SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended March 31, 1998 or
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[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
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Commission file number 0-21718
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Boston Capital Tax Credit Fund III L.P.
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- -----
(Exact name of registrant as specified in its charter)
Massachusetts 52-1749505
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- -----------------------------
(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
----------------------------------
(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
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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
BOSTON CAPITAL TAX CREDIT FUND III L.P.
Form 10-K ANNUAL REPORT
FOR THE YEAR ENDED March 31, 1998
TABLE OF CONTENTS
PART I
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of
Security Holders
PART II
Item 5. Market for the 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
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, 1998, 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
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, 1998 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
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
Boston Capital Tax Credit Fund III L.P. - Series
15
PROPERTY PROFILES AS OF March 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
April Gardens Las Piedras,
Apts. III PR 32 $1,470,532 9/92 5/93 100% $
279,823
Autumwood Keysville,
Heights VA 40 1,348,908 8/92 1/93 100%
256,700
Barton Village Arlington,
Apartments GA 18 511,252 10/92 3/93 100%
101,154
Bergen Bergen,
Meadows NY 24 1,021,398 7/92 7/92 100%
199,420
Bridlewood Horse Cave,
Terrace KY 24 792,631 1/94 1/95 100%
167,679
Brunswick Lawrenceville,
Commons VA 24 826,669 3/92 9/92 100%
152,282
Buena Vista
Apartments, Union,
Phase II SC 44 1,456,325 3/92 1/92 100%
281,000
Calexico Calexico,
Senior Apts. CA 38 1,925,949 9/92 9/92 100%
366,220
Chestnut Altoona,
Hills Estates AL 24 744,304 9/92 9/92 100%
146,500
Columbia Camden,
Heights Apts. AR 32 1,297,011 10/92 9/93 100%
247,599
Coral Ridge Coralville,
Apartments IA 102 2,605,764 3/92 11/92 100%
2,257,827
Country
Meadows Sioux Falls,
II, III, IV SD 55 1,348,385 5/92 9/92 100%
1,220,825
Curwensville Curwensville,
House Apts. PA 28 1,217,911 9/92 7/93 100%
262,000
Deerfield Crewe,
Commons VA 39 1,231,999 4/92 6/92 100%
242,430
4
Boston Capital Tax Credit Fund III L.P. - Series
15
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
East Park Dilworth,
Apts. I MN 24 $ 499,433 6/94 1/94 100% $
406,100
Edgewood
Apts. Munfordville,
KY 24 789,035 6/92 8/92 100%
156,763
Golden Age Oak Grove,
Apts. MO 17 405,084 4/92 11/91 100%
84,410
Graham Graham,
Village Apts. NC 50 1,332,451 10/94 6/95 100%
919,461
Greentree Utica,
Apts. OH 24 686,246 4/94 10/75 100%
64,069
Greenwood Fort Gaines,
Village GA 24 676,781 8/92 5/93 100%
131,268
Hadley's
Lake East Machias
Apts. ME 18 1,041,877 9/92 1/93 100%
291,400
Hammond Westernport,
Heights Apts. MD 35 1,491,709 7/92 2/93 100%
327,944
Harrisonville Harrisonville,
Properties II MO 24 609,280 3/92 11/91 100%
144,004
Harvest Point Madison,
Apts. SD 30 1,202,188 3/95 12/94 100%
268,760
Hearthside II Portage,
MI 60 1,965,350 4/92 11/92 100%
1,153,620
5
Boston Capital Tax Credit Fund III L.P. - Series
15
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Heron's Lake Placid,
Landing I FL 37 $1,207,737 10/92 10/92 100% $
255,339
Hidden W. Pittsburg,
Cove CA 88 2,811,177 2/94 8/88 100%
200,000
Higginsville Higginsville,
Estates MO 24 628,694 3/92 3/91 100%
146,111
Kearney Kearney,
Estates MO 24 635,541 5/92 1/92 100%
138,103
Lakeside Lake Village
Apts. AR 32 1,221,983 8/94 8/95 100%
282,004
Lake View Lake View,
Green Apts. SC 24 889,507 3/92 7/92 100%
183,603
Laurelwood
Apartments, Winnsboro,
Phase II SC 32 1,070,660 3/92 2/92 100%
229,986
Lebanon
Properties Lebanon,
III MO 24 633,468 3/92 2/92 100%
152,171
Lebanon Spring Grove,
Village II VA 24 927,067 8/92 2/93 100%
169,000
Lilac Apts. Leitchfield,
KY 24 729,867 6/92 7/92 100%
148,015
Livingston Livingston,
Plaza TX 24 677,893 12/92 11/93 100%
176,534
6
Boston Capital Tax Credit Fund III L.P. - Series
15
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Manning Manning,
Lane Apts. SC 42 $1,474,883 8/92 3/93 100% $
296,436
Marshall Marshallville,
Lane Apts. GA 18 554,797 8/92 12/92 100%
114,200
Maryville Maryville,
Properties MO 24 719,677 5/92 3/92 100%
156,636
Meadow Grantsville,
View Apts. MD 36 1,489,870 5/92 2/93 100%
291,322
Millbrook Sanford,
Commons ME 16 923,043 6/92 11/92 100%
227,100
Monark Van Buren & Barling,
Homes AR 10 327,340 6/94 3/94 100%
239,800
North
Prairie Plainwell,
Manor Apts. MI 28 883,203 9/92 5/93 100%
206,820
North Trail Arkansas City,
Apts. KS 24 829,304 9/94 12/94 100%
194,118
Oakwood Century,
Village FL 39 1,110,433 5/92 5/92 100%
249,374
Osceola Osceola,
Estates Apts.IA 24 677,260 5/92 5/92 100%
161,325
Payson
Senior Payson,
Center Apts. AZ 39 1,489,891 8/92 8/92 100%
365,755
Rainier Mt. Rainier,
Manor Apts. MD 104 2,690,165 4/92 1/93 100%
1,095,382
Ridgeview Brainerd,
Apartments MN 24 863,431 3/92 1/92 100%
165,434
7
Boston Capital Tax Credit Fund III L.P. - Series
15
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -
- -----------------------------------------------------------------
- ---------
Rio Mimbres Deming,
II Apartments NM 24 $ 775,086 4/92 4/92 100%
$ 149,811
River Chase Wauchula,
Apts. FL 47 1,479,940 8/92 10/92 100%
322,944
Rolling
Brook Algonac,
III Apts. MI 26 828,540 6/92 11/92 100%
185,632
School St. Marshall,
Apts.Phase I WI 24 765,937 4/92 5/92 100%
666,025
Shenandoah Shenandoah,
Village PA 34 1,475,722 8/92 2/93 100%
317,136
Showboat Chesaning,
Manor Apts. MI 26 797,461 7/92 2/93 100%
178,084
Spring Creek Derby,
II Apts. KS 50 1,252,478 4/92 6/92 100%
1,060,282
Summit Ridge Palmdale,
Apartments CA 304 8,934,496 10/92 12/93 100%
5,639,000
Sunset Sq. Scottsboro,
Apts. AL 24 741,950 9/92 8/92 100%
143,900
Taylor Mill Hodgenville,
Apartments KY 24 769,646 4/92 5/92 100%
173,606
Timmons Lynchburg,
Village Apts. SC 18 623,526 5/92 7/92 100%
122,450
University Detroit,
Meadows MI 53 1,945,327 6/92 12/92 100%
1,676,750
Valatie Valatie,
Woods NY 32 1,380,952 6/92 4/92 100%
277,600
8
Boston Capital Tax Credit Fund III L.P. - Series 15
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Village Healdton,
Woods OK 24 $ 705,236 8/94 12/94 100% $
173,616
Urb. Corales
Villas de Hatillo,
Del Mar PR 32 1,467,376 8/92 8/92 100%
307,200
Virgen del
Pozo Garden Sabana Grande,
Apts. PR 70 3,339,391 8/92 7/93 100%
772,550
Weedpatch Weedpatch,
Country Apts. CA 36 1,977,464 1/94 9/94 100%
461,197
Whitewater Ideal,
Village Apts. GA 18 527,672 8/92 11/92 100%
108,000
Wood Park Arcadia,
Pointe FL 36 1,171,161 6/92 5/92 100%
243,672
9
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
1413
Leavenworth Omaha,
Apts. NE 60 $1,573,550 12/92 3/93 100%
$1,287,526
Abbey Nixa,
Orchards Apts. MO 48 1,531,290 3/94 6/94 100%
1,163,875
Abbey
Orchards Nixa,
Apts.II MO 56 1,106,299 8/94 7/94 100%
1,137,750
Bernice Bernice,
Villa Apts. LA 32 961,430 5/93 10/93 100%
200,476
Branch River Wakefield,
Commons Apts. NH 24 1,265,082 9/92 2/93 100%
246,105
Brunswick Lawrenceville,
Manor Apts. VA 40 1,421,154 2/94 7/94 100%
278,519
Canterfield Denmark,
Manor SC 20 769,742 11/92 1/93 100%
175,959
Cape Ann
YMCA Gloucester,
Community Ctr. MA 23 615,521 1/93 12/93 100%
693,132
Carriage Westville,
Park Village OK 24 721,771 2/93 7/93 100%
144,714
Cedar Brown City,
Trace Apts. MI 16 505,775 10/92 7/93 100%
102,500
Cielo Azul Aztec,
Apts. NM 30 1,018,990 5/93 5/93 100%
389,749
Clymer Clymer,
Park Apts. PA 32 1,444,636 12/92 11/94 100%
317,428
10
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Crystal Davenport,
Ridge Apts. IA 126 $3,103,590 10/93 2/94 100% $
3,032,972
Cumberland Middlesboro,
Woods Apts. KY 40 1,454,417 12/93 10/94 100%
412,700
Deer Run Warrenton,
Apts. NC 31 710,946 8/93 3/93 100%
572,200
Derry Round Borough of Derry,
House Court PA 26 1,134,690 2/93 2/93 100%
248,019
Fairmeadow Latta,
Apts. SC 24 885,753 1/93 7/93 100%
195,400
Falcon Beattyville,
Ridge Apts. KY 32 1,049,182 4/94 1/95 100%
247,200
Forest Butler,
Pointe Apts. GA 25 755,346 12/92 9/93 100%
162,397
Gibson Gibson,
Manor Apts. NC 24 910,256 12/92 6/93 100%
161,412
Greenfield Greenfield,
Properties MO 20 533,849 1/93 5/93 100%
126,046
Greenwood Mt. Pleasant,
Apts. PA 36 1,478,650 11/93 10/93 97%
352,000
Harmony Galax,
House Apts. VA 40 1,477,187 11/92 7/93 100%
285,588
Haynes House Roxbury,
Apartments MA 131 3,425,071 8/94 9/95 100%
1,955,670
Holly Tree Holly Hill,
Manor SC 24 887,097 11/92 2/93 100%
201,490
Isola Square Isola,
Apartments MS 32 972,440 11/93 4/94 100%
246,722
11
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Joiner Joiner,
Manor AR 25 $ 820,643 1/93 6/93 100%
$149,670
Landview Bentonia,
Manor MS 28 842,072 7/93 2/94 100%
190,109
Laurel Idabel,
Ridge Apts. OK 52 1,389,051 4/93 12/93 100%
282,606
Lawtell Lawtell,
Manor Apts. LA 32 930,662 4/93 8/93 100%
202,603
Logan Ridgeland,
Lane Apts SC 36 1,301,408 9/92 3/93 100%
274,750
Mariner's Milwaukee,
Pointe Apts WI 64 2,003,521 12/92 8/93 100%
1,684,121
Mariner's
Pointe Milwaukee,
Apts. II WI 52 1,961,491 12/92 8/93 100%
1,676,219
Meadows of Southgate,
Southgate MI 83 2,323,073 7/93 5/94 100%
1,716,000
Mendota Mendota,
Village Apts.CA 44 1,982,426 12/92 5/93 100%
438,300
Mid City Jersey City,
Apts. NJ 58 3,102,095 9/93 6/94 100%
3,097,210
Newport
Elderly Newport,
Apts. VT 24 1,252,686 2/93 10/93 100%
221,626
Newport Newport,
Manor Apts. TN 30 960,136 9/93 12/93 100%
204,863
Oak Forest Eastman,
Apts. GA 41 1,183,172 12/92 10/93 100%
251,269
12
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Parkwoods Anson,
Apts. ME 24 $1,285,580 12/92 9/93 100% $
320,206
Plantation Tchula,
Manor MS 28 836,162 7/93 12/93 100%
195,030
Ransom St. Blowing Rock,
Apartments NC 13 588,602 12/93 11/94 100%
104,197
Riviera Miami Beach,
Apts. FL 56 1,711,123 12/92 12/93 100%
1,442,978
Sable Chase McDonough,
of McDonough GA 222 5,145,068 12/93 12/94 100%
5,618,968
Simmesport Simmesport,
Square Apts. LA 32 951,657 4/93 6/93 100%
198,500
St. Croix Woodville,
Commons Apts. WI 40 1,113,590 10/94 12/94 60%
534,847
St. Joseph St. Joseph,
Square Apts. LA 32 961,599 5/93 9/93 100%
206,086
Summersville Summersville,
Estates MO 24 623,008 5/93 6/93 100%
157,976
Stony Ground St. Croix,
Villas VI 22 1,436,698 12/92 6/93 100%
358,414
Talbot Talbotton,
Village II GA 24 682,948 8/92 4/93 100%
129,683
Tan Yard
Branch Blairsville,
Apts. I GA 24 757,454 12/92 9/94 100%
151,154
Tan Yard
Branch Blairsville,
Apts. II GA 25 741,436 12/92 7/94 100%
144,304
13
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
The
Fitzgerald Plattsmouth,
Building NE 20 $ 697,900 12/93 12/93 100% $
924,780
The
Woodlands Tupper Lake,
NY 18 929,570 9/94 2/95 100%
214,045
Tuolumne
City Tuolumne,
Senior Apts. CA 30 1,606,725 12/92 8/93 100%
376,535
Turtle Monticello,
Creek Apts. AR 27 852,336 5/93 10/93 100%
185,392
Valley View Palatine Bridge,
Apartments NY 32 1,433,708 5/94 5/94 100%
326,870
Victoria North Port,
Pointe Apts. FL 42 1,447,234 10/94 1/95 100%
338,058
Vista Linda Sabana Grande,
Apartments PR 50 2,509,415 1/93 12/93 100%
435,530
West End Union,
Manor SC 28 993,128 5/93 5/93 100%
231,741
Westchester
Village Oak Grove,
of Oak Grove MO 33 1,217,182 12/92 4/93 100%
889,700
Westchester
Village of St. Joseph,
St. Joseph MO 60 1,632,404 7/93 6/93 100%
1,316,500
Willcox Willcox,
Senior Apts. AZ 30 1,106,534 1/93 6/93 100%
268,747
Woods Damascus,
Landing Apts.VA 40 1,473,132 12/92 9/93 100%
286,171
14
Boston Capital Tax Credit Fund III L.P. - Series
17
PROPERTY PROFILES AS OF March 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Annadale Fresno,
Apartments CA 222 $4,577,617 1/96 6/90 100% $
- -0-
Artesia Artesia,
Properties NM 40 1,423,532 9/94 9/94 100%
399,464
Aspen Ridge Omaha,
Apts. NE 42 873,002 9/93 11/93 100%
809,750
Briarwood Clio,
Apartments SC 24 917,416 12/93 8/94 100%
211,133
Briarwood
Apartments DeKalb,
of DeKalb IL 48 1,556,606 10/93 6/94 100%
1,041,834
Briarwood Buena Vista,
Village GA 38 1,133,273 10/93 5/94 100%
252,700
Brookwood Blue Springs,
Village MO 72 2,314,685 12/93 12/94 100%
1,629,100
Cairo Senior Cairo,
Housing NY 24 1,073,827 5/93 4/93 100%
201,711
Caney Creek Caneyville,
Apts. KY 16 479,633 5/93 4/93 100%
118,800
Central Cambridge,
House MA 128 2,561,302 4/93 12/93 100%
2,498,109
Clinton Clinton,
Estates MO 24 740,556 12/94 12/94 100%
162,717
Cloverport Cloverport,
Apts. KY 24 758,953 4/93 7/93 100%
174,575
College
Greene Chili,
Senior Apts. NY 110 2,781,020 3/95 8/95 100%
232,545
15
Boston Capital Tax Credit Fund III L.P. - Series
17
PROPERTY PROFILES AS OF March 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Crofton Crofton,
Manor Apts. KY 24 $ 807,528 4/93 3/93 100%
$ 168,420
Deerwood Adrian,
Village Apts.GA 20 638,923 2/94 7/94 100%
160,900
Doyle Darien,
Village GA 38 1,173,713 9/93 4/94 100%
235,509
Fuera Bush
Senior Fuera Bush,
Housing NY 24 1,103,720 7/93 5/93 100%
189,364
Gallaway Gallaway,
Manor Apts. TN 36 1,059,860 4/93 5/93 100%
221,432
Glenridge Bullhead City,
Apartments AZ 52 2,051,802 6/94 6/94 100%
520,500
Green Acres West Bath,
Estates ME 48 1,216,346 1/95 11/94 100%
135,849
Green Court Mt. Vernon,
Apartments NY 76 2,305,194 11/94 11/94 84%
964,813
Henson Fort Washington,
Creek Manor MD 105 4,008,753 5/93 4/94 100%
2,980,421
Hickman
Manor Hickman,
Apts. II KY 16 541,610 11/93 12/93 100%
134,094
Hill Bladenboro,
Estates, II NC 24 1,018,663 3/95 7/95 100%
132,300
Houston Alamo,
Village GA 24 673,690 12/93 5/94 100%
169,418
Isola Greenwood,
Square Apts. MS 36 1,063,598 11/93 8/94 100%
304,556
16
Boston Capital Tax Credit Fund III L.P. - Series
17
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Ivywood Smyrna,
Park Apts. GA 106 $3,051,181 6/93 10/93 100%
$2,093,847
Jonestown Jonestown,
Manor Apts. MS 28 869,905 12/93 12/94 100%
243,605
Largo Ctr. Largo,
Apartments MD 100 3,862,987 3/93 6/94 100%
2,753,475
Laurel Naples,
Ridge Apts. FL 78 2,952,184 2/94 12/94 100%
1,788,844
Lee Terrace Pennington Gap,
Apartments VA 40 1,492,281 2/94 12/94 100%
288,268
Maplewood Union City,
Park Apts. GA 110 3,549,760 4/94 7/95 100%
1,416,091
Oakwood
Manor of Bennettsville,
Bennettsville SC 24 880,315 9/93 12/93 100%
189,200
Opelousas Opelousas,
Point Apts. LA 44 1,394,818 11/93 3/94 100%
439,277
Orchard Beaumont,
Park CA 144 3,919,367 1/94 5/89 100%
250,000
Palmetto Palmetto,
Villas FL 49 1,615,004 5/94 4/94 100%
421,795
Park Lehigh Acres,
Place FL 36 1,180,200 2/94 5/94 100%
283,687
Pinehurst Farwell,
Senior Apts. MI 24 811,185 2/94 2/94 100%
183,176
Quail Reedsville,
Village GA 31 884,336 9/93 2/94 100%
171,855
Royale Glen Muskegon,
Townhomes MI 79 3,686,381 12/93 12/94 100%
909,231
17
Boston Capital Tax Credit Fund III L.P. - Series
17
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Seabreeze Inglis,
Manor FL 37 $1,237,696 3/94 1/95 100%
$ 294,387
Soledad Soledad,
Senior Apts. CA 40 1,962,504 10/93 1/94 100%
407,894
Stratford Midland,
Place MI 53 978,259 9/93 6/94 100%
892,915
Summit Palmdale,
Ridge Apt. CA 304 8,934,496 12/93 12/93 100%
5,191,039
Villa West Topeka,
V Apartments KS 52 1,239,879 2/93 10/92 100%
902,700
Waynesburg Waynesburg,
House Apts. PA 34 1,500,200 7/94 12/95 100%
501,140
West Front Skowhegan,
Residence ME 30 1,708,870 9/94 8/94 100%
487,390
West Oaks Raleigh,
Apartments NC 50 1,201,077 6/93 7/93 100%
811,994
White White Castle,
Castle Manor LA 24 778,284 6/94 5/94 100%
198,684
18
Boston Capital Tax Credit Fund III L.P. - Series
18
PROPERTY PROFILES AS OF March 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Arch Boston,
Apartments MA 75 $2,612,884 4/94 12/94 100%
$3,017,845
Bear Creek Naples,
Apartments FL 118 4,920,780 3/94 4/95 100%
3,586,687
Briarwood Humbolt,
Apartments IA 20 710,499 8/94 4/95 100%
162,536
California San Joaquin,
Apartments CA 42 1,835,545 3/94 12/94 100%
519,100
Chatham Chatham,
Manor NY 32 1,428,426 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 2,553,154 12/94 12/94 100%
1,804,536
Cox Creek Ellijay,
Apartments GA 25 826,339 1/94 1/95 100%
214,824
Evergreen Macedon,
Hills Apts. NY 72 2,819,733 8/94 1/95 100%
1,464,564
Glen Place Duluth,
Apartments MN 35 1,235,919 4/94 6/94 100%
1,328,621
Harris Music West Palm Beach,
Building FL 38 1,329,732 6/94 11/95 100%
749,953
Kristine Bakersfield,
Apartments CA 60 1,357,598 10/94 10/94 100%
1,636,293
Lakeview Battle Creek,
Meadows II MI 60 1,631,579 8/93 5/94 100%
1,029,000
19
Boston Capital Tax Credit Fund III L.P. - Series
18
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Lathrop Lathrop,
Properties MO 24 $ 744,307 4/94 5/94 100%
$ 171,579
Leesville Leesville,
Elderly Apts.LA 54 1,255,777 6/94 6/94 100%
776,500
Lockport Lockport,
Seniors Apts.LA 40 985,098 7/94 9/94 100%
595,439
Maple Leaf Franklinville,
Apartments NY 24 1,105,876 8/94 12/94 100%
296,587
Maple Aurora,
Terrace NY 32 1,416,725 9/93 9/93 100%
279,988
Marengo Marengo,
Park Apts. IA 24 733,421 10/93 3/94 100%
133,552
Meadowbrook Oskaloosa,
Apartments IA 16 484,154 11/93 9/94 100%
96,908
Meadows Show Low,
Apartments AZ 40 1,494,891 3/94 5/94 100%
420,302
Natchitoches
Senior Natchitoches,
Apartments LA 40 962,038 6/94 12/94 100%
644,175
Newton Newton,
Plaza Apts. IA 24 811,403 11/93 9/94 100%
166,441
Oakhaven Ripley,
Apartments MS 24 504,829 1/94 7/94 100%
116,860
Parvin's
Branch Vineland,
Townhouses NJ 24 855,899 8/93 11/93 100%
761,856
20
Boston Capital Tax Credit Fund III L.P. - Series
18
PROPERTY PROFILES AS OF March 31, 1998
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Peach Tree Felton,
Apartments DE 32 $1,488,901 1/94 7/93 100% $
206,100
Pepperton Jackson,
Villas GA 29 866,522 1/94 6/94 100%
222,762
Prestonwood Bentonville,
Apartments AR 62 1,207,101 12/93 12/94 100%
1,067,200
Richmond Richmond,
Manor MO 36 1,034,866 6/94 6/94 100%
231,593
Rio Grande Eagle Pass,
Apartments TX 100 2,277,660 6/94 5/94 100%
666,840
Troy Troy,
Estates MO 24 698,219 12/93 1/94 100%
159,007
Vista Loma Bullhead City,
Apartments AZ 41 1,609,548 5/94 9/94 100%
465,650
Vivian Vivian,
Seniors Apts. LA 40 998,036 7/94 9/94 100%
625,691
Westminster
Meadow Grand Rapids,
Apartments MI 64 2,099,908 12/93 11/94 100%
1,378,000
21
Boston Capital Tax Credit Fund III L.P. - Series
19
PROPERTY PROFILES AS OF March 31, 1998
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Callaway Holt's Summit,
Villa MO 48 $1,294,714 6/94 12/94 100% $
1,181,010
Carrollton Carrollton,
Villa MO 48 1,289,993 6/94 3/95 100%
1,121,758
Clarke Newport,
School RI 56 2,553,154 12/94 12/94 100%
1,153,719
Coopers Irving,
Crossing TX 93 3,794,626 6/96 12/95 100%
1,716,000
Delaware
Crossing Ankeny,
Apartments IA 152 3,702,186 8/94 3/95 100%
3,337,884
Garden Gate Forth Worth,
Apartments TX 240 5,839,879 2/94 4/95 100%
3,526,605
Garden Gate Plano,
Apartments TX 240 7,325,979 2/94 5/95 100%
3,116,064
Hebbronville Hebbronville,
Senior TX 20 520,486 12/93 4/94 100%
82,592
Jefferson Denver,
Square CO 64 2,547,818 5/94 8/95 100%
1,705,351
Jenny Lynn Morgantown,
Apts. KY 24 806,172 1/94 9/94 100%
182,800
Lone Star Lone Star,
Senior TX 24 615,597 12/93 5/94 100%
138,740
Mansura
Villa II Mansura,
Apartments LA 32 967,493 5/94 8/95 100%
227,910
Maplewood Union City,
Park Apts. GA 110 3,549,760 4/94 7/95 100%
1,416,091
Martindale Martindale,
Apts. TX 24 684,833 12/93 1/94 100%
154,790
22
Boston Capital Tax Credit Fund III L.P. - Series
19
PROPERTY PROFILES AS OF March 31, 1998
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/97 Date Comp. 3/31/98
3/31/98
- -----------------------------------------------------------------
- ----------
Munford Munford,
Village AL 24 $ 764,418 10/93 4/94 100% $
165,800
Northpoint Kansas City,
Commons MO 158 4,751,980 7/94 6/95 100%
2,124,024
Poplar Madison,
Ridge Apts. VA 16 664,872 12/93 10/94 100%
124,704
Prospect
Villa III Hollister,
Apartments CA 30 1,743,304 3/95 5/95 100%
499,104
Sahale
Heights Elizabethtown,
Apts. KY 24 858,298 1/94 6/94 100%
238,600
Seville Forest Village,
Apartments OH 24 665,237 3/94 3/78 100%
47,780
Sherwood Rainsville,
Knoll AL 24 781,126 10/93 4/94 100%
162,500
Summerset Swainsboro,
Apartments GA 30 960,190 1/94 11/95 100%
223,029
Tanglewood Lawrenceville,
Apartments GA 130 4,251,341 11/93 12/94 100%
3,020,840
Village Independence,
North I KS 24 858,246 6/94 12/94 100%
190,471
Vistas at Largo,
Lake Largo MD 110 3,286,144 12/93 1/95 100%
2,833,420
Wedgewood
Lane Cedar City,
Apartments UT 24 1,002,164 6/94 9/94 100%
262,800
23
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Security Holders
None.
24
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, 1998, the Fund has 14,048 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
3,678
investors holding 5,429,402 BACs, Series 17 consists of
3,098
investors holding 5,000,000 BACs, Series 18 consists of
2,132
investors holding 3,616,200 BACs, and Series 19
consists of
2,530 investors holding 4,080,000 BACs at March 31,
1998.
(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, 1998.
