SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] Annual report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended March 31, 2000 or
--------------
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
----------- ------------
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
---------------------------------
-----------------------------
(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
-------------------
---------------------
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
----- -----
Indicate by check mark if disclosure of delinquent filers
pursuant
to Item 405 or Regulation S-K ( 229.405 of this chapter) is not
contained herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form
10-K
or any amendment to this Form 10-K. __
|xx|
DOCUMENTS INCORPORATED BY REFERENCE
-----------------------------------
The following documents of the Fund are incorporated by
reference:
Form 10-K
Parts Document
--------- ---------
Parts I, III October 7, 1993 Prospectus,
as supplemented
Parts II, IV Form 8-K dated April 4, 1994
Form 8-K dated April 4, 1994
Form 8-K dated April 7, 1994
Form 8-K dated April 8, 1994
Form 8-K dated April 12, 1994
Form 8-K dated April 14, 1994
Form 8-K dated May 12, 1994
Form 8-K dated May 29, 1994
Form 8-K dated May 31, 1994
Form 8-K dated June 16, 1994
Form 8-K dated June 27, 1994
Form 8-K dated June 27, 1994
Form 8-K dated July 8, 1994
Form 8-K dated September 1, 1994
Form 8-K dated September 12, 1994
Form 8-K dated September 21, 1994
Form 8-K dated October 19, 1994
Form 8-K dated October 25, 1994
Form 8-K dated October 28, 1994
Form 8-K dated November 19, 1994
Form 8-K dated January 12, 1995
BOSTON CAPITAL TAX CREDIT FUND III L.P.
Form 10-K ANNUAL REPORT
FOR THE YEAR ENDED March 31, 2000
TABLE OF CONTENTS
PART I
Item 1. Business
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Submission of Matters to a Vote of
Security Holders
PART II
Item 5. Market for the 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
------------
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, 2000, subscriptions had been received
and
accepted by the General Partner in Series 15, 16, 17, 18 and 19
for
21,996,102 BACs, representing capital contributions of
$219,961,020. The
Fund issued the last BACs in Series 19 on December 17, 1993.
This
concluded the Public Offering of the Fund.
The Offering, including information regarding the issuance
of BACs
in series, is described on pages 84 to 87 of the Prospectus, as
supplemented, under the caption "The Offering", which is
incorporated
herein by reference.
Description of Business
-----------------------
The Fund's principal business is to invest as a limited
partner in
other limited partnerships (the "Operating Partnerships") each of
which
1
will own or lease and will operate an Apartment Complex
exclusively or
partially for low- and moderate-income tenants. Each Operating
Partnership in
which the Fund will invest will own Apartment Complexes which are
completed,
newly-constructed, under construction or rehabilitation, or to-be
constructed
or rehabilitated, and which are expected to receive Government
Assistance.
Each Apartment Complex is expected to qualify for the low-income
housing tax
credit under Section 42 of the Code (the "Federal Housing Tax
Credit"),
thereby providing tax benefits over a period of ten to twelve
years in the
form of tax credits which investors may use to offset income,
subject to
certain strict limitations, from other sources. Certain
Apartment Complexes
may also qualify for the historic rehabilitation tax credit under
Section 48
of the Code (the "Rehabilitation Tax Credit"). The Federal
Housing Tax Credit
and the Government Assistance programs are described on pages 37
to 51 of the
Prospectus, as supplemented, under the captions "Tax Credit
Programs" and
"Government Assistance Programs," which is incorporated herein by
reference.
Section 236 (f) (ii) of the National Housing Act, as amended, in
Section 101
of the Housing and Urban Development Act of 1965, as amended,
each provide for
the making by HUD of rent supplement payments to low income
tenants in
properties which receive other forms of federal assistance such
as Tax
Credits. The payments for each tenant, which are made directly
to the owner
of their property, generally are in such amounts as to enable the
tenant to
pay rent equal to 30% of the adjusted family income. Some of the
Apartment
Complexes in which the Partnership has invested are receiving
such rent
supplements from HUD. HUD has been in the process of converting
rent
supplement assistance to assistance paid not to the owner of the
Apartment
Complex, but directly to the individuals. At this time, the
Partnership is
unable to predict whether Congress will continue rent supplement
programs
payable directly to owners of the Apartment Complex.
As of March 31, 2000 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, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
April Gardens Las Piedras,
Apts. III PR 32 $1,466,362 9/92 5/93 100% $
279,823
Autumwood Keysville,
Heights VA 40 1,334,418 8/92 1/93 100%
256,700
Barton Village Arlington,
Apartments GA 18 508,700 10/92 3/93 100%
101,154
Bergen Bergen,
Meadows NY 24 1,014,217 7/92 7/92 100%
199,420
Bridlewood Horse Cave,
Terrace KY 24 787,575 1/94 1/95 100%
167,679
Brunswick Lawrenceville,
Commons VA 24 819,137 3/92 9/92 100%
152,282
Buena Vista
Apartments, Union,
Phase II SC 44 1,449,144 3/92 1/92 100%
281,000
Calexico Calexico,
Senior Apts. CA 38 1,916,973 9/92 9/92 100%
366,220
Chestnut Altoona,
Hills Estates AL 24 737,312 9/92 9/92 100%
146,500
Columbia Camden,
Heights Apts. AR 32 1,288,636 10/92 9/93 100%
247,599
Coral Ridge Coralville,
Apartments IA 102 2,575,985 3/92 11/92 100%
2,257,827
Country
Meadows Sioux Falls,
II, III, IV SD 55 1,294,555 5/92 9/92 100%
1,220,825
Curwensville Curwensville,
House Apts. PA 28 1,210,581 9/92 7/93 100%
262,000
Deerfield Crewe,
Commons VA 39 1,226,083 4/92 6/92 100%
242,430
4
Boston Capital Tax Credit Fund III L.P. - Series
15
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
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East Park Dilworth,
Apts. I MN 24 $ 539,096 6/94 1/94 100% $
406,100
Edgewood
Apts. Munfordville,
KY 24 784,660 6/92 8/92 100%
156,763
Golden Age Oak Grove,
Apts. MO 17 402,939 4/92 11/91 100%
84,410
Graham Graham,
Village Apts. NC 50 1,313,934 10/94 6/95 100%
919,461
Greentree Utica,
Apts. OH 24 690,017 4/94 10/75 100%
64,069
Greenwood Fort Gaines,
Village GA 24 672,677 8/92 5/93 100%
131,268
Hadley's
Lake East Machias
Apts. ME 18 1,036,396 9/92 1/93 100%
291,400
Hammond Westernport,
Heights Apts. MD 35 1,483,861 7/92 2/93 100%
327,944
Harrisonville Harrisonville,
Properties II MO 24 606,682 3/92 11/91 100%
144,004
Harvest Point Madison,
Apts. SD 30 1,195,965 3/95 12/94 100%
268,760
Hearthside II Portage,
MI 60 1,943,408 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, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Heron's Lake Placid,
Landing I FL 37 $1,201,212 10/92 10/92 100% $
255,339
Hidden W. Pittsburg,
Cove CA 88 2,868,424 2/94 8/88 100%
200,000
Higginsville Higginsville,
Estates MO 24 625,869 3/92 3/91 100%
146,111
Kearney Kearney,
Estates MO 24 632,407 5/92 1/92 100%
138,103
Lakeside Lake Village
