SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended March 31, 1996 or
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[ ] 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 0-21718
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Boston Capital Tax Credit Fund III L.P.
- ----------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Massachusetts 52-1749505
- --------------------------------- -----------------------------
(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)
Fund'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
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None None
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Securities registered pursuant to Section 12(g) of the Act:
Beneficial Assignee Certificates
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(Title of Class)
Indicate by check mark whether the Fund (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 Fund was required to file such
reports), and (2) has been subject to such filing requirements for
the past 90 days. YES X NO
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Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 or 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 Fund are incorporated by reference:
Form 10-K
Parts Document
--------- ---------
Parts I, III October 7, 1993 Prospectus,
as supplemented
Parts II, IV Form 8-K dated April 4, 1994
Form 8-K dated April 4, 1994
Form 8-K dated April 7, 1994
Form 8-K dated April 8, 1994
Form 8-K dated April 12, 1994
Form 8-K dated April 14, 1994
Form 8-K dated May 12, 1994
Form 8-K dated May 29, 1994
Form 8-K dated May 31, 1994
Form 8-K dated June 16, 1994
Form 8-K dated June 27, 1994
Form 8-K dated June 27, 1994
Form 8-K dated July 8, 1994
Form 8-K dated September 1, 1994
Form 8-K dated September 12, 1994
Form 8-K dated September 21, 1994
Form 8-K dated October 19, 1994
Form 8-K dated October 25, 1994
Form 8-K dated October 28, 1994
Form 8-K dated November 19, 1994
Form 8-K dated January 12, 1995
<PAGE>
BOSTON CAPITAL TAX CREDIT FUND III L.P.
Form 10-K ANNUAL REPORT
FOR THE YEAR ENDED March 31, 1996
TABLE OF CONTENTS
PART I
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of
Security Holders
PART II
Item 5. Market for the Fund'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 Fund
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial
Owners and Management
Item 13. Certain Relationships and Related
Transactions
PART IV
Item 14. Exhibits, Financial Statement Schedules,
and Reports on Form 8-K
Signatures <PAGE>
PART I
------
Item 1. Business
Organization
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Boston Capital Tax Credit Fund III L.P. (the "Fund") is a limited
partnership formed under the Delaware Revised Uniform Limited Partnership
Act as of September 19, 1991. The General Partner of the Fund is Boston
Capital Associates III L.P., a Delaware limited partnership. C & M
Associates, d/b/a 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
III 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 Fund and will not engage in any other business.
Units of beneficial interest in the Limited Partnership Interest of the
Assignor Limited Partner will be assigned by the Assignor Limited Partner
by means of beneficial assignee certificates ("BACs") to investors and
investors will be entitled to all the rights and economic benefits of a
Limited Partner of the Fund including rights to a percentage of the
income, gains, losses, deductions, credits and distributions of the Fund.
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 January 24, 1992 in connection
with a public offering ("Offering") in one or more series of a minimum of
250,000 BACs and a maximum of 20,000,000 BACs at $10 per BAC. On
September 4, 1993 the Fund filed an amendment to Form S-11 with the
Securities and Exchange Commission which registered an additional
2,000,000 BACs at $10 per BAC for sale to the public in one or more
series. The registration for additional BACs became effective on October
6, 1993. As of March 31, 1996, subscriptions had been received and
accepted by the General Partner in Series 15, 16, 17, 18 and 19 for
21,996,102 BACs, representing capital contributions of $219,961,020. The
Fund issued the last BACs in Series 19 on December 17, 1993. This
concluded the Public Offering of the Fund.
The Offering, including information regarding the issuance of BACs
in series, is described on pages 84 to 87 of the Prospectus, as
supplemented, under the caption "The Offering", which is incorporated
herein by reference.
Description of Business
- -----------------------
The Fund's principal business is to invest as a limited partner in
other limited partnerships (the "Operating Partnerships") each of which
1 <PAGE>
will own or lease and will operate an Apartment Complex exclusively or
partially for low- and moderate-income tenants. Each Operating Partnership in
which the Fund will invest will own 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 is expected to qualify 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 ten to twelve years in the
form of tax credits which investors may use to offset income, subject to
certain strict limitations, from other sources. Certain Apartment Complexes
may also qualify 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 37 to 51 of the
Prospectus, as supplemented, under the captions "Tax Credit Programs" and
"Government Assistance Programs," which is incorporated herein by reference.
Section 236 (f) (ii) of the National Housing Act, as amended, in Section 101
of the Housing and Urban Development Act of 1965, as amended, each provide for
the making by HUD of rent supplement payments to low income tenants in
properties which receive other forms of federal assistance such as Tax
Credits. The payments for each tenant, which are made directly to the owner
of their property, generally are in such amounts as to enable the tenant to
pay rent equal to 30% of the adjusted family income. Some of the Apartment
Complexes in which the Partnership has invested are receiving such rent
supplements from HUD. HUD has been in the process of converting rent
supplement assistance to assistance paid not to the owner of the Apartment
Complex, but directly to the individuals. At this time, the Partnership is
unable to predict whether Congress will continue rent supplement programs
payable directly to owners of the Apartment Complex.
As of March 31, 1996 the Fund had invested in 68 Operating Partnerships
on behalf of Series 15, 65 Operating Partnerships on behalf of Series 16, 49
Operating Partnerships on behalf of Series 17, 34 Operating Partnerships on
behalf of Series 18 and 25 Operating Partnerships on behalf of Series 19. A
description of these Operating Partnerships is set forth in Item 2 herein.
The business objectives of the Fund are to:
(1) provide current tax benefits to Investors in the form of
Federal Housing Tax Credits and in limited instances, a small
amount of Rehabilitation Tax Credits, which an Investor may
apply, subject to certain strict limitations, against the
investor's federal income tax liability from active, portfolio
and passive income;
(2) provide tax benefits in the form of passive losses which an
Investor may apply to offset his passive income (if any); and
(3) preserve and protect the Fund's capital and provide capital
appreciation and cash distributions through increases in value
of the Fund's investments and, to the extent applicable, equity
buildup through periodic payments on the mortgage indebtedness
with respect to the Apartment Complexes.
2 <PAGE>
The business objectives and investment policies of the Fund are
described more fully on pages 30 to 37 of the Prospectus, as
supplemented, under the caption "Investment Objectives and Acquisition
Policies," which is incorporated herein by reference.
Employees
- ---------
The Fund does not have any employees. Services are performed by the
General Partner and its affiliates and agents retained by them.
Item 2. Properties
The Fund has acquired a Limited Partnership interest in 241 Operating
Partnerships in five series, identified in the table set forth below. In each
instance the Apartment Complex owned by the applicable Operating Partnership
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. The General Partner
believes that there is adequate casualty insurance on the properties.
Please refer to Item 7. "Management's Discussion and Analysis of
Financial Condition and Results of Operations" for a more detailed discussion
of operational difficulties experienced by certain of the Operating
Partnerships.
3<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
PROPERTY PROFILES AS OF March 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
April Gardens Las Piedras,
Apts. III PR 32 $1,476,547 9/92 5/93 100% $ 279,823
Autumwood Keysville,
Heights VA 40 1,361,324 8/92 1/93 100% 256,700
Barton Village Arlington,
Apartments GA 18 513,541 10/92 3/93 100% 101,154
Bergen Bergen,
Meadows NY 24 1,027,491 7/92 7/92 100% 199,420
Bridlewood Horse Cave,
Terrace NY 24 796,549 1/94 1/95 100% 167,679
Brunswick Lawrenceville,
Commons VA 24 833,058 3/92 9/92 100% 152,282
Buena Vista
Apartments, Union,
Phase II SC 44 1,462,607 3/92 1/92 100% 281,000
Calexico Calexico,
Senior Apts. CA 38 1,933,565 9/92 9/92 100% 366,220
Chestnut Altoona,
Hills Estates AL 24 752,728 9/92 9/92 100% 146,500
Columbia Camden,
Heights Apts. AR 32 1,304,260 10/92 9/93 100% 247,599
Coral Ridge Coralville,
Apartments IA 102 2,649,097 3/92 11/92 100% 2,257,827
Country
Meadows Sioux Falls,
II, III, IV SD 55 1,393,377 5/92 9/92 100% 1,220,825
Curwensville Curwensville,
House Apts. PA 28 1,224,140 9/92 7/93 100% 262,000
Deerfield Crewe,
Commons VA 39 1,237,021 4/92 6/92 100% 242,430
4<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
East Park Dilworth,
Apts. I MN 24 $ 504,552 6/94 1/94 100% $ 385,824
Edgewood
Apts. Munfordville,
KY 24 792,628 6/92 8/92 100% 156,605
Golden Age Oak Grove,
Apts. MO 17 407,329 4/92 11/91 100% 84,410
Graham Graham,
Village Apts. NC 50 1,348,733 10/94 6/95 100% 794,669
Greentree Utica,
Apts. OH 24 691,678 4/94 10/75 100% 64,069
Greenwood Fort Gaines,
Village GA 24 680,335 8/92 5/93 100% 131,268
Hadley's
Lake East Machias
Apts. ME 18 1,046,574 9/92 1/93 100% 291,400
Hammond Westernport,
Heights Apts. MD 35 1,498,433 7/92 2/93 100% 327,944
Harrisonville Harrisonville,
Properties II MO 24 611,545 3/92 11/91 100% 144,004
Harvest Point Madison,
Apts. SC 30 1,207,547 3/95 12/94 100% 255,322
Hearthside II Portage,
MI 60 1,965,350 4/92 11/92 100% 1,153,620
5 <PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Heron's Lake Placid,
Landing I FL 37 $1,213,328 10/92 10/92 100% $ 255,339
Hidden W. Pittsburg,
Cove CA 88 2,970,654 2/94 8/88 100% 200,000
Higginsville Higginsville,
Estates MO 24 631,156 3/92 3/91 100% 146,111
Kearney Kearney,
Estates MO 24 638,301 5/92 1/92 100% 138,103
Lakeside Lake Village
Apts. AR 32 1,227,025 8/94 8/95 100% 282,004
Lake View Lake View,
Green Apts. SC 24 893,100 3/92 7/92 95% 183,603
Laurelwood
Apartments, Winnsboro,
Phase II SC 32 1,075,076 3/92 2/92 100% 229,986
Lebanon
Properties Lebanon,
III MO 24 636,219 3/92 2/92 100% 152,171
Lebanon Spring Grove,
Village II VA 24 932,577 8/92 2/93 100% 169,000
Lilac Apts. Leitchfield,
KY 24 734,209 6/92 7/92 100% 148,015
Livingston Livingston,
Plaza TX 24 682,346 12/92 11/93 100% 169,642
6<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Manning Manning,
Lane Apts. SC 42 $1,481,532 8/92 3/93 100% $ 296,436
Marshall Marshallville,
Lane Apts. GA 18 557,331 8/92 12/92 100% 114,200
Maryville Maryville,
Properties MO 24 722,743 5/92 3/92 100% 156,636
Meadow Grantsville,
View Apts. MD 36 1,496,542 5/92 2/93 100% 291,322
Millbrook Sanford,
Commons ME 16 927,287 6/92 11/92 100% 227,100
Monark Van Buren & Barling,
Homes AR 10 336,950 6/94 3/94 100% 239,800
North
Prairie Plainwell,
Manor Apts. MI 28 887,809 9/92 5/93 100% 206,820
North Trail Arkansas City,
Apts. KS 24 834,392 9/94 12/95 100% 192,851
Oakwood Century,
Village FL 39 1,114,744 5/92 5/92 100% 249,374
Osceola Osceola,
Estates Apts.IA 24 679,995 5/92 5/92 100% 161,325
Payson
Senior Payson,
Center Apts. AZ 39 1,495,824 8/92 8/92 100% 365,755
Rainier Mt. Rainier,
ManorApts. MD 104 3,733,381 4/92 1/93 100% 1,095,382
Ridgeview Brainerd,
Apartments MN 24 866,472 3/92 1/92 100% 165,434
7<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Rio Mimbres Deming,
II Apartments NM 24 $ 778,239 4/92 4/92 100% $ 149,811
River Chase Wauchula,
Apts. FL 47 1,485,527 8/92 10/92 100% 322,944
Rolling
Brook Algonac,
III Apts. MI 26 832,324 6/92 11/92 100% 185,632
School St. Marshall,
Apts.Phase I WI 24 781,822 4/92 5/92 100% 666,025
Shenandoah Shenandoah,
Village PA 34 1,482,331 8/92 2/93 100% 317,136
Showboat Chesaning,
Manor Apts. MI 26 801,032 7/92 2/93 96% 178,084
Spring Creek Derby,
II Apts. KS 50 1,297,540 4/92 6/92 100% 1,060,282
Summit Ridge Palmdale,
Apartments CA 304 8,874,224 10/92 12/93 100% 5,639,000
Sunset Sq. Scottsboro,
Apts. AL 24 745,177 9/92 8/92 100% 143,900
Taylor Mill Hodgenville,
Apartments KY 24 772,776 4/92 5/92 100% 173,606
Timmons Lynchburg,
Village Apts. SC 18 626,200 5/92 7/92 100% 122,450
University Detroit,
Meadows MI 53 1,848,328 6/92 12/92 100% 1,676,750
Valatie Valatie,
Woods NY 32 1,399,064 6/92 4/92 100% 277,600
8<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Village Healdton,
Woods OK 24 $ 709,514 8/94 12/94 100% $ 173,616
Urb. Corales
Villas de Hatillo,
Del Mar PR 32 1,472,769 8/92 8/92 100% 307,200
Virgen del
Pozo Garden Sabana Grande,
Apts. PR 70 3,350,576 8/92 7/93 100% 772,550
Weedpatch Weedpatch,
Country Apts. CA 36 1,986,913 1/94 9/94 100% 461,197
Whitewater Ideal,
Village Apts. GA 18 526,896 8/92 11/92 100% 108,000
Wood Park Arcadia,
Pointe FL 36 1,176,402 6/92 5/92 100% 243,672
* Property was in the lease-up phase as of March 31, 1996.
9<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
PROPERTY PROFILES AS OF March 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
1413
Leavenworth Omaha,
Apts. NE 60 $1,686,078 12/92 3/93 100% $1,287,526
Abbey Nixa,
Orchards Apts. MO 48 1,579,958 3/94 6/94 100% 1,163,875
Abbey
Orchards Nixa,
Apts.II MO 56 1,144,209 8/94 7/94 100% 1,137,750
Bernice Bernice,
Villa Apts. LA 32 973,251 5/93 10/93 100% 200,476
Branch River Wakefield,
Commons Apts. NH 24 1,270,785 9/92 2/93 100% 246,105
Brunswick Lawrenceville,
Manor Apts. VA 40 1,428,150 2/94 7/94 100% 278,519
Canterfield Denmark,
Manor SC 20 773,258 11/92 1/93 100% 175,959
Cape Ann
YMCA Gloucester,
Community Ctr. MA 23 603,173 1/93 12/93 100% 693,132
Carriage Westville,
Park Village OK 24 728,695 2/93 7/93 100% 144,714
Cedar Brown City,
Trace Apts. MI 16 508,396 10/92 7/93 100% 102,500
Cielo Azul Aztec,
Apts. NM 30 1,023,554 5/93 5/93 100% 389,749
Clymer Clymer,
Park Apts. PA 32 1,445,110 12/92 11/94 100% 317,428
Crosby Crosby,
County Apts. MN 24 855,601 12/95 12/94 75% -0-
10<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Crystal Davenport,
Ridge Apts. IA 126 $3,459,829 10/93 2/94 100% $ 2,612,808
Cumberland Middlesboro,
Woods Apts. KY 40 1,461,617 12/93 10/94 100% 412,700
Deer Run Warrenton,
Apts. NC 31 727,624 8/93 3/93 100% 572,200
Derry Round Borough of Derry,
House Court PA 26 1,143,424 2/93 2/93 100% 191,394
Fairmeadow Latta,
Apts. SC 24 890,304 1/93 7/93 100% 195,400
Falcon Beattyville,
Ridge Apts. KY 40 1,055,747 4/94 1/95 80% 247,200
Forest Butler,
Pointe Apts. GA 24 760,279 12/92 9/93 100% 162,397
Gibson Gibson,
Manor Apts. NC 24 917,655 12/92 6/93 100% 161,412
Greenfield Greenfield,
Properties MO 20 536,994 1/93 5/93 100% 126,046
Greenwood Mt. Pleasant,
Apts. PA 36 1,488,252 11/93 10/93 100% 271,475
Harmony Galax,
House Apts. VA 40 1,486,888 11/92 7/93 100% 285,588
Haynes House Roxbury,
Apartments MA 131 3,561,260 8/94 9/95 100% 1,805,232
Holly Tree Holly Hill,
Manor SC 24 891,262 11/92 2/93 100% 201,490
Isola Square Isola,
Apartments MS 32 977,204 11/93 4/94 100% 246,722
11<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Joiner Joiner,
Manor AR 25 $ 829,320 1/93 6/93 100% $ 149,670
Landview Bentonia,
Manor MS 28 848,634 7/93 2/94 100% 190,109
Laurel Idabel,
Ridge Apts. OK 52 1,398,174 4/93 12/93 100% 282,606
Lawtell Lawtell,
Manor Apts. LA 32 939,648 4/93 8/93 100% 202,603
Logan Ridgeland,
Lane Apts SC 36 1,307,235 9/92 3/93 100% 274,750
Mariner's Milwaukee,
Pointe Apts WI 64 2,040,579 12/92 8/93 100% 1,684,121
Mariner's
Pointe Milwaukee,
Apts. II WI 52 1,997,797 12/92 8/93 100% 1,676,219
Meadows of Southgate,
Southgate MI 83 2,352,555 7/93 5/94 100% 1,716,000
Mendota Mendota,
Village Apts.CA 44 1,992,960 12/92 5/93 100% 438,300
Mid City Jersey City,
Apts. NJ 58 3,175,335 9/93 6/94 100% 3,097,210
Newport
Elderly Newport,
Apts. VT 24 1,271,327 2/93 10/93 100% 221,626
Newport Newport,
Manor Apts. TN 30 966,919 9/93 12/93 100% 204,863
Oak Forest Eastman,
Apts. GA 40 1,191,199 12/92 10/93 100% 251,269
Parkwoods Anson,
Apts. ME 24 1,295,853 12/92 9/93 100% 320,206
12<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Plantation Tchula,
Manor MS 28 $ 841,572 7/93 12/93 100% $ 195,030
Ransom St. Blowing Rock,
Apartments NC 13 514,694 12/93 11/94 100% 97,697
Riviera Miami Beach,
Apts. FL 56 1,722,487 12/92 12/93 100% 1,442,978
Sable Chase McDonough,
of McDonough GA 222 5,280,000 12/93 12/94 100% 5,618,968
Simmesport Simmesport,
Square Apts. LA 32 961,478 4/93 6/93 100% 198,500
St. Croix St. Croix,
Commons Apts.VI 40 930,000 10/94 12/94 100% 534,847
St. Joseph St. Joseph,
Square Apts. LA 32 967,914 5/93 9/93 100% 206,086
Summersville Summersville,
Estates MO 24 626,403 5/93 6/93 100% 157,976
Stony Ground St. Croix,
Villas VI 22 1,444,120 12/92 6/93 100% 358,414
Talbot Talbotton,
Village II GA 24 686,557 8/92 4/93 100% 129,683
Tan Yard
Branch Blairsville,
Apts. I GA 24 760,205 12/92 9/94 100% 151,154
Tan Yard
Branch Blairsville,
Apts. II GA 25 744,129 12/92 7/94 100% 144,304
The
Fitzgerald Plattsmouth,
Building NE 20 326,543 12/93 12/93 100% 924,780
13<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
The
Woodlands Tupper Lake,
NY 18 $ 932,811 9/94 2/95 100% $ 205,631
Tuolumne
City Tuolumne,
Senior Apts. CA 30 1,615,051 12/92 8/93 100% 376,535
Turtle Monticello,
Creek Apts. AR 27 856,555 5/93 10/93 100% 185,392
Valley View Palatine Bridge,
Apartments NY 32 1,444,261 5/94 5/94 100% 326,870
Victoria North Port,
Pointe Apts. FL 42 1,453,978 10/94 1/95 100% 338,058
Vista Linda Sabana Grande,
Apartments PR 50 2,517,865 1/93 12/93 100% 435,530
West End Union,
Manor SC 28 998,372 5/93 5/93 100% 231,741
Westchester
Village Oak Grove,
of Oak Grove MO 33 1,262,176 12/92 4/93 100% 889,700
Westchester
Village of St. Joseph,
St. Joseph MO 60 1,738,317 7/93 6/93 100% 1,316,500
Willcox Senior Willcox,
Apts. AZ 30 1,115,600 1/93 6/93 100% 268,747
Woods Damascus,
Landing Apts.VA 40 1,482,666 12/92 9/93 100% 286,171
* Property was in the lease-up phase as of March 31, 1996.
14<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 17
PROPERTY PROFILES AS OF March 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Annadale Fresno,
Apartments CA 222 $ -0- 1/96 6/90 98% $ -0-
Artesia Artesia,
Properties NM 40 1,434,774 9/94 9/94 100% 399,464
Aspen Ridge Omaha,
Apts. NE 42 893,164 9/93 11/93 100% 809,750
Briarwood Clio,
Apartments SC 24 923,134 12/93 8/94 100% 211,133
Briarwood
Apartments DeKalb,
of DeKalb IL 48 1,653,627 10/93 6/94 100% 1,040,983
Briarwood Buena Vista,
Village GA 38 1,138,340 10/93 5/94 100% 252,700
Brookwood Blue Springs,
Village MO 72 2,375,549 12/93 12/94 100% 1,585,737
Cairo Senior Cairo,
Housing NY 24 1,078,635 5/93 4/93 100% 201,711
Caney Creek Caneyville,
Apts. KY 16 482,426 5/93 4/93 100% 118,800
Central Cambridge,
House MA 128 2,756,197 4/93 12/93 100% 2,498,109
Clinton Clinton,
Estates MO 24 744,029 12/94 12/94 100% 162,717
Cloverport Cloverport,
Apts. KY 24 764,716 4/93 7/93 100% 174,575
College
Greene Chili,
Senior Apts. NY 110 3,820,685 3/95 8/95 100% 191,618
15<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 17
PROPERTY PROFILES AS OF March 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Crofton Crofton,
Manor Apts. KY 24 $ 812,880 4/93 3/93 100% $ 168,420
Cypress Naples,
Point Apts. FL 78 2,980,052 2/94 12/94 100% $1,788,844
Deerwood Adrian,
Village Apts.GA 20 641,995 2/94 7/94 100% 131,020
Doyle Darien,
Village GA 38 1,179,426 9/93 4/94 100% 235,509
Fuera Bush
Senior Fuera Bush,
Housing NY 24 1,109,476 7/93 5/93 100% 189,364
Gallaway Gallaway,
Manor Apts. TN 36 1,065,387 4/93 5/93 100% 216,499
Glenridge Bullhead City,
Apartments AZ 52 2,060,951 6/94 6/94 100% 520,500
Green Acres West Bath,
Estates ME 48 1,247,182 1/95 11/94 100% -0-
Green Court Mt. Vernon,
Apartments NY 76 2,364,625 11/94 11/94 82% 874,878
Henson Oxon Hill,
Creek Manor MD 105 4,066,120 5/93 4/94 100% 2,980,421
Hickman
Manor Hickman,
Apts. II KY 16 550,281 11/93 12/93 100% 134,094
Hill Bladenboro,
Estates, II NC 24 1,024,601 3/95 7/95 100% 123,300
Houston Alamo,
Village GA 24 676,970 12/93 5/94 100% 134,975
Isola Greenwood,
Square Apts. MS 36 1,067,494 11/93 8/94 100% 304,556
16<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 17
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Ivywood Smyrna,
Park Apts. GA 106 $3,122,506 6/93 10/93 100% $2,093,847
Jonestown Jonestown,
Manor Apts. MS 28 873,984 12/93 12/94 100% 243,605
Largo Ctr. Largo,
Apartments MD 100 3,918,855 3/93 6/94 100% 2,753,455
Lee Terrace Pennington Gap,
Apartments VA 40 1,499,279 2/94 12/94 100% 288,268
Oakwood
Manor of Bennettsville,
Bennettsville SC 24 884,849 9/93 12/93 100% 189,200
Opelousas Opelousas,
Point Apts. LA 44 1,403,722 11/93 3/94 100% 439,277
Orchard Beaumont,
Park CA 144 4,000,683 1/94 5/89 100% 250,000
Palmetto Palmetto,
Villas FL 49 1,628,319 5/94 4/94 100% 421,795
Park Lehigh Acres,
Place FL 35 1,187,398 2/94 4/94 100% 283,687
Pinehurst Farwell,
Senior Apts. MI 24 814,847 2/94 2/94 100% 183,176
Quail Reedsville,
Village GA 31 889,981 9/93 2/94 100% 171,855
Royale Glen Muskegon,
Townhomes MI 79 3,918,615 12/93 12/94 100% 891,342
Seabreeze Inglis,
Manor FL 37 1,243,429 3/94 1/95 100% 294,387
Soledad Soledad,
Senior Apts. CA 40 1,975,248 10/93 1/94 100% 407,894
17<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 17
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Stratford Midland,
Place MI 53 $1,021,651 9/93 6/94 100% $ 892,915
Sugarwood Union City,
Park Apts. GA 110 3,323,100 4/94 7/95 100% 1,194,911
Summit Palmdale,
Ridge Apt. CA 304 8,874,224 12/93 12/93 100% 5,191,039
Villa West Topeka,
V Apartments KS 52 1,278,396 2/93 10/92 100% 902,700
Waynesburg Waynesburg,
House Apts. PA 34 1,500,000 7/94 12/95 100% 501,140
West Front Skowhegan,
Residence ME 30 1,739,899 9/94 8/94 100% 387,390
West Oaks Raleigh,
Apartments NC 50 1,219,045 6/93 7/93 100% 811,994
White White Castle,
Castle Manor LA 24 781,732 6/94 5/94 100% 144,009
*Property was in the lease-up phase as of March 31, 1996.
18<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 18
PROPERTY PROFILES AS OF March 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Arch Boston,
Apartments MA 75 $2,733,870 4/94 12/94 100% $3,017,845
Bear Creek Naples,
Apartments FL 118 5,009,069 3/94 4/95 100% 3,586,687
Briarwood Humbolt,
Apartments IA 20 711,555 8/94 4/95 100% 152,702
California San Joaquin,
Apartments CA 42 1,846,679 3/94 12/94 100% 519,100
Chatham Chatham,
Manor NY 32 1,443,158 1/94 12/93 100% 296,860
Chelsea Sq. Chelsea,
Apartments MA 6 301,393 8/94 12/94 100% 451,929
Clarke Newport,
School RI 56 2,570,044 12/94 12/94 100% 1,798,436
Cox Creek Ellijay,
Apartments GA 25 828,540 1/94 1/95 100% 176,504
Evergreen Macedon,
Hills Apts. NY 72 2,844,485 8/94 1/95 100% 1,464,564
Glen Place Duluth,
Apartments MN 35 1,262,316 4/94 6/94 100% 1,328,621
Harris Music West Palm Beach,
Building FL 38 1,160,532 6/94 11/95 86%* 749,953
Kristine Bakersfield,
Apartments CA 60 1,720,795 10/94 10/94 100% 1,636,293
Lakeview Battle Creek,
Meadows II MI 60 1,651,769 8/93 5/94 100% 1,029,000
19<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 18
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Lathrop Lathrop,
Properties MO 24 $ 748,858 4/94 5/94 100% $ 171,579
Leesville Leesville,
Elderly Apts.LA 54 1,297,870 6/94 6/94 100% 776,500
Lockport Lockport,
Seniors Apts.LA 40 1,003,634 7/94 9/94 100% 595,439
Maple Leaf Franklinville,
Apartments NY 24 1,110,590 8/94 12/94 100% 190,543
Maple Aurora,
Terrace NY 32 1,427,923 9/93 9/93 100% 279,988
Marengo Marengo,
Park Apts. IA 24 738,178 10/93 3/94 100% 119,582
Meadowbrook Oskaloosa,
Apartments IA 16 486,425 11/93 9/94 100% 96,908
Meadows Show Low,
Apartments AZ 40 1,502,162 3/94 5/94 100% 420,302
Natchitoches
Senior Natchitoches,
Apartments LA 40 976,423 6/94 12/94 100% 624,175
Newton Newton,
Plaza Apts. IA 24 815,232 11/93 9/94 100% 166,441
Oakhaven Ripley,
Apartments MS 24 508,951 1/94 7/94 100% 116,860
Parvin's
Branch Vineland,
Townhouses NJ 24 881,429 8/93 11/93 100% 761,856
20<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 18
PROPERTY PROFILES AS OF March 31, 1996
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Peach Tree Felton,
Apartments DE 32 $1,496,616 1/94 7/93 100% $ 206,100
Pepperton Jackson,
Villas GA 29 870,890 1/94 6/94 100% 222,762
Prestonwood Bentonville,
Apartments AR 62 1,350,683 12/93 12/94 100% 1,067,200
Richmond Richmond,
Manor MO 36 1,040,787 6/94 6/94 100% 231,593
Rio Grande Eagle Pass,
Apartments TX 100 2,310,997 6/94 5/94 100% 666,840
Troy Troy,
Estates MO 24 703,905 12/93 1/94 100% 159,007
Vista Loma Bullhead City,
Apartments AZ 41 1,496,624 5/94 9/94 100% 465,650
Vivian Vivian,
Seniors Apts. LA 40 1,016,268 7/94 9/94 100% 625,691
Westminster
Meadow Grand Rapids,
Apartments MI 64 2,124,796 12/93 11/94 100% 1,378,000
*Property was in the lease-up phase as of March 31, 1996.
21<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 19
PROPERTY PROFILES AS OF March 31, 1996
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Callaway Holt's Summit,
Villa MO 48 $1,348,453 6/94 12/94 100% $ 566,567
Carrollton Carrollton,
Villa MO 48 1,346,138 6/94 3/95 100% 560,879
Clarke Newport,
School RI 56 2,570,044 12/94 12/94 100% 1,149,819
Delaware
Crossing Ankeny,
Apartments IA 152 3,793,128 8/94 3/95 100% 2,853,891
Garden Gate Forth Worth,
Apartments TX 240 4,198,946 2/94 4/95 100% 2,802,657
Garden Gate Plano,
Apartments TX 240 6,022,449 2/94 5/95 100% 2,468,901
Hebbronville Hebbronville,
Senior TX 20 523,789 12/93 4/94 100% 82,592
Jefferson Denver,
Square CO 64 2,852,740 5/94 8/95 100% 1,235,345
Jenny Lynn Morgantown,
Apts. KY 24 817,315 1/94 9/94 100% 182,800
Lone Star Lone Star,
Senior TX 24 619,348 12/93 5/94 100% 138,740
Mansura
Villa II Mansura,
Apartments LA 32 973,070 5/94 8/95 100% 227,910
Martindale Martindale,
Apts. TX 24 693,838 12/93 1/94 100% 154,790
22<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 19
PROPERTY PROFILES AS OF March 31, 1996
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/95 Date Comp. 3/31/96 3/31/96
- ---------------------------------------------------------------------------
Munford Munford,
Village AL 24 $ 769,154 10/93 4/94 100% $ 165,800
Northpoint Kansas City,
Commons MO 158 4,350,000 7/94 6/95 100% 1,875,963
Poplar Madison,
Ridge Apts. VA 16 655,555 12/93 10/94 100% 91,138
Prospect
Villa III Hollister,
Apartments CA 30 1,750,546 3/95 5/95 100% 307,577
Sahale
Heights Elizabethtown,
Apts. KY 24 865,742 1/94 6/94 100% 238,600
Seville Forest Village,
Apartments OH 24 268,665 3/94 3/78 100% 47,780
Sherwood Rainsville,
Knoll AL 24 784,781 10/93 4/94 95% 162,500
Sugarwood Union City,
Park Apts. GA 110 3,323,100 4/94 7/95 100% 1,194,911
Summerset Swainsboro,
Apartments GA 30 945,068 1/94 11/95 96% 161,060
Tanglewood Lawrenceville,
Apartments GA 130 4,310,000 11/93 12/94 100% 2,463,840
Village Independence,
North I KS 24 863,297 6/94 12/94 100% 190,471
Vistas at Largo,
Lake Largo MD 110 3,344,577 12/93 1/95 100% 2,783,420
Wedgewood
Lane Cedar City,
Apartments UT 24 1,006,953 6/94 9/94 100% 262,800
*Property was in the lease-up phase as of March 31, 1996.
23<PAGE>
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
24<PAGE>
PART II
-------
Item 5. Market for the Fund's Interests and Related
Fund Matters
(a) Market Information
The Fund is classified as a limited partnership and thus has no
common stock. There is no established public trading market for the
BACs and it is not anticipated that any public market will develop.
(b) Approximate number of security holders
As of March 31, 1996, the Fund has 14,062 BAC holders for an
aggregate of 21,996,102 BACs, at a subscription price of $10
per BAC, received and accepted.
The BACs were issued in series. Series 15 consists of 2,603
investors holding 3,870,500 BACs, Series 16 consists of 3,665
investors holding 5,429,402 BACs, Series 17 consists of 3,089
investors holding 5,000,000 BACs, Series 18 consists of 2,179
investors holding 3,616,200 BACs, and Series 19 consists of
2,526 investors holding 4,080,000 BACs at March 31, 1996.
(c) Dividend history and restriction
The Fund has made no distributions of Net Cash Flow to its BAC
Holders from its inception, September 19, 1991 through March
31, 1996.
The Fund 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.
Fund allocations and distributions are described on page 60 of
the Prospectus, as supplemented, under the caption "Sharing
Arrangements: Profits, Credits, Losses, Net Cash Flow and
Residuals", which is incorporated herein by reference.
25<PAGE>
Item 6. Selected Financial Data
The information set forth below presents selected financial data of
the Fund for each of the years ended in the period September 19, 1991
(date of inception) through March 31, 1996. Additional detailed
financial information is set forth in the audited financial statements
listed in Item 14 hereof.
Operations
- ---------- Sept. 19,
1991
through
March 31, March 31, March 31, March 31, March 31,
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
Interest Inc $ 1,034,800 $ 2,200,432 $ 2,380,436 $ 707,838 $ 8,779
Share of Loss
of Operating
Partnerships (14,435,496) (10,794,203) (4,998,241) (1,294,781) (14,724)
Operating Exp. (3,313,615) (3,739,460) (2,585,806) (909,201) (8,688)
----------- ----------- ---------- ---------- ----------
Net Loss $(16,714,311)$(12,333,231)$ (5,203,611)$ (1,496,144) $ (14,633)
=========== =========== ========== ========== ==========
Net Loss
per BAC $ (.75)$ (.56) $ (.31)$ (.21) $ (.03)
=========== =========== ========== =========== ==========
As of As of As of As of As of
March 31, March 31, March 31, March 31, March 31,
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
Balance Sheet
- -------------
Total Assets $167,285,510 $202,894,304 $215,591,233 $110,044,342 $9,156,238
=========== =========== =========== =========== =========
Total Liab. $ 14,069,497 $ 33,078,601 $ 33,263,599 $ 18,125,363 $2,675,431
Partners' =========== =========== =========== =========== =========
Equity $153,216,013 $169,815,703 $182,327,634 $ 91,918,979 $6,480,807
=========== =========== =========== =========== =========
Other Data
- ----------
Tax Credits per BAC for the Investors Tax
Year, the Twelve Months Ended December
31, 1995, 1994, 1993, 1992 and 1991*
$ 1.26 $ .66 $ .42 $ .21 $ .03
=========== =========== =========== ========== =========
* 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 Management's Discussion and Analysis of
Financial Condition and Results of Operations.
26<PAGE>
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations
Liquidity
- ---------
The Fund's primary source of funds is the proceeds of its Public Offering.
Other sources of liquidity will include (i) interest earned on capital
contributions held pending investment or on working capital reserves and (ii)
cash distributions from operations of the Operating Partnerships in which the
Fund has and will invest. All sources of liquidity are available to meet the
obligations of the Fund. The Fund does not anticipate significant cash
distributions in the long or short term from operations of the Operating
Partnerships.
The Fund is currently accruing the annual fund management fee to enable each
series to meet current and future third party obligations. Fund management
fees accrued during the year ended March 31, 1996 were $1,991,917, and total
fund management fees accrued as of March 31, 1996 were $4,254,606. Pursuant
to the Partnership Agreement, such liabilities will be deferred until the Fund
receives sale or refinancing proceeds from Operating Partnerships, and at that
time proceeds from such sales or refinancing would be used to satisfy such
liabilities.
The Fund invests in short-term tax-exempt municipal bonds to decrease
the amount of taxable interest income that flows through to it's investors.
The Fund anticipates that the investments it purchases will be held to
maturity, but periodically the Fund must sell investments to meet certain
obligations. Many of the investments sold during the years ended March 31,
1995 and 1996 were yielding coupon rates higher than market rates. A
premature sale of these investments may have resulted in realized losses,
but when combined with the higher coupon yields the resulting actual yields
were consistent with market rates. In selecting investments to purchase and
sell the general partner and it's advisors stringently monitor the ratings
of the investments and safety of principal.
Capital Resources
- -----------------
The Fund offered BACs in a Public Offering declared effective by the
Securities and Exchange Commission on January 24, 1992. The Fund received
and accepted subscriptions for $219,961,020 representing 21,996,102 BACs
from investors admitted as BAC Holders in Series 15 through 19 of the Fund.
The Fund issued the last BACs in Series 19 on December 17, 1993. This
concluded the Public Offering of the Fund.
(Series 15). The Fund commenced offering BACs in Series 15 on January
24, 1992. As of March 31, 1996, the Fund had received and accepted
subscriptions for $38,705,000 representing 3,870,500 BACs from investors
admitted as BAC Holders in Series 15. Offers and sales of BACs in Series 15
were completed and the last of BACs in Series 15 were issued by the Fund on
June 26, 1992.
27<PAGE>
During the fiscal year ended March 31, 1996, the Fund used $1,269,931
of Series 15 net offering proceeds to pay initial and additional
installments of its capital contributions to 18 Operating Partnerships. As
of March 31, 1996 proceeds from the offer and sale of BACs in Series 15 had
been used to invest in a total of 68 Operating Partnerships in an aggregate
amount of $29,389,280, and the Fund had completed payment of all
installments of its capital contributions to 60 of the 68 Operating
Partnerships. Series 15 has $202,750 in capital contributions that remain
to be paid to the other 8 Operating Partnerships.
(Series 16). The Fund commenced offering BACs in Series 16 on July 10,
1992. As of March 31, 1996, the Fund had received and accepted
subscriptions for $54,293,000, representing 5,429,402 BACs in Series 16.
Offers and sales of BACs in Series 16 were completed and the last of the
BACs in Series 16 were issued by the Fund on December 28, 1992.
During the fiscal year ended March 31, 1996, the Fund used $2,444,175
of Series 16 net offering proceeds to pay the initial and additional
installments of its capital contributions to 39 Operating Partnerships. As
of March 31, 1995 the net proceeds from the offer and sale of BACs in Series
16 had been used to invest in a total of 65 Operating Partnerships in an
aggregate amount of $40,861,732, and the Fund had completed payment of all
installments of its capital contributions to 50 of the 65 Operating
Partnerships. Series 16 has $900,481 in capital contributions that remain
to be paid to the other 15 Operating Partnerships.
(Series 17). The Fund commenced offering BACs in Series 17 on January
24, 1993. As of March 31, 1996, the Fund had received and accepted
subscriptions for $50,000,000 representing 5,000,000 BACs from investors
admitted as BAC Holders in Series 17. Offers and sales of BACs in Series 17
were completed and the last of the BACs in Series 17 were issued on June 17,
1993.
During the fiscal year ended March 31, 1996, the Fund used $3,724,505
of Series 17 net offering proceeds to pay initial and additional
installments of its capital contributions to 24 Operating Partnerships. As
of March 31, 1996 proceeds from the offer and sale of BACs in Series 17 had
been used to invest in a total of 49 Operating Partnerships in an aggregate
amount of $37,228,976, and the Fund had completed payments of all
installments of its capital contributions to 30 of the 49 Operating
Partnerships. Series 17 has $2,312,721 in capital contributions that remain
to be paid to the other 19 Operating Partnerships.
(Series 18). The Fund commenced offering BACs in Series 18 on June 17,
1993. As of March 31, 1996, the Fund had received and accepted
subscriptions for $36,162,000 representing 3,616,200 BACs from investors
admitted as BAC Holders in Series 18. Offers and sales of BACs in Series 18
were completed and the last of the BACs in Series 18 were issued on
September 22, 1993.
28<PAGE>
During the fiscal year ended March 31, 1996, the Fund used $5,518,309
of Series 18 net offering proceeds to pay initial and additional
installments of its capital contributions to 28 Operating Partnerships. As
of March 31, 1996 proceeds from the offer and sale of BACs in Series 18 had
been used to invest in a total of 34 Operating Partnerships in an aggregate
amount of $26,601,277, and the Fund had completed payments of all
installments of its capital contributions to 24 of the 34 Operating
Partnerships. Series 18 has $861,315 in capital contributions that remain
to be paid to the other 10 Operating Partnerships.
(Series 19). The Fund commenced offering BACs in Series 19 on October 8,
1993. As of March 31, 1996, the Fund had received and accepted subscriptions
for $40,800,000 representing 4,080,000 BACs from investors admitted as BAC
Holders in Series 19. Offers and sales of BACs in Series 19 were completed
and the last of the BACs in Series 19 were issued on December 17, 1993.
During the fiscal year ended March 31, 1996, the Fund used $4,681,675
of Series 19 net offering proceeds to pay initial installments of its
capital contributions to 16 Operating Partnerships. As of March 31, 1996
proceeds from the offer and sale of BACs in Series 19 had been used to
invest in a total of 25 Operating Partnerships in an aggregate amount of
$27,968,049, and the Fund had completed payments of all installments of its
capital contributions to 10 of the 25 Operating Partnerships. Series 19 has
$5,262,617 in capital contributions that remain to be paid to the other 15
Operating Partnerships. Series 19 also has approximately $2,100,000 of
offering proceeds available to invest in additional Operating Partnerships.
Results of Operations
- ---------------------
The Fund incured an annual fund management fee 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 or payable by the
Operating Partnerships. The annual fund management fee incurred for the
fiscal years ended March 31, 1996 and 1995 was $2,399,311 and $2,413,494,
respectively. The amount is anticipated to continue to decrease in subsequent
fiscal years as additional Operating Partnerships begin to pay their annual
partnership manageement and reporting fees to the fund.
The Fund's investment objectives do not include receipt of significant
cash distributions from the Operating Partnerships in which it has invested
or intends to invest. The Fund's investments in Operating Partnerships have
been and will be made principally with a view towards realization of Federal
Housing Tax Credits for allocation to its partners and BAC holders.
(Series 15). As of March 31, 1996 and 1995, the average Qualified
Occupancy for the series was 99.9% and 99.9%, respectively. The series had a
total of 68 properties at March 31, 1996. Out of the total, 66 were at 100%
qualified occupancy.
29<PAGE>
For the tax years ended December 31, 1995 and 1994, the series, in total,
generated $3,225,596 and 2,994,206, respectively, in passive income tax losses
that were passed through to the investors and also provided $1.43 and $1.32,
respectively, in tax credits per BAC to the investors.