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
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, 1994 through March
31,
1998. 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,
1998 1997 1996 1995
1994
-------- -------- -------- --------
- --------
Interest &
Other Income $ 341,565 $ 555,991 $ 1,034,800 $ 2,200,432
$ 2,380,436
Share of Loss
of Operating
Partnerships (13,145,436) (15,051,842) (14,435,496)
(10,794,203) (4,998,241)
Operating Exp. (2,938,230) (3,210,372) (3,313,615)
(3,739,460) (2,585,806)
----------- ----------- ---------- -----------
- ----------
Net Loss
$(15,742,101)$(17,706,223)$(16,714,311)$(12,333,231)$(5,203,611)
=========== =========== ========== ===========
==========
Net Loss
per BAC $ (.72) $ (.80)$ (.75)$
(.56)$ (.31)
=========== =========== ========== ===========
==========
As of As of As of As of
As of
March 31, March 31, March 31, March
31, March 31,
1998 1997 1996 1995
1994
-------- -------- -------- --------
- --------
Balance Sheet
- -------------
Total Assets $131,189,787 $145,845,635 $167,285,510 $202,894,304
$215,591,233
=========== =========== =========== ===========
===========
Total Liab. $ 11,434,028 $ 10,350,261 $ 14,069,497 $ 33,078,601
$ 33,263,599
Partners' =========== =========== =========== ===========
===========
Capital $119,755,759 $135,495,374 $153,216,013 $169,815,703
$182,327,634
=========== =========== =========== ===========
===========
Other Data
- ----------
Tax Credits per BAC for the Investors Tax
Year, the Twelve Months Ended December
31, 1997, 1996, 1995, 1994 and 1993*
$ 1.39 $ 1.37 $ 1.26 $ .66
$ .42
=========== =========== =========== ===========
==========
* 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
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, 1998 were
$2,123,686, and total
fund management fees accrued as of March 31, 1998 were
$8,503,618. 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,
1996, 1997 and 1998 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. The Fund 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
During the fiscal year ended March 31, 1998, the Fund used
$145,068
of Series 15 net offering proceeds to pay additional installments
of its capital contributions to 3 Operating Partnerships. As of
March 31,
1998 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 65 of the 68
Operating
Partnerships. Series 15 has $32,922 in capital contributions
that remain
to be paid to the other 3 Operating Partnerships.
(Series 16). The Fund commenced offering BACs in Series 16 on
July 10,
1992. The Fund 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, 1998, the Fund used
$9,914
of Series 16 net offering proceeds to pay additional installments
of its capital contributions to 2 Operating Partnerships. As
of March 31, 1998 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 57 of the 64
Operating
Partnerships. Series 16 has $145,311 in capital contributions
that remain
to be paid to the other 7 Operating Partnerships.
(Series 17). The Fund commenced offering BACs in Series 17 on
January
24, 1993. The Fund 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, 1998, the Fund used
$93,935
of Series 17 net offering proceeds to pay additional installments
of its
capital contributions to 3 Operating Partnerships. As of March
31, 1998
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 41 of the 49 Operating Partnerships.
Series 17 has
$1,367,195 in capital contributions that remain to be paid to the
other
8 Operating Partnerships.
(Series 18). The Fund commenced offering BACs in Series 18 on
June 17,
1993. The Fund 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
During the fiscal year ended March 31, 1998, the Fund used
$38,320
of Series 18 net offering proceeds to pay additional installments
of its capital contributions to 1 Operating Partnership. As of
March
31, 1998 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 30 of the 34
Operating
Partnerships. Series 18 has $717,635 in capital contributions
that remain
to be paid to the other 4 Operating Partnerships.
(Series 19). The Fund commenced offering BACs in Series 19 on
October 8,
1993. The Fund 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, 1998, the Fund used
$147,623
of Series 19 net offering proceeds to pay initial installments of
its
capital contributions to 4 Operating Partnerships. As of March
31, 1998
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 23 of the 26 Operating Partnerships.
Series 19 has
$463,000 in capital contributions that remain to be paid to the
other 3
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, 1998 and 1997 was $2,092,597 and
$2,253,062,
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, 1998 and 1997, the average
Qualified
Occupancy for the series was 100%. The series had a total of 68
properties at March 31, 1998, all of which were at 100% qualified
occupancy.
29
For the tax years ended December 31, 1997 and 1996, the series,
in total,
generated $3,152,374 and $3,647,435, respectively, in passive
income tax
losses that were passed through to the investors and also
provided $1.47 per year for 1997 and 1996 in tax credits per BAC
to the investors.
As of March 31, 1998 and 1997 the Investments in Operating
Partnerships
for Series 15 was $16,246,406, and $18,675,081 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, 1997 and 1996 the Operating
Partnerships reflected a net income of $732,970 and $468,378,
respectively, when adjusted for depreciation which is a non-cash
item.
California Investors VII Limited Partnership (Summit Ridge
Apartments) continues to operate at a deficit due to high
operating expenses and a competitive rental market. The Operating
Partnership closed on a debt refinancing in the fourth quarter of
1996 which had a material affect on debt service in 1997. The
reduction in debt service, slowly improving occupancy and
management's efforts to control operating expenses should permit
the property to positively cash flow in 1998.
During the first quarter of 1998 occupancy for Hidden Cove
began to drop slightly and accounts receivable from tenants
started to rise. A resulting site visit to the property revealed
poor maintenance upkeep by the management company. As a result,
the general partner is in the process of hiring a new management
company.
The Operating General Partner of School Street Limited
Partnership I (School Street Apartments Phase 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 during 1997. In the transition,
occupancies suffered and as a result, a leasing agent has been
hired by the new Operating General Partner to rent the vacant
units. It is anticipated that all units will be fully leased by
the end of the third quarter. In addition the general partner
hired a new managing agent in the second quarter of 1998, and
will be filing refinancing applications with the lender by year
end to further improve operations.
(Series 16). As of March 31, 1998 and 1997, the average
Qualified
Occupancy for the series was 99.9% and 99.0%, respectively. The
series had a
total of 64 properties at March 31, 1998. Out of the total, 63
were at 100%
qualified occupancy.
For the tax years ended December 31, 1997 and 1996, the series,
in total,
generated $3,554,840 and $4,236,913, respectively, in passive
income tax
losses that were passed through to the investors and also
provided $1.40 and
$1.41 respectively, in tax credits per BAC to the investors.
30
As of March 31, 1998 and 1997 the Investments in Operating
Partnerships
for Series 16 was $30,777,843 and $33,987,844, 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, 1997 and 1996 the Operating
Partnerships reflected a net income of $1,510,441 and $1,866,459,
respectively, when adjusted for depreciation which is a non-cash
item.
The Operating General Partner of Mariner's Pointe Limited
Partnership I and Mariner's Pointe Limited Partnership II
(Mariner's Pointe Apartment and Mariners's Pointe Apartments II)
pledged his general partner interest to an unaffiliated lending
institution in violation of the partnership agreement. As this
was a violation of the terms of the partnership agreement, the
Operating General Partner and management agent were removed and
replaced during 1997. The property operated with deficits during
1997 due to vacancies, uncollected rents and high operating
expenses. The new management company has been focusing on
reducing the property's operating expenses and reducing
vacancies. As a result the property is operating above break-even
in the second quarter of 1998 and average occupancy is at 99%.
In addition the general partner will be filing refinancing
applications with the lender by year-end to further improve
operations.
(Series 17). As of March 31, 1998 and 1997, the average
Qualified
Occupancy for the Series was 99.7%. The series had a total of 49
properties at March 31, 1998. Out of the total 48 were at 100%
qualified occupancy.
For the tax years ended December 31, 1997 and 1996, the series,
in total,
generated $4,130,583 and $4,183,368, respectively, in passive
income tax
losses that were passed through to the investors and also
provided $1.40 for each year in tax credits per BAC to the
investors.
As of March 31, 1998 and 1997 the Investments in Operating
Partnerships
for Series 17 was $27,762,778 and $30,804,793, 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, 1997 and 1996 the Operating
Partnerships reflected a net loss of $1,392,098 and $183,610,
respectively, when adjusted for depreciation which is a non-cash
item. The current year loss resulted from the operations of an
Operating Partnership in which Series 17 only holds a 5.9%
interest. Series 17's allocation of the total loss adjusted for
its portion of depreciation results in positive operations for
1997.
31
Annadale Housing Partners (Annadale Apartments) has reported
net losses due to operational issues associated with the
property. Although occupancy has stabilized, economic factors
relevant to the marketplace prevent the necessary rental income
to be generated to cover the operational expenses. Occupancy is
at 93% as of March 31, 1998.
California Investors VII Limited Partnership (Summit Ridge
Apartments) continues to operate at a deficit due to high
operating expenses and a competitive rental market. The Operating
Partnership closed on a debt refinancing in the fourth quarter of
1996 which had a material affect on debt service in 1997. The
reduction in debt service, slowly improving occupancy and
management's efforts to control operating expenses should permit
the property to positively cash flow in 1998.
The property owned by California Investors VI L.P. (Orchard
Park) continues to suffer from physical occupancy issues.
Occupancy at March 31, 1998 was at 86%. The occupancy problem
appears to be related to the marketplace, but the management
agent has replaced the site manager in hopes that changes in
personnel will stimulate new interest in the property.
Management continues to be aggressive with marketing the property
and conducting active outreach. The curb appeal of the property
has improved with the capital repairs completed to the property
in 1997.
(Series 18). As of March 31, 1998 and 1997, the average
Qualified Occupancy for the series was 100% and 99.9%,
respectively. The series had a total of 34 properties at March
31, 1998 all of which were at 100% qualified occupancy.
For the tax years ended December 31, 1997 and 1996, the series,
in total,
generated $2,880,821 and $3,122,862, respectively, in passive
income tax
losses that were passed through to the investors and also
provided $1.33 per year for 1997 and 1996 in tax credits per BAC
to the investors.
As of March 31, 1998 and 1997, the Investments in Operating
Partnerships for
Series 18 was $20,921,603 and $23,513,680, 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, 1997 and 1996 the Operating
Partnerships reflected a net income of $86,263 and $168,510,
respectively, when adjusted for depreciation which is a non-cash
item.
In August 1996 the General Partner was notified that Virginia
Avenue Affordable Limited Partnership (Kristine Apartments) was
named as defendant in a land encroachment complaint. Initial
efforts to settle the complaint were unsuccessful, but recently
the parties reached a tentative settlement agreement by which the
operating partnership would receive an appropriate quit claim
deed and other title related documents confirming the
partnership's interest in the disputed property.
32
(Series 19). As of March 31, 1998 and 1997, the average
Qualified Occupancy for the series was 100%. The series had a
total of 26 properties at March 31, 1998, all of which were at
100% qualified occupancy.
For the tax year ended December 31, 1997 and 1996, the series,
in total,
generated $2,288,770 and $3,660,628, respectively, in passive
income tax losses that were passed through to the investors and
also provided $1.33 and $1.24, respectively, in tax credits per
BAC to the investors.
As of March 31, 1998 and 1997 the Investments in Operating
Partnerships
for Series 19 was $25,323,640 and $27,405,515, 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, 1997 and 1996 the Operating
Partnerships reflected a net income of $574,999 and $69,927,
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 1997.
Recent Accounting Statements Not Yet Adopted
- --------------------------------------------
On March 31, 1997, the fund adopted Statement of Financial
Accounting Standards ("SFAS") No. 128, "Earnings per Share" and
SFAS No. 129, "Disclosure of Information about Capital
Structure." SFAS No. 128 provides accounting and reporting
standards for the amount of earnings per share. SFAS No. 129
requires the disclosure in summary form within the financial
statements of pertinent rights and privileges of the various
securities outstanding. The implementation of these standards
has not materially affected the partnership's financial
statements.
In June 1997, the Financial Accounting Standards Board issued
SFAS No. 130, "Reporting Comprehensive Income" and SFAS No. 131,
"Disclosures about Segments of an Enterprise and Related
Information." In February 1998, the Financial Accounting
Standards Board issued SFAS No. 132, "Employees' Disclosures
about Pensions and Other Post-retirement Benefits." SFAS No. 130
is effective for years beginning after December 15, 1997. SFAS
No. 131 and No. 132 are effective for years beginning after
December 31, 1997 and early adoption is encouraged.
The fund does not have any items of other comprehensive income,
does not have other segments of its business or when to report,
and does not have any pensions or other post-retirement benefits.
Consequently, these pronouncements are expected to have no effect
on the fund's financial statements.
33
Boston Capital and its management have reviewed the potential
computer problems that may arise from the century date change
known as the "Year 2000"or "Y2K" problem. We are currently in
the process of taking the necessary precautions to minimize any
disruptions. The majority of Boston Capital's systems are "Y2K"
compliant. For all remaining systems we have contacted the
vendors to provide us with the necessary upgrades and
replacements. Boston Capital is committed to ensuring that the
"Y2K" issue will have no impact on our investors.
Item 8. Financial Statements and Supplementary Data
The information required by this item is contained in
Part IV, Item
14 of this Annual Report on Form 10-K.
Item 9. Changes in and Disagreements with Accountants on
Accounting and
Financial Disclosure
None.
34
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 68, is co-founder and Chairman of the
Board of Boston Capital Corporation. Nominated by President
Clinton and confirmed by the United States Senate, Mr. Collins
served as the Republican private sector member of the Thrift
Depositor Protection Oversight Board. During 1990 and 1991 he
served as Chairman of the Board of Directors for the Federal Home
Loan Bank of Boston, a 314-member, $12 billion central bank in
New England. Mr. Collins is the co-founder and past President of
the Coalition for Rural Housing and Development. In the 1980s he
served as Chairman of the Massachusetts Housing Policy Commission
to evaluate current programs and recommend future housing policy.
Additionally, he served as a member of the Board of Directors of
the Metropolitan Boston Housing Partnership and on the Mitchell-
Danforth Task Force, which helped structure the 1990 federal Tax
Credit legislation. Mr. Collins also is a past Member of the
Board of Directors of the National Leased Housing Association and
has served as a member of the U. S. Conference of Mayors Task
Force on "HUD and the cities: 1995 and Beyond." Mr. Collins also
was a member of the Fannie Mae Housing Impact Advisory Council
and the Republican Housing Opportunity Caucus. He is Chairman of
the Business Advisory Council and a member of the National
Council of State Housing Agencies Tax Credit Commission. Mr.
Collins graduated from Harvard College. President Bush appointed
him to the President's Advisory Committee on the Arts at the John
F. Kennedy Center for the Performing Arts. He is a leader in the
civic community, serving on the Boards of Youthbuild Boston, the
Pine Inn and I Have a Dream Foundation.
John P. Manning, age 50, is co-founder, President and Chief
Executive Officer of Boston Capital Partners, Inc., where he is
responsible for strategic planning, business development and
corporate investor relations. In addition to his
responsibilities at Boston Capital, Mr. Manning is a proactive
leader in the industry. He served in 1990 as a member of the
Mitchell-Danforth Task Force, to review and reform the Low Income
Housing Tax Credit. He was the founding President of the
Affordable Housing Tax Credit Coalition, is a member of the board
of the National Leased Housing Association and sits on the
Advisory Board of the publication Housing and Development
Reporter. During the 1980s he served as a member of the
Massachusetts Housing Policy Committee, as an appointee of the
Governor of Massachusetts. In addition, Mr. Manning has
testified before the U.S. House Ways and Means Committee and the
U.S. Senate Finance Committee, on the critical role of the
private sector in the success of the Low Income Housing Tax
Credit Program.
In 1996, President Clinton appointed him to the President's
Advisory Committee
35
on the Arts at the John F. Kennedy Center for the Performing
Arts. Mr. Manning also is a leader in the civic community,
serving on the Boards of
Youthbuild Boston and the Pine Street Inn. Mr. Manning is a
graduate of Boston College.
Richard J. DeAgazio, age 53, is Executive Vice President of
Boston Capital Partners, Inc., and is President of Boston Capital
Services, Inc. Mr. DeAgazio serves on the national Board of
Governors of the National Association of Securities Dealers
(NASD), was the Vice Chairman of the NASD's District 11
Committee, and serves on the NASD's national Business Conduct
Committee, the State Liaison Committee and the Direct
Participation Program Committee. He is a founder and past
President of the National Real Estate Investment Association,
past President of the Real Estate Securities and Syndication
Institute (Massachusetts Chapter) and the Real Estate Investment
Association. Prior to joining Boston Capital in 1981, Mr.
DeAgazio was the Senior Vice President and Director of the
Brokerage Division of Dresdner Securities (USA), Inc., an
international investment banking firm owned by four major
European banks, and was a Vice President of Burgess &
Leith/Advest. He has been a member of the Boston Stock Exchange
since 1967. He is a leader in the community and serves on the
Business Leaders Council of the Boston Symphony, Board of
Advisors for the Ron Burton Training Village and is on the Board
of Corporators of Northeastern University. He graduated from
Northeastern University.
Christopher W. Collins, age 43, is an Executive Vice President
and a principal of Boston Capital Partners, Inc., and is
responsible for, among other areas, overseeing the investment
portfolio of funds sponsored by Boston Capital and the
acquisition of real estate investments on behalf of such funds.
Mr. Collins has had extensive experience in real estate
development activities, having founded and directed the American
Development Group, a comprehensive real estate development firm,
and has also had extensive experience in the area of acquiring
real estate investments. He is on the Board of Directors of the
National Multi-Housing Council and a member of the Massachusetts
Housing Finance Agency Multi-Family Advisory Committee. He
graduated from the University of New Hampshire.
Anthony A. Nickas, age 38, is Chief Financial Officer of Boston
Capital Partners, Inc., and serves on the firm's Operating
Committee. He has twelve years of experience in the accounting
and finance field and has supervised the financial aspects of
Boston Capital's project development and property management
affiliates. Prior to joining Boston Capital in 1987, he was
Assistant Director of Accounting and Financial Reporting for the
Yankee Companies, Inc., and was an Audit Supervisor for Wolf &
Company of Massachusetts, P.C., a regional certified public
accounting firm based in Boston. He graduated with honors from
Norwich University.
(f) Involvement in certain legal proceedings.
None.
36
(g) Promoters and control persons.
None.
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 1998 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, 1998 was $2,092,597.
2. The Fund has reimbursed an affiliate of the General Partner
a total
of $146,996 for amounts charged to operations during the year
ended March
31, 1998. The reimbursement includes, but may not be limited to
postage,
printing, travel, and overhead allocations.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Security ownership of certain beneficial owners.
As of March 31, 1998, 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
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 April 1, 1995 through March 31, 1998.
(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
PART IV
-------
Item 14. Exhibits, Financial Statement Schedules, and Reports
on
Form 8-K
(a) 1 and 2. Financial Statements and Financial Statement
Schedules
Independent Auditors' Report
Balance Sheets, March 31, 1998 and 1997
Statements of Operations for the years ended March 31,
1998, 1997 and 1996.
Statements of Changes in Partners' Capital for the years
ended
March 31, 1998, 1997, and 1996.
Statements of Cash Flows for the years ended March 31,
1998,
1997 and 1996.
Notes to Financial Statements March 31, 1998, 1997 and 1996
Schedule III - Real Estate and Accumulated Depreciation
Notes to Schedule III
Schedules not listed are omitted because of the absence of
the
conditions under which they are required or because the
information is
included in the financial statements or the notes hereto.
(a) 3. Exhibits (listed according to the number assigned
in the table in Item 601 of Regulation S-K)
Exhibit No. 3 - Organization Documents.
a. Certificate of Limited Partnership of Boston Capital
Tax Credit
Fund 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
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
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
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
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
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, 1998 By: /s/ John P. Manning
-------------------
John P. Manning
By: /s/ Herbert F. Collins
-----------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act
of 1934,
this report has been signed below by the following persons on
behalf of the
Fund and in the capacities and on the dates indicated:
DATE: SIGNATURE:
TITLE:
General
Partner and
July 14, 1998 /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>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT FUND III L.P. -
SERIES 15 THROUGH SERIES 19
MARCH 31, 1998 AND 1997
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
TABLE OF CONTENTS
PAGE
INDEPENDENT AUDITORS' REPORT F-3
FINANCIAL STATEMENTS
BALANCE SHEETS F-5
STATEMENTS OF OPERATIONS F-11
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL F-17
STATEMENTS OF CASH FLOWS F-23
NOTES TO FINANCIAL STATEMENTS F-35
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION F-72
NOTES TO SCHEDULE III
Schedules not listed are omitted because of the absence of the
conditions under which they are required or the information is
included in the financial statements or the notes thereto.
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants * 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, 1998 and 1997 and the
related statements of operations, changes in partners' capital and
cash flows for the total partnership and for each of the series for
each of the three years ended March 31, 1998, 1997 and 1996. These
financial statements 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, 34% and 29% of the assets as of
March 31, 1998 and 1997 and 26%, 26% and 26% of the operating
limited partnership loss for years ended March 31, 1998, 1997 and
1996, respectively; of the assets for Series 15 as of March 31,
1998 and 1997, 21% and 23%, respectively, of the operating limited
partnership loss for Series 15 for the years ended March 31, 1998,
1997 and 1996, 32%, 28% and 29%, respectively; of the assets for
Series 16 as of March 31, 1998 and 1997, 20% and 28%, respectively,
of the limited partnership loss for Series 16 for the years ended
March 31, 1998, 1997 and 1996, 15%, 27% and 28%, respectively; of
the assets for Series 17 as of March 31, 1998 and 1997, 36% and
29%, of the limited partnership loss for Series 17 for the years
ended March 31, 1998, 1997 and 1996, 28%, 22% and 23%,
respectively; of the assets for Series 18 as of March 31, 1998 and
1997, 31% and 24% and of the operating limited partnership loss for
Series 18 for the years ended March 31, 1998, 1997 and 1996, 21%,
22% and 19%, respectively; and of the assets for Series 19 as of
March 31, 1998, 1997 and 1996, 42% and 28% and of the operating
limited partnership loss for Series 19 for the years ended March
31, 1998, 1997 and 1996, 37%, 30% and 22%, respectively. The
financial statements of these partnerships were audited by other
auditors, whose reports have been furnished to us, and our opinion,
insofar as it relates to information relating to these
partnerships, is based solely on the reports of the other auditors.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits and
the reports of the other auditors provide a reasonable basis for
our opinion.
F-3
<PAGE>
In our opinion, based on our audits and the reports of the
other auditors, the financial statements referred to above present
fairly, in all material respects, the financial position of Boston
Capital Tax Credit Fund III L.P. Series 15 through Series 19, in
total and for each series, as of March 31, 1998 and 1997 and the
results of its operations and its cash flows for the total
partnership and for each of the series for each of the three years
ended March 31, 1998, 1997 and 1996, 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, 1998. 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 8, 1998
F-4
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 Certified Public
Accountants
Puerto Rico Society of Certified Public Accountants
*Also admitted in State of Florida
Partners
April Gardens Apartments III Limited Partnership
San Juan, Puerto Rico
INDEPENDENT AUDITORS'REPORT ON FINANCIAL STATEMENTS
We have audited the accompanying balance sheets of April Gardens
Apartments III Limited Partnership as of December 31, 1997 and 1996,
and the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States, and the US Department of Agriculture,
Farmers Home Administration Audit Program Handbook, issued in December
1989. Those standards and the audit program require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statements presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of April
Gardens III Limited Partnership as of December 31, 1997 and 1996, and
the results of its operations, changes in partners' equity and cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued
a report dated February 13, 1998 on our consideration of the
Partnership's internal control structure and a report dated February
13, 1998 on its compliance with laws, regulations, contracts, loan
covenants and agreements.
P.O. Box 193488, San Juan, Puerto Rico 00919-3488
Tel. ( 787) 758-4620 Fax (787) 767-4709
Partners
April Gardens Apartments III Limited Partnership
San Juan, Puerto Rico
INDEPENDENT AUDITORS'REPORT ON FINANCIAL STATEMENTS
(CONTINUED)
Our audits were made for the purpose of forming an opinion on the
basic financial statements for the years ended December 31, 1997 and
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 years ended December 31, 1997 and 1996,
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements for the years ended
December 31, 1997 and 1996, taken as a whole.
February 13, 1998
License No. 169
San Juan. Puerto Rico
Stamp number 1462245 was affixed
to the original of this report.
Torres Llompard, Sanchez Ruiz & Co.
Certified Pubic Accountants, and Business Consultants.
Witt, Mares & Company, PLC
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
The Partners
Autunmwood Limited Partnership
We have audited the accompanying balance sheets of Autunmwood Limited
Partnership (a Virginia Limited Partnership), as of December 31, 1997
and 1996, and the related statements of operations, partners' equity
and cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements
based on our audits. The financial statements as of December 31,
1996, were audited by Graham Carter & Jennings, PLC, who merged with
Witt, Mares & Company, PLC as of December 1, 1997, whose report dated
February 3, 1997 expressed an unqualified opinion on those statements.
We conducted our audits in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained
in Government Auditing Standards, issued by the Comptroller General of
the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Autunmwood
Limited Partnership as of December 31, 1997 and 1996, and the results
of its operations, changes in partner's equity and cash flows for the
years then ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued
our report dated February 12, 1998 on our consideration of Autunmwood
Limited Partnership's internal control over financial reporting and
our tests of its compliance with certain provisions of laws,
regulations, contracts and grants.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 17 and 18 is presented for purposes of additional
analysis and is not a required part of the basic financial statements.
Such information has been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the financial
statements take as a whole.
Newport News, Virginia
February 12, 1998
LITTLE, SHANEYFELT, MARSHALL & CO.
CERTIFIED PUBLIC ACCOUNTANTS
PROSPECT BUILDING
1501 N. UNIVERSITY, SUITE 300
LITTLE ROCK, ARKANSAS 72207-5232
MARION W. LITTLE, CPAJEFF SHANEYFELT, CPACHARLES A MARSHALL, JR.,
CPALARRY A. CAMPBELL, CPA
STEPHANIE A. ROMINE, CPA
PEGGY L. WILSON
JESSIE G. WILLIAMS
STEVEN D. LITTLE
INDEPENDENT AUDITOR'S REPORTTo the Partners
Beckwood Manor Eight Limited PartnershipWe have audited the
accompanying balance sheets of Beckwood Manor Eight Limited
Partnership, RD Project No. 03-009-0710677267 (the Partnership), as of
December 11, 1997 and 1996, and the related statements of profit
(loss), changes in partners, equity (deficit) and cash flows for the
years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Beckwood
Manor Eight Limited Partnership as of December 31, 1997 and 1996, and
its results of operations, changes in partners' equity (deficit), and
cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
our report dated March 17, 1998 on our consideration of the
Partnership's internal control over financial reporting and our tests
of its compliance with certain provisions of laws, regulations,
contracts and grants.
Little, Shaneyfelt, Marshall & Co.
March 17, 1998
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 11, A Limited Partnership (A South Carolina Limited
Partnership), as of December 31, 1997 and 1996 and the related
statements of operations, partners' equity and cash flows for the
years then ended. These. financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our 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,
1997 and 1996, and the results of its operations and its cash flows
for the years then ended, in conformity with generally accepted
accounting principles.
January 26, 1998
4408 Forest Drive, Third Floor - Columbia, South Carolina 29206 -
Telephone 803-790-002,0 - Fax 803-790-0011
DANIEL G. DRANE
CERTIFEED PUBLIC ACCOUNTANT
209 East Third Street - P. 0. Box 577
Hardinsburg, Kentucky 40143
Telephone (502)756-5704
FAX (502)756-5927
e-mail [email protected]
INDEPENDENT AUDITORS REPORT
To the Partners
Edgewood Properties, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Edgewood Properties,
Limited (a Kentucky limited partnership), RHS Project No.: 20-050-
0611179040, as of December 31, 1997 and 1996, and the related
statements of operations, partners' capital, and cash flows for the
years then ended.
These financial statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these
financial statements based on my audits.
