SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended March 31, 1997 or
--------------
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
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Commission file number 0-21718
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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, 1997
TABLE OF CONTENTS
PART I
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of
Security Holders
PART II
Item 5. Market for the 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, 1997, 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, 1997 the Fund had invested in 68 Operating Partnerships
on behalf of Series 15, 64 Operating Partnerships on behalf of Series 16, 49
Operating Partnerships on behalf of Series 17, 34 Operating Partnerships on
behalf of Series 18 and 26 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, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
April Gardens Las Piedras,
Apts. III PR 32 $1,473,645 9/92 5/93 100% $ 279,823
Autumwood Keysville,
Heights VA 40 1,355,355 8/92 1/93 100% 256,700
Barton Village Arlington,
Apartments GA 18 512,441 10/92 3/93 100% 101,154
Bergen Bergen,
Meadows NY 24 1,024,570 7/92 7/92 100% 199,420
Bridlewood Horse Cave,
Terrace KY 24 794,924 1/94 1/95 100% 167,679
Brunswick Lawrenceville,
Commons VA 24 829,994 3/92 9/92 100% 152,282
Buena Vista
Apartments, Union,
Phase II SC 44 1,459,496 3/92 1/92 100% 281,000
Calexico Calexico,
Senior Apts. CA 38 1,929,914 9/92 9/92 100% 366,220
Chestnut Altoona,
Hills Estates AL 24 746,277 9/92 9/92 100% 146,500
Columbia Camden,
Heights Apts. AR 32 1,300,766 10/92 9/93 100% 247,599
Coral Ridge Coralville,
Apartments IA 102 2,628,498 3/92 11/92 100% 2,257,827
Country
Meadows Sioux Falls,
II, III, IV SD 55 1,371,889 5/92 9/92 100% 1,220,825
Curwensville Curwensville,
House Apts. PA 28 1,221,138 9/92 7/93 100% 262,000
Deerfield Crewe,
Commons VA 39 1,234,613 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, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
East Park Dilworth,
Apts. I MN 24 $ 506,285 6/94 1/94 100% $ 385,824
Edgewood
Apts. Munfordville,
KY 24 790,831 6/92 8/92 100% 156,605
Golden Age Oak Grove,
Apts. MO 17 406,090 4/92 11/91 100% 84,410
Graham Graham,
Village Apts. NC 50 1,340,848 10/94 6/95 100% 794,669
Greentree Utica,
Apts. OH 24 688,129 4/94 10/75 100% 64,069
Greenwood Fort Gaines,
Village GA 24 678,621 8/92 5/93 100% 131,268
Hadley's
Lake East Machias
Apts. ME 18 1,044,316 9/92 1/93 100% 291,400
Hammond Westernport,
Heights Apts. MD 35 1,495,201 7/92 2/93 100% 327,944
Harrisonville Harrisonville,
Properties II MO 24 610,418 3/92 11/91 100% 144,004
Harvest Point Madison,
Apts. SD 30 1,204,968 3/95 12/94 100% 268,760
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, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Heron's Lake Placid,
Landing I FL 37 $1,210,640 10/92 10/92 100% $ 255,339
Hidden W. Pittsburg,
Cove CA 88 2,922,342 2/94 8/88 100% 200,000
Higginsville Higginsville,
Estates MO 24 629,932 3/92 3/91 100% 146,111
Kearney Kearney,
Estates MO 24 637,035 5/92 1/92 100% 138,103
Lakeside Lake Village
Apts. AR 32 1,227,232 8/94 8/95 100% 282,004
Lake View Lake View,
Green Apts. SC 24 891,378 3/92 7/92 100% 183,603
Laurelwood
Apartments, Winnsboro,
Phase II SC 32 1,072,959 3/92 2/92 100% 229,986
Lebanon
Properties Lebanon,
III MO 24 634,958 3/92 2/92 100% 152,171
Lebanon Spring Grove,
Village II VA 24 929,928 8/92 2/93 100% 169,000
Lilac Apts. Leitchfield,
KY 24 732,250 6/92 7/92 100% 148,015
Livingston Livingston,
Plaza TX 24 680,192 12/92 11/93 100% 176,534
6<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Manning Manning,
Lane Apts. SC 42 $1,478,336 8/92 3/93 100% $ 296,436
Marshall Marshallville,
Lane Apts. GA 18 556,113 8/92 12/92 100% 114,200
Maryville Maryville,
Properties MO 24 721,333 5/92 3/92 100% 156,636
Meadow Grantsville,
View Apts. MD 36 1,493,335 5/92 2/93 100% 291,322
Millbrook Sanford,
Commons ME 16 925,247 6/92 11/92 100% 227,100
Monark Van Buren & Barling,
Homes AR 10 331,775 6/94 3/94 100% 239,800
North
Prairie Plainwell,
Manor Apts. MI 28 885,589 9/92 5/93 100% 206,820
North Trail Arkansas City,
Apts. KS 24 831,930 9/94 12/95 100% 194,118
Oakwood Century,
Village FL 39 1,112,767 5/92 5/92 100% 249,374
Osceola Osceola,
Estates Apts.IA 24 678,684 5/92 5/92 100% 161,325
Payson
Senior Payson,
Center Apts. AZ 39 1,492,979 8/92 8/92 100% 365,755
Rainier Mt. Rainier,
Manor Apts. MD 104 2,712,816 4/92 1/93 100% 1,095,382
Ridgeview Brainerd,
Apartments MN 24 865,020 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, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Rio Mimbres Deming,
II Apartments NM 24 $ 776,727 4/92 4/92 100% $ 149,811
River Chase Wauchula,
Apts. FL 47 1,482,965 8/92 10/92 100% 322,944
Rolling
Brook Algonac,
III Apts. MI 26 830,505 6/92 11/92 100% 185,632
School St. Marshall,
Apts.Phase I WI 24 774,226 4/92 5/92 100% 666,025
Shenandoah Shenandoah,
Village PA 34 1,479,154 8/92 2/93 100% 317,136
Showboat Chesaning,
Manor Apts. MI 26 799,316 7/92 2/93 100% 178,084
Spring Creek Derby,
II Apts. KS 50 1,277,530 4/92 6/92 100% 1,060,282
Summit Ridge Palmdale,
Apartments CA 304 9,004,859 10/92 12/93 100% 5,639,000
Sunset Sq. Scottsboro,
Apts. AL 24 743,697 9/92 8/92 100% 143,900
Taylor Mill Hodgenville,
Apartments KY 24 771,275 4/92 5/92 100% 173,606
Timmons Lynchburg,
Village Apts. SC 18 624,810 5/92 7/92 100% 122,450
University Detroit,
Meadows MI 53 1,896,828 6/92 12/92 100% 1,676,750
Valatie Valatie,
Woods NY 32 1,390,380 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, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Village Healdton,
Woods OK 24 $ 707,444 8/94 12/94 100% $ 173,616
Urb. Corales
Villas de Hatillo,
Del Mar PR 32 1,470,358 8/92 8/92 100% 307,200
Virgen del
Pozo Garden Sabana Grande,
Apts. PR 70 3,345,226 8/92 7/93 100% 772,550
Weedpatch Weedpatch,
Country Apts. CA 36 1,982,359 1/94 9/94 100% 461,197
Whitewater Ideal,
Village Apts. GA 18 528,920 8/92 11/92 100% 108,000
Wood Park Arcadia,
Pointe FL 36 1,173,664 6/92 5/92 100% 243,672
9<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
PROPERTY PROFILES AS OF March 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
1413
Leavenworth Omaha,
Apts. NE 60 $1,633,327 12/92 3/93 100% $1,287,526
Abbey Nixa,
Orchards Apts. MO 48 1,554,682 3/94 6/94 100% 1,163,875
Abbey
Orchards Nixa,
Apts.II MO 56 1,127,842 8/94 7/94 100% 1,137,750
Bernice Bernice,
Villa Apts. LA 32 967,583 5/93 10/93 100% 200,476
Branch River Wakefield,
Commons Apts. NH 24 1,268,043 9/92 2/93 100% 246,105
Brunswick Lawrenceville,
Manor Apts. VA 40 1,424,777 2/94 7/94 100% 278,519
Canterfield Denmark,
Manor SC 20 771,568 11/92 1/93 100% 175,959
Cape Ann
YMCA Gloucester,
Community Ctr. MA 23 585,086 1/93 12/93 100% 693,132
Carriage Westville,
Park Village OK 24 725,358 2/93 7/93 100% 144,714
Cedar Brown City,
Trace Apts. MI 16 507,133 10/92 7/93 100% 102,500
Cielo Azul Aztec,
Apts. NM 30 1,021,549 5/93 5/93 100% 389,749
Clymer Clymer,
Park Apts. PA 32 1,445,104 12/92 11/94 100% 317,428
10<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Crystal Davenport,
Ridge Apts. IA 126 $3,131,544 10/93 2/94 100% $ 3,032,972
Cumberland Middlesboro,
Woods Apts. KY 40 1,457,998 12/93 10/94 100% 412,700
Deer Run Warrenton,
Apts. NC 31 719,606 8/93 3/93 100% 572,200
Derry Round Borough of Derry,
House Court PA 26 1,139,214 2/93 2/93 100% 248,019
Fairmeadow Latta,
Apts. SC 24 888,116 1/93 7/93 100% 195,400
Falcon Beattyville,
Ridge Apts. KY 40 1,052,571 4/94 1/95 100% 247,200
Forest Butler,
Pointe Apts. GA 24 757,892 12/92 9/93 100% 162,397
Gibson Gibson,
Manor Apts. NC 24 914,089 12/92 6/93 100% 161,412
Greenfield Greenfield,
Properties MO 20 535,408 1/93 5/93 100% 126,046
Greenwood Mt. Pleasant,
Apts. PA 36 1,483,607 11/93 10/93 97% 352,000
Harmony Galax,
House Apts. VA 40 1,482,213 11/92 7/93 100% 285,588
Haynes House Roxbury,
Apartments MA 131 3,495,929 8/94 9/95 80% 1,955,670
Holly Tree Holly Hill,
Manor SC 24 889,327 11/92 2/93 100% 201,490
Isola Square Isola,
Apartments MS 32 974,908 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, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Joiner Joiner,
Manor AR 25 $ 825,160 1/93 6/93 100% $149,670
Landview Bentonia,
Manor MS 28 846,603 7/93 2/94 100% 190,109
Laurel Idabel,
Ridge Apts. OK 52 1,393,760 4/93 12/93 100% 282,606
Lawtell Lawtell,
Manor Apts. LA 32 935,317 4/93 8/93 100% 202,603
Logan Ridgeland,
Lane Apts SC 36 1,304,434 9/92 3/93 100% 274,750
Mariner's Milwaukee,
Pointe Apts WI 64 2,022,863 12/92 8/93 100% 1,684,121
Mariner's
Pointe Milwaukee,
Apts. II WI 52 1,980,429 12/92 8/93 100% 1,676,219
Meadows of Southgate,
Southgate MI 83 2,338,538 7/93 5/94 100% 1,716,000
Mendota Mendota,
Village Apts.CA 44 1,987,883 12/92 5/93 100% 438,300
Mid City Jersey City,
Apts. NJ 58 3,140,774 9/93 6/94 100% 3,097,210
Newport
Elderly Newport,
Apts. VT 24 1,259,482 2/93 10/93 100% 221,626
Newport Newport,
Manor Apts. TN 30 963,498 9/93 12/93 100% 204,863
Oak Forest Eastman,
Apts. GA 41 1,187,160 12/92 10/93 100% 251,269
12<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Parkwoods Anson,
Apts. ME 24 $1,292,673 12/92 9/93 100% $ 320,206
Plantation Tchula,
Manor MS 28 838,860 7/93 12/93 100% 195,030
Ransom St. Blowing Rock,
Apartments NC 13 513,727 12/93 11/94 100% 102,697
Riviera Miami Beach,
Apts. FL 56 1,717,110 12/92 12/93 100% 1,442,978
Sable Chase McDonough,
of McDonough GA 222 5,220,944 12/93 12/94 100% 5,618,968
Simmesport Simmesport,
Square Apts. LA 32 956,744 4/93 6/93 100% 198,500
St. Croix Woodville,
Commons Apts. WI 40 1,129,146 10/94 12/94 60% 534,847
St. Joseph St. Joseph,
Square Apts. LA 32 964,859 5/93 9/93 100% 206,086
Summersville Summersville,
Estates MO 24 624,702 5/93 6/93 100% 157,976
Stony Ground St. Croix,
Villas VI 22 1,440,543 12/92 6/93 100% 358,414
Talbot Talbotton,
Village II GA 24 684,816 8/92 4/93 100% 129,683
Tan Yard
Branch Blairsville,
Apts. I GA 24 758,885 12/92 9/94 100% 151,154
Tan Yard
Branch Blairsville,
Apts. II GA 25 742,836 12/92 7/94 100% 144,304
13<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
The
Fitzgerald Plattsmouth,
Building NE 20 $ 313,744 12/93 12/93 100% $ 924,780
The
Woodlands Tupper Lake,
NY 18 931,255 9/94 2/95 100% 205,631
Tuolumne
City Tuolumne,
Senior Apts. CA 30 1,606,725 12/92 8/93 100% 376,535
Turtle Monticello,
Creek Apts. AR 27 854,522 5/93 10/93 100% 185,392
Valley View Palatine Bridge,
Apartments NY 32 1,439,175 5/94 5/94 100% 326,870
Victoria North Port,
Pointe Apts. FL 42 1,450,728 10/94 1/95 100% 338,058
Vista Linda Sabana Grande,
Apartments PR 50 2,513,808 1/93 12/93 100% 435,530
West End Union,
Manor SC 28 995,844 5/93 5/93 100% 231,741
Westchester
Village Oak Grove,
of Oak Grove MO 33 1,239,211 12/92 4/93 100% 889,700
Westchester
Village of St. Joseph,
St. Joseph MO 60 1,683,311 7/93 6/93 100% 1,316,500
Willcox Willcox,
Senior Apts. AZ 30 1,112,794 1/93 6/93 100% 268,747
Woods Damascus,
Landing Apts.VA 40 1,478,071 12/92 9/93 100% 286,171
14<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 17
PROPERTY PROFILES AS OF March 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Annadale Fresno,
Apartments CA 222 $4,543,744 1/96 6/90 100% $ -0-
Artesia Artesia,
Properties NM 40 1,429,409 9/94 9/94 100% 399,464
Aspen Ridge Omaha,
Apts. NE 42 888,302 9/93 11/93 100% 809,750
Briarwood Clio,
Apartments SC 24 920,368 12/93 8/94 100% 211,133
Briarwood
Apartments DeKalb,
of DeKalb IL 48 1,605,843 10/93 6/94 100% 1,041,834
Briarwood Buena Vista,
Village GA 38 1,135,894 10/93 5/94 100% 252,700
Brookwood Blue Springs,
Village MO 72 2,346,480 12/93 12/94 100% 1,629,100
Cairo Senior Cairo,
Housing NY 24 1,076,324 5/93 4/93 100% 201,711
Caney Creek Caneyville,
Apts. KY 16 481,070 5/93 4/93 100% 118,800
Central Cambridge,
House MA 128 2,638,126 4/93 12/93 100% 2,498,109
Clinton Clinton,
Estates MO 24 742,356 12/94 12/94 100% 162,717
Cloverport Cloverport,
Apts. KY 24 761,938 4/93 7/93 100% 174,575
College
Greene Chili,
Senior Apts. NY 110 3,791,301 3/95 8/95 100% 228,545
15<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 17
PROPERTY PROFILES AS OF March 31, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Crofton Crofton,
Manor Apts. KY 24 $ 810,301 4/93 3/93 100% $ 168,420
Deerwood Adrian,
Village Apts.GA 20 640,514 2/94 7/94 100% 160,900
Doyle Darien,
Village GA 38 1,176,673 9/93 4/94 100% 235,509
Fuera Bush
Senior Fuera Bush,
Housing NY 24 1,106,702 7/93 5/93 100% 189,364
Gallaway Gallaway,
Manor Apts. TN 36 1,062,724 4/93 5/93 100% 221,432
Glenridge Bullhead City,
Apartments AZ 52 2,056,548 6/94 6/94 100% 520,500
Green Acres West Bath,
Estates ME 48 1,232,302 1/95 11/94 100% 135,849
Green Court Mt. Vernon,
Apartments NY 76 2,335,842 11/94 11/94 84% 874,878
Henson Oxon Hill,
Creek Manor MD 105 4,038,834 5/93 4/94 100% 2,980,421
Hickman
Manor Hickman,
Apts. II KY 16 543,802 11/93 12/93 100% 134,094
Hill Bladenboro,
Estates, II NC 24 1,021,728 3/95 7/95 100% 132,300
Houston Alamo,
Village GA 24 675,389 12/93 5/94 100% 169,418
Isola Greenwood,
Square Apts. MS 36 1,065,623 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, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Ivywood Smyrna,
Park Apts. GA 106 $3,088,640 6/93 10/93 100% $2,093,847
Jonestown Jonestown,
Manor Apts. MS 28 872,018 12/93 12/94 100% 243,605
Largo Ctr. Largo,
Apartments MD 100 3,892,268 3/93 6/94 100% 2,753,475
Laurel Naples,
Ridge Apts. FL 78 2,956,048 2/94 12/94 100% 1,788,844
Lee Terrace Pennington Gap,
Apartments VA 40 1,495,907 2/94 12/94 100% 288,268
Maplewood Union City,
Park Apts. GA 110 3,573,147 4/94 7/95 100% 1,194,911
Oakwood
Manor of Bennettsville,
Bennettsville SC 24 882,841 9/93 12/93 100% 189,200
Opelousas Opelousas,
Point Apts. LA 44 1,399,414 11/93 3/94 100% 439,277
Orchard Beaumont,
Park CA 144 3,968,211 1/94 5/89 100% 250,000
Palmetto Palmetto,
Villas FL 49 1,621,942 5/94 4/94 100% 421,795
Park Lehigh Acres,
Place FL 35 1,183,754 2/94 4/94 100% 283,687
Pinehurst Farwell,
Senior Apts. MI 24 812,347 2/94 2/94 100% 183,176
Quail Reedsville,
Village GA 31 887,250 9/93 2/94 100% 171,855
Royale Glen Muskegon,
Townhomes MI 79 3,803,078 12/93 12/94 100% 909,231
17<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 17
PROPERTY PROFILES AS OF March 31, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Seabreeze Inglis,
Manor FL 37 $1,240,666 3/94 1/95 100% $ 294,387
Soledad Soledad,
Senior Apts. CA 40 1,969,082 10/93 1/94 100% 407,894
Stratford Midland,
Place MI 53 999,723 9/93 6/94 100% 892,915
Summit Palmdale,
Ridge Apt. CA 304 9,004,859 12/93 12/93 100% 5,191,039
Villa West Topeka,
V Apartments KS 52 1,260,000 2/93 10/92 100% 902,700
Waynesburg Waynesburg,
House Apts. PA 34 1,503,621 7/94 12/95 100% 501,140
West Front Skowhegan,
Residence ME 30 1,725,054 9/94 8/94 100% 487,390
West Oaks Raleigh,
Apartments NC 50 1,210,441 6/93 7/93 100% 811,994
White White Castle,
Castle Manor LA 24 780,073 6/94 5/94 100% 198,684
18<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 18
PROPERTY PROFILES AS OF March 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Arch Boston,
Apartments MA 75 $2,771,622 4/94 12/94 100% $3,017,845
Bear Creek Naples,
Apartments FL 118 4,967,259 3/94 4/95 100% 3,586,687
Briarwood Humbolt,
Apartments IA 20 710,376 8/94 4/95 100% 162,536
California San Joaquin,
Apartments CA 42 1,841,293 3/94 12/94 100% 519,100
Chatham Chatham,
Manor NY 32 1,436,031 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 2,561,998 12/94 12/94 100% 1,804,536
Cox Creek Ellijay,
Apartments GA 25 827,488 1/94 1/95 100% 176,504
Evergreen Macedon,
Hills Apts. NY 72 2,832,672 8/94 1/95 100% 1,464,564
Glen Place Duluth,
Apartments MN 35 1,249,800 4/94 6/94 100% 1,328,621
Harris Music West Palm Beach,
Building FL 38 1,340,429 6/94 11/95 100% 749,953
Kristine Bakersfield,
Apartments CA 60 1,372,124 10/94 10/94 100% 1,636,293
Lakeview Battle Creek,
Meadows II MI 60 1,642,076 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, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Lathrop Lathrop,
Properties MO 24 $ 746,947 4/94 5/94 100% $ 171,579
Leesville Leesville,
Elderly Apts.LA 54 1,268,354 6/94 6/94 100% 776,500
Lockport Lockport,
Seniors Apts.LA 40 994,779 7/94 9/94 100% 595,439
Maple Leaf Franklinville,
Apartments NY 24 1,155,850 8/94 12/94 100% 296,587
Maple Aurora,
Terrace NY 32 1,422,546 9/93 9/93 96% 279,988
Marengo Marengo,
Park Apts. IA 24 735,876 10/93 3/94 100% 133,552
Meadowbrook Oskaloosa,
Apartments IA 16 485,330 11/93 9/94 100% 96,908
Meadows Show Low,
Apartments AZ 40 1,498,659 3/94 5/94 100% 420,302
Natchitoches
Senior Natchitoches,
Apartments LA 40 969,552 6/94 12/94 100% 644,175
Newton Newton,
Plaza Apts. IA 24 813,387 11/93 9/94 100% 166,441
Oakhaven Ripley,
Apartments MS 24 507,010 1/94 7/94 100% 116,860
Parvin's
Branch Vineland,
Townhouses NJ 24 876,286 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, 1997
Continued
- ---------
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Peach Tree Felton,
Apartments DE 32 $1,492,898 1/94 7/93 100% $ 206,100
Pepperton Jackson,
Villas GA 29 868,707 1/94 6/94 100% 222,762
Prestonwood Bentonville,
Apartments AR 62 1,280,350 12/93 12/94 100% 1,067,200
Richmond Richmond,
Manor MO 36 1,050,188 6/94 6/94 100% 231,593
Rio Grande Eagle Pass,
Apartments TX 100 2,294,897 6/94 5/94 100% 666,840
Troy Troy,
Estates MO 24 701,094 12/93 1/94 100% 159,007
Vista Loma Bullhead City,
Apartments AZ 41 1,493,214 5/94 9/94 100% 465,650
Vivian Vivian,
Seniors Apts. LA 40 1,007,559 7/94 9/94 100% 625,691
Westminster
Meadow Grand Rapids,
Apartments MI 64 2,112,848 12/93 11/94 100% 1,378,000
21<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 19
PROPERTY PROFILES AS OF March 31, 1997
Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Callaway Holt's Summit,
Villa MO 48 $1,320,544 6/94 12/94 100% $ 1,181,010
Carrollton Carrollton,
Villa MO 48 1,315,865 6/94 3/95 100% 1,121,758
Clarke Newport,
School RI 56 2,561,998 12/94 12/94 100% 1,153,719
Coopers Irving,
Crossing TX 93 3,682,888 6/96 12/95 100% 1,716,000
Delaware
Crossing Ankeny,
Apartments IA 152 3,749,681 8/94 3/95 100% 3,337,884
Garden Gate Forth Worth,
Apartments TX 240 5,882,264 2/94 4/95 100% 3,526,605
Garden Gate Plano,
Apartments TX 240 7,379,150 2/94 5/95 100% 3,116,064
Hebbronville Hebbronville,
Senior TX 20 522,191 12/93 4/94 100% 82,592
Jefferson Denver,
Square CO 64 2,568,896 5/94 8/95 100% 1,705,351
Jenny Lynn Morgantown,
Apts. KY 24 808,393 1/94 9/94 100% 182,800
Lone Star Lone Star,
Senior TX 24 617,540 12/93 5/94 100% 138,740
Mansura
Villa II Mansura,
Apartments LA 32 970,372 5/94 8/95 100% 227,910
Maplewood Union City,
Park Apts. GA 110 3,573,147 4/94 7/95 100% 1,194,911
Martindale Martindale,
Apts. TX 24 687,611 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, 1997
Continued
- --------- Mortgage Cap Con
Balance Qualified paid
Property As of Acq. Const Occupancy thru
Name Location Units 12/31/96 Date Comp. 3/31/97 3/31/97
- ---------------------------------------------------------------------------
Munford Munford,
Village AL 24 $ 766,822 10/93 4/94 100% $ 165,800
Northpoint Kansas City,
Commons MO 158 4,788,505 7/94 6/95 100% 2,076,401
Poplar Madison,
Ridge Apts. VA 16 654,071 12/93 10/94 100% 124,704
Prospect
Villa III Hollister,
Apartments CA 30 1,747,061 3/95 5/95 100% 499,104
Sahale
Heights Elizabethtown,
Apts. KY 24 863,752 1/94 6/94 100% 238,600
Seville Forest Village,
Apartments OH 24 666,962 3/94 3/78 100% 47,780
Sherwood Rainsville,
Knoll AL 24 783,096 10/93 4/94 100% 162,500
Summerset Swainsboro,
Apartments GA 30 942,924 1/94 11/95 100% 223,029
Tanglewood Lawrenceville,
Apartments GA 130 4,282,021 11/93 12/94 100% 3,020,840
Village Independence,
North I KS 24 860,855 6/94 12/94 100% 190,471
Vistas at Largo,
Lake Largo MD 110 3,316,561 12/93 1/95 100% 2,833,420
Wedgewood
Lane Cedar City,
Apartments UT 24 1,004,645 6/94 9/94 100% 262,800
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, 1997, the Fund has 14,094 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 2,610
investors holding 3,870,500 BACs, Series 16 consists of 3,677
investors holding 5,429,402 BACs, Series 17 consists of 3,094
investors holding 5,000,000 BACs, Series 18 consists of 2,187
investors holding 3,616,200 BACs, and Series 19 consists of
2,526 investors holding 4,080,000 BACs at March 31, 1997.
(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, 1997.
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 March 31, 1993 through March 31,
1997. Additional detailed financial information is set forth in the
audited financial statements listed in Item 14 hereof.
Operations
- ----------
March 31, March 31, March 31, March 31, March 31,
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
Interest &
Other Income $ 555,991 $ 1,034,800 $ 2,200,432 $ 2,380,436$ 707,838
Share of Loss
of Operating
Partnerships (15,051,842) (14,435,496) (10,794,203) (4,998,241) (1,294,781)
Operating Exp.$ (3,210,372) (3,313,615) (3,739,460) (2,585,806) (909,201)
----------- ----------- ---------- ---------- ----------
Net Loss $(17,706,223)$(16,714,311)$(12,333,231)$ (5,203,611)$(1,496,144)
=========== =========== ========== ========== ==========
Net Loss
per BAC $ (.80)$ (.75)$ (.56) $ (.31)$ (.21)
=========== =========== ========== =========== ==========
As of As of As of As of As of
March 31, March 31, March 31, March 31, March 31,
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
Balance Sheet
- -------------
Total Assets $145,845,635 $167,285,510 $202,894,304 $215,591,233 $110,044,342
=========== =========== =========== =========== ==========
Total Liab. $ 10,350,261 $ 14,069,497 $ 33,078,601 $ 33,263,599 $ 18,125,363
Partners' =========== =========== =========== =========== ==========
Equity $135,495,374 $153,216,013 $169,815,703 $182,327,634 $ 91,918,979
=========== =========== =========== =========== ==========
Other Data
- ----------
Tax Credits per BAC for the Investors Tax
Year, the Twelve Months Ended December
31, 1996, 1995, 1994, 1993 and 1992*
$ 1.37 $ 1.26 $ .66 $ .42 $ .21
=========== =========== =========== =========== ==========
* 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, 1997 were $2,125,305, and total
fund management fees accrued as of March 31, 1997 were $6,379,932. 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 its investors.
The Fund anticipates that the investments it purchases will be available for
sale. Many of the investments sold during the years ended March 31,
1995, 1996 and 1997 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, 1997, 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, 1997, the Fund used $21,600
of Series 15 net offering proceeds to pay additional installments of its
capital contributions to 3 Operating Partnerships. As of March 31,
1997 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 $29,390,546, and the Fund had completed payment of all
installments of its capital contributions to 63 of the 68 Operating
Partnerships. Series 15 has $178,680 in capital contributions that remain
to be paid to the other 5 Operating Partnerships.
(Series 16). The Fund commenced offering BACs in Series 16 on July 10,
1992. As of March 31, 1997, 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, 1997, the Fund used $292,588
of Series 16 net offering proceeds to pay additional installments
of its capital contributions to 7 Operating Partnerships. As
of March 31, 1997 the net proceeds from the offer and sale of BACs in Series
16 had been used to invest in a total of 64 Operating Partnerships in an
aggregate amount of $40,829,228, and the Fund had completed payment of all
installments of its capital contributions to 56 of the 64 Operating
Partnerships. Series 16 has $155,225 in capital contributions that remain
to be paid to the other 8 Operating Partnerships.
(Series 17). The Fund commenced offering BACs in Series 17 on January
24, 1993. As of March 31, 1997, 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, 1997, the Fund used $155,696
of Series 17 net offering proceeds to pay additional installments of its
capital contributions to 8 Operating Partnerships. As of March 31, 1997
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
$37,223,407, and the Fund had completed payments of all installments of its
capital contributions to 38 of the 49 Operating Partnerships. Series 17 has
$1,844,259 in capital contributions that remain to be paid to the other 11
11 Operating Partnerships.
(Series 18). The Fund commenced offering BACs in Series 18 on June 17,
1993. As of March 31, 1997, 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, 1997, the Fund used $118,711
of Series 18 net offering proceeds to pay additional installments
of its capital contributions to 5 Operating Partnerships. As of March
31, 1997 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 $26,652,205, and the Fund had completed payments of all
installments of its capital contributions to 29 of the 34 Operating
Partnerships. Series 18 has $755,887 in capital contributions that remain
to be paid to the other 5 Operating Partnerships.
(Series 19). The Fund commenced offering BACs in Series 19 on October 8,
1993. As of March 31, 1997, 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, 1997, the Fund used $3,691,719
of Series 19 net offering proceeds to pay initial installments of its
capital contributions to 14 Operating Partnerships. As of March 31, 1997
proceeds from the offer and sale of BACs in Series 19 had been used to
invest in a total of 26 Operating Partnerships in an aggregate amount of
$30,164,485, and the Fund had completed payments of all installments of its
capital contributions to 19 of the 26 Operating Partnerships. Series 19 has
$831,803 in capital contributions that remain to be paid to the other 7
Operating Partnerships.
Results of Operations
- ---------------------
The Fund incurred 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, 1997 and 1996 was $2,253,062 and $2,399,311,
respectively. The amount is anticipated to continue to decrease in subsequent
fiscal years as additional Operating Partnerships begin to pay their annual
partnership management 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, 1997 and 1996, the average Qualified
Occupancy for the series was 100% and 99.9%, respectively. The series had a
total of 68 properties at March 31, 1997, all of which were at 100% qualified
occupancy.
29<PAGE>
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $3,647,435 and $3,225,596, respectively, in passive income tax
losses that were passed through to the investors and also provided $1.47
and $1.43, respectively, in tax credits per BAC to the investors.
As of March 31, 1997 and 1996 the Investments in Operating Partnerships
for Series 15 was $18,675,081, and $21,718,070 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 December 31, 1996 and 1995 the Operating Partnerships
reflected a net income of $468,378 and $383,072, respectively, when adjusted
for depreciation which is a non-cash item.
California Investors VII Limited Partnership was operating at a deficit due
to higher than projected operating expenses and a competitive rental market.
Operating shortfalls caused the accrual of accounts payable. The Operating
Partnership closed on a debt refinancing in the fourth quarter of 1996. The
favorable interest rate enabled the Operating Partnership to payoff the
accrued accounts payable and reduced the monthly debt payment. The
refinancing should also create increased operating stability for the Operating
Partnership.
The new management company at Hidden Cove continues to make improvements to
the tenant base and physical occupancy, which stands at 92% at March 31, 1997,
however, the property is still generating operating deficits. As such, the
management company is implementing cost saving measures to mitigate these
deficits and stabilize the property.
The Operating General Partner of School Street Limited Partnership I pledged
his general partnership interest in the Operating Partnership as collateral
for another loan. As this was a violation of the terms of the partnership
agreement, the Operating General Partner was removed and replaced. Operations
of the property are stable.
(Series 16). As of March 31, 1997 and 1996, the average Qualified
Occupancy for the series was 99.0% and 99.7%, respectively. The series had a
total of 64 properties at March 31, 1997. Out of the total, 61 were at 100%
qualified occupancy.
