SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the
Securities Exchange
Act of 1934
For the fiscal year ended March 31, 2000 or
--------------
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
For the transition period from to
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Commission file number 0-19443
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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
----- -----
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,
2000
TABLE OF CONTENTS
PART I
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of
Security-Holders
PART II
Item 5. Market for the 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
------------
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, 2000, 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, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
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The Bowditch
School
Lodging Jamaica Plain,
House MA 50 $1,614,057 12/89 12/89 100% $
606,390
Briarwood Cameron,
Apartments MO 24 621,268 12/89 12/89 100%
157,254
Buckner Buckner,
Properties MO 24 616,717 12/89 3/89 100%
146,287
Creekside Vandergrift,
Apartments PA 30 1,086,043 6/89 9/89 100%
247,790
Deer Hill Huntersville,
II Apartments NC 40 1,472,800 2/90 5/89 100%
333,370
Hillandale Lithonia,
Commons GA 132 3,083,575 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 24 571,100 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 20 482,753 12/89 9/89 100%
113,188
Oakview Delta,
Apartments OH 38 1,122,902 12/89 10/89 100%
258,264
Metropole Miami Beach,
Apartments FL 42 2,132,388 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, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
---------
Rosenberg Santa Rosa,
Apartments CA 77 $1,796,276 2/90 1/92 100%
$1,943,360
Westwood
Square Moore Head City,
Apartments NC 36 1,406,569 7/90 7/90 100%
117,286
Winfield
Properties Winfield,
II MO 24 607,289 12/89 5/89 100%
142,525
5
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
---------
Azalea
Village Crawford,
Apartments GA 24 $ 638,001 5/90 5/90 100% $
143,206
Beaver
Brook Pelham,
Commons NH 24 1,179,435 4/90 5/90 91%
290,403
Bent Creek Crest View,
Apartments
II FL 24 706,203 6/90 5/90 100%
164,534
Big Lake Big Lake,
Seniors TX 20 556,763 4/94 6/95 100%
145,660
Blanco Blanco,
Senior Apts. TX 20 517,041 12/93 9/94 100%
98,561
Breezewood
Village Kissimmee,
Phase I FL 86 2,784,269 4/90 4/90 100%
831,650
Breezewood Kissimmee,
Village II FL 42 1,423,709 5/90 5/90 100%
416,268
Cambridge Madison,
Manor FL 36 1,129,519 4/90 1/90 100%
268,523
Corinth
Senior Corinth,
Housing NY 40 1,484,127 4/90 2/90 100%
384,000
Cotton Mill Stuart,
Apartments VA 40 1,471,938 10/92 7/93 100%
271,351
Country Cedar Rapids,
Hill Apts. IA 166 4,355,694 4/90 6/90 100%
3,471,607
Country Blakely,
Lane Apts. GA 32 943,641 5/90 5/90 100%
211,916
6
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
---------
Fawn River Sturgis,
Apartments MI 100 $3,685,744 10/90 10/90 98%
$971,446
Garden Lake Immokalee,
Apartments FL 65 2,185,696 5/90 5/90 100%
577,529
Glenwood Porterville,
Hotel CA 36 727,016 6/90 6/90 100%
383,100
Grand
Princess St. Croix,
Manor USVI 24 1,486,944 6/90 8/90 100%
374,766
Grand
Princess St. Croix,
Villa USVI 24 1,485,952 6/90 8/90 100%
276,203
Greenwich
Senior Greenwich,
Housing NY 36 1,477,179 4/90 2/90 97%
340,000
Grifton Grifton,
Manor Apts. NC 40 1,248,219 9/93 2/94 100%
261,645
Hacienda
Villa Firebaugh,
Apartments CA 120 3,827,912 4/90 1/90 100%
1,343,294
Haines
City Haines City,
Apartments FL 46 1,433,030 4/90 2/90 100%
339,465
Hamlet Newfane,
Square NY 24 972,902 10/92 9/92 95%
193,830
Hill St. South Paris,
Commons ME 25 1,478,938 11/92 10/92 100%
301,064
Kristin
Park Las Vegas,
Apartments NM 44 1,386,060 3/90 6/90 100%
313,200
7
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Le Grand Le Grand,
Apts. CA 34 $1,731,452 11/92 10/93 100% $
419,011
Longmeadow Skowhegan,
Apartments ME 28 1,475,593 8/90 8/90 100%
284,000
Magnolia
Lane Bloomingdale,
Apartments GA 48 1,474,075 5/90 3/90 100%
321,908
Maywood Corning,
Apartments CA 40 1,495,938 3/90 7/90 100%
365,280
Meadowcrest Southfield,
Apartments MI 83 2,871,827 9/90 10/90 100%
1,116,284
Mill Pond Brooklyn,
Apartments MI 36 1,103,876 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 3,750,847 6/90 6/91 100%
1,258,700
Pine Ridge Polkton,
Place NC 16 639,790 1/94 12/93 100%
114,730
Pleasanton Pleasanton,
Seniors Apts.TX 24 619,327 12/93 7/93 100%
144,839
Port Portage,
Crossing IN 160 3,680,786 3/90 4/90 100%
2,733,580
Putney Putney,
Meadows Apts VT 28 1,417,817 12/92 5/93 100%
374,495
Quail
Hollow Homerville,
Apartments GA 54 1,464,476 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, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
---------
Quail
Hollow Raleigh
II NC 36 $ 1,399,856 7/90 9/90 100% $
313,521
Rainbow
Gardens Dunnellon,
Apartments FL 36 1,211,266 12/92 6/93 100%
236,763
Raitt Santa Ana,
Street Apts. CA 6 811,500 5/93 8/93 100%
416,200
School St. Marshall,
Apts. II WI 24 669,174 6/93 6/93 100%
652,967
Scottsville Scottsville,
Hollow NY 36 1,421,734 5/90 5/90 100%
304,060
Somerset Antioch,
Apartments CA 156 5,437,465 3/90 3/90 100%
3,920,000
St. Paul's St. Paul,
Apartments NC 32 1,260,817 5/90 9/90 100%
263,165
Surry
Village Surry,
II VA 24 771,451 5/90 1/90 100%
157,002
Tappahannock Tappahannock,
Greens Apts. VA 40 1,499,808 3/94 5/94 100%
293,486
Telluride Telluride,
Apartments CO 30 1,466,163 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 1,135,862 5/90 5/90 100%
275,894
9
Boston Capital Tax Credit Fund II Limited Partnership -
Series 9
PROPERTY PROFILES AS OF March 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Ventura Hernando,
Village FL 53 $ 1,480,423 6/90 7/90 100% $
473,300
Vilage Live Oak,
Oaks FL 24 730,105 6/90 2/90 100%
164,291
Apartments II
Warrensburg Warrensburg,
Estates MO 32 789,628 4/90 4/90 100%
181,849
Westside Providence,
Apartments RI 40 2,392,731 6/90 12/90 100%
1,777,738
Westwood
Square Moorehead City,
Apartments NC 36 1,406,569 7/90 7/90 100%
195,391
Wilmington Wilmington,
Housing NY 24 1,045,853 8/90 8/90 100%
237,279
10
Boston Capital Tax Credit Fund II Limited Partnership -
Series 10
PROPERTY PROFILES AS OF March 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Athens Park Athens,
Apartments AL 48 $1,332,260 8/90 6/90 100%
$ 354,144
Autumn Lane Washington,
Apartments GA 24 731,571 8/89 11/90 100%
168,234
Baytree Richlands,
Apartments NC 24 954,277 11/88 7/90 100%
210,999
Benchmark China Grove,
Apartments NC 24 1,110,989 11/88 7/90 100%
223,328
Berkshire Wichita,
Apartments II KS 66 1,727,193 7/90 7/90 100%
1,183,452
Brentwood Eunice,
Apartments LA 32 951,648 11/90 10/90 100%
205,470
Briarwood Middleburg,
Apartments FL 52 1,477,555 8/90 8/90 100%
509,251
Butler Manor Morgantown,
Apartments KY 16 501,550 12/90 2/91 100%
119,952
Campbell
Creek Dallas,
Apartments GA 80 1,561,943 12/91 10/90 100%
735,000
Candlewick Monroeville,
Place AL 40 1,252,798 12/92 10/92 100%
241,600
Cedarstone Poplarville,
Apts. MS 24 770,316 5/93 5/93 100%
180,800
Charlton
Court Folkston,
Apartments GA 40 1,196,869 12/92 1/93 100%
263,520
11
Boston Capital Tax Credit Fund II Limited Partnership -
Series 10
PROPERTY PROFILES AS OF March 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-
-----------------------------------------------------------------
----------
Chuckatuck Suffolk
Square VA 42 $1,441,053 11/90 2/90 100% $
320,900
Cloverleaf Bishopville,
Apartments SC 24 852,521 11/90 4/90 100%
153,900
Cloverleaf
Apts., Bishopville,
Phase II SC 24 871,677 11/90 4/90 100%
160,761
Connellsville Connellsville,
Heritage Apts. PA 36 1,363,743 11/90 3/90 100%
325,460
Freedom Ford City,
Apartments PA 28 1,046,703 11/90 9/90 96%
262,791
Hartway Munfordville,
Apts. KY 32 910,454 7/90 6/90 100%
239,041
Hilltop Kingsland,
Terrace GA 54 1,483,150 8/90 7/90 100%
455,851
Indian Run S. Kingston
Village RI 114 1,722,597 4/93 7/93 100%
604,867
Ironton Ironton,
Estates MO 24 621,442 5/93 1/93 100%
157,976
Lambert
Square Lambert,
Apts. MS 32 994,278 11/92 12/92 100%
192,347
Longview Maysville,
Apartments NC 24 869,004 11/88 8/90 100%
195,837
Maidu Roseville,
Village CA 81 2,090,461 3/91 12/91 100%
470,000
12
Boston Capital Tax Credit Fund II Limited Partnership -
Series 10
PROPERTY PROFILES AS OF March 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Mann Indianapolis,
Estates IN 132 $3,219,830 7/90 10/90 100% $
1,980,000
Meadowbrook
Lane Americus,
Apartments GA 50 1,473,215 9/90 3/90 100%
336,264
Melrose Lane Great Falls,
Apartments SC 24 871,011 11/90 10/90 100%
203,645
Mercer Mercer,
Manor PA 26 905,757 11/90 8/90 96%
220,450
Pecan Village Ellaville,
Apartments GA 30 784,532 7/90 2/90 100%
221,856
Piedmont Forsyth,
Hills GA 50 1,452,989 7/90 9/90 100%
439,958
Pine View Perry,
Apartments FL 29 958,084 9/90 12/90 100%
277,405
Pines by the Newnan,
Creek Apts. GA 96 1,869,739 12/90 10/90 100%
890,000
Pine Grove Ackerman,
Apts. MS 24 578,925 9/93 6/94 100%
169,926
Pinetree
Manor Centreville,
Apts. MS 32 976,994 11/92 1/93 100%
191,500
Rosewood
Village Willacoochee,
Apartments GA 24 647,143 7/90 7/90 100%
147,480
13
Boston Capital Tax Credit Fund II Limited Partnership -
Series 10
PROPERTY PROFILES AS OF March 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Springwood
Park Durham,
Apartments NC 100 $ 2,966,477 3/91 5/91 100% $
1,000,000
Stockton Stockton,
Estates MO 20 513,573 2/93 1/93 100%
120,352
Stratford
Square Brundidge,
Apartments AL 24 749,165 10/92 2/93 100%
145,036
Summer
Glen Immokalee,
Apartments FL 45 1,478,906 11/92 3/93 100%
246,230
Summerwood West Des Moines,
Apartments IA 86 2,309,479 7/90 7/90 100%
2,015,183
Sunmark Morgantown,
Apartments KY 24 766,794 8/90 12/90 100%
176,669
Village Lawton,
Commons MI 58 1,483,135 11/90 6/90 100%
323,665
Washington
Heights
Apartments, Bismarck,
IV ND 24 493,954 11/90 7/90 100%
381,010
Woods Hollow Centreville,
Apartments MI 24 630,715 11/90 2/90 100%
132,700
Woodside Lisbon,
Apartments ME 28 1,476,595 12/90 11/90 100%
397,630
14
Boston Capital Tax Credit Fund II Limited Partnership -
Series 11
PROPERTY PROFILES AS OF March 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
------------
Academy
Hill Ahoskie,
Apartments NC 40 $1,372,495 2/91 2/91 100%
$ 319,224
Aspen
Square Tazewell,
Apartments VA 60 1,828,496 11/90 11/90 100%
356,495
Bridgeview Emlenton,
Apartments PA 36 1,359,536 12/90 12/89 100%
327,257
Buckeye
Senior Buckeye,
Apartments AZ 41 1,336,801 12/90 8/90 100%
311,480
Campbell
Creek Dallas,
Apartments GA 80 1,561,943 12/90 10/90 100%
142,000
Cambridge
Manor Macon,
Apartments MS 47 1,619,963 5/93 4/93 100%
356,356
Church Hill Church Point,
Apartments LA 32 952,362 12/90 1/91 100%
205,750
Copper
Creek Lebanon,
Apartments VA 36 1,171,148 11/90 9/90 100%
237,647
Coronado Tuscon,
Hotel AZ 42 400,879 3/91 3/91 100%
614,050
Crestwood St. Cloud,
Apartments FL 216 4,163,869 1/91 6/91 100%
5,636,484
El Dorado El Dorado Springs,
Springs Est. MO 24 579,190 11/90 9/90 100%
133,790
Eldon Est. Eldon,
II MO 24 579,542 12/90 11/90 100%
131,340
15
Boston Capital Tax Credit Fund II Limited Partnership -
Series 11
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Eldon Eldon,
Manor MO 24 $ 557,766 12/90 11/90 100%
$ 241,980
Elmwood
Manor Eutaw,
Apartments AL 47 1,618,286 5/93 12/93 100%
333,440
Fairridge
Lane Denmark,
Apartments SC 24 813,360 11/90 6/90 100%
209,326
Fairridge
Village Denmark,
Apartments SC 24 767,778 11/90 6/90 100%
186,381
Farmerville Farmerville,
Square Apts. LA 32 964,646 1/91 4/91 100%
212,280
Forest
Glade Wauchula,
Apartments FL 50 1,477,997 12/90 12/90 100%
420,565
Franklin Great Falls,
School MT 40 1,245,777 10/90 12/91 100%
1,453,270
Hilltop Los Lunas,
Apts. NM 40 1,416,065 1/93 11/92 100%
258,455
Holland Holland,
Meadows NY 24 896,377 11/90 6/90 100%
213,880
Holley Holley,
Grove NY 24 914,536 11/90 10/90 100%
207,360
Ivan Woods Delta Township,
Senior Apts. MI 90 2,117,706 2/91 4/91 100%
1,184,275
Kaplan
Manor Kaplan,
Apartments LA 32 923,050 12/90 12/90 100%
198,460
16
Boston Capital Tax Credit Fund II Limited Partnership -
Series 11
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Lakewood
Village Lake Providence,
Apartments LA 32 $ 950,842 1/91 5/91 100%
$ 223,827
Licking Licking,
Apartments MO 16 404,707 11/91 3/92 100%
90,436
London Miami Beach,
Arms FL 58 2,660,289 12/90 12/90 100%
937,961
Maidu Roseville,
Village CA 81 2,090,462 3/91 12/91 100%
530,000
Nevada Nevada,
Manor MO 24 645,744 11/90 10/90 100%
143,270
Oatka Warsaw,
Meadows NY 24 915,974 11/90 6/90 100%
206,670
Osage Arkansas City,
Place KS 38 1,228,171 12/90 12/90 100%
522,999
Pines by the
Creek Newnan,
Apartments GA 96 1,869,739 12/90 10/90 100%
245,000
Sandy
Pines Punta Gorda,
Manor FL 44 1,476,143 12/90 7/90 100%
399,977
Sierra
Springs Tazewell,
Apartments VA 36 1,171,903 11/90 11/90 100%
299,634
South Fork South Fork,
Heights CO 48 1,480,219 2/91 2/91 100%
343,358
Twin Oaks Allendale,
Apartments SC 24 779,547 12/90 9/90 100%
206,888
17
Boston Capital Tax Credit Fund II Limited Partnership -
Series 11
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Walnut
Village Manning,
Apartments SC 24 $ 837,057 11/90 11/90 100%
$ 183,244
Washington
Manor Washington,
Apartments LA 32 954,443 1/91 3/91 100%
216,990
Wildridge Jesup,
Apartments GA 48 1,559,562 1/91 4/91 100%
329,130
Windsor Metter,
Apts. GA 53 1,465,047 12/92 5/93 100%
248,207
18
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Bowman
Village Bowman,
Apartments GA 24 $ 663,316 6/91 10/91 100%
$ 139,879
Brandywood Oak Creek,
Apartments WI 54 1,729,980 12/91 9/91 100%
1,532,506
Brentwood
Manor Clarkson,
Apartments KY 24 745,208 6/91 7/91 100%
173,969
Briarwick Nicholasville,
Apartments KY 40 1,240,223 4/91 4/91 100%
323,941
Bridgerun Cannon Falls,
Townhomes MN 18 562,747 6/91 7/91 100%
458,800
Bucksport
Park Bucksport,
Apartments ME 24 1,366,637 6/91 8/91 100%
334,600
Campbell
Creek Dallas,
Apartments GA 80 1,561,943 3/91 10/90 100%
593,000
Cananche
Creek Norton,
Apartments VA 36 1,231,291 5/91 6/91 100%
276,695
Carson
Village Wrightsville,
Apartments GA 24 650,226 10/91 6/92 100%
161,452
Clymer
House Clymer,
Apartments PA 26 1,112,201 6/91 10/91 100%
254,097
Corcoran
Garden Corcoran,
Apartments CA 38 1,519,668 2/91 11/90 100%
432,438
Cornish Cornish,
Park ME 25 1,450,626 6/91 6/91 100%
333,000
19
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Crescent City
Senior Crescent City,
Apartments CA 38 $1,858,678 3/91 3/91 100% $
474,536
Earlimart
Senior Earlimart,
Apartments CA 35 1,341,465 6/91 6/91 100%
364,515
Evanwood Hardinsburg,
Apartments KY 24 752,843 6/91 5/91 100%
167,221
Fox Run Jesup,
Apartments GA 24 617,411 12/91 7/92 100%
150,033
Franklin
House Liberty,
Apts. MO 21 296,323 5/93 1/88 100%
137,836
Hamilton
Village Preston,
Apartments GA 20 567,622 10/91 3/92 100%
140,948
Hunters
Park Tarboro,
Apartments NC 40 1,405,765 5/91 4/91 100%
320,175
Ivan Woods
Senior Delta Township,
Apartments MI 90 2,117,706 2/91 4/91 100%
778,688
Keenland Burkesville,
Apartments KY 24 732,128 6/91 9/91 100%
164,246
Lakeridge Eufala,
Apartments AL 30 913,735 3/91 4/91 100%
186,780
Laurel
Village Wadley,
Apartments GA 24 659,789 10/91 5/92 100%
149,058
20
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Los
Caballos Hatch,
II Apts. NM 24 $ 758,823 7/91 8/91 100%
$ 164,740
Marlboro
Place Bennettsville,
Apartments SC 24 833,347 3/91 2/91 100%
192,779
Melville
Plaza Melville,
Apartments LA 32 889,841 7/91 10/91 100%
178,564
Nanty Glo
House Nanty Glo,
Apartments PA 36 1,470,893 6/91 7/91 100%
353,000
Newport Franklin,
Village VA 48 1,481,629 4/91 11/90 100%
355,000
Oakleigh Abbeville,
Apartments LA 32 910,831 8/91 3/92 100%
178,716
Oak
Street Scott City,
Apartments MO 24 597,010 6/91 11/91 100%
138,149
Oakwood Mamou,
Apartments LA 32 906,050 8/91 1/92 100%
180,819
Pines by
the Creek Newnan,
Apartments GA 96 1,869,739 3/91 10/90 100%
645,000
Pinewoods Springfield,
Apartments IL 168 3,750,847 7/91 6/91 100%
2,880,000
Portales Portales,
Estates NM 44 1,435,153 7/91 7/91 100%
365,100
21
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Prairie
West West Fargo,
Apts. III ND 24 $ 508,772 3/91 3/91 100%
$ 360,698
Ridgeway
Court III Bemidji,
Apartments MN 24 890,757 4/91 1/91 100%
180,186
River Crystal River,
Reach Apts. FL 41 1,361,729 5/91 5/91 100%
351,421
Rockmoor Banner Elk,
Apartments NC 12 561,143 5/91 3/91 100%
95,818
Shawnee
Ridge Norton,
Apartments VA 20 665,211 5/91 5/91 100%
145,606
Springwood
Park Durham,
Apartments NC 100 2,966,477 3/91 5/91 100%
374,349
Spring
Mountain Pahrump,
Apartments NV 33 1,360,114 5/91 4/91 100%
290,406
Stonegate Perry,
Manor FL 36 1,006,653 5/91 12/90 100%
274,321
Summit
Ridge Palmdale,
Apartments CA 304 8,785,684 10/92 12/93 100%
3,674,306
Turner
Lane Ashburn,
Apartments GA 24 719,179 5/91 7/91 100%
147,090
Union
Baptist
Plaza Springfield,
Apartments IL 24 453,185 5/91 4/91 100%
432,648
22
Boston Capital Tax Credit Fund II Limited Partnership -
Series 12
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Uptown Salyersville,
Apartments KY 16 $ 519,780 5/91 3/91 100%
$ 121,700
Villas of Eufala,
Lakeridge AL 18 530,337 3/91 3/91 100%
96,868
Waynesboro
Village Waynesboro,
Apartments TN 48 1,366,852 4/91 1/91 100%
310,510
Windsor Windsor,
Court II VA 24 727,162 4/91 11/90 100%
169,347
Woodcrest
Manor Woodville,
Apartments MS 24 708,210 6/91 11/91 100%
138,579
Woodlawn
Village Abbeville,
Apartments GA 36 1,010,137 10/91 4/92 100%
229,601
Woodside Grove City,
Apartments PA 32 1,151,512 4/91 3/91 96%
229,291
Yorkshire
Townhome Fort Smith,
Apts. AR 50 895,115 9/93 8/94 100%
874,069
23
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-------------
Ada Village Ada,
Apts. OK 44 $1,037,051 1/93 11/93 100%
$ 158,976
Amherst Amherst,
Village VA 48 1,592,981 1/92 1/92 100%
322,796
Belmont
Village Belmont,
Court NY 24 922,255 1/92 12/91 100%
201,300
Bethel
Park Bethel,
Apartments ME 24 1,484,665 12/91 3/92 100%
324,100
Blanchard
Senior Blanchard,
Apts. II LA 24 596,819 10/91 9/91 100%
143,628
Blanchard Blanchard,
Village Apts. OK 8 216,436 1/93 7/93 100%
32,954
Brantwood
Lane Centreville,
Apartments AL 36 1,139,380 7/91 9/91 100%
237,873
Breckenridge McColl,
Apartments SC 24 862,162 1/92 3/92 100%
186,065
Briarwood
Apartments Middleburg,
Ph II FL 50 1,487,200 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 18 722,944 7/91 11/90 100%
160,600
Burnt
Ordinary Toano,
Village VA 22 707,473 7/91 7/91 100%
159,400
24
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-----------
Carleton
Court Providence,
Apartments RI 46 $2,788,961 12/91 12/91 100%
$1,496,922
Carriage
Run Emporia,
Apartments VA 40 1,318,048 10/91 4/92 100%
259,980
Cedar
View Brinkley,
Apartments AR 32 1,264,317 5/92 10/92 100%
254,016
Cedarwood Pembroke,
Apartments NC 36 1,411,940 10/91 1/92 100%
326,310
Chapparral Kingman,
Apartments AZ 20 693,383 8/91 7/91 100%
198,275
College Chili,
Green NY 110 3,755,429 3/95 8/95 100%
755,771
Colorado City
Seniors Colorado City,
Apartments TX 24 540,508 10/91 10/91 100%
98,721
Cottonwood Cottonport,
Apts. II LA 24 652,341 10/91 7/91 100%
152,664
Country
Meadows Sioux Falls,
Apartments SD 44 1,034,357 11/91 10/91 100%
922,350
Countryside Fulton,
Manor MS 24 662,689 10/91 8/91 100%
151,868
Davis
Village Davis,
Apts. OK 44 1,164,658 1/93 9/93 100%
180,452
Devenwood Ridgeland,
Apartments SC 24 869,864 7/92 1/93 100%
186,000
25
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
------------
Duncan
Village Duncan,
Apts. OK 48 $1,133,150 1/93 11/93 100%
$ 172,005
Edison
Village Edison,
Apartments GA 42 1,193,691 7/91 2/92 100%
274,144
Ethel
Bowman Tionesta,
Proper HousePA 36 1,424,331 2/92 1/92 91%
334,160
Excelsior
Springs Excelsior Springs,
Properties MO 24 621,345 2/92 4/91 100%
150,651
Fairground Bedford,
Place Apts. KY 19 691,865 3/95 8/95 100%
176,963
Four Oaks
Village Four Oaks,
Apartments NC 24 890,223 3/92 6/92 100%
179,900
Franklin
Vista Anthony,
III Apts. NM 28 925,585 1/92 4/92 100%
179,685
Friendship Bel Air,
Village MD 32 1,434,472 1/92 6/91 100%
226,000
Glenhaven Merced,
Park CA 12 392,861 1/94 6/90 100%
125,000
Glenhaven Merced,
Park II CA 15 486,100 1/94 6/89 100%
365,925
Glenhaven Merced,
Park III CA 15 488,600 1/94 12/89 100%
225,500
26
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-------------
Glenhaven Merced,
Estates CA 13 $ 657,856 1/94 6/89 100%
$ 134,000
Green
Village Standardsville,
Apts. II VA 16 583,883 4/92 11/91 100%
99,100
Greenleaf Bowdoinham,
Apartments ME 21 1,124,516 11/91 8/92 100%
295,085
Hughes Springs
Seniors Hughes Springs,
Apartments TX 32 785,196 10/91 8/91 100%
183,674
Harrison
City Penn Township,
Apts. PA 38 1,475,228 7/92 9/92 97%
311,775
Hessmer
Village Hessmer,
Apartments LA 32 906,870 12/91 4/92 100%
186,503
Hillmont
Village Micro,
Apartments NC 24 881,678 9/91 1/92 100%
184,900
Hunters
Run Douglas,
Apartments GA 50 1,441,146 12/91 2/92 100%
322,368
Independence Mt. Pleasant,
Apartments PA 28 1,080,468 8/91 6/91 100%
223,100
Indian Creek Kilmarnock,
Apartments VA 20 761,968 7/91 4/91 100%
174,400
Jarratt
Village Jarratt,
Apartments VA 24 829,402 10/91 12/91 100%
159,140
Kingfisher
Village Kingfisher,
Apts. OK 8 166,749 1/93 12/93 100%
24,365
27
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-------------
La Gema del Santa Ana,
Barrio Apts. CA 6 $ 669,485 6/92 8/92 100%
$ 458,000
Lafayettee
Gardens Scott,
Apartments LA 56 1,095,646 10/91 11/91 100%
437,688
Lake Isabella
Senior Lake Isabella,
Apartments CA 46 1,987,386 9/91 1/92 100%
442,457
Lakeview Battle Creek,
Meadows MI 53 1,554,987 1/92 6/92 100%
1,018,808
Lakewood
Terrace Lakeland,
Apts. FL 132 3,735,725 11/93 8/89 100%
725,312
Lana Lu Lonaconing,
Apartments MD 30 1,479,793 12/91 9/92 100%
303,261
Lexington
Village Lexington,
Apts. OK 8 209,048 1/93 11/93 100%
32,178
Maidu Roseville,
Village CA 81 2,090,461 1/92 12/91 100%
1,096,199
Marion Manor Marion,
Apartments LA 32 1,001,697 2/92 6/92 100%
199,708
Maysville
Village Maysville,
Apts. OK 8 217,050 1/93 10/93 100%
33,726
Montague
Place Caro,
Apartments MI 28 1,136,369 12/91 12/91 100%
432,320
Navapai Prescott Valley,
Apartments AZ 26 880,007 6/91 4/91 100%
207,330
28
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-------------
Nevada City
Senior Grass Valley,
Apartments CA 60 $3,535,593 1/92 10/92 100%
$ 839,300
Newellton
Place Newellton,
Apartments LA 32 939,609 2/92 4/92 100%
190,600
New River
Overlook Radford,
Apartments VA 40 1,479,584 8/91 2/92 100%
285,371
Northridge Arlington,
Apartments TX 126 2,095,662 1/92 2/92 98%
741,300
Oak Ridge Crystal Springs,
Apartments MS 40 1,299,948 1/92 1/92 100%
308,578
Oakland
Village Littleton,
Apts. NC 24 849,410 5/92 8/92 100%
161,939
Okemah
Village Okemah,
Apts. OK 30 689,165 1/93 5/93 100%
119,832
Pineridge McComb,
Apartments MS 32 1,001,739 10/91 10/91 100%
238,995
Pineridge Walnut Cove,
Elderly NC 24 984,013 10/91 3/92 100%
199,311
Pittsfield
Park Pittsfield,
Apartments ME 18 1,043,033 12/91 6/92 100%
237,300
Plantation Richmond Hill,
Apartments GA 49 1,415,182 12/91 11/91 100%
320,858
Portville
Square Portville,
Apartments NY 24 914,145 3/92 3/92 100%
198,100
29
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-------------
Prague
Village Prague,
Apts. OK 8 $ 114,599 1/93 3/93 100%
$ 21,373
Rainbow
Commons Marshfield,
Apartments WI 48 750,534 9/91 6/91 100%
1,126,901
Rainier
Manor Mt. Rainier,
Apartments MD 104 2,637,737 3/92 1/93 100%
1,190,350
Rosenberg Santa Rosa,
Hotel CA 77 1,796,276 12/91 1/92 100%
1,850,000
Rosewood
Manor Ellenton,