Apts. AR 32 1,221,316 8/94 8/95 100%
282,004
Lake View Lake View,
Green Apts. SC 24 885,273 3/92 7/92 100%
183,603
Laurelwood
Apartments, Winnsboro,
Phase II SC 32 1,065,460 3/92 2/92 100%
229,986
Lebanon
Properties Lebanon,
III MO 24 630,345 3/92 2/92 100%
152,171
Lebanon Spring Grove,
Village II VA 24 920,636 8/92 2/93 100%
169,000
Lilac Apts. Leitchfield,
KY 24 724,140 6/92 7/92 100%
148,015
Livingston Livingston,
Plaza TX 24 672,824 12/92 11/93 100%
176,534
6
Boston Capital Tax Credit Fund III L.P. - Series
15
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Manning Manning,
Lane Apts. SC 42 $1,467,124 8/92 3/93 100% $
296,436
Marshall Marshallville,
Lane Apts. GA 18 551,839 8/92 12/92 100%
114,200
Maryville Maryville,
Properties MO 24 716,202 5/92 3/92 100%
156,636
Meadow Grantsville,
View Apts. MD 36 1,482,083 5/92 2/93 100%
291,322
Millbrook Sanford,
Commons ME 16 918,089 6/92 11/92 100%
227,100
Monark Van Buren & Barling,
Homes AR 10 314,899 6/94 3/94 100%
239,800
North
Prairie Plainwell,
Manor Apts. MI 28 877,881 9/92 5/93 100%
206,820
North Trail Arkansas City,
Apts. KS 24 822,014 9/94 12/94 100%
194,118
Oakwood Century,
Village FL 39 1,105,147 5/92 5/92 100%
249,374
Osceola Osceola,
Estates Apts.IA 24 640,016 5/92 5/92 100%
161,325
Payson
Senior Payson,
Center Apts. AZ 39 1,482,898 8/92 8/92 100%
365,755
Rainier Mt. Rainier,
Manor Apts. MD 104 2,637,737 4/92 1/93 100%
1,095,382
Ridgeview Brainerd,
Apartments MN 24 859,793 3/92 1/92 100%
165,434
7
Boston Capital Tax Credit Fund III L.P. - Series
15
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-
-----------------------------------------------------------------
---------
Rio Mimbres Deming,
II Apartments NM 24 $ 771,202 4/92 4/92 100%
$ 149,811
River Chase Wauchula,
Apts. FL 47 1,473,091 8/92 10/92 100%
322,944
Rolling
Brook Algonac,
III Apts. MI 26 824,123 6/92 11/92 100%
185,632
School St. Marshall,
Apts.Phase I WI 24 744,928 4/92 5/92 100%
666,025
Shenandoah Shenandoah,
Village PA 34 1,468,015 8/92 2/93 100%
317,136
Showboat Chesaning,
Manor Apts. MI 26 793,294 7/92 2/93 100%
178,084
Spring Creek Derby,
II Apts. KS 50 1,175,201 4/92 6/92 100%
1,060,282
Summit Ridge Palmdale,
Apartments CA 304 8,785,684 10/92 12/93 100%
5,639,000
Sunset Sq. Scottsboro,
Apts. AL 24 737,995 9/92 8/92 100%
143,900
Taylor Mill Hodgenville,
Apartments KY 24 765,956 4/92 5/92 100%
173,606
Timmons Lynchburg,
Village Apts. SC 18 620,620 5/92 7/92 100%
122,450
University Detroit,
Meadows MI 53 2,023,230 6/92 12/92 100%
1,676,750
Valatie Valatie,
Woods NY 32 1,359,603 6/92 4/92 100%
277,600
8
Boston Capital Tax Credit Fund III L.P. - Series 15
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Village Healdton,
Woods OK 24 $ 698,864 8/94 12/94 100% $
173,616
Urb. Corales
Villas de Hatillo,
Del Mar PR 32 1,461,072 8/92 8/92 100%
307,200
Virgen del
Pozo Garden Sabana Grande,
Apts. PR 70 3,326,069 8/92 7/93 100%
772,550
Weedpatch Weedpatch,
Country Apts. CA 36 1,966,546 1/94 9/94 100%
461,197
Whitewater Ideal,
Village Apts. GA 18 524,782 8/92 11/92 100%
108,000
Wood Park Arcadia,
Pointe FL 36 1,165,492 6/92 5/92 100%
243,672
9
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
1413
Leavenworth Omaha,
Apts. NE 60 $1,591,231 12/92 3/93 100%
$1,287,526
Abbey Nixa,
Orchards Apts. MO 48 1,479,501 3/94 6/94 100%
1,163,875
Abbey
Orchards Nixa,
Apts.II MO 56 1,077,602 8/94 7/94 100%
1,137,750
Bernice Bernice,
Villa Apts. LA 32 947,496 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 1,413,070 2/94 7/94 100%
278,519
Canterfield Denmark,
Manor SC 20 765,639 11/92 1/93 100%
175,959
Cape Ann
YMCA Gloucester,
Community Ctr. MA 23 517,877 1/93 12/93 100%
693,132
Carriage Westville,
Park Village OK 24 713,768 2/93 7/93 100%
144,714
Cedar Brown City,
Trace Apts. MI 16 502,746 10/92 7/93 100%
102,500
Cielo Azul Aztec,
Apts. NM 30 1,013,664 5/93 5/93 100%
389,749
Clymer Clymer,
Park Apts. PA 32 1,443,511 12/92 11/94 100%
317,428
10
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Crystal Davenport,
Ridge Apts. IA 126 $3,039,831 10/93 2/94 100% $
3,032,972
Cumberland Middlesboro,
Woods Apts. KY 40 1,446,433 12/93 10/94 100%
412,700
Deer Run Warrenton,
Apts. NC 31 692,361 8/93 3/93 100%
572,200
Derry Round Borough of Derry,
House Court PA 26 1,124,600 2/93 2/93 100%
248,019
Fairmeadow Latta,
Apts. SC 24 880,274 1/93 7/93 100%
195,400
Falcon Beattyville,
Ridge Apts. KY 32 1,041,709 4/94 1/95 100%
247,200
Forest Butler,
Pointe Apts. GA 25 746,903 12/92 9/93 100%
162,397
Gibson Gibson,
Manor Apts. NC 24 901,707 12/92 6/93 100%
161,412
Greenfield Greenfield,
Properties MO 20 532,292 1/93 5/93 100%
126,046
Greenwood Mt. Pleasant,
Apts. PA 36 1,467,719 11/93 10/93 97%
352,000
Harmony Galax,
House Apts. VA 40 1,465,978 11/92 7/93 100%
285,588
Haynes House Roxbury,
Apartments MA 131 3,264,873 8/94 9/95 81%
1,955,670
Holly Tree Holly Hill,
Manor SC 24 882,399 11/92 2/93 100%
201,490
Isola Square Isola,
Apartments MS 32 966,936 11/93 4/94 100%
246,722
11
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Joiner Joiner,
Manor AR 25 $ 810,415 1/93 6/93 100%
$149,670
Landview Bentonia,
Manor MS 28 839,549 7/93 2/94 100%
190,109
Laurel Idabel,
Ridge Apts. OK 52 1,378,665 4/93 12/93 100%
282,606
Lawtell Lawtell,
Manor Apts. LA 32 920,277 4/93 8/93 100%
202,603
Logan Ridgeland,
Lane Apts SC 36 1,294,912 9/92 3/93 100%
274,750
Mariner's Milwaukee,
Pointe Apts WI 64 2,330,437 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 2,287,184 7/93 5/94 100%
1,716,000
Mendota Mendota,
Village Apts.CA 44 1,970,254 12/92 5/93 100%
438,300
Mid City Jersey City,
Apts. NJ 58 3,010,828 9/93 6/94 100%
3,097,210
Newport
Elderly Newport,
Apts. VT 24 1,237,529 2/93 10/93 100%
221,626
Newport Newport,
Manor Apts. TN 30 952,733 9/93 12/93 100%
204,863
Oak Forest Eastman,
Apts. GA 41 1,174,766 12/92 10/93 100%
251,269
12
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Parkwoods Anson,
Apts. ME 24 $1,281,630 12/92 9/93 100% $
320,206
Plantation Tchula,
Manor MS 28 830,144 7/93 12/93 100%
195,030
Ransom St. Blowing Rock,
Apartments NC 13 510,055 12/93 11/94 100%
92,749
Riviera Miami Beach,
Apts. FL 56 1,697,850 12/92 12/93 100%
1,442,978
Sable Chase McDonough,
of McDonough GA 222 4,982,971 12/93 12/94 100%
5,618,968
Simmesport Simmesport,
Square Apts. LA 32 940,307 4/93 6/93 100%
198,500
St. Croix Woodville,
Commons Apts. WI 40 1,078,450 10/94 12/94 100%
534,847
St. Joseph St. Joseph,
Square Apts. LA 32 954,408 5/93 9/93 100%
206,086
Summersville Summersville,
Estates MO 24 619,230 5/93 6/93 100%
157,976
Stony Ground St. Croix,
Villas VI 22 1,428,122 12/92 6/93 100%
358,414
Talbot Talbotton,
Village II GA 24 678,967 8/92 4/93 100%
129,683
Tan Yard
Branch Blairsville,
Apts. I GA 24 754,226 12/92 9/94 100%
151,154
Tan Yard
Branch Blairsville,
Apts. II GA 25 738,232 12/92 7/94 100%
144,304
13
Boston Capital Tax Credit Fund III L.P. - Series
16
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
The
Fitzgerald Plattsmouth,
Building NE 20 $ 656,484 12/93 12/93 100% $
924,780
The
Woodlands Tupper Lake,
NY 18 925,767 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 27 847,450 5/93 10/93 100%
185,392
Valley View Palatine Bridge,
Apartments NY 32 1,421,514 5/94 5/94 100%
326,870
Victoria North Port,
Pointe Apts. FL 42 1,439,788 10/94 1/95 100%