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $4,236,913 and $3,276,922, respectively, in passive income tax
losses that were passed through to the investors and also provided $1.41 and
$1.37 respectively, in tax credits per BAC to the investors.
As of March 31, 1997 and 1996 the Investments in Operating Partnerships
for Series 16 was $33,987,844 and $37,074,575, respectively. Investments
in Operating Partnerships was affected by the removal of one Operating
Partnership. Investments in Operating Partnerships was also affected
by the way the Fund accounts for such investments, the equity method.
30<PAGE>
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 December 31, 1996 and 1995 the Operating Partnerships
reflected a net income of $1,866,459 and $1,105,367, respectively, when
adjusted for depreciation which is a non-cash item. The improved operations
are mainly a result of an increase in rental income and a decrease in interest
expense.
In the prior fiscal year an Operating Partnership was admitted to the series
without an initial outlay of capital. This short form admission was an
agreement between the Operating Partnership's General Partner and the General
Partner, that upon further due diligence, the Fund had the option to purchase
the Operating Partnership if it was in the best interest of the Fund.
Subsequent studies indicated that the Operating Partnership would not generate
the originally anticipated amount of credits, and the General Partner elected
to have the Fund's interest repurchased. As a result the number of Operating
Partnerships has decreased by one from the year ended March 31, 1996.
The Operating General Partner of Mariner's Pointe Limited Partnership I and
Mariner's Pointe Limited Partnership II pledged his general partner interest
to an unaffiliated lending institution in violation of the partnership
agreement. The Operating General Partner and the Management Agent, an
affiliate of the Operating General Partner, have been replaced. This did not
affect property operations.
(Series 17). As of March 31, 1997 and 1996, the average Qualified
Occupancy for the Series was 99.7% and 99.6%, respectively. The series had
a total of 49 properties at March 31, 1997. Out of the total 48 were at
100% qualified occupancy.
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $4,183,368 and $3,393,637, respectively, in passive income tax
losses that were passed through to the investors and also provided $1.40 and
$1.30, respectively, in tax credits per BAC to the investors.
As of March 31, 1997 and 1996 the Investments in Operating Partnerships
for Series 17 was $30,804,793 and $34,318,721, 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 years ended December 31, 1996 and 1995 the Operating Partnerships
reflected a net (loss) income of $(183,610) and $570,330, respectively, when
adjusted for depreciation which is a non-cash item. The decrease was a result
of two Operating Partnerships' 1996 operations. Annadale Housing Partners had
experienced a net loss, when adjusted for depreciation, due to operational
issues associated with the property. The Operating Partnership has stabilized
since the completion of rehabilitation and occupancy has shown steady
improvement. Occupancy is at 100% as of March 31, 1997. California
31<PAGE>
Investors VII Limited Partnership was operating at a deficit, when adjusted
for depreciation, due to higher than projected operating expenses and a
competitive rental market. Operating shortfalls caused the accrual of
accounts payable. The Operating Partnership closed on a debt refinancing in
the fourth quarter of 1996. The favorable interest rate enabled the Operating
Partnership to payoff the accrued accounts payable and reduced the monthly
debt payment. The refinancing should also create increased operating
stability for the Operating Partnership.
The property owned by California Investors VI L.P. has experienced a
reduction in physical occupancy, which stands at 80% at March 31, 1997. The
management company is increasing their marketing efforts, as well as
implementing capital improvements to the property to attract tenants. These
efforts should improve occupancy and stabilize the property.
(Series 18). As of March 31, 1997 and 1996, the average Qualified Occupancy
for the series was 99.9% and 99.6%, respectively. The series had a total of
34 properties at March 31, 1997. Out of the total, 33 were at 100% qualified
occupancy.
For the tax years ended December 31, 1996 and 1995, the series, in total,
generated $3,122,862 and $2,516,225, respectively, in passive income tax
losses that were passed through to the investors and also provided $1.33 and
$1.15, respectively, in tax credits per BAC to the investors.
As of March 31, 1997 and 1996, the Investments in Operating Partnerships for
Series 18 was $23,513,680 and $26,102,954, 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 years ended December 31, 1996 and 1995 the Operating Partnerships
reflected a net income of $168,510 and $1,050, respectively, when adjusted for
depreciation which is a non-cash item. The main reason for the improved
operations was an increase in rental income due to higher occupancies in 1996.
In August 1996 the General Partner was notified that Virginia Avenue Housing
Limited Partnership was named as defendant in a land encroachment complaint.
The Operating General Partner and its council are confident that the Operating
Partnership owns a clean title to all property in question, however, research
is being conducted into the title and title insurance.
(Series 19). As of March 31, 1997 and 1996, the average Qualified Occupancy
for the series was 100% and 99.6%, respectively. The series had a total of 26
properties at March 31, 1997, all of which were at 100% qualified occupancy.
For the tax year ended December 31, 1996 and 1995, the series, in total,
generated $3,660,628 and $3,299,830, respectively, in passive income tax
losses that were passed through to the investors and also provided $1.24 and
$1.0, respectively, in tax credits per BAC to the investors.
32<PAGE>
As of March 31, 1997 and 1996 the Investments in Operating Partnerships
for Series 19 was $27,405,515 and $28,044,693, 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 December 31, 1996 and 1995 the Operating Partnerships
reflected a net income (loss)of $69,927 and $(445,615), respectively, when
adjusted for depreciation which is a non-cash item. The main reason for the
improved operations was an increase in rental income due to higher occupancies
in 1996.
In all series there was an increase in the tax credits provided to the
investors from tax years ended December 31, 1995 to December 31, 1996. A
greater number of credits was generated by properties which were under
construction or in initial lease-up as of December 31, 1995, and subsequently
completed construction and lease-up phases as of December 31, 1996. The Fund
expects the stream of tax credits to level off within the next year as the
properties in all series reach stabilized operations.
Recent Accounting Statements Not Yet Adopted
- --------------------------------------------
In February 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards ("SFAS') No. 128, "Earnings per
Share" and SFAS No. 129, "Disclosure of Information about Capital Structure."
SFAS No. 128 provides accounting and reporting standards for the amount of
earnings per share. SFAS No. 129 requires the disclosure in summary form
within the financial statements of the pertinent rights and privileges of the
various securities outstanding. SFAS No. 128 and SFAS No. 129 are effective
for fiscal years ending after December 15, 1997 and earlier application is not
permitted.
The implementation of these standards is not expected to materially impact
the Partnership's financial statements because the Partnership's earnings per
share would not be significantly affected and the disclosures regarding the
capital structure in the financial statements would not be significantly
changed.
33<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.
34<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 67, is co-founder and Chairman of the Board of
Boston Capital Corporation. Founded in 1974, Boston Capital, through its five
companies, offers a wide range of investment banking services to its domestic
and international clients. Mr. Collins has received Presidential appointments
from both President George Bush and President Bill Clinton. In 1992, President
Bush appointed Mr. Collins to the Presidential Advisory Committee on the Arts
at The Kennedy Center. In 1995, Mr. Collins was appointed by President Clinton
to the Thrift Depositor Protection Oversight Board. Mr. Collins is Chairman-
emeritus of the Council for Rural Housing and Development and former Chairman
of the Federal Home Loan Bank Board of Boston. Mr. Collins currently serves as
a member of the National Rural Housing Council, the Fannie Mae Housing Impact
Advisory Council, and is a member of the board of the National Housing
Conference. Mr. Collins is also involved with a number of civic and
charitable organizations with a particular interest in assisting disadvantaged
urban youth. These activities include serving on the boards of Youth Build -
Boston, the I Have a Dream Foundation, the Pine Street Inn and The Ron Burton
Training Village. Mr. Collins is a graduate of Harvard College and served in
the U.S. Marine Corps. He and his wife, Sheila, have six children. They reside
in Gloucester, Massachusetts.
John P. Manning, age 49, is co-founder, President and Chief Executive
Officer of Boston Capital Partners, Inc., and serves as member of the
Investment Committee. He has twenty-five years of experience in the financing,
development and operation of multi-family housing, especially affordable
housing. In addition to his responsibilities at Boston Capital, Mr. Manning
has been a proactive leader in the industry. He served as a member of the
Mitchell-Danforth Task Force, established by Senators Mitchell and Danforth in
1990, to review and reform the Low Income Housing Tax Credit. He was the
founding President of the Affordable Housing Tax Credit Coalition, is a member
of the board of the National Leased Housing Association and sits on the
Advisory Board of the Housing Development Reporter, three Washington D.C.
based housing organizations. In 1996, he was asked to be a judge by the FNMA
Foundation for its prestigious Maxwell Awards, given to the most outstanding
affordable housing projects in America. He served as a member of the
Massachusetts Housing Policy Committee, Executive Office of Communities &
Development, having been appointed by the Governor of Massachusetts. In
similar capacities, Mr. Manning has been asked to testify as an expert witness
before the U.S. House Ways and Means Committee and the U.S. Senate Finance
Committee, on the efficacy of the Low Income Housing Tax Credit, private
sector participation and the effects on the capital markets and the economy.
35
In 1996, President Clinton appointed him to the President's Advisory Committee
on the Arts at the John F. Kennedy Center for the Performing Arts, Washington,
D.C. Mr. Manning graduated from Boston College.
Richard J. DeAgazio, age 52, is Executive Vice President of Boston Capital
Partners, Inc., and is President of Boston Capital Services, Inc., Boston
Capital's NASD registered broker/dealer. Mr. DeAgazio formally served on the
national Board of Governors of the National Association of Securities Dealers
(NASD), was the Vice Chairman of the NASD's District 11 Committee, and served
as Chairman of the NASD's Statutory Disqualification Subcommittee of the
National Business Conduct Committee. He also served on the NASD State Liaison
Committee and the Direct Participation Program Committee. He is a founder and
past President of the National Real Estate Investment Association, past
President of the Real Estate Securities and Syndication Institute
(Massachusetts Chapter) and the Real Estate Investment Association. Prior to
joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and
Director of the Brokerage Division of Dresdner Securities (USA), Inc., an
international investment banking firm owned by four major European banks, and
was a Vice President of Burgess & Leith/Advest. He has been a member of the
Boston Stock Exchange since 1967. He graduated from Northeastern University.
Christopher W. Collins, age 42, is an Executive Vice President and a
principal of Boston Capital Partners, Inc., and is responsible for, among
other areas, overseeing the investment portfolio of funds sponsored by Boston
Capital and the acquisition of real estate investments on behalf of such
funds. Mr. Collins has had extensive experience in real estate development
activities, having founded and directed the American Development Group, a
comprehensive real estate development firm, and has also had extensive
experience in the area of acquiring real estate investments. He is on the
Board of Directors of the National Multi-Housing Council and a member of the
Massachusetts Housing Finance Agency Multi-Family Advisory Committee. He
graduated from the University of New Hampshire.
Anthony A. Nickas, age 36, is Senior Vice President and Chief Financial
Officer of Boston Capital Partners, Inc. and has over fourteen years
experience in the accounting and finance fields. Mr. Nickas has supervised the
financial aspects of both the Project Development and Property Management
Affiliates. Prior to joining Boston Capital in 1987, he was Assistant Director
of Accounting and Financial Reporting for the Yankee Companies, Inc., and was
an Audit Supervisor for Wolf & Company of Massachusetts, P.C., a regional
certified public accounting firm based in Boston. He graduated with honors
from Norwich University.
(f) Involvement in certain legal proceedings.
None.
(g) Promoters and control persons.
None.
36<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 1997 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 Asset Management Limited Partnership
(formerly Boston Capital Communications Limited Partnership). The annual fund
management fee charged to operations during the year ended March 31, 1997 was
$2,253,062.
2. The Fund has reimbursed an affiliate of the General Partner a total
of $116,188 for amounts charged to operations during the year ended March
31, 1997. The reimbursement includes, but may not be limited to postage,
printing, travel, and overhead allocations.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Security ownership of certain beneficial owners.
As of March 31, 1997, 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.
37<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.
38<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, 1997 and 1996
Statements of Operations for the years ended March 31,
1997, 1996 and 1995.
Statements of Changes in Partners' Capital for the years and period
ended March 31, 1997, 1996, and 1995.
Statements of Cash Flows for the years ended March 31, 1997,
1996 and 1995.
Notes to Financial Statements March 31, 1997, 1996 and 1995
Schedule III - Real Estate and Accumulated Depreciation
Notes to Schedule III
Schedules not listed are omitted because of the absence of the
conditions under which they are required or because the information is
included in the financial statements or the notes hereto.
(a) 3. Exhibits (listed according to the number assigned
in the table in Item 601 of Regulation S-K)
Exhibit No. 3 - Organization Documents.
a. Certificate of Limited Partnership of Boston Capital Tax Credit
Fund 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.)
39 <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).
40<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).
41<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.
42<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.
--------------------------------------------------------
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
Date: July 14, 1997 By: /s/ John P. Manning
-------------------
John P. Manning
By: /s/ Herbert F. Collins
-----------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Fund and in the capacities and on the dates indicated:
DATE: SIGNATURE: TITLE:
General Partner and
July 14, 1997 /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
44<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 14, 1997 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 14, 1997 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
44<PAGE>
<PAGE> 1
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT FUND III L.P. -
SERIES 15 THROUGH SERIES 19
MARCH 31, 1997 AND 1996
<PAGE>
<PAGE> 2
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-72
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION F-74
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>
<PAGE> 3
Reznick Fedder & Silverman
Certified Public Accountants * Business Consultants
A Professional Corporation
4520 East-West Highway * Suite 300 * Bethesda, MD 20814-3319
(301) 652-9100 * Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Boston Capital Tax Credit Fund 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, 1997 and 1996 and the related statements of
operations, changes in partners' capital and cash flows for the total
partnership and for each of the series for each of the three years ended
March 31, 1997, 1996 and 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
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, 29% and 25% of the assets as of March 31, 1997
and 1996 and 26%, 26% and 19% of the operating limited partnership loss for
years ended March 31, 1997, 1996 and 1995, respectively; of the assets for
Series 15 as of March 31, 1997 and 1996, 23% and 27%, respectively, of the
operating limited partnership loss for Series 15 for the years ended March
31, 1997, 1996 and 1995, 28%, 29% and 20%, respectively; of the assets for
Series 16 as of March 31, 1997 and 1996, 28% and 29%, respectively, of the
limited partnership loss for Series 16 for the years ended March 31, 1997,
1996 and 1995, 27%, 28% and 26%, respectively; of the assets for Series 17
as of March 31, 1997 and 1996, 29% and 24%, of the limited partnership loss
for Series 17 for the years ended March 31, 1997, 1996 and 1995, 22%, 23%
and 23%, respectively; of the assets for Series 18 as of March 31, 1997 and
1996, 24% and 19% and of the operating limited partnership loss for Series
18 for the years ended March 31, 1997, 1996 and 1995, 22%, 19% and 19%,
respectively; and of the assets for Series 19 as of March 31, 1997, 1996 and
1995, 28% and 33% and of the operating limited partnership loss for Series
19 for the years ended March 31, 1997, 1996 and 1995, 30%, 22% and 11%,
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.
F-3
<PAGE>
<PAGE> 4
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits and the
reports of the other auditors provide a reasonable basis for our opinion.
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, 1997 and 1996 and the results of its operations and its cash flows
for the total partnership and for each of the series for each of the three
years ended March 31, 1997, 1996 and 1995, 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, 1997. 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 1, 1997
F-4<PAGE>
Torres Llompart, Sanchez Ruiz & Co.
Certified Public Accountants and Business Consultants
(A member of Kreston International)
Partners: Luis J. Torres Llompart, CPA
Frank Sanchez Ruiz, CPA, CMA, CIA
Members of: Division for CPA Firms - American Institute of CPAs - Puerto
Rico Society of Certified Public Accountants
INDEPENDENT AUDITORS'REPORT ON FINANCIAL STATEMENTS
Partners
April Gardens Apartments III Limited Partnership
San Juan, Puerto Rico
We have audited the accompanying balance sheet of April Gardens Apartments
III Limited Partnership as of December 31, 1996, and the related statements
of operations, partners' equity and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit. The financial statements of April Gardens
III Limited Partnership as of December 31, 1995, were audited by other
auditors whose report dated January 26, 1996, expressed an unqualified
opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statements presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of April Gardens III
Limited Partnership as of December 31, 1996, and the results of its
operations, changes in partners' equity and cash flows for the year then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 20, 1997 on our consideration of the Partnership's
internal control structure and a report dated February 20, 1997 on its
compliance with laws, regulations, contracts, loan covenants and
agreements.
Our audit was made for the purpose of forming an opinion on the basic
financial statements for the year ended December 31, 1996, taken as a
whole. The accompanying schedules of administrative, utilities,
maintenance, taxes, insurance and interest expenses 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 for the
year ended December 31, 1996 and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements for the
year ended December 31, 1996, taken as a whole.
February 20, 1997
License No. 169
San Juan, Puerto Rico
Stamp number 1412231 was
affixed to the original of
this report.
P.O. Box 193488, San Juan, Puerto Rico 00919-3488
Tel. (787) 758-4620 Fax (787) 767-4709
Torres Llompart, Sanchez Ruiz & Co.
Certified Public Accountants, and Business Consultants<PAGE>
Graham Carter & Jennings, PLC
Certified Public Accountants
Harold D. Carter (1931-1993)
Jack G. Jennings
Walter H. Graham
Michael J. Carter
INDEPENDENT AUDITOR'S REPORT
To the Partners
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, 1996 and 1995, and the related statements of
operations, partners' equity and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing, Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provides a 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, 1996 and
1995, and the results of its operations, the changes in partners' equity
(deficit) and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 12 and 13 is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
February 3, 1997
601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia 23606
(757) 873-0767 Fax (757) 873-6938<PAGE>
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 sheets of Beckwood Manor Eight
Limited Partnership, RHCD Project No. 03-009-0710677267 (the Partnership),
as of December 31, 1996 and 1995, and the related statements of profit
(lose), changes in partners, equity (deficit) and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
in our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Beckwood Manor Eight
Limited Partnership as of December 31, 1996 and 1995, and its results of
operations, changes in partners, equity (deficit), and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued
a report dated March 12, 1997, on our consideration of the
Partnership's internal control structure and a report dated March 12, 1997
on its compliance with laws, regulations, contracts and grants.
our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplementary information
shown on pages 10 to 11 is presented for the purposes of additional
analysis and are not a required part of the basic financial statements of
the Partnership. such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in
our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
Little, Shaneyfelt & Co.
March 12, 1997<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
P.O. Box 775
516 Walnut Street
Gadsden, Alabama 35902
(205)543-3707 Fax (205)543-9800
INDEPENDENT AUDITOR S REPORT
To the Partners
Bridlewood, Limited Partnership
Horse Cave, Kentucky
I have audited the accompanying balance sheets of Bridlewood, Limited
Partnership, a limited partnership, RHS Project No.: 20-050-611149839 as of
December 31, 1996 and 1995, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based
on my audits.
I conducted the audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that I
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. I believe that 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 Bridlewood, Limited
Partnership, RHS Project No.: 20-050-611149839 as of December 31, 1996 and
1995, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 10 through 13 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. The supplemental
information presented in the Multiple Family Housing Borrower Balance Sheet
(Form FmHA 1930-8) Parts I through II for the year ended December 31, 1996
and 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
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 6, 1997 on my consideration of Bridlewood, Limited
Partnership's internal control structure and a report dated March 6, 1997
on its compliance with laws and regulations.
March 6, 1997<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, 1996 and 1995 and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our 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, 1996 and 1995, and the
results of its operations and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
January 21, 1997
4408 Forest Drive, Third Floor * Columbia, South Carolina 29206 *
Telephone 803-790-0020 Fax 803-790-0011<PAGE>
Thomas, Judy & Tucker, P.A.
Certified Public Accountant
16 East Rowan Street, Suite 100
Raleigh, NC 27609
571-7055 FAX (919) 571-7089
Clifton W. Thomas
Chris P. Judy
David W. Tucker
C. Gilbert Smith
INDEPENDENT AUDITOR S 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, 1996 and 1995 and the
related statements of operations and changes in partners' equity, and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by, management,
as well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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, 1996 and 1995, 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
reports dated February 13, 1997 on our consideration of Graham Housing
Associates Limited Partnership's internal control structure, compliance
with specific requirements applicable to Major HUD Programs and compliance
with specific requirements applicable to Affirmative Fair Housing.
Our audits were 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 13, 1997<PAGE>
Schoonover, Boyer, Gettman & Associates
Certified Public Accountants - Financial Consultants
INDEPENDENT AUDITORS' REPORT
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 limited
partnership) as of December 31, 1996 and - 1995, and the related statements
of operations, partners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on the financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements mentioned above present fairly, in
all material respects, the financial position of The Hearthside II Limited
Dividend Housing Association Limited Partnership as of December 31, 1996
and 1995, and the results of its operations and its cash flows for the
years then ended, in conformity with generally accepted accounting
principles.
We conducted our audits for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental
information is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is presented fairly in all
material respects in relation to the basic financial statements taken as a
whole.
January 25, 1997
Northwoods Corporate Center Suite 200 110 Northwoods Boulevard
Worthington, Ohio 43235 614/888-8000 Fax 614/888-8634<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800 Fax (810) 626-2276
ELY TAMA, CPA JEFFREY F. BUDAJ, CPA
BARTON A. LOWEN, CPA EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA JOHN W. WEIPERT, CPA
SEAN M. DONOVAN, CPA
American, Michigan, Florida & South Carolina Institutes of CPAs
INDEPENDENT AUDITOR S REPORT
To the Partners of
Heron's Landing RRH, Ltd.
We have audited the accompanying balance sheet of HERON'S LANDING RRH, LTD.
as of December 31, 1996 and 1995, and the related statements of operations,
changes in partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the general
partner and management of the partnership. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly
in all material respects, the financial position of HERON'S LANDING RRH,
LTD., as of December 31, 1996 and 1995, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying information
listed in the table of contents is presented for the purpose of additional
analysis and is not a required part of the basic financial statements.
This accompanying information is the responsibility of the partnership's
management. Such information, except for the portion marked "unaudited" on
which we express no opinion, has been subjected to the auditing procedures
applied in our audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects when considered in relation to
the basic financial statements taken as a whole.
TAMA AND BUDAJ, P.C.
Farmington Hills, Michigan
January 31, 1997<PAGE>
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, 1996 and 1995 and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our 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, 1996 and 1995, and the
results of its operations and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
January 18, 1997
4408 Forest Drive, Third Floor Columbia, South Carolina 29206
Telephone 803-790-0020 Fax 803-790-0011<PAGE>
Hawkins, Ash, Baptie & Company, LLP
99 Milwaukee Street
P.0. Box 1508
La Crosse, WI 54602-1508
PHONE:(608) 784-7737
FAX:(608) 785-2140
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, 1996 and 1995, and the
related statements of operations, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility of the
Projects management. Our responsibility 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, 1996 and 1995, and the results of
its operations, the changes in partners' equity, and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our 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 4, 1997<PAGE>
LITTLE, SHANEYFELT & CO.
Certified Public Accountants
1501 N. University, Suite 300
Little Rock, Arkansas 72207-5232
Telephone (501) 666-2879
INDEPENDENT AUDITORIS 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, RHCD Project No. 03-052-710665737 (the Partnership),
as of December 31, 1996 and 1995, and the related statements of profit
(loss), changes in partners, equity (deficit) and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership s management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. we believe
that our audits provide a reasonable basis for our opinion.
in our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of P.D.C. Fifty Five
Limited Partnership as of December 31, 1996 and 1995, and its results of
operations, changes in partners, equity (deficit), and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing standards, we have also issued a
report dated March 16, 1997, on our consideration of the Partnership s
internal control structure and a report dated March 16, 1997 on its
compliance with laws, regulations, contracts and grants.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplementary information
shown on pages 10 to 11 is presented for the purposes of additional
analysis and are not a required part of the basic financial statements of
the Partnership. such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in
our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
Little, Shaneyfelt & Co.
March 16, 1997<PAGE>
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
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, 1996 and 1995, and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates. made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to -,above present
fairly, in all material respects, the financial position of Ridgeview
Apartments of Brainerd, A Limited Partnership as of December 31, 1996 and
1995, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
Fargo, North Dakota
February 11, 1997<PAGE>
McGEE & Associates, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Rio Mimbres 11, Ltd.
and Rural Housing Service
We have audited the accompanying balance sheets of Rio Mimbres II, Ltd. (a
limited partnership) as of December 31, 1996 and 1 995, 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, 1996 and 1995, and the results of its operations, changes
in partners' equity and cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 15, 1997, on our consideration of the Partnership's
internal control structure and a report dated January 15, 1997, on its
compliance with laws and regulations.
Our audits were conducted for the purpose of forming an opinion on the
financial statements taken as a whole. The supplemental information
included in the report is presented for purposes of additional analysis and
is not a required part of the financial statements of Rio Mimbres II, Ltd.
Such information has been subjected to the auditing procedures applied in
the audits of the financial statements and, in our opinion, is fairly
stated in all material respects in relation to the financial statements
taken as a whole.
January 15, 1997
Farmington, New Mexico<PAGE>
Suby, Von Haden & Associates, S.C.
Certified Public Accountants
Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
School Street Limited Partnership I
Madison, Wisconsin
We have audited the accompanying balance sheet of WHEDA Project No. 01
1/001 217 of School Street Limited Partnership I as of December 31, 1996,
and the related statements of loss, partners' equity and cash flows for the
year then ended. These financial statements are the responsibility of the
project's management. Our responsibility is to express an opinion on these
financial statements based on our audit. The financial statements of
School Street Limited Partnership I for the year ended December 31, 1995
were audited by other auditors, whose report dated January 18, 1996,
expressed an unqualified opinion on those statements.
We conducted our 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, 1 996,
and the results of its operations, changes in partners' equity and cash
flows for the year then ended in conformity with generally accepted
accounting principles.
January 9, 1997
1221 John 0. Hammons Dr. P.O. Box 44966 Madison, WI 53744-4966
(608) 831-8181 FAX (608) 831-4243 MADISON - MILWAUKEE - ROCKFORD<PAGE>
FLOYD & COMPANY
Certified Public Accountant
306 Commercial Drive, Suite 202
Savannah, Georgia 31406
Phone:(912) 355-9969
Post Office Box 14251
Savannah, Georgia 31416
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Timmons Village Limited Partnership
We have audited the accompanying balance sheets of Timmons Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the
related statements of operations, partners' equity (deficit) and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. our responsibility 'is to express an
opinion on these financial statements based on our audits.
The financial statement information for the year ending December 31, 1995
was audited by another independent certified public accountant who
expressed an unqualified opinion dated March 16, 1996.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Timmons Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1996 and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997<PAGE>
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
University Meadows Limited Dividend
Housing Association Limited Partnership
We have audited the accompanying balance sheet of University Meadows
Limited Dividend Housing Association Limited Partnership (a Michigan
limited partnership), MSHDA Development No. 889, as of December 31, 1996
and 1995, and the related statements of profit and loss, partners' equity,
and cash flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements refer-red to above present fairly,
in all material respects, the financial position of University Meadows
Limited Dividend Housing Association Limited Partnership at December 31,
1996 and 1995, and the results of its operations and 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 February 12, 1997, on our consideration of the Partnership's
internal control structure and a report dated February 12, 1997, on its
compliance with laws and regulations.
February 12, 1997
A member of Moores Rowland
A world wide association of independent accounting firms <PAGE>
Torres Llompart, Sanchez Ruiz & Co.
Certified Public Accountants and Business Consultants
(A member of Kreston International)
Partners: Luis J. Torres Llompart, CPA
Frank Sanchez Ruiz, CPA, CMA, CIA
Members of: Division for CPA Firms - American Institute of CPAs - Puerto
Rico Society of Certified Public Accountants
INDEPENDENT AUDITORS'REPORT ON FINANCIAL STATEMENTS
Partners
Villa del Mar Limited Partnership
San Juan, Puerto Rico
We have audited the accompanying balance sheet of Villa del Mar Limited
Partnership as of December 31, 1996, and the related statements of
operations, partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit. The financial statements of Villa del Mar
Limited Partnership as of December 3 1, 1995, were audited by other
auditors whose report dated January 25, 1996, expressed an unqualified
opinion on those statements.
We conducted our audit in accordance with generally, accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statements presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Villa del Mar Limited
Partnership as of December 31, 1996, and the results of its operations,
changes in partners' equity and cash flows for the year then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 20, 1997 on our consideration of the Partnership's
internal control structure and a report dated February 20, 1997 on its
compliance with laws, regulations, contracts, loan covenants and
agreements.
Our audit was made for the purpose of forming an opinion on the basic
financial statements for the year ended December 31, 1996, taken as a
whole. The accompanying schedules of administrative, utilities,
maintenance, taxes, insurance and interest expenses 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 for the
year ended December 31, 1996 and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements for the
year ended December 3 1, 1996, taken as a whole.
February 20, 1997
License No. 169
San Juan, Puerto Rico
Stamp number 1412234 was
affixed to the original
this report.
P.O. Box 193488, San Juan, Puerto Rico 00919-3488
Tel. (787) 758-4620 Fax (787) 767-4709
Torres Llompart, Sanchez Ruiz & Co.
Certified Public Accountants, and Business Consultants<PAGE>
Ortiz Lopez & Co.
Certified Public Accountants
Calle Post 183 Sur Altos
P.O. Box 3944 - Marina Station
Mayaguez, 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, 1996 and 1995, and the related statements of
operations, partners' equity and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Virgen del Pozo Limited
Partnership as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 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 31, 1997<PAGE>
FLOYD & COMPANY
Certified Public Accountant
306 Commercial Drive, Suite 202
Savannah, Georgia 31406
Phone: (912) 355-9969
Post Office Box 14251
Savannah, Georgia 31416
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Whitewater Village Limited Partnership
We have audited the accompanying balance sheets of Whitewater Village
Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996
and the related statements of operations, partners' equity (deficit) and
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
The financial statement information for the year ending December 31, 1995
was audited by another independent certified public accountant who
expressed an unqualified opinion dated March 16, 1996.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Whitewater Village
Limited Partnership (a Georgia Limited Partnership) as of December 31, 1996
and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1997 <PAGE>
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
TELEPHONE (912)369-7575 FAX (912) 876-8798
Members American Institute and Georgia Society of Certified Public
Accountants <PAGE>
GRAHAM, CARTER & JENNINGS,PLC
CERTIFIED PUBLIC ACCOUNTANTS Harold D. Carter
(1931-1993)
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Independent Auditor's Report
To the Partners
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 for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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, the changes in partners'
capital and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 13 and 14 is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
February 26, 1996
601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia 23606 (757)
873-0767 Fax (757) 873-6938<PAGE>
Ludvigson, Braun & Co.
Accountants and Auditors
117 NW 3rd Street
P.O. Box 845
Valley City, North Dakota 58072-0845
Telephone: (701) 845-1457 Fax: (701) 845-8OO3
R.B. Ludvigson, CPA (Retired)
Raymond J. Braun LPA Muriel G. Haugen, CFA
Connie E. Winkler, LPA JoAnn R. Zerface, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
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>
GOLDEN ASSOCIATES
Certified Public Accountants
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313
Larry R. Golden, CPA
Janine D. Graham, CPA
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
TELEPHONE (912)369-7575 FAX (912) 876-8798
Members American Institute and Georgia Society of Certified Public
Accountants <PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800 Fax (810) 626-2276
Ely Tama, CPA Jeffrey F. Budaj, CPA
Barton A. Lowen, CPA Emil A. Raab, CPA
Diane L. Isaacs, CPA John W. Weipert, CPA
Sean M. Donovan, CPA
American, Michigan, Florida & South Carolina Institutes of CPAs
To the Partners of
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 years then ended. These financial statements are the
responsibility of the general partner and management of the partnership.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly
in all material respects, the financial position of HERON'S LANDING RRH,
LTD. , as of December 31, 1995 and 1994, and the results of its' operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting data on pages 10
through 17 inclusive has been subjected to the auditing procedures applied
in the examination of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
We have also reviewed internal accounting controls and compliance with laws
and regulations and have rendered our reports thereon on pages 18 through
20.
TAMA AND BUDAJ, P.C.
Farmington Hills, Michigan
February 9, 1996<PAGE>
GRAHAM, CARTER & JENNINGS, PLC
CERTIFIED PUBLIC ACCOUNTANTS Harold D. Carter(1931-1993)
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Independent Auditor's Report
To the Partners
Lebanon II Limited Partnership
We have audited the accompanying balance sheets of Lebanon 11 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 audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 13 and 14 is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
February 26, 1996
601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia 23606 (757)
873-0767 Fax (757) 873-6938
Hawkins, Ash, Baptie & Company, LLP
Certified Public Accountants
EPENDENT 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>
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>
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
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>
Charles Bailly & Company P.L.L.P.