Apartments FL 43 1,434,376 12/91 11/91 100%
302,250
San Jacinto
Senior San Jacinto,
Apartments CA 46 2,364,590 1/92 10/91 100%
588,965
Lakeside
Manor Schroon Lake,
Apartments NY 24 1,073,067 11/91 1/92 100%
249,349
Smithville Smithville,
Properties MO 48 1,240,971 2/92 5/91 100%
285,384
Snow Hill
Ridge Raleigh,
Apartments NC 32 1,198,577 10/91 12/91 100%
307,524
Somerset Antioch,
Apartments CA 156 5,437,465 8/92 3/90 100%
1,026,542
Spring
Creek Derby,
Village KS 72 1,767,830 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, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-------------
Spring
Valley Lexington Park,
Apartments MD 128 $4,816,430 11/91 12/92 100%
$ 2,877,811
Springwood
Park Durham,
Apartments NC 100 2,966,477 10/91 5/91 100%
374,349
Summer
Lane Santee,
Apartments SC 24 858,209 7/91 11/91 100%
176,291
Summit
Ridge Palmdale,
Apartments CA 304 8,785,684 10/92 12/93 100%
1,236,600
Titusville Titusville,
Apartments PA 30 1,236,258 12/91 1/92 100%
280,829
Townview St. Mary's,
Apartments PA 36 1,375,363 9/91 10/91 97%
315,700
Tyrone
House Tyrone,
Apartments PA 36 1,479,270 12/91 1/92 100%
349,800
Valley Ridge
Senior Central Valley,
Apartments CA 38 1,818,795 1/92 12/91 100%
456,600
Victoria Victoria,
Place VA 39 1,387,395 1/92 6/92 100%
287,736
Villa West Topeka,
Apts. IV KS 60 1,493,731 8/91 1/91 100%
1,392,873
Village Raleigh,
Green NC 42 705,445 5/92 9/91 100%
581,446
Washington Abingdon,
Court VA 39 1,175,802 7/91 8/91 100%
295,250
31
Boston Capital Tax Credit Fund II Limited Partnership -
Series 14
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
-------------
Wesley
Village Martinsburg,
Apartments WV 36 $1,309,297 10/91 6/92 100%
$ 266,253
Westside Louisville,
Apartments MS 33 812,189 3/92 1/92 100%
191,014
Wildwood
Terrace Wildwood,
Apartments FL 40 1,260,218 10/91 10/91 100%
281,647
Woodside Belleview,
Apartments FL 41 1,209,330 11/91 10/91 100%
268,500
Wynnewood
Village Wynnewood,
Apts. OK 16 394,176 1/93 11/93 100%
67,443
Yorkshire Delevan,
Corners NY 24 921,054 8/91 9/91 100%
191,500
Zinmaster Minneapolis,
Apartments MN 36 1,814,108 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, 2000, 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, 2000.
(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,
2000.
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, 2000.
Additional detailed financial information is set forth in the
audited
financial statements listed in Item 14 hereof.
March 31, March 31, March 31, March 31,
March 31,
2000 1999 1998 1997
1996
-------- -------- -------- --------
--------
Operations
----------
Interest
& other Inc $ 92,529 $ 110,392 $ 42,913 $ 155,501
$ 65,468
Share of Loss
of Operating
Partnerships (5,998,233) (7,498,353) (8,573,433) (10,464,997)
(12,992,069)
Operating Exp (2,701,882) (3,177,618) (2,783,041) (2,781,444)
(2,852,335)
--------- --------- --------- ---------
---------
Net Loss $ (8,607,586)$(10,565,579)$(11,313,561)$(13,090,940)
$(15,778,936)
=========== ========== ========== ===========
===========
Net Loss
per BAC $ (.46) $ (.56)$ (.60)$ (.69)
$ (.84)
========== =========== ========== ===========
===========
Balance Sheet
-------------
Total Assets$50,584,819 $ 56,648,106 $ 64,633,488 $ 73,382,875
$ 85,486,212
=========== =========== ========== ===========
===========
Total Liab $19,730,402 $ 17,186,103 $ 14,605,906 $ 12,041,732
$ 11,054,129 Partners' =========== =========== ==========
=========== ===========
Capital $30,854,417 $ 39,462,003 $ 50,027,582 $ 61,341,143
$ 74,432,083
=========== =========== ========== ===========
===========
Other Data
----------
Credit per BAC for the
Investors Tax Year,
for the twelve months
ended, December 31,
1999, 1998, 1997,
1996 and 1995*
$ 1.23 $ 1.39 $ 1.40 $ 1.40
$ 1.39
========== =========== ============ ===========
===========
* 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, 2000 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, 2000 the Partnership
accrued $2,509,932
in annual partnership management fees. As of March 31, 2000 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 $295,245 to the
Partnership
to pay certain third party operating expenses and to fund
advances to
operating partnerships. Of this amount, $126,207 was advanced
during the fiscal year ended March 31, 2000. The amounts
advanced, in total, to three of the six series are as follows:
$125,346 to Series 7,$62,550 to Series 12;and $107,349 to Series
14. 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, 2000 the net proceeds from the offer and sale
of BACs in
Series 7 had been used to invest in a total of 15 Operating
Partnerships in an
aggregate amount of $7,774,651. The Partnership has completed
payment of
all installments of its capital contributions to all Operating
Partnerships.
Series 7 net offering proceeds in the amount of $4,929 remain 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, 2000, the Partnership
did not use
any of Series 9's net offering proceeds to pay installments of
its capital
contributions to the Operating Partnerships, however it did
record a capital contribution of $4,590. This amount was advanced
to an operating partnership in a prior fiscal year and converted
to a capital contribution during the fiscal year end March 31,
2000. As of March 31, 2000 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 the Operating Partnerships. Series 9 net
offering
proceeds in the amount of $335,866 remain 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.
As of March 31, 2000 the net proceeds from the offer and
sale of BACs in
Series 10 had been used to invest in a total of 45 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
$121,866
remain in working capital.
37
(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, 2000, the Partnership
did not use any of Series 11's net offering proceeds to pay
installments of its
capital contributions to the Operating Partnerships. As of March
31, 2000 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 $389,019 remain to be used
by the
Partnership to pay outstanding installments of capital
contributions to one
Operating Partnership and to fund working capital expenses.
(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, 2000, the Partnership
did not use
any of Series 12's net offering proceeds to pay installments of
its
capital contributions to the Operating Partnerships. As of March
31, 2000
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 $68,437 remain to be used
by the
Partnership to pay outstanding installments of capital
contributions to two
Operating Partnerships and to fund working capital expenses.
(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.
During the fiscal year ended March 31, 2000, the Partnership
did not use any of Series 14's net offering proceeds to pay
additional installments of
its capital contributions to the Operating Partnership. As of
March 31,
2000 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 88 of the 101 Operating
Partnerships. Series
14 net offering proceeds in the amount of $592,155 remain to be
used by the
Partnership to pay outstanding installments of capital
contributions to
Operating Partnerships and to fund in working capital expenses.
38
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, 2000 and 1999 was
$2,280,617
and $2,299,147, 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.
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, 2000 and 1999, the average
Qualified
Occupancy for the series was 100% for both years.
For the tax years ended December 31, 1999 and 1998, the
series, in total,generated $804,642 and $888,683, respectively,
in passive income tax losses that were passed through to the
investors, and also provided $.71 and $1.20, respectively, in tax
credits per BAC to the investors.
As of March 31, 2000 and 1999, the Investments in Operating
Partnerships
for Series 7 was $705,120 and $974,248, respectively.
Investments in Operating Partnerships was affected by the way the
Partnership accounts for such investments, the equity method. By
using the equity method the Partnership adjusts its investment
cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued.
For the years ended December 31, 1999 and 1998 Series 7
reflects a net
loss from Operating Partnerships of $78,819 and $73,874,
respectively, adjusted for depreciation which is a non-cash item.
As a result of poor occupancy at the property, the Operating
Partnership, New Holland Apartments Limited Partnership (New
Holland Apts.), continues to incur cash flow deficits. The senior
mortgage is in default due to the nonpayment of interest and
principal. In an effort to address the deficits, the Investment
General Partner attempted to work with the senior mortgage holder
to get more favorable terms, but to no avail. As a result of the
ongoing deficits and the mortgage holder's unwillingness to work
with the Investment General Partner, and the mortgage holder's
unwillingness to accept a deed in lieu of foreclosure, the bank
moved to foreclose on the property. Due to a lack of perceived
value in the vacant property, the bank has decided against
continuing its foreclosure proceeding at the present time. During
this reprieve, the Investment General Partner is working to
locate a not-for-profit entity with the hope of convincing the
first mortgage holder to forgive the debt. The first mortgage
holder is examining all options available to it, including
foreclosure. Due to the fact that the property was vacant for
most of 1999, and there are uncured health and safety violations,
Series 7 of the Partnership faced recapture of a portion of the
credits previously taken. Unless the Investment General Partner
is able to remain in the Partnership and re-occupy the units with
tax credit qualified tenants, future credits will
39
also be lost.
(Series 9). As of March 31, 2000 and 1999, the average
Qualified
Occupancy for the series was 99.6% and 99.9, respectively. The
series had a total of 55 properties as of March 31, 2000, of
which 50 were at 100% qualified occupancy.
For the tax years ended December 31, 1999 and 1998, the
series, in total,generated $3,135,277 and $3,281,045,
respectively, in passive income tax
losses that were passed through to the investors, and also
provided $1.36 per
year for 1999 and 1998 in tax credits per BAC to the investors.
As of March 31, 2000 and 1999, the Investments in Operating
Partnerships
for Series 9 was $7,491,734 and $9,083,730, 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, 1999 and 1998 Series 9
reflects a net
income from Operating Partnerships of $600,349 and
$740,696,respectively, adjusted for depreciation which is a non
cash item.
The Operating General Partner of School Street II Limited
Partnership (School Street Apts. II) hired a new management
company in September 1999 with the goal of improving occupancy
and operations. Evictions increased when the new property
management company took over, as the previous management company
did not pursue delinquent rent and delayed eviction actions. The
slow increase in occupancy reflects the new property management's
policy of marketing the property very aggressively, while being
very selective with prospective tenants. The property's average
occupancy was 78% for the first five months of 2000. As part of
the debt restructure negotiated in January 1999, the lender
required a capital improvement program to be completed by
December 1999. Most of the capital improvements have been
completed. The lender agreed to extend the deadline for the
remaining improvements. The Operating General Partner continues
to actively participate in the partnership's operations in order
to attain positive cash flow at the property.
As a result of poor occupancy at the property, the Operating
Partnership, New Holland Apartments Limited Partnership (New
Holland Apts.), continues to incur cash flow deficits. The
mortgage is in default due to the nonpayment of interest and
principal. In an effort to address the deficits, the Investment
General Partner attempted to work with the senior mortgage holder
to get more favorable terms, but to no avail. As a result of the
ongoing deficits and the mortgage holder's unwillingness to work
with the Investment General Partner, and the mortgage holder's
unwillingness to accept a deed in lieu of foreclosure, the bank
moved to foreclose on the property. Due to a lack of perceived
value in the vacant property, the bank has decided against
continuing its foreclosure proceeding at the present time. During
this reprieve, the Investment General Partner is working to
locate a not-for-profit entity with the hope of convincing the
first mortgage holder to forgive the debt. The First mortgage
holder is examining all options available to it, including
foreclosure, Due to the fact that the property was vacant for
most of 1999, and there are uncured health and safety violations,
Series 9 of the Partnership faced recapture of a portion of the
credits previously taken. 40
Unless the Investment General Partner is able to remain in the
Partnership and re-occupy the units with tax credit qualified
tenants. Future credits will also be lost.
The Operating Partnership Glennwood Hotel Investors
(Glennwood Hotel) continues to operate at an average occupancy of
63%. The area has an oversupply of affordable rental housing and
a poor local economy, which has negatively impacted the property.
Without significant structural improvements that are at this time
physically and financial infeasible, the property will not be
able to compete effectively in the market. At the end of the
first quarter, the property's commercial tenant vacated its
space. A new tenant has leased the space as of July 1, at an
increased rental rate which should help to offset the residential
vacancies. The Operating General Partner continues to financially
support the partnership. The Investment General Partner will
continue to monitor this situation.
(Series 10). As of March 31, 2000 and 1999, the average
Qualified
Occupancy for the series was 99.8% and 99.7%, respectively. The
series had a
total of 45 properties at March 31, 2000, of which 43 were at
100% qualified
occupancy.
For the tax years ended December 31, 1999 and 1998 the
series, in
total, generated $1,420,946 and $1,441,794, respectively, in
passive income
tax losses that were passed through to the investors, and also
provided $1.30 and $1.44, respectively, in tax credits per BAC to
the investors. This decrease is due to the fact that of some of
the tax credits previously generated by one of the Operating
Partnerships no longer owned by the Investment Partnership.
As of March 31, 2000 and 1999, the Investments in Operating
Partnerships
for Series 10 was $6,885,117 and $7,305,952, 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, 1999 and 1998 Series 10
reflects net
income from Operating Partnerships of $1,441,685 and $1,162,266,
respectively,
adjusted for depreciation which is a non cash item.
The audited financial statements for Chuckatuck Square were
prepared assuming the partnership will continue as a Going
Concern. Despite high occupancy, the property suffers from
excessive bad debt expenses due to the seasonal nature of
employment opportunities in the local economy. As a result the
property has accumulating payables and is delinquent in funding
its replacement reserves. In January of 2000, the partnership
entered a two-year workout plan with Rural Development that
allows for reduced debt service payments. The savings associated
with the reduced debt payments will be used to reduce payables
and fund the replacement reserve account. The operating general
partner continues to attempt to obtain rental assistance from
Rural Development to alleviate the collection/bad debt problem.
(Series 11). As of March 31, 2000 and 1999, the average
Qualified
Occupancy for the series was 100% for both years.
For the tax years ended December 31, 1999 and 1998, the
series, in total,generated $1,504,433 and $1,626,615,
respectively, in passive income tax
losses that were passed through to the investors, and also
provided $1.31 and $1.32,respectively, in tax credits per BAC to
the investors
41
As of March 31, 2000 and 1999, the Investments in Operating
Partnerships
for Series 11 was $8,097,883 and $8,819,044, 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, 1999 and 1998 Series 11
reflects net
income from Operating Partnerships of $897,891 and $849,812,
respectively,
adjusted for depreciation which is a non-cash item.
(Series 12). As of March 31, 2000 and 1999, the average
Qualified
Occupancy for the series was 99.9% for both years. The series
had a
total of 53 properties at March 31, 2000, of which 52 were at
100% qualified
occupancy.
For the tax years ended December 31, 1999 and 1998, the
series, in total,generated $2,036,792 and $1,927,382,
respectively, in passive income tax
losses that were passed through to the investors, and also
provided $1.46 per
year for 1999 and 1998 in tax credit per BAC to the investors.
As of March 31, 2000 and 1999, the Investments in Operating
Partnerships
for Series 12 was $8,296,388 and $9,338,564, 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, 1999 and 1998 Series 12
reflects net
income from Operating Partnerships of $822,379 and $859,723,
respectively,
adjusted for depreciation which is a non cash item.
(Series 14). As of March 31, 2000 and 1999, the average
Qualified
Occupancy for the series was 99.8% and 99.7%, respectively. The
series had a
total of 101 properties at March 31, 2000, of which 97 were at
100%
qualified occupancy.
For the tax years ended December 31, 1999 and 1998, the
series, in total,generated $4,171,124 and $4,535,451,
respectively, in passive income tax
losses that were passed through to the investors, and also
provided $1.41 and
$1.42, respectively, in tax credits per BAC to the investors.
As of March 31, 2000 and 1999, the Investments in Operating
Partnerships
for Series 14 was $15,160,631 and $17,295,078, 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, 1999 and 1998 Series 14
reflects a net
income from Operating Partnerships of $1,973,797 and $1,625,463,
respectively, adjusted for depreciation which is a non-cash item.
42
Lakewood Terrace Limited partnership (Lakewood Terrace
Apartments) operated with a net loss during 1999 primarily as a
result of the extensive amount of capital improvements that were
made during the year. A portion of the expense was reimbursed
from the replacement reserve account but the property funded the
balance of the costs through operations. Capital Improvements of
this magnitude are not anticipated in 2000. Despite the fact that
occupancy averaged 97.47 during 1999, the property could not
sustain the expenses it incurred and closed the year with high
payables on their balance sheet. In addition, the project has a
Housing Assistance contract with HUD which expires on August 31,
2000. The Operating General Partner is negotiating an extension
of the contract for a four-year term instead of an annual term.
The 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 Partners IV, A
California LP (Glenhaven Park) continue to suffer from excessive
operating expenses compared to operating income. In an attempt to
reduce operating expenses the Operating General Partner has been
in negotiations with a not-for-profit company to provide tenant
services and coordinate leasing and community outreach. Terms
have been reached with respect to the installation of the not-for-
profit Managing general Partner. As a result of repairs to unit
interiors, occupancy levels have stabilized. At March 31, 2000
physical occupancy at both Haven Park II and Haven Park III, was
93%. Occupancy at Haven Park IV as of March 31, 2000 has
increased to 100%. Occupancy at Glenhaven Park Partners continues
to suffer, largely as a result of turnovers associated with
evictions. Occupancy as of March 31, 2000 was 75%.
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 60 day letters for the tax
years ending 1996 and 1997 dated August 23 1999 and August 8,
1999, respectively. The initial 60-Day letter which was issued
in relation to the tax years ended December 31, 1993, 1994, and
1995, and the subsequent 1996 and 1997 60-day letter were 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 Operating General Partner and its counsel do 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 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 (Note H).
43
Recent Accounting Statements Not Yet Adopted
--------------------------------------------
In December 1999, the Financial Accounting Standards Board
(FASB) issued SFAS No. 136, "Transfers of Assets to a Not-For-
Profit Organization or Charitable Trust that Raises of Holds
Contributions for Others," and in June 1999, the FASB issued SFAS
No. 137, "Accounting for Derivative Instruments and Hedgers
Activities-Deferral of the Effective Date of SFAS No. 133".
SFAS No. 136 is generally effective for periods beginning
after December 15, 1999 and SAFS 137 is effective upon issuance
in June 1999.
The Fund does not have any derivative or hedging activities
and is not a not-for-profit organization. Consequently, these
pronouncements are not expected to have any effect on the Fund's
financial statements.
Year 2000 Compliance
--------------------
Boston Capital and its management did not experience any
computer-related problems as a result of the century date change
known as the "Year 2000" or "Y2K"and therefore, there was no
impact on our investors.
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.
44
PART III
--------
Item 10. Directors and Executive Officers of the Registrant
(a), (b), (c), (d) and (e)
The Partnership has no directors or executives officers of
its own. The following biographical information is presented for
the partners of the General Partners and affiliates of those
partners (including Boston Capital Partners, Inc. ("Boston
Capital")) with principal responsibility for the Partnership's
affairs.
Herbert F. Collins, age 70, is co-founder and Chairman of
the Board of Boston Capital Corporation. Nominated by President
Clinton and confirmed by the United States Senate, Mr. Collins
served as the Republican private sector member of the Thrift
Depositor Protection Oversight Board. During 1990 and 1991 he
served as Chairman of the Board of Directors for the Federal Home
Loan Bank of Boston, a 314-member, $12-billion central bank in
New England. Mr. Collins is co-founder and past president of the
Coalition for Rural Housing and Development. In the 1980s he
served as Chairman of the Massachusetts Housing Policy Commission
to evaluate current programs and recommend future housing policy.
Additionally, he served as a member of the Board of Directors of
the Metropolitan Boston Housing Partnership and on the Mitchell-
Danforth Task Force, which helped structure the 1990 federal Tax
Credit legislation. Mr. Collins is also a past member of the
Board of Directors of the National Leased Housing Association and
has served as member of the U.S. Conference of Mayors Task Force
on "HUD and the Cities: 1995 and Beyond." Mr. Collins also was a
member of the Fannie Mae Housing Impact Advisory Council and the
Republican Housing Opportunity Caucus. He is Chairman of the
Business Advisory Council, and a member of the National Council
of State Housing Agencies Tax Credit Commission. Mr. Collins
graduated from Harvard College. President Bush appointed him to
the President's Advisory Committee on the Arts at the John F.