I conducted my audits, as of and for the years ended December 3 1,
1997 and 1996, in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that I plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. I believe that my audits provide a reasonable
basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Edgewood
Properties, Limited, as of December 3 1, 1997 and 1996, and the
results of its operations, the changes in its partners' capital and
its cash flows for the years then ended in conformity with generally
accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information
on pages 13 and 14 is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in my opinion, is
fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Daniel G. Drane
Certified Public Accountant
March 10, 1998
THOMAS, JUDY & TUCKER, P.A. Certified Public Accountants
Clifton W, Thomas, 16 East Rowan Street, Suite, 100
Chris P. Judy Raleigh, NC 27609
David W. Tucker, (919) 57 1-7055
David A. Johnson FAX (919) 571-7089
INDEPENDENT AUDITORS'REPORT
To the Partners
Graham Housing Associates Limited Partnership
Raleigh, North Carolina
We have audited the accompanying balance sheets of Graham Housing
Associates Limited Partnership, as of December 31, 1997 and 1996 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, 1997 and
1996, and the results of its operations and the changes in partners'
equity and cash flows for the years then ended, in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
reports dated February 9, 1998 on our consideration of Graham Housing
Limited Partnership's internal control structure, compliance with
specific requirements applicable to Major HOME Programs and compliance
with specific requirements applicable to Affirmative Fair Housing and
Non-Discrimination.
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 9, 1998
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS'REPORT
To the Partners
Laurelwood Apartments, Phase 11, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of Laurelwood
Apartments, Phase 11, A Limited Partnership (A South Carolina Limited
Partnership), as of December 31, 1997 and 1996 and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing issued Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a 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 11, A Limited Partnership, as of December 3 1, 1997
and 1996, and the results of its operations and its cash flows for the
years then ended, in conformity with generally accepted accounting
principles.
January 29, 1998
4408 Forest Drive, Third Floor - Columbia, South Carolina 29206 -
Telephone 803-790-0020 - Fax 803-790-0011
DANIEL G. DRANE
CERTIFIED PUBLIC ACCOUNTANT
209 East Third Street - P.0. Box 577
Hardinsburg, Kentucky 40143
Telephone (502)756-5704
FAX (502)756-5927
e-mail [email protected]
INDEPENDENT AUDITORS REPORT
To the Partners
Lilac Properties, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Lilac Properties,
Limited (a Kentucky limited partnership), RHS Project No.: 20-043-
611158011, as of December 31, 1997 and 1996, and the related
statements of operations, partners' capital, and cash flows for the
years then ended. These financial statements are the responsibility
of the partnership's management. My responsibility is to express an
opinion on these financial statements based on my audits.
I conducted my audits, as of and for the years ended December 3 1,
1997 and 1996, in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that I plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. I believe that my audits provide a reasonable
basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Lilac
Properties, Limited, as of December 31, 1997 and 1996, and the results
of its operations, the changes in its partners' capital and its cash
flows for the years then ended, in conformity with generally accepted
accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information
on pages 13 and 14 is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in my opinion, is
fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Daniel G. Drane
Certified Public Accountant
March 10, 1998
Hawkins, Ash, Baptie & Company, LLP
Certified Public Accountants * Management Consultants
INDEPENDENT AUDITORS'REPORT
To the Partners
Madison Partners Limited Partnership
We have audited the accompanying balance sheet of Madison Partners
Limited Partnership, as of December 31, 1997 and 1996, and the related
statements of operations, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Madison
Partners Limited Partnership as of December 31, 1997 and 1996, and the
results of its operations, changes in partners' equity, and cash flows
for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on 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 2, 1998
- - 2 -
LITTLLE, SHANEYFELT, MARSHALLL & Co.
CERTIFIED PUBLIC ACCOUNTANTS
PROSPECT BUILDING
1501 N. UNIVERSITY, SUITE 300
LITTLE ROCK, ARKANSAS 72207-5232
INDEPENDENT AUDITOR'S REPORT
To the Partners
P.D.C. Fifty Five Limited Partnership
BENTON, ARKANSAS OFFICE
210 W.SEVIER STREET
BENTON, ARKANSAS 72015,
TELEPHONE 501-378-7746
We have audited the accompanying balance sheets of P.D.C. Fifty Five
Limited Partnership, RD Project No. 03-052-710665737 (the
Partnership), as of December 31, 1997 and 1996, and the related
statements of profit (loss), changes in partners' equity (deficit) and
cash flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of P.D.C.
Fifty Five Limited Partnership as of December 31, 1997 and 1996, and
its results of operations, changes in partners' equity (deficit), and
cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
our report dated March 18, 1998 on our consideration of the
Partnership's internal control over financial reporting and our tests
of its compliance with certain provisions of laws, regulations,
contracts and grants.
Little, Shaneyfelt, Marshall & Co.
March 18, 1998
McGee & Associates, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners
Rio Mimbres II, Ltd.
and Rural Development
We have audited the accompanying balance sheets of Rio Mimbres II,
Ltd. (a limited partnership) as of December 31, 1997 and 1996, and the
related statements of operations, partners' equity and cash flows for
the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Rio
Mimbres II, Ltd. as of December 31, 1997 and 1996, and the results of
its operations and the changes in partners' equity and cash flows for
the years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued
a report dated January 14, 1998, on our consideration of Rio Mimbres
II, Ltd.'s internal control over financial reporting and our tests of
its compliance with certain provisions of laws, regulations, contracts
and grants.
Our audits were conducted for the purpose of forming an opinion on the
financial statements taken as a whole. The supplemental information
included in the report is presented for purposes of additional
analysis and is not a required part of the financial statements of 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 14, 1998
Farmington, New Mexico
Coopers
&Lybrand
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.
01 1/001 217 of School Street Limited Partnership I as of December 31,
1997 and 1996, and the related statements of loss, partners' equity
and cash flows for the years then ended. These financial statements
are the responsibility of the 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 School
Street Limited Partnership I as of December 31, 1997 and 1996, and the
results of its operations, changes in partners' equity and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
January 22, 1998
- - 1 -
1221 John Q. Hammons Dr. - P.O.Box. 44966 - Madison, WI 53744-4966 -
(608) 831-8181 - FAX (608) 831-4243
MADISON - MILWAUKEE - ROCKFORD
DANIEL G. DRANE
CERTIFEED PUBLIC ACCOUNTANT
209 East Third Street - P. 0. Box 577
Hardinsburg, Kentucky 40143
Telephone (502)756-5704
FAX (502)756-5927
e-mail [email protected]
INDEPENDENT AUDITORS REPORT
To the Partners
Taylor Mill Properties, Limited
Leitchfield, Kentucky
I have audited the accompanying balance sheets of Taylor NOI
Properties, Limited (a Kentucky limited partnership), RHS Project No.:
20-062-0611174245, as of December 31, 1997 and 1996, and the related
statements of operations, partners' capital, and cash flows for the
years then ended. These financial statements are the responsibility of
the partnership's management. My
responsibility is to express an opinion on these financial statements
based on my audits.
I conducted my audits, as of and for the years ended December 31, 1997
and 1996, in accordance with generally accepted auditing standards and
Government Auditing Standards, issued by the Comptroller General of
the United States. Those standards require that I plan and perform
the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. I believe that my audits provide a reasonable
basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Taylor MU
Properties, Limited, as of December 3 1, 1997 and 1996, and the
results of its operations, the changes in its partners' capital and
its cash flows for the years then ended in conformity with generally
accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information
on pages 13 and 14 is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in my opinion, is
fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Daniel G. Drane
Certified Public Accountant
March 10, 1998
Schoonover
Bover
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, 1997 and 1996, and the related
statements of operations, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an
opinion on the financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of The
Hearthside R Limited Dividend Housing Association Limited Partnership
as of December 31, 1997 and 1996, and the results of its operations,
changes in partners' equity, and cash flows for the years then ended,
in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 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 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.
Columbus, Ohio
January 23, 1998
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenuee, Suite 202
Post Office Box 14251
Savannah, Georgia 31406
Phone: (912) 355-9969
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,
1997 and the related statements of operations, partners, equity
(deficit) and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Timmons
Village Limited Partnership (a Georgia Limited Partnership) as of
December 31, 1997 and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted
accounting principles.
Floyd & Company, CPA
February 28, 1998
PLANTE & Moran,LLP
Certified Public Accountant
1111 Michigan Avenue
P.O. Box 2500
East Lansing, Michigan- 48826-2500
FAX 517-332-8502
517-332-620
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,
1997 and 1996, and the related statements of profit and loss,
partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of University
Meadows Limited Dividend Housing Association Limited Partnership as of
December 31, 1997 and 1996, and its profit and loss, partners' equity,
and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
a report dated February 16, 1998, on our consideration of the
Partnership's internal controls and a report dated February 16, 1998,
on its compliance with laws and regulations.
February 16, 1998
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 Certified Public
Accountants
Puerto Rico Society of Certified Public Accountants
*Also admitted in State of Florida
Partners
Villa del Mar Limited Partnership
San Juan, Puerto Rico
INDEPENDENT AUDITORS'REPORT ON FINANCIAL STATEMENTS
We have audited the accompanying balance sheets of Villa del Mar
Limited Partnership as of December 31, 1997 and 1996, and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States, and the US Department of Agriculture,
Farmers Home Administration Audit Program Handbook, issued in December
1989. Those standards and the audit program require that we plan and
perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statements presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Villa del
Mar Limited Partnership as of December 31, 1997 and 1996, and the
results of its operations, changes in partners, equity and cash flows
for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued
a report dated February 16, 1998, on our consideration of the
Partnership's internal control structure and a report dated February
16, 1998, on its compliance with laws, regulations, contracts, loan
covenants and agreements.
P.O. Box 193488, San Juan, Puerto Rico 00919-3488
Tel. (787) 758-4620 - Fax (787) 767-4709
Partners
Villa del Mar Limited Partnership
San Juan, Puerto Rico
INDEPENDENT AUDITORS'REPORT ON FINANCIAL STATEMENTS
(CONTINUED)
Our audits were made for the purpose of forming an opinion on the
basic financial statements for the years ended December 31, 1997 and
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 years ended December 31, 1997 and 1996,
and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements for the years ended
December 31, 1997 and 1996, taken as a whole.
February, 16, 1998
License No.169
San Juan, Puerto Rico
Stamp number 1462234 was affixed
to the original of this report.
Ortiz Lopez & Co.
CPA Eulalio Ortiz Rodriguez, MSA
CPA Heriberto Lopez Recio
Calle Post 183 Sur Altos
P.O. Bo. 3944
Marina Station
Msyaguez, P. R. 00681
Telephones (787) 833-8236
833-8250
Fax: 833-8285
INDEPENDENT AUDITORS' REPORT
To the Partners
Virgen del Pozo Limited Partnership
We have audited the accompanying statements of financial position of
Virgen del Pozo Limited Partnership, (RRH - 515 Project No. 63-016-
660477485) as of December 31, 1997 and 1996, and the related
statements of operations, partners' deficit, and cash flows for the
years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express and
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 Virgen del
Pozo Limited Partnership as of December 31, 1997 and 1996, and the
results of its operations, changes in partners' 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, as referred to in the table of contents, is presented for
the purpose 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, the additional information is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
Certified Public Accountants
Mayaguez, Puerto Rico
February 1, 1998
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenuee, Suite 202
Post Office Box 14251
Savannah, Georgia 31406
Phone: (912) 355-9969
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,
1997 and the related statements of operations, partners' equity
(deficit) and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Whitewater
Village Limited Partnership (a Georgia Limited Partnership) as of
December 31, 1997 and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted
accounting principles.
Floyd & Company, CPA
February 28, 1998
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, 1997 and 1996 and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our 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, 1997 and 1996, and the results of its operations and its cash
flows for the years their ended, in conformity with generally accepted
accounting principles.
January 23, 1998
4408 Forest Drive, Third Floor - Columbia, South Carolina 29206 -
Telephone 803-790-0020 - Fax 803-790-0011
DAVID P. PHILLIPS, P.C.
CERTIFIED PUBLIC ACCOUNTANT
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, 1997 and 1996, and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the responsibility
of the partnership's management. 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, 1997 and 1996, 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 23, 1998
1-3
OSCAR N. HARRIS & ASSOCIATES, P.A.
Certified Public Accountants
OSCAR N. HARRIS, C.P.A.
S@IERRY S. JOHNSON, C.P.A.
KENNETfi E. MILTON, C.P.A.
CONNIE P. STANCIL, C.P.A.
MEMBERS:
AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
NORTII CAROLINA ASSOCIATION OF CERTIFIED PUBLIC ACCOUN-FANTS
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. as of December 31, 1997 and 1996, and the
related statements of partners, capital, income, and cash flows for
the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan
and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Cumberland
Woods Associates of Middlesboro, KY, Ltd. as of December 31, 1997 and
1996, and the results of its operations and its cash flows fcr the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued
a report dated February 6, 1998 on our consideration of Cumberland
Woods Associates of Middlesboro, KY, Ltd.'s internal control structure
and a report dated February 6, 1998 on its compliance with laws and
regulations.
100 EAST CUMBERLAND STFEET, PO, BOX 578, DUNN, N.C. 28335 (910) 892-
1021 FAX (910) 892-6084
Cumberland Woods Associates
of Middlesboro, KY, Ltd.
Page Two
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. Schedules 1, 2, 3, and 4
on pages 14, 15, 16, and 17 are presented for purposes of additional
analysis and are not a required part of the basic financial
statements. Such information has been subjected to the 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 6, 1998
PHILLIPS, DORSEY, THOMAS, WATERS & BRAFFORD, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
Drawer 1359 - 349 Ruin Creek Rd. - Henderson, NC 27536
919/438-8154 - Wals 800/356-7674 - Fax 919/492-5066
Ronald S. Dorsey, CPA
H. Timothy Thomas, CPA
Susan R. Waters, CPA
Michael H. Brafford, CPA
Carleen P. Evans, CPA
Franklin L. Irvin, Jr, CPA
W. Haywood Philips, 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 3 1, 1997 and 1996, and the related
statements of operations, partners' equity (deficit) and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our
audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Deer Run
Limited Partnership as of December 31, 1997 and 1996, and the results
of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 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.
January 20, 1998
CERTIFIED PUBLIC ACCOUNTANTS
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) Maureen P. Collins, CPA
Gerald H. Henderson, CPA Krystal P. Hiers, CPA
J. Wendell Godbee, CPA Marguerite J. Joyner, CPA
M. Paul Nichols, Jr., CPA Shirley S. Miller, CPA
Susan S. Swader, CPA James W. Godbee, Jr., CPA
Mark S. Rogers, CPA Kenny L. Carter, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Eastman Elderly Housing, L.P.
Valdosta, Georgia
We have audited the accompanying balance sheets of Eastman Elderly
Housing, L.P. (a limited partnership), Federal ID No.: 58-1965562, as
of December 31, 1997 and 1996, and the related statements of income,
partners, equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
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, 1997 and 1996, and the
results of its operations and its cash flows for the years then ended
in conformity with generally accepted accounting principles.
3488 North Valdosta Road / P. 0. Box 2241 / Valdosta, Georgia 31604-
2241 / Phone: (912) 245-6040 / FAX: (1912) 245-1669
In accordance with Government Auditing Standards, we have also issued
a report dated January 21, 1998 on our consideration of Eastman
Elderly Housing, L.P.'s internal control structure and a report dated
January 21, 1998 on its compliance with laws and regulations.
Henderson, Godbee &-Nichols, P.C.
Certified Public Accountants
January 21, 1998
Crisp Hughes Evans, LLP
Certified Public Accountants & Consultants
Affiliated worldwide through AGN International
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, 1997 and 1996, and
the related statements of operations, partners' capital and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards, and with Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a 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, 1997 and 1996, and
the results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued
a report dated January 28, 1998 on our consideration of Fairmeadow
Apartments, Limited Partnership's internal control over financial
reporting and our consideration of its compliance with certain
provisions of laws, regulations, contracts, and grants.
January 28, 1998
1 Creekview Court 864-288-5544
PO Box 25849 Fax 864-458-8519
Greenville, SC 29616 www.che-llp.com
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 sheets of Holly Tree Manor of
Holly Hill, A Limited Partnership (A South Carolina Limited
Partnership), as of December 31, 1997 and 1996, and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our 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 3 1, 1997
and 1996, and the results of its operations and its cash flows for the
years then ended, in conformity with generally accepted accounting
principles.
January 29, 1998
4408 Forest Drive, Third Floor - Columbia, South Carolina 29206 -
Telephone 803-790-0020 - Fax 803-790-0011
Thomas C. Cunningham, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(540) 669-5531
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lawrenceville Manor, Limited Partnership,
I have audited the accompanying ba1ance sheet of Lawrenceville Manor,
Limited Partnership as of December, 31, 1997 and 1996, and the related
statements of operations, partner's, equity and cash flows for the
years
then ended. These financial statements are the responsibility of
the
Partnership's management. My responsibility is to express an opinion
on
these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require
that I plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining on a test basis, evidence
supporting the amounts and discloses in the financial statements. 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 aspects, the financial position of Lawrenville Manor
Limited
Partnership as of December, 31, 1997 and 1996, and the results of its'
operations, changes in partner's equity, and its cash flows for, the
yea,.
the ended in conformity with generally accepted accounting principle.
My audits were made for the purpose of forming an opinion the basic
financial statements taken as a whole. The accompanying information
on pages 15 to 17 is presented for purposes of additional analysis and
is not a required part of the basic, financial statements. Such
information has been subjected to the audit procedure applied in the
audits of the basic financial statements and, in my opinion is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
In accordance with Government Auditing Standards, I have also issued a
report dated February 18, 1998 on my consideration of Lawrenceville
Manor Limited Partnership's internal control and a report dated
February 18, 1998 on its compliance with laws and regulations
applicable to the financial statements.
THOMAS C. CUNNINGHAM, CPA P.C.
February 18, 1998
Blackman & Associates, 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, 1997 and 1996 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, 1997 and 1996
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, 1998
11924 Arbor St., Ste. 200 - Omaha, Nebraska 68144 - Phone (402) 330-
1040 - Fax (402) 333-9189
PLANTE & Moran,LLP
Certified Public Accountant
1111 Michigan Avenue
P.O. Box 2500
East Lansing, Michigan- 48826-2500
FAX 517-332-8502
517-332-620
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, 1997 and 1996, and the
related statements of operations, partners' equity, and cash flows for
the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the
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, 1997 and 1996, and the results of its
operations, partners' equity, and cash flows for the years then ended,
in conformity with generally accepted accounting principles.
February 16, 1998
Moores
Rowland
BLOOM, GETTIS, HABIB, SILVER & TERRONE, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
SUITE 1450
2601 SOUTH BAYSHORE DRIVE
MIAMI, FLORIDA 33133-9893
TELEPHONE (305) 858-6211
FACSIMILE (305) 858-9696
Burt R. Bloom, C.P.A., C.V.A.
Lawrence W. Gettis, C.P.A.
Steven M. Habib, C.P.A.
Roger J. Terrone, C.P.A.
Curt A. Rosner, C.P.A.
To the PartnersRiviera Apts., Ltd.Boston, MassachusettsINDEPENDENT
AUDITORS' REPORTWe have audited the accompanying Balance Sheets of
Riviera Apts. , Ltd. (a Florida Limited Partnership) , as of December
31 , 1997 and 1996, and the related Statements of Operations,
Partners' Equity and Cash Flows for the years then ended. These
financial statements are the responsibility of the 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 , 1997 and 1996, and the results of its
operations, the changes in partners' equity and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information
is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been
subjected to the audit procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken
as a whole.
January 23, 1998
STIENESSEN - SCHLEGEL & CO.
LIMITIED 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, 1997 and 1996, and the related
statements of operations, partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of St. Croix
Commons Limited Partnership, as of December 31, 1997 and 1996, and the
results of its operations, the changes in partners' equity, and cash
flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 13 is presented for purposes of additional
analysis and is not a required part of the basic financial statements.
Such information has been subjected to the auditing procedures applied
in the audits of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Januarv 23, 1998
2411 N. HILLCREST PARKWAY, P.O. BOX 8 1 0, EAU CLAIRE, WI 54702-081 0
- - PHONE (715) 832-3425 - FAX (715) 832-1665
- -1-
ARMANDO A. SUAREZ - CPA
HATO FIEY MMR. SUITE 1500,268 MUNOZ RIVERA AVENUF- HATO REY, PR 00918
- - (787) 763-3195 FAX- 751-8448
INDEPENDENT AUDITOR'S REPORT
To the Partners
Vista Linda Apartments Limited Partnership
I have audited the accompanying balance sheets of Vista Linda
Apartments Limited Partnership, Rural Development Project No.: 63-016-
0660472028, as of December 31, 1997 and 1996, and the related
statements of operations, partners' equity (deficit), and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. My responsibility is
to express an opinion on these financial statements based on my audit.
I have conducted my audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that I plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by the management, as well as evaluating the overall
financial statement presentation. I believe that my audit provides a
reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Vista
Linda Apartments Limited Partnership, as of December 31, 1997 Hand
1996, and the results of its operations, changes in partners I equity
(deficit) and cash flows for the years then ended in conformity with
generally accepted accounting principles.
My audit was made for tire purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information
on pages 21 thru 36 is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in
the audit of the basic financial statements and, in my opinion, is
fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
Armando A. Suarez, CPA
February 27, 1998
San Juan, Puerto Rico
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, 1997 and 1996, and the I 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 3 1, 1997 and
1996, and the results of its operations and its cash flows for the
years then ended, ill conformity with generally accepted accounting
principles.
January 21, 1998
4408 Forest Drive, Third Floor - Columbia, South Carolina 29206 -
Telephone 803-790-0020 - Fax 803-790-0011
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 sheets of Aspen Ridge
Apartments Limited Partnership (a Nebraska Limited Partnership) as of
December 31, 1997 and 1996 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 Aspen
Ridge Apartments Limited Partnership at December 31, 1997 and 1996 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 21, 1998
11924 Arbor St., Ste. 200 - Omaha, Nebraska 68144 - Phone (402) 330-
1040 - Fax (402) 333-9189
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, 1997 and 1996, and
the related statements of income, partners' equity and cash flows for
the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audits provide a 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, 1997 and
1996, and the results of its operations and its cash flows for the
years then ended in generally accepted accounting principles.
Greensboro, North Carolina
January 20, 1998
Crisp, Hughes, Evans, LLP
Certified Public Accountants & Consultants
Affiliated worldwide through AGN International
Independent Auditors' ReportTo The PartnersBriarwood Apartments, A
Limited Partnership
We have audited the accompanying balance sheets of Briarwood
Apartments, A Limited Partnership as of December 31, 1997 and 1996,
and the related statements of operations, partners' capital and cash
flows for the years ended December 31, 1997 and 1996. These financial
statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, and with Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Briarwood
Apartments, A Limited Partnership as of December 31, 1997 and 1996,
and the results of its operations and its cash flows for the years
then ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued
a report dated January 28, 1998 on our consideration of Briarwood
Apartments, A Limited Partnership's internal control over financial
reporting and our consideration of its compliance with certain
provisions of laws, regulations, contracts, and grants.
January 28, 1998
1 Creekview Court 864 288 5544
PO Box 25849 Fax 864 458 8519
Greensville, SC 29616 www.che-llp.com
KB Parrish & Co. LLp
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)
We have audited the balance sheets of Briarwood of Dekalb, L.P. (a
limited partnership) as of December 31, 1997 and 1996, and the related
statements of operations, changes in partnership capital and cash
flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States and the Illinois Housing Development
Authority's Financial Reporting and Audit Guidelines for Mortgagors of
Multifamily Housing Developments. Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide
a 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
of Dekalb, L.P. at December 31, 1997 and 1996, and the results of its
operations, changes in partnership capital, and cash flows for the
years then ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the Illinois
Housing Development Authority's Financial Reporting and Audit
Guidelines for Mortgagors of Multifamily Housing, we have also issued
a report dated March 31, 1998 on our consideration of the
partnership's internal control structure, a report dated March 31,
1998 on its compliance with specific requirements applicable to
Affirmative Fair Housing, and a report dated March 31, 1998 on its
compliance with laws and regulations.
Respectfully submitted,
K - B. Parrish & Co. LLP
Certified Public Accountants
Indianapolis, Indiana
March 31, 1998
DIMARCO, ABIUSI & PASCARELLA
CERTIFIED PUBLIC ACCOUNTANTS, P.C
Philip Abiusi
L. Richard Pascarella
Nakho Sung
Leo N. Bonfardeci
Carl T. Greco
Phone (315) 475-6954 - Fax (315) 475-2937
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, 1997 and 1996, and the related
statements of income, partners, capital and cash flows for the years
then ended. These financial statements are the responsibility of the
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 statement
are free of material misstatement. An audit includes examining, on a
test basis, 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, 1997 and 1996, 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 5, 1998
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, 1997, and the related statements of
operations, changes in partners' equity (deficit) and cash flows for
the year then ended. These financial statements are the
responsibility of the 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,
1997, 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 22, 1998
330 Congress Street, Boston, Massachusetts 02210 (617) 542-4114
Report of Independent Accountants
To the Partners
College Greene Rental Associates, L.P.
We have audited the accompanying balance sheets of College Greene
Rental Associates, L.P. (A Limited Partnership), as of December 31,
1997 and 1996, and the related statements of operations and partners'
capital, changes in partners' capital and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of College
Greene Rental Associates, L.P., as of December 31, 1997 and 1996, and
the results of its operations and its cash flows for the years then
ended, in conformity with generally accepted accounting principles.
Rochester, New York
February 9, 1998
CRAIN & COMPANY, PLC
CERTIFIED PUBLIC ACCOUNTANTS
Madison Square,
24 Corporate Blvd.
Jackson, Tennessee 38305-2395
Telephone (901) 668-7070 - Fax. (901) 668-12 18
INDEPENDENT AUDITORS' REPORT
To the Partners
Crofton Associates 1, Limited Partnership
We have audited the accompanying balance sheets of Crofton Associates
1, Limited Partnership, FmHA Project No.: 20-024-0621467587 as of
December 31, 1997 and 1996, and the related statements of operations,
changes in partners' capital and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility 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 I, Limited Partnership, FmHA Project No.: 20-0240621467587
as of December 31, 1997 and 1996, and the results of its operations,
changes in partners' capital and cash flows for the years then ended
in conformity with generally accepted accounting principles.
Our audits were 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 January 22, 1998 on our consideration of the limited
partnership's internal control over financial reporting and on its
compliance with laws and regulations.
CRAIN & COMPANY, PLC
Certified Public Accountants
Jackson, Tennessee
January 22, 1998
INDEPENDENT AUDITOR'S REPORT
To the Partners
Cypress Point, LP
Naples, Florida
We have audited the accompanying balance sheets of Cypress Point, LP
(a Florida limited partnership), as of December 31, 1997 and 1996 and
the related statements of operations, partners' capital (deficit) and
cash flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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 opinions.
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 operations
and its
flows for the years then ended in conformity with generally accepted
accounting principles.
Jackson, Mississippi
February 3, 1998
CRAIN & COMPANY, PLC
CERTIFIED PUBLIC ACCOUNTANTS
Madison Square,
24 Corporate Blvd.
Jackson, Tennessee 38305-2395
Telephone (901) 668-7070 - Fax. (901) 668-12 18
INDEPENDENT AUDITORS' REPORT
To the Partners
Gallaway Associates 1, Limited Partnership
We have audited the accompanying balance sheets of Gallaway Associates
1, Limited Partnership, FMHA Project No.: 48-024-621474763 as of
December 31, 1997 and 1996, and the related statements of operations,
changes in partners' capital and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is 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 1, Limited Partnership, FmHA Project No.: 48-024621474763
as of December 31, 1997 and 1996, and the results of its operations,
changes in partners' capital and cash flows for the years then ended
in conformity with generally accepted accounting principles.
Our audits were 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 January 26, 1998 on our consideration of the limited
partnership's internal control over financial reporting and on its
compliance with laws and regulations.