Certified Public Accountants - Consultants
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: 27-018-04116 25811 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 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<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.
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>
Velez, Semprit, Nieves & Co.
Certified Public Accounts/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, 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 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, 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 25, 1996 on our consideration of the Partnership's
internal control structure and a report dated January 25, 1996 on its
compliance with laws, regulations, contracts, loan covenants and
agreements.
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.
January 25, 1996
Stamp number 1340337 was
affixed to the original of this
report.<PAGE>
Velez, Semprit, Nieves & Co.
Certified Public Accounts/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
April Gardens Apartments M Limited Partnership
San Juan, Puerto Rico
We have audited the accompanying balance sheets of April Gardens Apartments
III Limited Partnership as of December 31, 1994 and 1993, and the related
statements of operations, partners' equity and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of April Gardens
Apartments III 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 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.
March 30, 1995
Stamp number l282933 was
affixed to the original of
this report.<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
P.O. Box 775 516 Walnut Street
Gadsden, Alabama 35902
Telephone (205) 543-3707 Fax (205) 543-9800
INDEPENDENT AUDITOR'S REPORT
To the Partners
Chestnut Hill Estates, Ltd.
Altoona, Alabama
I have audited the accompanying balance sheets of Chestnut Hill Estates,
Ltd., a limited partnership, FmHA Project No.: 01-028-631016355 as of
December 31, 1994 and 1993, and the related statements of operations,
partners' deficit and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based
on my audits.
I conducted the audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that I plan and
perform the audits to obtain reasonable assurance about whether the
financial statements arc free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. I believe
that the audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Chestnut Hill Estates,
Ltd., FmHA Project No.- 01-028-631016355 as of December 31, 1994 and 1993,
and the results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 9 through 11 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. The supplemental
information presented in the Year End Report and Analysis (Form FmHA 1930-
8) Parts I through III for the year ended December 31, 1994 and 1993, is
presented for purposes of complying with the requirements of the Farmers
Home Administration and is also not a required part of the basic financial
statements. Such information has been subjected to the audit procedures
applied in the audit of the basic financial statements and, in my opinion
is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
February 20, 1995<PAGE>
YOUNG & PRICKITT P.C.
Certified Public Accountants
111 Franklin Road, Suite 302
Roanoke, Virginia 24011-2100
540/982-3852 INDEPENDENT AUDITOR S REPORT
540/343-9231
To the Partners
Deerfield Associates
Roanoke, Virginia
We have audited the accompanying balance sheets of Deerfield Associates (A
Virginia Limited Partnership) as of December 31, 1994 and 1993 and the
related statements of operations, partners' equity (deficit) and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We 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 we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements arc free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that the audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Deerfield Associates as
of December 31, 1994 and 1993 and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 13 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.
February 25, 1995
- Page 4 -<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 sheet of East Machias Limited
Partnership, a limited partnership, FMHA Case No. 23-015-0010465014 as of
December 31, 1994, and the related statements of operations, changes in
partners' equity and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit. The financial statements and additional information of East
Machias Limited Partnership as of December 31, 1993, and for the ten months
then ended, were audited by other auditors whose report dated January 26,
1994, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the 1994 financial statements referred to above present
fairly, in all material respects, the financial position of East Machias
Limited Partnership, a limited partnership, as of 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 audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying additional
information on pages 14 through 15 as of and for the year ended December 31,
1994, is presented solely for the use of the Farmers Home Administration and
is not a required part of the basic financial statements. The additional
information presented in the Multiple Family Housing Borrower Balance Sheet,
Form FMHA 1930-8, as of December 31, 1994, has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Portland, Maine
February 2, 1995
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, 1994 and 1993, and the related statements of operations,
partners' capital, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits, as of and for the years ended December 31, 1994 and
1993 in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that I plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Edgewood Properties,
Ltd., as of December 31, 1994 and 1993, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Daniel G. Drane
Certified Public Accountant
March 9, 1995<PAGE>
THOMAS, JUDY & TUCKER
Certified Public Accountants
16 East Rowan Street, Suite 100
Raleigh, NC 27609
(919) 571-7055 Fax(919) 571-7089
Clifton W. Thomas Chris P. Judy
David W. Tucker C. Gilbert Smith
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 that 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>
HOWE AND ASSOCIATES
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 15, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
HARRISONVILLE PROPERTIES II, LP
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position and results of operations
and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Howe and Associates<PAGE>
HOWE AND ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 25, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
HIGGINSVILLE ESTATES, LP
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position and results of operations
and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Howe and Associates, PC<PAGE>
HOWE AND ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 15, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
KEARNEY ESTATES, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position and results of operations
and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Howe and Associates<PAGE>
HOWE AND ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 15, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
LEBANON PROPERTIES III, LP
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position and results of operations
and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Howe and Associates<PAGE>
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.: 20-043-0611158011, as of
December 31, 1994 and 1993, and the related statements of operations,
partners' capital, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits as of and for the years ended December 31, 1994 and
1993 in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that I plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Lilac -Properties,
Ltd., as of December 31, 1994 and 1993, and the results of its operations
and its cash flows for the years then ended, in conformity with generally
accepted accounting principles.
Daniel G. Drane
Certified Public Accountant
March 9, 1995<PAGE>
David G. Pelliccione, C.P.A., P. C.
Post Office Box 1
Savannah, Georgia 31402
Delivery Address
202 East Liberty Street
Savannah, Georgia 31401
Telephone (912) 234-1999 Fax (912) 234-0139
Member of American Institute of CPAs/ Georgia Society of CPAs
INDEPENDENT AUDITORS' REPORT
To The Partners
Marshall Lane Limited Partner,-,hip
We have audited the accompanying balance sheets of MARSHALL LANE 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 MARSHALL LANE LIMITED
PARTNERSHIP as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Savannah, Georgia
February 24, 1995<PAGE>
HOWE AND ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 17, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
MARYVILLE PROPERTIES, LP.
Re: For the Year Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position and results of operations
and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Howe and Associates<PAGE>
HOWE AND ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 24, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
OAK GROVE VILLA APARTMENTS, LP
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position and results of operations
and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Howe and Associates, PC<PAGE>
HOWE AND ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 20, 1995
INDEPENDENT AUDITORS REPORT
Partners
OSCEOLA ESTATES, L.P.
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position and results of operations
and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Howe and Associates<PAGE>
McGee & Associates, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Rio Mimbres II, Ltd.
and Farmers Home Administration
We have audited the accompanying balance sheets of Rio Mimbres II, Ltd. (a
limited partnership) as of December 31, 1994 and 1993, and the related
statements of operations, partners' equity and cash flows for the years
ended December 31, 1994 and 1993. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Rio Mimbres II, Ltd. as
of December 31, 1994 and 1993, and the results of its operations and the
changes in partners' equity and cash flows for the years ended December 31,
1994 and 1993 in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supplemental information included in the
report is presented for the purposes of additional analysis and is not a
required part of the financial statements of 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, 1995
Farmington, New Mexico<PAGE>
Suby, Von Haden & Associates, S.C.
Certified Public Accountants
Business and Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
School Street Limited Partnership I Madison, Wisconsin
We have audited the accompanying balance sheets of WHEDA Project No.
011/001217 of School Street Limited Partnership I as of December 31, 1994
and 1993, and the related statements of loss, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of the 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 WHEDA Project No.
011/001217 of School Street Limited Partnership I as of December 31, 1994
and 1993, 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.
January 24, 1995
1221 John Q. Hammons Dr. - P.O. Box 44966 - Madison, WI 53744-4966
(608) 831-8181 - FAX (608) 831-4243 MADISON - MILWAUKEE - ROCKFORD<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
P.O. Box 775 - 516 Walnut Street
Gadsden, Alabama 35902
Telephone (205) 543-3707 Fax (205) 543-9800
INDEPENDENT AUDITOR S REPORT
To the Partners
Sunset Square I, Limited Partnership
Scottsboro, Alabama
I have audited the accompanying balance sheets of Sunset Square I, Limited
Partnership, a limited partnership, FmHA Project No.: 01-036-631030935 as
of December 31, 1994 and 1993, and the related statements of operations,
partners' capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. My
responsibility is to express an opinion on these financial statements based
on my audits.
I conducted the audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that I plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. I believe
that the audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Sunset Square I,
Limited Partnership, FmHA Project No.: 01-036-631030935 as of December 31,
1994 and 1993, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
The audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 9 through 11 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. The supplemental
information presented in the Year End Report and Analysis (Form FmHA 1930-
8) Parts I through III for the year ended December 31, 1994 and 1993, is
presented for purposes of complying with the requirements of the Farmers
Home Administration and is also not a required part of the basic financial
statements. Such information has been subjected to the audit procedures
applied in the audit of the basic financial statements and, in my opinion
is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
February 24, 1995<PAGE>
DANIEL G. DRANE
Certified Public Accountant
209 East Third Street
P.0. Box 577
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR S REPORT
To the Partners
Taylor Mill Properties, Ltd.
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Taylor NEII Properties,
Ltd. (a Kentucky limited partnership), RECDS Project No.: 20-062-
0611174245, as of December 31, 1994 and 1993, and the related statements of
operations, partners' capital, and cash flows for the years ended December
31, 1994 and 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 audits.
I conducted my audits, as of and for the year ended December 31, 1994 and
1993 in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that I plan and perform the audits
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Taylor Mill Properties,
Ltd., as of December 31, 1994 and 1993, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
Daniel G. Drane
Certified Public Accountant
March 9, 1995<PAGE>
Blackman & Associated, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
1413 Leavenworth Historic
Limited Partnership
Omaha, Nebraska
We have audited the accompanying balance sheets of 1413 Leavenworth
Historic Limited Partnership (a Nebraska Limited Partnership) as of
December 31, 1996 and 1995 and the related statements of operations,
changes in partners' capital accounts and cash flows for the years then
ended.
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 our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of 1413 Leavenworth
Historic Limited Partnership at December 31, 1996 and 1995 and the results
of its operations, changes in partners' capital accounts 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 additional information on pages
9 and 10 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the audit procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Omaha, Nebraska
January 31, 1997
11924 Arbor St., Ste. 200 Omaha, Nebraska 68144
Phone (402) 330-1040 Fax (402) 333-9189<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, 1996 and 1995 and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our 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, 1996 and 1995, and the
results of its operations and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
February 7, 1997
4408 Forest Drive, Third Floor Columbia, South Carolina 29206
Telephone 803-790-0020 Fax 803-790-0011<PAGE>
DAVID P. PHILLIPS, P.C.
6846 Pacific Street
Suite 100
Omaha, Nebraska 68106
Office (402) 558-2596 Fax (402) 558-2914
INDEPENDENT AUDITOR'S REPORT
To the Partners
Cass Partners Limited Partnership
I have audited the accompanying balance sheets of Cass Partners Limited
Partnership as of December 31, 1996 and 1995, and the related statements of
operations, partners' equity and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards. Those standards require that I plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Cass Partners Limited
Partnership as of December 3 1, f996 and 1995, and the results of its
operations, and changes in partners' equity (deficit) and cash flows for
the years then ended in conformity with generally accepted accounting
principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 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 7, 1997<PAGE>
Oscar N. Harris & Associates, P.A.
Certified Public Accountants
OSCAR N. HARRIS, C.P.A. SHERRY S. JOHNSON, C.P.A.
KENNETH E. MILTON, C.P.A. CONNIE P. STANCIL, C.P.A.
American Institute of CPAs - North Carolina Association of CPAs
INDEPENDENT AUDITOR'S 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. as of December 31, 199G and 1995, and the related
statements of partners, capital, income, and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well. as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Cumberland Woods
Associates of Middlesboro, KY, Ltd. as of December 31, 1996 and 1995, and
the results of its operations and its cash flows for the years then ended
in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards we have also issued a
report dated January 31, 1997 on our consideration of Cumberland Woods
Associates of Middlesboro, KY, Ltd. s internal control structure and a
report dated January 31, 1997 on its compliance with laws and regulations.
Our audits were made for the purpose of forming an opinion on the-basic
financial statements taken as a whole. Schedules 1, 2, 3, and 4 on pages
15, 16, 17, and 18 are presented for purposes of additional analysis and
are not a required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in the audit
of the basic financial statements and, in our opinion, is fairly stated in
all material respects in relation to the basic financial statements taken
as a whole.
January 31, 1997
100 EAST CUMBEPLAND STREET, P.O. BOX 578, DUNN, N.C. 28335
(910) 892-1021 FAX (910) 892-6084<PAGE>
PHILLIPS, DORSEY, THOMAS, WATERS & BRAFFORD, P.A.
Certified Public Accounts
DRAWER 1359 - 215 HORNER ST.
HENDERSON, NC 27537
919/438-8154 - NC WATS 800/356-7674 FAX 919/492-5066
Ronald S. Dorsey, CPA H. Timothy Thomas, CPA
Susan R. Waters, CPA Michael H. Brafford, CPA
W. Haywood Phillips, CPA Carleen P. Evans, CPA
Holly B. Perryman, CPA Franklin L. Irvin, Jr., CPA
INDEPENDENT AUDITORS' 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, 1996 and 1995, and the related statements of
operations, partners, equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our 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, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 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 17,1997
AMERICAN INSTITUTE OF CPAS
NC ASSOCIATION OF CPAS<PAGE>
Henderson, Godbee & Nichols, P.C.
Certified Public Accountants
Members of American Institute of Certified Public Accountants
Georgia Society of Certified Public Accountants
Robert A. Goddard, Jr., CPA (1943-1989)
Gerald H. Henderson, CPA Wendell Godbee, CPA
M. Paul Nichols, Jr., CPA Susan S. Swader, CPA
Mark S. Rogers, CPA Janine M. Megginson, CPA
Maureen P Collins, CPA Amy McGill Smith, CPA
Krystal P. Hiers, CPA Marguerite J. Joyner, CPA
Kenny L. Carter, CPA Shirley S. Miller, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Eastman Elderly Housing, L.P.
Valdosta, Georgia
We have audited the accompanying balance sheet of Eastman Elderly Housing,
L.P. (a limited partnership), Federal ID No.: 58-1965562, as of December
31, 1996, and the related statements of income, partners' equity, and cash
flows for the year then ended. These financial statements ate the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit. The
financial statements of Eastman Elderly Housing, L.P. as of December 31,
1995, were audited by other auditors whose report dated January 27, 1996,
expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Eastman Elderly
Housing, L.P. as of December 31, 1996, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 24, 1997 on our consideration of the Eastman Elderly
Housing, L.P. s internal control structure and a report dated January 24,
1997.
Henderson, Godbee & Nichols, P.C.
Certified Public Accountants
January 24, 1997
3488 North Valdosta Road / P. 0. Box 2241 / Valdosta, Georgia 31604-2241 /
Phone: (912) 245-6040 / FAX: (912) 245-1669 <PAGE>
Crisp, Hughes & Co., LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITORS' REPORT
To The Partners
Fairmeadow Apartments, Limited Partnership
We have audited the accompanying balance sheets of Fairmeadow Apartments,
Limited Partnership as of December 31, 1996 and 1995, and the related
statements of operations, partners' capital and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, 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 b y management,
as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to-above present fairly
in all material respects the position of Fairmeadow Apartments, Limited
Partnership as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 11, 1997 on our consideration of Fairmeadow
Apartments,, Limited Partnership's internal control structure and a, report
dated February 11, 1997 on its compliance with laws and regulations.
February 11, 1997
1 Creekview Court P.O. Box 25849 Greenville, South Carolina 29616
(864) 288-5544 FAX (864) 458-8519
Other Offices: Asheville, Boone, Burnsville, Charlotte, Durham, Sylva, NC
Member of: The American Institute of Certified Public Accountants
The Continental Association of CPA Firms, Inc.,
The Intercontinental Accounting Associates and The North Carolina and South
Carolina Associates of CPAs<PAGE>
DuRANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORTS
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, 1996 and 1995, and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our 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, 1996 and 1995, and
the results of its operations and its cash flows for the years then ended,
in conformity with generally accepted accounting principles.
January 25, 1997
4408 Forest Drive, Third Floor Columbia, South Carolina 29206
Telephone 803-790-0020 Fax 803-790-0011<PAGE>
THOMAS C. CUNNINGHAM, CPA PC
23 Moore Street
Bristol, Virginia 24201
(703) 669-5531 Fax (703)669-5576
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lawrenceville Manor Limited Partnership
I have audited the accompanying balance sheets of Lawrenceville Manor
Limited Partnership, FMHA Case No.: 54-017-0541572408, as of December 31,
1996 and 1995 and the related statements of operations, partners' equity
and cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. My responsibility is to
express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller,
General of the United States. Those standards require that I plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. I believe
that my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Lawrenceville Manor
Limited
Partnership, as of December 31, 1996 and 1995 and the results of its
operations and cash flows for the years then ended in conformity with
generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 15 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the audit procedures applied in the audits of the basic
financial statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, I have also issued a
report dated February 15, 1997 on my consideration of Lawrenceville Manor
Limited Partnership's internal control structure and a report dated
February 15, 1997 on its compliance with laws and regulations applicable to
the financial statements.
Thomas C. Cunningham, CPA PC
Bristol, Virginia
February 15, 1997<PAGE>
Suby, Von Haden & Associates, S.C.
Certified Public Accountants - Business and Management Consultants
INDEPENDENT AUDITOR'S 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 11 as of December 31, 1996, 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. The combined
financial statements of Mariner's Pointe Limited Partnership I and
Mariner's Pointe Limited Partnership 11 for the year ended December 31,
1995 were audited by other auditors, whose report dated January 18, 1996,
expressed an unqualified opinion on those statements.
We conducted our 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 11 as of December 31, 1996, 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.
January 16, 1997
1221 John 0. Hammons Dr. P.O. Box 44966 Madison, WI 53744-4966
(608) 831-8181 FAX (608) 831-4243 MADISON - MILWAUKEE - ROCKFORD<PAGE>
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
Meadows of Southgate Limited Dividend
Housing Association Limited Partnership
We have audited the accompanying balance sheet of Meadows of Southgate
Limited Dividend Housing Association Limited Partnership (a Michigan
limited partnership), as of December 31, 1996 and 1995, and the related
statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining evidence supporting
the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Meadows of Southgate
Limited Dividend Housing Association Limited Partnership, for the years
ended December 31, 1996 and 1995, and the results of its operations,
partners' equity, and cash flows for the years then ended, in conformity
with generally accepted accounting principles.
February 12, 1997
A Member of Moores Rowland International
A Worldwide Association of Independent Accounting Firms<PAGE>
BLOOM, GETTIS, HABIB & TERRONE, P.A.
Certified Public Accountants
Suite 1450
2601 South Bayshore Drive
Miami, Florida 33133-9893
Telephone (305)858-6211 Fax (305) 858-9696
Burt R. Bloom, C.P.A., C.V.A. Lawrence W. Gettis, C.P.A.
Steven M. Habib, C.P.A. Roger J. Terrone, C.P.A.
Curt A. Rosner, C.P.A.
Members: American Institute of CPAs - Florida Institute of CPAs
To the Partners
Riviera Apts., Ltd.
Boston, Massachusetts
INDEPENDENT AUDITORS' REPORT
We have audited the accompanying Balance Sheets of Riviera Apts., Ltd. (a
Florida Limited Partnership), as of December 31, 1996 and 1995, and the
related Statements of Operations, Partners' Equity and Cash Flows for the
years then ended. These financial statements are the responsibility of the
management of Riviera Apts., Ltd. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,-
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a 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, 1996 and 1995, and the results of its operations, the changes
in partners' equity and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
February 28, 1997<PAGE>
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, 1996 and 1995, and the related
statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our, audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of St. Croix Commons
Limited Partnership, as of December 31, 1996 and 1995, and the results of
its operations, the changes in partners' equity, and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our 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 15, 1997
2411 N. Hillcrest Parkway, P.O. Box 810 Eau Claire, WI 54702-0810
Phone (715) 832-3425 Fax (715) 832-1665<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800 Fax (810) 626-2276
ELY TAMA, CPA JEFFREY F. BUDAJ, CPA
BARTON A. LOWEN, CPA EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA JOHN W. WEIPERT, CPA
SEAN M. DONOVAN, CPA
American, Michigan, Florida & South Carolina Institutes of CPAs
INDEPENDENT AUDITOR S REPORT
To the Partners of
Victoria Pointe RRH, Ltd.
We have audited the accompanying balance sheet of VICTORIA POINTE RRH, LTD.
as of December 31, 1996 and 1995, and the related statements of operations,
changes in partners' equity (deficit) and cash flows for the year ended
December 31, 1996 and 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 audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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, 1996 and 1995, and the results of its operations
and its cash flows for the year ended December 31, 1996 and for the period
January 23, 1995 (date operational) to December 31, 1995 in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying information
listed in the table of contents is presented for the purpose of additional
analysis and is not a required part of the basic financial statements.
This accompanying information is the responsibility of the partnership's
management. Such information, except for the portion marked "unaudited" on
which we express no opinion, has been subjected to the auditing procedures
applied in our audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects when considered in relation to
the basic financial statements taken as a whole.
TAMA AND BUDAJ, P.C.
Farmington Hills, Michigan
January 31, 1997<PAGE>
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, 1996 and 1995, and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our 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, 1996 and 1995, and
the results of its operations and its cash flows for the years then ended,
in conformity with generally accepted accounting principles.
January 27, 1997
4408 Forest Drive, Third Floor Columbia, South Carolina 29206
Telephone 803-790-0020 Fax 803-790-0011<PAGE>
OSCAR N. HARRIS & ASSOCIATES, P.A.
Certified Public Accountant
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.A.
Certified Public Accounts
DRAWER 1359 - 215 HORNER ST.
HENDERSON, NC 27537
919/438-8154 - NC WATS 800/356-7674 FAX 919/492-5066
Ronald S. Dorsey, CPA H. Timothy Thomas, CPA
Susan R. Waters, CPA Michael H. Brafford, CPA
W. Haywood Phillips, CPA Carleen P. Evans, CPA
Holly B. Perryman, CPA Franklin L. Irvin, Jr., CPA
INDEPENDENT AUDITORS' 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>
Bob T. Robinson
Certified Public Accountant
2084 Dunbarton Drive
Jackson, Mississippi 39216
(601) 982-3875
To the Partners
Joiner Elderly, L.P.
INDEPENDENT AUDITOR'S REPORT
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>
THOMAS C. CUNNINGHAM, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(703) 669-5531
(703) 669-5576 fax
INDENDENT AUDITOR'S REPORT
To the Partners
Lawrenceville Manor Limited Partnership
I have audited the accompanying balance sheets of Lawrenceville Manor
Limited Partnership, FMHA Case No.: 54-017-0541572408, as of December 31,
1995 and 1994 and the related statements of operations for the year ended
December 31, 1995 and for the period August 30, 1994 to December 31, 1994
and the related statements of partners' equity and cash flows for the years
ended December 31, 1995 and 1994. These financial statements are the
responsibility of the Partnership's management. My responsibility is to
express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that I plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. 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 Lawrenceville Manor
Limited Partnership, as of December 31, 1995 and 1994 and the results of
its operations for the year ended December 31, 1995 and for the period
August 30, 1994 to December 31, 1994 and cash flows for the years ended
December 31, 1995 and 1994 in conformity with generally accepted accounting
principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 15 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the audit procedures applied in the audits of the basic
financial statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Thomas C. Cunningham, CPA PC
Bristol , Virginia
February 15, 1996<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
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
Telephone (912) 369-7575 Fax (912) 876-8798
Members American Institute and Georgia Society of CPAs<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 CPAs<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>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800 Fax (810) 626-2276
ELY TAMA, CPA JEFFREY F. BUDAJ, CPA
BARTON A. LOWEN, CPA EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA JOHN W. WEIPERT, CPA
SEAN M. DONOVAN, CPA
American, Michigan, Florida & South Carolina Institutes of CPAs
To the Partners of
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>
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>
Otis, Atwell & Timberlake
Professional Association
Certified Public Accountants
James C. Otis, CPA., CFP 980 Forest Avenue
Stephen W AtwelL C.P.A. Portland Maine 04103
Fred 1. Timberlake, C.PA. (207) 797-0990
Bruce E. Fritzson, C.P.A. FAX (207) 797-8618
Thomas J. Gioia, C.P.A.
INDEPENDENT AUDITOR'S REPORT
To the Partners
Anson Limited Partnership
We have audited the accompanying balance sheets of Anson Limited
Partnership, a limited partnership, FMHA Case No. 23-013-010459470, as of
December 31, 1994 and 1993, and the related statements of income, partners'
equity and cash flows for the year ended December 31, 1994 and for the
period August 1, 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 audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a rest basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a 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, 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 August 1, 1993 to December 31, 1993 in
conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying additional
information on 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 additional information presented in 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 a whole.
Certified Public Accountants
January 26, 1995
Portland, Maine
Bob T. Robinson
Certified Public Accountant
2084 Dunbarton Drive
Jackson, Mississippi 39216
(601) 982-3875
INDEPENDENT AUDITOR'S REPORT
To the Partners
Bentonia Elderly, L.P.
I have audited the accompanying balance sheet of Bentonia Elderly, 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.
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 Bentonia 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>
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 BLAIRSVILLE RENTAL
HOUSING, L.P. [a Limited Partnership], as of December 31, 1994, and the
related statements of income and expenses, 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. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. we believe that our audit
provides a 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, 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 22, 1995
Members: Georgia Society & American Institute of CPAs, AICPA Division for
CPA Firms, Private Companies 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 sheet of BLAIRSVILLE RENTAL
HOUSING, L.P. II (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 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 BLAIRSVILLE RENTAL
HOUSING, L.P. II 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 22, 1995
Members: Georgia Society & American Institute of CPAs, AICPA Division for
CPA Firms, Private Companies Practice Section<PAGE>
To the Partners
Blowing Rock Limited Partnership
We have audited the accompanying balance sheet of Blowing Rock Limited
Partnership as of December 31, 1994, and the related statements of
operations, partners' equity (deficit) and cash flows for the year then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our 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 Blowing Rock Limited
Partnership as of December 31, 1994, and the results of its operations, the
changes in partners' equity (deficit) and cash flows for the years then
ended in conformity with generally accepted accounting principles.
John B. Barry, CPA, P.A.
Boone, North Carolina
February 28, 1995
<PAGE>
HOWE & ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
March 11, 1995
INDEPENDENT AUDRTOR'S REPORT
Partners
BRANSON CHRISTIAN COUNTY I, LP
Re: For the Year Ended December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and 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 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 10, 1995
INDEPENDENT AUDITOR S REPORT
Partners
BRANSON CHRISTIAN COUNTY II, LP
Re: For the Year Ended December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and 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 year 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 sheets of BUTLER RENTAL HOUSING,
L.P. as of December 31, 1994 and 1993, 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 audits.
We conducted our audits in accordance with generally accepted 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 BUTLER RENTAL HOUSING,
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.
Atlanta, Georgia
January 14, 1995
Members: Georgia Society & American Institute of CPAs, AICPA Division for
CPA Firms, Private Companies Practice Section<PAGE>
Ziner & Company, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners of
Cape Ann YMCA Community Center
Limited Partnership
We have audited the accompanying balance sheet of Cape Ann YMCA Community
Center 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 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 Cape Ann YMCA Community
Center 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.
January 21, 1995
7 Winthrop Square Boston, Massachusetts 02110-1256
Phone (617) 542-8880 Fax (617) 542-871<PAGE>
Crisp Hughes & Co., L.L.P.
Certified Public Accountants and Consultants
Independent Auditors' Report
To The Partners
Fairmeadow Apartments, Limited Partnership
W6 have audited the accompanying balance, sheets of Fairmeadow Apartments
Limited Partners 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 expressed opinion on
these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards, and with Government Auditing Standards issued by the
Comptroller@-Gener2d of the United States. Those standards require that
we plan, and perform the audit to -obtain reasonable assurance about
whether ,@the financial' statements are free of -material. misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also-
includes assessing the., accounting, principles used and significant--
estimates made by management, 8 well as evaluating the over all financial
statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
in our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Fairmeadow 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.
In accordance with Government Auditing Standards, we have also issued a
report dated March 1 1996 on our consideration of Fairmeadow Apartments,
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
Member of the American Institute Certified Public Accountants
<PAGE>
Bradley, Snipes, Gower & Associates, P.A.
Certified Public Accountants
P.O. Box 1009 Dunn, North Carolina 28335 (910) 892-6001
P.O. Box 1568 Lillington, North Carolina 27546 (910) 893-6026
Russell W. Bradley, CPA Larry D. Snipes, CPA Alton R. Gower, Jr., CPA
INDEPENDENT AUDITORS' REPORT
The Partners
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, 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 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, 1994 and 1993, and the results of
its operations, the changes in partners' equity and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
Page 12 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Respectfully submitted,
Bradley, Snipes, Gower & Associates, P. A.
Dunn, North Carolina
January 25, 1995
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 15, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
GREENFIELD PROPERTIES, LP.
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position and results of operations
and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Howe and Associates<PAGE>
Ziner & Company, P.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners of
Haynes House Associates II
Limited Partnership
We have audited the accompanying balance sheet (MHFA Forms F. C. -3A
& -3B) of Haynes House Associates II Limited Partnership (a Massachusetts
limited partnership) (Project No. 72-108-N) as of December 31, 1994, and
the related statements of changes in partners' equity (MHFA Form F.C. 3C)
, operations (MHFA Form F. C. -2A) and cash flows (MHFA Forms F. C. -4A, -
4B & -4C) 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 and Government Auditing Standards, issued by the Comptroller of
the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, 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 Haynes House
Associates II Limited Partnership as of December 31, 1994, and the changes
in its partners' equity, the results of its operations and its cash flows
for the year then ended, in accordance with generally accepted accounting
principles.
March 17, 1995
7 WINTHROP SQUARE BOSTON, MASSACHUSUSETS 02110-1256 Phone (617) 542-8880
Fax (617) 542-8715<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, 1994 and 1993, and the related statements of operations,
partners' equity and cash flows for the year ended December 31, 1994 and
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 option 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 a test basis, evidence supporting, the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audit provides a 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, 1994 and 1993, and
the results of its operations and its cash flows for the Year ended
December 31, 1994 and from February 12, 1993 to December 31, 1993, in
conformity with generally accepted accounting principles.
February 17, 1995
4408 Forest Drive, Third Floor Columbia, South Carolina 29206
Telephone 803-790-0020 Fax 803-790-0011<PAGE>
Robbins and Gautreau
Certified Public Accountants (A Professional Corporation)
Calvin L. Robbins, Jr., CPA, CFE John C. Gautreau, II, CPA
Jeffrey Curt Gautreau, CPA Cora Crisler Head, CPA
INDEPENDENT AUDITORS REPORT
To the Partners of
Isola Squarer L.P.
We have audited the accompanying balance sheet of Isola Square, L.P. as of
December 31, 1994, and the related statements of changes in partners I
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 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 Isola Square, 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
February 15, 1995
Baton Rouge, Louisiana
8641 United Plaza Blvd., Suite 202 Baton Rouge, Louisiana 70809
Phone (504) 924-6744 Fax (504) 929-6916<PAGE>
Robbins and Gautreau
Certified Public Accountants (A Professional Corporation)
Calvin L. Robbins, Jr., CPA, CFE John C. Gautreau, II, CPA
Jeffrey Curt Gautreau, CPA Cora Crisler Head, CPA
INDEPENDENT AUDITORS REPORT
To the Partners of
Lawtell Manor Partnership
We have audited the accompanying balance sheets of Lawtell Manor
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 I s management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Lawtell Manor
Partnership as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 United Plaza Blvd., Suite 202 Baton Rouge, Louisiana 70809
Phone (504) 924-6744 Fax (504) 929-6916
<PAGE>
Otis, Atwell & Timberlake
Professional Association
CERTIFIED PUBLIC ACCOUNTANTS
James C. Otis, C.P.A., CFP 980 Forest Avenue
Stephen W. AtwelL C.P.A. Portland,Maine 04103
Fred I. Timberlake, C.P.A. (207) 797-0990
Bruce E. Fritzsom C.P.A FAX (207) 797-8618
Thomas J. Gioia, C.P.A.