338,058
Vista Linda Sabana Grande,
Apartments PR 50 2,499,314 1/93 12/93 100%
435,530
West End Union,
Manor SC 28 987,068 5/93 5/93 100%
231,741
Westchester
Village Oak Grove,
of Oak Grove MO 33 1,165,663 12/92 4/93 100%
889,700
Westchester
Village of St. Joseph,
St. Joseph MO 60 1,519,701 7/93 6/93 100%
1,316,500
Willcox Willcox,
Senior Apts. AZ 30 1,103,047 1/93 6/93 100%
268,747
Woods Damascus,
Landing Apts.VA 40 1,462,114 12/92 9/93 100%
286,171
14
Boston Capital Tax Credit Fund III L.P. - Series
17
PROPERTY PROFILES AS OF March 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Annadale Fresno,
Apartments CA 222 $9,757,626 1/96 6/90 100% $
-0-
Artesia Artesia,
Properties NM 40 1,411,537 9/94 9/94 100%
399,464
Aspen Ridge Omaha,
Apts. NE 42 836,749 9/93 11/93 100%
809,750
Briarwood Clio,
Apartments SC 24 910,906 12/93 8/94 100%
211,133
Briarwood
Apartments DeKalb,
of DeKalb IL 48 1,453,593 10/93 6/94 100%
1,041,834
Briarwood Buena Vista,
Village GA 38 1,127,928 10/93 5/94 100%
252,700
Brookwood Blue Springs,
Village MO 72 2,241,865 12/93 12/94 100%
1,629,100
Cairo Senior Cairo,
Housing NY 24 1,068,215 5/93 4/93 100%
201,711
Caney Creek Caneyville,
Apts. KY 16 476,377 5/93 4/93 100%
118,800
Central Cambridge,
House MA 128 2,395,270 4/93 12/93 100%
2,498,109
Clinton Clinton,
Estates MO 24 736,543 12/94 12/94 100%
162,717
Cloverport Cloverport,
Apts. KY 24 752,294 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, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Crofton Crofton,
Manor Apts. KY 24 $ 801,345 4/93 3/93 100%
$ 168,420
Deerwood Adrian,
Village Apts.GA 20 635,532 2/94 7/94 100%
160,900
Doyle Darien,
Village GA 38 1,167,405 9/93 4/94 100%
235,509
Fuera Bush
Senior Fuera Bush,
Housing NY 24 1,097,069 7/93 5/93 100%
189,364
Gallaway Gallaway,
Manor Apts. TN 36 1,053,473 4/93 5/93 100%
221,432
Glenridge Bullhead City,
Apartments AZ 52 2,041,178 6/94 6/94 100%
520,500
Green Acres West Bath,
Estates ME 48 1,180,891 1/95 11/94 100%
135,849
Green Court Mt. Vernon,
Apartments NY 76 2,237,748 11/94 11/94 86%
964,813
Henson Fort Washington,
Creek Manor MD 105 3,939,014 5/93 4/94 100%
2,980,421
Hickman
Manor Hickman,
Apts. II KY 16 536,777 11/93 12/93 100%
134,094
Hill Bladenboro,
Estates, II NC 24 1,013,777 3/95 7/95 100%
132,300
Houston Alamo,
Village GA 24 670,070 12/93 5/94 100%
169,418
Isola Greenwood,
Square Apts. MS 36 1,059,028 11/93 8/94 100%
304,556
16
Boston Capital Tax Credit Fund III L.P. - Series
17
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Ivywood Smyrna,
Park Apts. GA 106 $2,963,921 6/93 10/93 100%
$2,093,847
Jonestown Jonestown,
Manor Apts. MS 28 865,191 12/93 12/94 100%
243,605
Largo Ctr. Largo,
Apartments MD 100 3,795,211 3/93 6/94 100%
2,753,475
Laurel Naples,
Ridge Apts. FL 78 2,927,658 2/94 12/94 100%
1,788,844
Lee Terrace Pennington Gap,
Apartments VA 40 1,484,195 2/94 12/94 100%
288,268
Maplewood Union City,
Park Apts. GA 110 3,495,997 4/94 7/95 100%
1,416,091
Oakwood
Manor of Bennettsville,
Bennettsville SC 24 875,076 9/93 12/93 100%
189,200
Opelousas Opelousas,
Point Apts. LA 44 1,384,682 11/93 3/94 100%
439,277
Orchard Beaumont,
Park CA 144 3,802,193 1/94 5/89 100%
250,000
Palmetto Palmetto,
Villas FL 49 1,599,243 5/94 4/94 100%
421,795
Park Lehigh Acres,
Place FL 36 1,171,672 2/94 5/94 100%
283,687
Pinehurst Farwell,
Senior Apts. MI 24 803,794 2/94 2/94 100%
183,176
Quail Reedsville,
Village GA 31 877,909 9/93 2/94 100%
171,855
Royale Glen Muskegon,
Townhomes MI 79 3,449,458 12/93 12/94 100%
909,231
17
Boston Capital Tax Credit Fund III L.P. - Series
17
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Seabreeze Inglis,
Manor FL 37 $1,231,072 3/94 1/95 100%
$ 294,387
Soledad Soledad,
Senior Apts. CA 40 1,947,996 10/93 1/94 100%
407,894
Stratford Midland,
Place MI 53 970,000 9/93 6/94 100%
892,915
Summit Palmdale,
Ridge Apt. CA 304 8,785,684 12/93 12/93 100%
5,191,039
Villa West Topeka,
V Apartments KS 52 1,193,796 2/93 10/92 100%
902,700
Waynesburg Waynesburg,
House Apts. PA 34 1,491,293 7/94 12/95 100%
501,140
West Front Skowhegan,
Residence ME 30 1,671,988 9/94 8/94 100%
487,390
West Oaks Raleigh,
Apartments NC 50 1,179,793 6/93 7/93 100%
811,994
White White Castle,
Castle Manor LA 24 774,280 6/94 5/94 100%
198,684
18
Boston Capital Tax Credit Fund III L.P. - Series
18
PROPERTY PROFILES AS OF March 31, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Arch Boston,
Apartments MA 75 $2,578,751 4/94 12/94 100%
$3,017,845
Bear Creek Naples,
Apartments FL 118 4,974,185 3/94 4/95 100%
3,586,687
Briarwood Humbolt,
Apartments IA 20 706,219 8/94 4/95 100%
162,536
California San Joaquin,
Apartments CA 42 1,822,871 3/94 12/94 100%
519,100
Chatham Chatham,
Manor NY 32 1,411,655 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 2,532,745 12/94 12/94 100%
1,804,536
Cox Creek Ellijay,
Apartments GA 25 823,720 1/94 1/95 100%
214,824
Evergreen Macedon,
Hills Apts. NY 72 2,790,036 8/94 1/95 100%
1,627,293
Glen Place Duluth,
Apartments MN 35 1,203,448 4/94 6/94 100%
1,328,621
Harris Music West Palm Beach,
Building FL 38 1,305,978 6/94 11/95 100%
1,286,304
Kristine Bakersfield,
Apartments CA 60 1,736,933 10/94 10/94 100%
1,636,293
Lakeview Battle Creek,
Meadows II MI 60 1,607,899 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, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Lathrop Lathrop,
Properties MO 24 $ 739,251 4/94 5/94 100%
$ 171,579
Leesville Leesville,
Elderly Apts.LA 54 1,228,800 6/94 6/94 100%
776,500
Lockport Lockport,
Seniors Apts.LA 40 962,005 7/94 9/94 100%
595,439
Maple Leaf Franklinville,
Apartments NY 24 1,100,235 8/94 12/94 100%
296,587
Maple Aurora,
Terrace NY 32 1,403,785 9/93 9/93 100%
279,988
Marengo Marengo,
Park Apts. IA 24 728,006 10/93 3/94 100%
133,552
Meadowbrook Oskaloosa,
Apartments IA 16 481,530 11/93 9/94 100%
96,908
Meadows Show Low,
Apartments AZ 40 1,486,496 3/94 5/94 100%
420,302
Natchitoches
Senior Natchitoches,
Apartments LA 40 946,047 6/94 12/94 100%
644,175
Newton Newton,
Plaza Apts. IA 24 806,979 11/93 9/94 100%
166,441
Oakhaven Ripley,
Apartments MS 24 500,020 1/94 7/94 100%
116,860
Parvin's
Branch Vineland,
Townhouses NJ 24 807,254 8/93 11/93 100%
761,856
20
Boston Capital Tax Credit Fund III L.P. - Series
18
PROPERTY PROFILES AS OF March 31, 2000
Continued
---------
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Peach Tree Felton,
Apartments DE 32 $1,479,985 1/94 7/93 100% $
206,100
Pepperton Jackson,
Villas GA 29 862,047 1/94 6/94 100%
222,762
Prestonwood Bentonville,
Apartments AR 62 1,162,139 12/93 12/94 100%
1,067,200
Richmond Richmond,
Manor MO 36 1,028,177 6/94 6/94 100%
231,593
Rio Grande Eagle Pass,
Apartments TX 100 2,239,479 6/94 5/94 100%
666,840
Troy Troy,
Estates MO 24 692,084 12/93 1/94 100%
159,007
Vista Loma Bullhead City,
Apartments AZ 41 1,607,866 5/94 9/94 100%
465,650
Vivian Vivian,
Seniors Apts. LA 40 185,484 7/94 9/94 100%
625,691
Westminster
Meadow Grand Rapids,
Apartments MI 64 2,070,717 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, 2000
Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Callaway Holt's Summit,
Villa MO 48 $1,237,530 6/94 12/94 100% $
1,181,010
Carrollton Carrollton,
Villa MO 48 1,232,713 6/94 3/95 100%
1,121,758
Clarke Newport,
School RI 56 2,532,745 12/94 12/94 100%