As of March 31, 1996 and 1995 the Investments in Operating Partnerships
for Series 15 was $21,718,070 and $24,934,491, respectively. Investments in
Operating Partnerships was affected by the way the Fund accounts for its
investments, the equity method. By using the equity method the Fund 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 March 31, 1996 and 1995 the net loss for the series
was $3,638,790 and $3,512,414, respectively. The major component of these
amounts is the Funds share of losses from Operating Partnerships.
(Series 16). As of March 31, 1996 and 1995, the average Qualified
Occupancy for the series was 99.7% and 98.4%, respectively. The series had a
total of 65 properties at March 31, 1996. Out of the total, 63 were at 100%
qualified occupancy.
For the tax years ended December 31, 1995 and 1994, the series, in total,
generated $3,276,992 and $3,232,667, respectively, in passive income tax
losses that were passed through to the investors and also provided $1.37 and
$.86 respectively, in tax credits per BAC to the investors.
As of March 31, 1996 and 1995 the Investments in Operating Partnerships
for Series 16 was $37,074,575 and $40,735,319, respectively. Investments
in Operating Partnerships was affected by the acquisition of one additional
Operating Partnership. Investments in Operating Partnerships was also
affected by the way the Fund accounts for such investments, the equity method.
By using the equity method the Fund 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 March 31, 1996 and March 31, 1995 the net loss for
the series was $4,509,607 and $3,306,762, respectively. The major components
of these amounts are the Funds share of losses from Operating Partnerships and
interest income earned on Offering proceeds to be used for acquisitions and
Working Capital Reserves that have yet to be expended. The net loss increased
as three properties in lease-up and one under construction at March 31,1995
became fully leased-up in the current fiscal year.
(Series 17). As of March 31, 1996 and 1995, the average Qualified
Occupancy for the Series was 99.6% and 98.6%, respectively. The series had
a total of 49 properties at March 31, 1995. Out of the total 47 were at
100% qualified occupancy.
For the tax years ended December 31, 1995 and 1994, the series, in total,
generated $3,393,637 and $3,041,575, respectively, in passive income tax
losses that were passed through to the investors and also provided $1.30 and
$.81, respectively, in tax credits per BAC to the investors.
30<PAGE>
As of March 31, 1996 and 1995 the Investments in Operating Partnerships
for Series 17 was $34,318,721 and $35,834,208, respectively. Investments in
Operating Parnterships was affected by the acquisition of one additional
Operating Partnership. Investments in Operating Partnerships was also
affected by the way the Fund accounts for such investments, the equity method.
By using the equity method the Fund adjusts its investment cost for its share
of each Operating Partnership's results of operations and for any
distributions received or accrued.
For the year ended March 31, 1996 the net loss of the series was
$3,771,430 and $3,041,575, respectively. The major components of these
amounts are the Funds share of losses from Operating Partnerships and
interest income earned on Offering proceeds to be used for acquisitions and
Working Capital Reserves that have yet to be expended. The net loss inreased
as 4 properties in lease-up and 4 properties under construction at March 31,
1995 became fully leased-up in the current fiscal year.
(Series 18). As of March 31, 1996 and 1995, the Qualified Occupancy for
the series was 99.6% and 92.8%, respectively. The series had a total of 34
properties at March 31, 1996. Out of the total, 33 were at 100% qualified
occupancy and 1 was in initial lease-up.
For the tax years ended December 31, 1995 and 1994, the series, in total,
generated $2,516,225 and $1,165,067, respectively, in passive income tax
losses that were passed through to the investors and also provided $1.15 and
$.27, respectively, in tax credits per BAC to the investors.
As of March 31, 1996 and 1995, the Investments in Operating Partnerships for
Series 18 was $26,102,954 and $28,633,478, respectively. Investments in
Operating Partnerships was affected by the way the Fund accounts for such
investments, the equity method. By using the equity method the Fund adjusts
its investment cost for its share of each Operating Partnership's results of
operations and for any distributions received or accrued.
For the year ended March 31, 1996 and 1995 the net loss for the series
was $2,824,934 and $1,264,227, respectively. The major components of these
amounts are the Funds share of losses from Operating Partnerships and
interest income earned on Offering proceeds to be used for acquisitions and
Working Capital Reserves that have yet to be expended. The net loss will
continue to increase until all Operating Partnerships are fully leased-up.
(Series 19). As of March 31, 1996 and 1995, the Qualified Occupancy for
the series was 99.6% and 82.4%, respectively. The series had a total of 25
properties at March 31, 1996. Out of the total, 23 were at 100% qualified
occupancy.
For the tax year ended December 31, 1995 and 1994, the series, in total,
generated $3,299,830 and $750,479, respectively, in passive income tax losses
that were passed through to the investors and also provided $1.0 and $.10,
respectively, in tax credits per BAC to the investors.
31<PAGE>
As of March 31, 1996 and 1995 the Investments in Operating Partnerships
for Series 19 was $28,044,693 and $32,901,209, respectively. The decrease was
due in part to the sale of one of the Operating Partnerships owned at March
31, 1995. Investments in Operating Partnerships was also affected by the way
the Fund accounts for such investments, the equity method. By using the
equity method the Fund 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 March 31, 1996 and 1995, the net loss for the series was
$1,969,550 and $1,208,253, respectively. The major components of these
amounts are the Funds share of losses from Operating Partnerships and
interest income earned on Offering proceeds to be used for acquisitions and
Working Capital Reserves that have yet to be expended. The Net loss increased
as 6 properties in lease-up and 8 properties under construction at March 31,
1995 became fully leased-up in the current fiscal year.
In all series there was an increase in the tax credits provided to the
investors from tax years ended December 31, 1994 to December 31, 1995. A
greater number of credits was generated by properties which were under
construction or in initial lease-up as of December 31, 1994, and subsequently
completed construciton and lease-up phases as of December 31, 1995. The Fund
expects the stream of tax credits to level of within the next two years as the
properties in all series reach stabilized operations.
Recent Accounting Standards Not Yet Adopted
- -------------------------------------------
In March, 1995 the FASB issued SFAS No. 121, "Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to be Disposed Of." SFAS No.
121 is effective for financial statements issued for fiscal years beginning
after December 31, 1995, with earlier application permitted. SFAS No. 121
addresses the accounting for long-lived assets and certain identifiable
intangibles to be held and used by an entity to be reviewed for impairment
whenever events or changes in circumstances indicate that the carrying
amount of an asset may not be recoverable. The partnership will adopt SFAS
No. 121 on April 1, 1996, as required. Adopting SFAS No. 121 is not expected
to have a significant effect on the partnership's financial statements.
32<PAGE>
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.
33<PAGE>
PART III
--------
Item 10. Directors and Executive Officers of the Fund
(a), (b), (c), (d) and (e)
The Fund 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
Fund's affairs.
Herbert F. Collins, age 65, is co-founder and Chairman of the Board of Boston
Capital Partners, Inc. During 1990 and 1991 he served as Chairman of the Board
of Directors for the Federal Home Loan Bank of Boston, a 314-member,
$12-billion central bank in New England which is part of the Federal Home Loan
Bank System. Mr. Collins is co-founder and serves as Chairman-Emeritus of the
Council for Rural Housing and Development, a 300-member organization including
14 state associations formed to encourage the development of rural housing
nationwide. He serves as Chairman of the Massachusetts Housing Policy
Commission, created by the Governor of the Commonwealth of Massachusetts and
the Secretary of the Executive Office of Communities & Development, to
assess the current status and recommend future housing policy for the
Commonwealth. Additionally, he serves as a Member of the Board of Directors,
of the Metropolitan Boston Housing Partnership, an organization dedicated to
the renewal of housing through rehabilitation and community involvement. He
served on the Mitchell-Danforth Task Force, which helped structure the 1990
tax credit legislation. In addition, Mr. Collins is a past director of the
National Leased Housing Association, past chairman of the Rural Development
Committee, and is a member of the National Rural Housing Council. Currently,
Mr. Collins is a Board member of the National Housing Conference. Prior to
co-founding Boston Capital, Mr. Collins served as Vice President and Director
of Marketing at ECS Corporation and the Advanced Research Corporation, and was
the Product Marketing Manager at Raytheon Corporation. Mr. Collins graduated
from Harvard College and attended the Advanced Management Program, Harbridge
House, Boston.
John P. Manning, age 47, is co-founder, President and Chief Executive Officer
of Boston Capital Partners, Inc., and serves as member of the Investment
Committee. Mr. Manning is Chairman of the Affordable Housing Tax Credit
Coalition and is member of the Board of Directors of the National Leased
Housing Association, two Washington, D.C.-based organizations. He also serves
on the Board of Advisors for the Housing Development Reporter. He served as a
Member of the Massachusetts Housing Policy Commission, Executive Office of
Communities & Development, appointed by the Governor of the Commonwealth of
Massachusetts. He was named by U.S. Senate Majority Leader George Mitchell to
the Mitchell-Danforth Task Force, which helped structure the 1990 tax credit
legislation. In similar capacities, Mr. Manning has been asked by the U.S.
House Ways and Means Committee and by the U.S. Senate Finance Committee to
represent the affordable housing industry as an expert on the efficacy of the
low income housing tax credit and its effect on capital markets and the
economy. Prior to co-founding Boston Capital in 1974, Mr. Manning was the
Eastern Regional Vice President of Western Diversified Equities, a Beverly
34<PAGE>
Hills-based real estate development firm, and was an Investment Manager at the
Industrial National Bank in Providence. In 1995, President Clinton appointed
Mr. Manning a Member of the Advisory Committee on the Arts (John F. Kennedy
Center for the Performing Arts). Mr. Manning graduated from Boston College.
Richard J. DeAgazio, age 51, is Executive Vice President of Boston Capital
Partners, Inc., and is President of Boston Capital Services, Inc., Boston
Capital's NASD registered broker/dealer. Mr. DeAgazio formally served on the
national Board of Governors of the National Association of Securities Dealers
(NASD), was the Vice Chairman of the NASD's District 11 Committee, and serves
as Chairman of the NASD's Statutory Disqualification Subcommittee of the
National Business Conduct Committee. He also serves on the NASD State Liaison
Committee and the Direct Participation Program Committee. He is a founder and
past President of the National Real Estate Investment Association, past
President of the Real Estate Securities and Syndication Institute
(Massachusetts Chapter) and the Real Estate Investment Association. Prior to
joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and
Director of the Brokerage Division of Dresdner Securities (USA), Inc., an
international investment banking firm owned by four major European banks, and
was a Vice President of Burgess & Leith/Advest. He has been a member of the
Boston Stock Exchange since 1967. He graduated from Northeastern University.
Christopher W. Collins, age 41, is an Executive Vice President and a principal
of Boston Capital Partners, Inc., and is responsible for, among other areas,
overseeing the investment portfolio of funds sponsored by Boston Capital and
the acquisition of real estate investments on behalf of such funds. Mr.
Collins has had extensive experience in real estate development activities,
having founded and directed the American Development Group, a comprehensive
real estate development firm, and has also had extensive experience in the
area of acquiring real estate investments. He is on the Board of Directors of
the National Multi-Housing Council and a member of the Massachusetts Housing
Finance Agency Multi-Family Advisory Committee. He graduated from the
University of New Hampshire.
Anthony A. Nickas, age 35, is Senior Vice President and Chief Financial
Officer of Boston Capital Partners, Inc. and has over twelve years experience
in the accounting and finance fields. Mr. Nickas has supervised the financial
aspects of both the Project Development and Property Management Affiliates.
Prior to joining Boston Capital in 1987, he was Assistant Director of
Accounting and Financial Reporting for the Yankee Companies, Inc., and was an
Audit Supervisor for Wolf & Company of Massachusetts, P.C., a regional
certified public accounting firm based in Boston. He graduated with honors
from Norwich University.
(f) Involvement in certain legal proceedings.
None.
(g) Promoters and control persons.
None.
35<PAGE>
Item 11. Executive Compensation
(a), (b), (c), (d) and (e)
The Fund has no officers or directors. However, under the terms of the
Amended and Restated Agreement and Certificate of Limited Partnership of the
Fund, the Fund has paid or accrued obligations to the General Partner and
its affiliates for the following fees during the 1996 fiscal year:
1. An annual fund management fee based on .5 percent of the aggregate
cost of all Apartment Complexes acquired by the Operating Partnerships has
been accrued or paid to Boston Capital Communications Limited Partnership.
The annual fund management Fees charged to operations during the year ended
March 31, 1996 was $2,399,311.
2. The Fund has reimbursed an affiliate of the General Partner a total
of $140,531 for amounts charged to operations during the year ended March
31, 1996. The reimbursement includes, but may not be limited to postage,
printing, travel, and overhead allocations.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Security ownership of certain beneficial owners.
As of March 31, 1996, 21,996,102 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 Fund. The Fund's response to
Item 12(a) is incorporated herein by reference.
(c) Changes in control.
There exists no arrangement known to the Fund the operation of
which may at a subsequent date result in a change in control of
the Fund. There is a provision in the Limited Partnership
Agreement which allows, under certain circumstances, the ability
to change control.
36<PAGE>
Item 13. Certain Relationships and Related Transactions
(a) Transactions with management and others.
The Fund 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 Fund. Additionally, the General
Partner will receive distributions from the partnership if there
is cash available for distribution or residual proceeds as defined
in the Fund Agreement. The amounts and kinds of compensation and
fees are described on page 26 of the Prospectus, as supplemented,
under the caption "Compensation and Fees", which is incorporated
herein by reference. See Note C 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 September 19, 1991 (date of inception) through March
31, 1995.
(b) Certain business relationships.
The Fund response to Item 13(a) is incorporated herein by
reference.
(c) Indebtedness of management.
None.
(d) Transactions with promoters.
Not applicable.
37<PAGE>
PART IV
-------
Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K
(a) 1 and 2. Financial Statements and Financial Statement
Schedules
Independent Auditors' Report
Balance Sheets, March 31, 1996 and 1995
Statements of Operations for the years ended March 31,
1996, 1995 and 1994
Statements of Changes in Partners' Capital for the years and period
ended March 31, 1996, 1995, and 1994
Statements of Cash Flows for the years ended March 31, 1996,
1995 and 1994
Notes to Financial Statements March 31, 1996, 1995 and 1994
Schedule I - Marketable Securities - Other Investments
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 III L.P. (Incorporated by reference from Exhibit 3 to the
Fund's Registration Statement No. 33-42999 on Form S-11 as filed
with the Securities and Exchange Commission on September 26,
1991.)
Exhibit No. 4 - Instruments defining the rights of security holders,
including indentures.
a. Agreement of Limited Partnership of Boston Capital Tax Credit Fund
III L.P. (Incorporated by reference from Exhibit 4 to the Fund's
Registration Statement No. 33-42999 on Form S-11 as filed with the
Securities and Exchange Commission on September 26, 1991.)
38 <PAGE>
Exhibit No. 10 - Material contracts.
a. Beneficial Assignee Certificate. (Incorporated by reference from
Exhibit 10A to the Fund's Registration Statement No. 33-42999 on
Form S-11 as filed with the Securities and Exchange Commission on
September 26, 1991.)
Exhibit No. 28 - Additional exhibits.
a. Agreement of Limited Partnership of Branson Christian County
(Incorporated by reference from Registrant's current report on
Form 8-K as filed with the Securities and Exchange Commission on
April 4, 1994).
b. Agreement of Limited Partnership of Peachtree L.P. (Incorporated
by reference from Registrant's current report on Form 8-K as filed
with the Securities and Exchange Commission on April 4, 1994).
c. Agreement of Limited Partnership of Cass Partners, L.P.
(Incorporated by reference from Registrant's current report on
Form 8-K as filed with the Securities and Exchange Commission on
April 7, 1994).
d. Agreement of Limited Partnership of Sable Chase of McDonough L.P.
(Incorporated by reference from Registrant's current report on Form
8-K as filed with the Securities and Exchange Commission on April
8, 1994).
e. Agreement of Limited Partnership of Ponderosa Meadows Limited
Partnership (Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on April 12, 1994).
f. Agreement of Limited Partnership of Hackley-Barclay LDHA
(Incorporated by reference from Registrant's current report on
Form 8-K as filed with the Securities and Exchange Commission on
April 14, 1994).
g. Agreement of Limited Partnership of Sugarwood Park (Incorporated
by reference from Registrant's current report on Form 8-K as filed
with the Securities and Exchange Commission on May 12, 1994).
h. Agreement of Limited Partnership of West End Manor of Union
Limited Partnership (Incorporated by reference from Registrant's
current report on Form 8-K as filed with the Securities and
Exchange Commission on May 29, 1994).
i. Agreement of Limited Partnership of Vista Loma (Incorporated by
reference from Registrant's current report on Form 8-K as filed
with the Securities and Exchange Commission on May 31, 1994).
39<PAGE>
j. Agreement of Limited Partnership of Palmetto Properties
(Incorporated by reference from Registrant's current report on
Form 8-K as filed with the Securities and Exchange Commission on
June 16, 1994).
k. Agreement of Limited Partnership of Jefferson Square (Incorporated
by reference from Registrant's current report on Form 8-K as filed
with the Securities and Exchange Commission on June 27, 1994).
l. Agreement of Limited Partnership of Holts Summit Square
(Incorporated by reference from Registrant's current report on
Form 8-K as filed with the Securities and Exchange Commission on
June 27, 1994).
m. Agreement of Limited Partnership of Harris Housing (Incorporated
by reference from Registrant's current report on Form 8-K as filed
with the Securities and Exchange Commission on July 8, 1994).
n. Agreement of Limited Partnership of Branson Christian County II
(Incorporated by reference from Registrant's current report on
Form 8-K as filed with the Securities and Exchange Commission on
September 1, 1994).
o. Agreement of Limited Partnership of Chelsea Square (Incorporated
by reference from Registrant's current report on Form 8-K as filed
with the Securities and Exchange Commission on September 12,
1994).
p. Agreement of Limited Partnership of Palatine Limited Partnership
(Incorporated by reference from Registrant's current report on Form
8-K as filed with the Securities and Exchange Commission on
September 21, 1994).
q. Agreement of Limited Partnership of Mansura Villa II Limited
Partnership (Incorporated by reference from Registrant's current
report on Form 8-K as filed with the Securities and Exchange
Commission on October 19, 1994).
r. Agreement of Limited Partnership of Haynes House Associates II
Limited Partnership (Incorporated by reference from Registrant's
current report on Form 8-K as filed with the Securities and
Exchange Commission on October 25, 1994).
s. Agreement of Limited Partnership of Skowhegan Limited Partnership
(Incorporated by reference from Registrant's current report on
Form 8-K as filed with the Securities and Exchange Commission on
October 28, 1994).
t. Agreement of Limited Partnership of Mt. Vernon Associates, L.P.
(Incorporated by reference from Registrant's current report on
F rm 8-K as filed with the Securities and Exchange Commission on
November 19, 1994).
40<PAGE>
u. Agreement of Limited Partnership of Clinton Estates, L.P.
(Incorporated by reference from Registrant's current report on
Form 8-K as filed with the Securities and Exchange Commission on
February 1, 1995.)
(b) Reports on Form 8-K
-------------------
Report on Form 8-K dated April 4, 1994, concerning the Partnership's
investment in Branson Christian County, L.P. filed with the commission on
April 4, 1994.
Report on Form 8-K dated April 4, 1994, concerning the Partnership's
investment in Peachtree Limited Partnership filed with the commission on
April 4, 1994.
Report on Form 8-K dated April 7, 1994, concerning the Partnership's
investment in Cass Partners, L.P. filed with the commission on April 7,
1994.
Report on Form 8-K dated April 8, 1994, concerning the Partnership's
investment in Sable Chase of McDonough L.P. filed with the commission on
April 8, 1994.
Report on Form 8-K dated April 12, 1994, concerning the Partnership's
investment in Ponderosa Meadows Limited Partnership filed with the
commission on April 12, 1994.
Report on Form 8-K dated April 14, 1994, concerning the Partnership's
investment in Hackley-Barclay Limited Partnership filed with the commission
on April 14, 1994.
Report on Form 8-K dated May 12, 1994, concerning the Partnership's
investment in Sugarwood Park Limited Partnership filed with the commission
on May 12, 1994.
Report on Form 8-K dated May 29, 1994, concerning the Partnership's
investment in West End Manor of Union Limited Partnership filed with the
commission on May 29, 1994.
Report on Form 8-K dated May 31, 1994, concerning the Partnership's
investment in Vista Loma Limited Partnership filed with the commission on
May 31, 1994.
Report on Form 8-K dated June 16, 1994, concerning the Partnership's
investment in Palmetto Properties Limited Partnership filed with the
commission on June 16, 1994.
Report on Form 8-K dated June 27, 1994, concerning the Partnership's
investment in Jefferson Square Limited Partnership filed with the commission
on June 27, 1994.
41<PAGE>
Report on Form 8-K dated June 27, 1994, concerning the Partnership's
investment in Holts Summit Square Limited Partnership filed with the
commission on June 27, 1994.
Report on Form 8-K dated July 8, 1994, concerning the Partnership's
investment in Harris Houisng Limited Partnership filed with the commission
on June 27, 1994.
Report on Form 8-K dated September 1, 1994, concerning the
Partnership's investment in Branson Christian County II Limited Partnership
filed with the commission on September 1, 1994.
Report on Form 8-K dated September 12, 1994, concerning the
Partnership's investment in Chelsea Square Limited Partnership filed with
the commission on September 12, 1994.
Report on Form 8-K dated September 21, 1994, concerning the
Partnership's investment in Palatine Limited Partnership filed with the
commission on September 21, 1994.
Report on Form 8-K dated October 19, 1994, concerning the Partnership's
investment in Mansura Villa II Partnership filed with the commission on
October 19, 1994.
Report on Form 8-K dated October 25, 1994, concerning the Partnership's
investment in Haynes House Associates II Limited Partnership filed with the
commission on October 25, 1994.
Report on Form 8-K dated October 28, 1994, concerning the Partnership's
investment in Skowhegan Limited Partnership filed with the commission on
October 28, 1994.
Report on Form 8-K dated November 19, 1994, concerning the
Partnership's investment in Mt. Vernon Associates, L.P. filed with the
commission on November 19, 1994.
Report on Form 8-K dated November 19, 1994, concerning the
Partnership's investment in Clinton Estates, L.P. filed with the commission
on January 12, 1995.
(c) Exhibits
--------
The list of exhibits required by Item 601 of Regulation S-K is included
in Item 14 (a)(3).
(d) Financial Statement Schedules
-----------------------------
See Item 14 (a) 1 and 2 above.
(e) Independent Auditors' Reports for Operating Partnerships.
--------------------------------------------------------
42<PAGE>
SIGNATURES
----------
Pursuant to the requirements of Section 13 of the Securities Exchange
Act of 1934, the Fund has duly caused this Report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Boston Capital Tax Credit Fund III L.P.
By: Boston Capital Associates III L.P.
General Partner
By: Boston Capital Associates
Date: July 15, 1996 By: /s/ John P. Manning
-------------------
John P. Manning
By: /s/ Herbert F. Collins
-----------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Fund and in the capacities and on the dates indicated:
DATE: SIGNATURE: TITLE:
General Partner and
July 15, 1996 /s/ John P. Manning Principal Executive
------------------- Officer, Principal
Financial Officer and
Principal Accounting
Officer of Boston
Capital Associates
General Partner and
/s/ Herbert F. Collins Principal Executive
---------------------- Officer, Principal
Financial Officer and
Principal Accounting
Officer of Boston
Capital Associates
43<PAGE>
SIGNATURES
----------
Pursuant to the requirements of Section 13 of the Securities Exchange
Act of 1934, the Fund has duly caused this Report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Boston Capital Tax Credit Fund III L.P.
By: Boston Capital Associates III
L.P., General Partner
By: Boston Capital Associates
By: _________________________
Date: July 15, 1996 John P. Manning
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
Fund and in the capacities and on the dates indicated:
DATE: July 15, 1996 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
43<PAGE>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT FUND III L.P. -
SERIES 15 THROUGH SERIES 19
MARCH 31, 1996 AND 1995<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT F-3
FINANCIAL STATEMENTS
BALANCE SHEETS F-5
STATEMENTS OF OPERATIONS F-11
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL F-17
STATEMENTS OF CASH FLOWS F-23
NOTES TO FINANCIAL STATEMENTS F-35
SCHEDULE I - MARKETABLE SECURITIES -
OTHER INVESTMENTS F-67
SCHEDULE III - REAL ESTATE AND
ACCUMULATED DEPRECIATION F-69
NOTES TO SCHEDULE III
Schedules not listed are omitted because of the absence of the conditions
under which they are required or the information is included in the financial
statements or the notes thereto.
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants * Business Consultants
A Professional Corporation
4520 East-West Highway * Suite 300 * Bethesda, MD 20814-3319
(301) 652-9100 * Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Boston Capital Tax Credit Fund III L.P.
We have audited the accompanying balance sheets of Boston Capital Tax
Credit Fund III L.P. Series 15 through Series 19, in total and for each
series, as of March 31, 1996 and 1995 and the related statements of
operations, changes in partners' capital and cash flows for the total
partnership and for each of the series for each of the three years in the
year or period ended March 31, 1996, which includes the total partnership
and Boston Capital Tax Credit Fund III L.P. - Series 15 through Series 19 as
of March 31, 1996 and 1995 and the related statements of operations, changes
in partners' capital and cash flows for the years ended March 31, 1996, 1995
and 1994 for the total partnership and Series 15 through Series 17, for the
years ended March 31, 1996 and 1995 for Series 18 and 19, and for the period
June 17, 1993 (date of inception) through March 31, 1994 for Series 18, and
for the period October 8, 1993 (date of inception) through March 31, 1994
for Series 19. These financial statements 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 III L.P. owns a limited partnership interest.
Investments in such partnerships comprise the following percentages: Total,
25% and 26% of the assets as of March 31, 1996 and 1995 and 26%, 19% and 32%
of the operating limited partnership loss for years ended March 31, 1996,
1995 and 1994, respectively; of the assets for Series 15 as of March 31,
1996 and 1995, 27% and 18%, respectively, of the operating limited
partnership loss for Series 15 for the years ended March 31, 1996, 1995 and
1994, 29%, 20% and 38%, respectively; of the assets for Series 16 as of
March 31, 1996 and 1995, 29% and 26%, respectively, of the limited
partnership loss for Series 16 for the years ended March 31, 1996, 1995 and
1994, 28%, 26% and 11%, respectively; of the assets for Series 17 as of
March 31, 1996 and 1995, 24% and 26%, of the limited partnership loss for
Series 17 for the years ended March 31, 1996, 1995 and 1994, 23%, 23% and
39%, respectively; of the assets for Series 18 as of March 31, 1996 and
1995, 19% and 30% and of the operating limited partnership loss for Series
18 for the years ended March 31, 1996 and 1995 and for the period June 17,
1993 (date of inception) through March 31, 1994, 19%, 19% and 4%,
respectively; and of the assets for Series 19 as of March 31, 1996 and 1995,
33% and 30% and of the operating limited partnership loss for Series 19 for
the years ended March 31, 1996 and 1995 and for the period October 8, 1993
(date of inception) through March 31, 1994, 22%, 11% and 7%, respectively.
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 signifi-
cant estimates made by management, as well as evaluating the overall
- F-3 -<PAGE>
financial statement presentation. We believe that our audits and the
reports of the other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of the other
auditors, the financial statements referred to above present fairly, in all
material respects, the financial position of Boston Capital Tax Credit Fund
III L.P. Series 15 through Series 19, in total and for each series, as of
March 31, 1996 and 1995 and the results of its operations and its cash flows
for the total partnership and for each of the series for each of the three
years in the year or period ended March 31, 1996, which includes the total
partnership and Boston Capital Tax Credit Fund III L.P. - Series 15 through
Series 19 as of March 31, 1996 and 1995 and the results of their operations
and their cash flows for each of the three years in the period ended March
31, 1996 for the total partnership and Series 15 through Series 17, for the
years ended March 31, 1996 and 1995 for Series 18 and Series 19, for the
period June 17, 1993 (date of inception) through March 31, 1994 for Series
18, and for the period October 8, 1993 (date of inception) through March 31,
1994 for Series 19, in conformity with generally accepted accounting
principles.
We and other auditors have also audited the information included in the
related financial statement schedules listed in Form 10-K, Item 14(a) of
Boston Capital Tax Credit Fund III L.P. - Series 15 through Series 19 as of
March 31, 1996. In our opinion, the schedules present fairly, in all
material respects, the information required to be set forth therein, in
conformity with generally accepted accounting principles.
Bethesda, Maryland
July 2, 1996
- F-4 -<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners
Graham Housing Associates Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheets of Graham Housing Associates
Limited Partnership, as of December 31, 1995, and the related statements of
operations, and changes in 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 audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Graham Housing Associates
Limited Partnership as of December 31, 1995, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supporting data included in the report is
presented for the purposes of additional analysis and is not a required part
of the financial statements of Graham Housing Associates 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.
February 19,1996
Charles Bailly & Company P.L.L.P.
Certified Public Accountants Consultants<PAGE>
INDEPENDENT AUDITOR'S REPORT
The Partners
Ridgeview Apartments of Brainerd
A Limited Partnership
Moorhead, Minnesota
We have audited the accompanying balance sheets of Ridgeview Apartments of
Brainerd A Limited Partnership, FmHA Project Number 27-018-0411625811 as of
December 31, 1995 and 1994, and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Ridgeview Apartments of
Brainerd A Limited Partnership as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Fargo, North Dakota
February 8, 1996
Charles Bailly & Company P.L.L.P.
Certified Public Accountants Consultants
<PAGE>
INDEPENDENT AUDITOR'S REPORT
The Partners
Ridgeview Apartments of Brainerd
A Limited Partnership
Moorhead, Minnesota
We have audited the accompanying balance sheets of Ridgeview Apartments of
Brainerd A Limited Partnership, FmHA Project Number 27-018-0411625811 as of
December 31, 1994 and 1993, and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Ridgeview Apartments of
Brainerd A Limited Partnership as of December 31, 1994 and 1993, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Fargo, North Dakota
January 17,1994
<PAGE>
Plante & Moran, LLP
1111 Michigan Avenue
P.O Box 2500
East Lansing, Michigan 48826-2500
Certified Public Accountants
Management Consultants
517-332-6200
FAX 517-332-8502
Independent Auditor's Report
To the Partners
University Meadows Limited Dividend
Housing Association Limited Partnership
We have audited the accompanying balance sheets of University Meadows Limited
Dividend A Limited Partnership, (a Michigan limited partnership),MSHDA
Development NO. 889, as of December 31, 1995 and 1994, and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of University Meadows Limited
Dividend A Limited Partnership as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 12, 1996, on our consideration of the Partnership's internal
control structure and a report January 12, 1996, on its compliance with laws
and regulations.
January 12, 1996
A Member of
Moores
Rowland
International
A worldwide association of independent accounting
<PAGE>
Plante & Moran, LLP
1111 Michigan Avenue
P.O Box 2500
East Lansing, Michigan 48826-2500
Certified Public Accountants
Management Consultants
517-332-6200
FAX 517-332-8502
Independent Auditor's Report
To the Partners
University Meadows Limited Dividend
Housing Association Limited Partnership
We have audited the accompanying balance sheets of University Meadows Limited
Dividend A Limited Partnership, (a Michigan limited partnership),MSHDA
Development NO. 889, as of December 31, 1994 and 1993, and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of University Meadows Limited
Dividend A Limited Partnership as of December 31, 1994 and 1993, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
January 12, 1996
A Member of
Moores
Rowland
International
A worldwide association of independent accounting
<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800
Fax No. (810) 626-2276
ELY TAMA, CPA*
JEFFREY F. BUDAJ, CPA
- ----------------------
BARTON A. LOWN, CPA
EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA
JONATHON M. SHELDON, CPA
JOHN W. WEIPERT, CPA
* Also Licensed in Florida And South Carolina
MEMBERS
- -------
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MICHIGAN ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
SOUTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners of
Heron's Landing RRH, Ltd.
We have audited the accompanying balance sheet of Heron's Landing RRH, Ltd. as
of December 31, 1995 and 1994, and the related statements of operations,
changes in partners' equity (deficit) and cash flows - project operations for
the year then ended. These financial statements are the responsibility of the
general partner and management of the partnership. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly in
all material respects, the financial position of Heron's Landing RRH, Ltd., as
of December 31, 1995 and 1994, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
<PAGE>
TAMA AND BUDAJ, P.C.
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting data on pages 10
through 17 inclusive has been subjected to the auditing procedures applied in
the examination of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as whole.
We have also reviewed internal accounting controls and compliance with laws
and regulations and have rendered our reports thereon on pages 18 through 20.
TAMA AND BUDAJ, P C.
Farmington Hills, Michigan
February 9, 1996
<PAGE>
VELEZ, SEMPRIT, NIEVES & Co.
252 Ponce de Leon Ave
11th Floor
Hato Rey, Puerto Rico 00918-9922
Tel: (809) 751-6500
Fax: (809) 767-1197
Certified Public Accountants / Business Advisors
A member of Horwath International
INDEPENDENT AUDITORS' REPORT ON FINANCIAL STATEMENTS
- -----------------------------------------------------
Partners
April Gardens Apartments III Limited Partnership
San Juan, Puerto Rico
We have audited the accompanying balance sheets of April Gardens Apartments
III Limited Partnership as of December 31, 1995 and 1994, and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of April Gardens Apartments III
Limited Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 26, 1996 on our consideration of the Partnership's internal
control structure and a report dated January 26, 1996 on its compliance with
laws, regulations, contracts, loan covenants and agreements.<PAGE>
VELEZ, SEMPRIT, NIEVES & Co.
Page 2
We conducted our audits to form an opinion on the basic financial statements
of April Gardens Apartments III Limited Partnership taken as a whole. The
accompanying schedules of administrative, utilities, maintenance, taxes,
insurance and interest expense 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 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 26, 1996
Stamp number 1340334 was
affixed to the original of this
report.
<PAGE>
GRAHAM CARTER
& JENNINGS, PLC
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
- ----------------------------
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Diane B. Carter
Independent Auditor'S Report
- ----------------------------
To the Partners
Autumnwood Limited Partnership
We have audited the accompanying balance sheets of Autumnwood Limited
Partnership (a Virginia limited partnership) , FMHA Project No.:
54-025-621447815, as of December 31, 1995 and 1994, and the related
statements of operations, partners, capital and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Autumnwood Limited
Partnership, FMHA Project No. : 54-025-621447815, as of December 31, 1995 and
1994, and the results of its operations, the changes in partners, capital and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
601 Thimble Shoals Boulevard Suite 201
Newport News, Virginia 23606
(804) 873-0767 Fax (804) 873-6938
<PAGE>
GRAHAM CARTER
& JENNINGS, PLC
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 14 is presented for purposes of additional analysis and is not
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
February 26, 1996
<PAGE>
CARTER & JENNINGS, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
11832-B Canon Boulevard
Newport News, Virginia 23606
(804) 873-0767
Facsimile (804) 873-0874
Harold D. Carter (1931-1993)
Jack G. Jennings
Michael J. Carter
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Autumnwood Limited Partnership
We have audited the accompanying balance sheets of Autumnwood Limited
Partnership (a Virginia limited partnership), FMHA Project No.:
54-025-621447815, as of December 31, 1994 and 1993, and the related statements
of operations, partners' capital and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility s to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government auditing Standards, issued by the Comptroller General
of the United States. Those standards require hat 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 he accounting principles used
and significant estimates made by management, as well as evaluating he
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Autumnwood Limited
Partnership, FMHA Project No.: 54-025621447815, as of December 31, 1994 and
1993, and the results of its operations, the changes in partners' capital and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 14 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Newport News, Virginia
February 3, 1995
<PAGE>
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313
Larry R. Golden, CPA
Janine D. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To The Partners
Barton Village Limited Partnership
We have audited the accompanying balance sheets of Barton Village Limited
Partnership, as of December 31, 1995 and 1994, and the related statements of
operations, changes in partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Barton Village Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
GOLDEN ASSOCIATES
Certified Public Accountants
April 1, 1996
Hinesville, Georgia
TEL. (912) 369-7575
FAX. (912) 876-8798
Members American Institute and Georgia Society of Certified Public Accountants
<PAGE>
SCHELL & HOGAN
CERTIFIED PUBLIC ACCOUNTANTS
P.0. Box 859
Brunswick, GA 31521
(912) 267-5300
P.O. Box 967
Hinesville, GA 31313
(912) 369-7575
Jerry W. Harper, CPA
James A. Szwast, CPA
Larry R. Golden, CPA
Joseph A. Whittle, Jr., CPA
Steven P. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To The Partners
Barton Village Limited Partnership
We have audited the accompanying balance sheets of Barton Village Limited
Partnership, as f December 31, 1993 and 1992, 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. hose standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Barton Village Limited
Partnership as of December 31, 1993 and 1992, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
SCHELL AND HOGAN
Certified Public Accountants
February 21, 1994
Hinesville, Georgia
Members American Institute and Georgia Society of Certified Public Accountants
<PAGE>
LITTLE, SHANEYFELT & CO.
CERTIFIED PUBLIC ACCOUNTANTS
1501 N. UNIVERSITY, SUITE 300
LITTLE ROCK ARKANSAS 72207-5232
TELEPHONE (501) 666-2879
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Beckwood Manor Eight Limited Partnership
We have audited the accompanying balance sheet of Beckwood Manor Eight Limited
Partnership, FMHA Project No. 03-009- 0710677267 (the Partnership), as of
December 31, 1995, and the related statements of profit (loss), 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.
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 Beckwood Manor Eight Limited
Partnership as of December 31, 1995, and its results of operations, 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 March 11, 1996, on our consideration of the Partnership's internal
control structure and a report dated March 11, 1996 on its compliance with
laws, regulations, contracts and grants.
Little, Shaneyfelt & Co.
March 11, 1996
<PAGE>
GRAHAM CARTER
& JENNINGS, PLC
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
- ---------------------------
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Diane B. Carter
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Brunswick Limited Partnership
We have audited the accompanying balance sheets of Brunswick Limited
Partnership (a Virginia limited partnership) FMHA Project No.:
54-017-621447814, as of December 31, 1995 and 1994, and the related statements
of operations, partners' capital and cash flows or the years then ended.
These financial statements are the responsibility of the Partnership' s
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance bout whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Brunswick Limited
Partnership, FMHA Project No. : 54-017-621447814, as of December 31, 1995 and
1994, and the results of its operations, he changes in partners, capital and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
601 Thimble Shoals Boulevard, Suite 201
Newport News, Virginia 23606
(804) 873-0767
Fax (804) 873-6938
<PAGE>
GRAHAM CARTER
& JENNINGS, PLC
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 14 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
February 26, 1996
<PAGE>
CARTER & JENNINGS, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
11832-B Canon Boulevard
Newport News, Virginia 23606
(804) 873-0767
Facsimile (804) 873-0874
Harold D. Carter (1931 - 1993)
- -------------------------------
Jack G. Jennings
Michael J. Carter
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Brunswick Limited Partnership
We have audited the accompanying balance sheets of Brunswick Limited
Partnership (a Virginia limited partnership), FMHA Project No.:
54-017-621447814, as of December 31, 1994 and 1993, and the related statements
of operations, partners' capital and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Brunswick Limited
Partnership, FMHA Project No.: 54-017-621447814, as of December 31, 1994 and
1993, and the results of its operations, the changes in partners' capital and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental information on
pages 13 and 14 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Newport News, Virginia
February 3, 1995<PAGE>
DURANT, SCHRAIBMAN & LINDSAY
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT ACCOUNTANTS' REPORT
- -------------------------------
To the Partners
Buena Vista Apartments, Phase II, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of Buena Vista Apartments,
Phase II, A Limited Partnership A South Carolina Limited Partnership), as of
December 31, 1995 and 1994 and the related statements of operations, partners'
equity and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our 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 Buena Vista Apartments,
Phase II, A Limited Partnership, as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
January 18, 1996
4408 Forest Drive, Third Floor
Columbia, South Carolina 29206
Telephone 803-790-0020
Fax 803-790-0011
<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
TEL.(205) 543-3707
P.O.BOX 775
516 Walnut Street
Gadsden, Alabama 35902
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Chestnut Hill Estates, Ltd.
Altoona, Alabama
I have audited the accompanying balance sheets of Chestnut Hill Estates, Ltd.,
a limited partnership, RECD Project No.: 01-028-631016355 as of December 31,
1995 and 1994, and the related statements of operations, partners' capital and
cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. My responsibility is to
express an opinion on these financial statements based on my audits.
I conducted the audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that I plan and perform the
audits to obtain reasonable assurance about whether the financial are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the 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 the audits provide a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above present fairly, in
material respects, the financial position of Chestnut Hill Estates, Ltd., RECD
Project No.: 01-028-631016355 as of December 31, 1995 and 1994,,and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
9 through 11 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. The supplemental information
presented in the Year End Report and Analysis (Form RECD 1930-8) Parts I
through II for the year ended December 31, 1995 and 1994, is presented for
purposes of complying with the requirements of the Rural Economic Community
Development and is also not a required part of the basic financial statements.
Such information has been subjected to the audit procedures applied in the
audit of the basic financial statements and, in my opinion is fairly stated in
all material respects in relation to the basic financial statements taken as a
whole.
In accordance with Government Auditing Standards, I have also issued a report
dated March 4, 1996 on my consideration of Chestnut Hill Estates, Ltd.,
internal control structure and a report dated March 4, 1996 on its compliance
with laws and regulations.
March 4, 1996
<PAGE>
BERRY, DUNN, McNEIL & PARKER
CERTIFIED PUBLIC ACCOUNTANTS
MANAGEMENT CONSULTANTS
INDEPENDENT AUDITORS' REPORT
- ----------------------------
The Partners
East Machias Limited Partnership
We have audited the accompanying balance sheets of East Machias Limited
Partnership, RECD Case No. 23- 015-0010465014, as of December 31, 1995
and 1994, and the related statements of operations, changes in partners'
equity and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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 fmancial
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 East Machias Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information on pages 15 and 16 as of and for the years ended December 31, 1995
and 1994, is presented solely for the use of Rural Economic and Community
Development and is not a required part of the basic financial statements.
This supplementary information has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
Portland, Maine
January 23, 1996
Offices in: Bangor, Maine Portland, Maine
Lebanon, New Hampshire Manchester, New Hampshire<PAGE>
Ludvigson, Braun & Co.
ACCOUNTANTS AND AUDITORS
117 NW 3rd Street
P.O. Box 845
Valley City, North Dakota 58072-0845
Telephone: (701) 845-1457
Facsimile (701) 845-8003
R.B. Ludvigson, CPA (Retired)
Raymond J. Braun, LPA
Muriel G. Haugen, CPA
Connie E. Winkler LPA
JoAnn R. Zerface. CPA
INDEPENDENT AUDITORS' REPORT
- ---------------------------
To the Partners
East Park Apartments I Limited Partnership
Dilworth, Minnesota
We have audited the accompanying balance sheets of East Park Apartments I
Limited Partnership, as of December 31, 1995 and 1994 and the related
statements of operations, partners' equity and cash flows for the year ended
December 31, 1995 and for the period ended from inception (June 1,
1994)through December 31, 1994. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
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 East Park Apartments I
Limited Partnership as of December 31, 1995 and 1994 and the results of its
operations, the changes in partners' equity, and its cash flows for the
periods then ended, in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The 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 fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Valley City, North Dakota
February 10, 1996
<PAGE>
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street
P. 0. Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Edgewood Properties, Ltd.
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Edgewood Properties, Ltd. (a
Kentucky limited partnership), RECDS Project No.: 20-050-0611179040, as of
December 31, 1995 and 1994, and the related statements of operations,
partners' capital, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audits.
