SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended March 31, 1999 or
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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
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(Title of Class)
Indicate by check mark whether the Fund (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding twelve months (or for
such shorter period that the Fund was required to file such
reports), and (2) has been subject to such filing requirements for
the past 90 days. YES X NO
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Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 or Regulation S-K ( 229.405 of this chapter) is not
contained herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form
10-K
or any amendment to this Form 10-K. __
|xx|
DOCUMENTS INCORPORATED BY REFERENCE
-----------------------------------
The following documents of the Fund are incorporated by
reference:
Form 10-K
Parts Document
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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, 1999
TABLE OF CONTENTS
PART I
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of
Security Holders
PART II
Item 5. Market for the 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
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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, 1999 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, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
April Gardens Las Piedras,
Apts. III PR 32 $1,467,152 9/92 5/93 100% $
279,823
Autumwood Keysville,
Heights VA 40 1,341,943 8/92 1/93 100%
256,700
Barton Village Arlington,
Apartments GA 18 509,968 10/92 3/93 100%
101,154
Bergen Bergen,
Meadows NY 24 1,017,955 7/92 7/92 100%
199,420
Bridlewood Horse Cave,
Terrace KY 24 790,185 1/94 1/95 100%
167,679
Brunswick Lawrenceville,
Commons VA 24 823,058 3/92 9/92 100%
152,282
Buena Vista
Apartments, Union,
Phase II SC 44 1,452,882 3/92 1/92 100%
281,000
Calexico Calexico,
Senior Apts. CA 38 1,921,645 9/92 9/92 100%
366,220
Chestnut Altoona,
Hills Estates AL 24 739,837 9/92 9/92 100%
146,500
Columbia Camden,
Heights Apts. AR 32 1,292,975 10/92 9/93 100%
247,599
Coral Ridge Coralville,
Apartments IA 102 2,580,674 3/92 11/92 100%
2,257,827
Country
Meadows Sioux Falls,
II, III, IV SD 55 1,322,676 5/92 9/92 100%
1,220,825
Curwensville Curwensville,
House Apts. PA 28 1,214,336 9/92 7/93 100%
262,000
Deerfield Crewe,
Commons VA 39 1,229,163 4/92 6/92 100%
242,430
4
Boston Capital Tax Credit Fund III L.P. - Series
15
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
East Park Dilworth,
Apts. I MN 24 $ 545,000 6/94 1/94 100% $
406,100
Edgewood
Apts. Munfordville,
KY 24 786,931 6/92 8/92 100%
156,763
Golden Age Oak Grove,
Apts. MO 17 404,057 4/92 11/91 100%
84,410
Graham Graham,
Village Apts. NC 50 1,323,496 10/94 6/95 100%
919,461
Greentree Utica,
Apts. OH 24 691,498 4/94 10/75 100%
64,069
Greenwood Fort Gaines,
Village GA 24 674,803 8/92 5/93 100%
131,268
Hadley's
Lake East Machias
Apts. ME 18 1,039,243 9/92 1/93 100%
291,400
Hammond Westernport,
Heights Apts. MD 35 1,487,937 7/92 2/93 100%
327,944
Harrisonville Harrisonville,
Properties II MO 24 608,037 3/92 11/91 100%
144,004
Harvest Point Madison,
Apts. SD 30 1,199,192 3/95 12/94 100%
268,760
Hearthside II Portage,
MI 60 1,955,378 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, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Heron's Lake Placid,
Landing I FL 37 $1,204,600 10/92 10/92 100% $
255,339
Hidden W. Pittsburg,
Cove CA 88 2,889,795 2/94 8/88 100%
200,000
Higginsville Higginsville,
Estates MO 24 627,343 3/92 3/91 100%
146,111
Kearney Kearney,
Estates MO 24 634,038 5/92 1/92 100%
138,103
Lakeside Lake Village
Apts. AR 32 1,219,161 8/94 8/95 100%
282,004
Lake View Lake View,
Green Apts. SC 24 887,477 3/92 7/92 100%
183,603
Laurelwood
Apartments, Winnsboro,
Phase II SC 32 1,068,170 3/92 2/92 100%
229,986
Lebanon
Properties Lebanon,
III MO 24 631,971 3/92 2/92 100%
152,171
Lebanon Spring Grove,
Village II VA 24 923,976 8/92 2/93 100%
169,000
Lilac Apts. Leitchfield,
KY 24 727,279 6/92 7/92 100%
148,015
Livingston Livingston,
Plaza TX 24 675,441 12/92 11/93 100%
176,534
6
Boston Capital Tax Credit Fund III L.P. - Series
15
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Manning Manning,
Lane Apts. SC 42 $1,471,153 8/92 3/93 100% $
296,436
Marshall Marshallville,
Lane Apts. GA 18 553,375 8/92 12/92 100%
114,200
Maryville Maryville,
Properties MO 24 718,010 5/92 3/92 100%
156,636
Meadow Grantsville,
View Apts. MD 36 1,486,127 5/92 2/93 100%
291,322
Millbrook Sanford,
Commons ME 16 920,661 6/92 11/92 100%
227,100
Monark Van Buren & Barling,
Homes AR 10 321,367 6/94 3/94 100%
239,800
North
Prairie Plainwell,
Manor Apts. MI 28 880,638 9/92 5/93 100%
206,820
North Trail Arkansas City,
Apts. KS 24 825,097 9/94 12/94 100%
194,118
Oakwood Century,
Village FL 39 1,107,899 5/92 5/92 100%
249,374
Osceola Osceola,
Estates Apts.IA 24 648,846 5/92 5/92 100%
161,325
Payson
Senior Payson,
Center Apts. AZ 39 1,486,538 8/92 8/92 100%
365,755
Rainier Mt. Rainier,
Manor Apts. MD 104 2,665,216 4/92 1/93 100%
1,095,382
Ridgeview Brainerd,
Apartments MN 24 861,693 3/92 1/92 100%
165,434
7
Boston Capital Tax Credit Fund III L.P. - Series
15
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -
- -----------------------------------------------------------------
- ---------
Rio Mimbres Deming,
II Apartments NM 24 $ 773,150 4/92 4/92 100%
$ 149,811
River Chase Wauchula,
Apts. FL 47 1,476,656 8/92 10/92 100%
322,944
Rolling
Brook Algonac,
III Apts. MI 26 826,416 6/92 11/92 100%
185,632
School St. Marshall,
Apts.Phase I WI 24 756,893 4/92 5/92 100%
666,025
Shenandoah Shenandoah,
Village PA 34 1,472,020 8/92 2/93 100%
317,136
Showboat Chesaning,
Manor Apts. MI 26 795,458 7/92 2/93 100%
178,084
Spring Creek Derby,
II Apts. KS 50 1,215,379 4/92 6/92 100%
1,060,282
Summit Ridge Palmdale,
Apartments CA 304 8,863,346 10/92 12/93 100%
5,639,000
Sunset Sq. Scottsboro,
Apts. AL 24 740,054 9/92 8/92 100%
143,900
Taylor Mill Hodgenville,
Apartments KY 24 767,877 4/92 5/92 100%
173,606
Timmons Lynchburg,
Village Apts. SC 18 643,336 5/92 7/92 100%
122,450
University Detroit,
Meadows MI 53 1,987,105 6/92 12/92 100%
1,676,750
Valatie Valatie,
Woods NY 32 1,370,716 6/92 4/92 100%
277,600
8
Boston Capital Tax Credit Fund III L.P. - Series 15
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Village Healdton,
Woods OK 24 $ 701,472 8/94 12/94 100% $
173,616
Urb. Corales
Villas de Hatillo,
Del Mar PR 32 1,464,361 8/92 8/92 100%
307,200
Virgen del
Pozo Garden Sabana Grande,
Apts. PR 70 3,333,018 8/92 7/93 100%
772,550
Weedpatch Weedpatch,
Country Apts. CA 36 1,972,202 1/94 9/94 100%
461,197
Whitewater Ideal,
Village Apts. GA 18 526,243 8/92 11/92 100%
108,000
Wood Park Arcadia,
Pointe FL 36 1,168,443 6/92 5/92 100%
243,672
9
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
1413
Leavenworth Omaha,
Apts. NE 60 $1,610,000 12/92 3/93 100%
$1,287,526
Abbey Nixa,
Orchards Apts. MO 48 1,505,525 3/94 6/94 100%
1,163,875
Abbey
Orchards Nixa,
Apts.II MO 56 1,084,180 8/94 7/94 100%
1,137,750
Bernice Bernice,
Villa Apts. LA 32 954,749 5/93 10/93 100%
200,476
Branch River Wakefield,
Commons Apts. NH 24 1,258,427 9/92 2/93 100%
246,105
Brunswick Lawrenceville,
Manor Apts. VA 40 1,417,258 2/94 7/94 100%
278,519
Canterfield Denmark,
Manor SC 20 767,770 11/92 1/93 100%
175,959
Cape Ann
YMCA Gloucester,
Community Ctr. MA 23 542,480 1/93 12/93 100%
693,132
Carriage Westville,
Park Village OK 24 717,913 2/93 7/93 100%
144,714
Cedar Brown City,
Trace Apts. MI 16 505,108 10/92 7/93 100%
102,500
Cielo Azul Aztec,
Apts. NM 30 1,016,430 5/93 5/93 100%
389,749
Clymer Clymer,
Park Apts. PA 32 1,443,250 12/92 11/94 100%
317,428
10
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Crystal Davenport,
Ridge Apts. IA 126 $3,073,433 10/93 2/94 100% $
3,032,972
Cumberland Middlesboro,
Woods Apts. KY 40 1,450,569 12/93 10/94 100%
412,700
Deer Run Warrenton,
Apts. NC 31 701,592 8/93 3/93 100%
572,200
Derry Round Borough of Derry,
House Court PA 26 1,129,829 2/93 2/93 100%
248,019
Fairmeadow Latta,
Apts. SC 24 883,005 1/93 7/93 100%
195,400
Falcon Beattyville,
Ridge Apts. KY 32 1,045,567 4/94 1/95 100%
247,200
Forest Butler,
Pointe Apts. GA 25 753,040 12/92 9/93 100%
162,397
Gibson Gibson,
Manor Apts. NC 24 906,136 12/92 6/93 100%
161,412
Greenfield Greenfield,
Properties MO 20 532,158 1/93 5/93 100%
126,046
Greenwood Mt. Pleasant,
Apts. PA 36 1,473,362 11/93 10/93 97%
352,000
Harmony Galax,
House Apts. VA 40 1,471,785 11/92 7/93 100%
285,588
Haynes House Roxbury,
Apartments MA 131 3,348,220 8/94 9/95 81%
1,955,670
Holly Tree Holly Hill,
Manor SC 24 884,838 11/92 2/93 100%
201,490
Isola Square Isola,
Apartments MS 32 967,182 11/93 4/94 100%
246,722
11
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Joiner Joiner,
Manor AR 25 $ 815,739 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 1,384,026 4/93 12/93 100%
282,606
Lawtell Lawtell,
Manor Apts. LA 32 925,656 4/93 8/93 100%
202,603
Logan Ridgeland,
Lane Apts SC 36 1,298,139 9/92 3/93 100%
274,750
Mariner's Milwaukee,
Pointe Apts WI 64 1,980,376 12/92 8/93 100%
1,684,121
Mariner's
Pointe Milwaukee,
Apts. II WI 52 1,942,870 12/92 8/93 100%
1,676,219
Meadows of Southgate,
Southgate MI 83 2,306,010 7/93 5/94 100%
1,716,000
Mendota Mendota,
Village Apts.CA 44 1,976,560 12/92 5/93 100%
438,300
Mid City Jersey City,
Apts. NJ 58 3,059,100 9/93 6/94 100%
3,097,210
Newport
Elderly Newport,
Apts. VT 24 1,237,530 2/93 10/93 100%
221,626
Newport Newport,
Manor Apts. TN 30 956,549 9/93 12/93 100%
204,863
Oak Forest Eastman,
Apts. GA 41 1,179,282 12/92 10/93 100%
251,269
12
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Parkwoods Anson,
Apts. ME 24 $1,281,630 12/92 9/93 100% $
320,206
Plantation Tchula,
Manor MS 28 833,262 7/93 12/93 100%
195,030
Ransom St. Blowing Rock,
Apartments NC 13 511,555 12/93 11/94 100%
90,249
Riviera Miami Beach,
Apts. FL 56 1,704,479 12/92 12/93 100%
1,442,978
Sable Chase McDonough,
of McDonough GA 222 5,065,455 12/93 12/94 100%
5,618,968
Simmesport Simmesport,
Square Apts. LA 32 940,812 4/93 6/93 100%
198,500
St. Croix Woodville,
Commons Apts. WI 40 1,096,731 10/94 12/94 100%
534,847
St. Joseph St. Joseph,
Square Apts. LA 32 954,727 5/93 9/93 100%
206,086
Summersville Summersville,
Estates MO 24 621,187 5/93 6/93 100%
157,976
Stony Ground St. Croix,
Villas VI 22 1,432,565 12/92 6/93 100%
358,414
Talbot Talbotton,
Village II GA 24 680,939 8/92 4/93 100%
129,683
Tan Yard
Branch Blairsville,
Apts. I GA 24 755,904 12/92 9/94 100%
151,154
Tan Yard
Branch Blairsville,
Apts. II GA 25 739,877 12/92 7/94 100%
144,304
13
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
The
Fitzgerald Plattsmouth,
Building NE 20 $ 677,569 12/93 12/93 100% $
924,780
The
Woodlands Tupper Lake,
NY 18 927,744 9/94 2/95 100%
214,045
Tuolumne
City Tuolumne,
Senior Apts. CA 30 1,597,103 12/92 8/93 100%
376,535
Turtle Monticello,
Creek Apts. AR 27 849,982 5/93 10/93 100%
185,392
Valley View Palatine Bridge,
Apartments NY 32 1,427,831 5/94 5/94 100%
326,870
Victoria North Port,
Pointe Apts. FL 42 1,443,801 10/94 1/95 100%
338,058
Vista Linda Sabana Grande,
Apartments PR 50 2,504,599 1/93 12/93 100%
435,530
West End Union,
Manor SC 28 990,207 5/93 5/93 100%
231,741
Westchester
Village Oak Grove,
of Oak Grove MO 33 1,192,033 12/92 4/93 100%
889,700
Westchester
Village of St. Joseph,
St. Joseph MO 60 1,519,607 7/93 6/93 100%
1,316,500
Willcox Willcox,
Senior Apts. AZ 30 1,106,533 1/93 6/93 100%
268,747
Woods Damascus,
Landing Apts.VA 40 1,467,822 12/92 9/93 100%
286,171
14
Boston Capital Tax Credit Fund III L.P. - Series
17
PROPERTY PROFILES AS OF March 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Annadale Fresno,
Apartments CA 222 $9,391,845 1/96 6/90 100% $
- -0-
Artesia Artesia,
Properties NM 40 1,417,729 9/94 9/94 100%
399,464
Aspen Ridge Omaha,
Apts. NE 42 861,912 9/93 11/93 100%
809,750
Briarwood Clio,
Apartments SC 24 914,266 12/93 8/94 100%
211,133
Briarwood
Apartments DeKalb,
of DeKalb IL 48 1,505,871 10/93 6/94 100%
1,041,834
Briarwood Buena Vista,
Village GA 38 1,130,449 10/93 5/94 100%
252,700
Brookwood Blue Springs,
Village MO 72 2,291,865 12/93 12/94 100%
1,629,100
Cairo Senior Cairo,
Housing NY 24 1,071,129 5/93 4/93 100%
201,711
Caney Creek Caneyville,
Apts. KY 16 478,062 5/93 4/93 100%
118,800
Central Cambridge,
House MA 128 2,480,442 4/93 12/93 100%
2,498,109
Clinton Clinton,
Estates MO 24 738,622 12/94 12/94 100%
162,717
Cloverport Cloverport,
Apts. KY 24 755,744 4/93 7/93 100%
174,575
College
Greene Chili,
Senior Apts. NY 110 3,755,429 3/95 8/95 100%
232,545
15
Boston Capital Tax Credit Fund III L.P. - Series
17
PROPERTY PROFILES AS OF March 31, 1999
Continued
- ---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Crofton Crofton,
Manor Apts. KY 24 $ 804,548 4/93 3/93 100%
$ 168,420
Deerwood Adrian,
Village Apts.GA 20 637,213 2/94 7/94 100%
160,900
Doyle Darien,
Village GA 38 1,170,531 9/93 4/94 100%
235,509
Fuera Bush
Senior Fuera Bush,
Housing NY 24 1,100,515 7/93 5/93 100%
189,364
Gallaway Gallaway,
Manor Apts. TN 36 1,056,782 4/93 5/93 100%
221,432
Glenridge Bullhead City,
Apartments AZ 52 2,046,689 6/94 6/94 100%
520,500
Green Acres West Bath,
Estates ME 48 1,199,237 1/95 11/94 100%
135,849
Green Court Mt. Vernon,
Apartments NY 76 2,272,544 11/94 11/94 86%
964,813
Henson Fort Washington,
Creek Manor MD 105 3,975,585 5/93 4/94 100%
2,980,421
Hickman
Manor Hickman,
Apts. II KY 16 539,272 11/93 12/93 100%
134,094
Hill Bladenboro,
Estates, II NC 24 1,015,392 3/95 7/95 100%
132,300
Houston Alamo,
Village GA 24 679,933 12/93 5/94 100%
169,418
Isola Greenwood,
Square Apts. MS 36 1,061,404 11/93 8/94 100%
304,556
16
Boston Capital Tax Credit Fund III L.P. - Series
17
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Ivywood Smyrna,
Park Apts. GA 106 $3,009,749 6/93 10/93 100%
$2,093,847
Jonestown Jonestown,
Manor Apts. MS 28 867,634 12/93 12/94 100%
243,605
Largo Ctr. Largo,
Apartments MD 100 3,830,733 3/93 6/94 100%
2,753,475
Laurel Naples,
Ridge Apts. FL 78 2,966,734 2/94 12/94 100%
1,788,844
Lee Terrace Pennington Gap,
Apartments VA 40 1,488,407 2/94 12/94 100%
288,268
Maplewood Union City,
Park Apts. GA 110 3,524,115 4/94 7/95 100%
1,416,091
Oakwood
Manor of Bennettsville,
Bennettsville SC 24 877,790 9/93 12/93 100%
189,200
Opelousas Opelousas,
Point Apts. LA 44 1,389,914 11/93 3/94 100%
439,277
Orchard Beaumont,
Park CA 144 3,868,597 1/94 5/89 100%
250,000
Palmetto Palmetto,
Villas FL 49 1,607,456 5/94 4/94 100%
421,795
Park Lehigh Acres,
Place FL 36 1,176,074 2/94 5/94 100%
283,687
Pinehurst Farwell,
Senior Apts. MI 24 808,323 2/94 2/94 100%
183,176
Quail Reedsville,
Village GA 31 881,227 9/93 2/94 100%
171,855
Royale Glen Muskegon,
Townhomes MI 79 3,568,512 12/93 12/94 100%
909,231
17
Boston Capital Tax Credit Fund III L.P. - Series
17
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Seabreeze Inglis,
Manor FL 37 $1,234,504 3/94 1/95 100%
$ 294,387
Soledad Soledad,
Senior Apts. CA 40 1,955,485 10/93 1/94 100%
407,894
Stratford Midland,
Place MI 53 943,268 9/93 6/94 100%
892,915
Summit Palmdale,
Ridge Apt. CA 304 8,863,346 12/93 12/93 100%
5,191,039
Villa West Topeka,
V Apartments KS 52 1,217,870 2/93 10/92 100%
902,700
Waynesburg Waynesburg,
House Apts. PA 34 1,495,810 7/94 12/95 100%
501,140
West Front Skowhegan,
Residence ME 30 1,691,226 9/94 8/94 100%
487,390
West Oaks Raleigh,
Apartments NC 50 1,190,886 6/93 7/93 100%
811,994
White White Castle,
Castle Manor LA 24 776,357 6/94 5/94 100%
198,684
18
Boston Capital Tax Credit Fund III L.P. - Series
18
PROPERTY PROFILES AS OF March 31, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Arch Boston,
Apartments MA 75 $2,598,533 4/94 12/94 100%
$3,017,845
Bear Creek Naples,
Apartments FL 118 4,989,532 3/94 4/95 100%
3,586,687
Briarwood Humbolt,
Apartments IA 20 707,716 8/94 4/95 100%
162,536
California San Joaquin,
Apartments CA 42 1,829,413 3/94 12/94 100%
519,100
Chatham Chatham,
Manor NY 32 1,420,312 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 2,543,432 12/94 12/94 100%
1,804,536
Cox Creek Ellijay,
Apartments GA 25 825,086 1/94 1/95 100%
214,824
Evergreen Macedon,
Hills Apts. NY 72 2,805,560 8/94 1/95 100%
1,627,293
Glen Place Duluth,
Apartments MN 35 1,220,523 4/94 6/94 100%
1,328,621
Harris Music West Palm Beach,
Building FL 38 1,318,812 6/94 11/95 100%
1,286,304
Kristine Bakersfield,
Apartments CA 60 1,722,113 10/94 10/94 100%
1,636,293
Lakeview Battle Creek,
Meadows II MI 60 1,631,012 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, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Lathrop Lathrop,
Properties MO 24 $ 741,870 4/94 5/94 100%
$ 171,579
Leesville Leesville,
Elderly Apts.LA 54 1,244,429 6/94 6/94 100%
776,500
Lockport Lockport,
Seniors Apts.LA 40 972,378 7/94 9/94 100%
595,439
Maple Leaf Franklinville,
Apartments NY 24 1,103,252 8/94 12/94 100%
296,587
Maple Aurora,
Terrace NY 32 1,410,489 9/93 9/93 100%
279,988
Marengo Marengo,
Park Apts. IA 24 730,801 10/93 3/94 100%
133,552
Meadowbrook Oskaloosa,
Apartments IA 16 482,890 11/93 9/94 100%
96,908
Meadows Show Low,
Apartments AZ 40 1,490,845 3/94 5/94 100%
420,302
Natchitoches
Senior Natchitoches,
Apartments LA 40 953,873 6/94 12/94 100%
644,175
Newton Newton,
Plaza Apts. IA 24 809,271 11/93 9/94 100%
166,441
Oakhaven Ripley,
Apartments MS 24 502,503 1/94 7/94 100%
116,860
Parvin's
Branch Vineland,
Townhouses NJ 24 827,018 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 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Peach Tree Felton,
Apartments DE 32 $1,484,604 1/94 7/93 100% $
206,100
Pepperton Jackson,
Villas GA 29 864,375 1/94 6/94 100%
222,762
Prestonwood Bentonville,
Apartments AR 62 1,193,170 12/93 12/94 100%
1,067,200
Richmond Richmond,
Manor MO 36 1,031,642 6/94 6/94 100%
231,593
Rio Grande Eagle Pass,
Apartments TX 100 2,259,215 6/94 5/94 100%
666,840
Troy Troy,
Estates MO 24 695,251 12/93 1/94 100%
159,007
Vista Loma Bullhead City,
Apartments AZ 41 1,612,428 5/94 9/94 100%
465,650
Vivian Vivian,
Seniors Apts. LA 40 197,692 7/94 9/94 100%
625,691
Westminster
Meadow Grand Rapids,
Apartments MI 64 2,085,894 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, 1999
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Callaway Holt's Summit,
Villa MO 48 $1,266,265 6/94 12/94 100% $
1,181,010
Carrollton Carrollton,
Villa MO 48 1,261,496 6/94 3/95 100%
1,121,758
Clarke Newport,
School RI 56 2,543,432 12/94 12/94 100%
1,153,719
Coopers Irving,
Crossing TX 93 3,765,832 6/96 12/95 100%
2,145,000
Delaware
Crossing Ankeny,
Apartments IA 152 3,650,267 8/94 3/95 100%
3,337,884
Garden Gate Forth Worth,
Apartments TX 240 5,797,600 2/94 4/95 100%
3,576,605
Garden Gate Plano,
Apartments TX 240 7,272,941 2/94 5/95 100%
3,166,064
Hebbronville Hebbronville,
Senior TX 20 519,666 12/93 4/94 100%
82,592
Jefferson Denver,
Square CO 64 2,524,900 5/94 8/95 100%
1,705,351
Jenny Lynn Morgantown,
Apts. KY 24 803,798 1/94 9/94 100%
182,800
Lone Star Lone Star,
Senior TX 24 613,507 12/93 5/94 100%
138,740
Mansura
Villa II Mansura,
Apartments LA 32 964,422 5/94 8/95 100%
227,910
Maplewood Union City,
Park Apts. GA 110 3,524,115 4/94 7/95 100%
1,416,091
Martindale Martindale,
Apts. TX 24 681,869 12/93 1/94 100%
154,790
22
Boston Capital Tax Credit Fund III L.P. - Series
19
PROPERTY PROFILES AS OF March 31, 1999
Continued
- --------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/98 Date Comp. 3/31/99
3/31/99
- -----------------------------------------------------------------
- ----------
Munford Munford,
Village AL 24 $ 761,746 10/93 4/94 100% $
165,800
Northpoint Kansas City,
Commons MO 158 4,712,184 7/94 6/95 100%
2,124,024
Poplar Madison,
Ridge Apts. VA 16 650,761 12/93 10/94 100%
124,704
Prospect
Villa III Hollister,
Apartments CA 30 1,739,256 3/95 5/95 100%
499,104
Sahale
Heights Elizabethtown,
Apts. KY 24 856,000 1/94 6/94 100%
238,600
Seville Forest Village,
Apartments OH 24 663,391 3/94 3/78 95%
47,780
Sherwood Rainsville,
Knoll AL 24 779,008 10/93 4/94 100%
162,500
Summerset Swainsboro,
Apartments GA 30 938,496 1/94 11/95 100%
223,029
Tanglewood Lawrenceville,
Apartments GA 130 4,217,699 11/93 12/94 100%
3,020,840
Village Independence,
North I KS 24 854,851 6/94 12/94 100%
190,471
Vistas at Largo,
Lake Largo MD 110 3,253,120 12/93 1/95 100%
2,833,420
Wedgewood
Lane Cedar City,
Apartments UT 24 999,498 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, 1999, 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,
1999.
