT ROAD
P.O. BOX 1177
PANAMA CITY, FLORIDA 32402
Phone: (850) 785-0261
Fax: (850) 785-2078
INDEPENDENT AUDITORS' REPORT
To the Partners
Fountain Green Apartments, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Fountain Green
Apartments, Ltd., FmHA Project No: 09-46-592948719, as of December 31, 1998
and 1997, and the related statements of operations, partners, equity and
cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Fountain Green
Apartments, Ltd., as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The 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 11, 1999
BOWMAN & COMPANY, LLP
Certified Public Accountants
HERBERT H. BOWMAN
TELEPHONE:
TAYLOR M. WELZ
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 3l, 1998 and
1997, and the related statements of income, partners' equity (deficit), and
cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits
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, 1998 and
1997, and the results of its operations and its cash flows for the years
then ended in conformity generally accepted accounting principles.
Stockton, California
January 18, 1999
Bernard Robinson
& Company, L.L.P
Certified Public Accountants since 1947
MAILING ADDRESS
109 MUIRS CHAPEL ROAD
GREENSBORO, NC 27419-9608
Independent Auditor's Report
To the Partners
Grifton Housing Associates
Charlotte, North Carolina
We have audited the accompanying balance sheet of Grifton Housing
Associates (a North Carolina limited partnership) as of December 31, 1998,
and the related statements of operations, partners' equity, and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit. The financial
statements of Grifton Housing Associates as of December 31, 1997, were
audited by other auditors whose report dated February 6, 1998, 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 all material respects, the financial position of Grifton Housing
Associates as of December 31, 1998, and the results of its operations and
its cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 5, 1999, 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.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information listed
in the table of contents is presented for purposes of additional analysis
and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina
February 5, 1999
INDEPENDENT AUDITORS' REPORT
To the Partners
Greenwich Housing Redevelopment Company
We have audited the accompanying balance sheets of Greenwich Housing
Redevelopment Company as of December 31, 1998 and 1997, and the related
statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by Management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Greenwich Housing
Redevelopment Company as of December 31, 1998 and 1997, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
reports dated February 4, 1999, on our consideration of Greenwich Housing
Redevelopment Company's internal control structure and it's compliance with
laws and regulations.
February 4, 1999
Albany, New York
LOUIS YOUNG C.P.A. INC.
LOUIS YOUNG. CPA
JASON LIAO. 291-1668 FAX (559) 291-1692
INDEPENDENT AUDITOR'S REPORT
The Partners
Hacienda Villa Associates
Firebaugh, California
We have audited the accompanying balance sheet of Hacienda Villa Associates
(A Limited Partnership) as of December 31, 1998, and the related statements
of operations, partners' capital and cash flows for the year then ended.
Thes6 financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Hacienda Villa
Associates (a Limited Partnership) as of December 31, 1998, and the results
of its operations and its cash flows for the year then ended, in conformity
with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 14 and 15 is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Louis Young CPA Inc.
Fresno, California
February 23,1999
Duggan, Joiner, Birkenmeyer, Stafford & Furman, P.A.
INDEPENDENT AUDITORS' REPORT
February 12, 1999
To the Partners
Haines City Apartments,.Ltd.
We have audited the accompanying basic financial statements of Haines City
Apartments, Ltd., as of and for the years ended December 31, 1998 and 1997,
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
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 the significant estimates made by management, as 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, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 12, 1999 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 purpose6 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.
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, 1998 and 1997, and the
related statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Kristin Park
Apartments, Ltd. as of December 31, 1998 and 1997, and the results of its
operations and the changes in partners' equity and cash flows for the years
then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 19, 1999, 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 19, 1999
Farmington, New Mexico
BERNARD E. REA, CPA
CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE 13ASED ON
AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AVD1TXNG STANDARDS
To the Partners
Maywood Associates, Ltd.
(A California Limited Partnership)
Cheyenne, WY
I have audited the financial statements of Maywood Associates, Ltd. (A
California Limited Partnership) as of and for the year ended December 31,
1998, and have issued my report thereon dated March 26, 1999.
I conducted my audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants applicable to
Maywood Associates, Ltd. (A California Limited Partnership) is the
responsibility of Partnership's management. As part of obtaining reasonable
assurance about whether the financial statements are free of material
misstatement, I performed tests of Maywood Associates, Ltd. I s compliance
with certain provisions of laws, regulations, and contracts. However, the
objective of my audit of the financial statements was not to provide an
opinion on overall compliance with such provisions. Accordingly, I do not
express such an opinion.
I also considered those compliance matters set forth in Attachment 2 of U.
S. Department of Agriculture, Farmers Home Administration Audit Program
handbook, dated December 1989.
The results of my tests disclosed no instances of noncompliance that are
required to be reported herein under Government Auditing Standards.
This report is intended for the information of the Partnership's
management, others within the organization, and USDA Rural Development.
However, this report is a matter of public record and its distribution is
not limited.
Stockton, California
March 26, 1999
P.O. BOX 4632 STOCKTON, CA 95204 . TELEPHONE (209) 933- FAX (209) 933-9113
FLOYD & COMPANY
Certified Public Accountants
411 Stephenson Avenue
Savannah, Georgia 31406
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, 1998 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, 1998 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, 1999
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, 1998 and 1997, 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, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
The accompanying information is presented for additional analysis and is
not a required part of the basic financial statements. Such information has
been subjected to the same auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is presented fairly in all
material respects in relation to the basic financial statements taken as a
whole.
January 22, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
698 Pro Med Lane
Carmel, Indiana 46032
317-848-5700
Fax: 317-815-6140
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Partners of
Quail Hollow of Warsaw Limited Partnership
(A North Carolina Limited Partnership)
We have audited the accompanying balance sheet of Quail Hollow of Warsaw
Limited Partnership (a North Carolina Limited Partnership) as of December
31, 1998, and the related statements of operations, changes in 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 1997 financial statements were audited by other auditors
whose report dated February 4, 1998, expressed an unqualified opinion on
those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Quail Hollow of Warsaw
Limited Partnership as of December 31, 1998, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 29, 1999, on our consideration of the Partnership's
internal controls and a report dated January 29, 1999, on its compliance
with laws and regulations.
The accompanying supplementary information is presented for purposes
of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the financial
statements taken as a whole.
January 29, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
698 Pro Med Lane
Carmel, Indiana 46032
317-8485700
Fax: 317-815-6140
Schonwit & Associates
Certified Public Accountants
575 Anton Boulevard, Suite 500, Costa Mesa, California 92626
(714) 437-1025 FAX (714) 957-6781
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, 1998, and the related
statements of operations, partners' equity, and cash flows for the year
then ended. These financial statements are the responsibility of the
partnership's management. 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 and issued an
unqualified report dated January 27, 1998.
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
3 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,
1998, 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
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 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 5, 1999
BAKER NEWMAN & NOYES
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
INEPENDENT 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, 1998 and 1997, 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) at December 31, 1998 and 1997, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
reports dated January 29, 1999 on our consideration of the internal control
over financial reporting of South Paris Heights Associates (A Limited
Partnership) and our tests of its compliance with certain provisions of
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 U.S. Department of
Agriculture Rural Development and is not a required part of the basic
financial statements. Part I of the Multiple Family Housing Borrower
Balance Sheet, Form RD 19308 and Column 2 (Actual), Parts I, II and III of
the Multiple Family Housing Project Budget, Form RD 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 RD 1930-7, and,
accordingly, express no opinion thereon.
January 29, 1999
Limited Liability Company
CERTIFIED PUBLIC ACCOUNTANTS
10714 MANCHESTER ROAD
SUITE 202
KIRKWOOD, MISSOURI 63122
(314) 822-6575
INDEPENDENT AUDITORS' REPORT
To the Partners
Springfield Housing Associates, L.P.
Springfield, Illinois
We have audited the accompanying balance sheet of Springfield Housing
Associates, L.P., (a limited partnership), as of December 31, 1998 and the
related statements of operations, partners' capital, and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit. The financial statements of
Springfield Housing Associates, L.P. (a limited partnership) as of December
31, 1997, were audited by another auditor whose report dated February 13,
1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Springfield Housing
Associates, L.P., ( a limited partnership) as of December 3 1, 1998, and
the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Mueller, Walla & Albertson, P.C.
January 22, 1999
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 Supplemental balance sheets of Tappahannock Greens
Limited Partnership as of December 31, 1998 and 1997, and the related
statements of operations, partners, equity and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. 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
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. 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, 1998 and 1997, 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 Supplemental 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 19, 1999 on my consideration of Tappahannock Greens
Limited Partnership's internal control and a report dated February 19, 1999
on its compliance with laws and regulations applicable to the financial
statements.
THOMAS C. CUNNINGHAM, CPA P.C.
February 19, 1999
SMITH, MILES & COMPANY, L.C.
PANAMA CITY, FLORIDA 32402
Phone: (850) 785-0261
Fax: (850) 785-2078
INDEPENDENT AUDITORS' REPORT
To the Partners
Village Oaks Apartments II, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Village Oaks Apartments,
II, Ltd., FmHA Project No: 09-061-0592884971, as of December 31, 1998 and
1997, 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 I s management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Village Oaks Apartments
II, Ltd., as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
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 11, 1999
McGLADREY& PULLEN, LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
ON COMPLIANCE AND ON INTERNAL CONTROL OVER
FINANCIAL REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH GOVERNMENTAL AUDITING STANDARDS
To the Partners
Westwood Square Limited Partnership
Winston Salem, North Carolina
We have audited the financial statements of Westwood Square Limited
Partnership (the "Partnership") as of and for the year ended December 31,
1998 and have issued our report thereon dated January 21, 1999. 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.
Compliance
As part of obtaining reasonable assurance about whether the Partnership's
financial statements are free of material misstatement, we performed tests
of its compliance with certain provisions of laws, regulations, contracts,
and grants, noncompliance with which could have a direct and material
effect on the determination of financial statement amounts. However,
providing an opinion on compliance with those provisions was not an
objective of our audit, and, accordingly, we do not express such an
opinion. The results of our tests disclosed no instances, of noncompliance
that are required to be reported under Government Auditing Standards.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Partnership's
internal control over financial reporting in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and not to provide assurance on the internal control
over financial reporting. 'Our consideration of the internal control over
financial reporting would not necessarily disclose all matters in the
internal control over financial reporting that might be material
weaknesses. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements in amounts that would
be material in relation to the financial statements being audited may occur
and not be detected within a timely period by employees in the normal
course of performing their assigned functions. We noted no matters
involving the internal control over financial reporting and its operations
that we consider to be material weaknesses.
This report is intended for the information and use of management, Federal
awarding agencies and pass-though entities and is not to be used by anyone
other than these specified parties.
Greenboro, North Carolina
January 21, 1999
FECTEAU & COMPANY, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Wilmington Housing Redevelopment Company
We have audited the accompanying balance sheet of Wilmington Housing
Redevelopment Company as of December 31, 1998 and the related statements of
operations, partners' 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 the financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by Management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Wilmington Housing
Redevelopment Company as of December 31, 1998 and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
reports dated February 4, 1999, on our consideration of Wilmington Housing
Redevelopment Company's internal control structure and its compliance with
laws and regulations.
The financial statements of Wilmington Housing Redevelopment Company as of
December 31, 1997 were audited by other accountants whose report dated
January 21, 1998 expressed an unqualified opinion on those statements.
February 4, 1999
Albany, New York
Executive Woods, 4 Atrium Drive, Albany, NY 12205 0 (518) 438~4000 FAX
(518) 438-7444
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.
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.
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 financial 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
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 disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as 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 of the Partnership's management. Our responsibility 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, 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
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.
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
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 our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Hacienda Villa
Associates (a Limited Partnership) as of December 31, 1996, and the results
of its operations and its cash flows for the year then ended, in conformity
with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 14 and 15 is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Louis Young CPA Inc.
Fresno, California
February 14, 1997
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
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
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
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 statements are the responsibility of the Partnership's
management. Our responsibility 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
FLOYD & COMPANY
Certified Public Accountants
411 Stephenson Avenue Post Office Box 14251
Savannah, Georgia 31406 Savannah, Georgia 31416
Phone: (912) 355-9969 Fax- (912) 355-1992
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, 1998 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, 1998 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, 1999
Timothy Force, P.C.
Certified Public Accountant
1110 Fidler Lane, Suite 900
Silver Spring, Maryland 20910
Phone: 301/585-0348
Fax: 301/585-6349
INDEPENDENT AUDITOR'S REPORT
To the Partners
Chuckatuck Limited Partnership
I have audited the accompanying balance sheet of Chuckatuck Limited
Partnership, RHS Project No.: 54-074-541440875, as of December 31, 1998 and
the related statements of operations, partners' deficit 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 Chuckatuck Limited Partnership as of December 31, 1997 were audited by
other auditor's whose report on these financial statements, dated January
23, 1998, included an explanatory paragraph describing conditions that
substantial doubt about the partnership's ability to continue as a going
concern (discussed in Note B to the financial statements).
I conducted my audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that I plan and
perform the audit to obtain reasonable assurances about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates make by management, as
well as evaluating the overall financial presentation. I believe that my
audit provided 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 Chucatuck Limited
Partnership, RHS Project No.: 54-074-541440875, as of December 31, 1998,
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 standards.
The accompanying financial statements have been prepared assuming that the
partnership will continue as a going concern. As discussed in Note B, the
partnership is delinquent in funding reserves and paying their debts, which
raise substantial doubt about the partnership's ability to continue as a
going concern. Management's plans in regard to this matter are also
described in Note B. The financial statements do not include any
adjustment that might result from the outcome of this uncertainty.
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 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.
In accordance with Government Auditing Standards, I have also issued
reports dated March 1, 1999 on my consideration of Chuckatuck Limited
Partnership's internal control and its compliance with laws and regulations
applicable to the financial statements.
Timothy Force
Certified Public Accountant
Silver Spring, Maryland
March 1, 1999
FLOYD & COMPANY, CPA
Certified Public Accountants
411 Stephenson Avenue 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, 1998
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, 1998
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, 1999
Byrd, Smalley,
Evans, Adams & Johnson, PC.
Stan A. Ivans, CrA
Telephone (256) 353-1611
Facsimile (256) 353-1578
Certified Public Accountants
237 )ohnston Street S.E.
Post Office Box 2179
Decatur, AL 35602-2179
Ray Johnsom CPA
John P. Adams, CPA
Lisa A. Nuss, CPA
Angie A. Harris, CPA
Taura S. Berry, CPA
Serry A. Burrmos, CPA
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL
REPORTING BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
We have audited the financial statements of Housing Investors Athens 11,
Ltd., as of and for the years ended December 31, 1998 and 1997 and have
issued our report thereon, February 15,199c, 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.
Compliance
As part of obtaining reasonable assurance about whether Housing Investors
Athens 11, Ltd.' financial statements are free of material misstatement, we
performed tests of its compliance wit certain provisions of laws,
regulations, contracts and grants, noncompliance with which could have a
direct and material effect on the determination of financial statement
amounts. However providing an opinion on compliance with those provisions
was not an objective of our audit and accordingly, we do not express such
an opinion. The results of our tests disclosed no instances i noncompliance
that are required to be reported under Government Auditing Standards.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered Housing Investors
Athens 11, Ltd.'s internal control over financial reporting in order to
determine our auditing procedures for the purpose of expressing our opinion
on the financial statements and not to provide assurance on the intern
control over financial reporting. Our consideration of the internal control
over financial reporting would not necessarily disclose all matters in the
internal control over financial reporting that might be material
weaknesses. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements in amounts that would
be material in relation to the financial statements being audited may occur
and not be detected within a timely period by employees in the normal
course performing their assigned functions. We noted no matters involving
the internal control over financial reporting and its operation that we
consider to be material weaknesses.
This report is intended for the information of the audit committee,
management, the Farmers Home Administration and other state officials.
However, this report is a matter of public record and distribution is not
limited.
February 15, 1999
BERNARD E. REA, CPA
CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT
To the Partners
Maidu Properties
(A California Limited Partnership)
Rocklin, California
I have audited the accompanying balance sheets of Maidu Properties (A
California Limited Partnership), as of December 31, 1998 and 1997, 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. 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 Maidu Properties (A
California Limited Partnership) as of December 31, 1998 and 1997, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
My 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, 1998 and 1997, 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 my opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
Stockton, California
March 31, 1999
P.O. BOX 4632 - STOCKTON, CA 95204
TELEPHONE (209) 933-9113- FAX (209) 933-9115 - EMAIL [email protected]
FLOYD & COMPANY, CPA
Certified Public Accountants
411 Stephenson Avenue Post Office Box 14251
Savannah, Georgia 31406 Savannah, Georgia 31416
Phone: (912) 355-9969 Fax: (912)355-1992
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,
1998 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 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 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 Meadowbrook Properties
II Limited Partnership (a Georgia Limited Partnership) as of December 31,
1998 and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999Dauby 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, 1998, 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, 1998, and the results of its operations
and changes in partners, equity (deficit) and cash flows for the year then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 22, 1999, on our consideration of the Partnership's
internal controls and a report dated January 22, 1999, 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 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.
Carmel, Indiana
Dauby O'Connor & Zaleski, LLC
January 22, 1999
Certified Public Accountants
I
FLOYD & COMPANY
Certified Public Accountants
411 Stephenson Avenue Post Office Box 14251
Savannah, Georgia 31406 Savannah, Georgia 31416
Phone: (912) 355-9969 Fax: (912) 355-1992
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, 1998 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, 1998
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, 1999
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.
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 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 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 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
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 Auditing 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.
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
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
McGLADREY & PULLEN,LLP
Certified Public Accountants and Consultants
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.
McGLADREY&PULLEN, LLP RSM
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Academy Hill Limited Partnership
Winston-Salem, North Carolina
We have audited the accompanying balance sheets of Academy Hill Limited
Partnership as of December 31, 1998 and 1997, and the related statements of
income, partners' equity (deficit), and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
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, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 21, 1999 on our consideration of Academy Hill Limited
Partnership's internal control over financial reporting and on our tests of
its compliance with certain provisions of laws, regulations, contracts and
grants.
Greensboro, North Carolina
January 21, 1999
I
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
MEMBER
AMERICAN INSTITUTE OF MEMBER
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, 1998 and 1997, 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, 1998 and 1997, 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
1-17 is presented f or 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 26, 1999
McGEE & ASSOCIATES, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners Buckeye Senior, Ltd. and Rural Development
We have audited the accompanying balance sheets of Buckeye Senior, Ltd. (a
limited partnership) as of December 31, 1998 and 1997, 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, 1998 and 1997, 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 9, 1999, 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 9, 1999
Farmington, New Mexico
1
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
MEMBER
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Copper Creek, L.P.
I have audited the accompanying balance sheets of Copper Creek, L.P. as of
December 31, 1998 and 1997, 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, 1998 and 1997, 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
1-17 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 26, 1999
1-3
Clifton
Gunderson L.L.C.
Certified Public Accountants & Consultants
Independent Auditor's Report
To the Partners
Coronado Housing Limited Partnership
We have audited the accompanying balance sheets of Coronado Housing Limited
Partnership as of December 31, 1998 and 1997 and the related statements of
operations, partners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Coronado Housing
Limited Partnership as of December 31, 1998 and 1997 and the results of
their operations and their 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. 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.
Tucson, Arizona
February 26, 1999
KAY L. BOWEN& ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANT, P.C.
Phone (801) 627-0825 - FAX (801) 627-0829
3710 QUINCY AVENUE
KAY L BOWEN, CPA OGDEN, UTAH 84403 MEMBER OF
THE AMERICAN INSTITUTE OF
SHARI B. JOHNSON, CPA
JAMES L HAWKINS
SCOTT L. BOWEN
MICHAEL S. JACHIM
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, 1998 and 1997, and the related statements of
income and cash flows and change in partners, equity for the years then
ended. These financial statements axe 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 General 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, 1998 and 1997, 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 included in the
report (shown on pages 12 to 13) 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 taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated March 6, 1999, on our consideration of Franklin School
internal controls and a report dated March 6, 1999, on its compliance with
laws and regulations.