1,153,719
Coopers Irving,
Crossing TX 93 3,734,408 6/96 12/95 100%
2,145,000
Delaware
Crossing Ankeny,
Apartments IA 152 3,593,512 8/94 3/95 100%
3,337,884
Garden Gate Forth Worth,
Apartments TX 240 5,743,020 2/94 4/95 100%
3,576,605
Garden Gate Plano,
Apartments TX 240 7,204,471 2/94 5/95 100%
3,166,064
Hebbronville Hebbronville,
Senior TX 20 516,724 12/93 4/94 100%
82,592
Jefferson Denver,
Square CO 64 2,499,983 5/94 8/95 100%
1,705,351
Jenny Lynn Morgantown,
Apts. KY 24 801,027 1/94 9/94 100%
182,800
Lone Star Lone Star,
Senior TX 24 611,262 12/93 5/94 100%
138,740
Mansura
Villa II Mansura,
Apartments LA 32 961,145 5/94 8/95 100%
227,910
Maplewood Union City,
Park Apts. GA 110 3,495,997 4/94 7/95 100%
1,416,091
Martindale Martindale,
Apts. TX 24 678,707 12/93 1/94 100%
154,790
22
Boston Capital Tax Credit Fund III L.P. - Series
19
PROPERTY PROFILES AS OF March 31, 2000
Continued
--------- Mortgage
Cap Con
Balance Qualified
paid
Property As of Acq. Const Occupancy
thru
Name Location Units 12/31/99 Date Comp. 3/31/00
3/31/00
-----------------------------------------------------------------
----------
Munford Munford,
Village AL 24 $ 758,895 10/93 4/94 100% $
165,800
Northpoint Kansas City,
Commons MO 158 4,668,822 7/94 6/95 100%
2,124,024
Poplar Madison,
Ridge Apts. VA 16 648,918 12/93 10/94 100%
124,704
Prospect
Villa III Hollister,
Apartments CA 30 1,734,893 3/95 5/95 100%
499,104
Sahale
Heights Elizabethtown,
Apts. KY 24 853,530 1/94 6/94 100%
238,600
Seville Forest Village,
Apartments OH 24 661,425 3/94 3/78 100%
47,780
Sherwood Rainsville,
Knoll AL 24 776,732 10/93 4/94 100%
162,500
Summerset Swainsboro,
Apartments GA 30 936,029 1/94 11/95 100%
223,029
Tanglewood Lawrenceville,
Apartments GA 130 4,180,811 11/93 12/94 100%
3,020,840
Village Independence,
North I KS 24 851,824 6/94 12/94 100%
190,471
Vistas at Largo,
Lake Largo MD 110 3,217,267 12/93 1/95 100%
2,833,420
Wedgewood
Lane Cedar City,
Apartments UT 24 996,631 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, 2000, the Fund has 13,692 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
2,546
investors holding 3,870,500 BACs, Series 16 consists of
3,540
investors holding 5,429,402 BACs, Series 17 consists of
3,040
investors holding 5,000,000 BACs, Series 18 consists of
2,124
investors holding 3,616,200 BACs, and Series 19
consists of
2,442 investors holding 4,080,000 BACs at March 31,
2000.
(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, 2000.
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, 1996 through March
31,
2000. 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,
2000 1999 1998 1997
1996
-------- -------- -------- --------
--------
Interest &
Other Income $ 207,011 $ 358,856 $ 341,565 $ 555,991
$ 1,034,800
Share of Loss
of Operating
Partnership(11,654,615) (12,121,431) (13,145,436) (15,051,842)
(14,435,496)
Operating Exp (2,647,295) (3,192,943) (2,938,230) (3,210,372)
(3,313,615)
---------- ----------- ---------- -----------
----------
Net Loss $(14,094,899)$(14,955,518)
$(15,742,101)$(17,706,223)$(16,714,311)
=========== =========== ========== ===========
==========
Net Loss
per BAC $ (.63)$ (.67) $ (.71) $
(.80)$ (.75)
=========== =========== ========== ===========
==========
As of As of As of As of
As of
March 31, March 31, March 31, March 31,
March 31,
2000 1999 1998 1997
1996
-------- -------- -------- --------
--------
Balance Sheet
-------------
Total Assets $105,516,292 $117,785,304 $131,189,787 $145,845,635
$167,285,510
=========== =========== =========== ===========
===========
Total Liab. $ 14,810,950 $ 12,985,063 $ 11,434,028 $ 10,350,261
$ 14,069,497
Partners' =========== =========== =========== ===========
===========
Capital $ 90,705,342 $104,800,241 $119,755,759 $135,495,374
$153,216,013
=========== =========== =========== ===========
===========
Other Data
----------
Tax Credits per BAC for the Investors Tax
Year, the Twelve Months Ended December
31, 1999, 1998, 1997, 1996 and 1995*
$ 1.39 $ 1.39 $ 1.39 $ 1.37
$ 1.26
========== =========== =========== ===========
==========
* 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, 2000 were
$2,598,696, and total
fund management fees accrued as of March 31, 2000 were
$12,200,996. During the year ended March 31, 2000 the fund paid
fees of $1,025,000 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,
1998, 1999 and 2000 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, 2000, the Fund used none
of Series 15 net offering proceeds to pay outstanding
installments of its capital contributions. As of March 31, 2000
proceeds from the offer and sale of BACs in Series 15 had been
used to invest in a total of 68 Operating Partnerships in an
aggregate amount of $29,390,546, and the Fund had completed
payment of all installments of its capital contributions to 65 of
the 68 Operating Partnerships. Series 15 has $32,922 in capital
contributions that remain to be paid to the other 3 Operating
Partnerships.
(Series 16). The Fund commenced offering BACs in Series 16 on
July 10,
1992. The Fund received and accepted subscriptions for
$54,293,000, representing 5,429,402 BACs in Series 16. Offers
and sales of BACs in Series 16 were completed and the last of the
BACs in Series 16 were issued by the Fund on December 28, 1992.
During the fiscal year ended March 31, 2000, the Fund used
$2,500
of Series 16 net offering proceeds to pay outstanding
installments
of its capital contributions to 1 Operating Partnership. As of
March 31, 2000 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 $140,006 in capital contributions that remain to be paid to
the other 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, 2000, the Fund used none
of Series 17 net offering proceeds to pay outstanding
installments of its capital contributions. As of March 31, 2000
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 $37,062,980, and the Fund had completed
payments of all installments of its capital contributions to 41
of the 49 Operating Partnerships. Series 17 has outstanding
contributions payable to 8 Operating Partnerships in the amount
of $1,206,768 as of March 31, 2000. Of the amount outstanding,
$1,108,873 has been loaned to one of the Operating Partnerships.
In addition $15,097 has been funded into an escrow account on
behalf of another Operating Partnership. The loan will be
converted to capital and the remaining contributions of $82,798,
as well as the escrowed funds, will be released when the
Operating Partnership have achieved the conditions set fourth in
their partnership agreements.
(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, 2000, the Fund used none
of Series 18 net offering proceeds to pay outstanding
installments
of its capital contributions. As of March 31, 2000 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, 2000, the Fund used none
of Series 19 net offering proceeds to pay outstanding
installments of its
capital contributions. As of March 31, 2000 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, 2000 and 1999 was $2,173,531 and
$2,207,890,
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, 2000 and 1999, the average
Qualified
Occupancy for the series was 100%. The series had a total of 68
properties at March 31, 2000, all of which were at 100% qualified
occupancy.