(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, 1999.
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, 1995 through March
31,
1999. 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,
1999 1998 1997 1996
1995
-------- -------- -------- --------
- --------
Interest &
Other Income $ 358,856 $ 341,565 $ 555,991 $ 1,034,800
$2,200,432
Share of Loss
of Operating
Partnership(12,121,431) (13,145,436) (15,051,842) (14,435,496)
(10,794,203)
Operating Exp (3,192,943) (2,938,230) (3,210,372) (3,313,615)
(3,739,460)
---------- ----------- ---------- -----------
- ----------
Net Loss $(14,955,518)
$(15,742,101)$(17,706,223)$(16,714,311)$(12,333,231)
=========== =========== ========== ===========
==========
Net Loss
per BAC $ (.67) $ (.71) $ (.80)$
(.75)$ (.56)
=========== =========== ========== ===========
==========
As of As of As of As of
As of
March 31, March 31, March 31, March 31,
March 31,
1999 1998 1997 1996
1995
-------- -------- -------- --------
- --------
Balance Sheet
- -------------
Total Assets $117,785,304 $131,189,787 $145,845,635 $167,285,510
$202,894,304
=========== =========== =========== ===========
===========
Total Liab. $ 12,985,063 $ 11,434,028 $ 10,350,261 $ 14,069,497
$ 33,078,601
Partners' =========== =========== =========== ===========
===========
Capital $104,800,241 $119,755,759 $135,495,374 $153,216,013
$169,815,703
=========== =========== =========== ===========
===========
Other Data
- ----------
Tax Credits per BAC for the Investors Tax
Year, the Twelve Months Ended December
31, 1998, 1997, 1996, 1995 and 1994*
$ 1.39 $ 1.39 $ 1.37 $ 1.26
$ .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, 1999 were
$2,598,969, and total
fund management fees accrued as of March 31, 1999 were
$10,627,300. During the year ended March 31, 1999 the fund paid
$475,000 which was applied to prior year accruals. 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,
1997, 1998 and 1999 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, 1999, the Fund used none
of Series 15 net offering proceeds to pay additional installments
of its capital contributions. As of March 31, 1999 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 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, 1999, the Fund used
$1,500
of Series 16 net offering proceeds to pay additional installments
of its capital contributions to 1 Operating Partnership. As of
March 31, 1999 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 58 of the 64 Operating Partnerships. Series 16
has $142,506 in capital contributions that remain to be paid to
the 6 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, 1999, the Fund used none
of Series 17 net offering proceeds to pay additional installments
of its capital contributions. As of March 31, 1999 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, 1999, the Fund used
$154,714
of Series 18 net offering proceeds to pay additional installments
of its capital contributions to 1 Operating Partnership. As of
March
31, 1999 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 32 of the 34
Operating
Partnerships. Series 18 has $18,554 in capital contributions
that remain
to be paid to the other 2 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, 1999, the Fund used
$429,000
of Series 19 net offering proceeds to pay initial installments of
its
capital contributions to 1 Operating Partnerships. As of March
31, 1999
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 24 of the 26 Operating Partnerships.
Series 19 has
$34,000 in capital contributions that remain to be paid to the
other 2
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, 1999 and 1998 was $2,207,890 and
$2,092,597,
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, 1999 and 1997, the average
Qualified
Occupancy for the series was 100%. The series had a total of 68
properties at March 31, 1999, all of which were at 100% qualified
occupancy.
29
For the tax years ended December 31, 1998 and 1997, the series,
in total,
generated $3,195,744 and $3,152,374, respectively, in passive
income tax
losses that were passed through to the investors and also
provided $1.47 per year for 1998 and 1997 in tax credits per BAC
to the investors.
As of March 31, 1999 and 1998 the Investments in Operating
Partnerships
for Series 15 was $14,142,163, and $16,246,406 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, 1998 and 1997 the Operating
Partnerships reflected a net income of $525,145 and $732,970,
respectively, when adjusted for depreciation which is a non-cash
item.
Hidden Cove Apartments (Hidden Cove) continues to incur
operating deficits due to high operating expenses. While the new
management company has been successful in reducing the deficits
by reducing expenses, the property remains unable to operate
above break-even. The Operating General Partner has been funding
the capital improvement plan established by the new management
company. Average occupancy at the property has risen to 98%. To
date, the Operating General Partner has been unsuccessful in
securing refinancing through local lenders.
The Operating General Partner and the management company of
School Street I Limited Partnership (School Street Apts. I) were
removed and replaced during 1997. In the transition, occupancies
suffered and as a result, a leasing agent and new management
company were hired by the new Operating General Partner to rent
the vacant units. Due to the unresponsiveness of the management
company, a third management company was hired in October 1998.
As anticipated occupancy reached 100% as of March 31, 1999. The
debt was modified in January, 1999 reducing the interest rate to
7.25% and the loan was written down. In addition, capital needs
were addressed as part of the refinancing package.
(Series 16). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the series was 99.7% and 99.9%, respectively. The
series had a
total of 64 properties at March 31, 1999. Out of the total, 62
were at 100%
qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the series,
in total,
generated $3,815,287 and $3,554,840, respectively, in passive
income tax
losses that were passed through to the investors and also
provided $1.40 in tax credits per BAC to the investors.
30
As of March 31, 1999 and 1998 the Investments in Operating
Partnerships
for Series 16 was $27,165,227 and $30,777,843, 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, 1998 and 1997 the Operating
Partnerships reflected a net income of $1,346,767 and $1,510,441,
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 Operating Partnership Agreement.
As this was a violation of the terms of the agreement, the
Operating General Partner and the management company were removed
and the management company was replaced during 1997. The property
operated with deficits during 1997 due to vacancies, uncollected
rents and high operating expenses. The new management company
continues to focus on reducing the property's operating expenses
and reducing vacancies. The Operating General Partner was
replaced by the new management company on March 1, 1999. To
further reduce costs the Operating General Partner completed a
loan restructure reducing the interest rate on the mortgage to
8%. During the third quarter a second mortgage at a 5.5%
interest rate is expected to close. This mortgage has been
approved by the Investment Limited Partner and will be used to
fund capital needs. Occupancy is 92% as of March 31, 1999.
(Series 17). As of March 31, 1999 and 1998, the average
Qualified
Occupancy for the Series was 99.7%. The series had a total of 49
properties at March 31, 1999. Out of the total 48 were at 100%
qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the series,
in total,
generated $3,287,312 and $4,130,583, 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, 1999 and 1998 the Investments in Operating
Partnerships
for Series 17 was $24,774,196 and $27,762,778, 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, 1998 and 1997 the Operating
Partnerships reflected a net income\(loss) of $299,393 and
$(1,392,098), respectively, when adjusted for depreciation which
is a non-cash item. The prior 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 (Kingsview Manor & Estates) has
reported net losses due to operational issues associated with the
property. Decreasing occupancy during the quarter and economic
factors relevant to the marketplace prevent the necessary rental
income from being generated to cover the operational expenses.
In order to address these issues, the Operating General Partner
has hired a consultant to assist management in aggressively
marketing the property. In addition, the management agent has
hired a new on-site manager and leasing agent. The rental rates
at the property were increased during the last quarter of 1998.
In a step to cut costs even further the Operating General Partner
has initiated loan restructure discussions with the first lender
for more favorable terms. The Investment General Partner
continues to monitor this situation closely. Occupancy is 88% as
of March 31, 1999.
The property owned by California Investors VI L.P. (Orchard
Park) has increased its physical occupancy from 88% as of
December 31, 1998 to 91% as of March 31, 1999. The management
company continues to be aggressive with marketing the property
and conducting active outreach. The Operating General Partner,
with the assistance of a consultant, has developed a new
marketing campaign, which was implemented during the last quarter
of 1998. In addition, the management company replaced the site
manager and leasing agent. A large recreation facility is
expected to be built adjacent to the property at the end of 1999.
Once this park is opened, it is expected to enhance the appeal of
Orchard Park Apartments to families.
(Series 18). As of March 31, 1999 and 1998, the average
Qualified Occupancy for the series was 100%. The series had a
total of 34 properties at March 31, 1999 all of which were at
100% qualified occupancy.
For the tax years ended December 31, 1998 and 1997, the series,
in total,
generated $2,633,026 and $2,880,821, respectively, in passive
income tax
losses that were passed through to the investors and also
provided $1.33 per year for 1998 and 1997 in tax credits per BAC
to the investors.
As of March 31, 1999 and 1998, the Investments in Operating
Partnerships for
Series 18 was $18,832,106 and $20,921,603, 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, 1998 and 1997 the Operating
Partnerships reflected a net income of $363,848 and $86,263,
respectively, when adjusted for depreciation which is a non-cash
item.
In August 1996 the Investment 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 a judgement was issued by which the Operating
Partnership would receive an appropriate quit claim deed and
other title
32
related documents confirming the Operating Partnership's
interest in the disputed property. The appropriate title
information has been received and is in the process of
execution. The delivery of these documents will remove any
uncertainty as to the Operating Partnership's possession of the
land. Additionally, occupancy started to drop in the fourth
quarter of 1998, with a year-end physical occupancy of 78%. At
this time, occupancy has improved, but the Investment General
Partner is working with the Operating General Partner to select
a new management company.
(Series 19). As of March 31, 1999 and 1998, the average
Qualified Occupancy for the series was 99.8% and 100%,
respectively. The series had a total of 26 properties at March
31, 1999, 25 of which were at 100% qualified occupancy.
For the tax year ended December 31, 1998 and 1997, the series,
in total,
generated $2,284,300 and $2,288,770, respectively, in passive
income tax losses that were passed through to the investors and
also provided $1.33 in tax credits per BAC to the investors.
As of March 31, 1999 and 1998 the Investments in Operating
Partnerships
for Series 19 was $23,504,786 and $25,323,640, 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, 1998 and 1997 the Operating
Partnerships reflected a net income of $986,256 and $574,999,
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 1998.
Recent Accounting Statements Not Yet Adopted
- --------------------------------------------
On March 31, 1997, the Partnership adopted Statement of Financial
Accounting Standards ("SFAS") No. 128, "Earnings per Share" and
SFAS No. 129, "Disclosure of Information about Capital
Structure." SFAS No. 128 provides accounting and reporting
standards for the amount of earnings per share. SFAS No. 129
requires the disclosure in summary form within the financial
statements of pertinent fights and privileges of the various
securities outstanding. On March 31, 1998, the Partnership
adopted SFAS No. 130, "Reporting Comprehensive Income," and SFAS
No. 131, "Disclosures about Segments of an Enterprise and Related
Information." SFAS No. 132, "Employees' Disclosures about
Pensions and Other Post-retirement Benefits." SFAS No. 130
establishes standards for reporting and display of comprehensive
income and its components, SFAS No. 131 establishes standards for
how public business enterprises report information about
operating segments and SFAS No. 132 revises employers'
disclosures about pension and other post-retirement benefit
plans. The implementation of these standards has not materially
affected the partnership's financial statements.
33
In June 1998, the FASB issued SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities." In October 1998,
the FASB issued SFAS No. 134, "Accounting for Mortgage-backed
Securities Retained after the Securitization of Mortgage Loans
Held for Sale by a Mortgage Banking Enterprise." In February
1999, the FASB issued SFAS No. 135, "Rescission of FASB Statement
75 and Technical Corrections." SFAS No. 133 is effective for all
the fiscal quarters of years beginning after June 15, 1999; SFAS
No. 134 is effective for the first fiscal quarter beginning after
December 31, 1998; and SFAS No. 135 is effective for years ending
after February 15, 1999. Early adoption is encouraged for SFAS
No. 133, 134 and 135.
The fund does not have any derivative or hedging activities
and does not have any mortgage-backed securities. FASB Statement
75, "Deferral of the Effective Date of Certain Accounting
Requirements for Pension Plans of State and Local Governmental
Units," does not apply to the fund. Consequently, these
pronouncements are expected to have no effect on the fund's
financial statements.
Year 2000 Compliance
- --------------------
Boston Capital and its management have reviewed the
potential computer problems that may arise from the century date
change known as the "Year 2000"or "Y2K" problem. We are
currently in the process of taking the necessary precautions to
minimize any disruptions. The majority of Boston Capital's
systems are "Y2K" compliant. For all remaining systems we have
contacted the vendors to provide us with the necessary upgrades
and replacements. Boston Capital is committed to ensuring that
the "Y2K" issue will have no impact on our investors.
Item 7a. Quantitative and Qualitative Disclosure About Market
Risk- Not Applicable
Item 8. Financial Statements and Supplementary Data
The information required by this item is contained in
Part IV, Item
14 of this Annual Report on Form 10-K.
Item 9. Changes in and Disagreements with Accountants on
Accounting and
Financial Disclosure
None.
34
PART III
--------
Item 10. Directors and Executive Officers of the Registrant
(a), (b), (c), (d) and (e)
The Partnership has no directors or executives officers of
its own. The following biographical information is presented for
the partners of the General Partners and affiliates of those
partners (including Boston Capital Partners, Inc. ("Boston
Capital")) with principal responsibility for the Partnership's
affairs.
Herbert F. Collins, age 68, is co-founder and Chairman of the
Board of Boston Capital Corporation. Nominated by President
Clinton and confirmed by the United States Senate, Mr. Collins
served as the Republican private sector member of the Thrift
Depositor Protection Oversight Board. During 1990 and 1991 he
served as Chairman of the Board of Directors for the Federal Home
Loan Bank of Boston, a 314-member, $12 billion central bank in
New England. Mr. Collins is the co-founder and past President of
the Coalition for Rural Housing and Development. In the 1980s he
served as Chairman of the Massachusetts Housing Policy Commission
to evaluate current programs and recommend future housing policy.
Additionally, he served as a member of the Board of Directors of
the Metropolitan Boston Housing Partnership and on the Mitchell-
Danforth Task Force, which helped structure the 1990 federal Tax
Credit legislation. Mr. Collins also is a past Member of the
Board of Directors of the National Leased Housing Association and
has served as a member of the U. S. Conference of Mayors Task
Force on "HUD and the cities: 1995 and Beyond." Mr. Collins also
was a member of the Fannie Mae Housing Impact Advisory Council
and the Republican Housing Opportunity Caucus. He is Chairman of
the Business Advisory Council and a member of the National
Council of State Housing Agencies Tax Credit Commission. Mr.
Collins graduated from Harvard College. President Bush appointed
him to the President's Advisory Committee on the Arts at the John
F. Kennedy Center for the Performing Arts. He is a leader in the
civic community, serving on the Boards of Youthbuild Boston, the
Pine Inn and I Have a Dream Foundation.
John P. Manning, age 51, is co-founder, President and Chief
Executive Officer of Boston Capital Corporation where he is
responsible for strategic planning and business development. In
addition to his responsibilities at Boston Capital, Mr. Manning
is a proactive leader in the industry. He served in 1990 as a
member of the Mitchell-Danforth Task Force, to review and reform
the Low Income Housing Tax Credit. He was the founding President
of the Affordable Housing Tax Credit Coalition, is a member of
the board of the National Leased Housing Association and sits on
the Advisory Board of the publication Housing and Development
Reporter. During the 1980s he served as a member of the
Massachusetts Housing Policy Committee, as an appointee of the
Governor of Massachusetts. In addition, Mr. Manning has
testified before the U.S. House Ways and Means Committee and the
U.S. Senate Finance Committee, on the critical role of the
private sector in the success of the Low Income Housing Tax
Credit Program. In 1996, President Clinton appointed him to the
President's Advisory Committee on the Arts at the John F. Kennedy
Center for the Performing Arts. In 1998, President Clinton also
appointed Mr. Manning to the President's Export Council, which is
the premier
committee comprised of major corporate CEOs to advise the
President in matters
35
of foreign trade. Mr. Manning is also a member of the Board of
Directors of the John F. Kennedy Presidential Library in Boston.
In the civic community, Mr. Manning is a leader, serving on the
Board of Youthbuild Boston. Mr. Manning is a graduate of Boston
College.
Richard J. DeAgazio, age 54, is Executive Vice President of
Boston Capital Partners, Inc., and is President of Boston
Capital Services, Inc., Boston Capital's NASD registered
broker/dealer. Mr. DeAgazio formerly served on the national
Board of Governors of the National Association of Securities
Dealers (NASD), was the Vice Chairman of the NASD's District 11
Committee, and served as Chairman of the NASD's Statutory
Disqualification Subcommittee of the National Business Conduct
Committee. He also served on the NASD State Liaison Committee
and the Direct Participation Program Committee. He presently
serves as a member of the National Adjudicatory Council on NASD.
He is a founder and past President of the National Real Estate
Investment Association, past President of the Real Estate
Securities and Syndication Institute (Massachusetts Chapter) and
the Real Estate Investment Association. Prior to joining Boston
Capital in 1981, Mr. DeAgazio was the Senior Vice President and
Director of the Brokerage Division of Dresdner Securities (USA),
Inc., an international investment banking firm owned by four
major European banks, and was a Vice President of Burgess &
Leith/Advest. He has been a member of the Boston Stock Exchange
since 1967. He is a leader in the community and serves on the
Business Leaders Council of the Boston Symphony, Board of
Directors for Junior Achievement of Massachusetts, the Board of
Advisors for the Ron Burton Training Village and is on the Board
of Corporators of Northeastern University. He graduated from
Northeastern University.
Christopher W. Collins, age 43, is an Executive Vice
President and a principal of Boston Capital Partners, Inc., and
is responsible for, among other areas, overseeing the investment
portfolio of funds sponsored by Boston Capital and the
acquisition of real estate investments on behalf of such funds.
Mr. Collins has had extensive experience in real estate
development activities, having founded and directed the American
Development Group, a comprehensive real estate development firm,
and has also had extensive experience in the area of acquiring
real estate investments. He is on the Board of Directors of the
National Multi-Housing Council and a member of the Massachusetts
Housing Finance Agency Multi-Family Advisory Committee. He
graduated from the University of New Hampshire.
Anthony A. Nickas, age 38, is Chief Financial Officer of
Boston Capital Partners, Inc., and serves as Chairman of the
firm's Operating Committee. He has fifteen years of experience
in the accounting and finance field and has supervised the
financial aspects of Boston Capital's project development and
property management affiliates. Prior to joining Boston Capital
in 1987, he was Assistant Director of Accounting and Financial
Reporting for the Yankee Companies, Inc., and was an Audit
Supervisor for Wolf & Company of Massachusetts, P.C., a regional
certified public accounting firm based in Boston. He graduated
with honors from Norwich University.
36
(f) Involvement in certain legal proceedings.
None.
(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 1999 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. The annual fund management fee charged to
operations during the year ended March 31, 1999 was $2,207,890.
2. The Fund has reimbursed an affiliate of the General Partner
a total
of $92,765 for amounts charged to operations during the year
ended March
31, 1999. The reimbursement includes, but may not be limited to
postage,
printing, travel, and overhead allocations.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Security ownership of certain beneficial owners.
As of March 31, 1999, 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, 1999.
(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, 1999 and 1998
Statements of Operations for the years ended March 31,
1999, 1998 and 1997.
Statements of Changes in Partners' Capital for the years
ended
March 31, 1999, 1998, and 1997.
Statements of Cash Flows for the years ended March 31,
1999,
1998 and 1997.
Notes to Financial Statements March 31, 1999, 1998 and 1997
Schedule III - Real Estate and Accumulated Depreciation
Notes to Schedule III
Schedules not listed are omitted because of the absence of
the
conditions under which they are required or because the
information is
included in the financial statements or the notes hereto.
(a) 3. Exhibits (listed according to the number assigned
in the table in Item 601 of Regulation S-K)
Exhibit No. 3 - Organization Documents.
a. Certificate of Limited Partnership of Boston Capital
Tax Credit
Fund 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: June 30, 1999 By: /s/ John P. Manning
-------------------
John P. Manning
By: /s/ Herbert F. Collins
-----------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act
of 1934,
this report has been signed below by the following persons on
behalf of the
Fund and in the capacities and on the dates indicated:
DATE: SIGNATURE:
TITLE:
General
Partner and
June 30, 1999 /s/ John P. Manning Principal
Executive
------------------- Officer,
Principal
John P. Manning Financial
Officer and
Principal
Accounting
Officer of
Boston
Capital
Associates
General
Partner and
/s/ Herbert F. Collins Principal
Executive
---------------------- Officer,
Principal
Herbert F. Collins Financial
Officer and
Principal
Accounting
Officer of
Boston
Capital
Associates
44
<PAGE>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS' REPORT
BOSTON CAPITAL TAX CREDIT FUND III L.P. -
SERIES 15 THROUGH SERIES 19
MARCH 31, 1999 AND 1998
<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-76
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, 1999
and 1998 and the related statements of operations, changes in
partners' capital and cash flows for the total partnership and
for each of the series for each of the three years ended March
31, 1999. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.
We did not audit the financial statements of certain operating
limited partnerships in which Boston Capital Tax Credit Fund
III L.P. owns a limited partnership interest. Investments in
such partnerships comprise the following percentages of the
assets as of March 31, 1999 and 1998, and the limited
partnership loss for each of the three years ended March 31,
1999: Total, 33% and 31% of the assets as of March 31, 1999 and
1998 and 29%, 26% and 26% of the operating limited partnership
loss for years ended March 31, 1999, 1998 and 1997,
respectively; of the assets for Series 15 as of March 31, 1999
and 1998, 17% and 21%, respectively, of the operating limited
partnership loss for Series 15 for the years ended March 31,
1999, 1998 and 1997, 30%, 32% and 28%, respectively; of the
assets for Series 16 as of March 31, 1999 and 1998, 27% and
20%, respectively, of the limited partnership loss for Series
16 for the years ended March 31, 1999, 1998 and 1997, 23%, 15%
and 27%, respectively; of the assets for Series 17 as of March
31, 1999 and 1998, 37% and 36%, of the limited partnership loss
for Series 17 for the years ended March 31, 1999, 1998 and
1997, 32%, 29% and 22%, respectively; of the assets for Series
18 as of March 31, 1999 and 1998, 38% and 31% and of the
operating limited partnership loss for Series 18 for the years
ended March 31, 1999, 1998 and 1997, 33%, 21% and 22%,
respectively; and of the assets for Series 19 as of March 31,
1999, 1998 and 1997, 43% and 42% and of the operating limited
partnership loss for Series 19 for the years ended March 31,
1999, 1998 and 1997, 33%, 37% and 30%, 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, 1999 and 1998 and the results of its operations and its
cash flows for the total partnership and for each of the series
for each of the three years ended March 31, 1999, in conformity
with generally accepted accounting principles.
We and other auditors have also audited the
information included in the related financial statement
schedule listed in Form 10-K, Item 14(a) of Boston Capital Tax
Credit Fund III L.P. - Series 15 through Series 19 as of March
31, 1999. In our opinion, the schedule present fairly, in all
material respects, the information required to be set forth
therein, in conformity with generally accepted accounting
principles.
Bethesda, Maryland
June 29, 1999
Torres Llompart, Tanchez Ruiz & Co.
Certified Public Accountants, and Business Consultants
(A member of Kreston International)
Partners:
Luis I Torres Llompart, CPA*
Frank Sfinchez Ruiz, CPA, CMA, CIA. CGFM
License No. 169
Also admited in State of Florida
Partners
April Gardens Apartments III Limited Partnership San Juan, Puerto
Rico
INDEPENDENT AUDITOR REPORT ON FINANCIAL STATEMENTS
We have audited the accompanying balance sheets of April Gardens
Apartments III Limited Partnership as of December 31, 1998 and
1997, and the related statements of operations, partners' equity
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States, 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 111 Limited Partnership as of December 31, 1998 and 1997,
and the results of its operations, changes in partners' equity and
cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 28, 1999 on our consideration of the
Partnership's internal control structure and a report dated
January 28, 1999 on its compliance with laws, regulations,
contracts, loan covenants and agreements.