CRAIN & COMPANY, PLC
Certified Public Accountants
Jackson, Tennessee
January 26, 1998
Blurne 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, 1997
and 1996, 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, 1997 and 1996, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued
a report, dated January 22, 1998, on our consideration of the
Partnership's internal control structure and a report, dated January
22, 1998, on its compliance with laws and regulations.
Page 1
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS -
(CONTINUED)
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The additional
information shown on pages 14 to 17 is presented for the purpose
of complying with the requirements of the U.S. Department of
Agriculture, Rural Housing Service, for the year ended December
31, 1997, 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 RD
1930-7) and on page 17, has been subjected to the auditing
procedures applied in the audit of the financial statements for
that year, 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 audits
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.
January 22, 1998
Page 1A
Schoonover
Boyer
Gettman & Associates
Certified Public Accountants - Financial Consultants
INDEPENDENT AUDITORS' REPORT
To the Partners
Hackley-Barclay Limited Dividend
Housing Association Limited Partnership
We have audited the accompanying balance sheets of Hackley-
Barclay Limited Dividend Housing Association Limited Partnership
(a Michigan Limited Partnership), as of December 31, 1997 and
1996, and the related statements of operations, partners' equity
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain resemble
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Hackley-Barclay Limited Dividend Housing Association Limited
Partnership, as of December 31, 1997 and 1996, and the results of
its operations, changes in partners' equity and cash flows for
the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 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.
Columbus, Ohio
January 23, 1998
CRAIN & COMPANY, PLC
CERTIFIED PUBLIC ACCOUNTANTS
Madison Square,
24 Corporate Blvd.
Jackson, Tennessee 38305-2395
Telephone (901) 668-7070 - Fax. (901) 668-12 18
INDEPENDENT AUDITORS' REPORT
To the Partners
Hickman Associates 11, 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, 1997 and 1996, and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the 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, 1997 and 1996, and the results
of its operations, changes in partners' equity and cash flows for
the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information is 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
January 24, 1998
CRAIN & COMPANY, PLC
Certified Public Accountants
Thomas C. Cunningham, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(540) 669-5531
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lee Terrace, Limited Partnership,
I have audited the accompanying ba1ance sheet of Lee Terrace,
Limited Partnership as of December, 31, 1997 and 1996, and the
related
statements of operations, partner's, equity and cash flows for
the years
then ended. These financial statements are the responsibility
of the
Partnership's management. My responsibility is to express an
opinion on
these financial statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States, and the U.S.
Department of Agriculture, Farmers Home Administration Audit
Program. Those standards require that I plan and perform the
audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining on a test basis, evidence supporting the amounts and
discloses in the financial statements. 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 aspects, the financial position of Lee Terrace
Limited
Partnership as of December, 31, 1997 and 1996, and the results of
its'
operations, changes in partner's equity, and its cash flows for,
the yea,.
the ended in conformity with generally accepted accounting
principle.
My audits were made for the purpose of forming an opinion the
basic financial statements taken as a whole. The accompanying
information on pages 15 to 17 is presented for purposes of
additional analysis and is not a required part of the basic,
financial statements. Such information has been subjected to the
audit procedure applied in the audits of the basic financial
statements and, in my opinion is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
In accordance with Government Auditing Standards, I have also
issued a report dated February 18, 1998 on my consideration of
Lee Terrace Limited Partnership's internal control and a report
dated February 18, 1998 on its compliance with laws and
regulations applicable to the financial statements.
THOMAS C. CUNNINGHAM, CPA P.C.
February 18, 1998
Page
Olson &
Company PC
INDEPENDENT AUDITORS' REPORT
February 20. 1998
To the Partners
Midland Housing Limited Partnership
We have audited the accompanying balance sheets of Midland
Housing Limited Partnership as of December 31, 1997 and 1996, and
the related statements of operations, partners'
equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit 'includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present
fairly, in all material respects, the financial position of
Midland Housing Limited Partnership as of December 3 1, 1997 and
1996, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 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, Mount Pleasant, MI 48804
0368
517 773 5494 - Fax 517 773 5816
Coopers&LybrandReport of Independent Accountants
To the PartnersMt. Vernon Associates, L.P.
We have audited the accompanying statements of financial position
of Mt. Vernon Associates, L.P. (A Limited Partnership), as of
December 31, 1997 and 1996, and the related statements of
operations and partners' capital, changes in partners' capital
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Mt. Vernon Associates, L.P., as of December 31, 1997 and
1996, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
Rochester, New York
February 10, 1998
2
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, 1997 and 1996, and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our 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 3 1, 1997 and 1996, and the results of its operations
and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
January 24, 1998
4408 Forest Drive, Third Floor - Columbia, South Carolina 29206 -
Telephone 803-790-0020 - Fax 803-790-0011
DUGGAN, JOINER,
BIRKENMEYER,
STAFFORD & FURMAN, RA.
CERTIFIED PUBLIC ACCOUNTANTS
Members:
American Institute of Certified Public Accountants
Florida Institute of Certified Public Accountants
334 N.W. Third Avenue,
OCALA, Florida 34475
Phone: (352) 732-0171
Fax: (352) 867-1370
INDEPENDENT AUDITORS' REPORT
January 15, 1998
To the Partners
Palmetto Properties, Ltd.
We have audited the accompanying basic financial statements of
Palmetto Properties, Ltd., as of and for the years ended December
31, 1997 and 1996 as listed in the table of contents. These
financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the basic financial statements referred to above
present fairly, in all material respects, the financial position
of Palmetto Properties, Ltd.as of December 31, 1997 and 1996, and
the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The additional
information as listed in the table of contents is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion is fairly stated in all
material respects in relation to the basic financial statements
taken as
A whole.
Mayer, Hoffman, McCann L.C.
Certified Public Accountants
420 Nichols Road, K.C., MO 64112
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, 1997 and 1996 and
the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Sixth Street Partners Limited Partnership as of December 31,
1997 and 1996 and the results of its operations and its cash
flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 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.
Kansas City, Missouri
January 20, 1998
1-3
DIMARCO, ABIUSI & PASCARELLA
CERTIFIED PUBLIC ACCOUNTANTS, P.C.
The Clinton Exchange,
4 Clinton Square, Suite 104,
Syracuse, New York 13202-1074
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, 1997
and 1996, and the related statements of income, partners' capital
and cash flow. 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 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 audits provide a reasonable basis for our pinion.
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, 1997 and
1996, 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 11, 1998
RAYMOND & BROUSSARD
A PROFESSIONAL CORPORATION
CERTIFIED PUBLIC ACCOUNTANTS
2616 Toulon Drive
Baton Rouge. Louisiana 70816
Telephone: (504) 292-9211
Fax: (504) 292-0727
Paul C. Raymond, Sr., C.P.A., Retired
Kathryn Raymond Broussard, C.P.A.
INDEPENDENT AUDITORS' REPORT
To The Partners
White Castle Senior Citizens Partnership, Ltd.
We have audited the accompanying balance sheets of White Castle
Senior Citizens Partnership, Ltd., RHS Project No.: 22-
024721149468, as of December 31, 1997 and 1996 and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. our
responsibility is to express an opinion on these financial
statements based on our 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 our audit provides a 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, 1997 and 1996, 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 RHS 1930-8) Parts I through III and
in the Multiple Family Housing Project Budget (Form RHS 1930-7)
Parts I through V for the year ended December 31,1997, is
presented for purposes of complying with the requirements of the
Rural Housing Services and is not a required part of the basic
financial statements. Reports on compliance with laws and
regulations and internal control are presented as additional
supplemental information on pages 23-27. 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
March 14, 1998
RAJEEV RAJ C.P.A
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORTTo the Partners ofChelsea Square
Development Limited PartnershipI have audited the accompanying
balance sheet of Chelsea Square Development Limited Partnership
(A Development Stage and a Massachusetts limited partnership) as
of December 31, 1997, 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,
1997, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted
accounting principles.
February 26, 1998
Draft Copy
No Opinion Expressed
Rajeev Raj
Certified Public Accountant
1600 Providence Highway, #227
Walpole, MA 02081
Coopers&LybrandReport of Independent Accountants
To the Partners
Evergreen Hills Associates, L.P.
We have audited the accompanying statements of financial position
of Evergreen Hills Associates, L.P. (A Limited Partnership), as
of December 31, 1997 and 1996, and the related statements of
operations and partners' capital, changes in partners' capital
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Evergreen Hills Associates, L.P., as of December 31, 1997 and
1996, and the results of its operations,. changes in partners'
capital and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
Rochester, New York
January 21, 1998
STIENESSEN - SCHLEGEL & CO.LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTSIndependent Auditor's ReportTo the
PartnersGlen Place Apartments Limited PartnershipWe have audited
the accompanying balance sheets of Glen Place Apartments Limited
Partnership, as of December 31, 1997 and 1996, and the related
statements of operations, partners' equity, and cash flows for
the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Glen Place Apartments Limited Partnership, as of December 31,
1997 and 1996, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 13 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
January 12, 1998
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) Maureen P. Collins, CPA
Gerald H. Henderson. CPAKrystal P. Hiers, CPA
J. Wendell Godbee CPAMarguerite J. Joyner CPA
M. Paul Nichols Jr CPA Shirley S. Miller CPA
Susan S. Swader CPA James W. Godbee Jr, CPA
Mark S. Rogers, CPA Kenny L. Carter, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Jackson Housing, L.P.
Valdosta, Georgia
We have audited the accompanying balance sheets of Jackson
Housing, L.P. (a limited partnership), Federal ID No.: 58-
2031912, as of December 31, 1997 and 1996, and the related
statements of income, partners I equity, and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. our
responsibility is to express an opinion on these financial
statements based on our 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 Jackson Housing, L.P. as of December 31, 1997 and 1996, and
the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting
principles.
3488 North Valdosta Road / P. 0. Bo. 2241 / Valdosta, Georgia
31604-2241 / Phone: (912) 245-6040 / FAX: (912) 245-1669
In accordance with Government Auditing Standards, we have also
issued a report dated January 21, 1998 on our consideration of
Jackson Housing, L.P.Is internal control structure and a report
dated January 21, 1998 on its compliance with laws and
regulations.
Henderson, Godbee & Nichols, P.C.
Certified Public Accountants
January 21, 1998
PLANTE & MORAN, LLP
1111 Michigan Avenue
P.O. Box 2500
East Lansing, Michigan 48826-2500
Certified Public Accountants
Management Consultants
517-332-6200
FAX 517-332-8502
Independent Auditor's Report
To the 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, as of December 31, 1997 and 1996, and the related
statements of profit and loss, partners' equity, and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Lakeview Meadows 11 Limited Dividend Housing Association
Limited Partnership as of December 31, 1997 and 1996, and its
profit and loss, partners' equity, and its cash flows for the
years then ended, in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 16, 1998, on our consideration of
the Partnership's internal controls and a report dated February
16, 1998, on its compliance with laws and regulations.
February 16, 1998
STRINGARI AND CIMERCERTIFIED PUBLIC ACCOUNTANTS1051 MAGNOLIA
ROADVINELAND, NEW JERSEY 08360(609) 691-3673 FAX (609) 692-
1454MEMBERS
AMERICAN INSTITUTE
OF CERTIFIED PUBLIC ACCOUNTANTS
NEW JERSEY SOCIETY
OF CERTIFIED PUBLIC ACCOUNTANTSBRIAN J. STRINGARI, CPASTEVEN A.
CIMER, CPA
To the PartnersParvins Limited Partnership
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying balance sheet of Parvins Limited
Partnership as of December 31, 1997, and the related "Statement
of Operations", "Statement of Partners' Equity" and "Statement of
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
Parvins Limited Partnership as of December 31, 1996, were audited
by other auditors who have ceased operations and whose report
dated January 15, 1997, 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 principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Parvins Limited Partnership as of December 31, 1997 and the
results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on 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.
January 28, 1998
Stringari and Cimer
Certified Public Accountants
REGARDIE, BROOKS & LEWIS
CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
JEROME P. LEWIS, CPA
JESSE A 'KAISER, CPA
PAUL J. GNATT, CPA
NATHAN J. ROSEN, CPA
CELSO T MATAAC, JR,, CPA
PHILIP R. BAKER, CPA
DOUGLAS A. DOWUNG, CPA
DAVID A. BROOKS, CPA
7101 WISCONSIN AVENUE - BETHESDA, MARYLAND 20814
TEL (301) 654-9000 FAX (301) 656-3056
INDEPENDENT AUDITOR'S REPORT
February 21, 1998
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, 1997 and 1996, and the related
statements of
income, partners' capital, and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States, and the U. S.
Department of Agriculture, Farmers Home Administration Audit
Program. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Peach Tree Limited Partnership as of December 31, 1997 and
1996, and the results of its operations, changes in partners'
capital and cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing standards, we have also
issued our reports dated February 21, 1998 on our consideration
of Peach Tree Limited Partnership's internal controls and on its
compliance with laws and regulations.
Kenneth C. Boothe & Company, P.C.
Certified Public Accountant
1001 East Farm Road 700 - Big Spring, Texas 79720 - (915) 263-
1324 - FAX (915) 263-2124
INDEPENDENT AUDITORS'REPORT
To the Partners
Ponderosa Meadows Limited Partnership
We have audited the accompanying balance sheets of Ponderosa
Meadows Limited Partnership as of December 31 1997 and 1996, and
the related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our ability
is to express an opinion responsibility 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 Limited Partnership as of December 31, 1997
and 1996, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards issued by the
Comptroller General of the United States, NN-e have also issued a
report dated January 20, 1998, on our consideration of Ponderosa
Meadows Limited Partnership's internal control structure and a
report dated January 20, 1998, 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 supplements, information shown on Pages 19 through
20 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.
January 20, 1999
Big Spring, Texas
KENNETH C. BOOTHE AND COMPANY, P.C.
Gwen Ward P.C.,
Certified Public Accountant
609 University Drive,
Fort Worth, Texas 76107,
(817) 336-5680
Member American Institute of Certified Public Accountants
Member Texas Society Certified Public Accountants
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, 1997 and 1996 the related
statements of operations, partners' capital and cash flows for
the years then ended. These financial statements are the
responsibility of the partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards. Those standards require that I plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. I believe that my
audits provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Rio
Grande Apartments, Ltd. as of December 31, 1997 and 1996 and the
results of its operations, changes in partners, capital and cash
flows for the years then ended in conformity with generally
accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages I-16 and I-17 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in my opinion, is fairly stated in all material
respects in relation to the financial statements taken as a
whole.
Fort Worth, Texas
March 12, 1998
I-3
Martin A. Starr, C.P.A.INDEPENDENT AUDITOR'S REPORT
To the PartnersVirginia Avenue Affordable Housing Limited
Partnership
I have audited the accompanying balance sheets of Virginia Avenue
Affordable Housing Limited Partnership as of December 31, 1997
and 1996, and the related statements of operations, partners'
equity and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's
management. 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, 1997 and 1996, and the results of its operations,
the changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting
principles.
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 11, 1998
Certified Public Accountant
4260 Truxtun Avenue, Ste. 140, Bakersfield, CA 93309 805-635-3185
FAX 805-635-3190
Kenneth C. Boothe & Company, P.C.
Certified Public Accountant
1001 East Farm Road 700 - Big Spring, Texas 79720 - (915) 263-
1324 - FAX (915) 263-2124
INDEPENDENT AUDITORS'REPORT
To the Partners
Vista Loma Liniited Partnership
We have audited the accompanying balance sheets of Vista Loma
Limited Partnership as of December 3 1, 1997 and 1996, and the
related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our 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 estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly all material respects, the financial position of
Vista Loma Limited Partnership as of December 31, 1997 and 1996,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards issued by the
Comptroller General of the United States, we have also issued a
report dated January 20, 1998, on our consideration of Vista Loma
Limited Partnership's internal control structure and a report
dated January 20, 1998, on its compliance with laws and
relations.
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 20 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.
KENNETH C. BOOTHE AND COMPANY, P.C.
January 20, 1998
Big Spring, Texas
Grant Thornton
Suite 3600,
1445 Ross Avenue,
Dallas, TX 75202-2774
214 855-7300
FAX 214 855-7370
Accountants and Management Consultants
The U.S. Member Firm of Grant Thornton International
Report of Independent Certified Public Accountants
To the Partners of
Community Dynamics - Fort Worth, Ltd.
We have audited the balance sheet of Community Dynamics - Fort
Worth, Ltd. (a Texas limited partnership) as of December 31, 1997, and the
related statements of operations, partners' capital, and cash flows for the year
then ended. These financial statements are the responsibility
of the
partnership's management. Our responsibility is to express an
opinion on these
financial statements based on our audit. The financial
statements of
Community Dynamics - Fort Worth, Ltd., as of and for the year
ended December
31, 1996, were audited by other auditors whose report dated
February 11, 1997,
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 1997 financial statements referred to above
present fairly, in all material respects, the financial position
of Community Dynamics - Fort Worth, Ltd. as of December 31, 1997,
and the results of its operations and its cash flows for the year
then ended, in conformity with generally accepted accounting
principles.
Dallas, Texas
Februarv 20, 1998
Grant Thornton
Suite 3600,
1445 Ross Avenue,
Dallas, TX 75202-2774
214 855-7300
FAX 214 855-7370
Accountants and Management Consultants
The U.S. Member Firm of Grant Thornton International
Report of Independent Certified Public Accountants
To the Partners of
Community Dynamics - Plano, Ltd.
We have audited the balance sheet of Community Dynamics - Plano,
Ltd. (a Texas limited partnership) as of December 31, 1997, and
the related statements of operations, partners' capital, and cash
flows for the year then ended. These financial statements are
the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit. The financial statements of
Community Dynamics - Plano, Ltd., as of and for the year ended
December 31, 1996, were audited by other auditors whose report
dated February II, 1997, 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 1997 financial statements referred to above
present fairly, in all material respects, the financial position
of Community Dynamics - Plano, Ltd. as of December 31, 1997, and
the results of its operations and its cash flows for the year
then ended, in conformity with generally accepted accounting
principles.
Dallas, Texas
Februarv 20, 1998
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,
1997 and 1996, and the related statements of operations,
partners' capital accounts, and cash flows for the years then
ended. These financial statements are the responsible, of the
Partnership's management. Our responsibility 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, 1997 and 1996, and
the results of its operations and its cash flows for the years
then ended, in conformity with generally accepted I
accounting principles.
Denver, Colorado,
February 13, 1998.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Partners of
Jeremy Associates Limited Partnership:
We have audited the accompanying balance sheets of JEREMY
ASSOCIATES LIMITED
PARTNERSHLP (a Colorado limited partnership) as of December 31,
1997 and 1996, 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 Jeremy Associates Limited Partnership as of December 31, 1997
and 1996, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
Denver, Colorado
February 13, 1998
Scarbrough
& Associates
Certified Public Accountants
For the financial solutions
You need to survive
INDEPENDENT AUDITORS' REPORT
To the Partners
Northpointe, L.P.
We have audited the accompanying balance sheets of Northpointe,
L.P. as of December 31, 1997 and 1996, and the related statements
of operations, partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility 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 reason e assurance out whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a 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, 1997 and 1996, and the
results of its operations, changes in partners' equity (deficit)
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
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.
Scarbrough & Associates, L.L.C.
February 17, 1998
5500 NORTH OAK, SUITE 203
KANSAS CITY, MO 64118
FAX: (816) 455-5100
(816) 452-4272
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) Maureen P. Collins, CPA
Gerald H. Henderson. CPAKrystal P. Hiers, CPA
J. Wendell Godbee CPAMarguerite J. Joyner CPA
M. Paul Nichols Jr CPA Shirley S. Miller CPA
Susan S. Swader CPA James W. Godbee Jr, CPA
Mark S. Rogers, CPA Kenny L. Carter, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Summerset Housing Limited, L.P.
Valdosta, Georgia
We have audited the accompanying balance sheets of Summerset
Housing, Limited, L.P. (a limited partnership), Federal ID No.:
58-1982979, as of December 31, 1997 and 1996, and the related
statements of income, partners' equity, and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a 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, 1997 and
1996, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
3488 North Valdosta Road / P. 0. B.@ 2241 / Valdosta., Georgia
31604-2241 / Phone: (912) 245-6040 / FAX: (912) 245-1669
In accordance with Government Auditing Standards, we have also
issued a report dated January 21, 1998 on our consideration of
Summerset Housing Limited, L.P.Is internal control structure and
a report dated January 21, 1998 on its compliance with laws and
regulations.
Henderson, Godbee & Nichols, P.C
Certified Public Accountants
January 21, 1998
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,
1997 and 1996, 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, 1997 and 1996, and the results of its
operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report, dated January 30, 1998, on our consideration of
the Partnership's internal control structure and a report, dated
January 30, 1998, on its compliance with laws and regulations.
Page I
INDEPENDENT AUDITOR'S REPORT ON FINANCIAL STATEMENTS -
(CONTINUED)
Our audits were made for the purpose of forming an opinion on
the financial statements taken as a whole. The additional
information shown on pages 14 to 17 is presented for the
purpose of complying with the requirements of the U.S.
Department of Agriculture, Rural Housing Service, for the year
ended December 31, 1997, 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 RD 1930-7) and on page 17, has
been subjected to the auditing procedures applied in the audit
of the financial statements for that year, 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 audits 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.
January 30, 1998
Page 1A
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 PartnersAutumnwood 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
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 PartnersBeckwood 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 (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 statement. are
free of material misstatement. An audit includes examining on a
test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
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
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
THOMAS, JUDY & TUCKER, P.A.
Certified Public Accountants
Clifton W. Thomas
Chris P. Judy
David W. Tucker
C. Gilbert Smith
16 East Rowan Street, Suite 100
Raleigh, NC 27609
(919) 571-7055
FAX (919) 571-7089
INDEPENDENT AUDITORS' REPORT
To the PartnersGraham Housing Associates Limited
PartnershipRaleigh, 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 Gash 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 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, 199
SchoonoverBoyer
Gettman & AssociatesCertified 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
614/888-8534
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800
FAX NO. (810) 626-2276
MEMBERS
AMERICAN INSTITUTE FO
CERTIFIED PUBLIC ACCOUNTANTS
MICHIGAN ASSOCIATION OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
SOUTH CAROLINA ASSOCIATION OF
CERTIFIED PUBLIC ACCOUNTANTS
ELY TAMA, CPA
JEFREY F. BUDAJ, CPA
BARTON A LOWEN, CPA
EMIL A. RAAB, CPA
DIANE L. ISAACS, CPA
JOHN W. WEIPERT, CPA
SEAN M. DONOVAN, CPA
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
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
Hawkins, Ash, Baptie & Company, LLP
Certified Public Accountants
INDEPENDENT AUDITORS' REPORT
To the Partners
Madison Partners Limited Partnership
We have audited the accompanying balance sheet of Madison
Partners Limited Partnership (the "Project"), as of December
31, 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
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, 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
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, 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 the. 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.
March 16, 1997
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: 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
McGEE & ASSOCIATES, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners
Rio Mimbres II, 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
1995, and the related statements of operations, partners'
equity and cash flows for the years then ended. These
financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of 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
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
PLANTE & MORAN, LLP
1111 Michigan Avenue
P.O. Box 2500
East Lansing, Michigan 48826-2500
Certified Public Accountant
Management Consultants
517-332-6200
FAX 517-332-8502
Independent Auditor's Report
To the Partners
University Meadows Limited Dividend
Housing Association Limited Partnership
We have audited the accompanying balance 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 referred 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 Governmental 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
Moores
Rowland
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
Ortiz Lopez & Co.
Certified Public Accountants
CPA Eulalio Ortiz Rodriguez, MSA
CPA Heriberto L6pez Recio
Calle Post 183 Sur Altos
P.O. Box 3944
Marina Station
Mayaguez, P.R. 00681
Telephones: (809) 833-8236
833-8250
Fax: 833-8285
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.
To the Partners
Virgen del Pozo Limited Partnership
Page 2 - Continued
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. The
supplemental information on pages 13 and 14 is presented for
purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of
the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic
financial statements taken as a whole.
Mayaguez, Puerto Rico
January 31, 1997
VSN
VELEZ, SEMPRIT, NIEVES & Co.
Certified Public Accountants / Business Advisors
A member of Horwath International
252 Ponce de Leon Ave.
11th Floor
Hato Rey, Puerto Rico 00918-9922
Tel. (809) 751-6500
Fax: (809) 767-1197
INDEPENDENT AUDITORS' REPORT ON FINANCIAL STATEMENTS
Partners
April Gardens Apartments III Limited Partnership
San Juan, Puerto Rico
We have audited the accompanying balance sheets of April
Gardens Apartments III Limited Partnership as of December 31,
1995 and 1994, and the related statements of operations,
partners' equity and cash flows for the years then ended.
These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of April Gardens Apartments III Limited Partnership as
of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 26, 1996 on our consideration of
the Partnership's internal control structure and a report dated
January 26, 1996 on its compliance with laws, regulations,
contracts, loan covenants and agreements.
We conducted our audits to form an opinion on the basic
financial statements of April Gardens Apartments EII Limited
Partnership taken as a whole. The accompanying schedules of
administrative, utilities, maintenance, taxes, insurance and
interest expense are presented for purposes of additional
analysis and are not a required part of the basic financial
statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements
taken as a whole.
January 26, 1996
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
Ludvigson, Braun & Co.
Accountants and Auditors
117 NW 3rd Street
PO. Box 845
Valley City, North Dakota 58072-0845
Telephone: (701) E145-1457
Facsimile: (701) E345-8003
R.B. Ludvigson, CPA (Retired)
Raymond J. Braun, LPA
Muriel G. Haugen, CPA
Connie E Winkler LPA
JoAnn A. 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
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 11 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
Virchow, Krause & Company, LLP
Certified Public Accountants & Consultants
INDEPENDENT AUDITORS' REPORT
To the Partners
School Street Limited Partnership I
Madison, Wisconsin
We have audited the accompanying balance sheet of WHEDA Project
No. 011/001217 of School Street Limited Partnership I as of
December 31, 1995, and the related statements of loss,
partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the project's
management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used
and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of WHEDA Project No. 011/001217 of School Street
Limited Partnership I as of December 31, 1995, and the results
of its operations, changes in partners' equity and cash flows
for the year then ended in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The supplemental
information found on pages 13-24 including supplemental
information required by WHEDA, is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to
the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is presented fairly
in all material respects in relation to the basic financial
statements taken as a whole.
Page 1
To the Partners
School Street Limited Partnership I
The financial statements of School Street Limited Partnership I
for the year ended December 31, 1994 were audited by other
accountants, whose report dated January 24, 1995 stated that
they were not aware of any material modifications that should
be made to those statements in order for them to be in
conformity with generally accepted accounting principles.
VIRCHOW, KRAUSE & COMPANY, LLP
January 18, 1996
Blackman & Associates, 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
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
DAVID P. PHILLIPS, P.C.
CERTIFIED PUBLIC ACCOUNTANT
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
31, 1996 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
OSCAR N. HARRIS & ASSOCIATES, P.A.
Certified Public Accountants
OSCAR N. HARRIS, C.P.A.
SHERRY S. JOHNSON, C.P.A.
KENNETH E. MILTON, C.P.A
CONNIE P- STANCIL, C.P.A.
MEMBERS:
AMERICAN INST OF
CERTIFIED PUBLIC ACCOUNTANTS
NORTH CAROLRNA ASSOCIATION OF
CERTIFIED PUBLIC ACCOUNTANTS
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, 1996 and
1995, and the related statements of partners, capital, income,
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards, and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made
by management, as well. as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of 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.
100 EAST CUMBERLAND STREET, P.O. BOX 578, DUNN, N.C. 28335
(910) 892-1021 FAX (910) 892-6084
Cumberland Woods Associates
of Middlesboro, KY, Ltd.