Kennedy Center for the Performing Arts. He is a leader in the
civic community, serving on the Boards of Youthbuild Boston, the
Pine Street Inn and the I Have a Dream Foundation.
John P. Manning, age 51, is co-founder, President and Chief
Executive Officer of Boston Capital Corporation, where he is
primarily responsible for strategic planning and business
development. In addition to his responsibilities at Boston
Capital, Mr. Manning is a proactive leader in the industry. He
served in 1990 as a member of the Mitchell-Danforth Task Force,
to review and reform the Low Income Housing Tax Credit. He was
the founding President of the Affordable Housing Tax Credit
Coalition, is a former member of the board of the National Leased
Housing Association and sits on the Advisory Board of the
publication Housing and Development Reporter. During the 1980s
he served as a member of the Massachusetts Housing Policy
Committee, as an appointee of the Governor of Massachusetts. In
addition, Mr. Manning has testified before the U.S. House Ways
and Means Committee and the U.S. Senate Finance Committee, on the
critical role of the private sector in the success of the Low
Income Housing Tax Credit Program. In 1996, President Clinton
appointed him to the President's Advisory Committee on the Arts
at the John F. Kennedy Center for the Performing Arts. In 1998,
President Clinton also appointed Mr. Manning to the President's
Export Council, which is the premiere committee comprised of
major corporate CEOs to advise the President in matters of
foreign trade. Mr. Manning is also a member of the Board of
Directors of the John F. Kennedy Presidential Library in Boston.
In the civic community, Mr. Manning is a leader, serving on the
Board of Youth build Boston. Mr. Manning is a graduate of Boston
College.
45
Richard J. DeAgazio, age 55, is Executive Vice President of
Boston Capital Corporation, Inc., and is President of Boston
Capital Services, Inc., Boston Capital's NASD registered
broker/dealer. Mr. DeAgazio formerly served on the national
Board of Governors of the National Association of Securities
Dealers (NASD), He currently serves as a member of the National
Adjudicatory Council of the NASD. He was the Vice Chairman of
the NASD's District 11 Committee, and served as Chairman of the
NASD's Statutory Disqualification Subcommittee of the National
Business Conduct Committee. He also served on the NASD State
Liaison Committee and the Direct Participation Program Committee.
He is a founder and past President of the National Real Estate
Investment Association, past President of the Real Estate
Securities and Syndication Institute (Massachusetts Chapter) and
the Real Estate Investment Association. Prior to joining Boston
Capital in 1981, Mr. DeAgazio was the Senior Vice President and
Director of the Brokerage Division of Dresdner Securities (USA),
Inc., an international investment banking firm owned by four
major European banks, and was a Vice President of Burgess &
Leith/Advest. He has been a member of the Boston Stock Exchange
since 1967. He is on the Board of Directors of Kelmoore
Investment Company and Kansas City Technologies, Inc. He is a
leader in the community and serves on the Business Leaders
Council of the Boston Symphony, Board of Directors of Junior
Achievement of Massachusetts, the Board of Advisors for the Ron
Burton Training Village and is on the Board of Corporators of
Northeastern University. He graduated from Northeastern
University.
Christopher W. Collins, age 43, is an Executive Vice President
and a principal of Boston Capital Partners, Inc., and is
responsible for, among other areas, overseeing the investment
portfolio of funds sponsored by Boston Capital and the
acquisition of real estate investments on behalf of such funds.
Mr. Collins has had extensive experience in real estate
development activities, having founded and directed the American
Development Group, a comprehensive real estate development firm,
and has also had extensive experience in the area of acquiring
real estate investments. He is on the Board of Directors of the
National Multi-Housing Council and a member of the Massachusetts
Housing Finance Agency Multi-Family Advisory Committee. He
graduated from the University of New Hampshire.
Anthony A. Nickas, age 39, is Chief Financial Officer of Boston
Capital Partners, Inc., and serves as Chairman of the firm's
Operating Committee. Mr. Nickas is responsible for all the
financial, accounting and operational functions of Boston Capital
and has spent the past thirteen years in the real estate
syndication and investment business. His prior responsibilities
at Boston Capital included management of finance and accounting
for the project development and property management affiliates.
Prior to joining Boston Capital in 1987, he was Assistant
Director of Accounting and Financial Reporting for the Yankee
Companies, Inc., and was an Audit Supervisor for Wolf & Company
of Massachusetts, P.C., a regional certified public accounting
firm based in Boston. He graduated with honors from Norwich
University.
(f) Involvement in certain legal proceedings.
(g)
None.
(g) Promoters and control persons.
None.
46
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 2000 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, 2000 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 $73,714 for amounts charged to
operations
during the year ended March 31, 2000. The reimbursement includes,
but may not
be limited to postage, printing, travel, and overhead
allocations.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Security ownership of certain beneficial owners.
As of March 31, 2000, 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
47
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, 2000.
(b) Certain business relationships.
The Partnership response to Item 13(a) is incorporated herein
by
reference.
(c) Indebtedness of management.
None.
(d) Transactions with promoters.
Not applicable.
48
PART IV
-------
Item 14. Exhibits, Financial Statement Schedules, and Reports
on
Form 8-K
(a) 1 and 2. Financial Statements and Financial Statement
Schedules
Independent Auditors' Report
Balance Sheets, March 31, 2000 and 1999
Statement of Operations, Years ended March 31, 2000, 1999,
and
1998.
Statements of Changes in Partners' Capital, Years ended March
31, 2000, 1999 and 1998.
Statements of Cash Flows, Years ended March 31, 2000, 1999
and
1998.
Notes to Financial Statements, March 31, 2000, 1999 and
1998.
Schedule III - Real Estate and Accumulated Depreciation
Notes to Schedule III
Schedules not listed are omitted because of the absence of
the
conditions under which they are required or because the
information is included in the financial statements or the
notes
hereto.
(a) 3. Exhibits (listed according to the number assigned
in the table in Item 601 of Regulation S-K)
Exhibit No. 3 - Organization Documents.
a. Certificate of Limited Partnership of Boston
Capital Tax Credit Fund II Limited Partnership.
(Incorporated by reference from Exhibit 3 to the
Partnership's Registration Statement No. 33-30145
on Form S-11 as filed with the Securities and
Exchange Commission on October 25, 1989.)
49
Exhibit No. 4 - Instruments defining the rights of
security
holders, including indentures.
a. Agreement of Limited Partnership of Boston
Capital Tax Credit Fund II Limited Partnership.
(Incorporated by reference from Exhibit 4 to the
Partnership's Registration Statement No. 33-30145
on Form S-11 as filed with the Securities and
Exchange Commission on October 25, 1989.)
Exhibit No. 10 - Material contracts.
a. Beneficial Assignee Certificate. (Incorporated
by reference from Exhibit 10A to the
Partnership's Registration Statement No. 33-30145
on Form S-11 as filed with the Securities and
Exchange Commission on October 25, 1989.)
Exhibit No. 28 - Additional exhibits
(b) Reports on Form 8-K
-------------------
(c) Exhibits
--------
The list of exhibits required by Item 601 of Regulation S-K
is
included in Item (a)(3).
(d) Financial Statement Schedules
-----------------------------
See Item (a) 1 and 2 above.
(e) Independent Auditors' Reports for Operating Limited
Partnerships.
---------------------------------------------------
50
SIGNATURES
----------
Pursuant to the requirements of Section 13 of the Securities
Exchange Act of 1934, the Partnership has duly caused this Report
to be
signed on its behalf by the undersigned, thereunto duly
authorized.
Boston Capital Tax Credit Fund II
Limited Partnership
By: Boston Capital Associates II
Limited Partnership, General
Partner
By: Boston Capital Associates
Date: July 10, 2000 By: /s/ John P. Manning
-------------------
John P. Manning
By: /s/ Herbert F. Collins
----------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act of
1934,
this report has been signed below by the following persons on
behalf of
the Partnership and in the capacities and on the dates indicated:
DATE: July 10, 2000 SIGNATURE: TITLE:
General
Partner and
/s/ John P. Manning
Principal Executive
------------------- Officer,
Principal
John P. Manning
Financial Officer and
Principal Accounting
Officer
of Boston
Capital
Associates
General
Partner and
/s/ Herbert F. Collins
Principal Executive
--------------------- Officer,
Principal
Herbert F. Collins
Financial Officer and
Principal Accounting
Officer
of Boston
Capital
Associates
51
SIGNATURES
----------
Pursuant to the requirements of Section 13 of the Securities
Exchange
Act of 1934, the Partnership has duly caused this Report to be
signed on
its behalf by the undersigned, thereunto duly authorized.
Boston Capital Tax Credit Fund
II
Limited Partnership
By: Boston Capital Associates II
Limited Partnership, General
Partner
By: Boston Capital Associates
Date: July 10, 2000 By: ----------------------
John P. Manning
Date: July 10, 2000 By: ----------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act of
1934,
this report has been signed below by the following persons on
behalf of
the Partnership and in the capacities and on the dates indicated:
DATE: July 10, 2000 SIGNATURE: TITLE:
General Partner
and
--------------------- Principal
Executive
John P. Manning Officer,
Principal
Financial
Officer and
Principal
Accounting
Officer of
Boston
Capital
Associates
General Partner
and
-------------------- Principal
Executive
Herbert F. Collins Officer,
Principal
Financial
Officer and
Principal
Accounting
Officer of
Boston
Capital
Associates
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, 2000
AND 1999
<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-76
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, 2000 and 1999, and the related
statements of operations, changes in partners' capital and
cash flows, for the total partnership and for each of the
series, for each of the three years ended March 31, 2000.
These financial statements are the responsibility of the
partnership' s management. Our responsibility is to express an
opinion on these financial statements based on our audits. We
did not audit the financial statements of certain operating
limited partnerships in which Boston Capital Tax Credit Fund II
Limited Partnership owns a limited partnership interest.
Investments in such partnerships comprise the following
percentages of the assets as of March 31, 2000 and 1999 for
Series 7, Series 9 through 12, and Series 14, and the limited
partnership loss for each of the three years ended March 31,
2000 for Series 7, Series 9 through 12, and Series 14: Total, 30%
and 34% of the assets and 29%, 24% and 22% of the
partnership loss; Series 7, 25% and 27% of the assets and 27%,
13% and 7% of the partnership loss; Series 9, 32% and 35% of
the assets and 31%, 29% and 27% of the partnership loss; Series
10, 45% and 40% of the assets and 30%, 20% and 7% of the
partnership loss; Series 11, 16% and 38% of the assets and 20%,
32% and 34% of the partnership loss; Series 12, 24% and 24% of
the assets and 28%, 24% and 32% of the partnership loss; and
Series 14, 32% and 35% of the assets and 22%, 19% and 18% of the
partnership loss. The financial statements of these
partnerships were audited by other auditors, whose reports have
been furnished to us, and our opinion, insofar as it relates
to information relating to these partnerships, is based solely on
the reports of the other auditors.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits and the
reports of the other auditors provide a reasonable basis for
our opinion.
F-3
<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, 2000 and 1999, and the
results of their operations and their cash flows for the
total partnership and for each of the series for each of the
three years ended March 31, 2000, in conformity with generally
accepted accounting principles.
We and other auditors have also audited the
information included in the related financial statement schedule
listed in Form 10-K item 14(a) of Boston Capital Tax Credit Fund
II Limited Partnership - Series 7, Series 9 through 12, and
Series 14 as of March 31, 2000. In our opinion, the schedule
presents fairly the information required to be set forth therein,
in conformity with generally accepted accounting principles.
Bethesda, Maryland
June 23, 2000
F-4
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
BALANCE SHEETS
March 31, 2000 and 1999
Total
----------------------------------------
2000 1999
------------------- -------------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C)
$ 46,636,873 $ 52,816,616
OTHER ASSETS
Cash and cash equivalents (notes A and E)
901,179 528,030
Investments held to maturity (notes A and G)
611,093 1,062,515
Notes receivable (note F)
543,584 543,584
Deferred acquisition costs, net of accumulated amortization
(notes A and C)
1,092,637 1,141,198
Other
799,453 556,163
------------------- -------------------
$ 50,584,819 $ 56,648,106
=================== ===================
LIABILITIES AND PARTNERS'
CAPITAL
LIABILITIES
Accounts payable - trade
$ 1,380 $ -
Accounts payable - affiliates (note B)
19,467,919 16,817,686
Capital contributions payable (note C)
261,103 368,417
------------------- -----------------
19,730,402 17,186,103
------------------- -----------------
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, 2000 and 1999
Assignees
- -
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 18,679,738 issued and
outstanding at March 31, 2000 and 1999
32,162,586 40,684,097
General partner
(1,308,169) (1,222,094)
------------------ ----------------
30,854,417 39,462,003
----------------- ----------------
$ 50,584,819 $ 56,648,106
================== ================
</TABLE>
(continued)
F-5
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 7
----------------------------------------
2000 1999
------------------- -------------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C)
$ 705,120 $ 974,248
OTHER ASSETS
Cash and cash equivalents (notes A and E)
4,929 8,529
Investments held to maturity (notes A and G)
- -
Notes receivable (note F)
- -
Deferred acquisition costs, net of accumulated amortization
(notes A and C)
- -
Other
57,517 46,618
------------------ ------------------
$ 767,566 $ 1,029,395
================== ==================
LIABILITIES AND PARTNERS'
CAPITAL
LIABILITIES
$ - $ -
Accounts payable - affiliates (note B)
1,155,639 1,020,834
Capital contributions payable (note C)
- -
------------------- ------------------
1,155,639 1,020,834
------------------- ------------------
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, 2000 and 1999
- -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 1,036,100 issued and
outstanding at March 31, 2000 and 1999
(294,266) 98,402
General partner
(93,807) (89,841)
------------------ -----------------
(388,073) 8,561
------------------ ------------------
$ 767,566 $ 1,029,395
=================== ==================
</TABLE>
(continued)
F-6
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 9
----------------------------------------
2000 1999
------------------- -------------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C)
$ 7,491,734 $ 9,083,730
OTHER ASSETS
Cash and cash equivalents (notes A and E)
247,361 143,538
Investments held to maturity (notes A and G)
88,505 252,699
Notes receivable (note F)
- -
Deferred acquisition costs, net of accumulated amortization
(notes A and C)
19,572 20,442
Other
204,244 154,191
----------------- -----------------
$ 8,051,416 $ 9,654,600
================== =================
LIABILITIES AND PARTNERS'
CAPITAL
LIABILITIES
Accounts payable - trade
$ - $ -
Accounts payable - affiliates (note B)
4,608,729 4,032,944
Capital contributions payable (note C)
- 4,590
------------------ ------------------
4,608,729 4,037,534
------------------ ------------------
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, 2000 and 1999
- -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 4,178,029 issued and
outstanding at March 31, 2000 and 1999
3,768,600 5,921,235
(325,913) (304,169)
General partner
------------------- -------------------
3,442,687 5,617,066
------------------- -------------------
$ 8,051,416 $ 9,654,600
=================== ===================
</TABLE>
(continued)
F-7
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 10
----------------------------------------
2000 1999
------------------- -------------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C)
$ 6,885,117 $ 7,305,952
OTHER ASSETS
Cash and cash equivalents (notes A and E)
32,209 33,116
Investments held to maturity (notes A and G)
89,657 84,983
Notes receivable (note F)
- -
Deferred acquisition costs, net of accumulated amortization
(notes A and C)
77,431 80,872
Other
42,154 42,354
------------------- -------------------
$ 7,126,568 $ 7,547,277
=================== ===================
LIABILITIES AND PARTNERS'
CAPITAL
LIABILITIES
Accounts payable - trade
$ - $ -
Accounts payable - affiliates (note B)
3,050,496 2,694,984
- -
Capital contributions payable (note C)
------------------- -------------------
3,050,496 2,694,984
------------------- -------------------
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, 2000 and 1999
- -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 2,428,925 issued and
outstanding at March 31, 2000 and 1999
4,246,124 5,014,583
General partner
(170,052) (162,290)
------------------- -------------------
4,076,072 4,852,293
------------------- -------------------
$ 7,126,568 $ 7,547,277
=================== ===================
</TABLE>
(continued)
F-8
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 11
----------------------------------------
2000 1999
------------------- -------------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C)
$ 8,097,883 $ 8,819,044
OTHER ASSETS
Cash and cash equivalents (notes A and E)
247,690 95,122
Investments held to maturity (notes A and G)
141,329 221,589
Notes receivable (note F)
- -
Deferred acquisition costs, net of accumulated amortization
(notes A and C)
39,247 40,991
Other
68,870 54,797
------------------- -------------------
$ 8,595,019 $ 9,231,543
=================== ===================
LIABILITIES AND PARTNERS'
CAPITAL
LIABILITIES
Accounts payable - trade
$ - $ -
Accounts payable - affiliates (note B)
2,277,513 1,951,834
Capital contributions payable (note C)
22,528 22,528
------------------- ------------------
2,300,041 1,974,362
------------------- ------------------
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, 2000 and 1999
- -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 2,489,599 issued and
outstanding at March 31, 2000 and 1999
6,446,713 7,399,294
General partner
(151,735) (142,113)
------------------- ------------------
6,294,978 7,257,181
------------------- ------------------
$ 8,595,019 $ 9,231,543
=================== ==================
</TABLE>
(continued)
F-9
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 12
----------------------------------------
2000 1999
------------------- -------------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C)
$ 8,296,388 $ 9,338,564
OTHER ASSETS
Cash and cash equivalents (notes A and E)
68,437 82,710
Investments held to maturity (notes A
and G)
- -
Notes receivable (note F)
- -
Deferred acquisition costs, net of accumulated amortization
(notes A and C)
299,628 312,945
Other
105,927 68,425
------------------- -------------------
$ 8,770,380 $ 9,802,644
=================== ===================
LIABILITIES AND PARTNERS'
CAPITAL
LIABILITIES
$ $
Accounts payable - trade
- -
Accounts payable - affiliates (note B)
2,868,059 2,473,495
Capital contributions payable (note C)
11,405 11,405
------------------- -------------------
2,879,464 2,484,900
------------------- -------------------
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, 2000 and 1999
- -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 2,972,795 issued and
outstanding at March 31, 2000 and 1999
6,089,266 7,501,826
(198,350) (184,082)
General partner
------------------- -------------------
5,890,916 7,317,744
------------------- -------------------
$ 8,770,380 $ 9,802,644
=================== ===================
</TABLE>
(continued)
F-10
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 14
----------------------------------------
2000 1999
------------------- -------------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and C)
$ 15,160,631 $ 17,295,078
OTHER ASSETS
Cash and cash equivalents (notes A and E)
300,553 165,015
Investments held to maturity (notes A and G)
291,602 503,244
Notes receivable (note F)
543,584 543,584
Deferred acquisition costs, net of accumulated amortization
(notes A and C)
656,759 685,948
Other
320,741 189,778
------------------- -------------------
$ 17,273,870 $ 19,382,647
=================== ===================
LIABILITIES AND PARTNERS'
CAPITAL
LIABILITIES
Accounts payable - trade
$ 1,380 $ -
Accounts payable - affiliates (note B)
5,507,483 4,643,595
Capital contributions payable (note C)
227,170 329,894
------------------- -------------------
5,736,033 4,973,489
------------------- -------------------
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, 2000 and 1999
- -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 5,574,290 issued and
outstanding at March 31, 2000 and 1999
11,906,149 14,748,757
General partner
(368,312) (339,599)
------------------- -------------------
11,537,837 14,409,158
------------------- -------------------
$ 17,273,870 $ 19,382,647
=================== ===================
</TABLE>
See notes to financial statements
F-11
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF OPERATIONS
Years ended March 31, 2000, 1999
and 1998
Total
-------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<S> <C>
<C> <C>
Income $
$ $
Interest income
53,779 73,186 41,471
Miscellaneous income
38,750 37,206 1,442
------------------- ------------------- -------------------
92,529 110,392 42,913
------------------- ------------------- -------------------
Share of losses from operating limited
partnerships (note A)
(5,998,233) (7,498,353)* (8,573,433)
------------------- ------------------- -------------------
Expenses
Professional fees
231,351 229,416 228,290
Partnership management fee (note B)
2,280,617 2,299,147 2,314,373
Amortization (note A)
48,561 48,561 48,561
Impairment loss (note A) -
468,736 -
General and administrative expenses (note B)
141,353 131,758 191,817
------------------- ------------------- -------------------
2,701,882 3,177,618 2,783,041
------------------- ------------------- -------------------
NET LOSS (note A) $
(8,607,586) $ (10,565,579) $ (11,313,561)
=================== =================== ===================
Net loss allocated to general partner $
(86,075) $ (105,657) $ (113,135)
=================== =================== ===================
Net loss allocated to assignees $
(8,521,511) $ (10,459,922) $ (11,200,426)
=================== =================== ===================
Net loss per BAC $
(0.46) $ (0.56) $ (0.60)
=================== =================== ===================
* Includes loss on disposal of operating limited partnership (Series 10)
of $235,446.
</TABLE>
(continued)
F-12
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF OPERATIONS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 7
------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<S> <C>
<C> <C>
Income
Interest income $
185 $ 162 $ 257
Miscellaneous income -
150 -
Total income
185 312 257
------------------- ------------------- -------------------
Share of losses from operating limited
partnerships (note A)
(269,128) (255,660) (286,041)
------------------- ------------------- -------------------
Expenses
Professional fees
11,844 18,264 16,079
Partnership management fee (note B)
108,654 103,589 111,089
Amortization (note A) -
- -
Impairment loss (note A) -
255,418 -
General and administrative expenses (note B)
7,193 6,845 8,522
------------------- ------------------- -------------------
127,691 384,116 135,690
------------------- ------------------- -------------------
NET LOSS (note A) $
(396,634) $ (639,464) $ (421,474)
=================== =================== ===================
Net loss allocated to general partner $
(3,966) $ (6,395) $ (4,215)
=================== =================== ===================
Net loss allocated to assignees $
(392,668) $ (633,069) $ (417,259)
=================== =================== ===================
Net loss per BAC $
(0.38) $ (0.61) $ (0.40)
=================== =================== ===================
</TABLE>
(continued)
F-13
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF OPERATIONS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 9
-------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<S> <C>
<C> <C>
Income
Interest income $
11,565 $ 22,140 $ 16,101
Miscellaneous income
10,027 3,472 87
------------------- ------------------- -------------------
Total income
21,592 25,612 16,188
------------------- ------------------- -------------------
Share of losses from operating limited
partnerships (note A)
(1,587,512) (1,736,728) (1,699,785)
------------------- ------------------- -------------------
Expenses
Professional fees
39,228 39,133 35,520
Partnership management fee (note B)
539,698 552,372 547,218
Amortization (note A)
870 870 870
Impairment loss (note A) -
- -
General and administrative expenses (note B)
28,663 25,771 32,138
------------------- ------------------- -------------------
608,459 618,146 615,746
------------------- ------------------- -------------------
NET LOSS (note A) $
(2,174,379) $ (2,329,262) $ (2,299,343)
=================== =================== ===================
Net loss allocated to general partner $
(21,744) $ (23,293) $ (22,993)
=================== =================== ===================
Net loss allocated to assignees $
(2,152,635) $ (2,305,969) $ (2,276,350)
=================== =================== ===================
Net loss per BAC $
(0.52) $ (0.55) $ (0.55)
=================== =================== ===================
</TABLE>
(continued)
F-14
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF OPERATIONS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 10
--------------------------------------------------------------
2000
1999 1998
-------------------
------------------- -------------------
<S> <C>
<C> <C>
Income
Interest income $ 4,891
$ 5,647 $ 3,695
Miscellaneous income 8,550
- -
-------------------
------------------- -------------------
Total income 13,441
5,647 3,695
-------------------
------------------- -------------------
Share of losses from operating limited
partnerships (note A) (407,144)
(897,590)* (1,008,105)
-------------------
------------------- -------------------
Expenses
Professional fees 33,952
31,182 31,229
Partnership management fee (note B) 323,517
324,577 321,682
Amortization (note A) 3,441
3,441 3,441
Impairment loss (note A) -
- -
General and administrative expenses (note B) 21,608
17,011 30,588
-------------------
------------------- -------------------
382,518
376,211 386,940
-------------------
------------------- -------------------
NET LOSS (note A) $ (776,221)
$ (1,268,154) $ (1,391,350)
===================
=================== ===================
Net loss allocated to general partner $ (7,762)
$ (12,682) $ (13,913)
===================
=================== ===================
Net loss allocated to assignees $ (768,459)
$ (1,255,472) $ (1,377,437)
===================
=================== ===================
Net loss per BAC $ (0.32)
$ (0.52) $ (0.57)
===================
=================== ===================
* Includes loss on disposal of operating limited partnership (Series 10)
of $235,446.