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, 1998 and 1997, 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, 1998 and 1997, and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements for the years ended December 31, 1998 and 1997, taken as a
whole.
January 28, 1999
License No. 169
San Juan, Puerto Rico
2
Certified Public Accountants, and Business Consultants
Randall Patterson, CPA, P.C.
12913 Alton Square, #101
Herndon, Virginia 20170 Fax:
(703) 834-1908
Phone: (703) 834-3804
INDEPENDENT AUDITOR'S REPORT
To the Partners
Autumnwood Limited Partnership
I have audited the accompanying balance sheets of Autumnwood Limited
Partnership as of December 31, 1998 and 1997 and the related statements of
income, partners capital, and cash flows for the years then ended. These
financial statements are the responsibility of management. My
responsibility is to express an opinion on these financial statements based
on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that I
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statements presentation. I believe
that my audit provides a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Autumnwood Limited
Partnership, as of December 31, 1998 and 1997 and the results of its
operations and its cash flow for the years then ended in conformity with
generally accepted accounting principles.
In accordance with government auditing standards, I have also issued
reports dated March 4, 1999 on my consideration of Autumnwood Limited
Partnership's internal control and on its compliance with laws and
regulations.
My audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements, and in my opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
Randall Patterson, CPA, P.C.
March 4, 1999
LITTLE, SHANEYFELT, MARSHAU & CO.
MARION W. LITTLE , CPA TELEPHONE 50"68-2879
JEFF SHANEYFELT, CPA FAX No. 601-666-6260
CHARLES A MARSHALL, JR., CPA CERTATIED PUBLIC A CCOUNTAA7S WWW.LSMCPAS.COM
LARRY A CAMPBELL, CPA PROSPECT BUILDING BENTON, ARKANSAS
STEPHANIE A ROMIM CPA 1501 N. UNIVERSITY, SUITE 300 2 10 W. SEVIER
STREET
PEGGY L WILSON LITTLE ROCK, ARKANSAS 72207-5232 BENTON, AWANSAS 72015
KRISSIE G. WILLIAMS TELEPHONE 501-378-7748
STEVEN D. LITTLE
INDEPENDENT AUDITOR'S REPORT
To the Partners
Beckwood Manor Eight Limited Partnership
We have audited the accompanying balance sheets of Beckwood Manor Eight
Limited Partnership, RD Project No. 03-009-0710677267 (the Partnership), as
of December 31, 1998 and 1997, 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, 1998 and 1997, 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 February 24, 1999 on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
Little, Shaneyfelt, Marshall & Co.
February 24, 1999
DuRANT, SCHRAMMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Partners
Buena Vista Apartments, Phase H, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of Buena Vista Apartments,
Phase H, A Limited Partnership (A South Carolina Limited Partnership), as
of December 31, 1998 and 1997 and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our 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 H, A Limited Partnership, as of December 3 1, 1998 and 1997, and the
results of its operations and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
February 2, 1999
4408 Forest Drive, Third Floor * Columbia, South Carolina 29206 a Telephone
803-790-0020 0 Fax 803-790-0011
Schoonover
Boyer
Gettman & Associates
Certified Public Accountants Financial Consultants
INDEPRNDENT AUDITORS' REPORT
The Partners
The Hearthside 11 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, 1998 and 1997, and the related statements
of operations, partners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on 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 II
Limited Dividend Housing Association Limited Partnership as of December 31,
1998 and 1997, and the results of its operations, changes in partners'
equity, and cash flows for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
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 22, 1999
110 Northwoods Boulevard 0 Suitc 200 0 Worthington, Ohio 43235 0
614/888-8000 0 Fax 614/888-8634
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) 571-7055
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, 1998 and 1997 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, 1998 and 1997, and the
results of its operations and the changes in partners' equity and cash
flows for the years then ended, in conformity With generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued
reports dated February 13, 1999 on our consideration of Graham Housing
Associates 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 13, 1999
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 II, A Limited Partnership (A South Carolina Limited Partnership), as
of December 31, 1998 and 1997 and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our 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 3 1, 1998 and 1997, and the
results of its operations and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
February l5, 1999
4408 Forest Drive, Third Floor e Columbia, South Carolina 29206 * Telephone
803-790-0020 * Fax 803-790-0011
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 sheets of Madison Partners Limited
Partnership, as of December 31, 1998 and 1997, and the related statements
of operations, partners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Madison Partners
Limited Partnership as of December 31, 1998 and 1997, and the results of
its operations, changes in partners' equity, and cash flows for the years
then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 11 and 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, 1999
- -2-
MARION W. LITTLE, CPA LITLE, SHANEYFELT, MARSHALL & Co. TELEPHONE
601-668-2879
JEFF SHANEYFELT, CPA CERTIFIED PUBLIC ACCOUNTANTS FAX NO. 601-SW626D
CHARLES A MARSHALL, JR., CPA WWW.LSMCPAS.COM
PROSPECT BUILDING
LARRY A CAMPBELL, CPA 1501 N. UNIVERSITY, SUITE 300 BENTON, ARKANSAS
OFFICE
STEPHANIE A ROMINE, CPA 210 W. SEVIER STREET
PEGGY L VIILSON LITTLE ROCK, ARKANSAS 72207-5232 BENTON, ARKANSAS 72015
KRISSIE G. VOLLIAMS TELEPHONE 601-378-7746
STEVEN D. LITTLE
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, RD Project No. 03-052-710665737 (the Partnership), as
of December 31, 1998 and 1997, 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, 1998 and 1997, 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 February 25, 1999 on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants.
February 25, 1999
McGEE & ASSOCIATES, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditors' Report
To the Partners
Rio Mimbres 11, Ltd.
and Rural Development
We have audited the accompanying balance sheets of Rio Mimbres 11, Ltd. (a
limited partnership) as of December 31, 1998 and 1997, and the related
statements of operations, partners' equity and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We have conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller of
the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a 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, 1998 and 1997, and the results of its operations and the
changes in partners' equity and cash f lows 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, 1999, on or 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 tot he auditing procedures applied in
the audit of the financial statements and, in our opinion, is fairly stated
in all material respects in relation the financial statements taken as a
whole.
January 15, 1999
Farmington, New Mexico
Wegner LLP
Certified Public Accountants
Computer & Information
INDEPENDENT AUDITOR'S REPORT Systems Consultants
To the Partners
School Street Limited Partnership I
Madison, Wisconsin
We have audited the accompanying statement of assets, liabilities and
partners' equity income tax basis of School Street Limited Partnership 1,
WHEDA Project No. 011/001217, as of December 31, 1998 and the related
income tax basis statement of revenues and expenses, change in 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 provide
a reasonable basis for our opinion.
As described in Note 1, these financial statements were prepared on the
accounting basis of accounting School Street Limited Partnership I uses for
income tax purposes, which is a comprehensive basis of accounting other
than generally accepted accounting principles. In our opinion, the
financial statements referred to above present fairly, in all material
respects, the assets, liabilities, and partners' equity of School Street
Limited Partnership 1, as of December 31, 1998, and the results of its
revenue and expenses, change in partners' equity, and its cash flows for
the year then ended on the basis of accounting described in Note 1.
Wegner LLP Lead Auditor Information
January 29, 1999
Rick Welsch, Partner, CPA, CFP
Wegner LLP
2110 Luanne Lane
Madison, WI 53713
Federal ID #39-0974031
(608) 274-4020
FLOYD & COMPANY
Certified Public Accountants
411 Stephenson Avenue
Savannah, Georgia 31406
Phone: (912) 355-9969
Fax: (912) 355-1992
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Timmons Village Limited Partnership
We have audited the accompanying balance sheets of Timmons Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the
related statements of operations, partners, equity (deficit) and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Timmons Village Limited
Partnership (a Georgia Limited Partnership) as of December 31, 1998 and
the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999
Ortiz & Lopez LLP
INDEPENDENT AUDITORS'REPORT ON COMPLIANCE BASED
ON THE AUDIT OF THE BASIC FINANCIAL STATEMENTS
To the Partners of
Virgen del Pozo Limited Partnership
We have audited the financial statements of Virgen del Pozo Limited
Partnership, RRH - 615 Project No. 63-016-660477486 (the Partnership), as
of and for the period January 1, 1998 through December 31, 1998 and 1997,
and have issued our report thereon dated February 1, 1999.
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 regulations issued by the Rural
Development. Those standards and regulations require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.
Compliance with laws, regulations, contracts, and grants applicable to the
Partnership is the responsibility of the Partnership's management. As part
of obtaining reasonable assurance about whether the financial statements
are free of material misstatement, we performed tests of the Partnership's
compliance with certain provisions of laws, regulations, contracts, and
grants. However, the objective of our audits of the financial statements
- -was not to provide an opinion on overall compliance with such provisions.
Accordingly, we do not express such an opinion.
The results of our tests disclosed no instances of noncompliance that are
required to be reported herein under the provisions referred to above.
This report is intended for the information of management and the Rural
Development. However, this report is a matter of public record and its
distribution is not limited.
Certified Public Accountants
February 1, 1999
Mayagiiez, Puerto Rico
CPA stamp # 1547703 affixed to original
183 S. Post St., Suites 201-202 - PO Box 3944, MayagOez PR 00681-3944
Tels. (787) 833-8236 / 8250 Fax (787) 833-8285 E-mail [email protected]
Torres Llompart, Tanchez Ruiz & Co.
Certified Public Accountants, and Business Consultants
(A member of Kreston International)
Partners:
Luis I Torres Llompart, CPA*
Frank Sanchez Ruiz, CPA, CMA, CIA. CGFM Accountants
PuertoRico Society of
Certified Public Accountants
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, 1998 and 1997, and the related statements of
operations, partners' equity (deficiency) and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is 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, 1998 and 1997, and the results of its
operations, changes in partners' equity (deficiency) 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 28, 1999, on our consideration of the Partnership's
internal control structure and a report dated January 28, 1999, 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, 1998 and 1997, 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, 1998 and 1997, and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements for the years ended December 31, 1998 and 1997, taken as a
whole.
1514727
January 28, 1999 License No. 169 San Juan, Puerto Rico
2
Certified Public Accountants
1111 Michigan Avenue Management Consultants
P.O. Box 2500
517-332-6200
PLANTE&MORAN, LLP
East Lansing, MI
FAX 517-332-8502
Independent Auditor's Report
To the Partners
University Meadows Limited Dividend
Housing Association Limited Partnership
We have audited the balance sheet of University Meadows Limited Dividend
Housing Association Limited Partnership (a Michigan limited partnership)
MSHDA Development No. 889, as of December 31, 1998 and 1997, and the
related statements of profit and loss, partners' equity, and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on these 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,
is all material respects, the financial position of University Meadows
Limited Dividend Housing Association Limited Partnership as of December 31,
1998 and 1997, and its profit and loss, partners' equity, and its cash
flows for the years then ended, in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 15, 1999, on our consideration of the Partnership's
internal controls and on its compliance with laws and regulations.
February 15, 1999
FLOYD & COMPANY
Certified Public Accountants
411 Stephenson Avenue Post Office Box 14251
Savannah, Georgia 31406 Savannah, Georgia 31416
Phone: (912) 355-9969 Fax: (912) 355-1992
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Whitewater Village Limited Partnership
We have audited the accompanying balance sheets of Whitewater Village
Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998
and the related statements of operations, partners' equity (deficit) and
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Whitewater Village
Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998
and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1999
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
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
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
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
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, 1998 and 1997 and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our 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, 1998 and 1997, and the
results of its operations and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
February 19, 1999
4408 Forest Drive, Third Floor * Columbia, South Carolina 29206 0 Telephone
803-790-0020 0 Fax 803-790-0011
MONTEITH, LACY, SHARKEY & ASSOCIATES, LLC
Certified Public Accountants
(888) 558-2596
6846 Pacific Street, Suite 100 Office (402) 558-2721
Omaha, Nebraska 68106 Fax (402) 558-2914
INDEPENDENT AUDITORS' REPORT
To the Partners
Cass Partners Limited Partnership
We have audited the accompanying balance sheet of Cass Partners Limited
Partnership as of December 31, 1998, and the related statements of
operations, partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit. The financial statements of the Cass
Partners Limited Partnership as of December 31, 1997 were audited by other
auditors whose report dated March 23, 1998, expressed an unqualified
opinion on the financial statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Cass Partners Limited
Partnership as of December 3 1, 1998, and the results of its operations,
and changes in partners' equity (deficit) and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
15 is presented for 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.
March 12,1999
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Parnters of
Clymer Park Associated Limited Partnership
(A Pennsylvania Limited Partnership)
We have audited the accompanying balance sheet of Clymer Park Associates (a
Pennsylvania Limited Partnership) as of December 31, 1998, and the related
statements of operations, changes in partners' equity (deficit), and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit. The
1997 financial statements were audited by other auditors whose report dated
January 17, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Bethel Park Associates
as of December 31, 1998, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated March 5, 1999, on our consideration of the Partnership's
internal controls and a report dated March 5, 1999, on its compliance with
laws and regulations.
698 Pro Med Lane
Carmel, Indiana 46032
317-848-5700
Fax: 317-815-6140
Clymer Park Associates Limited Partnership
Page Two
The accompanying supplementary information is presented for purposes of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the financial
statements taken as a whole.
March 5, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
2
Bernard Robinson &Company, L.L.P
Certified Public Accountants since 1947
MAILING ADDRESS OFFICES
P.O. BOX 19608109 MUIRS CHAPEL ROAD
GREENSBORO, NC 27419-9608 GREENSBORO, NC 274 10
FAX 336-547-0840 TELEPHONE 336-294-4494
Independent Auditor's Report
To the Partners
Cumberland Wood Associates of Middlesboro, Ky, Ltd.
Charlotte, North Carolina
We have audited the accompanying balance sheet of Cumberland Wood
Associates of Middlesboro, Ky, Ltd. (a Kentucky limited partnership) as of
December 31, 1998, and the related statements of operations, partners'
equity, and cash flows for the year then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
The financial statements of Cumberland Wood Associates of Middlesboro, Ky,
Ltd. as of December 31, 1997, were audited by other auditors whose report
dated February 6, 1998, expressed an unqualified opinion on those
statements.
We conducted our audit in accordance with generally accepted auditing
standards and the standards applicable to financial audits contained in
Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Cumberland Wood
Associates of Middlesboro, Ky, Ltd. as of December 31, 1998, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
report dated February 5, 1999, on our consideration of the Partnership's
internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts, and grants.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplementary information listed
in the table of contents is presented for purposes of additional analysis
and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
Greensboro, North Carolina
February 5, 1999
PHILLIPS, DORSEY, THOMAS, WATERS & BRAFFORD, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
H. Timothy Thomas, CPA
Susan R. Waters, CPA
Michael H. Brafford, CPA
Carleen R Evans, CPA
Franklin L. Irvin, Jr., CPA
W. Haywood Phlillps, CPA
Ronald S. Dorsey, 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, 1998 and 1997, and the related statements of
operations, partners, equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Deer Run Limited
Partnership as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
15 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material respects
in relation to the basic financial statements taken as a whole.
CERTIFIED PUBLIC ACCOUNTANTS
January 22, 1999
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, 1998 and 1997, and the related
statements of operations, partners' capital and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, and with Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a 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, 1998 and 1997, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 25, 1999, on our consideration of 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 25, 1999
1 Creekview Court 8642885544
PO Box 25849 Fax 864 458 85 19
Greenville, SC 29616 www.che-ilp.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, 1998 and 1997, and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our 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, 1998 and 1997, and
the results of its operations and its cash flows for the years then ended,
in conformity with generally accepted accounting principles.
February 12, 1999
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 Supplemental balance sheets of Lawrenceville Manor
Limited Partnership as of December 31, 1998 and 1997, and the related
statements of operations, partners, equity and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. My responsibility is to express an opinion on
these financial statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that I
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. I believe that my audits provide a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Lawrenceville Manor
Limited Partnership as of December 31, 1998 and 1997, and the results of
its operations, changes in partners, equity, and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The Supplemental information on
pages 15 to 17 is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the audit procedures applied in the audits of the basic
financial statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, I have also issued a
report dated February 19, 1999 on my consideration of Lawrenceville Manor
Limited Partnership's internal control and a report dated February 19, 1999
on its compliance with laws and regulations applicable to the financial
statements.
THOMAS C. CUNNINGHAM, CPA P.C.
February 19, 1999
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 11
Madison, Wisconsin
We have audited the combined balance sheet of Mariner's Pointe Limited
Partnership I and Mariner's Pointe Limited Partnership 11 WHEDA Project No.
011/001214 as of December 31, 1998, and the related combined statements of
loss, partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the project's management.
Our responsibility is to express an opinion on these financial statements
based on our audit. The combined financial statements of Mariner's Pointe
Limited Partnership I and Mariner's Pointe Limited Partnership 11 as of
December 31, 1997 were audited by other auditors whose report dated January
14, 1998 indicated that they were unable to obtain written representations
from the general partner of the partnership concerning certain matters
relating to compliance and contingencies and except for the effects of such
adjustments, the financial statements for 1997 were in conformity with
generally accepted accounting principles.
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 from 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 combined financial positions of
Mariner's Pointe Limited Partnership I and Mariner's Pointe Limited
Partnership II as of December 31, 1998, and the combined results of their
operations, changed in partners' equity and cash flows for the year ended
in conformity with generally accepted accounting principles.
VIRCHOW, KRAUSE & COMPANY, LLP
Madison, Wisconsin
January 22, 1999
Certified Public Accountants
1111 Michigan Avenue
P.O. Box 2500
East Lansing, Michigan 48826-2500
517-332-6200
FAX 517-332-8502
PLANTE & MORAN, LLP
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, 1998 and 1997, and the related
statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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, 1998 and 1997, and the results of its operations,
partners' equity, and cash flows for the years then ended, in conformity
with generally accepted accounting principles.
February 15, 1999
A member of
Moores
Rowland
international
BLOOM, GETTIS, HABIB, SILVER & TERRONE, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
SUITE 14SO
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.
MICHAEL A. SILVER, C.P.A.
ROGER J. TERRONE, C.P.A.
CURT A. ROSNER, C.P.A.
MEMBERS:
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
To the 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, 1998 and 1997, and the
related Statements of Operations, Partners' Equity and Cash Flows for the
years then ended. These financial statements are the responsibility of the
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, 1998 and 1997, 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 18, 1999
STIENESSEN - SCHLEGEL & CO.
LIMITED LIABILITY COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners
St. Croix Commons Limited Partnership
We have audited the accompanying balance sheets of St. Croix Commons
Limited Partnership, as of December 31, 1998 and 1997, and the related
statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of St. Croix Commons
Limited Partnership, as of December 31, 1998 and 1997, 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
11 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material respects
in relation to the basic financial statements taken as a whole.
Certified Public Accountants
January 25, 1999
ARMANDO A. SUAREZ CPA
HAM FEY TOWER SUITE 150Q 268 MUKM RVERA AVENLIE. HAM MY. PR 0091 8 (787)
763-3195 FAX 75143448
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, 1998 and 1997, and the related statements of income,
changes in partners' capital (deficit), and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. My responsibility is to express an opinion on
these financial statements based on my audits.
I conducted my audits 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 Vista Linda Apartments
Limited Partnership, as of December 31, 1998 and 1997, and the results of
its operations, changes in partners' capital (deficit) and cash flows for
the years then ended in conformity with generally accepted accounting
principles.
My audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information on pages 21 thru 36 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
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 1, 1999
San Juan, Puerto Rico
The stamp #1478512 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, 1998 and 1997, and the related statements of operations,
partners' equity and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our 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, 1998 and 1997, and
the results of its operations and its cash flows for the years then ended,
in conformity with generally accepted accounting principles.
February 19, 1999
4408 Forest Drive, Third Floor e Columbia, South Carolina 29206 e Telephone
803-790-0020 0 Fax 803-790-0011
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 for the years then ended
in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 6, 1998 on our consideration of 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 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 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 54702-0810 -
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
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
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,
1998 and 1997 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, 1998 and 1997 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 supplemental 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 fairy stated in all material
respects in relation to the basic financial statements taken as a whole.
Omaha, Nebraska
January 21, 1999
11924 Arbor St., Ste. 200 * Omaha, Nebraska 68144 * Phone (402) 330-1040 a
Fax (402) 333-9189
Crisp
Hughes
Evans Certified Public Accountants & Consultants
LLP
Affiliated worldwide through AGN international
Independent Auditors' Report
To The Partners
Briarwood Apartments, A Limited Partnership
We have audited the accompanying balance sheets of Briarwood Apartments, A
Limited Partnership as of December 31, 1998 and 1997, and the related
statements of operations, partners' capital and cash flows for the years
ended December 31, 1998 and 1997. These financial statements are the
responsibility of the Partnership's management. Our responsibility is 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, 1998 and 1997, and the results of
its operations and its cash flows for the years then ended, in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 25, 1999 on our consideration of 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 25, 1999
I Creekview Court 8642885544
PO Box 25849 Fax 864 458 8519
Greenville, SC 29616
Comer, McKee &
Gunderson, PC.
Certified Public Accountants
Management Consultants
Certified Business Valuation Analysts
INDEPENDENT AUDITOR'S REPORT
To the Partners
Briarwood Of Dekalb, L.P
(A Limited Partnership)
We have audited the accompanying balance sheet of Briarwood of Dekalb, L.P.
(a limited Partnership) as of December 31, 1998, and the related statement
of operations, partners' equity and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit. The financial statements of Briarwood of
Dekalb, L.P. as of December 31, 1997, were audited by other auditors whose
report dated March 31, 1998, expressed an unqualified opinion on those
statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States and the Illinois Housing Development
Authority's Financial Reorting 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 audit provides a 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. as of December 31, 1998, and the results of its operations, changes in
partners' equity and cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards and the Illinois Housing
Development Authority's financial Reporting and Audit Guidelines for
Mortgagors of Multifamily Housing, we have also issued a reports dated
January 17, 1999, on our consideration of the Partnership's internal
control structure, on its compliance with specific requirements applicable
to Affirmative Fair Housing, and on its compliance with laws and
regulations.
Comer, McKee & Gunderson, P.C.
January 27, 1999
8606 Allisonville Road * Suite 120 * Indianapolis, IN 46250 + TEL (317)
841-3393 * FAX (317) 841-3989
MCGLADREY&PULLEN, LLP RSM
Certified Public Accountants and Consultants international
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, 1998 and 1997, and the related
statements of income, partners' equity and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a 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, 1998 and 1997, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
Greensboro, North Carolina
January 21, 1999
I
DiMarcow,
Abiusi
& Pascarella
Philip Abiusi
L. Richard Pascarella
Nalkho Sung
Leo N. Bonfardeci
Carl T. Greco
Michael A. Marnmolito
David R. Snyder
Charles R. Petty
Scott J. Martin
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, 1998 and 1997, and the related
statements of income, partners' capital and cash f lows 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, 1998 and 1997, 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 16, 1999
1
4 Clinton Square - Suite 104 Syracuse, NY 13202-1074 Phone (315)
475-6954Fax (315) 475-2937
15 Thomwood Drive - Suite 3 Ithaca, NY 14850 Phone (607) 266-0182 Fax (607)
266-0195
Visit us on the Web at www.dimarcocpa.com or email us at cpa0dimarcocpa.com
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 sheets of Cambridge Family YMCA
Affordable Housing Limited Partnership (A Massachusetts limited
partnership) as of December 31, 1998 and 1997, and the related statements
of operations, changes in partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the responsibility of the
general partner. Our responsibility 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 the general partner, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Cambridge Family YMCA
Affordable Housing Limited Partnership as of December 31, 1998 and 1997,
and the results of its operations, changes in partners' equity (deficit)
and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Creelman & Smith, P.C.
Certified Public Accountants
Boston, Massachusetts
January 21, 1999
3 30 CONGRESS STREET BOSTDN, MASSACHLISETTS 022 10
Tel(617)542-4114 * [email protected] * Fax(617)695-0761
SALMIM, CELONA, WEHRLE & FLAHERTY, LLP
CERTIFITED PUBLIC ACCOUNTANTS
1170 CHILI AVENUE ROCHESTER, NY 14694-3033 716 / 279-0120 FAX 716 /
279-0166
To The Partners
College Green Rental Associates
Rochester, Now York
Independent Auditor's Report
We have audited the accompanying balance sheet of College Greene Rental
Associates, L.P. (a Limited Partnership as of December 31, 1998 and the
related statements of operations, changes in partners' capital (deficit)
and cash flows for the year then ended. These financial statements are the
responsibility of the Partners management. Our responsibility is to
express an opinion on these financial statements based on our audit. The
financial statements of College Greene Rental Associates, L.P. as of
December 31, 1997, were audited by other auditors whose report dated
February 9, 1998, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the 1998 financial statements referred to above present
fairly, in all material respects, the financial position of College Greene
Rental Associates, L.P. as of December 31, 1998, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
Salmin, Celona, Wehrle & Flaherty, LLP
January 25, 1999
CRAIN & COMPANY
S. Lawson Crain, CPA
R. Thomas Crenshaw, CPA
Trenton D. Watrous, CPA, CVA
Jason T. Shanes, CPA Mark M. Layne, CPA
Katherine G. Watts, CPA
John E. Hudson, CPA
Madison Square 24 Corporate Blvd.