I conducted my audits, as of and for the years ended December 31, 1995 and
1994, in accordance with generally accepted auditing standards and Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that I plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audits provide a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Edgewood Properties, Ltd., as
of December 31, 1995 and 1994, and the results of its operations, the changes
in partners' capital and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Daniel G. Drane
Certified Public Accountant
March 19, 1996
<PAGE>
THOMAS, JUDY & TUCKER
Certified Public Accountants
16 East Rowan Street, Suite 100
Raleigh, NC 27609
(919) 571-7055
FAX (919-571-7089
C. Gilbert Smith
Clifton W. Thomas
Chris P. Judy
David W. Tucker
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
Graham Housing Associates Limited Partnership
(A Development Stage Partnership)
We have audited the accompanying balance sheet of Graham Housing Associates
Limited Partnership as of December 31, 1994. The balance sheet is the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on this balance sheet based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require hat we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of Graham Housing Associates Limited
Partnership as of December 31, 1994 in conformity with generally accepted
accounting principles.
March 9, 1995
<PAGE>
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313
Larry R. Golden, CPA
Janine D. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To The Partners
Greenwood Village Limited Partnership
We have audited the accompanying balance sheets of Greenwood Village Limited
Partnership, as of December 31, 1995 and 1994, and the related statements of
operations, changes in partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Greenwood Village Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
GOLDEN ASSOCIATES
Certified Public Accountants
April 1, 1996
Hinesville, Georgia
TEL (912) 369-7575
FAX (912) 876-8798
Members American Institute and Georgia Society of Certified Public Accountants<PAGE>
SCHELL & HOGAN
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 859
Brunswick, GA 31521
(912) 267-5300
P.O. Box 967
Hinesville, GA 31313
(912) 369-7575
James W. Harper, CPA
James A. Szwast, CPA
Larry R. Golden, CPA
Joseph A. Whittle, Jr., CPA
Steven P. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To The Partners
Greenwood Village Limited Partnership
We have audited the accompanying balance sheets of Greenwood Village Limited
Partnership, as of December 31, 1993 and 1992, 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 Greenwood Village Limited
Partnership as of December 31, 1993 and 1992, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
SCHELL AND HOGAN
Certified Public Accountants
February 21, 1994
Hinesville, Georgia
Members American Institute and Georgia Society of Certified Public Accountants<PAGE>
HOWE AND ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 26, 1996
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
Partners
HARRISONVILLIE PROPERTIES II, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amount and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
Schoonover, Boyer, Gettman & Associates
Certified Public Accountants
Financial Consultants
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
The Hearthside II Limited Dividend
Housing Association Limited Partnership
We have audited the accompanying balance sheets of The Hearthside II Limited
Dividend Housing Association Limited Partnership (a Michigan Limited
Partnership), as of December 31, 1995 and 1994, and the related statements of
operations, partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of The Hearthside II Limited
Dividend Housing Association Limited Partnership, as of December 31, 1995 and
1994, and the results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
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.
January 26, 1996
Northwoods Corporatate Center, Suite 200
110 Northwoods Boulevard
Worthington, Ohio 43235
(614) 888-8000
Fax (614) 888-8634
<PAGE>
HOWE AND ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 19, 1996
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
Partners
HIGGINSVILLE ESTATES, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
HOWE & ASSOCIATES
CERTIFIED PUBUC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 24, 1996
INDEPENDENT AUDITORS REPORT
- ---------------------------
Partners
KEARNEY ESTATES, LP.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
- -------------------------------
To the Partners
Laurelwood Apartments, Phase II, A limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of Laurelwood Apartments,
Phase II, A Limited Partnership (A South Carolina Limited Partnership), as of
December 31, 1995 and 1994 and the related statements of operations, partners'
equity and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our 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 Laurelwood Apartments, Phase
II, A Limited Partnership, as of December 31, 1995 and 1994, and the results
of its operations and its cash flows for the years then ended, in conformity
with generally accepted accounting principles.
January 26, 1996
4408 Forest Drive, Third Floor
Columbia, South Carolina 29206
Telephone 803-790-0020
Fax 803-790-0011
<PAGE>
GRAHAM CARTER
& JENNINGS, PLC
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
- ---------------------------
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Diane B. Carter
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Lebanon II Limited Partnership
We have audited the accompanying balance sheets of Lebanon II Limited
Partnership (a Virginia limited partnership), FMHA Project No.:
55-013-621447812, as of December 31, 1995 and 1994, and the related statements
of operations, partners' capital and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership, s
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Lebanon II Limited
Partnership, FMHA Project No.: 55-013-621447812, as of December 31, 1995 and
1994, and the results of its operations, the changes in partners' capital and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
601 Thimble Shoals Boulevard, Suite 201
Newport News, Virginia 23606
(804) 873-0767
Fax (804) 873-6938
<PAGE>
GRAHAM CARTER
& JENNINGS, PLC
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 14 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
February 26, 1996
<PAGE>
CARTER & JENNINGS, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
11832-B Canon Boulevard
Newport News, Virginia 23608
(804) 873-0767
Facsimile (804) 873-0874
Harold D. Carter (1931-1993)
- ---------------------------
Jack G. Jennings
Michael J. Carter
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Lebanon II Limited Partnership
We have audited the accompanying balance sheets of Lebanon II Limited
Partnership (a Virginia limited partnership) , FMHA Project No.:
55-013-621447812, as of December 31, 1994 and 1993, and the related statements
of operations, partners' capital and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership' s
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lebanon II Limited
Partnership, FMHA Project No.: 55-013-621447812, as of December 31, 1994 and
1993, and the results of its operations, the changes in partners, capital and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
<PAGE>
CARTER & JENNINGS, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 14 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Newport News, Virginia
February 3, 1995
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 24, 1996
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
Partners
LEBANON PROPERTIES III, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street
P. 0. Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Lilac Properties, Ltd.
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Lilac Properties, Ltd. (a
Kentucky limited partnership), RECDS Project No.: 20-043- 61115801 1, as of
December 31, 1995 and 1994, and the related statements of operations,
partners' capital, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audits.
I conducted my audits, as of and for the years ended December 31, 1995 and
1994, in accordance with generally accepted auditing standards and Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that I plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audits provide a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lilac Properties, Ltd., as of
December 31, 1995 and 1994, and the results of its operations, the changes in
partners' capital and cash flows for the years then ended, in conformity with
generally accepted accounting principles.
Daniel G. Drane
Certified Public Accountant
March 19, 1996
<PAGE>
Hawkins, Ash, Baptie & Company
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
Madison Partners Limited Partnership
We have audited the accompanying balance sheet of Madison Partners Limited
Partnership (the 'Project'), as of December 31, 1995 and 1994, and the related
statements of operations, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the Project's
management. Our responsibility 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 Madison Partners Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations, the changes in partners' equity, and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
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.
La Crosse, Wisconsin
February 14, 1996
<PAGE>
SCHELL & HOGAN
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 859
Brunswick, GA 31521
(912) 267-5300
P.O. Box 967
Hinesville, GA 31313
(912)369-7575
Jerry W. Harper, CPA
James A. Szwast, CPA
Larry R. Golden, CPA
Joseph A. Whittle, Jr., CPA
Steven P. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To The Partners
Manning Lane Limited Partnership
We have audited the accompanying balance sheets of Manning Lane Limited
Partnership, as of December 31, 1993 and 1992, 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 Manning Lane Limited
Partnership as of December 31, 1993 and 1992, and the results of its
operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
SCHELL AND HOGAN
Certified Public Accountants
February 21, 1994
Hinesville, Georgia
Members American Institute and Georgia Society of Certified Public Accountants<PAGE>
HOWE & ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 16, 1996
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
Partners
MARYVILLE PROPERTIES, LP.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
BEALL & COMPANY, PLC
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
- ----------------------------
Monark Properties, An Arkansas Limited Partnership
Barling, AR
we have audited the accompanying balance sheets of Monark Properties An
Arkansas Limited Partnership, as of December 31, 1995 and 1994, and the
related statements of operations, changes in partners' capital, and cash flows
for the years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require than 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 Monark Properties, An
Arkansas Limited Partnership, as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
BEALL AND COMPANY, PLC
Certified Public Accountants
Fort Smith, Arkansas
January 24, 1996
<PAGE>
HOWE AND ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 15, 1996
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
Partners
OAK GROVE VILLA APARTMENTS, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 14, 1996
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
Partners
OSCEOLA ESTATES, LP.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
LITTLE, SHANEYFELT & CO.
CERTIFIED PUBLIC ACCOUNTANTS
1501 N. UNIVERSITY, SUITE 300
LITTLE ROCK, ARKANSAS 72207-6232
TELEPHONE (501) 666-2879
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
P.D.C. Fifty Five Limited Partnership
We have audited the accompanying balance sheets of P.D.C. Fifty Five Limited
Partnership, FMHA Project No. 03-052- 710665737 (the Partnership), as of
December 31, 1995 and 1994, and the related statements of profit (loss),
changes in partners, equity (deficit) and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of P.D.C. Fifty Five Limited
Partnership as of December 31, 1995 and 1994, and its results of operations,
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 March 11, 1996, on our consideration of the Partnership's
internal control structure and a report dated March 11, 1996 on its compliance
with laws, regulations, contracts and grants.
Little, Shaneyfelt & Co.
March 11, 1996
<PAGE>
McGEE & Associates, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Rio Mimbres II,Ltd.
and Rural Economic Community Development
We have audited the accompanying balance sheets of Rio Mimbres II, Ltd. (a
limited partnership) as of December 31, 1995 and 1994, and the related
statements of operations, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Rio Mimbres II, Ltd. as of
December 31, 1995 and 1994, and the results of its operations and the changes
in partners' equity and cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 23, 1996, on our consideration of the Partnership's internal
control structure and a report dated January 23, 1996, on its compliance with
laws and regulations.
Our audits were made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental information included in the
report is presented for purposes of additional analysis and is not a required
part of the financial statements of Rio Mimbres II, Ltd. Such information has
been subjected to the auditing procedures applied in the audit of the
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a whole.
January 23, 1996
Farmington, New Mexico
<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
P.O. BOX 775
516 WALNUT STREET
GADSDEN, ALABAMA 35902
TELEPHONE (205) 543-3707
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Sunset Square I, Limited Partnership
Scottsboro, Alabama
I have audited the accompanying balance sheets of Sunset Square Limited
Partnership, RECD Project No. : 01-036-631030935 as of December 31, 1995 and
1994, and the related statements of operations, partners' capital and cash
flows for the years then ended. These financial statements are the
responsibility of the partnership's management. My responsibility is to
express an opinion on these financial statements based on my audits.
I conducted the audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that I plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that the audits provide a
reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Sunset Square I, Limited
Partnership, RECD Project No.: 01-036-631030935 as of December 31, 1995 and
1994, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
9 through 11 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. The supplemental information
presented in the Year End Report and Analysis (Form RECD 1930-8) Parts I
through III for the year ended December 31, 1995 and 1994, is presented for
purposes of complying with the requirements of the Rural Economic Community
Development and is also not a required part of the basic financial statements.
Such information has been subjected to the audit procedures applied in the
audit of the basic financial statements and, in my opinion is fairly stated in
all material respects in relation to the basic financial statements taken as a
whole.
<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
Page 2
In Accordance with Government Auditing Standards, I have also issued a report
dated February 10, 1996 on my consideration of Sunset Square I, Limited
Partnership's internal control structure and a report dated February 10, 1996
on its compliance with laws and regulations.
February 10, 1996<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
P.O. BOX 775
516 WALNUT STREET
GADSDEN, ALABAMA 35902
TELEPHONE (205) 543-3707
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Sunset Square I, Limited Partnership
Scottsboro, Alabama
I have audited the accompanying balance sheets of Sunset Square I, Limited
Partnership, RECD Project No. : 01-036-631030935 as of December 31, 1993 and
1992, and the related statements of operations, partners' capital and cash
flows for the years then ended. These financial statements are the
responsibility of the partnership's management. My responsibility is to
express an opinion on these financial statements based on my audits.
I conducted the audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that I plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that the audits provide a
reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Sunset Square I, Limited
Partnership, FmHA Project No.: 01-036-631030935 as of December 31, 1993 and
1992, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
9 through 11 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. The supplemental information
presented in the Year End Report and Analysis (Form FmHA 1930-8) Parts I
through II for the years ended December 31, 1993 and 1992, is presented for
purposes of complying with the requirements of the Farmers Home Administration
and is also not a required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in the audit of
the basic financial statements and, in my opinion is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
February 14, 1994<PAGE>
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street
P. 0. Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Taylor Mill Properties, Ltd.
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Taylor Mill Properties, Ltd.
(a Kentucky limited partnership), RECDS Project No.: 20-062-0611174245, as of
December 31, 1995 and 1994, and the related Statements of operations,
partners' capital, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audits.
I conducted my audits, as of and for the years ended December 31, 1995 and
1994, in accordance with generally accepted auditing standards and Government
Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that I plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audits provide a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Taylor Mill Properties, Ltd.,
as of December 31, 1995 and 1994, and the results of its operations, the
changes in partners' capital and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Daniel G. Drane
Certified Public Accountant
March 19, 1996
<PAGE>
David C. Moja, C.P.A.
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the General Partners of
Timmons Village Limited Partnership
We have audited the accompanying balance sheets of Timmons Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the related statements of operations, partners, equity
(deficit) and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Timmons Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in
the table of contents is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly presented in all material respects
in relation to the basic financial statements taken as a whole.
David C. Moja, C.P.A., P.C.
March 11, 1996
Savannah, Georgia
<PAGE>
VELEZ, SEMPRIT, NIEVES & Co.
Certified Public Accountants/Business Advisors
A Member of Horwath International
252 Ponce de Leon Ave., 11th Floor
Hato Rey, Puerto Rico 00918-9922
Tel. (809) 751-6500
Fax: (809) 767-1197
INDEPENDENT AUDITORS' REPORT ON FINANCIAL STATEMENTS
- ----------------------------------------------------
Partners
Villa del Mar Limited Partnership
San Juan, Puerto Rico
We have audited the accompanying balance sheets of Villa del Mar Limited
Partnership as of December 31, 1994 and 1993, and the related statements of
operations, partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Controller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Villa del Mar Limited
Partnership as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
We conducted our audits to form an opinion on the basic financial statements
of Villa del Mar Limited Partnership taken as a whole. The accompanying
schedules of administrative, utilities, maintenance, taxes, insurance and
interest expense 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.
March 30, 1995
Stamp number 1282930 was
affixed to the original of this
report.
<PAGE>
Ortiz Lopez & Co.
Certified Public Accountants
Calle Post 183 Sur Altos
P.O. Box 3944
Marina Stations
Mayaquez, P.R. 00681
Telephones: (809) 833-8236
833-8250
Fax: 833-8285
CPA Eulalio Ortiz Rodriguez, MSA
CPA Heriberto Lopez Recio
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
virgen del Pozo Limited Partnership
We have audited the accompanying balance sheets of Virgen del Pozo Limited
Partnership as of December 31, 1995 and 1994, and the related statements of
operations, partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
in our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Virgen del Pozo Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
<PAGE>
To the Partners
Virgen del Pozo Limited Partnership
Page 2 - Continued
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 14 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Certified Public Accountants
Mayaguez, Puerto Rico
January 29, 1996
<PAGE>
David C. Moja, C.P.A.
P.O. Box 14212
Savannah, Georgia 31416
(912) 354-4141
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the General Partners of
Whitewater Village Limited Partnership
We have audited the accompanying balance sheets of Whitewater Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the related statements of operations, partners' equity
(deficit) and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Whitewater Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1995 and
December 31, 1994, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information listed in
the table of contents is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information,
except for the portion marked "unaudited", on which we express no opinion, has
been subjected to the procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly presented in all material respects
in to the basic financial statements taken as a whole.
David C. Moja, C.P.A., P.C.
March 11, 1996
Savannah, Georgia
<PAGE>
Virchow, Krause & Company, LLP
Certified Public Accountants & Consultants
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
School Street Limited Partnership I
Madison, Wisconsin
We have audited the accompanying balance sheet of WHEDA Project No. 011/001217
of School Street Limited Partnership I as of December 31, 1995, and the
related statements of loss, partners' equity and cash flows for the year then
ended. These financial statements are the responsibility of the 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. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, In
all material respects, the financial position of WHEDA Project No.
011/001217 of School Street Limited Partnership I as of December 31, 1995, and
the results of Its operations, changes in partners' equity and cash flows for
the year then ended In conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental information found on pages
13-24 Including supplemental Information required by WHEDA, Is presented for
purposes of additional analysis and Is not a required part of the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, In our
opinion, Is presented fairly In all material respects in relation to the basic
financial statements taken as a whole.
<PAGE>
To the Partners
School Street Limited Partnership I
The financial statements of School Street Limited Partnership I for the year
ended December 31, 1994 were audited by other accountants, whose report dated
January 24, 1995 stated that they were not aware of any material modifications
that should be made to those statements in order for them to be in conformity
with generally accepted accounting principles.
VIRCHOW, KRAUSE & COMPANY, LLP
Madison, Wisconsin
January 18, 1996
<PAGE>
Blackman & Associates, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
1413 Leavenworth Historic
Limited Partnership
(A Nebraska Limited Partnership)
Omaha, Nebraska
We have audited the accompanying balance sheet of 1413 Leavenworth Historic
Limited Partnership as of December 31, 1995 and the related statements of
operations, changes in partners' capital accounts and cash flows for the year
then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Partnership at December
31, 1995 and the results of its operations, changes in partners' capital
accounts and cash flows for the year then ended, in conformity with generally
accepted accounting principles.
Omaha, Nebraska
March 31, 1995
11924 Arbor St., Ste. 20O Omaha, Nebraska 68144
Phone (402) 330 1040 Fax (402)333 9189
<PAGE>
OTIS, ATWELL & TIMBERLAKE
Professional Association
CERTIFIED PUBLIC ACCOUNTANTS
980 Forest Avenue
Portland, Maine 04103
(207) 797 0990
Fax (207) 797 8618
James C Otis, C.P.A.., CFP
Stephen W AtwelL, C.P.A.
Fred 1. Timberlake, C.P.A.
Bruce E. Fritzson, C.P.A.
Thomas J. Gioia, C.P.A.
INDEPENDENT AUDITOR'S REPORT
The Partners
Anson Limited Partnership
We have audited the accompanying balance sheets of Anson Limited Partnership,
a limited partnership, RECD Case No. 23-013-010459470, as of December 31, 1995
and 1994, and the related statements of income, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Anson Limited Partnership as
of December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended, in conformity with generally accepted
accounting principles.
Certified Public Accountants
January 30, 1996
Portland, Maine
<PAGE>
Habif, Arogeti & Wynne, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Blairsville Rental Housing, L.P.
We have audited the accompanying balance sheets of BLAIRSVILLE RENTAL HOUSING,
L.P. (a Limited Partnership), as of December 31, 1995 and 1994, and the
related statements of income and expenses, 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. 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 BLAIRSVILLE RENTAL HOUSING,
L.P. as of December 31, 1995 and 1994, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
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
10 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Atlanta, Georgia
February 22, 1996
MEMBERS
Georgia Society of Certified Public Accountants
American Institute of Certified Public Accountants
AICPA Division for CPA Firms Private Companies Practice Section SEC Practice
Section
lO73 West Peachtree Street, N.E., Atlanta, GA 30309-3837
(404) 892-9651 Fax (404) 876-3913
<PAGE>
Habif, Arogeti & Wynne, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Blairsville Rental Housing, L.P.
We have audited the accompanying balance sheet of BIAIRSVILLE RENTAL HOUSING,
L.P. (a development stage partnership), as of December 31, 1993. This
financial statement is the responsibility of the Partnership's management.
Our responsibility is to express an opinion on this financial statement based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall balance sheet
presentation. We believe that out audit provides a reasonable basis for our
opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of BLAIRSVILLE RENTAL HOUSING, L.P.
as of December 31, 1993, in conformity with generally accepted accounting
principles.
Atlanta, Georgia
January 14, 1994
MEMBERS
GEORGIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
AICPA DIVISION FOR CPA FIRMS PRIVATE COMPANIES PRACTICE SECTION SEC PRACTICE
SECTION
<PAGE>
Habif, Arogeti, & Wynne, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Blairsville Rental Housing, L.P. II
We have audited the accompanying balance sheets of BLAIRSVILLE RENTAL HOUSING,
L.P. II (a Limited Partnership), as of December 31, 1995 and 1994, and the
related statements of income and expenses, changes in partners' equity, and
cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our 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 BLAIRSVILLE RENTAL HOUSING,
L.P. II as of December 31, 1995 and 1994, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion an 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
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.
Atlanta, Georgia
February 2, 1996
MEMBERS
GEORGIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
AICPA DIVISION FOR CPA FIRMS PRIVATE COMPANIES PRACTICE SECTION SEC PRACTICE
SECTION
l073 West Peachtree Street, N.E., Atlanta, GA 30309-3837
(404) 892-9651 Fax (404) 876-3913
<PAGE>
Habif, Arogeti, & Wynne, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Blairsville Rental Housing II, L.P.
We have audited the accompanying balance sheet of BLAIRSVILLE RENTAL HOUSING
II, L.P., (a development stage partnership] , as of December 31, 1993. This
financial statement is the responsibility of the Partnership's management.
Our responsibility is to express an opinion on this financial statement based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall balance sheet
presentation. We believe that out audit provides a reasonable basis for our
opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of BLAIRSVILLE RENTAL HOUSING II,
L.P. as of December 31, 1993, in conformity with generally accepted accounting
principles.
Atlanta, Georgia
January 14, 1994
MEMBERS
GEORGIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
AICPA DIVISION FOR CPA FIRMS PRIVATE COMPANIES PRACTICE SECTION SEC PRACTICE
SECTION
1073 West Peachtree Street, N.E., Atlanta, GA 30309-3837
(404) 892-9651 Fax (404) 876-3913
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
March 4, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
BRANSON CHRISTIAN COUNTY I, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Governmental Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
March 4, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
BRANSON CHRISTIAN COUNTY II, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Governmental Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. An audit includes examining,
on a test basis, evidence supporting the amount and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
Habif, Arogeti, & Wynne, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Butler Rental Housing, L.P.
We have audited the accompanying balance sheet of BUTLER RENTAL HOUSING, L.P.
(a development stage partnership] , as of December 31, 1993. This financial
statement is the responsibility of the Partnership's management. Our
responsibility is to express an opinion on this financial statement based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall balance sheet
presentation. We believe that out audit provides a reasonable basis for our
opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of BUTLER RENTAL HOUSING, L.P. as of
December 31, 1993, 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 is
presented for purposes of additional 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.
Atlanta, Georgia
January 14, 1994
MEMBERS
Georgia Society of Certified Public Accountants
American Institute of Certified Public Accountants
AICPA Division for CPA Firms Private Companies Practice Section SEC Practice
Section
<PAGE>
DuRant, Schraibman & Lindsay
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners
Canterfield Manor of Denmark, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of Canterfield Manor of
Denmark, A Limited Partnership (A South Carolina Limited Partnership), as of
December 31, 1995 and 1994 and the related statements of operations, partners'
equity and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our 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 Canterfield Manor of Denmark,
A Limited Partnership, as of December 31, 1995 and 1994, and the results of
its operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
January 22, 1996
4408 Forest Drive, Third Floor
Columbia, South Carolina 29206
Telephone 803-790-0020 Fax 803-790-0011
<PAGE>
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners
Canterfield Manor of Denmark, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheet of Canterfield Manor of
Denmark, A Limited Partnership (A South Carolina Limited Partnership), as of
December 31, 1993, and the related statements of operations, partners' equity
and cash flows from January 21, 1993 to December 31, 1993. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our 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 Canterfield Manor of Denmark,
A Limited Partnership, as of December 31, 1993, and the results of its
operations and its cash flows from January 21, 1993 to December 31, 1993, in
conformity with generally accepted accounting principles.
February 19, 1994
4408 Forest Drive, Third Floor
Columbia, South Carolina 29206
Telephone 803-790-0020 Fax 803-790-0011
DAVID P. PHILLIPS, P.C.
CERTIFIED PUBLIC ACCOUNTANT
3610 DODGE STREET
SUITE 212 OFFICE
OMAHA, NEBRASKA 68131
OFFICE (402)345-6044 FAX (402) 345-1233
INDEPENDENT AUDITOR'S REPORT
To the Partners
Cass Partners Limited Partnership
I have audited the accompanying balance sheet of Cass Partners Limited
Partnership as of December 31, 1995, and the 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. My
responsibility is to express an opinion on these financial statements based on
my audit. The financial statements of Cass Partners Limited Partnership as of
December 31, 1994 were audited by another auditor whose report dated March 14,
1995 expressed an unqualified opinion.
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cass Partners Limited
Partnership as of December 3 1, 1995, 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.
My audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information on page 15 is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in my opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
March 6, 1996
1-3
<PAGE>
OSCAR N. HARRIS & ASSOCIATES, P.A.
Certified Public Accountants
Members
American Institute of Certified Public Accountants
North Carolina Association of Certified Public Accountants
OSCAR N. HARRIS, C.P.A.
SHERRY S. JOHNSON, C.P.A.
KENNETH E. MILTON, C.P.A.
MARLA L. TART, C.P.A.
DARLENE LANGSTON, C.P.A.
CONNIE P. STANCIL, C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners of
Cumberland Woods Associates
of Middlesboro, KY., Ltd.
Charlotte, North Carolina
We have audited the balance sheets of Cumberland Woods Associates of
Middlesboro, KY., Ltd. (a limited partnership) as of December 31, 1995 and
1994, and the related statements of partners, capital, income, and cash flows
for the years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards (1988 Revision) issued by the
Comptroller General of the United States, and the audit programs provided by
the U.S. Department of Agriculture-Farmers Home Administration (December 1989
Revision) issued by the Office of Inspector General. Those standards require
that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cumberland Woods Associates
of Middlesboro, KY., Ltd. as of December 31, 1995 and 1994, and the results of
its operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. Schedule "1" on page 15 is presented
for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the audit
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Certified Public Accountants
February 14, 1996
100 EAST CUMBERLAND STREET, P.O. BOX 578, DUNN, N.C.
(910) 892-1021 FAX(910)892-6084<PAGE>
PHILLIPS, DORSEY, THOMAS, WATERS & BRAFFORD, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Drawer 1359
215 Horner Street
Henderson, NC 27536
919/438-8154 NC WATS 800/356-7674 FAX 919/492-5066
W. Haywood Phillips, CPA
Ronald S. Dorsey, CPA
H. Timothy Thomas, CPA
Susan R. Waters, CPA
Michael H. Brafford, CPA
Carleen P. Evans, CPA
Holly B. Perryman, CPA
Franklin L. Irvin, Jr., CPA
INDEPENDENT AUDITOR'S REPORT
To the Partners
Deer Run Limited Partnership
Kittrell, North Carolina
We have audited the accompanying balance sheets of Deer Run Limited
Partnership as of December 31, 1995 and 1994, and the related statements of
operations, partners, equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide 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 Run Limited Partnership
as of December 31, 1995 and 1994, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
14 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 12, 1996
AMERICAN INSTITUTE OF CPAS
NC ASSOCIATION OF CPAS
<PAGE>
Habif, Arogeti, & Wynne, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Eastman Elderly Housing, L.P.
We have audited the accompanying balance sheet of EASTMAN ELDERLY HOUSING,
L.P. (a Limited Partnership), as of December 31, 1993, and the related
statement of income and expenses, 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 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 EASTMAN ELDERLY HOUSING, L.P.
as of December 31, 1993, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the 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.
Atlanta, Georgia
January 14, 1994
MEMBERS
Georgia Society of Certified Public Accountants
American Institute of Certified Public Accountants
AICPA Division For CPA Firms Private Companies Practice Section SEC Practice
Section
<PAGE>
Bradley, Snipes, Gower & Associates, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 1009, Dunn, NC 28335, (910)892-6001
P.O. Box 1568, Lillington, NC 27546 (910)893-6026
Russell W. Bradley, CPA
Larry D. Snipes, CPA
Alton R. Gower, Jr., CPA
INDEPENDENT AUDITORS' REPORT
The Partners
Gibson Manor Associates Limited Partnership
We have audited the accompanying balance sheets of Gibson Manor Associates
Limited Partnership, Fayetteville, North Carolina (a North Carolina limited
partnership), as of December 31, 1995 and 1994, and the related statements of
operations, partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the Gibson Manor Associates
Limited Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Gibson Manor Associates
Limited Partnership as of December 31, 1995 and 1994, and the results of its
operations, the changes in partners' equity and cash flows for the years
then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on Page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to
the auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Respectfully submitted,
Bradley, Snipes, Gower & Associates, P. A.
Dunn, North Carolina
January 26, 1996
Members/American Institute of Certified Public Accountants, North Carolina
Association of Certified Public Accountants
<PAGE>
HOWE & ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 20, 1996
INDEPENDENT AUDITORS REPORT
Partners
GREENFIELD PROPERTIES, LP.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amount and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accounts
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners
Holly Tree Manor of Holly Hill, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of Holly Tree Manor of Holly
Hill, A Limited Partnership (A South Carolina Limited Partnership), as of
December 31, 1995 and 1994, and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our 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 Holly Tree Manor of Holly
Hill, A Limited Partnership, as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
January 27, 1996
4408 Forest Drive, Third Floor
Columbia, South Carolina 29206
Telephone 803-790-0020 Fax 803-790-0011
<PAGE>
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners
Holly Tree Manor of Holly Hill, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheet of Holly Tree Manor of Holly
Hill, A Limited Partnership (A South Carolina Limited Partnership), as of
December 31, 1993, and the related statements of operations, partners'
equity and cash flows from February 12, 1993 to December 31, 1993. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our 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 Holly Tree Manor of Holly
Hill, A Limited Partnership, as of December 31, 1993), and the results of
its operations and its cash flows from February 12, 1993 to December 31,
1993, in conformity with generally accepted accounting principles.
February 18, 1994
4408 Forest Drive, Third Floor
Columbia, South Carolina 29206
Telephone 803-790-0020 Fax 803-790-0011
<PAGE>
The Gautreau Group, L.L.C
Certified Public Accountants
John C. Gautreau, II, CPA'
J.Curt Gautreau, CPA'
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
'A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Isola Square, L. P.
We have audited the accompanying balance sheets of Isola Square, L. P. as of
December 31, 1995 and 1994, and the related statements of operations, changes
in partners' capital and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Isola Square, L. P. as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 12, 1996 on our consideration of Isola Square, L. P.'s internal
control structure and a report dated February 12, 1996 on its compliance with
laws and regulations.
Certified Public Accountants
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton Rouge, Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
The Gautreau Group, L.L.C
Certified Public Accountants
John C. Gautreau, II, CPA'
J.Curt Gautreau, CPA'
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
'A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Lawtell Manor Partnership
We have audited the accompanying balance sheets of Lawtell Manor Partnership
(A Louisiana Partnership in Commendam) as of December 31, 1995 and 1994, and
the related statements of operations, changes in partners, capital and cash
flows for the years then ended. These financial statements are the respon-
sibility of the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lawtell Manor Partnership as
of December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 12, 1996 on our consideration of Lawtell Manor
Partnership's internal control structure and a report dated February 12, 1996
on its compliance with laws and regulations.
Certified Public Accountants
Baton Rouge, Louisiana
February 12, 1996
-2-
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton Rouge, Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 967
769 E. Olglethorpe Hwy
Hinesville, GA 31313
Larry R. Golden, CPA
Janine D. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
To The Partners
Logan Lane Limited Partnership
We have audited the accompanying balance sheets of Logan Lane Limited
Partnership, as of December 31, 1995 and 1994, and the related statements of
operations, changes in partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Logan Lane Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
GOLDEN ASSOCIATES
Certified Public Accountants
April 1, 1996
Hinesville, Georgia
Members American Institute and Georgia Society of Certified Public Accountants
Telephone (912)369-7575 Fax (912) 876-8798
<PAGE>
SCHELL & HOGAN
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 859
Brunswick, GA 31521
(912) 267-5300
P.O. Box 967
Hinesville, GA 31313
(912) 369-7575
Jerry W. Harper, CPA
James A. Szwast, CPA
Larry R. Golden, CPA
Joseph A. Whittle, Jr., CPA
Steven P. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
To The Partners
Logan Lane Limited Partnership
We have audited the accompanying balance sheets of Logan Lane Limited
Partnership, as of December 31, 1993 and 1992, 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 Logan Lane Limited
Partnership as of December 31, 1993 and 1992, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
SCHELL AND HOGAN
Certified Public Accountants
February 21, 1994
Hinesville, Georgia
Brunswick FAX (912) 267-5315
Hinesville FAX (912) 876-8798
Members American Institute and Georgia Society of Certified Public Accountants
<PAGE>
Virchow, Krause & Company, LLP
Certified Public Accountants & Consultants
INDEPENDENT AUDITORS' REPORT
To the Partners
Mariner's Pointe Limited Partnership I and
Mariner's Pointe Limited Partnership II
Madison, Wisconsin
We have audited the accompanying combined balance sheet of WHEDA Project No.
011/001214 of Mariner's Pointe Limited Partnership I and Mariner's Pointe
Limited Partnership II as of December 31, 1995, and the related combined
statements of loss, partners' equity and cash flows for the year then ended.
These combined financial statements are the responsibility of the project's
management. Our responsibility is to express an opinion on these combined
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 combined financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the combined
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall combined financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the combined financial statements referred to above present
fairly, in all material respects, the financial position of WHEDA Project No.
011/001214 of Mariner's Pointe Limited Partnership I and Mariner's Pointe
Limited Partnership II as of December 31, 1995, and the combined results of
Its operations, changes in partners' equity and cash flows for the year then
ended In conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental information found on pages
13-23, including supplemental information required by WHEDA, is presented for
purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, is presented fairly in all material respects in relation to the basic
financial statements taken as a whole.
Page 1
<PAGE>
To the Partners
Mariner's Pointe Limited Partnership I and
Mariner's Pointe Limited Partnership II
The combined financial statements of Mariner's Pointe Limited Partnership I
and Mariner's Pointe Limited Partnership II for the year ended December 31,
1994 were audited by other accountants whose report dated January 24, 1995
stated that they were not aware of any material modifications that should be
made to those statements in order for them to be in conformity with generally
accepted accounting principles.
VIRCHOW, KRAUSE & COMPANY, LLP
Madison, Wisconsin
January 18, 1996
Page 2
<PAGE>
Otis, Atwell & Timberlake
Professional Association
CERTIFIED PUBLIC ACCOUNTANTS
980 Forest Avenue
Portland, Maine 04103
(207) 797-0990 FAX (207) 797-8618
James C. Otis, C.P.A., CEP
Stephen W. AtwelL, C.P.A.
Fred I. Timberlake, C.P.A.
Bruce E. Fritzson C.P.A.
Thomas J. Gioia, C.P.A.
INDEPENDENT AUDITOR'S REPORT
To the Partners
Newport Housing Associates
We have audited the accompanying balance sheets of Newport Housing Associates,
a limited partnership, RECD Case No. 53-010-0010466168, as of December 31,
1995 and 1994, and the related statements of income, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Newport Housing Associates as
of December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended, in conformity with generally accepted
accounting principles.
Certified Public Accountants
February 1, 1996
Portland, Maine
<PAGE>
BLOOM, GETTIS, HABIB & TERRONE, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
SUITE 145O
2601 SOUTH BAYSHORE DRIVE
MIAMI, FLORIDA 33133-9893
TELEPHONE (305)858-6211
FACSIMILE (305) 858-9696
MEMBERS:
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
BURT R. BLOOM, C.P.A.,C.V.A.
LAWRENCE W. GETTIS, C.P.A.
STEVEN M. HABIB, C.P.A.
ROGER J. TERRONE, C.P.A.
CURT A. ROSNER, C.P.A.
To the Partners
Riviera Apts., Ltd.
Boston, Massachusetts
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying Balance Sheet of Riviera Apts., Ltd. (a
Florida Limited Partnership), as of December 31 , 1995, and the related
Statements of Operations, Partners' Equity and Cash Flows for the year then
ended. These financial statements are the responsibility of the management of
Riviera Apts., Ltd. Our responsibility is to express an opinion on these
financial statements based on our audits. The financial statements of Riviera
Apts., Ltd. as of December 31 , 1994 were audited by other auditors whose
report dated February 23, 1995 expressed an unqualified opinion on these
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 Riviera Apts., Ltd. as of
December 31, 1995 and the results of its operations, the changes in partners,
equity and cash flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial statements and,
in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
February 20, 1996
<PAGE>
The Gautreau Group, L.L.C
Certified Public Accountants
John C. Gautreau, II, CPA'
J.Curt Gautreau, CPA'
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
'A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
Simmesport Square Partnership
We have audited the accompanying balance sheets of Simmesport Square
Partnership (A Louisiana Partnership in Commendam) as of December 31, 1995
and 1994, and the related statements of operations, changes in partners'
capital and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Simmesport Square Partnership
as of December 31, 1995 and 1994, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 12, 1996 on our consideration of Simmesport Square
Partnership's internal control structure and a report dated February 12,
1996 on its compliance with laws and regulations.
Certified Public Accountants
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton Rouge, Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
STIENESSEN SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
St. Croix Commons Limited Partnership
We have audited the accompanying balance sheets of St. Croix Commons Limited
Partnership, as of December 31, 1995 and 1994, and the related statements of
operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
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. Croix Commons Limited
Partnership, as of December 31, 1995 and 1994, and the results of its
operations, the changes in partners' equity, and cash flows for the years
then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 14 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 17, 1996
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI,54702-0810
PHONE (715) 832-3425 FAX (715) 832-1665
<PAGE>
The Gautreau Group, L.L.C
Certified Public Accountants
John C. Gautreau, II, CPA'
J.Curt Gautreau, CPA'
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
'A Professional Accounting Corporation
Independent Auditors' Report
To the Partners of
St. Joseph Square Partnership
We have audited the accompanying balance sheets of St. Joseph Square
Partnership (A Louisiana Partnership in Commendam) as of December 31, 1995
and 1994, and the related statements of operations, changes in partners'
capital and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of St. Joseph Square Partnership
as of December 31, 1995 and 1994, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 12, 1996 on our consideration of St. Joseph Square
Partnership's internal control structure and a report dated February 12,
1996 on its compliance with laws and regulations.
Certified Public Accountants
Baton Rouge, Louisiana
February 12, 1996
P.O. Box 82430 \8641 United Plaza Boulevard, Suite 202 \Baton Rouge, Louisiana
70884-2430 \Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
HOWE & ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 11, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
SUMMERSVILLE ESTATES, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates
<PAGE>
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313
Larry R. Golden, CPA
Janine D. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
To The Partners
Talbot Village II Limited Partnership
We have audited the accompanying balance sheets of Talbot Village II Limited
Partnership, as of December 31, 1995 and 1994, and the related statements of
operations, changes in partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Talbot Village II Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
GOLDEN ASSOCIATES
Certified Public Accountants
April 1, 1996
Hinesville, Georgia
Telephone (912)369-7575 Fax (912) 876-8798
Members American Institute and Georgia Society of Certified Public Accountant<PAGE>
SCHELL & HOGAN
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 859
Brunswick, GA 31521
(912) 267-5300
P.O. Box 967
Hinesville, GA 31313
(912) 369-7575
Jerry W. Harper, CPA
James A. Szwast, CPA
Larry R. Golden, CPA
Joseph A. Whittle, Jr., CPA
Steven P. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
To The Partners
Talbot Village II Limited Partnership
We have audited the accompanying balance sheets of Talbot Village II Limited
Partnership, as of December 31, 1993 and 1992, 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 Talbot Village II Limited
Partnership as of December 31, 1993 and 1992, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
SCHELL AND HOGAN
Certified Public Accountants
February 21, 1994
Hinesville, Georgia
Brunswick
FAX (912) 267-5315
Hinesville
FAX (912) 876-8798
Members American Institute and Georgia Society of Certified Public Accountants
<PAGE>
Bob T. Robinson
Certified Public Accountant
2084 Dunbarton Drive
Jackson, Mississippi 39216
(601) 982-3875
Independent Auditor's Report
To the Partners
Turtle Creek Family, L.P.
I have audited the accompanying balance sheet of Turtle Creek Family, L.P. as
of December 31, 1995 and 1994, and the related statements of operations,
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
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 Turtle Creek Family, L.P. as
of December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended, in conformity with generally accepted
accounting principles.
Jackson, Mississippi
January 23, 1996
<PAGE>
Bob T. Robinson
Certified Public Accountant
Bob T. Robinson, CPA
2084 Dunbarton Drive
Jackson, Mississippi 39216
(601) 982-3875
Independent Auditor's Report
To the Partners
Turtle Creek Family, L.P.
I have audited the accompanying balance sheet of Turtle Creek Family, L.P. as
of December 31, 1994 and 1993, and the related statements of operations,
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
My responsibility is to express an opinion on these financial statements based
on my audits. The financial statements for the year ended December 31, 1993
were audited by other auditors whose report dated January 25, 1994 expressed
an unqualified opinion on those statements.
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 Turtle Creek Family, L.P. as
of December 31, 1994 and 1993, and the results of its operations and its cash
flows for the years then ended, in conformity with generally accepted
accounting principles.
Jackson, Mississippi
January 27, 1995
<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 MIDDLEBELT ROAD
FARMINGTON HILLS, MICHIGAN 48334-1726
(810)626-3800 FAX (810)626-2276
MEMBERS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MICHIGAN ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
SOUTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
'ALSO LICENSED IN FLORIDA AND SOUTH CAROLINA
ELY TAMA, CPA'
JEFFREY F. BUDAJ, CPA
BARTON A. LOWEN, CPA
EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA
JONATHON M. SHELDEN, CPA
JOHN W. WEIPERT, CPA
Independent Auditor's Report
To the Partners of
Victoria Pointe RRH, Ltd.
We have audited the accompanying balance sheet of VICTORIA POINTE RRH, LTD. as
of December 31, 1995, and the related statements of operations, changes in
partners' equity (deficit) and cash flows - project operations for the period
January 23, 1995 (date operational) to December 31, 1995. These financial
statements are the responsibility of the general partner and management of the
partnership. Our responsibility is to express an opinion on these financial
statements based on our audit.
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 VICTORIA POINTE RRH, LTD., as
of December 31, 1995, and the results of its operations and its cash flows for
the period January 23, 1995 (date operational) to December 31, 1995 in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting data on pages 10
through 17 inclusive has been subjected to the auditing procedures applied in
the examination of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
We have also reviewed internal accounting controls and compliance with laws
and regulations and have rendered our reports thereon on pages 18 through 20.
TAMA AND BUDAJ, P C.