Ogden, Utah March 6, 1999
L. Bowen, CPA, President
Federal I.D. #87-0448933
James L. Caughren
Certified Public Accountant RO. 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, 1998 and 1997, 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 provide a 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, 1998 and 1997, 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 3, 1999 on our consideration of Hilltop Apartments
Limited Partnership internal control and on its compliance with laws and
regulations.
McCartney & Company, P.C.
Certified Public Accountants
2121 University Park Drive, Suite 150
Okernos, Michigan 48864
Telephone (5 17) 347-5000
Fax (5 17) 347-5007
March 3, 1999
Partners
Ivan 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, 1998 and 1997, 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, 1998 and 1997, 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 9 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.
MUELLER, WALLA & ALBERTSON, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
10714 MANCHESTER ROAD
SUITE 202
KIRKWOOD, MISSOURI 63122
(314) 822-657S
INDEPENDENT AUDITORS'REPORT
The Partners
Licking Associates 11, L.P.
Licking, Missouri
We have audited the accompanying balance sheets of Licking Associates 11,
L.P. (a limited partnership) as of December 31, 1998 and 1997, and the
related statements of operations, partners' capital and cash flows for the
years then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Licking Associates II,
L.P. as of December 31, 1998 and 1997, 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, 1999
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MISSOURI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
BL00M, GETTIS, HABIB, SILVER & TERRONE, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
SUITE 1450
2601 SOUTH SAYSHORE DRIVE
MIAMI, FLORIDA 3l33-9893
TELEPHONE (305) 8S8-62f I
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.
To the Partners London Arms/Lyn Mar Limited Partnership
Boston, Massachusetts
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying Balance Sheets of London Arms/Lyn Mar,
Ltd. (a Florida Limited Partnership), as of December 31, 1998 and 1997, and
the related Statements of Operations, Partners' Equity (Deficiency) 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, 1998 and 1997, 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 18, 1999
BERNARD E. REA, CPA
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Partners
Maidu Properties
(A California Limited Partnership)
Rocklin, California
I have audited the accompanying balance sheets of Maidu Properties (A
California Limited Partnership), as of December 31, 1998 and 1997, 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. 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 Maidu Properties (A
California Limited Partnership) as of December 31, 1998 and 1997, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
My 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, 1998 and 1997, 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 my opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
Stockton, California
March 31, 1999
- - 1 -
P.O. BOX 4632 - STOCKTON, CA 95204 - TELEPHONE (209) 933-9113 - FAX (209)
933-9115 - EMAIL BReaCPAna_AOL.COM
FLOYD & COMPANY
Certified Public Accountants
411 Stephenson Avenue
Savannah, Georgia 31406
Phone: (912) 355-9969
Fax: (912) 355-1992
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, 1998
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, 1998
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, 1999
EideBailly,LLP
Consultants - Certified Public Accountants
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: 1818-411649005, as of December 31, 1998 and 1997,
and the related statements of operations, partners' equity, and cash flows
for the years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of RPI Limited Partnership
#18 as of December 31, 1998 and 1997, and the results of its operations and
its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 2, 1999 on our consideration of RPI Limited
Partnership #18's internal control and a report dated February 2, 1999 on
its compliance with laws and regulations.
Fargo, North Dakota
February 2, 1999
406 Main Avenue - Suite 3000 * PO Box 2545 * Fargo, North Dakota 58108-2545
- - 701.239.8500 - Fax 701.239.8600
Offices in Arizona, Iowa, Minnesota, Montana, North Dakota and South Dakota
- - Equal Opportunity Employer
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
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, 1998 and 1997, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. 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, 1998 and 1997, 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 1-17 and 1-18 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the 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 26, 1999
1-3
Thompson, Derrig, Slovacek & Craiq, P.C.
INDEPENDENT AUDITORS' REPORT
March 5, 1999
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,
1998 and 1997 and the related statements of operations, partners' equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of South Fork Heights
Limited Partnership as of December 31, 1998 and 1997 and the results of its
operations and its cash flows for the years then ended conformity with
generally accepted accounting principles. .
4
In accordance with Government Auditing Standards we have also issued our
report dated March 5, 1999 on our consideration of South Fork Heights
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 16 through 26 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. The supplementary
information presented in the Year End Report/Analysis (USDA Form RD 1930-8)
and Para I through III of the Project Budget (USDA Form RD 1930-7) for year
ended December 31, 1998, 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
5
SMITH, MILES & COMPANY, L.C.
CERTIFIED PUBLIC ACCOUNTANTS
PANAMA CITY, FLORIDA 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., FmHA Project No: 11-51-592863964, as of December 31, 1998 and 1997,
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, 1998 and 1997, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information 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 4, 1999
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 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 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
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
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 Limited 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 Limited
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
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
Fraley, Miller & Company
Certified Public Accountants
374 Main Street Partners:
West Liberty, Kentucky 41472
Telephone (606) 743-7420
Fax (606) 743-7444
INDEPENDENT AUDITORS' REPORT
To the Partners of
Briarwick Apartments, Ltd.
We have audited the accompanying balance sheets of Briarwick Apartments,
Ltd. (a Kentucky limited partnership) as of December 3 1, 1998, 1997, and
1996, and the related statements of results of operations, changes in
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the provisions of the United States Department of
Agriculture, Rural Economic and Community Development audit program. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Briarwick Apartments,
Ltd. as of December 31, 1998, 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.
In accordance with Government Auditing Standards, we have also issued a
report dated February 10, 1999, on our consideration of Briarwick
Apartments, Ltd.'s internal control over financial reporting and tests of
its compliance with certain provisions of laws and regulations.
Branch Office Located at 374 Main Street, West Liberty, Kentucky 41472
Telephone (606) 743-7420 Fax (606) 743-7444
FLOYD & COMPANY, CPA
Certified Public Accountants
411 Stephenson Avenue
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, 1998 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, 1998 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, 1999
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Partners of
Bucksport Park Associates
(A Maine Limited Partnership)
We have audited the accompanying balance sheet of Bucksport Park Associates
(a Maine Limited Partnership) as of December 31, 1998, and the related
statements of operations, changes in 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
1997 financial statements were audited by other auditors whose report dated
January 21, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Bucksport Park
Associates as of December 31, 1998, and the results of its operations and
its cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated March 5, 1999, on our consideration of the Partnership's
internal controls and a report dated March 5, 1999, on its compliance with
laws and regulations.
Bucksport Park Associates
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 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.
March 5, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
698 Pro Med Lane
Carmel, Indiana 46032
317-848-5700
Fax: 317-815-6140
2
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
MEMBER
AMERICAN INSTITUTE OF TEXAS SOCIETY OF
CERTIFIED PUBLIC ACCOUNTANTS 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, 1998 and 1997, 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, 1998 and 1997, 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
1-17 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 26, 1999
1-3
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Partners of
Clymer House Associates
(A Pennsylvania Limited Partnership)
We have audited the accompanying balance sheet of Clymer House Associates
(a Pennsylvania Limited Partnership) as of December 31, 1998, and the
related statements of operations, changes in 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
1997 financial statements were audited by other auditors whose report dated
January 22, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Clymer House Associates
as of December 31, 1998, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated March 5, 1999, on our consideration of the Partnership's
internal controls and a report dated March 5, 1999, on its compliance with
laws and regulations.
Clymer House Associates
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 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.
March 5, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
698 Pro Med Lane
Carmel, Indiana 46032
317-848-5700
Fax: 317-815-6140
2
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Partners of
Cornish Park Associates
(A Maine Limited Partnership)
We have audited the accompanying balance sheet of Cornish Park Associates
(a Maine Limited Partnership) as of December 31, 1998, and the related
statements of operations, changes in 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
1997 financial statements were audited by other auditors whose report dated
January 15, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Cornish Park Associates
as of December 31, 1998, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated March 5, 1999, on our consideration of the Partnership's
internal controls and a report dated March 5, 1999, on its compliance with
laws and regulations.
Cornish Park Associates
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 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.
March 5, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
I
2
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 sheets of Hunters Park Limited
Partnership as of December 31, 1998 and 1997, and the related statements of
operations, partners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of Hunters Park Limited
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 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 Hunters Park Limited
Partnership as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 26, 1999 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 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 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 26, 1999
803 S. GARNETT STREET 0 P.O. BOX 177 o HENDERSON, NORTH CAROLINA 27536 o
(252)492-3041
118 MAIN STREET 0 P.O. BOX 8 1 7 o OXFORD, NORTH CAROLINA 27565 9
(919)693-5960
426 KINGS HIGHWAY WEST 0 P.O. BOX 1147 * EDEN, NORTH CAROLINA 27288 *
(336)627-5111
527 W. RIDGEWAY STREET 0 P.O. BOX 671 0 WARRENTON, NORTH CAROLINA 27589 0
(252)257-2622
6512 SIX FORKS ROAD 0 P.O~ BOX 99197 0 RALEIGH, NORTH CAROLINA 27624-9187 o
(919)846-9399McCartney & Company, P.C.
Certified Public Accountants
Jarries 171. mccariney. CP.-\
2121 University Park Drive, Suite 150
Okernos, Michigan 48864
Telephone (5 17) 347-5WO
Fax (3 17) 347-5007
March 3, 1999
Partners
Ivan 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, 1998 and 1997, 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, 1998 and 1997, 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 9 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.
SMITH, MILES & COMPANY, L.C. 1230 AIRPORT ROAD
CERTIFIED PUBLIC ACCOUNTANTS 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, 1998
and 1997, 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, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information 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 5, 1999
FLOYD & COMPANY
Certified Public Accountants
411 Stephenson Avenue
Savannah, Georgia 31406
Phone: (912) 355-9969
Fax: (912) 355-1992
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, 1998 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, 1998 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, 1999
McGEE & AsSOCIATES, P.C.
CERTiFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners Los Caballos 11, Ltd.
and Rural Development
We have audited the accompanying balance sheets of Los Caballos 11, Ltd. (a
limited partnership) as of December 31, 1998 and 1997, and the related
statements of operations, partners' equity and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Los Caballos 11, Ltd.
as of December 31, 1998 and 1997, 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, 1999, on our consideration of Los Caballos 11,
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 11, Ltd.
Such information has been subjected to the auditing procedures applied in
the audit of the financial statements and, in our opinion, is fairly stated
in all material respects in relation to the financial statements taken as a
whole.
January 16, 1999
Farmington, New Mexico
1
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Partners of
Nanty Glo House Associates
(A Pennsylvania Limited Partnership)
We have audited the accompanying balance sheet of Nanty Glo House
Associates (a Pennsylvania Limited Partnership) as of December 31, 1998,
and the related statements of operations, changes in 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 1997 financial statements were audited by other auditors
whose report dated January 18, 1998, expressed an unqualified opinion on
those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Nanty Glo House
Associates as of December 31, 1998, and the results of its operations and
its cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated March 5, 1999, on our consideration of the Partnership's
internal controls and a report dated March 5, 1999, on our consideration of
the Partnership's internal controls and a report dated March 5, 1999, on
its compliance with laws and regulations.
Nanty Glo House Associates
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 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.
March 5, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
I
2
BERNARD E. REA, CPA
CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT
To the Partners
Nye County Associates
(A California Limited Partnership)
Cheyenne, WY
I 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, 1998 and 1997, 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. My responsibility is to express an opinion on
these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management as
well as evaluating the overall financial statement presentation. I believe
that my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Nye County Associates
(A California Limited Partnership) as of December 31, 1998 and 1997, and
the results of its operations and its cash flows for the years then ended,
in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also issued a
report dated March 26, 1999 on my consideration of Nye County Associates'
internal control structure and a report dated March 26, 1999 on its
compliance with laws and regulations.
Stockton, California
March 26, 1999
- - 1 -
P.O.BOX4632 - STOCKTON, CA 95204 - TELEPHONE (209)933-9113 1
FAX(209)933-9115 - [email protected]
EideBailly.,
Consultants 0 Certified Public Accountants
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 90002, as of December 3 1, 1998 and 1997, and the
related statements of operations, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of RPI Limited Partnership
#22, as of December 31, 1998 and 1997, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Fargo, North Dakota
February 2, 1999
406 Main Avenue - Suite 3000 - PO Box 2545 - Fargo, North Dakota 58108-2545
- - 701.239.8500 - Fax 701.239.8600
Offices in Arizona, Iowa, Minnesota, Montana, North Dakota and South Dakota
- - Equal Opportunity Employer
MUELLER, WALLA & ALBERTSON, PC.
CERTIFIED PUBLIC ACCOUNTANTS
10714 MANCHESTER ROAD
SUITE 202
KIRKWOOD, MISSOURI 63122
(314) 822-657-5
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
111, L.P. (a limited partnership) as of December 31, 1998 and 1997, and the
related statements of operations, partners' capital and cash flows for the
years then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Scott City Associates
III, L.P. as of December 31, 1998 and 1997, 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 19, 1999
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MISSOURI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
GWEN WARD
CERTIFIED PUBLIC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH, TX 76107
INDEPENDENT AUTITOR'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, 1998 and 1997, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. 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.
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 26, 1999
MUELLER, WALLA & ALBERTSON, PC.
CERTIFIED PUBLIC ACCOUNTANTS
10714 MANCHESTER ROAD
SUITE 202
KIRKWOOD, MISSOURI 63122
(314) 822-6575
INDEPENDENT AUDITORS' REPORT
To the Partners
Springfield Housing Associates, L.P.
Springfield, Illinois
We have audited the accompanying balance sheet of Springfield Housing
Associates, L.P., (a limited partnership), as of December 31, 1998 and the
related statements of operations, partners' capital, and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit. The financial statements of
Springfield Housing Associates, L.P. (a limited partnership) as of December
31, 1997, were audited by another auditor whose report dated February 13,
1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Springfield Housing
Associates, L.P., (a limited partnership) as of December 31, 1998, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Mueller, Walla & Albertson, P.C.
January 22, 1999
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MISSOURI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS'
FLOYD & COMPANY, CPA
Certified Public Accountants
411 Stephenson Avenue
Savannah, Georgia 31406
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, 1998 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, 1998 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, 1999
HUMISTON, SKOKAN, WARREN & EICHENBERGER, P.C
Certified Public Accountant
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, 1998 and 1997, and the related
statements of operations, partners' equity and cash flows for the years
then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Union Baptist Plaza,
Limited Partnership as of December 31, 1998 and 1997, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
January 19, 1999
SMITH, MILES & COMPANY, L.C. 1230 AIRPORT ROAD
CERTIFIED PUBLIC ACCOUNTANTS P.O. BOX 1177
PANAMA CITY, FLORIDA 32402
Phone: (850) 785-0261
Fax: (850) 785-2078
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, 1998 and 1997,
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, 1998 and 1997, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information 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 4, 1999
YORK, DILLINGHAM & COMPANY, P.L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
LARRY W. YORK
P.0. BOX 551
BRANCH OFFICES:
JOHN M. DILLINGHAM
1708 ALPINE DRIVE
TELEPHONE (931) 388-0517
FAX (931) 381-3440
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, 1998 and
1997, and the related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a 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, 1998 and
1997, 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 19, 1999 on our consideration of Waynesboro
Associates, Limited'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 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 19, 1999
- -2-
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
of the 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
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
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the provisions of the United States Department of
Agriculture, Rural Economic and Community Development audit program. Those
standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In accordance with Government Auditing Standards, we have also issued a
report dated February 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 of its
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
DANIEL G. DRANE Telephone (502) 756-5704
CERTIFIED PUBLIC ACCOUNTANT FAX (502 )756-5927
209 East Third Street - P. 0. Box 577
Hardinsburg, Kentucky 40143
INDEPENDENT AUDITOR'S REPORT
To the Partners
Burkesville Properties, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Burkesville Properties,
Limited (a Kentucky limited partnership), RHS Project No.:
20-029-025899601, 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,
all material respects, the financial position of Burkesville Properties,
Limited, as 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
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. DRANE Telephone (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
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that I plan and perform the audits
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Clarkson Properties,
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. DRANE Telephone (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
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that I plan and perform the audits
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Evanwood Properties,
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
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 responsiblity 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
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 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 misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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 have 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
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
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
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.
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
McGLADREY & PULLEN, LLP
Certified Public Accountants and Consultants
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
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Partners of
Bethel Park Associates
(A Maine Limited Partnership)
We have audited the accompanying balance sheet of Bethel Park Associates (a
Maine Limited Partnership) as of December 31, 1998, and the related
statements of operations, changes in 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
1997 financial statements were audited by other auditors whose report dated
January 12, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Bethel Park Associates
as of December 31, 1998, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated March 5, 1999, on our consideration of the Partnership's
internal controls and a report dated March 5, 1999, on its compliance with
laws and regulations.
Bethel Park Associates
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 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.
March 5, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
698 Pro Med Lane
Carmel, Indiana 46032
317-848-5700
Fax: 317-815-6140
Bernard Robinson
& Company, LIP
Certified Public Accountants since 1947
MAILING ADDRESS
OFFICES
PO, 13OX 19608
109 MUIRS CHAPEL ROAD
GREENSBORO, NC 27419-9608
FAX 336-547-0840
Independent Auditor's Report
TELEPHONE 336-294-4494
To the Partners
Brantwood Lane Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheet of Brantwood Lane Limited
Partnership (a Georgia limited partnership) as of December 31, 1998, and
the related statements of operations, partners' equity, and cash flows for
the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit. The financial statements
of Brantwood Lane Limited Partnership as of December 31, 1997, were audited
by other auditors whose report dated February 6, 1998, 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 audits
provide a 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, 1998, and the results of its operations and
its cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 21, 1999, 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.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information listed
in the table of contents is presented for purposes of additional analysis
and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina
January 21, 1999 Page I
Crisp Hughes Evans LLP
Certified Public Accountants & Consultants
Affiliated 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, 1998 and 1997, and the related
statements of operations, partners' capital (deficit) and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, 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, 1998 and 1997, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 25, 1999 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 25, 1999
I Creekview Court
PO Box 25849
Greenville, SC 29616
Fax 864 458 8519
8642885544
N. CHENG & CO., P.C.
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, 1998 and the related statements of
operations, changes in partner's 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, 1998 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
January 20, 1999
40 Exchange Place, Suite 1206 Two Grainaran Avenue
New York, New York 10005 Mount Vernon, New York 10550
Tel (212) 785-0100 - Fix (212) 785-9168 Tel (914) 668-8010 - Fax (914)
668-8048
ROBERT ERCOLINI & COMPANY LLP
Certified Public Accountants a Business Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners of
California Investors V
Boston, Massachusetts
We have audited the accompanying balance sheets of California Investors V
(a California Limited Partnership) as of December 31, 1998 and 1997, and
the related statements of operations, partners' capital, and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of California Investors V
as of December 31, 1998 and 1997, and the results of its operations,
changes in partners' capital, and its cash flows for the years then ended
in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included
in this report (shown on pages 16 and 17) is presented for purposes of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
April 6, 1999
FIFTY-FIVE SUMMER STREET - BOST0N, MA 02 110-1007 - TELEPHONE 617.482-5511
- - FAX617,426-5252
Randall Patterson, CPA, P.C.
12913 Alton Square, #101
Phone:(703) 834-3804
Herndon, Virginia 20170
Fax:(703) 834-1908
INDEPENDENT AUDITORS REPORT
To the Partners
Carriage Run Limited Partnership
I have audited the accompanying balance sheets of Carriage Run Limited
Partnership, as of December 31, 1998 and 1997 and the related statements of
income, partners capital, and cash flows for the years then ended. These
financial statements are the responsibility of 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 statements 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 Carriage Run Limited
Partnership, as of December 31, 1998 and 1997 and the results of its
operations and its cash flow for the years then ended in conformity with
generally accepted accounting principles.