Jackson, Tennessee 38305-2395
Telephone (901) 668-7070 n Fax (901) 668-1218
Tony R. Jones, CPA
Karen C. Miller, CPA
Melinda Y. Chapman, CPA
Dale Cavaness, CPA
William H. Pitt~ 111, CPA
Tamara H. Stanfill, CPA
C. Mickey Hannon, CPA
Amy K. Santaniello, CPA
Anita C. Hamilton, CPA
Karen L. Taylor, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Crofton Associates 1, Limited Partnership
We have audited the accompanying balance sheets of Crofton Associates L
Limited Partnerships, FmHA Project No.: 20-024-0621467587 as of December
31, 1998 and 1997, 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 misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a 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.: 20-024-0621467587 as of December 31,
1998 and 1997, and the results of its operations, changes in partners'
capital and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were 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 13, 1999 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 13, 1999
- -3-
Member of Tennessee Society of Certified Public Accountants, American
institute of Certified Public Accountants and Private Companies Practice
Section
Matthews, Hearon,
Cutrer & Lindsay, P.A.
Brett C. Matthews, CPA
CERTIFIED PUBLIC ACCOUNTANTS
Member
American Institute of
J. Raleigh Cutrer, &A
Charles R. Undsay, CPA
J. Erik Hearon, CPA
Tammy L. Burney, CPA
Matthew E. Freeland, CPA
Elizabeth Hulen Barr, CPA
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, 1998 and 1997 and the
related statements of operations, partners' capital (deficit) and cash
flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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 flows for the years then ended
in conformity with generally accepted accounting principles.
Jackson, Mississippi
February 2, 1999
633 North State Street * Suite 607 a Jackson, Mississippi 39202-3306
Telephone (601) 355-9266 9 Facsimile (601) 352-6826
CRAIN & COMPANY
S. Lawson Crain, CPA
R. Thomas Crenshaw, CPA
Trenton D. Watrous, CPA, CVA
Jason T. Shanes, CPA Mark M. Layne, CPA
Katherine G. Watts, CPA
John E. Hudson, CPA
Madison Square 24 Corporate Blvd.
Jackson, Tennessee 38305-2395
Telephone (901) 668-7070 n Fax (901) 668-1218
Tony R. Jones, CPA
Karen C. Miller, CPA
Melinda Y. Chapman, CPA
Dale Cavaness, CPA
William H. Pitt~ 111, CPA
Tamara H. Stanfill, CPA
C. Mickey Hannon, CPA
Amy K. Santaniello, CPA
Anita C. Hamilton, CPA
Karen L. Taylor, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Gallaway Associates 1, 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,
1998 and 1997, 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.: 48-024-621474763 as I of December
31, 1998 and 1997, and the results of its operations, changes in partners'
capital and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were 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 19, 1999 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 19, 1999
- -3-
BERRY, DUNN, McNEIL & PARKER
CERTIFIED PUBLIC ACCOUNTANTS
MANAGEMENT CONSULTANTS
INDEPENDENT AUDITORS' REPORT
The Partners
Green Acres Limited. Partnership
We have audited the balance sheets of Green Acres Limited Partnership as of
December 31, 1998 and 1997, and the related statements of operations,
changes in partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Green Acres Limited
Partnership as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary information
included in Schedules I through 5 is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
Portland, Maine
January 7, 1999
- -2-
Offices in: Bangor, Maine Portland, Maine Lebanon, New Hampshire
Manchester, New Hampshire
Schoonover Boyer Gettman & Associates
Certified Public Accountants e 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, 1998 and 1997, and the related statements
of operations, partners' equity and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Hackley-Barclay Limited
Dividend Housing Association Limited Partnership, as of December 31, 1998
and 1997, and the results of its operations, changes in partners' equity
and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
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 22, 1999
110 Northwoods Boulevard 0 Suitc-200 o Worthington. Ohio 4~3235 0
614/888-8000 Fax 614/888-8634
CRAIN & COMPANY
S. Lawson Crain, CPA
R. Thomas Crenshaw, CPA
Trenton D. Watrous, CPA, CVA
Jason T. Shanes, CPA Mark M. Layne, CPA
Katherine G. Watts, CPA
John E. Hudson, CPA
Madison Square 24 Corporate Blvd.
Jackson, Tennessee 38305-2395
Telephone (901) 668-7070 n Fax (901) 668-1218
Tony R. Jones, CPA
Karen C. Miller, CPA
Melinda Y. Chapman, CPA
Dale Cavaness, CPA
William H. Pitt~ 111, CPA
Tamara H. Stanfill, CPA
C. Mickey Hannon, CPA
Amy K. Santaniello, CPA
Anita C. Hamilton, CPA
Karen L. Taylor, CPA
INDEPENDENT AUDITORS' REPORT
To the Partners
Hickman Associates H, 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,
1998 and 1997, and the related statements of operations, partners' equity
and cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the 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 position. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects financial position of Hickman Associates H,
Limited Partnership, FmHA Project No.: 20-038-621451228 as of December 31,
1998 and 1997, and the results of its operations, changes in partners'
equity and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
audit procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation
to the basic financial statements taken as a whole.
CRAIN & COMPANY
Certified Public Accountants
Jackson, Tennessee
January 18, 1999
- -3-
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 balance sheets of Lee Terrace Limited
Partnership as of December 31, 1998 and 1997, and the related statements of
operations, partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. My responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration Audit Program. Those standards require that I
plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. I believe that my audits provide a reasonable basis for my
opinion.
In my opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Lee Terrace Limited
Partnership as of December 31, 1998 and 1997, and the results of its
operations, changes in partners' equity, and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
My audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information on
pages 14 to 16 is presented for purposes of additional analysis and is not
a required part of the basic financial statements. Such information has
been subjected to the audit procedures applied in the audits of the basic
financial statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, I have also issued a
report dated February 18, 1999 on my consideration of Lee Terrace Limited
Partnership's internal control and a report dated February 18, 1999 on its
compliance with laws and regulations applicable to the financial
statements.
THOMAS C. CUNNINGHAM, CPA P.C.
February 18, 1999
- -3-
PAGE
OLSON &
COMPANY P C
INDEPENDENT AUDITORS' REPORT
February 17, 1999
To the Partners
Midland Housing Limited Partnership
We have audited the accompanying balance sheets of Midland Housing Limited
Partnership as of December 31, 1998 and 1997, and the related statements of
operations, partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly,
in all material respects, the financial position of Midland Housing Limited
Partnership as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
15 is presented for the purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
1
2865 SOUTH LINCOLN ROAD - PO BOX 368 - IVIT PLEASANT, MI 48804 0368 . 517
773 5494 - FAX 517 773 5816
PRICEWATERHOUSECOOPERS
PricewaterhouseCoopers LLP
1100 Bausch & Lomb Place
Rochester NY 14604-2705
Telephone (716) 232 4000
Report of Independent Accountants
February 1, 1999
To the Partners Mt. Vernon Associates, L.P.
In our opinion, the accompanying statements of financial position and the
related statements of operations and partners' capital, changes in
partners' capital and cash flows present fairly, in all material respects,
the financial position of Mt. Vernon Associates, L.P. at December 31, 1998
and 1997, and the results of their operations and their cash flows for the
years then ended in conformity with generally accepted accounting
principles. These financial statements are the responsibility of the
Company's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for the opinion expressed above.
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, 1998 and 1997, and the related statements
of operations, partners' equity and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our 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, 1998 and 1997,
and the results of its operations and its cash flows for the years then
ended, in conformity with generally accepted accounting principles.
February 4, 1999
4408 Forest Drive, Third Floor 0 Columbia, South Carolina 29206 * Telephone
803-790-0020 * Fax 803-790-0011
Duggan, Joiner, Birkenmeyer, Stafford & Furman, P.A.
INDEPENDENT AUDITORS' REPORT
January 22, 1999
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, 1998 and 1997
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 the significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the basic financial statements referred to above present
fairly, in all material respects, the financial position of Palmetto
Properties, Ltd. as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The 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.
334 N.W. Third Avenue Ocala, FL 34475 (352)732-0171 Fax (352)867-1370
INDEPENDENT AUDITORS' REPORT
MAYER H0FFMAN McCANN L.C.
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, 1998 and 1997 and the related
statements of operations, partners' equity and cash flows for the years
then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Sixth Street Partners
Limited Partnership as of December 31, 1998 and 1997 and the results of its
operations, changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
1-14 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material respects
in relation to the basic financial statements taken as a whole.
Kansas City, Missouri
January 20, 1999
1-3
Philip Abiusi
L. Richard Pascarella
Nakho Sung
DiMarco, Abiusi & Pascarella
Carl T. Greco
Certified Public Accountants, P.C.
David R. Snyder
Charles R. Petty
Scott J. Martin
Leo N. Bonfardeci
Michael A. Mammolito
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, 1998 and 1997, and the
related statements of income, partners I capital and cash f lows f or 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, 1998 and 1997, 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 16, 1999
1
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Independent Auditors' Report
To the Partners of
Waynesburg House Associates
(A Pennsylvania Limited Partnership)
We have audited the accompanying balance sheet of Waynesburg House
Associates (a Pennsylvania Limited Partnership) as of December 31, 1998,
and the related statements of operations, changes in partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit. The 1997 financial statements were audited by other auditors
whose report dated January 26, 1998, expressed an unqualified opinion on
those statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in allmaterial respects, the financial position of Waynesburg House
Associates as of December 31, 1998, and the results of its operations and
its cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated March 5, 1999, on our consideration of the Partnership's
internal controls and a report dated March 5, 1999, on its compliance with
laws and regulations.
Waynesburg House Associates
Page Two
The accompanying supplementary information is presented for purposes of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the financial
statements taken as a whole.
March 5, 1999
Dauby O'Connor & Zaleski, LLC
Carmel, Indiana
Certified Public Accountants
RAYMOND & BROUSSARD
A PROFESSIONAL CORPORATION
CERTEFIED PUBLIC ACCOUNTANTS
2616 Toulon Drive
Baton Rouge, Louisiana 70816
Telephone: Cn5) 292-9211
Fax: C225) 292-0727
Paul C. Raymond, Sr, C.P.A., Retired
Kathryn Raymond Broumard, CP-~L
INDEPENDENT AUDITORS' REPORT
To The Partners
White Castle Citizens Partnership, Ltd.
We have audited the accompanying balance sheet of White Castle
Senior Citizens Partnership Ltd., RHS Project No.:
22-024-721149468, as of December 31, 1998 and December 31, 1997,
and the related statements of operations, partners' equity and
cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Governmental 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 our audits provide a 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 Partnership, Ltd. as of December 31, 1998
and 1997, and the results of its operation 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 if the basic financial
statements. The supplementary information presented in the Year
End Report and Analysis (Form RHS 1930-8) Parts I through III and
the Multiple Family Housing Project Budget (Form RHS 1930-7)
Parts I through V for the year ended December 31, 1998, is
presented for purposes of complying with the requirements of
Rural Housing Services, and is also 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 22-28. 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 15, 1999
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
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
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
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 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, 1998, 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, 1998, and the results of
its operations and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
March 7, 1999
1600 Providence highway, # 285, Walpole, Ma-02081. Phone (508) 660-2592 Fax
(508) 660-1569
raj-cpa.com [email protected]
PRICEWATERHOUSECOOPER5
PricewaterhouseCoopers LLP
I 100 Bausch & Lomb Place
Rochester NY 14604-2705
Telephone (716) 232 4000
Page 1
Report of Independent Accountants
January 25, 1999
To the Partners
Evergreen Hills Associates, L.P.
In our opinion, the accompanying statements of financial position, and the
related statements of operations and partners' capital, changes in
partners' capital and cash flows present fairly, in all material respects,
the financial position of Evergreen Hills Associates, L.P. at December 31,
1998 and 1997, and the results of their operations and their cash flows for
the years then ended in conformity with generally accepted accounting
principles. These financial statements are the responsibility of the
Company's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for the opinion expressed above.
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, 1998 and 1997, and the related
statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Glen Place Apartments
Limited Partnership, as of December 31, 1998 and 1997, and the results of
its operations, changes in partners' equity, and cash flows for the years
then ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
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.
January 22, 1999
2411 N. HILLCREST PARKWAY, P.O. BOX 810, EAU CLAIRE, WI 54702-0810 9
PHONE(715) 832-3425 FAX(715) 832-1665
Habit, Arogeti & Wynne, P. C.
INDEPENDENT AUDITORS' REPORT
To the Partners
Jackson Rental Housing, L.P.
We have audited the accompanying balance sheet of JACKSON RENTAL HOUSING,
L.P. [a limited partnership], Federal ID No. 10-018-582031912, as of
December 31, 1998, and the related statements of operations, changes in
partners' equity [deficit], and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit. The financial statements of JACKSON RENTAL
HOUSING, L.P. as of December 31, 1997 were audited by other auditors whose
report dated January 21, 1998 expressed an unqualified opinion on those
statements.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States, and the U.S. Department of Agriculture,
Farmers Home Administration's 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 audit provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of JACKSON RENTAL HOUSING,
L.P. as of December 31, 1998, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 8, 1999 on our consideration of JACKSON RENTAL
HOUSING, L.P.'s internal control and a report dated February 8, 1999 on its
compliance with laws and regulations.
Our audits were made for the purposes of forming an opinion on the basic
financial statements taken as a whole. The supplementary information on
page 12 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basis financial statements taken as a whole.
February 8, 1999
MEMBERS
GEORGIA SOCIETY OF AMERICAN INSTITUTE OF AICPA DIVISION FOR CPA FIRMS
CERTIFIED PUBLIC ACCOUNTANTS CERTIFIED PUBLIC ACCOUNTANTS PRIVATE
COMPANIES PRACTICE SECTION SEC PRACTICE SECTION
PAILET, MEUNIER and LeBLANC, L.L.P.
Certified Public Accountants
Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
LEESVILLE ELDERLY APARTMENTS
A LOUISIANA PARTNERSHIP IN COMMENDAM
We have audited the accompanying balance sheets of LEESVILLE ELDERLY
APARTMENTS, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31,1998 and
1997 and the related statements of operations, changes in partners equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of LEESVILLE ELDERLY
APARTMENTS, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998
and 1997 and the results of its operations, changes in partners' equity and
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Our audits were made primarily for the purpose of forming an opinion on the
basic financial statements for the years ended December 31, 1998 and 1997
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
audit procedures performed on 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.
Metairie, Louisiana
February 18, 1999
PLANTE & MORAN, LLP
To the Partners
Lakeview Meadows 11 Limited Dividend
Housing Association Limited Partnership
We have audited the financial statements of Lakeview Meadows 11 Limited
Dividend Housing Association Limited Partnership (a Michigan limited
partnership) MSHDA Development No. 905, as of and for the year ended
December 31, 1998, and have issued our report thereon dated February 15,
1999.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.
Compliance
Compliance with laws, regulations, contracts, and grants applicable to the
project is the responsibility of Partnership management. As part of
obtaining reasonable assurance about whether the financial statements are
free of material misstatement, we performed tests of the Partnership's
compliance with certain provisions of laws, regulations, contracts, and
grants, including compliance with specific provisions of the MSHDA
Regulatory Agreement, MSHDA Directives, and HUD regulations and procedures
included in the HUD subsidy contract, and MSHDA Multifamily Audit
Guidelines. However, our objective was not to provide an opinion on overall
compliance with such provisions. Accordingly, we do not express such an
opinion.
The results of our tests disclosed no instances of noncompliance that we
have reported herein under Government Auditing Standards required to be
reported herein under the provisions referred to in the preceding
paragraph.
We have compared the December 31, 1998 Monthly Income and Expense Report
submitted to MSHDA with balances in the financial statements for the year
ended December 31, 1998 audited by us and covered by our report dated
February 15, 1999. The account balances set forth therein are in material
agreement (defined by MSHDA as differences not exceeding 10 percent and
$1,000), except as noted below.
To the Partners
Lakeview Meadows 11 Limited Dividend
Housing Association Limited Partnership
Trade Accounts Payable/Accrued Liabilities Reconciliation
Accounts payable on the MSHDA report includes accrued management fee which
has been included in accrued liabilities in the audited financial
statements of Lakeview Meadows 11 Limited Dividend Housing Association
Limited Partnership.
In addition, we have reviewed the trade accounts payable balance listed on
Schedule B of the March 1998 Monthly Income and Expense Report submitted to
MSHDA: Account balances were in material agreement.
Internal Control over Financial Reporting
In planning and performing our audit, we considered Lakeview Meadows 11
Limited Dividend Housing Association Limited Partnership's internal control
over financial reporting in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and not
to provide assurance on the internal control over financial reporting. Our
consideration of the internal control over financial reporting would not
necessarily disclose-all matters in the internal control over financial
reporting that might be material weaknesses. A material weakness is a
condition in which the design or operation of one of more of the internal
control components does not reduce to a relatively low level the risk that
misstatements in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their
assigned functions. We noted no matters involving the internal control over
financial reporting and its operation that we consider to be material
weaknesses.
Additionally, no management letter was issued in relation to our audit as
of and for the year ended December 31, 1998.
22 PLANTE & MORAN, LL
To the Partners
Lakeview Meadows 11 Limited Dividend
Housing Association Limited Partnership
This report is intended for the information of the Partners, management,
and the Michigan State Housing Development Authority. However, this report
is a matter of public record, and its distribution is not limited.
February 15, 1999
PLANTE &MORAN, LLP
PAILET, MEUNIER and LeBLANC, L.L.P.
Certified Public Accountants
Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
LOCKPORT ELDERLY HOUSING APARTMENTS
A LOUISIANA PARTNERSHIP IN COMMENDAM
We have audited the accompanying balance sheets of LOCKPORT ELDERLY HOUSING
APARTMENTS, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31, 1998
and 1997 and the related statements of operations, changes in partners'
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of LOCKPORT ELDERLY
HOUSING APARTMENTS, A LOUISIANA PARTNERSHIP IN COMMENDAM as of December 31,
1998 and 1997 and the results of its operations, changes in partners'
equity and cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made primarily for the purpose of forming an opinion on the
basic financial statements for the years ended December 31, 1998 and 1997
taken as a whole. The supplemental information on pages 18 and 19 is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
audit procedures performed on 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.
Metairie, Louisiana
February 19, 1999
Stringari and Cimer
CERTIFIED PUBLIC ACCOUNTANTS
1051 Magnolia Road
Vineland, New Jersey 08360-6480
(609) 691-3673 Fax (609) 692-1454
Brian J. Stringari, CPA
Steven A. Cimer, CPA
To the Partners
Parvins Limited Partnership
INDEPENDENT AUDITOR'S REPORT
We have audited the accompanying balance sheet of Parvins Limited
Partnership as of December 31, 1998 and December 21, 1997, and the related
"Statement of Operations", "Statement of partners' Equity" and "Statement
of Cash Flows" for the years then ended. These 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 statement
presentation. We believe that our audit provides a 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, 1998 and the results of its operations and
its cash flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
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 a relations to the basic financial statements taken as a whole.
Stringari and Cimer
Certified Public Accountants
February 1, 1999
JEROME P. Lewis, CPA
REGARDIE, BROOKS & LEVWS
JESSE A. KAISER, CPA
CHARTERED NATHAN J. ROSEN, CPA
PAUL J. GNATT, CPA
CONSULTANTS & CERTIFIED PUBLIC ACCOUNTANTS
CELSO T MATAAC, JR., CPA
PHILIP R. BAKER, CFA
DOUGLAS A. DOWUNG, CPA
7101 WISCONSIN AVENUE, SUITE 1012 9 BETHESDA, MARYLAND 20814
TEL (301) 654-9000 e-mail: rblcpa0rbIcpa.com FAX (301) 656-3056
DAVID A. BROOKS, CPA
CONSULTANT
BRIAN J. GIGAM CPA
BENJAMIN F REGARDIE(1897-1973)
INDEPENDENT AUDITOR'S REPORT
February 22, 1999
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, 1998 and 1997, and the related statements of
income, changes in partners' capital, and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is 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 tl~e overall financial statement presentation. We
believe that our audits provide a 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, 1998 and 1997, and the results of its
operations, changes in partners' capital and cash flows for the years then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued our
reports dated February 22, 1999 on our consideration of Peach Tree Limited
Partnership's internal control and on its compliance with laws and
regulations.
Certified Public Accountants
- - I -
Kenneth C. Boothe & Company, P.C.
Certified Public Accountant 1001 East Farm Road 700 9 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, 1998 and 1997, and the related
statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our 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, 1998 and 1997, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards issued by the Comptroller
General of the United States, we have also issued a report dated February
6, 1999, on our consideration of Ponderosa Meadows Limited Partnership's
internal control structure and a report dated February 6, 1999, 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 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 state all material respects in relation to
the basic financial statements taken as a whole.
KENNETH C. BOOTHE AND COMPANY, P.C.
February 6, 1999
Big Spring, Texas
GWEN WARD, P.C.
CERTIFIED PUBL IC ACCOUNTANT
609 UNIVERSITY DRIVE
FORT WORTH. TEXAS 76107
(817) 336-5880
MEMBER
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
Independent Auditor's Report
To the Partners of
Rio Grande Apartments, Ltd.
Eagle Pass, Texas
I have audited the accompanying balance sheet of Rio Grande Apartments,
Ltd. as of December 31, 1998 and 1997 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, 1998 and 1997 and the results of its operations,
changes in partners' capital and cash flows for the years then ended in
conformity with generally accepted accounting principles.
My audits were made f or the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 1-16 and 1-17 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in my opinion, is fairly stated in all material
respects in relation to the b financial statements taken as a whole.
Fort Worth, Texas
March 12, 1999
Martin A, Starr, C.P.A.
INDEPENDENT AUDITOR'S REPORT
To the Partners
Virginia Avenue Affordable Housing Limited Partnership
I have audited the accompanying balance sheets of Virginia Avenue
Affordable Housing Limited Partnership as of December 31, 1998 and 1997,
and the related statements of operations, partners' equity and cash flows
for the years then ended. These financial statements are the responsibility
of the partnership's management. My responsibility is to express an opinion
on these financial statements based on my 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, 1998 and 1997,
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
March 18, 1999
- -3-
Certified Public Accountant
Kenneth C. Boothe & Company, P.C.
Certified Public Accountant
1001 East Farm Road 700 9 Big Spring, Texas 79720 - (915) 263-1324 * FAX
(915) 263-2124
INDEPENDENT AUDITORS' REPORT
To the Partners
Vista Loma Limited Partnership
We have audited the accompanying balance sheets of Vista Loma Limited
Partnership as of December 31, 1998 and 1997, and the related statements of
operations, partners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our 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 Limited
Partnership as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards issued by the Comptroller
General of the United States, we have also issued a report dated February
6, 1999, on our consideration of Vista Loma Limited Partnership's internal
control structure and a report dated February 6, 1999, 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 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 in material respects in
relation to the basic financial statements taken as a whole.
KENNETH C. BOOTHE AND COMPANY, P.C.
February 6, 1999
Big Spring, Texas
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
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. 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
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
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
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 Limited Partnership
We have audited the accompanying balance sheets of Vista Loma 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 estimates made by management, as well
as evaluating the overall financial statement 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
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
Accountants and
Management Consultants Grant Thornton
The US Member Firm of GRANT THORNTON LLP
Grant Thornton International
Report of Independent Certified Public Accountants
To the Partners of
Community Dynamics - Plano, Ltd.
We have audited the balance sheets of Community Dynamics - Plano, Ltd. (a
Texas limited partnership) as of December 31, 1998 and 1997, and the
related statements of operations, partners' capital, and cash flows for the
years then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the 1998 and 1997 financial statements referred to above
present fairly, in all material respects, the financial position of
Community Dynamics - Plano, Ltd. as of December 31, 1998 and 1997, and the
results of its operations and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
Dallas, Texas
January 28, 1999
Suite 500
1717 Main Street
Dallas, TX 75201
Tel: 214 561-2300
Fax: 214 561-2370
ARTHURANDERSEN 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, 1998 and 1997, and the
related statements of operations, partners' capital accounts, and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Jefferson Square, Ltd.
as of December 31, 1998 and 1997, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted
accounting principles.
Denver, Colorado,
February 12, 1999.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Partners of
Jeremy Associates Limited Partnership:
We have audited the accompanying balance sheets of JEREMY ASSOCIATES
LIMITED PARTNERSHIP (a Colorado limited partnership) as of December 31,1998
and 1997, 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, 1998 and 1997, and the results of
its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
Denver, Colorado,
February 12, 1999.