For the tax years ended December 31, 1999 and 1998, the series,
in total,
generated $3,048,065 and $3,195,744, respectively, in passive
income tax
losses that were passed through to the investors and also
provided $1.46 and $1.47, respectively, in tax credits per BAC to
the investors.
29
As of March 31, 2000 and 1999, Investments in Operating
Partnerships
for Series 15 was $12,293,726, and $14,142,163 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, 1999 and 1998 the Operating
Partnerships reflected a net income of $695,847 and $525,145,
respectively, when adjusted for depreciation, which is a non-cash
item.
Operations continue to improve at Hidden Cove Apartments
(Hidden Cove) as evidenced by stabilized occupancy and increased
rental collections. To date, the property has been able to
complete minor capital improvements and fund its replacement
reserve account without financial assistance. It is anticipated
that the property will be able to operate at breakeven, barring
any significant unforeseen repairs. The Operating General
Partner has historically been unsuccessful in securing
refinancing through local lenders. Refinancing will be attempted
again in 2000 once the property has maintained stabilized
occupancy greater than 90% for a significant period of time
As part of the January 1999 debt restructure of School Street I
LP, (School Street Apt. Phase I) the lender instituted a capital
improvements project to be completed by December 1999. At year-
end most of the required improvements were completed. The lender
has agreed to extend the deadline for the remaining items. In an
effort to further improve operations at the property the
Operating General Partner hired a new management company in
September 1999. The new management company has been pursuing
evictions of delinquent tenants, and as a result the average
occupancy of the property declined to 50% in the fourth quarter
of 1999. Occupancy has shown steady improvement since the
evictions and was at 71% as of April 2000. The Operating General
Partner is continuing to actively participate with the new
management company in the partnership's operations in order to
achieve high occupancy and positive cash flow at the property.
(Series 16). As of March 31, 2000 and 1999, the average
Qualified
Occupancy for the series was 99.7%. The series had a total of 64
properties at March 31, 2000. Out of the total, 62 were at 100%
qualified occupancy.
For the tax years ended December 31, 1999 and 1998, the series,
in total,
generated $3,831,645 and $3,815,287, 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, 2000 and 1999, Investments in Operating
Partnerships
for Series 16 was $23,933,776 and $27,165,227, 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.
30
For the years ended December 31, 1999 and 1998 the Operating
Partnerships reflected a net income of $1,031,507 and $1,346,767,
respectively, when adjusted for depreciation, which is a non-cash
item.
Cass Partners, L.P. (Fitzgerald Apartments) continues to
operate below breakeven due to low occupancy. An increasing
supply of affordable housing in the area with superior amenities
has hampered marketing efforts and made tenant retention
difficult. In addition, the management company has encountered
difficulty in its efforts to lease one of the three commercial
spaces that has been vacant for a lengthy period of time. At
this time, the Operating General Partner is examining market
strategies and outreach efforts to improve residential occupancy
and the possibility of rental reductions on the commercial space
to speed lease up. The Operating General Partner continues to
support the property financially and is working to refinance the
partnership's second mortgage, which matures in August 2000.
(Series 17). As of March 31, 2000 and 1999, the average
Qualified
Occupancy for the Series was 99.7%. The series had a total of 49
properties at March 31, 2000. Out of the total 48 were at 100%
qualified occupancy.
For the tax years ended December 31, 1999 and 1998, the series,
in total,
generated $3,306,665 and $3,287,312, respectively, in passive
income tax
losses that were passed through to the investors and also
provided $1.40 for both years in tax credits per BAC to the
investors.
As of March 31, 2000 and 1999 Investments in Operating
Partnerships
for Series 17 was $21,661,017 and $24,774,196, 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, 1999 and 1998 the Operating
Partnerships reflected a net income of $976 and $299,393,
respectively, when adjusted for depreciation, which is a non-cash
item.
Annadale Housing Partners (Kingsview Manor & Estates) has
reported net losses due to operational issues associated with the
property. 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. As a
result of these changes, occupancy reached 92% as of December 31,
1999 and 93.7% as of March 31, 2000. The rental rates at the
property were increased. In order to reduce operating costs, a
loan restructure was finalized with the first mortgage
lender. In exchange for payment of $620,457 to the first
mortgage holder, the monthly mortgage payments were reduced by
79%, thereby alleviating the property of a large monthly cash
obligation. The payment to the first mortgage holder was funded
through the sale of a portion of the Operating Partnerships
future credit stream. With the additional cash available,
property operations are anticipated to improve significantly over
31
prior years. As of March 31, 2000, the property has been
successful in maintaining break-even operations. The Investment
General Partner continues to monitor this situation closely.
The property owned by California Investors VI LP (Orchard
Park) has sustained a physical occupancy of 96% for the first
quarter of 2000. The increased occupancy is the result of the
management company's aggressive marketing efforts and the many
capital improvements completed at the property, including office
renovations and the addition of an activity center. These
improvements have been successful in attracting and retaining
tenants. In addition, the property's surrounding area is
experiencing economic growth. A major public sports park,
currently being developed next to Orchard Park is scheduled to be
completed in the fall of 2000. In addition to the park, a high
school is in the process of construction. It is however,
progressing slowly and its completion date is unknown as of this
time. These types of public development in the area should
increase the quantity of automobile traffic around Orchard Park
and in turn should continue to assist with marketing efforts and
the over all occupancy.
Physical occupancy at Palmetto Properties Ltd. (Palmetto
Villas) has dropped to an average of 78% for the first quarter of
2000. Occupancy at the site began to drop early in 1999 due to
poor on-site management and significant deferred maintenance
issues. As a result, the property management company was
replaced in January 2000. However, due to a lack of replacement
reserve funds to rehabilitate vacant units, occupancy remains
low. In addition, the property is in arrears on its real estate
tax payments for 1998 and 1999. At this time, the Investment
General Partner is working with the new management company to
obtain low interest deferred maintenance loans to complete
necessary repairs, improve occupancy and cure the tax
delinquency.
(Series 18). As of March 31, 2000 and 1999, the average
Qualified Occupancy for the series was 100%. The series had a
total of 34 properties at March 31, 2000, all of which were at
100% qualified occupancy.
For the tax years ended December 31, 1999 and 1998, the series,
in total,
generated $2,417,296 and $2,633,026, respectively, in passive
income tax
losses that were passed through to the investors and also
provided $1.33 for both years in tax credits per BAC to the
investors.
As of March 31, 2000 and 1999, Investments in Operating
Partnerships for
Series 18 was $16,650,144 and $18,832,106, 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, 1999 and 1998 the Operating
Partnerships reflected a net income of $210,853 and $363,848
respectively, when adjusted for depreciation, which is a non-cash
item.
32
Harris Housing Limited Partnership (Harris Music Lofts)
operated with a net loss during 1999 primarily as a result of
high operating expenses. The Operating General Partner infused
cash to fund operating deficits for the year. Operating costs on
this property are high particularly in administration and
maintenance. In addition to high expenses, the property suffers
from under-funded tax and insurance and security deposit escrows.
Despite the occupancy, which averaged at 97.8% during 1999, the
property was unable to fund these accounts. Unless expenses are
significantly reduced, the property will continue to operate at a
deficit and will be unable to fund the shortfall in the required
accounts. It is the intention of the Operating General Partner
to streamline expenses by sharing personnel and bulk ordering of
supplies with another property that is only one mile away. In
addition, there has been a rent increase effective May 1, 2000
which should generate some additional revenue for the property.
Virginia Avenue Affordable Limited Partnership (Kristine
Apartments) has improved operations under the direction of its
new management company.
Occupancy has increased, rental collections have improved, and
turnover has
decreased. The management company plans to increase rental rates
gradually over the next two months which, coupled with stabilized
occupancy, should allow the property to operate at break-even.
Parvin's Limited Partnership (Parvin's Branch Townhomes)
continues to incur operating deficits due to higher than average
operating expenses and occupancy issues with its six transitional
units. The Operating General Partner and the Management Company
have been deferring their respective fees to improve the
property's cash flow. In addition, the Operating General Partner
continues to fund deficits. The property's 18 non-transitional
housing units operate with a strong occupancy, however, the six
transitional units incur significant turnover, which results in
increased operating expense. The Operating General Partner has
taken a more active role in the leasing and day to day management
of the six transitional units. It was previously reported that
the Operating General Partner was successful in removing the six
transitional units from the program and that as of January 1,
2000, all six units would be available to non-transitional
qualified residence. However, the Investment Limited Partner was
recently informed that two units will remain in the Transitional
Housing program. In the first quarter of 2000, the property
experienced significant personnel turnover, which adversely
effected the property. As a result, the first quarter physical
occupancy averaged 86.1%, with a March 31, 2000 occupancy of
91.7%. The management company hired a new regional manager,
which has benefited the property. As of June 15, 2000, the
occupancy rate was 100%. In addition, the operating expenses
appear to be stabilizing.