Farmington Hills, Michigan
February 9, 1996
<PAGE>
ARMANDO A. SUAREZ, CPA
HATO REY TOWER, SUITE 1500
268 MUNOZ RIVIERA AVENUE
HATO REY, PR 00918
(787)763-3195 FAX (787)751-8448
INDEPENDENT AUDITOR'S REPORT
To the Partners
Vista Linda Apartments Limited Partnership
I have audited the accompanying balance sheet of Vista Linda Apartments
Limited Partnership as of December 31, 1995 and 1994, and the related
statements of operations, partners' equity (deficit), and cash flows for the
year then ended. These financial statements (FMHA Project No.:
63-0160660472028) 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 conducted my audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that I plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that my audit provides a
reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Vista Linda Apartments
Limited Partnership, FmHA Project No.: 63-0160660472028, as of December 31,
1995 and 1994, and the results of its operations, changes in partners' equity
(deficit) and cash flows for the years then ended in conformity with generally
accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information on pages 20 thru 35
is presented for purposes of additional 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.
Armando A. Suarez, CPA
March 12, 1996
San Juan, Puerto Rico
The stamp #1328710 of the CPA's College of PR was affixed to the original of
this report.
ARMANDO A. SUAREZ
Certified Public Accountant of Puerto Rico
License No. 952
<PAGE>
OTIS, ATWELL & TIMBERLAKE
Professional Association
CERTIFIED PUBLIC ACCOUNTANTS
980 Forest Avenue
Portland, Maine 04103
(207) 797-0990
FAX (207) 797-8618
James C. Otis, C.P.A, CFP
Stephen W. Atwell, C.P.A.
Fred I. Timberlake, C.P.A.
Bruce E. Fritzson, C.P.A.
Thomas J. Gioia, C.P.A.
INDEPENDENT AUDITOR'S REPORT
The Partners
Wakefield Housing Associates
We have audited the accompanying balance sheets of Wakefield Housing
Associates, a limited partnership, RECD Case No. 34-002-0010456615, as of
December 31, 1995 and 1994, and the related statements of income, partners'
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Wakefield Housing Associates
as of December 31, 1995 and 1994, and the results of its operations and its
cash flows for the years then ended, in conformity with generally accepted
accounting principles.
Certified Public Accountants
January 17, 1996
Portland, Maine
<PAGE>
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners
West End Manor Apartments, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of West End Manor Apartments,
A Limited Partnership (A South Carolina Limited Partnership), as of December
31, 1995 and 1994, and the related statements of operations, partners' equity
and cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our 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 West End Manor Apartments, A
Limited Partnership, as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
February 3, 1996
4408 Forest Drive, Third Floor, Columbia, South Carolina 29206,
Telephone 803-790-0020 Fax 803-790-0011
<PAGE>
Tate, Propp, Beggs & Sugimoto
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners
Willcox II Investment Group
An Arizona Limited Partnership
We have audited the accompanying balance sheets of Willcox II Investment
Group, an Arizona Limited Partnership, as of December 31, 1995 and 1994, and
the related statements of operations, changes in partners, capital, and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Willcox II Investment Group
as of December 31, 1995 and 1994, 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 a report
dated February 15, 1996, on our consideration of Willcox II Investment Group's
internal control structure and a report dated February 15, 1996, on its
compliance with laws and regulations.
An Accountancy Corporation
February 15, 1996
Sacramento, California
A Professional Corporation
1545 River Park Drive, Suite 375
Sacramento, California 95815
916-929-1006
FAX 916-929-0879
<PAGE>
STIENESSEN SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
Crosby Country Apartments Limited Partnership
We have audited the accompanying balance sheet of Crosby Country Apartments
Limited Partnership as of December 31, 1995, and the related statements of
operations, partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Crosby Country Apartments
Limited Partnership, as of December 31, 1995, and the results of its
operations, changes in partners' equity, and cash flows for the year then
ended in conformity with Generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
12 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
auditing procedures applied in the 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
June 19, 1996
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810
PHONE (715)832-3425
FAX (715) 832-1665
<PAGE>
Bob T. Robinson
Certified Public Accountants
Bob T. Robinson, CPA
2084 Dunbarton Drive
Jackson, Mississippi 39216
(601) 982-3875
Independent Auditor's Report
To the Partners
Tchula Elderly, L.P.
I have audited the accompanying balance sheet of Tchula Elderly, L.P. as of
December 31, 1994 and 1993, and the related statements of operations,
partners' equity (deficit) and cash flows for years then ended. These
financial statements are the responsibility of the partnership's management.
My responsibility is to express an opinion on these financial statements based
on my audits.
I conducted my audits in accordance with generally accepted auditing
standards. Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audits provide a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Tchula Elderly, L.P. as of
December 31, 1994 and 1993, and the results of its operations and its cash
flows for the years then ended, in conformity with generally accepted
accounting principles.
Jackson, Mississippi
March 1, 1995
<PAGE>
Bob T. Robinson
Certified Public Accountants
2084 Dunbarton Drive
Jackson, Mississippi 39216
(601) 982-3875
Independent Auditor's Report
To the Partners
Joiner Elderly, L.P.
I have audited the accompanying balance sheet of Joiner Elderly, L.P. as of
December 31, 1995 and 1994, and the related statements of operations,
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
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 Joiner Elderly, L.P. as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended, in conformity with generally accepted
accounting principles.
Jackson, Mississippi
January 23, 1996
<PAGE>
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners
West End Manor Apartments, A Limited Partnership Columbia, South Carolina
We have audited the accompanying balance sheet of West End Manor Apartments, A
Limited Partnership (A South Carolina Limited Partnership), as of December 31,
1993, and the related statements of operations, partner's equity and cash
flows from May 19, 1993 to December 31, 1993. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our 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 West End Manor Apartments, A
Limited Partnership, as of December 31, 1993, and the results of its
operations and its cash flows from May 19, 1993 to December 1, 1993, in
conformity with generally accepted accounting principles.
February 17, 1994
4408 Forest Drive, Third Floor, Columbia, South Carolina 29206
Telephone 803-790-0020 Fax 803-790-0011
<PAGE>
OTIS, ATWELL & TIMBERLAKE
Professional Association
CERTIFIED PUBLIC ACCOUNTANTS
980 Forest Avenue
Portland, Maine 04103
(207) 797-0990
FAX (207) 797-8618
James C. Otis, C.P.A, CFP
Stephen W. Atwell, C.P.A.
Fred I. Timberlake, C.P.A.
Bruce E. Fritzson, C.P.A.
Thomas J. Gioia, C.P.A.
INDEPENDENT AUDITOR'S REPORT
To the Partners
Wakefield Housing Associates
We have audited the accompanying balance sheets of Wakefield Housing
Associates, a limited partnership, FmHA Case No. 34-002-0010456615, as of
December 31, 1994 and 1993 and the related statements of income, partners'
equity (deficit), and cash flows for the year ended December 31, 1994 and
for the period from February 15, 1993 to December 31, 1993. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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 Wakefield Housing Associates,
a limited partnership, as of December 31, 1994 and 1993, and the results of
its operations and its cash flows for the year ended December 31, 1994 and
for the period from February 15, 1993 to December 31, 1993 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 additional
information on pages 13 and 14 is presented solely for the use of the Farmers
Home Administration and is not a required part of the basic financial
statements. The Multiple Family Housing Borrower Balance Sheet, Form FmHA
1930-8, 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
whole.
Certified Public Accountants
January 16, 1995
Portland, Maine<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 MIDDLEBELT ROAD
FARMINGTON HILLS, MICHIGAN 48334-1726
(810)626-3800 FAX (810)626-2276
MEMBERS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MICHIGAN ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
SOUTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
'ALSO LICENSED IN FLORIDA AND SOUTH CAROLINA
ELY TAMA, CPA'
JEFFREY F. BUDAJ, CPA
BARTON A. LOWEN, CPA
EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA
JONATHON M. SHELDEN, CPA
JOHN W. WEIPERT, CPA
Independent Auditor's Report
To the Partners of
Victoria Pointe RRH, Ltd.
We have audited the accompanying balance sheet of VICTORIA POINTE RRH, LTD. (a
Florida limited partnership in the development stage), as of December 31,
1994. This financial statement is the responsibility of the general partner
and management of the partnership. Our responsibility is to express an
opinion on this financial statement based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall balance sheet
presentation. We believe that our audit of the balance sheet provides a
reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of VICTORIA POINTE RRH, LTD. (a
Florida limited partnership in the development stage), as of December 31,
1994, in conformity with generally accepted accounting principles.
TAMA AND BUDAJ, P.C.
Farmington Hills, Michigan
March 30, 1995
<PAGE>
Crain & Company
Certified Public Accountants
Madison Square
24 Corporate Blvd.
Jackson, Tennessee 38305-2395
Telephone (901)668-7070 FAX (901)668-1218
S.Lawson Crain,CPA
R. Thomas Crenshaw,CPA
Mark M. Layne,CPA
Katherine G. Watts,CPA
John E. Hudson,CPA
Anita C. Hamilton,CPA
Mickey Hannon,CPA
Karen L. Taylor,CPA
Jason T. Shanes,CPA
Amy K. Santaniello,CPA
Tony R. Jones,CPA
Independent Auditor's Report
To the Partners
Hickman Associates II, Limited Partnership
We have audited the accompanying balance sheets of Hickman Associates II,
Limited Partnership, FmHA Project No.:20-038-621451228 as of December 31, 1995
and 1994, and the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. 'nose standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hickman Associates II,
Limited Partnership, FmHA Project No.:20-038-621451228, as of December 31,
1994 and 1993, and the results of its operations and its cash flows for the
year 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 is
presented for purposes of additional 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.
Crain & Company
Certified Public Accountants
Jackson, Tennessee February 7,1996<PAGE>
Blackman & Associates, P.C
Certified Public Accountants
Independent Auditors' Report
Aspen Ridge Apartments
Limited Partnership
(A Nebraska Limited Partnership)
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying balance sheet of Aspen Ridge Apartments
Limited Partnership and the related statements of December 31, 1993 and the
related statements of operations, changes in partners' capital accounts and,
cash flows for the period from February 26, 1991(date of inception) to
December 31, 1993. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Governmental Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. An audit includes examining,
on a test basis, evidence supporting the amount and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of Aspen Ridge
Apartments Limited Partnership's operations and cash flows for the period from
February 26, 1991 (date of inception) to December 31, 1993 in conformity with
generally accepted accounting principles.
Omaha, Nebraska
February 1, 1994<PAGE>
Blackman & Associates, P.C
Certified Public Accountants
Independent Auditors' Report
Aspen Ridge Apartments
Limited Partnership
(A Nebraska Limited Partnership)
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying balance sheet of Aspen Ridge Apartments
Limited Partnership and the related statements of December 31, 1993 and the
related statements of operations, changes in partners' capital accounts and,
cash flows for the period from February 26, 1991(date of inception) to
December 31, 1993. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Governmental Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. An audit includes examining,
on a test basis, evidence supporting the amount and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of Aspen Ridge
Apartments Limited Partnership's operations and cash flows for the period from
February 26, 1991 (date of inception) to December 31, 1993 in conformity with
generally accepted accounting principles.
Omaha, Nebraska
February 1, 1994
11924 Arbor St., Ste 200. Omaha, Nebraska 68144.
(402)330-1040 FAX (402)333-9189<PAGE>
Blackman & Associates, P.C
Certified Public Accountants
Independent Auditors' Report
Aspen Ridge Apartments
Limited Partnership
(A Nebraska Limited Partnership)
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying balance sheet of Aspen Ridge Apartments
Limited Partnership and the related statements of December 31, 1994 and the
related statements of operations, changes in partners' capital accounts 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 Governmental Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. An audit includes examining,
on a test basis, evidence supporting the amount and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of the Partnership
at December 31, 1994 and the results of its operations and cash flows for the
year ended December 31, 1994 in conformity with generally accepted accounting
principles.
Omaha, Nebraska
March 20, 1995
11924 Arbor St., Ste 200. Omaha, Nebraska 68144.
(402)330-1040 FAX (402)333-9189
<PAGE>
Blackman & Associates, P.C
Certified Public Accountants
Independent Auditors' Report
Aspen Ridge Apartments
Limited Partnership
(A Nebraska Limited Partnership)
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying balance sheet of Aspen Ridge Apartments
Limited Partnership and the related statements of December 31, 1995 and the
related statements of operations, changes in partners' capital accounts 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 Governmental Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. An audit includes examining,
on a test basis, evidence supporting the amount and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of the Partnership
at December 31, 1995 and the results of its operations and cash flows for the
year then ended, in conformity with generally accepted accounting
principles.
Omaha, Nebraska
March 4, 1995
11924 Arbor St., Ste 200. Omaha, Nebraska 68144.
(402)330-1040 FAX (402)333-9189<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 6, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
ARTESIA PROPERTIES, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Governmental Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. An audit includes examining,
on a test basis, evidence supporting the amount and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
McGLADREY & PULLEN, LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Brewer Street Apartments Limited Partnership
Winston-Salem, North Carolina
We have audited the accompanying balance sheets of Brewer Street Apartments
Limited Partnership as of December 31, 1995 and 1994, and the related
statements of income, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Brewer Street Apartments
Limited Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Greensboro, North Carolina
January 23, 1996
<PAGE>
CRISP HUGHES
& CO., L.L.P.
Certified Public Accountants And Consultants
Independent Auditors' Report
- ----------------------------
To The Partners
Briarwood Apartments, A Limited Partnership
We have audited the accompanying balance sheet of Briarwood Apartments, A
Limited Partnership as of December 31, 1995 and 1994, and the related
statements of operations, changes in partners' capital and cash flows for the
year ended December 31, 1995 and for the period August 17, 1994 through
December 31, 1994. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, and with Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Briarwood Apartments, A
Limited
Partnership as of December 31, 1995 and 1994 and the results of its operations
and its cash flows for the year ended December 31, 1995 and for the
period August 17, 1994 through December 31, 1994 in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated March 1, 1996 on our consideration of Briarwood Apartments, A Limited
Partnership's internal control structure and a report dated March 1, 1996 on
its compliance with laws and regulations.
March 1, 1996
1 Creekview Court
P.O. Box 25849
Greenville, South Carolina 29616
(864) 288-5544 / FAX (864) 458-8519
Other Offices.- Asheville, Boone, Burnsville, Charlotte, Durham, Sylva, NC
<PAGE>
KB Parrish Co.
Certified Public Accountants
151 North Delaware Street
Suite 1600
Indianapolis, IN 46204
(317) 269-2455
Fax (317) 269-2464
Report of Independent Certified Public Accountants
- --------------------------------------------------
To the Partners of
Briarwood of Dekalb, L.P.
(A Limited Partnership)
Dekalb, Illinois
We have audited the balance sheets of Briarwood of Dekalb, L.P. (a limited
partnership) as of December 31, 1995 and 1994, and the related statements of
operations, changes in partnership capital and cash flows for the years then
ended. These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
we conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
For the period January 1, 1994 to August 3, 1994, the company was in a stage
of development. Accordingly, a majority of the company's funds received and
expenditures paid during the period related to the construction and initial
rent-up of the apartment project.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Briarwood of Dekalb, L.P. at
December 31, 1995 and 1994, and the results of its operations, and cash flows
for the years then ended, in conformity with generally accepted accounting
principles.
Respectfully submitted,
K. B. Parrish & Co.
Certified Public Accountants
Indianapolis, Indiana
January 25, 1996
Members of American Institute of Certified Public Accountants
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313<PAGE>
Larry R. Golden, CPA
Janine D. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To The Partners
Briarwood Village Limited Partnership
We have audited the accompanying balance sheets of Briarwood Village Limited
Partnership, as of December 31, 1995 and 1994, and the related statements of
operations, changes in partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Briarwood Village Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
GOLDEN ASSOCIATES
Certified Public Accountants
April 1, 1996
Hinesville, Georgia
Telephone
(912) 369-7575
Fax
(912) 876-8798
Members American Institute and Georgia Society of Certified Public Accountants
<PAGE>
SCHELL & HOGAN
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 859
Brunswick, GA 31521
(912) 267-5300
P.O. Box 967
Hinesville, GA 31313
(912) 369-7575
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
The Partners
Briarwood Village Limited Partnership
Savannah, Georgia
Gentlemen:
We have audited the accompanying balance sheet of Briarwood Village Limited
Partnership as of December 31, 1993, and the related statements of operations
and partners' capital, and cash flows for the year then ended. These
financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. These standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Briarwood Village Limited
Partnership as of December 31, 1993, and the results of its operations and its
cash flows for the year then ended, in conformity with generally accepted
accounting principles.
SCHELL AND HOGAN
Certified Public Accountants
Hinesville, Georgia
February 11, 1994
Brunswick
Fax (912) 267-5315
Hinesville
FAX (912) 876-8798
Members American Institute and Georgia Society of Certified Public Accountants
<PAGE>
DIMARCO, ABIUSI & PASCARELLA
Certified Public Accountants, P.C.
The Clinton Exchange
4 Clinton Square, Suite 104
Syracuse, New York 13202-1074
Phone (315) 475-6954
Fax (315) 475-2937
Alfred Dimarco
Philip Abiusi
L. Richard Pascarella
Nakho Sung
Leo N. Bonfardeci
Carl T. Greco
Michael A. Mammolito
David R. Snyder
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To The Partners
CAIRO HOUSING COMPANY I
East Syracuse, New York
We have audited the accompanying balance sheets of Cairo Housing Company I (a
Limited Partnership) as of December 31, 1995 and 1994, and the related
statements of income, partners' capital and cash flows for the years then
ended. These financial statements are the responsibility of the General
Partners. Our responsibility is to express an pinion 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 the partners, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cairo Housing Company I as of
December 31, 1995 and 1994, and the results of its operations and cash flows
for the years then ended in conformity with generally accepted accounting
principles.
DIMARCO, ABIUSI & PASCARELLA, P.C.
Syracuse, New York
February 13, 1996
<PAGE>
DIMARCO, ABIUSI & PASCARELLA & FIRNSTEIN
Certified Public Accountants, P.C.
The Clinton Exchange
4 Clinton Square, Suite 104
Syracuse, New York 13202-1074
Phone (315) 475-6954
Fax (315) 475-2937
Alfred Dimarco
Philip Abiusi
L. Richard Pascarella
Nakho Sung
Leo N. Bonfardeci
Carl T. Greco
Michael A. Mammolito
David R. Snyder
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To The Partners
CAIRO HOUSING COMPANY I
East Syracuse, New York
we have audited the accompanying balance sheet of Cairo Housing Company I (a
Limited Partnership) as of December 31, 1993, and the related statements of
income, partners' capital and cash flows for the year then ended. These
financial statements are the responsibility of the General Partners. 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 the partners, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cairo Housing Company I as of
December 31, 1993, and the results of its operations and cash flows for the
year then ended in conformity with generally accepted accounting principles.
DIMARCO, ABIUSI, PASCARELLA & FIRNSTEIN, P.C.
Syracuse, New York
March 8, 1994
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 4, 1996
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
Partners
CLINTON ESTATES, L.P.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amount and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
- ---------------------------
209 East Third Street
P. 0. Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Caneyville Properties, Ltd.
Caney Creek, Kentucky
I have audited the accompanying balance sheet of Caneyville Properties, Ltd.
(a Kentucky limited partnership), Fmha Project No.: 2043-611191157 , as of
December 31, 1993, and the related statements of operations, partners'
capital, and cash flows for the nine-month period then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audit.
I conducted my audit, as of December 31, 1993 and for the nine-month period
ended December 31, 1993 in accordance with Government Auditing Standards,
issued by the Comptroller General of the United States. I conducted my audit
in accordance with generally accepted auditing standards. Those standards
require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Caneyville Properties, Ltd.,
as of December 31, 1993, and the results of its operations and its cash flows
for the nine-month period then ended in conformity with generally accepted
accounting principles.
Daniel G. Drane
Certified Public Accountant
March 1, 1994
<PAGE>
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street
P. 0. Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR'S REPORT
- -----------------------------
To the Partners
Cloverport Properties, Ltd.
Cloverport, Kentucky
I have audited the accompanying balance sheet of Cloverport Properties, Ltd.
(a Kentucky limited partnership), FMHA Project No.: 20-14-611202096 , as of
December 31, 1993, and the related statements of operations, partners'
capital, and cash flows for the five-month period then ended.
These financial statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these financial
statements based on my audit.
I conducted my audit, as of December 31, 1993 and for the five-month period
then ended in accordance with Government Auditing Standards, issued by the
Comptroller General of the United States. I conducted my audit in accordance
with generally accepted auditing standards. Those standards require that I
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. I believe that my
audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cloverport Properties, Ltd.,
as of December 31, 1993, and the results of its operations and its cash flows
for the five-month period then ended in conformity with generally accepted
accounting principles.
Daniel G. Drane
Certified Public Accountant
March 1, 1994
<PAGE>
CRAIN & COMPANY
Certified Public Accountants
Madison Square
24 Corporate Blvd.
Jackson, Tennessee 38305-2395
Telephone (901) 668-7070
Fax (901) 668-1218
S. Lawson Crain, CPA
R. Thomas Crenshaw, CPA
Mark M. Layne, CPA
Katherine G. Watts, CPA
- -----------------------
John E. Hudson, CPA
Anita C. Hamilton, CPA
Mickey Hannon, CPA
Karen L. Taylor, CPA
Jason T. Shanes, CPA
Amy K. Santaniello, CPA
Tony R. Jones, CPA
Karen C. Miller, CPA
Melinda Y. Chapman, CPA
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
Crofton Associates 1, Limited Partnership
We have audited the accompanying balance sheets of Crofton Associates I,
Limited Partnership, FMHA Project No.: 20-024-0621467587 as of December 31,
1995 and 1994, and the related statements of operations, changes in partners'
capital and cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Crofton Associates 1, Limited
Partnership, FMHA Project No.: 20-0240621467587 as of December 31, 1995, and
the results of its operations, changes in partners' capital and cash flows for
the year then ended in conformity with generally accepted accounting
principles.
<PAGE>
CRAIN & COMPANY
Page 2
Our audit was for the purpose of forming an opinion on the basic financial
statements taken as a whole. 'Me supplementary information as listed in the
table of contents is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information 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, 1996 on our consideration of the limited partnership's
internal control structure and a report dated January 31, 1996 on its
compliance with laws and regulations.
CRAIN & COMPANY
Certified Public Accountants
Jackson, Tennessee
January 31, 1996
Member of Tennessee Society of Certified Public Accountants
American Institute of Certified Public Accountants and
Private Companies Practice Section<PAGE>
CRAIN & COMPANY
Certified Public Accountants
Madison Square
24 Corporate Blvd.
Jackson, Tennessee 38305-2395
Telephone (901) 668-7070
Fax (901) 668-1218
S. Lawson Crain, CPA
R. Thomas Crenshaw, CPA
Mark M. Layne, CPA
Katherine G. Watts, CPA
- -----------------------
John E. Hudson, CPA
Anita C. Hamilton, CPA
Mickey Hannon, CPA
Karen L. Taylor, CPA
Jason T. Shanes, CPA
Amy K. Santaniello, CPA
Tony R. Jones, CPA
Karen C. Miller, CPA
Melinda Y. Chapman, CPA
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
Crofton Associates 1, Limited Partnership
We have audited the accompanying balance sheets of Crofton Associates 1,
Limited Partnership, FMHA Project No.: 20-024'0621467587 as of December 31,
1994 and 1993, and the related statements of operations, changes in partners'
capital and cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Crofton Associates 1, Limited
Partnership, FMHA Project No.: 20-0240621467587 as of December 31, 1994, and
the results of its operations, changes in partners' capital and cash flows for
the year then ended in conformity with generally accepted accounting
principles.
Our audit was for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplementary 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 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. <PAGE>
CRAIN & COMPANY
Certified Public Accountants
Jackson, Tennessee
February 8, 1995
Member of Tennessee Society of Certified Public Accountants
<PAGE>
POOLE CUNNINGHAM & REITANO, P.A.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
Cypress Point, L.P.
We have audited the accompanying balance sheet of Cypress Point, L.P. as of
December 31, 1995, 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 misstatements. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cypress Point, L.P. as of
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
April 25, 1996
4273 Interstate 55 North, Suite 102
Jackson, Mississippi 39216
(601) 366-2727 , FAX (601) 366-9735
Mailing Address: Post Office Drawer 55629
Jackson, Mississippi 39296-5629
<PAGE>
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313
Larry R. Golden, CPA
- --------------------
Janine D. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To The Partners
Deerwood Village Limited Partnership
We have audited the accompanying balance sheets of Deerwood Village Limited
Partnership, as of December 31, 1995 and 1994, and the related statements of
operations, changes in partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Deerwood Village Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
GOLDEN ASSOCIATES
Certified Public Accountants
April 1, 1996
Hinesville, Georgia
Telephone
(912) 369-7575
Fax
(912) 876-8798
Members American Institute and Georgia Society of Certified Public Accountants
<PAGE>
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 967
769 Oglethorpe Hwy
Hinesville, GA 31313
Larry R. Golden, CPA
- --------------------
Janine D. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To The Partners
Doyle Village Limited Partnership
We have audited the accompanying balance sheets of Doyle Village Limited
Partnership, as of December 31, 1995 and 1994, and the related statements of
operations, changes in partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Doyle Village Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
GOLDEN ASSOCIATES
Certified Public Accountants
April 1, 1996
Hinesville, Georgia
Telephone
(912) 369-7575
Fax
(912) 876-8798
Members American Institute and Georgia Society of Certified Public Accountants
<PAGE>
SCHELL & HOGAN
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 859
Brunswick, GA 31521
(912) 267-5300
P.O. Box 967
Hinesville, GA 31313
(912) 369-7575
Jerry W. Harper, CPA
James A. Szwast, CPA
Larry R. Golden, CPA
Joseph A. Whittle, Jr., CPA
Steven P. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
The Partners
Doyle Village Limited Partnership
Savannah, Georgia
Gentlemen:
We have audited the accompanying balance sheet of Doyle Village Limited
Partnership as of December 31, 1993, and the related statements of operations
and partners' capital, and cash flows for the year then ended. These
financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. These standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Doyle Village Limited
Partnership as of December 31, 1993, and the results of its operations and its
cash flows for the year then ended, in conformity with generally accepted
accounting principles.
SCHELL AND HOGAN
Certified Public Accountants
Hinesville, Georgia
February 11, 1994
Brunswick Fax (912) 267-5315
Hinesville Fax (912) 876-8798
<PAGE>
CRAIN & COMPANY
Certified Public Accountants
Madison Square
24 Corporate Blvd.
Jackson, Tennessee 38305-2395
Telephone (901) 668-7070
Fax (901) 668-1218
S. Lawson Crain, CPA
R. Thomas Crenshaw, CPA
Mark M. Layne, CPA
Katherine G. Watts, CPA
- -----------------------
John E. Hudson, CPA
Anita C. Hamilton, CPA
Mickey Hannon, CPA
Karen L. Taylor, CPA
Jason T. Shanes, CPA
Amy K. Santaniello, CPA
Tony R. Jones, CPA
Karen C. Miller, CPA
Melinda Y. Chapman, CPA
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
Gallaway Associates I, Limited Partnership
We have audited the accompanying balance sheets of Gallaway Associates 1,
Limited Partnership, FMHA Project No.: 48-024-621474763 as of December 31,
1995 and 1994, and the related statements of operations, changes in partners'
capital and cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material in statement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Gallaway Associates I,
Limited Partnership, FmHA Project No.: 48-024621474763 as of December 31, 1995
and 1994, and the results of its operations, changes in partners' capital and
ash flows for the year then ended in conformity with generally accepted
accounting principles.
Our audit was for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplementary information as listed in the
table of contents is presented for purposes of additional analysis and
is not a required part of the basic financial statements. Such information
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.
<PAGE>
Gallaway Associates I, Limited Partnership
Page 2
In accordance with Government Auditing Standards, we have also issued a report
dated January 3 1, 1996 on our consideration of the limited partnership's
internal control structure and a report dated January 31, 1996 on its
compliance with laws and regulations.
CRAIN & COMPANY
Certified Public Accountants
Jackson, Tennessee
January 31, 1996
Member of Tennessee Society of Certified Public Accountants
American Institute of Certified Public Accountants and
Private Companies Practice Section<PAGE>
CRAIN & COMPANY
Certified Public Accountants
Madison Square
24 Corporate Blvd.
Jackson, Tennessee 38305-2395
Telephone (901) 668-7070 Fax (901) 668-1218
S. Lawson Crain, CPA
R. Thomas Crenshaw, CPA
Mark M. Layne, CPA
Katherine G. Watts, CPA
- -----------------------
John E. Hudson, CPA
Anita C. Hamilton, CPA
Mickey Hannon, CPA
Karen L. Taylor, CPA
Jason T. Shanes, CPA
Amy K. Santaniello, CPA
Tony R. Jones, CPA
Karen C. Miller, CPA
Melinda Y. Chapman, CPA
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
Gallaway Associates I, Limited Partnership
We have audited the accompanying balance sheets of Gallaway Associates 1,
Limited Partnership, FmHA Project No.: 48-024-621474763 as of December 31,
1994 and 1993, and the related statements of operations, changes in partners'
capital and cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Gallaway Associates I,
Limited Partnership, FMHA Project No.: 48-024621474763 as of December 31,
1994, and the results of its operations, changes in partners' capital and cash
flows for the year then ended in conformity with generally accepted accounting
principles.
Our audit was for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplementary 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 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.
<PAGE>
CRAIN & COMPANY
Certified Public Accountants
Jackson, Tennessee
February 9, 1995
Ruljancich, Blume, Loveridge & Co., PLLC
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS
- ----------------------------------------------------
Partners
Glenridge Housing Associates, a Washington Limited Partnership
Bellevue, Washington
We have audited the accompanying balance sheets of Glenridge Housing
Associates, a Washington Limited Partnership, as of December 31, 1995 and
1994, 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 an audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Glenridge Housing Associates.
a Washington Limited Partnership, as of December 31, 1995 and 1994. and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated March 8, 1996 on our consideration of the Partnership's internal control
structure and a report dated March 8, 1996 on its compliance with laws and
regulations.
March 8, 1996
11100 NE 8th Street
Suite 410
Bellevue, Washington 98004-4441
(206) 453-2088
Fax (206) 646-3368<PAGE>
THE GAUTREAU GROUP, L.L.C.
Certified Public Accountants
John C. Gautreau, II, CPA*
J. Curt Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
* A Professional Accounting Corporation
Independent Auditors' Report
- ----------------------------
To the Partners of
Greenwood Place, L. P.
We have audited the accompanying balance sheets of Greenwood Place, L. P.
(A Mississippi Limited Partnership) as of December 31, 1995 and 1994, and the
related statements of operations, changes in partners, capital and cash flows
for the years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management,, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Greenwood Place, L. P. as
of December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 12, 1996 on our consideration of Greenwood Place, L.
P.'s internal control structure and a report dated February 12, 1996 on its
compliance with laws and regulations.
Certified Public Accountants
February 12, 1996
P.O. Box 82430
8641 United Plaza Boulevard, Suite 202
Baton Rouge, Louisiana 70884-2430
Telephone (504) 924-6744 \FAX (504) 929-6916
<PAGE>
Schoonover, Boyer, Gettman & Associates
Certified Public Accountants/Financial Consultants
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
Hackley-Barclay Limited Dividend
Housing Association Limited Partnership
We have audited the accompanying balance sheets of Hackley-Barclay Limited
Dividend Housing Association Limited Partnership (a Michigan Limited
Partnership), as of December 31, 1994 and 1993, and the related statements of
operations, partners' equity and cash flows for the year ended December 31,
1994. These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. 'nose standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hackley-Barclay Limited
Dividend Housing Association Limited Partnership, as of December 31, 1994 and
1993, and the results of its operations and its cash flows for the year ended
December 31, 1994 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
17 and 18 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
January 27, 1995
Northwoods Corporate Center
Suite 200
110 Northwoods Boulevard
Worthington, Ohio 43235
(624) 888-8000
Fax (624) 888-8634
<PAGE>
GOLDEN ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 967
769 Oglethorpe Hwy
Hinesville, GA 31313
Larry R. Golden, CPA
- --------------------
Janine D. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To The Partners
Houston Village Limited Partnership
We have audited the accompanying balance sheets of Houston Village Limited
Partnership, as of December 31, 1995 and 1994, and the related statements of
operations, changes in partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Houston Village Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
GOLDEN ASSOCIATES
Certified Public Accountants
April 1, 1996
Hinesville, Georgia
Telephone
(912) 369-7575
Fax
(921) 876-8798
Members American Institute and Georgia Society of Certified Public Accountants
<PAGE>
SCHELL & HOGAN
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 859
Brunswick, GA 31521
(912) 267-5300
P.O. Box 967
Hinesville, GA 31313
(912) 369-7575
Jerry W. Harper, CPA
James A. Szwast, CPA
Larry R. Golden, CPA
Joseph A. Whittle, Jr., CPA
Steven P. Graham, CPA
Independent Auditor's Report
- ----------------------------
The Partners
Houston Village Limited Partnership
Savannah, Georgia
Gentlemen:
We have audited the accompanying balance sheet of Houston Village Limited
Partnership as of December 31, 1993, and the related statements of operations
and partners' capital, and cash flows for the year then ended. These
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. These standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Houston Village Limited
Partnership as of December 31, 1993, and the results of its operations and its
cash flows for the year then ended, in conformity with generally accepted
accounting principles.
SCHELL AND HOGAN
Certified Public Accountants
Hinesville, Georgia
February 11, 1994
Brunswick Fax (912) 267-5315
Hinesville Fax (912) 876-8798
<PAGE>
THOMAS C. CUNNINGHAM, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(540) 669-5531
(540) 669-5576 fax
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Lee Terrace Limited Partnership
I have audited the accompanying balance sheet of Lee Terrace Limited
Partnership, FMHA Case No.: 54-064-0541632971, as of December 31, 1995 and the
related statement of operations for the period January 6, 1995 to December 31,
1995 and the related statements of partners' equity and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. My responsibility is to express an opinion on these
financial statements based on my audit.
I conducted my audit in accordance with generally accepted auditing standards
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that I plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. 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 Lee Terrace Limited
Partnership, as of December 31, 1995 and the results of its operations for the
period September 1, 1995 to December 31, 1995 and cash flows for the year then
ended in conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information on page 15 is
presented 'for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial statements and,
in my opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
Thomas C. Cunningham, CPA PC
Bristol, Virginia
February 15, 1996
<PAGE>
THOMAS C. CUNNINGHAM, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(703) 669-5531
(703) 669-5576 fax
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Lee Terrace Limited Partnership
I have audited the accompanying balance sheet of Lee Terrace Limited
Partnership, as of December 31, 1994, the end of the initial accounting period
of the Partnership. This financial statement is the responsibility of the
Partnership's management. My responsibility is to express an opinion on this
financial statement based on my audit.
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the balance sheet is free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the balance sheet. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall balance sheet presentation. believe that my
audit of the balance sheet provides a reasonable basis for my opinion.
In my opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of Lee Terrace Limited Partnership
as of December 31, 1994, in conformity with generally accepted accounting
principles.
Thomas C. Cunningham, CPA PC
Bristol, Virginia
February 15, 1995
<PAGE>
PAGE, OLSON & COMPANY P C
INDEPENDENT AUDITORS' REPORT
- ----------------------------
February 15, 1996
To the Partners
Midland Housing Limited Partnership
We have audited the accompanying balance sheets of Midland Housing Limited
Partnership as of December 3 1, 1995 and 1994, and the related statements of
operations, partners equity and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits 'in accordance with generally accepted auditing
standards. Those standards require that we plan and per-form the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also 'includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion the financial statements referred to above present fairly, in
all material respects, the financial position of Midland Housing Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental 'information on page
13 is presented for the purposes of additional analysis and is d part of the
basic financial statements. Such information has been subjected to the
auditing not a require 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.
2865 SOUTH LINCOLN ROAD
PO BOX 368
MT PLEASANT, MI 48804
517 773-5494
FAX 517 773-5816
<PAGE>
COOPERS & LYBRAND
A professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
- ---------------------------------
To the Partners
Mt. Vernon Associates, L.P.
We have audited the accompanying balance sheet of Mt. Vernon Associates, L.P.
(A Limited Partnership) , as of December 31, 1994, and the related statements
of operations and partners' capital and cash flows for the period from
November 4, 1994 (date partnership was formed) through December 31, 1994.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our 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 Mt. Vernon Associates, L.P.,
as of December 31, 1994, and the results of its operations and its cash flows
for the period from November 4, 1994 through December 31, 1994 in conformity
with generally accepted accounting principles.
Rochester, New York
July 6, 1995
Coopers & Lybrand L.L.P., a registered limited liability partnership is a
member firm of Coopers & Lybrand (International)
<PAGE>
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
- -------------------------------
To the Partners
Oakwood Manor of Bennettsville, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of Oakwood Manor of
Bennettsville, A Limited Partnership (A South Carolina Limited Partnership),
as of December 31, 1995 and 1994, and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our 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 Oakwood Manor of
Bennettsville, A Limited Partnership, as of December 31, 1995 and 1994, and
the results of its operations and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
January 26, 1996
4408 Forest Drive
Third Floor
Columbia, South Carolina 29206
Telephone 803-790-0020
Fax 803-790-0011
<PAGE>
THE GAUTREAU GROUP, L.L.C
Certified Public Accountants
John C. Gautreau, II, CPA*
J. Curt Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
*A Professional Accounting Corporation
INDEPENDENT AUDITORS' REPORT
- -----------------------------
To the Partners of
Opelousas Point Partnership
We have audited the accompanying balance sheets of Opelousas Point
Partnership (A Louisiana Partnership in Commendam) as of December 31, 1995 and
1994, and the related statements of operations, changes in partners' capital
and cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Opelousas Point
Partnership as of December 31, 1995 and 1994, 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 a
report dated February 12, 1996 on our consideration of Opelousas Point
Partnership's internal control structure and a report dated February 12, 1996
on its compliance with laws and regulations.
Certified Public Accountants
Baton Rouge, Louisiana
February 12, 1996
P.O. Box 82430
8641 United Plaza Boulevard, Suite 202
Baton Rouge, Louisiana 70884-2430
Telephone (504) 924-6744
FAX (504) 929-6916
<PAGE>
DUGGAN, JOINER, BIRKENMEYER, STAFFORD & FURMAN, P.A.
Certified Public Accountants
MALCOLM R. DUGGAN, JR., CPA
C.D. JOINER, JR., CPA, RETIRED
WAYNE J. BIRKENMEYER, CPA
FRANK E. STAFFORD, JR., CPA
EDWARD J. FURMAN, CPA
O.H. DANIELS, JR., CPA
R. PHILLIP BLEDSOE, CPA
CAROLE A. WRIGHT, CPA
ANNETTE C. FURMAN, CPA
- -----------------------------
LAURA J. ALLEN, CPA
JAMIE S. HAMPY, CPA
PATRICIA A. LANCASTER, CPA
JULIE A. POOLE, CPA
DAVID A. YOUNG, JR., CPA
MEMBERS:
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
334 N.W. THIRD AVENUE
OCALA, FLORIDA 34475
PHONE (352) 732-0171
FAX (352) 867-1370
INDEPENDENT AUDITORS' REPORT
- ----------------------------
January 18, 1996
To the Partners
Palmetto Properties, Ltd.
We have audited the accompanying basic financial statements of Palmetto
Properties, Ltd., as of and for he years ended December 31,1 995 and 1884 as
listed in the table of contents. These financial statements are the
responsibility of the partnership's management. Our responsibility 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. 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 Palmetto
Properties, Ltd. as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
<PAGE>
DUGGAN, JOINER, BIRKENMEYER, STAFFORD & FURMAN, P.A.
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information as listed
in the table of contents is presented for purposes of additional analysis and
is not a required part of the basic financial statements. Such information
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.
Duggan, Joiner, Birkenmeyer,
Stafford & Furman, P.A.
Certified Public Accountants
<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800
Fax No. (810) 626-2276
ELY TAMA, CPA*
JEFFREY F. BUDAJ, CPA
- ----------------------
BARTON A. LOWEN, CPA
EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA
JONATHON M. SHELDON, CPA
JOHN W. WEIPERT, CPA
* Also Licensed in Florida And South Carolina
MEMBERS
- -------
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MICHIGAN ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
SOUTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners of
Park Place II, Ltd.
We have audited the accompanying balance sheet of PARK PLACE II, LTD. as of
December 31, 1995 and 1994, and the related statements of operations, changes
in partners' equity (deficit) and cash flows - project operations for the year
then ended and the period April 8, 1994 (date operational) to December 31,
1994. These financial statements are the responsibility of the general
partner and management of the partnership. Our responsibility is to express
an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly in
all material respects, the financial position of PARK PLACE II, LTD., as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the year then ended and the period April 8, 1994 (date operational)
to December 31, 1994 in conformity with generally accepted accounting
principles.
<PAGE>
TAMA AND BUDAJ, P.C.
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting data on pages 10
through 17 inclusive has been subjected to the auditing procedures applied in
the examination of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as whole.
We have also reviewed internal accounting controls and compliance with laws
and regulations and have rendered our reports thereon on pages 18 through 20.
TAMA AND BUDAJ, P C.
Farmington Hills, Michigan
February 9, 1996<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800
Fax No. (810) 626-2276
ELY TAMA, CPA*
JEFFREY F. BUDAJ, CPA
- ----------------------
BARTON A. LOWN, CPA
EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA
JONATHON M. SHELDON, CPA
JOHN W. WEIPERT, CPA
* Also Licensed in Florida And South Carolina
MEMBERS
- -------
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MICHIGAN ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
SOUTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners of
Seabreeze Manor RRH, Ltd.
We have audited the accompanying balance sheet of SEABREEZE MANOR RRH, LTD. as
of December 31, 1995, and the related statements of operations, changes in
partners' equity (deficit) and cash flows - project operations for the period
January 10, 1995 (date operational) to December 31, 1995. These financial
statements are the responsibility of the general partner and management of the
partnership. Our responsibility is to express an opinion on these financial
statements based on our audit.
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 w plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly in
all material respects, the financial position of SEABREEZE MANOR RRH, LTD., as
of December 31, 1995, and the results of its operations and its cash flows for
the period January 10, 1995 (date operational) to December 31, 1995 in
conformity with generally accepted accounting principles.
<PAGE>
TAMA AND BUDAJ, P.C.
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting data on pages 10
through 17 inclusive has been subjected to the auditing procedures applied in
the examination of the basic financial statements and, in our opinion. is
fairly stated in all material respects in relation to the basic financial
statements taken as whole.
We have also reviewed internal accounting controls and compliance with laws
and
regulations and have rendered our reports thereon on pages 18 through 20.
TAMA AND BUDAJ, P.C.
Farmington Hills, Michigan
February 9, 1996<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800
Fax No. (810) 626-2276
ELY TAMA, CPA*
JEFFREY F. BUDAJ, CPA
- ----------------------
BARTON A. LOWN, CPA
EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA
JONATHON M. SHELDON, CPA
JOHN W. WEIPERT, CPA
* Also Licensed in Florida And South Carolina
MEMBERS
- -------
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
MICHIGAN ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
SOUTH CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners of
Seabreeze Manor RRH, Ltd.
We have audited the accompanying balance sheet of SEABREEZE MANOR RRH, LTD. (a
Florida limited partnership in the development stage), as of December 31,
1994. This financial statement is the responsibility of the general partner
and management of the partnership. Our responsibility is to express an
opinion on this financial statement based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall balance sheet
presentation. We believe that our audit of the balance sheet provides a
reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of SEABREEZE MANOR RRH, LTD. (a
Florida limited partnership in the development stage), as of December 31,
1994, in conformity with generally accepted accounting principles.
TAMA AND BUDAJ, P.C.