In accordance with government auditing standards, I have also issued
reports dated March 4, 1999 on my consideration of Carriage Run Limited
Partnership's internal control and on its compliance with laws and
regulations.
My 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
auditing procedures applied in the audits of the basic financial statements
and, in my opinion, is fairly stated in all material respects in relation
to the financial statements taken as a whole.
Randall Patterson
March 4, 1999
THOMAS, JUDY & TUCKER, P.A. Certified Public Accountants
Clifton W. Thomas 16 East Rowan Street
Chris P. Judy Raleigh, NC
David W. Tucker
David A. Johnson
INDEPENDENT AUDITORS' REPORT
To the Partners
Cedarwood Apartments Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheet of Cedarwood Apartments
Limited Partnership as of December 31, 1998 and the related statements of
operations, partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit. The financial statements of Cedarwood
Apartments Limited Partnership as of December 31, 1997, were audited by
other auditors whose report dated January 16, 1998, 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 all material respects, the financial position of Cedarwood Apartments
Limited Partnership as of December 31, 1998 and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 22, 1999 on our consideration of Cedarwood Apartments
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 conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information on Schedules 1 and 2 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of
Cedarwood Apartments Limited Partnership. 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, 1999
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, 1998 and 1997, and the
related statements of operations, partners' capital, and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. 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
Rome 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, 1998 and 1997, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, I have also issued my
reports dated February 14, 1999 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, 1999
1
MEMBER: AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS AND NEVADA
SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
SALMIM, CELONA, WEHRLE & FLAHERTY, LLP
CERTIFITED PUBLIC ACCOUNTANTS
1170 CHILI AVENUE ROCHESTER, NY 14694-3033 716 / 279-0120 FAX 716 /
279-0166
To The Partners
College Green Rental Associates
Rochester, Now York
Independent Auditor's Report
We have audited the accompanying balance sheet of College Greene Rental
Associates, L.P. (a Limited Partnership as of December 31, 1998 and the
related statements of operations, changes in partners' capital (deficit)
and cash flows for the year then ended. These financial statements are the
responsibility of the Partners management. Our responsibility is to
express an opinion on these financial statements based on our audit. The
financial statements of College Greene Rental Associates, L.P. as of
December 31, 1997, were audited by other auditors whose report dated
February 9, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the 1998 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, 1998, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Salmin, Celona, Wehrle & Flaherty, LLP
January 25, 1999
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, 1998 and 1997, and the related
statements of operations, partners' capital and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, 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, 1998 and 1997, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 25, 1999 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 25, 1999
Creekview Court
8642885544
PO Box 25849
Greenville, SC 29616
FAX 864 458 85 19
FLOYD & COMPANY
Certified Public Accountants
411 Stephenson Avenue Post Office Box 14251
Savannah, Georgia 31406 Savannah, Georgia 31416
Phone: (912) 355-9969 Fax: (912) 355-1992
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, 1998 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, 1998 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, 1999
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, 1998 and 1997, and the related
statements of operations, partners' equity and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Franklin Vista III,
Ltd. as of December 31, 1998 and 1997, 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, 1999, on our consideration of Franklin Vista 111,
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, 1999
Farmington, New Mexico
1
REGARDIE, BROOKS & LEMS CHARTERED
JESSE A. KAISER, CPA
CONSULTANTS & CERTIFIED PUBLIC ACCOUNTANTS
JEROME R LEWIS, CPA
NATHAN J. ROSEN, CPA
PAUL J. GNATT, CPA
CELSO T MATAAC, JR., CPA
PHILIP R. BAKER, CFA
BRIAN J. GIGANTI, CPA
DOUGLAS A. DOWLING, CPA
7101 WISCONSIN AVENUE, SUITE 1012
BETHESDA, MARYLAND 20814
TEL (301) 654-9000
e-mail: [email protected]
FAX (301) 656-3056
DAVID X BROOKS, CPA
CONSULTANT
BENJAMIN F REGARDIE
(1897-1973)
INDEPENDENT AUDITOR'S REPORT
February 22, 1999
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, 1998 and 1997, and the related
statements of income, changes in partners' capital and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnerships management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, 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, 1998 and 1997, 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 22, 1999 on our consideration of Friendship Village
Limited Partnership's internal control and on its compliance with laws and
regulations.
Certified Public Accountants
- - I -
FLOYD & COMPANY
Certified Public Accountants
411 Stephenson Avenue
Savannah, Georgia 31406
Phone: (912) 355-9969
Fax: (912) 355-1992
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, 1998 and the
related statements of operations, partners I 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, 1998
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, 1999
PAILET, MEUNIER and LeBLANC, L.L.P.
Certified Public Accountants
Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
HUGHES SPRINGS SENIORS APARTMENTS, LTD.
We have audited the accompanying balance sheets of HUGHES SPRINGS SENIORS
APARTMENTS, LTD., RHS PROJECT NO. 49-034-721156758 as of December 31, 1998
and 1997 and the related statements of operations, changes in partners'
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility 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 HUGHES SPRINGS SENIORS
APARTMENTS, LTD. as of December 31, 1998 and 1997 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
presented on pages 16 through 24, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
3421 N. Causeway Blvd., Suite 701 - Metairie, LA 70002 2401 St. Charles
Ave., Suite 2559 - New Orleans, LA 70170 Telephone (504) 837-0770 - Fax
(504) 837-7102 Telephone (504) 522-0504 - Fax (504) 837-7102
Member of international Group of Accounting Firms e Member Firms in
Principal Cities
AlCPA SEC Practice Section * AIPA Private Companies Practice Section
In accordance with Government Auditing- Standards, we have also issued a
report dated February 18, 1999 on our consideration of HUGHES SPRINGS
SENIORS APARTMENTS, LTD.'s internal control and a report dated February 18,
1999 on its compliance with laws and regulations applicable to the
financial statements.
Metairie, Louisiana
February 18, 1999
Schonwit &Associates
Certified Public Accountants
575 Anton Boulevard, Suite 500, Costa Mesa, California 92626
(714) 437-1025FAX (714) 957
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, 1998, and the related
statements of operations, partners' equity, and cash flows for the year
then ended. These financial statements are the responsibility of the
partnership's management. 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 and issued an
unqualified report dated January 29, 1998.
1 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, 1998, 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
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 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 5, 1999
3
Certified Public Accountants
1111 Michigan Avenue
P.O. Box 2500
517-332-6200
PLANTE & MORAN, LLP
East Lansing, Michigan 48826-2500
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, 1998 and 1997,
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,
1998 and 1997, 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 15, 1999, on our consideration of the Partnership's
internal controls and on its compliance with laws and regulations.
February 15, 1999
Moores
Rowland
A worldwide association of independent accounting firms
BERNARD E. REA, CPA
CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT
To the Partners
Maidu Properties
(A California Limited Partnership)
Rocklin, California
I have audited the accompanying balance sheets of Maidu Properties (A
California Limited Partnership), as of December 31, 1998 and 1997, 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. 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 Maidu Properties (A
California Limited Partnership) as of December 31, 1998 and 1997, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
My 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, 1998 and 1997, 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 my opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
Stockton, California
March 31, 1999
P.O. BOX 4632 - STOCKTON, CA 95204
TELEPHONE (209) 933-9113
FAX (209) 933-9115
EMAIL [email protected]
Jack E. Powers
David A Raeck
Lawrence C. Kowalk
Robert E. Millerjr.
Gary W Brya
Steven B. Robbins
Lamonte T Lator
James E. Nyquist
Bruce J. Dunn
jeffrey C. Stevens
Walter P Manerjr.
Linda 1. Schirmer
Floyd L. Costerisan
Certified Public Accountants
Steven W Scott
Leon A. Ellis (1933-1988)
INDEPENDENT AUDITORS' REPORT
February 18, 1999
To the Partners
Montague Place Limited Partnership
Lansing, Michigan
We have audited the accompanying balance sheets of Montague Place Limited
Partnership as of December 31, 1998 and 1997, and the related statements of
net 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 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 Montague Place Limited
Partnership as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 18, 1999 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.
1
6105 W 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 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, 1998 and 1997, and the
related statements of operations, partners' capital, and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. 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, 1998 and 1997, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, I have also issued my
reports dated February 14, 1999 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, 1999
MEMBER: AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS AND NEVADA
SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
FLOYD & COMPANY
Certified Public Accountants
411 Stephenson Avenue
Savannah, Georgia 31406
Phone: (912) 355-9969
Fax: (912)355-1992
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, 1998 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, 1998 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, 1999
THOMAS, JUDY & TUCKER, P.A.
Certified Public Accountant
Clifton W. Thomas Chris P. Judy
David W. Tucker
David A. Johnson
16 East Rowan Street, Suite I
Raleigh, NC 276U9
(919)571-7055
FAX (919) 571-7089
INDEPENDENT AUDITORS'REPORT
To the Partners
Pine Ridge Elderly Apartments Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheet of Pine Ridge Elderly
Apartments Limited Partnership as of December 31, 1998 and the related
statements of operations, partners' equity and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management Our responsibility is to express an opinion on
these financial statements based on our audit The financial statements of
Pine Ridge Elderly Apartments Limited Partnership as of December 31, 1997,
were audited by other auditors whose report dated January 16, 1998,
expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Pine Ridge Elderly
Apartments Limited Partnership as of December 31, 1998 and the results of
its operations and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information on Schedule 1 is presented for purposes of additional analysis
and is not a required part of the basic financial statements of Pine Ridge
Elderly Apartments Limited Partnership. 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, 1999
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Partners of
Pittsfield Park Associates
(A Maine Limited Partnership)
We have audited the accompanying balance sheet of Pittsfield Park
Associates (a Maine Limited Partnership) as of December 31, 1998, and the
related statements of operations, changes in 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
1997 financial statements were audited by other auditors whose report dated
January 15, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Pittsfield Park
Associates as of December 31, 1998, and the results of its operations and
its cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated March 5, 1999, on our consideration of the Partnership's
internal controls and a report dated March 5, 1999, on its compliance with
laws and regulations.
Pittsfield Park Associates
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 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.
March 5, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
698 Pro Med Lane
Carmel, Indiana 46032
317-848-5700
Fax: 317-815-6140
2
ROBERT ERCOLINI & COMPANY LLP
Certified Public Accountants * Business Consultants
INDEPENDENT AUDITOR'S REPORT
To.the Partners of
Rosenberg Building Associates Limited Partnership
Boston, Massachusetts
We have audited the accompanying balance sheets of Rosenberg Building
Associates Limited Partnership as of December 31, 1998 and 1997, and the
related statements of operations, partners' capital, and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial Position of Rosenberg Building
Associates Limited Partnership as of December 31, 1998 and 1997, and the
results of its operations, changes in partners' capital, and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information included
in this report (shown on pages 18 and 19) is presented for purposes of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
March 10, 1999
DIXON ODOM, PLLC
Certified Public Accountants and Consultants
INDEPENDENT AUDITORS'REPORT
To the Partners
St. Barnabas Ridge Limited Partnership
d/b/a Snow Hill Ridge Apartments
Raleigh, North Carolina
We have audited the accompanying balance sheets of St. Barnabas Ridge
Limited Partnership d/b/a Snow Hill Ridge Apartments as of December 31,
1998 and 1997 and the related statements of operations, partners' equity,
and cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of St. Barnabas Ridge
Limited Partnership as of December 31, 1998 and 1997 and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 21, 1999 on our consideration of St. Barnabas Ridge
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 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 21, 1999
1829 Eastchester Drive
P.O. Box 264E
High Point, NC 27261-264(
336-889-5156
Fax 336-889-6161
FLOYD & COMPANY
Certified Public Accountants
411 Stephenson Avenue
Savannah, Georgia 31406
Phone: (912) 355-9969
Fax: (912) 355-1992
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, 1998 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, 1998 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, 1999
FECTEAU & COMPANY, P.C.
Certified Public Accountants
Advisors of Taxation
INDEPENDENT AUDITORS' REPORT
To the Partners
Schroon Lake Housing Redevelopment Company
We have audited the accompanying balance sheet of Schroon Lake Housing
Redevelopment Company as of December 31, 1998 and the related statements of
operations, partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on the financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by Management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Schroon Lake Housing
Redevelopment Company as of December 31, 1998 and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
reports dated February 4, 1999, on our consideration of Schroon Lake
Housing Redevelopment Company's internal control structure and its
compliance with laws and regulations.
The financial statements of Schroon Lake Housing Redevelopment Company as
of December 31, 1997 were audited by other accountants whose report dated
January 19, 1998 expressed an unqualified opinion on those statements.
February 4, 1999
Albany, New York
Executive Woods, 4 Atrium Drive, Albany, NY 12205 * (518) 438-7400 0 FAX
(518) 438-7444
Member
American Institute of Certified Public Accountants
(Private Companies Practice Section & Tax Division)
New York state Society of CPA's
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Partners of
Tyrone House Associates
(A Pennsylvania Limited Partnership)
We have audited the accompanying balance sheet of Tyrone House Associates
(a Pennsylvania Limited Partnership) as of December 31, 1998, and the
related statements of operations, changes in 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
1997 financial statements were audited by other auditors whose report dated
January 13, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Tyrone House Associates
as of December 31, 1998, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated March 5, 1999, on our consideration of the Partnership's
internal controls and a report dated March 5, 1999, on its compliance with
laws and regulations.
Tyrone House Associates
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 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.
March 5, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
698 Pro Med Lane
Carmel, Indiana 46032
317-848-5700
Fax: 317-815-6140
Randall Patterson, CPA, P.C.
12913 Alton Square, #101
Herndon, Virginia 20170 Fax:
Phone: (703) 834-3804
(703) 834-1908
INDEPENDENT AUDITOR'S REPORT
To the Partners
Victoria Limited Partnership
I have audited the accompanying balance sheets of Victoria Limited
Partnership as of December 31, 1998 and 1997 and the related statements of
income, partners capital, and cash flows for the years then ended. These
financial statements are the responsibility of 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 statements 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 Victoria Limited
Partnership, as of December 3 1, 1998 and 1997 and the results of its
operations and its cash flow for the years then ended in conformity with
generally accepted accounting principles.
In accordance with government auditing standards, I have also issued
reports dated March 4, 1999 on my consideration of Victoria Limited
Partnership's internal control and on its compliance with laws and
regulations.
My 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
auditing procedures applied in the audits of basic financial statements
and, in my opinion, is fairly stated in all material respects in relation
to the financial statements taken as a whole.
Randall Patterson, CPA, P.C.
March 4, 1999
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Partners of
Village Terrace Limited Partnership
(A North Carolina Limited Partnership)
We have audited the accompanying balance sheet of Village Terrace Limited
Partnership (a North Carolina Limited Partnership) as of December 31, 1998,
and the related statements of operations, changes in 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 1997 financial statements were audited by other auditors
whose report dated February 5, 1998, expressed an unqualified opinion on
those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Village Terrace Limited
Partnership as of December 31, 1998, and the results of its operations and
its cash flows for the year then ended in conformity with generally
accepted accounting principles.
The accompanying supplementary information is presented for purposes of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the financial
statements taken as a whole.
January 29, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
698 Pro Med Lane
Carmel, Indiana 46032
317-848-5700
Fax: 317-815-6140
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, 1998 and 1997, and the related
statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Woodfield Commons
Limited Partnership, as of December 31, 1998 and 1997, 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 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.
February 2, 1999
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810 * PHONE
(715) 832-3425 * FAX(715) 832-1665
- -I-
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 Georeia 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
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-
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
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
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
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
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
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, 1999
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
BALANCE SHEETS
March 31, 1999 and 1998
<TABLE>
Total
---------------------
- -----
1999
1998
----------- -------
- ----
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 52,816,616
$60,839,977
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 528,030
693,751
Investments held to maturity
(notes A and G) 1,062,515
917,497
Notes receivable (note F) 543,584
604,695
Deferred acquisition costs, net of
accumulated amortization (notes
A and C) 1,141,198
1,189,760
Other 556,163
387,808
----------- -------
- ----
$ 56,648,106
$64,633,488
===========
===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 16,817,686
$14,237,489
Capital contributions payable
(note C) 368,417
368,417
----------- -------
- ----
17,186,103
14,605,906
----------- -------
- ----
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,
1999 and 1998 -
- -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 18,679,738
issued and outstanding at
March 31, 1999 and 1998 40,684,097
51,144,019
General partner (1,222,094)
(1,116,437)
----------- -------
- ----
39,462,003
50,027,582
----------- -------
- ----
$ 56,648,106
$64,633,488
===========
===========
</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, 1999 and 1998
<TABLE>
Series 7
---------------------
- -----
1999
1998
----------- -------
- ----
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 974,248 $
1,485,326
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 8,529
7,134
Investments held to maturity
(notes A and G) -
- -
Notes receivable (note F) -
- -
Deferred acquisition costs, net of
accumulated amortization (notes
A and C) -
- -
Other 46,618
16,450
----------- -------
- ----
$ 1,029,395 $
1,508,910
===========
===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 1,020,834 $
860,885
Capital contributions payable
(note C) -
- -
----------- -------
- ----
1,020,834
860,885
----------- -------
- ----
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,
1999 and 1998 -
- -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 1,036,100
issued and outstanding at
March 31, 1999 and 1998 98,402
731,471
General partner (89,841)
(83,446)
----------- -------
- ----
8,561
648,025
----------- -------
- ----
$ 1,029,395 $
1,508,910
===========
===========
</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, 1999 and 1998
<TABLE>
Series 9
---------------------
- -----
1999
1998
----------- -------
- ----
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 9,083,730
$10,821,707
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 143,538
267,915
Investments held to maturity
(notes A and G) 252,699
249,497
Notes receivable (note F) -
- -
Deferred acquisition costs, net of
accumulated amortization (notes
A and C) 20,442
21,312
Other 154,191
47,650
----------- -------
- ----
$ 9,654,600
$11,408,081
===========
===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 4,032,944 $
3,457,163
Capital contributions payable
(note C) 4,590
4,590
----------- -------
- ----
4,037,534
3,461,753
----------- -------
- ----
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,
1999 and 1998 -
- -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 4,178,029
issued and outstanding at
March 31, 1999 and 1998 5,921,235
8,227,204
General partner (304,169)
(280,876)
----------- -------
- ----
5,617,066
7,946,328
----------- -------
- ----
$ 9,654,600
$11,408,081
===========
===========
</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, 1999 and 1998
<TABLE>
Series 10
---------------------
- -----
1999
1998
----------- -------
- ----
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 7,305,952 $
8,211,459
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 33,116
41,484
Investments held to maturity
(notes A and G) 84,983
83,000
Notes receivable (note F) -
- -
Deferred acquisition costs, net of
accumulated amortization (notes
A and C) 80,872
84,314
Other 42,354
39,662
----------- -------
- ----
$ 7,547,277 $
8,459,919
===========
===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 2,694,984 $
2,339,472
Capital contributions payable
(note C) -
- -
----------- -------
- ----
2,694,984
2,339,472
----------- -------
- ----
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,
1999 and 1998 -
- -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 2,428,925
issued and outstanding at
March 31, 1999 and 1998 5,014,583
6,270,055
General partner (162,290)
(149,608)
----------- -------
- ----
4,852,293
6,120,447
----------- -------
- ----
$ 7,547,277 $
8,459,919
===========
===========
</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, 1999 and 1998
<TABLE>
Series 11
----------------------
- ----
1999
1998
---------- ------
- -----
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 8,819,044 $
9,872,942
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 95,122
38,800
Investments held to maturity
(notes A and G) 221,589
249,000
Notes receivable (note F) -
- -
Deferred acquisition costs, net of
accumulated amortization (notes
A and C) 40,991
42,735
Other 54,797
47,290
---------- -------
- -----
$ 9,231,543 $
10,250,767
==========
============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 1,951,834 $
1,625,754
Capital contributions payable
(note C) 22,528
22,528
---------- -------
- -----
1,974,362
1,648,282
---------- -------
- -----
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,
1999 and 1998 -
- -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 2,489,599
issued and outstanding at
March 31, 1999 and 1998 7,399,294
8,731,145
General partner (142,113)
(128,660)
---------- -------
- -----
7,257,181
8,602,485
---------- -------
- -----
$ 9,231,543 $
10,250,767
==========
============
</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, 1999 and 1998
<TABLE>
Series 12
---------------------
- -----
1999
1998
----------- -------
- ----
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 9,338,564
$10,585,841
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 82,710
21,827
Investments held to maturity
(notes A and G) -
- -
Notes receivable (note F) -
61,111
Deferred acquisition costs, net of
accumulated amortization (notes
A and C) 312,945
326,262
Other 68,425
59,831
----------- -------
- ----
$ 9,802,644
$11,054,872
===========
===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 2,473,495 $
2,067,156
Capital contributions payable
(note C) 11,405
11,405
----------- -------
- ----
2,484,900
2,078,561
----------- -------
- ----
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,
1999 and 1998 -
- -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 2,972,795
issued and outstanding at
March 31, 1999 and 1998 7,501,826
9,143,807
General partner (184,082)
(167,496)
----------- -------
- ----
7,317,744
8,976,311
----------- -------
- ----
$ 9,802,644
$11,054,872
===========
===========
</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, 1999 and 1998
<TABLE>
Series 14
---------------------
- -----
1999
1998
----------- -------
- ----
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C) $ 17,295,078
$19,862,702
OTHER ASSETS
Cash and cash equivalents (notes A
and E) 165,015
316,591
Investments held to maturity
(notes A and G) 503,244
336,000
Notes receivable (note F) 543,584
543,584
Deferred acquisition costs, net of
accumulated amortization (notes
A and C) 685,948
715,137
Other 189,778
176,925
----------- -------
- ----
$ 19,382,647
$21,950,939
===========
===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable - affiliates
(note B) $ 4,643,595 $
3,887,059
Capital contributions payable
(note C) 329,894
329,894
----------- -------
- ----
4,973,489
4,216,953
----------- -------
- ----
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,
1999 and 1998 -
- -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 5,574,290
issued and outstanding at
March 31, 1999 and 1998 14,748,757
18,040,337
General partner (339,599)
(306,351)
----------- -------
- ----
14,409,158
17,733,986
----------- -------
- ----
$ 19,382,647
$21,950,939
===========
===========
</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, 1999, 1998 and 1997
<TABLE>
Total
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Income
Interest income $ 73,186
$ 41,471 $ 155,501
Miscellaneous income 37,206
1,442 -
------------
- ------------ -------------
110,392
42,913 155,501
------------
- ------------ -------------
Share of losses (income) from
operating limited partnerships
(note A) (7,498,353)*
(8,573,433) (10,464,997)
------------
- ------------ -------------
Expenses
Professional fees 229,416
228,290 315,326
Partnership management fee (note
B) 2,299,147
2,314,373 2,273,826
Amortization (note A) 48,562
48,561 58,391
Impairment loss (note A) 468,736
- - -
General and administrative
expenses
(note B) 131,757
191,817 133,901
------------
- ------------ -------------
3,177,618
2,783,041 2,781,444
------------
- ------------ -------------
NET LOSS (note A) $ (10,565,579)
$ (11,313,561) $ (13,090,940)
============
============ =============
Net loss allocated to general partner $ (105,657)
$ (113,136) $ (130,909)
============
============ =============
Net loss allocated to assignees $ (10,459,922)
$ (11,200,425) $ (12,960,031)
============
============ =============
Net loss per BAC $ (0.56)
$ (0.60) $ (0.69)
============
============ =============
</TABLE>
* Includes loss on disposal of operating limited partnership
(Series 10) of $235,446.