</TABLE>
(continued)
F-15
PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF OPERATIONS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 11
-----------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<S> <C>
<C> <C>
Income
Interest income $
11,638 $ 14,804 $ 5,610
Miscellaneous income
7,453 5,091 5
------------------- ------------------- -------------------
Total income
19,091 19,895 5,615
------------------- ------------------- -------------------
Share of losses from operating limited
partnerships (note A)
(637,934) (931,161) (1,197,310)
------------------- ------------------- -------------------
Expenses
Professional fees
32,595 29,826 30,344
Partnership management fee (note B)
290,784 300,795 298,613
Amortization (note A)
1,744 1,744 1,744
Impairment loss (note A) -
84,701 -
General and administrative expenses (note B)
18,237 16,972 26,890
------------------- ------------------- -------------------
343,360 434,038 357,591
------------------- ------------------- -------------------
NET LOSS (note A) $
(962,203) $ (1,345,304) $ (1,549,286)
=================== =================== ===================
Net loss allocated to general partner $
(9,622) $ (13,453) $ (15,493)
=================== =================== ===================
Net loss allocated to assignees $
(952,581) $ (1,331,851) $ (1,533,793)
=================== =================== ===================
Net loss per BAC $
(0.38) $ (0.53) $ (0.61)
=================== =================== ===================
</TABLE>
(continued)
F-16
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF OPERATIONS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 12
-----------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<S> <C>
<C> <C>
Income
Interest income $
1,465 $ 805 $ 228
Miscellaneous income
2,886 10,846 -
------------------- ------------------- -------------------
Total income
4,351 11,651 228
------------------- ------------------- -------------------
Share of losses from operating limited
partnerships (note A)
(998,028) (1,122,280) (1,350,247)
------------------- ------------------- -------------------
Expenses
Professional fees
35,899 36,772 42,629
Partnership management fee (note B)
362,250 347,246 360,155
Amortization (note A)
13,317 13,317 13,317
Impairment loss (note A) -
128,617 -
General and administrative expenses (note B)
21,685 21,986 28,461
------------------- ------------------- -------------------
433,151 547,938 444,562
------------------- ------------------- -------------------
NET LOSS (note A) $
(1,426,828) $ (1,658,567) $ (1,794,581)
=================== =================== ===================
Net loss allocated to general partner $
(14,268) $ (16,586) $ (17,946)
=================== =================== ===================
Net loss allocated to assignees $
(1,412,560) $ (1,641,981) $ (1,776,635)
=================== =================== ===================
Net loss per BAC $
(0.48) $ (0.55) $ (0.60)
=================== =================== ===================
</TABLE>
(continued)
F-17
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF OPERATIONS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 14
------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<S> <C>
<C> <C>
Income
Interest income $
24,035 $ 29,628 $ 15,580
Miscellaneous income
9,834 17,647 1,350
------------------- ------------------- -------------------
Total income
33,869 47,275 16,930
------------------- ------------------- -------------------
Share of losses from operating limited
partnerships (note A)
(2,098,487) (2,554,934) (3,031,945)
------------------- ------------------- -------------------
Expenses
Professional fees
77,833 74,239 72,489
Partnership management fee (note B)
655,714 670,568 675,616
Amortization (note A)
29,189 29,189 29,189
Impairment loss (note A) -
- -
General and administrative expenses (note B)
43,967 43,173 65,218
------------------- ------------------- -------------------
806,703 817,169 842,512
------------------- ------------------- -------------------
NET LOSS (note A) $
(2,871,321) $ (3,324,828) $ (3,857,527)
=================== =================== ===================
Net loss allocated to general partner $
(28,713) $ (33,248) $ (38,575)
=================== =================== ===================
Net loss allocated to assignees $
(2,842,608) $ (3,291,580) $ (3,818,952)
=================== =================== ===================
Net loss per BAC $
(0.51) $ (0.59) $ (0.69)
=================== =================== ===================
</TABLE>
See notes to financial statements
F-18
<PAGE>
<TABLE>
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, 2000, 1999
and 1998
General
Total Assignees
partner Total
------------------------------------------------------- -----------------
------------------- ------------------
<S> <C>
<C> <C>
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
Net loss
(8,521,511) (86,075) (8,607,586)
----------------- ------------------- ------------------
Partners' capital (deficit), March 31, 2000 $
32,162,586 $ (1,308,169) $ 30,854,417
================= =================== ==================
</TABLE>
(continued)
F-19
<PAGE>
<TABLE>
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, 2000, 1999
and 1998
General
Series 7 Assignees
partner Total
------------------------------------------------------- -----------------
------------------- ------------------
<S> <C>
<C> <C>
Partners' 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
Net loss
(392,668) (3,966) (396,634)
----------------- ------------------- ------------------
Partners' capital (deficit), March 31, 2000 $
(294,266) $ (93,807) $ (388,073)
================= =================== ==================
General
Series 9 Assignees
partner Total
------------------------------------------------------- -----------------
------------------- ------------------
<S> <C>
<C> <C>
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
Net loss
(2,152,635) (21,744) (2,174,379)
----------------- ------------------- ------------------
Partners' capital (deficit), March 31, 2000 $
3,768,600 $ (325,913) $ 3,442,687
================= =================== ==================
</TABLE>
(continued)
F-20
<PAGE>
<TABLE>
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, 2000, 1999 and
1998
General
Series 10 Assignees
partner Total
------------------------------------------------------- -----------------
------------------- ------------------
<S> <C>
<C> <C>
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
Net loss (768,459)
(7,762) (776,221)
-----------------
------------------- ------------------
Partners' capital (deficit), March 31, 2000 $ 4,246,124
$ (170,052) $ 4,076,072
=================
=================== ==================
</TABLE>
<TABLE>
General
Series 11 Assignees
partner Total
--------------------------------------------------------- -----------------
------------------- ------------------
<S> <C>
<C> <C>
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
Net loss (952,581)
(9,622) (962,203)
-----------------
------------------- ------------------
Partners' capital (deficit), March 31, 2000 $ 6,446,713
$ (151,735) $ 6,294,978
=================
=================== ==================
</TABLE>
(continued)
F-21
<PAGE>
<TABLE>
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, 2000, 1999
and 1998
General
Series 12 Assignees
partner Total
------------------------------------------------------- -----------------
------------------- ------------------
<S> <C>
<C> <C>
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
Net loss
(1,412,560) (14,268) (1,426,828)
----------------- ------------------- ------------------
Partners' capital (deficit), March 31, 2000 $
6,089,266 $ (198,350) $ 5,890,916
================= =================== ==================
</TABLE>
<TABLE>
General
Series 14 Assignees
partner Total
------------------------------------------------------- -----------------
------------------- ------------------
<S> <C>
<C> <C>
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
Net loss (2,842,608)
(28,713) (2,871,321)
-----------------
------------------- ------------------
Partners' capital (deficit), March 31, 2000 $ 11,906,149
$ (368,312) $ 11,537,837
=================
=================== ==================
</TABLE>
See notes to financial statements
F-22
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
STATEMENTS OF CASH FLOWS
Years ended March 31, 2000, 1999
and 1998
Total
-------------------------------------------------------------
2000
1999 1998
-------------------- ------------------ -------------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (8,607,586)
$ (10,565,579) $ (11,313,561)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distribution from operating limited
partnerships 128,448
57,177 44,006
Share of losses from operating limited
partnerships 5,998,233
7,498,353 8,573,433
Impairment loss -
468,736 -
Amortization 48,561
48,561 48,561
Changes in assets and liabilities
Accounts payable and accrued expenses 2,651,613
2,580,197 2,582,855
Other assets 7,822
(39,928) (2,899)
--------------------
------------------ -------------------
Net cash provided by (used in)
operating activities 227,091
47,517 (67,605)
--------------------
------------------ -------------------
Cash flows from investing activities
Capital contributions paid to operating limited
partnerships (104,590)
(2,543) (18,000)
Repayment from (advance to) operating limited
partnerships (200,774)
(65,677) (28,472)
Purchase of investments (net of proceeds from
redemption of investments) 451,422
(145,018) (917,497)
--------------------
------------------ -------------------
Net cash provided by (used in) investing
activities 146,058
(213,238) (963,969)
--------------------
------------------ -------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS 373,149
(165,721) (1,031,574)
Cash and cash equivalents, beginning 528,030
693,751 1,725,325
--------------------
------------------ -------------------
Cash and cash equivalents, end $ 901,179
$ 528,030 $ 693,751
====================
================== ===================
</TABLE>
(continued)
F-23
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF CASH FLOWS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Total
-------------------------------------------------------------
2000
1999 1998
-------------------
------------------- -------------------
<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. $
2,724 $ - $ 681
=================== =================== ===================
The partnership has adjusted its investment
in operating limited partnerships for low
income tax credits not generated. $
57,687 $ 14,468 $ 14,988
=================== =================== ===================
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-24
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF CASH FLOWS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 7
------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $ (396,634)
$ (639,464) $ (421,474)
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 269,128
255,660 286,041
Impairment loss -
255,418 -
Amortization -
- -
Changes in assets and liabilities
Accounts payable and accrued expenses 134,805
159,949 130,559
Other assets -
- -
-------------------
------------------- -------------------
Net cash provided by (used in)
operating activities 7,299
31,563 (4,874)
-------------------
------------------- -------------------
Cash flows from investing activities
Capital contributions paid to operating limited
partnerships -
- -
Repayment from (advance to) operating limited
partnerships (10,899)
(30,168) -
Purchase of investments (net of proceeds from
redemption of investments) -
- -
-------------------
------------------- -------------------
Net cash provided by (used in) investing
activities (10,899)
(30,168) -
-------------------
------------------- -------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (3,600)
1,395 (4,874)
Cash and cash equivalents, beginning 8,529
7,134 12,008
-------------------
------------------- -------------------
Cash and cash equivalents, end $ 4,929
$ 8,529 $ 7,134
===================
=================== ===================
</TABLE>
(continued)
F-25
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF CASH FLOWS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 7
------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<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>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF CASH FLOWS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 9
-----------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $
(2,174,379) $ (2,329,262) $ (2,299,343)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distribution from operating limited
partnerships
1,047 1,249 3,390
Share of losses from operating limited
partnerships
1,587,512 1,736,728 1,699,785
Impairment loss -
- -
Amortization
870 870 870
Changes in assets and liabilities
Accounts payable and accrued expenses
575,785 575,781 575,787
Other assets
12,553 (9,921) (2,216)
------------------- ------------------- -------------------
Net cash provided by (used in)
operating activities
3,388 (24,555) (21,727)
------------------- ------------------- -------------------
Cash flows from investing activities
Capital contributions paid to operating limited
partnerships
(4,590) - -
Repayment from (advance to) operating limited
partnerships
(59,169) (96,620) (27,697)
Purchase of investments (net of proceeds from
redemption of investments)
164,194 (3,202) (249,497)
-------------------
------------------- -------------------
Net cash provided by (used in) investing
activities
100,435 (99,822) (277,194)
-------------------
------------------- -------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
103,823 (124,377) (298,921)
Cash and cash equivalents, beginning
143,538 267,915 566,836
------------------- ------------------- -------------------
Cash and cash equivalents, end $
247,361 $ 143,538 $ 267,915
=================== =================== ===================
</TABLE>
(continued)
F-27
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF CASH FLOWS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 9
-------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
The partnership has decreased its capital
contribution obligation to the operating
limited partnerships for low income tax
credits not generated. $ -
$ - $ -
=================== =================== ===================
The partnership has adjusted its investment
in operating limited partnerships for low
income tax credits not generated. $
3,437 $ - $ 3,728
=================== =================== ===================
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>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF CASH FLOWS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 10
-------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $
(776,221) $ (1,268,154) $ (1,391,350)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distribution from operating limited
partnerships
21,040 7,917 5,031
Share of losses from operating limited
partnerships
407,144 897,590 1,008,105
Impairment loss -
- -
Amortization
3,441 3,441 3,441
Changes in assets and liabilities
Accounts payable and accrued expenses
355,512 355,512 355,512
Other assets
(7,149) (2,691) (683)
------------------- ------------------- -------------------
Net cash provided by (used in)
operating activities
3,767 (6,385) (19,944)
------------------- ------------------- -------------------
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)
(4,674) (1,983) (83,000)
------------------- ------------------- -------------------
Net cash provided by (used in) investing
activities
(4,674) (1,983) (83,000)
------------------- ------------------- -------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
(907) (8,368) (102,944)
Cash and cash equivalents, beginning
33,116 41,484 144,428
------------------- ------------------- -------------------
Cash and cash equivalents, end $
32,209 $ 33,116 $ 41,484
=================== =================== ===================
</TABLE>
(continued)
F-29
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF CASH FLOWS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 10
------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<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>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF CASH FLOWS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 11
-------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $
(962,203) $ (1,345,304) $ (1,549,286)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distribution from operating limited
partnerships
68,150 35,909 10,000
Share of losses from operating limited
partnerships
637,934 931,161 1,197,310
Impairment loss -
84,701 -
Amortization
1,744 1,744 1,744
Changes in assets and liabilities
Accounts payable and accrued expenses
325,679 326,080 325,681
Other assets
1,004 (5,380) -
------------------- ------------------- -------------------
Net cash provided by (used in)
operating activities
72,308 28,911 (14,551)
------------------- ------------------- -------------------
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)
80,260 27,411 (249,000)
------------------- ------------------- -------------------
Net cash provided by (used in) investing
activities
80,260 27,411 (254,000)
------------------- ------------------- -------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
152,568 56,322 (268,551)
Cash and cash equivalents, beginning
95,122 38,800 307,351
------------------- ------------------- -------------------
Cash and cash equivalents, end $
247,690 $ 95,122 $ 38,800
=================== =================== ===================
</TABLE>
(continued)
F-31
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF CASH FLOWS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 11
------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<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. $
15,077 $ 2,127 $ 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>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF CASH FLOWS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 12
-------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $
(1,426,828) $ (1,658,567) $ (1,794,581)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distribution from operating limited
partnerships
6,646 7,785 6,315
Share of losses from operating limited
partnerships
998,028 1,122,280 1,350,247
Impairment loss -
128,617 -
Amortization
13,317 13,317 13,317
Changes in assets and liabilities
Accounts payable and accrued expenses
394,564 406,339 438,772
Other assets -
(19,999) -
------------------- ------------------- -----------------
Net cash provided by (used in)
operating activities
(14,273) (228) 14,070
------------------ ------------------- -------------------
Cash flows from investing activities
Capital contributions paid to operating limited
partnerships -
- -
Repayment from (advance to) operating limited
partnerships -
61,111 (775)
Purchase of investments (net of proceeds from
redemption of investments) -
- -
------------------- ------------------- -------------------
Net cash provided by (used in) investing
activities -
61,111 (775)
------------------- ------------------- -------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
(14,273) 60,883 13,295
Cash and cash equivalents, beginning
82,710 21,827 8,532
------------------- ------------------- -------------------
Cash and cash equivalents, end $
68,437 $ 82,710 $ 21,827
=================== =================== ===================
</TABLE>
(continued)
F-33
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF CASH FLOWS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 12
------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<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. $
37,502 $ 1,425 $ 3,485
=================== =================== ===================
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>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF CASH FLOWS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 14
------------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $
(2,871,321) $ (3,324,828) $ (3,857,527)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Distribution from operating limited
partnerships
31,565 4,317 19,270
Share of losses from operating limited
partnerships
2,098,487 2,554,934 3,031,945
Impairment loss
- - -
Amortization
29,189 29,189 29,189
Changes in assets and liabilities
Accounts payable and accrued expenses
865,268 756,536 756,544
Other assets
1,414 (1,937) -
------------------- ------------------- -------------------
Net cash provided by (used in)
operating activities
154,602 18,211 (20,579)
------------------- ------------------- -------------------
Cash flows from investing activities
Capital contributions paid to operating limited
partnerships
(100,000) (2,543) (13,000)
Repayment from (advance to) operating limited
partnerships
(130,706) - -
Purchase of investments (net of proceeds from
redemption of investments)
211,642 (167,244) (336,000)
------------------- ------------------- -------------------
Net cash provided by (used in) investing
activities
(19,064) (169,787) (349,000)
------------------- ------------------- -------------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
135,538 (151,576) (369,579)
Cash and cash equivalents, beginning
165,015 316,591 686,170
------------------- ------------------- -------------------
Cash and cash equivalents, end $
300,553 $ 165,015 $ 316,591
=================== =================== ===================
</TABLE>
(continued)
F-35
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and
14
STATEMENTS OF CASH FLOWS -
CONTINUED
Years ended March 31, 2000, 1999
and 1998
Series 14
-----------------------------------------------------------
2000
1999 1998
------------------- ------------------- -------------------
<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. $
2,724 $ - $ 681
=================== =================== ===================
The partnership has adjusted its investment
in operating limited partnerships for low
income tax credits not generated. $
1,671 $ 10,916 $ 2,052
=================== =================== ===================
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>
See notes to financial statements
F-36
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS
March 31, 2000, 1999 and 1998
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, 2000 and 1999 are
as follows:
<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
===========
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.
</TABLE>
F-37
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Deferred Acquisition Costs
--------------------------
Deferred acquisition costs are being amortized on the
straight-line
method starting April 1, 1995 over 27.5 years (330 months).
As of April 1, 1995, the partnership reclassified
certain
unallocated acquisition costs included in the investments in
operating
limited partnerships to deferred acquisition costs. The amounts
include
$23,920, $94,634, and $47,968 for Series 9, Series 10 and Series
11,
respectively.
Accumulated amortization as of March 31, 2000 and 1999 is as follows:
2000 1999
-----------------
---------------
<S> <C> <C>
Series 7 $ - $
-
Series 9 4,350
3,480
Series 10 17,207
13,766
Series 11 8,721
6,977
Series 12 66,585
53,268
Series 14 145,946
116,757
-----------------
---------------
$ 242,809 $
194,248
=================
===============
</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.
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, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
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 2000 or 1999.
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.
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, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (Continued)
Investments in Operating Limited Partnerships (Continued)
---------------------------------------------
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.
Fiscal Year
-----------
For financial reporting purposes the partnership uses
a March 31 year end, whereas for income tax reporting purposes,
the partnership uses a calendar year. The operating limited
partnerships use a calendar year for both financial and income tax
reporting.
Net Loss per Beneficial Assignee Certificate
--------------------------------------------
Net loss per beneficial assignee certificate is calculated based
upon the weighted average number of units outstanding. The
weighted average number of units outstanding in each series at
March 31, 2000, 1999 and 1998 are as follows:
Series 7 1,036,100
Series 9 4,178,029
Series 10 2,428,925
Series 11 2,489,599
Series 12 2,972,795
Series 14 5,574,290
----------
Total 18,679,738
==========
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, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Use of Estimates
----------------
The preparation of financial statements in conformity with
generally accepted accounting principles requires
management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of
revenue and expenses during the reporting period. Actual
results could differ from those estimates.
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.
Recent Accounting Pronouncements
--------------------------------
In June 1999, the Financial Accounting Standards Board
(FASB) issued Statement of Financial Accounting Standards
(SFAS) No. 136, Transfers of Assets to a Not-For-Profit
Organization or Charitable Trust That Raises Or Holds
Contributions for Others, and in June 1999, the FASB issued
SFAS No. 137, "Accounting For Derivative Instruments and
Hedging Activities - Deferral of the Effective Date of SFAS
No. 133".
SFAS No. 136 is generally effective for periods
beginning after December 15, 1999 and SFAS 137 is effective
upon issuance in June 1999.
The fund does not have any derivative or hedging activities
and is not a not-for-profit organization. Consequently,
these pronouncements are not expected to have an effect on
the fund's financial statements.
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 2000, 1999 and 1998, the
partnership entered into several transactions with various
affiliates of the general partner, including Boston Capital
Partners, Inc., Boston Capital Holdings Limited
Partnership and Boston Capital Asset Management Limited
Partnership, as follows:
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, 2000, 1999 and 1998
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
Boston Capital Asset Management Limited Partnership is
entitled to an annual partnership management fee based on
.5% 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, 2000, 1999 and
1998 are as follows:
2000 1999 1998
----------------- ----------------- -----------------
[S] [C] [C] [C]
Series 7 $ 108,654 $ 103,589 $ 111,089
Series 9 539,698 552,372 547,218
Series 10 323,517 324,577 321,682
Series 11 290,784 300,795 298,613
Series 12 362,250 347,246 360,155
Series 14 655,714 670,568 675,616
----------------- ----------------- -----------------
$ 2,280,617 $ 2,299,147 $ 2,314,373
================= ================= =================
F-42
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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,
2000, 1999 and 1998 charged to each series operations are as
follows:
2000 1999
1998
----------------- -----------------
-----------------
<S> <C> <C> <C>
Series 7 $ 2,709 $ 2,212 $
2,441
Series 9 14,815 11,439
15,327
Series 10 11,616 8,694
18,402
Series 11 10,340 7,688
16,420
Series 12 10,965 10,020
13,492
Series 14 23,269 17,534
37,157
----------------- -----------------
-----------------
$ 73,714 $ 57,587 $
103,239
================= =================
=================
Accounts payable - affiliates at March 31, 2000 and 1999
represents general and administrative expenses, partnership
management fees, and may include advances which are payable to
Boston Capital Holdings Limited Partnership and Boston Capital
Asset Management Limited Partnership. The carrying value of the
accounts payable - affiliates approximates fair value.
</TABLE>
F-43
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 2000, and 1999, 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, 2000, and 1999 by series are as follows:
2000 1999
----------------- ---------------
<S> <C> <C>
Series 7 15 15
Series 9 55 55
Series 10 45 45
Series 11 40 40
Series 12 53 53
Series 14 101 101
----------------- ---------------
309 309
================= ===============
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.