Farmington Hills, Michigan
April 5, 1995
<PAGE>
BERRY, DUNN, McNEIL & PARKER
CERTIFIED PUBLIC ACCOUNTANTS
MANAGEMENT CONSULTANTS
INDEPENDENT AUDITORS' REPORT
- ----------------------------
The Partners
Skowhegan Housing Limited Partnership
We have audited the accompanying balance sheets of Skowhegan Housing Limited
Partnership as of December 31, 1995 and 1994, and the related statements of
operations, changes in partners' equity, and cash flows for the periods then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Skowhegan Housing Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the periods then ended, in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information included
in Schedules 1 through 5 is presented for purposes of additional 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.
Portland, Maine
January 19, 1996
Offices in: Bangor, Manx
Portland, Maine
Lebanon, New Hampshire
Manchester, New Hampshire
<PAGE>
DIMARCO, ABIUSI & PASCARELLA
CERTIFIED PUBLIC ACCOUNTANTS, P.C.
The Clinton Exchange
4 Clinton Square, Suite 104
Syracuse, New York 13202-1074
- ------------------------------
Phone (315) 475-6954
Fax (315) 475-2937
Alfred DiMarco
Philip Abiusi
L. Richard Pascarella
Nakho Sung
Leo N. Bonfardeci
Carl T. Greco
Michael A. Mammolito
David R. Snyder
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To The Partners
VOORHEESVILLE HOUSING COMPANY I
Voorheesville, New York
We have audited the accompanying balance sheets of Voorheesville Housing
Company I (a Limited Partnership) as of December 31, 1995 and 1994, and the
related statements of income, partners' capital and cash flows for the years
then ended. These statements are the responsibility of the General Partners.
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 the partners, 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 Voorheesville Housing Company
I as of December 31, 1995 and 1994, and the results Of its operations and cash
flows for the years then ended, in conformity with generally accepted
accounting principles.
DIMARCO, ABIUSI & PASCARELLA, P.C.
Syracuse, New York
February 26, 1996
<PAGE>
DIMARCO, ABIUSI, PASCARELLA & FIRNSTEIN
CERTIFIED PUBLIC ACCOUNTANTS, P.C.
The Clinton Exchange
4 Clinton Square, Suite 104
Syracuse, New York 13202-1074
- ------------------------------
Phone (315) 475-6954
Fax (315) 475-2937
Alfred DiMarco
Philip Abiusi
L. Richard Pascarella
Nakho Sung
Leo N. Bonfardeci
Carl T. Greco
Michael A. Mammolito
David R. Snyder
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To The Partners
VOORHEESVILLE HOUSING COMPANY I
Voorheesville, New York
We have audited the accompanying balance sheet of Voorheesville Housing
Company I (a Limited Partnership) as of December 31, 1993, and the related
statements of income, partners, capital, and cash flows for the year then
ended. These statements are the responsibility of the General Partners. 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 the partners, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Voorheesville Housing Company
I as of December 31, 1993, and the results of its operations and cash flows
for the year then ended, in conformity with generally accepted
accounting principles.
DIMARCO, ABIUSI, PASCARELLA & FIRNSTEIN, P.C.
Syracuse, New York
March 14, 1994
<PAGE>
RAYMOND, BROUSSARD & BROWN
A PROFESSIONAL CORPORATION
Certified Public Accountants
- ----------------------------
2616 Toulon Drive
Baton Rouge, Louisiana 70816
Telephone: (504) 292-9211
Fax: (504) 292-0727
Paul C. Raymond, Sr., C.P.A., Retired
Kathryn R. Broussard, C.P.A.
Richard E. Brown, C.P.A.
Robert W. Brown, C.P.A.
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
White Castle Senior citizens Partnership, Ltd.
We have audited the accompanying balance sheets of White Castle Senior
Citizens Partnership, Ltd., RHS project No.: 22-024-721149468, as of December
31, 1995 and 1994 and the related statements of operations, partners' equity
and cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatements. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of White Castle Senior Citizens
Partnership, Ltd. as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Our audit was for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information on page 15 is
presented for the purpose of additional analysis and is not a required part
of the basic financial statements. The supplementary information presented in
the Year End Report/Analysis (Form RHS 1930-8) Parts I through III and in the
Multiple Family Housing Project Budget (Form RHS 1930-7) Parts I through V for
the year ended 31, 1995, is presented for purposes of complying with the
requirements of the Rural Housing Services 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.
Baton Rouge, Louisiana
February 15, 1996
<PAGE>
Blackman & Associates, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners
Aspen Ridge Apartments
Limited Partnership
Omaha, Nebraska
We have audited the accompanying balance sheet of Aspen Ridge Apartments
Limited Partnership (a Nebraska Limited Partnership) as of December 31, 1995
and the related statements of operations, changes in partners' capital
accounts and cash flows for the year then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a@ reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Partnership at December
31, 1995 and the results of its operations, changes in partners, capital
accounts, and cash flows for the year then ended, in conformity with generally
accepted accounting principles.
Omaha, Nebraska
March 4, 1996
11924 Arbor St., Ste. 200
Omaha, Nebraska 68144
Phone (402) 330-1040
Fax (402) 333-9189
<PAGE>
Blackman & Associates, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
- ---------------------------
Aspen Ridge Apartments
Limited Partnership
(A Nebraska Limited Partnership)
We have audited the accompanying balance sheet of Aspen Ridge Apartments
Limited Partnership as of December 31, 1994 and the related statements of
operations, changes in partners' capital accounts 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, such financial statements present fairly, in all material
respects, the financial position of the Partnership at December 31, 1994 and
the results of its operations and its cash flows for the year ended December
31, 1994 in conformity with generally accepted accounting principles.
Omaha, Nebraska
March 20, 1995
11924 Arbor St., Ste.200
Omaha, Nebraska 68144
Phone (402) 330-1040
Fax (402) 333-9189
<PAGE>
Blackman & Associates, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
- ---------------------------
Aspen Ridge Apartments
Limited Partnership
(A Nebraska Limited Partnership)
we have audited the accompanying balance sheet of Aspen Ridge Apartments
Limited Partnership as of December 31, 1993 and the related statements of
operations, changes in partners' capital accounts and cash flows for the
period from February 26, 1991 (date of inception) to December 31, 1993. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standard require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statement is free
of Material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statement.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
- -respects, the financial position of the Partnership at December 31, 1993 and
the results of its operations and its cash flows for the period from February
26, 1991 (date of inception) to December 31, 1993 in conformity with generally
accepted accounting principles.
Omaha, Nebraska
February 1, 1994
KB PARRISH CO.
Certified Public Accountants
151 North Delaware Street
Suite 1600
Indianapolis, IN 46203
(317) 269-2455
FAX (317) 269-2464<PAGE>
Report of Independent Certified Public Accountants
- --------------------------------------------------
To the Partners of
Briarwood of Dekalb, L.P.
(An Illinois Limited Partnership)
We have audited the accompanying balance sheet of Briarwood of Dekalb, L.P.
(an Illinois limited partnership) as of December 31, 1993. This financial
statement is the responsibility of the company's management. Our
responsibility is to express an opinion on this financial statement based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall balance sheet
presentation. We believe that our audit provides a reasonable basis for our
opinion.
For the period January 1, 1993 through December 31, 1993, the company was in
a stage of development. Accordingly, a majority of the company's funds
received and expenditures paid during the year related to the construction of
this apartment project.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of Briarwood of Dekalb, L.P. as of
December 31, 1993, in conformity with generally accepted accounting
principles.
Respectfully submitted,
K. B. Parrish & Co.
Certified Public Accountants
Indianapolis, Indiana
June 14, 1994
<PAGE>
ZINER & COMPANY, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners of
Cambridge Family YMCA Affordable
Housing Limited Partnership
We have audited the accompanying balance sheet of Cambridge Family YMCA
Affordable Housing Limited Partnership (a Massachusetts limited partnership)
as of December 31, 1993, 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 general partner. 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 the general partner, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for-our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cambridge Family YMCA
Affordable Housing Limited Partnership as of December 31, 1993, and the
results of its operations, cash flows, and changes in partners' equity for the
year then ended in conformity with generally accepted accounting principles.
January 14, 1994
7 Winthrop Square
Boston, Massachusetts 02110-1256
Phone(617)542-8880
Fax (617)542-8715
<PAGE>
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street
P. 0. Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Caneyville Properties, Ltd.
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Caneyville Properties, Ltd.
(a Kentucky limited partnership), RECDS Project No.: 20-043-0611191157, as of
December 31, 1994 and 1993, and the related statements of operations,
partners' capital and cash flows for the year ended December 31, 1994 and the
nine-month period ended December 31, 1993. 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, as of and for the year ended December 31, 1994 and the
nine-month period ended December 31, 1993 in accordance with Government
Auditing Standards, issued by the Comptroller General of the United States. 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 Caneyville Properties, Ltd.,
as of December 31, 1994 and 1993, and the results of its operations and its
cash flows for the year ended December 31, 1994 and the nine-month period
ended December 31, 1993, in conformity with generally accepted accounting
principles.
Daniel G. Drane
Certified Public Accountant
March 9, 1995
<PAGE>
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street
P.O Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR' REPORT
- ---------------------------
To the Partners
Cloverport Properties, Ltd.
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Cloverport Properties, Ltd.
(a Kentucky limited partnership), RECDS Project No.: 20-014-611202096, as of
December 31, 1994 and 1993, and the related statements of operations,
partners' capital, and cash flows for the year ended December 31, 1994 and the
five-month period ended December 31, 1993. These financial statements are the
responsibility of the partnership's management. My responsibility is to
express an opinion on these financial statements based on my audit.
I conducted my audit, as of and for the year ended December 31, 1994 and the
five-month period ended December 31, 1993 in accordance with Government
Auditing Standards, issued by the Comptroller General of the United States. I
conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant.
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cloverport Properties, Ltd.,
as of December 31, 1994 and 1993, and the results of its operations and its
cash flows for the year ended December 31, 1994 and the five-month period
ended December 31, 1993 in conformity with generally accepted accounting
principles.
Daniel G. Drane
Certified Public Accountant
March 9, 1995
<PAGE>
SCHELL & HOGAN
CERTIFIED PUBLIC ACCOUNTANTS
P.O. Box 859
Brunswick, GA 31521
(912) 267-5300
P.O. Box 967
Hinesville, GA 31313
(912) 369-7575
Jerry W. Harper, CPA
James A. Szwast, CPA
Larry R. Golden, CPA
Joseph A. Whittle. Jr., CPA
Steven P. Graham, CPA
INDEPENDENT AUDITOR'S REPORT
- -----------------------------
To The Partners
Deerwood Village Limited Partnership
We have audited the accompanying balance sheets of Deerwood Village Limited
Partnership, as of December 31, 1994 and 1993, and the related statements of
operations, changes in partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Deerwood Village Limited
Partnership as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
SCHELL AND HOGAN
Certified Public Accountants
February 28, 1995
Hinesville, Georgia
Brunswick Fax (912) 267-5315
Members American Institute and Georgia Society of Certified Public Accountants
<PAGE>
CRAIN & COMPANY
Certified Public Accountants
Madison Square
24 Corporate Blvd.
Jackson, Tennessee 38305-2395
Telephone (901) 668-7070
Fax (901) 668-1218
S. Lawson Crain, CPA
R. Thomas Crenshaw, CPA
Mark M, Layne, CPA
Katherine G. Watts, CPA
John E. Hudson, CPA
Anita C. Hamilton, CPA
Mickey Hannon, CPA
Karen L. Taylor, CPA
Jason T. Shanes, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Hickman Associates II, Limited Partnership
We have audited the accompanying balance sheet of Hickman Associates II,
Limited Partnership, FMHA Project No.: 20-038-621451228 as of December 31,
1994, and the related statements of operations, changes in partners' capital
and cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hickman Associates II,
Limited Partnership, FMHA Project No.: 20-038621451228 as of December 31,
1994, and the results of its operations, changes in partners' capital and cash
flows for the year then ended in conformity with generally accepted accounting
principles.
Our audit was for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplementary 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 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.
CRAIN & COMPANY
Certified Public Accountants
Jackson, Tennessee
April 27, 1995
Member of Tennessee Society of Certified Public Accountants
American Institute of Certified Public Accountants and
Private Companies Practice Section<PAGE>
THE GAUTREAU GROUP, LLC
Certified public Accountants
John C. Gautreau, II, CPA*
J. CURT Gautreau, CPA*
Crissie Head, CPA
Letti Lowe, CPA
Jennifer D. Derousselle, CPA
* A Professional Accounting Corporation
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners of
Jonestown Manor, L. P.
We have audited the accompanying balance sheet of Jonestown Manor, L. P.
(A Mississippi Limited Partnership) as of December 31, 1994, and the related
statements of changes in partners, capital, operations, 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 an 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 Jonestown Manor, L. P. as of
December 31, 1994, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
Certified Public Accountants
June 1, 1995
Baton Rouge, Louisiana
P.O. Box 82430
8641 United Plaza Boulevard, Suite 202
Baton Rouge, Louisiana 70884-2430
Telephone (504) 924-6744
FAX (504) 929-6916
<PAGE>
ROBBINS AND GAUTREAU
Certified Public Accountants
(A Professional Corporation)
CALVIN L. ROBBINS, JR., CPA
JOHN C. GAUTREAU, II, CPA
JEFFREY CURT GAUTREAU, CPA
CRISSIE H. PIPES, CPA
INDEPENDENT AUDITORS' REPORT
- ----------------------------
To the Partners of
Jonestown Manor, L. P.
We have audited the accompanying balance sheet of Jonestown Manor, L. P. (A
Mississippi Limited Partnership) as of December 31, 1993, and the related
statement of changes in partners' capital 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 Jonestown Manor, L. P. as of
December 31, 1993, and changes in partners' capital for the year then ended,
in conformity with generally accepted accounting principles.
Certified Public Accountants
July 11, 1994
Baton Rouge, Louisiana
<PAGE>
PAGE, OLSON, & COMPANY PC
INDEPENDENT AUDITORS' REPORT
- ----------------------------
February 7, 1995
To the Partners
Midland Housing Limited Partnership
We have audited the accompanying balance sheets of Midland Housing Limited
Partnership as of December 31, 1994 and 1993, 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 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 Midland Housing I Limited
Partnership as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
15 is presented for the purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected,
to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
2865 SOUTH LINCOLN ROAD
PO BOX 366
MT PLEASANT, MI 48804-0368
517 773-5494
FAX 517 773-5816
<PAGE>
ROBBINS AND GAUTREAU
CERTIFIED PUBLIC ACCOUNTANTS
(A PROFESSIONAL CORPORATION)
CALVIN L ROBBINS, JR., CPA,
JOHN C GAUTREAU, II, CPA
JEFFREY CURT GAUTREAU, CPA
CORA CRISLER HEAD, CPA
Independent Auditors' Report
To the Partners of
Opelousas Point Partnership
We have audited the accompanying balance sheets of Opelousas Point
Partnership (A Partnership in Commendam) as of December 31, 1994 and 1993, and
the related statements of changes in partners' capital, operations and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and, significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Opelousas Point
Partnership as of December 31, 1994 and 1593, and the results of its
operations and cash flows for the years then ended, in conformity with
generally accepted accounting principles.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 United Plaza Blvd, Suite
Baton Rouge, Louisiana
<PAGE>
Habif, Arogeti, & Wynne, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Quail Village Limited Partnership
We have audited the accompanying balance sheet of QUAIL VILLAGE LIMITED
PARTNERSHIP [a Georgia limited Partnership] , as of December 31, 1994, and the
related statements of operations, changes in partners, capital and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a 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 VILLAGE LIMITED
PARTNERSHIP, as of December 31, 1994, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted
accounting principles.
Atlanta, Georgia
February 3, 1995
MEMBERS
GEORGIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
AICPA DIVISION FOR CPA FIRMS PRIVATE COMPANIES PRACTICE SECTION
<PAGE>
Habif, Arogeti & Wynne, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Quail Village, L.P.
We have audited the accompanying balance sheet of QUAIL VILLAGE, L.P., (a
development stage Georgia Limited Partnership] as of December 31, 1993, and
the related statements of changes in partners, equity, operations, 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 an 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 QUAIL VILLAGE, L.P. as of
December 31, 1993, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
Atlanta, Georgia
February 28, 1994
MEMBERS
GEORGIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
AICPA DIVISION FOR CPA FIRMS PRIVATE COMPANIES PRACTICE SECTION
<PAGE>
MAYER HOFFMAN McCANN
INDEPENDENT AUDITORS' REPORT
To the Partners
Sixth Street Partners, L.P.
We have audited the accompanying balance sheet of
SIXTH STREET PARTNERS, L.P.
as of December 31, 1993. This balance sheet is the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
this balance sheet based on our audit. We conducted our audit in accordance
with generally accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
balance sheet is free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
balance sheet. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall balance sheet presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of Sixth Street Partners, L.P. as of
December 31, 1993, in conformity with generally accepted accounting
principles.
Kansas City, Missouri
June 28, 1994
Certified Public Accountants
420 Nichols Road on the Country Club Plaza
Kansas City, MO 64112
(816) 968-1000 FAX (816) 531-7695
<PAGE>
DAVID G. PELLICCIONE, C.P.A., P. C.
MEMBER OF
AMERICAN INSTITUTE OF CPAs
GEORGIA SOCIETY OF CPAs
POST OFFICE BOX I
SAVANNAH, GEORGIA 31402
TELEPHONE (912) 234-199Q
FAX (912) 234-0139
DELIVERY ADDRESS
202 EAST LIBERTY STREET
SAVANNAH, GEORGIA 31401
INDEPENDENT AUDITORS' REPORT
To The Partners
Sugarwood Park Limited Partnership
We have audited the accompanying balance sheet of SUGARWOOD PARK LIMITED
PARTNERSHIP (A Limited Partnership), as of December 31, 1994, and the related
statement of income and 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 SUGARWOOD PARK LIMITED
PARTNERSHIP as of December 31, 1994, and the results of its operations and its
cash flows for the year then ended, in conformity with generally accepted
accounting principles.
Savannah, Georgia
March 22, 1995
<PAGE>
Coopers & Lybrand L.L.P.
a professional services firm
Report of Independent Accountants
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, 1995, and the
related statements of operations and 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 College Greene Rental
Associates, L.P., as of December 31, 1995, and the results of its operations
and its cash flows for the year then ended, in conformity with generally
accepted accounting principles.
Rochester, New York
February 22, 1996
Coopers & Lybrand L.L.P., a registered limited liability partnership, is a
member firm of Coopers & Lybrand (International).
<PAGE>
Ziner & Company, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners of
Arch Development
Limited Partnership
We have audited the accompanying balance sheet of Arch Development Limited
Partnership (a Massachusetts limited partnership) as of December 31, 1994, and
the related statements of operations, changes in partners, equity and cash
flows for the period from March 14, 1994 (date of inception) to December 31,
1994. These financial statements are the responsibility of the general
partner. 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 the general partner, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Arch Development Limited
Partnership as of December 31, 1994, and the results of its operations and its
cash flows for the period from March 14, 1994 (date of inception) to December
31, 1994 in conformity with generally accepted accounting principles.
January 23, 1995
7 WINTHROP SQUARE
BOSTON, MASSACHUSETTS 02110-1256
Phone(617)542-8880 Fax(617)542-8715
<PAGE>
RAJEEV RAJ
Certified Public Accountant
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Chelsea Square Development Limited Partnership
I have audited the accompanying balance sheet of Chelsea Square Development
Limited Partnership (A Development Stage and a Massachusetts limited
partnership) as of December 31, 1995, and the related statements of
operations, changes in partners' capital, and cash flows for the year then
ended. These financial statements are the responsibility of the general
partner. My responsibility is to express an opinion on these financial
statements based on my audit.
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by the general partner, 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 Chelsea Square Development
Limited partnership as of December 31, 1995, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
January 31, 1996
Rajeev Raj C.P.A.
1600 Providence Highway
Walpole, MA 02081
Tel: (508) 660-2592
Fax: (508) 660-1569<PAGE>
Edmund A. Restivo, Jr., Ltd.
CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT
To the Partners
Clarke School Limited Partnership Boston, MA
I have audited the accompanying balance sheet of Clarke School Limited
Partnership (a Rhode Island limited partnership) (a development stage
enterprise)as of December 3 1, 1994, and the statement of partners' equity,
for the year ended December 31, 1994. These financial statements are the
responsibility of Clarke School Limited Partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audit.
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Clarke School Limited
Partnership as of December 31, 1994, in conformity with generally accepted
accounting principles.
My audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information included
in the report (shown on page 10) is presented for purposes of additional
analysis and is not a required part of the basic financial statements of
Clarke School Limited Partnership. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in my opinion, is fairly stated, in all material respects, in relation to
the financial statements taken as a whole.
March 22, 1995
The Wilcox Building
Penthouse Suite
42 Weybosset Street
Providence, Rhode Island 02903
Telephone 401-331-0210
Fax 401-421-6799
<PAGE>
Habif, Arogeti, & Wynne, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Ellijay Rental Housing, L.P.
We have audited the accompanying balance sheet of ELLIJAY RENTAL HOUSING, L.P.
(a development stage partnership), as of December 31, 1994. This financial
statement is the responsibility of the Partnership's management. Our
responsibility is to express an opinion an this financial statement based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit includes examining, an a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall balance sheet
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of ELLIJAY RENTAL HOUSING, L.P. as
of December 31, 1994, in conformity with generally accepted accounting
principles.
Atlanta, Georgia
January 1, 1995
MEMBERS
<PAGE>
Coopers & Lybrand L.L.P.
a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Partners
Evergreen Hills Associates, L.P.
We have audited the accompanying balance sheet of Evergreen Hills Associates,
L.P. (A Limited Partnership), as of December 31, 1994, and the related
statements of operations and partners' capital and cash flows for the period
from November 26, 1993 (date partnership was formed) through December 31,
1994. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our 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 Evergreen Hills Associates,
L.P., as of December 31, 1994, and the results of its operations, changes in
partners equity and its cash flows for the period from November 26, 1993
through December 31, 1994 in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
10 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Rochester, New York
February 24, 1995
<PAGE>
STIENESSEN SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners
Glen Place Apartments Limited Partnership
We have audited the accompanying balance sheets of Glen Place
Apartments Limited Partnership, as of December 31, 1995 and 1994,
and the related statements of operations, partners' equity, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. 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
Glen Place Apartments Limited Partnership, as of December 31, 1995
and 1994, and the results of its operations, changes in partners'
equity, and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 14-15 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 16, 1996
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810
PHONE (715) 832-3425 FAX (715) 832-1665
EDMUND A. RESTIVO, JR., LTD
CERTIFIED PUBLIC ACCOUNTANT
INDEPENDENT AUDITOR'S REPORT
<PAGE>
To the Partners
Harris Housing Limited Partnership
Boston, MA
I have audited the accompanying balance sheet of Harris Housing Limited
Partnership (a Florida Limited Partnership) as of December 31, 1995, 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
Harris Housing Limited Partnership's management. My responsibility is to
express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a reasonable basis
for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Harris Housing Limited
Partnership as of December 31, 1995, and the results of its operations,
changes in partners' equity and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
My audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information included in the
report (shown on pages 14 to 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 financial statements taken as a whole.
February 15, 1996
The Wilcox Building
Penthouse Suite
42 Weybosset Street
Providence, Rhode Island 02903
Telephone 401-331-0210
Fax 401-421-6799
<PAGE>
PLANTE & MORAN, LLP
Certified Public Accountants
Management Consultants
1111 Michigan Avenue
P.O. Box 2500
East Lansing, Michigan 48826-2500
517-332-6200
FAX 517-332-8502
Independent Auditor's Report
To the Partners
Lakeview Meadows II Limited
Dividend Housing Association
Limited Partnership
We have audited the accompanying balance sheet of Lakeview Meadows
II Limited Dividend Housing Association Limited Partnership (a
Michigan limited partnership), MSHDA Development No. 905, for the
years ended December 31, 1995 and 1994, and the related statements
of profit and loss, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Lakeview Meadows II Limited Dividend Housing Association Limited
Partnership for the years ended December 31, 1995 and 1994, and the
results of its operations, changes in partners' equity, and cash
flows for the years then ended, in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 18, 1996 on our consideration of the
Partnership's internal control structure and a report dated January
18, 1996 on its compliance with laws and regulations.
January 18, 1996
A member of Moores Rowland International
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 17, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
LATHROP PROPERTIES, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amount and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
ROSENBERG RICH BAKER BERMAN & COMPANY
A Professional Association of Certified Public Accountants
380 Foothill Road, P.O. Box 6483, Bridgewater, NJ 08807-0483
908-231-1000 FAX: 908-231-6894
Independent Auditors' Report
To the Partners
Parvin's Limited Partnership
We have audited the accompanying balance sheets of Parvin's Limited
Partnership as of December 31, 1995 and 1994 and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Parvin's Limited Partnership as of December 31, 1995 and 1994, and
the results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 8 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the 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.
Bridgewater, New Jersey
January 22, 1996
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS / SEC PRACTICE SECTION
PRIVATE COMPANIES PRACTICE SECTION /NATIONAL ASSOCIATED CPA FIRMS/ INDEPENDENT
ACCOUNTANTS INTERNATIONAL
<PAGE>
REGARDIE, BROOKS & LEWIS
Chartered
CERTIFIED PUBLIC ACCOUNTANTS
7101 WISCONSIN AVENUE, BETHESDA, MARYLAND 20814
TEL (301) 654-9000 FAX (301) 656-3056
JEROME P. LEWIS, CPA
JESSE A. KAISER, CPA
NATHAN J. ROSEN, CPA
PAUL J. GNATT, CPA
CELSO T MATAAC, JR., CPA
PHILIP R. BAKER, CPA
DOUGLAS A. DOWLING, CPA
DAVID A. BROOKS, CPA
CONSULTANT
BENJAMIN F. REGARDIE
(1897-1973)
INDEPENDENT AUDITOR'S REPORT
February 16, 1996
To the Partners
Peach Tree Limited Partnership
Bethesda, Maryland
We have audited the accompanying balance sheets of Peach Tree Limited
Partnership as of December 31, 1995 and 1994, and the related statements of
income, partnership equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Peach Tree Limited
Partnership as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Certified Public Accountants
<PAGE>
Boothe, Vassar, Fox, and Fox
Certified Public Accountants
1001 East Farm Road 700
Big Spring, Texas 79720
915-263-1324 FAX 915-263-2124
INDEPENDENT AUDITORS' REPORT
To the Partners
Ponderosa Meadows, LTD. Limited Partnership
We have audited the accompanying balance sheets of Ponderosa
Meadows, LTD. Limited Partnership as of December 31, 1995 and the
related statements of operations, partners' equity, and cash flows
for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our
audits. The financial statements of Ponderosa Meadows, LTD.
Limited Partnership as of December 31, 1994, were audited by other
auditors whose report dated January 16, 1995, expressed an
unqualified opinion on those statements.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Ponderosa
Meadows, LTD. Limited Partnership as of December 31, 1995 and
1994, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information on pages 19 and 20 is presented for the purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
February 8, 1996
Big Spring, Texas
Boothe, Vassar, Fox, and Fox
A Partnership Composed of Professional Corporations
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 28, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
RICHMOND MANOR, LP.
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Governmental Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement. An audit includes examining,
on a test basis, evidence supporting the amount and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Howe and Associates, PC
<PAGE>
GWEN WARD, P.C.
CERTIFIED PUBLIC ACCOUNTANT
609 University Drive
Fort Worth, Texas 76107
(817) 336-5880
MEMBER
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
TEXAS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Rio Grande Apartments, Ltd.
I have audited the accompanying balance sheet of Rio Grande Apartments, Ltd.
as of December 31, 1995 and 1994 the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audit.
I conducted my audits in accordance with generally accepted
auditing standards. 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 Rio Grande Apartments, Ltd.
as of December 31, 1995 and 1994 and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
I-17 and I-18 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Fort Worth, Texas
March 6, 1996
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 10, 1996
INDEPENDENT AUDITOR'S REPORT
Partners
TROY ESTATES, LP
Re: For the Years Ended December 31, 1994 and December 31, 1995
We have audited the accompanying balance sheet and the related statements of
income, owners' equity and cash flow for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position and results of operations and
cash flows of the Partnership for the years then ended in conformity with
generally accepted accounting principles.
Howe and Associates, PC
<PAGE>
Boothe, Vassar, Fox, and Fox
Certified Public Accountants
1001 East Farm Road 700
Big Spring, Texas 79720
915-263-1324 FAX 915-263-2124
INDEPENDENT AUDITORS'REPORT
To the Partners
Vista Lama Apartments Limited Partnership
We have audited the accompanying balance sheets of Vista Loma
Apartments Limited Partnership as of December 31, 1995 and the
related statements of operations, partners'equity, and cash flows
for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our
audits. The financial statements of Vista Loma Apartments Limited
Partnership as of December 3 1, 1994, were audited by other
auditors whose report dated January 25, 1995, expressed an
unqualified opinion on those statements.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Vista Loma
Apartments Limited Partnership as of December 31, 1995 and 1994, and
the results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information on pages 19 and 20 is presented for the purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
February 8, 1996
Big Spring, Texas
Boothe, Vassar, Fox, and Fox
A Partnership Composed of Professional Corporations
<PAGE>
RAJEEV RAJ
Certified Public Accountant
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Chelsea Square Development Limited Partnership
I have audited the accompanying balance sheet of Chelsea Square Development
Limited Partnership (A Development Stage and a Massachusetts limited
partnership) as of December 31, 1994, and the related statements of
operations, changes in partners' capital, and cash flows for the year then
ended and for the period ended April 30, 1993 (date of inception) to December
31, 1994. These financial statements are the responsibility of the general
partner. My responsibility is to express an opinion on these financial
statements based on my audit.
I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by the general partner, 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 Chelsea Square Development
Limited partnership as of December 31, 1994, and the results of its operations
and its cash flows for the year then ended and for the period ended April 30,
1993 (date of inception) to December 31, 1994 in conformity with generally
accepted accounting principles.
January 25, 1995
Rajeev Raj C.P.A.
1600 Providence Highway
Walpole, MA 02081
Tel: (508) 660-2592
Fax: (508) 660-1569<PAGE>
Habif, Arogeti, & Wynne, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Jackson Rental Housing, L.P.
We have audited the accompanying balance sheet of JACKSON RENTAL HOUSING, L.P.
(a Limited Partnership], as of December 31, 1994, and the related statements
of income and expenses, 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 an
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 JACKSON RENTAL HOUSING, L.P.
as of December 31, 1994, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
Atlanta, Georgia
January 16, 1995
MEMBERS
GEORGIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
AICPA DIVISION FOR CPA FIRMS PRIVATE COMPANIES PRACTICE SECTION
<PAGE>
PLANTE & MORAN, LLP
Certified Public Accountants
Management Consultants
1111 Michigan Avenue
P.O. Box 2500
East Lansing, Michigan 48826-2500
517-332-6200 FAX 517-332-8502
Independent Auditor's Report
To the Partners
Lakeview Meadows II Limited Dividend
Housing Association Limited Partnership
We have audited the accompanying balance sheet of Lakeview Meadows
II Limited Dividend Housing Association Limited Partnership (a
Michigan limited partnership), MSHDA Development No. 905, for the
year ended December 31, 1994, and the period August 1, 1993 through
December 31, 1993, and the related statements of profit and loss,
partners' equity, and cash flows for the year and the period then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller 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 evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
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 II Limited Dividend Housing Association Limited
Partnership for the year ended December 31, 1994, and the period
August 1, 1993 through December 31, 1993, and the results of its
operations, changes in partners' equity, and cash flows for the
year and the period then ended, in conformity with generally
accepted accounting principles.
January 20, 1995
A Member of Moores Rowland International
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
June 9, 1994
INDEPENDENT AUDITOR'S REPORT
TROY ESTATES, LP
Re: For the Year Ended December 31, 1993
We have audited the accompanying balance sheet for the year then ended. This
financial statement is the responsibility of the Partnership's management.
Our responsibility is to express an opinion on this financial statement based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statement is free from
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statement. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of the Partnership for the year then
ended in conformity with generally accepted accounting principles.
Howe and Associates
<PAGE>
WALLACE SANDERS& COMPANY
Crosspoint Atrium
8131 LBJ Freeway, Suite 875
Dallas, Texas 75251
Tel. 214/690-6301
Fax,214/669-3462
Independent Auditors' Report
To the Partners of
Community Dynamics - Fort Worth, Ltd.
We have audited the accompanying balance sheets of Community Dynamics - Fort
Worth, Ltd., as of December 31, 1995 and 1994, and the related statements of
operations, partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Community Dynamics - Fort
Worth, Ltd., as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
15 and 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 our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
February 23, 1996
Member Of ACPA international
With Affiliated Offices Worldwide
Certified Public Accountants and Consultants
A Professional
<PAGE>
COLE, EVANS & PETERSON
CERTIFIED PUBLIC ACCOUNTANTS
FIFTH FLOOR TRAVIS PLACE
POST OFFICE DRAWER 1768
SHREVEPORT, LOUISIANA 71166-1768
January 25, 1996
TELEPHONE (318) 222-8367
TELECOPIER (318) 425-4101
M. ALTON EVENS, JR. C.P.A
PARTNER EMERITUS
WILLIAM JEFFERSON COLE, C.P.A.
WILLIAM PETERSON,C.P.A.
CAROL T. BARNES, C.P.A.
C. WILLIAM GERARDY,JR.,C.P.A.
BARRY S. SHIPP, C. P. A.
STEVEN W. H EDGEPETH, C.P.A.
STEVEN R. BAYER, C.P.A.
GWENDOLYN H. HARJU, C.P.A.
TIMOTHY R. DURR, C.P.A.
R. STEPHEN TILLEY, C.P.A.
BAILEY S. BAYNHAM, C.P.A.
JOHN A. CASKEY, C.P.A.
ROBERT A. BUSBY, C.P.A.
DEBORAH N. SHIVERS, C.P.A.
JUDY E. MONCRIEF, C.P.A.
ANNE-MARIE COLE CAIN, C.P.A.
TIMOTHY W. BORST. C. P.A.
RAYNELLE H.THOMPSON,C.P.A.
BRENDA BISHOP LEACH,C.P.A.
MARY WELLS CARMODY,C.P.A.
ERIC D. SMITH, C.P.A.
PETER R. MOORE, C. P. A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Hebbronville Apartments, Ltd.
Mansfield, Louisiana
We have audited the accompanying balance sheets of Hebbronville Apartments,
Ltd. at December 31, 1995 and December 31, 1994, and the related statements of
income, partners' capital, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
PAGE 1 OF 2
<PAGE>
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 Hebbronville Apartments, Ltd.
at December 31, 1995 and December 31, 1994. and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Cole, Evans & Peterson
PAGE 2 OF 2<PAGE>
ARTHUR ANDERSEN LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Partners of
Jefferson Square, Ltd.:
We have audited the accompanying balance sheets of JEFFERSON SQUARE, LTD. (a
Colorado limited partnership) as of December 31, 1995 and 1994, and the
related statements of operations, partners' capital accounts and cash flows
for the period from inception (December 1993) to December 31, 1994 and for
the year ended December 31, 1995. These financial statements are the
responsibility of the Partnership's management. Our responsibility 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 Jefferson Square, Ltd. as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the period from inception to December 31, 1994 and for the year
ended December 31, 1995, in conformity with generally accepted accounting
principles.
Denver, Colorado,
June 20, 1996.
<PAGE>
COLE, EVANS & PETERSON
CERTIFIED PUBLIC ACCOUNTANTS
FIFTH FLOOR TRAVIS PLACE
POST OFFICE DRAWER 1768
SHREVEPORT, LOUISIANA 71166-1768
January 25, 1996
TELEPHONE (318) 222-8367
TELECOPIER (318) 425-4101
M. ALTON EVENS, JR. C.P.A
PARTNER EMERITUS
WILLIAM JEFFERSON COLE, C.P.A.
WILLIAM PETERSON,C.P.A.
CAROL T. BARNES, C.P.A.
C. WILLIAM GERARDY,JR.,C.P.A.
BARRY S. SHIPP, C. P. A.
STEVEN W. H EDGEPETH, C.P.A.
STEVEN R. BAYER, C.P.A.
GWENDOLYN H. HARJU, C.P.A.
TIMOTHY R. DURR, C.P.A.
R. STEPHEN TILLEY, C.P.A.
BAILEY S. BAYNHAM, C.P.A.
JOHN A. CASKEY, C.P.A.
ROBERT A. BUSBY, C.P.A.
DEBORAH N. SHIVERS, C.P.A.
JUDY E. MONCRIEF, C.P.A.
ANNE-MARIE COLE CAIN, C.P.A.
TIMOTHY W. BORST. C. P.A.
RAYNELLE H.THOMPSON,C.P.A.
BRENDA BISHOP LEACH,C.P.A.
MARY WELLS CARMODY,C.P.A.
ERIC D. SMITH, C.P.A.
PETER R. MOORE, C. P. A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Lone Star Seniors Apartments, Ltd.
Mansfield, Louisiana
We have audited the accompanying balance sheets of Lone Star Seniors
Apartments, Ltd. at December 31, 1995 and December 31, 1994, and the related
statements of income, partners' capital, and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
PAGE 1 OF 2
<PAGE>
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 Lone Star Seniors Apartments,
Ltd. at December 31, 1995 and December 31, 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Cole, Evans & Peterson
PAGE 2 OF 2<PAGE>
GRAHAM CARTER
& JENNINGS, PLC
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Diane B. Carter
Independent Auditor's Report
To the Partners
Madison Limited Partnership
We have audited the accompanying balance sheets of Madison Limited Partnership
(a Virginia limited partnership) , FMHA Project No.: 54-068-0541436875, as of
December 31, 1995 and 1994, and the related statements of operations,
partners, capital and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Madison Limited Partnership,
FMHA Project No. : 54-068-0541436875, as of December 31, 1995 and 1994, and
the results of its operations, the changes in partners' capital and cash flows
for the years then ended in conformity with generally accepted accounting
principles.
our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
13 and 14 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic f
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
February 26, 1996
601 Thimble Shoals Boulevard Suite 201 Newport News,
Virginia 23606 (804) 873-0767 Fax (804) 873-6938
<PAGE>
CARTER & JENNINGS, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
Jack G. Jennings
Michael J. Carter
11832-B Canon Boulevard
Newport News, Virginia 23606
(804) 873-0767
Facsimile (804) 873-0874
Independent Auditor's Report
To the Partners
Madison Limited Partnership
We have audited the accompanying balance sheet of Madison Limited Partnership
(a Virginia limited partnership) as of December 31, 1993. This financial
statement is the responsibility of the Partnership's General Partners. Our
responsibility is to express an opinion on this financial statement based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall balance sheet
presentation. We believe that our audit of the balance sheet provides a
reasonable basis for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of Madison Limited Partnership as of
December 31, 1993 in conformity with generally accepted accounting principles.
Newport News, Virginia
March 4, 1994
<PAGE>
COLE, EVANS & PETERSON
CERTIFIED PUBLIC ACCOUNTANTS
FIFTH FLOOR TRAVIS PLACE
POST OFFICE DRAWER 1768
SHREVEPORT, LOUISIANA 71166-1768
January 26, 1996
TELEPHONE (318) 222-8367
TELECOPIER (318) 425-4101
M. ALTON EVENS, JR. C.P.A
PARTNER EMERITUS
WILLIAM JEFFERSON COLE, C.P.A.
WILLIAM PETERSON,C.P.A.
CAROL T. BARNES, C.P.A.
C. WILLIAM GERARDY,JR.,C.P.A.
BARRY S. SHIPP, C. P. A.
STEVEN W. H EDGEPETH, C.P.A.
STEVEN R. BAYER, C.P.A.
GWENDOLYN H. HARJU, C.P.A.
TIMOTHY R. DURR, C.P.A.
R. STEPHEN TILLEY, C.P.A.
BAILEY S. BAYNHAM, C.P.A.
JOHN A. CASKEY, C.P.A.
ROBERT A. BUSBY, C.P.A.
DEBORAH N. SHIVERS, C.P.A.
JUDY E. MONCRIEF, C.P.A.
ANNE-MARIE COLE CAIN, C.P.A.
TIMOTHY W. BORST. C. P.A.
RAYNELLE H.THOMPSON,C.P.A.
BRENDA BISHOP LEACH,C.P.A.
MARY WELLS CARMODY,C.P.A.
ERIC D. SMITH, C.P.A.
PETER R. MOORE, C. P. A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Martindale Apartments, Ltd.
Mansfield, Louisiana
We have audited the accompanying balance sheets of Martindale Apartments, Ltd.
at December 31, 1995 and December 31, 1994, and the related statements of
income, partners' capital, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
page 1 of 2
<PAGE>
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 Martindale Apartments, Ltd.
at December 31, 1995 and December 31, 1994, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Cole, Evans & Peterson
page 2 of 2<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
TELEPHONE,
(205) 543-3707
516 WALNUT STREET
GADSDEN, ALABAMA 35902
P.O. BOX 775
INDEPENDENT AUDITOR'S REPORT
To the Partners
Munford Village, Ltd.
Munford, Alabwna
I have audited the accompanying balance sheets of Munford Village, Ltd., a
limited partnership, RECD Project No.: 01-061-631011774 as of December 31,
1995 and 1994, and the related statements of operations, partners' capital and
cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. My responsibility is to
express an opinion on these financial statements based on my audits.
I conducted the audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that I plan and perform the
audits to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that the audits provide a
reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Munford Village, Ltd., RECD
Project No.: 01-061-631011774 as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
9 through 11 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. The supplemental information
presented in the Year End Report and Analysis (Form RECD 1930-8) Parts I
through III for the year ended December 31, 1995 and 1994, is presented for
purposes of complying with the requirements of the Rural Economic Community
Development and is also not a required part of the basic financial statements.
Such information has been subjected to the audit procedures applied in the
audit of the basic financial statements and, in my opinion is fairly stated in
all material respects in relation to the basic financial statements taken as a
whole.
In accordance with Government Auditing Standards, I have also issued a report
dated February 5, 1996 on my consideration of Munford Village, Ltd.'s internal
control structure and a report dated February 5, 1996 on its compliance with
laws and regulations.
February 5, 1996
<PAGE>
Scarbrough & Associates
Certified Public Accountants
For the financial solutions
you need to succeed
Michael Scarbrough
Certified Public Accountant
Over 17 years of experience.
Member:
American Institute of CPAs
Missouri Society of CPAs
Continuing Education:
Financial Planning, Better Business Plans,
Taxation, Retirement Planning, Effective Audits
Low-Income Housing
Tax credits
Community Volunteer
Eagle Scout
To the Partners
North pointe, L.P.
We have audited the accompanying balance sheets of Northpointe, L.P. as Of
December 31, 1995 and 19947 and the related statements of operations,
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Northpointe, L.P. as of
December 31, 1995 and 1994, and the results of its operations, changes in
partners' equity (deficit) and cash flows for the years then ended in
conformity with generally accepted accounting principles.
<PAGE>
Scarbrough & Associates
Certified Public Accountants
Page 2
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
12 and 13 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
April 17, 1996
5500 NORTH OAK, SUITE 203
KANSAS CITY. MO 64118
FAX:(816) 455-5100
(816) 452-4272
<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
TELEPHONE
(205) 543-3707
516 WALNUT STREET
GADSDEN, ALABAMA 359M
P.O. BOX
INDEPENDENT AUDITOR'S REPORT
To the Partners
Sherwood Knoll, Limited Partnership
Rainsville, Alabama
I have audited the accompanying balance sheets of Sherwood Knoll, Limited
Partnership , a limited partnership, RECD Project No.: 01-025-631032411 as of
December 31, 1995 and 1994, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based on
my audits.