(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, 1999, 1998 and 1997
<TABLE>
Series 7
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Income
Interest income $ 162
$ 257 $ 222
Miscellaneous income 150
- - -
------------
- ------------ -------------
312
257 222
------------
- ------------ -------------
Share of losses from operating limited
partnerships (note A) (255,660)
(286,041) (1,126,341)
------------
- ------------ -------------
Expenses
Professional fees 18,264
16,079 20,369
Partnership management fee (note
B) 103,589
111,089 106,774
Amortization (note A) -
- - -
Impairment loss (note A) 255,418
- - -
General and administrative
expenses
(note B) 6,845
8,522 6,248
------------
- ------------ -------------
384,116
135,690 133,391
------------
- ------------ -------------
NET LOSS (note A) $ (639,464)
$ (421,474) $ (1,259,510)
============
============ =============
Net loss allocated to general partner $ (6,395)
$ (4,215) $ (12,595)
============
============ =============
Net loss allocated to assignees $ (633,069)
$ (417,259) $ (1,246,915)
============
============ =============
Net loss per BAC $ (0.61)
$ (0.40) $ (1.20)
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 9
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Income
Interest income $ 22,140
$ 16,101 $ 17,468
Miscellaneous income 3,472
87 -
------------
- ------------ -------------
25,612
16,188 17,468
------------
- ------------ -------------
Share of losses (income) from
operating limited partnerships
(note A) (1,736,728)
(1,699,785) (2,660,814)
------------
- ------------ -------------
Expenses
Professional fees 39,133
35,520 36,729
Partnership management fee (note
B) 552,372
547,218 539,985
Amortization (note A) 870
870 870
Impairment loss (note A) -
- - -
General and administrative
expenses
(note B) 25,771
32,138 25,333
------------
- ------------ -------------
618,146
615,746 602,917
------------
- ------------ -------------
NET LOSS (note A) $ (2,329,262)
$ (2,299,343) $ (3,246,263)
============
============ =============
Net loss allocated to general partner $ (23,293)
$ (22,993) $ (32,463)
============
============ =============
Net loss allocated to assignees $ (2,305,969)
$ (2,276,350) $ (3,213,800)
============
============ =============
Net loss per BAC $ (0.55)
$ (0.55) $ (0.77)
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 10
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Income
Interest income $ 5,647
$ 3,695 $ 3,951
Miscellaneous income -
- - -
------------
- ------------ -------------
5,647
3,695 3,951
------------
- ------------ -------------
Share of losses (income) from
operating limited partnerships
(note A) (897,590)*
(1,008,105) (1,166,928)
------------
- ------------ -------------
Expenses
Professional fees 31,182
31,229 30,509
Partnership management fee (note
B) 324,577
321,682 324,407
Amortization (note A) 3,441
3,441 3,442
Impairment loss (note A) -
- - -
General and administrative
expenses
(note B) 17,011
30,588 20,187
------------
- ------------ -------------
376,211
386,940 378,545
------------
- ------------ -------------
NET LOSS (note A) $ (1,268,154)
$ (1,391,350) $ (1,541,522)
============
============ =============
Net loss allocated to general partner $ (12,682)
$ (13,913) $ (15,415)
============
============ =============
Net loss allocated to assignees $ (1,255,472)
$ (1,377,437) $ (1,526,107)
============
============ =============
Net loss per BAC $ (0.52)
$ (0.57) $ (0.63)
============
============ =============
</TABLE>
* Includes loss on disposal of operating limited partnership
(Series 10) of $235,446.
(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, 1999, 1998 and 1997
<TABLE>
Series 11
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Income
Interest income $ 14,804
$ 5,610 $ 5,692
Miscellaneous income 5,091
5 -
------------
- ------------ -------------
19,895
5,615 5,692
------------
- ------------ -------------
Share of income (losses) from
operating limited partnerships
(note A) (931,161)
(1,197,310) 579,030
------------
- ------------ -------------
Expenses
Professional fees 29,826
30,344 30,044
Partnership management fee (note
B) 300,795
298,613 291,053
Amortization (note A) 1,744
1,744 1,745
Impairment loss (note A) 84,701
- - -
General and administrative
expenses
(note B) 16,972
26,890 17,211
------------
- ------------ -------------
434,038
357,591 340,053
------------
- ------------ -------------
NET LOSS (note A) $ (1,345,304)
$ (1,549,286) $ 244,669
============
============ =============
Net income (loss) allocated to general
partner $ (13,453)
$ (15,493) $ 2,447
============
============ =============
Net income (loss) allocated to
assignees $ (1,331,851)
$ (1,533,793) $ 242,222
============
============ =============
Net income (loss) per BAC $ (0.53)
$ (0.61) $ 0.10
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 12
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Income
Interest income $ 805
$ 228 $ 2,674
Miscellaneous income 10,846
- - -
------------
- ------------ -------------
11,651
228 2,674
------------
- ------------ -------------
Share of losses from operating limited
partnerships (note A) (1,122,280)
(1,350,247) (1,939,765)
------------
- ------------ -------------
Expenses
Professional fees 36,772
42,629 46,798
Partnership management fee (note
B) 347,246
360,155 347,953
Amortization (note A) 13,317
13,317 13,317
Impairment loss (note A) 128,617
- - -
General and administrative
expenses
(note B) 21,986
28,461 23,195
------------
- ------------ -------------
547,938
444,562 431,263
------------
- ------------ -------------
NET LOSS (note A) $ (1,658,567)
$ (1,794,581) $ (2,368,354)
============
============ =============
Net loss allocated to general partner $ (16,586)
$ (17,946) $ (23,684)
============
============ =============
Net loss allocated to assignees $ (1,641,981)
$ (1,776,635) $ (2,344,670)
============
============ =============
Net loss per BAC $ (0.55)
$ (0.60) $ (0.79)
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 14
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Income
Interest income $ 29,628
$ 15,580 $ 125,494
Miscellaneous income 17,647
1,350 -
------------
- ------------ -------------
47,275
16,930 125,494
------------
- ------------ -------------
Share of losses from operating limited
partnerships (note A) (2,554,934)
(3,031,945) (4,150,179)
------------
- ------------ -------------
Expenses
Professional fees 74,239
72,489 150,877
Partnership management fee (note
B) 670,568
675,616 663,654
Amortization (note A) 29,189
29,189 39,017
Impairment loss (note A) -
- - -
General and administrative
expenses
(note B) 43,173
65,218 41,727
------------
- ------------ -------------
817,169
842,512 895,275
------------
- ------------ -------------
NET LOSS (note A) $ (3,324,828)
$ (3,857,527) $ (4,919,960)
============
============ =============
Net loss allocated to general partner $ (33,248)
$ (38,575) $ (49,200)
============
============ =============
Net loss allocated to assignees $ (3,291,580)
$ (3,818,952) $ (4,870,760)
============
============ =============
Net loss per BAC $ (0.59)
$ (0.69) $ (0.87)
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
General
Total Assignees
partner Total
-------------------------------------- ------------
- ------------ -------------
<S> <C>
<C> <C>
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
Net loss (10,459,922)
(105,657) (10,565,579)
------------
- ------------ -------------
Partners' capital (deficit), March 31,
1999 $ 40,684,097
$ (1,222,094) $ 39,462,003
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
General
Series 7 Assignees
partner Total
-------------------------------------- ------------
- ------------ -------------
<S> <C>
<C> <C>
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
Net loss (633,069)
(6,395) (639,464)
------------
- ------------ -------------
Partners' capital (deficit), March 31,
1999 $ 98,402
$ (89,841) $ 8,561
============
============ =============
</TABLE>
<TABLE>
General
Series 9 Assignees
partner Total
-------------------------------------- ------------
- ------------ -------------
<S> <C>
<C> <C>
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
Net loss (2,305,969)
(23,293) (2,329,262)
------------
- ------------ -------------
Partners' capital (deficit), March 31,
1999 $ 5,921,235
$ (304,169) $ 5,617,066
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
General
Series 10 Assignees
partner Total
-------------------------------------- ------------
- ------------ -------------
<S> <C>
<C> <C>
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
Net loss (1,255,472)
(12,682) (1,268,154)
------------
- ------------ -------------
Partners' capital (deficit), March 31,
1999 $ 5,014,583
$ (162,290) $ 4,852,293
============
============ =============
</TABLE>
<TABLE>
General
Series 11 Assignees
partner Total
-------------------------------------- ------------
- ------------ -------------
<S> <C>
<C> <C>
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
Net loss (1,331,851)
(13,453) (1,345,304)
------------
- ------------ -------------
Partners' capital (deficit), March 31,
1999 $ 7,399,294
$ (142,113) $ 7,257,181
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
General
Series 12 Assignees
partner Total
-------------------------------------- ------------
- ------------ -------------
<S> <C>
<C> <C>
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
Net loss (1,641,981)
(16,586) (1,658,567)
------------
- ------------ -------------
Partners' capital (deficit), March 31,
1999 $ 7,501,826
$ (184,082) $ 7,317,744
============
============ =============
</TABLE>
<TABLE>
General
Series 14 Assignees
partner Total
-------------------------------------- ------------
- ------------ -------------
<S> <C>
<C> <C>
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
Net loss (3,291,580)
(33,248) (3,324,828)
------------
- ------------ -------------
Partners' capital (deficit), March 31,
1999 $ 14,748,757
$ (339,599) $ 14,409,158
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Total
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (10,565,579)
$ (11,313,561) $ (13,090,940)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities
Distribution from operating
limited partnerships 57,177
44,006 106,453
Share of losses from operating
limited partnerships 7,498,353
8,573,433 10,464,997
Impairment loss 468,736
- - -
Amortization 48,562
48,561 58,391
Changes in assets and
liabilities
Accounts payable and accrued
expenses 2,580,197
2,582,855 2,521,041
Other assets (39,931)
(2,897) 2,297
------------
- ------------ -------------
Net cash provided by
(used in) operating
activities 47,515
(67,603) 62,239
------------
- ------------ -------------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships (2,543)
(18,000) (620,884)
Repayment from (advance to)
operating limited partnerships (65,675)
(28,474) 421,684
Purchase of investments (net of
proceeds from redemption of
investments) (145,018)
(917,497) -
------------
- ------------ -------------
Net cash used in
investing activities (213,236)
(963,971) (199,200)
------------
- ------------ -------------
NET DECREASE IN CASH AND
CASH EQUIVALENTS (165,721)
(1,031,574) (136,961)
Cash and cash equivalents, beginning 693,751
1,725,325 1,862,286
------------
- ------------ -------------
Cash and cash equivalents, end $ 528,030
$ 693,751 $ 1,725,325
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Total
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<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
============
============ =============
The partnership has adjusted its
investment in operating limited
partnerships for low income tax
credits not generated $ 14,468
$ 14,988 $ 20,969
============
============ =============
The partnership has applied notes
receivable and advances against
installments of capital
contributions $ -
$ - $ 902,811
============
============ =============
The partnership has increased its
investment in operating limited
partnerships for releases from
escrows $ 12,830
$ - $ -
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 7
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (639,464)
$ (421,474) $ (1,259,510)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities
Distribution from operating
limited partnerships -
- - -
Share of losses from operating
limited partnerships 255,660
286,041 1,126,341
Impairment loss 255,418
- - -
Amortization -
- - -
Changes in assets and
liabilities
Accounts payable and accrued
expenses 159,949
130,559 140,303
Other assets -
- - -
------------
- ------------ -------------
Net cash provided by
(used in) operating
activities 31,563
(4,874) 7,134
------------
- ------------ -------------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships -
- - -
Repayment from (advance to)
operating limited partnerships (30,168)
- - -
Purchase of investments (net of
proceeds from redemption of
investments) -
- - -
------------
- ------------ -------------
Net cash used in
investing activities (30,168)
- - -
------------
- ------------ -------------
NET INCREASE (DECREASE)
IN CASH AND CASH
EQUIVALENTS 1,395
(4,874) 7,134
Cash and cash equivalents, beginning 7,134
12,008 4,874
------------
- ------------ -------------
Cash and cash equivalents, end $ 8,529
$ 7,134 $ 12,008
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 7
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<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 $ -
$ - $ -
============
============ =============
The partnership has increased its
investment in operating limited
partnerships for releases from
escrows $ -
$ - $ -
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 9
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (2,329,262)
$ (2,299,343) $ (3,246,263)
Adjustments to reconcile net loss
to net cash used in operating
activities
Distribution from operating
limited partnerships 1,249
3,390 4,980
Share of income (losses) from
operating limited
partnerships 1,736,728
1,699,785 2,660,814
Impairment loss -
- - -
Amortization 870
870 870
Changes in assets and
liabilities
Accounts payable and accrued
expenses 575,781
575,787 574,619
Other assets (9,921)
(2,216) -
------------
- ------------ -------------
Net cash used in
operating activities (24,555)
(21,727) (4,980)
------------
- ------------ -------------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships -
- - (86,448)
Repayment from (advance to)
operating limited partnerships (96,620)
(27,697) -
Purchase of investments (net of
proceeds from redemption of
investments) (3,202)
(249,497) -
------------
- ------------ -------------
Net cash used in
investing activities (99,822)
(277,194) (86,448)
------------
- ------------ -------------
NET DECREASE IN CASH AND
CASH EQUIVALENTS (124,377)
(298,921) (91,428)
Cash and cash equivalents, beginning 267,915
566,836 658,264
------------
- ------------ -------------
Cash and cash equivalents, end $ 143,538
$ 267,915 $ 566,836
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 9
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<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
============
============ =============
The partnership has adjusted its
investment in operating limited
partnerships for low income tax
credits not generated $ -
$ 3,728 $ 10,230
============
============ =============
The partnership has applied notes
receivable and advances against
installments of capital
contributions $ -
$ - $ -
============
============ =============
The partnership has increased its
investment in operating limited
partnerships for releases from
escrows $ -
$ - $ -
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 10
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (1,268,154)
$ (1,391,350) $ (1,541,522)
Adjustments to reconcile net loss
to net cash used in operating
activities
Distribution from operating
limited partnerships 7,917
5,031 7,447
Share of losses (income) from
operating limited
partnerships 897,590
1,008,105 1,166,928
Impairment loss -
- - -
Amortization 3,441
3,441 3,442
Changes in assets and
liabilities
Accounts payable and accrued
expenses 355,512
355,512 355,508
Other assets (2,691)
(683) -
------------
- ------------ -------------
Net cash used in
operating activities (6,385)
(19,944) (8,197)
------------
- ------------ -------------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships -
- - -
Repayment from (advance to)
operating limited partnerships -
- - -
Purchase of investments (net of
proceeds from redemption of
investments) (1,983)
(83,000) -
------------
- ------------ -------------
Net cash used in
investing activities (1,983)
(83,000) -
------------
- ------------ -------------
NET DECREASE IN CASH AND
CASH EQUIVALENTS (8,368)
(102,944) (8,197)
Cash and cash equivalents, beginning 41,484
144,428 152,625
------------
- ------------ -------------
Cash and cash equivalents, end $ 33,116
$ 41,484 $ 144,428
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 10
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<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 $ -
$ - $ -
============
============ =============
The partnership has increased its
investment in operating limited
partnerships for releases from
escrows $ -
$ - $ -
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 11
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net income (loss) $ (1,345,304)
$ (1,549,286) $ 244,669
Adjustments to reconcile net
income (loss) to net cash provided
by (used in) operating activities
Distribution from operating
limited partnerships 35,909
10,000 80,667
Share of (income) losses from
operating limited
partnerships 931,161
1,197,310 (579,030)
Impairment loss 84,701
- - -
Amortization 1,744
1,744 1,745
Changes in assets and
liabilities
Accounts payable and accrued
expenses 326,080
325,681 325,681
Other assets (5,380)
- - -
------------
- ------------ -------------
Net cash provided by
(used in) operating
activities 28,911
(14,551) 73,732
------------
- ------------ -------------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships -
(5,000) -
Repayment from (advance to)
operating limited partnerships -
- - -
Purchase of investments (net of
proceeds from redemption of
investments) 27,411
(249,000) -
------------
- ------------ -------------
Net cash provided by
(used in) investing
activities 27,411
(254,000) -
------------
- ------------ -------------
NET INCREASE (DECREASE)
IN CASH AND CASH
EQUIVALENTS 56,322
(268,551) 73,732
Cash and cash equivalents, beginning 38,800
307,351 233,619
------------
- ------------ -------------
Cash and cash equivalents, end $ 95,122
$ 38,800 $ 307,351
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 11
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<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 $ 2,127
$ 5,723 $ 5,723
============
============ =============
The partnership has applied notes
receivable and advances against
installments of capital
contributions $ -
$ - $ -
============
============ =============
The partnership has increased its
investment in operating limited
partnerships for releases from
escrows $ -
$ - $ -
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 12
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (1,658,567)
$ (1,794,581) $ (2,368,354)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities
Distribution from operating
limited partnerships 7,785
6,315 9,735
Share of losses from operating
limited partnerships 1,122,280
1,350,247 1,939,765
Impairment loss 128,617
- - -
Amortization 13,317
13,317 13,317
Changes in assets and
liabilities
Accounts payable and accrued
expenses 406,339
438,772 383,267
Other assets (19,999)
- - -
------------
- ------------ -------------
Net cash provided by
(used in) operating
activities (228)
14,070 (22,270)
------------
- ------------ -------------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships -
- - (76,430)
Repayment from (advance to)
operating limited partnerships 61,111
(775) (60,336)
Purchase of investments (net of
proceeds from redemption of
investments) -
- - -
------------
- ------------ -------------
Net cash provided by
(used in) investing
activities 61,111
(775) (136,766)
------------
- ------------ -------------
NET INCREASE (DECREASE)
IN CASH AND CASH
EQUIVALENTS 60,883
13,295 (159,036)
Cash and cash equivalents, beginning 21,827
8,532 167,568
------------
- ------------ -------------
Cash and cash equivalents, end $ 82,710
$ 21,827 $ 8,532
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 12
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<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 $ 1,425
$ 3,485 $ 3,845
============
============ =============
The partnership has applied notes
receivable and advances against
installments of capital
contributions $ -
$ - $ -
============
============ =============
The partnership has increased its
investment in operating limited
partnerships for releases from
escrows $ 12,830
$ - $ -
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 14
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (3,324,828)
$ (3,857,527) $ (4,919,960)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities
Distribution from operating
limited partnerships 4,317
19,270 3,624
Share of losses from operating
limited partnerships 2,554,934
3,031,945 4,150,179
Impairment loss -
- - -
Amortization 29,189
29,189 39,017
Changes in assets and
liabilities
Accounts payable and accrued
expenses 756,536
756,544 741,663
Other assets (1,937)
- - 2,297
------------
- ------------ -------------
Net cash provided by
(used in) operating
activities 18,211
(20,579) 16,820
------------
- ------------ -------------
Cash flows from investing activities
Capital contributions paid to
operating limited partnerships (2,543)
(13,000) (458,006)
Repayment from (advance to)
operating limited partnerships -
- - 482,020
Purchase of investments (net of
proceeds from redemption of
investments) (167,244)
(336,000) -
------------
- ------------ -------------
Net cash provided by
(used in) investing
activities (169,787)
(349,000) 24,014
------------
- ------------ -------------
NET INCREASE (DECREASE)
IN CASH AND CASH
EQUIVALENTS (151,576)
(369,579) 40,834
Cash and cash equivalents, beginning 316,591
686,170 645,336
------------
- ------------ -------------
Cash and cash equivalents, end $ 165,015
$ 316,591 $ 686,170
============
============ =============
</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, 1999, 1998 and 1997
<TABLE>
Series 14
------------------
- ----------------------------------
1999
1998 1997
------------
- ------------ -------------
<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 $ -
============
============ =============
The partnership has adjusted its
investment in operating limited
partnerships for low income tax
credits not generated $ 10,916
$ 2,052 $ 1,171
============
============ =============
The partnership has applied notes
receivable and advances against
installments of capital
contributions $ -
$ - $ 902,811
============
============ =============
The partnership has increased its
investment in operating limited
partnerships for releases from
escrows $ -
$ - $ -
============
============ =============
</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, 1999, 1998 and 1997
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 were to 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 also qualified 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,
1999 and 1998 are as follows:
<TABLE>
<S> <C>
Series 7 1,036,100
Series 9 4,178,029
Series 10 2,428,925
Series 11 2,489,599
Series 12 2,972,795
Series 14 5,574,290
---------------
- -
Total 18,679,738
================
</TABLE>
In accordance with the limited partnership agreement,
profits, losses, and cash flow (subject to certain priority
allocations and distributions) and tax credits are allocated
99% to the assignees and 1% to the general partner.