On March 20, 2000 Glen Place Apartments Limited Partnership
(Glen Place Apartments) received a 60-Day letter from the IRS
stating the Operating Partnership had not met certain IRC Section
42 requirements. The Investment Limited Partner was notified of
this receipt shortly after the first quarter. The IRS has
proposed an adjustment that would disallow the Partnership from
utilizing certain past or future credits. The Investment General
Partner has received correspondence from the Operating General
Partner indicating the Operating General Partner counsel will
file a written protest with the IRS. The Investment General
Partner continues to closely monitor the protest process.
33
(Series 19). As of March 31, 2000 and 1999, the average
Qualified Occupancy for the series was 100%. The series had a
total of 26 properties at March 31, 2000, all of which were at
100% qualified occupancy.
For the tax year ended December 31, 1999 and 1998, the series,
in total,
generated $1,987,157 and $2,284,300, 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, 2000 and 1999, Investments in Operating
Partnerships
for Series 19 was $21,836,292 and $23,504,786, 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, 1999 and 1998 the Operating
Partnerships reflected a net income of $1,139,599 and $986,256,
respectively, when adjusted for depreciation which is a non-cash
item.
Recent Accounting Statements Not Yet Adopted
--------------------------------------------
In December 1999, the Financial Accounting Standards Board
(FASB) issued SFAS No. 136, "Transfers of Assets to a Not-For-
Profit Organization or Charitable Trust that Raises of Holds
Contributions for Others," and in June 1999, the FASB issued SFAS
No. 137, "Accounting for Derivative Instruments and Hedgers
Activities-Deferral of the Effective Date of SFAS No. 133".
SFAS No. 136 is generally effective for periods beginning after
December 15, 1999 and SAFS 137 is effective upon issuance in June
1999.
The Fund does not have any derivative or hedging activities and
is not a not-for-profit organization. Consequently, these
pronouncements are not expected to have any effect on the Fund's
financial statements.
34
Year 2000 Compliance
--------------------
Boston Capital and its management did not experience any
computer-related problems as a result of the century date change
known as the "Year 2000" or "Y2K"and therefore, there was no
impact on our investors.
Item 7a. Quantitative and Qualitative Disclosure About Market
Risk- Not Applicable
Item 8. Financial Statements and Supplementary Data
The information required by this item is contained in
Part IV, Item
14 of this Annual Report on Form 10-K.
Item 9. Changes in and Disagreements with Accountants on
Accounting and
Financial Disclosure
None.
35
PART III
--------
Item 10. Directors and Executive Officers of the Registrant
(a), (b), (c), (d) and (e)
The Partnership has no directors or executives officers of its
own. The following biographical information is presented for the
partners of the General Partners and affiliates of those partners
(including Boston Capital Partners, Inc. ("Boston Capital")) with
principal responsibility for the Partnership's affairs.
Herbert F. Collins, age 70, is co-founder and Chairman of the
Board of Boston Capital Corporation. Nominated by President
Clinton and confirmed by the United States Senate, Mr. Collins
served as the Republican private sector member of the Thrift
Depositor Protection Oversight Board. During 1990 and 1991 he
served as Chairman of the Board of Directors for the Federal Home
Loan Bank of Boston, a 314-member, $12-billion central bank in
New England. Mr. Collins is co-founder and past president of the
Coalition for Rural Housing and Development. In the 1980s he
served as Chairman of the Massachusetts Housing Policy Commission
to evaluate current programs and recommend future housing policy.
Additionally, he served as a member of the Board of Directors of
the Metropolitan Boston Housing Partnership and on the Mitchell-
Danforth Task Force, which helped structure the 1990 federal Tax
Credit legislation. Mr. Collins is also a past member of the
Board of Directors of the National Leased Housing Association and
has served as member of the U.S. Conference of Mayors Task Force
on "HUD and the Cities: 1995 and Beyond." Mr. Collins also was a
member of the Fannie Mae Housing Impact Advisory Council and the
Republican Housing Opportunity Caucus. He is Chairman of the
Business Advisory Council, and a member of the National Council
of State Housing Agencies Tax Credit Commission. Mr. Collins
graduated from Harvard College. President Bush appointed him to
the President's Advisory Committee on the Arts at the John F.
Kennedy Center for the Performing Arts. He is a leader in the
civic community, serving on the Boards of Youthbuild Boston, the
Pine Street Inn and the I Have a Dream Foundation.
John P. Manning, age 51, is co-founder, President and Chief
Executive Officer of Boston Capital Corporation, where he is
primarily responsible for strategic planning and business
development. In addition to his responsibilities at Boston
Capital, Mr. Manning is a proactive leader in the industry. He
served in 1990 as a member of the Mitchell-Danforth Task Force,
to review and reform the Low Income Housing Tax Credit. He was
the founding President of the Affordable Housing Tax Credit
Coalition, is a former member of the board of the National Leased
Housing Association and sits on the Advisory Board of the
publication Housing and Development Reporter. During the 1980s
he served as a member of the Massachusetts Housing Policy
Committee, as an appointee of the Governor of Massachusetts. In
addition, Mr. Manning has testified before the U.S. House Ways
and Means Committee and the U.S. Senate Finance Committee, on the
critical role of the private sector in the success of the Low
Income Housing Tax Credit Program. In 1996, President Clinton
appointed him to the President's Advisory Committee on the Arts
at the John F. Kennedy Center for the Performing Arts. In 1998,
President Clinton also appointed Mr. Manning to the President's
Export Council, which is the premiere committee comprised of
major corporate CEOs to
36
advise the President in matters of foreign trade. Mr. Manning is
also a member of the Board of Directors of the John F. Kennedy
Presidential Library in Boston. In the civic community, Mr.
Manning is a leader, serving on the Board of Youthbuild Boston.
Mr. Manning is a graduate of Boston College.
Richard J. DeAgazio, age 55, is Executive Vice President of
Boston Capital Corporation, Inc., and is President of Boston
Capital Services, Inc., Boston Capital's NASD registered
broker/dealer. Mr. DeAgazio formerly served on the national
Board of Governors of the National Association of Securities
Dealers (NASD), He currently serves as a member of the National
Adjudicatory Council of the NASD. He was the Vice Chairman of
the NASD's District 11 Committee, and served as Chairman of the
NASD's Statutory Disqualification Subcommittee of the National
Business Conduct Committee. He also served on the NASD State
Liaison Committee and the Direct Participation Program Committee.
He is a founder and past President of the National Real Estate
Investment Association, past President of the Real Estate
Securities and Syndication Institute (Massachusetts Chapter) and
the Real Estate Investment Association. Prior to joining Boston
Capital in 1981, Mr. DeAgazio was the Senior Vice President and
Director of the Brokerage Division of Dresdner Securities (USA),
Inc., an international investment banking firm owned by four
major European banks, and was a Vice President of Burgess &
Leith/Advest. He has been a member of the Boston Stock Exchange
since 1967. He is on the Board of Directors of Kelmoore
Investment Company and Kansas City Technologies, Inc. He is a
leader in the community and serves on the Business Leaders
Council of the Boston Symphony, Board of Directors of Junior
Achievement of Massachusetts, the Board of Advisors for the Ron
Burton Training Village and is on the Board of Corporators of
Northeastern University. He graduated from Northeastern
University.
Christopher W. Collins, age 43, is an Executive Vice President
and a principal of Boston Capital Partners, Inc., and is
responsible for, among other areas, overseeing the investment
portfolio of funds sponsored by Boston Capital and the
acquisition of real estate investments on behalf of such funds.
Mr. Collins has had extensive experience in real estate
development activities, having founded and directed the American
Development Group, a comprehensive real estate development firm,
and has also had extensive experience in the area of acquiring
real estate investments. He is on the Board of Directors of the
National Multi-Housing Council and a member of the Massachusetts
Housing Finance Agency Multi-Family Advisory Committee. He
graduated from the University of New Hampshire.
Anthony A. Nickas, age 39, is Chief Financial Officer of Boston
Capital Partners, Inc., and serves as Chairman of the firm's
Operating Committee. Mr. Nickas is responsible for all the
financial, accounting and operational functions of Boston Capital
and has spent the past thirteen years in the real estate
syndication and investment business. His prior responsibilities
at Boston Capital included management of finance and accounting
for the project development and property management affiliates.
Prior to joining Boston Capital in 1987, he was Assistant
Director of Accounting and Financial Reporting for the Yankee
Companies, Inc., and was an Audit Supervisor for Wolf & Company
of Massachusetts, P.C., a regional certified public accounting
firm based in Boston. He graduated with honors from Norwich
University.