Page Two
Our audits were made for the purpose of forming an opinion on
the basic financial statements taken as a whole. Schedules 1,
2, 3, and 4 on pages 15, 16, 17, and 18 are presented for
purposes of additional analysis and are not a required part of
the basic financial statements. Such information has been
subjected to the 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
PHILLIPS, DORSEY, THOMAS, WATERS & BRAFFORD, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
DRAWER 1359 - 215 HORNER ST, - HENDERSON, NC 27536
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, 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.
January 17, 1997
Henderson, Godbee & Nichols, P. C.
Certified Public Accountants
Robert A. Goddard, Jr. CPA (1943-1989) Maureen P. Collins, CPA
Gerald H. Henderson, CPA Amy McGill Smith, CPA
J. Wendell Godbee, CPA Krystal P. Hiers, CPA
M. Paul Nichols, Jr., CPA Marguerite J. Joyner,
CPA
Susan S. Swader, CPA Kenny L. Carter, CPA
Mark S. Rogers, CPA Shirley S. Miller, CPA
Janine E. Maturi, 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.:
58-196S562, 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 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
CRISP HUGHES & CO., L.L.P.
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
by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
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, 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
DURANT, SCHIZAIBMAN & 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
THOMAS C. CUNNINGIIAM, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(703) 669-5531
(703) 669-5576 fax
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. 1 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
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. 01 1/001 214 of Mariner's Pointe Limited Partnership I and
Mariner's Pointe Limited Partnership II 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 II 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. 01 1/001 214 of Mariner's Pointe
Limited Partnership I and Mariner's Pointe Limited Partnership
II 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. Bo. 44966 - Madison, WI 53744-
4966 -
(608) 831-8181 - FAX (608) 831-4243
MADISON - MILWAUKEE - ROCKFORD
PLANTE & MORAN, LLP
1111 Michigan Avenue
P.O. Box 2500
East Lansing, Michigan 48826-2500
Certified Public Accountants
Management Consultants
517-332-6200
FAX 517-332-8502
Independent Auditor's Report
To the Partners
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 cur 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 3
1, 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
BLOOM, GETTOS, HABIB & TERRONE, P.A.
Certified Public Accountants
Suite 1450
2601 South Bayshore Drive
Miami, Florida 33133-9893
Burt R. Bloom, C.P.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
Certified Public Accountants
Florida Institute of
Certified Public Accountants
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.
STI]ENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Re]2ort
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
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
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.
Farmington Hills, Michigan
January 31, 1997
ARMANDO A. SUAREZ - CPA
HATO RET TOWER, SUITE 1500, 268 MUNOZ RIVERA AVENUE, HATO REY,
PR 00918
(787)763-3195 Fax: 751-8448
Independent Auditor's Report
To the Partners
Vista Linda Apartments Limited Partnership
I have audited the accompanying balance sheet of Vista Linda
Apartments Limited Partnership as of December 31, 1996 and
1995, and the related statements of operations, partners'
equity (deficit), and cash flows for the years then ended.
These financial statements (Rural Development Administration
(Formerly FmHA) Project No.: 63-016-0660472028) are the
responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I have conducted my audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. I believe that my audit provides a
reasonable basis for my opinion.
In my opinion, the financial statements referred to above
present fairly in all material respects, the financial position
of Vista Linda Apartments Limited Partnership, Rural
Development Administration (Formerly FmHA) Project No.: 63-016-
0660472028, 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 audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 21 thru 36 is presented for the purpose 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 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.
February 18, 1997
San Juan, Puerto Rico
The stamp #1379936 of the CPA's College of
PR was affixed to the original of this report.
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
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 ReRort
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 statement, 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 I
Virchow, Krause & Company, LLP
Certified Public Accountants & Consultants
INDEPENDENT AUDITORS' REPORT
To the Partners
Mariner's Pointe Limited Partnership I and
Mariner's Pointe Limited Partnership II
Madison, Wisconsin
We have audited the accompanying combined balance sheet of
WHEDA Project No. 011/001214 of Mariner's Pointe Limited
Partnership I and Mariner's Pointe Limited Partnership II as of
December 31, 1995, and the related combined statements of loss,
partners' equity and cash flows for the year then ended. These
combined financial statements are the responsibility of the
project's management. Our responsibility is to express an
opinion on these combined financial statements based on our
audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the combined financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the combined
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall combined
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the combined financial statements referred to
above present fairly, in all material respects, the financial
position of WHEDA Project No. 011/001214 of Mariner's Pointe
Limited Partnership I and Mariner's Pointe Limited Partnership
II as of December 31, 1995, and the combined results of its
operations, changes in partners' equity and cash flows for the
year then ended in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the
financial statements taken as a whole. The supplemental
information found on pages 13-23, including supplemental
information required by WHEDA, is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to
the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is presented fairly
in all material respects in relation to the basic financial
statements taken as a whole.
To the PartnersMariner's Pointe Limited Partnership I and
Mariner's Pointe Limited Partnership II
The combined financial statements of Mariner's Pointe Limited
Partnership I and Mariner's Pointe Limited Partnership II for
the year ended December 31, 1994 were audited by other
accountants whose report dated January 24, 1995 stated that
they were not aware of any material modifications that should
be made to those statements in order for them to be in
conformity with generally accepted accounting principles.
VIRCHOW, KRAUSE & COMPANY, LLP
Madison, WisconsinJanuary 18, 1996
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
OTIS, ATWELL & TIMBERLAKE
Professional Association
Certified Public Accountants
James C.Otis, C.P.A., CFP
Stephen W. Atwell, C.P.A.
Fred I. Timberlake, C.P.A.
Bruce E. Fritzson, C.P.A.
Thomas J. Gioia, C.P.A.
980 Forest Avenue
Portland, Maine 04103
(207) 797-0990
FAX (207) 797-8618
INDEPENDENT AUDITOR'S REPORT
The Partners
Wakefield Housing Associates
We have audited the accompanying balance sheets of Wakefield
Housing Associates, a limited partnership, USDA, Rural
Development Case No. 34-002-0010456615, as of December 31, 1996
and 1995, and the related statements of income, partners'
equity (deficit) and cash flows for the years then ended.
These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used
and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of Wakefield Housing Associates as of December 31,
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 additional information on pages 13 and 14 is
presented solely for the use of the USDA, Rural Development 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.
January 14, 1997
Portland, Maine
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
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 sheets of Aspen Ridge
Apartments 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 Aspen Ridge Apartments 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 23, 1997
KB Parrish C. LLP
Certified Public Accountants
151 North Delaware Street
Suite 160
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)
We have audited the balance sheets of Briarwood of Dekalb, L.P.
(a limited partnership) as of December 31, 1996 and 1995, and
the related statements of operations, changes in partnership
capital and cash flows for the years then ended. These
financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
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, 1996 and
1995, and the results of its operations, changes in partnership
capital, and cash flows for the years then ended, in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 7, 1997 on our consideration of the
partnership's internal control structure, a report dated March
7, 1997 on its compliance with specific requirements applicable
to Affirmative Fair Housing, and a report dated March 7, 1997
on its compliance with laws and regulations.
Respectfully Submitted,
K. B. Parrish & Co. LLP
Certified Public Accountants
Indianapolis, Indiana
March 7, 1997
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
DIMARCO, ABIUSI & PASCARELLA
CERTIFIED PUBLIC ACCOUNTAN-FS, P.C.
Philip Abiusi
L. Richard Pascarella
Nakho Sung
Leo N. Bonfardeci
Carl T. Greco
Michael A. Mammolito
David R. Snyder
Charles R. Petty
Scott J. Martin
The Clinton Exchange
4 Clinton Square, Suite 104
Syracuse, New York 13202-1074
Phone (315) 475-6954
Fax (315) 475-2937
INDEPENDENT AUDTTORS' REPORT
To The Partners
CAIRO HOUSING COMPANY IEast Syracuse, New YorkWe 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 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, 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
CREELMAN SMITH, P.c.
CERTIFIED PUBLIC ACCOUNTANTS
To the PartnersCambridge Family YMCA Affordable HousingLimited
PartnershipCambridge, MassachusettsREPORT OF INDEPENDENT
AUDITORSWe 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'
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
CRAIN
& COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
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 I, 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.
Jackson, Tennessee
February 7, 1997
Matthews, Hearon & Cutrer
CERTIFIED PUBLIC ACCOUNTANTS
J. Erik Hearon, CPA
Brett C. Matthews, CPA
J. Raliegh Cutrer, CPA
Charles R. Lindsay, Jr., CPA
Tammy L. Burney, CPA
A. Joseph Tommasini, CPA
Elizabeth Hulen Barr, CPA
Members
American Institute of
Certified Public Accountants
Mississippi Society of
Certified Public Accountants
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
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 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
CRAIN
& COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
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.
CRAIN & COMPANY
Certified Public Accountants
Jackson, Tennessee
February 6, 1997
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 responsibi1ity of the Partnership's management. Our
responsibility is 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 Comptrol1er 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
CRAIN
& COMPANY
Certified Public Accountants
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.
CRAIN & COMPANY
Jackson, Tennessee
February 7, 1997
THOMAS C. CUNNINGHAM, CPA PC
23 MOORE STREET
BRISTOL, VIRGINIA 24201
(540) 669-5531 (540)669-5576 fax
INDEPENDENT AUDITOR'S REPORT
To the Partners
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 Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that I plan and perform 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 for 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
February 15, 1997
PAGE
OLSON &
COMPANY P C
Independent Auditor's 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
3 11 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.
DURANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANT'S 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
DUGGAN, JOINER,
BIRKENMEYER,
STAFFORD & FURMAN, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
January 17, 1997
To the Partners
Palmetto Properties, Ltd.
We have audited the accompanying basic financial statements of
Palmetto Properties, Ltd., as of and for the years ended
December 31, 1996 and 1995 as listed in the table of contents.
These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used
and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the basic financial statements referred to
above present fairly, in all material respects, the financial
position of Palmetto Properties, 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
additional information as listed in the table of contents is
presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such
information has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in
our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
Duggan, Joiner, Birkenmeyer,
Stafford & Furman, P.A.
Certified Public Accountants
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800
Fax No. (810) 626-2276
Independent Auditor's Report
To the Partners of
Park Place II, Ltd.
We have audited the accompanying balance sheet of PARK PLACE
II, LTD. as of December 31, 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, P.C.
Farmington Hills, Michigan
January 31, 1997
TAMA AND BUDAJ, P.C.
Certified Public Accountants
32783 Middlebelt Road
Farmington Hills, Michigan 48334-1726
(810) 626-3800
Fax No. (810) 626-2276
Independent Auditor's Report
To the Partners of
Seabreeze Manor RRH, Ltd.
We have audited the accompanying balance sheet of SEABREEZE
MANOR RRH, LTD. as of December 31, 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
DIMARCO, ABIUSI & PASCARELLA
CERTIFIED PUBLIC ACCOUNTANTS, P.C.
Philip Abiusi
L. Richard Pascarella
Nakho Sung
Leo N. Bonfardeci
Carl T. Greco
Michael A. Mammolito
David R. Snyder
Charles R. Petty
Scott J. Martin
The Clinton Exchange4 Clinton Square, Suite 104
Syracuse, New York 13202-1074
Phone (315) 475-6954
Fax (315) 475-2937
INDEPENDENT AUDTTORS' 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 f
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 provide a 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
RAYMOND, BROUSSARD & BROWN
A PROFESSIONAL CORPORATION
CERTIFIED PUBLIC ACCOUNTANTS
2616 Toulon Drive
Baton Rouge, Louisiana 70816
Telephone: (504) 292-9211
Fax: (504) 292-0727
Independent Auditor's Report
To The Partners
White Castle Senior Citizens Partnership, Ltd.
We have audited the accompanying balance sheets of White Castle
Senior Citizens Partnership, Ltd., RHS Project No.: 22-024-
721149468, as of December 31, 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 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
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 RHS 1930-8)
Parts I through III and in the Multiple Family Housing Project
Budget (Form RHS 19307) Parts I through V for the year ended
December 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
McGLADREY & PULLEN, LLP
Certified Public Accountants and Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
Brewer Street Apartments Limited Partnership
Winston-Salem, North Carolina
We have audited the accompanying balance sheets of Brewer
Street Apartments Limited Partnership as of December 31, 1995
and 1994, and the related statements of income, partners'
equity and cash flows for the years then ended. These
financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial
position of Brewer Street Apartments Limited Partnership as of
December 31, 1995 and 1994, and the results of its operations
and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Greensboro, North Carolina
January 23, 1996
Coopers
&Lybrand
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
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 years then ended in conformity with generally accepted
accounting principles.
Rochester, New York
March 12, 1996
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.
Tel: (508) 660-2592
1600 Providence Highway
Fax: (508) 660-1569
Walpole, MA O2081
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.
January 15, 1997
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE; WI S4702-
0810 -
PHONE (715) 832-3425 - FAX (715) 832-1665
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
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
JEROME P. LEWIS, CPA
JESSE A. KAISER CPA
NATHAN J. ROSEN. CPA
PAUL J. GNATT, CPA
CELSO I MATAAC, JR., CPA
PHILIP R. BAKER, CPA
DOUGLAS A. DOWLING, CPA
BRIAN J. GIGANTI, CPA
7101 WISCONSIN AVENUE
BETHESDA, MARYLAND 20814
TEL (301) 654-9000
FAX (301) 656-3056
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
Boothe, Vassar, Fox, and Fox
1001 East Farm Road 700
Big Spring , Texas 79720
915-263-1324
FAX 9 1 5-263-2124
INDEPENDENT AUDITORS' REPORT
To the Partners
Ponderosa Meadows, LTD. Limited Partnership
We have audited the accompanying balance sheets of Ponderosa Meadows,
LTD. Limited Partnership as of December 31, 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
GWEN WARD, P.C.
Certified Public Accountant
609 University Drive
Fort Worth, Texas 75107
(817) 336-5880
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 partnerships management. My responsibility is
to ex-cress 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
HOWE & ASSOCIATES, PC
CERTIFIED PUBLIC ACCOUNTANTS
104 EAST BROADWAY
COLUMBIA, MO 65203
February 13, 1997
INDEPENDENT AUDITOR'S REPORT
Partners
TROY ESTATES, LP
We have audited the accompanying balance sheet and the related
statements of income, owner's equity and cash flow for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position and results
of operations and cash flows of the Partnership for the years then
ended in conformity with generally accepted accounting principles.
Howe and Associates, PC
Martin A. Starr, C.P.A.
INDEPENDENT AUDITOR'S REPORT
To the Partners
Virginia Avenue Affordable Housing Limited Partnership
We have audited the accompanying balance sheets of Virginia Avenue
Affordable Housing Limited Partnership as of December 31, 1996 arid
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
audit.
I conducted my audit in accordance with generally accepted auditing
standards. Those 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 refereed to above present
fairly, in all material respects, the financial position of Virginia
Avenue Affordable Housing Limited Partnership as of December 3l, 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
a11 material respects in relation to basic financial statements taken
as a whole.
Martin A. Starr
Certified Public Accountant
February 5, l997
4260 Truxtun Avenue, Ste. 140, Bakersfield, CA 93309
805-635-3185 FAX 805-635-3190
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 3 1, 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
RAJEEV RAJ
Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Chelsea Square Development Limited Partnership
I have audited the accompanying balance sheet of Chelsea Square
Development Limited Partnership (A Development Stage and a
Massachusetts limited partnership) as of December 31, 1995, and the
related statements of operations, changes in partners' capital, and
cash flows for the year then ended. These financial statements are
the responsibility of the general partner. My responsibility is to
express an opinion on these financial statements based on my audit.
I conducted my audit in accordance with generally accepted auditing
standards. Those standards require that I plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the general partner,
as well as evaluating the overall financial statement presentation. I
believe that my audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Chelsea
Square Development Limited partnership as of December 31, 1995, and
the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
January 31 1996 1 '
Rajeev Raj C.P.A.
1600 Providence Highway
Walpole, MA 02081
Tel: (508) 660-2592
Fax: (508) 660-1569
WALLACE SANDERS& COMPANY
Crosspoint Atrium
8131 LBJ Freeway, Suite 875
Dallas, Texas 75251
Tel. 972/690-6301
Fax 972/669-3462
Independent Auditors' Report
To the Partners of
Community Dynamics - Fort Worth, Ltd.
We have audited the accompanying balance sheets of Community Dynamics
- - Fort Worth, Ltd., as of December 31, 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
WALLACE SANDERS& COMPANY
Crosspoint Atrium
8131 LBJ Freeway, Suite 875
Dallas, Texas 75251
Tel. 972/690-6301
Fax 972/669-3462
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
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 assess -mg the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a 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
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
Scarbrough
& Associates
Certified Public Accountants
For the financial solutions
You need to succeed
INDEPENDENT AUDITORS'REPORT
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
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 Comptrol1er
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 Auditing 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
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS
March 31, 1998 and 1997
<TABLE>
Total
- ----------------------------------
1998 1997
- ---------------- ----------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and D)
$ 121,032,270 $ 134,386,913
OTHER ASSETS
Cash and cash equivalents (notes A and I)
1,653,522 3,925,706
Investments available for sale (notes A and B)
2,970,867 1,393,309
Notes receivable (note E)
2,056,333 2,081,333
Deferred acquisition costs, net of accumulated amortization (notes
A
and C)
1,681,137 1,757,808
Organization costs, net of accumulated amortization (note A)
67,358 220,083
Other assets (note F)
1,728,300 2,080,483
- --------------- ---------------
$ 131,189,787 $ 145,845,635
=============== ===============
LIABILITIES AND PARTNERS'
CAPITAL
LIABILITIES
Accounts payable and accrued expenses
$ 4,553 $ 4,681
Accounts payable - affiliates (note C)
8,703,412 6,579,726
Capital contributions payable (note D)
2,726,063 3,765,854
- --------------- ---------------
11,434,028 10,350,261
- --------------- ---------------
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, 1998 and 1997
- - -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 21,996,102 issued and
outstanding at March 31, 1998 and 1997
120,447,861 136,032,541
General partner
(692,102) (534,681)
Unrealized loss on securities available for sale, net
- - (2,486)
- --------------- ---------------
119,755,759 135,495,374
- --------------- ---------------
$ 131,189,787 $ 145,845,635
=============== ===============
</TABLE>
(continued)
F-5
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 15
- ----------------------------------
1998 1997
- --------------- ---------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and D)
$ 16,246,406 $ 18,675,081
OTHER ASSETS
Cash and cash equivalents (notes A and I)
156,717 246,845
Investments available for sale (notes A and B)
125,000 -
Notes receivable (note E)
110,000 135,000
Deferred acquisition costs, net of accumulated amortization (notes
A
and C)
257,535 268,047
Organization costs, net of accumulated amortization (note A)
- - -
Other assets (note F)
473,086 475,563
- --------------- ---------------
$ 17,368,744 $ 19,800,536
=============== ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses
$ 1,145 $ 1,144
Accounts payable - affiliates (note C)
2,360,745 1,812,693
Capital contributions payable (note D)
32,922 178,680
- --------------- ---------------
2,394,812 1,992,517
- --------------- ---------------
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, 1998 and 1997
- - -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 3,870,500 issued and
outstanding at March 31, 1998 and 1997
15,156,864 17,962,610
General partner
(182,932) (154,591)
Unrealized gain on securities available for sale, net
- - -
- --------------- ---------------
14,973,932 17,808,019
- --------------- ---------------
$ 17,368,744 $ 19,800,536
=============== ===============
</TABLE>
(continued)
F-6
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 16
- ----------------------------------
1998 1997
- --------------- ---------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and D)
$ 30,777,843 $ 33,987,844
OTHER ASSETS
Cash and cash equivalents (notes A and I)
199,558 1,183,424
Investments available for sale (notes A and B)
1,000,758 283,537
Notes receivable (note E)
- - -
Deferred acquisition costs, net of accumulated amortization (notes
A
and C)
412,871 429,721
Organization costs, net of accumulated amortization (note A)
- - 44,630
Other assets (note F)
72,210 8,790
- --------------- ---------------
$ 32,463,240 $ 35,937,946
=============== ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses
$ - $ -
Accounts payable - affiliates (note C)
2,235,091 1,743,106
Capital contributions payable (note D)
145,311 155,225
- --------------- ---------------
2,380,402 1,898,331
- --------------- ---------------
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, 1998 and 1997
- - -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 5,429,402 issued and
outstanding at March 31, 1998 and 1997
30,248,618 34,166,449
General partner
(165,780) (126,206)
Unrealized loss on securities available for sale, net
- - (628)
- --------------- ---------------
30,082,838 34,039,615
- --------------- ---------------
$ 32,463,240 $ 35,937,946
=============== ===============
</TABLE>
(continued)
F-7
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 17
- ----------------------------------
1998 1997
- --------------- ---------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and D)
$ 27,762,778 $ 30,804,793
OTHER ASSETS
Cash and cash equivalents (notes A and I)
388,024 539,185
Investments available for sale (notes A and B)
- - -
Notes receivable (note E)
1,409,982 1,409,982
Deferred acquisition costs, net of accumulated amortization (notes
A
and C)
373,197 396,522
Organization costs, net of accumulated amortization (note A)
10,804 50,533
Other assets (note F)
1,121,814 1,329,684
- --------------- ---------------
$ 31,066,599 $ 34,530,699
=============== ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses
$ - $ -
Accounts payable - affiliates (note C)
2,159,306 1,593,932
Capital contributions payable (note D)
1,367,195 1,844,259
- --------------- ---------------
3,526,501 3,438,191
- --------------- ---------------
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, 1998 and 1997
- - -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 5,000,000 issued and
outstanding at March 31, 1998 and 1997
27,694,376 31,211,262
General partner
(154,278) (118,754)
Unrealized gain on securities available for sale, net
- - -
- --------------- ---------------
27,540,098 31,092,508
- --------------- ---------------
$ 31,066,599 $ 34,530,699
=============== ===============
</TABLE>
(continued)
F-8
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 18
- ----------------------------------
1998 1997
- --------------- ---------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and D)
$ 20,921,603 $ 23,513,680
OTHER ASSETS
Cash and cash equivalents (notes A and I)
301,444 766,409
Investments available for sale (notes A and B)
474,000 173,619
Notes receivable (note E)
536,351 536,351
Deferred acquisition costs, net of accumulated amortization (notes
A
and C)
280,569 291,983
Organization costs, net of accumulated amortization (note A)
18,772 49,526
Other assets (note F)
44,622 41,564
- --------------- ---------------
$ 22,577,361 $ 25,373,132
=============== ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses
$ - $ 129
Accounts payable - affiliates (note C)
1,048,041 741,114
Capital contributions payable (note D)
717,635 755,887
- --------------- ---------------
1,765,676 1,497,130
- --------------- ---------------
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, 1998 and 1997
- - -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 3,616,200 issued and
outstanding at March 31, 1998 and 1997
20,913,795 23,947,845
General partner
(102,110) (71,463)
Unrealized loss on securities available for sale, net
- - (380)
- --------------- ---------------
20,811,685 23,876,002
- --------------- ---------------
$ 22,577,361 $ 25,373,132
=============== ===============
</TABLE>
(continued)
F-9
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1998 and 1997
<TABLE>
Series 19
- ----------------------------------
1998 1997
- --------------- ---------------
<S>
<C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and D)
$ 25,323,640 $ 27,405,515
OTHER ASSETS
Cash and cash equivalents (notes A and I)
607,779 1,189,843
Investments available for sale (notes A and B)
1,371,109 936,153
Notes receivable (note E)
- - -
Deferred acquisition costs, net of accumulated amortization (notes
A
and C)
356,965 371,535
Organization costs, net of accumulated amortization (note A)
37,782 75,394
Other assets (note F)
16,568 224,882
- --------------- ---------------
$ 27,713,843 $ 30,203,322
=============== ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses
$ 3,408 $ 3,408
Accounts payable - affiliates (note C)
900,229 688,881
Capital contributions payable (note D)
463,000 831,803
- --------------- ---------------
1,366,637 1,524,092
- --------------- ---------------
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, 1998 and 1997
- - -
Assignees
Units of beneficial interest of the limited partnership interest
of the assignor limited partner, 4,080,000 issued and
outstanding at March 31, 1998 and 1997
26,434,208 28,744,375
General partner
(87,002) (63,667)
Unrealized loss on securities available for sale, net
- - (1,478)
- --------------- ---------------
26,347,206 28,679,230
- --------------- ---------------
$ 27,713,843 $ 30,203,322
=============== ===============
</TABLE>
See notes to financial statements
F-10
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Total
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $
341,565 $ 555,991 $ 1,034,800
- --------------- --------------- ---------------
Share of losses from operating limited partnerships
(note A)
(13,145,436) (15,051,842)* (14,435,496)
- --------------- --------------- ---------------
Expenses
Professional fees
212,668 290,823 277,646
Partnership management fee (note C)
2,092,597 2,253,062 2,399,311
Amortization (note A)
229,396 246,638 246,807
General and administrative expenses (note C)
403,569 419,849 389,851
- --------------- --------------- ---------------
2,938,230 3,210,372 3,313,615
- --------------- --------------- ---------------
NET LOSS (note A) $
(15,742,101) $ (17,706,223) $ (16,714,311)
=============== =============== ===============
Net loss allocated to general partner $
(157,421) $ (177,062) $ (167,142)
=============== =============== ===============
Net loss allocated to assignees $
(15,584,680) $ (17,529,161) $ (16,547,169)
=============== =============== ===============
Net loss per BAC $
(0.71) $ (0.80) $ (0.75)
=============== =============== ===============
</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>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 15
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $
172,690 $ 173,892 $ 192,705
- --------------- --------------- ---------------
Share of losses from operating limited partnerships
(note A)
(2,428,483) (3,039,112) (3,201,668)
- --------------- --------------- ---------------
Expenses
Professional fees
51,181 60,084 50,472
Partnership management fee (note C)
468,703 473,378 499,184
Amortization (note A)
10,512 36,743 36,843
General and administrative expenses (note C)
47,898 37,996 43,328
- --------------- --------------- ---------------
578,294 608,201 629,827
- --------------- --------------- ---------------
NET LOSS (note A) $
(2,834,087) $ (3,473,421) $ (3,638,790)
=============== =============== ===============
Net loss allocated to general partner $
(28,341) $ (34,734) $ (36,388)
=============== =============== ===============
Net loss allocated to assignees $
(2,805,746) $ (3,438,687) $ (3,602,402)
=============== =============== ===============
Net loss per BAC $
(0.72) $ (0.89) $ (0.93)
=============== =============== ===============
</TABLE>
(continued)
F-12
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 16
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $
60,331 $ 71,599 $ 127,067
- --------------- --------------- ---------------
Share of losses from operating limited partnerships
(note A)
(3,196,773) (3,052,073)* (3,778,516)
- --------------- --------------- ---------------
Expenses
Professional fees
58,798 53,174 66,842
Partnership management fee (note C)
599,941 572,972 646,906
Amortization (note A)
61,480 61,438 61,532
General and administrative expenses (note C)
100,744 94,461 82,878
- --------------- --------------- ---------------
820,963 782,045 858,158
- --------------- --------------- ---------------
NET LOSS (note A) $
(3,957,405) $ (3,762,519) $ (4,509,607)
=============== =============== ===============
Net loss allocated to general partner $
(39,574) $ (37,625) $ (45,096)
=============== =============== ===============
Net loss allocated to assignees $
(3,917,831) $ (3,724,894) $ (4,464,511)
=============== =============== ===============
Net loss per BAC $
(0.72) $ (0.69) $ (0.82)
=============== =============== ===============
</TABLE>
* Net of gain on disposal of operating limited partnership (Series
16) of $761.