I conducted the audits in accordance with generally accepted auditing
standards and Government Standards issued by the Comptroller General of the
United States. Those standards require that I plan and performing the audits
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the principles used and significant estimates
made by management, as well as evaluating the overall financial presentation.
I believe that the audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Sherwood KnolL Limited
Partnership, RECD Project No.: 01-025-631032411 as of December 31, 1995 and
1994, and the results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial taken as a whole. The supplemental information on pages 9 through
11 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. The supplemental information presented in
the Year End Report and Analysis (Form RECD 1930-8) Parts I through III for
the year ended December 31, 1995 and 1994, is presented for purposes of
complyingwith the of the Rural Economic Comrnunity Development and is also not
a required part of the basic financial statements. Such information has been
subjected to the audit procedures applied in the audit of the basic financial
statements and, in my opinion is fairly stated in all material respects in
relation to the basic financial taken as a whole.
<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
Page 2
In accordance with Government Auditing Standards, I have also issued a report
dated February 5, 1996 on my consideration of Sherwood Knoll, Limited
Partnership's internal control structure and a report dated February 5, 1996
on its compliance with laws and regulations.
February 5, 1996<PAGE>
DAVID G. PELLICCIONE, C.P.A., P.C.
340 EISENHOWER DRIVE, BLDG. 800
SAVANNAH, GEORGIA 31406
TELEPHONE (912) 354-2334
FAX (912) 354-2443
MEMBER OF
AMERICAN INSTITUTE OF CPA'S
MEMBER OF
GEORGIA SOCIATY OF CPA'S
INDEPENDENT AUDITORS' REPORT
To The Partners
Sugarwood Park Limited Partnership
We have audited the accompanying balance sheets of SUGARWOOD PARK LIMITED
PARTNERSHIP (A Limited Partnership), as of December 31, 1995 and 1994, and the
related statement of operations, changes in partners' equity and cash flows
for the years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of SUGARWOOD PARK LIMITED
PARTNERSHIP as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
Savannah, Georgia
March 1, 1996
<PAGE>
Ruljancich
Blume
Loveridge& CO., PLLC
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS
Partners
Wedgewood Lane Associates, a Washington Limited Partnership
Bellevue, Washington
We have audited the accompanying balance sheets of Wedgewood Lane Associates,
a Washington Limited Partnership, as of December 31, 1995 and 1994, 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 an
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Wedgewood Lane Associates, a
Washington Limited Partnership, as of December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 2, 1996 on our consideration of the Partnership's internal
control structure and a report dated February 2, 1996 on its compliance with
laws and regulations.
February 2, 1996
11100 NE 8th Street, Suite 410
Bellevue, Washington 98004-4441
(206) 453-2088
Fax (206) 646-3368
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
March 11, 1995
INDEPENDENT AUDITORS REPORT
Partners
CARROLLTON VILLA, LP
Re: For the Year Ended December 31, 1994
We have audited the accompanying balance sheet for the year then ended. This
financial statement is the responsibility of the Partnership's management.
Our responsibility is to express an opinion on this financial statement based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statement is free from
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statement. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of the Partnership for the year then
ended in conformity with generally accepted accounting principles.
Howe and Associates, PC
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
March 12, 1995
INDEPENDENT AUDITORS REPORT
Partners
HOLTS SUMMIT SQUARE, LP
Re: For the Year Ended December 31, 1994
We have audited the accompanying balance sheet for the year then ended. This
financial statement is the responsibility of the Partnership's management.
Our responsibility is to express an opinion on this financial statement based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statement is free from
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statement. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of the Partnership for the year then
ended in conformity with generally accepted accounting principles.
Howe and Associates, PC
<PAGE>
DAVID G. PELLICCIONE, C.P.A., P. C.
POST OFFICE BOX 1
SAVANNAH, GEORGIA 31402
TELEPHONE (912) 234-1999
FAX (912) 234-0139
DELIVERY ADDRESS
202 EAST LlBERTY STREET
SAVANNAH, GEORGIA 31401
MEMBER OF
AMERICAN INSTITUTE OF CPAs
GEORGIA SOCIETY OF CPAs
INDEPENDENT AUDITORS' REPORT
To The Partners
Willowood Park Limited Partnership
We have audited the accompanying balance sheet of WILLOWOOD PARK LIMITED
PARTNERSHIP (A Limited Partnership), as of December 31, 1994 and 1993, and the
related statement of operations, changes in partners' equity and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of WILLOWOOD PARK LIMITED
PARTNERSHIP as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the year then ended, in conformity with
generally accepted accounting principles.
Savannah, Georgia
March 22, 1995
<PAGE>
Habif, Arogeti & Wynne, P.C
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
SummerSet Housing, Limited L.P.
We have audited the accompanying balance sheet of SUMMERSET HOUSING, LIMITED
L.P. a development stage partnership], as of December 31, 1994. This
financial statement is the responsibility of the Partnership's management.
Our responsibility is to express an opinion on this financial statement based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the balance sheet. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall balance sheet
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the balance sheet referred to above presents fairly, in all
material respects, the financial position of SUMMERSET HOUSING, LIMITED L.P.
as of December 31, 1994, in conformity with generally accepted accounting
principles.
Atlanta, Georgia
January 26, 1995
MEMBERS
GEORGIA SOCIETY OF
CPA FIRMS
<PAGE>
Boston Capital Tax Credit Fund III L.P.
BALANCE SHEETS
March 31, 1996 and 1995
Total
-----
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $147,259,013 $163,038,705
OTHER ASSETS
Cash and cash equivalents (notes A and I) 4,958,860 10,181,096
Investments available for sale (notes A and B) 5,141,767 14,786,763
Notes receivable (note E) 4,962,160 7,296,623
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 2,144,343 2,009,637
Organization costs, net of accumulated
amortization (note A) 399,040 577,998
Other assets (note F) 2,420,327 5,003,482
----------- -----------
$167,285,510 $202,894,304
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 75,208 $ 4,766
Accounts payable - affiliates (note C) 4,454,405 2,262,689
Capital contributions payable (note D) 9,539,884 30,811,146
----------- -----------
14,069,497 33,078,601
------------ -----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 22,000,000 authorized
beneficial assignee certificates (BAC's),
$10 stated value per BAC, 21,996,102
issued and outstanding to the assignees
at March 31, 1996 and 1995 - -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 21,996,102
issued and outstanding at March 31, 1996
and 1995 153,561,702 170,108,871
General partner (357,619) (190,477)
Unrealized gain (loss) on securities
available for sale, net 11,930 (102,691)
----------- -----------
153,216,013 169,815,703
----------- -----------
$167,285,510 $202,894,304
=========== ===========
(Continued)
- F-5 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 15
---------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $21,718,070 $24,934,491
OTHER ASSETS
Cash and cash equivalents (notes A and I) 163,428 976,876
Investments available for sale (notes A and B) 151,943 185,348
Notes receivable (note E) 185,000 218,750
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 281,199 384,096
Organization costs, net of accumulated
amortization (note A) 26,232 52,463
Other assets (note F) 292,164 426,386
---------- ----------
$22,818,036 $27,178,410
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 68,856 $ 1,355
Accounts payable - affiliates (note C) 1,264,641 776,599
Capital contributions payable (note D) 202,750 1,480,039
---------- ----------
1,536,247 2,257,993
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 22,000,000 authorized
beneficial assignee certificates (BAC's),
$10 stated value per BAC, 3,870,500
issued and outstanding to the assignees
at March 31, 1996 and 1995 - -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 3,870,500 issued
and outstanding at March 31, 1996 and 1995 21,401,297 25,003,699
General partner (119,857) (83,469)
Unrealized gain (loss) on securities
available for sale, net 349 187
---------- ----------
21,281,789 24,920,417
---------- ----------
$22,818,036 $27,178,410
========== ==========
(continued)
- F-6 -
Boston Capital Tax Credit Fund III L.P.
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 16
---------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $37,074,575 $40,735,319
OTHER ASSETS
Cash and cash equivalents (notes A and I) 1,429,491 2,757,494
Investments available for sale (notes A and B) 394,836 1,430,259
Notes receivable (note E) 483,464 705,464
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 445,554 592,742
Organization costs, net of accumulated
amortization (note A) 89,261 133,891
Other assets (note F) 38,197 143,165
---------- ----------
$39,955,378 $46,498,334
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 100 $ 1,143
Accounts payable - affiliates (note C) 1,251,118 679,138
Capital contributions payable (note D) 900,481 3,573,072
---------- ----------
2,151,699 4,253,353
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 22,000,000 authorized
beneficial assignee certificates (BAC's),
$10 stated value per BAC, 5,429,402
issued and outstanding to the assignees
at March 31, 1996 and 1995 - -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 5,429,402 issued
and outstanding at March 31, 1996 and 1995 37,891,343 42,355,854
General partner (88,581) (43,485)
Unrealized gain (loss) on securities
available for sale, net 917 (67,388)
---------- ----------
37,803,679 42,244,981
---------- ----------
$39,955,378 $46,498,334
========== ==========
(continued)
- F-7 - <PAGE>
Boston Capital Tax Credit Fund III L.P.
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 17
---------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $34,318,721 $35,834,208
OTHER ASSETS
Cash and cash equivalents (notes A and I) 285,417 1,690,922
Investments available for sale (notes A and B) 629,950 2,470,261
Notes receivable (note E) 1,658,475 2,317,005
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 415,482 690,994
Organization costs, net of accumulated
amortization (note A) 90,262 129,991
Other assets (note F) 1,245,840 943,084
---------- ----------
$38,644,147 $44,076,465
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ 417
Accounts payable - affiliates (note C) 1,021,686 414,865
Capital contributions payable (note D) 2,312,721 4,581,453
----------- ----------
3,334,407 4,996,735
----------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 22,000,000 authorized
beneficial assignee certificates (BAC's),
$10 stated value per BAC, 5,000,000
issued and outstanding to the assignees
at March 31, 1996 and 1995 - -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 5,000,000 issued
and outstanding at March 31, 1996 and 1995 35,384,872 39,118,588
General partner (76,596) (38,882)
Unrealized gain (loss) on securities
available for sale, net 1,464 24
---------- ----------
35,309,740 39,079,730
---------- ----------
$38,644,147 $44,076,465
========== ==========
(continued)
- F-8 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 18
---------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $26,102,954 $28,633,478
OTHER ASSETS
Cash and cash equivalents (notes A and I) 529,400 1,813,653
Investments available for sale (notes A and B) 647,930 4,266,323
Notes receivable (note E) 536,351 781,084
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 305,861 256,802
Organization costs, net of accumulated
amortization (note A) 80,280 111,035
Other assets (note F) 8,052 1,518,728
---------- ----------
$28,210,828 $37,381,103
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 1,751 $ 1,851
Accounts payable - affiliates (note C) 434,163 192,467
Capital contributions payable (note D) 861,315 7,453,173
---------- ----------
1,297,229 7,647,491
---------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 22,000,000 authorized
beneficial assignee certificates (BAC's),
$10 stated value per BAC, 3,616,200
issued and outstanding to the assignees
at March 31, 1996 and 1995 - -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 3,616,200 issued
and outstanding at March 31, 1996 and 1995 26,953,204 29,749,889
General partner (41,106) (12,857)
Unrealized gain (loss) on securities
available for sale, net 1,501 (3,420)
---------- ----------
26,913,599 29,733,612
---------- ----------
$28,210,828 $37,381,103
========== ==========
(continued)
- F-9 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
BALANCE SHEETS - CONTINUED
March 31, 1996 and 1995
Series 19
---------
1996 1995
---- ----
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $28,044,693 $32,901,209
OTHER ASSETS
Cash and cash equivalents (notes A and I) 2,551,124 2,942,151
Investments available for sale (notes A and B) 3,317,108 6,434,572
Notes receivable (note E) 2,098,870 3,274,320
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 696,247 85,003
Organization costs, net of accumulated
amortization (note A) 113,005 150,618
Other assets (note F) 836,074 1,972,119
---------- ----------
$37,657,121 $47,759,992
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 4,501 $ -
Accounts payable - affiliates (note C) 482,797 199,620
Capital contributions payable (note D) 5,262,617 13,723,409
--------- ----------
5,749,915 13,923,029
--------- ----------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 22,000,000 authorized
beneficial assignee certificates (BAC's),
$10 stated value per BAC, 4,080,000
issued and outstanding to the assignees
at March 31, 1996 and 1995 - -
Assignees
Units of beneficial interest of the
limited partnership interest of the
assignor limited partner, 4,080,000 issued
and outstanding at March 31, 1996 and 1995 31,930,986 33,880,841
General partner (31,479) (11,784)
Unrealized gain (loss) on securities
available for sale, net 7,699 (32,094)
---------- ----------
31,907,206 33,836,963
---------- ----------
$37,657,121 $47,759,992
========== ==========
See notes to financial statements
- F-10 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF OPERATIONS
Years or periods ended March 31, 1996, 1995 and 1994
Total
-----------------------------------
1996 1995 1994
---- ---- ----
Income
Interest income $ 1,034,800 $ 2,192,832 $ 2,371,236
Miscellaneous income - 7,600 9,200
----------- ----------- ----------
1,034,800 2,200,432 2,380,436
----------- ----------- ----------
Share of losses from operating
limited partnerships (note A) (14,435,496)*(10,794,203) (4,998,241)
----------- ----------- ----------
Expenses
Professional fees 277,646 279,121 346,663
Fund management fee (note C) 2,399,311 2,413,494 1,328,767
Amortization (note A) 246,807 168,554 144,950
General and administrative
expenses (note C) 389,851 878,291 765,426
----------- ----------- ----------
3,313,615 3,739,460 2,585,806
----------- ----------- ----------
NET INCOME (LOSS) (note A) $(16,714,311)$(12,333,231) $(5,203,611)
=========== =========== ==========
Net income (loss) allocated to
general partner $ (167,142)$ (123,333) $ (52,036)
=========== =========== ==========
Net income (loss) allocated to
assignees $(16,547,169)$(12,209,898) $(5,151,575)
=========== =========== ==========
Net income (loss) per BAC $ (.75)$ (.56) $ (.31)
=========== =========== =========
* Net of gain on disposal of operating limited partnership (Series 19) of
$888,473.
(Continued)
- F-11 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 15
---------------------------------------------
Year ended Year ended Year ended
March 31, 1996 March 31, 1995 March 31, 1994
-------------- -------------- --------------
Income
Interest income $ 192,705 $ 74,485 $ 195,213
Miscellaneous income - 1,600 2,225
---------- ---------- ----------
192,705 76,085 197,438
---------- ---------- ----------
Share of losses from operating
limited partnerships (note A) (3,201,668) (2,948,034) (2,724,135)
---------- ---------- ----------
Expenses
Professional fees 50,472 49,598 71,747
Fund management fee (note C) 499,184 470,726 447,458
Amortization (note A) 36,843 26,231 45,457
General and administrative
expenses (note C) 43,328 93,910 118,759
---------- ---------- ----------
629,827 640,465 683,421
---------- ---------- ----------
NET INCOME (LOSS) (note A) $(3,638,790) $(3,512,414) $(3,210,118)
========== ========== ==========
Net income (loss) allocated to
general partner $ (36,388) $ (35,124) $ (32,101)
========== ========== ==========
Net income (loss) allocated to
assignees $(3,602,402) $(3,477,290) $(3,178,017)
========== ========== ==========
Net income (loss) per BAC $ (.93) $ (.90) $ (.82)
========== ========== ==========
(continued)
- F-12 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 16
---------------------------------------------
Year ended Year ended Year ended
March 31, 1996 March 31, 1995 March 31, 1994
-------------- -------------- --------------
Income
Interest income $ 127,067 $ 437,207 $ 826,098
Miscellaneous income - 2,175 3,300
---------- ---------- ----------
127,067 439,382 829,398
---------- ---------- ----------
Share of losses from operating
limited partnerships (note A) (3,778,516) (2,784,673) (1,036,291)
---------- ---------- ----------
Expenses
Professional fees 66,842 53,992 115,480
Fund management fee (note C) 646,906 658,346 493,242
Amortization (note A) 61,532 44,630 49,388
General and administrative
expenses (note C) 82,878 204,503 278,446
---------- ---------- ----------
858,158 961,471 936,556
---------- ---------- ----------
NET INCOME (LOSS) (note A) $(4,509,607) $(3,306,762)$(1,143,449)
========== ========== ==========
Net income (loss) allocated to
general partner $ (45,096) $ (33,068)$ (11,434)
========== ========== ==========
Net income (loss) allocated to
assignees $(4,464,511) $(3,273,694)$(1,132,015)
========== ========== ==========
Net income (loss) per BAC $ (.82)$ (.60)$ (.21)
========== =========== ==========
(continued)
- F-13 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 17
---------------------------------------------
Year ended Year ended Year ended
March 31, 1996 March 31, 1995 March 31, 1994
-------------- -------------- --------------
Income
Interest income $ 85,172 $ 510,270 $ 758,875
Miscellaneous income - 1,475 2,000
----------- ---------- ----------
85,172 511,745 760,875
---------- ---------- ----------
Share of losses from operating
limited partnerships (note A) (3,144,888) (2,744,283) (1,050,293)
---------- ---------- ----------
Expenses
Professional fees 71,386 72,281 109,447
Fund management fee (note C) 506,412 509,015 266,313
Amortization (note A) 55,408 39,729 36,167
General and administrative
expenses (note C) 78,508 188,012 157,112
---------- ---------- ----------
711,714 809,037 569,039
---------- ---------- ----------
NET INCOME (LOSS) (note A) $(3,771,430) $(3,041,575)$ (858,457)
========== ========== ==========
Net income (loss) allocated to
general partner $ (37,714) $ (30,416)$ (8,585)
========== ========== ==========
Net income (loss) allocated to
assignees $(3,733,716) $(3,011,159)$ (849,872)
========== ========== ==========
Net income (loss) per BAC $ (.75)$ (.60)$ (.19)
========== =========== ==========
(continued)
- F-14 - <PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 18
--------------------------------------------
Period
June 17, 1993
(date of
inception)
Year ended Year ended through
March 31, 1996 March 31, 1995 March 31, 1994
-------------- -------------- --------------
Income
Interest income $ 139,504 $ 508,695 $399,964
Miscellaneous income - 1,250 1,075
---------- ---------- -------
139,504 509,945 401,039
---------- ---------- -------
Share of losses from operating
limited partnerships (note A) (2,451,672) (1,201,623) (183,664)
---------- ---------- -------
Expenses
Professional fees 40,385 42,982 28,968
Fund management fee (note C) 363,632 371,536 50,831
Amortization (note A) 42,298 30,673 8,588
General and administrative
expenses (note C) 66,451 127,358 150,487
---------- ---------- -------
512,766 572,549 238,874
---------- ---------- -------
NET INCOME (LOSS) (note A) $(2,824,934) $(1,264,227) $(21,499)
========== ========== =======
Net income (loss) allocated to
general partner $ (28,249) $ (12,642) $ (215)
========== ========== =======
Net income (loss) allocated to
assignees $(2,796,685) $(1,251,585) $(21,284)
========== ========== =======
Net income (loss) per BAC $ (.77)$ (.35) $ (.02)
========== =========== =======
(continued)
- F-15 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 19
--------------------------------------------
Period
June 17, 1993
(date of
inception)
Year ended Year ended through
March 31, 1996 March 31, 1995 March 31, 1994
-------------- -------------- --------------
Income
Interest income $ 490,352 $ 662,175 $191,086
Miscellaneous income - 1,100 600
---------- ---------- -------
490,352 663,275 191,686
---------- ---------- -------
Share of losses from operating
limited partnerships (note A)* (1,858,752) (1,115,590) (3,858)
---------- ---------- -------
Expenses
Professional fees 48,561 60,268 21,021
Fund management fee (note C) 383,177 403,871 70,923
Amortization (note A) 50,726 27,291 5,350
General and administrative
expenses (note C) 118,686 264,508 60,622
---------- ---------- -------
601,150 755,938 157,916
---------- ---------- -------
NET INCOME (LOSS) (note A) $(1,969,550) $(1,208,253) $ 29,912
========== ========== =======
Net income (loss) allocated to
general partner $ (19,695) $ (12,083) $ 299
========== ========== =======
Net income (loss) allocated to
assignees $(1,949,855) $(1,196,170) $ 29,613
========== ========== =======
Net income (loss) per BAC $ (.48) $ (.29) $ (.02)
========== ========== =======
* Net of gain on disposal of operating limited partnership (Series 19) of
$888,473.
See notes to financial statements
- F-16 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Years or periods ended March 31, 1996, 1995 and 1994
Unrealized
gain (loss) on
securities
available
General for
Total Assignees partner sale, net Total
----- --------- ------- --------- -----
Partners' capital (deficit),
March 31, 1993 $ 91,934,087 $ (15,108)$ -$ 91,918,979
Capital contributions 110,806,000 - - 110,806,000
Selling commissions and
registration costs (15,193,734) - - (15,193,734)
Net loss (5,151,575) (52,036) - (5,203,611)
----------- -------- -------- -----------
Partners' capital (deficit),
March 31, 1994 182,394,778 (67,144) - 182,327,634
Selling commissions and
registration costs (76,009) - - (76,009)
Net change in unrealized
gain (loss) on securities
available for sale - - (102,691) (102,691)
Net loss (12,209,898) (123,333) - (12,333,231)
----------- -------- -------- -----------
Partners' capital (deficit),
March 31, 1995 170,108,871 (190,477) (102,691)169,815,703
Net change in unrealized
gain (loss) on securities
available for sale - - 114,621 114,621
Net loss (16,547,169) (167,142) - (16,714,311)
----------- -------- -------- -----------
Partners' capital (deficit),
March 31, 1996 $153,561,702 $(357,619)$ 11,930$153,216,013
=========== ======== ======== ===========
(Continued)
- F-17 -
<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Unrealized
gain (loss)
on securities
available
General for
Series 15 Assignees partner sale, net Total
--------- --------- ------- --------- -----
Partners' capital (deficit),
March 31, 1993 $31,551,155 $(16,244) $ - $31,534,911
Selling commissions and
registration costs 108,807 - - 108,807
Net loss (3,178,017) (32,101) - (3,210,118)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1994 28,481,945 (48,345) - 28,433,600
Selling commissions and
registration costs (956) - - (956)
Net change in unrealized
gain (loss) on securities
available for sale - - 187 187
Net loss (3,477,290) (35,124) - (3,512,414)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1995 25,003,699 (83,469) 187 24,920,417
Net change in unrealized
gain (loss) on securities
available for sale - - 162 162
Net loss (3,602,402) (36,388) - (3,638,790)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1996 $21,401,297 $(119,857) $ 349 $21,281,789
========== ======= ======= ==========
(continued)
- F-18 -
<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Unrealized
gain (loss)
on securities
available
General for
Series 16 Assignees partner sale, net Total
--------- --------- ------- --------- -----
Partners' capital (deficit),
March 31, 1993 $46,797,529 $ 1,017 $ - $46,798,546
Selling commissions and
registration costs (30,259) - - (30,259)
Net loss (1,132,015) (11,434) - (1,143,449)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1994 45,635,255 (10,417) - 45,624,838
Selling commissions and
registration costs (5,707) - - (5,707)
Net change in unrealized
gain (loss) on securities
available for sale - - (67,388) (67,388)
Net loss (3,273,694) (33,068) - (3,306,762)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1995 42,355,854 (43,485) (67,388) 42,244,981
Net change in unrealized
gain (loss) on securities
available for sale - - 68,305 68,305
Net loss (4,464,511) (45,096) - (4,509,607)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1996 $37,891,343 $(88,581) $ 917 $37,803,679
========== ======= ======= ==========
(continued)
- F-19 -
<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Unrealized
gain (loss)
on securities
available
General for
Series 17 Assignees partner sale, net Total
--------- --------- ------- --------- -----
Partners' capital (deficit),
March 31, 1993 $13,585,403 $ 119 $ - $13,585,522
Capital contributions 33,844,000 - - 33,844,000
Selling commissions and
registration costs (4,445,890) - - (4,445,890)
Net loss (849,872) (8,585) - (858,457)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1994 42,133,641 (8,466) - 42,125,175
Selling commissions and
registration costs (3,894) - - (3,894)
Net change in unrealized
gain (loss) on securities
available for sale - - 24 24
Net loss (3,011,159) (30,416) - (3,041,575)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1995 39,118,588 (38,882) 24 39,079,730
Net change in unrealized
gain (loss) on securities
available for sale - - 1,440 1,440
Net loss (3,733,716) (37,714) - (3,771,430)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1996 $35,384,872 $(76,596) $ 1,464 $35,309,740
========== ======= ======= ==========
(continued)
- F-20 -
<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Unrealized
gain (loss)
on securities
available
General for
Series 18 Assignees partner sale, net Total
--------- --------- ------- --------- -----
Capital contributions $36,162,000 $ - $ - $36,162,000
Selling commissions and
registration costs (5,082,591) - - (5,082,591)
Net loss (21,284) (215) - (21,499)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1994 31,058,125 (215) - 31,057,910
Selling commissions and
registration costs (56,651) - - (56,651)
Net change in unrealized
gain (loss) on securities
available for sale - - (3,420) (3,420)
Net loss (1,251,585) (12,642) - (1,264,227)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1995 29,749,889 (12,857) (3,420) 29,733,612
Net change in unrealized
gain (loss) on securities
available for sale - - 4,921 4,921
Net loss (2,796,685) (28,249) - (2,824,934)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1996 $26,953,204 $(41,106) $ 1,501 $26,913,599
========== ======= ======= ==========
(continued)
- F-21 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Unrealized
gain (loss)
on securities
available
General for
Series 19 Assignees partner sale, net Total
--------- --------- ------- --------- -----
Capital contributions $40,800,000 $ - $ - $40,800,000
Selling commissions and
registration costs (5,743,801) - - (5,743,801)
Net income 29,613 299 - 29,912
---------- ------- ------- ----------
Partners' capital,
March 31, 1994 35,085,812 299 - 35,086,111
Selling commissions and
registration costs (8,801) - - (8,801)
Net change in unrealized
gain (loss) on securities
available for sale - - (32,094) (32,094)
Net loss (1,196,170) (12,083) - (1,208,253)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1995 33,880,841 (11,784) (32,094) 33,836,963
Net change in unrealized
gain (loss) on securities
available for sale - - 39,793 39,793
Net loss (1,949,855) (19,695) - (1,969,550)
---------- ------- ------- ----------
Partners' capital (deficit),
March 31, 1996 $31,930,986 $(31,479) $ 7,699 $31,907,206
========== ======= ======= ==========
See notes to financial statements
- F-22 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CASH FLOWS
Years or periods ended March 31, 1996, 1995 and 1994
Total
-------------
Year ended Year ended Year ended
March 31, 1996March 31, 1995March 31, 1994
------------------------------------------
Cash flows from operating activities
Net income (loss) $ (16,714,311)$(12,333,231)$ (5,203,611)
Adjustments to reconcile net income
(loss) to net cash provided by
(used in) operating activities
Share of losses from operating
limited partnerships 14,435,496 10,794,203 4,998,241
Distributions received from operating
limited partnerships 18,412 2,663 2,068
Amortization 246,807 168,554 144,950
Organization costs - (19,729) (285,959)
Changes in assets and liabilities
Prepaid expenses - - 124,609
Other assets (125,159) (536,095) 315,809
Accounts payable and accrued expenses70,442 (100,576) 56,132
Accounts payable - affiliates 2,191,716 1,937,641 210,883
----------- ----------- -----------
Net cash provided by (used in)
operating activities 123,403 (86,570) 363,122
----------- ----------- -----------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships (182,571) (1,405,772) (12,734,588)
Capital contributions paid to operating
limited partnerships (17,638,595) (43,529,250) (58,492,350)
Deposits for purchases of operating
limited partnerships - 949,420 (3,576,125)
(Advances)/repayments (to)/from
operating limited partnerships 2,945,152 (576,034) 2,580,690
Purchase of investments (net of proceeds
from sale of investments) 9,530,375 35,069,451 (28,531,766)
----------- ----------- -----------
Net cash used in investing
activities (5,345,639) (9,492,185)(100,754,139)
----------- ----------- -----------
Cash flows from financing activities
Capital contributions received - - 117,840,702
Selling commissions and registration
costs paid - (19,377) (15,817,462)
----------- ----------- -----------
Net cash provided by (used in)
financing activities - (19,377) 102,023,240
----------- ----------- -----------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (5,222,236) (9,598,132) 1,632,223
Cash and cash equivalents, beginning 10,181,096 19,779,228 18,147,005
----------- ----------- -----------
Cash and cash equivalents, ending $ 4,958,860 $ 10,181,096 $ 19,779,228
=========== =========== ===========
(continued)
- F-23 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Total
---------------------------------------------
Year ended Year ended Year ended
March 31, 1996March 31, 1995March 31, 1994
------------------------------------------
Supplemental schedule of noncash
investing and financing activities
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ 1,426,703 $1,234,289 $29,316,644
========== ========= ==========
The partnership has adjusted its
investment and decreased its
capital contribution obligation in
operating limited partnerships for
low income tax credits not
generated $ 381,901 $ 41,637 $ 652,332
========== ========= ==========
The partnership has recorded capital
contributions (syndication proceeds)
being held and subsequently
released by the escrow agent $ 2,274,224 $ - $ -
========== ========= ==========
The partnership has decreased its
investment in operating limited
partnerships for syndication costs
from operating limited
partnerships $ - $ 56,651 $ -
========== ========= ==========
The partnership has adjusted its
investment and increased its capital
contribution obligation in operating
limited partnerships for low income
tax credits generated $ 117,717 $ - $ -
========== ========= ==========
The partnership has decreased its invest-
ments in operating limited partnerships
for unpaid capital contributions due to
the operating limited partnership dis-
posed of during the year $ 2,424,400 $ - $ -
========== ========= ==========
(continued)
- F-24 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 15
---------------------------------------------
Year ended Year ended Year ended
March 31, 1996March 31, 1995March 31, 1994
------------------------------------------
Cash flows from operating activities
Net income (loss) $ (3,638,790) $(3,512,414) $(3,210,118)
Adjustments to reconcile net income
(loss) to net cash provided by (used in)
operating activities
Share of losses from operating
limited partnerships 3,201,668 2,948,034 2,724,135
Distributions received from operating
limited partnerships 6,337 9 2,068
Amortization 36,843 26,231 45,457
Organization costs - (4,604) 52,156
Changes in assets and liabilities
Prepaid expenses - - 38,750
Other assets (711) (297,230) 365,451
Accounts payable and accrued expenses67,501 (95,125) 96,270
Accounts payable - affiliates 488,042 530,584 226,748
---------- ---------- ----------
Net cash provided by (used in)
operating activities 160,890 (404,515) 340,917
---------- ---------- ----------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships - (96,521) (51,753)
Capital contributions paid to operating
limited partnerships (1,269,931) (2,008,610) (8,556,711)
Deposits for purchases of operating
limited partnerships - - -
(Advances)/repayments (to)/from
operating limited partnerships 262,350 295,510 4,781,399
Purchase of investments (net of proceeds
from sale of investments) 33,243 1,338,195 2,842,142
---------- ---------- ----------
Net cash used in investing
activities (974,338) (471,426) (984,923)
---------- ---------- ----------
Cash flows from financing activities
Capital contributions received - - -
Selling commissions and registration
costs (paid) reimbursed - (956) 108,807
---------- ---------- ----------
Net cash provided by (used in)
financing activities - (956) 108,807
---------- ---------- ----------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (813,448) (876,897) (535,199)
Cash and cash equivalents, beginning 976,876 1,853,773 2,388,972
---------- ---------- ----------
Cash and cash equivalents, ending $ 163,428 $ 976,876 $ 1,853,773
========== ========== ==========
(continued)
- F-25 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 15
---------------------------------------------
Year ended Year ended Year ended
March 31, 1996March 31, 1995March 31, 1994
------------------------------------------
Supplemental schedule of noncash
investing and financing activities
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ - $1,234,289 $ 342,170
========== ========= =========
The partnership has adjusted its
investment and decreased its
capital contribution obligation in
operating limited partnerships for
low income tax credits not
generated $ 11,832 $ 41,637 $ 225,280
========== ========= =========
The partnership has recorded capital
contributions (syndication proceeds)
being held and subsequently
released by the escrow agent $ - $ - $ -
========== ========= =========
The partnership has decreased its
investment in operating limited
partnerships for syndication costs
from operating limited
partnerships $ - $ - $ -
========== ========= =========
The partnership has adjusted its
investment and increased its capital
contribution obligation in operating
limited partnerships for low income
tax credits generated $ - $ - $ -
========== ========= ==========
The partnership has decreased its invest-
ments in operating limited partnerships
for unpaid capital contributions due to
the operating limited partnership dis-
posed of during the year $ - $ - $ -
========== ========= ==========
(continued)
- F-26 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 16
---------------------------------------------
Year ended Year ended Year ended
March 31, 1996March 31, 1995March 31, 1994
------------------------------------------
Cash flows from operating activities
Net income (loss) $(4,509,607) $(3,306,762) $(1,143,449)
Adjustments to reconcile net income
(loss) to net cash provided by (used in)
operating activities
Share of losses from operating
limited partnerships 3,778,516 2,784,673 1,036,291
Distributions received from operating
limited partnerships 7,361 1,046 -
Amortization 61,532 44,630 49,388
Organization costs - - 5,978
Changes in assets and liabilities
Prepaid expenses - - 85,859
Other assets 18,315 60,304 37,679
Accounts payable and accrued expenses(1,043) 43 1,100
Accounts payable - affiliates 571,980 600,730 45,504
---------- ---------- ----------
Net cash provided by (used in)
operating activities (72,946) 184,664 118,350
---------- ---------- ----------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships - (369,682) (587,207)
Capital contributions paid to operating
limited partnerships (2,444,175) (8,563,244) (20,293,773)
Deposits for purchases of operating
limited partnerships - 949,420 424,725
(Advances)/repayments (to)/from
operating limited partnerships 222,000 409,014 2,776,142
Purchase of investments (net of proceeds
from sale of investments) 967,118 6,242,389 9,321,605
---------- ---------- ----------
Net cash used in investing
activities (1,255,057) (1,332,103) (8,358,508)
---------- ---------- ----------
Cash flows from financing activities
Capital contributions received - - -
Selling commissions and registration
costs (paid) reimbursed - (5,707) (30,259)
---------- ---------- ----------
Net cash provided by (used in)
financing activities - (5,707) (30,259)
---------- ---------- ----------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (1,328,003) (1,153,146) (8,270,417)
Cash and cash equivalents, beginning 2,757,494 3,910,640 12,181,057
---------- ---------- ----------
Cash and cash equivalents, ending $ 1,429,491 $ 2,757,494 $ 3,910,640
========== ========== ==========
(continued)
- F-27 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 16
---------------------------------------------
Year ended Year ended Year ended
March 31, 1996March 31, 1995March 31, 1994
------------------------------------------
Supplemental schedule of noncash
investing and financing activities
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ - $ - $5,367,611
========== ========= =========
The partnership has adjusted its
investment and decreased its
capital contribution obligation in
operating limited partnerships for
low income tax credits not
generated $ 40,727 $ - $ 365,950
========== ========= =========
The partnership has recorded capital
contributions (syndication proceeds)
being held and subsequently
released by the escrow agent $ 86,655 $ - $ -
========== ========= =========
The partnership has decreased its
investment in operating limited
partnerships for syndication costs
from operating limited
partnerships $ - $ - $ -
========== ========= =========
The partnership has adjusted its
investment and increased its capital
contribution obligation in operating
limited partnerships for low income
tax credits generated $ - $ - $ -
========== ========= ==========
The partnership has decreased its invest-
ments in operating limited partnerships
for unpaid capital contributions due to
the operating limited partnership dis-
posed of during the year $ - $ - $ -
========== ========= ==========
(continued)
- F-28 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 17
---------------------------------------------
Year ended Year ended Year ended
March 31, 1996March 31, 1995March 31, 1994
------------------------------------------
Cash flows from operating activities
Net income (loss) $ (3,771,430) $(3,041,575) $ (858,457)
Adjustments to reconcile net income
(loss) to net cash provided by (used in)
operating activities
Share of losses from operating
limited partnerships 3,144,888 2,744,283 1,050,293
Distributions received from operating
limited partnerships 2,436 1,428 -
Amortization 55,408 39,729 36,167
Organization costs - (872) (24,793)
Changes in assets and liabilities
Prepaid expenses - - -
Other assets 47,464 (54,968) (16,281)
Accounts payable and accrued expenses (417) (83) (48,500)
Accounts payable - affiliates 606,821 414,240 (61,369)
---------- ---------- ----------
Net cash provided by (used in)
operating activities 85,170 102,182 77,060
---------- ---------- ----------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships (182,571) (282,180) (4,305,709)
Capital contributions paid to operating
limited partnerships (3,724,505) (10,171,778) (17,582,877)
Deposits for purchases of operating
limited partnerships - - (855,700)
(Advances)/repayments (to)/from
operating limited partnerships 577,530 (1,133,153) (1,068,852)
Purchase of investments (net of proceeds
from sale of investments) 1,838,871 10,845,389 (13,315,626)
---------- ---------- ----------
Net cash used in investing
activities (1,490,675) (741,722) (37,128,764)
---------- ---------- ----------
Cash flows from financing activities
Capital contributions received - - 40,878,702
Selling commissions and registration
costs (paid) reimbursed - (3,894) (5,069,618)
---------- ---------- ----------
Net cash provided by (used in)
financing activities - (3,894) 35,809,084
---------- ---------- ----------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (1,405,505) (643,434) (1,242,620)
Cash and cash equivalents, beginning 1,690,922 2,334,356 3,576,976
---------- ---------- ----------
Cash and cash equivalents, ending $ 285,417 $ 1,690,922 $ 2,334,356
========== ========== ==========
(continued)
- F-29 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 17
---------------------------------------------
Year ended Year ended Year ended
March 31, 1996March 31, 1995March 31, 1994
------------------------------------------
Supplemental schedule of noncash
investing and financing activities
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ 1,338,057 $ - $8,282,776
========== ========= =========
The partnership has adjusted its
investment and decreased its
capital contribution obligation in
operating limited partnerships for
low income tax credits not
generated $ - $ - $ 61,102
========== ========= =========
The partnership has recorded capital
contributions (syndication proceeds)
being held and subsequently
released by the escrow agent $ - $ - $ -
========== ========= =========
The partnership has decreased its
investment in operating limited
partnerships for syndication costs
from operating limited
partnerships $ - $ - $ -
========== ========= =========
The partnership has adjusted its
investment and increased its capital
contribution obligation in operating
limited partnerships for low income
tax credits generated $ 117,717 $ - $ -
========== ========= ==========
The partnership has decreased its invest-
ments in operating limited partnerships
for unpaid capital contributions due to
the operating limited partnership dis-
posed of during the year $ - $ - $ -
========== ========= ==========
(continued)
- F-30 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 18
---------------------------------------------
Period
June 17, 1993
(date of
inception)
Year ended Year ended through
March 31, 1996March 31, 1995March 31, 1994
------------------------------------------
Cash flows from operating activities
Net income (loss) $ (2,824,934) $(1,264,227) $ (21,499)
Adjustments to reconcile net income
(loss) to net cash provided by (used in)
operating activities
Share of losses from operating
limited partnerships 2,451,672 1,201,623 183,664
Distributions received from operating
limited partnerships 2,278 180 -
Amortization 42,298 30,673 8,588
Organization costs (1,462) (148,833)
Changes in assets and liabilities
Prepaid expenses - - -
Other assets (148) 391,635 (58,648)
Accounts payable and accrued expenses (100) (2,474) 4,325
Accounts payable - affiliates 241,696 192,467 -
---------- ---------- ----------
Net cash provided by (used in)
operating activities (87,238) 548,415 (32,403)
---------- ---------- ----------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships - (312,377) (3,735,517)
Capital contributions paid to operating
limited partnerships (5,518,309) (13,335,939) (5,489,939)
Deposits for purchases of operating
limited partnerships - - (1,857,150)
(Advances)/repayments (to)/from
operating limited partnerships 707,822 733,925 (1,515,009)
Purchase of investments (net of proceeds
from sale of investments) 3,613,472 9,572,849 (13,842,592)
---------- ---------- ----------
Net cash used in investing
activities (1,197,015) (3,341,542) (26,440,207)
---------- ---------- ----------
Cash flows from financing activities
Capital contributions received - - 36,162,000
Selling commissions and registration
costs (paid) reimbursed - (19) (5,082,591)
---------- ---------- ----------
Net cash provided by (used in)
financing activities - (19) 31,079,409
---------- ---------- ----------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (1,284,253) (2,793,146) 4,606,799
Cash and cash equivalents, beginning 1,813,653 4,606,799 -
---------- ---------- ----------
Cash and cash equivalents, ending $ 529,400 $ 1,813,653 $ 4,606,799
========== ========== ==========
(continued)
- F-31 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 18
---------------------------------------------
Period
June 17, 1993
(date of
inception)
Year ended Year ended through
March 31, 1996March 31, 1995March 31, 1994
------------------------------------------
Supplemental schedule of noncash
investing and financing activities
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ - $ - $5,208,089
========== ========= =========
The partnership has adjusted its
investment and decreased its
capital contribution obligation in
operating limited partnerships for
low income tax credits not
generated $ 6,349 $ - $ -
========== ========= =========
The partnership has recorded capital
contributions (syndication proceeds)
being held and subsequently
released by the escrow agent $ 1,067,200 $ - $ -
========== ========= =========
The partnership has decreased its
investment in operating limited
partnerships for syndication costs
from operating limited
partnerships $ - $ 56,651 $ -
========== ========= =========
The partnership has adjusted its
investment and increased its capital
contribution obligation in operating
limited partnerships for low income
tax credits generated $ - $ - $ -
========== ========= ==========
The partnership has decreased its invest-
ments in operating limited partnerships
for unpaid capital contributions due to
the operating limited partnership dis-
posed of during the year $ - $ - $ -
========== ========= ==========
(continued)
- F-32 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 19
---------------------------------------------
Period
October 8, 1993
(date of
inception)
Year ended Year ended through
March 31, 1996March 31, 1995March 31, 1994
------------------------------------------
Cash flows from operating activities
Net income (loss) $ (1,969,550) $(1,208,253) $ 29,912
Adjustments to reconcile net income
(loss) to net cash provided by (used in)
operating activities
Share of losses from operating
limited partnerships 1,858,752 1,115,590 3,858
Distributions received from operating
limited partnerships - - -
Amortization 50,726 27,291 5,350
Organization costs - (12,791) (170,467)
Changes in assets and liabilities
Prepaid expenses - - -
Other assets (190,079) (635,836) (12,392)
Accounts payable and accrued expenses 4,501 (2,937) 2,937
Accounts payable - affiliates 283,177 199,620 -
---------- ---------- ----------
Net cash provided by (used in)
operating activities 37,527 (517,316) (140,802)
---------- ---------- ----------
Cash flows from investing activities
Acquisition costs paid for operating
limited partnerships - (345,012) (4,054,402)
Capital contributions paid to operating
limited partnerships (4,681,675) (9,449,679) (6,569,050)
Deposits for purchases of operating
limited partnerships - - (1,288,000)
(Advances)/repayments (to)/from
operating limited partnerships 1,175,450 (881,330) (2,392,990)
Purchase of investments (net of proceeds
from sale of investments) 3,077,671 7,070,629 (13,537,295)
---------- ---------- ----------
Net cash used in investing
activities (428,554) (3,605,392) (27,841,737)
---------- ---------- ----------
Cash flows from financing activities
Capital contributions received - - 40,800,000
Selling commissions and registration
costs (paid) reimbursed - (8,801) (5,743,801)
---------- ---------- ----------
Net cash provided by (used in)
financing activities - (8,801) 35,056,199
---------- ---------- ----------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (391,027) (4,131,509) 7,073,660
Cash and cash equivalents, beginning 2,942,151 7,073,660 -
---------- ---------- ----------
Cash and cash equivalents, ending $ 2,551,124 $ 2,942,151 $ 7,073,660
========== ========== ==========
(continued)
- F-33 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF CASH FLOWS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
Series 19
--------------------------------------------
Period
October 8, 1993
(date of
inception)
Year ended Year ended through
March 31, 1996March 31, 1995March 31, 1994
------------------------------------------
Supplemental schedule of noncash
investing and financing activities
The partnership has increased its
investments in operating limited
partnerships for unpaid capital
contributions due to the operating
limited partnerships $ 88,646 $ - $10,115,998
========== ========= ==========
The partnership has adjusted its
investment and decreased its
capital contribution obligation in
operating limited partnerships for
low income tax credits not
generated $ 322,993 $ - $ -
========== ========= ==========
The partnership has recorded capital
contributions (syndication proceeds)
being held and subsequently
released by the escrow agent $ 1,120,369 $ - $ -
========== ========= ==========
The partnership has decreased its
investment in operating limited
partnerships for syndication costs
from operating limited
partnerships $ - $ - $ -
========== ========= =========
The partnership has adjusted its
investment and increased its capital
contribution obligation in operating
limited partnerships for low income
tax credits generated $ - $ - $ -
========== ========= ==========
The partnership has decreased its invest-
ments in operating limited partnerships
for unpaid capital contributions due to
the operating limited partnership dis-
posed of during the year $ 2,424,400 $ - $ -
========== ========= ==========
See notes to financial statements
- F-34 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS
Years or periods ended March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Boston Capital Tax Credit Fund III L.P. (the "fund") was formed under the
laws of the State of Delaware on September 19, 1991, for the purpose of
acquiring, holding, and disposing of limited partnership interests in
operating limited partnerships which will acquire, develop, rehabilitate,
operate and own newly constructed, existing or rehabilitated apartment com-
plexes, which qualify for the Low-Income Housing Tax Credit established by
the Tax Reform Act of 1986. Certain of the apartment complexes may also
qualify for the Historic Rehabilitation Tax Credit for their rehabilitation
of a certified historic structure; accordingly, the apartment complexes are
restricted as to rent charges and operating methods and are subject to the
provisions of Section 42(g)(2) of the Internal Revenue Code relating to the
Rehabilitation Investment Credit. The general partner of the fund is Boston
Capital Associates III L.P. and the limited partner is BCTC III Assignor
Corp. (the assignor limited partner).