37
(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 2000 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, 2000 was $2,173,531.
2. The Fund has reimbursed an affiliate of the General Partner
a total
of $102,026 for amounts charged to operations during the year
ended March
31, 2000. The reimbursement includes, but may not be limited to
postage,
printing, travel, and overhead allocations.
Item 12. Security Ownership of Certain Beneficial Owners and
Management
(a) Security ownership of certain beneficial owners.
As of March 31, 2000, 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.
38
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, 2000.
(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.
39
PART IV
-------
Item 14. Exhibits, Financial Statement Schedules, and Reports
on
Form 8-K
(a) 1 and 2. Financial Statements and Financial Statement
Schedules
Independent Auditors' Report
Balance Sheets, March 31, 2000 and 1999
Statements of Operations for the years ended March 31,
2000, 1999 and 1998.
Statements of Changes in Partners' Capital for the years
ended
March 31, 2000, 1999, and 1998.
Statements of Cash Flows for the years ended March 31,
2000,
1999 and 1998.
Notes to Financial Statements March 31, 2000, 1999 and 1998
Schedule III - Real Estate and Accumulated Depreciation
Notes to Schedule III
Schedules not listed are omitted because of the absence of
the
conditions under which they are required or because the
information is
included in the financial statements or the notes hereto.
(a) 3. Exhibits (listed according to the number assigned
in the table in Item 601 of Regulation S-K)
Exhibit No. 3 - Organization Documents.
a. Certificate of Limited Partnership of Boston Capital
Tax Credit
Fund 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.)
40
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).
41
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).
42
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.
43
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.
--------------------------------------------------------
44
SIGNATURES
----------
Pursuant to the requirements of Section 13 of the Securities
Exchange
Act of 1934, the Fund has duly caused this Report to be signed on
its behalf
by the undersigned, thereunto duly authorized.
Boston Capital Tax Credit Fund III L.P.
By: Boston Capital Associates III
L.P.
General Partner
By: Boston Capital Associates
Date: July 13, 2000 By: /s/ John P. Manning
-------------------
John P. Manning
By: /s/ Herbert F. Collins
-----------------------
Herbert F. Collins
Pursuant to the requirements of the Securities Exchange Act
of 1934,
this report has been signed below by the following persons on
behalf of the
Fund and in the capacities and on the dates indicated:
DATE: SIGNATURE:
TITLE:
General
Partner and
July 13, 2000 /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
45
<PAGE>
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS REPORT
BOSTON CAPITAL TAX CREDIT FUND III L.P. -
SERIES 15 THROUGH SERIES 19
MARCH 31, 2000 AND 1999
<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-75
NOTES TO SCHEDULE III
Schedules not listed are omitted because of the
absence of the
conditions under which they are required or
because the
information is included in the financial statements or
the notes
thereto.
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants * A Professional
Corporation
4520 East-West Highway * Suite 300 * Bethesda, MD
20814-3319
(301) 652-9100 * Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Boston Capital Tax Credit Fund 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, 2000 and
1999 and the
related sttements of operations, changes in
partners' capital and
cash flows for the total partnership and for each of
the series for
each of the three years ended March 31, 2000.
These financial
statements are the responsibility of the
partnership's management.
Our responsibility is to express an opinion on
these financial
statements based on our audits. We did not audit
the financial
statements of certain operating limited
partnerships in which
Boston Capital Tax Credit Fund III L.P. owns a
limited partnership
interest. Investments in such partnerships comprise
the following
percentages of the assets as of March 31, 2000 and
1999, and the
limited partnership loss for each of the three
years ended March
31, 2000: Total, 34% and 33% of the assets as of
March 31, 2000
and 1999, respectively, and 28%, 29% and 26% of
the operating
limited partnership loss for years ended March 31,
2000, 1999 and
1998, respectively; of the assets for Series 15
as of March 31,
2000 and 1999, 18% and 17%, respectively, of the
operating limited
partnership loss for Series 15 for the years ended
March 31, 2000,
1999 and 1998 25%, 30% and 32%, respectively; of
the assets for
S e ries 16 as of March 31, 2000 and 1999,
27% and 27%,
respectively, of the limited partnership loss for
Series 16 for
the years ended March 31, 2000, 1999 and 1998, 23%,
23%, and 15%,
respectively; of the assets for Series 17 as of
March 31, 2000 and
1999, 36% and 37%, respectively, of the limited
partnership loss
for Series 17 for the years ended March 31, 2000,
1999 and 1998,
31%, 32% and 29%, respectively; of the assets for
Series 18 as of
March 31, 2000 and 1999, 39% and 38%,
respectively, of the
operating limited partnership loss for Series 18
for the years
ended March 31, 2000, 1999 and 1998, 29%,
33% and 21%,
respectively; and of the assets for Series 19 as of
March 31, 2000
and 1999, 44% and 43%, respectively, and of the
operating limited
partnership loss for Series 19 for the years ended
March 31, 2000,
1999 and 1998, 34%, 33% and 37%, respectively.
The financial
statements of these partnerships were audited by
other auditors,
whose reports have been furnished to us, and our
opinion, insofar
as it relates to information relating to these
partnerships, is
based solely on the reports of the other auditors.
F-3
<PAGE>
We conducted our audits in accordance with
generally accepted
auditing standards. Those standards require that
we plan and
perform the audit to obtain reasonable assurance
about whether
the financial statements are free of material
misstatement. An
audit includes examining, on a test basis, evidence
supporting
the amounts and disclosures in the financial
statements. An
audit also includes assessing the accounting
principles used and
significant estimates made by management, as well as
evaluating
the overall financial statement presentation. We
believe that our
audits and the reports of the other auditors provide a
reasonable
basis for our opinion.
In our opinion, based on our audits and the
reports of the
other auditors, the financial statements referred
to above
present fairly, in all material respects, the
financial position
of Boston Capital Tax Credit Fund III L.P. - Series
15 through
Series 19, in total and for each series, as of March
31, 2000 and
1999 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, 2000, in conformity with
generally
accepted accounting principles.
We and other auditors have also audited the
information
included in the related financial statement schedule
listed in
Form 10-K, Item 14(a) of Boston Capital Tax Credit
Fund III L.P.
- Series 15 through Series 19 as of March 31,
2000. In our
opinion, the schedule presents fairly, in all material
respects,
the information required to be set forth therein, in
conformity
with generally accepted accounting principles.