INDEPENDENT AUDITOR'S REPORT
The Partners
Newport Housing Associates
We have audited the accompanying balance sheets of Newport Housing
Associates Limited Partnership, FMHA Case No. 53-010-0010466168, as of
December 31, 1994 and 1993, and the related statements of income and
partners' equity, and cash flows for the year ended December 31, 1994 and
for the period from November 1, 1993 through December 31, 1993. These
financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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 Newport Housing
Associates Limited Partnership as of December 31, 1994 and 1993, and the
results of its operations and its cash flows for the year ended December
31, 1994 and for the period from November 1, 1993 through December 31, 1993
in conformity with generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying additional
information on pages 12 and 13 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 a whole.
Certified Public Accountants
February 2, 1995
Portland, Maine<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
P.O. Box 775 - 516 Walnut Street
Gadsden, Alabama 35902
Telephone (205) 543-3707 Fax (205) 543-9800
INDEPENDENT AUDITOR S REPORT
To the Partners
Newport Manor, Limited Partnership
Newport, Tennessee
I have audited the accompanying balance sheet of Newport Manor, Limited
Partnership, a limited partnership, FmHA Project No.: 48-015-631011392 as
of December 31, 1994, and the related statements of operations, partners'
capital and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. My responsibility
is to express an opinion on these financial statements based on my audit.
I conducted the 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 the 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 Newport Manor, Limited
Partnership, FmHA Project No.: 48-015-631011392 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.
The audit was 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 III for the year ended December 31, 1994, is presented
for purposes of complying with the requirements of the Farmers Home
Administration and is also not a required part of the basic financial
statements. Such information has been subjected to the audit procedures
applied in the audit of the basic financial statements and, in my opinion
is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
February 25, 1995<PAGE>
Robbins and Gautreau
Certified Public Accountants (A Professional Corporation)
Calvin L. Robbins, Jr., CPA, CFE John C. Gautreau, II, CPA
Jeffrey Curt Gautreau, CPA Cora Crisler Head, CPA
INDEPENDENT AUDITORS 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, 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 Standard 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, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 United Plaza Blvd., Suite 202 Baton Rouge, Lousiana 70809
Phone (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 sheet of St. Croix Commons Limited
Partnership, as of December 31, 1994, and the related statements of
operations, partners' equity, and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a 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, 1994, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
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 22, 1995
2411 N. Hillcrest Parkway, P.O. Box 810 Eau Claire, WI 54702-0810
Phone (715) 832-3425 # Fax (715) 832-1665<PAGE>
Robbins and Gautreau
Certified Public Accountants (A Professional Corporation)
Calvin L. Robbins, Jr., CPA, CFE John C. Gautreau, II, CPA
Jeffrey Curt Gautreau, CPA Cora Crisler Head, CPA
INDEPENDENT AUDITORS REPORT
To the Partners of
St. Joseph Square Partnership
We have audited the accompanying balance sheets of St. Joseph Square
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 St. Joseph Square
Partnership as of December 31, 1994 and 1993, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Certified Public Accountants
February 15, 1995
Baton Rouge, Louisiana
8641 United Plaza Blvd., Suite 202 Baton Rouge, Indiana 70809
Phone (504) 924-6744 Fax (504) 929-6916<PAGE>
HOWE & ASSOCIATES
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 15, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
SUMMERSVILLE ESTATES, LP
Re: For the Years Ended December 31, 1993 and December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position and results of operations
and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Howe and Associates<PAGE>
Bob T. Robinson
Certified Public Accountant
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 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 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>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800 Fax (810) 626-2276
ELY TAMA, CPA JEFFREY F. BUDAJ, CPA
BARTON A. LOWEN, CPA EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA JOHN W. WEIPERT, CPA
SEAN M. DONOVAN, CPA
American, Michigan, Florida & South Carolina Institutes of CPAs
INDEPENDENT AUDITOR'S REPORT
To the Partners of
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>
Otis, Atwell & Timberlake
Professional Association
Certified Public Accountants
James C. Otis, C.P.A., CFP
Stephen W AtwelL C.PA. 980 Forest Avenue
Fred I. Timberlake, C.PA. Portland Maine 04103
Bruce E. Fritzson C.PA. (207) 797-0990
Thomas J. Gioia, C.P.A. FAX (207) 797-8618
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
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, 1994 and 1993, and the related statements of operations,
partners' equity and cash flows for the year ended December 31, 1994 and
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 or, 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, 1994 and 1993, and
the results of its operations and its cash flows for the year ended
December 31, 1994 and from May 19, 1993 to December 31, 1993, in conformity
accepted accounting principles.
February 17, 1995
4408 Forest Drive, Third Floor Columbia, South Carolina 29206
Telephone 803-790-0020 Fax 803-790-0011<PAGE>
TOSKI, SCHAEFER & CO., P.C.
Certified Public Accountants
555 International Drive
Williamsville, New York 14221
Telephone (716) 634-0700 Fax (716) 634-0764
INDEPENDENT AUDITOR'S REPORT
The Partners
Woodlands Apartments, L.P.:
We have audited the accompanying balance sheet of Woodlands Apartments,
L.P. as of December 31, 1994 and the related statement of partners, equity
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 management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Woodlands Apartments,
L.P. as of December 31, 1994, in conformity with generally accepted
accounting principles.
Williamsville, New York
February 24, 1995<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, 1996 and 1995, and the related
statements of operations, changes in partners' capital and cash flows for
the years ended December 31, 1996 and 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, and with Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Briarwood Apartments, A
Limited Partnership as of December 31, 1996 and 1995 and the results of its
operations and its cash flows for the years ended December 31, 1996 and
1995 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 11, 1997 on our consideration of Briarwood
Apartments, A Limited Partnership's internal control structure and a report
dated February 11, 1997 on its compliance with laws and regulations.
February 11, 1997
1 Creekview Court, P.O. Box 25849 Greenville, South Carolina 29616
(864) 28M544 9 FAX (864) 458-8519
Other Offices: Asheville, Boone, Burnsville, Charlotte, Durham, Sylva, NC
Member of the American Institute of CPAS, The Continental Association of
CPA Firms, Inc., The Intercontinental Accounting Associates and the North
Carolina and South Carolina Associates of CPAs <PAGE>
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, 1996 and 1995, and the related
statements of income, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis 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, 1996 and 1995, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Greensboro, North Carolina
January 21, 1997<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
Philip Abiusi Michael A. Mammolito
L. Richard Pascarella David R. Snyder
Nakho Sung Charles R. Petty
Leo N. Bonfardeci Scott J. Martin
Carl T. Greco
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, 1996 and 1995, 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 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 diSC10BUreB 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, 1996 and 1995, 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 7, 1997<PAGE>
CREELMAN SMITH, P.C.
Certified Public Accountants
To the Partners
Cambridge Family YMCA Affordable Housing
Limited Partnership
Cambridge, Massachusetts
REPORT OF INDEPENDENT AUDITORS
We have audited the accompanying balance sheet of Cambridge Family YMCA
Affordable Housing Limited Partnership (A Massachusetts limited
partnership) as of December 31, 1996, and the related statements of
operations, changes in partners I equity (deficit) 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, 1996, and the
results of its operations, changes in partners' equity (deficit) and cash
flows for the year then ended in conformity with generally accepted
accounting principles.
Creelman & Smith, P.C.
Certified Public Accountants
Boston, Massachusetts
January 13, 1997
330 Congress Street, Boston, Massachusetts 02210 (617) 542-4114<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 I, 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,
1996 and 1995, 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 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 Crofton Associates 1,
Limited Partnership, FmHA Project No.: 20-0240621467587 as of December 31,
1996 and 1995, and the results of its operations, changes in partners'
capital and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were 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
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, 1997
Member of Tennessee Society of CPAs, American Institute of CPAs and
Private Companies Practice Section<PAGE>
Matthews, Hearon & Cutrer
Certified Public Accountants
Erik Hearson, CPA Brett C. Matthews, CPA
J. Raleigh Cutrer, CPA Charles R. Lindsay, Jr. CPA
Tammy L. Burney, CPA A. Joseph Tommasini, CPA
Elizabeth Hulen Barr, CPA
Members: American Institute of CPAs, Private Companies Practice Section
Mississippi Society of CPAs, National Litigation Support Services
Association
INDEPENDENT AUDITOR'S REPORT
To the Partners
Cypress Point, LP
We have audited the accompanying balance sheet of Cypress Point, LP (a
Florida limited partnership), as of December 31, 1996 and the related
statements of operations, partners' capital and cash flows for the years
then ended. These financial statements are the responsibility of the
partnerships 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 audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also Includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audit provides a 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 LP, and
the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Jackson, Mississippi
January 29, 1997
633 North State Street, Suite 407 Jackson, Mississippi 39202-3306
Telephone (601) 355-9266 Fax (601) 352-6826<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 I,
Limited Partnership, FmHA Project No.: 48-024-621474763 as of December 31,
1996 and 1995, 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 Gallaway Associates I.
Limited Partnership, FmHA Project No.: 48-024621474763 as of December 31,
1996 and 1995, and the results of its operations, changes in partners'
capital and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were 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
audits of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a
report dated February 6, 1997 on our consideration of the limited
partnership's internal control structure and a report dated February 6,
1997 on its compliance with laws and regulations.
Jackson, Tennessee
February 6, 1997
Member of Tennessee Society of CPAs, American Institute of CPAs and
Private Companies Practice Section<PAGE>
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, 1996 and
1995, and the related statements of operations, changes in partners' equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally 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, 1996 and
1995, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 27, 1997 on our consideration of the Partnership's
internal control structure and a report dated January 27, 1997 on its
compliance with laws and regulations.
January 27, 1997
11100 NE 8th Street, Suite 410 Bellevue, Washington 98004-4441
(206) 453-2088 Fax (206) 646-3368<PAGE>
BERRY, DUNN, McNEIL & PARKER
Certified Public Accountants Management Consultants
INDEPENDENT AUDITORS' REPORT
The Partners
Green Acres Limited Partnership
We have audited the accompanying balance sheets of Green Acres Limited
Partnership as of December 31, 1996 and 1995, and the related statements of
operations, changes in partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility 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 Green Acres Limited
Partnership as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were 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 audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
Portland, Maine
January 15, 1997
Offices in: Bangor, Maine Portland, Maine Lebanon, New Hampshire
Manchester, New Hampshire<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
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,
1996 and 1995, and the related statements of operations, partners' equity
and cash flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Hickman Associates II,
Limited Partnership, FmHA Project No.: 20-038621451228 as of December 31,
1996 and 1995, and the results of, its operations, changes in partners'
equity and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
audit procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
Jackson, Tennessee
February 7, 1997
Member of Tennessee Society of CPAs, American Institute of CPAs and
Private Companies Practice Section<PAGE>
THOMAS C. CUNNINGHAM, CPA PC
23 Moore Street
Bristol, Virginia 24201
(540) 669-5531 Fax (540) 669-5576
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lee Terrace Limited Partnership
I have audited the accompanying balance sheets of Lee Terrace Limited
Partnership, FmHA Case No.: 54-064-0541632971, as of December 31, 1996 and
1995 and the related statement of operations for the year ended December
31, 1996 and for the period January 6, 1995 to December 31, 1995 and the
related statements of partners' equity and cash flows for the years ended
December 31, 1996 and 1995. These financial statements are the
responsibility of the Partnership's management. MY responsibility is to
express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government 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 Lee Terrace Limited
Partnership, as of December 31, 1996 and 1995 and the results of its
operations for the year ended December 31, 1996 and for the period January
6, 1995 to December 31, 1995, the changes in partners' equity and cash
flows 'or the years ended December 31, 1996 and 1995 in conformity with
generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 16 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the audit procedures applied in the audits of the basic
financial statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, I have also issued a
report dated February 15, 1997 on my consideration of Lee Terrace Limited
Partnership's internal control structure and a report dated February 15,
1997 on its compliance with laws and regulations applicable to the
financial statements.
Thomas C. Cunningham, CPA PC
Bristol, Virginia February 15, 1997<PAGE>
Certified Public Accountants
Page, Olson & Company PC
INDEPENDENT AUDITORS'REPORT
January 31, 1997
To the Partners
Midland Housing Limited Partnership
We have audited the accompanying balance sheets of Midland Housing Limited
Partnership as of December 31, 1996 and 1995, and the related statements of
operations, partners' equity and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly,
in all material respects, the financial position of Midland Housing Limited
Partnership as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 13 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 368 MT PLEASANT, Ml 48804-0368
517 773 5494 FAX 517 773 5816<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, 1996 and 1995, and the related statements
of operations, partners' equity and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our 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, 1996 and 1995, and
the results of its operations and its cash flows for the years then ended,
in conformity with generally accepted accounting principles.
January 28, 1997
4408 Forest Drive, Third Floor Columbia, South Carolina 29206
Telephone 803-790-0020 Fax 803-790-0011<PAGE>
DUGGAN, JOINER, BIRKENMEYER, STAFFORD, & FURMAN, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
334 N.W. Third Avenue
Ocala, Florida 34475
Phone (352) 732-0171 Fax (352) 867-1370
Malcolm R. Duggan, Jr., C.P.A. C.D. Joiner, Jr., C.P.A., Retired
Wayne J. Birkenmeyer, C.P.A. Frank E. Stafford, Jr., C.P.A.
Edward J. Furman, C.P.A. O.H. Daniels, Jr., C.P.A.
R. Phillip Bledsoe, C.P.A. Carole A. Wright, C.P.A.
Annette C. Furman, C.P.A. David A. Young, Jr., C.P.A.
Laura J. Allen, C.P.A. Jamie S. Hampy, C.P.A.
Patricia A. Lancaster, C.P.A. Julie A. Poole, C.P.A.
Robert K. Hund, C.P.A.
INDEPENDENT AUDITORS' REPORT
February 5, 1997
To the Partners
Palmetto Properties, Ltd.
We have audited the accompanying basic financial statements of Palmetto
Properties, Ltd., as of and for the year ended December 31, 1996, as listed
in the table of contents. These basic financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the basic financial statements referred to above present
fairly, in all material respects, the financial position of Palmetto
Properties, Ltd. as of December 31, 1996 and 1995, 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 additional information as listed
in the table of contents is presented for the purposes of additional
analysis and is not a required part of the basic financial statements.
Such information has been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
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 (810) 626-2276
ELY TAMA, CPA JEFFREY F. BUDAJ, CPA
BARTON A. LOWEN, CPA EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA JOHN W. WEIPERT, CPA
SEAN M. DONOVAN, CPA
American, Michigan, Florida & South Carolina Institutes of CPAs
To the Partners of
Park Place II, Ltd.
We have audited the accompanying balance sheet of PARK PLACE II, LTD. as of
December 31, 1996 and 1995, and the related statements of operations,
changes in partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the general
partner and management of the partnership. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly
in all material respects, the financial position of PARK PLACE II, LTD., as
of December 31, 1996 and 1995, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying information
listed in the table of contents is presented for the purpose of additional
analysis and is not a required part of the basic financial statements.
This accompanying information is the responsibility of the partnership's
management. Such information, except for the portion marked "unaudited" on
which we express no opinion, has been subjected to the auditing procedures
applied in our audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects when considered in relation to
the basic financial statements taken as a whole.
TAMA AND BUDAJ,
Farmington Hills, Michigan
January 31, 1997<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800 Fax (810) 626-2276
ELY TAMA, CPA JEFFREY F. BUDAJ, CPA
BARTON A. LOWEN, CPA EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA JOHN W. WEIPERT, CPA
SEAN M. DONOVAN, CPA
American, Michigan, Florida & South Carolina Institutes of CPAs
To the Partners of
Seabreeze Manor RRH, Ltd.
We have audited the accompanying balance sheet of SEABREEZE MANOR RRH, LTD.
as of December 31, 1996 and 1995, and the related statements of operations,
changes in partners' equity (deficit) and cash flows for the year ended
December 31, 1996 and 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 audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a 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, 1996 and 1995, and the results of its operations
and its cash flows for the year ended December 31, 1996 and for the period
January 10, 1995 (date operational) to December 31, 1995 in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying information
listed in the table of contents is presented for the purpose of additional
analysis and is not a required part of the basic financial statements.
This accompanying information is the responsibility of the partnership's
management. Such information, except for the portion marked "unaudited" on
which we express no opinion, has been subjected to the auditing procedures
applied in our audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects when considered in relation to
the basic financial statements taken as a whole.
TAMA AND BUDAJ, P.C.
Farmington Hills, Michigan January 31, 1997<PAGE>
MAYER HOFFMAN McCANN L.C.
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Sixth Street Partners Limited Partnership
We have audited the accompanying balance sheets of SIXTH STREET PARTNERS
LIMITED PARTNERSHIP as of December 31, 1996 and 1995, and the related
statements of operations, partners' equity and cash flows for the years
then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Sixth Street Partners
Limited Partnership as of December 31, 1996 and 1995 and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 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.
Kansas City, Missouri
January 20, 1997
420 Nichols Road, Kansas City, MO 64112 (816)968-1000 Fax (816) 531-7695<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, 1996 and 1995, and the related
statements of operations, changes in partners' equity (deficit), and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility 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 Skowhegan Housing
Limited Partnership as of December 31, 1996 and 1995, and the results of
its operations and its cash flows for the years then ended, in conformity
with generally accepted accounting principles.
Our audits were 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 8, 1997
Offices in: Bangor, Maine 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
Philip Abiusi Michael A. Mammolito
L. Richard Pascarella David R. Snyder
Nakho Sung Charles R. Petty
Leo N. Bonfardeci Scott J. Martin
Carl T. Greco
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, 1996 and 1995, 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 partner, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Voorheesville Housing
Company I as of December 31, 1996 and 1995, and the results of its
operations and cash flows for the years then ended, in conformity with
generally accepted accounting principles.
DIMARCO, ABIUSI & PASCARELLA, P.C.
Syracuse, New York
February 7, 1997<PAGE>
RAYMOND, BROUSSARD & BROWN
A PROFESSIONAL CORPORATION
2616 Toulon Drive
Baton Rouge, Louisiana 70816
Telephone: (504) 292-9211
Fax: (504) 292-0727
CERTIFIED PUBLIC ACCOUNTANTS
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.
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, 1996 and 1995 and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our 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, White Castle Senior
Citizens
Partnership, Ltd. as of 31, 1996 and 1995, 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 purpose of additional analysis and is not a
required part of the basic financial statements. The supplementary
information presented in the Year End Report and Analysis (Form PHS 1930-8)
Parts I through III and in the Multiple Family Housing Project Budget (Form
P.HS 19307) Parts I through V for the year ended 31, 1996, 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, 1997
4
<PAGE>
Crisp Hughes & Company, 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 3l, 1995 and 1994, and the related
statements operations, and 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 Standard issued by the Comptroller
General of the United States. Those standards required that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of -material misstatement.' And audit.
includes examining on a test ,basis,- evidence supporting the amounts and
disclosures in the financial statements. -An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a 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 Apartment . s,
A Limited Partnership's internal control structure and a report dated March
1, 1996 on its compliance with laws and regulations.
March 1, 1996
I Creekview Court o P.O. Box 25849 o Greenville, South Carolina 29616 (864)
288-5544 FAX (864) 458-8519
Other Offices: Asheville, Boone, Burnsville, Charlotte, Durham, Sylva, NC
Member of The American Institute of Certified Public Accountants, The
Continental Association of CPA Firms, Inc.,
The Intercontinental Accounting Associates and The North Carolina and South
Carolina Associates of CPAs
<PAGE>
GOLDEN ASSOCIATES
Certified Public Accountants
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313
Telephone (912) 369-7575 Fax (912) 876-8798
Larry R. Golden, CPA
Janine D. Graham, CPA
Members American Institute and Georgia Society of CPAs
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<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 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, 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>
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. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland<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 I, 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 I,
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.
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.
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 CPAs, American Institute of CPAs and
Private Companies Practice Section<PAGE>
GOLDEN ASSOCIATES
Certified Public Accountants
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313
Telephone (912) 369-7575 Fax (912) 876-8798
Larry R. Golden, CPA
Janine D. Graham, CPA
Members American Institute and Georgia Society of CPAs
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 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<PAGE>
GOLDEN ASSOCIATES
Certified Public Accountants
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313
Telephone (912) 369-7575 Fax (912) 876-8798
Larry R. Golden, CPA
Janine D. Graham, CPA
Members American Institute and Georgia Society of CPAs
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<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 I,
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 misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audit provides a 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 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 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 CPAs, American Institute of CPAs 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
Hickman Associates II, Limited Partnership
We have audited the accompanying balance sheets of Hickman Associates H,
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. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a 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,
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 is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
audit procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
CRAIN & COMPANY
Certified Public Accountant
Jackson, Tennessee
February 7, 1996
Member of Tennessee Society of CPAs, American Institute of CPAs and
Private Companies Practice Section<PAGE>
GOLDEN ASSOCIATES
Certified Public Accountants
P.O. Box 967
769 E. Oglethorpe Hwy
Hinesville, GA 31313
Telephone (912) 369-7575 Fax (912) 876-8798
Larry R. Golden, CPA
Janine D. Graham, CPA
Members American Institute and Georgia Society of CPAs
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<PAGE>
Coopers & Lybrand L.L.P.
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, 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 Mt. Vernon 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
March 12, 1996
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.<PAGE>
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800 Fax (810) 626-2276
ELY TAMA, CPA JEFFREY F. BUDAJ, CPA
BARTON A. LOWEN, CPA EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA JOHN W. WEIPERT, CPA
SEAN M. DONOVAN, CPA
American, Michigan, Florida & South Carolina Institutes of CPAs
To the Partners of
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 we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audit provides a 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.
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, PC.
Farmington Hills, Michigan
February 9, 1996<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>
HOWE & ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
March 8, 1995
INDEPENDENT AUDITOR'S REPORT
Partners
ARTESIA PROPERTIES, LP
Re: For the Year Ended December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and 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 year then ended in conformity with generally
accepted accounting principles.
Howe and Associates, PC<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,
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, the financial statements referred to above present fairly,
in all material respects, the financial position of Aspen Ridge Apartments
Limited Partnership at December 31, 1994 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 20, 1995
11924 Arbor St., Ste. 200 Omaha, Nebraska 68144
Phone (402) 330-1040 Fax (402) 333-9189<PAGE>
Crisp Hughes & Company L.L.P.
Certified Public Accountants and Consultants
Independent Auditors' Report
T0 The Partners
Briarwood Apartments, A Limited Partnership
We have audited the, accompanying balance sheet of Briarwood Apartments, A
Limited Partnership as of December 31, 1994 and the related statements of
operations changes in-partners' capital and cash flows 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 Governmental Auditing Standards issued by the
Comptroller General of the United States. Those standards require that we
obtain and perform the audit to -obtain, reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements An audit also includes assessing
the accounting principles, used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a 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, 1994. and the results of its
operations and its cash flows for the period August 17, 1994 through
December 31, 1994 in conformity, with generally accepted accounting
principles.
January 25, 1995
1 Creekview Court o P.O. Box 25849 e Greenville, South Carolina 29616 o
(864) 288-5544 FAX (864) 458-8519
Other Offices: Asheville, Boone, Burnsville, Charlotte, Durham, Sylva, NC
Member of. The American Institute of Certified Public Accountants, The
Continental Association of CPA Firms, Inc.,
The Intercontinental Accounting Associates and The North Carolina and South
Carolina Associates of CPAs
<PAGE>
K.B. 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 sheet of Briarwood of Dekalb, L.P. (a limited
partnership) as of December 31, 1994, and the related statements of
operations, changes in partnership capital and cash flows for 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 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.
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, 1994, and the results of its operations, and cash
flows for the period then ended, in conformity with generally accepted
accounting principles.
Respectfully submitted,
K.B. Parrish Co.
Certified Public Accountants
Indianapolis, Indiana
January 16, 1995
Members of American Institute of Certified Public Accountants<PAGE>
DANIEL G. DRANE
Certified Public Accountant
P.O. Box 577 - 209 East Third Street
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 audits.
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 generally
accepted auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards require that
I plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. I believe that my audits provide a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of 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>
HOWE & ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
March 5, 1995
INDEPENDENT AUDITORS REPORT
Partners
CLINTON ESTATES, L.P.
Re: For the Year Ended December 31, 1994
We have audited the accompanying balance sheet and the related statements
of
income, owners' 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
from material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position and results of operations
and cash flows for the year then ended in conformity with generally
accepted accounting principles.
Howe and Associates, PC<PAGE>
DANIEL G. DRANE
Certified Public Accountant
P.O. Box 577 - 209 East Third Street
Hardinsburg, Kentucky 40143
(502) 756-5704
INDEPENDENT AUDITOR!S 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 audits.
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 generally
accepted auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards require that
I plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of 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>
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 sheet of Glenridge Housing
Associates, a Washington Limited Partnership, as of December 31, 1994, and
the related statements of operations, changes in partners' equity and cash
flows for the year then ended. These financial statements are the
responsibility of 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 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 audit provides a 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, 1994, and
the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The additional information shown on pages 14
to 16 is presented for the purpose of complying with the requirements of
the Farmers Home Administration and is not a required part of the financial
statements. Such additional information, presented in Column 2 of Parts I,
II and III of the Multiple Family Housing Project Budget (Form FmHA 1930-7)
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. Columns
1, 3 and 4 of Parts I, II and III and Parts IV, V and VI of the Multiple
Family Housing Project Budget have not been subjected to the auditing
procedures applied in the audit of the financial statements and
accordingly, we express no opinion on Columns 1, 3 and 4 of Parts I, II and
III and Parts IV, V and VI of the Multiple Family Housing Project Budget.
February 12, 1995
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
A Professional Accounting Corporation
John C. Gautreau, II, CPA J. Curt Gautreau, CPA
Crissie Head, CPA Jennifer D. Derousselle, CPA
Kati M. Williamson, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners of
Greenwood Place, L. P.
We have audited the accompanying balance sheet of Greenwood Place, L. P. 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 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 Greenwood Place, 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,
Lousiana 70884-2430 \ Telephone (504) 924-6744 \ FAX (504) 929-6916<PAGE>
The Gautreau Group, L.L.C.
Certified Public Accountants
A Professional Accounting Corporation
John C. Gautreau, II, CPA J. Curt Gautreau, CPA
Crissie Head, CPA Jennifer D. Derousselle, CPA
Kati M. Williamson, 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, 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 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, 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>
THOMAS C. CUNNINGHAM, CPA PC
23 Moore Street
Bristol, Virginia 24201
(703) 669-5531 Fax(703)669-5576
INDEPENDENT AUDITOR'S REPORT
To the Partners
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>
Coopers & Lybrand L.L.P.
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. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.<PAGE>
DuRANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUTNTANTS 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, 1994 and 1993, and the related statements
of operations, partners' equity and cash flows for the year ended December
31, 1994 and from September 14, 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 Oakwood Manor of
Bennettsville, 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 from September 14, 1993 to December 31, 1993 in
conformity with generally accepted accounting principles.
February 17, 1995
4408 Forest Drive, Third Floor Columbia, South Carolina 292069
Telephone 803-790-0020 Fax 803-790-0011<PAGE>
ROBBINS AND GAUTREAU
CERTIFIED PUBLIC ACCOUNTANTS
(A PROFESSIONAL CORPORATION)
Calvin L. Robbins, Jr., CPA , CFE John C. Gautreau, II, CPA
JEFFREY CURT GAUTREAU, CPA Cora Crisler Head, CPA
Independent Auditors' 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 1993, 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 202 Baton Rouge, Louisiana 70809
Phone (504) 924-6744 Fax (504) 929-6916<PAGE>
DUGGAN, JOINER, BIRKENMEYER, STAFFORD, & FURMAN, P.A.
Certified Public Accountants
334 N.W. Third Avenue
Ocala, Florida 34475
Phone (352) 732-0171 Fax (352) 867-1370
Malcolm R. Duggan, Jr., C.P.A. C.D. Joiner, Jr., C.P.A., Retired
Wayne J. Birkenmeyer, C.P.A. Frank E. Stafford, Jr., C.P.A.
Edward J. Furman, C.P.A. O.H. Daniels, Jr., C.P.A.
R. Phillip Bledsoe, C.P.A. Carole A. Wright, C.P.A.
Annette C. Furman, C.P.A. David A. Young, Jr., C.P.A.
Laura J. Allen, C.P.A. Jamie S. Hampy, C.P.A.
Patricia A. Lancaster, C.P.A. Julie A. Poole, C.P.A.
Robert K. Hund, C.P.A.
INDEPENDENT AUDITORS' REPORT
February 5, 1997
To the Partners
Palmetto Properties, Ltd.
We have audited the accompanying basic financial statements of Palmetto
Properties, Ltd., as of and for the year ended December 31, 1994, as listed
in the table of contents. These basic financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the basic financial statements referred to above present
fairly, in all material respects, the financial position of Palmetto
Properties, Ltd. as of December 31, 1994, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information as
listed in the table of contents 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.
Duggan, Joiner, Birkenmeyer, Stafford & Furman, P.A.
Certified Public Accountants<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 CPAs - American Institute of CPAs - AICPA
Division for CPA Firms, Private Companies and SEC Practice Sections<PAGE>
David G. Pelliccione, C.P.A., P. C.
Post Office Box 1
Savannah, Georgia 31402
Delivery Address
202 East Liberty Street
Savannah, Georgia 31401
Telephone (912) 234-1999 Fax (912) 234-0139
Member of American Institute of CPAs/ Georgia Society of CPAs
INDEPENDENT AUDITORS' REPORT
To The Partners
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>
RAYMOND, BROUSSARD & BROWN
CERTIFIED PUBLIC ACCOUNTANTS
A PROFESSIONAL CORPORATION
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 Auditor s Report
To The Partners
White Castle Senior Citizens Partnership, Ltd.
We have audited the accompanying balance sheet of White Castle Senior
Citizens Partnership, Ltd., FMHA. Project No.: 22-024-721149468, as of
December 31, 1994 and the related statements of operations, partners'
equity and cash flows for the year then ended. These financial statements
are the responsibility of the partnerships 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,
on a test basis, evidence supporting the amounts and disclosures in the
final
statements. An audit also includes assessing the accounting principles
used
and significant estimates made by the management, as well as evaluating
the overall financial statement Presentation. We believe that our audit
provides a 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, 1994 and the results of its operations and its cash flows for
the year then ended In conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
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 FmHA 1930-8)
Parts I through V for the year ended December 31, 1994, is presented for
purposes of complying with the requirements of the Farmers Home
Administration and is also not a required part of the basic financial
statements. Such information has been subjected to the audit procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic
financial
statements taken as a whole.
Baton Rouge, Louisiana
June 15, 1995
- -4-<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, 1996, 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, 1996, and the results of
its operations and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
February 1, 1997
Rajeev Raj C.P.A.
1600 Providence Highway Tel: (508) 660-2592
Walpole, MA 02081 Fax: (508) 660-1569
<PAGE>
STIENESSEN - SCHLEGEL & CO.
Limited Liability Company
Certified Public Accountants
INDEPENDENT AUDITOR'S 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, 1996 and 1995, and the related
statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Glen Place Apartments
Limited Partnership, as of December 31, 1996 and 1995, and the results of
its operations, changes in partners' equity, and cash flows for the years
then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 14 and 15 is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 15, 1997
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810
PHONE (715) 832-3425 FAX (715) 832-1665<PAGE>
Henderson, Godbee & Nichols, P.C.
Certified Public Accountants
Members of American Institute of CPAs
Georgia Society of CPAs
Robert A. Goddard, Jr., CPA (1943-1989) Gerald H. Henderson, CPA
J. Wendell Godbee, CPA M. Paul Nichols, Jr., CPA
Susan S. Swader, CPA Mark S. Rogers, CPA
Maureen P. Collins, CPA Amy McGill Smith, CPA
Krystal P. Hiers, CPA Marguerite J. Joyner, CPA
Kenny L. Carter, CPA Shirley S. Miller, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Jackson Housing, L.P.
Valdosta, Georgia
We have audited the accompanying balance sheet of Jackson Housing, L.P. (a
limited partnership), Federal ID No.: 58-2031912, as of December 31, 1996,
and the related statements of income, partners, equity, and cash flows for
the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit. The financial statements
of Jackson Housing, L.P. as of December 31, 1995, were audited by other
auditors whose report dated January 18, 1996., expressed an unqualified
opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Standards issued by the Comptroller General of the
United states; Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall. financial statement presentation. We believe that our audit
provides a 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 Housing, L.P.
as of December 31, 1996, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 24, 1997 on our consideration of the Jackson Housing,
L.P. s internal control structure and a report dated January 24, 1997 on
its compliance with laws and regulations.
Henderson, Godbee & Nichols, P.C.