</TABLE>
<TABLE>
The contributions payable to operating limited partnerships at March 31,
2000 and 1999 by series are
as follows:
2000 1999
----------------- ---------------
<S> <C> <C>
Series 7 $ - $ -
Series 9 - 4,590
Series 10 - -
Series 11 22,528 22,528
Series 12 11,405 11,405
Series 14 227,170 329,894
----------------- ---------------
$ 261,103 $ 368,417
================= ===============
</TABLE>
F-44
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited
partnerships at March 31, 2000 are summarized as follows:
Total
----------------
<S> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax credit
adjusters $ 133,430,960
Acquisition costs of operating limited
partnerships 22,387,381
Cumulative distributions from operating limited
partnerships (619,401)
Impairment loss in investment in operating
limited partnerships (468,736)
Cumulative losses from operating limited
partnerships (108,093,331)
----------------
Investment in operating limited partnerships per
balance sheets 46,636,873
The partnership (has recorded) or has not recorded
capital contributions to the operating limited
partnerships during the year ended March 31, 2000,
which (have not) have been included in the
partnerships' capital account included in the
operating limited partnerships' financial
statements as of December 31, 1999 (see note A). (1,700,639)
The partnership has recorded acquisition costs at
March 31, 2000, which have not been recorded in the
net assets of the operating limited partnerships
(see note A). (2,566,166)
Cumulative losses from operating limited
partnerships for the three months ended March 31,
2000, which the operating limited partnerships have
not included in their capital as of December 31,
1999 due to different year ends (see note A). 5,109,374
Equity in losses from operating limited
partnerships not recognizable under the equity
method of accounting (see note A). (18,726,475)
The partnership has recorded low-income housing tax
credit adjusters not recorded by operating limited
partnerships (see note A). 885,859
Impairment loss in investment in operating
limited partnerships 468,736
Other 2,850,242
----------------
Equity per operating limited partnerships'
combined financial statements $ 32,957,804
================
</TABLE>
F-45
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships
at March 31, 2000 are summarized as
follows:
Series 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
$ 29,793,430 $ 17,589,002
Acquisition costs of operating limited
partnerships 1,302,313
5,201,737 2,958,341
Cumulative distributions from operating limited
partnerships (2,258)
(45,297) (52,318)
Impairment loss in investment in operating limited
partnerships (255,418)
- -
Cumulative losses from operating limited
partnerships (7,825,694)
(27,458,136) (13,609,908)
----------------
---------------- ----------------
Investment in operating limited partnerships per
balance sheets 705,120
7,491,734 6,885,117
</TABLE>
F-46
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
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, 2000,
w h ich (have not) have been included in the
partnerships' capital account included in the
operating limited partnerships' financial
statements as of December 31, 1999 (see note A). 24,274
(225,480) (4,228)
The partnership has recorded acquisition costs at
March 31, 2000, 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,
2000, which the operating limited partnerships have
not included in their capital as of December 31,
1999 due to different year ends (see note A). 125,066
1,134,799 776,692
Equity in losses from operating limited
partnerships not recognizable under the equity
method of accounting (see note A). (3,614,255)
(5,278,123) (2,282,383)
The partnership has recorded low-income housing tax
credit adjusters not recorded by operating limited
partnerships (see note A). (11,992)
140,133 85,358
Impairment loss in investment in operating limited
partnerships 255,418
- -
Other 1,470,137
1,184,964 (30,544)
---------------
---------------- ----------------
Equity per operating limited partnerships' combined
financial statements $ (1,507,375) $
4,262,783 $ 5,420,176
===============
================ ================
</TABLE>
F-47
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships
at March 31, 2000 are summarized as
follows:
Series 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 $ 17,684,665
$ 21,368,301 $ 39,509,385
Acquisition costs of operating limited
partnerships 3,069,084
3,398,377 6,457,529
Cumulative distributions from operating limited
partnerships (343,354)
(43,596) (132,578)
Impairment loss in investment in operating limited
partnerships (84,701)
(128,617) -
Cumulative losses from operating limited
partnerships (12,227,811)
(16,298,077) (30,673,705)
----------------
---------------- ----------------
Investment in operating limited partnerships per
balance sheets 8,097,883
8,296,388 15,160,631
</TABLE>
F-48
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
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, 2000,
w h ich (have not) have been included in the
partnerships' capital account included in the
operating limited partnerships' financial
statements as of December 31, 1999 (see note A). (262,454)
(572,254) (660,497)
The partnership has recorded acquisition costs at
March 31, 2000, which have not been recorded in the
net assets of the operating limited partnerships
(see note A). (511,258)
(312,956) (1,085,729)
Cumulative losses from operating limited
partnerships for the three months ended March 31,
2000, which the operating limited partnerships have
not included in their capital as of December 31,
1999 due to different year ends (see note A). 721,702
613,706 1,737,409
Equity in losses from operating limited
partnerships not recognizable under the equity
method of accounting (see note A). (2,650,061)
(1,808,561) (3,093,092)
The partnership has recorded low-income housing tax
credit adjusters not recorded by operating limited
partnerships (see note A). 107,936
184,522 379,902
Impairment loss in investment in operating limited
partnerships 84,701
128,617 -
Other 285,264
33,486 (93,065)
-----------------
---------------- ----------------
Equity per operating limited partnerships' combined
financial statements $ 5,873,713
$ 6,562,948 $ 12,345,559
=================
================ ================
</TABLE>
F-49
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited
partnerships at March 31, 1999 are summarized as follows:
Total
----------------
<S> <C>
Capital contributions paid and to b 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 sheets 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 account 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 losses from 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-50
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited
partnerships at March 31, 1999 are summarized as follows:
Series 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 sheets 974,248
9,083,730 7,305,952
</TABLE>
F-51
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
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,
w h ich (have not) have been included in the
partnerships' capital account 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)
Cum ulative 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 losses from 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 $ (796,890)
$ 7,209,455 $ 6,418,859
================ ================ ================
</TABLE>
F-52
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The partnership's investments in operating limited partnerships
at March 31, 1999 are summarized as
follows:
Series 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 sheets 8,819,044
9,338,564 17,295,078
</TABLE>
F-53
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
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,
w h ich (have not) have been included in the
partnerships' capital account 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 losses from 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 $ 7,422,413
$ 8,126,358 $ 15,336,239
================ ================ ================
</TABLE>
F-54
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating
limited partnerships in which Series 7, 9
through 12, and 14 hold an interest at December 31, 1999 are as
follows:
COMBINED SUMMARIZED BALANCE SHEETS
Total Series 7
Series 9 Series 10
----------------
---------------- ---------------- ---------------
<S> <C> <C>
<C> <C>
ASSETS
Buildings and improvements, net
of accumulated depreciation $ 452,285,375 $
18,749,188 $ 87,490,702 $ 54,414,456
Land 30,957,363
1,791,570 5,958,303 4,039,057
Other assets 41,372,429
1,653,700 7,512,050 6,445,292
----------------
---------------- ---------------- ---------------
$ 524,615,167 $
22,194,458 $ 100,961,055 $ 64,898,805
================
================ ================ ===============
LIABILITIES AND
PARTNERS' CAPITAL
Mortgages and construction
loans payable $ 411,241,118 $
18,271,825 $ 85,964,075 $ 54,443,064
Accounts payable and accrued
expenses 13,317,062
2,149,818 3,250,901 796,912
Other liabilities 27,655,035
1,071,141 6,052,766 2,386,415
----------------
---------------- ---------------- ---------------
452,213,215
21,492,784 95,267,742 57,626,391
----------------
---------------- ---------------- ---------------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund II Limited Partnership 32,957,804
(1,507,375) 4,262,783 5,420,176
Other partners 39,444,148
2,209,049 1,430,530 1,852,238
----------------
---------------- ---------------- ---------------
72,401,952
701,674 5,693,313 7,272,414
----------------
---------------- ---------------- ---------------
$ 524,615,167 $
22,194,458 $ 100,961,055 $ 64,898,805
================
================ ================ ===============
</TABLE>
F-55
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 7, 9 through
12, and hold an interest at December 31, 1999 are as follows:
COMBINED SUMMARIZED BALANCE
SHEETS - CONTINUED
Series 11
Series 12 Series 14
----------------
---------------- ----------------
<S> <C>
<C> <C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $ 54,813,826
$ 80,567,962 $ 156,249,241
Land 3,234,637
4,814,335 11,119,461
Other assets 6,057,380
6,164,219 13,539,788
----------------
---------------- ----------------
$ 64,105,843
$ 91,546,516 $ 180,908,490
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction loans payable $ 51,129,417
$ 66,189,703 $ 135,243,034
Accounts payable and accrued expenses 1,692,807
1,658,205 3,768,419
Other liabilities 2,686,127
5,630,995 9,827,591
----------------
---------------- ----------------
55,508,351
73,478,903 148,839,044
----------------
---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund II Limited
Partnership 5,873,713
6,562,948 12,345,559
Other partners 2,723,779
11,504,665 19,723,887
----------------
---------------- ----------------
8,597,492
18,067,613 32,069,446
----------------
---------------- ----------------
$ 64,105,843
$ 91,546,516 $ 180,908,490
================
================ ================
</TABLE>
F-56
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating
limited partnerships in which Series 7, 9
through 12, and 14 hold an interest at December 31, 1998 are as
follows:
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
Mortgages 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-57
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships in which Series 7, 9 through 12,
and 14 hold an interest at December 31, 1998 are as follows:
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
Mortgages 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-58
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships for the year
ended December 31, 1999 in which Series 7, 9 through 12, and 14 hold
an interest as of December 31, 1999
are as follows:
COMBINED SUMMARIZED STATEMENTS OF
OPERATIONS
Year ended December 31, 1999
Total Series 7
Series 9 Series 10
----------------
---------------- ---------------- ---------------
<S> <C> <C>
<C> <C>
Revenue
Rental $ 63,846,645 $
3,198,783 $ 12,131,522 $ 8,576,039
Interest and other 3,256,054
90,314 595,414 588,663
----------------
---------------- ---------------- ---------------
67,102,699
3,289,097 12,726,936 9,164,702
----------------
---------------- ---------------- ---------------
Expenses
Interest 22,777,050
1,400,516 4,378,013 2,576,127
Depreciation and amortization 20,570,970
954,146 4,232,077 2,652,757
Taxes and insurance 7,937,475
392,109 1,686,843 1,188,822
Repairs and maintenance 10,436,830
542,954 2,022,076 1,397,153
Operating expenses 18,263,164
938,139 3,496,085 2,336,476
Other expenses 2,030,899
94,198 543,570 224,439
----------------
---------------- ---------------- ---------------
82,016,388
4,322,062 16,358,664 10,375,774
NET LOSS $ (14,913,689) $
(1,032,965) $ (3,631,728) $ (1,211,072)
================
================ ================ ===============
Net loss allocated to Boston
Capital Tax Credit Fund II
Limited Partnership* $ (10,992,706) $
(710,486) $ (2,939,972) $ (993,555)
================
================ ================ ===============
Net loss allocated to other
partners $ (3,920,983) $
(322,479) $ (691,756) $ (217,517)
================
================ ================ ===============
*Amounts include $441,358, $1,352,460, $586,411, $864,736, $585,709
and $1,163,799 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.
</TABLE>
F-59
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited
partnerships for the year ended
December 31, 1999 in which Series 7, 9 through 12, and 14 hold an interest as
of December 31, 1999 are as
follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
- CONTINUED
Year ended December 31, 1999
Series 11
Series 12 Series 14
---------------- ---------------- ----------------
<S> <C>
<C> <C>
Revenue
Rental $ 8,024,284
$ 10,580,662 $ 21,335,355
Interest and other 340,068
539,965 1,101,630
---------------- ---------------- ----------------
8,364,352
11,120,627 22,436,985
---------------- ---------------- ----------------
Expenses
Interest 2,726,935
3,852,134 7,843,325
Depreciation and amortization 2,727,085
3,417,859 6,587,046
Taxes and insurance 1,026,793
1,254,098 2,388,810
Repairs and maintenance 1,204,426
1,741,594 3,528,627
Operating expenses 2,362,501
3,125,927 6,004,036
Other expenses 145,807
324,495 698,390
---------------- ---------------- ----------------
10,193,547
13,716,107 27,050,234
---------------- ---------------- ----------------
NET LOSS $
(1,829,195) $ (2,595,480) $ (4,613,249)
================ ================ ================
Net loss allocated to Boston
Capital Tax Credit Fund II
Limited Partnership* $
(1,502,670) $ (1,583,737) $ (3,262,286)
================ ================ ================
Net loss allocated to other partners $
(326,525) $ (1,011,743) $ (1,350,963)
================ ================ ================
* Amounts include $441,358, $1,352,460, $586,411, $864,736,
$585,709 and $1,163,799 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.
</TABLE>
F-60
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships 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:
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)
================
================ ================ ===============
*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.
</TABLE>
F-61
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships 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:
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 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)
================ ================ ================
*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.
</TABLE>
F-62
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the
operating limited partnerships 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:
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)
================
================ ================ ===============
*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.
</TABLE>
F-63
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating
limited partnerships 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:
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 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)
================ ================ ================
*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.
</TABLE>
F-64
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
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, 2000 is
reconciled as follows:
Total Series 7
Series 9 Series 10
----------------
---------------- ---------------- ---------------
<S> <C> <C>
<C> <C>
Net loss for financial reporting
purposes, March 31, 2000 $ (8,607,586) $
(396,634) $ (2,174,379) $ (776,221)
Operating limited partnership
rents received in advance 13,222
380 (957) 1,051
Partnership management fees not
recognized for tax purposes 2,509,932
113,148 575,784 355,512
Other 119,001
237,110 139,223 (247,084)
Operating limited partnership
loss not allowed for
financial reporting
under equity
method of accounting (4,994,473)
(441,358) (1,352,460) (586,411)
Impairment loss in investment in
operating limited partnership - -
- -
Excess of tax depreciation over
book depreciation on
operating limited partnership
assets (2,255,516)
(324,971) (351,493) (183,982)
Loss on disposal of investment in
operating limited partnership - -
- -
Difference due to fiscal year for
book purposes and calendar
year for tax purposes 10,158
(443) (2,664) 1,838
----------------
---------------- ---------------- ---------------
Income (loss) for tax return
purposes, December 31, 1999 $ (13,205,262) $
(812,768) $ (3,166,946) $ (1,435,297)
================
================ ================ ===============
</TABLE>
F-65
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
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, 2000 is
reconciled as follows:
Series 11
Series 12 Series 14
----------------
---------------- ----------------
<S> <C>
<C> <C>
Net loss for financial reporting purposes,
March 31, 2000 $ (962,203)
$ (1,426,828) $ (2,871,321)
Operating limited partnership rents received in
advance -
5,206 7,542
Partnership management fees not recognized
for tax purposes 325,680
383,268 756,540
Other 162,143
(86,345) (86,046)
Operating limited partnership loss not allowed
for financial reporting under equity method
of accounting (864,736)
(585,709) (1,163,799)
Impairment loss in investment in operating
limited partnership -
- -
Excess of tax depreciation over book depreciation
on operating limited partnership assets (179,775)
(349,598) (865,697)
Loss on disposal of investment in operating
limited partnership -
- -
Difference due to fiscal year for book purposes
and calendar year for tax purposes (739)
2,642 9,524
----------------
---------------- ----------------
Income (loss) for tax return purposes,
December 31, 1999 $ (1,519,630)
$ (2,057,364) $ (4,213,257)
================
================ ================
</TABLE>
F-66
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
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:
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-67
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
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:
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-68
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
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:
Total Series 7
Series 9 Series 10
----------------
---------------- ---------------- ---------------
<S> <C> <C>
<C> <C>
Net 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
----------------
---------------- ---------------- ---------------
Income (loss) for tax return
purposes, December 31, 1997 $ (14,960,215) $
(817,436) $ (3,240,822) $ (1,686,875)
================
================ ================ ===============
</TABLE>
F-69
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
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:
Series 11
Series 12 Series 14
----------------
---------------- ----------------
<S> <C>
<C> <C>
Net 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
----------------
---------------- ----------------
Income (loss) for tax return purposes,
December 31, 1997 $ (1,897,226)
$ (2,420,134) $ (4,897,722)
================
================ ================
</TABLE>
F-70
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN (Continued)
The difference between the investments in operating limited
partnerships for tax purposes and financial
statements purposes 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, 2000, the
differences are as follows:
Total Series 7
Series 9 Series 10
----------------
---------------- ---------------- ---------------
<S> <C> <C>
<C> <C>
Investment in operating limited
partnerships - tax return
December 31, 1999 $ 27,576,669 $
2,026,937 $ 1,807,385 $ 4,107,094
Add back losses not recognized
under the equity method 18,726,465
3,614,255 5,278,123 2,282,383
Historic tax credits 5,105,527
1,819,802 240,250 -
Impairment loss in investment in
operating limited partnerships (5,239,726)
(255,418) (1,134,799) (776,692)
Less share of loss - three months
ended March 31, 2000 (338,384)
(125,066) - -
Impairment loss not recognized
for tax purposes (6,953,234)
(2,873,020) (1,031,360) -
Other 7,759,556
(3,502,370) 2,332,135 1,272,332
----------------
---------------- ---------------- ---------------
Investment in operating limited
partnerships - as reported,
March 31, 2000 $ 46,636,873 $
705,120 $ 7,491,734 $ 6,885,117
================
================ ================ ===============
</TABLE>
F-71
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN (Continued)
The difference between the investments in operating limited
partnerships for tax purposes and financial
statements purposes 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, 2000, the differences
are as follows:
Series 11
Series 12 Series 14
---------------- ---------------- ----------------
<S> <C>
<C> <C>
Investment in operating limited partnerships - tax
return December 31, 1999 $ 4,741,480
$ 4,980,622 $ 9,913,151
Add back losses not recognized under the equity
method 2,650,051
1,808,561 3,093,092
Historic tax credits 1,281,688
- 1,763,787
Impairment loss in investment in operating limited
partnerships
(721,702) (613,706) (1,737,409)
Less share of loss - three months ended
March 31, 2000
(84,701) (128,617) -
Impairment loss not recognized for tax purposes -
- (3,048,854)
Other 231,067
2,249,528 5,176,864
---------------- ---------------- ----------------
Investment in operating limited partnerships - as
reported, March 31, 2000 $ 8,097,883
$ 8,296,388 $ 15,160,631
================ ================ ================
</TABLE>
F-72
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN (Continued)
The difference between the investments in operating limited
partnerships for tax purposes and financial
statements purposes 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:
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
partnerships (5,239,726)
(255,418) (1,134,799) (776,692)
Less share of loss - three months
ended March 31, 1999 (338,384)
(125,066) - -
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-73
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS -
CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME
TAX RETURN (Continued)
The difference between the investments in operating limited
partnerships for tax purposes and
financial statements purposes 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:
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
Impairment loss in investment in operating limited
partnerships
(721,702) (613,706) (1,737,409)
Less share of loss - three months ended
March 31, 1999
(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-74
<PAGE>
Boston Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE E - CASH EQUIVALENTS
Cash equivalents of $898,218 and $527,993 as of March 31, 2000 and 1999,
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, 2000 and 1999 consist of advance installments
of capital contributions and/or advances made to operating limited
partnerships of $543,584. The notes 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, 2000 and 1999 consist of
certificates of deposit totaling $611,093 and $1,062,515, respectively.
The certificates of deposit relating to each year mature within the next 12
months with interest rates ranging from 4.80% to 5.65% per annum. Proceeds
from redemptions of investments during the year ended March 31, 2000 were
$501,691.
NOTE H - CONTINGENCY
Woodfield Commons, an operating limited partnership, is in receipt of a
60-Day letter issued by the IRS stating that the operating partnership has
not met certain IRC Section 42 requirements. The finding was the result of
an IRS audit of the operating partnership's tenant files. The IRS has
proposed an adjustment that would disallow the operating 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-75
To the Partners
Deer Hill II Limited Partnership
Winston-Salem, North Carolina
We have audited the accompanying balance sheets of Deer Hill II
Limited Partnership as of December 31, 1999 and 1998, and the
related statements of income, partners' equity (deficit), and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits
We conducted our audits in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In 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 December31, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 21, 2000 on our consideration of
Deer Hill II Limited Partnership's internal control over
financial reporting and on our tests of its compliance with
certain provisions of laws, regulations contracts and grants
To the Partners
King City Elderly Housing Associates
(a California Limited Partnership)
Salinas. California
I have audited the accompanying balance sheets of the King City
Elderly Housing Associates (a California Limited Partnership) as
of December 31, 1999 and 1998, 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 audit.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of the
King City Elderly Housing Associates (a California Limited
Partnership) as of December 31, 1999 and 1998, 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.
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 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 my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
To the partners
Metropole Apartments Associates, Ltd.
Boston, Massachusetts
We have audited the accompanying Balance Sheets of Metropole
Apartments Associates, Ltd. (a Florida Limited partnership), as
of December 31, 1999 and 1998, and the related Statements of
Operations, Partners' Equity and Cash Flows for the years then
ended. These financial statements are the responsibility of the
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, 1999
and 1998, and the results of its operations, the changes in
partners' equity and cash flows for the years then ended in
conformity with generally accepted accounting principles.
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.
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 December31, 1999 and 1998,
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 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,
1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The 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 31, 2000 on our consideration of
Oakview Limited's internal control structure and a report dated
January 31, 2000 on its compliance with laws and regulations.
To the Partners
Westwood Square Limited Partnership
Winston-Salem, North Carolina
We have audited the accompanying balance sheets of Westwood
Square Limited Partnership as of December 31, 1999 and 1998, 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 December31, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 21, 2000 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.
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, 1999 and 1998 and the related
statements of income and expense, partners' equity (deficit), and
cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Beaver Brook Housing Associates (a Limited partnership) at
December 31, 1999 and 1998 and the results of its operations, its
partners' equity (deficit) and its cash flows for the years then
ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued our report dated January 20, 2000 on our consideration of
Beaver Brook Housing Associates' internal control over financial
reporting and our tests of its compliance with laws and
regulations.
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 December31, 1999
and 1998, 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 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 31,1999 and 1998, and the results of its operations and
its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The 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 Standard, we have also
issued a report dated January 31, 2000 on our consideration of
Brooklyn Limited's internal control structure and a report dated
January 31, 2000 on its compliance with laws and regulations.
To the Partners
Corinth Housing Redevelopment Company
We have audited the accompanying balance sheets of Corinth
Housing Redevelopment Company as of December 31, 1999 and 1998,
and the related statements of operations, partners' deficit, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards 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 Corinth Housing Redevelopment Company as of December 31,1999
and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued reports dated February 1, 2000, on our consideration of
the Corinth Housing Redevelopment Company's internal control
structure and its compliance with laws and regulations.
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 #26-078-382856293 as of December 31, 1999
and 1998 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 December31, 1999
and 1998, and its operations, changes in partners' equity, and
cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 26, 2000, on our consideration of
Fawn River Apartment Company Limited Partnership d/b/a Fawn River
Apartments Project ~26-078-382856293 internal control and a
report dated January 26, 2000, on its compliance with laws and
regulations applicable to the financial statements.
To the Partners
Fountain Green Apartments1 Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Fountain Green
Apartments, Ltd., USDA, Rural Development Project No: 09-46-
592948719, as of December 31, 1999 and 1998, and the related
statements of operations1 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 Fountain Green Apartments, Ltd., as of December 31, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
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.
To the Partners
Glennwood Hotel Investors
(A California Limited Partnership)
Sacramento, California
We have audited the accompanying balance sheets of Glennwood
Hotel Investors (A California Limited Partnership) as of December
31, 1999 and 1998, and the related statements of income,
partners' equity (deficit), and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. 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 3 1, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
To the Partners
Greenwich Housing Redevelopment Company
We have audited the accompanying balance sheets of Greenwich
Housing Redevelopment Company as of December 31, 1999 and 1998,
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 Greenwich Housing Redevelopment Company as of December 31,1999
and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued reports dated February 1, 2000, on our consideration of
Greenwich Housing Redevelopment Company's internal control
structure and it's compliance with laws and regulations.
To the Partners
Grifton Housing Associates
Charlotte, North Carolina
We have audited the accompanying balance sheets of Grifton
Housing Associates (a North Carolina limited partnership) as of
December 31, 1999 and 1998, and the related statements of
operations, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and 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 significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a 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, 1999 and 1998,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued our report dated January 31, 2000, 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 audits were 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
audits of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
To the Partners
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, 1999 and 1998, 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 audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, 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 December31, 1999 and 1998
and the results of its operations and its cash flows for the
years then ended in conform iry with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued our report dated February 11,2000 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 ~ pages 9 to 14 has
been subjected to the auditing procedures applied in the audit of
the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic
financial statements taken as a whole. The information on page
15, which is of a nonaccounting nature, has not been subjected to
the auditing procedures applied in the audit of the basic
financial statements, and we express no opinion on it.
To the Partners
Kristin Park Apartments, Ltd.
and USDA Rural Development
We have audited the accompanying balance sheets of Kristin Park
Apartments. Ltd. (a limited partnership) as of December 31, 1999
and 1998, and the related statements of operations. partners'
equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a 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 31,1999 and 1998,
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 11, 2000, 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.
To the Partners
Maywood Associates, Ltd.
(A California Limited partnership)
Cheyenne, WY
I have audited the accompanying balance sheets of Maywood
Associates (A California Limited partnership), USDA Rural
Development Case No. 04-052-680184284, as of December 3), 1999
and 1998, 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
Maywood Associates (A California Limited Partnership) as of
December 31, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also
issued a report dated March 23, 2000 on my consideration of
Maywood Associates' internal control structure and a report dated
March 23, 2000 on its compliance with laws and regulations.
To the Partners of
Pedcor Investments - 1989 - VIII, L.P.
(An Indiana Limited partnership)
We have audited the accompanying balance sheet of Pedcor
Investments - 1989 - VIII, L.P. (an Indiana Limited partnership)
as of December 31, 1999, and the related statements of profit and
loss and changes in partners' equity (deficit) and cash flows for
the year then ended. These financial statements are the
responsibility of management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly in all material respects the financial position of
Pedcor Investments - 1989 - VIII, L.P. as of December 31,
1999, and the results of its operations and changes in partners'
equity (deficit) and cash flows for the year then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 21, 2000, on our consideration of
the Partnership's internal controls and a report dated January
21, 2000, on its compliance with laws and regulations.
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
To the Partners of
Quail Hollow Associates
(A North Carolina Limited partnership)
We have audited the accompanying balance sheets of Quail Hollow
Associates (a North Carolina Limited Partnership) as of December
31, 1999 and 1998, and the related statements of operations,
changes in partners' equity (deficit), and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
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 Associates as of December 31, 1999 and 1998, and
the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 28, 2000, on our consideration of
the Partnership's internal controls and a report dated January
28, 2000, on its compliance with laws and regulations.
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation co the financial statements taken
as a whole.
This report is intended solely for the information of the
Partners, management of Quail Hollow Associates and for filing
with RD and should not be used for any other purpose.
To the Partners
Raitt Street Apartments, A California Limited Partnership
(714) 437-1025 FAX (714) 957-1678
I have audited the accompanying balance sheets of Raitt Street
Apartments, A California Limited Partnership, as of December
31,1999 and 1998, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. 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 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, 1999 and 1998, and the results of
its operations, the changes in partners' equity, and cash flows
for the years then ended in conformity with generally accepted
accounting principles.
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 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.
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,
1999 and 1998, 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 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 South Paris Heights Associates (A Limited Partnership) at
December 31, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued our reports dated February 7, 2000 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
1930-8, including the related supplement, and Column 2 (Actual),
Parts 1,11 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, TI and III of
Form RD 1930-7, and, accordingly, express no opinion thereon.
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, 1999 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 Springfield Housing Associates, L.P., (a limited partnership)
as of December 31, 1999, and the results of its operations and
its cash flows for the year then ended in conformity with
generally accepted accounting principles.
To the Partners
Tappahannock Greens Limited Partnership
I have audited the accompanying balance sheets of Tappahannock
Greens Limited Partnerships of December31, 1999 and 1998, and the
related statements of operations, partners' equity and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. 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 3l, 1999
and 1998, 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.
In accordance with Government Auditing Standards, I have also
issued my report dated March 10, 2000 on my consideration of
Tappahannock Greens Limited Partnership's internal control over
financial reporting and on my tests of its compliance with
certain provisions of laws and regulations.