PAILET, MEUIER and ALAN, L.L.P.
Certified Public Accountants
Management Consultants
INDEPENDENT AUDITOR'S REPORT
To the Partners
LONE STAR SENIORS APARTMENTS, LTD.
We have audited the accompanying balance sheets of LONE STAR SENIORS
APARTMENTS, LTD., RHS PROJECT NO. 50-072-721219924 as of December 31, 1998
and 1997 and the related statements of operations, changes in partners'
equity (deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of LONE STAR SENIORS
APARTMENTS, LTD. as of December 31, 1998 and 1997 and the results of its
Operations, changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information
presented on pages 16 through 24, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial
statements taken as a whole.
in accordance with Government Auditing Standards, we have also issued a
report dated February 25, 1999 on our consideration of LONE STAR SENIORS
APARTMENTS, LTD's internal control and a report dated February 25, 1999 on
its compliance with laws and regulations applicable to the financial
statements.
Metairie, Louisiana
February 25, 1999
4
Scarbrough & Associates
Certified Public Accountants
Member
Missouri Society of
Financial Planning.
Retirement
INDEPENDENT AUDITORS'REPORT
To the Partners
Northpointe, L.P.
We have audited the accompanying balance sheets of Northpointe, L.P. as of
December 31, 1998 and 1997, and the related statements of operations,
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. Our responsibility 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, 1998 and 1997, and the results of its operations, changes
in partners' equity (deficit) and cash flows for the years then ended in
conformity with generally accepted accounting principles.
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 mid 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 23, 199
5500 NORTH OAK, SUITE 203
KANSAS CITY, MO, 64118
FAX: (816) 455-5 100
(816) 452-4272
Henderson & Godbee, P. C.
Certifled 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 Shirley S. Miller, CPA
Mark S. Rogers, CPA James W. Godbee, Jr., CPA
Susan S. Swader, 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, 1998 and 1997, and the related statements of income, partners'
equity, and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a 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, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 15, 1999 on our consideration of Summerset Housing
Limited, L.P.'s internal control structure and a report dated January 15,
1999 on its compliance with laws and regulations.
Henderson. & Godbee, P.C.
Certified Public Accountants
January 15, 1999
3488 North Valdosta Road / P. 0. Box 2241 / Valdosta, Georgia 31604-2241 /
Phone: (912) 245-6040 / FAX: (912) 245-1669
BL
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, 1998 and
1997, and the related statements of operations, changes in partners' equity
(deficit) and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform 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, 1998 and
1997, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report, dated January 16, 1999, on our consideration of the Partnership's
compliance with laws and regulations and on internal control over financial
reporting.
11100 NE 8th Street, Suite 410, Bellevue, WA 98004-4441 PHONE (425)
453-2088 FAX (425) 646-3368
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 11 to 13j-s 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, 1998, 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), 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.
The additional information presented on page 14 is presented for
the purpose of complying with the requirements of a limited
partner and is not a required part of the financial statements.
The additional information presented on page 14 has been
subjected to the auditing procedures applied in the audits of the
financial statements for the years ended December 31, 1998 and
1997, and in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a
whole.
January 16, 1999
Blume Loveridge & Co., PLLC
Bellevue, Washington
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
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.
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
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
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
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
F-4
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS
March 31, 1999 and 1998
<TABLE>
Total
----------------------------------------
- --------
1999 1998
---------------------- --------------
- --------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $ 108,418,478 $
121,032,270
OTHER ASSETS
Cash and cash equivalents (notes
A and H) 1,693,799
1,653,522
Investments (notes A and B) 2,237,166
2,970,867
Notes receivable (note E) 1,364,322
2,056,333
Deferred acquisition costs, net
of accumulated amortization
(notes A and C) 1,612,244
1,681,137
Organization costs, net of
accumulated amortization
(note A) 170
67,358
Other assets (note F) 2,459,125
1,728,300
---------------------- --------------
- --------
$ 117,785,304 $
131,189,787
======================
======================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ 4,553 $
4,553
Accounts payable - affiliates
(note C) 11,385,333
8,703,412
Capital contributions payable
(note D) 1,595,177
2,726,063
---------------------- --------------
- --------
12,985,063
11,434,028
---------------------- --------------
- --------
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,
1999 and 1998 -
- -
Assignees
Units of beneficial interest
of the limited
partnership interest of
the assignor limited
partner, 21,996,102
issued and outstanding at
March 31, 1999 and 1998 105,641,899
120,447,861
General partner (841,658)
(692,102)
---------------------- --------------
- --------
104,800,241
119,755,759
---------------------- --------------
- --------
$ 117,785,304 $
131,189,787
======================
======================
</TABLE>
(continued)
F-5
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 15
----------------------------------------
- --------
1999 1998
---------------------- --------------
- --------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $ 14,142,163 $
16,246,406
OTHER ASSETS
Cash and cash equivalents (notes
A and H) 306,884
156,717
Investments (notes A and B) 128,028
125,000
Notes receivable (note E) 32,170
110,000
Deferred acquisition costs, net
of accumulated amortization
(notes A and C) 247,024
257,535
Organization costs, net of
accumulated amortization
(note A) -
- -
Other assets (note F) 807,527
473,086
---------------------- --------------
- --------
$ 15,663,796 $
17,368,744
======================
======================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ 1,145 $
1,145
Accounts payable - affiliates
(note C) 3,155,784
2,360,745
Capital contributions payable
(note D) 32,922
32,922
---------------------- --------------
- --------
3,189,851
2,394,812
---------------------- --------------
- --------
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,
1999 and 1998 -
- -
Assignees
Units of beneficial interest
of the limited
partnership interest of
the assignor limited
partner, 3,870,500 issued
and outstanding at March
31, 1999 and 1998 12,681,877
15,156,864
General partner (207,932)
(182,932)
---------------------- --------------
- --------
12,473,945
14,973,932
---------------------- --------------
- --------
$ 12,473,945 $
14,973,932
======================
======================
</TABLE>
(continued)
F-6
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 16
-------------------------------------
- ---------
1999
1998
--------------------- ------------
- ---------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $ 27,165,227 $
30,777,843
OTHER ASSETS
Cash and cash equivalents (notes A
and H) 213,451
199,558
Investments (notes A and B) 884,449
1,000,758
Notes receivable (note E) -
- -
Deferred acquisition costs, net of
accumulated amortization (notes
A and C) 396,021
412,871
Organization costs, net of
accumulated amortization (note
A) -
- -
Other assets (note F) 133,695
72,210
--------------------- ------------
- ---------
$ 28,792,843 $
32,463,240
=====================
=====================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $
- -
Accounts payable - affiliates (note
C) 2,727,066
2,235,091
Capital contributions payable (note
D) 142,506
145,311
--------------------- ------------
- ---------
2,869,572
2,380,402
--------------------- ------------
- ---------
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, 1999 and 1998 -
- -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 5,429,402
issued and outstanding at
March 31, 1999 and 1998 26,130,647
30,248,618
General partner (207,376)
(165,780)
--------------------- ------------
- ---------
25,923,271
30,082,838
--------------------- ------------
- ---------
$ 28,792,843 $
32,463,240
=====================
=====================
</TABLE>
(continued)
F-7
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 17
-------------------------------------
- ---------
1999
1998
--------------------- ------------
- ---------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $ 24,774,196 $
27,762,778
OTHER ASSETS
Cash and cash equivalents (notes A
and H) 349,189
388,024
Investments (notes A and B) 100,000
- -
Notes receivable (note E) 1,332,152
1,409,982
Deferred acquisition costs, net of
accumulated amortization (notes
A and C) 357,648
373,197
Organization costs, net of
accumulated amortization (note
A) -
10,804
Other assets (note F) 1,425,347
1,121,814
--------------------- ------------
- ---------
$ 28,338,532 $
31,066,599
=====================
=====================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $
- -
Accounts payable - affiliates (note
C) 3,035,918
2,159,306
Capital contributions payable (note
D) 1,367,195
1,367,195
--------------------- ------------
- ---------
4,403,113
3,526,501
--------------------- ------------
- ---------
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, 1999 and 1998 -
- -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 5,000,000
issued and outstanding at
March 31, 1999 and 1998 24,125,744
27,694,376
General partner (190,325)
(154,278)
--------------------- ------------
- ---------
23,935,419
27,540,098
--------------------- ------------
- ---------
$ 28,338,532 $
31,066,599
=====================
=====================
</TABLE>
(continued)
F-8
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 18
-------------------------------------
- ---------
1999
1998
--------------------- ------------
- ---------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $ 18,832,106 $
20,921,603
OTHER ASSETS
Cash and cash equivalents (notes A
and H) 306,065
301,444
Investments (notes A and B) 230,531
474,000
Notes receivable (note E) -
536,351
Deferred acquisition costs, net of
accumulated amortization (notes
A and C) 269,156
280,569
Organization costs, net of
accumulated amortization (note
A) -
18,772
Other assets (note F) 56,099
44,622
--------------------- ------------
- ---------
$ 19,693,957 $
22,577,361
=====================
=====================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ - $
- -
Accounts payable - affiliates (note
C) 1,354,989
1,048,041
Capital contributions payable (note
D) 18,554
717,635
--------------------- ------------
- ---------
1,373,543
1,765,676
--------------------- ------------
- ---------
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, 1999 and 1998 -
- -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 3,616,200
issued and outstanding at
March 31, 1999 and 1998 18,447,437
20,913,795
General partner (127,023)
(102,110)
--------------------- ------------
- ---------
18,320,414
20,811,685
--------------------- ------------
- ---------
$ 19,693,957 $
22,577,361
=====================
=====================
</TABLE>
(continued)
F-9
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 1999 and 1998
<TABLE>
Series 19
-------------------------------------
- ---------
1999
1998
--------------------- ------------
- ---------
<S> <C> <C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $ 23,504,786 $
25,323,640
OTHER ASSETS
Cash and cash equivalents (notes A
and H) 518,210
607,779
Investments (notes A and B) 894,158
1,371,109
Notes receivable (note E) -
- -
Deferred acquisition costs, net of
accumulated amortization (notes
A and C) 342,395
356,965
Organization costs, net of
accumulated amortization (note
A) 170
37,782
Other assets (note F) 36,457
16,568
--------------------- ------------
- ---------
$ 25,296,176 $
27,713,843
=====================
=====================
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued
expenses $ 3,408 $
3,408
Accounts payable - affiliates (note
C) 1,111,576
900,229
Capital contributions payable (note
D) 34,000
463,000
--------------------- ------------
- ---------
1,148,984
1,366,637
--------------------- ------------
- ---------
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, 1999 and 1998 -
- -
Assignees
Units of beneficial interest of
the limited partnership
interest of the assignor
limited partner, 4,080,000
issued and outstanding at
March 31, 1999 and 1998 24,256,194
26,434,208
General partner (109,002)
(87,002)
--------------------- ------------
- ---------
24,147,192
26,347,206
--------------------- ------------
- ---------
$ 25,296,176 $
27,713,843
=====================
=====================
</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, 1999, 1998 and 1997
<TABLE>
Total
----------------------------------------------
- -------
1999 1998 1997
--------------- --------------- ----------
- -----
<S> <C> <C> <C>
Income
Interest income $ 330,414 $ 341,565 $
555,991
Other income 28,442 -
- -
--------------- --------------- ----------
- -----
358,856 341,565
555,991
--------------- --------------- ----------
- -----
Share of losses from
operating limited
partnerships (note A) (12,121,431) (13,145,436)
(15,051,842)*
--------------- --------------- ----------
- -----
Expenses
Professional fees 204,715 212,668
290,823
Partnership management fee
(note C) 2,207,890 2,092,597
2,253,062
Amortization (note A) 136,082 229,396
246,638
Impairment loss (note A) 345,986 -
- -
General and administrative
expenses
(note C) 298,270 403,569
419,849
--------------- --------------- ----------
- -----
3,192,943 2,938,230
3,210,372
--------------- --------------- ----------
- -----
NET LOSS (note A) $ (14,955,518) $ (15,742,101) $
(17,706,223)
=============== ===============
===============
Net loss allocated to general
partner $ (149,556) $ (157,421) $
(177,062)
=============== ===============
===============
Net loss allocated to
assignees $ (14,805,962) $ (15,584,680) $
(17,529,161)
=============== ===============
===============
Net loss per BAC $ (0.67) $ (0.71) $
(0.80)
=============== ===============
===============
</TABLE>
* Net of gain on disposal of operating limited partnership
(Series 16) of $761 during 1997.
(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, 1999, 1998 and 1997
<TABLE>
Series 15
---------------------------------------------
- ----------
1999 1998
1997
---------------- ---------------- -------
- ---------
<S> <C> <C> <C>
Income
Interest income $ 179,987 $ 172,690 $
173,892
Other income 1,142 -
- -
---------------- ---------------- -------
- ---------
181,129 172,690
173,892
---------------- ---------------- -------
- ---------
Share of losses from operating
limited partnerships (note
A) (2,095,754) (2,428,483)
(3,039,112)
---------------- ---------------- -------
- ---------
Expenses
Professional fees 59,735 51,181
60,084
Partnership management fee
(note C) 483,995 468,703
473,378
Amortization (note A) 10,512 10,512
36,743
Impairment loss (note A) - -
- -
General and administrative
expenses
(note C) 31,120 47,898
37,996
---------------- ---------------- -------
- ---------
585,362 578,294
608,201
---------------- ---------------- -------
- ---------
NET LOSS (note A) $ (2,499,987) $ (2,834,087) $
(3,473,421)
================ ================
================
Net loss allocated to general
partner $ (25,000) $ (28,341) $
(34,734)
================ ================
================
Net loss allocated to
assignees $ (2,474,987) $ (2,805,746) $
(3,438,687)
================ ================
================
Net loss per BAC $ (0.64) $ (0.72) $
(0.89)
================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Series 16
----------------------------------------------
- -------
1999 1998 1997
--------------- --------------- ----------
- -----
<S> <C> <C> <C>
Income
Interest income $ 64,568 $ 60,331 $
71,599
Other income 16,950 -
- -
--------------- --------------- ----------
- -----
81,518 60,331
71,599
--------------- --------------- ----------
- -----
Share of losses from
operating limited
partnerships (note A) (3,168,369) (3,196,773)
(3,052,073)*
--------------- --------------- ----------
- -----
Expenses
Professional fees 48,502 58,798
53,174
Partnership management fee
(note C) 586,316 599,941
572,972
Amortization (note A) 16,850 61,480
61,438
Impairment loss (note A) 345,986 -
- -
General and administrative
expenses
(note C) 75,062 100,744
94,461
--------------- --------------- ----------
- -----
1,072,716 820,963
782,045
--------------- --------------- ----------
- -----
NET LOSS (note A) $ (4,159,567) $ (3,957,405) $
(3,762,519)
=============== ===============
===============
Net loss allocated to general
partner $ (41,596) $ (39,574) $
(37,625)
=============== ===============
===============
Net loss allocated to
assignees $ (4,117,971) $ (3,917,831) $
(3,724,894)
=============== ===============
===============
Net loss per BAC $ (0.76) $ (0.72) $
(0.69)
=============== ===============
===============
</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, 1999, 1998 and 1997
<TABLE>
Series 17
---------------------------------------------
- ----------
1999 1998
1997
---------------- ---------------- -------
- ---------
<S> <C> <C> <C>
Income
Interest income $ 10,025 $ 17,342 $
43,090
---------------- ---------------- -------
- ---------
Share of losses from operating
limited partnerships (note
A) (2,964,858) (2,857,430)
(3,504,918)
---------------- ---------------- -------
- ---------
Expenses
Professional fees 43,970 39,610
78,784
Partnership management fee
(note C) 486,792 498,103
512,189
Amortization (note A) 26,353 63,054
55,279
Impairment loss (note A) - -
- -
General and administrative
expenses
(note C) 92,731 111,555
107,688
---------------- ---------------- -------
- ---------
649,846 712,322
753,940
---------------- ---------------- -------
- ---------
NET LOSS (note A) $ (3,604,679) $ (3,552,410) $
(4,215,768)
================ ================
================
Net loss allocated to general
partner $ (36,047) $ (35,524) $
(42,158)
================ ================
================
Net loss allocated to
assignees $ (3,568,632) $ (3,516,886) $
(4,173,610)
---------------- ---------------- -------
- ---------
Net loss per BAC $ (0.71) $ (0.70) $
(0.83)
================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Series 18
----------------------------------------------
- ---------
1999 1998
1997
---------------- ---------------- -------
- ---------
<S> <C> <C> <C>
Income
Interest income $ 25,749 $ 34,155 $
46,186
Other income 10,350 -
- -
---------------- ---------------- -------
- ---------
36,099 34,155
46,186
---------------- ---------------- -------
- ---------
Share of losses from operating
limited partnerships (note
A) (2,073,909) (2,589,608)
(2,594,599)
---------------- ---------------- -------
- ---------
Expenses
Professional fees 27,649 31,410
35,490
Partnership management fee
(note C) 326,762 347,356
326,168
Amortization (note A) 30,185 42,168
42,167
Impairment loss (note A) - -
- -
General and administrative
expenses
(note C) 68,865 88,310
83,478
---------------- ---------------- -------
- ---------
453,461 509,244
487,303
---------------- ---------------- -------
- ---------
NET LOSS (note A) $ (2,491,271) $ (3,064,697) $
(3,035,716)
================ ================
================
Net loss allocated to general
partner $ (24,913) $ (30,647) $
(30,357)
================ ================
================
Net loss allocated to
assignees $ (2,466,358) $ (3,034,050) $
(3,005,359)
================ ================
================
Net loss per BAC $ (0.68) $ (0.84) $
(0.83)
================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Series 19
----------------------------------------------
- ---------
1999 1998
1997
---------------- ---------------- -------
- ---------
<S> <C> <C> <C>
Income
Interest income $ 50,085 $ 57,047 $
221,224
---------------- ---------------- -------
- ---------
Share of losses from operating
limited partnerships (note
A) (1,818,541) (2,073,142)
(2,861,140)
---------------- ---------------- -------
- ---------
Expenses
Professional fees 24,859 31,669
63,291
Partnership management fee
(note C) 324,025 178,494
368,355
Amortization (note A) 52,182 52,182
51,011
Impairment loss (note A) - -
- -
General and administrative
expenses
(note C) 30,492 55,062
96,226
---------------- ---------------- -------
- ---------
431,558 317,407
578,883
---------------- ---------------- -------
- ---------
NET LOSS (note A) $ (2,200,014) $ (2,333,502) $
(3,218,799)
================ ================
================
Net loss allocated to general
partner $ (22,000) $ (23,335) $
(32,188)
================ ================
================
Net loss allocated to
assignees $ (2,178,014) $ (2,310,167) $
(3,186,611)
================ ================
================
Net loss per BAC $ (0.53) $ (0.57) $
(0.78)
================ ================
================
</TABLE>
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, 1999, 1998 and 1997
<TABLE>
Unrealized gain
(loss) in
securities
available for
Assignees General partner sale, net
Total
- --------------------- ---------------- ---------------- ----------------
- ----------------
<S> <C> <C> <C>
<C>
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) -
(15,742,101)
---------------- ---------------- ----------------
- ----------------
Partners' capital
(deficit), March
31, 1998 120,447,861 (692,102) -
119,755,759
Net loss (14,805,962) (149,556) -
(14,955,518)
---------------- ---------------- ----------------
- ----------------
Partners' capital
(deficit), March
31, 1999 $ 105,641,899 $ (841,658) $ -
$ 104,800,241
---------------- ---------------- ----------------
- ----------------
</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, 1999, 1998 and 1997
<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, 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
Net loss (2,474,987) (25,000) -
(2,499,987)
---------------- ---------------- ----------------
- ----------------
Partners' capital
(deficit), March
31, 1999 $ 12,681,877 $ (207,932) $ -
$ 12,473,945
================ ================ ================
================
</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, 1999, 1998 and 1997
<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, 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
Net loss (4,117,971) (41,596) -
(4,159,567)
---------------- ---------------- ----------------
- ----------------
Partners' capital
(deficit), March
31, 1999 $ 26,130,647 $ (207,376) $ -
$ 25,923,271
================ ================ ================
================
</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, 1999, 1998 and 1997
<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, 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
Net loss (3,568,632) (36,047) -
(3,604,679)
---------------- ---------------- ----------------
- ----------------
Partners' capital
(deficit), March
31, 1999 $ 24,125,744 $ (190,325) $ -
$ 23,935,419
================ ================ ================
================
</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, 1999, 1998 and 1997
<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, 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
Net loss (2,466,358) (24,913) -
(2,491,271)
---------------- ---------------- ----------------
- ----------------
Partners' capital
(deficit), March
31, 1999 $ 18,447,437 $ (127,023) $ -
$ 18,320,414
================ ================ ================
================
</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, 1999, 1998 and 1997
<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, 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
Net loss (2,178,014) (22,000) -
(2,200,014)
---------------- ---------------- ----------------
- ----------------
Partners' capital
(deficit), March
31, 1999 $ 24,256,194 $ (109,002) $ -
$ 24,147,192
================ ================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Total
----------------------------------------------
- ---------
1999 1998
1997
---------------- ---------------- -------
- ---------
<S> <C> <C> <C>
Cash flows from operating
activities
Net loss $ (14,955,518) $ (15,742,101) $
(17,706,223)
Adjustments to reconcile
net loss to net cash
provided by (used in)
operating activities
Share of losses from
operating limited
partnerships 12,121,431 13,145,436
15,051,842
Distributions received
from operating
limited partnerships 129,444 38,883
18,811
Impairment loss 345,986 -
- -
Amortization 136,082 229,396
246,638
Changes in assets and
liabilities
Other assets (34,180) (21,176)
(93,710)
Accounts payable and
accrued expenses - (128)
(70,527)
Accounts payable -
affiliates 2,681,921 2,123,686
2,125,321
---------------- ---------------- -------
- ---------
Net cash provided
by (used in)
operating
activities 425,166 (226,004)
(427,848)
---------------- ---------------- -------
- ---------
Cash flows from investing
activities
Acquisition costs
(paid)/reimbursed
(for)/from operating
limited partnerships - -
15,000
Capital contributions paid
to operating limited
partnerships (585,214) (434,860)
(4,280,314)
(Advances)/repayments
(to)/from operating
limited partnerships (533,376) (31,000)
(74,034)
Purchase of investments
(net of proceeds from
sale of investments) 733,701 (1,580,320)
3,734,042
---------------- ---------------- -------
- ---------
Net cash used in
investing
activities (384,889) (2,046,180)
(605,306)
---------------- ---------------- -------
- ---------
NET INCREASE
(DECREASE) IN
CASH AND CASH
EQUIVALENTS 40,277 (2,272,184)
(1,033,154)
Cash and cash equivalents,
beginning 1,653,522 3,925,706
4,958,860
---------------- ---------------- -------
- ---------
Cash and cash equivalents, end $ 1,693,799 $ 1,653,522 $
3,925,706
================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Total
----------------------------------------------
- ---------
1999 1998
1997
---------------- ---------------- -------
- ---------
<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
================ ================
================
The fund has adjusted its
investment and
decreased its capital
contribution obligation
in operating limited
partnerships for low-
income tax credits not
generated $ 16,934 $ 164,471 $
287,710
================ ================
================
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 $ - $ - $
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 $ - $ - $
32,504
================ ================
================
The fund has applied notes
receivable and advances
against installments of
capital contributions $ 536,351 $ 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)
================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Series 15
----------------------------------------------
- ---------
1999 1998
1997
---------------- ---------------- -------
- ---------
<S> <C> <C> <C>
Cash flows from operating
activities
Net loss $ (2,499,987) $ (2,834,087) $
(3,473,421)
Adjustments to reconcile
net loss to net cash
provided by (used in)
operating activities
Share of losses from
operating limited
partnerships 2,095,754 2,428,483
3,039,112
Distributions received
from operating
limited partnerships 876 3,026
1,408
Impairment loss - -
- -
Amortization 10,512 10,512
36,743
Changes in assets and
liabilities
Other assets (5,292) (1,047)
(183,399)
Accounts payable and
accrued expenses - 1
(67,712)
Accounts payable -
affiliates 795,039 548,052
548,052
---------------- ---------------- -------
- ---------
Net cash provided
by (used in)
operating
activities 396,902 154,940
(99,217)
---------------- ---------------- -------
- ---------
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)