Certified Public Accountants
January 24, 1997
3488 North Valdosta Road / P. 0. Box 2241 / Valdosta, Georgia 31604-2241
Phone: (912) 245-6040 / FAX: (912) 245-1669<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
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,,1996 and 1995, and the related statements of profit and loss,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Lakeview Meadows II
Limited Dividend Housing Association Limited Partnership for the years
ended December 31, 1996 and 1995, and the results of its operations,
changes in partners, equity, and cash flows for the years then ended, in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 12, 1997, on our consideration of the Partnership's
internal control structure and a report dated February 12, 1997,. on its
compliance with laws and regulations.
February 12, 1997
A member of Moores Rowland International<PAGE>
Rosenberg, Rich, Baker, Berman & Company
A Professional Association of CPAs
380 Foothill Road - P.O. Box 6483
Bridgewater, NJ 08807-0483
908-231-1000 Fax 908-231-6894
E-mail: [email protected]
Other Offices:
195 Maplewood Avenue
Maplewood, NJ 07040
201-763-6363 Fax 201-763-4430
Splugenstrasse 10
CH-8002
Zurich, Switzerland
011-41-1-202-4742 Fax 011-41-1-202-4744
P.O. Box 61
Grand Cayman, Cayman Islands
809-949-4244 Fax 809-949-8635
Kalman A. Barson, CPA Kenneth A. Berman, CPA
Barry D. Kopp, CPA Frank S. LaForgia, CPA
Alvin P. Levine, CPA Aaron A. Rich, CPA
David N. Roth, CPA Carl S. Schwartz, CPA
Nicholas L. Truglio, CPA Steven J. Truppo, CPA
Howard Baker, CPA Daniel M. Brooks, CPA
Leonard M. Friedman, CPA Dorvin M. Rosenberg, CPA
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, 1996 and 1995 and the related statements of
operations, partners' equity and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Parvin's Limited
Partnership as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 9 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the 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 15, 1997
American Institute Of CPAs - Sec Practice Section - Private Companies
Practice Section - National Associated CPA Firms - Independent Accountants
International
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 R. Dowling, CPA
Brian J. Giganti, CPA
David A. Brooks, CPA Consultant
Benjamine F. Regardie
(1897-1973
INDEPENDENT AUDITOR'S REPORT
February 21, 1997
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, 1996 and 1995, and the related statements of
income, partnership equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U. S. Department of Agriculture,
Farmers Home Administration Audit Program handbook, dated December 1989.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Peach Tree Limited
Partnership as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
reports dated February 21, 1997 on our consideration of Peach Tree Limited
Partnership's internal control structure and on its compliance with laws
and regulations.
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, LID.
Limited Partnership as of December 31, 1996 and 1995, and the related
statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion On
these financial statements based on our audit.
We conducted our 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 Ponderosa Meadows, LTD.
Limited Partnership as of December 31, 1996 and 1995, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards issued by the Comptroller
General of the United States, we have also issued a report dated January
29, 1997, on our consideration of Ponderosa Meadows, Ltd. Limited
Partnership's internal control structure and a report dated January 29,
1997, on its compliance with laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information shown on Pages 19 through 21 is presented for purposes of
additional analysis and is not a required part of the basic financial
statements of the Partnership. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
BOOTHE, VASSAR, FOX AND FOX
January 29 1997
Big Spring, Texas
A Partnership Composed of Professional Corporations<PAGE>
GWEN WARD, P.C.
Certified Public Accountant
609 University Drive
Fort Worth, Texas 76107
(817) 336-5880
Member: American Institute and Texas Society of CPAs
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Rio Grande Apartments, Ltd.
Eagle Pass, Texas
I have audited the accompanying balance sheet of Rio Grande Apartments,
Ltd. as of December 31, 1996 and 1995 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 Rio Grande Apartments,
Ltd. as of December 31, 1996 and 1995 and the results of its operations,
changes in partners' equity (deficit) and cash flows for the years then
ended in conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages I-17 and I-18 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of the
basic financial statements and, in my opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
Fort Worth, Texas
March 11, 1997<PAGE>
HOWE & ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
February 13, 1997
INDEPENDENT AUDITOR'S REPORT
Partners
TROY ESTATES, LP
Re: For the Years Ended December 31, 1995 and December 31, 1996
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.
WA/
Howe and Associates, PC<PAGE>
Martin A, Starr, C.P.A.
INDEPENDENT AUDITOR'S REPORT
To the Partners
Virginia Avenue Affordable Housing Limited Partnership
I have audited the accompanying balance sheets of Virginia Avenue
Affordable Housing Limited Partnership as of December 31, 1996 and 1995,
and the related statements oil 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.
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 Virginia Avenue
Affordable Housing Limited Partnership as of December 31, 1996 and 1995,
and the results of its operations, the changes in partners' equity and cash
flows for the years then ended in conformity with generally accepted
accounting principles.
My audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
page 14 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Martin A. Starr
Certified Public Accountant
February 5, 1997
Certified Public Accountant
4260 Truxtun Avenue, Ste. 140, Bakersfield, CA 93309 805-635-3185 FAX 805-
635-3190<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 Loma Apartments Limited Partnership
We have audited the accompanying balance sheets of Vista Loma Apartments
Limited Partnership as of December 31, 1996 and 1995, and the related
statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our 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 Vista Loma Apartments
Limited Partnership as of December 31, 1996 and 1995, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards issued by the Comptroller
General of the United States, we have also issued a report dated January
29, 1997, on our consideration of Vista Loma Apartments Limited
Partnership's internal control structure and a report dated January 29,
1997, on its compliance with laws and regulations.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information shown on Pages 19 through 21 is presented for purposes of
additional analysis and is not a required part of the basic financial
statements of the Partnership. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
BOOTHE, VASSAR, FOX AND FOX
January 29, 1997
Big Spring, Texas
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, 1996, 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, 1996, and the results of
its operations and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
February 1, 1997
Rajeev Raj C.P.A.
1600 Providence Highway Tel: (508) 660-2592
Walpole, MA 02081 Fax: (508) 660-1569
<PAGE>
Coopers & Lybrand L.L.P.
Coopers & Lybrand 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, 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 Evergreen Hills
Associates, L.P., as of December 31, 1995, and the results of its
operations, changes in partners' capital and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
Rochester, New York
February 5, 1996
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited-liability association incorporated in Switzerland.
<PAGE>
STIENESSEN - SCHLEGEL & Co.
Limited Liability Company
Certified Public Accountants
INDEPENDENT AUDITOR'S 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
<PAGE>
Regardie, Brooks & Lewis Jerome P. Lewis, CPA
Chatered Jesse A. Kaiser, CPA
Certified Public Accountants Nathan J. Rosen, CPA
7101 Wisconsin Ave Bethesda MD 20814 Paul J. Gnatt, CPA
TEL (301) 654-9000 FAX (301) 656-3056 Celso T. Mataac, CPA
Independent Auditor s Report Phillip R. Baker, CPA
Douglas A. Dowling,
CPA
February 16, 1996 Brian J. Giganti, CPA
David A. Brooks, CPA
Benjamine F. Regardie,
To the Partners Consultant
Peach Tree Limited Partnership (1897-1973)
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>
Gwen Ward, P.C.
Certified Public Accountant
609 University Drive
Fort Worth, Texas 76107
(817) 336-5880
Member American Institute of CPAs - Texas Society of CPAs
INDEPENDENT AUDITOR'S REPORT
To the Partners of
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>
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, 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 Tel: (508) 660-2592
Walpole, MA 02081 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 31, 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 Accountant
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 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
ELLIJAY RENTAL HOUSING, L.P. as of December 31, 1994, in
conformity with generally accepted accounting principles.
Atlanta, Georgia
January 1, 1995
Members: Georgia Society and American Institutes of CPAs, AICPA
Division for CPA Firms, Private Companies Practice Section<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
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand
International, a limited-liability association incorporated in
Switzerland.
<PAGE>
Habif, Arogeti & Wynne, P.C.
Certified Public Accountant
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 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
JACKSON RENTAL HOUSING, L.P. as of December 31, 1994, and the
results of its operation 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
Institutes of Certified Public Accountants, AICPA Division for CPA
Firms, Private Companies Practice Section SEC Practice Scetion
1073 West Peachtree Street, N.E. Atlanta, Georgia 30309-3837
(404)892-9651
Fax (404) 876-3913<PAGE>
Regardie, Brooks & Lewis Jerome P. Lewis, CPA
Chatered Jesse A. Kaiser, CPA
Certified Public Accountants Nathan J. Rosen, CPA
7101 Wisconsin Ave Bethesda MD 20814 Paul J. Gnatt, CPA
TEL (301) 654-9000 FAX (301) 656-3056 Celso T. Mataac, CPA
Independent Auditor s Report Phillip R. Baker, CPA
Douglas A. Dowling, CPA
Brian J. Giganti, CPA
David A. Brooks, CPA
Consultant Benjamine F. Regardie,
February 24, 1995
To the Partners
Peach Tree Limited Partnership
Bethesda, Maryland
We have audited the accompanying balance sheet of Peach Tree
Limited Partnership as of December 31, 1994, and the related
statements of income, partnership equity, and cash flows for the
year then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a 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, 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
<PAGE>
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
March 4, 1995
INDEPENDENT AUDITORS REPORT
Partners
RICHMOND MANOR, L.P.
Re: For the Year Ended December 31, 1994
We have audited the accompanying balance sheet and the related
statements of
income, owners' equity, and cash flows for the year then ended.
These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and 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 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 10, 1995
INDEPENDENT AUDTIOR'S REPORT
Partners
TROY ESTATES, LP
Re: For the Year Ended December 31, 1994
We have audited the accompanying balance sheet and the related
statements of
income, owners' equity and cash flow for the year then ended.
These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our 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
year then ended in conformity with generally accepted accounting
principles.
For 1993, the balance sheet was audited by us, and our report
thereon, dated
June 9, 1994, stated that the balance sheet presented fairly, in
all material respects, the financial position of the Partnership
for the year ended December 31, 1993, in conformity with generally
accepted accounting principles.
Howe and Associates, PC<PAGE>
WALLACE SANDERS & COMPANY
Crosspoint Atrium
8131 LBJ Freeway, Suite 875
Dallas, Texas 75251
Tel. 972/690-6301 Fax 972/669-3462
E-mail: [email protected]
INDEPENDENT AUDITOR S 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, 1996 and 1995, and
the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Community Dynamics - Fort Worth, Ltd., as of December 31, 1996 and
1995, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The 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.
February 11, 1997
Member of ACPA International Certified Public Accountants and
Consultants Affiliated Offices Worldwide A Professional
Corporation<PAGE>
WALLACE SANDERS & COMPANY
Crosspoint Atrium
8131 LBJ Freeway, Suite 875
Dallas, Texas 75251
Tel. 9721690-6301 Fax 972/669-3462
Email: wallacesoonramp.net
INDEPENDENT AUDITORS' REPORT
To the Partners of
Community Dynamics - Plano, Ltd.
We have audited the accompanying balance sheets of Community
Dynamics - Plano, Ltd., as of December 31, 1996 and 1995, and the
related statements of operations, partners' equity and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Community Dynamics - Plano, Ltd., as of December 31, 1996 and
1995, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The 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.
February 11, 1997
Member of ACPA International Certified Public Accountants and
Consultants Affiliated Offices Worldwide A Professional
Corporation<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,
1996 and 1995, and the related statements of operations, partners'
capital accounts and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management Our responsibility 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, 1996 and 1995, and the
results of its operations and its cash flows for the years then
ended, in conformity with generally accepted accounting
principles.
Denver, Colorado
February 12, 1997<PAGE>
Scarbrough & Associates
Certified Public Accountants
For the financial solutions you need to succeed.
Michael Scarbrough CPA Over 17 years of experience.
Member: American Institute of CPAs, Missouri Society of CPAs;
Community Education: Financial Planning, Better Business Plans,
Taxation, Retirement Planning, Effective Audits, Low-Income
Housing Tax Credits; Community Volunteer; Eagle Scout
Experienced service for: Individuals, Business, Real estate
developers, Retailers, Constructioncontractors and Medical
professionals
Business expertise: Tax planning & preparation, Monthly financial
statements, Audits, Advisory services, Valuations, Software
consulting, Computerized bookkeeping, Payroll services,
Forecasting & budgeting, Loan packaging, Business entity
selection, Commercial real estate expertise and Acquisition
consulting
Individual services: Income tax planning & preparation, IRS
representation, Money-saving tax advice, Financial guidance and
Retirement and estate planning
Personal Attention: Accessible, Phone calls returned promptly, On-
site meetings, Evening & weekend appointments, Walk-ins welcome,
Guaranteed accuracy, Affordable fees
To the Partners
Northpointe, L.P.
We have audited the accompanying balance sheets of Northpointe
L.P. as Of December 31, 1996 and 1995, and the related statements
of operations, partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility
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, 1996 and 1995, and the
results of its operations, changes in partners' equity (deficit)
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
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 and 15 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
Scarbrough & Associates, L.L.C.
March 10, 1997
5500 North Oak, Suite 203
Kansas City, MO 64118
FAX:(816) 455-5100 (816) 452-4272<PAGE>
Henderson, Godbee & Nichols, P. C.
Certified Public Accountants
Members of American Institute of CPAs - Georgia Society of CPAs
Robert A. Goddard, Jr., CPA (1943-1989)
Gerald H. Henderson, CPA J. Wendell Godbee, CPA
M. Paul Nichols, Jr., CPA Susan S. Swader, CPA
Mark S. Rogers, CPA Janine M. Megginson, CPA
Maureen P. Collins, CPA Amy McGill Smith, CPA
Krystal P. Hiers, CPA Marguerite J. Joyner, CPA
Kenny L. Carter, CPA Shirley S. Miller, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Summerset Housing Limited, L.P.
Valdosta, Georgia
We have audited the accompanying balance sheet of Summerset
Housing, Limited, L.P. (a limited partnership), Federal ID No.:
58-1982979, as of December 31, 1996, and the related statements of
income, partners' equity, and cash flows for the year then ended.
These financial statements are the responsibility of the
Partnership's management. our responsibility is to express an
opinion on these financial statements based on our audit. The
financial statements of Summerset Housing Limited, L.P. as of
December 31, 1995, were audited by other auditors whose report
dated February 1, 1996, expressed an unqualified opinion on those
statements.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Summerset Housing Limited, L.P. as of December 31, 1996, and the
results of its operations and its cash flow for the year then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 24, 1997 on our consideration of the
Summerset Housing Limited, L.P. s internal control structure and a
report dated January 24, 1997 on its compliance with laws and
regulations.
Henderson, Godbee & Nichols, P.C.
Certified Public Accountants
January 24, 1997
3488 North Valdosta Road / P. 0. Box 2241 / Valdosta, Georgia
31604-2241 / Phone: (912) 245-6040 / FAX: (912) 245-1669<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,
1996, and 1995, and the related statements of operations, changes
in partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally 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, 1996 and 1995, and the results of its operations and
its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Standards, we have also issued a
report,
dated January 29, 1997, on our consideration of the Partnership's
internal control structure and a report, dated January 29, 1997,
on its compliance with laws and regulations.
January 29, 1997
11100 NE 8th Street, Suite 410 Bellevue, Washington
98004-4441
(206) 453-2088 Fax (206) 646-3368<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>
GRAHAM, CARTER & JENNINGS, PLC
CERTIFIED PUBLIC ACCOUNTANTS
Harold D. Carter (1931-1993)
Jack G. Jennings
Walter H. Graham
Michael J. Carter
Independent Auditor's Report
To the Partners
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 audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a 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 audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
February 26, 1996
601 Thimble Shoals Boulevard Suite 201 Newport News, Virginia
23606 (757) 873-0767 Fax (757) 873-6938
<PAGE>
Scarbrough & Associates
Certified Public Accountants
For the financial solutions you need to succeed.
Michael Scarbrough CPA Over 17 years of experience.
Member: American Institute of CPAs, Missouri Society of CPAs;
Community Education: Financial Planning, Better Business Plans,
Taxation, Retirement Planning, Effective Audits, Low-Income
Housing Tax Credits; Community Volunteer; Eagle Scout
Experiencedservice for: Individuals, Business, Real estate
developers, Retailers, Constructioncontractors and Medical
professionals
Business expertise: Tax planning & preparation, Monthly financial
statements, Audits, Advisory services, Valuations, Software
consulting, Computerized bookkeeping, Payroll services,
Forecasting & budgeting, Loan packaging, Business entity
selection, Commercial real estate expertise and Acquisition
consulting
Individual services: Income tax planning & preparation, IRS
representation, Money-saving tax advice, Financial guidance and
Retirement and estate planning
Personal Attention: Accessible, Phone calls returned promptly, On-
site meetings, Evening & weekend appointments, Walk-ins welcome,
Guaranteed accuracy, Affordable fees
To the Partners
Northpointe, L.P.
We have audited the accompanying balance sheets of Northpointe
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. Our responsibility
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.
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>
HOWE & ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
March 11, 1995
INDEPENDENT AUDITOR'S 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>
Cole, Evans & Peterson
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367 Telecopier (318) 425-4101
M. Alton Evans, Jr, C.P.A. Partner Emeritus
William Jefferson Cole, C.P.A. A. William Peterson, C.P.A.
Carol T. Barnes, C.P.A. C. William Gerardy, Jr., C.P.A.
Barry S. Shipp, C.P.A. Steven W. Hedgepeth, C.P.A.
Steven R.Bayer, C.P.A. Gwendolyn H. Harju, C.P.A.
Timothy R. Durr, C.P.A. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey,C.P.A. Judy E. Moncrief, C.P.A.
Anne-Marie Cole Cain,C.P.A. Timothy W. Borst, C.P.A.
Raynelle H. Thompson,C.P.A. Brenda J. Bishop, C.P. A.
Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A.
David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A.
J. Amy Hemmings,C.P.A.
January 31, 1995
INDEPENDENT AUDITORS' REPORT
To the Partners
Hebbronville Apartments, Ltd.
Mansfield, Louisiana
We have audited the accompanying balance sheet of Hebbronville
Apartments, Ltd. at December 31, 1994, and the related statements
of income, partners' capital, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects , the financial position of
Hebbronville Apartments, Ltd. at December 31, 1994 and the results
of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Cole, Evans & Peterson<PAGE>
HOWE & ASSOCIATES, PC
Certified Public Accountants
104 East Broadway
Columbia, MO 65203
March 12, 1995
INDEPENDENT AUDITOR'S 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>
Cole, Evans & Peterson
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367 Telecopier (318) 425-4101
M. Alton Evans, Jr, C.P.A. Partner Emeritus
William Jefferson Cole, C.P.A. A. William Peterson, C.P.A.
Carol T. Barnes, C.P.A. C. William Gerardy, Jr., C.P.A.
Barry S. Shipp, C.P.A. Steven W. Hedgepeth, C.P.A.
Steven R.Bayer, C.P.A. Gwendolyn H. Harju, C.P.A.
Timothy R. Durr, C.P.A. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey,C.P.A. Judy E. Moncrief, C.P.A.
Anne-Marie Cole Cain,C.P.A. Timothy W. Borst, C.P.A.
Raynelle H. Thompson,C.P.A. Brenda J. Bishop, C.P. A.
Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A.
David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A.
J. Amy Hemmings,C.P.A.
February 1, 1995
INDEPENDENT AUDITORS' REPORT
To the Partners
Lone Star Seniors Apartments, Ltd.
Mansfield, Louisiana
We have audited the accompanying balance sheet of Lone Star
Seniors Apartments, Ltd. at December 31, 1994, and the related
statements of income, partners' capital, and cash flows for the
year then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Lone
Star Seniors Apartments, Ltd. at December 31, 1994, and the
results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
Cole, Evans & Peterson<PAGE>
Cole, Evans & Peterson
Fifth Floor Travis Place
Post Office Drawer 1768
Shreveport, Louisiana 71166-1768
Telephone (318) 222-8367 Telecopier (318) 425-4101
M. Alton Evans, Jr, C.P.A. Partner Emeritus
William Jefferson Cole, C.P.A. A. William Peterson, C.P.A.
Carol T. Barnes, C.P.A. C. William Gerardy, Jr., C.P.A.
Barry S. Shipp, C.P.A. Steven W. Hedgepeth, C.P.A.
Steven R.Bayer, C.P.A. Gwendolyn H. Harju, C.P.A.
Timothy R. Durr, C.P.A. Bailey B. Baynham, C.P.A.
Robert A. Busby, C.P.A.
John A. Caskey,C.P.A. Judy E. Moncrief, C.P.A.
Anne-Marie Cole Cain,C.P.A. Timothy W. Borst, C.P.A.
Raynelle H. Thompson,C.P.A. Brenda J. Bishop, C.P. A.
Mary Wells Carmody,C.P.A. Eric D. Smith,C.P.A.
David W. Sullock,C.P.A. Nina G. Glorioso,C.P.A.
J. Amy Hemmings,C.P.A.
INDEPENDENT AUDITORS' REPORT
To the Partners
Martindale Apartments, Ltd.
Mansfield, Louisiana
We have audited the accompanying balance sheet of Martindale
Apartments, Ltd. at December 31, 1994, and the related statements
of income, partners' capital, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Martindale Apartments, Ltd. at December 31, 1994, and the results
of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Cole, Evans & Peterson<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
P.O. Box 775 - 516 Walnut Street
Gadsden, Alabama 35902
TELEPHONE (205) 543-3707 Fax(205) 543-9800
INDEPENDENT AUDITOR S REPORT
To the Partners
Munford Village, Ltd.
Munford, Alabama
I have audited the accompanying balance sheet of Munford Village,
Ltd., a limited partnership, FmHA Project No.: 01-061-631011774 as
of December 31, 1994, and the related statements of operations,
partners' capital and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these
financial statements based on my audit.
I conducted the 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 the 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
Munford Village, Ltd., FmHA Project No.: 0 1-061-631011774 as of
December 3 1, 1994, and the results of its operations and its cash
flows for the year then ended in conformity with generally
accepted accounting principles.
The audit was 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 III for the year ended December 31, 1994, is presented for
purposes of complying with the requirements of the Farmers Home
Administration and is also not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audit of the basic financial
statements and, in my opinion is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
February 20, 1995<PAGE>
DONALD W. CAUSEY, CPA, P.C.
Certified Public Accountant
P.O. Box 775 - 516 Walnut Street
Gadsden, Alabama 35902
TELEPHONE (205) 543-3707 Fax(205) 543-9800
INDEPENDENT AUDITOR S REPORT
To the Partners
Sherwood Knoll, Limited Partnership
Rainsville, Alabama
I have audited the accompanying balance sheet of Sherwood Knoll,
Limited Partnership, a limited partnership, FmHA Project No.: 01-
025-631032411 as of December 31, 1994, and the related statements
of operations, partners' capital and cash flows for the year then
ended. These financial statements are the responsibility of the
partnership's management. My responsibility is to express an
opinion on these financial statements based on my audit.
I conducted the 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 support the amounts and disclosures in the financial
statements. 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 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
Sherwood Knoll, Limited Partnership, FmHA Project No.: 01-025-
631032411 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.
The audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 9 through 11 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. The supplemental information presented in
the Year End Report and Analysis (Form FmHA 1930-8) Parts I
through HI for the year ended December 31, 1994, 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 24, 1995<PAGE>
Habif, Arogeti & Wynne, P.C.
Certified Public Accountant
INDEPENDENT AUDITOR S 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 Certified Public Accountants American
Institutes of Certified Public Accountants, AICPA Division for CPA
Firms, Private Companies Practice Section SEC Practice Scetion
1073 West Peachtree Street, N.E. Atlanta, Georgia 30309-3837
(404)892-9651
Fax (404) 876-3913<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,
1994, and the related statements of operations, changes in
partners' equity and cash flows for the year then ended These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
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 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 audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above resent
fairly, in all material respects, the financial position of
Wedgewood Lane Associates, a Washington Limited Partnership, as of
December 31, 1994, and the results of its operations and its cash
flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The additional information
shown on pages 14 to 16 is presented for the purpose of complying
with the requirements of the Farmers Home Administration and is
not a required part of the financial statements. Such additional
information, presented in Column 2 of Parts I, II and III of the
Multiple Family Housing Project Budget (Form FmHA 1930-7) 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. Columns 1, 3 and 4 of Parts I, II and III and Parts IV,
V and VI of the Multiple Family Housing Project Budget have not
been subjected to the auditing procedures applied in the audit of
the financial statements and accordingly, we express no opinion on
Columns 1, 3 and 4 of Parts I, II and III and Parts IV, V and VI
of the Multiple Family Housing Project Budget.
February 3, 1995
11100 NE 8th Street, Suite 4l0 Bellevue, Washington 98004-
4441
(206)453-2088 Fax(206)646-3368 <PAGE>
David G. Pelliccione, C.P.A., P. C.
Post Office Box 1
Savannah, Georgia 31402
Delivery Address
202 East Liberty Street
Savannah, Georgia 31401
Telephone (912) 234-1999 Fax (912) 234-0139
Member of American Institute of CPAs/ Georgia Society of CPAs
INDEPENDENT AUDITORS' REPORT
To The Partners
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>
<PAGE> 5
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS
March 31, 1997 and 1996
<TABLE>
Total
-----------------------------------
1997 1996
---------------- ---------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and D) $ 134,386,913 $ 147,259,013
OTHER ASSETS
Cash and cash equivalents (notes A and I) 3,925,706 4,958,860
Investments available for sale (notes A and B) 1,393,309 5,141,767
Notes receivable (note E) 2,081,333 4,962,160
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 1,757,808 2,144,343
Organization costs, net of accumulated
amortization (note A) 220,083 399,040
Other assets (note F) 2,080,483 2,420,327
---------------- ---------------
$ 145,845,635 $ 167,285,510
================ ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 4,681 $ 75,208
Accounts payable - affiliates (note C) 6,579,726 4,454,405
Capital contributions payable (note D) 3,765,854 9,539,884
---------------- ---------------
10,350,261 14,069,497
---------------- ---------------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 22,000,000 authorized
beneficial assignee certificates (BACs),
$10 stated value per BAC, 21,996,102
issued and outstanding to the assignees
at March 31, 1997 and 1996 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 21,996,102 issued and
outstanding at March 31, 1997 and 1996 136,032,541 153,561,702
General partner (534,681) (357,619)
Unrealized gain (loss) on securities
available for sale, net (2,486) 11,930
---------------- ---------------
135,495,374 153,216,013
---------------- ---------------
$ 145,845,635 $ 167,285,510
================ ===============
</TABLE>
(continued)
F-5
<PAGE>
<PAGE> 6
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 15
-----------------------------------
1997 1996
---------------- ---------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and D) $ 18,675,081 $ 21,718,070
OTHER ASSETS
Cash and cash equivalents (notes A and I) 246,845 163,428
Investments available for sale (notes A and B) - 151,943
Notes receivable (note E) 135,000 185,000
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 268,047 281,199
Organization costs, net of accumulated
amortization (note A) - 26,232
Other assets (note F) 475,563 292,164
---------------- ---------------
$ 19,800,536 $ 22,818,036
================ ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 1,144 $ 68,856
Accounts payable - affiliates (note C) 1,812,693 1,264,641
Capital contributions payable (note D) 178,680 202,750
---------------- ---------------
1,992,517 1,536,247
---------------- ---------------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 22,000,000 authorized
beneficial assignee certificates (BACs),
$10 stated value per BAC, 3,870,500
issued and outstanding to the assignees
at March 31, 1997 and 1996 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 3,870,500 issued and
outstanding at March 31, 1997 and 1996 17,962,610 21,401,297
General partner (154,591) (119,857)
Unrealized gain (loss) on securities
available for sale, net - 349
---------------- ---------------
17,808,019 21,281,789
---------------- ---------------
$ 19,800,536 $ 22,818,036
================ ===============
</TABLE>
(continued)
F-6
<PAGE>
<PAGE> 7
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 16
-----------------------------------
1997 1996
---------------- ---------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and D) $ 33,987,844 $ 37,074,575
OTHER ASSETS
Cash and cash equivalents (notes A and I) 1,183,424 1,429,491
Investments available for sale (notes A and B) 283,537 394,836
Notes receivable (note E) - 483,464
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 429,721 445,554
Organization costs, net of accumulated
amortization (note A) 44,630 89,261
Other assets (note F) 8,790 38,197
---------------- ---------------
$ 35,937,946 $ 39,955,378
================ ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ 100
Accounts payable and accrued expenses 1,743,106 1,251,118
Capital contributions payable (note D) 155,225 900,481
---------------- ---------------
1,898,331 2,151,699
---------------- ---------------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 22,000,000 authorized
beneficial assignee certificates (BACs),
$10 stated value per BAC, 5,429,402
issued and outstanding to the assignees
at March 31, 1997 and 1996 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 5,429,402 issued and
outstanding at March 31, 1997 and 1996 34,166,449 37,891,343
General partner (126,206) (88,581)
Unrealized gain (loss) on securities
available for sale, net (628) 917
---------------- ---------------
34,039,615 37,803,679
---------------- ---------------
$ 35,937,946 $ 39,955,378
================ ===============
</TABLE>
(continued)
F-7
<PAGE>
<PAGE> 8
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 17
-----------------------------------
1997 1996
---------------- ---------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and D) $ 30,804,793 $ 34,318,721
OTHER ASSETS
Cash and cash equivalents (notes A and I) 539,185 285,417
Investments available for sale (notes A and B) - 629,950
Notes receivable (note E) 1,409,982 1,658,475
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 396,522 415,482
Organization costs, net of accumulated
amortization (note A) 50,533 90,262
Other assets (note F) 1,329,684 1,245,840
---------------- ---------------
$ 34,530,699 $ 38,644,147
================ ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ - $ -
Accounts payable - affiliates (note C) 1,593,932 1,021,686
Capital contributions payable (note D) 1,844,259 2,312,721
---------------- ---------------
3,438,191 3,334,407
---------------- ---------------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 22,000,000 authorized
beneficial assignee certificates (BACs),
$10 stated value per BAC, 5,000,000
issued and outstanding to the assignees
at March 31, 1997 and 1996 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 5,000,000 issued and
outstanding at March 31, 1997 and 1996 31,211,262 35,384,872
General partner (118,754) (76,596)
Unrealized gain (loss) on securities
available for sale, net - 1,464
---------------- ---------------
31,092,508 35,309,740
---------------- ---------------
$ 34,530,699 $ 38,644,147
================ ===============
</TABLE>
(continued)
F-8
<PAGE>
<PAGE> 9
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 18
-----------------------------------
1997 1996
---------------- ---------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and D) $ 23,513,680 $ 26,102,954
OTHER ASSETS
Cash and cash equivalents (notes A and I) 766,409 529,400
Investments available for sale (notes A and B) 173,619 647,930
Notes receivable (note E) 536,351 536,351
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 291,983 305,861
Organization costs, net of accumulated
amortization (note A) 49,526 80,280
Other assets (note F) 41,564 8,052
---------------- ---------------
$ 25,373,132 $ 28,210,828
================ ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 129 $ 1,751
Accounts payable - affiliates (note C) 741,114 434,163
Capital contributions payable (note D) 755,887 861,315
---------------- ---------------
1,497,130 1,297,229
---------------- ---------------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 22,000,000 authorized
beneficial assignee certificates (BACs),
$10 stated value per BAC, 3,616,200
issued and outstanding to the assignees
at March 31, 1997 and 1996 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 3,616,200 issued and
outstanding at March 31, 1997 and 1996 23,947,845 26,953,204
General partner (71,463) (41,106)
Unrealized gain (loss) on securities
available for sale, net (380) 1,501
---------------- ---------------
23,876,002 26,913,599
---------------- ---------------
$ 25,373,132 $ 28,210,828
================ ===============
</TABLE>
(continued)
F-9
<PAGE>
<PAGE> 10
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1997 and 1996
<TABLE>
Series 19
-----------------------------------
1997 1996
---------------- ---------------
ASSETS
<S> <C> <C>
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(notes A and D) $ 27,405,515 $ 28,044,693
OTHER ASSETS
Cash and cash equivalents (notes A and I) 1,189,843 2,551,124
Investments available for sale (notes A and B) 936,153 3,317,108
Notes receivable (note E) - 2,098,870
Deferred acquisition costs, net of
accumulated amortization (notes A and C) 371,535 696,247
Organization costs, net of accumulated
amortization (note A) 75,394 113,005
Other assets (note F) 224,882 836,074
---------------- ---------------
$ 30,203,322 $ 37,657,121
================ ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ 3,408 $ 4,501
Accounts payable - affiliates (note C) 688,881 482,797
Capital contributions payable (note D) 831,803 5,262,617
---------------- ---------------
1,524,092 5,749,915
---------------- ---------------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest
consisting of 22,000,000 authorized
beneficial assignee certificates (BACs),
$10 stated value per BAC, 4,080,000
issued and outstanding to the assignees
at March 31, 1997 and 1996 - -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 4,080,000 issued and
outstanding at March 31, 1997 and 1996 28,744,375 31,930,986
General partner (63,667) (31,479)
Unrealized gain (loss) on securities
available for sale, net (1,478) 7,699
---------------- ---------------
28,679,230 31,907,206
---------------- ---------------
$ 30,203,322 $ 37,657,121
================ ===============
</TABLE>
See notes to financial statements
F-10
<PAGE>
<PAGE> 11
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Total
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Income
Interest income $ 555,991 $ 1,034,800 $ 2,192,832
Miscellaneous income - - 7,600
---------------- ---------------- ----------------
555,991 1,034,800 2,200,432
---------------- ---------------- ----------------
Share of losses from operating
limited partnerships (note A) (15,051,842)* (14,435,496)* (10,794,203)
---------------- ---------------- ----------------
Expenses
Professional fees 290,823 277,646 279,121
Partnership management fee (note C) 2,253,062 2,399,311 2,413,494
Amortization (note A) 246,638 246,807 168,554
General and administrative
expenses (note C) 419,849 389,851 878,291
---------------- ---------------- ----------------
3,210,372 3,313,615 3,739,460
---------------- ---------------- ----------------
NET INCOME (LOSS) (note A) $ (17,706,223) $ (16,714,311) $ (12,333,231)
================ ================ ================
Net income (loss) allocated to
general partner $ (177,062) $ (167,142) $ (123,333)
================ ================ ================
Net income (loss) allocated to
assignees $ (17,529,161) $ (16,547,169) $ (12,209,898)
================ ================ ================
Net income (loss) per BAC $ (0.80) $ (0.75) $ (0.56)
================ ================ ================
</TABLE>
* Net of gain on disposal of operating limited partnership (Series 16) of
$761 during 1997 and (Series 19) of $888,473 during 1996, respectively.