To the Partners
Village Oaks Apartments II, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Village Oaks
Apartments, II, Ltd., USDA, Rural Development Project No: 09-061-
0592884971, as of December 31, 1999 and 1998, and the related
statements of operations, partners' deficit and cash flows for
the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards 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, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information is presented for purposes of additional analysis and
is not a required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in
the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
To the Partners
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 Partnership1s management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and 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.
To the Partners
Wilmington Housing Redevelopment Company
We have audited the accompanying balance sheets of Wilmington
Housing Redevelopment Company as of December 31, 1999 and 1998,
and the related statements of operations, partners' deficit, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on the financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
Management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Wilmington Housing Redevelopment Company as of December
31,1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued reports dated February 1, 2000, on our consideration of
Wilmington Housing Redevelopment Company's internal control
structure and its compliance with laws and regulations.
To the Partners
Housing Investors, Athens II, LTD.
Decatur, Alabama
We have audited the accompanying balance sheet of Housing
Investors Athens II, Ltd. (a partnership) as of December 31, 1999
and 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 audits.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Housing Investors Athens II, Ltd., as of December 31,1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 8, 2000 on our consideration of
the Housing Investors Athens II, Ltd.'s internal control and
tests of its compliance with certain provisions of laws,
regulations, contracts and grants.
As discussed in Note 11 to the financial statements the
partnership changed its method of computing depreciation for
financial statement purposes in order to conform to generally
accepted accounting principles.
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, 1999 and 1998, 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 examining1 on a test basis, evidence supporting
the amounts and disclosures in the financial statements. 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,
1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
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, 1999 and 1998, on
pages 12 and 13, is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the 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.
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, 1999, and the related statements of profit and
loss and changes in partners' equity (deficit) and cash flows for
the year then ended. These financial statements are the
responsibility of management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion
In our opinion, the financial statements referred to above
present fairly in all material respects the financial position of
Pedcor Investments - 1989 - X, L.P. as of December 31, 1999, and
the results of its Operations and changes in partners' equity
(deficit) and cash flows for the year then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 21, 2000, on our consideration of
the Partnership's internal controls and a report dated January
21, 2000, on its compliance with laws and regulations
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
To the Partners of South Farm Limited Partnership
(A Rhode Island Limited Partnership)
We have audited the accompanying balance sheets of South Farm
Limited Partnership (A Rhode Island Limited Partnership), FHA
Project Number RI43-H023-065, as of March 31, 2000 and 1999, and
the related statements of profit and loss, 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 South Farm Limited Partnership (A Rhode Island Limited
Partnership), FHA Project Number R143-H023-065, as of March 31,
2000 and 1999, 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 May 10, 2000 on our consideration of
internal controls over financial reporting of South Farm Limited
Partnership (A Rhode Island Limited Partnership) and on our tests
of its compliance with certain provisions of laws and
regulations.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information included on pages 18 - 28 is presented for purposes
of additional analysis and is not a required part of the basic
financial statements of the Partnership, but is supplementary
information required by the Rhode Island Housing and Mortgage
Finance Corporation (RIHMFC). Such information has been subjected
to the auditing procedures applied in our audits of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements
taken as a whole.
To the Partners
Academy Hill Limited Partnership
Winston-Salem, North Carolina
We have audited the accompanying balance sheets of Academy Hill
Limited Partnership as of December 31, 1999 and 1998, and the
related statements of income, partners' equity (deficit), and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In 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, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 21, 2000 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.
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, 1999 and 1998, and the related
statements of operations partners' capital and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. 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, 1999 and 1998, 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.
To the Partners
Buckeye Senior, Ltd.
and USDA Rural Development
We have audited the accompanying balance sheets of Buckeye
Senior, Ltd. (a limited partnership) as of December 31, 1999 and
1998, 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 31,1999 and 1998, 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 13, 2000, 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.
To the Partners of
Copper Creek, L.P.
I have audited the accompanying balance sheets of Copper Creek.
L.P. as of December 31, 1999 and 1998, and the related statements
of operations, partners' capital and cash flows for the years
then ended. These financial statements are the responsibility of
the partnership1s 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
si2nificant 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, 1999 and 1998, 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 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.
To the Partners
Coronado Housing Limited Partnership
We have audited the accompanying balance sheets of Coronado
Housing Limited Partnership as of December 31, 1999 and 1998 and
the related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a 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, 1999
and 1998 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.
To the Partners
Hilltop Apartments Limited Partnership
and USDA Rural Development
We have audited the accompanying balance sheet of Hilltop
Apartments Limited Partnership as of December 31, 1999, 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 these financial
statements based on our audit. The financial statements Hilltop
Apartments Limited Partnership as of December 31, 1998, were
audited by another auditor whose report dated March 3, 1999,
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 Hilltop Apartments, Limited Partnership as of December
31,1999, and the results of its operations and the changes in
partners' 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 26, 2000, on our consideration of
Hilltop 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 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 Hilltop Apartments, Limited Partnership. Such
information has been subjected to the auditing procedures applied
in the audit of the financial statements and, in our opinion, is
fairly stated in all material respects in relation to the
financial statements taken as a whole.
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, 1999 and 1998, 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, 1999 and
1998, 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.
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,
1999 and 1998, and the related statements of operations,
partners' capital and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining. on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a 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 December31, 1999 and 1998,
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 pages 13-14 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.
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, 1999 and 1998, and the related Statements of
Operations, Partners' Equity and Cash Flows for the years then
ended. These financial statements are the responsibility of the
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 all material
respects, the financial position of Partnership as of December
31, 1999 and 1998, operations, the changes in partners' equity
and cash ended in conformity with generally accepted accounting
to above present fairly, in London Arms/Lyn Mar Limited and the
results of its flows for the years then 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.
To the Partners of
Sierra Springs, L.P.
I have audited the accompanying balance sheets of Sierra Springs,
L.P. as of December 31, 1999 and 1998, and the related statements
of operations, partners' capital and cash flows for the years
then ended. These financial statements are the responsibility of
the partnership's management. 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, 1999 and 1998, 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.
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, 1999 and 1998 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 audits provide a 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, 1999
and 1998 and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued our report dated March 17, 2000 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 17 through 25 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 (USDA Form RD 1930-7) for year
ended December 31, 1999, 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.
To the Partners
Wildridge Apartments, Ltd. Panama City, Florida
We have audited the accompanying balance sheets of Wildridge
Apartments, Ltd., USDA, Rural Development Project No: 11-51-
592863964, as of December 31, 1999 and 1998, and the related
statements of operations1 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, 1999 and 1998,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information is presented for purposes of additional analysis and
is not a required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in
the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
To the Partners
Brandywood Limited Partnership
Madison, Wisconsin
We have audited the balance sheets of Brandywood Limited
Partnership WHEDA Project No. 011/001136 as of December 31, 1999
and 1998, and the related statements of loss, partners' equity
and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Brandywood Limited Partnership as of December 31,1999 and
1998, 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.
To the Partners of
Briarwick Apartments, Ltd.
We have audited the accompanying balance sheets of Briarwick
Apartments, Ltd. (a Kentucky limited partnership) as of December
31, 1999, 1998, and 1997, 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 December31, 1999, 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.
In accordance with Government Auditing Standards, we have also
issued a report dated March 3, 2000, 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.
To the Partners of
Bucksport Park Associates
(A Maine Limited Partnership)
We have audited the accompanying balance sheets of Bucksport Park
Associates (a Maine Limited Partnership) as of December 31, 1999
and 1998, and the related statements of operations1 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 provides a
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, 1999 and 1998,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles
In accordance with Government Auditing Standards, we have also
issued a report dated March 2, 2000, on our consideration of the
Partnership's internal controls and a report dated March 2, 2000,
on its compliance with laws and regulations.
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated
in all material respects in relation to the financial statements
taken as a whole.
To the Partners of
Cananche Creek, L.P.
I have audited the accompanying balance sheets of Cananche Creek.
L.P., as of December 31, 1999 and 1998, 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. NW
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 31,1999 and 1998, 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.
To the Partners of
Clymer House Associates
(A Pennsylvania Limited partnership)
We have audited the accompanying balance sheets of Clymer House
Associates (a Pennsylvania Limited partnership) as of December
31, 1999 and 1998, and the related statements of operations,
changes in partners' equity (deficit), and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
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 Clymer House Associates as of December 31, 1999 and 1998, and
the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles
In accordance with Government Auditing Standards, we have also
issued a report dated March 2, 2000, on our consideration of the
Partnership's internal controls and a report dated March 2, 2000,
on its compliance with laws and regulations.
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
To the Partners of
Cornish Park Associates
(A Maine Limited Partnership)
We have audited the accompanying balance sheets of Cornish Park
Associates (a Maine Limited Partnership) as of December 31, 1999
and 1998, and the related statements of operations, changes in
partners' equity (deficit), and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits
We conducted our audits in accordance with generally accepted
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 Cornish Park Associates as of December 31, 1999 and 1998, and
the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 2, 2000, on our consideration of the
Partnership's internal controls and a report dated March 2, 2000,
on its compliance with laws and regulations.
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in
all material respects in relation to the financial statements
taken as a whole.
To the Partners
Franklin II Limited Partnership
I have audited the accompanying balance sheet of Franklin II
Limited Partnership, RHS Project No.: 55-009-541462949, as of
December 31, 1999 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 Franklin II Limited Partnership as of December 31, 1998 were
audited by other auditors whose report on those financial
statements, dated February 20, 1999, expressed an unqualified
opinion on those 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
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made 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
Franklin II Limited Partnership, RHS Project No.: 55-009-
541462949, as of December 31, 1999, and the results of its
operations, the changes in partners' deficit 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 16 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in 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 January 14, 2000 on my consideration of
Franklin II Limited Partnership's internal control and its
compliance with laws and regulations applicable to the financial
statements.
To the Partners
Hunters Park Limited Partnership
We have audited the accompanying balance sheets of Hunters Park
Limited Partnership as of December 31, 1999 and 1998, and the
related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of 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, 1999 and
1998, 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.
In accordance with Government Auditing Standards, we have also
issued our report dated January 19, 2000 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 12, is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the 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.
To the Partners
Lakeridge Apartments of Eufaula, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Lakeridge
Apartments of Eufaula, Ltd., USDA, Rural Development Project No:
01-0030592933800, as of December 31, 1999 and 1998, and the
related statements of operations, partners' deficit and cash
flows for the years then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards 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. A audit includes examining, on a test
basis,' evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a 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, 1999
and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information is presented for purposes of additional analysis and
is not a required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in
the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
To the Partners
Los Caballos II, Ltd.
and USDA Rural Development
We have audited the accompanying balance sheets of Los Caballos
II, Ltd. (a limited partnership) as of December 31, 1999 and
1998, and the related statements of operations, partners' equity
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a 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 31,1999 and 1998, 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, 2000, 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.
To the Partners of
Nanty Glo House Associates
(A Pennsylvania Limited Partnership)
We have audited the accompanying balance sheets of Nanty Glo
House Associates (a Pennsylvania Limited Partnership) as of
December 31, 1999 and 1998, and the related statements of
operations, changes in partners' equity (deficit), and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
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 Nanty Glo House Associates as of December 31. 1999 and 1998,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 2, 2000, on our consideration of the
Partnership's internal controls and a report dated March 2, 2000,
on its compliance with laws and regulations.
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
To the Partners
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, 1999
and 1998, 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, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also
issued a report dated March 23, 2000 on my consideration of Nye
County Associates' internal control structure and a report dated
March 23, 2000 on its compliance with laws and regulations.
The Partners
Scott City Associates III, L.P.
Scott City, Missouri
We have audited the accompanying balance sheets of Scott City
Associates Ill, L.P. (a limited partnership) as of December 31,
1999 and 1998, and the related statements of operations,
partners' capital and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Scoff City Associates HI, L.P. as of December 31, 1999 and
1998, 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.
To the Partners of
Shawnee Ridge, L.P.
I have audited the accompanying balance sheets of Shawnee Ridge,
L.P. as of December 3 1, 1999 and 1998, and the related
statements of operations, partners' capital and cash flows for
the years then ended. These financial statements are the
responsibility of the partnership's management. 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 31,1999 and 1998, and the
results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting
principles.
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 1-16 and 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.
To the Partners
Union Baptist Plaza, Limited Partnership
Boston, Massachusetts
We have audited the accompanying balance sheets of UNION BAPTIST
PLAZA, LIMITED PARTNERSHIP as of December 31, 1999 and 1998, and
the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a te5t basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above p
resent fairly, in all material respects, the financial position
of Union Baptist Plaza, Limited Partnership as of December 31,
1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
To the Partners
Villas of Lakeridge, Ltd.
Panama City, Florida
We have audited the accompanying balance sheets of Villas of
Lakeridge, Ltd., USDA, Rural Development Project No: 01-
0030592930819, as of December 31, 1999 and 1998, and the related
statements of operations, partners' deficit and cash flows for
the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards 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, 1999 and 1998,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information is presented for purposes of additional analysis and
is not a required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in
the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
To the Partners
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, 1999 and 1998, and the related statements of
operations, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a 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, 1999 and 1998, 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 1, 2000 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 12 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
To the Partners
Amherst Limited Partnership
I have audited the accompanying balance sheet of Amherst Limited
Partnership, RHS Project No.: 54-007-541486870, as of December
3l, 1999 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 Amherst Limited Partnership as of December 31, 1998 were
audited by other auditors whose report on those financial
statements, dated February 20, 1999, expressed an unqualified
opinion on those 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
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made 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
Amherst Limited Partnership, RHS Project No.: 54-007-541486870,
as of December 31, 1999, 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.
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 16 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements
and, in 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 January 14, 2000 on my consideration of
Amherst Limited Partnership's internal control and its compliance
with laws and regulations applicable to the financial statements.
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, 1999 and 1998, 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 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 significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a 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, 1999
and 1998, 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 2, 2000 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.
To the Partners of
Bethel Park Associates
(A Maine Limited Partnership)
We have audited the accompanying balance sheets of Bethel Park
Associates (a Maine Limited Partnership) as of December 31,
1999 and 1998, and the related statements of operations,
changes in partners' equity (deficit), and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits
We conducted our audits in accordance with generally accepted
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 Bethel Park Associates as of December 31, 1999 and 1998, and
the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles
In accordance with Government Auditing Standards, we have also
issued a report dated March 2, 2000, on our consideration of the
Partnership's internal controls and a report dated March 2, 2000,
on its compliance with laws and regulations.
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits
of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the
financial statements taken as a whole.
To the Partners
Brantwood Lane Limited Partnership
Charlotte, North Carolina
We have audited the accompanying balance sheets of Brantwood Lane
Limited Partnership (a Georgia limited partnership) as of
December 31, 1999 and 1998, 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 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 significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a 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, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued our report dated January 31, 2000, 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 audits were 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
audits of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
To The Partners
Breckenridge Apartments, Limited Partnership
We have audited the accompanying balance sheets of Breckenridge
Apartments, Limited Partnership as of December 31, 1999 and 1998,
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, 1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 16, 2000 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.
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, 1999 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, 1999
and the results of its operations and cash flows for the year
then ended, in conformity with generally accepted accounting
principles.
To the Partners
Carriage Run Limited Partnership
I have audited the accompanying balance sheets of Carriage Run
Limited Partnership, as of December 31, 1999 and 1998 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, 1999 and
1998 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 10, 2000 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.
To the Partners
Cedarwood Apartments Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheets of Cedarwood
Apartments Limited Partnership as of December 31, 1999 and 1998
and the related statements of operations, partners' equity and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and 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 significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a 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,
1999 and 1998 and the results of its operations and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued our report dated January 21, 2000 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.
To the Partners of
Chaparral Associates:
I have audited the balance sheets of Chaparral Associates, a
Limited Partnership (the "Partnership") as of December 31, 1999
and 1998, and the related statements of operations, partners'
capital, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. 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, 1999 and 1998, and the results of
its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also
issued my reports dated February 14, 2000 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.
To the Partners
College Greene Rental Associates, L.P.
We have audited the accompanying balance sheet of College Greene
Rental Associates, L.P. (a Limited Partnership) as of December
31, 1999 and 1998, and the related statements of operations,
changes in partners capital (deficit) and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits
We conducted our audits in accordance with 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 College Greene Rental Associates, L.P. as of December 31, 1999
and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
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, 1999 and
1998, and the related statements of operations, partners' capital
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards, 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,
1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 16, 2000 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.
To the Partners
Franklin Vista lll, Ltd.
and USDA Rural Developement
We have audited the accompanying balance sheets of Franklin Vista
lll, Ltd. (a limited partnership) as of December 31, 1999 and
1998, and the related statements of operations, partners' equity
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a 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 Ill, Ltd. as of December 31,1999 and 1998, 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, 2000, on our consideration of
Franklin Vista Ill, 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 Ill, 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.
To the Partners,
Friendship Village Limited Partnership
Bethesda, Maryland
We have audited the accompanying balance sheets of Friendship
Village Limited Partnership as of December31, 1999 and 1998, 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 Partnership's
management. Our responsibility 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 A2riculture, 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, 1999
and 1998, 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 25, 2000 on our consideration
of Friendship Village Limited Partnership's internal control and
on its compliance with laws and regulations.
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, 1999 and 1998 and the related statements of
operations, changes in partners' equity (deficit) and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
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,
1999 and 1998 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.
In accordance with Government Auditing Standards, we have also
issued a report dated February 14, 2000 on our consideration of
HUGHES SPRINGS SENIORS APARTMENTS, LTD.'s internal control and a
report dated February 14, 2000 on its compliance with laws and
regulations applicable to the financial statements.
To the Partners
La Gema Del Barrio, A California Limited Partnership
I have audited the accompanying balance sheets of La Gema Del
Barrio, A California Limited Partnership, as of December 31, 1999
and 1998, and the related statements of operations, partners'
equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's
management. 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 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 31,1999 and 1998, and the results of its
operations, the changes in partners' equity, and cash flows for
the years then ended in conformity with generally accepted
accounting principles.
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 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.
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, 1999 and 1998, 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, 1999 and 1998, 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 11, 2000, on our consideration of
the Partnership's internal controls and on its compliance with
laws and regulations.
To the Partners
Montague Place Limited Partnership
Lansing, Michigan
We have audited the accompanying balance sheets of Montague Place
Limited Partnership as of December 31,1999 and 1998, 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, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 19, 2000 on our consideration of
the Partnership's internal control over financial reporting and
on our tests of its compliance with certain provisions of laws,
regulations, contracts, and grants.
To the Partners of
Navapai Associates:
I have audited the balance sheets of Navapai Associates, a
Limited Partnership (the "partnership") as of December 31, 1999
and 1998, and the related statements of operations, partners'
capital, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. 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, 1999 and 1998, and the results of
its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also
issued my reports dated February 14, 2000 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.
To the Partners
One Northridge Limited Partnership
We have audited the accompanying balance sheet of One Northridge
Limited Partnership as of December 31, 1999, 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 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 examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, 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 One Northridge Limited Partnership as of December 31, 1999,
and the results of its operations, the changes in partners'
equity, and its cash flows for the year then ended, in conformity
with generally accepted accounting principles.
To the Partners
Pine Ridge Elderly Apartments Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheets of Pine Ridge
Elderly Apartments Limited Partnership as of December 31, 1999
and 1998 and the related statements of operations, partners'
equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. 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 Pine Ridge Elderly Apartments Limited Partnership as of
December 31, 1999 and 1998 and the results of its operations and
its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were 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.
To the Partners of
Pittsfield Park Associates
(A Maine Limited Partnership)
We have audited the accompanying balance sheets of Pittsfield
Park Associates (a Maine Limited Partnership) as of December 21,
1999 and 1998, and the related statements of operations1 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 Pittsfield Park Associates as of December 21, 1999 and 1998,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 2, 2000, on our consideration of the
Partnership's internal controls and a report dated March 2, 2000,
on its compliance with laws and regulations.
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the financial statements taken
as a whole.
To the Partners
Schroon Lake Housing Redevelopment Company
We have audited the accompanying balance sheets of Schroon Lake
Housing Redevelopment Company as of December 31, 1999 and 1998,
and the related statements of operations, partners' equity, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on the financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
Management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Schroon Lake Housing Redevelopment Company as of December 31,
1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued reports dated February 1, 2000, on our consideration of
Schroon Lake Housing Redevelopment Company's internal control
structure and its compliance with laws and regulations.
To the Partners
Stanardsville Village Limited Partnership
RHS No.5448-541523939
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 31,1999 and 1998, 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.5448-
541523939 as of December 31,1999 and 1998, and the results of its
operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
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.
To the Partners of
Tyrone House Associates
(A Pennsylvania Limited Partnership)
We have audited the accompanying balance sheets of Tyrone House
Associates (a Pennsylvania Limited Partnership) as of December
31, 1999 and 1998, and the related statements of operations,
changes in partners' equity (deficit), and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits
We conducted our audits in accordance with generally accepted
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 Tyrone House Associates as of December 31, 1999 and 1998, and
the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 2, 2000, on our consideration of the
Partnership's internal controls and a report dated March 2, 2000,
on its compliance with laws and regulations.
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated
in all material respects in relation to the financial statements
taken as a whole.
To the Partners of
Village Terrace Limited Partnership
(A North Carolina Limited Partnership)
We have audited the accompanying balance sheets of Village
Terrace Limited Partnership (a North Carolina Limited
Partnership) as of December 31, 1999 and 1998, and the related
statements of operations, changes in partners' equity (deficit)
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership1s
management. Our responsibility is to express an opinion on these
financial statements based on our audits
We conducted our audits in accordance with generally accepted
auditing standards. 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, 1999
and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
The accompanying 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 audits of the
basic financial statements and, in our opinion, is fairly stated
in all material respects in relation to the financial statements
taken as a whole.
To the Partners
Victoria Limited Partnership
I have audited the accompanying balance sheets of Victoria
Limited Partnership as of December 31, 1999 and 1998 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 31, 1999 and 1998
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 10, 2000 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.
To the Partners
Woodfield Commons Limited Partnership
We have audited the accompanying balance sheets of Woodfield
Commons Limited Partnership as of December 3 1, 1999 and 1998,
and the related statements of operations, partners' equity, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a 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, 1999
and 1998, 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.
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
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)
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
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.
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
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
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
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
Coopers & LybrandReport of Independent AccountantsTo the PartnersWilmington
Housing Redevelopment CompanyWe have audited the accompanying statements of
financial position of Wilmington Housing Redevelopment Company (A Limited
Partnership), as of December 31, 1997 and 1996, and the related statements
of operations and partners' capital (deficit), changes in partners' capital
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Wilmington Housing
Redevelopment Company as of December 31, 1997 and 1996, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated January 21, 1998 on our consideration of Wilmington Housing
Redevelopment Company's internal control structure and a report dated
January 21, 1998 on its compliance with laws and regulations..
Rochester, New York
January 21, 1998
FLOYD & COMPANY
Certified Public 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
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, 1998Dauby 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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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Boston Capital Tax Credit Fund II
Limited Partnership - Series 7
Schedule III - Real Estate and
Accumulated Depreciation
March 31,
2000
Subsequent
Initial capitalized Gross
amount at which
cost to company costs** carried at
close of period
--------------- -----------
-----------------------------
Buildings
Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and
im- Depre- struct uired ciation
Description brances Land provements ments Land
provemnts Total ciation Date Date Life
----------------------------------------------------------------------
-----------------------------------------------------
Bowditch
School 1,614,057 65,961 4,818,466 95,763 65,961
4,914,229 4,980,190 1,535,744 12/89 12/89 34
Briarwood
Apts LP 621,268 44,500 747,246 26,691 44,500
773,937 818,437 319,617 12/89 12/89 5-27.5
Buckner
Prop LP 616,717 27,500 771,030 19,189 27,500
790,219 817,719 339,843 3/89 12/89 5-27.5
Creekside 1,086,043 89,016 1,290,616 1,602 89,016
1,292,218 1,381,234 246,117 9/89 6/89 5-27.5
Deer Hill
II LP 1,472,800 103,000 1,424,556 338,656 103,000
1,763,212 1,866,212 704,557 5/89 2/90 5-27.5
Hillandale 3,083,575 601,653 4,198,973 1,823,295 601,653
6,022,268 6,623,921 2,333,475 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 2,790,262 926,176 11/89 6/90 27.5
Lebanon
Prop II LP 571,100 3,000 730,187 12,188 3,000
742,375 745,375 306,922 7/89 12/89 5-27.5
F-76
Boston Capital Tax Credit Fund II Limited
Partnership - Series 7
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
-------------------------------------------
Metropole
Apts
Assoc 2,132,388 82,800 2,621,625 51,040 82,800 2,672,665
2,755,465 967,229 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 482,753 15,200 597,465 18,594 15,200 616,059
631,259 254,685 9/89 12/89 27.5
Oakview
LTD 1,122,902 35,280 1,375,820 89,234 35,280 1,465,054
1,500,334 453,267 10/89 12/89 40
Rosenberg
Hotel 1,796,276 452,000 7,434,335 (5,235,152)b 415,000 2,199,183
2,614,183 191,280 1/92 2/90 27.5
Westwood 1,406,569 96,600 1,355,174 368,659 96,660 1,723,833
1,820,493 690,638 7/90 7/90 5-27.5
Winfield
Prop II
LP 607,289 37,000 735,086 12,422 37,000 747,508
784,508 319,284 5/89 12/89 5-27.5
---------- -------- ---------- --------- --------- ---------- --
-------- ---------
18,271,825 1,908,510 33,920,149 (5,582,127) 1,791,570 28,338,022
30,129,592 9,588,834
========== ========= ========== ========= ========= ==========
========== =========
F-77
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1999.