F-37
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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 amortized on the straight-line
method over 60 months.
Accumulated amortization as of March 31, 1999 and 1998 is as
follows:
<TABLE>
1999 1998
---------------- -------------
- ---
<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, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Deferred Acquisition Costs (Continued)
--------------------------
Accumulated amortization as of March 31, 1999 and 1998 is as
follows:
<TABLE>
1999 1998
---------------- -------------
- ---
<S> <C> <C>
Series 7 $ - $
- -
Series 9 3,480
2,610
Series 10 13,766
10,324
Series 11 6,977
5,233
Series 12 53,268
39,951
Series 14 116,757
87,568
---------------- -------------
- ---
$ 194,248 $
145,686
================
================
</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 limited
partnership's losses only to the extent that the fund's
share of losses of the operating limited partnerships
exceeds the carrying amount of the investment. Unrecognized
losses are suspended and offset against future individual
operating limited partnership's income. No operating
limited partnerships were acquired during 1998 or 1999.
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, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Investments in Operating Limited Partnerships (Continued)
---------------------------------------------
A loss in value of an investment in an operating limited
partnership other than a temporary decline would be recorded
as an impairment loss. Impairment is measured by comparing
the investment carrying amount to the sum of the total
amount of the remaining tax credits allocated to the
partnership and the estimated residual value of the
investment. Accordingly, the partnership recorded an
impairment loss of $468,736 during the year ended March 31,
1999.
Capital contributions to operating limited partnerships are
adjusted by tax credit adjusters. Tax credit adjusters are
defined as adjustments to operating limited partnership
capital contributions due to reductions in actual tax
credits from those originally projected. The partnership
records tax credit adjusters as a reduction in investment in
operating limited partnerships and capital contributions
payable.
The operating limited partnerships maintain their financial
statements based on a calendar year and the partnership
utilizes a March 31 year-end. The fund records losses and
income from the operating limited partnerships on a calendar
year basis which is not materially different from losses and
income generated if the operating limited partnerships
utilized a March 31 year-end.
The partnership records capital contributions payable to the
operating limited partnerships once there is a binding
obligation to fund a specified amount. The operating
limited partnerships record capital contributions from the
partnership when received.
The partnership records acquisition cost as an increase in
its investment in operating limited partnerships. Certain
operating limited partnerships have not recorded the
acquisition costs as a capital contribution from the
partnership. These differences are shown as reconciling
items in note C.
Cash Equivalents
----------------
Cash equivalents include 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, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (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, 1999, 1998 and 1997 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, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Recent Accounting Pronouncements
--------------------------------
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. On March
31, 1998, the partnership adopted SFAS No. 130, "Reporting
Comprehensive Income," SFAS No. 131, "Disclosures about
Segments of an Enterprise and Related Information," and SFAS
No. 132, "Employers' Disclosures about Pensions and Other
Postretirement Benefits." SFAS No. 130 establishes
standards for reporting and display of comprehensive income
and its components, SFAS No. 131 establishes standards for
how public business enterprises report information about
operating segments and SFAS No. 132 revises employers'
disclosures about pension and other postretirement benefit
plans. The implementation of these standards has not
materially affected the partnership's financial statements.
In June 1998, the FASB issued SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities." In October
1998, the FASB issued SFAS No. 134, "Accounting for
Mortgage-backed Securities Retained after the Securitization
of Mortgage Loans Held for Sale by a Mortgage Banking
Enterprise." In February 1999, the FASB issued SFAS No.
135, "Rescission of FASB Statement 75 and Technical
Corrections." SFAS No. 133 is effective for all fiscal
quarters of years beginning after June 15, 1999; SFAS No.
134 is effective for the first fiscal quarter beginning
after December 31, 1998; and SFAS No. 135 is effective for
years ending after February 15, 1999. Early adoption is
encouraged for SFAS No. 133, 134 and 135.
The fund does not have any derivative or hedging activities
and does not have any mortgage-backed securities. FASB
Statement 75, "Deferral of the Effective Date of Certain
Accounting Requirements for Pension Plans of State and Local
Governmental Units," does not apply to the fund.
Consequently, these pronouncements are expected to have no
effect on the fund's financial statements.
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, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1999, 1998 and 1997, the
partnership entered into several transactions with various
affiliates of the general partner, including Boston Capital
Partners, Inc., Boston Capital Services, Inc., Boston
Capital Holdings Limited Partnership, and Boston Capital
Asset Management Limited Partnership as follows:
Boston Capital Asset Management Limited Partnership is
entitled to an annual partnership management fee based on .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, 1999, 1998 and 1997 are as follows:
<TABLE>
1999 1998
1997
---------------- -------------
- --- ----------------
<S> <C> <C>
<C>
Series 7 $ 103,589 $
111,089 $ 106,774
Series 9 552,372
547,218 539,985
Series 10 324,577
321,682 324,407
Series 11 300,795
298,613 291,053
Series 12 347,246
360,155 347,953
Series 14 670,568
675,616 663,654
---------------- -------------
- --- ----------------
$ 2,299,147 $
2,314,373 $ 2,273,826
================
================ ================
</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, 1999, 1998 and 1997
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
General and administrative expenses incurred by Boston
Capital Holdings Limited Partnership, and Boston Capital
Asset Management Limited Partnership during the years ended
March 31, 1999, 1998 and 1997 charged to each series'
operations are as follows:
<TABLE>
1999 1998
1997
---------------- -------------
- --- ----------------
<S> <C> <C>
<C>
Series 7 $ 2,212 $
2,441 $ 518
Series 9 11,439
15,327 15,827
Series 10 8,694
18,402 12,050
Series 11 7,688
16,420 10,562
Series 12 10,020
13,492 13,990
Series 14 17,534
37,157 25,277
---------------- -------------
- --- ----------------
$ 57,587 $
103,239 $ 78,224
================
================ ================
</TABLE>
Accounts payable - affiliates at March 31, 1999 and 1998
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.
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, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1999 and 1998, the partnership has limited
partnership interests in operating limited partnerships
which own operating apartment complexes. During 1999, the
partnership disposed of its operating limited partnership
interest in one of the operating limited partnerships owned
in Series 10. The number of operating limited partnerships
in which the partnership has limited partnership interests
at March 31, 1999 and 1998 by series are as follows:
<TABLE>
1999 1998
---------------- -------------
- ---
<S> <C> <C>
Series 7 15
15
Series 9 55
55
Series 10 45
46
Series 11 40
40
Series 12 53
53
Series 14 101
101
---------------- -------------
- ---
309
310
================
================
</TABLE>
Under the terms of the partnership's investment in each
operating limited partnership, the partnership is required
to make capital contributions to the operating limited
partnerships. These contributions are payable in
installments over several years upon each operating limited
partnership achieving specified levels of construction or
operations.
The contributions payable to operating limited partnerships
at March 31, 1999 and 1998 by series are as follows:
<TABLE>
1999 1998
---------------- -------------
- ---
<S> <C> <C>
Series 7 $ - $
- -
Series 9 4,590
4,590
Series 10 -
- -
Series 11 22,528
22,528
Series 12 11,405
11,405
Series 14 329,894
329,894
---------------- -------------
- ---
$ 368,417 $
368,417
================
================
</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, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The partnership's investments in operating limited
partnerships at March 31, 1999 are summarized as follows:
<TABLE>
Total
----------------
<S> <C>
Capital contributions paid and to be
paid to operating limited
partnerships, net of tax credit
adjusters $ 133,484,022
Acquisition costs of operating limited
partnerships 22,387,381
Cumulative distributions from
operating limited partnerships (490,953)
Impairment loss in investment in
operating limited partnerships (468,736)
Cumulative losses from operating
limited partnerships (102,095,098)
----------------
Investment in operating limited
partnerships per balance sheet 52,816,616
The partnership (has recorded) or has
not recorded capital contributions to
the operating limited partnerships
during the year ended March 31, 1999,
which (have not) have been included in
the partnerships' capital accounts
included in the operating limited
partnerships' financial statements as
of December 31, 1998 (See note A) (2,558,771)
The partnership has recorded
acquisition costs at March 31, 1999,
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, 1999, which
the operating limited partnerships
have not included in their capital as
of December 31, 1998 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) (13,755,561)
The partnership has recorded low-
income housing tax credit adjusters
not recorded by operating limited
partnerships (see note A) 1,447,271
Impairment loss in investment in
operating limited partnerships 468,736
Other 2,765,973
----------------
Equity per operating limited
partnerships' combined financial
statements $ 43,716,434
================
</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, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The partnership's investments in operating limited
partnerships at March 31, 1999 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
$ 29,796,867 $ 17,581,653
Acquisition costs of operating limited
partnerships 1,302,313
5,201,737 2,958,341
Cumulative distributions from
operating limited partnerships (2,258)
(44,250) (31,278)
Impairment loss in investment in
operating limited partnerships (255,418)
- - -
Cumulative losses from operating
limited partnerships (7,556,566)
(25,870,624) (13,202,764)
----------------
- ---------------- ----------------
Investment in operating limited
partnerships per balance sheet 974,248
9,083,730 7,305,952
</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, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
<TABLE>
Series 7
Series 9 Series 10
----------------
- ---------------- ----------------
<S> <C>
<C> <C>
The partnership (has recorded) or has
not recorded capital contributions to
the operating limited partnerships
during the year ended March 31, 1999,
which (have not) have been included in
the partnerships' capital accounts
included in the operating limited
partnerships' financial statements as
of December 31, 1998 (see note A) 24,274
(225,480) (11,530)
The partnership has recorded
acquisition costs at March 31, 1999,
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, 1999, which the
operating limited partnerships have
not included in their capital as of
December 31, 1998 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) (3,172,897)
(3,925,663) (1,709,998)
The partnership has recorded low-
income housing tax credit adjusters
not recorded by operating limited
partnerships (see note A) (11,992)
140,133 93,713
Impairment loss in investment in
operating limited partnerships 255,418
- - -
Other 1,470,136
1,187,180 (26,134)
----------------
- ---------------- ----------------
Equity per operating limited
partnerships' combined financial
statements $ (1,771,138)
$ (1,874,275) $ (887,093)
================
================ ================
</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, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The partnership's investments in operating limited
partnerships at March 31, 1999 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 $ 17,699,742
$ 21,405,803 $ 39,513,780
Acquisition costs of operating limited
partnerships 3,069,084
3,398,377 6,457,529
Cumulative distributions from
operating limited partnerships (275,204)
(36,950) (101,013)
Impairment loss in investment in
operating limited partnerships (84,701)
(128,617) -
Cumulative losses from operating
limited partnerships (11,589,877)
(15,300,049) (28,575,218)
----------------
- ---------------- ----------------
Investment in operating limited
partnerships per balance sheet 8,819,044
9,338,564 17,295,078
</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, 1999, 1998 and 1997
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
<TABLE>
Series 11
Series 12 Series 14
----------------
- ---------------- ----------------
<S> <C>
<C> <C>
The partnership (has recorded) or has
not recorded capital contributions to
the operating limited partnerships
during the year ended March 31, 1999,
which (have not) have been included in
the partnerships' capital accounts
included in the operating limited
partnerships' financial statements as
of December 31, 1998 (see note A) (231,888)
(594,327) (1,519,820)
The partnership has recorded
acquisition costs at March 31, 1999,
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, 1999, which the
operating limited partnerships have
not included in their capital as of
December 31, 1998 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) (1,785,325)
(1,222,852) (1,938,826)
The partnership has recorded low-
income housing tax credit adjusters
not recorded by operating limited
partnerships (see note A) 108,493
150,023 966,901
Impairment loss in investment in
operating limited partnerships 84,701
128,617 -
Other 225,168
28,485 (118,862)
----------------
- ---------------- ----------------
Equity per operating limited
partnerships' combined financial
statements $ (1,396,631)
$ (1,212,206) $ (1,958,839)
================
================ ================
</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, 1999, 1998 and 1997
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 in operating limited
partnerships 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 limited
partnerships (see note A) 1,524,819
Other 97,038
----------------
Equity per operating limited
partnerships' combined financial
statements $ 52,777,070
================
</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, 1999, 1998 and 1997
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 in operating limited
partnerships 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-52
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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 in operating limited
partnerships 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-53
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1998 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 $ 470,746,747 $
19,649,392 $ 91,679,633 $ 56,388,858
Land 30,949,581
1,791,570 5,955,503 4,034,075
Other assets 39,468,908
1,670,285 6,865,208 6,366,201
-------------- ----
- ---------- -------------- --------------
$ 541,165,236 $
23,111,247 $ 104,500,344 $ 66,789,134
==============
============== ============== ==============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans
payable $ 413,099,270 $
18,383,181 $ 86,003,433 $ 54,921,845
Accounts payable and accrued expenses 12,636,440
1,874,807 3,039,615 811,724
Other liabilities 27,904,011
1,054,659 6,268,182 2,496,822
-------------- ----
- ---------- -------------- --------------
453,639,721
21,312,647 95,311,230 58,230,391
-------------- ----
- ---------- -------------- --------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund II
Limited Partnership 43,716,434
(796,890) 7,209,455 6,418,859
Other partners 43,809,081
2,595,490 1,979,659 2,139,884
-------------- ----
- ---------- -------------- --------------
87,525,515
1,798,600 9,189,114 8,558,743
-------------- ----
- ---------- -------------- --------------
$ 541,165,236 $
23,111,247 $ 104,500,344 $ 66,789,134
==============
============== ============== ==============
</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, 1999, 1998 and 1997
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, 1998 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 $
57,044,037 $ 84,080,624 $ 161,904,203
Land
3,234,637 4,814,335 11,119,461
Other assets
6,145,603 5,917,871 12,503,740
----
- ---------- -------------- --------------
$
66,424,277 $ 94,812,830 $ 185,527,404
============== ============== ==============
LIABILITIES AND PARTNERS' CAPITAL
Mortgage and construction loans
payable $
51,523,462 $ 66,652,443 $ 135,614,906
Accounts payable and accrued expenses
1,651,786 1,879,191 3,379,317
Other liabilities
2,635,157 5,668,309 9,780,882
----
- ---------- -------------- --------------
55,810,405 74,199,943 148,775,105
----
- ---------- -------------- --------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund II
Limited Partnership
7,422,413 8,126,358 15,336,239
Other partners
3,191,459 12,486,529 21,416,060
----
- ---------- -------------- --------------
10,613,872 20,612,887 36,752,299
----
- ---------- -------------- --------------
$
66,424,277 $ 94,812,830 $ 185,527,404
============== ============== ==============
</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, 1999, 1998 and 1997
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-56
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-57
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1998 in which Series 7, 9 through 12, and 14 hold an
interest as of December 31, 1998 are as follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS
OF OPERATIONS
Year ended December 31,
1998
Total
Series 7 Series 9 Series 10
-------------- ----
- ---------- -------------- --------------
<S> <C> <C>
<C> <C>
Revenue
Rental $ 63,067,266 $
3,240,722 $ 11,870,861 $ 8,421,594
Interest and other 3,010,138
88,834 485,529 501,077
-------------- ----
- ---------- -------------- --------------
66,077,404
3,329,556 12,356,390 8,922,671
-------------- ----
- ---------- -------------- --------------
Expenses
Interest 23,361,238
1,390,973 4,500,805 2,634,032
Depreciation and amortization 21,189,664
953,883 4,276,517 2,658,435
Taxes and insurance 8,011,780
376,056 1,624,176 1,196,074
Repairs and maintenance 9,864,025
536,549 1,742,286 1,359,913
Operating expenses 17,493,847
892,398 3,475,753 2,256,682
Other expenses 2,034,680
59,706 272,674 313,704
-------------- ----
- ---------- -------------- --------------
81,955,234
4,209,565 15,892,211 10,418,840
-------------- ----
- ---------- -------------- --------------
NET LOSS $ (15,877,830) $
(880,009) $ (3,535,821)$ (1,496,169)
==============
============== ============== ==============
Net loss allocated to Boston Capital
Tax Credit Fund II Limited
Partnership* $ (11,656,960) $
(574,528) $ (2,694,524)$ (1,470,493)
==============
============== ============== ==============
Net loss allocated to other partners $ (4,220,870) $
(305,481) $ (841,297)$ (25,676)
==============
============== ============== ==============
</TABLE>
* Amounts include $318,868, $957,796, $572,903, $735,777,
$568,414 and $1,004,849 for Series 7, Series 9, Series
10, Series 11, Series 12 and Series 14, respectively, of
l o s s 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, 1999, 1998 and 1997
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, 1998 in which Series 7, 9 through 12, and 14 hold an
interest as of December 31, 1998 are as follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
- - CONTINUED
Year ended December 31, 1998
Series 11
Series 12 Series 14
-------------- -
- ------------- --------------
<S> <C>
<C> <C>
Revenue
Rental $ 7,960,379 $
10,629,613 $ 20,944,097
Interest and other 352,770
493,222 1,088,706
-------------- -
- ------------- --------------
8,313,149
11,122,835 22,032,803
-------------- -
- ------------- --------------
Expenses
Interest 2,796,288
4,000,114 8,039,026
Depreciation and amortization 2,819,218
3,619,178 6,862,433
Taxes and insurance 1,042,386
1,322,863 2,450,225
Repairs and maintenance 1,265,737
1,649,934 3,309,606
Operating expenses 2,229,347
2,926,005 5,713,662
Other expenses 129,579
364,196 894,821
-------------- -
- ------------- --------------
10,282,555
13,882,290 27,269,773
-------------- -
- ------------- --------------
NET LOSS $ (1,969,406)$
(2,759,455)$ (5,236,970)
==============
============== ==============
Net income (loss) allocated to Boston
Capital Tax Credit Fund II Limited
Partnership* $ (1,666,938)$
(1,690,694)$ (3,559,783)
==============
============== ==============
Net loss allocated to other partners $ (302,468)$
(1,068,761)$ (1,677,187)
==============
============== ==============
</TABLE>
* Amounts include $318,868, $957,796, $572,903, $735,777,
$568,414 and $1,004,849 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, 1999, 1998 and 1997
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
-------------- ----
- ---------- -------------- --------------
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
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 $433,884, $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
l o s s not recognized under the equity method of
accounting as described in note A.