(Advances) repayments (to)
from operating limited
partnerships (243,707) 25,000
50,000
Purchase of investments
(net of proceeds from
sale of investments) (3,028) (125,000)
151,594
---------------- ---------------- -------
- ---------
Net cash provided
by (used in)
investing
activities (246,735) (245,068)
182,634
---------------- ---------------- -------
- ---------
NET INCREASE
(DECREASE) IN
CASH AND CASH
EQUIVALENTS 150,167 (90,128)
83,417
Cash and cash equivalents,
beginning 156,717 246,845
163,428
---------------- ---------------- -------
- ---------
Cash and cash equivalents, end $ 306,884 $ 156,717 $
246,845
================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Series 15
----------------------------------------------
- ---------
1999 1998
1997
---------------- ---------------- -------
- ---------
<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 $ 7,613 $ 2,522 $
2,469
================ ================
================
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
limited partnership
disposed of during year $ - $ - $
- -
================ ================
================
The fund has increased
(decreased) its
investments available
for sale for unrealized
gains (losses) $ - $ (628) $
(349)
================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Series 16
----------------------------------------------
- ---------
1999 1998
1997
---------------- ---------------- -------
- ---------
<S> <C> <C> <C>
Cash flows from operating
activities
Net loss $ (4,159,567) $ (3,957,405) $
(3,762,519)
Adjustments to reconcile
net loss to net cash used
in operating activities
Share of losses from
operating limited
partnerships 3,168,369 3,196,773
3,052,073
Distributions received
from operating
limited partnerships 96,961 13,312
2,675
Impairment loss 345,986 -
- -
Amortization 16,850 61,480
61,438
Changes in assets and
liabilities
Other assets (6,629) (2,256)
24,312
Accounts payable and
accrued expenses - -
(100)
Accounts payable -
affiliates 491,975 491,985
491,988
---------------- ---------------- -------
- ---------
Net cash used in
operating
activities (46,055) (196,111)
(130,133)
---------------- ---------------- -------
- ---------
Cash flows from investing
activities
Acquisition costs
reimbursed from
operating limited
partnerships - -
3,700
Capital contributions paid
to operating limited
partnerships (1,500) (9,914)
(292,588)
(Advances)/repayments
(to)/from operating
limited partnerships (54,861) (56,000)
63,200
Purchase of investments
(net of proceeds from
sale of investments) 116,309 (721,841)
109,754
---------------- ---------------- -------
- ---------
Net cash provided
by (used in)
investing
activities 59,948 (787,755)
(115,934)
---------------- ---------------- -------
- ---------
NET INCREASE
(DECREASE) IN
CASH AND CASH
EQUIVALENTS 13,893 (983,866)
(246,067)
Cash and cash equivalents,
beginning 199,558 1,183,424
1,429,491
---------------- ---------------- -------
- ---------
Cash and cash equivalents, end $ 213,451 $ 199,558 $
1,183,424
================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Series 16
----------------------------------------------
- ---------
1999 1998
1997
---------------- ---------------- -------
- ---------
<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 $ 1,305 $ - $
- -
================ ================
================
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 $ - $ - $
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)
================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Series 17
----------------------------------------------
- ---------
1999 1998
1997
---------------- ---------------- -------
- ---------
<S> <C> <C> <C>
Cash flows from operating
activities
Net loss $ (3,604,679) $ (3,552,410) $
(4,215,768)
Adjustments to reconcile
net loss to net cash
provided by (used in)
operating activities
Share of losses from
operating limited
partnerships 2,964,858 2,857,430
3,504,918
Distributions received
from operating
limited partnerships 23,724 11,343
3,381
Impairment loss - -
- -
Amortization 26,353 63,054
55,279
Changes in assets and
liabilities
Other assets 9,105 (2,017)
44,746
Accounts payable and
accrued expenses - -
- -
Accounts payable -
affiliates 876,612 565,374
572,246
---------------- ---------------- -------
- ---------
Net cash provided
by (used in)
operating
activities 295,973 (57,226)
(35,198)
---------------- ---------------- -------
- ---------
Cash flows from investing
activities
Acquisition costs
(paid)/reimbursed
(for)/from operating
limited partnerships - -
3,410
Capital contributions paid
to operating limited
partnerships - (93,935)
(155,696)
(Advances)/repayments
(to)/from operating
limited partnerships (234,808) -
(187,234)
Purchase of investments
(net of proceeds from
sale of investments) (100,000) -
628,486
---------------- ---------------- -------
- ---------
Net cash provided
by (used in)
investing
activities (334,808) (93,935)
288,966
---------------- ---------------- -------
- ---------
NET INCREASE
(DECREASE) IN
CASH AND CASH
EQUIVALENTS (38,835) (151,161)
253,768
Cash and cash equivalents,
beginning 388,024 539,185
285,417
---------------- ---------------- -------
- ---------
Cash and cash equivalents, end $ 349,189 $ 388,024 $
539,185
================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Series 17
----------------------------------------------
- ---------
1999 1998
1997
---------------- ---------------- -------
- ---------
<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 $ - $ 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 $ - $ - $
- -
================ ================
================
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 $ - $ - $
4,675
================ ================
================
The fund has increased
(decreased) its
investments available
for sale for unrealized
gains (losses) $ - $ - $
(1,464)
================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Series 18
----------------------------------------------
- ---------
1999 1998
1997
----------------- ----------------- --------
- ---------
<S> <C> <C> <C>
Cash flows from operating
activities
Net loss $ (2,491,271) $ (3,064,697) $
(3,035,716)
Adjustments to reconcile net
loss to net cash used in
operating activities
Share of losses from
operating limited
partnerships 2,073,909 2,589,608
2,594,599
Distributions received
from operating
limited partnerships 7,570 2,469
7,958
Impairment loss - -
- -
Amortization 30,185 42,168
42,167
Changes in assets and
liabilities
Other assets (11,475) (2,990)
(33,512)
Accounts payable and
accrued expenses - (129)
(1,622)
Accounts payable -
affiliates 306,948 306,927
306,951
----------------- ----------------- --------
- ---------
Net cash used in
operating
activities (84,134) (126,644)
(119,175)
----------------- ----------------- --------
- ---------
Cash flows from investing
activities
Acquisition costs reimbursed
from operating limited
partnerships - -
2,465
Capital contributions paid
to operating limited
partnerships (154,714) (38,320)
(118,711)
Repayments from operating
limited partnerships - -
- -
Purchase of investments (net
of proceeds from sale of
investments) 243,469 (300,001)
472,430
----------------- ----------------- --------
- ---------
Net cash provided
by (used in)
investing
activities 88,755 (338,321)
356,184
----------------- ----------------- --------
- ---------
NET INCREASE
(DECREASE) IN
CASH AND CASH
EQUIVALENTS 4,621 (464,965)
237,009
Cash and cash equivalents,
beginning 301,444 766,409
529,400
----------------- ----------------- --------
- ---------
Cash and cash equivalents, end $ 306,065 $ 301,444 $
766,409
================= =================
=================
</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, 1999, 1998 and 1997
<TABLE>
Series 18
----------------------------------------------
- ---------
1999 1998
1997
---------------- ---------------- -------
- ---------
<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 $ 8,016 $ - $
- -
================ ================
================
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 $ - $ - $
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 $ 536,351 $ - $
420,264
================ ================
================
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) $ - $ (380) $
(1,881)
================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Series 19
----------------------------------------------
- ---------
1999 1998
1997
---------------- ---------------- -------
- ---------
<S> <C> <C> <C>
Cash flows from operating
activities
Net loss $ (2,200,014) $ (2,333,502) $
(3,218,799)
Adjustments to reconcile
net loss to net cash used
in operating activities
Share of losses from
operating limited
partnerships 1,818,541 2,073,142
2,861,140
Distributions received
from operating
limited partnerships 313 8,733
3,389
Impairment loss - -
- -
Amortization 52,182 52,182
51,011
Changes in assets and
liabilities
Other assets (19,889) (12,866)
54,143
Accounts payable and
accrued expenses - -
(1,093)
Accounts payable -
affiliates 211,347 211,348
206,084
---------------- ---------------- -------
- ---------
Net cash used in
operating
activities (137,520) (963)
(44,125)
---------------- ---------------- -------
- ---------
Cash flows from investing
activities
Acquisition costs
reimbursed from
operating limited
partnerships - -
2,785
Capital contributions paid
to operating limited
partnerships (429,000) (147,623)
(3,691,719)
Repayments from operating
limited partnerships - -
- -
Purchase of investments
(net of proceeds from
sale of investments) 476,951 (433,478)
2,371,778
---------------- ---------------- -------
- ---------
Net cash provided
by (used in)
investing
activities 47,951 (581,101)
(1,317,156)
---------------- ---------------- -------
- ---------
NET DECREASE IN
CASH AND CASH
EQUIVALENTS (89,569) (582,064)
(1,361,281)
Cash and cash equivalents,
beginning 607,779 1,189,843
2,551,124
---------------- ---------------- -------
- ---------
Cash and cash equivalents, end $ 518,210 $ 607,779 $
1,189,843
================ ================
================
</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, 1999, 1998 and 1997
<TABLE>
Series 19
----------------------------------------------
- ---------
1999 1998
1997
---------------- ---------------- -------
- ---------
<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
================ ================
================
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
================ ================
================
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 $ - $ 221,180 $
2,964,446
================ ================
================
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) $ - $ (1,478) $
(9,177)
================ ================
================
</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, 1999, 1998 and 1997
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
l i mited partnerships which were to acquire, develop,
rehabilitate, operate and own newly constructed, existing or
rehabilitated apartment complexes which qualified for the
Low-Income Housing Tax Credit established by the Tax Reform
Act of 1986. Certain of the apartment complexes also
qualified for the Historic Rehabilitation Tax Credit for
their rehabilitation of a certified historic structure;
accordingly, the apartment complexes are restricted as to
rent charges and operating methods and are subject to the
provisions of Section 42(g)(2) of the Internal Revenue Code
relating to the Rehabilitation Investment Credit. The
general partner of the 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
b e neficial assignee certificates ("BACs") representing
assignments of units of the beneficial interest of the
l i mited 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,
1999 and 1998 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, 1999, 1998 and 1997
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 limited partnership's losses
only to the extent that the fund's share of losses of the
operating limited partnerships does not exceed the carrying
amount of its investment. Unrecognized losses are suspended
and offset against future individual operating limited
partnership's income.
A loss in value of an investment in an operating limited
partnership other than a temporary decline would be recorded
as an impairment loss. Impairment is measured by comparing
the investment carrying amount to the sum of the total
amount of the remaining tax credits allocated to the fund
and the estimated residual value of the investment.
Accordingly, the partnership recorded an impairment loss of
$345,986 during the year ended March 31, 1999.
Capital contributions to operating limited partnerships are
adjusted by tax credit adjusters. Tax credit adjusters are
defined as adjustments to operating limited partnership
capital contributions due to reductions in actual tax
credits from those originally projected. The fund records
tax credit adjusters as a reduction in investment in
operating limited partnerships and capital contributions
payable.
The operating limited partnerships maintain their financial
statements based on a calendar year and the fund utilizes a
March 31 year-end. The fund records losses and income from
the operating limited partnerships on a calendar year basis
which is not materially different from losses and income
generated if the operating limited partnerships utilized a
March 31 year-end.
The fund records capital contributions payable to the
operating limited partnerships once there is a binding
obligation to fund a specified amount. The operating
limited partnerships record capital contributions from the
fund when received.
The fund records acquisition costs as an increase in its
investment in operating limited partnerships. Certain
operating limited partnerships have not recorded the
acquisition costs as a capital contribution from the 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, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Investments in Operating Limited Partnerships (Continued)
---------------------------------------------
During the years ended March 31, 1999, 1998 and 1997, the
fund acquired interests in operating limited partnerships as
follows:
<TABLE>
1999 1998 1997
---- ---- ----
<S> <C> <C> <C>
Series 15 - - -
Series 16 - - -
Series 17 - - -
Series 18 - - -
Series 19 - - 1
---- ---- ----
- - 1
==== ==== ====
</TABLE>
Organization Costs
------------------
Initial organization and offering expenses, common to all
series, were 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, 1999 and 1998 is as follows:
<TABLE>
1999 1998
---------------- ----------------
<S> <C> <C>
Series 15 $ 167,077 $ 167,077
Series 16 227,910 227,910
Series 17 205,888 195,084
Series 18 150,296 131,524
Series 19 183,088 145,476
---------------- ----------------
$ 934,259 $ 867,071
================ ================
</TABLE>
F-37
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1999 and 1998 is as
follows:
<TABLE>
1999 1998
---------------- ----------------
<S> <C> <C>
Series 15 $ 42,146 $ 31,635
Series 16 67,408 50,558
Series 17 70,102 54,553
Series 18 45,783 34,370
Series 19 55,654 41,084
---------------- ----------------
$ 281,093 $ 212,200
================ ================
</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, 1999, 1998 and 1997
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, 1999, 1998 and 1997 are as follows:
<TABLE>
1999, 1998 and
1997
----------------
<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. All remaining available for sale
securities were sold during the year ended March 31, 1998.
F-39
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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.
Recent Accounting Pronouncements
--------------------------------
On March 31, 1997, the partnership adopted Statement of
Financial Accounting Standards ("SFAS") No. 128, "Earnings
per Share" and SFAS No. 129, "Disclosure of Information
about Capital Structure." SFAS No. 128 provides accounting
and reporting standards for the amount of earnings per
share. SFAS No. 129 requires the disclosure in summary form
within the financial statements of pertinent rights and
privileges of the various securities outstanding. On March
31, 1998, the partnership adopted SFAS No. 130, "Reporting
Comprehensive Income," SFAS No. 131, "Disclosures about
Segments of an Enterprise and Related Information," and SFAS
No. 132, "Employers' Disclosures about Pensions and Other
Postretirement Benefits." SFAS No. 130 establishes
standards for reporting and display of comprehensive income
and its components, SFAS No. 131 establishes standards for
how public business enterprises report information about
operating segments and SFAS No. 132 revises employers'
disclosures about pension and other postretirement benefit
plans. The implementation of these standards has not
materially affected the partnership's financial statements.
In June 1998, the FASB issued SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities." In October
1998, the FASB issued SFAS No. 134, "Accounting for
Mortgage-backed Securities Retained after the Securitization
of Mortgage Loans Held for Sale by a Mortgage Banking
Enterprise." In February 1999, the FASB issued SFAS No.
135, "Rescission of FASB Statement 75 and Technical
Corrections." SFAS No. 133 is effective for all fiscal
quarters of years beginning after June 15, 1999; SFAS No.
134 is effective for the first fiscal quarter beginning
after December 31, 1998; and SFAS No. 135 is effective for
years ending after February 15, 1999. Early adoption is
encouraged for SFAS No. 133, 134 and 135.
F-40
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Recent Accounting Pronouncements (Continued)
--------------------------------
The fund does not have any derivative or hedging activities
and does not have any mortgage-backed securities. FASB
Statement 75, "Deferral of the Effective Date of Certain
Accounting Requirements for Pension Plans of State and Local
Governmental Units," does not apply to the fund.
Consequently, these pronouncements are expected to have no
effect on the fund's financial statements.
NOTE B - INVESTMENTS HELD TO MATURITY
At March 31, 1999, the amortized cost and fair market value
of investments are as follows:
<TABLE>
Fair market
Amortized cost value
---------------- ----------------
<S> <C> <C>
Certificates of deposit $ 2,237,166 $ 2,237,166
================ ================
</TABLE>
The amortized cost and fair market value of investments by
maturity at March 31, 1999 are shown below.
<TABLE>
Fair market
Amortized cost value
---------------- ----------------
<S> <C> <C>
Due in one year or less $ 2,237,166 $ 2,237,166
================ ================
</TABLE>
At March 31, 1998, the amortized cost and fair market value
of investments are as follows:
<TABLE>
Fair market
Amortized cost value
---------------- ----------------
<S> <C> <C>
Certificates of deposit $ 2,970,867 $ 2,970,867
================ ================
</TABLE>
The amortized cost and fair market value of investments by
maturity at March 31, 1998 is shown below.
<TABLE>
Fair market
Amortized cost value
---------------- ----------------
<S> <C> <C>
Due in one year or less $ 2,970,867 $ 2,970,867
================ ================
</TABLE>
F-41
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE B - INVESTMENTS HELD TO MATURITY (Continued)
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 years ended March 31, 1999 and
1998 ranged from 5% to 5.65%.
NOTE C - RELATED PARTY TRANSACTIONS
During the years ended March 31, 1999, 1998 and 1997, 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, 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, 1999, 1998 and 1997 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, 1999, 1998 and 1997
NOTE C - RELATED PARTY TRANSACTIONS (Continued)
<TABLE>
1999 1998
1997
---------------- ---------------- --
- --------------
<S> <C> <C>
<C>
Series 15 $ 483,995 $ 468,703 $
473,378
Series 16 586,316 599,941
572,972
Series 17 486,792 498,103
512,189
Series 18 326,762 347,356
326,168
Series 19 324,025 178,494
368,355
---------------- ---------------- --
- --------------
$ 2,207,890 $ 2,092,597 $
2,253,062
================ ================
================
</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, 1999, 1998 and
1997 charged to each series' operations are as follows:
<TABLE>
1999 1998
1997
---------------- ---------------- --
- --------------
<S> <C> <C>
<C>
Series 15 $ 24,872 $ 28,999 $
26,370
Series 16 22,980 37,410
26,211
Series 17 18,499 32,015
22,369
Series 18 12,344 24,038
19,259
Series 19 14,070 24,534
21,979
---------------- ---------------- --
- --------------
$ 92,765 $ 146,996 $
116,188
================ ================
================
</TABLE>
Accounts payable - affiliates at March 31, 1999 and 1998
represents fund management fees and an operating limited
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, 1999, 1998 and 1997
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 1999, 1998 and 1997 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 limited
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,
1999, 1998 and 1997 by series are as follows:
<TABLE>
1999 1998
1997
---------------- ---------------- --
- --------------
<S> <C> <C>
<C>
Series 15 68 68
68
Series 16 64 64
64
Series 17 49 49
49
Series 18 34 34
34
Series 19 26 26
26
---------------- ---------------- --
- --------------
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, 1999 and 1998 by series are as follows:
<TABLE>
1999 1998
---------------- ----------------
<S> <C> <C>
Series 15 $ 32,922 $ 32,922
Series 16 142,506 145,311
Series 17 1,367,195 1,367,195
Series 18 18,554 717,635
Series 19 34,000 463,000
---------------- ----------------
$ 1,595,177 $ 2,726,063
================ ================
</TABLE>
F-44
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at
March 31, 1999 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 $ 161,553,503 $ 28,914,393 $
40,188,710
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 (210,194) (13,724)
(121,355)
Impairment loss in investment
in operating limited
partnerships (345,986) -
(345,986)
Cumulative losses from
operating limited
partnerships (71,856,362) (17,746,668)
(17,016,924)
---------------- ---------------- --
- --------------
Investment in operating
limited partnerships per
balance sheet 108,418,478 14,142,163
27,165,227
The fund has recorded capital
contributions to the
operating limited
partnerships during the
year ended March 31, 1999
which have not been
included in the
partnership's capital
account included in the
operating limited
partnerships' financial
statements as of December
31, 1998 (see note A) (2,558,353) (1,055,903)
(88,549)
The fund has recorded
acquisition costs at March
31, 1999 which have not
been recorded in the net
assets of the operating
limited partnerships (see
note A) (3,711,929) (399,087)
(794,528)
Cumulative losses from
operating limited
partnerships for the three
months ended March 31,
1999 which the operating
limited partnerships have
not included in their
capital as of December 31,
1998 due to different year
ends (see note A) 2,827,311 472,214
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, 1999, 1998 and 1997
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 (1,191,728) (810,192)
(230,216)
The fund has recorded low-
income housing tax credit
adjusters not recorded by
operating limited
partnerships (see note A) 1,040,450 296,296
169,028
Impairment loss in investment
in operating limited
partnerships 345,986 -
345,986
Other 31,852 11,704
44,516
---------------- ---------------- --
- --------------
Equity per operating limited
partnerships' combined
financial statements $ 226,560 $ 12,184,981 $
26,611,464
================ ================
================
</TABLE>
F-46
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund's investment in operating limited partnerships at
March 31, 1999 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 $ 26,416,737 $
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 (42,312) (20,455)
(12,435)
Impairment loss in investment
in operating limited
partnerships - -
- -
Cumulative losses from
operating limited
partnerships (16,266,672) (11,095,075)
(9,731,023)
---------------- ---------------- --
- --------------
Investment in operating
limited partnerships per
balance sheet 24,774,196 18,832,106
23,504,786
The fund has recorded capital
contributions to the
operating limited
partnerships during the
year ended March 31, 1999
which have not been
included in the
partnership's capital
account included in the
operating limited
partnerships' financial
statements as of December
31, 1998 (see note A) (1,006,152) (86,777)
(320,972)
The fund has recorded
acquisition costs at March
31, 1999 which have not
been recorded in the net
assets of the operating
limited partnerships (see
note A) (1,496,190) (387,564)
(634,560)
Cumulative losses from
operating limited
partnerships for the three
months ended March 31,
1999 which the operating
limited partnerships have
not included in their
capital as of December 31,
1998 due to different year
ends (see note A) 752,440 617,653
353,433
</TABLE>
F-47
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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) (18,438) (132,882)
- -
The fund has recorded low-
income housing tax credit
adjusters not recorded by
operating limited
partnerships (see note A) 372,983 127,421
74,722
Impairment loss in investment
in operating limited
partnerships - -
- -
Other (38,764) 70,536
(56,140)
---------------- ---------------- --
- --------------
Equity per operating limited
partnerships' combined
financial statements $ 22,587,635 $ 18,422,840 $
22,567,836
================ ================
================
</TABLE>
F-48
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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 in operating
limited partnerships 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
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-49
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-50
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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 in operating
limited partnerships 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
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-51
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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 $ 7,822,626 $ 7,794,719 $
13,845,667
================ ================
================
</TABLE>
F-52
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating
limited partnerships as of December 31, 1998 are as follows:
<TABLE>
Total Series 15
Series 16
---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
ASSETS
Buildings and improvements,
net of accumulated
depreciation $ 488,263,422 $ 100,808,021 $
110,927,685
Land 28,123,731 6,103,309
5,120,755
Other assets 30,555,676 6,775,532
8,101,258
---------------- ---------------- ------
- ----------
$ 546,942,829 $ 113,686,862 $
124,149,698
================ ================
================
LIABILITIES AND PARTNERS'
CAPITAL
LIABILITIES
Mortgages and construction
loans payable $ 364,192,180 $ 84,710,037 $
83,671,669
Accounts payable and
accrued expenses 13,865,790 2,380,183
4,537,613
Other liabilities 30,476,021 4,510,286
4,255,645
---------------- ---------------- ------
- ----------
408,533,991 91,600,506
92,464,927
---------------- ---------------- ------
- ----------
PARTNERS' CAPITAL
Boston Capital Tax Credit
Fund III, L.P. 105,202,067 12,657,195
27,243,035
Other partners 33,206,771 9,429,161
4,441,736
---------------- ---------------- ------
- ----------
138,408,838 22,086,356
31,684,771
---------------- ---------------- ------
- ----------
$ 546,942,829 $ 113,686,862 $
124,149,698
================ ================
================
</TABLE>
F-53
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating
limited partnerships as of December 31, 1998 are as follows:
<TABLE>
Series 17 Series 18
Series 19
---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
ASSETS
Buildings and improvements,
net of accumulated
depreciation $ 128,387,036 $ 66,692,115 $
81,448,565
Land 7,700,365 3,357,967
5,841,335
Other assets 6,914,439 4,312,321
4,452,126
---------------- ---------------- ------
- ----------
$ 143,001,840 $ 74,362,403 $
91,742,026
================ ================