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, 1999. The column has been
ommitted for presentation purposes.
</TABLE>
F-78
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-79
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-80
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......................................... (1,070,393)
-----------
$ (1,070,393)
----------
Balance at close of period - 03/31/99........................ $ 30,073,177
Additions during period:
Acquisitions through foreclosure............ $ 0
Other acquisitions............................ 0
Improvements, etc............................. 56,415
Other......................................... 0
-----------
$ 56,415
Deductions during period:
Cost of real estate sold......................$ 0
Other......................................... 0
-----------
$ 0
----------
Balance at close of period - 03/31/00........................ $ 30,129,592
============
F-81
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
Current year expense................................ $ 956,619
---------
Balance at close of period - 3/31/00..........................$ 9,588,834
==========
F-82
<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, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
--------------------------------------------
438 Warren
St. 721,934 45,972 1,177,081 42,682 45,972 1,219,763
1,265,735 451,992 5/90 3/90 28
Beaver
Brook 1,179,435 135,070 1,395,155 35,454 135,070 1,430,609
1,565,679 566,847 5/90 4/90 27.5
Big Lake
Seniors 556,763 27,804 732,961 0 27,804 732,961
760,765 84,566 6/95 4/94 5-27.5
Blakely 943,641 50,000 1,159,403 103,239 50,000 1,262,642
1,312,642 456,074 5/90 5/90 5-27.5
Blanco Sr 517,041 40,147 679,816 0 40,147 679,816
719,963 98,184 9/94 12/93 7-40
Blooming-
dale 1,474,075 100,338 1,771,660 8,643 100,338 1,780,303
1,880,641 678,590 3/90 5/90 5-27.5
Breeze-
wood 1,423,709 114,000 1,784,173 4,415 114,000 1,788,588
1,902,588 666,226 5/90 5/90 7-27.5
Brooklyn 1,103,876 9,000 1,416,895 86,190 9,000 1,503,085
1,512,085 436,101 5/90 5/90 5-27.5
F-83
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
--------------------------------------------
Calif.
Inv.V 5,437,465 401,411 10,661,108 197,707 401,411 10,858,815
11,260,226 2,995,868 3/90 3/90 35
Cambridge 1,129,519 99,974 1,381,815 2,550 99,974 1,384,365
1,484,339 533,650 1/90 4/90 7-27.5
Cedar
Rapids 4,355,694 294,600 7,692,319 247,607 294,600 7,939,926
8,234,526 2,888,439 6/90 4/90 7-27.5
Corinth 1,484,127 53,351 1,865,231 118,913 53,351 1,984,144
2,037,495 739,147 2/90 4/90 5-27.5
Cotton Mill
Assoc. 1,471,938 75,000 1,730,384 17,491 75,000 1,747,875
1,822,875 361,556 7/93 10/92 5-27.5
Fawn
River 3,685,744 77,000 4,396,993 497,959 77,000 4,894,952
4,971,952 1,551,157 10/90 10/90 27.5
Fountain
Green 706,203 68,134 880,440 5,125 68,134 885,565
953,699 323,616 5/90 6/90 27.5
Glenwood
Hotel 727,016 25,000 1,128,486 10,400 25,000 1,138,886
1,163,886 422,271 6/90 6/90 7-27.5
Greenwich 1,477,179 85,197 1,862,476 134,749 85,197 1,997,225
2,082,422 714,074 2/90 4/90 5-27.5
Grifton 1,248,219 35,393 1,170,847 367,089 35,393 1,537,936
1,573,329 245,015 2/94 9/93 7-27.5
F-84
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
--------------------------------------------
Hacienda
Villa 3,827,912 233,165 7,304,446 207,023 233,165 7,511,469
7,744,634 1,898,245 1/90 4/90 40
Haines
City 1,433,030 100,000 1,709,218 20,670 100,000 1,729,888
1,829,888 676,699 2/90 4/90 27.5
Hernando 1,480,423 70,000 1,975,766 9,144 70,000 1,984,910
2,054,910 745,555 7/90 6/90 27.5
Hobe
Sound 2,784,269 261,000 3,482,634 29,920 261,000 3,512,554
3,773,554 1,319,068 4/90 4/90 27.5
Immokalee 2,185,696 160,000 2,732,134 14,220 160,000 2,746,354
2,906,354 749,670 5/90 5/90 7-27.5
Kristin
Park 1,386,060 117,179 1,694,459 42,659 117,179 1,737,118
1,854,297 479,255 6/90 3/90 27.5
Le Grande
Enterprise 1,731,452 13,090 2,232,493 0 67,500 2,232,493
2,299,993 308,616 10/93 11/92 5-50
Long-
meadow 1,475,593 95,000 1,765,749 10,040 95,000 1,775,789
1,870,789 450,857 8/90 8/90 10-40
Maywood 1,495,938 53,000 1,961,139 11,725 53,000 1,972,864
2,025,864 716,688 7/90 3/90 5-27.5
Meadow
run 638,001 44,400 784,163 6,398 44,400 790,561
834,961 300,410 5/90 5/90 27.5
F-85
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
--------------------------------------------
Meadow-
crest 2,871,827 286,065 4,982,274 66,308 286,065 5,048,582
5,334,647 1,957,367 10/90 9/90 5-27.5
Newfane
Senior 972,902 30,000 1,211,708 16,894 30,000 1,228,602
1,258,602 374,112 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 1,260,817 39,840 1,517,419 6,830 39,840 1,524,249
1,564,089 561,107 9/90 5/90 27.5
Pedcor
Invest. 3,680,786 170,435 6,211,383 330,983 170,435 6,542,366
6,712,801 1,672,348 4/90 3/90 27.5
Pleasanton
Sr 619,327 40,000 813,308 0 40,000 813,308
853,308 158,314 7/93 12/93 40
Polkton
Housing 639,790 25,038 754,785 3,200 25,038 757,985
783,023 248,657 12/93 1/94 5-27.5
Princess
Manor 1,486,944 57,066 1,869,314 12,614 57,066 1,881,928
1,938,994 718,229 8/90 6/90 5-27.5
Princess
Villas 1,485,952 63,104 1,786,927 13,564 63,104 1,800,491
1,863,595 677,409 8/90 6/90 5-27.5
F-86
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
--------------------------------------------
Putney
First 1,417,817 128,800 1,804,424 (2,060) 128,800 1,802,364
1,931,164 333,112 5/93 12/92 5-27.5
Quail Hollow
RRH 1,464,476 100,000 1,861,652 17,730 100,000 1,879,382
1,979,382 716,055 1/90 5/90 27.5
Quail Hollow
Warsaw 1,399,856 33,500 1,747,578 8,435 33,500 1,756,013
1,789,513 428,400 9/90 7/90 7-40
Rainbow
Gardens 1,211,266 70,000 1,450,989 287 70,000 1,451,276
1,521,276 378,401 6/93 12/92 7-27.5
Raitt
St. Apts. 811,500 270,281 1,221,755 0 270,281 1,221,755
1,492,036 283,218 8/93 5/93 5-27.5
School
St. II 669,174 37,622 1,585,434 5,905 37,622 1,591,339
1,628,961 412,236 6/93 6/93 7-27.5
South
Paris
Housing 1,478,938 65,000 1,853,831 (176,390) 242,301 1,677,441
1,919,742 463,598 10/92 11/92 5-27.5
South-
western 1,421,734 30,000 1,766,094 34,977 30,000 1,801,071
1,831,071 684,436 5/90 5/90 7-27.5
F-87
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
--------------------------------------------
Spring-
field 3,750,847 775,955 4,177,205 4,944,186 775,955 9,121,391
9,897,346 2,812,194 6/91 6/90 5-27.5
Sunshine 1,466,163 127,000 1,729,289 83,394 117,000 1,812,683
1,929,683 638,857 11/90 9/90 5-27.5
Surry
Village II 771,451 60,000 938,244 2,475 50,718 940,719
991,437 367,870 1/90 5/90 5-27.5
Tappa-
hannock
Green 1,499,808 122,500 1,703,483 0 122,500 1,703,483
1,825,983 409,425 5/94 3/94 5-27.5
Twin
Oaks 1,135,862 53,636 1,397,601 (128) 53,636 1,397,473
1,451,109 525,322 5/90 5/90 5-27.5
Village
Oaks 730,105 42,140 884,614 5,722 42,140 890,336
932,476 335,545 2/90 6/90 5-27.5
Warrens-
burg 789,628 32,000 991,475 13,759 32,000 1,005,234
1,037,234 418,768 4/90 4/90 5-27.5
Westside 2,392,731 25,000 4,022,240 (38,872)a 25,000 3,983,368
4,008,368 1,337,360 12/90 6/90 5-27.5
F-88
Boston Capital Tax Credit Fund II Limited
Partnership - Series 9
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
--------------------------------------------
Westwood 1,406,569 96,660 1,690,074 29,389 101,030 1,719,463
1,820,493 690,638 7/90 7/90 27.5
Wilming-
ton 1,045,853 75,637 1,293,362 15,802a 75,637 1,309,164
1,384,801 470,806 8/90 8/90 27.5
---------- --------- ----------- --------- --------- ----------- -
---------- ----------
85,964,075 5,821,504 123,065,606 4,357,316 5,958,303 127,422,922
133,381,225 39,932,220
========== ========= =========== ========= ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31,
1999.
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, 1999. The column has been
omitted for presentation purposes.
</TABLE> F-89
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-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 -
03/31/95.........................$134,902,656
Additions during period:
Acquisitions through foreclosure..............$ 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-91
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)
-----------
$
(990,393)
-----------
Balance at close of period -
03/31/99.........................$133,538,763
Additions during period:
Acquisitions through foreclosure..............$ 0
Other acquisitions............................ 0
Improvements, etc............................. 374,174
Other......................................... 0
-----------
$
374,174
Deductions during period:
Cost of real estate sold......................$ 0
Other......................................... (531,712)
-----------
$
(531,712)
-----------
Balance at close of period - 03/31/00.......................
$133,381,225
===========
F-92
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92......................$
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
Current year expense...............................$4,028,593
---------
Balance at close of period -
3/31/00...........................$39,932,220
==========
F-93
<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, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
--------------------------------------------
Ackerman 578,925 42,000 619,380 258,991 42,000 878,371
920,371 132,851 6/94 9/93 5-27.5
Athens II 1,332,260 75,000 1,642,281 10,324 75,000 1,652,605
1,727,605 399,908 6/90 8/90 5-27.5
Autumn
Lane 731,571 34,094 891,072 382 34,094 891,454
925,548 319,858 11/90 8/89 5-27.5
Baytree 954,277 44,759 1,099,246 114,097 44,759 1,213,343
1,258,102 470,690 7/90 11/88 5-27.5
Benchmark 1,110,989 60,600 1,137,112 203,354 60,600 1,340,466
1,401,066 469,146 7/90 11/88 5-27.5
Brentwood 951,648 64,999 1,163,002 33,261 64,999 1,196,263
1,261,262 285,098 10/90 11/90 5-27.5
Briarwood 1,477,555 154,900 1,898,553 (413,797) 154,900 1,484,756
1,639,656 549,473 8/90 8/90 7-27.5
Butler
Properties 501,550 37,500 376,730 223,430 37,500 600,160
637,660 133,905 2/91 12/90 5-27.5
Candlewick
Place 1,252,798 70,800 1,500,289 70,175 70,800 1,570,464
1,641,264 336,555 10/92 12/92 5-27.5
F-94
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
-------------------------------------------
Cedarstone 770,316 66,000 955,695 24,660 66,000 980,355
1,046,355 208,248 5/93 5/93 5-40
Centre-
ville Apts. 630,715 63,073 697,069 53,939 16,000 751,008
767,008 342,308 2/90 11/90 5-27.5
Charlton
Court 1,196,869 56,144 1,449,050 3,300 56,144 1,452,350
1,508,494 411,303 1/93 12/92 7-27.5
Chuck-
atuck 1,441,053 128,725 1,731,557 16,773 128,725 1,748,330
1,877,055 483,049 2/90 11/90 12-40
Clover-
leaf I 852,521 54,740 969,048 20,689 54,740 989,737
1,044,477 375,389 4/90 11/90 5-27.5
Clover-
leaf II 871,677 66,488 981,480 22,147 66,488 1,003,627
1,070,115 379,492 4/90 11/90 5-27.5
Connells-
ville 1,363,743 55,440 1,591,799 129,504 55,440 1,721,303
1,776,743 457,883 3/90 11/90 5-27.5
Dallas 1,561,943 230,059 3,408,933 (195,432)* 230,059 3,213,501
3,443,560 1,209,459 10/90 12/91 5-27.5
Ellaville 784,532 45,000 977,293 857 45,000 978,150
1,023,150 378,786 2/90 7/90 5-27.5
Forsyth 1,452,989 55,000 1,894,917 22,456 55,000 1,917,373
1,972,373 678,895 9/90 7/90 7-27.5
F-95
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
-------------------------------------------
Freedom
Apts. 1,046,703 144,065 1,219,436 72,921 144,065 1,292,357
1,436,422 332,739 9/90 11/90 5-27.5
Great
Falls 871,011 38,292 1,053,154 8,183 38,292 1,061,337
1,099,629 383,617 10/90 11/90 5-27.5
Hartway
Properties 910,454 49,000 1,116,507 0 49,000 1,116,507
1,165,507 327,341 6/90 7/90 5-27.5
Hilltop 1,483,150 105,000 1,916,734 51,550 105,000 1,968,284
2,073,284 714,219 7/90 8/90 7-27.5
Ironton
Estates 621,442 29,500 794,461 2,089 29,500 796,550
826,050 247,284 1/93 5/93 5-27.5
Lambert
Square 994,278 41,200 1,243,568 14,781 41,200 1,258,349
1,299,549 233,001 12/92 11/92 5-40
Lawton
Apts. 1,483,135 54,400 1,848,603 27,942 54,400 1,876,545
1,930,945 835,066 6/90 11/90 5-27.5
Longview 869,004 25,000 1,071,946 68,517 25,000 1,140,463
1,165,463 441,857 8/90 11/88 5-27.5
Maidu 2,090,461 56,500 4,890,261 309,590 56,500 5,199,851
5,256,351 1,699,908 12/91 3/91 7-27.5
F-96
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
-------------------------------------------
Meadow-
brook 1,473,215 75,141 1,789,549 5,344 75,141 1,794,893
1,870,034 686,950 3/90 9/90 5-27.5
Mercer
Apts. 905,757 46,249 1,098,860 58,912 46,249 1,157,772
1,204,021 302,059 8/90 11/90 5-27.5
Morgan-
town 766,794 36,000 930,187 7 36,000 930,194
966,194 221,179 12/90 8/90 5-27.5
Newnan 1,869,739 92,706 4,128,942 (241,003)* 92,706 3,887,939
3,980,645 1,469,745 10/90 12/90 5-27.5
Parkwood 2,966,477 316,667 4,358,381 9,432 316,667 4,367,813
4,684,480 1,513,728 5/91 3/91 5-27.5
Pedcor
Invest-
ments 3,219,830 200,000 4,714,711 619,985 200,000 5,334,696
5,534,696 1,239,384 10/90 7/90 5-27.5
Pinetree
Manor 976,994 30,000 1,210,633 9,393 30,000 1,220,026
1,250,026 223,248 1/93 11/92 7-40
Pineview 958,084 125,000 1,178,400 6,176 125,000 1,184,576
1,309,576 425,266 12/90 9/90 7-27.5
F-97
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
--------------------------------------------
Rosewood
Village 647,143 36,000 806,255 4,946 36,000 811,201
847,201 305,875 7/90 7/90 5-27.5
South
Farm 1,722,597 254,636 3,486,308 7,644 254,636 3,493,952
3,748,588 980,000 7/93 4/93 7-40
Stockton
Estates 513,573 17,500 647,699 1,371 17,500 649,070
666,570 208,706 1/93 2/93 5-27.5
Stratford
Square 749,165 63,000 443,433 455,503 63,000 898,936
961,936 184,593 2/93 10/92 5-40
Summer
Glen 1,478,906 147,225 1,669,056 4,452 147,225 1,673,508
1,820,733 353,786 3/93 11/92 5-40
Washington
Heights 493,954 76,537 974,803 21,820 89,643 996,623
1,086.266 267,314 7/90 11/90 5-27.5
West Des
Moines 2,309,479 437,568 4,154,100 326,530 437,568 4,480,630
4,918,198 1,561,922 7/90 7/90 7-27.5
Wichita
West 1,727,193 110,377 2,920,599 92,991 110,377 3,013,590
3,123,967 1,056,669 7/90 7/90 7-27.5
F-98
Boston Capital Tax Credit Fund II Limited
Partnership - Series 10
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
--------------------------------------------
Woodside
Housing 1,476,595 60,140 1,926,294 13,436 60,140 1,939,730
1,999,870 476,800 11/90 12/90 5-27.5
---------- --------- ---------- ---------- --------- ----------- -
--------- ----------
54,443,064 4,073,024 76,577,386 2,551,622 4,039,057 79,129,008
83,168,065 24,714,552
========== ========= ========== ========== ========= ===========
========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this
schedule is as of December 31, 1999.
* Decrease due to reduction in development fee which reduced the property basis.
**There were no carrying costs as of December 31, 1999. The column has been
ommitted for
presentation purposes.
</TABLE>
F-99
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-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 - 03/31/95.........................$
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-101
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
Additions during period:
Acquisitions through foreclosure..............$ 0
Other acquisitions............................ 0
Improvements, etc............................. 489,722
Other......................................... 0
-----------
$
489,722
Deductions during period:
Cost of real estate sold......................$ 0
Other * ...................................... 0
-----------
0
-----------
Balance at close of period - 03/31/00.........................$
83,168,065
===========
.
F-102
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
Current year expense................................$2,459,142
---------
Balance at close of period -
3/31/00............................$24,714,552
==========
F-103
<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, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
-------------------------------------------
Academy
Hill 1,372,495 119,500 1,607,604 22,194 119,500 1,629,798
1,749,298 563,603 2/91 2/91 5-27.5
Aspen
Square 1,828,496 150,413 2,118,648 112,822 150,703 2,231,470
2,382,174 515,953 11/90 11/90 5-27.5
Bridge-
view 1,359,536 50,686 1,586,090 70,937 50,686 1,657,027
1,707,713 672,366 12/89 12/90 5-27.5
Buckeye 1,336,801 93,421 1,584,893 71,729 93,421 1,656,622
1,750,043 442,826 8/90 12/90 5-27.5
Church
Hill 952,362 63,232 663,136 553,962 63,232 1,217,098
1,280,330 280,984 1/91 12/90 7-40
Copper
Creek 1,171,148 77,750 1,410,989 57,602 77,750 1,468,591
1,546,341 341,376 9/90 11/90 5-27.5
Coronado 400,879 9,998 1,499,265 26,794 9,998 1,526,059
1,536,057 537,519 4/91 2/91 5-27.5
Crestwood 4,163,869 360,000 10,649,129 119,556 360,000 10,768,685
11,128,685 3,712,029 7/91 1/91 7-27.5
F-104
Boston Capital Tax Credit Fund II Limited Partnership
- Series 11
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings Accum. Con-
Acq- Depre- Encum- and im- Improve-
and im- Depre- struct uired ciation Description
brances Land provements ments Land provemnts Total
ciation Date Date Life
--------------------------------------------------------------------------------
---------------------------------------------
Dallas
Apts. 1,561,943 230,059 3,408,933 (195,432)* 230,059 3,213,501
3,443,560 1,209,459 2/91 12/90 7-27.5
Denmark I 767,778 54,000 915,172 4,167 54,000 919,339
973,339 345,806 11/90 11/90 27.5
Denmark II 813,360 36,000 1,003,547 1,749 36,000 1,005,296
1,041,296 374,740 12/89 11/90 5-27.5
El Dorado
Springs 579,190 22,500 735,245 10,956 17,176 746,201
763,377 296,398 8/90 11/90 5-27.5
Eldon
Estates II 579,542 30,000 690,453 33,805 30,000 724,258
754,258 283,266 11/90 12/90 5-27.5
Eldon
Manor 557,766 7,500 787,399 28,004 7,500 815,403
822,903 320,143 11/90 12/90 5-27.5
Elderly Hsing
of Macon 1,619,963 50,000 1,992,329 26,728 50,000 2,019,057
2,069,057 346,550 4/93 5/93 5-27.5
Eutaw
Elderly 1,618,286 24,000 1,972,439 10,102 24,000 1,982,541
2,006,541 300,962 12/93 5/93 5-50
Farmer-
ville 964,646 57,015 1,195,142 30,885 57,015 1,226,027
1,283,042 269,536 4/91 1/91 N/A
F-105
Boston Capital Tax Credit Fund II Limited
Partnership - Series 11
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
---------------------------------------------
Forest
Glade 1,477,997 100,000 1,841,104 23,316 100,000 1,864,420
1,964,420 659,964 12/90 12/90 7-27.5
Franklin
School 1,245,777 112,032 2,528,326 1,996,023 112,032 4,524,349
4,636,381 1,377,940 12/91 10/90 27.5
Harbor
View 1,476,143 143,957 1,802,615 7,406 143,957 1,810,021
1,953,978 668,738 7/90 12/90 7-27.5
Hilltop
Apts. 1,416,065 178,736 1,545,237 37,942 178,736 1,583,179
1,761,915 445,133 11/92 1/93 27.5
Holland
Senior 896,377 27,500 1,096,333 39,866 27,500 1,136,199
1,163,699 424,718 6/90 11/90 27.5
Holly
Senior 914,536 36,882 1,139,044 45,755 36,882 1,184,799
1,221,681 435,242 10/90 11/90 27.5
Ivan
Woods 2,117,706 275,000 4,347,328 29,637 275,000 4,376,965
4,651,965 1,598,182 4/91 2/91 5-27.5
Kaplan
Manor 923,050 66,000 1,106,192 60,418 66,000 1,166,610
1,232,610 273,496 12/90 12/90 7-40
F-106
Boston Capital Tax Credit Fund II Limited
Partnership - Series 11
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
--------------------------------------------
Lakewood 950,842 53,100 1,162,254 29,305 53,100 1,191,559
1,244,659 266,054 5/91 1/91 N/A
Licking
Associates 404,707 14,000 316,889 176,342 14,000 493,231
507,231 150,946 3/92 11/91 N/A
London
Arms 2,660,289 37,500 3,479,332 (22,804)* 37,500 3,456,528
3,494,028 1,138,517 12/90 12/90 5-27.5
Maidu 2,090,462 56,500 4,890,261 309,590 56,500 5,199,851
5,256,351 1,699,908 12/91 3/91 7-27.5
Manning
Properties 837,057 44,125 1,015,703 10,816 44,125 1,026,519
1,070,644 374,771 11/90 11/90 5-27.5
Metter 1,465,047 44,500 1,770,511 4,472 45,141 1,774,983
1,820,124 481,420 5/93 12/92 5-27.5
Nevada
Manor 645,744 50,000 782,543 12,024 50,000 794,567
844,567 318,646 10/90 11/90 5-27.5
Newnan
Apts. 1,869,739 92,706 4,128,942 (241,003)* 92,706 3,887,939
3,980,645 1,469,745 10/90 12/90 5-27.5
Oatka
Villige 915,974 35,000 1,151,205 10,377 35,000 1,161,582
1,196,582 435,610 6/90 11/90 5-27.5
RPI#18L.P. 1,228,171 100 1,776,840 119,385 100 1,896,225
1,896,325 641,209 12/90 12/90 5-27.5
F-107
Boston Capital Tax Credit Fund II Limited
Partnership - Series 11
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
------------------------------------------
Sierra
Springs 1,171,903 52,290 1,448,815 58,930 52,387 1,507,745
1,560,132 341,863 11/90 11/90 5-27.5
South
Fork 1,480,219 100,000 1,782,527 30,110 100,000 1,812,637
1,912,637 449,138 2/91 2/91 5-27.5
Twin
Oaks of
Allendale 779,547 71,305 951,711 (56,380)* 71,305 895,331
966,636 286,622 9/90 12/90 5-27.5
Washington 954,443 55,050 1,150,878 29,964 55,050 1,180,842
1,235,892 267,240 3/91 1/91 7-40
Wildridge 1,559,562 156,576 1,617,243 30,095 156,576 1,647,338
1,803,914 547,948 4/91 1/91 7-27.5
---------- --------- ---------- ---------- --------- -----------
----------- ----------
$51,129,417 3,238,933 76,652,246 3,278,146 3,234,637 80,380,392
83,615,029 25,566,566
========== ========= ========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this
schedule is as of December 31, 1999.