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, 1999, 1998 and 1997
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
-------------- -
- ------------- --------------
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
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 $433,884, $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-61
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-62
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-63
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1999 is reconciled as follows:
<TABLE>
Total
Series 7 Series 9 Series 10
-------------- ----
- ---------- -------------- --------------
<S> <C> <C>
<C> <C>
Net loss for financial reporting
purposes, March 31, 1999 $ (10,565,579) $
(639,464) $ (2,329,262)$ (1,268,154)
Operating limited partnership rents
received in advance (11,787)
693 (5,610) 38
Partnership management fees not
recognized for tax purposes 2,509,932
113,148 575,784 355,512
Other (203,938)
31,050 (205,861) (44,702)
Operating limited partnership loss not
allowed for financial reporting
under equity method of accounting (4,158,607)
(318,868) (957,796) (572,903)
Impairment loss in investment in
operating limited partnership 468,736
255,418 - -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (1,917,992)
(331,770) (357,918) (139,023)
Loss on disposal of investment in
operating limited partnership 235,446
- - - 235,446
Difference due to fiscal year for book
purposes and calendar year for tax
purposes (46,980)
1,196 3,813 (7,234)
-------------- ----
- ---------- -------------- --------------
Income (loss) for tax return purposes,
December 31, 1998 $ (13,690,769) $
(888,597) $ (3,276,850)$ (1,441,020)
==============
============== ============== ==============
</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, 1999, 1998 and 1997
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, 1999 is reconciled as follows:
<TABLE>
Series 11
Series 12 Series 14
-------------- -
- ------------- --------------
<S> <C>
<C> <C>
Net loss for financial reporting
purposes, March 31, 1999 $ (1,345,304)$
(1,658,567)$ (3,324,828)
Operating limited partnership rents
received in advance -
107 (7,015)
Partnership management fees not
recognized for tax purposes 325,680
383,268 756,540
Other 190,235
108,251 (282,911)
Operating limited partnership loss not
allowed for financial reporting
under equity method of accounting (735,777)
(568,414) (1,004,849)
Impairment loss in investment in
operating limited partnership 84,701
128,617 -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (142,108)
(315,656) (631,517)
Loss on disposal of investment in
operating limited partnership -
- - -
Difference due to fiscal year for book
purposes and calendar year for tax
purposes (2,942)
(4,753) (37,060)
-------------- -
- ------------- --------------
Income (loss) for tax return purposes,
December 31, 1998 $ (1,625,515)$
(1,927,147)$ (4,531,640)
==============
============== ==============
</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, 1999, 1998 and 1997
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 is 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
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-66
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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 is 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
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-67
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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 is 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-68
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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 is 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-69
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1999, 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, 1998 $ 40,781,686 $
2,824,905 $ 4,959,720 $ 5,537,169
Add back losses not recognized under
the equity method 13,755,561
3,172,897 3,925,663 1,709,998
Historic tax credits 5,105,527
1,819,802 240,250 -
Impairment loss in investment in
operating limited partnership (5,109,374)
(125,066) (1,134,799) (776,692)
Less share of loss - three months
ended March 31, 1999 (468,736)
(255,418) - -
Impairment loss not recognized for tax
purposes (6,953,234)
(2,873,020) (1,031,360) -
Other 5,705,186
(3,589,852) 2,124,256 835,477
-------------- ----
- ---------- -------------- --------------
Investment in operating limited
partnerships - as reported, March
31, 1999 $ 52,816,616 $
974,248 $ 9,083,730 $ 7,305,952
==============
============== ============== ==============
</TABLE>
F-70
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1999, 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, 1998 $ 6,303,415 $
7,004,941 $ 14,151,536
Add back losses not recognized under
the equity method 1,785,325
1,222,852 1,938,826
Historic tax credits 1,281,688
- - 1,763,787
Less share of loss - three months
ended March 31, 1999 (721,702)
(613,706) (1,737,409)
Impairment loss in investment in
operating limited partnership (84,701)
(128,617) -
Impairment loss not recognized for tax
purposes -
- - (3,048,854)
Other 255,019
1,853,094 4,227,192
-------------- -
- ------------- --------------
Investment in operating limited
partnerships - as reported, March
31, 1999 $ 8,819,044 $
9,338,564 $ 17,295,078
==============
============== ==============
</TABLE>
F-71
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-72
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-73
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE E - CASH EQUIVALENTS
Cash equivalents of $527,993 and $661,174 as of March 31,
1999 and 1998, 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, 1999 and 1998, consist of
advance installments of capital contributions and/or
advances made to operating limited partnerships of $543,584
and $604,695, respectively. The Series 12 notes, $-0- and
$61,111 at March 31, 1999 and 1998, respectively, are
noninterest bearing and due on demand. The Series 14 notes,
$543,584 and $543,584 at March 31, 1999 and 1998,
respectively, are noninterest bearing and due on demand.
The carrying value of the notes receivable approximates fair
value.
NOTE G - INVESTMENTS HELD TO MATURITY
Investments held to maturity at March 31, 1999 and 1998,
consist of certificates of deposit totaling $1,060,192 and
$ 9 17,497, respectively. The certificates of deposit
relating to each year mature within the next 12 months with
interest rates ranging from 5.30% to 5.65% per annum.
Proceeds from redemptions of investments during the year
ended March 31, 1999 were $944,428.
NOTE H - CONTINGENCY
Woodfield Commons, an operating limited partnership, 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. Accordingly, no adjustment has been made in
accompanying financial statements.
F-74
<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,
1999
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 1,622,807 65,961 4,818,466 75,906 65,961
4,894,372 4,960,333 1,384,366 12/89 12/89 34
Briarwood
Apts LP 622,916 44,500 747,246 25,599 44,500
772,845 817,345 291,721 12/89 12/89 5-27.5
Buckner
Prop LP 618,119 27,500 771,030 16,550 27,500
787,580 815,080 312,294 3/89 12/89 5-27.5
Creekside 1,088,820 89,016 1,290,616 211 89,016
1,290,827 1,379,843 202,318 9/89 6/89 5-27.5
Deer Hill
II LP 1,476,070 103,000 1,424,556 337,809 103,000
1,762,365 1,865,365 643,744 5/89 2/90 5-27.5
Hillandale 3,119,770 601,653 4,198,973 1,822,375 601,653
6,021,348 6,623,001 2,125,278 1/90 12/89 5-27.5
King City
Elderly 1,658,088 175,000 2,549,870 65,392 175,000
2,615,262 2,790,262 833,015 11/89 6/90 27.5
Lebanon
Prop II LP 572,358 3,000 730,187 10,998 3,000
741,185 744,185 281,199 7/89 12/89 5-27.5
F-75
Boston Capital Tax Credit Fund II Limited
Partnership - Series 7
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 2,164,291 82,800 2,621,625 51,040 82,800 2,672,665
2,755,465 870,041 12/89 12/89 27.5
New
Holland
Apts -0- 80,000 3,269,700 (3,269,700)c -0- -0-
- -0- -0- 8/90 5/90 35
Oak Grove
Estates
LP 484,063 15,200 597,465 15,677 15,200 613,142
628,342 232,990 9/89 12/89 27.5
Oakview
LTD 1,125,970 35,280 1,375,820 84,616 35,280 1,460,436
1,495,716 409,176 10/89 12/89 40
Rosenberg
Hotel 1,811,122 452,000 7,434,335 (5,242,255)b 415,000 2,192,080
2,607,080 125,939 1/92 2/90 27.5
Westwood 1,410,139 96,600 1,355,174 354,818 96,660 1,709,992
1,806,652 626,936 7/90 7/90 5-27.5
Winfield
Prop II
LP 608,648 37,000 735,086 12,422 37,000 747,508
784,508 293,198 5/89 12/89 5-27.5
---------- -------- ---------- --------- --------- ---------- --
- -------- ---------
18,383,181 1,908,510 33,920,149 (5,638,542) 1,791,570 28,281,607
30,073,177 8,632,215
========== ========= ========== ========= ========= ==========
========== =========
F-76
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
a - Decrease due to a reallocation of acquisition costs.
b - Decrease due to building impairment in year ended December 31, 1997.
c - Financial statement not available. Refer to note in Results of Operations
in Form 10-K
for more information.
**There were no carrying costs as of December 31, 1998. The column has been
ommitted for presentation purposes.
</TABLE>
F-77
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-78
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-79
Boston Capital Tax Credit Fund II Limited Partnership - Series 7
Reconciliation of Land, Building & Improvements current year changes-Continued
Balance at close of period - 03/31/98........................ $ 31,086,779
Additions during period:
Acquisitions through foreclosure............ $ 0
Other acquisitions............................ 0
Improvements, etc............................. 56,791
Other......................................... 0
-----------
$ 56,791
Deductions during period:
Cost of real estate sold......................$ 0
Other......................................... (1,073,393)
-----------
$ (1,073,393)
------------
Balance at close of period - 03/31/99........................ $ 30,073,177
============
F-80
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
==========
Current year expense................................$ 100,126
---------
Balance at close of period - 3/31/99............................$ 8,632,215
==========
F-81
<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, 1999
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 39,181 45,972 1,216,262
1,262,234 404,786 5/90 3/90 28
Beaver
Brook 1,182,450 135,070 1,395,155 5,942 135,070 1,401,097
1,536,167 517,417 5/90 4/90 27.5
Big Lake
Seniors 558,694 27,804 732,961 0 27,804 732,961
760,765 65,522 6/95 4/94 5-27.5
Blakely 945,712 50,000 1,159,403 27,320 50,000 1,186,723
1,236,723 411,795 5/90 5/90 5-27.5
Blanco Sr 518,510 40,147 679,816 0 40,147 679,816
719,963 77,553 9/94 12/93 7-40
Blooming-
dale 1,477,901 100,338 1,771,660 7,676 100,338 1,779,336
1,879,674 615,900 3/90 5/90 5-27.5
Breeze-
wood 1,426,808 114,000 1,784,173 4,415 114,000 1,788,588
1,902,588 603,074 5/90 5/90 7-27.5
Brooklyn 1,106,279 9,000 1,416,895 74,219 9,000 1,491,114
1,500,114 387,066 5/90 5/90 5-27.5
F-82
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 5,492,513 401,411 10,661,108 167,657 401,411 10,828,765
11,230,176 2,685,550 3/90 3/90 35
Cambridge 1,132,472 99,974 1,381,815 2,550 99,974 1,384,365
1,484,339 484,474 1/90 4/90 7-27.5
Cedar
Rapids 4,379,835 294,600 7,692,319 230,139 294,600 7,922,458
8,217,058 2,591,617 6/90 4/90 7-27.5
Corinth 1,487,949 53,351 1,865,231 69,548 53,351 1,934,779
1,988,130 661,475 2/90 4/90 5-27.5
Cotton Mill
Assoc. 1,477,350 75,000 1,730,384 17,491 75,000 1,747,875
1,822,875 305,767 7/93 10/92 5-27.5
Fawn
River 3,693,439 77,000 4,396,993 497,959 77,000 4,894,952
4,971,952 1,428,166 10/90 10/90 27.5
Fountain
Green 707,838 68,134 880,440 5,125 68,134 885,565
953,699 289,516 5/90 6/90 27.5
Glenwood
Hotel 735,954 25,000 1,128,486 10,400 25,000 1,138,886
1,163,886 382,128 6/90 6/90 7-27.5
Greenwich 1,481,124 85,197 1,862,476 87,253 85,197 1,949,729
2,034,926 641,591 2/90 4/90 5-27.5
Grifton 1,253,867 35,393 1,170,847 367,089 35,393 1,537,936
1,573,329 205,707 2/94 9/93 7-27.5
F-83
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 3,871,423 233,165 7,304,446 204,626 233,165 7,509,072
7,742,237 1,704,525 1/90 4/90 40
Haines
City 1,436,748 100,000 1,709,218 19,843 100,000 1,729,061
1,829,061 613,376 2/90 4/90 27.5
Hernando 1,483,797 70,000 1,975,766 8,818 70,000 1,984,584
2,054,584 676,741 7/90 6/90 27.5
Hobe
Sound 2,793,221 261,000 3,482,634 29,920 261,000 3,512,554
3,773,554 1,195,066 4/90 4/90 27.5
Immokalee 2,190,380 160,000 2,732,134 10,354 160,000 2,742,488
2,902,488 683,163 5/90 5/90 7-27.5
Kristin
Park 1,389,295 117,179 1,694,459 42,659 117,179 1,737,118
1,854,297 427,550 6/90 3/90 27.5
Le Grande
Enterprise 1,736,822 13,090 2,232,493 0 67,500 2,232,493
2,299,993 264,576 10/93 11/92 5-50
Long-
meadow 1,478,983 95,000 1,765,749 9,057 95,000 1,774,806
1,869,806 402,546 8/90 8/90 10-40
Maywood 1,499,427 53,000 1,961,139 8,867 53,000 1,970,006
2,023,006 646,326 7/90 3/90 5-27.5
Meadow
run 639,341 44,400 784,163 6,398 44,400 790,561
834,961 272,273 5/90 5/90 27.5
F-84
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 2,885,424 286,065 4,982,274 51,161 286,065 5,033,435
5,319,500 1,770,960 10/90 9/90 5-27.5
Newfane
Senior 983,278 30,000 1,211,708 12,621 30,000 1,224,329
1,254,329 327,411 9/92 10/92 5-27.5
New
Holland 0 80,000 3,269,700 (3,269,700)b 0 0
0 0 8/90 5/90 5-27.5
Old
Stage 1,263,690 39,840 1,517,419 6,830 39,840 1,524,249
1,564,089 507,474 9/90 5/90 27.5
Pedcor
Invest. 3,226,054 170,435 6,211,383 330,270 170,435 6,541,653
6,712,088 1,507,734 4/90 3/90 27.5
Pleasanton
Sr 621,607 40,000 813,308 0 40,000 813,308
853,308 131,309 7/93 12/93 40
Polkton
Housing 643,221 25,038 754,785 0 25,038 754,785
779,823 214,029 12/93 1/94 5-27.5
Princess
Manor 1,490,181 57,066 1,869,314 12,614 57,066 1,881,928
1,938,994 647,926 8/90 6/90 5-27.5
Princess
Villas 1,489,187 63,104 1,786,927 13,564 63,104 1,800,491
1,863,595 609,948 8/90 6/90 5-27.5
F-85
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 1,420,329 128,800 1,804,424 (10,683) 128,800 1,793,741
1,922,541 282,332 5/93 12/92 5-27.5
Quail Hollow
RRH 1,468,305 100,000 1,861,652 4,796 100,000 1,866,448
1,966,448 660,949 1/90 5/90 27.5
Quail Hollow
Warsaw 1,403,251 33,500 1,747,578 8,435 33,500 1,756,013
1,789,513 385,013 9/90 7/90 7-40
Rainbow
Gardens 1,215,070 70,000 1,450,989 287 70,000 1,451,276
1,521,276 321,412 6/93 12/92 7-27.5
Raitt
St. Apts. 809,371 270,281 1,221,755 0 270,281 1,221,755
1,492,036 238,790 8/93 5/93 5-27.5
School
St. II 795,889 37,622 1,585,434 3,793 37,622 1,589,227
1,626,849 352,053 6/93 6/93 7-27.5
South
Paris
Housing 1,487,585 65,000 1,853,831 (176,840) 242,301 1,676,991
1,919,292 402,589 10/92 11/92 5-27.5
South-
western 1,424,829 30,000 1,766,094 26,044 30,000 1,792,138
1,822,138 618,028 5/90 5/90 7-27.5
F-86
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 3,792,526 775,955 4,177,205 5,475,898 775,955 9,653,103
10,429,058 2,629,785 6/91 6/90 5-27.5
Sunshine 1,469,230 127,000 1,729,289 79,288 117,000 1,808,577
1,925,577 568,016 11/90 9/90 5-27.5
Surry
Village II 774,314 60,000 938,244 2,475 50,718 940,719
991,437 335,097 1/90 5/90 5-27.5
Tappa-
hannock
Green 1,503,897 122,500 1,703,483 0 122,500 1,703,483
1,825,983 342,578 5/94 3/94 5-27.5
Twin
Oaks 1,138,335 53,636 1,397,601 (128) 53,636 1,397,473
1,451,109 476,392 5/90 5/90 5-27.5
Village
Oaks 731,985 42,140 884,614 5,722 42,140 890,336
932,476 301,046 2/90 6/90 5-27.5
Warrens-
burg 791,662 32,000 991,475 9,572 32,000 1,001,047
1,033,047 385,251 4/90 4/90 5-27.5
Westside 2,414,747 25,000 4,022,240 (40,531)a 25,000 3,981,709
4,006,709 1,191,379 12/90 6/90 5-27.5
F-87
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 1,410,139 96,660 1,690,074 18,348 98,230 1,708,422
1,806,652 626,936 7/90 7/90 27.5
Wilming-
ton 1,049,261 75,637 1,293,362 (688)a 75,637 1,292,674
1,368,311 423,944 8/90 8/90 27.5
---------- --------- ----------- --------- --------- ----------- -
- ---------- ----------
86,003,433 5,821,504 123,065,606 4,517,654 5,955,503 127,583,260
133,538,763 35,903,627
========== ========= =========== ========= ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1998.