Pursuant to the Securities Act of 1933, the fund filed a Form S-11
Registration Statement with the Securities and Exchange Commission,
effective January 24, 1992, which covered the offering (the "Public
Offering") of the fund's beneficial assignee certificates ("BACs")
representing assignments of units of the beneficial interest of the limited
partnership interest of the assignor limited partner. The fund originally
registered 20,000,000 BACs at $10 per BAC for sale to the public in one or
more series. An additional 2,000,000 BACS at $10 per BAC were registered
for sale to the public in one or more series on September 4, 1994. BACs
sold in bulk were offered to investors at a reduced cost per BAC.
The BACs issued and outstanding in each series at March 31, 1996 and 1995
are as follows:
1996 and 1995
------------
Series 15 3,870,500
Series 16 5,429,402
Series 17 5,000,000
Series 18 3,616,200
Series 19 4,080,000
----------
21,996,102
==========
In accordance with the limited partnership agreements, 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.
Investments in Operating Limited Partnerships
---------------------------------------------
The fund accounts for its investments in operating limited partnerships
using the equity method, whereby the fund adjusts its investment cost for
its share of each operating limited partnership's results of operations
- F-35 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Investments in Operating Limited Partnerships (Continued)
---------------------------------------------
and for any distributions received or accrued. However, the partnership
recognizes individual operating partnership's losses only to the extent of
capital contributions and acquisition expenses. Unrecognized losses are
suspended and offset against future individual operating partnership's
income. During the years ended March 31, 1996, 1995 and 1994, the fund
acquired interests in operating limited partnerships as follows:
1996 1995 1994
---- ---- ----
Series 15 - 9 2
Series 16 1 7 26
Series 17 1 13 33
Series 18 - 17 17
Series 19 1 11 14
- -- --
3 57 92
= == ==
Organization Costs
------------------
Initial organization and offering expenses, common to all series, are
allocated on a percentage of equity raised to each series.
Organization costs are being amortized on the straight-line method over
sixty months. Accumulated amortization as of March 31, 1996 and 1995 is as
follows:
1996 1995
---- ----
Series 15 $140,845 $114,614
Series 16 138,648 94,018
Series 17 115,625 75,896
Series 18 70,016 39,261
Series 19 70,254 32,641
------- -------
$535,388 $356,430
======= =======
Deferred Acquisition Costs
--------------------------
Acquisition costs were deferred until March 31, 1995. As of April 1, 1995,
the partnership reallocated certain acquisition costs, common to all
Series, based on a percentage of equity raised to each Series. Acquisition
costs are being amortized on the straight-line method starting April 1,
1995, over 27.5 years (330 months).
- F-36 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Accumulated amortization as of March 31, 1996 is as follows:
1996
--------
Series 15 $10,612
Series 16 16,902
Series 17 15,679
Series 18 11,543
Series 19 13,113
------
$67,849
======
Selling Commissions and Registration Costs
------------------------------------------
Selling commissions paid in connection with the public offering are charged
against the assignees' capital upon admission of investors as assignees.
Registration costs associated with the public offering are charged against
assignees' capital as incurred.
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.
Cash Equivalents
----------------
Cash equivalents include repurchase agreements tax exempt sweep accounts
having original maturities at date of acquisition of three months or less.
The carrying value approximates fair value because of the short maturity of
these instruments.
Fiscal Year
-----------
For financial reporting purposes, the fund uses a March 31 year end,
whereas for income tax reporting purposes, the fund uses a calendar year.
The operating limited partnerships use a calendar year for both financial
and income tax reporting.
- F-37 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Net income (loss) per Beneficial Assignee Certificate
- -----------------------------------------------------
Net income (loss) per beneficial assignee partnership unit is calculated
based upon the weighted average number of units outstanding during the year
or period. The weighted average in each series at March 31, 1996, 1995 and
1994 are as follows:
1996 and 1995 1994
------------- ----
Series 15 3,870,500 3,870,500
Series 16 5,429,402 5,429,402
Series 17 5,000,000 4,509,296
Series 18 3,616,200 1,266,940
Series 19 4,080,000 1,586,257
---------- ----------
21,996,102 16,662,395
========== ==========
Investments
-----------
Investments held to maturity are being carried at amortized cost and
investments available-for-sale are being carried at fair market value.
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 revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
Recent Accounting Statements Not Yet Adopted
--------------------------------------------
In March 1995, the FASB issued SFAS No. 121, "Accounting for the Impairment
of Long-Lived Assets and for Long-Lived Assets to be Disposed Of." SFAS
No. 121 is effective for financial statements issued for fiscal years
beginning after December 15, 1995, with earlier application permitted.
SFAS No. 121 addresses the accounting for long-lived assets and certain
identifiable intangibles to be held and used by an entity to be reviewed
for impairment whenever events or changes in circumstances indicate that
the carrying amount of an asset may not be recoverable. The Fund will
adopt SFAS No. 121 on April 1, 1996, as required. Adopting SFAS No. 121 is
not expected to have a significant effect on the Fund's financial
statements.
- F-38 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE B - INVESTMENTS AVAILABLE FOR SALE
At March 31, 1996, the amortized cost and fair market value of investments
are as follows:
Gross Gross Fair
Amortized unrealized unrealized market
costs gains losses value
----- ----- ------ -----
Tax exempt municipal
bonds $5,129,837 $14,224 $(2,294) $5,141,767
========= ====== ====== =========
The amortized cost and approximate market value of investments by maturity
at March 31, 1996 is shown below.
Approximate
Amortized market
costs value
----- -----
Due in one year or less $4,356,502 $4,367,751
Due after one year through five years 773,335 774,016
--------- ---------
$5,129,837 $5,141,767
========= =========
Proceeds from sales and maturities of investments during the year ended
March 31, 1996 was $6,065,995 resulting in a realized loss of $11,026
included in interest income.
In selecting investments to purchase and sell the general partner and its
advisors stringently monitor the ratings of the investments and safety of
principal. The tax-exempt coupon rates for the investments held during the
year ended March 31, 1996 ranged from 4% to 9%.
At March 31, 1995, the amortized cost and fair market value of investments
are as follows:
Gross Gross Fair
Amortized unrealized unrealized market
costs gains losses value
----- ----- ------ -----
Tax exempt municipal
bonds $14,177,653 $21,539 $(124,230) $14,074,962
Other 711,801 - - 711,801
---------- ------ -------- ----------
$14,889,454 $21,539 $(124,230) $14,786,763
========== ====== ======== ==========
The amortized cost and approximate market value of investments by maturity
at March 31, 1995 is shown below. Approximate
Amortized market
costs value
----- -----
Due in one year or less $9,770,601 $9,688,806
Due after one year through five years 3,420,408 3,434,892
Due after five years through ten years 1,543,445 1,512,715
Due after ten years 155,000 150,350
---------- ----------
$14,889,454 $14,786,763
========== ==========
- F-39 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE B - INVESTMENTS AVAILABLE FOR SALE (Continued)
Proceeds from sales and maturities of investments during the year ended
March 31, 1995 were $12,410,910 resulting in a realized loss of $103,573
included in interest income.
In selecting investments to purchase and sell the general partner and its
advisors stringently monitor the ratings of the investments and safety of
principal. The tax-exempt coupon rates for the investments held during the
year ended March 31, 1995 ranged from 4% to 9%.
NOTE C - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1996, 1995 and 1994, the fund entered into
several transactions with various affiliates of the general partner,
including Boston Capital Partners, Inc., Boston Capital Services, Inc., and
Boston Capital Communications Limited Partnership as follows:
Boston Capital Communications Limited Partnership is entitled to an annual
fund management fee based on .5 percent of the aggregate cost of all
apartment complexes acquired by the operating limited partnerships, less
the amount of certain partnership management and reporting fees paid or
payable by the operating limited partnerships. The aggregate cost is
comprised of the capital contributions made by each series to the operating
limited partnership and 99% of the permanent financing at the operating
limited partnership level. The annual fund fee charged to operations, net
of reporting fees, during the years ended March 31, 1996, 1995 and 1994 by
series, is as follows:
1996 1995 1994
---- ---- ----
Series 15 $ 499,184 $ 470,726 $ 447,458
Series 16 646,906 658,346 493,242
Series 17 506,412 509,015 266,313
Series 18 363,632 371,536 50,831
Series 19 383,177 403,871 70,923
--------- --------- ---------
$2,399,311 $2,413,494 $1,328,767
========= ========= =========
Boston Capital Services, Inc. received dealer-manager fees for the
marketing advice and investment banking services performed at the time of
the fund's offering of BACs. The dealer-manager fees during the year ended
March 31, 1994 for Boston Capital Services, Inc., included in partners'
capital as selling commissions and registration costs, received by series
is as follows:
1994
----
Series 15 $ -
Series 16 -
Series 17 606,655
Series 18 637,865
Series 19 747,010
---------
$1,991,530
=========
- F-40 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE C - RELATED PARTY TRANSACTIONS (Continued)
Boston Capital Partners, Inc. is entitled to asset acquisition fees for
selecting, evaluating, structuring, negotiating, and closing the fund's
acquisition of interests in the operating limited partnerships, and is
included in the investment in operating limited partnerships. The
acquisition fees incurred to Boston Capital Partners, Inc. during the year
ended March 31, 1994 by series is as follows:
1994
----
Series 15 $ -
Series 16 -
Series 17 2,876,740
Series 18 3,073,770
Series 19 3,468,000
---------
$9,418,510
=========
General and administrative expenses incurred by Boston Capital Partners,
Inc. and Boston Capital Communications Limited Partnership during the years
ended March 31, 1996, 1995 and 1994 charged to each series' operations are
as follows:
1996 1995 1994
---- ---- ----
Series 15 $ 26,729 $ 20,294 $ 26,839
Series 16 30,324 25,281 33,222
Series 17 29,426 23,579 30,274
Series 18 23,400 20,590 14,409
Series 19 30,652 22,659 9,457
------- ------- -------
$140,531 $112,403 $114,201
======= ======= =======
Accounts payable - affiliates at March 31, 1996 and 1995 represents general
and administrative expenses, fund management fees, and commissions which
are payable to Boston Capital Partners, Inc., Boston Capital Services,
Inc., and Boston Capital Communications Limited Partnership. The carrying
value of the accounts payable - affiliates approximates fair value.
- F-41 -
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1996, 1995 and 1994 the fund has limited partnership interests
in operating limited partnerships which own or are constructing operating
apartment complexes. During February, 1996, the partnership disposed of
its limited partnership interest in one of the operating limited
partnerships owned in Series 19. The number of operating limited
partnerships in which the fund has limited partnership interests at March
31, 1996, 1995 and 1994 by series are as follows:
1996 1995 1994
---- ---- ----
Series 15 68 68 59
Series 16 65 64 57
Series 17 49 48 35
Series 18 34 34 17
Series 19 25 25 14
--- --- ---
241 239 182
=== === ===
Under the terms of the fund's investment in each operating limited
partnership, the fund 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 and/or operations.
The contributions payable to operating limited partnerships at March 31,
1996 and 1995 by series are as follows:
1996 1995
---- ----
Series 15 $ 202,750 $ 1,480,039
Series 16 900,481 3,573,072
Series 17 2,312,721 4,581,453
Series 18 861,315 7,453,173
Series 19 5,262,617 13,723,409
---------- ----------
$9,539,884 $30,811,146
========== ==========
- F-42 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1996 is
summarized as follows:
Total Series 15 Series 16
--------- --------- ---------
Capital contributions paid and to be paid
to operating limited partnerships,
net of tax credit adjusters $159,865,851 $ 28,921,383 $40,237,199
Acquisition costs of operating limited
partnerships 19,010,382 2,988,415 4,445,291
Syndication costs from operating
limited partnerships (56,632) - -
Cumulative cash flows from operating
limited partnerships (23,143) (8,414) (8,407)
Cumulative losses from operating
limited partnerships (31,537,445) (10,183,314)(7,599,508)
----------- ----------- -----------
Investment per balance sheet 147,259,013 21,718,070 37,074,575
The fund has recorded capital contribu
tions to the operating limited partner
ships during the year ended March 31,
1996 which have not been included in
the partnership's capital account
included in the operating limited
partnerships' financial statements as
of December 31, 1995 (11,853,350) (1,259,391) (656,367)
The fund has recorded a disposition of
an operating limited partnership which
was included in the operating limited
partnerships financial statements as
of December 31, 1995 1,884,641 - -
The fund has recorded acquisition costs
at March 31, 1996 which have not been
recorded in the net assets of the
operating limited partnerships. (3,638,699) (399,087) (794,528)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1996 which the
operating limited partnerships have not
included in their capital as of
December 31, 1995 2,866,341 472,214 631,571
- F-43 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Total Series 15 Series 16
--------- --------- ---------
Equity in loss of operating limited
partnerships not recognizable under
the equity method of accounting (1,329) (1,329) -
The fund has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships 983,223 320,665 196,992
Other (43,923) 30,765 (128,241)
--------- --------- ----------
Equity per operating limited
partnerships' combined
financial statements $137,455,917 $20,881,907 $36,324,002
=========== ========== ==========
- F-44 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1996 is
summarized as follows:
Series 17 Series 18 Series 19
--------- --------- ---------
Capital contributions paid and to be
paid to operating limited partnerships,
net of tax credit adjusters $36,697,182 $26,411,471 $27,598,616
Acquisition costs of operating limited
partnerships 4,564,867 3,587,532 3,424,277
Syndication costs from operating
limited partnerships - (56,632) -
Cumulative cash flows from operating
limited partnerships (3,864) (2,458) -
Cumulative losses from operating
limited partnerships (6,939,464) (3,836,959) (2,978,200)
---------- ---------- ----------
Investment per balance sheet $34,318,721 $26,102,954 $28,044,693
The fund has recorded capital contribu-
tions to the operating limited partner
ships during the year ended March 31,
1996 which have not been included in
the partnership's capital account
included in the operating limited
partnerships' financial statements as
of December 31, 1995 (3,020,091) (1,280,489) (5,637,012)
The fund has recorded a disposition of
an operating limited partnership which
was included in the operating limited
partnerships financial statements as
of December 31, 1995 - - 1,884,641
The fund has recorded acquisition costs
at March 31, 1996 which have not been
recorded in the net assets of the
operating limited partnerships.
(1,566,291) (399,578) (479,215)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1996 which the
operating limited partnerships have not
included in their capital as of
December 31, 1995 752,440 617,653 392,463
Equity in loss of operating limited
partnerships not recognizable under
the equity method of accounting - - -
- F-45 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Series 17 Series 18 Series 19
--------- --------- ---------
The fund has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships
177,979 78,887 208,700
Other (116,649) 67,402 102,800
---------- ---------- ----------
Equity per operating limited part-
nerships' combined financial statements $30,546,109 $25,186,829 $24,517,070
========== ========== ==========
- F-46 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1995
is summarized as follows:
Total Series 15 Series 16
--------- --------- ---------
Capital contributions paid and to be
paid to operating limited partnerships,
net of tax credit adjusters $161,015,390 $28,929,799 $40,112,066
Acquisition costs of operating limited
partnerships 19,186,627 2,988,415 4,445,291
Syndication costs from operating
limited partnerships (56,632) - -
Cumulative cash flows from operating
limited partnerships (4,731) (2,077) (1,046)
Cumulative losses from operating
limited partnerships (17,101,949) (6,981,646) (3,820,992)
----------- ---------- ----------
Investment per balance sheet 163,038,705 24,934,491 40,735,319
The fund has recorded capital contribu
tions to the operating limited partner
ships during the year ended March 31,
1995 which have not been included in
the partnership's capital account
included in the operating limited
partnerships' financial statements as
of December 31, 1994 (37,789,231) (2,857,391)(5,240,945)
The fund has recorded acquisition costs
at March 31, 1995 which have not been
recorded in the net assets of the
operating limited partnerships. (3,378,947) (399,087) (838,498)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1995 which
the operating limited partnerships
have not included in their capital
as of December 31, 1994 2,866,341 472,214 631,571
The fund has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships 1,269,607 350,370 224,890
Other (113,619) 25,739 (87,908)
---------- ---------- ----------
Equity per operating limited part-
nerships' combined financial
statements $125,892,856 $22,526,336 $35,424,429
=========== ========== ==========
- F-47 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31, 1995
is summarized as follows:
Series 17 Series 18 Series 19
--------- --------- ---------
Capital contributions paid and to be
paid to operating limited partnerships,
net of tax credit adjusters $35,247,916 $26,488,045 $30,237,564
Acquisition costs of operating limited
partnerships 4,382,296 3,587,532 3,783,093
Syndication costs from operating
limited partnerships - (56,632) -
Cumulative cash flows from operating
limited partnerships (1,428) (180) -
Cumulative losses from operating
limited partnerships (3,794,576) (1,385,287) (1,119,448)
---------- ---------- ----------
Investment per balance sheet 35,834,208 28,633,478 32,901,209
The fund has recorded capital contribu-
tions to the operating limited partner-
ships during the year ended March 31,
1995 which have not been included in
the partnership's capital account
included in the operating limited
partnerships' financial statements as
of December 31, 1994 (7,504,004) (8,492,462)(13,694,429)
The fund has recorded acquisition costs
at March 31, 1995 which have not been
recorded in the net assets of the
operating limited partnerships. (1,393,014) (387,564) (360,784)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 1995 which the
operating limited partnerships have not
included in their capital as of
December 31, 1994 752,440 617,653 392,463
The fund has recorded low income
housing tax credit adjusters not
recorded by operating limited
partnerships 559,921 88,614 45,812
Other (34,969) 358 (16,839)
--------- ---------- ----------
Equity per operating limited part-
nerships' combined financial statements $28,214,582 $20,460,077 $19,267,432
========== ========== ==========
- F-48 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships as of December 31, 1995 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
Total Series 15 Series 16
--------- --------- ---------
ASSETS
Buildings and improvements, net
of accumulated depreciation $539,103,162 $113,668,476 $126,199,103
Construction in progress 193,990 - -
Land 27,734,587 6,243,813 5,144,862
Other assets 28,033,356 5,795,086 6,985,673
----------- ----------- -----------
$595,065,095 $125,707,375 $138,329,638
=========== =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Mortgage and construction
loans payable $362,444,150 $ 86,436,656 $ 86,209,846
Accounts payable and accrued
expenses 9,470,881 1,929,259 2,818,227
Other liabilities 34,833,775 2,786,315 7,750,687
---------- ----------- -----------
406,748,806 91,152,230 96,778,760
----------- ----------- -----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund III L.P. 137,455,917 20,881,907 36,324,002
Other partners 50,860,372 13,673,238 5,226,876
---------- ------------ ----------
188,316,289 34,555,145 41,550,878
----------- ------------ ----------
$595,065,095 $125,707,375 $138,329,638
=========== =========== ===========
- F-49 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships as of December 31, 1995 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
Series 17 Series 18 Series 19
--------- --------- ---------
ASSETS
Buildings and improvements, net
of accumulated depreciation $133,490,551 $74,873,256 $ 90,871,776
Construction in progress - - 193,990
Land 7,474,365 3,357,967 5,513,580
Other assets 6,904,773 4,186,182 4,161,642
----------- ---------- -----------
$147,869,689 $82,417,405 $100,740,988
=========== ========== ===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Mortgage and construction
loans payable $ 86,012,478 $47,975,446 $ 55,809,724
Accounts payable and accrued
expenses 1,989,866 1,068,333 1,665,196
Other liabilities 10,409,918 3,994,355 9,892,500
----------- ---------- ----------
98,412,262 53,038,134 67,367,420
----------- ---------- ----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund III L.P. 30,546,109 25,186,829 24,517,070
Other partners 18,911,318 4,192,442 8,856,498
----------- ---------- -----------
49,457,427 29,379,271 33,373,568
----------- ---------- -----------
$147,869,689 $82,417,405 $100,740,988
=========== ========== ===========
- F-50 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships as of December 31, 1994 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
Total Series 15 Series 16
--------- --------- ---------
ASSETS
Buildings and improvements, net
of accumulated depreciation $457,749,609 $110,717,252 $126,863,859
Construction in progress 48,209,210 3,203,496 -
Land 26,993,610 6,163,973 5,140,689
Other assets 25,719,231 5,654,575 6,605,279
----------- ----------- -----------
$558,671,660 $125,739,296 $138,609,827
=========== =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Mortgage and construction
loans payable $331,606,237 $ 82,829,772 $ 84,564,854
Accounts payable and accrued
expenses 10,302,194 1,092,277 2,022,579
Other liabilities 44,216,934 4,045,404 12,598,846
----------- ----------- -----------
386,125,365 87,967,453 99,186,279
----------- ----------- -----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund III L.P. 125,892,856 22,526,336 35,424,429
Other partners 46,653,439 15,245,507 3,999,119
----------- ----------- -----------
172,546,295 37,771,843 39,423,548
----------- ----------- -----------
$558,671,660 $125,739,296 $138,609,827
=========== =========== ===========
- F-51 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships as of December 31, 1994 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
Series 17 Series 18 Series 19
--------- --------- ---------
ASSETS
Buildings and improvements, net
of accumulated depreciation $117,365,307 $61,429,682 $41,373,509
Construction in progress 7,114,467 9,667,792 28,223,455
Land 7,210,866 3,354,148 5,123,934
Other assets 6,485,629 4,443,526 2,530,222
----------- ---------- ----------
$138,176,269 $78,895,148 $77,251,120
=========== ========== ==========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Mortgage and construction
loans payable $ 79,210,868 $41,517,247 $43,483,496
Accounts payable and accrued
expenses 2,910,630 598,956 3,677,752
Other liabilities 10,176,089 12,661,913 4,734,682
----------- ---------- -----------
92,297,587 54,778,116 51,895,930
----------- ---------- -----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund III L.P. 28,214,582 20,460,077 19,267,432
Other partners 17,664,100 3,656,955 6,087,758
----------- ---------- -----------
45,878,682 24,117,032 25,355,190
----------- ---------- -----------
$138,176,269 $78,895,148 $77,251,120
=========== ========== ==========
- F-52 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized operating limited partnerships for the year ended
December 31, 1995 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
Total Series 15 Series 16
--------- --------- ---------
Income
Rental $48,007,916 $11,787,514 $11,522,708
Interest and other 2,994,488 424,833 1,198,885
---------- ---------- ----------
51,002,404 12,212,347 12,721,593
---------- ---------- ----------
Expenses
Interest 20,933,757 5,020,371 4,852,495
Depreciation and amortization 20,645,596 5,007,542 5,024,457
Taxes and insurance 5,966,207 1,506,536 1,624,158
Repairs and maintenance 5,958,052 1,383,389 1,535,410
Operating expenses 12,301,918 2,358,298 1,493,038
Other expenses 4,228,266 1,560,681 2,111,125
---------- ---------- ----------
70,033,796 16,836,817 16,640,683
---------- ---------- ----------
NET LOSS $(19,031,392) $(4,624,470) $(3,919,090)
========== ========== ==========
Net loss allocated to Boston
Capital Tax Credit Fund III L.P.* $(15,325,298) $(3,202,997) $(3,778,516)
========== ========== ==========
Net loss allocated to other partners $(3,706,094) $(1,421,473) $(140,574)
========== ========== ========
* Amounts include $1,329 for series 15 of loss not recognized under the
equity method of accounting as described in Note A.
- F-53 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized operating limited partnerships for the year ended
December 31, 1995 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Series 17 Series 18 Series 19
--------- --------- ---------
Income
Rental $12,671,492 $ 5,411,512 $ 6,614,690
Interest and other 773,346 336,942 260,482
---------- ---------- ----------
13,444,838 5,748,454 6,875,172
---------- ---------- ----------
Expenses
Interest 5,497,670 2,297,759 3,265,462
Depreciation and amortization 5,064,624 2,889,611 2,659,362
Taxes and insurance 1,406,849 645,800 782,864
Repairs and maintenance 1,560,858 788,461 689,934
Operating expenses 4,148,029 1,801,704 2,500,849
Other expenses 261,102 213,680 81,678
---------- ---------- ----------
17,939,132 8,637,015 9,980,149
---------- ---------- ----------
NET LOSS $(4,494,294) $(2,888,561) $(3,104,977)
========== ========== ==========
Net loss allocated to Boston
Capital Tax Credit Fund III L.P.* $(3,144,888) $(2,451,672) $(2,747,225)
========== ========== ==========
Net loss allocated to other partners $(1,349,406) $ (436,889) $ (357,752)
========== ========== ==========
* Amounts include $1,329 for Series 15 of loss not recognized under the equity
method of accounting as described in Note A.
- F-54 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized operating limited partnerships for the year ended
December 31, 1994 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
Total Series 15 Series 16
--------- --------- ---------
Income
Rental $ 30,951,071 $11,974,323 $ 8,308,518
Interest and other 1,930,413 287,264 995,495
----------- ---------- ----------
32,881,484 12,261,587 9,304,013
----------- ---------- ----------
Expenses
Interest 15,064,290 6,012,957 3,779,853
Depreciation and amortization 13,356,704 4,843,518 3,700,167
Taxes and insurance 3,293,612 1,273,505 975,575
Repairs and maintenance 3,251,670 1,152,959 863,610
Operating expenses 9,336,088 3,168,680 2,375,337
Other expenses 455,380 80,575 179,888
----------- ---------- ----------
44,757,744 16,532,194 11,874,430
----------- ---------- ----------
NET LOSS $(11,876,260) $(4,270,607) $(2,570,417)
=========== ========== ==========
Net loss allocated to Boston
Capital Tax Credit Fund III L.P. $(9,146,655) $(2,948,034) $(2,497,346)
========== ========== ==========
Net loss allocated to other partners $(2,729,605) $(1,322,573) $ (73,071)
========== ========== ==========
- F-55 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized operating limited partnerships for the year ended
1994 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
Series 17 Series 18 Series 19
--------- --------- ---------
Income
Rental $ 7,869,171 $1,983,004 $ 816,055
Interest and other 359,633 171,283 116,738
---------- --------- ---------
8,228,804 2,154,287 932,793
---------- --------- ---------
Expenses
Interest 3,808,514 852,584 610,382
Depreciation and amortization 3,499,006 882,359 431,654
Taxes and insurance 757,837 177,626 109,069
Repairs and maintenance 903,246 257,611 74,244
Operating expenses 2,621,580 717,849 452,642
Other expenses 137,107 42,260 15,550
---------- --------- ---------
11,727,290 2,930,289 1,693,541
---------- --------- ---------
NET LOSS $(3,498,486) $ (776,002) $ (760,748)
========== ========= =========
Net loss allocated to Boston
Capital Tax Credit Fund III L.P. $(2,259,051) $ (719,097) $ (723,127)
========== ========= =========
Net loss allocated to other partners$(1,239,435) $ (56,905) $ (37,621)
========== ========= =========
- F-56 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE E - NOTES RECEIVABLE
Notes receivable at March 31, 1996 and 1995 consist of advance installments
of capital contributions to operating limited partnerships. The notes at
March 31, 1996 and 1995 are comprised of noninterest bearing and interest
bearing notes with rates ranging from 3.66% to prime plus 1% to 3%. Prime
was 8.25% and 9% as of March 31, 1996 and 1995, respectively. The notes
receivable will be converted to capital and are deemed to be short term
in nature. Therefore, the carrying value of the notes receivable is deemed
to approximate fair value. The notes at March 31, 1996 and 1995 by series
are as follows:
1996 1995
----------- ----------
Series 15 $ 185,000 $ 218,750
Series 16 483,464 705,464
Series 17 1,658,475 2,317,005
Series 18 536,351 781,084
Series 19 2,098,870 3,274,320
--------- ---------
$4,962,160 $7,296,623
========= =========
NOTE F - OTHER ASSETS
Other assets include cash held by an escrow agent at March 31, 1996 and
1995. The cash held for the series at March 31, 1996 and 1995 represents
capital contributions to be released to the operating limited partnerships
when certain criteria are met. The escrows held at March 31, 1996 and 1995
by series are as follows:
1996 1995
---- ----
Series 15 $ 242,579 $ 304,712
Series 16 - 86,655
Series 17 38,229 523,627
Series 18 - 1,067,200
Series 19 - 1,120,369
--------- ---------
$ 280,808 $3,102,563
========= =========
- F-57 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
For income tax purposes, the fund reports using a December 31 year end.
The fund's net loss for financial reporting and tax return purposes for the
year ended March 31, 1996 are reconciled as follows:
Total Series 15 Series 16
--------- --------- ---------
Net loss for
financial reporting purposes $(16,714,311) $(3,638,790) $(4,509,607)
Operating limited partnership
rents received in advance (3,339) (3,001) (6,561)
Fund management fees not
deducted for tax purposes 2,583,102 491,926 697,451
Other 814,029 258,965 141,622
Operating limited partnership losses
not recognized for financial
reporting purposes under equity method
of accounting (1,329) (1,329) -
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (1,969,304) (290,445) (373,507)
Difference due to fiscal
year for book purposes
and calendar year for
tax purposes 241,178 30,558 880,443
----------- ---------- ----------
Loss for tax return
purposes, December 31, 1995 $(15,049,974) $(3,152,116) $(3,170,159)
=========== ========== ==========
- F-58 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
For income tax purposes, the fund reports using a December 31 year end.
The fund's net loss for financial reporting and tax return purposes for the
year ended March 31, 1996 are reconciled as follows:
Series 17 Series 18 Series 19
--------- --------- ---------
Net loss for
financial reporting purposes $(3,771,430) $(2,824,934) $(1,969,550)
Operating limited partnership
rents received in advance (739) 5,087 1,875
Fund management fees not
deducted for tax purposes 554,890 399,698 439,137
Other 394,590 228,046 (209,194)
Operating limited partnership losses
not recognized for financial
reporting purposes under equity method
of accounting - - -
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (628,554) (288,111) (388,687)
Difference due to fiscal
year for book purposes
and calendar year for
tax purposes 133,714 87,287 (890,824)
---------- ---------- ----------
Loss for tax return
purposes, December 31, 1995 $(3,317,529) $(2,392,927) $(3,017,243)
========== ========== ==========
- F-59 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
For income tax purposes, the fund reports using a December 31 year end.
The fund's net loss for financial reporting and tax return purposes for the
year ended March 31, 1995 are reconciled as follows:
Total Series 15 Series 16
--------- --------- ---------
Net loss for
financial reporting purposes $(12,333,231) $(3,512,414) $(3,306,762)
Operating limited partnership
rents received in advance 1,621 - -
Fund management fees not
deducted for tax purposes 1,280,172 466,112 431,356
Other 739,074 315,341 (143,523)
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (1,045,521) (261,228) (352,964)
Difference due to fiscal
year for book purposes
and calendar year for
tax purposes 1,867,736 63,560 280,080
----------- ---------- ----------
Loss for tax return
purposes, December 31, 1994 $ (9,490,149) $(2,928,629) $(3,091,813)
=========== ========== ==========
- F-60 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
For income tax purposes, the fund reports using a December 31 year end.
The fund's net loss for financial reporting and tax return purposes for the
year ended March 31, 1995 are reconciled as follows:
Series 17 Series 18 Series 19
--------- --------- ---------
Net loss for
financial reporting purposes $(3,041,575) $(1,264,227) $(1,208,253)
Operating limited partnership
rents received in advance - 1,621 -
Fund management fees not
deducted for tax purposes 237,504 73,358 71,842
Other 293,359 (76,893) 350,790
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (241,803) (113,528) (75,998)
Difference due to fiscal
year for book purposes
and calendar year for
tax purposes 556,017 575,411 392,668
---------- ---------- ----------
Loss for tax return
purposes, December 31, 1994 $(2,196,498) $ (804,258) $ (468,951)
========== ========== ==========
- F-61 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
STATEMENTS OF OPERATIONS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
The difference between the investments in operating limited partnerships
for tax purposes and financial statements purposes are primarily due to the
differences in the estimated share of losses recognized and the historic
tax credits taken for income tax purposes. At March 31, 1996, the
differences are as follows:
Total Series 15 Series 16
--------- --------- ---------
Investments in operating
limited partnership -
per tax return, December 31,
1995 $144,310,058 $22,108,209 $35,452,741
Operating limited partnership
acquired for the three months
end March 31, 1996 - - -
Estimated share of loss for
the three months ended
March 31, 1996 (2,866,341) (472,214) (631,571)
Add back operating limited
partnership losses not recognized
for financial reporting
purposes 1,329 1,329 -
Historic tax credits 5,333,539 1,852,569 -
Other 480,428 (1,771,823) 2,253,405
----------- ---------- ----------
Investment in operating
limited partnerships -
as reported $147,259,013 $21,718,070 $37,074,575
=========== ========== ==========
- F-62 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investments in operating limited partnerships
for tax purposes and financial statements purposes are primarily due to the
differences in the estimated share of losses recognized and the historic
tax credits taken for income tax purposes. At March 31, 1996, the
differences are as follows:
Series 17 Series 18 Series 19
--------- --------- ----------
Investments in operating
limited partnership -
per tax return, December 31,
1995 $32,438,357 $24,424,457 $29,886,294
Operating limited partnership
acquired for the three months
end March 31, 1996 - - -
Estimated share of loss for
the three months ended
March 31, 1996 (752,440) (617,653) (392,463)
Add back operating limited
partnership losses not recognized
for financial reporting
purposes under the equity method - - -
Historic tax credits 1,100,310 2,062,333 318,327
Other 1,532,494 233,817 (1,767,465)
---------- ---------- -----------
Investment in operating
limited partnerships -
as reported $34,318,721 $26,102,954 $28,044,693
========== ========== ==========
- F-63 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investments in operating limited partnerships
for tax purposes and financial statements purposes are primarily due to the
differences in the estimated share of losses recognized and the historic
tax credits taken for income tax purposes. At March 31, 1995, the
differences are as follows:
Total Series 15 Series 16
--------- --------- ---------
Investments in operating
limited partnership -
per tax return,
December 31, 1994 $160,325,457 $25,051,267 $38,688,326
Operating limited partnership
acquired for the three months
end March 31, 1995 1,535,060 397,101 -
Estimated share of loss for
the three months ended
March 31, 1995 (2,866,341) (472,214) (631,571)
Historic tax credits 4,708,998 - 1,852,569
Other (664,469) (41,663) 825,995
----------- ---------- ----------
Investment in operating
limited partnerships -
as reported $163,038,705 $24,934,491 $40,735,319
=========== ========== ==========
- F-64 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
(Continued)
The difference between the investments in operating limited partnerships
for tax purposes and financial statements purposes are primarily due to the
differences in the estimated share of losses recognized and the historic
tax credits taken for income tax purposes. At March 31, 1995, the
differences are as follows:
Series 17 Series 18 Series 19
--------- --------- ---------
Investments in operating
limited partnership -
per tax return,
December 31, 1994 $35,756,328 $27,533,094 $33,296,442
Operating limited partnership
acquired for the three months
end March 31, 1995 638,855 - 499,104
Estimated share of loss for
the three months ended
March 31, 1995 (752,440) (617,653) (392,463)
Historic tax credits 890,336 1,647,766 318,327
Other (698,871) 70,271 (820,201)
---------- ---------- -----------
Investment in operating
limited partnerships -
as reported $35,834,208 $28,633,478 $32,901,209
========== ========== ===========
- F-65 -<PAGE>
Boston Capital Tax Credit Fund III L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
Years or periods ended March 31, 1996, 1995 and 1994
NOTE H - CONCENTRATION OF CREDIT RISK
The partnership maintains its cash balances at a number of banks. The
deposits are insured by the Federal Deposit Insurance Corporation up to
$100,000 at each bank. The balances in and between banks fluctuates daily.
The amount of deposits, as well as the institutions that they are deposited
in, are continuously monitored by the general partner. As of March 31,
1996, the uninsured portion of the cash balances on deposit was $93,973.
NOTE I - CASH EQUIVALENTS
Cash equivalents of $0 and $8,000,000 as of March 31, 1996 and 1995,
respectively, include tax exempt sweep accounts with interest at rates
ranging from 2.25% to 5.3% per annum. In addition, on March 31, 1996 and
1995, Boston Capital Tax Credit Fund III L.P. purchased $4,000,000 and
$8,000,000 of U.S. Government Securities under agreements to resell on
April 1, 1996 and 1995, respectively. Interest is earned at rates ranging
from 2.15% to 3.5% per annum.
- F-66 -<PAGE>
BOSTON CAPITAL TAX CREDIT FUND III L.P.
SCHEDULE I - MARKETABLE SECURITIES - OTHER INVESTMENTS
AS OF March 31, 1996
Amount at
which each
Portfolio of
equity secur-
ity and each
Market Value other security
Name of issuer Number of shares of each issue issue is carried
and title of or units, principal Cost of at balance on the balance
each issue amount of bonds each issue sheet date sheet
- ------------- ------------------ ---------- ------------- ----------------
Armstrong Cnty
PA MBIA Regd
UT BQ Prerefd 200,000 $104.443 $ 208,886 $ 208,886
Baltimore MD
Rev RFDG Balt
City Pkg Sys
FACS-A FGIC Regd
B/E Prerefd 200,000 $104.961 209,922 209,922
Brockton MA Area
Tran Auth Rev
Antic NTS REGD
B/E N/C 500,000 $ 99.982 499,910 499,910
Clark Cnty NV
Santn Dist MBIA
Regd U/T Prerefd 400,000 $102.928 411,712 411,712
Dade Cnty FL
Pub Impt Ser CC
Regd U/T 300,000 $103.136 309,408 309,408
Illinois ST
Sales Tax Rev Ser
U Regd B/E N/C 500,000 $100.107 500,535 500,535
Maine MUN BD BK
Ser a Regd B/E
N/C 500,000 $102.186 510,930 510,930
Millcreek TWP PA
WTR Auth GTD WTR
Rev FGIC Regd BQ
N/C 355,000 $100.059 355,209 355,209
-F-67- <PAGE>
BOSTON CAPITAL TAX CREDIT FUND III L.P.