*Decrease due to reduction of development fee which reduced the property basis.
**There were no carrying costs as of December 31, 1999. The column has been
ommitted for
presentation purposes.
</TABLE>
F-108
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 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-109
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-110
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
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 451,423
Other.......................................... 0
-----------
$
451,423
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
-----------
$
0
-----------
Balance at close of period - 03/31/00..........................$
83,615,029
===========
*-Reduction to reduced development fee, which reduced the
property basis
F-111
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
Current year expense.................................$2,681,634
---------
Balance at close of period -
3/31/00............................$25,566,566
==========
F-112
<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, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
---------------------------------------------
Autumnwood
Village 1,010,137 40,777 371,734 904,720 40,777 1,276,454
1,317,231 387,596 4/92 10/91 5-27.5
BB&L
Enterprises 519,780 24,000 648,985 1,600 24,000 650,585
674,585 181,473 3/91 5/91 5-40
Bowman
Village 663,316 17,000 848,107 2,520 17,000 850,627
867,627 276,428 10/91 6/91 5-27.5
Brandy-
wood 1,729,980 86,029 3,313,958 (41,845)* 86,029 3,272,113
3,358,142 1,195,858 9/91 12/91 5-27.5
Briarwick 1,240,223 95,079 1,587,073 595 95,079 1,587,668
1,682,747 392,578 4/91 4/91 5-40
Bucksport 1,366,637 71,500 1,683,768 80,891 71,500 1,764,659
1,836,159 483,473 8/91 6/91 7-27.5
Burkes-
ville 732,128 40,000 897,118 530 40,000 897,648
937,648 190,299 9/91 6/91 5-27.5
F-113
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
---------------------------------------------
California
Investors
VII 8,785,684 820,000 9,361,922 16,792,875 803,050 26,154,797
26,957,847 5,079,965 12/93 10/92 5-27.5
Cananche
Creek 1,231,291 66,200 1,515,813 40,893 66,200 1,556,706
1,622,906 320,353 6/91 5/91 5-27.5
Carson
Village 650,226 30,000 193,264 617,641 30,000 810,905
840,905 241,078 6/92 10/91 5-27.5
Clarkson
Prop 745,208 36,000 932,918 0 36,000 932,918
968,918 198,162 7/91 6/91 7-27.5
Clymer
House 1,112,201 20,000 1,387,091 46,791 20,000 1,433,882
1,453,882 398,606 10/91 6/91 5-27.5
Corcoran
Investment 1,519,668 75,000 1,976,455 0 75,000 1,976,455
2,051,455 412,279 11/90 2/91 5-50
Cornish
Park 1,450,626 67,390 1,761,946 96,076 68,500 1,858,022
1,926,522 552,107 6/91 6/91 5-27.5
Crescent
City 1,858,678 211,000 2,297,055 (14,590)* 211,000 2,282,465
2,493,465 510,125 3/91 3/91 5-50
Dallas II 1,561,943 230,059 3,194,199 19,302 230,059 3,213,501
3,443,560 1,209,459 10/90 3/91 7-27.5
F-114
Boston Capital Tax Credit Fund II Limited
Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
-------------------------------------------
Earlimart 1,341,465 90,000 1,711,424 827 90,000 1,712,251
1,802,251 357,574 6/91 6/91 5-50
Evanwood 752,843 36,000 929,102 456 32,400 929,558
961,958 220,375 5/91 6/91 5-27.5
Fort
Smith 895,115 87,500 2,089,062 0 87,500 2,089,062
2,176,562 517,041 8/94 9/93 7-27.5
Frank-
lin II 1,481,629 50,000 1,864,100 6,949 50,000 1,871,049
1,921,049 673,340 11/90 4/91 7-27.5
Franklin
House 296,323 1,000 812,706 2,742 1,000 815,448
816,448 255,876 1/88 5/93 5-27.5
Hamilton
Village 567,622 18,943 368,532 345,774 18,943 714,306
733,249 222,066 3/92 10/91 5-27.5
Hunters
Park 1,405,765 92,750 1,650,083 15,431 92,750 1,665,514
1,758,264 323,693 4/91 5/91 5-27.5
Ivan
Woods 2,117,706 275,000 4,347,328 29,637 275,000 4,376,965
4,651,965 1,598,182 4/91 2/91 5-27.5
Jesup 617,411 19,375 427,265 382,417 19,375 809,682
829,057 254,595 7/92 12/91 5-27.5
F-115
Boston Capital Tax Credit Fund II Limited
Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
-------------------------------------------
Lakeridge 913,735 34,832 1,103,517 7,461 34,832 1,110,978
1,145,810 371,707 4/91 3/91 5-50
Laurel
Village 659,789 15,145 256,421 569,575 15,145 825,996
841,141 252,207 5/92 10/91 5-27.5
Los
Caballos 758,823 53,886 1,006,731 1,700 26,943 1,008,431
1,035,374 230,824 8/91 7/91 5-27.5
Marlboro 833,347 26,176 1,032,404 14,417 26,176 1,046,821
1,072,997 385,375 2/91 3/91 5-27.5
Melvilles 889,841 18,500 1,103,074 46,923 18,500 1,149,997
1,168,497 242,317 10/91 7/91 5-27.5
Nanty Glo 1,470,893 35,000 1,869,757 38,481 35,000 1,908,238
1,943,238 528,756 7/91 6/91 7-40
Newnan II 1,869,739 92,706 3,868,800 19,139 92,706 3,887,939
3,980,645 1,469,745 10/90 3/91 7-27.5
Nye
County 1,360,114 60,000 1,694,731 5,023 60,000 1,699,754
1,759,754 607,459 4/91 5/91 5-27.5
Oakleigh 910,831 57,500 553,121 576,102 57,500 1,129,223
1,186,723 230,092 3/92 8/91 7-40
Oakwood 906,050 52,000 782,736 357,096 52,000 1,139,832
1,191,832 233,554 1/92 8/91 7-40
Parkwood 2,966,477 316,667 4,358,381 9,432 316,667 4,367,813
4,684,480 1,513,728 5/91 3/91 5-27.5
F-116
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
-------------------------------------------
Portales
Estates 1,435,153 66,500 1,777,470 12,843 66,500 1,790,313
1,856,813 649,426 7/91 7/91 5-27.5
Prairie
West 508,772 65,000 983,964 12,498 73,306 996,462
1,069,768 355,698 9/95 3/91 5-27.5
Ridgeway
Court 890,757 48,500 1,039,377 21,716 48,500 1,061,093
1,109,593 351,953 1/91 4/91 5-27.5
River
Reach 1,361,729 118,750 1,656,515 6,732 118,750 1,663,247
1,781,997 566,511 5/91 5/91 7-27.5
Rockmoor 561,143 30,000 521,541 146,307 30,000 667,848
697,848 111,801 3/91 5/91 5-27.5
RPI #22 562,747 0 1,177,719 16,447 0 1,194,165
1,194,166 379,236 7/91 6/91 7-27.5
Scott City 597,010 13,000 764,225 (285) 13,000 763,940
776,940 172,075 11/91 6/91 5-27.5
Shawnee
Ridge 665,211 53,650 801,129 8,805 53,650 809,934
863,584 169,669 5/91 5/91 5-27.5
Spring-
field 3,750,847 775,955 9,620,653 (499,262) 775,955 9,121,391
9,897,346 2,812,194 6/91 7/91 5-27.5
Stonegate
Manor 1,006,653 76,000 1,265,168 6,414 76,000 1,271,582
1,347,582 446,378 12/90 5/91 7-27.5
F-117
Boston Capital Tax Credit Fund II Limited
Partnership - Series 12
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provemnts
Total ciation Date Date Life
--------------------------------------------------------------------------------
--------------------------------------------
Turner
Lane 719,179 31,530 882,974 2,172 31,530 885,146
916,676 298,473 7/91 5/91 7-27.5
Union
Baptist 453,185 0 1,151,557 24,034 0 1,175,591
1,175,591 303,626 4/91 5/91 5-27.5
Villas of
Lakeridge 530,337 47,952 605,356 809 47,952 606,165
654,117 202,417 3/91 3/91 5-27.5
Waynesboro 1,366,852 50,000 1,455,507 1,074 50,000 1,456,581
1,506,581 500,788 1/91 4/91 5-27.5
Windsor II 727,162 51,178 887,455 12,163 51,178 899,618
950,796 331,298 11/90 4/91 7-27.5
Woodcrest 708,210 42,000 883,702 21,786 42,000 905,488
947,488 191,463 11/91 6/91 7-40
Woodside 1,151,512 19,383 1,378,829 50,224 19,383 1,429,053
1,448,436 546,567 3/91 4/91 5-40
---------- --------- ---------- ---------- ---------- -----------
----------- ---------
66,189,703 4,852,412 90,653,822 20,822,058 4,814,335 111,475,880
116,290,215 30,907,918
========== ========= ========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this
schedule is as of December 31, 1999
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1999 The column has been
ommitted for
presentation purposes.
</TABLE>
F-118
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-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 -
03/31/95..........................$115,997,654
Additions during period:
Acquisitions through foreclosure...............$ 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-120
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..........................$116,582,603
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 239,325
Other.......................................... 0
-----------
$
239,325
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... (531,712)
-----------
$
(531,712)
-----------
Balance at close of period -
03/31/00..........................$116,290,215
===========
F-121
Notes to Schedule III
Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92.......................$
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
Current year expense................................ $3,220,274
---------
Balance at close of period -
3/31/00............................$30,907,918
==========
F-122
<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, 2000
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 1,037,051 125,997 1,201,080 0 125,997 1,201,080
1,327,077 277,754 11/93 1/93 5-30
Amherst 1,592,981 60,000 1,920,734 1,445 60,000 1,922,179
1,982,179 602,960 1/92 1/92 7-27.5
Beckwood
Manor 1,264,317 35,000 1,569,743 38,578 35,000 1,608,321
1,643,321 493,771 10/92 5/92 5-27.5
Belmont
Vlg 922,255 64,312 1,073,695 18,037 64,312 1,091,732
1,156,044 243,080 12/91 1/92 7-27.5
Bethel
Park 1,484,665 265,800 1,310,374 502,216 117,500 1,812,590
1,930,090 408,553 3/92 12/91 5-40
Blan-
chard
Senior 596,819 42,000 730,704 0 42,000 730,704
772,704 153,116 7/93 1/93 5-30
F-123
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 216,436 42,000 727,225 (473,334) 23,726 253,891
277,617 65,801 7/93 1/93 5-30
Brant-
wood 1,139,380 55,500 1,382,381 15,061 55,500 1,397,442
1,452,942 458,625 9/91 7/91 7-27.5
Brecken-
ridge 862,162 21,500 1,181,178 1,909 21,500 1,183,087
1,204,587 278,346 3/92 1/92 7-27.5
Briar-
wood II 1,487,200 90,000 1,785,580 (296,190) 90,000 1,489,390
1,579,390 469,758 4/92 2/92 7-27.5
Bridge Coali-
tion 0 0 695,990 133,598 0 829,588
829,588 211,661 12/91 1/92 27.5
Buchanan 722,944 63,275 833,561 34,364 63,275 867,925
931,200 320,083 10/90 7/91 7-27.5
California
Inv. V 5,437,465 401,411 10,824,261 34,554 401,411 10,858,815
11,260,226 2,995,868 03/90 8/92 7-27.5
California
Inv. VII 8,785,684 820,000 9,361,922 16,792,875 803,050 26,154,797
26,957,847 5,079,965 12/93 10/92 7-27.5
Capital
Hsg 1,493,731 178,000 3,131,389 72,579 178,000 3,203,968
3,381,968 1,020,003 1/91 8/91 7-27.5
F-124
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 691,865 35,000 883,508 470 35,000 883,978
918,978 189,186 8/95 3/95 7-27.5
Carleton
Court 2,788,961 94,360 3,954,231 227,920 94,360 4,182,151
4,276,511 971,497 12/91 12/91 7-34
Carriage
Run 1,318,048 83,980 1,046,960 550,232 83,980 1,597,192
1,681,172 493,720 4/92 10/91 7-27.5
Cedar-
wood 1,411,940 61,698 1,477,659 234,950 61,698 1,712,609
1,774,307 321,633 1/92 10/91 7-27.5
Central
Valley 1,818,795 141,353 2,170,282 0 141,353 2,170,282
2,311,635 410,099 12/91 1/92 5-50
Chapar-
ral 693,383 38,972 863,939 3,510 38,972 867,449
906,421 168,973 7/91 8/91 7-50
College
Green 3,755,429 225,000 6,774,847 44,234 225,000 6,819,081
7,044,081 1,261,402 8/95 3/95 7-27.5
Colorado
City 540,508 30,000 608,138 17,461 30,000 625,599
655,599 133,168 10/91 10/91 7-40
Cotton
wood 652,341 40,000 775,242 3,710 40,000 778,952
818,952 164,160 7/91 10/91 7-40
F-125
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 1,299,948 60,000 1,574,032 17,595 60,000 1,591,627
1,651,627 390,106 1/92 1/92 7-27.5
Davis
Vlg 1,164,658 55,000 1,456,778 0 55,000 1,456,778
1,511,778 345,972 9/93 1/93 5-30
Derby
Hsg 1,767,830 165,000 3,451,914 43,787 165,000 3,495,701
3,660,701 1,107,747 9/91 6/91 7-27.5
Deven-
wood 869,864 76,000 1,215,772 5,541 76,000 1,221,313
1,297,313 343,324 1/93 7/92 N/A
Duncan
Vlg 1,133,150 83,875 1,391,226 775 83,875 1,392,001
1,475,876 319,032 11/93 1/93 5-30
Edison
Village 1,193,691 46,536 1,425,180 51,581 46,536 1,476,761
1,523,297 464,075 2/92 7/91 7-27.5
Excel-
sior 621,345 70,000 704,252 10,279 70,000 714,531
784,531 273,849 4/91 2/92 7-27.5
Four Oaks
Hsg 890,223 48,000 1,063,004 3,730 73,083 1,066,734
1,139,817 316,377 6/92 3/92 7-27.5
F-126
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 925,585 49,520 1,130,261 9,495 49,520 1,139,756
1,189,276 238,369 4/92 1/92 7-27.5
Friend-
ship 1,434,472 195,314 1,639,123 161,062 213,230 1,800,185
2,013,415 736,112 6/91 1/92 7-27.5
Glenhaven
Park 657,856 195,000 834,120 (65,649) 195,000 768,471
963,471 210,678 6/89 1/94 7-27.5
Harrison
City 1,475,228 35,521 1,792,881 94,985 35,521 1,887,866
1,923,387 567,151 9/92 7/92 7-27.5
Haven Park
Part-
ners II 486,100 225,000 1,045,411 0 225,000 1,045,411
1,270,411 408,485 6/89 1/94 7-27.5
Haven Park
Partners
III 488,600 225,000 1,177,089 0 225,000 1,177,089
1,402,089 287,023 12/89 1/94 7-27.5
Haven Park
Part-
ners IV 392,861 180,000 874,413 0 180,000 874,413
1,054,413 204,859 6/90 1/94 7-27.5
Hessmer 906,870 35,000 380,289 799,688 35,000 1,179,977
1,214,977 235,453 4/92 12/91 7-40
F-127
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 881,678 38,000 911,697 160,272 38,000 1,071,969
1,109,969 337,553 1/92 9/91 7-27.5
Hughes
Springs 785,196 35,000 947,230 0 35,000 947,230
982,230 197,321 8/91 10/91 7-40
Hunters
Run 1,441,146 120,000 1,169,479 537,695 120,000 1,707,174
1,827,174 541,026 2/92 12/91 7-27.5
Indepen-
dence 1,080,468 103,901 1,237,331 66,310 103,901 1,303,641
1,407,542 432,836 6/91 8/91 7-27.5
Jarratt 829,402 55,926 1,028,925 (67,608) 55,926 961,317
1,017,243 306,806 12/91 10/91 7-27.5
Kilmar-
nock 761,968 44,000 969,309 0 44,000 969,309
1,013,309 335,007 4/91 7/91 7-27.5
King
Fisher 166,749 21,000 198,768 0 21,000 198,768
219,768 49,263 12/93 1/93 5-30
La Gama
Del
Bario 669,485 110,000 1,020,084 46,465 110,000 1,066,549
1,176,549 282,102 8/92 6/92 7-27.5
F-128
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 1,987,386 360,000 2,036,815 229,471 360,000 2,266,286
2,626,286 434,298 1/92 9/91 5-50
Lakeview
Meadows 1,554,987 99,580 2,665,491 19,118 99,580 2,684,609
2,784,189 901,233 6/92 1/92 12-40
Lakewood
Terr 3,735,725 124,707 2,257,609 4,599,778 124,707 6,857,387
6,982,094 1,906,714 8/89 11/93 5-27.5
Lexington
Park 4,816,430 500,000 7,754,757 109,722 500,000 7,864,479
8,364,479 1,554,155 12/93 11/91 7-27.5
Lexington
Vlg 209,048 23,814 246,703 0 23,814 246,703
270,517 62,926 11/93 1/93 5-30
Lonaconing1,479,793 113,305 181,203 1,558,889 113,305 1,740,092
1,853,397 354,170 9/92 12/91 5-27.5
Louis
Assocs. 812,189 13,720 1,038,651 6,116 13,720 1,044,767
1,058,487 277,618 1/92 3/92 7-27.5
Maidu 2,090,461 56,500 5,108,838 91,013 56,500 5,199,851
5,256,351 1,699,908 12/91 1/92 7-27.5
Marion
Mnr 1,001,697 50,000 1,237,671 24,937 50,000 1,262,608
1,312,608 241,521 6/92 2/92 7-27.5
F-129
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
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 217,050 25,920 255,681 0 25,920 255,681
281,601 65,415 10/93 1/93 5-30
McComb
Fam 1,001,739 30,000 1,226,748 34,531 30,000 1,261,279
1,291,279 345,210 10/91 10/91 7-27.5
Mon-
tague 1,136,369 0 1,493,360 100,912 22,223 1,594,272
1,616,495 453,441 12/91 12/91 5-30
Navapai 880,007 53,480 1,073,287 25,572 53,480 1,098,859
1,152,339 239,275 4/91 6/91 7-50
Nevada
City 3,535,593 492,000 3,954,179 130,975 492,000 4,085,154
4,577,154 741,024 10/91 1/91 5-27.5
New
River 1,479,584 46,400 1,279,522 519,597 46,400 1,799,119
1,845,519 392,552 2/92 8/91 7-27.5
Newel-
lton 939,609 57,600 1,161,263 23,799 57,600 1,185,062
1,242,662 237,565 4/92 2/92 7-40
Oakland
Vlg 849,410 38,400 1,021,589 1,761 58,014 1,023,350
1,081,364 293,698 8/92 5/92 7-27.5
F-130
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 689,165 27,752 872,256 0 27,752 872,256
900,008 209,146 5/93 1/93 7-27.5
One
North-
ridge 2,095,662 190,000 3,051,424 115,033 190,000 3,166,457
3,356,457 813,342 2/92 1/92 7-27.5
Park-
wood 2,966,477 316,667 4,358,381 9,432 316,667 4,367,813
4,684,480 1,513,728 5/91 10/91 7-27.5
Pine-
ridge 984,013 31,500 494,515 715,923 31,500 1,210,438
1,241,938 216,249 3/92 10/91 7-27.5
Pittsfield
Park 1,043,033 204,900 781,557 577,381 58,000 1,358,938
1,416,938 329,613 6/92 12/91 5-30
Planta-
tion IV 1,415,182 77,000 1,697,631 22,624 77,000 1,720,255
1,797,255 558,413 11/91 12/91 7-27.5
Portville
Square 914,145 66,206 1,068,007 30,843 66,206 1,098,850
1,165,056 239,347 3/92 3/92 7-27.5
Prague
Vlg 114,599 10,500 157,060 0 10,500 157,060
167,560 42,351 3/93 1/93 7-27.5
F-131
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 2,637,737 521,000 5,852,852 47,394 521,000 5,900,246
6,421,246 1,193,964 1/93 3/92 7-27.5
Rosen-
berg 1,796,276 452,000 10,701,246 (8,502,063) 415,000 2,199,183
2,614,183 191,280 1/92 12/91 7-27.5
Rosewood
Manor 1,434,376 175,000 1,605,480 10,249 175,000 1,615,729
1,790,729 519,841 11/91 12/91 7-27.5
San
Jacinto 2,364,590 288,000 2,694,130 105,463 288,000 2,799,593
3,087,593 567,439 10/91 1/92 5-50
Schroon
Lake 1,073,067 78,000 1,318,831 33,971 78,000 1,352,802
1,430,802 384,776 1/92 11/91 5-50
Scott
Part-
ners 1,095,646 60,000 1,171,445 576,851 60,000 1,748,296
1,808,296 419,827 11/91 10/91 7-27.5
Sioux
Falls 1,034,357 82,406 2,233,596 25,817 82,406 2,259,413
2,341,819 726,297 10/91 11/91 7-27.5
F-132
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 1,240,971 79,790 1,465,210 41,778 79,790 1,506,988
1,586,778 576,195 5/91 2/92 7-27.5
South
Fulton 662,689 34,000 794,896 5,885 34,000 800,781
834,781 219,301 8/91 10/91 7-27.5
Standard-
ville 583,883 29,500 691,006 0 29,500 691,006
720,506 166,956 11/91 4/92 5-40
St.
Barnabas 1,198,577 43,335 1,520,445 2,648 43,335 1,523,093
1,566,428 278,337 12/91 10/91 7-27.5
Summerlane 858,209 48,700 1,010,651 3,038 48,700 1,013,689
1,062,389 327,625 11/91 7/91 7-27.5
Tionesta
Manor 1,424,331 229,850 1,666,675 88,150 229,850 1,754,825
1,984,675 575,435 1/92 2/92 7-27.5
Titus-
ville 1,236,258 85,280 1,235,975 243,578 85,280 1,479,553
1,564,833 469,103 1/92 12/91 7-27.5
Toano III 707,473 56,266 874,381 2,610 56,266 876,991
933,257 304,481 7/91 7/91 7-27.5
Topsham 1,124,516 135,552 1,458,644 8,017 135,552 1,466,661
1,602,213 304,660 8/92 11/91 10-40
F-133
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Descrip- Encum- and im- Improve- and im-
Depre- struct uired ciation
tion brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
---------------------------------------------
Townview 1,375,363 87,238 1,713,135 124,172 87,238 1,837,307
1,924,545 424,506 10/91 9/91 5-27.5
Tyrone
Hsg 1,479,270 138,700 1,850,252 62,648 49,050 1,912,900
1,961,950 418,833 1/92 12/91 5-40
Vic-
toria 1,387,395 12,500 1,733,581 7,361 12,500 1,740,942
1,753,442 525,441 6/92 1/92 5-27.5
Village
Terrace 705,445 63,000 1,529,691 800 63,000 1,530,491
1,593,491 494,013 9/91 5/92 5-40
Washing-
ton 1,175,802 72,396 1,494,696 2,410 72,396 1,497,106
1,569,502 492,349 8/91 7/91 7-27
Wesley
Vlg 1,309,297 44,750 347,831 1,253,193 44,750 1,601,024
1,645,774 343,836 6/92 10/91 5-27.5
Wild-
wood 1,260,218 94,949 1,498,290 8,858 94,949 1,507,148
1,602,097 360,955 10/91 10/91 5-40
Woodfield
Commons 750,534 66,533 2,478,583 131,212 66,533 2,609,795
2,676,328 596,618 6/91 9/91 12-40
Wood-
side 1,209,330 44,000 1,472,335 9,013 44,000 1,481,348
1,525,348 482,053 10/91 11/91 7-27.5
F-134
Boston Capital Tax Credit Fund II Limited
Partnership - Series 14
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- -----------
-----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
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 394,176 41,987 521,591 0 41,987 521,591
563,578 130,668 11/93 1/93 5-27.5
York-
shire 921,054 29,265 1,079,451 30,957 29,265 1,110,408
1,139,673 367,012 9/91 8/91 5-27.5
Zin-
master 1,814,108 100,000 3,307,709 13,873 100,000 3,321,582
3,421,582 1,481,827 1/88 1/95 7-27.5
----------- ---------- ----------- ---------- ---------- -----------
----------- ---------- 135,243,034 11,491,699
186,719,997 23,119,493 11,119,461 209,839,489 220,958,950 53,590,248
=========== ========== =========== ========== ========== ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
on this schedule
is as of December 31, 1999.
* - Reduction due to reduced development fee, which reduced the property basis.
***There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
</TABLE>
F-135
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-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 - 03/31/95..........................$217,528,999
Additions during period:
Acquisitions through foreclosure...............$ 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-137
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..........................$220,063,137
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 895,813
Other.......................................... 0
-----------
$
895,813
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
-----------
$
0
-----------
Balance at close of period -
03/31/00..........................$220,958,950
===========
F-138
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/92.........................$ 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
Current year expense..................................
$6,550,775
---------
Balance at close of period -
3/31/00..............................$53,590,248
==========
F-139