a - Decrease due to a reallocation of acquisition costs.
b - Financial statement not available. Refer to note in Results of Operations
in Form 10-K for more information.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
</TABLE> F-88
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-89
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-90
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 -
03/31/98.........................$133,958,644
Additions during period:
Acquisitions through foreclosure..............$ 0
Other acquisitions............................ 0
Improvements, etc............................. 570,512
Other......................................... 0
-----------
$
570,512
Deductions during period:
Cost of real estate sold......................$ 0
Other......................................... (990,393)
-----------
$
0
- -----------
Balance at close of period -
03/31/99.........................$133,538,763
===========
F-91
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92......................$
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
Current year expense...............................$3,444,078
---------
Balance at close of period -
3/31/99...........................$35,903,627
==========
F-92
<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, 1999
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 587,088 42,000 619,380 252,279 42,000 871,659
913,659 109,671 6/94 9/93 5-27.5
Athens II 1,335,137 75,000 1,642,281 10,324 75,000 1,652,605
1,727,605 507,997 6/90 8/90 5-27.5
Autumn
Lane 733,281 34,094 891,072 382 34,094 891,454
925,548 288,811 11/90 8/89 5-27.5
Baytree 956,338 44,759 1,099,246 114,097 44,759 1,213,343
1,258,102 430,113 7/90 11/88 5-27.5
Benchmark 949,911 60,600 1,137,112 34,022 60,600 1,171,134
1,231,734 423,142 7/90 11/88 5-27.5
Brentwood 953,801 64,999 1,163,002 21,116 64,999 1,184,118
1,249,117 255,056 10/90 11/90 5-27.5
Briarwood 1,480,997 154,900 1,898,553 (413,797) 154,900 1,484,756
1,639,656 497,837 8/90 8/90 7-27.5
Butler
Properties 502,875 37,500 376,730 223,430 37,500 600,160
637,660 118,458 2/91 12/90 5-27.5
Candlewick
Place 1,256,465 70,800 1,500,289 66,869 70,800 1,567,158
1,637,958 288,565 10/92 12/92 5-27.5
F-93
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 772,284 66,000 955,695 24,660 66,000 980,355
1,046,355 174,576 5/93 5/93 5-40
Centre-
ville Apts. 632,553 63,073 697,069 53,246 16,000 750,315
766,315 316,101 2/90 11/90 5-27.5
Charlton
Court 1,200,178 56,144 1,449,050 3,300 56,144 1,452,350
1,508,494 353,958 1/93 12/92 7-27.5
Chuck-
atuck 1,444,818 128,725 1,731,557 16,773 128,725 1,748,330
1,877,055 431,883 2/90 11/90 12-40
Clover-
leaf I 854,716 54,740 969,048 20,689 54,740 989,737
1,044,477 340,044 4/90 11/90 5-27.5
Clover-
leaf II 873,923 66,488 981,480 22,147 66,488 1,003,627
1,070,115 344,179 4/90 11/90 5-27.5
Connells-
ville 1,366,990 55,440 1,591,799 15,344 55,440 1,607,143
1,662,583 389,689 3/90 11/90 5-27.5
Dallas 1,627,681 230,059 3,408,933 (195,432)* 230,059 3,213,501
3,443,560 1,099,100 10/90 12/91 5-27.5
Ellaville 786,493 45,000 977,293 1,270 45,000 978,563
1,023,563 344,423 2/90 7/90 5-27.5
Forsyth 1,456,276 55,000 1,894,917 5,321 55,000 1,900,238
1,955,238 620,558 9/90 7/90 7-27.5
F-94
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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. 1,049,108 144,065 1,219,436 21,961 144,065 1,241,397
1,385,462 287,649 9/90 11/90 5-27.5
Great
Falls 873,139 38,292 1,053,154 8,558 38,292 1,061,712
1,100,004 347,789 10/90 11/90 5-27.5
Hartway
Properties 912,622 49,000 1,116,507 0 49,000 1,116,507
1,165,507 300,821 6/90 7/90 5-27.5
Hilltop 1,486,583 105,000 1,916,734 30,275 105,000 1,947,009
2,052,009 647,717 7/90 8/90 7-27.5
Ironton
Estates 623,622 29,500 794,461 2,089 29,500 796,550
826,050 214,140 1/93 5/93 5-27.5
Lambert
Square 998,233 41,200 1,243,568 10,169 41,200 1,253,737
1,294,937 198,669 12/92 11/92 5-40
Lawton
Apts. 1,486,690 54,400 1,848,603 27,942 54,400 1,876,545
1,930,945 767,732 6/90 11/90 5-27.5
Longview 870,881 25,000 1,071,946 68,517 25,000 1,140,463
1,165,463 403,840 8/90 11/88 5-27.5
Maidu 2,126,654 56,500 4,890,261 306,134 56,500 5,196,395
5,252,895 1,511,294 12/91 3/91 7-27.5
F-95
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 1,477,010 75,141 1,789,549 5,344 75,141 1,794,893
1,870,034 623,469 3/90 9/90 5-27.5
Mercer
Apts. 907,871 46,249 1,098,860 25,226 46,249 1,124,086
1,170,335 263,224 8/90 11/90 5-27.5
Morgan-
town 768,620 36,000 930,187 7 36,000 930,194
966,194 196,829 12/90 8/90 5-27.5
Newnan 1,941,612 92,706 4,128,942 (241,002)* 92,706 3,887,940
3,980,646 1,336,229 10/90 12/90 5-27.5
Parkwood 3,009,245 316,667 4,358,381 10,684 316,667 4,369,065
4,685,732 1,364,709 5/91 3/91 5-27.5
Pedcor
Invest-
ments 3,242,689 200,000 4,714,711 617,505 200,000 5,332,216
5,532,216 1,105,081 10/90 7/90 5-27.5
Pinetree
Manor 979,429 30,000 1,210,633 5,117 30,000 1,215,750
1,245,750 190,159 1/93 11/92 7-40
Pineview 960,426 125,000 1,178,400 4,541 125,000 1,182,941
1,307,941 387,972 12/90 9/90 7-27.5
F-96
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 648,664 36,000 806,255 3,813 36,000 810,068
846,068 276,934 7/90 7/90 5-27.5
South
Farm 1,979,327 254,636 3,486,308 7,644 254,636 3,493,952
3,748,588 846,400 7/93 4/93 7-40
Stockton
Estates 515,002 17,500 647,699 1,371 17,500 649,070
666,570 181,572 1/93 2/93 5-27.5
Stratford
Square 750,916 63,000 443,433 455,503 63,000 898,936
961,936 156,827 2/93 10/92 5-40
Summer
Glen 1,482,950 147,225 1,669,056 2,673 147,225 1,671,729
1,818,954 308,401 3/93 11/92 5-40
Washington
Heights 500,000 76,537 974,803 19,171 84,661 993,974
1,078,635 235,982 7/90 11/90 5-27.5
West Des
Moines 2,340,197 437,568 4,154,100 314,050 437,568 4,468,150
4,905,718 1,398,949 7/90 7/90 7-27.5
Wichita
West 1,738,640 110,377 2,920,599 70,114 110,377 2,990,713
3,101,090 944,816 7/90 7/90 7-27.5
F-97
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 1,479,910 60,140 1,926,294 13,436 60,140 1,939,730
1,999,870 424,045 11/90 12/90 5-27.5
---------- --------- ---------- ---------- --------- ----------- -
- --------- ----------
54,921,845 4,073,024 76,577,386 2,066,882 4,034,075 78,644,268
82,678,343 22,255,410
========== ========= ========== ========== ========= ===========
========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this
schedule is as of December 31, 1998.
* Decrease due to reduction in development fee which reduced the property basis.
**There were no carrying costs as of December 31, 1998. The column has been
ommitted for
presentation purposes.
</TABLE>
F-98
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-99
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-100
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 - 03/31/98.........................$
83,736,574
Additions during period:
Acquisitions through foreclosure..............$ 0
Other acquisitions............................ 0
Improvements, etc............................. 530,895
Other......................................... 0
-----------
$
530,895
Deductions during period:
Cost of real estate sold......................$ 0
Other * ...................................... (1,589,126)
-----------
(1,589,126)
- -----------
Balance at close of period - 03/31/99.........................$
82,678,343
===========
* Deduction is Northern Connecticut; disposed of during
fiscal year March 31, 1999.
F-101
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
Current year expense................................$2,397,434
---------
Balance at close of period -
3/31/99............................$22,255,410
==========
F-102
<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, 1999
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 1,375,726 119,500 1,607,604 13,694 119,500 1,621,298
1,740,798 503,550 2/91 2/91 5-27.5
Aspen
Square 1,832,539 150,413 2,118,648 111,236 150,703 2,229,884
2,380,587 467,973 11/90 11/90 5-27.5
Bridge-
view 1,363,117 50,686 1,586,090 5,480 50,686 1,591,570
1,642,256 611,872 12/89 12/90 5-27.5
Buckeye 1,340,117 93,421 1,584,893 71,729 93,421 1,656,622
1,750,043 394,448 8/90 12/90 5-27.5
Church
Hill 954,605 63,232 663,136 544,328 63,232 1,207,464
1,270,696 249,998 1/91 12/90 7-40
Copper
Creek 1,173,818 77,750 1,410,989 54,532 77,750 1,465,521
1,543,271 310,042 9/90 11/90 5-27.5
Coronado 448,837 9,998 1,499,265 21,898 9,998 1,521,163
1,531,161 480,493 4/91 2/91 5-27.5
Crestwood 4,245,327 360,000 10,649,129 47,923 360,000 10,697,052
11,057,052 3,347,842 7/91 1/91 7-27.5
F-103
Boston Capital Tax Credit Fund II Limited Partnership
- - Series 11
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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. 1,627,680 230,059 3,408,933 (195,433)* 230,059 3,213,500
3,443,559 1,099,100 10/90 12/90 7-27.5
Denmark I 769,583 54,000 915,172 6,494 54,000 921,666
975,666 316,259 6/90 11/90 27.5
Denmark II 817,374 36,000 1,003,547 727 36,000 1,004,274
1,040,274 339,472 6/90 11/90 5-27.5
El Dorado
Springs 580,637 22,500 735,245 10,956 17,176 746,201
763,377 271,234 9/90 11/90 5-27.5
Eldon
Estates II 580,948 30,000 690,453 33,805 30,000 724,258
754,258 258,430 11/90 12/90 5-27.5
Eldon
Manor 559,107 7,500 787,399 25,659 7,500 813,058
820,558 290,919 11/90 12/90 5-27.5
Elderly Hsing
of Macon 1,625,558 50,000 1,992,329 12,310 50,000 2,004,639
2,054,639 293,800 4/93 5/93 5-27.5
Eutaw
Elderly 1,622,443 24,000 1,972,439 8,605 24,000 1,981,044
2,005,044 249,652 12/93 5/93 5-50
Farmer-
ville 966,652 57,015 1,195,142 21,527 57,015 1,216,669
1,273,684 237,808 4/91 1/91 N/A
F-104
Boston Capital Tax Credit Fund II Limited
Partnership - Series 11
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 1,481,290 100,000 1,841,104 23,316 100,000 1,864,420
1,964,420 594,363 12/90 12/90 7-27.5
Franklin
School 1,255,938 112,032 2,528,326 1,988,116 112,032 4,516,442
4,628,474 1,204,955 12/91 10/90 27.5
Harbor
View 1,479,306 143,957 1,802,615 5,350 143,957 1,807,965
1,951,922 604,700 7/90 12/90 7-27.5
Hilltop
Apts. 1,420,379 178,736 1,545,237 1,223 178,736 1,546,460
1,725,196 373,917 11/92 1/93 27.5
Holland
Senior 898,298 27,500 1,096,333 29,802 27,500 1,126,135
1,153,635 381,098 6/90 11/90 27.5
Holly
Senior 916,621 36,882 1,139,044 33,920 36,882 1,172,964
1,209,846 390,097 10/90 11/90 27.5
Ivan
Woods 2,159,896 275,000 4,347,328 26,327 275,000 4,373,655
4,648,655 1,446,058 4/91 2/91 5-27.5
Kaplan
Manor 925,107 66,000 1,106,192 51,483 66,000 1,157,675
1,223,675 244,454 12/90 12/90 7-40
F-105
Boston Capital Tax Credit Fund II Limited
Partnership - Series 11
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 952,865 53,100 1,162,254 14,392 53,100 1,176,646
1,229,746 236,255 5/91 1/91 N/A
Licking
Associates 405,572 14,000 316,889 176,342 14,000 493,231
507,231 131,387 3/92 11/91 N/A
London
Arms 2,657,187 37,500 3,479,332 (22,804)* 37,500 3,456,528
3,494,028 1,012,187 12/90 12/90 5-27.5
Maidu 2,126,654 56,500 4,890,261 306,134 56,500 5,196,395
5,252,895 1,511,294 12/91 3/91 7-27.5
Manning
Properties 839,103 44,125 1,015,703 9,001 44,125 1,024,704
1,068,829 338,069 11/90 11/90 5-27.5
Metter 1,469,751 44,500 1,770,511 4,472 45,141 1,774,983
1,820,124 411,994 5/93 12/92 5-27.5
Nevada
Manor 647,335 50,000 782,543 12,024 50,000 794,567
844,567 291,732 10/90 11/90 5-27.5
Newnan
Apts. 1,941,612 92,706 4,128,942 (241,002)* 92,706 3,887,940
3,980,646 1,336,229 10/90 12/90 5-27.5
Oatka
Villige 918,111 35,000 1,151,205 8,492 35,000 1,159,697
1,194,697 394,572 6/90 11/90 5-27.5
RPI#18L.P. 1,230,991 100 1,776,840 119,385 100 1,896,225
1,896,325 572,381 12/90 12/90 5-27.5
F-106
Boston Capital Tax Credit Fund II Limited
Partnership - Series 11
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 1,174,534 52,290 1,448,815 58,057 52,387 1,506,872
1,559,259 310,590 11/90 11/90 5-27.5
South
Fork 1,431,810 100,000 1,782,527 22,967 100,000 1,805,494
1,905,494 396,278 2/91 2/91 5-27.5
Twin
Oaks of
Allendale 781,311 71,305 951,711 (170,609)* 71,305 781,102
852,407 259,506 9/90 12/90 5-27.5
Washington 960,033 55,050 1,150,878 17,973 55,050 1,168,851
1,223,901 237,240 3/91 1/91 7-40
Wildridge 1,565,690 156,576 1,617,243 6,892 156,576 1,624,135
1,780,711 482,684 4/91 1/91 7-27.5
---------- --------- ---------- ---------- --------- -----------
- ----------- ----------
$51,523,462 3,238,933 76,652,246 3,276,723 3,234,637 79,928,969
83,163,606 22,884,932
========== ========= ========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this
schedule is as of December 31, 1998.
*Decrease due to reduction of development fee which reduced the property basis.
**There were no carrying costs as of December 31, 1998. The column has been
ommitted for
presentation purposes.
</TABLE>
F-107
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 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-108
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-109
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Reconciliation of Land, Building & Improvements current year
changes - continued
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 178,906
Other.......................................... 0
-----------
$
178,906
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
-----------
$
0
- -----------
Balance at close of period - 03/31/99..........................$
83,163,606
===========
F-110
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
Current year expense.................................$2,772,892
---------
Balance at close of period -
3/31/99............................$22,884,932
==========
F-111
<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, 1999
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 1,012,653 40,777 371,734 904,720 40,777 1,276,454
1,317,231 339,582 4/92 10/91 5-27.5
BB&L
Enterprises 519,780 24,000 648,985 1,600 24,000 650,585
674,585 166,346 3/91 5/91 5-40
Bowman
Village 664,788 17,000 848,107 2,520 17,000 850,627
867,627 246,346 10/91 6/91 5-27.5
Brandy-
wood 1,745,251 86,029 3,313,958 (41,845)* 86,029 3,272,113
3,358,142 1,075,523 9/91 12/91 5-27.5
Briarwick 1,247,109 95,079 1,587,073 595 95,079 1,587,668
1,682,747 351,808 4/91 4/91 5-40
Bucksport 1,369,737 71,500 1,683,768 75,883 71,500 1,759,651
1,831,151 437,159 8/91 6/91 7-27.5
Burkes-
ville 733,763 40,000 897,118 530 40,000 897,648
937,648 167,199 9/91 6/91 5-27.5
F-112
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 8,863,346 820,000 9,361,922 16,792,875 803,050 26,154,797
26,957,847 4,416,742 12/93 10/92 5-27.5
Cananche
Creek 1,234,126 66,200 1,515,813 39,277 66,200 1,555,090
1,621,290 287,579 6/91 5/91 5-27.5
Carson
Village 651,834 30,000 193,264 610,191 30,000 803,455
833,455 211,073 6/92 10/91 5-27.5
Clarkson
Prop 747,725 36,000 932,918 0 36,000 932,918
968,918 174,382 7/91 6/91 7-27.5
Clymer
House 1,114,698 20,000 1,387,091 36,563 20,000 1,423,654
1,443,654 359,362 10/91 6/91 5-27.5
Corcoran
Investment 1,523,105 75,000 1,976,455 0 75,000 1,976,455
2,051,455 374,129 11/90 2/91 5-50
Cornish
Park 1,453,966 67,390 1,761,946 94,424 68,500 1,856,370
1,924,870 505,276 6/91 6/91 5-27.5
Crescent
City 1,863,054 211,000 2,297,055 (14,590)* 211,000 2,282,465
2,493,465 467,154 3/91 3/91 5-50
Dallas II 1,627,680 230,059 3,194,199 19,301 230,059 3,213,500
3,443,559 1,099,100 10/90 3/91 7-27.5
F-113
Boston Capital Tax Credit Fund II Limited
Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 1,344,577 90,000 1,711,424 827 90,000 1,712,251
1,802,251 324,768 6/91 6/91 5-50
Evanwood 755,291 36,000 929,102 456 32,400 929,558
961,958 194,269 5/91 6/91 5-27.5
Fort
Smith 968,663 87,500 2,089,062 0 87,500 2,089,062
2,176,562 429,059 8/94 9/93 7-27.5
Frank-
lin II 1,485,229 50,000 1,864,100 6,949 50,000 1,871,049
1,921,049 606,658 11/90 4/91 7-27.5
Franklin
House 301,027 1,000 812,706 2,742 1,000 815,448
816,448 235,313 1/88 5/93 5-27.5
Hamilton
Village 569,055 18,943 368,532 344,202 18,943 712,734
731,677 195,607 3/92 10/91 5-27.5
Hunters
Park 1,409,026 92,750 1,650,083 15,431 92,750 1,665,514
1,758,264 286,956 4/91 5/91 5-27.5
Ivan
Woods 2,159,896 275,000 4,347,328 26,327 275,000 4,373,655
4,648,655 1,446,058 4/91 2/91 5-27.5
Jesup 624,741 19,375 427,265 382,416 19,375 809,681
829,056 224,728 7/92 12/91 5-27.5
F-114
Boston Capital Tax Credit Fund II Limited
Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 915,854 34,832 1,103,517 7,461 34,832 1,110,978
1,145,810 329,011 4/91 3/91 5-50
Laurel
Village 661,420 15,145 256,421 569,407 15,145 825,828
840,973 221,578 5/92 10/91 5-27.5
Los
Caballos 766,019 53,886 1,006,731 1,700 26,943 1,008,431
1,035,374 203,518 8/91 7/91 5-27.5
Marlboro 835,337 26,176 1,032,404 14,417 26,176 1,046,821
1,072,997 349,510 2/91 3/91 5-27.5
Melvilles 892,136 18,500 1,103,074 38,605 18,500 1,141,679
1,160,179 213,428 10/91 7/91 5-27.5
Nanty Glo 1,474,229 35,000 1,869,757 31,551 35,000 1,901,308
1,936,308 483,288 7/91 6/91 7-40
Newnan II 1,941,612 92,706 3,868,800 19,140 92,706 3,887,940
3,980,646 1,336,229 10/90 3/91 7-27.5
Nye
County 1,363,365 60,000 1,694,731 5,023 60,000 1,699,754
1,759,754 548,610 4/91 5/91 5-27.5
Oakleigh 913,131 57,500 553,121 565,767 57,500 1,118,888
1,176,388 201,254 3/92 8/91 7-40
Oakwood 908,981 52,000 782,736 346,634 52,000 1,129,370
1,181,370 204,988 1/92 8/91 7-40
Parkwood 3,009,245 316,667 4,358,381 10,684 316,667 4,369,065
4,685,732 1,364,709 5/91 3/91 5-27.5
F-115
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 1,438,457 66,500 1,777,470 9,543 66,500 1,787,013
1,853,513 589,232 7/91 7/91 5-27.5
Prairie
West 515,000 65,000 983,964 3,798 73,306 987,762
1,061,068 320,563 9/95 3/91 5-27.5
Ridgeway
Court 892,666 48,500 1,039,377 21,716 48,500 1,061,093
1,109,593 313,569 1/91 4/91 5-27.5
River
Reach 1,364,887 118,750 1,656,515 6,732 118,750 1,663,247
1,781,997 507,854 5/91 5/91 7-27.5
Rockmoor 437,364 30,000 521,541 45,213 30,000 566,754
596,754 95,096 3/91 5/91 5-27.5
RPI #22 567,860 0 1,177,719 16,447 0 1,194,166
1,194,166 334,269 7/91 6/91 7-27.5
Scott City 598,231 13,000 764,225 (285) 13,000 763,940
776,940 153,556 11/91 6/91 5-27.5
Shawnee
Ridge 666,743 53,650 801,129 8,388 53,650 809,517
863,167 153,163 5/91 5/91 5-27.5
Spring-
field 3,792,526 775,955 9,620,653 32,450 775,955 9,653,103
10,429,058 2,629,785 6/91 7/91 5-27.5
Stonegate
Manor 1,008,896 76,000 1,265,168 6,097 76,000 1,271,265
1,347,265 404,062 12/90 5/91 7-27.5
F-116
Boston Capital Tax Credit Fund II Limited
Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 720,810 31,530 882,974 2,172 31,530 885,146
916,676 267,292 7/91 5/91 7-27.5
Union
Baptist 481,374 0 1,151,557 22,082 0 1,173,639
1,173,639 267,814 4/91 5/91 5-27.5
Villas of
Lakeridge 531,567 47,952 605,356 809 47,952 606,165
654,117 179,492 3/91 3/91 5-27.5
Waynesboro 1,369,897 50,000 1,455,507 1,074 50,000 1,456,581
1,506,581 445,233 1/91 4/91 5-27.5
Windsor II 730,361 51,178 887,455 12,163 51,178 899,618
950,796 299,450 11/90 4/91 7-27.5
Woodcrest 710,050 42,000 883,702 12,033 42,000 895,735
937,735 168,605 11/91 6/91 7-40
Woodside 1,154,305 19,383 1,378,829 2,231 19,383 1,381,060
1,400,443 480,310 3/91 4/91 5-40
---------- --------- ---------- ---------- ---------- -----------
- ----------- ---------
66,652,443 4,852,412 90,653,822 21,114,446 4,814,335 111,768,268
116,582,603 27,687,644
========== ========= ========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this
schedule is as of December 31, 1998
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1998 The column has been
ommitted for
presentation purposes.