================
LIABILITIES AND PARTNERS'
CAPITAL
LIABILITIES
Mortgages and construction
loans payable $ 93,587,027 $ 46,607,327 $
55,616,120
Accounts payable and 3,852,115
accrued expenses 1,762,867
1,333,012
Other liabilities 11,147,323 3,581,747
6,981,020
---------------- ---------------- ------
- ----------
108,586,465 51,951,941
63,930,152
---------------- ---------------- ------
- ----------
PARTNERS' CAPITAL
Boston Capital Tax Credit 23,340,075
Fund III, L.P. 19,040,493
22,921,269
Other partners 11,075,300 3,369,969
4,890,605
---------------- ---------------- ------
- ----------
34,415,375 22,410,462
27,811,874
---------------- ---------------- ------
- ----------
$ 143,001,840 $ 74,362,403 $
91,742,026
================ ================
================
</TABLE>
F-54
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-55
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-56
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1998 are as follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Total Series 15
Series 16
---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
Revenue
Rental $ 56,460,857 $ 12,261,092 $
12,467,879
Interest and other 3,841,453 611,387
1,012,995
---------------- ---------------- ------
- ----------
60,302,310 12,872,479
13,480,874
---------------- ---------------- ------
- ----------
Expenses
Interest 22,318,349 4,646,024
4,424,705
Depreciation and
amortization 20,581,408 4,559,945
4,764,210
Taxes and insurance 7,063,014 1,547,532
1,604,273
Repairs and maintenance 9,155,230 2,087,640
2,100,061
Operating expenses 16,589,281 3,700,210
3,644,716
Other expenses 1,655,027 365,928
360,352
---------------- ---------------- ------
- ----------
77,362,309 16,907,279
16,898,317
---------------- ---------------- ------
- ----------
NET LOSS $ (17,059,999) $ (4,034,800) $
(3,417,443)
================ ================
================
Net loss allocated to Boston
Capital Tax Credit Fund
III L. P.* $ (13,000,006) $ (2,672,260) $
(3,362,488)
================ ================
================
Net loss allocated to other
partners $ (4,059,993) $ (1,362,540) $
(54,955)
================ ================
================
</TABLE>
* Amounts include $576,506, $194,119, $18,438 and $89,512
for series 15, 16, 17 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, 1999, 1998 and 1997
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, 1998 are as follows:
<TABLE>
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Series 17 Series 18
Series 19
---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
Revenue
Rental $ 14,486,904 $ 6,706,086 $
10,538,896
Interest and other 1,040,774 745,153
431,144
---------------- ---------------- ------
- ----------
15,527,678 7,451,239
10,970,040
---------------- ---------------- ------
- ----------
Expenses
Interest 6,201,926 2,704,948
4,340,746
Depreciation and
amortization 5,179,750 2,898,299
3,179,204
Taxes and insurance 1,646,905 837,099
1,427,205
Repairs and maintenance 2,547,323 1,258,927
1,161,279
Operating expenses 4,226,997 2,089,928
2,927,430
Other expenses 605,134 196,489
127,124
---------------- ---------------- ------
- ----------
20,408,035 9,985,690
13,162,988
---------------- ---------------- ------
- ----------
NET LOSS $ (4,880,357) $ (2,534,451) $
(2,192,948)
================ ================
================
Net loss allocated to Boston
Capital Tax Credit Fund
III L. P.* $ (2,983,296) $ (2,163,421) $
(1,818,541)
================ ================
================
Net loss allocated to other
partners $ (1,897,061) $ (371,030) $
(374,407)
================ ================
================
</TABLE>
* Amounts include $576,506, $194,119, $18,438 and $89,512
for series 15, 16, 17 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, 1999, 1998 and 1997
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-59
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-60
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-61
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-62
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE E - NOTES RECEIVABLE
Notes receivable at March 31, 1999 and 1998 consist of
advance installments of capital contributions to operating
limited partnerships. The notes at March 31, 1999 and 1998
are comprised of noninterest bearing and interest bearing
notes with rates ranging from 3.66% to prime plus 3%. Prime
was 8.50% and 7.75% as of March 31, 1999 and 1998,
respectively. The notes receivable will be converted to
capital or repaid upon demand 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, 1999 and 1998 by series are as follows:
<TABLE>
1999 1998
---------------- ----------------
<S> <C> <C>
Series 15 $ 32,170 $ 110,000
Series 16 - -
Series 17 1,332,152 1,409,982
Series 18 - 536,351
Series 19 - -
---------------- ----------------
$ 1,364,322 $ 2,056,333
================ ================
</TABLE>
NOTE F - OTHER ASSETS
Other assets include cash held by an escrow agent at March
31, 1999 and 1998. The cash held for the series at March
31, 1999 and 1998 represents capital contributions to be
released to the operating limited partnerships when certain
criteria are met. The escrows held at March 31, 1999 and
1998 by series are as follows:
<TABLE>
1999 1998
---------------- ----------------
<S> <C> <C>
Series 15 $ - $ -
Series 16 - -
Series 17 15,097 15,097
Series 18 - -
Series 19 - -
---------------- ----------------
$
15,097 $ 15,097
================ ================
</TABLE>
F-63
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE F - OTHER ASSETS (Continued)
In addition, other assets include cash advanced to operating
limited partnerships at March 31, 1999 and 1998 some of
which are to be applied to capital contributions payable
when certain criteria have been met. The advances at March
31, 1999 and 1998 by series are as follows:
<TABLE>
1999 1998
---------------- ----------------
<S> <C> <C>
Series 15 $ 748,458 $ 426,912
Series 16 110,861 56,000
Series 17 1,382,297 1,069,358
Series 18 14,391 -
Series 19 - -
---------------- ----------------
$ 2,256,007 $ 1,552,270
================ ================
</TABLE>
F-64
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1999
are reconciled as follows:
<TABLE>
Total Series 15
Series 16
---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
Net loss for financial
reporting purposes $ (14,955,518) $ (2,499,987) $
(4,159,567)
Operating limited partnership
rents received in advance (13,098) (2,319)
(1,763)
Fund management fees not
deducted for tax purposes 2,123,696 548,052
491,980
Other (202,731) (182,035)
(28,588)
Operating limited partnership
losses not recognized for
financial reporting
purposes under equity
method of accounting (878,576) (576,506)
(194,120)
Impairment loss in investment
in operating limited
partnership not deductible
for tax purposes 345,986 -
345,986
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (1,536,529) (313,779)
(268,029)
Difference due to fiscal year
for book purposes and
calendar year for tax
purposes 64,574 (5,681)
(1,187)
---------------- ---------------- ------
- ----------
Loss for tax return purposes,
December 31, 1998 $ (15,052,196) $ (3,032,255) $
(3,815,288)
================ ================
================
</TABLE>
F-65
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1999
are reconciled as follows:
<TABLE>
Series 17 Series 18
Series 19
---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
Net loss for financial
reporting purposes $ (3,604,679) $ (2,491,271) $
(2,200,014)
Operating limited partnership
rents received in advance 7,572 (7,785)
(8,803)
Fund management fees not
deducted for tax purposes 565,368 306,948
211,348
Other 190,811 (183,994)
1,075
Operating limited partnership
losses not recognized for
financial reporting
purposes under equity
method of accounting (18,438) (89,512)
- -
Impairment loss in investment
in operating limited
partnership not deductible
for tax purposes - -
- -
Excess of tax depreciation
over book depreciation on
operating limited
partnership assets (465,406) (162,365)
(326,950)
Difference due to fiscal year
for book purposes and
calendar year for tax
purposes 37,455 (5,047)
39,034
---------------- ---------------- ------
- ----------
Loss for tax return purposes,
December 31, 1998 $ (3,287,317) $ (2,633,026) $
(2,284,310)
================ ================
================
</TABLE>
F-66
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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>
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-67
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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, 1997 $ (4,172,309) $ (2,909,915) $
(2,277,311)
================ ================
================
</TABLE>
F-68
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-69
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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-70
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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 statement
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, 1999,
the differences are as follows:
<TABLE>
Total Series 15
Series 16
---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
Investments in operating
limited partnerships - per
tax return, December 31,
1998 $ 96,931,552 $ 12,212,844 $
24,269,069
Estimated share of loss for
the three months ended
March 31, 1999 (2,827,311) (472,214)
(631,571)
Add back operating limited
partnership losses not
recognized for financial
reporting purposes under
the equity method 1,191,728 810,192
230,216
Impairment loss in investment
in operating limited
partnerships (345,986) -
(345,986)
Historic tax credits 5,333,539 1,852,569
- -
Other 8,134,956 (261,228)
3,643,499
---------------- ---------------- ------
- ----------
Investments in operating
limited partnerships - as
reported $ 108,418,478 $ 14,142,163 $
27,165,227
================ ================
================
</TABLE>
F-71
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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 statement
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, 1999,
the differences are as follows:
<TABLE>
Series 17 Series 18
Series 19
---------------- ---------------- ------
- ----------
<S> <C> <C> <C>
Investments in operating
limited partnerships - per
tax return, December 31,
1998 $ 22,543,720 $ 16,163,294 $
21,742,625
Estimated share of loss for
the three months ended
March 31, 1999 (752,440) (617,653)
(353,433)
Add back operating limited
partnership losses not
recognized for financial
reporting purposes under
the equity method 18,438 132,882
- -
Impairment loss in investment
in operating limited
partnerships - -
- -
Historic tax credits 1,100,310 2,062,333
318,327
Other 1,864,168 1,091,250
1,797,267
---------------- ---------------- ------
- ----------
Investments in operating
limited partnerships - as
reported $ 24,774,196 $ 18,832,106 $
23,504,786
================ ================
================
</TABLE>
F-72
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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 statement
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 partnerships - per
tax return, December 31,
1997 $ 111,746,588 $ 15,381,288 $
27,898,915
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
---------------- ---------------- ------
- ----------
Investments in operating
limited partnerships - as
reported $ 121,032,270 $ 16,246,406 $
30,777,843
================ ================
================
</TABLE>
F-73
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
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 statement
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 partnerships - per
tax return, December 31,
1997 $ 25,870,393 $ 18,696,412 $
23,899,580
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
---------------- ---------------- ------
- ----------
Investments in operating
limited partnerships - as
reported $ 27,762,778 $ 20,921,603 $
25,323,640
================ ================
================
</TABLE>
F-74
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 1999, 1998 and 1997
NOTE H - CASH EQUIVALENTS
On March 31, 1999 and 1998, Boston Capital Tax Credit Fund
III L.P. purchased $849,981 and $450,000 of securities under
agreements to resell on April 1, 1999 and 1998,
respectively. Interest is earned at rates ranging from
2.15% to 3.5% per annum.
Additionally, cash equivalents of $736,460 and $1,185,807 as
of M arch 31, 1999 and 1998, respectively, include
certificates of deposit and money market accounts with
interest rates ranging from 2.8% to 5.0% per annum.
F-75
<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, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
April
Gardens 1,467,152 50,000 1,773,331 389 50,000 1,773,720
1,823,720 424,378 5/93 9/92 5-27.5
Arkansas
City 825,097 15,870 1,016,757 0 15,870 1,016,757
1,032,627 189,241 12/94 9/94 5-25
Autumnwood
LP 1,341,943 50,000 1,669,609 1 50,000 1,669,610
1,719,610 393,933 1/93 8/92 5-27.5
Barton
Village 509,968 47,898 683,991 2,470 47,898 686,461
734,359 159,188 3/93 10/92 5-27.5
Beckwood
Manor
Eight 1,219,161 60,000 1,498,746 6,305 58,000 1,505,051
1,563,051 248,593 8/95 8/94 5-27.5
Bergen
Meadows 1,017,955 42,000 1,256,858 22,770 42,000 1,279,628
1,321,628 346,440 7/92 7/92 7-27.5
Bridlewood
LP 790,185 42,000 211,635 787,948 42,000 999,583
1,041,583 116,993 1/95 1/94 5-27.5
Brunswick
LP 823,058 69,000 953,553 416 69,000 953,969
1,022,969 247,056 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, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Buena Vista
Apts. 1,452,882 75,000 1,767,511 495 75,000 1,768,006
1,843,006 501,174 1/92 3/92 7-27.5
Calexico
Sr 1,921,645 213,000 2,047,255 0 213,000 2,047,255
2,260,255 295,843 9/92 9/92 7-27.5
California
Inv. VII 8,863,346 820,000 9,361,922 16,792,875 803,050 26,154,797
26,957,847 4,416,742 12/93 10/92 5-27.5
Chestnut
Hill 739,837 40,000 904,814 4,420 40,000 909,234
949,234 173,476 9/92 9/92 7-27.5
Coralville
Housing 2,580,674 258,000 4,683,541 102,182 258,000 4,785,723
5,043,723 1,290,353 10/92 3/92 7-27.5
Curwensville
Housing 1,214,336 31,338 1,435,553 97,030 31,338 1,532,583
1,563,921 236,536 7/93 9/92 5-27.5
Deerfield
Assoc. 1,229,163 65,400 1,495,473 0 65,400 1,495,473
1,560,873 397,890 6/92 4/92 7-27.5
East
Machias 1,039,243 77,963 1,478,171 16,811 77,963 1,494,982
1,572,945 242,977 1/93 9/92 10-40
East Park
Apts. I 545,000 2,000 980,413 9,487 2,000 989,900
991,900 188,749 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, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Edgewood
Properties 786,931 36,000 967,796 0 36,000 967,796
1,003,796 234,908 8/92 6/92 7-27.5
Far View
Housing 920,661 100,000 1,066,418 8,331 100,000 1,074,749
1,174,749 178,816 11/92 6/92 10-40
Graham
Housing 1,323,496 85,006 2,451,794 (3,894) 85,006 2,447,900
2,532,906 279,925 6/95 10/94 5-27.5
Grantsville
Assoc. 1,486,127 85,099 1,795,971 2,860 85,599 1,798,831
1,884,430 287,743 2/93 5/92 5-27.5
Greentree
Apts. 691,498 15,000 1,143,223 (9,253) 15,000 1,133,970
1,148,970 679,186 10/75 4/94 5-27.5
Greenwood
Village 674,803 20,123 893,915 5,850 20,123 899,765
919,888 205,629 5/93 8/92 5-27.5
Harrisonville
Prop. II 608,037 15,000 744,677 5,528 15,000 750,205
765,205 246,393 11/91 3/92 7-27.5
Headlton
Properties 701,472 15,000 868,469 0 15,000 868,469
883,469 113,097 12/94 8/94 5-27.5
Hearthside
II LDHA 1,955,378 95,000 2,967,134 (34,732) 95,000 2,932,402
3,027,402 695,918 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, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Heron's
Landing 1,204,600 176,121 1,410,573 30,521 176,121 1,441,094
1,617,215 364,383 10/92 10/92 7-27.5
Hidden
Cove 2,889,795 707,848 4,334,916 7,133 707,848 4,342,049
5,049,897 1,604,525 8/88 2/94 5-27.5
Higgensville
Estates 627,343 40,000 738,056 1,622 40,000 739,678
779,678 252,352 3/91 3/92 7-27.5
Inv. Group
of Payson 1,486,538 211,500 1,767,942 0 211,500 1,767,942
1,979,442 263,314 8/92 8/92 7-27.5
Kearney
Estates 634,038 30,000 763,159 1,875 30,000 765,034
795,034 245,142 1/92 5/92 7-27.5
Lake View
Associates 887,477 30,000 1,077,130 350 30,000 1,077,480
1,107,480 284,676 7/92 4/92 7-27.5
Laurelwood
Apts. 1,068,170 58,500 1,268,491 750 58,500 1,269,241
1,327,741 338,604 2/92 3/92 7-27.5
Lebanon
II LP 923,976 40,000 1,090,397 0 40,000 1,090,397
1,130,397 252,210 2/93 8/92 5-27.5
Lebanon
III Prop. 631,971 26,750 766,992 6,376 26,750 773,368
800,118 241,152 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, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- -------------------------------------------
- -------------------------------------------------------------------------------
- ----
Lilac
Properties 727,279 36,000 897,897 0 36,000 897,897
933,897 227,501 7/92 6/92 7-27.5
Livingston
Plaza 675,441 32,500 868,525 0 32,500 868,525
901,025 191,533 11/93 12/92 5-27.5
Madison
Partners 1,199,192 47,340 1,452,910 14,051 47,340 1,466,961
1,514,301 274,550 12/94 3/95 5-27.5
Manning
Lane 1,471,153 73,600 1,771,816 1,653 73,600 1,773,469
1,847,069 423,112 3/93 8/92 5-27.5
Marshall
Lane 553,375 20,000 672,691 1,186 20,000 673,877
693,877 163,865 12/92 8/92 5-27.5
Maryville
Prop. 718,010 57,000 834,823 16,663 57,000 851,486
908,486 265,325 3/92 5/92 7-27.5
Monark
Village 321,367 68,900 570,916 0 68,900 570,916
639,816 102,162 3/94 6/94 5-27.5
North
Prairie 880,638 5,000 1,121,143 8,639 5,000 1,129,782
1,134,782 297,121 5/93 9/92 5-27.5
Oak Grove
Villa 404,057 5,000 460,291 8,878 5,000 469,169
474,169 158,788 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, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- -----------------------------------------
---------------------------------------------
---------------------------------------
Oakwood
Village 1,107,899 42,000 1,341,412 694 42,000 1,342,106
1,384,106 366,463 5/92 5/92 7-27.5
Osage
Housing 1,215,379 110,000 2,309,861 61,444 110,000 2,371,305
2,481,305 633,141 6/92 4/92 7-27.5
Osceola
Estates 648,846 54,600 797,763 103,197 27,300 900,960
928,260 252,336 5/92 5/92 7-27.5
PDC Fifty
Five LP 1,292,975 50,170 1,576,823 5,770 50,170 1,582,593
1,632,763 336,180 9/93 10/92 5-27.5
Rainier
Manor 2,665,216 521,000 5,852,852 43,945 521,000 5,896,797
6,417,797 1,014,139 1/93 4/92 5-27.5
Ridgeview of
Brainerd 861,693 42,800 1,027,499 1,978 42,800 1,029,477
1,072,277 279,786 1/92 3/92 7-27.5
Rio
Members II 773,150 48,938 930,376 21,579 48,938 951,955
1,000,893 171,024 12/95 7/94 5-27.5
Rolling
Brook III 826,416 35,000 1,006,667 11,491 35,000 1,018,158
1,053,158 289,561 11/92 6/92 7-27.5
School
Street I 756,893 127,852 1,353,622 95,368 38,509 1,448,990
1,487,499 438,788 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, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- -----------------------------------------
---------------------------------------------
---------------------------------------
Shenandoah
Village 1,472,020 67,500 1,754,599 4,638 67,500 1,759,237
1,826,737 393,683 2/93 8/92 5-27.5
Showboat
Manor 795,458 31,200 968,253 16,085 31,200 984,338
1,015,538 263,823 2/92 7/92 5-27.5
Sioux Falls
Housing 1,322,676 146,694 2,656,753 8,202 146,694 2,664,955
2,811,649 711,270 9/92 5/92 7-27.5
Sunset
Square 740,054 50,000 896,507 8,535 50,000 905,042
955,042 176,701 8/92 90/2 7-27.5
Taylor
Mill 767,877 24,000 936,166 0 24,000 936,166
960,166 244,360 5/92 4/92 7-27.5
Timmons
Village 643,336 15,000 754,172 5,886 38,500 760,058
798,558 194,104 7/92 5/92 7-27.5
University
Meadows 1,987,105 62,985 3,579,473 10,408 62,985 3,589,881
3,652,866 961,887 12/92 6/92 5-28
Valatie
LP 1,370,716 30,000 1,712,263 20,130 30,000 1,732,393
1,762,393 468,970 4/93 6/92 7-27.5
Virgen
Del Pozo 3,333,018 120,000 4,274,133 39,756 120,000 4,313,889
4,433,889 854,107 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, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Villa
Del Mar 1,464,361 50,000 1,792,888 0 50,000 1,792,888
1,842,888 475,326 8/92 8/92 7-27.5
Wauchula
Ltd. 1,476,656 66,720 1,770,669 2,723 66,720 1,773,392
1,840,112 452,160 10/92 9/92 5-27.5
Weedpatch
Inv. Grp. 1,972,202 272,000 2,246,927 378 272,000 2,247,305
2,519,305 255,037 9/94 1/94 5-50
Westernport
Assoc. 1,487,937 18,645 1,833,384 3,694 18,645 1,837,078
1,855,723 409,171 2/93 7/92 5-27.5
Whitewater
Village 526,243 18,542 637,048 2,806 18,542 639,854
658,396 163,014 11/92 8/92 7-27.5
Wood Park
Pointe 1,168,443 117,500 1,329,664 1,348 117,500 1,331,012
1,448,512 360,469 5/92 6/92 5-27.5
---------- --------- ----------- ---------- --------- -----------
- ----------- ----------
84,710,037 6,214,902 111,326,972 18,388,041 6,103,309 129,715,013
135,818,322 28,906,992
========== ========= =========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1998. The column has been
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 L.P. - Series 15
Reconciliation of Land Building & Improvements current year changes
Balance at close of period - 03/31/98............................$ 135,589,142
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 229,180
Other............................................ 0
-----------
$ 229,180
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/99............................$ 135,818,322
===========
F-82
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 - 3/31/98..............................$ 24,452,995
Current year expense.................................. $ 4,453,997
---------
Balance at close of period - 3/31/98..............................$ 28,906,992
==========
F-83
</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, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
1413 Leaven
Worth 1,610,000 8,000 2,927,089 486,159 8,000 3,413,248
3,421,248 759,476 3/93 12/92 5-27.5
Anson 1,281,630 40,202 1,683,348 12,130 40,202 1,695,478
1,735,680 261,860 9/93 12/92 10-40
Aztec II 1,016,430 115,000 1,299,311 27,493 115,000 1,326,804
1,441,804 327,383 5/93 5/93 5-27.5
Bentonia
Elderly 842,072 21,000 678,677 386,765 21,000 1,065,442
1,086,442 150,124 2/94 7/93 5-27.5
Bernice
Villa 954,749 37,000 1,204,665 4,968 37,000 1,209,633
1,246,633 168,471 10/93 5/93 5-40
Blairsville
Rental I 755,904 58,377 866,980 42,180 35,000 909,160
944,160 141,703 9/94 12/92 5-27.5
Blairsville
Rental II 739,877 84,359 804,895 62,014 49,500 866,909
916,409 137,622 7/94 12/92 5-27.5
Blowing
Rock 511,555 47,500 663,473 686 47,500 664,159
711,659 101,239 11/94 12/93 5-27.5
F-84
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Branson
Chris-
tian I 1,505,525 163,350 2,990,564 5,340 163,350 2,995,904
3,159,254 578,326 6/94 3/94 5-27.5
Branson
Chris-
tian II 1,084,180 0 2,497,066 36,146 0 2,533,212
2,533,212 471,356 8/94 7/94 5-27.5
Butler
Rental 753,040 0 937,495 15,782 0 953,277
953,277 189,828 9/93 12/92 7-27.5
Canter-
field 767,770 48,000 934,169 736 48,000 934,905
982,905 223,477 1/93 11/92 5-27.5
Cape Ann 542,480 18,000 1,833,366 53,773 18,000 1,887,139
1,905,139 365,094 12/93 1/93 7-31.5
Cass
Partners 677,569 45,250 2,026,740 0 45,250 2,026,740
2,071,990 268,533 12/93 12/93 5-27.5
Cedar
Trace 505,108 18,000 639,500 2,925 18,000 642,425
660,425 165,371 7/93 10/92 5-27.5
Concord
Assoc. 1,129,829 61,532 1,223,133 121,108 61,532 1,344,241
1,405,773 340,008 2/93 2/93 5-27.5
F-85
Boston Capital Tax Credit Fund III L.P.- Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Clymer Park
Assoc 1,443,250 35,800 1,831,813 10,997 35,800 1,842,810
1,878,610 233,263 11/94 12/92 5-27.5
Cumberland
Wood 1,450,569 114,449 1,780,622 59,361 129,538 1,839,983
1,969,521 208,660 10/94 12/93 6-40
Davenport
Housing 3,073,433 223,889 6,598,309 83,985 223,889 6,682,294
6,906,183 1,373,118 2/94 10/93 7-27.5
Deer Run 701,592 30,000 1,536,783 0 30,000 1,536,783
1,566,783 338,923 3/93 8/93 5-27.5
Eastman
Elderly 1,179,282 80,000 1,428,172 25,266 36,900 1,453,438
1,490,358 290,449 10/93 12/92 5-27.5
Fairmeadow
Apts. 883,005 53,296 1,184,327 43,501 53,296 1,227,828
1,281,124 166,509 7/93 1/93 5-27.5
Falcon
Ridge 1,045,567 25,000 1,332,798 19,150 25,000 1,351,948
1,376,948 146,290 1/95 4/94 5-27.5
Gibson 906,136 30,290 1,138,786 350 30,290 1,139,136
1,169,426 196,346 6/93 12/92 5-27.5
F-86
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Greenfield 532,158 25,000 649,793 0 25,000 649,793
674,793 175,566 5/93 1/93 7-27.5
Greenwood 1,473,362 62,076 1,480,776 336,322 62,076 1,817,098
1,879,174 417,018 10/93 11/93 5-27.5
Harmony
House 1,471,785 57,000 1,764,438 14,574 57,000 1,779,012
1,836,012 305,357 7/93 11/92 5-27.5
Haynes
House 3,348,220 685,381 5,956,903 2,329,019 674,499 8,285,922
8,960,421 827,670 u/c 8/94 12-40
Holly Tree 884,838 58,900 1,069,733 5,830 58,900 1,075,563
1,134,463 257,159 2/93 11/92 5-27.5
Idabel
Prop. 1,384,026 50,000 1,791,971 0 50,000 1,791,971
1,841,971 427,822 12/93 4/93 5-25.5
Isola
Square 967,182 22,300 250,691 974,734 22,300 1,225,425
1,247,725 151,869 4/94 11/93 7-40
Joiner
Elderly 815,739 47,719 1,026,013 0 47,719 1,026,013
1,073,732 244,188 6/93 1/93 5-40
Lawrenceville
Manor 1,417,258 61,370 1,660,796 3,236 61,370 1,664,032
1,725,402 316,640 7/94 2/94 5-27.5
F-87
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- -------------------------------------------
- -------------------------------------------------------------------------------
- ----
Lawtell
Manor 925,656 45,000 1,201,948 11,736 45,000 1,213,684
1,258,684 174,831 8/93 4/93 7-40
Logan
Lane 1,298,139 54,000 1,602,465 2,962 54,000 1,605,427
1,659,427 377,337 3/93 9/92 5-27.5
Mariners
Pointe
I &II 3,923,246 170,020 7,548,131 102,746 170,020 7,650,877
7,820,897 1,760,933 8/93 12/92 7-27.5
Meadows of
Southgate 2,306,010 252,000 4,575,879 2,605 252,000 4,578,484
4,830,484 501,564 5/94 7/93 12-40
Mendota
Village 1,976,560 136,140 2,421,001 0 136,140 2,421,001
2,557,141 307,524 5/93 12/92 5-50
Midcity 3,059,100 15,058 6,611,666 4,800 15,058 6,616,466
6,631,524 1,072,365 6/94 9/93 5-27.5
Newport
Housing 1,237,530 160,000 1,405,411 (3,274) 160,000 1,402,137
1,562,137 210,600 10/93 2/93 5-27.5
Newport
Manor 956,549 31,908 1,175,109 31,804 31,908 1,206,913
1,238,821 180,072 12/93 9/93 5-40
F-88
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- -----------------------------------------
---------------------------------------------
---------------------------------------
Palantine
LP 1,427,831 37,400 1,785,282 5,511 37,400 1,790,793
1,828,193 360,303 5/94 5/94 5-27.5
Riviera
Apts. 1,704,479 100,000 2,979,700 579,524 132,400 3,559,224
3,691,624 667,575 12/93 12/92 5-27.5
Sable
Chase 5,065,455 502,774 12,248,475 20,989 502,774 12,269,464
12,772,238 2,235,678 12/94 12/93 7-27.5
St.Croix
Commons 1,096,731 44,681 2,607,046 (666,994) 44,681 1,940,052
1,984,733 365,387 12/94 10/94 5-27.5
St. Joseph
SQ 954,727 37,500 1,167,702 3,921 37,500 1,171,623
1,209,123 167,016 9/93 5/93 5-40
Simmes-
port 940,812 60,000 1,171,005 1,888 60,000 1,172,893
1,232,893 171,670 6/93 4/93 7-40
Stony-
Ground 1,432,565 127,380 1,794,961 (800) 129,005 1,794,161
1,923,166 413,799 6/93 12/92 5-27.5
Summers-
ville 621,187 20,000 774,259 1,617 20,000 775,876
795,876 209,182 6/93 5/93 5-27.5
F-89
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- -----------------------------------------
---------------------------------------------
---------------------------------------
Talbot
Village 680,939 22,300 833,494 7,289 22,300 840,783
863,083 196,255 4/93 8/92 5-27.5
Tchula
Elderly 833,262 20,000 1,071,899 2,931 20,000 1,074,830
1,094,830 161,962 12/93 7/93 5-27.5
Toulumne
City 1,597,103 190,000 1,912,157 0 190,000 1,912,157
2,102,157 229,225 8/93 12/92 5-50
Turtle
Creek 849,982 23,141 1,113,511 2,485 23,141 1,115,996
1,139,137 173,496 10/93 5/93 7-40
Twin Oaks
Assoc. 1,467,822 45,000 1,776,674 7,868 45,000 1,784,542
1,829,542 287,787 9/93 12/92 5-27.5
Victoria
Pointe 1,443,801 153,865 1,437,570 355,557 128,900 1,793,127
1,922,027 286,612 1/95 10/94 5-27.5
Viste Linda
Apts. 2,504,599 143,253 2,961,671 6,697 143,253 2,968,368
3,111,621 624,446 12/93 1/93 5-27.5
Wakefield
Housing 1,258,427 88,564 1,480,003 5,238 88,564 1,485,241
1,573,805 248,377 2/93 9/92 10-40
F-90
Boston Capital Tax Credit Fund III L.P. - Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
West End
Manor 990,207 52,300 1,188,913 (662) 52,300 1,188,251
1,240,551 274,083 5/93 5/93 5-27.5
Westchester
Oak Grove 1,192,033 38,010 2,281,529 45,900 35,000 2,327,429
2,362,429 596,196 4/93 12/92 5-27.5
Westchester
St. Joe 1,519,607 100,000 3,211,620 67,784 100,000 3,279,404
3,379,404 784,874 6/93 7/93 5-27.5
Westville
Prop. 717,913 25,000 912,139 0 25,000 912,139
937,139 229,825 7/93 2/93 5-25
Wilcox Inv.