(continued)
F-13
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 17
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $
17,342 $ 43,090 $ 85,172
- --------------- --------------- ---------------
Share of losses from operating limited partnerships
(note A)
(2,857,430) (3,504,918) (3,144,888)
- --------------- --------------- ---------------
Expenses
Professional fees
39,610 78,784 71,386
Partnership management fee (note C)
498,103 512,189 506,412
Amortization (note A)
63,054 55,279 55,408
General and administrative expenses (note C)
111,555 107,688 78,508
- --------------- --------------- ---------------
712,322 753,940 711,714
- --------------- --------------- ---------------
NET LOSS (note A) $
(3,522,410) $ (4,215,768) $ (3,771,430)
=============== =============== ===============
Net loss allocated to general partner $
(35,524) $ (42,158) $ (37,714)
=============== =============== ===============
Net loss allocated to assignees $
(3,516,886) $ (4,173,610) $ (3,733,716)
=============== =============== ===============
Net loss per BAC $
(0.70) $ (0.83) $ (0.75)
=============== =============== ===============
</TABLE>
(continued)
F-14
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 18
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $
34,155 $ 46,186 $ 139,504
- --------------- --------------- ---------------
Share of losses from operating limited partnerships
(note A)
(2,589,608) (2,594,599) (2,451,672)
- --------------- --------------- ---------------
Expenses
Professional fees
31,410 35,490 40,385
Partnership management fee (note C)
347,356 326,168 363,632
Amortization (note A)
42,168 42,167 42,298
General and administrative expenses (note C)
88,310 83,478 66,451
- --------------- --------------- ---------------
509,244 487,303 512,766
- --------------- --------------- ---------------
NET LOSS (note A) $
(3,064,697) $ (3,035,716) $ (2,824,934)
=============== =============== ===============
Net loss allocated to general partner $
(30,647) $ (30,357) $ (28,249)
=============== =============== ===============
Net loss allocated to assignees $
(3,034,050) $ (3,005,359) $ (2,796,685)
=============== =============== ===============
Net loss per BAC $
(0.84) $ (0.83) $ (0.77)
=============== =============== ===============
</TABLE>
(continued)
F-15
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 19
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Income
Interest income $
57,047 $ 221,224 $ 490,352
- --------------- --------------- ---------------
Share of losses from operating limited partnerships
(note A)*
(2,073,142) (2,861,140) (1,858,752)
- --------------- --------------- ---------------
Expenses
Professional fees
31,669 63,291 48,561
Partnership management fee (note C)
178,494 368,355 383,177
Amortization (note A)
52,182 51,011 50,726
General and administrative expenses (note C)
55,062 96,226 118,686
- --------------- --------------- ---------------
317,407 578,883 601,150
- --------------- --------------- ---------------
NET LOSS (note A) $
(2,333,502) $ (3,218,799) $ (1,969,550)
=============== =============== ===============
Net loss allocated to general partner $
(23,335) $ (32,188) $ (19,695)
=============== =============== ===============
Net loss allocated to assignees $
(2,310,167) $ (3,186,611) $ (1,949,855)
=============== =============== ===============
Net loss per BAC $
(0.57) $ (0.78) $ (0.48)
=============== =============== ===============
</TABLE>
* Net of gain on disposal of operating limited
partnership (Series 19) of $888,473.
See notes to financial statements
F-16
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 1998, 1997 and 1996
<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, 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
Net change in unrealized gain
(loss) on securities available
for sale -
- - 2,486 2,486
Net loss (15,584,680)
(157,421) - (15,742,401)
---------------
- --------------- --------------- --------------
Partners' capital (deficit), March
31, 1998 $ 120,447,861 $
(692,102) $ - $ 119,755,759
===============
=============== =============== ===============
</TABLE>
(continued)
F-17
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<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, 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
Net change in unrealized gain
(loss) on securities available
for sale -
- - - -
Net loss (2,805,746)
(28,341) - (2,834,087)
---------------
- --------------- --------------- --------------
Partners' capital (deficit), March
31, 1998 $ 15,156,864 $
(182,932) $ - $ 14,973,932
===============
=============== =============== ===============
</TABLE>
(continued)
F-18
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<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, 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
Net change in unrealized gain
(loss) on securities available
for sale -
- - 628 628
Net loss (3,917,831)
(39,574) - (3,957,405)
---------------
- --------------- --------------- --------------
Partners' capital (deficit), March
31, 1998 $ 30,248,618 $
(165,780) $ - $ 30,082,838
===============
=============== =============== ===============
</TABLE>
(continued)
F-19
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<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, 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
Net change in unrealized gain
(loss) on securities available
for sale -
- - - -
Net loss (3,516,886)
(35,524) - (3,552,410)
---------------
- --------------- --------------- --------------
Partners' capital (deficit), March
31, 1998 $ 27,694,376 $
(154,278) $ - $ 27,540,098
===============
=============== =============== ===============
</TABLE>
(continued)
F-20
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<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, 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
Net change in unrealized gain
(loss) on securities available
for sale -
- - 380 380
Net loss (3,034,050)
(30,647) - (3,064,697)
---------------
- --------------- --------------- --------------
Partners' capital (deficit), March
31, 1998 $ 20,913,795 $
(102,110) $ - $ 20,811,685
===============
=============== =============== ===============
</TABLE>
(continued)
F-21
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<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, 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
Net change in unrealized gain
(loss) on securities available
for sale -
- - 1,478 1,478
Net loss (2,310,167)
(23,335) - (2,333,502)
---------------
- --------------- --------------- --------------
Partners' capital (deficit), March
31, 1998 $ 26,434,208 $
(87,002) $ - $ 26,347,206
===============
=============== =============== ===============
</TABLE>
See notes to financial statements
F-22
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Total
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $
(15,742,101) $ (17,706,223) $ (16,714,311)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Share of losses from operating limited
partnerships
13,145,436 15,051,842 14,435,496
Distributions received from operating limited
partnerships
38,883 18,811 18,412
Amortization
229,396 246,638 246,807
Changes in assets and liabilities
Other assets
(21,176) (93,710) (125,159)
Accounts payable and accrued expenses
(128) (70,527) 70,442
Accounts payable - affiliates
2,123,686 2,125,321 2,191,716
- --------------- --------------- ---------------
Net cash provided by (used in) operating
activities
(226,004) (427,848) 123,403
- --------------- --------------- ---------------
Cash flows from investing activities
Acquisition costs (paid)/reimbursed (for)/from
operating limited partnerships
- - 15,000 (182,571)
Capital contributions paid to operating limited
partnerships
(434,860) (4,280,314) (17,638,595)
(Advances)/repayments (to)/from operating limited
partnerships
(31,000) (74,034) 2,945,152
Purchase of investments (net of proceeds from
sale of investments)
(1,580,320) 3,734,042 9,530,375
- --------------- --------------- ---------------
Net cash used in investing activities
(2,046,180) (605,306) (5,345,639)
- --------------- --------------- ---------------
NET DECREASE IN CASH AND CASH
EQUIVALENTS
(2,272,184) (1,033,154) (5,222,236)
Cash and cash equivalents, beginning
3,925,706 4,958,860 10,181,096
- --------------- --------------- ---------------
Cash and cash equivalents, end $
1,653,522 $ 3,925,706 $ 4,958,860
=============== =============== ===============
</TABLE>
(continued)
F-23
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Total
- -----------------------------------------------------
1997
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
The fund has increased its investments in
operating limited partnerships for unpaid
capital contributions due to the operating
limited partnerships $
- - $ 2,504,963 $ 1,426,703
=============== =============== ===============
The fund has adjusted its investment and
decreased its capital contribution obligation
in operating limited partnerships for low-
income tax credits not generated $
164,471 $ 287,710 $ 381,901
=============== =============== ===============
The fund has recorded capital contributions
(syndication proceeds) being held and
subsequently released by the escrow agent $
- - $ - $ 2,274,224
=============== =============== ===============
The fund 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 fund 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 fund has applied notes receivable and
advances against installments of capital
contributions $
442,360 $ 3,691,747 $ -
=============== =============== ===============
The fund has increased its deferred
acquisition costs for operating limited
partnership disposed of during year $
- - $ 4,675 $ -
=============== =============== ===============
The fund has increased (decreased) its
investments available for sale for unrealized
gains (losses) $
(2,486) $ (14,416) $ 114,621
=============== =============== ===============
</TABLE>
(continued)
F-24
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 15
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $
(2,834,087) $ (3,473,421) $ (3,638,790)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Share of losses from operating limited
partnerships
2,428,483 3,039,112 3,201,668
Distributions received from operating limited
partnerships
3,026 1,408 6,337
Amortization
10,512 36,743 36,843
Amortization of bond discount/premium
- - - -
Changes in assets and liabilities
Other assets
(1,047) (183,399) (711)
Accounts payable and accrued expenses
1 (67,712) 67,501
Accounts payable - affiliates
548,052 548,052 488,042
- --------------- --------------- ---------------
Net cash provided by (used in) operating
activities
154,940 (99,217) 160,890
- --------------- --------------- ---------------
Cash flows from investing activities
Acquisition costs reimbursed from operating
limited partnerships
- - 2,640 -
Capital contributions paid to operating limited
partnerships
(145,068) (21,600) (1,269,931)
Repayments from operating limited partnerships
25,000 50,000 262,350
Purchase of investments (net of proceeds from
sale of investments)
(125,000) 151,594 33,243
- --------------- --------------- ---------------
Net cash provided by (used in) investing
activities
(245,068) 182,634 (974,338)
- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
(90,128) 83,417 (813,448)
Cash and cash equivalents, beginning
246,845 163,428 976,876
- --------------- --------------- ---------------
Cash and cash equivalents, end $
156,717 $ 246,845 $ 163,428
=============== =============== ===============
</TABLE>
(continued)
F-25
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 15
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
The fund has increased its investments in
operating limited partnerships for unpaid
capital contributions due to the operating
limited partnerships $
- - $ - $ -
=============== =============== ===============
The fund has adjusted its investment and
decreased its capital contribution obligation
in operating limited partnerships for low-
income tax credits not generated $
2,522 $ 2,469 $ 11,832
=============== =============== ===============
The fund has recorded capital contributions
(syndication proceeds) being held and
subsequently released by the escrow agent $
- - $ - $ -
=============== =============== ===============
The fund has adjusted its investment in and
increased its capital contribution obligation
in operating limited partnerships for low-
income tax credits generated $
- - $ - $ -
=============== =============== ===============
The fund has decreased its investments in
operating limited partnerships for unpaid
capital contributions due to the operating
limited partnership disposed of during the
year $
- - $ - $ -
=============== =============== ===============
The fund has applied notes receivable and
advances against installments of capital
contributions $
- - $ - $ -
=============== =============== ===============
The fund has increased its deferred acquisition
costs for operating partnerships disposed of
during year $
- - $ - $ -
=============== =============== ===============
The fund has increased (decreased) its
investments available for sale for unrealized
gains (losses) $
(628) $ (349) $ 162
=============== =============== ===============
</TABLE>
(continued)
F-26
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 16
- -----------------------------------------------------
1997
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $
(3,957,405) $ (3,762,519) $ (4,509,607)
Adjustments to reconcile net loss to net cash
used in operating activities
Share of losses from operating limited
partnerships
3,196,773 3,052,073 3,778,516
Distributions received from operating limited
partnerships
13,312 2,675 7,361
Amortization
61,480 61,438 61,532
Changes in assets and liabilities
Other assets
(2,256) 24,312 18,315
Accounts payable and accrued expenses
- - (100) (1,043)
Accounts payable - affiliates
491,985 491,988 571,980
- --------------- --------------- ---------------
Net cash used in operating activities
(196,111) (130,133) (72,946)
- --------------- --------------- ---------------
Cash flows from investing activities
Acquisition costs reimbursed from operating
limited partnerships
- - 3,700 -
Capital contributions paid to operating limited
partnerships
(9,914) (292,588) (2,444,175)
(Advances)/repayments (to)/from operating limited
partnerships
(56,000) 63,200 222,000
Purchase of investments (net of proceeds from
sale of investments)
(721,841) 109,754 967,118
- --------------- --------------- ---------------
Net cash used in investing activities
(787,755) (115,934) (1,255,057)
- --------------- --------------- ---------------
NET DECREASE IN CASH AND CASH
EQUIVALENTS
(983,866) (246,067) (1,328,003)
Cash and cash equivalents, beginning
1,183,424 1,429,491 2,757,494
- --------------- --------------- ---------------
Cash and cash equivalents, end $
199,558 $ 1,183,424 $ 1,429,491
=============== =============== ===============
</TABLE>
(continued)
F-27
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 16
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
The fund has increased its investments in
operating limited partnerships for unpaid
capital contributions due to the operating
limited partnerships $
- - $ - $ -
=============== =============== ===============
The fund has adjusted its investment and
decreased its capital contribution obligation
in operating limited partnerships for low-
income tax credits not generated $
- - $ - $ 40,727
=============== =============== ===============
The fund has recorded capital contributions
(syndication proceeds) being held and
subsequently released by the escrow agent $
- - $ - $ 86,655
=============== =============== ===============
The fund has adjusted its investment in and
increased its capital contribution obligation
in operating limited partnerships for low-
income tax credits generated $
- - $ - $ -
=============== =============== ===============
The fund 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 fund has applied notes receivable and
advances against installments of capital
contributions $
- - $ 420,164 $ -
=============== =============== ===============
The fund has increased its deferred acquisition
costs for operating limited partnership
disposed of during year $
- - $ 4,675 $ -
=============== =============== ===============
The fund has increased (decreased) its
investments available for sale for unrealized
gains (losses) $
- - $ (1,545) $ 68,305
=============== =============== ===============
</TABLE>
(continued)
F-28
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 17
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $
(3,552,410) $ (4,215,768) $ (3,771,430)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Share of losses from operating limited
partnerships
2,857,430 3,504,918 3,144,888
Distributions received from operating limited
partnerships
11,343 3,381 2,436
Amortization
63,054 55,279 55,408
Amortization of bond discount/premium
- - - -
Changes in assets and liabilities
Other assets
(2,017) 44,746 47,464
Accounts payable and accrued expenses
- - - (417)
Accounts payable - affiliates
565,374 572,246 606,821
- --------------- --------------- ---------------
Net cash provided by (used in) operating
activities
(57,226) (35,198) 85,170
- --------------- --------------- ---------------
Cash flows from investing activities
Acquisition costs (paid)/reimbursed (for)/from
operating limited partnerships
- - 3,410 (182,571)
Capital contributions paid to operating limited
partnerships
(93,935) (155,696) (3,724,505)
(Advances)/repayments (to)/from operating limited
partnerships
- - (187,234) 577,530
Purchase of investments (net of proceeds from
sale of investments)
- - 628,486 1,838,871
- --------------- --------------- ---------------
Net cash provided by (used in) investing
activities
(93,935) 288,966 (1,490,675)
- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
(151,161) 253,768 (1,405,505)
Cash and cash equivalents, beginning
539,185 285,417 1,690,922
- --------------- --------------- ---------------
Cash and cash equivalents, end $
388,024 $ 539,185 $ 285,417
=============== =============== ===============
</TABLE>
(continued)
F-29
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 17
- ----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
The fund has increased its investments in
operating limited partnerships for unpaid
capital contributions due to the operating
limited partnerships $
$ - $ 1,338,057
=============== =============== ===============
The fund has adjusted its investment and
decreased its capital contribution obligation
in operating limited partnerships for low-
income tax credits not generated $
161,949 $ 5,629 $ -
=============== =============== ===============
The fund has recorded capital contributions
(syndication proceeds) being held and
subsequently released by the escrow agent $
- - $ - $ -
=============== =============== ===============
The fund has adjusted its investment in and
increased its capital contribution obligation
in operating limited partnerships for low-
income tax credits generated $
- - $ - $ 117,717
=============== =============== ===============
The fund has decreased its investments in
operating limited partnerships for unpaid
capital contributions due to the operating
limited partnership disposed of during the
year $
- - $ - $ -
=============== =============== ===============
The fund has applied notes receivable and
advances against installments of capital
contributions $
221,180 $ 307,137 $ -
=============== =============== ===============
The fund has increased its deferred acquisition
costs for operating limited partnership
disposed of during year $
- - $ - $ -
=============== =============== ===============
The fund has increased (decreased) its
investments available for sale for unrealized
gains (losses) $
- - $ (1,464) $ 1,440
=============== =============== ===============
</TABLE>
(continued)
F-30
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 18
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $
(3,064,697) $ (3,035,716) $ (2,824,934)
Adjustments to reconcile net loss to net cash
used in operating activities
Share of losses from operating limited
partnerships
2,589,608 2,594,599 2,451,672
Distributions received from operating limited
partnerships
2,469 7,958 2,278
Amortization
42,168 42,167 42,298
Changes in assets and liabilities
Other assets
(2,990) (33,512) (148)
Accounts payable and accrued expenses
(129) (1,622) (100)
Accounts payable - affiliates
306,927 306,951 241,696
- --------------- --------------- ---------------
Net cash used in operating activities
(126,644) (119,175) (87,238)
- --------------- --------------- ---------------
Cash flows from investing activities
Acquisition costs reimbursed from operating
limited partnerships
- - 2,465 -
Capital contributions paid to operating limited
partnerships
(38,320) (118,711) (5,518,309)
Repayments from operating limited partnerships
- - - 707,822
Purchase of investments (net of proceeds from
sale of investments)
(300,001) 472,430 3,613,472
- --------------- --------------- ---------------
Net cash provided by (used in) investing
activities
(338,321) 356,184 (1,197,015)
- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
(464,965) 237,009 (1,284,253)
Cash and cash equivalents, beginning
766,409 529,400 1,813,653
- --------------- --------------- ---------------
Cash and cash equivalents, end $
301,444 $ 766,409 $ 529,400
=============== =============== ===============
</TABLE>
(continued)
F-31
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 18
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
The fund has increased its investments in
operating limited partnerships for unpaid
capital contributions due to the operating
limited partnerships $
- - $ - $ -
=============== =============== ===============
The fund has adjusted its investment and
decreased its capital contribution obligation
in operating limited partnerships for low-
income tax credits not generated $
- - $ - $ 6,349
=============== =============== ===============
The fund has recorded capital contributions
(syndication proceeds) being held and
subsequently released by the escrow agent $
- - $ - $ 1,067,200
=============== =============== ===============
The fund has adjusted its investment in and
increased its capital contribution obligation
in operating limited partnerships for low-
income tax credits generated $
- - $ 13,283 $ -
=============== =============== ===============
The fund has decreased its investments in
operating limited partnerships for unpaid
capital contributions due to the operating
limited partnership disposed of during the
year $
- - $ - $ -
=============== =============== ===============
The fund has applied notes receivable and
advances against installments of capital
contributions $
- - $ - $ -
=============== =============== ===============
The fund has increased its deferred acquisition
costs for operating limited partnership
disposed of during year $
- - $ - $ -
=============== =============== ===============
The fund has increased (decreased) its
investments available for sale for unrealized
gains (losses) $
(380) $ (1,881) $ 4,921
=============== =============== ===============
</TABLE>
(continued)
F-32
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 19
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Cash flows from operating activities
Net loss $
(2,333,502) $ (3,218,799) $ (1,969,550)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities
Share of losses from operating limited
partnerships
2,073,142 2,861,140 1,858,752
Distributions received from operating limited
partnerships
8,733 3,389 -
Amortization
52,182 51,011 50,726
Changes in assets and liabilities
Other assets
(12,866) 54,143 (190,079)
Accounts payable and accrued expenses
- - (1,093) 4,501
Accounts payable - affiliates
211,348 206,084 283,177
- --------------- --------------- ---------------
Net cash provided by (used in) operating
activities
(963) (44,125) 37,527
- --------------- --------------- ---------------
Cash flows from investing activities
Acquisition costs reimbursed from operating
limited partnerships
- - 2,785 -
Capital contributions paid to operating limited
partnerships
(147,623) (3,691,719) (4,681,675)
Repayments from operating limited partnerships
- - - 1,175,450
Purchase of investments (net of proceeds from
sale of investments)
(433,478) 2,371,778 3,077,671
- --------------- --------------- ---------------
Net cash provided by (used in) investing
activities
(581,101) (1,317,156) (428,554)
- --------------- --------------- ---------------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
(582,064) (1,361,281) (391,027)
Cash and cash equivalents, beginning
1,189,843 2,551,124 2,942,151
- --------------- --------------- ---------------
Cash and cash equivalents, end $
607,779 $ 1,189,843 $ 2,551,124
=============== =============== ===============
</TABLE>
(continued)
F-33
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 1998, 1997 and 1996
<TABLE>
Series 19
- -----------------------------------------------------
1998
1997 1996
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Supplemental schedule of noncash investing and
financing activities
The fund has increased its investments in
operating limited partnerships for unpaid
capital contributions due to the operating
limited partnerships $
- - $ 2,504,963 $ 88,646
=============== =============== ===============
The fund 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 fund has recorded capital contributions
(syndication proceeds) being held and
subsequently released by the escrow agent $
- - $ - $ 1,120,369
=============== =============== ===============
The fund has adjusted its investment in and
increased its capital contribution obligation
in operating limited partnerships for low-
income tax credits generated $
- - $ - $ -
=============== =============== ===============
The fund 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 fund has applied notes receivable and
advances against installments of capital
contributions $
221,180 $ 2,964,446 $ -
=============== =============== ===============
The fund has increased its deferred acquisition
costs for operating limited partnership
disposed of during year $
- - $ - $ -
=============== =============== ===============
The fund has increased (decreased) its
investments available for sale for unrealized
gains (losses) $
(1,478) $ (9,177) $ 39,793
=============== =============== ===============
</TABLE>
See notes to financial statements
F-34
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS
March 31, 1998, 1997 and 1996
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,
1998 and 1997 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>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Investments in Operating Limited Partnerships
---------------------------------------------
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 fund
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 costs 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>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Investments in Operating Limited Partnerships (Continued)
---------------------------------------------
During the years ended March 31, 1998, 1997 and 1996, the
fund acquired interests in operating limited partnerships as
follows:
<TABLE>
1998 1997
1996
---------------
- --------------- ---------------
<S> <C> <C>
<C>
Series 15 -
- - -
Series 16 -
- - 1
Series 17 -
- - 1
Series 18 -
- - -
Series 19 -
1 1
---------------
- --------------- ---------------
-
1 3
===============
=============== ===============
</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 60 months. Accumulated amortization as of March
31, 1998 and 1997 is as follows:
<TABLE>
1998 1997
---------------
- ---------------
<S> <C> <C>
Series 15 $ 167,077 $
167,077
Series 16 227,910
183,280
Series 17 195,084
155,355
Series 18 131,524
100,769
Series 19 145,476
107,865
---------------
- ---------------
$ 867,071 $
714,346
===============
===============
</TABLE>
F-37
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 fund 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, 1998 and 1997 is as
follows:
<TABLE>
1998
1997
---------------
- ---------------
<S> <C> <C>
Series 15 $ 31,635 $
21,123
Series 16 50,558
33,708
Series 17 54,553
31,228
Series 18 34,370
22,957
Series 19 41,084
26,513
---------------
- ---------------
$ 212,200 $
135,529
===============
===============
</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.
F-38
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
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.
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 number of units outstanding
during the year. The number of units in each series at
March 31, 1998, 1997 and 1996 are as follows:
<TABLE>
1998, 1997 and
1996
---------------
<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.
F-39
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Use of Estimates
----------------
The preparation of financial statements in conformity with
generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results
could differ from those estimates.
Adoption of Accounting Standard
-------------------------------
On March 31, 1997, the fund adopted Statement of Financial
Accounting Standards ("SFAS") No. 128, "Earnings per Share"
and SFAS No. 129, "Disclosure of Information about Capital
Structure." SFAS No. 128 provides accounting and reporting
standards for the amount of earnings per share. SFAS No.
129 requires the disclosure in summary form within the
financial statements of pertinent rights and privileges of
the various securities outstanding. The implementation of
these standards has not materially affected the fund's
financial statements.
In June 1997, the Financial Accounting Standards Board
issued SFAS No. 130, "Reporting Comprehensive Income" and
SFAS No. 131, "Disclosures about Segments of an Enterprise
and Related Information." In February 1998, the Financial
Accounting Standards Board issued SFAS No. 132, "Employees'
Disclosures about Pensions and Other Post-retirement
Benefits." SFAS No. 130 is effective for years beginning
after December 15, 1997. SFAS No. 131 and No. 132 are
effective for years beginning after December 31, 1997 and
early adoption is encouraged.
The fund does not have any items of other comprehensive
income, does not have other segments of its business or when
to report, and does not have any pensions or other post-
retirement benefits. Consequently, these pronouncements are
expected to have no effect on the fund's financial
statements.
F-40
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE B - INVESTMENTS AVAILABLE FOR SALE
At March 31, 1998, the amortized cost and fair market value
of investments are as follows:
<TABLE>
Amortized Fair market
costs value
- ------------- -------------
<S> <C>
<C>
Certificates of deposit $
2,970,867 $ 2,970,867
============= =============
</TABLE>
The amortized cost and approximate market value of
investments by maturity at March 31, 1998 are shown below.
<TABLE>
Approximate
Amortized
costs market value
- --------------- ---------------
<S> <C>
<C>
Due in one year or less $
2,970,867 $ 2,970,867
=============== ===============
</TABLE>
Proceeds from sales and maturities of investments during the
year ended March 31, 1998 was $1,384,695, resulting in a
realized gain of $154 and a realized loss of $9,069,
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 rates for the
investments held during the year ended March 31, 1998 ranged
from 5% to 5.65%.
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-41
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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%.
NOTE C - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1998, 1997 and 1996, the
fund entered into several transactions with various
affiliates of the general partner, including Boston Capital
Partners, Inc., Boston Capital Services, Inc., Boston
Capital Holdings Limited Partnership and Boston Capital
Asset Management Limited Partnership (formerly Boston
Capital Communications Limited Partnership) as follows:
Boston Capital Asset Management Limited Partnership is
entitled to an annual fund management fee based on .5% of
the aggregate cost of all apartment complexes acquired by
the operating limited partnerships, less the amount of
certain partnership management and reporting fees paid or
payable by the operating limited partnerships. The
aggregate cost is comprised of the capital contributions
made by each series to the operating limited partnership and
99% of the permanent financing at the operating limited
partnership level. The annual fund management fee charged
to operations, net of reporting fees, during the years ended
March 31, 1998, 1997 and 1996 by series, is as follows:
F-42
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE C - RELATED PARTY TRANSACTIONS (Continued)
<TABLE>
1998 1997
1996
---------------
- --------------- ---------------
<S> <C> <C>
<C>
Series 15 $ 468,703 $
473,378 $ 499,184
Series 16 599,941
572,972 646,906
Series 17 498,103
512,189 506,412
Series 18 347,356
326,168 363,632
Series 19 178,494
368,355 383,177
---------------
- --------------- ---------------
$ 2,092,597 $
2,253,062 $ 2,399,311
===============
=============== ===============
</TABLE>
General and administrative expenses incurred by Boston
Capital Partners, Inc., Boston Capital Holdings Limited
Partnership and Boston Capital Asset Management Limited
Partnership during the years ended March 31, 1998, 1997 and
1996 charged to each series' operations are as follows:
<TABLE>
1998 1997
1996
---------------
- --------------- ---------------
<S> <C> <C>
<C>
Series 15 $ 28,999 $
26,370 $ 26,729
Series 16 37,410
26,211 30,324
Series 17 32,015
22,369 29,426
Series 18 24,038
19,259 23,400
Series 19 24,534
21,979 30,652
---------------
- --------------- ---------------
$ 146,996 $
116,188 $ 140,531
===============
=============== ===============
</TABLE>
Accounts payable - affiliates at March 31, 1998 and 1997
represents fund management fees and an operating partnership
advance which are payable to Boston Capital Asset
Management Limited Partnership. The carrying value of the
accounts payable - affiliates approximates fair value.