</TABLE>
F-117
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-118
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-119
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 -
03/31/98..........................$116,437,909
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 144,694
Other.......................................... 0
-----------
$
144,694
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
-----------
$
0
- -----------
Balance at close of period -
03/31/99..........................$116,582,603
===========
F-120
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.......................$
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
Current year expense................................$3,513,077
---------
Balance at close of period -
3/31/99............................$27,687,644
==========
F-121
<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, 1999
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 1,043,226 125,997 1,201,080 0 125,997 1,201,080
1,327,077 235,747 11/93 1/93 5-30
Amherst 1,598,158 60,000 1,920,734 1,445 60,000 1,922,179
1,982,179 532,225 1/92 1/92 7-27.5
Beckwood
Manor 1,267,884 35,000 1,569,743 38,578 35,000 1,608,321
1,643,321 435,020 10/92 5/92 5-27.5
Belmont
Vlg 927,572 64,312 1,073,695 6,676 64,312 1,080,371
1,144,683 212,217 12/91 1/92 7-27.5
Bethel
Park 1,488,414 265,800 1,310,374 493,914 117,500 1,804,288
1,921,788 353,422 3/92 12/91 5-40
Blan-
chard
Senior 597,205 42,000 730,704 0 42,000 730,704
772,704 134,901 7/93 1/93 5-30
F-122
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 217,381 42,000 727,225 (473,334) 23,726 253,891
277,617 56,357 7/93 1/93 5-30
Brant-
wood 1,141,945 55,500 1,382,381 3,661 55,500 1,386,042
1,441,542 407,266 9/91 7/91 7-27.5
Brecken-
ridge 865,139 21,500 1,181,178 1,909 21,500 1,183,087
1,204,587 242,851 3/92 1/92 7-27.5
Briar-
wood II 1,490,955 90,000 1,785,580 (296,190) 90,000 1,489,390
1,579,390 414,617 4/92 2/92 7-27.5
Bridge Coali-
tion 0 0 695,990 110,988 0 806,978
806,978 180,722 12/91 1/92 27.5
Buchanan 724,643 63,275 833,561 34,172 63,275 867,733
931,008 289,649 10/90 7/91 7-27.5
California
Inv. V 5,492,513 401,411 10,824,261 4,504 401,411 10,828,765
11,230,176 2,685,550 03/90 8/92 7-27.5
California
Inv. VII 8,863,346 820,000 9,361,922 16,792,875 803,050 26,154,797
26,957,847 4,416,742 12/93 10/92 7-27.5
Capital
Hsg 1,517,825 178,000 3,131,389 69,246 178,000 3,200,635
3,378,635 899,123 1/91 8/91 7-27.5
F-123
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 693,571 35,000 883,508 470 35,000 883,978
918,978 152,755 8/95 3/95 7-27.5
Carleton
Court 2,751,899 94,360 3,954,231 219,892 94,360 4,174,123
4,268,483 863,529 12/91 12/91 7-34
Carriage
Run 1,323,955 83,980 1,046,960 550,232 83,980 1,597,192
1,681,172 435,502 4/92 10/91 7-27.5
Cedar-
wood 1,415,635 61,698 1,477,659 231,450 61,698 1,709,109
1,770,807 281,157 1/92 10/91 7-27.5
Central
Valley 1,823,519 141,353 2,170,282 0 141,353 2,170,282
2,311,635 368,190 12/91 1/92 5-50
Chapar-
ral 694,967 38,972 863,939 3,510 38,972 867,449
906,421 151,547 7/91 8/91 7-50
College
Green 3,767,582 225,000 6,774,847 39,768 225,000 6,814,615
7,039,615 988,319 8/95 3/95 7-27.5
Colorado
City 541,707 30,000 608,138 17,461 30,000 625,599
655,599 115,693 10/91 10/91 7-40
Cotton
wood 670,261 40,000 775,242 3,710 40,000 778,952
818,952 145,511 7/91 10/91 7-40
F-124
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 1,302,815 60,000 1,574,032 8,114 60,000 1,582,146
1,642,146 348,496 1/92 1/92 7-27.5
Davis
Vlg 1,170,639 55,000 1,456,778 0 55,000 1,456,778
1,511,778 298,452 9/93 1/93 5-30
Derby
Hsg 1,811,117 165,000 3,451,914 15,026 165,000 3,466,940
3,631,940 975,774 9/91 6/91 7-27.5
Deven-
wood 872,269 76,000 1,215,772 3,979 76,000 1,219,751
1,295,751 294,260 1/93 7/92 N/A
Duncan
Vlg 1,141,257 83,875 1,391,226 775 83,875 1,392,001
1,475,876 273,227 11/93 1/93 5-30
Edison
Village 1,197,228 46,536 1,425,180 50,796 46,536 1,475,976
1,522,512 409,598 2/92 7/91 7-27.5
Excel-
sior 622,819 70,000 704,252 10,279 70,000 714,531
784,531 249,500 4/91 2/92 7-27.5
Four Oaks
Hsg 892,583 48,000 1,063,004 3,228 73,083 1,066,232
1,139,315 276,422 6/92 3/92 7-27.5
F-125
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 927,923 49,520 1,130,261 9,495 49,520 1,139,756
1,189,276 206,836 4/92 1/92 7-27.5
Friend-
ship 1,437,570 195,314 1,639,123 146,562 213,230 1,785,685
1,998,915 663,037 6/91 1/92 7-27.5
Glenhaven
Park 672,431 195,000 834,120 (65,649) 195,000 768,471
963,471 190,852 6/89 1/94 7-27.5
Harrison
City 1,478,824 35,521 1,792,881 8,164 35,521 1,801,045
1,836,566 477,745 9/92 7/92 7-27.5
Haven Park
Part-
ners II 489,784 225,000 1,045,411 0 225,000 1,045,411
1,270,411 360,685 6/89 1/94 7-27.5
Haven Park
Partners
III 492,324 225,000 1,177,089 0 225,000 1,177,089
1,402,089 257,601 12/89 1/94 7-27.5
Haven Park
Part-
ners IV 395,838 180,000 874,413 0 180,000 874,413
1,054,413 183,000 6/90 1/94 7-27.5
Hessmer 911,688 35,000 380,289 785,144 35,000 1,165,433
1,200,433 204,517 4/92 12/91 7-40
F-126
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 883,938 38,000 911,697 160,272 38,000 1,071,969
1,109,969 299,987 1/92 9/91 7-27.5
Hughes
Springs 786,964 35,000 947,230 0 35,000 947,230
982,230 173,671 8/91 10/91 7-40
Hunters
Run 1,444,807 120,000 1,169,479 537,695 120,000 1,707,174
1,827,174 478,248 2/92 12/91 7-27.5
Indepen-
dence 1,083,586 103,901 1,237,331 14,402 103,901 1,251,733
1,355,634 375,293 6/91 8/91 7-27.5
Jarratt 831,759 55,926 1,028,925 (67,608) 55,926 961,317
1,017,243 271,503 12/91 10/91 7-27.5
Kilmar-
nock 763,786 44,000 969,309 0 44,000 969,309
1,013,309 301,254 4/91 7/91 7-27.5
King
Fisher 168,574 21,000 198,768 0 21,000 198,768
219,768 41,781 12/93 1/93 5-30
La Gama
Del
Bario 670,048 110,000 1,020,084 46,465 110,000 1,066,549
1,176,549 243,325 8/92 6/92 7-27.5
F-127
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 1,991,729 360,000 2,036,815 229,471 360,000 2,266,286
2,626,286 387,959 1/92 9/91 5-50
Lakeview
Meadows 1,564,909 99,580 2,665,491 16,489 99,580 2,681,980
2,781,560 796,359 6/92 1/92 12-40
Lakewood
Terr 3,805,716 124,707 2,257,609 4,423,993 124,707 6,681,602
6,806,309 1,668,727 8/89 11/93 5-27.5
Lexington
Park 4,832,613 500,000 7,754,757 109,722 500,000 7,864,479
8,364,479 1,329,402 12/93 11/91 7-27.5
Lexington
Vlg 210,193 23,814 246,703 0 23,814 246,703
270,517 53,694 11/93 1/93 5-30
Lonaconing1,483,375 113,305 181,203 1,558,889 113,305 1,740,092
1,853,397 310,845 9/92 12/91 5-27.5
Louis
Assocs. 819,826 13,720 1,038,651 6,116 13,720 1,044,767
1,058,487 248,403 1/92 3/92 7-27.5
Maidu 2,126,654 56,500 5,108,838 87,557 56,500 5,196,395
5,252,895 1,511,294 12/91 1/92 7-27.5
Marion
Mnr 1,004,616 50,000 1,237,671 16,010 50,000 1,253,681
1,303,681 208,315 6/92 2/92 7-27.5
F-128
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 218,254 25,920 255,681 0 25,920 255,681
281,601 55,906 10/93 1/93 5-30
McComb
Fam 1,003,822 30,000 1,226,748 27,299 30,000 1,254,047
1,284,047 306,080 10/91 10/91 7-27.5
Mon-
tague 1,139,199 0 1,493,360 100,912 22,223 1,594,272
1,616,495 399,331 12/91 12/91 5-30
Navapai 882,079 53,480 1,073,287 25,572 53,480 1,098,859
1,152,339 216,908 4/91 6/91 7-50
Nevada
City 3,543,553 492,000 3,954,179 130,975 492,000 4,085,154
4,577,154 661,185 10/91 1/91 5-27.5
New
River 1,483,320 46,400 1,279,522 519,597 46,400 1,799,119
1,845,519 339,805 2/92 8/91 7-27.5
Newel-
lton 943,650 57,600 1,161,263 11,248 57,600 1,172,511
1,230,111 206,830 4/92 2/92 7-40
Oakland
Vlg 852,219 38,400 1,021,589 2,502 58,014 1,024,091
1,082,105 255,617 8/92 5/92 7-27.5
F-129
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 692,828 27,752 872,256 0 27,752 872,256
900,008 180,540 5/93 1/93 7-27.5
One
North-
ridge 1,678,920 190,000 3,051,424 59,364 190,000 3,110,788
3,300,788 699,517 2/92 1/92 7-27.5
Park-
wood 3,009,245 316,667 4,358,381 10,684 316,667 4,369,065
4,685,732 1,364,709 5/91 10/91 7-27.5
Pine-
ridge 988,253 31,500 494,515 715,923 31,500 1,210,438
1,241,938 188,054 3/92 10/91 7-27.5
Pittsfield
Park 1,045,595 204,900 781,557 568,180 58,000 1,349,737
1,407,737 288,805 6/92 12/91 5-30
Planta-
tion IV 1,418,832 77,000 1,697,631 22,624 77,000 1,720,255
1,797,255 498,071 11/91 12/91 7-27.5
Portville
Square 920,659 66,206 1,068,007 29,836 66,206 1,097,843
1,164,049 209,359 3/92 3/92 7-27.5
Prague
Vlg 117,445 10,500 157,060 0 10,500 157,060
167,560 36,430 3/93 1/93 7-27.5
F-130
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 2,665,216 521,000 5,852,852 43,945 521,000 5,896,797
6,417,797 1,014,139 1/93 3/92 7-27.5
Rosen-
berg 1,811,122 452,000 10,701,246 (8,509,166) 415,000 2,192,080
2,607,080 125,939 1/92 12/91 7-27.5
Rosewood
Manor 1,437,558 175,000 1,605,480 10,249 175,000 1,615,729
1,790,729 462,466 11/91 12/91 7-27.5
San
Jacinto 2,369,914 288,000 2,694,130 105,463 288,000 2,799,593
3,087,593 514,110 10/91 1/92 5-50
Schroon
Lake 1,081,358 78,000 1,318,831 (5,986) 78,000 1,312,845
1,390,845 340,336 1/92 11/91 5-50
Scott
Part-
ners 1,107,000 60,000 1,171,445 557,281 60,000 1,728,726
1,788,726 351,764 11/91 10/91 7-27.5
Sioux
Falls 1,061,732 82,406 2,233,596 53 82,406 2,233,649
2,316,055 644,555 10/91 11/91 7-27.5
F-131
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 1,243,871 79,790 1,465,210 27,729 79,790 1,492,939
1,572,729 522,219 5/91 2/92 7-27.5
South
Fulton 663,961 34,000 794,896 5,885 34,000 800,781
834,781 199,233 8/91 10/91 7-27.5
Standard-
ville 585,373 29,500 691,006 0 29,500 691,006
720,506 150,511 11/91 4/92 5-40
St.
Barnabas 1,205,346 43,335 1,520,445 2,648 43,335 1,523,093
1,566,428 244,274 12/91 10/91 7-27.5
Summerlane 860,017 48,700 1,010,651 3,038 48,700 1,013,689
1,062,389 291,914 11/91 7/91 7-27.5
Tionesta
Manor 1,428,005 229,850 1,666,675 21,528 229,850 1,688,203
1,918,053 510,626 1/92 2/92 7-27.5
Titus-
ville 1,239,424 85,280 1,235,975 243,578 85,280 1,479,553
1,564,833 413,541 1/92 12/91 7-27.5
Toano III 709,214 56,266 874,381 2,610 56,266 876,991
933,257 273,525 7/91 7/91 7-27.5
Topsham 1,127,238 135,552 1,458,644 8,017 135,552 1,466,661
1,602,213 263,668 8/92 11/91 10-40
F-132
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 1,378,459 87,238 1,713,135 22,494 87,238 1,735,629
1,822,867 355,722 10/91 9/91 5-27.5
Tyrone
Hsg 1,483,059 138,700 1,850,252 42,672 49,050 1,892,924
1,941,974 361,160 1/92 12/91 5-40
Vic-
toria 1,395,267 12,500 1,733,581 0 12,500 1,733,581
1,746,081 461,551 6/92 1/92 5-27.5
Village
Terrace 713,442 63,000 1,529,691 800 63,000 1,530,491
1,593,491 440,475 9/91 5/92 5-40
Washing-
ton 1,182,736 72,396 1,494,696 2,410 72,396 1,497,106
1,569,502 437,317 8/91 7/91 7-27
Wesley
Vlg 1,312,892 44,750 347,831 1,253,193 44,750 1,601,024
1,645,774 302,756 6/92 10/91 5-27.5
Wild-
wood 1,263,034 94,949 1,498,290 8,152 94,949 1,506,442
1,601,391 326,288 10/91 10/91 5-40
Woodfield
Commons 769,490 66,533 2,478,583 129,178 66,533 2,607,761
2,674,294 525,802 6/91 9/91 12-40
Wood-
side 1,212,032 44,000 1,472,335 9,013 44,000 1,481,348
1,525,348 429,583 10/91 11/91 7-27.5
F-133
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
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 402,568 41,987 521,591 0 41,987 521,591
563,578 111,441 11/93 1/93 5-27.5
York-
shire 923,180 29,265 1,079,451 29,983 29,265 1,109,434
1,138,699 328,244 9/91 8/91 5-27.5
Zin-
master 1,835,021 100,000 3,307,709 13,873 100,000 3,321,582
3,421,582 1,360,493 1/88 1/95 7-27.5
----------- ---------- ----------- ---------- ---------- -----------
- ----------- ---------- 135,614,906 11,491,699
186,719,997 22,223,679 11,119,461 208,943,676 220,063,137 47,039,473
=========== ========== =========== ========== ========== ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
on this schedule
is as of December 31, 1998.
* - Reduction due to reduced development fee, which reduced the property basis.
***There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
</TABLE>
F-134
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-135
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-136
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 -
03/31/98..........................$219,294,513
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 768,624
Other.......................................... 0
-----------
$
768,624
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
-----------
$
0
- -----------
Balance at close of period -
03/31/99..........................$220,063,137
===========
F-137
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/92.........................$ 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..................................$6,688,907
- ---------
Balance at close of period -
3/31/98..............................$40,414,705
Current year expense..................................
$6,624,768
- ---------
Balance at close of period -
3/31/99..............................$47,039,473
==========
F-138
<TABLE> <S> <C>
<ARTICLE> CT
<CIK> 0000853566
<NAME> BOSTON CAPITAL TAX CREDIT FUND II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<TOTAL-ASSETS> 56,648,106
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 56,648,106
<TOTAL-REVENUES> 110,392
<INCOME-TAX> 0
<INCOME-CONTINUING> (10,675,971)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (10,565,579)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