SCHEDULE I - MARKETABLE SECURITIES - OTHER INVESTMENTS
AS OF March 31, 1996
Amount at
which each
Portfolio of
equity secur-
ity and each
Market Value other security
Name of issuer Number of shares of each issue issue is carried
and title of or units, principal Cost of at balance on the balance
each issue amount of bonds each issue sheet date sheet
- ------------- ------------------ ---------- ------------- ----------------
Pennsylvania ST
Higher EDL Facs
Auth Rev
Susquehanna Univ
Regd AMBAC N/C 250,000 $102.624 $ 256,560 $ 256,560
Pittsfield MA
Regd Prerefd 250,000 $104.157 260,392 260,392
Schenectady Cnty
NY Regd B/E UT N/C 425,000 $100.358 426,522 426,522
Washington DC Met
Area Tran Auth
Gross Rev RFDG Regd
FGIC B/E OID N/C 500,000 $100.289 501,445 501,445
Worcester MA Mun
Purp LN Ser C
MBIA Regd B/E
LT N/C 680,000 $101.52 690,336 690,336
--------- ---------
$5,141,767 $5,141,767
========= =========
-F-68- <PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund III L.P. - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
April
Gardens 1,476,547 50,000 1,773,331 0 50,000 1,773,331 1,823,331 196,282 5/93 9/92 5-27.5
Arkansas
City 834,392 15,870 1,016,757 0 15,870 1,016,757 1,032,627 47,310 12/94 9/94 5-25
Autumnwood
LP 1,361,324 50,000 1,669,609 0 50,000 1,669,609 1,719,609 193,717 1/93 8/92 5-27.5
Barton
Village 513,541 47,898 683,991 0 47,898 683,991 731,889 79,136 3/93 10/92 5-27.5
Beckwood
Manor
Eight 1,227,025 60,000 1,498,746 0 58,000 1,498,746 1,556,746 44,647 8/95 8/94 5-27.5
Bergen
Meadows 1,027,491 42,000 1,256,858 8,828 42,000 1,265,686 1,307,686 191,958 7/92 7/92 7-27.5
Bridlewood
LP 796,549 42,000 211,635 781,185 42,000 992,820 1,034,820 26,945 1/95 1/94 5-27.5
Brunswick
LP 833,058 69,000 953,553 416 69,000 953,969 1,022,969 130,089 9/92 4/92 7-27.5
Buena Vista
Apts. 1,462,607 75,000 1,767,511 0 75,000 1,767,511 1,842,511 296,728 1/92 3/92 7-27.5
- F-69 - <PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Calexico
Sr 1,933,565 213,000 2,047,255 0 213,000 2,047,255 2,260,255 161,608 9/92 9/92 7-27.5
California
Inv. VII 8,874,224 820,000 9,361,922 16,786,917 803,050 26,148,839 26,951,889 2,317,477 12/93 10/92 5-27.5
Chestnut
Hill 752,728 40,000 904,814 3,545 40,000 908,359 948,359 90,044 9/92 9/92 7-27.5
Coralville
Housing 2,649,097 258,000 4,683,541 29,262 258,000 4,712,803 4,970,803 737,719 10/92 3/92 7-27.5
Curwensville
Housing 1,224,140 31,338 1,435,553 1,137 125,042 1,436,690 1,561,732 105,251 7/93 9/92 5-27.5
Deerfield
Assoc. 1,237,021 65,400 1,495,473 0 65,400 1,495,473 1,560,873 211,863 6/92 4/92 7-27.5
East
Machias 1,046,574 77,963 1,478,171 1,729 77,963 1,479,900 1,557,863 116,055 1/93 9/92 10-40
East Park
Apts. I 504,552 2,000 980,413 0 2,000 980,413 982,413 66,529 1/94 6/94 5-27.5
Edgewood
Properties 792,628 36,000 967,796 0 36,000 967,796 1,003,796 126,384 8/92 6/92 7-27.5
Far View
Housing 927,287 100,000 1,066,418 (12,825) 119,500 1,053,593 1,173,093 91,327 11/92 6/92 10-40
- F-70 -
<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Graham
Housing 1,348,733 85,006 2,451,794 0 85,006 2,451,794 2,536,800 43,924 6/95 10/94 5-27.5
Grantsville
Assoc. 1,496,542 85,099 1,795,971 0 85,599 1,795,971 1,881,570 149,777 2/93 5/92 5-27.5
Greentree
Apts. 691,678 15,000 1,143,223 0 15,000 1,143,223 1,158,223 603,098 10/75 4/94 5-27.5
Greenwood
Village 680,335 20,123 893,915 0 20,123 893,915 914,038 99,902 5/93 8/92 5-27.5
Harrisonville
Prop. II 611,545 15,000 744,677 575 15,000 745,252 760,252 153,089 11/91 3/92 7-27.5
Headlton
Properties 709,514 15,000 868,469 0 15,000 868,469 883,469 28,274 12/94 8/94 5-27.5
Hearthside
II LDHA 1,965,350 95,000 2,967,134 (46,169) 95,000 2,920,965 3,015,965 355,030 11/92 04/92 7-27.5
Heron's
Landing 1,213,328 176,121 1,410,573 0 176,121 1,410,573 1,586,694 198,511 10/92 10/92 7-27.5
Hidden
Cove 2,970,654 707,848 4,334,916 2,786 707,848 4,337,702 5,045,550 1,164,917 8/88 2/94 5-27.5
Higgensville
Estates 631,156 40,000 738,056 1,622 40,000 739,678 779,678 162,776 3/91 3/92 7-27.5
- F-71 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Inv. Group
of Payson 1,495,824 211,500 1,767,942 0 211,500 1,767,942 1,979,442 146,549 8/92 8/92 7-27.5
Kearney
Estates 638,301 30,000 763,159 0 30,000 763,159 793,159 149,494 1/92 5/92 7-27.5
Lake View
Associates 893,100 30,000 1,077,130 350 30,000 1,077,480 1,107,480 160,321 7/92 4/92 7-27.5
Laurelwood
Apts. 1,075,076 58,500 1,268,491 750 58,500 1,269,241 1,327,741 192,054 2/92 3/92 7-27.5
Lebanon
II LP 932,577 40,000 1,090,397 0 40,000 1,090,397 1,130,397 124,872 2/93 8/92 5-27.5
Lebanon
III Prop. 636,219 26,750 766,992 2,651 26,750 769,643 796,393 145,771 2/92 3/92 7-27.5
Lilac
Properties 734,209 36,000 897,897 0 36,000 897,897 933,897 126,472 7/92 6/92 7-27.5
Livingston
Plaza 682,346 32,500 868,525 0 32,500 868,525 901,025 49,788 11/93 12/92 5-27.5
Madison
Partners 1,207,547 47,340 1,452,910 0 47,340 1,452,910 1,500,250 81,016 12/94 3/95 5-27.5
Manning
Lane 1,481,532 73,600 1,771,816 0 73,600 1,771,816 1,845,416 214,446 3/93 8/92 5-27.5
- F-72 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Marshall
Lane 557,331 20,000 672,691 0 20,000 672,691 692,691 84,628 12/92 8/92 5-27.5
Maryville
Prop. 722,743 57,000 834,823 8,489 57,000 843,312 900,312 158,841 3/92 5/92 7-27.5
Monark
Village 336,950 68,900 570,916 0 68,900 570,916 639,816 38,862 3/94 6/94 5-27.5
North
Prairie 887,809 5,000 1,121,143 4,840 5,000 1,125,983 1,130,983 151,188 5/93 9/92 5-27.5
Oak Grove
Villa 407,329 5,000 460,291 3,571 5,000 463,862 468,862 98,432 11/91 4/92 7-27.5
Oakwood
Village 1,114,744 42,000 1,341,412 0 42,000 1,341,412 1,383,412 211,573 5/92 5/92 7-27.5
Osage
Housing 1,297,540 110,000 2,309,861 14,089 110,000 2,323,950 2,433,950 355,340 6/92 4/92 7-27.5
Osceola
Estates 679,995 54,600 797,763 68,868 54,600 866,631 921,231 138,363 5/92 5/92 7-27.5
PDC Fifty
Five LP 1,304,260 50,170 1,576,823 5,770 50,170 1,582,593 1,632,763 159,608 9/93 10/92 5-27.5
Rainier
Manor 3,733,381 521,000 5,852,852 0 521,000 5,852,852 6,373,852 498,305 1/93 4/92 5-27.5
- F-73 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ----------------------------------------- ------------------------------------------------------------------------------------
Ridgeview of
Brainerd 866,472 42,800 1,027,499 1,978 42,800 1,029,477 1,072,277 159,711 1/92 3/92 7-27.5
Rio
Members II 778,239 48,938 930,376 3,520 48,938 933,896 982,834 92,641 12/95 7/94 5-27.5
Rolling
Brook III 832,324 35,000 1,006,667 1,207 35,000 1,007,874 1,042,874 160,538 11/92 6/92 7-27.5
School
Street I 781,822 127,852 1,353,622 93,625 38,509 1,447,247 1,485,756 252,441 5/92 4/92 5-27.5
Shenandoah
Village 1,482,331 67,500 1,754,599 0 67,500 1,754,599 1,822,099 195,850 2/93 8/92 5-27.5
Showboat
Manor 801,032 31,200 968,253 0 31,200 968,253 999,453 137,083 2/92 7/92 5-27.5
Sioux Falls
Housing 1,393,377 146,694 2,656,753 (18,040) 146,694 2,638,713 2,785,407 401,606 9/92 5/92 7-27.5
Sunset
Square 745,177 50,000 896,507 4,250 50,000 900,757 950,757 91,966 8/92 90/2 7-27.5
Taylor
Mill 772,776 24,000 936,166 0 24,000 936,166 960,166 139,287 5/92 4/92 7-27.5
Timmons
Village 626,200 15,000 754,172 2,927 38,500 757,099 795,599 108,597 7/92 5/92 7-27.5
University
Meadows 1,848,328 62,985 3,579,473 0 62,985 3,579,473 3,642,458 507,494 12/92 6/92 5-28
- F-74 - <PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Valatie
LP 1,399,064 30,000 1,712,263 4,760 30,000 1,717,023 1,747,023 276,213 4/93 6/92 7-27.5
Virgen
Del Pozo 3,350,576 120,000 4,274,133 13,012 120,000 4,287,145 4,407,145 371,292 7/93 8/92 5-27.5
Villa
Del Mar 1,472,769 50,000 1,792,888 0 50,000 1,792,888 1,842,888 250,171 8/92 8/92 7-27.5
Wauchula
Ltd. 1,485,527 66,720 1,770,669 1,662 66,720 1,772,331 1,839,051 248,069 10/92 9/92 5-27.5
Weedpatch
Inv. Grp. 1,986,913 272,000 2,246,927 378 272,000 2,247,305 2,519,305 76,662 9/94 1/94 5-50
Westernport
Assoc. 1,498,433 18,645 1,833,384 0 18,645 1,833,384 1,852,029 203,538 2/93 7/92 5-27.5
Whitewater
Village 526,896 18,542 637,048 0 18,542 637,048 655,590 86,013 11/92 8/92 7-27.5
Wood Park
Pointe 1,176,402 117,500 1,329,664 1,348 117,500 1,331,012 1,448,512 202,047 5/92 6/92 5-27.5
---------- --------- ----------- ---------- --------- ----------- ----------- ----------
86,436,656 6,214,902 111,326,972 17,779,013 6,243,813 129,105,985 135,349,798 15,437,509
========== ========= =========== ========== ========= =========== =========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as
ofDecember31,1995.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been omitted for presentation purposes.
- F-75 -<PAGE>
</TABLE>
<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund III L.P. - Series 15
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 64,786,120
Improvements, etc................................. 0
Other............................................. 0
----------
$ 64,786,120
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/93............................$ 64,786,120
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 52,271,170
Improvements, etc................................. 0
Other............................................. 0
----------
$ 52,271,170
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. (69,144)
----------
$ (69,144)
-----------
Balance at close of period - 03/31/94............................$116,988,146
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 10,630,188
Improvements, etc................................ 182,886
Other............................................ 0
-----------
$ 10,813,074
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ (927,768)
-----------
$ (927,768)
-----------
Balance at close of period - 03/31/95............................$126,873,452
- F-76 -<PAGE>
Notes to Schedule III - continued
Boston Capital Tax Credit Fund III L.P. - Series 15
Reconciliation of Land Building & Improvements current year changes
Balance at close of period - 03/31/95............................$126,873,452
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 7,477,482
Improvements, etc................................ 998,864
Other............................................ 0
-----------
$ 8,476,346
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96............................$135,349,798
===========
- F-77 -
<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund III - Series 15
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92........................$ 0
Current year expense..................................$1,151,027
---------
Balance at close of period - 3/31/93..............................$ 1,151,027
Current year expense..................................$4,194,293
---------
Balance at close of period - 3/31/94..............................$ 5,345,320
Current year expense..................................$4,646,907
---------
Balance at close of period - 3/31/95..............................$ 9,992,227
==========
Current year expense..................................$5,445,282
---------
Balance at close of period - 3/31/96..............................$15,437,509
==========
- F-78 -
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund III L.P.- Series 16
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
1413
Leaven-
Worth 1,686,078 8,000 2,927,089 455,610 8,000 3,382,699 3,390,699 379,206 3/93 12/92 5-27.5
Anson 1,295,853 40,202 1,683,348 0 40,202 1,683,348 1,723,550 118,447 9/93 12/92 10-40
Aztec II 1,023,554 115,000 1,299,311 1,369 115,000 1,300,680 1,415,680 167,713 5/93 5/93 5-27.5
Bentonia
Elderly 848,634 21,000 678,677 382,120 21,000 1,060,797 1,081,797 64,687 2/94 7/93 5-27.5
Bernice
Villa 973,251 37,000 1,204,665 238 37,000 1,204,903 1,241,903 71,743 10/93 5/93 5-40
Blairs-
ville
Rental I 760,205 58,377 866,980 40,526 35,000 907,506 942,506 42,626 9/94 12/92 5-27.5
Blairs-
ville
Rental II 744,129 84,359 804,895 60,360 49,500 865,255 914,755 43,153 7/94 12/92 5-27.5
Blowing
Rock 514,694 47,500 663,473 686 47,500 664,159 711,659 27,813 11/94 12/93 5-27.5
Branson
Chris-
tian I 1,579,958 163,350 2,990,564 3,771 163,350 2,994,335 3,157,685 220,034 6/94 3/94 5-27.5
- F-79 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Branson
Chris-
tian II 1,144,209 0 2,497,066 3,272 0 2,500,338 2,500,338 159,479 8/94 7/94 5-27.5
Butler
Rental 760,279 0 937,495 15,782 0 953,277 953,277 81,177 9/93 12/92 7-27.5
Canter-
field 773,258 48,000 934,169 1,252 48,000 935,421 983,421 116,263 1/93 11/92 5-27.5
Cape Ann 603,173 18,000 1,833,366 51,824 18,000 1,885,190 1,903,190 158,436 12/93 1/93 7-31.5
Cass
Partners 326,543 45,250 2,026,740 0 45,250 2,026,740 2,071,990 110,804 12/93 12/93 5-27.5
Cedar
Trace 508,396 18,000 639,500 2,925 18,000 642,425 660,425 82,420 7/93 10/92 5-27.5
Concord
Assoc. 1,143,424 61,532 1,223,133 117,640 61,532 1,340,773 1,402,305 176,135 2/93 2/93 5-27.5
Clymer Park
Assoc 1,445,110 35,800 1,831,813 0 35,800 1,831,813 1,867,613 25,491 11/94 12/92 5-27.5
Crosby
Country 855,601 40,020 1,472,655 0 40,020 1,472,655 1,512,675 106,204 12/94 12/95 5-27.5
Cumberland
Wood 1,461,617 114,449 1,780,622 59,361 113,625 1,839,983 1,953,608 58,005 10/94 12/93 6-40
- F-80 -<PAGE>
Boston Capital Tax Credit Fund III L.P.- Series 16
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Davenport
Housing 3,459,829 223,889 6,598,309 3,926 223,889 6,602,235 6,826,124 594,984 2/94 10/93 7-27.5
Deer Run 727,624 30,000 1,536,783 0 30,000 1,536,783 1,566,783 166,308 3/93 8/93 5-27.5
Eastman
Elderly 1,191,199 80,000 1,428,172 23,947 36,900 1,452,119 1,489,019 122,214 10/93 12/92 5-27.5
Fairmeadow
Apts. 890,304 53,296 1,184,327 39,079 53,296 1,223,406 1,276,702 74,132 7/93 1/93 5-27.5
Falcon
Ridge 1,055,747 25,000 1,332,798 19,150 25,000 1,351,948 1,376,948 34,162 1/95 4/94 5-27.5
Gibson 917,655 30,290 1,138,786 350 30,290 1,139,136 1,169,426 98,874 6/93 12/92 5-27.5
Green-
field 536,994 25,000 649,793 0 25,000 649,793 674,793 92,675 5/93 1/93 7-27.5
Green-
wood 1,488,252 62,076 1,480,776 336,322 62,076 1,817,098 1,879,174 187,867 10/93 11/93 5-27.5
Harmony
House 1,486,888 57,000 1,764,438 0 57,000 1,764,438 1,821,438 135,112 7/93 11/92 5-27.5
Haynes
House 3,561,260 685,381 5,956,903 2,252,686 674,499 8,209,589 8,884,088 207,026 u/c 8/94 12-40
- F-81 -
<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Holly
Tree 891,262 58,900 1,069,733 4,696 58,900 1,074,429 1,133,329 132,173 2/93 11/92 5-27.5
Idabel
Prop. 1,398,174 50,000 1,791,971 0 50,000 1,791,971 1,841,971 175,881 12/93 4/93 5-25.5
Isola
Square 977,204 22,300 250,691 972,885 22,300 1,223,576 1,245,876 54,166 4/94 11/93 7-40
Joiner
Elderly 829,320 47,719 1,026,013 0 47,719 1,026,013 1,073,732 118,443 6/93 1/93 5-40
Lawrence-
ville
Manor 1,428,150 61,370 1,660,796 281 61,370 1,661,077 1,722,447 110,937 7/94 2/94 5-27.5
Lawtell
Manor 939,648 45,000 1,201,948 6,660 45,000 1,208,608 1,253,608 77,198 8/93 4/93 7-40
Logan
Lane 1,307,235 54,000 1,602,465 2,962 54,000 1,605,427 1,659,427 188,855 3/93 9/92 5-27.5
Mariners
Pointe
I &II 4,038,376 170,020 7,548,131 34,595 170,020 7,582,726 7,752,746 839,261 8/93 12/92 7-27.5
Meadows of
Southgate 2,352,555 252,000 4,575,879 0 252,000 4,575,879 4,827,879 151,456 5/94 7/93 12-40
Mendota
Village 1,992,960 136,140 2,421,001 0 136,140 2,421,001 2,557,141 144,547 5/93 12/92 5-50
- F-82 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Midcity 3,175,335 15,058 6,611,666 4,800 15,058 6,616,466 6,631,524 350,616 6/94 9/93 5-27.5
Newport
Housing 1,271,327 160,000 1,405,411 (3,274) 160,000 1,402,137 1,562,137 88,419 10/93 2/93 5-27.5
Newport
Manor 966,919 31,908 1,175,109 19,539 31,908 1,194,648 1,226,556 70,784 12/93 9/93 5-40
Palantine
LP 1,444,261 37,400 1,785,282 854 37,400 1,786,136 1,823,536 137,543 5/94 5/94 5-27.5
Riviera
Apts. 1,722,487 100,000 2,979,700 579,524 132,400 3,559,224 3,691,624 275,109 12/93 12/92 5-27.5
Sable
Chase 5,280,000 502,774 12,248,475 8,201 502,774 12,256,676 12,759,450 644,951 12/94 12/93 7-27.5
St.Croix
Commons 930,000 44,681 2,607,046 (666,994) 44,681 1,940,052 1,984,733 108,988 12/94 10/94 5-27.5
St. Joseph
SQ 967,914 37,500 1,167,702 473 37,500 1,168,175 1,205,675 72,840 9/93 5/93 5-40
Simmes-
port 961,478 60,000 1,171,005 228 60,000 1,171,233 1,231,233 77,729 6/93 4/93 7-40
Stony-
Ground 1,444,120 127,380 1,794,961 (3,650) 129,005 1,791,311 1,920,316 198,394 6/93 12/92 5-27.5
- F-83 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ----------------------------------------- ------------------------------------------------------------------------------------
Summers-
ville 626,403 20,000 774,259 0 20,000 774,259 794,259 109,059 6/93 5/93 5-27.5
Talbot
Village 686,557 22,300 883,494 0 22,300 833,494 855,794 97,024 4/93 8/92 5-27.5
Tchula
Elderly 841,572 20,000 1,071,899 (428) 20,000 1,071,471 1,091,471 76,001 12/93 7/93 5-27.5
Toulumne
City 1,615,051 190,000 1,912,157 0 190,000 1,912,157 2,102,157 101,109 8/93 12/92 5-50
Turtle
Creek 856,555 23,141 1,113,511 2,484 23,141 1,115,995 1,139,136 128,051 10/93 5/93 7-40
Twin Oaks
Assoc. 1,482,666 45,000 1,776,674 0 45,000 1,776,674 1,821,674 123,970 9/93 12/92 5-27.5
Victoria
Pointe 1,453,978 153,865 1,437,570 352,716 128,900 1,790,286 1,919,186 68,021 1/95 10/94 5-27.5
Viste Linda
Apts. 2,517,865 143,253 2,961,671 449 143,253 2,962,120 3,105,373 247,917 12/93 1/93 5-27.5
Wakefield
Housing 1,270,785 88,564 1,480,003 1,399 88,564 1,481,402 1,569,966 122,008 2/93 9/92 10-40
West End
Manor 998,372 52,300 1,188,913 (1,048) 52,300 1,187,865 1,240,165 136,125 5/93 5/93 5-27.5
Westchester
Oak Grove 1,262,176 38,010 2,281,529 35,649 35,000 2,317,178 2,352,178 314,804 4/93 12/92 5-27.5
- F-84 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Westchester
St. Joe 1,738,317 100,000 3,211,620 55,426 100,000 3,267,046 3,367,046 389,476 6/93 7/93 5-27.5
Westville
Prop. 728,695 25,000 912,139 0 25,000 912,139 937,139 104,065 7/93 2/93 5-25
Wilcox
Investment
group 1,115,600 58,500 1,376,329 0 58,500 1,376,329 1,434,829 79,914 6/93 1/93 7-50
Woodlands
Apts 932,811 30,000 668,555 533,513 30,000 1,202,068 1,232,068 37,963 2/95 9/94 5-27.5
---------- --------- ----------- ---------- --------- ----------- ----------- ----------
86,209,846 5,251,854 130,461,954 5,814,136 5,144,862 136,276,090 141,420,952 10,076,987
========== ========= =========== ========== ========= =========== =========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been omitted for presentation purposes.
- F-85 -
</TABLE>
<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund III L.P. - Series 16
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/92..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 4,191,631
Improvements, etc................................. 0
Other............................................. 0
----------
$ 4,191,631
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/93............................$ 4,191,631
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 32,686,042
Improvements, etc................................. 43,162,006
Other............................................. 0
----------
$ 75,848,048
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/94............................$ 80,039,679
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 15,495,343
Improvements, etc................................ 41,448,097
Other............................................ 0
-----------
$ 56,943,440
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/95............................$136,983,119
- F-86 -<PAGE>
Notes to Schedule III - continued
Boston Capital Tax Credit Fund III L.P. - Series 16
Reconciliation of Land Building & Improvements current year changes
Balance at close of period - 03/31/95............................$136,983,119
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 106,204
Improvements, etc................................ 5,007,023
Other............................................ 0
-----------
$ 106,204
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ (675,394)
-----------
$ (675,394)
-----------
Balance at close of period - 03/31/96............................$141,420,952
===========
- F-87 -<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund III L.P. - Series 16
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92........................$ 0
Current year additions*...............................$ 0
---------
Balance at close of period - 3/31/93..............................$ 0
Current year additions*...............................$1,347,806
---------
Balance at close of period - 3/31/94..............................$ 1,347,806
Current year additions*...............................$3,630,765
---------
Balance at close of period - 3/31/95..............................$ 4,978,571
==========
Current year additions*...............................$5,098,416
---------
Balance at close of period - 3/31/96..............................$10,076,987
==========
*-Total includes current year expense and amounts capatalized to building basis.
- F-88 -
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund III L.P. - Series 17
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Artesia
Prop. 1,434,774 30,730 1,865,231 1,115 30,730 1,866,346 1,897,076 117,599 9/94 9/94 5-27.5
Aspen
Ridge 893,164 36,000 2,004,059 ( 2,800) 36,000 2,001,259 2,037,259 192,052 11/93 9/93 5-27.5
Bladen-
boro 1,024,601 16,000 1,213,015 0 16,000 1,213,015 1,229,015 18,547 7/95 3/95 5-27.5
Brewer
St. 1,219,045 0 2,296,514 13,502 0 2,310,016 2,310,016 256,406 7/93 6/93 5-27.5
Briarwood
Apts. 923,134 38,500 20,850 1,203,704 38,952 1,224,554 1,263,506 40,904 7/93 6/93 5-27.5
Briarwood
Village 1,138,340 42,594 1,418,259 0 42,594 1,418,259 1,460,853 99,774 5/94 10/93 5-27.5
Briarwood
Dekalb 1,653,627 96,000 2,943,443 15,207 96,000 2,958,650 3,054,650 135,746 6/94 10/93 5-40
Cairo
Housing 1,078,635 17,000 1,309,062 (7,600) 17,000 1,301,462 1,318,462 150,972 4/93 5/93 7-27.5
- F-89 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 17
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
California
Inv VI 4,000,683 400,000 7,446,261 1,586 400,000 7,447,847 7,847,847 1,405,584 5/89 1/94 5-27.5
California
Inv VII 8,874,224 803,050 25,913,966 234,873 803,050 26,148,839 26,951,889 2,317,477 12/93 12/93 5-27.5
Cambridge
YMCA 2,756,197 95,200 5,135,233 0 95,200 5,135,233 5,230,433 519,631 12/93 4/93 5-27.5
Caneyville
Prop. 482,426 36,000 601,775 (13,800) 36,000 587,975 623,975 69,403 4/93 5/93 5-27.5
Clinton
Estates 744,029 47,533 891,872 0 47,533 891,872 939,405 47,501 12/94 12/94 5-27.5
Cloverport
Prop. 764,716 21,500 947,659 688 21,500 948,347 969,847 103,082 7/93 4/93 5-27.5
College
Green 3,820,685 225,000 6,774,847 0 225,000 6,774,847 6,999,847 143,806 8/95 3/95 5-27.5
Croften
Assoc. 812,880 46,511 961,097 0 46,511 961,097 1,007,608 61,804 3/93 4/93 5-27.5
Cypress
Point 2,980,052 265,000 4,794,440 13,901 265,000 4,808,341 5,073,341 158,908 12/94 2/94 5-27.5
Deerwood
Villlage 641,995 29,138 804,512 0 29,138 804,512 833,650 48,648 7/94 2/94 5-27.5
- F-90 -
<PAGE>
Boston Capital Tax Credit Fund III L.P.- Series 17
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Doyle
Village 1,179,426 100,000 1,435,520 0 100,000 1,435,520 1,535,520 100,052 4/94 9/93 5-27.5
Gallaway
Assoc. 1,065,387 35,500 1,307,158 1,252 35,600 1,308,410 1,344,010 81,395 5/93 4/93 5-27.5
Glen-
Ridge 2,060,951 350,000 2,208,213 0 350,000 2,208,213 2,558,213 107,088 6/94 6/94 5-27.5
Green
Acres 1,247,182 173,447 1,366,874 0 173,447 1,366,874 1,540,321 99,818 1/95 11/94 5-27.5
Greenwood
Place 1,067,494 44,400 299,685 1,119,901 44,400 1,419,586 1,463,986 46,987 8/94 11/93 7-40
Hackley
Barclay 3,918,615 174,841 4,603,493 282,397 175,000 4,885,890 5,060,890 263,360 12/94 12/93 5-27.5
Henson
Creek 4,066,120 945,000 7,971,879 0 945,000 7,971,879 8,916,879 370,868 4/94 5/93 5-27.5
Hickman
Assoc. 550,281 24,000 673,642 0 24,000 673,642 697,642 34,494 12/93 11/93 5-27.5
Houston
Village 676,970 11,500 850,901 0 11,500 850,901 862,401 60,514 5/94 12/93 5-27.5
Ivywood 3,122,506 290,542 5,712,656 6,434 290,542 5,719,090 6,009,632 580,999 10/93 6/93 5-27.5
Jonestown
Manor 873,984 0 311,764 930,552 36,900 1,242,316 1,279,216 35,216 12/94 12/93 7-40
- F-91 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 17
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Largo
Center 3,918,855 1,012,500 7,262,001 20,000 1,012,500 7,282,001 8,294,501 302,278 6/94 3/93 5-27.5
Lee
Terrace 1,499,279 93,246 4,573 1,701,560 93,246 1,706,133 1,799,379 68,317 12/94 2/94 5-27.5
Midland 1,021,651 60,000 2,422,788 1,565 60,000 2,424,353 2,484,353 139,500 6/94 9/93 5-27.5
Mount
Vernon 2,364,625 200,000 3,141,984 (92,001) 200,000 3,049,983 3,249,983 127,970 12/88 2/89 5-27.5
Oakwood
of Bennet-
sville 884,849 60,000 1,074,857 1,774 60,000 1,076,631 1,136,631 110,367 12/93 9/93 5-27.5
Opelousas
Point 1,403,722 50,000 559,121 1,360,512 50,000 1,919,633 1,969,633 92,392 3/94 1/93 5-27.5
Palmetto
Villas 1,628,319 60,724 2,034,151 0 60,724 2,034,151 2,094,875 130,682 4/94 5/94 5-27.5
Park
Place II 1,187,398 112,000 1,408,102 1 112,000 1,408,103 1,520,103 104,021 4/94 2/94 7-27.5
Pinehurst 814,847 24,000 1,033,022 30,826 24,000 1,063,848 1,087,848 86,992 2/94 2/94 5-27.5
Quail
Village 889,981 30,450 1,060,273 2,468 30,450 1,062,741 1,093,191 69,597 2/94 9/93 7-27.5
Sea
Breeze 1,243,429 94,000 1,515,733 0 94,000 1,515,733 1,609,733 58,536 1/95 3/94 5-27.5
- F-92 -
Boston Capital Tax Credit Fund III L.P. - Series 17
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Shawnee
Village 1,278,396 182,786 2,347,227 3,384 281,875 6,231,555 2,533,397 326,464 10/92 2/93 7-27.5
Sixth
St. Apts 2,375,549 151,687 1,123,504 3,180,171 162,687 4,303,675 4,466,362 162,662 12/94 12/93 5-27.5
Skowhegan
Housing 1,739,899 100,000 2,121,472 43,625 100,000 2,165,097 2,265,097 135,354 6/94 9/93 5-27.5
Soledad 1,975,248 340,000 2,005,222 0 340,000 2,005,222 2,345,222 89,690 1/94 10/96 5-50
Sugarwood
Park 3,323,100 281,875 5,949,680 0 218,875 5,949,680 6,231,164 153,164 7/95 4/94 5-27.5
Voorhees-
ville 1,109,476 74,600 1,254,914 2,991 74,600 1,257,905 1,332,505 134,729 5/93 7/93 7-27.5
Waynesburg
Housing 1,500,000 169,200 2,113,822 0 18,100 2,113,822 2,131,922 12,735 12/95 7/94 5-27.5
White
Castle 781,732 84,800 948,687 810 84,800 949,497 1,034,297 58,975 5/94 6/94 27.5
---------- --------- ----------- ---------- --------- ----------- ----------- ----------
86,012,478 7,576,954 133,465,013 10,058,598 7,474,365 143,523,611 150,997,976 10,033,060
========== ========= =========== ========== ========= =========== =========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been omitted for presentation purposes.
- F-93 -<PAGE>
</TABLE>
<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund III L.P. - Series 17
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/93..........................$ 0
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 58,662,502
Improvements, etc................................. 0
Other............................................. 0
----------
$ 58,662,582
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/94............................$ 58,662,502
Additions during period:
Acquisitions through foreclosure..................$ 0
Other acquisitions................................ 31,044,766
Improvements, etc................................. 39,965,487
Other............................................. 0
----------
$ 71,010,253
Deductions during period:
Cost of real estate sold..........................$ 0
Other............................................. 0
----------
$ 0
-----------
Balance at close of period - 03/31/95............................$129,646,075
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 9,769,183
Improvements, etc................................ 11,596,518
Other............................................ 0
-----------
$ 21,365,701
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ (13,800)
-----------
$ (13,800)
-----------
Balance at close of period - 03/31/96............................$150,997,976
===========
- F-94 -
<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund III L.P. - Series 17
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/93.........................$ 0
Current year expense..................................$ 727,342
---------
Balance at close of period - 3/31/94..............................$ 727,342
Current year expense..................................$4,342,560
---------
Balance at close of period - 3/31/95..............................$ 5,069,902
Current year expense..................................$4,963,158
---------
Balance at close of period - 3/31/96..............................$10,033,060
==========
- F-95 -<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund III L.P. - Series 18
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Arch
Develop-
ment 2,733,870 107,387 6,724,849 14,069 107,387 6,738,918 6,846,305 267,306 12/94 4/94 7-27.5
Aurora LP 1,427,923 65,000 1,704,709 1,590 65,000 1,706,299 1,771,299 189,536 9/93 6,93 5-27.5
Bear Creek
of Naples 5,009,069 488,011 8,884,145 0 491,639 8,884,145 9,375,784 348,532 4/95 3/94 5-27.5
Chatham
LP 1,443,158 75,000 1,727,394 4,634 75,000 1,732,028 1,807,028 172,910 12/93 1/94 5-27.5
Chelsea
Square 301,393 21,000 939,281 0 21,000 939,281 960,281 31,578 12/94 8/94 7-34
Clarke
School 2,570,044 200,000 5,493,464 193,861 200,000 5,687,325 5,887,325 145,449 12/94 12/94 5-27.5
Ellijay
Rental 828,540 48,000 1,000,609 0 48,000 1,000,609 1,048,609 25,015 1/95 1/94 40
Evergreen
Hills 2,844,485 157,537 4,337,312 558,173 157,537 4,895,485 5,053,022 285,883 1/95 8/94 5-27.5
Glen
Place 1,262,316 60,610 3,489,218 (171,258) 60,610 3,317,960 3,317,960 177,840 6/94 4/94 5-27.5
- F-96 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 18
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Harris
Housing 1,160,532 200,000 266,624 2,453,235 160,000 2,719,859 2,879,859 4,568 11/95 6/94 5-27.5
Humboldt I 711,555 40,191 845,252 0 40,191 845,252 885,443 26,928 4/95 8/94 5-27.5
Jackson
Housing 870,890 30,250 1,080,272 0 30,250 1,080,272 1,110,522 60,560 6/94 1/94 5-27.5
Lakeview
Meadows II 1,651,769 88,920 2,775,712 0 88,920 2,775,712 2,864,632 111,020 5/94 8/93 5-27.5
Lanthrop
Properties 748,858 34,800 931,788 485 34,800 932,273 967,073 71,415 5/94 4/94 5-27.5
Leesville
Elderly 1,279,870 144,000 2,018,242 0 144,000 2,018,242 2,162,242 78,122 6/94 6/94 7-40
Lockport
Elderly 1,003,634 125,000 1,524,202 0 125,000 1,524,202 1,649,202 49,680 9/94 7/94 5-27.5
Maple Leaf
Apts. 1,110,590 22,860 1,355,390 1,192 22,860 1,356,582 1,379,442 40,440 12/94 8/94 5-27.5
Marengo
Park 738,178 50,010 886,695 0 50,010 886,695 936,705 71,696 3/94 10/93 5-27.5
Natchitoches
Elderly 976,423 50,000 1,634,279 0 50,000 1,634,279 1,684,279 42,866 12/94 6/94 7-40
- F-97 -
Boston Capital Tax Credit Fund III L.P. - Series 18
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Newton I 815,232 57,500 979,345 0 57,500 979,345 1,036,845 53,322 9/94 11/93 5-27.5
Oskaloosa I 486,425 32,000 589,423 476 32,000 589,899 621,899 30,888 9/94 11/93 5-27.5
Parvins LP 881,429 41,508 1,741,048 4,742 41,508 1,745,790 1,787,298 150,267 11/93 8/93 5-27.5
Peach
Tree LP 1,496,616 157,027 1,617,470 1,607 157,027 1,619,077 1,776,104 203,123 7/93 1/94 5-27.5
Ponderosa
Meadows 1,502,162 82,454 1,903,972 1,932 82,454 1,905,904 1,988,358 84,229 5/94 3/94 5-27.5
Preston
Wood 1,350,683 66,000 2,515,136 0 66,000 2,515,136 2,581,136 136,889 12/94 12/93 5-27.5
Richmond
Manor 1,040,787 54,944 1,285,522 265 54,944 1,285,787 1,340,731 98,091 6/94 6/94 5-27.5
Rio
Grande 2,310,997 96,480 2,999,680 821 96,480 3,000,501 3,096,981 140,371 5/94 6/94 5-27.5
Ripley
Housing 508,951 14,000 646,850 2,515 14,000 649,365 663,365 25,184 7/94 1/94 5-40
San Joaquin
Entpr. III 1,846,679 55,000 2,463,181 0 55,000 2,463,181 2,518,181 56,050 12/94 3/94 5-50
Troy
Estates 703,905 45,000 826,432 3,023 45,000 829,455 874,455 74,758 1/94 12/93 5-27.5
- F-98 -<PAGE>
Boston Capital Tax Credit Fund III L.P.- Series 18
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Virginia
Avenue 1,720,795 121,238 3,510,339 5,299 121,238 3,515,638 3,636,876 188,151 10/94 10/94 5-27.5
Vista
Loma 1,496,624 267,612 1,600,128 3,439 267,612 1,603,567 1,871,179 57,397 9/94 5/94 5-27.5
Vivian
Elderly 1,016,268 45,000 1,668,938 0 45,000 1,668,938 1,713,938 54,112 9/94 7/94 7-40
Westminister
Meadows 2,124,796 250,000 3,605,890 5,880 250,000 3,611,770 3,861,770 231,339 11/94 12/93 5-27.5
---------- --------- ---------- --------- --------- ---------- ---------- ---------
47,975,446 3,394,339 75,572,791 3,085,980 3,357,967 78,658,771 82,016,738 3,785,515
========== ========= ========== ========= ========= ========== ========== =========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1995.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1995. The column has been omitted for presentation purposes.
- F-99 -
/TABLE
<PAGE>
<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund III L.P. - Series 18
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/93.......................$ 0
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 4,002,185
Improvements, etc.............................. 0
Other.......................................... 0
----------
$ 4,002,185
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
----------
$ 0
-----------
Balance at close of period - 03/31/94.........................$ 4,002,185
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 42,200,169
Improvements, etc.............................. 19,531,960
Other.......................................... 0
----------
$ 61,732,129
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
----------
$ 0
-----------
Balance at close of period - 03/31/95.........................$ 65,734,314
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 0
Improvements, etc.............................. 16,282,424
Other.......................................... 0
-----------
$ 16,282,424
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96..........................$ 82,016,738
===========
- F-100 -
<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund III L.P. - Series 18
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/93.........................$ 0
Current year expense..................................$ 39,475
---------
Balance at close of period - 3/31/94..............................$ 39,475
Current year expense..................................$ 911,009
---------
Balance at close of period - 3/31/95..............................$ 950,484
Current year expense..................................$2,835,031
---------
Balance at close of period - 3/31/96..............................$ 3,785,515
==========
- F-101 -
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Boston Capital Tax Credit Fund III L.P. - Series 19
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Ankeney
Housing 3,793,128 217,500 8,144,577 57,804 217,500 8,202,381 8,419,881 219,706 3/95 8/94 10-40
Ballinger
Oaks 6,813,028 195,143 7,250,357 1,275,204 195,143 8,525,561 8,720,704 434,750 12/94 10/93 5-27.5
Carrollton
Villa 1,346,138 60,015 2,682,843 0 60,015 2,682,843 2,742,858 106,419 3/95 6/94 5-27.5
Clarke
School 2,570,044 200,000 5,493,464 193,861 200,000 5,687,325 5,887,375 145,449 12/94 12/94 12-40
Forest
Associates 268,665 13,900 396,391 0 13,900 396,391 410,291 289,206 3/78 4/95 5-27.5
Garden Gate,
Ft. Worth 4,198,946 678,867 2,532,572 6,301,971 678,867 8,834,534 9,513,410 277,902 5/95 5/95 5-27.5
Garden Gate,
Plano 6,022,449 689,318 844,673 8,426,771 689,318 9,271,444 9,960,762 285,326 3/95 2/94 5-27.5
Hebbronville
Apts. 523,789 50,711 650,002 0 50,711 650,002 700,713 28,085 4/94 12/93 7-40
Hollister
Inv. Group 1,750,546 400,000 1,906,641 0 400,000 1,906,641 2,306,641 25,725 5/95 3/95 5-50
- F-102 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 19
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Holts Summit
Square 1,348,453 110,373 524,966 2,033,253 110,373 2,558,219 2,668,592 108,877 12/94 6/94 5-27.5
Independence
Properties 863,297 38,500 503,166 517,210 38,500 1,020,376 1,058,876 41,211 12/94 6/94 5-40
Jefferson
Square 2,852,740 385,000 4,548,650 0 385,000 4,548,650 4,933,650 72,670 8/95 5/94 5-27.5
Jenny Lynn
Properties 817,315 65,000 958,809 7,000 65,000 965,809 1,030,809 52,369 9/94 1/94 5-27.5
Lone Star
Senior 619,348 20,492 835,453 0 20,492 835,453 855,945 32,586 5/94 12/93 7-40
Madison
L.P. 655,555 42,707 810,978 0 32,500 810,978 843,478 40,374 10/94 12/93 5-27.5
Manasura
Villa 973,070 20,254 301,687 990,157 25,000 1,291,844 1,316,844 11,202 8/95 5/94 5-27.5
Martindale
Apts. 693,838 40,270 861,302 0 40,270 861,032 901,302 42,212 1/94 12/93 7-40
Munford
Village 769,154 24,800 980,102 229 24,800 980,331 1,005,131 44,818 4/94 10/93 5-40
Northpointe
LP 4,350,000 371,000 9,834,451 0 371,000 9,834,451 10,205,451 150,771 6/95 7/94 5-27.5
- F-103 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 19
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1996
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Sahale
Heights 865,742 72,000 1,062,350 110 72,000 1,062,460 1,134,460 67,494 6/94 1/94 5-27.5
Sherwood
Knoll 784,781 45,000 963,996 0 45,000 963,996 1,008,996 44,608 4/94 10/93 5-40
Sugarwood
Park 3,323,100 281,875 5,949,680 0 281,875 5,949,680 6,231,555 153,164 7/95 4/94 5-27.5
Summerset
Housing 945,068 68,665 1,160,825 0 68,665 1,160,825 1,229,490 3,525 11/95 1/94 7-27.5
Vista's
Associates 3,344,577 831,600 7,055,338 0 831,600 7,055,338 7,886,938 204,383 1/95 12/93 5-27.5
Wedgewood
Lane 1,006,953 85,000 1,106,604 3,859 85,000 1,110,463 1,195,463 42,769 9/94 6/94 5-40
Willowood
Park 4,310,000 511,051 6,867,791 133,294 511,051 7,001,085 7,512,136 370,744 12/94 11/93 5-27.5
---------- --------- ---------- ---------- --------- ---------- ---------- ---------
55,809,724 5,519,041 74,227,398 19,940,723 5,513,580 94,168,121 99,681,701 3,296,345
========== ========= ========== ========== ========= ========== ========== =========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December
31, 1995.
*Decrease due to a reallocation of acquisition costs.
There were no carrying costs as of December 31, 1995. The column has been omitted for presentation purposes.
- F-104 -
/TABLE
<PAGE>
Notes to Schedule III
Boston Capital Tax Credit Fund III L.P. - Series 19
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period-04/01/93.......................$ 0
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 9,012,131
Improvements, etc.............................. 0
Other.......................................... 0
----------
$ 9,012,131
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
----------
$ 0
-----------
Balance at close of period - 03/31/94.........................$ 9,012,131
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 24,845,235
Improvements, etc.............................. 13,156,474
Other.......................................... 0
----------
$ 38,001,709
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
----------
$ 0
-----------
Balance at close of period - 03/31/95.........................$ 47,013,840
Additions during period:
Acquisitions through foreclosure...............$ 0
Other acquisitions............................. 410,291
Improvements, etc.............................. 52,257,570
Other.......................................... 0
-----------
$ 52,667,861
Deductions during period:
Cost of real estate sold.......................$ 0
Other.......................................... 0
-----------
$ 0
-----------
Balance at close of period - 03/31/96..........................$ 99,681,701
===========
- F-105 -
<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund Limited Partnership - Series 19
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/93.........................$ 0
Current year expense..................................$ 98,220
---------
Balance at close of period - 3/31/94..............................$ 98,220
Current year expense..................................$ 418,117
---------
Balance at close of period - 3/31/95..............................$ 516,397
Current year expense..................................$2,779,948
---------
Balance at close of period - 3/31/96..............................$ 3,296,345
==========
- F-106 -
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<ARTICLE> CT
<CIK> 0000879555
<NAME> BOSTON CAPITAL TAX CREDIT FUND III L.P.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> MAR-31-1996
<TOTAL-ASSETS> 167,285,510
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 167,285,510
<TOTAL-REVENUES> 1,034,800
<INCOME-TAX> 0
<INCOME-CONTINUING> (17,749,111)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (16,714,311)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