F-43
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1998, 1997 and 1996 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,
1998, 1997 and 1996 by series are as follows:
<TABLE>
1998 1997
1996
---------------
- --------------- ---------------
<S> <C> <C>
<C>
Series 15 68
68 68
Series 16 64
64 65
Series 17 49
49 49
Series 18 34
34 34
Series 19 26
26 25
---------------
- --------------- ---------------
241
241 241
===============
=============== ===============
</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, 1998 and 1997 by series are as follows:
<TABLE>
1998
1997
- --------------- ---------------
<S> <C>
<C>
Series 15 $
32,922 $ 178,680
Series 16
145,311 155,225
Series 17
1,367,195 1,844,259
Series 18
717,635 755,887
Series 19
463,000 831,803
- --------------- ---------------
$
2,726,063 $ 3,765,854
=============== ===============
</TABLE>
F-44
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The fund's investment in operating limited partnerships at
March 31, 1998 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 $
161,570,521 $ 28,922,006 $ 40,190,010
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
(80,837) (12,848) (24,394)
Cumulative losses from operating limited
partnerships
(59,734,931) (15,650,914) (13,848,555)
- --------------- --------------- ---------------
Investment per balance sheet
121,032,270 16,246,406 30,777,843
The fund has recorded capital contributions to
the operating limited partnerships during
the year ended March 31, 1998 which have
not been included in the partnership's
capital account included in the operating
limited partnerships' financial statements
as of December 31, 1997 (see note A)
(3,267,609) (1,055,903) (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, 1997 (see note A)
- - - -
The fund has recorded acquisition costs at
March 31, 1998 which have not been recorded
in the net assets of the operating limited
partnerships (see note A)
(3,865,111) (399,087) (794,528)
Cumulative losses from operating limited
partnerships for the three months ended
March 31, 1998 which the operating limited
partnerships have not included in their
capital as of December 31, 1997 due to
different year ends (see note A)
2,866,341 472,214 631,571
</TABLE>
F-45
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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
(313,153) (233,686) (36,097)
The fund has recorded low-income housing tax
credit adjusters not recorded by operating
limited partnerships (see note A)
1,439,375 288,683 167,916
Other
(82,899) 25,035 (27,123)
- --------------- --------------- ---------------
Equity per operating limited partnerships'
combined financial statements $
117,809,214 $ 15,343,662 $ 30,630,927
=============== =============== ===============
</TABLE>
F-46
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The fund's investment in operating limited partnerships at
March 31, 1998 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 $
36,518,310 $ 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
(18,588) (12,885) (12,122)
Cumulative losses from operating limited
partnerships
(13,301,814) (9,021,166) (7,912,482)
- --------------- --------------- ---------------
Investment per balance sheet
27,762,778 20,921,603 25,323,640
The fund has recorded capital contributions to
the operating limited partnerships during
the year ended March 31, 1998 which have
not been included in the partnership's
capital account included in the operating
limited partnerships' financial statements
as of December 31, 1997 (see note A)
(1,096,087) (298,342) (728,622)
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, 1997 (see note A)
- - - -
The fund has recorded acquisition costs at
March 31, 1998 which have not been recorded
in the net assets of the operating limited
partnerships (see note A)
(1,496,190) (387,564) (787,742)
Cumulative losses from operating limited
partnerships for the three months ended
March 31, 1998 which the operating limited
partnerships have not included in their
capital as of December 31, 1997 due to
different year ends (see note A)
752,440 617,653 392,463
</TABLE>
F-47
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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)
- - (43,370) -
The fund has recorded low-income housing tax
credit adjusters not recorded by operating
limited partnerships (see note A)
372,983 127,421 482,372
Other
(51,729) 60,414 (89,496)
- --------------- --------------- ---------------
Equity per operating limited partnerships'
combined financial statements $
26,244,195 $ 20,997,815 $ 24,592,615
=============== =============== ===============
</TABLE>
F-48
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The funds 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-49
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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 $
131,017,932 $ 17,847,100 $ 33,851,644
=============== =============== ===============
</TABLE>
F-50
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The funds 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-51
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-52
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized balance sheets of the operating
limited partnerships as of December 31, 1997 are as follows:
<TABLE>
Total
Series 15 Series 16
- --------------- --------------- ---------------
<S> <C>
<C> <C>
ASSETS
Buildings and improvements, net of accumulated
depreciation $
507,178,819 $ 104,948,710 $ 115,402,953
Land
28,207,851 6,187,437 5,120,755
Other assets
29,598,266 6,470,560 7,963,887
- --------------- --------------- ---------------
$
564,984,936 $ 117,606,707 $ 128,487,595
=============== =============== ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Mortgages and construction loans payable $
362,249,828 $ 84,924,724 $ 84,500,343
Accounts payable and accrued expenses
11,622,031 2,236,615 2,997,412
Other liabilities
36,013,362 4,324,910 5,807,286
- --------------- --------------- ---------------
409,885,221 91,486,249 93,305,041
- --------------- --------------- ---------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund III L.P.
117,809,214 15,343,662 30,630,927
Other partners
37,290,501 10,776,796 4,551,627
- --------------- --------------- ---------------
155,099,715 26,120,458 35,182,554
- --------------- --------------- ---------------
$
564,984,936 $ 117,606,707 $ 128,487,595
=============== =============== ===============
</TABLE>
F-53
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized balance sheets of the operating
limited partnerships as of December 31, 1997 are as follows:
<TABLE>
Series 17
Series 18 Series 19
- --------------- --------------- ---------------
<S> <C>
<C> <C>
ASSETS
Buildings and improvements, net of accumulated
depreciation $
133,219,801 $ 69,290,502 $ 84,316,853
Land
7,700,365 3,357,967 5,841,327
Other assets
6,816,494 4,106,952 4,240,373
- --------------- --------------- ---------------
$
147,736,660 $ 76,755,421 $ 94,398,553
=============== =============== ===============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Mortgages and construction loans payable $
89,545,991 $ 47,198,760 $ 56,080,010
Accounts payable and accrued expenses
3,134,779 1,655,022 1,598,203
Other liabilities
15,828,946 3,358,752 6,693,468
- --------------- --------------- ---------------
108,509,716 52,212,534 64,371,681
- --------------- --------------- ---------------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund III L.P.
26,244,195 20,997,815 24,592,615
Other partners
12,982,749 3,545,072 5,434,257
- --------------- --------------- ---------------
39,226,944 24,542,887 30,026,872
- --------------- --------------- ---------------
$
147,736,660 $ 76,755,421 $ 94,398,553
=============== =============== ===============
</TABLE>
F-54
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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
- --------------- --------------- ---------------
<S> <C>
<C> <C>
ASSETS
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-55
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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
- --------------- --------------- ---------------
<S> <C>
<C> <C>
ASSETS
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-56
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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, 1997 are as follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF
OPERATIONS
Total
Series 15 Series 16
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Revenue
Rental $
54,997,314 $ 11,479,701 $ 12,397,732
Interest and other
3,230,978 716,763 972,041
- --------------- --------------- ---------------
58,228,292 12,196,464 13,369,773
- --------------- --------------- ---------------
Expenses
Interest
21,769,271 4,237,259 4,517,483
Depreciation and amortization
20,715,617 4,565,875 4,822,894
Taxes and insurance
7,235,148 1,531,645 1,575,293
Repairs and maintenance
8,474,548 1,901,550 1,952,552
Operating expenses
15,972,058 3,392,258 3,451,993
Other expenses
3,264,692 400,782 362,011
- --------------- --------------- ---------------
77,431,334 16,029,369 16,682,226
- --------------- --------------- ---------------
NET LOSS $
(19,203,042) $ (3,832,905) $ (3,312,453)
=============== =============== ===============
Net loss allocated to Boston Capital Tax Credit
Fund III L. P.* $
(13,407,192) $ (2,610,772) $ (3,232,870)
=============== =============== ===============
Net loss allocated to other partners $
(5,795,850) $ (1,222,133) $ (79,583)
=============== =============== ===============
</TABLE>
* Amounts include $182,289, $36,097 and $43,370 for
series 15, 16 and 18, respectively, of loss not
recognized under the equity method of accounting as
described in note A.
F-57
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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, 1997 are as follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF
OPERATIONS
Series 17
Series 18 Series 19
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Revenue
Rental $
14,340,626 $ 6,640,259 $ 10,138,996
Interest and other
871,594 302,946 367,634
- --------------- --------------- ---------------
15,212,220 6,943,205 10,506,630
- --------------- --------------- ---------------
Expenses
Interest
6,044,149 2,647,759 4,322,621
Depreciation and amortization
5,199,327 2,956,863 3,170,658
Taxes and insurance
1,647,962 871,383 1,608,865
Repairs and maintenance
2,364,140 1,226,495 1,029,811
Operating expenses
4,579,215 1,706,897 2,841,695
Other expenses
1,968,852 404,408 128,639
- --------------- --------------- ---------------
21,803,645 9,813,805 13,102,289
- --------------- --------------- ---------------
NET LOSS $
(6,591,425) $ (2,870,600) $ (2,595,659)
=============== =============== ===============
Net loss allocated to Boston Capital Tax Credit
Fund III L. P.* $
(2,857,430) $ (2,632,978) $ (2,073,142)
=============== =============== ===============
Net loss allocated to other partners $
(3,733,995) $ (237,622) $ (522,517)
=============== =============== ===============
</TABLE>
* Amounts include $182,289, $36,097 and $43,370 for Series
15 , 16 and 18, respectively, of loss not recognized
under the equity method of accounting as described in
note A.
F-58
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-59
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-60
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE E - NOTES RECEIVABLE
Notes receivable at March 31, 1998 and 1997 consist of
advance installments of capital contributions to operating
limited partnerships. The notes at March 31, 1998 and 1997
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 8.5% as of March 31, 1998 and 1997,
respectively. The notes receivable will be converted to
capital or repaid 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,
1998 and 1997 by series are as follows:
<TABLE>
1998
1997
- --------------- ---------------
<S> <C>
<C>
Series 15 $
110,000 $ 135,000
Series 16
- - -
Series 17
1,409,982 1,409,982
Series 18
536,351 536,351
Series 19
- - -
- --------------- ---------------
$
2,056,333 $ 2,081,333
=============== ===============
</TABLE>
NOTE F - OTHER ASSETS
Other assets include cash held by an escrow agent at March
31, 1998 and 1997. The cash held for the series at March
31, 1998 and 1997 represents capital contributions to be
released to the operating limited partnerships when certain
criteria are met. The escrows held at March 31, 1998 and
1997 by series are as follows:
<TABLE>
1998
1997
- --------------- ---------------
<S> <C>
<C>
Series 15 $
- - $ -
Series 16
- - -
Series 17
15,097 15,097
Series 18
- - -
Series 19
- - -
- --------------- ---------------
$
15,097 $ 15,097
=============== ===============
</TABLE>
F-61
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE F - OTHER ASSETS (Continued)
In addition, other assets include cash advanced to operating
limited partnerships at March 31, 1998 and 1997 some of
which are to be applied to capital contributions payable
when certain criteria have been met. The advances at March
31, 1998 and 1997 by series are as follows:
<TABLE>
1998
1997
- --------------- ---------------
<S> <C>
<C>
Series 15 $
426,912 $ 426,912
Series 16
56,000 -
Series 17
1,069,358 1,290,838
Series 18
- - -
Series 19
- - 221,180
- --------------- ---------------
$
1,552,270 $ 1,938,930
=============== ===============
</TABLE>
F-62
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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, 1998
are reconciled as follows:
<TABLE>
Total
Series 15 Series 16
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Net loss for financial reporting purposes $
(15,742,101) $ (2,834,087) $ (3,957,405)
Operating limited partnership rents received in
advance
(7,368) (4,270) 692
Fund management fees not deducted for tax
purposes
2,598,675 548,052 691,980
Other
(582,771) (332,972) 153,818
Operating limited partnership losses not
recognized for financial reporting purposes
under equity method of accounting
(261,756) (182,289) (36,097)
Excess of tax depreciation over book depreciation
on operating limited partnership assets
(1,496,221) (214,667) (258,267)
Difference due to fiscal year for book purposes
and calendar year for tax purposes
(480,368) (1,400) (185,463)
- --------------- --------------- ---------------
Loss for tax return purposes, December 31, 1997 $
(15,971,910) $ (3,021,633) $ (3,590,742)
=============== =============== ===============
</TABLE>
F-63
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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, 1998
are reconciled as follows:
<TABLE>
Series 17
Series 18 Series 19
- --------------- --------------- ---------------
<S> <C>
<C> <C>
Net loss for financial reporting purposes $
(3,552,410) $ (3,064,697) $ (2,333,502)
Operating limited partnership rents received in
advance
(5,707) 23,754 (21,837)
Fund management fees not deducted for tax
purposes
565,368 381,927 411,348
Other
(779,092) 52,957 322,518
Operating limited partnership losses not
recognized for financial reporting purposes
under equity method of accounting
- - (43,370) -
Excess of tax depreciation over book depreciation
on operating limited partnership assets
(431,032) (221,050) (371,205)
Difference due to fiscal year for book purposes
and calendar year for tax purposes
30,564 (39,436) (284,633)
- --------------- --------------- ---------------
Loss for tax return purposes, December 31, 1996 $
(4,172,309) $ (2,909,915) $ (2,277,311)
=============== =============== ===============
</TABLE>
F-64
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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>
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-65
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-66
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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, 1998,
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, 1997 $
111,746,588 $ 15,381,288 $ 27,898,915
Operating limited partnership acquired for the
three months ended March 31, 1998
- - - -
Estimated share of loss for the three months
ended March 31, 1998
(2,866,341) (472,214) (631,571)
Add back operating limited partnership losses not
recognized for financial reporting purposes
under the equity method
313,153 233,686 36,097
Historic tax credits
5,333,539 1,852,569 -
Other
6,505,331 (748,923) 3,474,402
- --------------- --------------- ---------------
Investment in operating limited partnerships - as
reported $
121,032,270 $ 16,246,406 $ 30,777,843
=============== =============== ===============
</TABLE>
F-67
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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, 1998,
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, 1997 $
25,870,393 $ 18,696,412 $ 23,899,580
Operating limited partnership acquired for the
three months ended March 31, 1998
- - - -
Estimated share of loss for the three months
ended March 31, 1998
(752,440) (617,653) (392,463)
Add back operating limited partnership losses not
recognized for financial reporting purposes
under the equity method
- - 43,370 -
Historic tax credits
1,100,310 2,062,333 318,327
Other
1,544,515 737,141 1,498,196
- --------------- --------------- ---------------
Investment in operating limited partnerships - as
reported $
27,762,778 $ 20,921,603 $ 25,323,640
=============== =============== ===============
</TABLE>
F-68
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-69
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
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-70
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1998, 1997 and 1996
NOTE H - CASH EQUIVALENTS
On March 31, 1998 and 1997, Boston Capital Tax Credit Fund
III L.P. purchased $450,000 and $3,150,000 of Securities
under agreements to resell on April 1, 1998 and 1997,
respectively. Interest is earned at rates ranging from
2.15% to 3.5% per annum.
Additionally, cash equivalents of $1,185,807 and $613,459 as
of M arch 31, 1998 and 1997, respectively, include
certificates of deposit and money market accounts with
interest rates ranging from 2.8% to 5.0% per annum.
F-71
<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, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
April
Gardens 1,470,532 50,000 1,773,331 389 50,000 1,773,720
1,823,720 348,346 5/93 9/92 5-27.5
Arkansas
City 829,304 15,870 1,016,757 0 15,870 1,016,757
1,032,627 141,931 12/94 9/94 5-25
Autumnwood
LP 1,348,908 50,000 1,669,609 0 50,000 1,669,609
1,719,609 327,197 1/93 8/92 5-27.5
Barton
Village 511,252 47,898 683,991 1,850 47,898 685,841
733,739 132,516 3/93 10/92 5-27.5
Beckwood
Manor
Eight 1,221,983 60,000 1,498,746 4,058 58,000 1,502,804
1,560,804 185,478 8/95 8/94 5-27.5
Bergen
Meadows 1,021,398 42,000 1,256,858 19,137 42,000 1,275,995
1,317,995 293,542 7/92 7/92 7-27.5
Bridlewood
LP 792,631 42,000 211,635 781,185 42,000 992,820
1,034,820 86,766 1/95 1/94 5-27.5
Brunswick
LP 826,669 69,000 953,553 416 69,000 953,969
1,022,969 206,384 9/92 4/92 7-27.5
F-72
Boston Capital Tax Credit Fund III L.P. -
Series 15
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Buena Vista
Apts. 1,456,325 75,000 1,767,511 495 75,000 1,768,006
1,843,006 432,499 1/92 3/92 7-27.5
Calexico
Sr 1,925,949 213,000 2,047,255 0 213,000 2,047,255
2,260,255 255,734 9/92 9/92 7-27.5
California
Inv. VII 8,934,496 820,000 9,361,922 16,788,173 803,050 26,150,095
26,953,145 3,714,028 12/93 10/92 5-27.5
Chestnut
Hill 744,304 40,000 904,814 3,545 40,000 908,359
948,359 145,578 9/92 9/92 7-27.5
Coralville
Housing 2,605,764 258,000 4,683,541 44,114 258,000 4,727,655
4,985,655 1,104,499 10/92 3/92 7-27.5
Curwensville
Housing 1,217,911 31,338 1,435,553 97,030 31,338 1,532,583
1,563,921 192,536 7/93 9/92 5-27.5
Deerfield
Assoc. 1,231,999 65,400 1,495,473 0 65,400 1,495,473
1,560,873 335,888 6/92 4/92 7-27.5
East
Machias 1,041,877 77,963 1,478,171 (12,527) 105,408 1,465,644
1,571,052 200,143 1/93 9/92 10-40
East Park
Apts. I 499,433 2,000 980,413 8,139 2,000 988,552
990,552 148,402 1/94 6/94 5-27.5
F-73
Boston Capital Tax Credit Fund III L.P. -
Series 15
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Edgewood
Properties 789,035 36,000 967,796 0 36,000 967,796
1,003,796 198,733 8/92 6/92 7-27.5
Far View
Housing 923,043 100,000 1,066,418 (11,578) 119,500 1,054,840
1,174,340 149,584 11/92 6/92 10-40
Graham
Housing 1,332,451 85,006 2,451,794 (3,894) 85,006 2,447,900
2,532,906 201,264 6/95 10/94 5-27.5
Grantsville
Assoc. 1,489,870 85,099 1,795,971 0 85,599 1,795,971
1,881,570 246,242 2/93 5/92 5-27.5
Greentree
Apts. 686,246 15,000 1,143,223 (9,253) 15,000 1,133,970
1,148,970 663,718 10/75 4/94 5-27.5
Greenwood
Village 676,781 20,123 893,915 5,850 20,123 899,765
919,888 170,431 5/93 8/92 5-27.5
Harrisonville
Prop. II 609,280 15,000 744,677 1,738 17,658 746,415
764,073 215,723 11/91 3/92 7-27.5
Headlton
Properties 705,236 15,000 868,469 0 15,000 868,469
883,469 84,823 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
3,015,965 581,982 11/92 04/92 7-27.5
F-74
Boston Capital Tax Credit Fund III L.P. -
Series 15
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Heron's
Landing 1,207,737 176,121 1,410,573 2,563 176,121 1,413,136
1,589,257 309,160 10/92 10/92 7-27.5
Hidden
Cove 2,811,177 707,848 4,334,916 6,630 707,848 4,341,546
5,049,394 1,462,799 8/88 2/94 5-27.5
Higgensville
Estates 628,694 40,000 738,056 1,622 40,000 739,678
779,678 225,701 3/91 3/92 7-27.5
Inv. Group
of Payson 1,489,891 211,500 1,767,942 0 211,500 1,767,942
1,979,442 228,791 8/92 8/92 7-27.5
Kearney
Estates 635,541 30,000 763,159 0 31,875 763,159
795,034 213,243 1/92 5/92 7-27.5
Lake View
Associates 889,507 30,000 1,077,130 350 30,000 1,077,480
1,107,480 243,415 7/92 4/92 7-27.5
Laurelwood
Apts. 1,070,660 58,500 1,268,491 750 58,500 1,269,241
1,327,741 289,788 2/92 3/92 7-27.5
Lebanon
II LP 927,067 40,000 1,090,397 0 40,000 1,090,397
1,130,397 210,498 2/93 8/92 5-27.5
Lebanon
III Prop. 633,468 26,750 766,992 2,651 30,475 769,643
800,118 209,306 2/92 3/92 7-27.5
F-75
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 729,867 36,000 897,897 0 36,000 897,897
933,897 193,825 7/92 6/92 7-27.5
Livingston
Plaza 677,893 32,500 868,525 0 32,500 868,525
901,025 157,624 11/93 12/92 5-27.5
Madison
Partners 1,202,188 47,340 1,452,910 11,482 47,340 1,464,392
1,511,732 213,666 12/94 3/95 5-27.5
Manning
Lane 1,474,883 73,600 1,771,816 0 73,600 1,771,816
1,845,416 354,327 3/93 8/92 5-27.5
Marshall
Lane 554,797 20,000 672,691 1,186 20,000 673,877
693,877 137,599 12/92 8/92 5-27.5
Maryville
Prop. 719,677 57,000 834,823 16,663 57,000 851,486
908,486 229,726 3/92 5/92 7-27.5
Monark
Village 327,340 68,900 570,916 0 68,900 570,916
639,816 81,062 3/94 6/94 5-27.5
North
Prairie 883,203 5,000 1,121,143 4,840 5,000 1,125,983
1,130,983 249,773 5/93 9/92 5-27.5
Oak Grove
Villa 405,084 5,000 460,291 8,878 5,000 469,169
474,169 139,138 11/91 4/92 7-27.5
F-76
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 1,110,433 42,000 1,341,412 0 42,000 1,341,412
1,383,412 316,622 5/92 5/92 7-27.5
Osage
Housing 1,252,478 110,000 2,309,861 35,397 110,000 2,345,258
2,455,258 538,075 6/92 4/92 7-27.5
Osceola
Estates 677,260 54,600 797,763 93,397 56,225 891,160
947,385 211,360 5/92 5/92 7-27.5
PDC Fifty
Five LP 1,297,011 50,170 1,576,823 5,770 50,170 1,582,593
1,632,763 274,900 9/93 10/92 5-27.5
Rainier
Manor 2,690,165 521,000 5,852,852 14,190 521,000 5,867,042
6,388,042 836,922 1/93 4/92 5-27.5
Ridgeview of
Brainerd 863,431 42,800 1,027,499 1,978 42,800 1,029,477
1,072,277 239,763 1/92 3/92 7-27.5
Rio
Members II 775,086 48,938 930,376 19,600 48,938 949,976
998,914 143,732 12/95 7/94 5-27.5
Rolling
Brook III 828,540 35,000 1,006,667 5,318 35,000 1,011,985
1,046,985 246,732 11/92 6/92 7-27.5
School
Street I 765,937 127,852 1,353,622 95,368 38,509 1,448,990
1,487,499 376,269 5/92 4/92 5-27.5
F-77
Boston Capital Tax Credit Fund III L.P. -
Series 15
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- -----------------------------------------
---------------------------------------------
---------------------------------------
Shenandoah
Village 1,475,722 67,500 1,754,599 1,026 67,500 1,755,625
1,823,125 327,724 2/93 8/92 5-27.5
Showboat
Manor 797,461 31,200 968,253 11,526 31,200 979,779
1,010,979 221,857 2/92 7/92 5-27.5
Sioux Falls
Housing 1,348,385 146,694 2,656,753 (10,211) 146,694 2,646,542
2,793,236 606,719 9/92 5/92 7-27.5
Sunset
Square 741,950 50,000 896,507 7,023 50,000 903,530
953,530 148,305 8/92 90/2 7-27.5
Taylor
Mill 769,646 24,000 936,166 0 24,000 936,166
960,166 209,336 5/92 4/92 7-27.5
Timmons
Village 623,526 15,000 754,172 2,927 38,500 757,099
795,599 165,711 7/92 5/92 7-27.5
University
Meadows 1,945,327 62,985 3,579,473 3,445 62,985 3,582,918
3,645,903 814,154 12/92 6/92 5-28
Valatie
LP 1,380,952 30,000 1,712,263 15,343 30,000 1,727,606
1,757,606 406,076 4/93 6/92 7-27.5
Virgen
Del Pozo 3,339,391 120,000 4,274,133 35,068 120,000 4,309,201
4,429,201 691,646 7/93 8/92 5-27.5
F-78
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 1,467,376 50,000 1,792,888 0 50,000 1,792,888
1,842,888 400,273 8/92 8/92 7-27.5
Wauchula
Ltd. 1,479,940 66,720 1,770,669 2,723 66,720 1,773,392
1,840,112 382,375 10/92 9/92 5-27.5
Weedpatch
Inv. Grp. 1,977,464 272,000 2,246,927 378 272,000 2,247,305
2,519,305 195,579 9/94 1/94 5-50
Westernport
Assoc. 1,491,709 18,645 1,833,384 0 18,645 1,833,384
1,852,029 340,529 2/93 7/92 5-27.5
Whitewater
Village 527,672 18,542 637,048 2,806 18,542 639,854
658,396 137,125 11/92 8/92 7-27.5
Wood Park
Pointe 1,171,161 117,500 1,329,664 1,348 117,500 1,331,012
1,448,512 307,803 5/92 6/92 5-27.5
---------- --------- ----------- ---------- --------- -----------
- ----------- ----------
84,924,724 6,214,902 111,326,972 18,074,733 6,187,437 129,401,705
135,589,142 24,452,995
========== ========= =========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1997.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1997. The column has been
omitted for presentation purposes.