(continued)
F-11
<PAGE>
<PAGE> 12
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 15
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Income
Interest income $ 173,892 $ 192,705 $ 74,485
Miscellaneous income - - 1,600
---------------- ---------------- ----------------
173,892 192,705 76,085
---------------- ---------------- ----------------
Share of losses from operating
limited partnerships (note A) (3,039,112) (3,201,668) (2,948,034)
---------------- ---------------- ----------------
Expenses
Professional fees 60,084 50,472 49,598
Partnership management fee (note C) 473,378 499,184 470,726
Amortization (note A) 36,743 36,843 26,231
General and administrative
expenses (note C) 37,996 43,328 93,910
---------------- ---------------- ----------------
608,201 629,827 640,465
---------------- ---------------- ----------------
NET INCOME (LOSS) (note A) $ (3,473,421) $ (3,638,790) $ (3,512,414)
================ ================ ================
Net income (loss) allocated to
general partner $ (34,734) $ (36,388) $ (35,124)
================ ================ ================
Net income (loss) allocated to
assignees $ (3,438,687) $ (3,602,402) $ (3,477,290)
================ ================ ================
Net income (loss) per BAC $ (0.89) $ (0.93) $ (0.90)
================ ================ ================
</TABLE>
(continued)
F-12
<PAGE>
<PAGE> 13
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 16
------------------------------------- ----------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Income
Interest income $ 71,599 $ 127,067 $ 437,207
Miscellaneous income - - 2,175
---------------- ---------------- ----------------
71,599 127,067 439,382
---------------- ---------------- ----------------
Share of losses from operating
limited partnerships (note A) (3,052,073)* (3,778,516) (2,784,673)
---------------- ---------------- ----------------
Expenses
Professional fees 53,174 66,842 53,992
Partnership management fee (note C) 572,972 646,906 658,346
Amortization (note A) 61,438 61,532 44,630
General and administrative
expenses (note C) 94,461 82,878 204,503
---------------- ---------------- ----------------
782,045 858,158 961,471
---------------- ---------------- ----------------
NET INCOME (LOSS) (note A) $ (3,762,519) $ (4,509,607) $ (3,306,762)
================ ================ ================
Net income (loss) allocated to
general partner $ (37,625) $ (45,096) $ (33,068)
================ ================ ================
Net income (loss) allocated to
assignees $ (3,724,894) $ (4,464,511) $ (3,273,694)
================ ================ ================
Net income (loss) per BAC $ (0.69) $ (0.82) $ (0.60)
================ ================ ================
</TABLE>
* Net of gain on disposal of operating limited partnership
(Series 16) of $761.
(continued)
F-13
<PAGE>
<PAGE> 14
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 17
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Income
Interest income $ 43,090 $ 85,172 $ 510,270
Miscellaneous income - - 1,475
---------------- ---------------- ----------------
43,090 85,172 511,745
---------------- ---------------- ----------------
Share of losses from operating
limited partnerships (note A) (3,504,918) (3,144,888) (2,744,283)
---------------- ---------------- ----------------
Expenses
Professional fees 78,784 71,386 72,281
Partnership management fee (note C) 512,189 506,412 509,015
Amortization (note A) 55,279 55,408 39,729
General and administrative
expenses (note C) 107,688 78,508 188,012
---------------- ---------------- ----------------
753,940 711,714 809,037
---------------- ---------------- ----------------
NET INCOME (LOSS) (note A) $ (4,215,768) $ (3,771,430) $ (3,041,575)
================ ================ ================
Net income (loss) allocated to
general partner $ (42,158) $ (37,714) $ (30,416)
================ ================ ================
Net income (loss) allocated to
assignees $ (4,173,610) $ (3,733,716) $ (3,011,159)
================ ================ ================
Net income (loss) per BAC $ (0.83) $ (0.75) $ (0.60)
================ ================ ================
</TABLE>
(continued)
F-14
<PAGE>
<PAGE> 15
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 18
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Income
Interest income $ 46,186 $ 139,504 $ 508,695
Miscellaneous income - - 1,250
---------------- ---------------- ----------------
46,186 139,504 509,945
---------------- ---------------- ----------------
Share of losses from operating
limited partnerships (note A) (2,594,599) (2,451,672) (1,201,623)
---------------- ---------------- ----------------
Expenses
Professional fees 35,490 40,385 42,982
Partnership management fee (note C) 326,168 363,632 371,536
Amortization (note A) 42,167 42,298 30,673
General and administrative
expenses (note C) 83,478 66,451 127,358
---------------- ---------------- ----------------
487,303 512,766 572,549
---------------- ---------------- ----------------
NET INCOME (LOSS) (note A) $ (3,035,716) $ (2,824,934) $ (1,264,227)
================ ================ ================
Net income (loss) allocated to
general partner $ (30,357) $ (28,249) $ (12,642)
================ ================ ================
Net income (loss) allocated to
assignees $ (3,005,359) $ (2,796,685) $ (1,251,585)
================ ================ ================
Net income (loss) per BAC $ (0.83) $ (0.77) $ (0.35)
================ ================ ================
</TABLE>
(continued)
F-15
<PAGE>
<PAGE> 16
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 19
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Income
Interest income $ 221,224 $ 490,352 $ 662,175
Miscellaneous income - - 1,100
---------------- ---------------- ----------------
221,224 490,352 663,275
---------------- ---------------- ----------------
Share of losses from operating
limited partnerships (note A)* (2,861,140) (1,858,752)* (1,115,590)
---------------- ---------------- ----------------
Expenses
Professional fees 63,291 48,561 60,268
Partnership management fee (note C) 368,355 383,177 403,871
Amortization (note A) 51,011 50,726 27,291
General and administrative
expenses (note C) 96,226 118,686 264,508
---------------- ---------------- ----------------
578,883 601,150 755,938
---------------- ---------------- ----------------
NET INCOME (LOSS) (note A) $ (3,218,799) $ (1,969,550) $ (1,208,253)
================ ================ ================
Net income (loss) allocated to
general partner $ (32,188) $ (19,695) $ (12,083)
================ ================ ================
Net income (loss) allocated to
assignees $ (3,186,611) $ (1,949,855) $ (1,196,170)
================ ================ ================
Net income (loss) per BAC $ (0.78) $ (0.48) $ (0.29)
================ ================ ================
</TABLE>
* Net of gain on disposal of operating limited partnership (Series 19) of
$888,473.
See notes to financial statements
F-16
<PAGE>
<PAGE> 17
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized gain
(loss) in
securities
available for
Total Assignees General partner sale, net Total
- ------------------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
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
Net change in unrealized
gain (loss) on securities
available for sale - - (14,416) (14,416)
Net loss (17,529,161) (177,062) - (17,706,223)
---------------- ---------------- ---------------- ----------------
Partners' capital (deficit),
March 31, 1997 $ 136,032,541 $ (534,681) $ (2,486) $ 135,495,374
================ ================ ================ ================
</TABLE>
(continued)
F-17
<PAGE>
<PAGE> 18
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized gain
(loss) in
securities
available for
Series 15 Assignees General partner sale, net Total
- ------------------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
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
Net change in unrealized
gain (loss) on securities
available for sale - - (349) (349)
Net loss (3,438,687) (34,734) - (3,473,421)
---------------- ---------------- ---------------- ----------------
Partners' capital (deficit),
March 31, 1997 $ 17,962,610 $ (154,591) $ - $ 17,808,019
================ ================ ================ ================
</TABLE>
(continued)
F-18
<PAGE>
<PAGE> 19
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized gain
(loss) in
securities
available for
Series 16 Assignees General partner sale, net Total
- --------------------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
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
Net change in unrealized
gain (loss) on securities
available for sale - - (1,545) (1,545)
Net loss (3,724,894) (37,625) - (3,762,519)
---------------- ---------------- ---------------- ----------------
Partners' capital (deficit),
March 31, 1997 $ 34,166,449 $ (126,206) $ (628) $ 34,039,615
================ ================ ================ ================
</TABLE>
(continued)
F-19
<PAGE>
<PAGE> 20
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized gain
(loss) in
securities
available for
Series 17 Assignees General partner sale, net Total
- --------------------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
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
Net change in unrealized
gain (loss) on securities
available for sale - - (1,464) (1,464)
Net loss (4,173,610) (42,158) - (4,215,768)
---------------- ---------------- ---------------- ----------------
Partners' capital (deficit),
March 31, 1997 $ 31,211,262 $ (118,754) $ - $ 31,092,508
================ ================ ================ ================
</TABLE>
(continued)
F-20
<PAGE>
<PAGE> 21
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized gain
(loss) in
securities
available for
Series 18 Assignees General partner sale, net Total
- --------------------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
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
Net change in unrealized
gain (loss) on securities
available for sale - - (1,881) (1,881)
Net loss (3,005,359) (30,357) - (3,035,716)
---------------- ---------------- ---------------- ----------------
Partners' capital (deficit),
March 31, 1997 $ 23,947,845 $ (71,463) $ (380) $ 23,876,002
================ ================ ================ ================
</TABLE>
(continued)
F-21
<PAGE>
<PAGE> 22
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Unrealized gain
(loss) in
securities
available for
Series 19 Assignees General partner sale, net Total
- --------------------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Partners' capital (deficit),
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
Net change in unrealized
gain (loss) on securities
available for sale - - (9,177) (9,177)
Net loss (3,186,611) (32,188) - (3,218,799)
---------------- ---------------- ---------------- ----------------
Partners' capital (deficit),
March 31, 1997 $ 28,744,375 $ (63,667) $ (1,478) $ 28,679,230
================ ================ ================ ================
</TABLE>
See notes to financial statements
F-22
<PAGE>
<PAGE> 23
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Total
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (17,706,223) $ (16,714,311) $ (12,333,231)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in)
operating activities
Share of losses from operating
limited partnerships 15,051,842 14,435,496 10,794,203
Distributions received from
operating limited
partnerships 18,811 18,412 2,663
Amortization 246,638 246,807 168,554
Organization costs - - (19,729)
Changes in assets and liabilities
Other assets (93,710) (125,159) (536,095)
Accounts payable and accrued
expenses (70,527) 70,442 (100,576)
Accounts payable - affiliates 2,125,321 2,191,716 1,937,641
---------------- ---------------- ----------------
Net cash provided by (used in)
operating activities (427,848) 123,403 (86,570)
---------------- ---------------- ----------------
Cash flows from investing activities
Acquisition costs
(paid)/reimbursed (for)/from
operating limited
partnerships 15,000 (182,571) (1,405,772)
Capital contributions paid to
operating limited
partnerships (4,280,314) (17,638,595) (43,529,250)
Deposits for purchases of
operating limited
partnerships - - 949,420
(Advances)/repayments (to)/from
operating limited
partnerships (74,034) 2,945,152 (576,034)
Purchase of investments (net of
proceeds from sale of
investments) 3,734,042 9,530,375 35,069,451
---------------- ---------------- ----------------
Net cash used in investing
activities (605,306) (5,345,639) (9,492,185)
---------------- ---------------- ----------------
Cash flows from financing activities
Selling commissions and
registration costs paid - - (19,377)
---------------- ---------------- ----------------
Net cash provided by (used in)
financing activities - - (19,377)
---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (1,033,154) (5,222,236) (9,598,132)
Cash and cash equivalents,
beginning 4,958,860 10,181,096 19,779,228
---------------- ---------------- ----------------
Cash and cash equivalents, end $ 3,925,706 $ 4,958,860 $ 10,181,096
================ ================ ================
</TABLE>
(continued)
F-23
<PAGE>
<PAGE> 24
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Total
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing
activities
The partnership has increased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnerships $ 2,504,963 $ 1,426,703 $ 1,234,289
================ ================ ================
The partnership has adjusted its
investment and decreased its
capital contribution
obligation in operating
limited partnerships for low-
income tax credits not
generated $ 287,710 $ 381,901 $ 41,637
================ ================ ================
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 in and increased
its capital contribution
obligation in operating
limited partnerships for low-
income tax credits generated $ 13,283 $ 117,717 $ -
================ ================ ================
The partnership has decreased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnership disposed of
during the year $ 32,504 $ 2,424,400 $ -
================ ================ ================
The partnership has applied
notes receivable and advances
against installments of
capital contributions $ 3,691,747 $ - $ -
================ ================ ================
The partnership has increased
its deferred acquisition costs
for operating limited
partnership disposed of
during year $ 4,675 $ - $ -
================ ================ ================
The partnership has increased
(decreased) its investments
available for sale for
unrealized gains(losses) $ (14,416) $ 114,621 $ (102,691)
================ ================ ================
</TABLE>
(continued)
F-24
<PAGE>
<PAGE> 25
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 15
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (3,473,421) $ (3,638,790) $ (3,512,414)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in)
operating activities
Share of losses from operating
limited partnerships 3,039,112 3,201,668 2,948,034
Distributions received from
operating limited
partnerships 1,408 6,337 9
Amortization 36,743 36,843 26,231
Organization costs - - (4,604)
Changes in assets and
liabilities
Other assets (183,399) (711) (297,230)
Accounts payable and accrued
expenses (67,712) 67,501 (95,125)
Accounts payable - affiliates 548,052 488,042 530,584
---------------- ---------------- ----------------
Net cash provided by (used in)
operating activities (99,217) 160,890 (404,515)
---------------- ---------------- ----------------
Cash flows from investing activities
Acquisition costs
(paid)/reimbursed (for)/from
operating limited
partnerships 2,640 - (96,521)
Capital contributions paid to
operating limited
partnerships (21,600) (1,269,931) (2,008,610)
Deposits for purchases of
operating limited
partnerships - - -
(Advances)/repayments (to)/from
operating limited
partnerships 50,000 262,350 295,510
Purchase of investments (net of
proceeds from sale of
investments) 151,594 33,243 1,338,195
---------------- ---------------- ----------------
Net cash provided by (used in)
investing activities 182,634 (974,338) (471,426)
---------------- ---------------- ----------------
Cash flows from financing activities
Selling commissions and
registration costs paid - - (956)
---------------- ---------------- ----------------
Net cash provided by (used in)
financing activities - - (956)
---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 83,417 (813,448) (876,897)
Cash and cash equivalents,
beginning 163,428 976,876 1,853,773
---------------- ---------------- ----------------
Cash and cash equivalents, end $ 246,845 $ 163,428 $ 976,876
================ ================ ================
</TABLE>
(continued)
F-25
<PAGE>
<PAGE> 26
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 15
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing
activities
The partnership has increased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnerships $ - $ - $ 1,234,289
================ ================ ================
The partnership has adjusted its
investment and decreased its
capital contribution
obligation in operating
limited partnerships for low-
income tax credits not
generated $ 2,469 $ 11,832 $ 41,637
================ ================ ================
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 in and increased
its capital contribution
obligation in operating
limited partnerships for low-
income tax credits generated $ - $ - $ -
================ ================ ================
The partnership has decreased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnership disposed of
during the year $ - $ - $ -
================ ================ ================<
The partnership has applied
notes receivable and advances
against installments of
capital contributions $ - $ - $ -
================ ================ ================
The partnership has increased
its deferred acquisition
costs for operating
partnerships disposed of
during year $ - $ - $ -
================ ================ ================
The partnership has increased
(decreased) its investments
available for sale for
unrealized gains (losses) $ (349) $ 162 $ 187
================ ================ ================
</TABLE>
(continued)
F-26
<PAGE>
<PAGE> 27
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 16
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Cash flows from operating
activities
Net income (loss) $ (3,762,519) $ (4,509,607) $ (3,306,762)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in)
operating activities
Share of losses from operating
limited partnerships 3,052,073 3,778,516 2,784,673
Distributions received from
operating limited
partnerships 2,675 7,361 1,046
Amortization 61,438 61,532 44,630
Organization costs - - -
Changes in assets and
liabilities
Other assets 24,312 18,315 60,304
Accounts payable and accrued
expenses (100) (1,043) 43
Accounts payable - affiliates 491,988 571,980 600,730
---------------- ---------------- ----------------
Net cash provided by (used in)
operating activities (130,133) (72,946) 184,664
---------------- ---------------- ----------------
Cash flows from investing activities
Acquisition costs
(paid)/reimbursed (for)/from
operating limited
partnerships 3,700 - (369,682)
Capital contributions paid to
operating limited
partnerships (292,588) (2,444,175) (8,563,244)
Deposits for purchases of
operating limited
partnerships - - 949,420
(Advances)/repayments (to)/from
operating limited
partnerships 63,200 222,000 409,014
Purchase of investments (net of
proceeds from sale of
investments) 109,754 967,118 6,242,389
---------------- ---------------- ----------------
Net cash used in investing
activities (115,934) (1,255,057) (1,332,103)
---------------- ---------------- ----------------
Cash flows from financing activities
Selling commissions and
registration costs paid - - (5,707)
---------------- ---------------- ----------------
Net cash provided by (used in)
financing activities - - (5,707)
---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (246,067) (1,328,003) (1,153,146)
Cash and cash equivalents,
beginning 1,429,491 2,757,494 3,910,640
---------------- ---------------- ----------------
Cash and cash equivalents, end $ 1,183,424 $ 1,429,491 $ 2,757,494
================ ================ ================
</TABLE>
(continued)
F-27
<PAGE>
<PAGE> 28
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 16
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing
activities
The partnership has increased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnerships $ - $ - $ -
================ ================ ================
The partnership has adjusted its
investment and decreased its
capital contribution
obligation in operating
limited partnerships for low-
income tax credits not
generated $ - $ 40,727 $ -
================ ================ ================
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 in and increased
its capital contribution
obligation in operating
limited partnerships for low-
income tax credits generated $ - $ - $ -
================ ================ ================
The partnership has decreased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnership disposed of
during the year $ 32,504 $ - $ -
================ ================ ================
The partnership has applied
notes receivable and advances
against installments of
capital contributions $ 420,164 $ - $ -
================ ================ ================
The partnership has increased
its deferred acquisition
costs for operating limited
partnership disposed of
during year $ 4,675 $ - $ -
================ ================ ================
The partnership has increased
(decreased) its investments
available for sale for
unrealized gains (losses) $ (1,545) $ 68,305 $ (67,388)
================ ================ ================
</TABLE>
(continued)
F-28
<PAGE>
<PAGE> 29
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 17
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (4,215,768) $ (3,771,430) $ (3,041,575)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in)
operating activities
Share of losses from operating
limited partnerships 3,504,918 3,144,888 2,744,283
Distributions received from
operating limited
partnerships 3,381 2,436 1,428
Amortization 55,279 55,408 39,729
Organization costs - - (872)
Changes in assets and liabilities
Other assets 44,746 47,464 (54,968)
Accounts payable and accrued
expenses - (417) (83)
Accounts payable - affiliates 572,246 606,821 414,240
---------------- ---------------- ----------------
Net cash provided by (used in)
operating activities (35,198) 85,170 102,182
---------------- ---------------- ----------------
Cash flows from investing activities
Acquisition costs
(paid)/reimbursed (for)/from
operating limited
partnerships 3,410 (182,571) (282,180)
Capital contributions paid to
operating limited
partnerships (155,696) (3,724,505) (10,171,778)
Deposits for purchases of
operating limited
partnerships - - -
(Advances)/repayments (to)/from
operating limited
partnerships (187,234) 577,530 (1,133,153)
Purchase of investments (net of
proceeds from sale of
investments) 628,486 1,838,871 10,845,389
---------------- ---------------- ----------------
Net cash used in investing
activities 288,966 (1,490,675) (741,722)
---------------- ---------------- ----------------
Cash flows from financing activities
Selling commissions and
registration costs paid - - (3,894)
---------------- ---------------- ----------------
Net cash provided by (used in)
financing activities - - (3,894)
---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 253,768 (1,405,505) (643,434)
---------------- ---------------- ----------------
Cash and cash equivalents,
beginning 285,417 1,690,922 2,334,356
---------------- ---------------- ----------------
Cash and cash equivalents, end $ 539,185 $ 285,417 $ 1,690,922
================ ================ ================
</TABLE>
(continued)
F-29
<PAGE>
<PAGE> 30
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 17
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing
activities
The partnership has increased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnerships $ - $ 1,338,057 $ -
================ ================ ================
The partnership has adjusted its
investment and decreased its
capital contribution
obligation in operating
limited partnerships for low-
income tax credits not
generated $ 5,629 $ - $ -
================ ================ ================
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 in and increased
its capital contribution
obligation in operating
limited partnerships for low-
income tax credits generated $ - $ 117,717 $ -
================ ================ ================
The partnership has decreased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnership disposed of
during the year $ - $ - $ -
================ ================ ================
The partnership has applied
notes receivable and advances
against installments of
capital contributions $ 307,137 $ - $ -
================ ================ ================
The partnership has increased
its deferred acquisition
costs for operating limited
partnership disposed of
during year $ 4,675 $ - $ -
================ ================ ================
The partnership has increased
(decreased) its investments
available for sale for
unrealized gains (losses) $ (1,464) $ 1,440 $ 24
================ ================ ================
</TABLE>
(continued)
F-30
<PAGE>
<PAGE> 31
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 18
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (3,035,716) $ (2,824,934) $ (1,264,227)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in)
operating activities
Share of losses from operating
limited partnerships 2,594,599 2,451,672 1,201,623
Distributions received from
operating limited
partnerships 7,958 2,278 180
Amortization 42,167 42,298 30,673
Organization costs - - (1,462)
Changes in assets and liabilities
Other assets (33,512) (148) 391,635
Accounts payable and accrued
expenses (1,622) (100) (2,474)
Accounts payable - affiliates 306,951 241,696 192,467
---------------- ---------------- ----------------
Net cash provided by (used in)
operating activities (119,175) (87,238) 548,415
---------------- ---------------- ----------------
Cash flows from investing activities
Acquisition costs
(paid)/reimbursed (for)/from
operating limited
partnerships 2,465 - (312,377)
Capital contributions paid to
operating limited
partnerships (118,711) (5,518,309) (13,335,939)
Deposits - - -
(Advances)/repayments (to)/from
operating limited
partnerships - 707,822 733,925
Purchase of investments (net of
proceeds from sale of
investments) 472,430 3,613,472 9,572,849
---------------- ---------------- ----------------
Net cash provided by (used in)
investing activities 356,184 (1,197,015) (3,341,542)
---------------- ---------------- ----------------
Cash flows from financing activities
Selling commissions and
registration costs paid - - (19)
---------------- ---------------- ----------------
Net cash provided by (used in)
financing activities - - (19)
---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 237,009 (1,284,253) (2,793,146)
Cash and cash equivalents,
beginning 529,400 1,813,653 4,606,799
---------------- ---------------- ----------------
Cash and cash equivalents, end $ 766,409 $ 529,400 $ 1,813,653
================ ================ ================
</TABLE>
(continued)
F-31
<PAGE>
<PAGE> 32
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 18
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing activities
The partnership has increased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnerships $ - $ - $ -
================ ================ ================
The partnership has 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 in and increased
its capital contribution
obligation in operating
limited partnerships for low-
income tax credits generated $ 13,283 $ - $ -
================ ================ ================
The partnership has decreased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnership disposed of
during the year $ - $ - $ -
================ ================ ================
The partnership has applied
notes receivable and advances
against installments of
capital contributions $ - $ - $ -
================ ================ ================
The partnership has increased
its deferred acquisition
costs for operating limited
partnership disposed of
during year $ - $ - $ -
================ ================ ================
The partnership has increased
(decreased) its investments
available for sale for
unrealized gains (losses) $ (1,881) $ 4,921 $ (3,420)
================ ================ ================
</TABLE>
(continued)
F-32
<PAGE>
<PAGE> 33
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 19
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Cash flows from operating activities
Net income (loss) $ (3,218,799) $ (1,969,550) $ (1,208,253)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in)
operating activities
Share of losses from operating
limited partnerships 2,861,140 1,858,752 1,115,590
Distributions received from
operating limited
partnerships 3,389 - -
Amortization 51,011 50,726 27,291
Organization costs - - (12,791)
Changes in assets and liabilities
Other assets 54,143 (190,079) (635,836)
Accounts payable and accrued
expenses (1,093) 4,501 (2,937)
Accounts payable - affiliates 206,084 283,177 199,620
---------------- ---------------- ----------------
Net cash provided by (used in)
operating activities (44,125) 37,527 (517,316)
---------------- ---------------- ----------------
Cash flows from investing activities
Acquisition costs
(paid)/reimbursed (for)/from
operating limited
partnerships 2,785 - (345,012)
Capital contributions paid to
operating limited
partnerships (3,691,719) (4,681,675) (9,449,679)
Deposits - - -
(Advances)/repayments (to)/from
operating limited
partnerships - 1,175,450 (881,330)
Purchase of investments (net of
proceeds from sale of
investments) 2,371,778 3,077,671 7,070,629
---------------- ---------------- ----------------
Net cash used in investing
activities (1,317,156) (428,554) (3,605,392)
---------------- ---------------- ----------------
Cash flows from financing activities
Selling commissions and
registration costs paid - - (8,801)
---------------- ---------------- ----------------
Net cash provided by (used in)
financing activities - - (8,801)
---------------- ---------------- ----------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (1,361,281) (391,027) (4,131,509)
Cash and cash equivalents,
beginning 2,551,124 2,942,151 7,073,660
---------------- ---------------- ----------------
Cash and cash equivalents, end $ 1,189,843 $ 2,551,124 $ 2,942,151
================ ================ ================
</TABLE>
(continued)
F-33
<PAGE>
<PAGE> 34
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1997, 1996 and 1995
<TABLE>
Series 19
------------------------------------------------------
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Supplemental schedule of noncash
investing and financing
activities
The partnership has increased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnerships $ 2,504,963 $ 88,646 $ -
================ ================ ================
The partnership has adjusted its
investment and decreased its
capital contribution
obligation in operating
limited partnerships for low-
income tax credits not
generated $ 279,612 $ 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 in and increased
its capital contribution
obligation in operating
limited partnerships for low-
income tax credits generated $ - $ - $ -
================ ================ ================
The partnership has decreased
its investments in operating
limited partnerships for
unpaid capital contributions
due to the operating limited
partnership disposed of
during the year $ - $ 2,424,400 $ -
================ ================ ================
The partnership has applied
notes receivable and advances
against installments of
capital contributions $ 2,964,446 $ - $ -
================ ================ ================
The partnership has increased
its deferred acquisition
costs for operating limited
partnership disposed of
during year $ - $ - $ -
================ ================ ================
The partnership has increased
(decreased) its investments
available for sale for
unrealized gains (losses) $ (9,177) $ 39,793 $ (32,094)
================ ================ ================
</TABLE>
See notes to financial statements
F-34
<PAGE>
<PAGE> 35
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS
March 31, 1997, 1996 and 1995
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 complexes, which qualify for the Low-Income
Housing Tax Credit established by the Tax Reform Act of 1986. Certain of
the apartment complexes may also qualify for the Historic Rehabilitation
Tax Credit for their rehabilitation of a certified historic structure;
accordingly, the apartment complexes are restricted as to rent charges
and operating methods and are subject to the provisions of Section
42(g)(2) of the Internal Revenue Code relating to the Rehabilitation
Investment Credit. The general partner of the 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, 1997 and
1996 are as follows:
<TABLE>
<S> <C>
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
-----------
Total 21,996,102
===========
</TABLE>
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.
F-35
<PAGE>
<PAGE> 36
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Investments in Operating Limited Partnerships
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 and for any distributions received or accrued. However, the
partnership recognizes individual operating partnership's losses only to
the extent that the fund s share of losses of the operating partnerships
does not exceed the carrying amount of its investment. Unrecognized
losses are suspended and offset against future individual operating
partnership's income.
A loss in value of an investment in an operating partnership other than
a temporary decline would be recorded as an impairment loss. Impairment
is measured by comparing the investment carrying amount to the sum of
the total amount of the remaining tax credits allocated to the fund and
the estimated residual value of the investment.
Capital contributions to operating partnerships are adjusted by tax
credit adjusters. Tax credit adjusters are defined as adjustments to
operating partnership capital contributions due to reductions in actual
tax credits from those originally projected. The fund records tax
credit adjusters as a reduction in investment in operating partnerships
and capital contributions payable.
The operating partnerships maintain their financial statements based on
a calendar year and the fund utilizes a March 31 year end. The fund
records losses and income from the operating partnerships on a calendar
year basis which is not materially different from losses and income
generated if the operating partnerships utilized a March 31 year end.
The fund records capital contributions payable to the operating
partnerships once there is a binding obligation to fund a specified
amount. The operating partnerships record capital contributions from
the fund when received.
The fund records acquisition cost as an increase in its investment in
operating partnerships. Certain operating partnerships have not
recorded the acquisition costs as a capital contribution from the fund.
These differences are shown as reconciling items in Note D.
F-36
<PAGE>
<PAGE> 37
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Investments in Operating Limited Partnerships (Continued)
During the years ended March 31, 1997, 1996 and 1995, the fund acquired
interests in operating limited partnerships as follows:
<TABLE>
1997 1996 1995
------------- ------------- -------------
<S> <C> <C> <C>
Series 15 - - 9
Series 16 - 1 7
Series 17 - 1 13
Series 18 - - 17
Series 19 1 1 11
------------- ------------- -------------
1 3 57
============= ============= =============
</TABLE>
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, 1997 and 1996 is
as follows:
<TABLE>
1997 1996
------------------ -----------------
<S> <C> <C>
Series 15 $ 167,077 $ 140,845
Series 16 183,280 138,648
Series 17 155,355 115,625
Series 18 100,769 70,016
Series 19 107,865 70,254
---------------- ---------------
$ 714,346 $ 535,388
================ ===============
</TABLE>
F-37
<PAGE>
<PAGE> 38
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
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).
Accumulated amortization as of March 31, 1997 and 1996 is as follows:
<TABLE>
1997 1996
----------------- ----------------
<S> <C> <C>
Series 15 $ 21,123 $ 10,612
Series 16 33,708 16,902
Series 17 31,228 15,679
Series 18 22,957 11,543
Series 19 26,513 13,113
---------------- ----------------
$ 135,529 $ 67,849
================ ===============
</TABLE>
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, money market accounts and certificates of deposit 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.
F-38
<PAGE>
<PAGE> 39
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
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.
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, 1997,
1996 and 1995 are as follows:
<TABLE>
1997, 1996 and
1995
-----------------
<S> <C>
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
================
</TABLE>
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.
F-39
<PAGE>
<PAGE> 40
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Continued)
Adoption of Accounting Standard
On April 1, 1996, the operating partnerships adopted Statement of
Financial Accounting Standards (SFAS) No. 121, "Accounting for
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
of." This standard requires that long-lived assets and certain
identifiable intangibles held and used by an entity be reviewed for
impairment whenever events or changes in circumstances indicate that the
carrying amount of an asset may not be recoverable. Implementation
of this statement did not materially impact the partnership's financial
statements.