Group 1,106,533 58,500 1,376,329 0 58,500 1,376,329
1,434,829 176,553 6/93 1/93 7-50
Woodlands
Apts 927,744 30,000 668,555 534,575 30,000 1,203,130
1,233,130 188,596 2/95 9/94 5-27.5
---------- --------- ----------- ---------- --------- -----------
- ----------- ----------
83,671,669 5,211,834 128,989,299 6,299,227 5,120,755 135,288,526
140,409,281 24,360,841
========== ========= =========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-91
</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-92Notes 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-93Notes 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 - 03/31/98............................$140,169,204
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 240,077
Other............................................ 0
-----------
$ 240,077
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/99............................$140,409,281
===========
F-94
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund III L.P. - Series 16
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 04/01/92........................$ 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
Current year additions*.................................$4,715,345
---------
Balance at close of period - 3/31/99..............................$24,360,841
==========
*-Total includes current year expense and amounts capitalized to building basis.
F-95
<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, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Annadale
Housing 9,391,845 226,000 12,180,150 4,950 226,000 12,185,100
12,411,100 1,892,353 6/90 1/96 5-27.5
Artesia
Prop. 1,417,729 30,730 1,865,231 1,115 30,730 1,866,346
1,897,076 345,862 9/94 9/94 5-27.5
Aspen
Ridge 861,912 36,000 2,004,059 51,058 36,000 2,055,117
2,091,117 433,952 11/93 9/93 5-27.5
Bladen-
boro 1,015,392 16,000 1,213,015 (27,474) 16,000 1,185,541
1,201,541 169,238 7/95 3/95 5-27.5
Brewer
St. 1,190,886 0 2,296,514 12,776 0 2,309,290
2,309,290 524,472 7/93 6/93 5-27.5
Briarwood
Apts. 914,266 38,500 20,850 1,207,049 38,952 1,227,899
1,266,851 132,988 7/93 6/93 5-27.5
Briarwood
Village 1,130,449 42,594 1,418,259 2,214 42,594 1,420,473
1,463,067 272,068 5/94 10/93 5-27.5
F-96
Boston Capital Tax Credit Fund III L.P. -
Series 17
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Briarwood
Dekalb 1,505,871 96,000 2,943,443 15,207 96,000 2,958,650
3,054,650 409,478 6/94 10/93 5-40
Cairo
Housing 1,071,129 17,000 1,309,062 15,113 17,000 1,324,175
1,341,175 312,464 4/93 5/93 7-27.5
California
Inv VI 3,868,597 400,000 7,446,261 (1,596,778) 400,000 5,849,483
6,249,483 2,047,171 5/89 1/94 5-27.5
California
Inv VII 8,863,346 803,050 25,913,966 240,831 803,050 26,154,797
26,957,847 4,416,745 12/93 12/93 5-27.5
Cambridge
YMCA 2,480,442 95,200 5,135,233 7,504 95,200 5,142,737
5,237,937 1,095,703 12/93 4/93 5-27.5
Caneyville
Prop. 478,062 36,000 601,775 (13,800) 36,000 587,975
623,975 138,209 4/93 5/93 5-27.5
Clinton
Estates 738,622 47,533 891,872 0 47,533 891,872
939,405 161,290 12/94 12/94 5-27.5
Cloverport
Prop. 755,744 21,500 947,659 (7,038) 21,500 940,621
962,121 212,784 7/93 4/93 5-27.5
College
Green 3,755,429 225,000 6,774,847 39,768 225,000 6,814,615
7,039,615 988,319 8/95 3/95 5-27.5
- F-97 -
Boston Capital Tax Credit Fund III L.P.-
Series 17
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Croften
Assoc. 804,548 46,511 961,097 0 46,511 961,097
1,007,608 134,210 3/93 4/93 5-27.5
Cypress
Point 2,966,734 265,000 4,794,440 35,853 265,000 4,830,293
5,095,293 599,539 12/94 2/94 5-27.5
Deerwood
Villlage 637,213 29,138 804,512 3,183 29,138 807,695
836,833 148,253 7/94 2/94 5-27.5
Doyle
Village 1,170,531 100,000 1,435,520 4,666 100,000 1,440,186
1,540,186 274,637 4/94 9/93 5-27.5
Gallaway
Assoc. 1,056,782 35,600 1,307,158 14,592 35,600 1,321,750
1,357,350 184,408 5/93 4/93 5-27.5
Glen-
Ridge 2,046,689 350,000 2,208,213 5,778 350,000 2,213,991
2,563,991 310,832 6/94 6/94 5-27.5
Green
Acres 1,199,237 173,447 1,366,874 7,101 173,447 1,373,975
1,547,422 257,364 1/95 11/94 5-27.5
Greenwood
Place 1,061,404 44,400 299,685 1,126,108 44,400 1,425,793
1,470,193 160,233 8/94 11/93 7-40
Hackley
Barclay 3,568,512 174,841 4,603,493 301,622 175,000 4,905,115
5,080,115 916,111 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, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Henson
Creek 3,975,585 945,000 7,971,879 6,649 945,000 7,978,528
8,923,528 1,075,096 4/94 5/93 5-27.5
Hickman
Assoc. 539,272 24,000 673,642 1,832 24,000 675,474
699,474 85,208 12/93 11/93 5-27.5
Houston
Village 679,933 11,500 850,901 1,290 11,500 852,191
863,691 164,444 5/94 12/93 5-27.5
Ivywood 3,009,749 290,542 5,712,656 14,285 290,542 5,726,941
6,017,483 1,259,626 10/93 6/93 5-27.5
Jonestown
Manor 867,634 0 311,764 937,801 36,900 1,249,565
1,286,465 133,889 12/94 12/93 7-40
Largo
Center 3,830,733 1,012,500 7,262,001 26,983 1,012,500 7,288,984
8,301,484 880,979 6/94 3/93 5-27.5
Lee
Terrace 1,488,407 93,246 4,573 1,709,720 93,246 1,714,293
1,807,539 292,716 12/94 2/94 5-27.5
Midland 943,268 60,000 2,422,788 7,716 60,000 2,430,504
2,490,504 374,202 6/94 9/93 5-27.5
Mount
Vernon 2,272,544 200,000 3,141,984 194,439 200,000 3,336,423
3,536,423 527,079 12/88 2/89 5-27.5
F-99
Boston Capital Tax Credit Fund III L.P. -
Series 17
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Oakwood
of Bennet-
sville 877,790 60,000 1,074,857 2,524 60,000 1,077,381
1,137,381 236,832 12/93 9/93 5-27.5
Opelousas
Point 1,389,914 50,000 559,121 1,361,898 50,000 1,921,019
1,971,019 244,598 3/94 1/93 5-27.5
Palmetto
Villas 1,607,456 60,724 2,034,151 1,500 60,724 2,035,651
2,096,375 348,498 4/94 5/94 5-27.5
Park
Place II 1,176,074 112,000 1,408,102 11,583 112,000 1,419,685
1,531,685 275,782 4/94 2/94 7-27.5
Pinehurst 808,323 24,000 1,033,022 32,177 24,000 1,065,199
1,089,199 217,136 2/94 2/94 5-27.5
Quail
Village 881,227 30,450 1,060,273 2,468 30,450 1,062,741
1,093,191 185,997 2/94 9/93 7-27.5
Sea
Breeze 1,234,504 94,000 1,515,733 2,841 94,000 1,518,574
1,612,574 247,505 1/95 3/94 5-27.5
Shawnee
Village 1,217,870 182,786 2,347,227 35,824 182,786 2,383,051
2,565,837 601,319 10/92 2/93 7-27.5
Sixth
St. Apts 2,291,865 151,687 1,123,504 3,190,385 162,687 4,313,889
4,476,576 532,867 12/94 12/93 5-27.5
F-100
Boston Capital Tax Credit Fund III L.P. -
Series 17
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ----------------------------------------------
Skowhegan
Housing 1,691,226 100,000 2,121,472 67,411 100,000 2,188,883
2,288,883 385,154 6/94 9/93 5-27.5
Soledad 1,955,485 340,000 2,005,222 0 340,000 2,005,222
2,345,222 224,240 1/94 10/96 5-50
Sugarwood
Park 3,524,115 281,875 5,949,680 4,833 281,875 5,954,513
6,236,388 913,398 7/95 4/94 5-27.5
Voorhees-
ville 1,100,515 74,600 1,254,914 5,731 74,600 1,260,645
1,335,245 284,120 5/93 7/93 7-27.5
Waynesburg
Housing 1,495,810 169,200 2,113,822 53,753 18,100 2,167,575
2,185,675 195,308 12/95 7/94 5-27.5
White
Castle 776,357 84,800 948,687 6,207 84,800 954,894
1,039,694 164,699 5/94 6/94 27.5
---------- --------- ----------- ---------- --------- -----------
- ----------- ----------
93,587,027 7,802,954 145,645,163 9,131,248 7,700,365 154,776,411
162,476,776 26,389,375
========== ========= =========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-101
</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-102Notes 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
===========
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 200,765
Other............................................ 0
-----------
$ 200,765
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................$ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/99............................$ 162,476,776
===========
F-103
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
==========
Current year expense.................................. $5,033,530
---------
Balance at close of period - 3/31/99..............................$26,389,375
==========
F-104
<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, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ------------------------------------------- Arch Devel-
opment 2,598,533 107,387 6,724,849 19,132 107,387 6,743,981
6,851,368 1,020,190 12/94 4/94 7-27.5
Aurora LP 1,410,489 65,000 1,704,709 9,469 65,000 1,714,178
1,779,178 397,668 9/93 6,93 5-27.5
Bear Creek
of Naples 4,989,532 488,011 8,884,145 4,572 491,639 8,888,717
9,380,356 1,755,968 4/95 3/94 5-27.5
Chatham LP 1,420,312 75,000 1,727,394 12,585 75,000 1,739,979
1,814,979 383,111 12/93 1/94 5-27.5
Chelsea
Square 301,393 21,000 939,281 3,500 21,000 942,781
963,781 119,896 12/94 8/94 7-34
Clarke
School 2,543,432 200,000 5,493,464 230,056 200,000 5,723,520
5,923,520 590,611 12/94 12/94 5-27.5
Ellijay
Rental 825,086 48,000 1,000,609 1,358 48,000 1,001,967
1,049,967 100,119 1/95 1/94 40
Evergreen
Hills 2,805,560 157,537 4,337,312 562,872 157,537 4,900,184
5,057,721 979,468 1/95 8/94 5-27.5
F-105
Boston Capital Tax Credit Fund III L.P. -
Series 18
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Glen
Place 1,220,523 60,610 3,489,218 (171,258) 60,610 3,317,960
3,378,570 560,996 6/94 4/94 5-27.5
Harris
Housing 1,318,812 200,000 266,624 2,568,540 160,000 2,835,164
2,995,164 227,137 11/95 6/94 5-27.5
Humboldt I 707,716 40,191 845,252 0 40,191 845,252
885,443 138,319 4/95 8/94 5-27.5
Jackson
Housing 864,375 30,250 1,080,272 (8,139) 30,250 1,072,133
1,102,383 177,375 6/94 1/94 5-27.5
Lakeview
Meadows II 1,631,012 88,920 2,775,712 1,609 88,920 2,777,321
2,866,241 325,534 5/94 8/93 5-27.5
Lanthrop
Properties 741,870 34,800 931,788 3,940 34,800 935,728
970,528 188,182 5/94 4/94 5-27.5
Leesville
Elderly 1,244,429 144,000 2,018,242 0 144,000 2,018,242
2,162,242 230,164 6/94 6/94 7-40
Lockport
Elderly 972,378 125,000 1,524,202 0 125,000 1,524,202
1,649,202 164,890 9/94 7/94 5-27.5
Maple Leaf
Apts. 1,103,252 22,860 1,355,390 11,301 22,860 1,366,691
1,389,551 154,674 12/94 8/94 5-27.5
F-106
Boston Capital Tax Credit Fund III L.P. -
Series 18
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Marengo
Park 730,801 50,010 886,695 0 50,010 886,695
936,705 182,713 3/94 10/93 5-27.5
Natchitoches
Elderly 953,873 50,000 1,634,279 10,000 50,000 1,644,279
1,694,279 166,753 12/94 6/94 7-40
Newton I 809,271 57,500 979,345 0 57,500 979,345
1,036,845 172,814 9/94 11/93 5-27.5
Oskaloosa I 482,890 32,000 589,423 476 32,000 589,899
621,899 103,696 9/94 11/93 5-27.5
Parvins LP 827,018 41,508 1,741,048 4,742 41,508 1,745,790
1,787,298 345,649 11/93 8/93 5-27.5
Peach
Tree LP 1,484,604 157,027 1,617,470 7,111 157,027 1,624,581
1,781,608 413,190 7/93 1/94 5-27.5
Ponderosa
Meadows 1,490,845 82,454 1,903,972 22,875 82,454 1,926,847
2,009,301 250,095 5/94 3/94 5-27.5
Preston
Wood 1,193,170 66,000 2,515,136 57,108 66,000 2,572,244
2,638,244 489,841 12/94 12/93 5-27.5
Richmond
Manor 1,031,642 54,944 1,285,522 266 54,944 1,285,788
1,340,732 260,408 6/94 6/94 5-27.5
Rio
Grande 2,259,215 96,480 2,999,680 10,065 96,480 3,009,745
3,106,225 390,286 5/94 6/94 5-27.5
F-107
Boston Capital Tax Credit Fund III L.P.- Series 18
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im- Depre-
struct uired ciation
Description brances Land provements ments Land provements Total
ciation Date Date Life
- --------------------------------------------------------------------------------------------
- -------------------------------
Ripley
Housing 502,503 14,000 646,850 11,504 14,000 658,354 672,354
74,327 7/94 1/94 5-40
San Joaquin
Entpr. III 1,829,413 55,000 2,463,181 0 55,000 2,463,181 2,518,181
224,200 12/94 3/94 5-50
Troy Est. 695,251 45,000 826,432 11,798 45,000 838,230 883,230
181,578 1/94 12/93 5-27.5
Virginia
Avenue 1,722,113 121,238 3,510,339 5,299 121,238 3,515,638 3,636,876
592,335 10/94 10/94 5-27.5
Vista Loma 1,612,428 267,612 1,600,128 189,949 267,612 1,790,077 2,057,689
196,870 9/94 5/94 5-27.5
Vivian
Elderly 197,692 45,000 1,668,938 0 45,000 1,668,938 1,713,938
185,809 9/94 7/94 7-40
Westminister
Meadows 2,085,894 250,000 3,605,890 8,041 250,000 3,613,931 3,863,931
724,581 11/94 12/93 5-27.5
---------- --------- ---------- --------- --------- ---------- ---------- --
- -------
46,607,327 3,394,339 75,572,791 3,588,771 3,357,967 79,161,562 82,519,529
12,469,447
========== ========= ========== ========= ========= ========== ==========
=========
Since the Operating Partnerships maintain a calendar year end, the information reported on
this schedule is as of December 31, 1998.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1998. The column has been omitted for
presentation purposes.
F-108
</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-109
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
===========
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 200,573
Other............................................ 0
-----------
$ 200,573
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/99........................... $ 82,519,529
===========
F-110
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
==========
Current year expense.................................. $2,798,960
---------
Balance at close of period - 3/31/99..............................$12,469,447
==========
F-111<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, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ------------------------------------------- Ankeney
Housing 3,650,267 217,500 8,144,577 81,453 217,500 8,226,030
8,443,530 879,952 3/95 8/94 10-40
Carrollton
Villa 1,261,496 60,015 2,682,843 (39,651) 60,015 2,643,192
2,703,207 462,438 3/95 6/94 5-27.5
Clarke
School 2,543,432 200,000 5,493,464 230,056 200,000 5,723,520
5,923,520 590,611 12/94 12/94 12-40
Forest
Associates 663,391 13,900 396,391 472,998 13,908 869,389
883,297 390,124 3/78 4/95 5-27.5
Garden Gate,
Ft. Worth 5,797,600 678,867 2,532,572 6,461,806 678,867 8,994,378
9,673,245 1,284,191 5/95 5/95 5-27.5
Garden Gate,
Plano 7,272,941 689,318 844,673 8,567,995 689,318 9,412,668
10,101,986 1,338,097 23/95 2/94 5-27.5
Hebbronville
Apts. 519,666 50,711 650,002 0 50,711 650,002
700,713 80,814 4/94 12/93 7-40
Hollister
Inv. Group 1,739,256 400,000 1,906,641 (94,559) 400,000 1,812,082
2,212,082 136,164 5/95 3/95 5-50
F-112
Boston Capital Tax Credit Fund III L.P. -
Series 19
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- ------------------------------------------- Holts Summit
Square 1,266,265 110,373 524,966 2,028,302 110,373 2,553,268
2,663,641 451,483 12/94 6/94 5-27.5
Independence
Properties 854,851 38,500 503,166 517,210 38,500 1,020,376
1,058,876 138,083 12/94 6/94 5-40
Jefferson
Square 2,524,900 385,000 4,548,650 52,551 385,000 4,601,201
4,986,201 520,761 8/95 5/94 5-27.5
Jenny Lynn
Properties 803,798 65,000 958,809 7,000 65,000 965,809
1,030,809 163,547 9/94 1/94 5-27.5
Jeremy
Associates 3,765,832 522,890 6,954,516 157,265 522,890 7,111,781
7,634,671 573,304 12/95 6/96 5-27.5
Lone Star
Senior 613,507 20,492 835,453 0 20,492 835,453
855,945 96,020 5/94 12/93 7-40
Madison
L.P. 650,761 42,707 810,978 0 32,500 810,978
843,478 142,899 10/94 12/93 5-27.5
Manasura
Villa 964,422 20,254 301,687 990,944 25,000 1,292,631
1,317,631 113,060 8/95 5/94 5-27.5
Martindale
Apts. 681,869 40,270 861,032 0 40,270 861,032
901,302 110,536 1/94 12/93 7-40
F-113
Boston Capital Tax Credit Fund III L.P. -
Series 19
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Munford
Village 761,746 24,800 980,102 815 24,800 980,917
1,005,717 125,632 4/94 10/93 5-40
Northpointe
LP 4,712,184 371,000 9,834,451 1,377 371,000 9,835,828
10,206,828 888,973 6/95 7/94 5-27.5
Sahale
Heights 856,000 72,000 1,062,350 110 72,000 1,062,460
1,134,460 190,136 6/94 1/94 5-27.5
Sherwood
Knoll 779,008 45,000 963,996 6,220 45,000 970,216
1,015,216 127,236 4/94 10/93 5-40
Sugarwood
Park 3,524,115 281,875 5,949,680 4,833 281,875 5,954,513
6,236,388 913,398 7/95 4/94 5-27.5
Summerset
Housing 938,496 68,665 1,160,825 (25,664) 68,665 1,135,161
1,203,826 127,671 11/95 1/94 7-27.5
Vista's
Associates 3,253,120 831,600 7,055,338 5,229 831,600 7,060,567
7,892,167 848,393 1/95 12/93 5-27.5
Wedgewood
Lane 999,498 85,000 1,106,604 5,050 85,000 1,111,654
1,196,654 146,649 9/94 6/94 5-40
F-114
Boston Capital Tax Credit Fund III L.P. -
Series 19
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 1999
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
- -----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
- --------------------------------------------------------------------------------
- -------------------------------------------
Willowood
Park 4,217,699 511,051 6,867,791 157,773 511,051 7,025,564
7,536,615 1,231,933 12/94 11/93 5-27.5
---------- --------- ---------- ---------- --------- ---------- --
- -------- ---------
55,616,120 5,846,788 73,931,557 19,589,113 5,841,335 93,520,670
99,362,005 12,072,105
========== ========= ========== ========== ========= ==========
========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1998.
*Decrease due to a reallocation of acquisition costs.
There were no carrying costs as of December 31, 1998. The column has been
omitted for presentation purposes.
F-115
</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-116
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 228,405
Other............................................ 0
-----------
$ 228,405
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/99.............................$ 99,362,005
===========
F-117
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..................................$2,591,856
---------
Balance at close of period - 3/31/97..............................$ 5,888,201
Current year expense....................................$3,087,218
---------
Balance at close of period - 3/31/98..............................$ 8,975,419
Current year expense....................................$3,096,686
---------
Balance at close of period - 3/31/99..............................$ 12,072,105
==========
F-118
<TABLE> <S> <C>
<ARTICLE> CT
<CIK> 0000879555
<NAME> BOSTON CAPITAL TAX CREDIT FUND III LP
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
<TOTAL-ASSETS> 117,785,304
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 117,785,304
<TOTAL-REVENUES> 358,856
<INCOME-TAX> 0
<INCOME-CONTINUING> (15,314,518)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (14,955,518)
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