F-79
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............................$126,873,452
F-80
Notes to Schedule III - continued
Boston Capital Tax Credit Fund III L.P. - Series 15
Reconciliation of Land Building & Improvements current year changes
Balance at close of period - 03/31/95............................$ 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
===========
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 136,931
Other............................................ 0
-----------
$ 136,931
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98............................$ 135,589,142
===========
F-81
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
==========
Current year expense.................................. $ 4,427,546
---------
Balance at close of period - 3/31/97..............................$ 24,452,995
==========
F-82
</TABLE>
<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, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
1413 Leaven
Worth 1,573,550 8,000 2,927,089 474,235 8,000 3,401,324
3,409,324 632,779 3/93 12/92 5-27.5
Anson 1,285,580 40,202 1,683,348 0 40,202 1,683,348
1,723,550 213,449 9/93 12/92 10-40
Aztec II 1,018,990 115,000 1,299,311 1,369 115,000 1,300,680
1,415,680 274,601 5/93 5/93 5-27.5
Bentonia
Elderly 842,072 21,000 678,677 383,880 21,000 1,062,557
1,083,557 121,519 2/94 7/93 5-27.5
Bernice
Villa 961,430 37,000 1,204,665 4,309 37,000 1,208,974
1,245,974 135,858 10/93 5/93 5-40
Blairsville
Rental I 757,454 58,377 866,980 40,526 35,000 907,506
942,506 108,623 9/94 12/92 5-27.5
Blairsville
Rental II 741,436 84,359 804,895 60,360 49,500 865,255
914,755 106,078 7/94 12/92 5-27.5
Blowing
Rock 588,602 47,500 663,473 686 47,500 664,159
711,659 76,901 11/94 12/93 5-27.5
F-83
Boston Capital Tax Credit Fund III L.P. -
Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Branson
Chris-
tian I 1,531,290 163,350 2,990,564 5,340 163,350 2,995,904
3,159,254 462,635 6/94 3/94 5-27.5
Branson
Chris-
tian II 1,106,299 0 2,497,066 36,146 0 2,533,212
2,533,212 372,320 8/94 7/94 5-27.5
Butler
Rental 755,346 0 937,495 15,782 0 953,277
953,277 153,437 9/93 12/92 7-27.5
Canter-
field 769,742 48,000 934,169 1,163 48,000 935,332
983,332 189,533 1/93 11/92 5-27.5
Cape Ann 615,521 18,000 1,833,366 51,824 18,000 1,885,190
1,903,190 297,181 12/93 1/93 7-31.5
Cass
Partners 697,900 45,250 2,026,740 0 45,250 2,026,740
2,071,990 215,959 12/93 12/93 5-27.5
Cedar
Trace 505,775 18,000 639,500 2,925 18,000 642,425
660,425 138,564 7/93 10/92 5-27.5
Concord
Assoc. 1,134,690 61,532 1,223,133 118,404 61,532 1,341,537
1,403,069 286,149 2/93 2/93 5-27.5
F-84
Boston Capital Tax Credit Fund III L.P.-
Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Clymer Park
Assoc 1,444,636 35,800 1,831,813 1,363 35,800 1,833,176
1,868,976 186,518 11/94 12/92 5-27.5
Cumberland
Wood 1,454,417 114,449 1,780,622 59,361 129,538 1,839,983
1,969,521 157,934 10/94 12/93 6-40
Davenport
Housing 3,103,590 223,889 6,598,309 54,772 223,889 6,653,081
6,876,970 1,115,383 2/94 10/93 7-27.5
Deer Run 710,946 30,000 1,536,783 0 30,000 1,536,783
1,566,783 281,682 3/93 8/93 5-27.5
Eastman
Elderly 1,183,172 80,000 1,428,172 23,947 36,900 1,452,119
1,489,019 232,724 10/93 12/92 5-27.5
Fairmeadow
Apts. 885,753 53,296 1,184,327 39,781 53,296 1,224,108
1,277,404 135,619 7/93 1/93 5-27.5
Falcon
Ridge 1,049,182 25,000 1,332,798 19,150 25,000 1,351,948
1,376,948 108,914 1/95 4/94 5-27.5
Gibson 910,256 30,290 1,138,786 350 30,290 1,139,136
1,169,426 164,488 6/93 12/92 5-27.5
F-85
Boston Capital Tax Credit Fund III L.P. -
Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Greenfield 533,849 25,000 649,793 0 25,000 649,793
674,793 148,669 5/93 1/93 7-27.5
Greenwood 1,478,650 62,076 1,480,776 336,322 62,076 1,817,098
1,879,174 342,298 10/93 11/93 5-27.5
Harmony
House 1,477,187 57,000 1,764,438 14,574 57,000 1,779,012
1,836,012 249,097 7/93 11/92 5-27.5
Haynes
House 3,425,071 685,381 5,956,903 2,283,349 674,499 8,240,252
8,914,751 618,107 u/c 8/94 12-40
Holly Tree 887,097 58,900 1,069,733 5,597 58,900 1,075,330
1,134,230 216,475 2/93 11/92 5-27.5
Idabel
Prop. 1,389,051 50,000 1,791,971 0 50,000 1,791,971
1,841,971 344,727 12/93 4/93 5-25.5
Isola
Square 972,440 22,300 250,691 972,885 22,300 1,223,576
1,245,876 119,267 4/94 11/93 7-40
Joiner
Elderly 820,643 47,719 1,026,013 0 47,719 1,026,013
1,073,732 203,201 6/93 1/93 5-40
Lawrenceville
Manor 1,424,777 61,370 1,660,796 803 61,370 1,664,032
1,725,402 251,143 7/94 2/94 5-27.5
F-86
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 930,662 45,000 1,201,948 11,737 45,000 1,213,685
1,258,685 141,881 8/93 4/93 7-40
Logan
Lane 1,301,408 54,000 1,602,465 2,962 54,000 1,605,427
1,659,427 315,395 3/93 9/92 5-27.5
Mariners
Pointe
I &II 3,965,012 170,020 7,548,131 66,263 170,020 7,617,394
7,784,414 1,453,475 8/93 12/92 7-27.5
Meadows of
Southgate 2,323,073 252,000 4,575,879 0 252,000 4,575,879
4,827,879 384,774 5/94 7/93 12-40
Mendota
Village 1,982,426 136,140 2,421,001 0 136,140 2,421,001
2,557,141 256,455 5/93 12/92 5-50
Midcity 3,102,095 15,058 6,611,666 4,800 15,058 6,616,466
6,631,524 831,766 6/94 9/93 5-27.5
Newport
Housing 1,252,686 160,000 1,405,411 (3,274) 160,000 1,402,137
1,562,137 169,873 10/93 2/93 5-27.5
Newport
Manor 960,136 31,908 1,175,109 26,161 31,908 1,201,270
1,233,178 143,310 12/93 9/93 5-40
F-87
Boston Capital Tax Credit Fund III L.P. -
Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- -----------------------------------------
---------------------------------------------
---------------------------------------
Palantine
LP 1,433,708 37,400 1,785,282 854 37,400 1,786,136
1,823,536 289,812 5/94 5/94 5-27.5
Riviera
Apts. 1,711,123 100,000 2,979,700 579,524 132,400 3,559,224
3,691,624 536,751 12/93 12/92 5-27.5
Sable
Chase 5,145,068 502,774 12,248,475 11,897 502,774 12,260,372
12,763,146 1,733,804 12/94 12/93 7-27.5
St.Croix
Commons 1,113,590 44,681 2,607,046 (666,994) 44,681 1,940,052
1,984,733 284,901 12/94 10/94 5-27.5
St. Joseph
SQ 961,599 37,500 1,167,702 473 37,500 1,168,175
1,205,675 135,542 9/93 5/93 5-40
Simmes-
port 951,657 60,000 1,171,005 772 60,000 1,171,777
1,231,777 140,275 6/93 4/93 7-40
Stony-
Ground 1,436,698 127,380 1,794,961 (3,650) 129,005 1,791,311
1,920,316 343,081 6/93 12/92 5-27.5
Summers-
ville 623,008 20,000 774,259 0 20,000 774,259
794,259 176,620 6/93 5/93 5-27.5
F-88
Boston Capital Tax Credit Fund III L.P. -
Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- -----------------------------------------
---------------------------------------------
---------------------------------------
Talbot
Village 682,948 22,300 833,494 7,289 22,300 840,783
863,083 163,294 4/93 8/92 5-27.5
Tchula
Elderly 836,162 20,000 1,071,899 1,332 20,000 1,073,231
1,093,231 133,225 12/93 7/93 5-27.5
Toulumne
City 1,606,725 190,000 1,912,157 0 190,000 1,912,157
2,102,157 187,774 8/93 12/92 5-50
Turtle
Creek 852,336 23,141 1,113,511 2,485 23,141 1,115,996
1,139,137 141,310 10/93 5/93 7-40
Twin Oaks
Assoc. 1,473,132 45,000 1,776,674 7,868 45,000 1,784,542
1,829,542 233,281 9/93 12/92 5-27.5
Victoria
Pointe 1,447,234 153,865 1,437,570 352,716 128,900 1,790,286
1,919,186 216,324 1/95 10/94 5-27.5
Viste Linda
Apts. 2,509,415 143,253 2,961,671 2,518 143,253 2,962,569
3,107,442 498,383 12/93 1/93 5-27.5
Wakefield
Housing 1,265,082 88,564 1,480,003 3,199 88,564 1,483,202
1,571,766 206,040 2/93 9/92 10-40
F-89
Boston Capital Tax Credit Fund III L.P. -
Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
West End
Manor 993,128 52,300 1,188,913 (298) 52,300 1,188,615
1,240,915 229,718 5/93 5/93 5-27.5
Westchester
Oak Grove 1,217,182 38,010 2,281,529 41,234 35,000 2,322,763
2,357,763 503,487 4/93 12/92 5-27.5
Westchester
St. Joe 1,632,404 100,000 3,211,620 65,437 100,000 3,277,057
3,377,057 654,983 6/93 7/93 5-27.5
Westville
Prop. 721,771 25,000 912,139 0 25,000 912,139
937,139 190,189 7/93 2/93 5-25
Wilcox Inv.
Group 1,106,534 58,500 1,376,329 0 58,500 1,376,329
1,434,829 146,050 6/93 1/93 7-50
Woodlands
Apts 929,570 30,000 668,555 532,209 30,000 1,200,764
1,230,764 140,793 2/95 9/94 5-27.5
---------- --------- ----------- ---------- --------- -----------
- ----------- ----------
84,500,343 5,211,834 128,989,299 6,059,150 5,120,755 135,048,449
140,169,204 19,645,496
========== ========= =========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1997.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1997. The column has been
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
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............................$140,006,124
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 163,080
Other............................................ 0
-----------
$ 163,080
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98............................$140,169,204
===========
F-92
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund III L.P. - Series 16
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92........................$ 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
Current year additions*.................................$4,709,137
---------
Balance at close of period - 3/31/98..............................$19,645,496
==========
*-Total includes current year expense and amounts capitalized 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, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Annadale
Housing 4,577,617 226,000 12,180,150 0 226,000 12,185,100
12,411,100 1,644,047 6/90 1/96 5-27.5
Artesia
Prop. 1,423,532 30,730 1,865,231 1,115 30,730 1,866,346
1,897,076 273,299 9/94 9/94 5-27.5
Aspen
Ridge 873,002 36,000 2,004,059 22,015 36,000 2,026,074
2,062,074 354,715 11/93 9/93 5-27.5
Bladen-
boro 1,018,663 16,000 1,213,015 (27,474) 16,000 1,185,541
1,201,541 121,724 7/95 3/95 5-27.5
Brewer
St. 1,201,077 0 2,296,514 14,880 0 2,311,394
2,311,394 438,809 7/93 6/93 5-27.5
Briarwood
Apts. 917,416 38,500 20,850 1,203,704 38,952 1,224,554
1,263,506 102,260 7/93 6/93 5-27.5
Briarwood
Village 1,133,273 42,594 1,418,259 2,214 42,594 1,420,473
1,463,067 216,956 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, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Briarwood
Dekalb 1,556,606 96,000 2,943,443 15,207 96,000 2,958,650
3,054,650 318,234 6/94 10/93 5-40
Cairo
Housing 1,073,827 17,000 1,309,062 9,267 17,000 1,318,329
1,335,329 257,494 4/93 5/93 7-27.5
California
Inv VI 3,919,367 400,000 7,446,261 (1,596,778) 400,000 5,849,483
6,249,483 1,833,309 5/89 1/94 5-27.5
California
Inv VII 8,934,496 803,050 25,913,966 236,129 803,050 26,150,095
26,953,145 3,714,028 12/93 12/93 5-27.5
Cambridge
YMCA 2,561,302 95,200 5,135,233 4,458 95,200 5,139,691
5,234,891 904,281 12/93 4/93 5-27.5
Caneyville
Prop. 479,633 36,000 601,775 (13,800) 36,000 587,975
623,975 115,559 4/93 5/93 5-27.5
Clinton
Estates 740,556 47,533 891,872 0 47,533 891,872
939,405 125,643 12/94 12/94 5-27.5
Cloverport
Prop. 758,953 21,500 947,659 (7,038) 21,500 940,621
962,121 176,476 7/93 4/93 5-27.5
College
Green 3,781,020 225,000 6,774,847 38,689 225,000 6,813,536
7,038,536 703,949 8/95 3/95 5-27.5
- F-95 -
Boston Capital Tax Credit Fund III L.P.-
Series 17
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Croften
Assoc. 807,528 46,511 961,097 0 46,511 961,097
1,007,608 110,105 3/93 4/93 5-27.5
Cypress
Point 2,952,184 265,000 4,794,440 35,379 265,000 4,829,819
5,094,819 450,320 12/94 2/94 5-27.5
Deerwood
Villlage 638,923 29,138 804,512 1,997 29,138 806,509
835,647 116,052 7/94 2/94 5-27.5
Doyle
Village 1,173,713 100,000 1,435,520 2,266 100,000 1,437,786
1,537,786 218,430 4/94 9/93 5-27.5
Gallaway
Assoc. 1,059,860 35,600 1,307,158 9,725 35,600 1,316,883
1,352,483 148,802 5/93 4/93 5-27.5
Glen-
Ridge 2,051,802 350,000 2,208,213 2,638 350,000 2,210,851
2,560,851 242,513 6/94 6/94 5-27.5
Green
Acres 1,216,346 173,447 1,366,874 3,692 173,447 1,370,566
1,544,013 204,508 1/95 11/94 5-27.5
Greenwood
Place 1,063,598 44,400 299,685 1,119,901 44,400 1,419,586
1,463,986 122,311 8/94 11/93 7-40
Hackley
Barclay 3,686,381 174,841 4,603,493 301,622 175,000 4,905,115
5,080,115 698,349 12/94 12/93 5-27.5
F-96
Boston Capital Tax Credit Fund III L.P. -
Series 17
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Henson
Creek 4,008,753 945,000 7,971,879 6,649 945,000 7,978,528
8,923,528 840,296 4/94 5/93 5-27.5
Hickman
Assoc. 541,610 24,000 673,642 0 24,000 673,642
697,642 68,224 12/93 11/93 5-27.5
Houston
Village 673,690 11,500 850,901 1,290 11,500 852,191
863,691 131,203 5/94 12/93 5-27.5
Ivywood 3,051,181 290,542 5,712,656 10,661 290,542 5,723,317
6,013,859 1,036,505 10/93 6/93 5-27.5
Jonestown
Manor 869,905 0 311,764 932,471 36,900 1,244,235
1,281,135 100,485 12/94 12/93 7-40
Largo
Center 3,862,987 1,012,500 7,262,001 26,983 1,012,500 7,288,984
8,301,484 687,448 6/94 3/93 5-27.5
Lee
Terrace 1,492,281 93,246 4,573 1,706,293 93,246 1,710,866
1,804,112 221,712 12/94 2/94 5-27.5
Midland 978,259 60,000 2,422,788 2,298 60,000 2,425,086
2,485,086 298,540 6/94 9/93 5-27.5
Mount
Vernon 2,305,194 200,000 3,141,984 137,425 200,000 3,279,409
3,479,409 392,295 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, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Oakwood
of Bennet-
sville 880,315 60,000 1,074,857 2,524 60,000 1,077,381
1,137,381 195,289 12/93 9/93 5-27.5
Opelousas
Point 1,394,818 50,000 559,121 1,361,278 50,000 1,920,399
1,970,399 193,823 3/94 1/93 5-27.5
Palmetto
Villas 1,615,004 60,724 2,034,151 0 60,724 2,034,151
2,094,875 276,166 4/94 5/94 5-27.5
Park
Place II 1,180,200 112,000 1,408,102 1 112,000 1,408,103
1,520,103 219,639 4/94 2/94 7-27.5
Pinehurst 811,185 24,000 1,033,022 31,891 24,000 1,064,913
1,088,913 175,173 2/94 2/94 5-27.5
Quail
Village 884,336 30,450 1,060,273 2,468 30,450 1,062,741
1,093,191 147,222 2/94 9/93 7-27.5
Sea
Breeze 1,237,696 94,000 1,515,733 0 94,000 1,515,733
1,609,733 187,133 1/95 3/94 5-27.5
Shawnee
Village 1,239,879 182,786 2,347,227 23,438 182,786 2,370,665
2,553,451 508,607 10/92 2/93 7-27.5
Sixth
St. Apts 2,314,685 151,687 1,123,504 3,189,685 162,687 4,313,189
4,475,876 409,566 12/94 12/93 5-27.5
F-98
Boston Capital Tax Credit Fund III L.P. -
Series 17
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Skowhegan
Housing 1,708,870 100,000 2,121,472 45,390 100,000 2,166,862
2,266,862 301,580 6/94 9/93 5-27.5
Soledad 1,962,504 340,000 2,005,222 0 340,000 2,005,222
2,345,222 179,390 1/94 10/96 5-50
Sugarwood
Park 3,549,760 281,875 5,949,680 1,697 281,875 5,951,377
6,233,252 674,318 7/95 4/94 5-27.5
Voorhees-
ville 1,103,720 74,600 1,254,914 5,056 74,600 1,259,970
1,334,570 234,640 5/93 7/93 7-27.5
Waynesburg
Housing 1,500,200 169,200 2,113,822 53,753 18,100 2,167,575
2,185,675 135,402 12/95 7/94 5-27.5
White
Castle 778,284 84,800 948,687 4,474 84,800 953,161
1,037,961 129,016 5/94 6/94 27.5
---------- --------- ----------- ---------- --------- -----------
- ----------- ----------
89,545,991 7,802,954 145,645,163 5,706,224 7,700,365 154,575,646
162,276,011 21,355,845
========== ========= =========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1997.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1997. The column has been
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
----------
$ 58,662,502
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............................................. (26,680)
----------
$ (26,680)
-----------
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
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............................$163,537,184
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 337,191
Other............................................ 0
-----------
$ 337,191
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................$ (1,598,364)
-----------
$ (1,598,364)
-----------
Balance at close of period - 03/31/98............................$ 162,276,011
===========
F-101
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
Current year expense............................ ......$5,040,935
---------
Balance at close of period - 3/31/98..............................$21,355,845
==========
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, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ------------------------------------------- Arch Devel-
opment 2,612,884 107,387 6,724,849 19,132 107,387 6,743,981
6,851,368 771,382 12/94 4/94 7-27.5
Aurora LP 1,416,725 65,000 1,704,709 5,096 65,000 1,709,805
1,774,805 329,219 9/93 6,93 5-27.5
Bear Creek
of Naples 4,920,780 488,011 8,884,145 1,722 491,639 8,885,867
9,377,506 1,330,688 4/95 3/94 5-27.5
Chatham LP 1,428,426 75,000 1,727,394 4,634 75,000 1,732,028
1,807,028 314,478 12/93 1/94 5-27.5
Chelsea
Square 301,393 21,000 939,281 0 21,000 939,281
960,281 90,645 12/94 8/94 7-34
Clarke
School 2,553,154 200,000 5,493,464 228,794 200,000 5,722,258
5,922,258 441,874 12/94 12/94 5-27.5
Ellijay
Rental 826,339 48,000 1,000,609 0 48,000 1,000,609
1,048,609 75,045 1/95 1/94 40
Evergreen
Hills 2,819,733 157,537 4,337,312 561,968 157,537 4,899,280
5,056,817 765,356 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, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Glen
Place 1,235,919 60,610 3,489,218 (171,258) 60,610 3,317,960
3,378,570 433,277 6/94 4/94 5-27.5
Harris
Housing 1,329,732 200,000 266,624 2,564,321 160,000 2,830,945
2,990,945 152,475 11/95 6/94 5-27.5
Humboldt I 710,376 40,191 845,252 0 40,191 845,252
885,443 103,682 4/95 8/94 5-27.5
Jackson
Housing 866,522 30,250 1,080,272 (10,648) 30,250 1,069,624
1,099,874 138,354 6/94 1/94 5-27.5
Lakeview
Meadows II 1,631,579 88,920 2,775,712 0 88,920 2,775,712
2,864,632 254,028 5/94 8/93 5-27.5
Lanthrop
Properties 744,307 34,800 931,788 1,654 34,800 933,442
968,242 151,087 5/94 4/94 5-27.5
Leesville
Elderly 1,255,777 144,000 2,018,242 0 144,000 2,018,242
2,162,242 179,483 6/94 6/94 7-40
Lockport
Elderly 985,098 125,000 1,524,202 0 125,000 1,524,202
1,649,202 126,487 9/94 7/94 5-27.5
Maple Leaf
Apts. 1,105,876 22,860 1,355,390 74,939 22,860 1,430,329
1,453,189 122,169 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, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Marengo
Park 733,421 50,010 886,695 0 50,010 886,695
936,705 147,772 3/94 10/93 5-27.5
Natchitoches
Elderly 962,038 50,000 1,634,279 10,000 50,000 1,644,279
1,694,279 125,454 12/94 6/94 7-40
Newton I 811,403 57,500 979,345 0 57,500 979,345
1,036,845 134,735 9/94 11/93 5-27.5
Oskaloosa I 484,154 32,000 589,423 476 32,000 589,899
621,899 80,595 9/94 11/93 5-27.5
Parvins LP 855,899 41,508 1,741,048 4,742 41,508 1,745,790
1,787,298 281,041 11/93 8/93 5-27.5
Peach
Tree LP 1,488,901 157,027 1,617,470 2,306 157,027 1,619,776
1,776,803 345,248 7/93 1/94 5-27.5
Ponderosa
Meadows 1,494,891 82,454 1,903,972 7,797 82,454 1,911,769
1,994,223 194,330 5/94 3/94 5-27.5
Preston
Wood 1,207,101 66,000 2,515,136 0 66,000 2,515,136
2,581,136 371,556 12/94 12/93 5-27.5
Richmond
Manor 1,034,866 54,944 1,285,522 266 54,944 1,285,788
1,340,732 209,475 6/94 6/94 5-27.5
Rio
Grande 2,277,660 96,480 2,999,680 10,065 96,480 3,009,745
3,106,225 306,877 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, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Ripley
Housing 504,829 14,000 646,850 4,799 14,000 651,649
665,649 57,796 7/94 1/94 5-40
San Joaquin
Entpr. III 1,835,545 55,000 2,463,181 0 55,000 2,463,181
2,518,181 168,150 12/94 3/94 5-50
Troy Est. 698,219 45,000 826,432 11,798 45,000 838,230
883,230 147,820 1/94 12/93 5-27.5
Virginia
Avenue 1,357,598 121,238 3,510,339 5,299 121,238 3,515,638
3,636,876 460,521 10/94 10/94 5-27.5
Vista Loma 1,609,548 267,612 1,600,128 44,416 267,612 1,644,544
1,912,156 149,911 9/94 5/94 5-27.5
Vivian
Elderly 998,036 45,000 1,668,938 0 45,000 1,668,938
1,713,938 137,873 9/94 7/94 7-40
Westminister
Meadows 2,099,908 250,000 3,605,890 5,880 250,000 3,611,770
3,861,770 571,604 11/94 12/93 5-27.5
---------- --------- ---------- --------- --------- ---------- --
- -------- ---------
47,198,760 3,394,339 75,572,791 3,388,198 3,357,967 78,960,989
82,318,956 9,670,487
========== ========= ========== ========= ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1997.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1997. The column has been
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
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
===========
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 164,466
Other............................................ 0
-----------
$ 164,466
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98...........................$ 82,318,956
===========
F-108
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
==========
Current year expense.................................. $2,884,157
---------
Balance at close of period - 3/31/98..............................$ 9,670,487
==========
F-109
<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, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ------------------------------------------- Ankeney
Housing 3,702,186 217,500 8,144,577 77,142 217,500 8,221,719
8,439,219 659,203 3/95 8/94 10-40
Carrollton
Villa 1,289,993 60,015 2,682,843 (39,651) 60,015 2,643,192
2,703,207 352,584 3/95 6/94 5-27.5
Clarke
School 2,553,154 200,000 5,493,464 228,794 200,000 5,722,258
5,922,258 441,874 12/94 12/94 12-40
Forest
Associates 665,237 13,900 396,391 472,998 13,900 869,389
883,289 355,180 3/78 4/95 5-27.5
Garden Gate,
Ft. Worth 5,839,879 678,867 2,532,572 6,400,876 678,867 8,933,448
9,612,315 940,910 5/95 5/95 5-27.5
Garden Gate,
Plano 7,325,979 689,318 844,673 8,513,010 689,318 9,357,683
10,047,001 979,632 23/95 2/94 5-27.5
Hebbronville
Apts. 520,486 50,711 650,002 0 50,711 650,002
700,713 60,965 4/94 12/93 7-40
Hollister
Inv. Group 1,743,304 400,000 1,906,641 (62,130) 400,000 1,844,511
2,244,511 99,586 5/95 3/95 5-50
F-110 -
Boston Capital Tax Credit Fund III L.P. -
Series 19
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ------------------------------------------- Holts Summit
Square 1,294,714 110,373 524,966 2,018,479 110,373 2,543,445
2,653,818 345,393 12/94 6/94 5-27.5
Independence
Properties 858,246 38,500 503,166 517,210 38,500 1,020,376
1,058,876 105,793 12/94 6/94 5-40
Jefferson
Square 2,547,818 385,000 4,548,650 47,758 385,000 4,596,408
4,981,408 367,135 8/95 5/94 5-27.5
Jenny Lynn
Properties 806,172 65,000 958,809 7,000 65,000 965,809
1,030,809 127,328 9/94 1/94 5-27.5
Jeremy
Associates 3,794,626 522,890 6,954,516 49,155 522,890 7,003,671
7,526,561 340,957 12/95 6/96 5-27.5
Lone Star
Senior 615,597 20,492 835,453 0 20,492 835,453
855,945 74,875 5/94 12/93 7-40
Madison
L.P. 664,872 42,707 810,978 0 32,500 810,978
843,478 104,998 10/94 12/93 5-27.5
Manasura
Villa 967,493 20,254 301,687 990,944 25,000 1,292,631
1,317,631 79,073 8/95 5/94 5-27.5
Martindale
Apts. 684,833 40,270 861,032 0 40,270 861,032
901,302 85,292 1/94 12/93 7-40
F-111
Boston Capital Tax Credit Fund III L.P. -
Series 19
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Munford
Village 764,418 24,800 980,102 229 24,800 980,331
1,005,131 98,635 4/94 10/93 5-40
Northpointe
LP 4,751,980 371,000 9,834,451 1,377 371,000 9,835,828
10,206,828 642,837 6/95 7/94 5-27.5
Sahale
Heights 858,298 72,000 1,062,350 111 72,000 1,062,461
1,134,461 150,227 6/94 1/94 5-27.5
Sherwood
Knoll 781,126 45,000 963,996 5,762 45,000 969,758
1,014,758 99,322 4/94 10/93 5-40
Sugarwood
Park 3,549,760 281,875 5,949,680 1,697 281,875 5,951,377
6,233,252 674,318 7/95 4/94 5-27.5
Summerset
Housing 960,190 68,665 1,160,825 (25,664) 68,665 1,135,161
1,203,826 86,320 11/95 1/94 7-27.5
Vista's
Associates 3,286,144 831,600 7,055,338 5,229 831,600 7,060,567
7,892,167 634,578 1/95 12/93 5-27.5
Wedgewood
Lane 1,002,164 85,000 1,106,604 5,050 85,000 1,111,654
1,196,654 111,994 9/94 6/94 5-40
F-112 -
Boston Capital Tax Credit Fund III L.P. -
Series 19
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1998
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Willowood
Park 4,251,341 511,051 6,867,791 145,340 511,051 7,013,131
7,524,182 956,411 12/94 11/93 5-27.5
---------- --------- ---------- ---------- --------- ---------- --
- -------- ---------
56,080,010 5,846,788 73,931,557 19,360,716 5,841,327 93,292,273
99,133,600 8,975,420
========== ========= ========== ========== ========= ==========
========== =========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1997.
*Decrease due to a reallocation of acquisition costs.
There were no carrying costs as of December 31, 1997. The column has been
omitted for presentation purposes.
F-113
</TABLE>
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
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 224,896
Other............................................ 0
-----------
$ 224,896
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98.............................$ 99,133,600
===========
F-115
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
Current year expense....................................$3,087,218
---------
Balance at close of period - 3/31/98..............................$ 8,975,420
==========
F-116
<TABLE> <S> <C>
<ARTICLE> CT
<CIK> 0000879555
<NAME> BOSTON CAPITAL TAX CREDIT FUND III L.P.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<TOTAL-ASSETS> 131,189,787
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 131,189,787
<TOTAL-REVENUES> 341,565
<INCOME-TAX> 0
<INCOME-CONTINUING> (16,083,666)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (15,742,101)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