Recent Accounting Statements Not Yet Adopted
In February 1997, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings
per Share" and SFAS No. 129, "Disclosure of Information about Capital
Structure." SFAS No. 128 provides accounting and reporting standards
for the amount of earnings per share. SFAS No. 129 requires the
disclosure in summary form within the financial statements of pertinent
rights and privileges of the various securities outstanding. SFAS No.
128 and SFAS No. 129 are effective for fiscal years ending after
December 15, 1997 and earlier application is not permitted.
The implementation of these standards is not expected to materially
impact the partnership's financial statements because partnership's
earnings per share would not be significantly affected and the
disclosure regarding the capital structure in the financial statements
would not be significantly changed.
NOTE B - INVESTMENTS AVAILABLE FOR SALE
At March 31, 1997, the amortized cost and fair market value of
investments are as follows:
<TABLE>
Gross Gross
Amortized unrealized unrealized Fair market
costs gains losses value
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Tax exempt municipal bonds $ 1,395,795 $ 95 $ (2,581)$ 1,393,309
=============== =============== =============== ===============
</TABLE>
F-40
<PAGE>
<PAGE> 41
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE B - INVESTMENTS AVAILABLE FOR SALE (Continued)
The amortized cost and approximate market value of investments by
maturity at March 31, 1997 is shown below.
<TABLE>
Approximate
Amortized costs market value
---------------- ---------------
<S> <C> <C>
Due in one year or less $ 302,326 $ 302,421
Due after one year through five years 1,093,469 1,090,888
---------------- ---------------
$ 1,395,795 $ 1,393,309
================ ===============
</TABLE>
Proceeds from sales and maturities of investments during the year ended
March 31, 1997 was $2,909,257 resulting in a realized loss of $27,478
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, 1997 ranged from 4% to 6.7%.
At March 31, 1996, the amortized cost and fair market value of
investments are as follows:
<TABLE>
Gross Gross
Amortized unrealized unrealized Fair market
costs gains losses value
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Tax exempt municipal bonds $ 5,129,837 $ 14,224 $ (2,294)$ 5,141,767
=============== =============== =============== ===============
</TABLE>
The amortized cost and approximate market value of investments by
maturity at March 31, 1996 is shown below.
<TABLE>
Approximate
Amortized costs market value
---------------- ---------------
<S> <C> <C>
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
================ ===============
</TABLE>
F-41
<PAGE>
<PAGE> 42
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE B - INVESTMENTS AVAILABLE FOR SALE (Continued)
Proceeds from sales and maturities of investments during the year ended
March 31, 1996 were $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%.
NOTE C - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1997, 1996 and 1995, the fund entered
into several transactions with various affiliates of the general
p a rtner, including Boston Capital Partners, Inc., Boston Capital
Services, Inc., and Boston Capital Asset Management Limited Partnership
(formerly Boston Capital Communications Limited Partnership) as follows:
Boston Capital Asset Management Limited Partnership 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,
1997, 1996 and 1995 by series, is as follows:
<TABLE>
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Series 15 $ 473,378 $ 499,184 $ 470,726
Series 16 572,972 646,906 658,346
Series 17 512,189 506,412 509,015
Series 18 326,168 363,632 371,536
Series 19 368,355 383,177 403,871
---------------- ---------------- ----------------
$ 2,253,062 $ 2,399,311 $ 2,413,494
================ ================ ================
</TABLE>
F-42
<PAGE>
<PAGE> 43
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE C - RELATED PARTY TRANSACTIONS (Continued)
General and administrative expenses incurred by Boston Capital Partners,
Inc. and Boston Capital Asset Management Limited Partnership during the
years ended March 31, 1997, 1996 and 1995 charged to each series'
operations are as follows:
<TABLE>
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Series 15 $ 26,370 $ 26,729 $ 20,294
Series 16 26,211 30,324 25,281
Series 17 22,369 29,426 23,579
Series 18 19,259 23,400 20,590
Series 19 21,979 30,652 22,659
---------------- ---------------- ----------------
$ 116,188 $ 140,531 $ 112,403
================ ================ ================
</TABLE>
Accounts payable - affiliates at March 31, 1997 and 1996 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 Asset Management Limited
Partnership. The carrying value of the accounts payable - affiliates
approximates fair value.
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1997, 1996 and 1995 the fund has limited partnership
interests in operating limited partnerships which own or are
constructing operating apartment complexes. During September 1996, the
partnership disposed of its limited partnership interest in one of the
operating partnerships owned in Series 16. 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, 1997, 1996 and 1995 by series are as follows:
F-43
<PAGE>
<PAGE> 44
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
<TABLE>
1997 1996 1995
---------------- ---------------- ----------------
<S> <C> <C> <C>
Series 15 68 68 68
Series 16 64 65 64
Series 17 49 49 48
Series 18 34 34 34
Series 19 26 25 25
---------------- ---------------- ----------------
241 241 239
================ ================ ================
</TABLE>
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,
1997 and 1996 by series are as follows:
<TABLE>
1997 1996
---------------- ----------------
<S> <C> <C>
Series 15 $ 178,680 $ 202,750
Series 16 155,225 900,481
Series 17 1,844,259 2,312,721
Series 18 755,887 861,315
Series 19 831,803 5,262,617
---------------- ----------------
$ 3,765,854 $ 9,539,884
================ ================
</TABLE>
F-44
<PAGE>
<PAGE> 45
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at March 31,
1997 is summarized as follows:
<TABLE>
Total Series 15 Series 16
---------------- ---------------- ----------------
<S> <C> <C> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax
credit adjusters $ 161,740,845 $ 28,919,172 $ 40,189,926
Acquisition costs of operating limited
partnerships 19,334,149 2,988,162 4,460,782
Syndication costs from operating limited
partnerships (56,632) - -
Cumulative cash flows from operating limited
partnerships (41,954) (9,822) (11,082)
Cumulative losses from operating limited
partnerships (46,589,495) (13,222,431) (10,651,782)
---------------- ---------------- ----------------
Investment per balance sheet 134,386,913 18,675,081 33,987,844
The fund has recorded capital contributions to
the operating limited partnerships during
the year ended March 31, 1997 which have
not been included in the partnership s
capital account included in the operating
limited partnerships financial statements
as of December 31, 1996 (see note A) (3,619,564) (1,202,355) (88,655)
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, 1996 (see note A) - - -
The fund has recorded acquisition costs at
March 31, 1997 which have not been recorded
in the net assets of the operating limited
partnerships (see note A) (3,865,111) (399,087) (794,528)
Cumulative losses from operating limited
partnerships for the three months ended
March 31, 1997 which the operating limited
partnerships have not included in their
capital as of December 31, 1996 due to
different year ends (see note A) 2,866,341 472,214 631,571
</TABLE>
F-45
<PAGE>
<PAGE> 46
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
<TABLE>
Total Series 15 Series 16
---------------- ---------------- ----------------
<S> <C> <C> <C>
Equity in loss of operating limited
partnerships not recognizable under the
equity method of accounting (51,397) (51,397) -
The fund has recorded low-income housing tax
credit adjusters not recorded by operating
limited partnerships (see note A) 1,288,398 321,656 167,916
Other 12,352 30,988 (52,504)
---------------- ---------------- ----------------
Equity per operating limited partnerships
combined financial statements $ 131,017,632 $ 17,847,100 $ 33,851,644
================ ================ ================
</TABLE>
F-46
<PAGE>
<PAGE> 47
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund s investment in operating limited partnerships at March 31,
1997 is summarized as follows:
<TABLE>
Series 17 Series 18 Series 19
---------------- ---------------- ----------------
<S> <C> <C> <C>
Capital contributions paid and to be paid to
operating limited partnerships, net of tax
credit adjusters $ 36,691,552 $ 26,424,755 $ 29,515,440
Acquisition costs of operating limited
partnerships 4,564,870 3,587,531 3,732,804
Syndication costs from operating limited
partnerships - (56,632) -
Cumulative cash flows from operating limited
partnerships (7,245) (10,416) (3,389)
Cumulative losses from operating limited
partnerships (10,444,384) (6,431,558) (5,839,340)
---------------- ---------------- ----------------
Investment per balance sheet 30,804,793 23,513,680 27,405,515
The fund has recorded capital contributions to
the operating limited partnerships during
the year ended March 31, 1997 which have
not been included in the partnership s
capital account included in the operating
limited partnerships financial statements
as of December 31, 1996 (see note A) (1,100,123) (336,594) (891,837)
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, 1996 (see note A) - - -
The fund has recorded acquisition costs at
March 31, 1997 which have not been recorded
in the net assets of the operating limited
partnerships (see note A) (1,496,190) (387,564) (787,742)
Cumulative losses from operating limited
partnerships for the three months ended
March 31, 1997 which the operating limited
partnerships have not included in their
capital as of December 31, 1996 due to
different year ends (see note A) 752,440 617,653 392,463
</TABLE>
F-47
<PAGE>
<PAGE> 48
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
<TABLE>
Series 17 Series 18 Series 19
---------------- ---------------- ----------------
<S> <C> <C> <C>
Equity in loss of operating limited
partnerships not recognizable under the
equity method of accounting (see note A) - - -
The fund has recorded low-income housing tax
credit adjusters not recorded by operating
limited partnerships (see note A) 186,656 127,421 484,749
Other (52,166) 73,020 13,014
---------------- ---------------- ----------------
Equity per operating limited partnerships
combined financial statements $ 29,095,410 $ 23,607,616 $ 26,616,162
================ ================ ================
</TABLE>
F-48
<PAGE>
<PAGE> 49
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The funds investment in operating limited partnerships at March 31, 1996
is summarized as follows:
<TABLE>
Total Series 15 Series 16
---------------- ---------------- ----------------
<S> <C> <C> <C>
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 contributions to
the operating limited partnerships 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 (see note A) (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 (see note A) 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 (see note A) (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 due to
different year ends (see note A) 2,866,341 472,214 631,571
</TABLE>
F-49
<PAGE>
<PAGE> 50
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
<TABLE>
Total Series 15 Series 16
---------------- ---------------- ----------------
<S> <C> <C> <C>
Equity in loss of operating limited
partnerships not recognizable under the
equity method of accounting (see note A) (1,329) (1,329) -
The fund has recorded low-income housing tax
credit adjusters not recorded by operating
limited partnerships (see note A) 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
================ ================ ================
</TABLE>
F-50
<PAGE>
<PAGE> 51
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The funds investment in operating limited partnerships at March 31, 1996
is summarized as follows:
<TABLE>
Series 17 Series 18 Series 19
---------------- ---------------- ----------------
<S> <C> <C> <C>
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 contributions to
the operating limited partnerships 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 (see note A) (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 (see note A) - - 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 (see note A) (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 due to
different year ends (see note A) 752,440 617,653 392,463
</TABLE>
F-51
<PAGE>
<PAGE> 52
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
<TABLE>
Series 17 Series 18 Series 19
---------------- ---------------- ----------------
<S> <C> <C> <C>
Equity in loss of operating limited
partnerships not recognizable under the
equity method of accounting (see note A) - - -
The fund has recorded low-income housing tax
credit adjusters not recorded by operating
limited partnerships (see note A) 177,979 78,887 208,700
Other (116,649) 67,402 102,800
---------------- ---------------- ----------------
Equity per operating limited partnerships
combined financial statements $ 30,546,109 $ 25,186,829 $ 24,517,070
================ ================ ================
</TABLE>
F-52
<PAGE>
<PAGE> 53
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships as of December 31, 1996 are as follows:
<TABLE>
Total Series 15 Series 16
---------------- ---------------- ----------------
ASSETS
<S> <C> <C> <C>
Buildings and improvements, net of accumulated
depreciation $ 527,972,353 $ 109,296,153 $ 119,964,923
Land 28,135,110 6,130,609 5,104,842
Other assets 28,143,897 5,849,177 7,272,453
---------------- ---------------- ----------------
$ 584,251,360 $ 121,275,939 $ 132,342,218
================ ================ ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Mortgages and construction loans payable $ 364,182,226 $ 85,329,590 $ 84,645,408
Accounts payable and accrued expenses 9,478,617 1,974,112 2,393,597
Other liabilities 36,854,227 4,208,819 6,337,941
---------------- ---------------- ----------------
410,515,070 91,512,521 93,376,946
---------------- ---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund III, L.P. 131,017,932 17,847,100 33,851,644
Other partners 42,718,358 11,916,318 5,113,628
---------------- ---------------- ----------------
173,736,290 29,763,418 38,965,272
---------------- ---------------- ----------------
$ 584,251,360 $ 121,275,939 $ 132,342,218
================ ================ ================
</TABLE>
F-53
<PAGE>
<PAGE> 54
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited
partnerships as of December 31, 1996 are as follows:
<TABLE>
Series 17 Series 18 Series 19
---------------- ---------------- ----------------
ASSETS
<S> <C> <C> <C>
Buildings and improvements, net of accumulated
depreciation $ 139,521,909 $ 72,010,193 $ 87,179,175
Land 7,700,365 3,357,967 5,841,327
Other assets 6,609,113 4,238,634 4,174,520
---------------- ---------------- ----------------
$ 153,831,387 $ 79,606,794 $ 97,195,022
================ ================ ================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Mortgages and construction loans payable $ 90,258,521 $ 47,630,892 $ 56,317,815
Accounts payable and accrued expenses 2,364,296 1,410,335 1,336,277
Other liabilities 15,675,218 3,282,191 7,350,058
---------------- ---------------- ----------------
108,298,035 52,323,418 65,004,150
---------------- ---------------- ----------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund III, L.P. 29,095,410 23,607,616 26,616,162
Other partners 16,437,942 3,675,760 5,574,710
---------------- ---------------- ----------------
45,533,352 27,283,376 32,190,872
---------------- ---------------- ----------------
$ 153,831,387 $ 79,606,794 $ 97,195,022
================ ================ ================
</TABLE>
F-54
<PAGE>
<PAGE> 55
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Total Series 15 Series 16
---------------- ---------------- ----------------
ASSETS
<S> <C> <C> <C>
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
Mortgages 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
================ ================ ================
</TABLE>
F-55
<PAGE>
<PAGE> 56
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Series 17 Series 18 Series 19
---------------- --------------- ---------------
ASSETS
<S> <C> <C> <C>
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
Mortgages 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
================ =============== ===============
</TABLE>
F-56
<PAGE>
<PAGE> 57
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations for the operating
limited partnerships for the year ended December 31, 1996 are as
follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Total Series 15 Series 16
--------------- --------------- ---------------
<S> <C> <C> <C>
Revenue
Rental $ 54,255,081 $ 11,196,024 $ 12,318,128
Interest and other 2,867,158 340,842 1,147,648
--------------- -------------- --------------
57,122,239 11,536,866 13,465,776
--------------- -------------- --------------
Expenses
Interest 22,356,916 4,154,249 4,585,893
Depreciation and amortization 22,819,977 5,184,898 4,966,052
Taxes and insurance 7,048,605 1,545,211 1,588,084
Repairs and maintenance 7,456,432 1,637,329 1,684,912
Operating expenses 16,301,823 3,336,137 3,427,264
Other expenses 1,568,799 395,562 313,164
--------------- -------------- --------------
77,552,552 16,253,386 16,565,369
--------------- -------------- --------------
NET LOSS $ (20,430,313) $ (4,716,520) $ (3,099,593)
=============== ============== ==============
Net loss allocated to Boston Capital Tax Credit
Fund III L. P.* $ (15,102,671) $ (3,089,180) $ (3,052,834)
=============== ============== ==============
Net loss allocated to other partners $ (5,327,642) $ (1,627,340) $ (46,759)
=============== ============== ==============
</TABLE>
* Amounts include $50,068 for series 15 of loss not recognized under
the equity method of accounting as described in Note A.
F-57
<PAGE>
<PAGE> 58
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations for the operating
limited partnerships for the year ended December 31, 1996 are as
follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Series 17 Series 18 Series 19
--------------- --------------- ---------------
<S> <C> <C> <C>
Revenue
Rental $ 14,509,341 $ 6,588,968 $ 9,642,620
Interest and other 616,684 359,139 402,845
--------------- -------------- --------------
15,126,025 6,948,107 10,045,465
--------------- -------------- --------------
Expenses
Interest 6,562,849 2,813,996 4,239,929
Depreciation and amortization 5,838,439 3,069,441 3,761,147
Taxes and insurance 1,713,879 813,148 1,388,283
Repairs and maintenance 2,136,225 1,005,955 992,011
Operating expenses 4,527,151 1,889,127 3,122,144
Other expenses 369,531 257,371 233,171
--------------- -------------- --------------
21,148,074 9,849,038 13,736,685
--------------- -------------- --------------
NET LOSS $ (6,022,049) $ (2,900,931) $ (3,691,220)
=============== ============== ==============
Net loss allocated to Boston Capital Tax Credit
Fund III L. P.* $ (3,504,918) $ (2,594,599) $ (2,861,140)
=============== ============== ==============
Net loss allocated to other partners $ (2,517,131) $ (306,332) $ (830,080)
=============== =============== ===============
</TABLE>
* Amounts include $50,068 for Series 15 of loss not recognized under
the equity method of accounting as described in Note A.
F-58
<PAGE>
<PAGE> 59
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations for the operating
limited partnerships for the year ended December 31, 1995 are as
follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Total Series 15 Series 16
--------------- --------------- ---------------
<S> <C> <C> <C>
Revenue
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)
=============== =============== ===============
</TABLE>
* Amounts include $1,329 for series 15 of loss not recognized under the
equity method of accounting as described in note A.
F-59
<PAGE>
<PAGE> 60
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations for the operating
limited partnerships for the year ended December 31, 1995 are as
follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Series 17 Series 18 Series 19
--------------- --------------- ---------------
<S> <C> <C> <C>
Revenue
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)
=============== =============== ===============
</TABLE>
* Amounts include $1,329 for Series 15 of loss not recognized under the
equity method of accounting as described in note A.
F-60
<PAGE>
<PAGE> 61
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE E - NOTES RECEIVABLE
Notes receivable at March 31, 1997 and 1996 consist of advance
installments of capital contributions to operating limited partnerships.
The notes at March 31, 1997 and 1996 are comprised of noninterest
bearing and interest bearing notes with rates ranging from 3.66% to
prime plus 1% to 3%. Prime was 8.5% and 8.25% as of March 31, 1997 and
1996, 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, 1997 and 1996 by series are as follows:
<TABLE>
1997 1996
---------------- ---------------
<S> <C> <C>
Series 15 $ 135,000 $ 185,000
Series 16 - 483,464
Series 17 1,409,982 1,658,475
Series 18 536,351 536,351
Series 19 - 2,098,870
---------------- ---------------
$ 2,081,333 $ 4,962,160
================ ===============
</TABLE>
NOTE F - OTHER ASSETS
Other assets include cash held by an escrow agent at March 31, 1997 and
1996. The cash held for the series at March 31, 1997 and 1996
represents capital contributions to be released to the operating limited
partnerships when certain criteria are met. The escrows held at March
31, 1997 and 1996 by series are as follows:
<TABLE>
1997 1996
---------------- ---------------
<S> <C> <C>
Series 15 $ - $ -
Series 16 - -
Series 17 15,097 38,229
Series 18 - -
Series 19 - -
---------------- ---------------
$ 15,097 $ 38,229
================ ===============
</TABLE>
F-61
<PAGE>
<PAGE> 62
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE F - OTHER ASSETS (Continued)
In addition, other assets include cash advanced to operating limited
partnerships at March 31, 1997 and 1996 to be applied to capital
contributions payable when certain criteria have been met. The advances
at March 31, 1997 and 1996 by series are as follows:
<TABLE>
1997 1996
---------------- ---------------
<S> <C> <C>
Series 15 $ 426,912 $ 242,579
Series 16 - -
Series 17 1,290,838 1,167,877
Series 18 - -
Series 19 221,180 778,230
---------------- ---------------
$ 1,938,930 $ 2,188,686
================ ===============
</TABLE>
F-62
<PAGE>
<PAGE> 63
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997 are reconciled as follows:
<TABLE>
Total Series 15 Series 16
---------------- --------------- ---------------
<S> <C> <C> <C>
Net loss for financial reporting purposes $ (17,706,223) $ (3,473,421) $ (3,762,519)
Operating limited partnership rents received in
advance 99,831 2,581 9,598
Fund management fees not deducted for tax
purposes 1,988,010 488,062 572,140
Other (73,839) (250,370) (17,194)
Operating limited partnership losses not
recognized for financial reporting purposes
under equity method of accounting (50,068) (50,068) -
Excess of tax depreciation over book
depreciation on operating limited
partnership assets (1,794,498) (213,933) (280,017)
Difference due to fiscal year for book purposes
and calendar year for tax purposes (892,751) (187,130) (801,719)
---------------- --------------- ---------------
Loss for tax return purposes, December 31, 1996 $ (18,429,538) $ (3,684,279) $ (4,279,711)
================ =============== ===============
</TABLE>
F-63
<PAGE>
<PAGE> 64
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO TAX RETURN (Continued)
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, 1997 are reconciled as follows:
<TABLE>
Series 17 Series 18 Series 19
---------------- --------------- ---------------
<S> <C> <C> <C>
Net loss for financial reporting purposes $ (4,215,768) $ (3,035,716) $ (3,218,799)
Operating limited partnership rents received in
advance (16,393) 13,544 90,501
Fund management fees not deducted for tax
purposes 433,409 241,696 252,703
Other 143,844 (98,911) 148,792
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 (585,002) (261,901) (453,645)
Difference due to fiscal year for book purposes
and calendar year for tax purposes 14,284 (13,118) 94,932
---------------- --------------- ---------------
Loss for tax return purposes, December 31, 1996 $ (4,225,626) $ (3,154,406) $ (3,085,516)
================ =============== ===============
</TABLE>
F-64
<PAGE>
<PAGE> 65
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO TAX RETURN (Continued)
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:
<TABLE>
Total Series 15 Series 16
---------------- --------------- ---------------
<S> <C> <C> <C>
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 note 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)
================ =============== ===============
</TABLE>
F-65
<PAGE>
<PAGE> 66
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO TAX RETURN (Continued)
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:
<TABLE>
Series 17 Series 18 Series 19
---------------- --------------- ---------------
<S> <C> <C> <C>
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 note 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)
================ =============== ===============
</TABLE>
F-66
<PAGE>
<PAGE> 67
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997,
the differences are as follows:
<TABLE>
Total Series 15 Series 16
---------------- --------------- ---------------
<S> <C> <C> <C>
Investments in operating limited partnership -
per tax return, December 31, 1996 $ 127,267,193 $ 18,550,738 $ 31,239,994
Operating limited partnership acquired for the
three months ended March 31, 1997 - - -
Estimated share of loss for the three months
ended March 31, 1997 (2,866,341) (472,214) (631,571)
Add back operating limited partnership losses
not recognized for financial reporting
purposes under the equity method 51,397 51,397 -
Historic tax credits 5,333,539 1,852,569 -
Other 4,601,125 (1,307,409) 3,379,421
---------------- --------------- ---------------
Investment in operating limited partnerships -
as reported $ 134,386,913 $ 18,675,081 $ 33,987,844
================ =============== ===============
</TABLE>
F-67
<PAGE>
<PAGE> 68
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997,
the differences are as follows:
<TABLE>
Series 17 Series 18 Series 19
---------------- --------------- ---------------
<S> <C> <C> <C>
Investments in operating limited partnership -
per tax return, December 31, 1996 $ 29,964,710 $ 21,519,261 $ 25,992,490
Operating limited partnership acquired for the
three months ended March 31, 1997 - - -
Estimated share of loss for the three months
ended March 31, 1997 (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 492,213 549,739 1,487,161
---------------- --------------- ---------------
Investment in operating limited partnerships -
as reported $ 30,804,793 $ 23,513,680 $ 27,405,515
================ =============== ===============
</TABLE>
F-68
<PAGE>
<PAGE> 69
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Total Series 15 Series 16
---------------- --------------- ---------------
<S> <C> <C> <C>
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 ended 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 under the equity method 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
================ =============== ===============
</TABLE>
F-69
<PAGE>
<PAGE> 70
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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:
<TABLE>
Series 17 Series 18 Series 19
---------------- --------------- ---------------
<S> <C> <C> <C>
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 ended 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
================ =============== ===============
</TABLE>
F-70
<PAGE>
<PAGE> 71
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1997, 1996 and 1995
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, 1997, the uninsured portion of the cash balances on deposit
was $14,353.
NOTE I - CASH EQUIVALENTS
On March 31, 1997 and 1996, Boston Capital Tax Credit Fund III L.P.
purchased $3,150,000 and $4,000,000 of U.S. Government Securities under
agreements to resell on April 1, 1997 and 1996, respectively. Interest
is earned at rates ranging from 2.15% to 3.5% per annum.
Additionally, cash equivalents of $613,459 and $721,415 as of March 31,
1997 and 1996, respectively, include certificates of deposit and money
market accounts with interest rates ranging from 2.8% to 5.0% per annum.
F-71
<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, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
April
Gardens 1,473,645 50,000 1,773,331 0 50,000 1,773,331 1,823,331 272,314 5/93 9/92 5-27.5
Arkansas
City 831,930 15,870 1,016,757 0 15,870 1,016,757 1,032,627 94,621 12/94 9/94 5-25
Autumnwood
LP 1,355,355 50,000 1,669,609 0 50,000 1,669,609 1,719,609 260,457 1/93 8/92 5-27.5
Barton
Village 512,441 47,898 683,991 0 47,898 683,991 731,889 106,257 3/93 10/92 5-27.5
Beckwood
Manor
Eight 1,227,232 60,000 1,498,746 4,058 58,000 1,502,804 1,560,804 117,985 8/95 8/94 5-27.5
Bergen
Meadows 1,024,570 42,000 1,256,858 10,500 42,000 1,267,358 1,309,358 242,407 7/92 7/92 7-27.5
Bridlewood
LP 794,924 42,000 211,635 781,185 42,000 992,820 1,034,820 56,856 1/95 1/94 5-27.5
Brunswick
LP 829,994 69,000 953,553 416 69,000 953,969 1,022,969 168,236 9/92 4/92 7-27.5
- F-72 - <PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Buena Vista
Apts. 1,459,496 75,000 1,767,511 750 75,000 1,768,261 1,843,261 365,300 1/92 3/92 7-27.5
Calexico
Sr 1,929,914 213,000 2,047,255 0 213,000 2,047,255 2,260,255 210,081 9/92 9/92 7-27.5
California
Inv. VII 9,004,859 820,000 9,361,922 16,788,173 803,050 26,150,095 26,953,145 3,011,776 12/93 10/92 5-27.5
Chestnut
Hill 746,277 40,000 904,814 3,545 40,000 908,359 948,359 117,811 9/92 9/92 7-27.5
Coralville
Housing 2,628,498 258,000 4,683,541 34,958 258,000 4,718,499 4,976,499 920,550 10/92 3/92 7-27.5
Curwensville
Housing 1,221,138 31,338 1,435,553 94,841 31,338 1,530,394 1,561,732 148,835 7/93 9/92 5-27.5
Deerfield
Assoc. 1,234,613 65,400 1,495,473 0 65,400 1,495,473 1,560,873 273,872 6/92 4/92 7-27.5
East
Machias 1,044,316 77,963 1,478,171 4,507 77,963 1,482,678 1,560,641 157,659 1/93 9/92 10-40
East Park
Apts. I 506,285 2,000 980,413 478 2,000 980,891 982,891 108,278 1/94 6/94 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, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Edgewood
Properties 790,831 36,000 967,796 0 36,000 967,796 1,003,796 162,558 8/92 6/92 7-27.5
Far View
Housing 925,247 100,000 1,066,418 7,433 100,000 1,073,851 1,173,851 120,437 11/92 6/92 10-40
Graham
Housing 1,340,848 85,006 2,451,794 (3,894) 85,006 2,447,900 2,532,906 122,594 6/95 10/94 5-27.5
Grantsville
Assoc. 1,493,335 85,099 1,795,971 0 85,599 1,795,971 1,881,570 198,732 2/93 5/92 5-27.5
Greentree
Apts. 688,129 15,000 1,143,223 0 15,000 1,143,223 1,158,223 670,523 10/75 4/94 5-27.5
Greenwood
Village 678,621 20,123 893,915 0 20,123 893,915 914,038 135,662 5/93 8/92 5-27.5
Harrisonville
Prop. II 610,418 15,000 744,677 4,396 15,000 749,073 764,073 184,325 11/91 3/92 7-27.5
Headlton
Properties 707,444 15,000 868,469 0 15,000 868,469 883,469 56,548 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 3,015,965 468,506 11/92 04/92 7-27.5
- F-74 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Heron's
Landing 1,210,640 176,121 1,410,573 2,563 176,121 1,413,136 1,589,257 254,074 10/92 10/92 7-27.5
Hidden
Cove 2,922,342 707,848 4,334,916 6,630 707,848 4,341,546 5,049,394 1,321,144 8/88 2/94 5-27.5
Higgensville
Estates 629,932 40,000 738,056 1,622 40,000 739,678 779,678 195,000 3/91 3/92 7-27.5
Inv. Group
of Payson 1,492,979 211,500 1,767,942 0 211,500 1,767,942 1,979,442 189,431 8/92 8/92 7-27.5
Kearney
Estates 637,035 30,000 763,159 1,875 30,000 765,034 795,034 181,327 1/92 5/92 7-27.5
Lake View
Associates 891,378 30,000 1,077,130 350 30,000 1,077,480 1,107,480 201,969 7/92 4/92 7-27.5
Laurelwood
Apts. 1,072,959 58,500 1,268,491 750 58,500 1,269,241 1,327,741 240,876 2/92 3/92 7-27.5
Lebanon
II LP 929,928 40,000 1,090,397 0 40,000 1,090,397 1,130,397 167,685 2/93 8/92 5-27.5
Lebanon
III Prop. 634,958 26,750 766,992 6,376 26,750 773,368 800,118 177,397 2/92 3/92 7-27.5
- F-75 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Lilac
Properties 732,250 36,000 897,897 0 36,000 897,897 933,897 160,148 7/92 6/92 7-27.5
Livingston
Plaza 680,192 32,500 868,525 0 32,500 868,525 901,025 123,118 11/93 12/92 5-27.5
Madison
Partners 1,204,968 47,340 1,452,910 8,886 47,340 1,461,796 1,509,136 149,521 12/94 3/95 5-27.5
Manning
Lane 1,478,336 73,600 1,771,816 0 73,600 1,771,816 1,845,416 285,766 3/93 8/92 5-27.5
Marshall
Lane 556,113 20,000 672,691 0 20,000 672,691 692,691 111,475 12/92 8/92 5-27.5
Maryville
Prop. 721,333 57,000 834,823 13,089 57,000 847,912 904,912 194,274 3/92 5/92 7-27.5
Monark
Village 331,775 68,900 570,916 0 68,900 570,916 639,816 59,962 3/94 6/94 5-27.5
North
Prairie 885,589 5,000 1,121,143 4,840 5,000 1,125,983 1,130,983 202,143 5/93 9/92 5-27.5
Oak Grove
Villa 406,090 5,000 460,291 8,878 5,000 469,169 474,169 118,784 11/91 4/92 7-27.5
- F-76 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Oakwood
Village 1,112,767 42,000 1,341,412 0 42,000 1,341,412 1,383,412 264,098 5/92 5/92 7-27.5
Osage
Housing 1,277,530 110,000 2,309,861 18,524 110,000 2,328,385 2,438,385 445,644 6/92 4/92 7-27.5
Osceola
Estates 678,684 54,600 797,763 71,349 54,600 869,112 923,712 172,917 5/92 5/92 7-27.5
PDC Fifty
Five LP 1,300,766 50,170 1,576,823 5,770 50,170 1,582,593 1,632,763 217,707 9/93 10/92 5-27.5
Rainier
Manor 2,712,816 521,000 5,852,852 0 521,000 5,852,852 6,373,852 667,360 1/93 4/92 5-27.5
Ridgeview of
Brainerd 865,020 42,800 1,027,499 1,978 42,800 1,029,477 1,072,277 199,737 1/92 3/92 7-27.5
Rio
Members II 776,727 48,938 930,376 3,520 48,938 933,896 982,834 117,603 12/95 7/94 5-27.5
Rolling
Brook III 830,505 35,000 1,006,667 5,318 35,000 1,011,985 1,046,985 204,080 11/92 6/92 7-27.5
School
Street I 774,226 127,852 1,353,622 95,368 38,509 1,448,990 1,487,499 313,781 5/92 4/92 5-27.5
- F-77 - <PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Shenandoah
Village 1,479,154 67,500 1,754,599 742 67,500 1,755,341 1,822,841 262,197 2/93 8/92 5-27.5
Showboat
Manor 799,316 31,200 968,253 7,968 31,200 976,221 1,007,421 180,461 2/92 7/92 5-27.5
Sioux Falls
Housing 1,371,889 146,694 2,656,753 (14,586) 146,694 2,642,167 2,788,861 504,288 9/92 5/92 7-27.5
Sunset
Square 743,697 50,000 896,507 7,023 50,000 903,530 953,530 120,136 8/92 90/2 7-27.5
Taylor
Mill 771,275 24,000 936,166 0 24,000 936,166 960,166 174,311 5/92 4/92 7-27.5
Timmons
Village 624,810 15,000 754,172 2,927 38,500 757,099 795,599 137,335 7/92 5/92 7-27.5
University
Meadows 1,896,828 62,985 3,579,473 3,445 62,985 3,582,918 3,645,903 664,644 12/92 6/92 5-28
Valatie
LP 1,390,380 30,000 1,712,263 7,902 30,000 1,720,165 1,750,165 344,218 4/93 6/92 7-27.5
Virgen
Del Pozo 3,345,226 120,000 4,274,133 31,351 120,000 4,305,484 4,425,484 530,366 7/93 8/92 5-27.5
- F-78 - <PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Villa
Del Mar 1,470,358 50,000 1,792,888 0 50,000 1,792,888 1,842,888 325,222 8/92 8/92 7-27.5
Wauchula
Ltd. 1,482,965 66,720 1,770,669 1,816 66,720 1,772,485 1,839,205 316,860 10/92 9/92 5-27.5
Weedpatch
Inv. Grp. 1,982,359 272,000 2,246,927 378 272,000 2,247,305 2,519,305 136,121 9/94 1/94 5-50
Westernport
Assoc. 1,495,201 18,645 1,833,384 0 18,645 1,833,384 1,852,029 272,495 2/93 7/92 5-27.5
Whitewater
Village 528,920 18,542 637,048 1,453 18,542 638,501 657,043 111,572 11/92 8/92 7-27.5
Wood Park
Pointe 1,173,664 117,500 1,329,664 1,348 117,500 1,331,012 1,448,512 255,022 5/92 6/92 5-27.5
---------- --------- ----------- ---------- --------- ----------- ----------- ----------
85,329,590 6,214,902 111,326,972 16,038,750 6,130,609 129,321,602 135,452,211 20,205,449
========== ========= =========== ========== ========= =========== =========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
- F-79 -<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-80 -<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............................$135,349,798
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 102,413
Other............................................ 0
-----------
$ 102,413
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/97............................$135,452,211
===========
- F-81 -
<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund III - Series 15
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92........................$ 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
Current year expense..................................$4,587,940
---------
Balance at close of period - 3/31/97..............................$20,025,449
==========
- F-82 -
<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, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
1413 Leaven
Worth 1,633,327 8,000 2,927,089 455,610 8,000 3,382,699 3,390,699 506,888 3/93 12/92 5-27.5
Anson 1,292,673 40,202 1,683,348 0 40,202 1,683,348 1,723,550 165,948 9/93 12/92 10-40
Aztec II 1,021,549 115,000 1,299,311 1,369 115,000 1,300,680 1,415,680 222,695 5/93 5/93 5-27.5
Bentonia
Elderly 846,603 21,000 678,677 383,880 21,000 1,062,557 1,083,557 93,059 2/94 7/93 5-27.5
Bernice
Villa 967,583 37,000 1,204,665 238 37,000 1,204,903 1,241,903 103,673 10/93 5/93 5-40
Blairsville
Rental I 758,885 58,377 866,980 40,526 35,000 907,506 942,506 75,626 9/94 12/92 5-27.5
Blairsville
Rental II 742,836 84,359 804,895 60,360 49,500 865,255 914,755 74,617 7/94 12/92 5-27.5
Blowing
Rock 513,727 47,500 663,473 686 47,500 664,159 711,659 52,442 11/94 12/93 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, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Branson
Chris-
tian I 1,554,682 163,350 2,990,564 1,026 163,350 2,991,590 3,154,940 342,315 6/94 3/94 5-27.5
Branson
Chris-
tian II 1,127,842 0 2,497,066 33,401 0 2,530,467 2,530,467 267,670 8/94 7/94 5-27.5
Butler
Rental 757,892 0 937,495 15,782 0 953,277 953,277 117,477 9/93 12/92 7-27.5
Canter-
field 771,568 48,000 934,169 1,163 48,000 935,332 983,332 153,292 1/93 11/92 5-27.5
Cape Ann 585,086 18,000 1,833,366 51,824 18,000 1,885,190 1,903,190 228,509 12/93 1/93 7-31.5
Cass
Partners 313,744 45,250 2,026,740 0 45,250 2,026,740 2,071,990 163,380 12/93 12/93 5-27.5
Cedar
Trace 507,133 18,000 639,500 2,925 18,000 642,425 660,425 111,377 7/93 10/92 5-27.5
Concord
Assoc. 1,139,214 61,532 1,223,133 117,640 61,532 1,340,773 1,402,305 232,281 2/93 2/93 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, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Clymer Park
Assoc 1,445,104 35,800 1,831,813 0 35,800 1,831,813 1,867,613 141,841 11/94 12/92 5-27.5
Cumberland
Wood 1,457,998 114,449 1,780,622 59,361 113,625 1,839,983 1,953,608 107,936 10/94 12/93 6-40
Davenport
Housing 3,131,544 223,889 6,598,309 25,630 223,889 6,623,939 6,847,828 857,325 2/94 10/93 7-27.5
Deer Run 719,606 30,000 1,536,783 0 30,000 1,536,783 1,566,783 224,441 3/93 8/93 5-27.5
Eastman
Elderly 1,187,160 80,000 1,428,172 23,947 36,900 1,452,119 1,489,019 178,054 10/93 12/92 5-27.5
Fairmeadow
Apts. 888,116 53,296 1,184,327 39,079 53,296 1,223,406 1,276,702 104,825 7/93 1/93 5-27.5
Falcon
Ridge 1,052,571 25,000 1,332,798 19,150 25,000 1,351,948 1,376,948 71,538 1/95 4/94 5-27.5
Gibson 914,089 30,290 1,138,786 350 30,290 1,139,136 1,169,426 132,418 6/93 12/92 5-27.5
- F-85 -
<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Greenfield 535,408 25,000 649,793 0 25,000 649,793 674,793 121,773 5/93 1/93 7-27.5
Greenwood 1,483,607 62,076 1,480,776 336,322 62,076 1,817,098 1,879,174 267,643 10/93 11/93 5-27.5
Harmony
House 1,482,213 57,000 1,764,438 14,574 57,000 1,779,012 1,836,012 191,453 7/93 11/92 5-27.5
Haynes
House 3,495,929 685,381 5,956,903 2,252,686 674,499 8,209,589 8,884,088 411,904 u/c 8/94 12-40
Holly Tree 889,327 58,900 1,069,733 5,446 58,900 1,075,179 1,134,079 175,296 2/93 11/92 5-27.5
Idabel
Prop. 1,393,760 50,000 1,791,971 0 50,000 1,791,971 1,841,971 260,304 12/93 4/93 5-25.5
Isola
Square 974,908 22,300 250,691 972,885 22,300 1,223,576 1,245,876 86,717 4/94 11/93 7-40
Joiner
Elderly 825,160 47,719 1,026,013 0 47,719 1,026,013 1,073,732 161,735 6/93 1/93 5-40
Lawrenceville
Manor 1,424,777 61,370 1,660,796 803 61,370 1,661,600 1,722,970 182,889 7/94 2/94 5-27.5
- F-86 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Lawtell
Manor 935,317 45,000 1,201,948 7,850 45,000 1,209,798 1,254,798 109,486 8/93 4/93 7-40
Logan
Lane 1,304,434 54,000 1,602,465 2,962 54,000 1,605,427 1,659,427 253,349 3/93 9/92 5-27.5
Mariners
Pointe
I &II 4,003,292 170,020 7,548,131 34,596 170,020 7,582,727 7,752,747 1,149,833 8/93 12/92 7-27.5
Meadows of
Southgate 2,338,538 252,000 4,575,879 0 252,000 4,575,879 4,827,879 268,116 5/94 7/93 12-40
Mendota
Village 1,987,883 136,140 2,421,001 0 136,140 2,421,001 2,557,141 200,501 5/93 12/92 5-50
Midcity 3,140,774 15,058 6,611,666 4,800 15,058 6,616,466 6,631,524 591,191 6/94 9/93 5-27.5
Newport
Housing 1,259,482 160,000 1,405,411 (3,274) 160,000 1,402,137 1,562,137 129,146 10/93 2/93 5-27.5
Newport
Manor 963,498 31,908 1,175,109 26,161 31,908 1,201,270 1,233,178 106,918 12/93 9/93 5-40
- F-87 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Palantine
LP 1,439,175 37,400 1,785,282 854 37,400 1,786,136 1,823,536 216,195 5/94 5/94 5-27.5
Riviera
Apts. 1,717,110 100,000 2,979,700 579,524 132,400 3,559,224 3,691,624 405,930 12/93 12/92 5-27.5
Sable
Chase 5,220,944 502,774 12,248,475 9,118 502,774 12,257,593 12,760,367 1,201,638 12/94 12/93 7-27.5
St.Croix
Commons 1,129,146 44,681 2,607,046 (666,994) 44,681 1,940,052 1,984,733 199,940 12/94 10/94 5-27.5
St. Joseph
SQ 964,859 37,500 1,167,702 473 37,500 1,168,175 1,205,675 104,191 9/93 5/93 5-40
Simmes-
port 956,744 60,000 1,171,005 772 60,000 1,171,777 1,231,777 108,976 6/93 4/93 7-40
Stony-
Ground 1,440,543 127,380 1,794,961 (3,650) 129,005 1,791,311 1,920,316 271,786 6/93 12/92 5-27.5
Summers-
ville 624,702 20,000 774,259 0 20,000 774,259 794,259 144,240 6/93 5/93 5-27.5
- F-88 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- -----------------------------------------------------------------------------------------------------------------------------
Talbot
Village 684,816 22,300 883,494 42 22,300 833,536 855,836 130,644 4/93 8/92 5-27.5
Tchula
Elderly 838,860 20,000 1,071,899 1,332 20,000 1,073,231 1,093,231 104,569 12/93 7/93 5-27.5
Toulumne
City 1,606,725 190,000 1,912,157 0 190,000 1,912,157 2,102,157 144,441 8/93 12/92 5-50
Turtle
Creek 854,522 23,141 1,113,511 2,485 23,141 1,115,996 1,139,137 175,359 10/93 5/93 7-40
Twin Oaks
Assoc. 1,478,071 45,000 1,776,674 7,868 45,000 1,784,542 1,829,542 178,224 9/93 12/92 5-27.5
Victoria
Pointe 1,450,728 153,865 1,437,570 352,716 128,900 1,790,286 1,919,186 143,997 1/95 10/94 5-27.5
Viste Linda
Apts. 2,513,808 143,253 2,961,671 898 143,253 2,962,569 3,105,822 373,093 12/93 1/93 5-27.5
Wakefield
Housing 1,268,043 88,564 1,480,003 1,399 88,564 1,481,402 1,569,966 163,934 2/93 9/92 10-40
- F-89 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
West End
Manor 995,844 52,300 1,188,913 (298) 52,300 1,188,615 1,240,915 183,687 5/93 5/93 5-27.5
Westchester
Oak Grove 1,239,211 38,010 2,281,529 40,049 35,000 2,321,578 2,356,578 411,482 4/93 12/92 5-27.5
Westchester
St. Joe 1,683,311 100,000 3,211,620 63,427 100,000 3,275,047 3,375,047 525,372 6/93 7/93 5-27.5
Westville
Prop. 725,358 25,000 912,139 0 25,000 912,139 937,139 147,127 7/93 2/93 5-25
Wilcox Inv.
Group 1,112,794 58,500 1,376,329 0 58,500 1,376,329 1,434,829 112,982 6/93 1/93 7-50
Woodlands
Apts 931,255 30,000 668,555 532,209 30,000 1,200,764 1,230,764 90,671 2/95 9/94 5-27.5
---------- --------- ----------- ---------- --------- ----------- ----------- ----------
84,645,408 5,211,834 128,989,299 5,911,982 5,104,842 134,901,282 140,006,124 14,936,359
========== ========= =========== ========== ========= =========== =========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
- F-90 -
</TABLE>
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-91 -<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............................$141,420,952
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 97,846
Other............................................ 0
-----------
$ 97,846
Deductions during period:
Cost of real estate sold.........................$ (1,512,675)
Other............................................ 0
-----------
$ (1,512,675)
-----------
Balance at close of period - 03/31/97............................$140,006,124
===========
- F-92 -<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund III L.P. - Series 16
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92........................$ 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
Current year additions*...............................$4,859,372
---------
Balance at close of period - 3/31/97..............................$14,936,359
==========
*-Total includes current year expense and amounts capatalized to building basis.
- F-93 -
<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, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Annadale
Housing 4,543,744 226,000 12,180,150 0 226,000 12,180,150 12,406,150 1,396,814 - - -
Artesia
Prop. 1,429,409 30,730 1,865,231 1,115 30,730 1,866,346 1,897,076 197,650 9/94 9/94 5-27.5
Aspen
Ridge 888,302 36,000 2,004,059 (939) 36,000 2,003,120 2,039,120 275,267 11/93 9/93 5-27.5
Bladen-
boro 1,021,728 16,000 1,213,015 (27,474) 16,000 1,185,541 1,201,541 71,813 7/95 3/95 5-27.5
Brewer
St. 1,210,441 0 2,296,514 14,880 0 2,311,394 2,311,394 348,595 7/93 6/93 5-27.5
Briarwood
Apts. 920,368 38,500 20,850 1,203,704 38,952 1,224,554 1,263,506 71,582 7/93 6/93 5-27.5
Briarwood
Village 1,135,894 42,594 1,418,259 0 42,594 1,418,259 1,460,853 159,812 5/94 10/93 5-27.5
- F-94 -
Boston Capital Tax Credit Fund III L.P. - Series 17
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Briarwood
Dekalb 1,605,843 96,000 2,943,443 15,207 96,000 2,958,650 3,054,650 226,990 6/94 10/93 5-40
Cairo
Housing 1,076,324 17,000 1,309,062 (873) 17,000 1,308,189 1,325,189 204,758 4/93 5/93 7-27.5
California
Inv VI 3,968,211 400,000 7,446,261 1,586 400,000 7,447,847 7,847,847 1,619,446 5/89 1/94 5-27.5
California
Inv VII 9,004,859 803,050 25,913,966 236,129 803,050 26,150,095 26,953,145 2,178,132 12/93 12/93 5-27.5
Cambridge
YMCA 2,638,126 95,200 5,135,233 2,141 95,200 5,137,374 5,232,574 713,026 12/93 4/93 5-27.5
Caneyville
Prop. 481,070 36,000 601,775 (13,800) 36,000 587,975 623,975 92,910 4/93 5/93 5-27.5
Clinton
Estates 742,356 47,533 891,872 0 47,533 891,872 939,405 87,981 12/94 12/94 5-27.5
Cloverport
Prop. 761,938 21,500 947,659 (7,038) 21,500 940,621 962,121 140,135 7/93 4/93 5-27.5
College
Green 3,791,301 225,000 6,774,847 37,748 225,000 6,812,595 7,037,595 434,810 8/95 3/95 5-27.5
- F-95 -<PAGE>
Boston Capital Tax Credit Fund III L.P.- Series 17
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Croften
Assoc. 810,301 46,511 961,097 0 46,511 961,097 1,007,608 85,972 3/93 4/93 5-27.5
Cypress
Point 2,956,048 265,000 4,794,440 16,572 265,000 4,811,012 5,076,012 303,985 12/94 2/94 5-27.5
Deerwood
Villlage 640,514 29,138 804,512 0 29,138 804,512 833,650 83,080 7/94 2/94 5-27.5
Doyle
Village 1,176,673 100,000 1,435,520 0 100,000 1,435,520 1,535,520 160,635 4/94 9/93 5-27.5
Gallaway
Assoc. 1,062,724 35,600 1,307,158 2,092 35,600 1,309,250 1,344,850 114,548 5/93 4/93 5-27.5
Glen-
Ridge 2,056,548 350,000 2,208,213 0 350,000 2,208,213 2,558,213 174,774 6/94 6/94 5-27.5
Green
Acres 1,232,302 173,447 1,366,874 0 173,447 1,366,874 1,540,321 151,328 1/95 11/94 5-27.5
Greenwood
Place 1,065,623 44,400 299,685 1,119,901 44,400 1,419,586 1,463,986 84,649 8/94 11/93 7-40
Hackley
Barclay 3,803,078 174,841 4,603,493 301,622 175,000 4,905,115 5,080,115 480,556 12/94 12/93 5-27.5
- F-96 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 17
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Henson
Creek 4,038,834 945,000 7,971,879 6,649 945,000 7,978,528 8,923,528 605,432 4/94 5/93 5-27.5
Hickman
Assoc. 543,802 24,000 673,642 0 24,000 673,642 697,642 51,364 12/93 11/93 5-27.5
Houston
Village 675,389 11,500 850,901 0 11,500 850,901 862,401 96,808 5/94 12/93 5-27.5
Ivywood 3,088,640 290,542 5,712,656 10,661 290,542 5,723,317 6,013,859 813,202 10/93 6/93 5-27.5
Jonestown
Manor 872,018 0 311,764 930,552 36,900 1,242,316 1,279,216 67,839 12/94 12/93 7-40
Largo
Center 3,892,268 1,012,500 7,262,001 20,000 1,012,500 7,282,001 8,294,501 494,459 6/94 3/93 5-27.5
Lee
Terrace 1,495,907 93,246 4,573 1,701,982 93,246 1,706,555 1,799,802 147,526 12/94 2/94 5-27.5
Midland 999,723 60,000 2,422,788 1,565 60,000 2,424,353 2,484,353 220,537 6/94 9/93 5-27.5
Mount
Vernon 2,335,842 200,000 3,141,984 (87,232) 200,000 3,054,752 3,254,752 263,602 12/88 2/89 5-27.5
- F-97 -
Boston Capital Tax Credit Fund III L.P. - Series 17
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Oakwood
of Bennet-
sville 882,841 60,000 1,074,857 2,524 60,000 1,077,381 1,137,381 153,550 12/93 9/93 5-27.5
Opelousas
Point 1,399,414 50,000 559,121 1,360,823 50,000 1,919,944 1,969,944 143,073 3/94 1/93 5-27.5
Palmetto
Villas 1,621,942 60,724 2,034,151 0 60,724 2,034,151 2,094,875 203,424 4/94 5/94 5-27.5
Park
Place II 1,183,754 112,000 1,408,102 1 112,000 1,408,103 1,520,103 163,265 4/94 2/94 7-27.5
Pinehurst 812,347 24,000 1,033,022 31,892 24,000 1,064,914 1,088,914 131,822 2/94 2/94 5-27.5
Quail
Village 887,250 30,450 1,060,273 2,468 30,450 1,062,741 1,093,191 108,447 2/94 9/93 7-27.5
Sea
Breeze 1,240,666 94,000 1,515,733 0 94,000 1,515,733 1,609,733 124,685 1/95 3/94 5-27.5
Shawnee
Village 1,260,000 182,786 2,347,227 17,532 182,786 2,364,759 2,547,545 416,718 10/92 2/93 7-27.5
Sixth
St. Apts 2,346,480 151,687 1,123,504 3,189,685 162,687 4,313,189 4,475,876 286,287 12/94 12/93 5-27.5
-F-98-<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 17
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ------------------------------------------------------------------------------------------------------------------------------
Skowhegan
Housing 1,725,054 100,000 2,121,472 43,625 100,000 2,165,097 2,265,097 218,374 6/94 9/93 5-27.5
Soledad 1,969,082 340,000 2,005,222 0 340,000 2,005,222 2,345,222 134,540 1/94 10/96 5-50
Sugarwood
Park 3,573,147 281,875 5,949,680 1,697 281,875 5,951,377 6,233,252 422,500 7/95 4/94 5-27.5
Voorhees-
ville 1,106,702 74,600 1,254,914 4,003 74,600 1,258,917 1,333,517 185,287 5/93 7/93 7-27.5
Waynesburg
Housing 1,503,621 169,200 2,113,822 49,846 18,100 2,163,668 2,181,768 75,496 12/95 7/94 5-27.5
White
Castle 780,073 84,800 948,687 810 84,800 949,497 1,034,297 93,781 5/94 6/94 27.5
---------- --------- ----------- ---------- --------- ----------- ----------- ----------
90,258,521 7,802,954 145,645,163 10,191,656 7,700,365 155,836,819 163,537,185 16,314,910
========== ========= =========== ========== ========= =========== =========== ==========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
- F-99 -
</TABLE>
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-100 -<PAGE>
Notes to Schedule III - continued
Boston Capital Tax Credit Fund III L.P. - Series 17
Reconciliation of Land Building & Improvements current year changes
Balance at close of period - 03/31/96............................$150,997,976
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 12,406,150
Improvements, etc................................ 133,058
Other............................................ 0
-----------
$ 12,539,208
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/97............................$163,537,185
===========
- F-101 -<PAGE>
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund III L.P. - Series 17
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/93.........................$ 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
Current year expense..................................$6,281,850
---------
Balance at close of period - 3/31/97..............................$16,314,910
==========
- F-102 -
<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, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Arch Devel-
opment 2,771,622 107,387 6,724,849 19,132 107,387 6,743,981 6,851,368 520,657 12/94 4/94 7-27.5
Aurora LP 1,422,546 65,000 1,704,709 2,517 65,000 1,707,226 1,772,226 260,939 9/93 6,93 5-27.5
Bear Creek
of Naples 4,967,259 488,011 8,884,145 1,722 491,639 8,885,867 9,377,506 865,623 4/95 3/94 5-27.5
Chatham LP 1,436,031 75,000 1,727,394 4,634 75,000 1,732,028 1,807,028 245,599 12/93 1/94 5-27.5
Chelsea
Square 301,393 21,000 939,281 0 21,000 939,281 960,281 61,280 12/94 8/94 7-34
Clarke
School 2,561,998 200,000 5,493,464 226,170 200,000 5,719,634 5,919,634 293,661 12/94 12/94 5-27.5
Ellijay
Rental 827,488 48,000 1,000,609 0 48,000 1,000,609 1,048,609 50,030 1/95 1/94 40
Evergreen
Hills 2,832,672 157,537 4,337,312 561,968 157,537 4,899,280 5,056,817 534,892 1/95 8/94 5-27.5
- F-103 -
Boston Capital Tax Credit Fund III L.P. - Series 18
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Glen
Place 1,249,800 60,610 3,489,218 (171,258) 60,610 3,317,960 3,378,570 305,559 6/94 4/94 5-27.5
Harris
Housing 1,340,429 200,000 266,624 2,513,186 160,000 2,779,810 2,939,810 78,664 11/95 6/94 5-27.5
Humboldt I 710,376 40,191 845,252 0 40,191 845,252 885,443 66,845 4/95 8/94 5-27.5
Jackson
Housing 868,707 30,250 1,080,272 (10,648) 30,250 1,069,624 1,099,874 99,459 6/94 1/94 5-27.5
Lakeview
Meadows II 1,642,076 88,920 2,775,712 0 88,920 2,775,712 2,864,632 182,602 5/94 8/93 5-27.5
Lanthrop
Properties 746,947 34,800 931,788 1,654 34,800 933,442 968,242 112,444 5/94 4/94 5-27.5
Leesville
Elderly 1,268,354 144,000 2,018,242 0 144,000 2,018,242 2,162,242 128,802 6/94 6/94 7-40
Lockport
Elderly 994,779 125,000 1,524,202 0 125,000 1,524,202 1,649,202 88,084 9/94 7/94 5-27.5
Maple Leaf
Apts. 1,155,850 22,860 1,355,390 7,866 22,860 1,363,256 1,386,116 78,894 12/94 8/94 5-27.5
- F-104 -
Boston Capital Tax Credit Fund III L.P. - Series 18
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Marengo
Park 735,876 50,010 886,695 0 50,010 886,695 936,705 111,008 3/94 10/93 5-27.5
Natchitoches
Elderly 969,552 50,000 1,634,279 10,000 50,000 1,644,279 1,694,279 84,155 12/94 6/94 7-40
Newton I 813,387 57,500 979,345 0 57,500 979,345 1,036,845 95,112 9/94 11/93 5-27.5
Oskaloosa I 485,330 32,000 589,423 476 32,000 589,899 621,899 56,464 9/94 11/93 5-27.5
Parvins LP 876,286 41,508 1,741,048 4,742 41,508 1,745,790 1,787,298 216,147 11/93 8/93 5-27.5
Peach
Tree LP 1,492,898 157,027 1,617,470 2,306 157,027 1,619,776 1,776,803 276,286 7/93 1/94 5-27.5
Ponderosa
Meadows 1,498,659 82,454 1,903,972 3,281 82,454 1,907,253 1,989,707 139,196 5/94 3/94 5-27.5
Preston
Wood 1,280,350 66,000 2,515,136 0 66,000 2,515,136 2,581,136 254,222 12/94 12/93 5-27.5
Richmond
Manor 1,050,188 54,944 1,285,522 265 54,944 1,285,787 1,340,731 155,756 6/94 6/94 5-27.5
Rio
Grande 2,294,897 96,480 2,999,680 3,506 96,480 3,003,186 3,099,666 223,567 5/94 6/94 5-27.5
- F-105 -
Boston Capital Tax Credit Fund III L.P.- Series 18
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Ripley
Housing 507,010 14,000 646,850 4,799 14,000 651,649 665,649 41,466 7/94 1/94 5-40
San Joaquin
Entpr. III 1,841,293 55,000 2,463,181 0 55,000 2,463,181 2,518,181 112,100 12/94 3/94 5-50
Troy Est. 701,094 45,000 826,432 8,633 45,000 835,065 880,065 112,433 1/94 12/93 5-27.5
Virginia
Avenue 1,372,124 121,238 3,510,339 5,299 121,238 3,515,638 3,636,876 326,179 10/94 10/94 5-27.5
Vista Loma 1,493,214 267,612 1,600,128 17,602 267,612 1,617,730 1,885,342 103,614 9/94 5/94 5-27.5
Vivian
Elderly 1,007,559 45,000 1,668,938 0 45,000 1,668,938 1,713,938 95,992 9/94 7/94 7-40
Westminister
Meadows 2,112,848 250,000 3,605,890 5,880 250,000 3,611,770 3,861,770 408,599 11/94 12/93 5-27.5
---------- --------- ---------- --------- --------- ---------- ---------- ---------
47,630,892 3,394,339 75,572,791 3,223,732 3,357,967 78,796,523 82,154,490 6,786,330
========== ========= ========== ========= ========= ========== ========== =========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31,
1996.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
- F-106 -
</TABLE>
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-107 -<PAGE>
Notes to Schedule III - continued
Boston Capital Tax Credit Fund III L.P. - Series 18
Reconciliation of Land Building & Improvements current year changes
Balance at close of period - 03/31/96............................$ 82,016,738
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 137,752
Other............................................ 0
-----------
$ 137,752
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/97............................$ 82,154,490
===========
- F-108 -<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
Current year expense..................................$3,000,815
---------
Balance at close of period - 3/31/97..............................$ 6,786,330
==========
- F-109 -
<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, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Ankeney
Housing 4,144,384 217,500 8,144,577 67,090 217,500 8,211,667 8,429,167 439,174 3/95 8/94 10-40
Carrollton
Villa 1,315,865 60,015 2,682,843 (36,705) 60,015 2,646,138 2,706,153 234,981 3/95 6/94 5-27.5
Clarke
School 2,561,998 200,000 5,493,464 226,170 200,000 5,719,634 5,919,634 293,661 12/94 12/94 12-40
Forest
Associates 666,962 13,900 396,391 459,318 13,900 855,709 869,609 325,830 3/78 4/95 5-27.5
Garden Gate,
Ft. Worth 5,882,264 678,867 2,532,572 6,342,121 678,867 8,874,693 9,553,560 606,819 5/95 5/95 5-27.5
Garden Gate,
Plano 7,379,150 689,318 844,673 8,463,933 689,318 9,308,606 9,997,924 630,002 3/95 2/94 5-27.5
Hebbronville
Apts. 522,191 50,711 650,002 0 50,711 650,002 700,713 44,525 4/94 12/93 7-40
Hollister
Inv. Group 1,747,061 400,000 1,906,641 (62,130) 400,000 1,844,511 2,244,511 62,241 5/95 3/95 5-50
- F-110 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 19
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Holts Summit
Square 1,320,544 110,373 524,966 2,033,800 110,373 2,558,766 2,669,139 232,489 12/94 6/94 5-27.5
Independence
Properties 860,855 38,500 503,166 517,210 38,500 1,020,376 1,058,876 73,502 12/94 6/94 5-40
Jefferson
Square 2,568,896 385,000 4,548,650 953 385,000 4,549,603 4,934,603 219,175 8/95 5/94 5-27.5
Jenny Lynn
Properties 808,393 65,000 958,809 7,000 65,000 965,809 1,030,809 90,367 9/94 1/94 5-27.5
Jeremy
Associates 3,682,888 522,890 6,954,516 0 522,890 6,954,516 7,477,406 113,288 12/95 6/96 5-27.5
Lone Star
Senior 617,540 20,492 835,453 0 20,492 835,453 855,945 53,731 5/94 12/93 7-40
Madison
L.P. 654,071 42,707 810,978 0 32,500 810,978 843,478 72,686 10/94 12/93 5-27.5
Manasura
Villa 970,372 20,254 301,687 990,944 25,000 1,292,631 1,317,631 45,086 8/95 5/94 5-27.5
Martindale
Apts. 687,611 40,270 861,032 0 40,270 861,032 901,302 63,766 1/94 12/93 7-40
- F-111 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 19
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Munford
Village 766,822 24,800 980,102 229 24,800 980,331 1,005,131 71,726 4/94 10/93 5-40
Northpointe
LP 4,788,505 371,000 9,834,451 1377 371,000 9,835,828 10,206,828 396,701 6/95 7/94 5-27.5
Sahale
Heights 863,752 72,000 1,062,350 110 72,000 1,062,460 1,134,460 109,462 6/94 1/94 5-27.5
Sherwood
Knoll 783,096 45,000 963,996 3097 45,000 967,093 1,012,093 71,921 4/94 10/93 5-40
Sugarwood
Park 3,573,147 281,875 5,949,680 1697 281,875 5,951,377 6,233,252 422,500 7/95 4/94 5-27.5
Summerset
Housing 942,924 68,665 1,160,825 (25,664) 68,665 1,135,161 1,203,826 44,970 11/95 1/94 7-27.5
Vista's
Associates 4,616,561 831,600 7,055,338 5,229 831,600 7,060,567 7,892,167 420,763 1/95 12/93 5-27.5
Wedgewood
Lane 1,004,645 85,000 1,106,604 5,050 85,000 1,111,654 1,196,654 77,339 9/94 6/94 5-40
- F-112 -<PAGE>
Boston Capital Tax Credit Fund III L.P. - Series 19
Schedule III - Real Estate and Accumulated Depreciation
March 31, 1997
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre- struct uired ciation
Description brances Land provements ments Land provements Total ciation Date Date Life
- ---------------------------------------------------------------------------------------------------------------------------
Willowood
Park 4,282,021 511,051 6,867,791 134,990 511,051 7,002,781 7,513,832 671,497 12/94 11/93 5-27.5
---------- --------- ---------- ---------- --------- ---------- ---------- ---------
58,012,518 5,519,041 73,931,557 19,135,820 5,841,327 93,067,377 98,908,704 5,888,202
========== ========= ========== ========== ========= ========== ========== =========
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December
31, 1996.
*Decrease due to a reallocation of acquisition costs.
There were no carrying costs as of December 31, 1996. The column has been omitted for presentation purposes.
- F-113 -
/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-114 -<PAGE>
Notes to Schedule III - continued
Boston Capital Tax Credit Fund III L.P. - Series 19
Reconciliation of Land Building & Improvements current year changes
Balance at close of period - 03/31/96............................$ 99,861,701
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 7,477,406
Improvements, etc................................ 594,800
Other............................................ 0
-----------
$ 8,072,206
Deductions during period:
Cost of real estate sold.........................$ (8,720,704)
Other............................................ (124,499)
-----------
$ (8,845,203)
-----------
Balance at close of period - 03/31/97............................$ 98,908,704
===========
- F-115 -<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
Current year expense..................................$2,591,856
---------
Balance at close of period - 3/31/97..............................$ 5,888,202
==========
- F-116 -
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