Bethesda, Maryland
June 23, 2000
F-4
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS
March 31, 2000 and 1999
Total
----------
------------------
2000
1999
----------
--- -------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $
96,374,955 $ 108,418,478
OTHER ASSETS
Cash and cash equivalents (notes A and H)
1,754,063 1,693,799
Investments (note A and B)
1,538,967 2,237,166
Notes receivable (note E)
1,364,322 1,364,322
Deferred acquisition costs, net of accumulated
amortization (notes A and C)
1,543,349 1,612,244
Organization costs, net of accumulated amortization
(note A) -
170
Other assets (note F)
2,940,636 2,459,125
----------
--- -------------
$
105,516,292 $ 117,785,304
============= =============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $
4,553 $ 4,553
Accounts payable - affiliates (note C)
13,374,147 11,385,333
Capital contributions payable (note D)
1,432,250 1,595,177
----------
--- -------------
14,810,950 12,985,063
----------
--- -------------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest consisting of
22,000,000 authorized beneficial assignee
certificates (BAC), $10 stated value per BAC, 21,996,102
issued to the assignees at March 31, 2000 and 1999
Assignees
- -
Units of beneficial interest of the limited
partnership interest of the assignor
limited partner, 21,996,102 issued and
outstanding at March 31, 2000 and 1999
91,687,950 105,641,899
General partner
(982,608) (841,658)
----------
--- -------------
90,705,342 104,800,241
----------
--- -------------
$
105,516,292 $ 117,785,304
============= =============
</TABLE>
(continued)
F-5
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 15
-----------
----------------
2000
1999
-----------
-- -------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $
12,293,726 $ 14,142,163
OTHER ASSETS
Cash and cash equivalents (notes A and H)
308,497 306,884
Investments (notes A and B)
135,167 128,028
Notes receivable (note E)
32,170 32,170
Deferred acquisition costs, net of accumulated
amortization (notes A
and C)
236,512 247,024
Organization costs, net of accumulated amortization
(note A)
- -
Other assets (note F)
858,625 807,527
----------
--- -------------
$
13,864,697 $ 15,663,796
============= =============
LIABILITIES AND PARTNERS' DEFICIT
LIABILITIES
Accounts payable and accrued expenses $
1,145 $ 1,145
Accounts payable - affiliates (note C)
3,734,413 3,155,784
Capital contributions payable (note D)
32,922 32,922
----------
--- -------------
3,768,480 3,189,851
----------
--- -------------
PARTNERS' DEFICIT (note A)
Assignor limited partner
Units of limited partnership interest consisting of
22,000,000 authorized beneficial assignee
certificates (BAC), $10 stated value per BAC, 3,870,500
issued to the assignees at March 31, 2000 and 1999 -
-
Assignees
Units of beneficial interest of the limited
partnership interests of the
assignor limited partner, 3,870,500
issued and outstanding at March 31,
2000 and 1999
10,327,926 12,681,877
General partner
(231,709) (207,932)
----------
--- -------------
10,096,217 12,473,945
----------
--- -------------
$
13,864,697 $ 15,663,796
============= =============
</TABLE>
(continued)
F-6
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 16
----------
-----------------
2000
1999
----------
--- ------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $
23,933,776 $ 27,165,227
OTHER ASSETS
Cash and cash equivalents (notes A and H)
307,415 213,451
Investments (notes A and B)
652,708 884,449
Notes receivable (notes E) -
-
Deferred acquisition costs, net of accumulated
amortization (notes A and C)
379,171 396,021
Organization costs, net of accumulated amortization
(note A)
- -
Other assets (note F)
130,891 133,695
----------
--- -------------
$
25,403,961 $ 28,792,843
============= =============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $
- $ -
Accounts payable - affiliates (note C)
3,119,046 2,727,066
Capital contributions payable (note D)
140,006 142,506
----------
--- -------------
3,259,052 2,869,572
----------
--- -------------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest consisting of
22,000,000 authorized beneficial assignee
certificates (BAC), $10 stated value per BAC,
5,429,402 issued to the assignees at March 31,
2000 and 1999
- -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited partner,
5,429,402 issued and outstanding at March 31, 2000
and 1999
22,390,069 26,130,647
General partner
(245,160) (207,376)
----------
--- -------------
22,144,909 25,923,271
----------
--- -------------
$
25,403,961 $ 28,792,843
============= =============
</TABLE>
(continued)
F-7
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 17
-----------
-----------------
2000
1999
-----------
--- -------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $
21,661,017 $ 24,774,196
OTHER ASSETS
Cash and cash equivalents (notes A and H)
404,005 349,189
Investments (notes A and B)
- 100,000
Notes receivable (note E)
1,332,152 1,332,152
Deferred acquisition costs, net of accumulated
amortization (notes A
and C)
342,098 357,648
Organization costs, net of accumulated amortization
(note A) -
-
Other assets (note F)
1,874,478 1,425,347
----------
--- -------------
$
25,613,750 $ 28,338,532
============= =============
LIABILITIES AND PARTNERS' DEFICIT
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Accounts payable - affiliates (note C)
3,985,826 3,035,918
Capital contributions payable (note D)
1,206,768 1,367,195
----------
--- -------------
5,192,594 4,403,113
----------
--- -------------
PARTNERS' DEFICIT (note A)
Assignor limited partner
Units of limited partnership interest consisting of
22,000,000 authorized beneficial assignee
certificates (BAC), $10 stated value per BAC,
5,000,000 issued to the assignees at March 31,
2000 and 1999
- -
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited partner,
5,000,000 issued and outstanding at
March 31, 2000 and 1999
20,646,624 24,125,744
General partner
(225,468) (190,325)
----------
--- -------------
20,421,156 23,935,419
----------
--- -------------
$
25,613,750 $ 28,338,532
============= =============
</TABLE>
(continued)
F-8
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 18
----------
------------------
2000
1999
----------
--- -------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $
16,650,144 $ 18,832,106
OTHER ASSETS
Cash and cash equivalents (notes A and H)
377,094 306,065
Investments (notes A and B)
102,771 230,531
Notes receivable (note E)
- -
Deferred acquisition costs, net of accumulated
amortization (notes A
and C)
257,743 269,156
Organization costs, net of accumulated amortization
(note A) -
-
Other assets (note F)
62,002 56,099
----------
--- -------------
$
17,449,754 $ 19,693,957
============= =============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $ -
$ -
Accounts payable - affiliates (note C)
1,661,937 1,354,989
Capital contributions payable (note D)
18,554 18,554
----------
--- -------------
1,680,491 1,373,543
----------
--- -------------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest consisting of
22,000,000 authorized beneficial assignee
certificates (BAC), $10 stated value per BAC,
3,616,200 issued to the assignees at March 31, 2000
and 1999 -
-
Assignees
Units of beneficial interest of the limited
partnership interest of the assignor limited partner,
3,616,200 issued and outstanding at March 31, 2000
and 1999
15,921,798 18,447,437
General partner
(152,535) (127,023)
----------
--- -------------
15,769,263 18,320,414
----------
--- -------------
$
17,449,754 $ 19,693,957
============= =============
</TABLE>
(continued)
F-9
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 2000 and 1999
Series 19
----------
------------------
2000
1999
----------
--- -------------
<S> <C>
<C>
ASSETS
INVESTMENTS IN OPERATING LIMITED
PARTNERSHIPS (notes A and D) $
21,836,292 $ 23,504,786
OTHER ASSETS
Cash and cash equivalents (notes A and H)
357,052 518,210
Investments (notes A and B)
648,321 894,158
Notes receivable (note E) -
-
Deferred acquisition costs, net of accumulated
amortization (notes A and C)
327,825 342,395
Organization costs, net of accumulated amortization
(note A) -
170
Other assets (note F)
14,640 36,457
----------
--- -------------
$
23,184,130 $ 25,296,176
============= =============
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
Accounts payable and accrued expenses $
3,408 $ 3,408
Accounts payable - affiliates (note C)
872,925 1,111,576
Capital contributions payable (note D)
34,000 34,000
----------
--- -------------
910,333 1,148,984
----------
--- -------------
PARTNERS' CAPITAL (note A)
Assignor limited partner
Units of limited partnership interest consisting of
22,000,000 authorized beneficial assignee
certificates (BAC), $10 stated value per BAC,
4,080,000 issued to the
assignees at March 31, 2000 and 1999 -
-
Assignees
Units of beneficial interest of the limited
partnership interest
of the assignor limited partner, 4,080,000 issued and
outstanding at March 31, 2000 and 1999
22,401,533 24,256,194
General partner
(127,736) (109,002)
----------
--- -------------
22,273,797 24,147,192
----------
--- -------------
$
23,184,130 $ 25,296,176
============= =============
</TABLE>
See notes to finacial statements
F-10
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS
Years ended March 31, 2000, 1999 and 1998
Total
------------------------
-------------------
2000 1999
1998
------------- ---------
--- -----------
<S> <C> <C>
<C>
Income
Interest income $ 153,788 $
330,414 $ 341,565
Other income 53,223
28,442 -
------------- ---------
--- -----------
Total income 207,011
358,856 341,565
------------- ---------
--- -----------
Share of losses from operating limited
partnerships (note A) (11,654,615)
(12,121,431) (13,145,436)
------------- ---------
--- -----------
Expenses
Professional fees 235,493
204,715 212,668
Partnership management fee (note C) 2,173,531
2,207,890 2,092,597
Amortization (note A) 69,065
136,082 229,396
Impairment loss (note A) -
345,986 -
General and administrative expenses
(note C) 169,206
298,270 403,569
------------- ---------
--- -----------
2,647,295
3,192,943 2,938,230
------------- ---------
--- -----------
NET LOSS (note A) $(14,094,899)
$(14,955,518) $(15,742,101)
=============
============ ===========
Net loss allocated to general partner $ (140,950) $
(149,556) $ (157,421)
=============
============ ===========
Net loss allocated to assignees $(13,953,949)
$(14,805,962) $(15,584,680)
=============
============ ===========
Net loss per BAC $ (0.63) $
(0.67) $ (0.71)
=============
============ ===========
</TABLE>
(continued)
F-11
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
15
------------------------
------------------
2000 1999
1998
------------- ---------
--- -------------
<S> <C> <C>
<C>
Income
Interest income $ 16,568 $
179,987 $ 172,690
Other income 14,516
1,142 -
------------- ---------
--- -------------
Total income 31,084
181,129 172,690
------------- ---------
--- -------------
Share of losses from operating limited
partnerships (note A) (1,847,663)
(2,095,754) (2,428,483)
------------- ---------
--- -------------
Expenses
Professional fees 52,114
59,735 51,181
Partnership management fee (note C) 465,704
483,995 468,703
Amortization (note A) 10,512
10,512 10,512
Impairment loss (note A) -
- -
General and administrative expenses
(note C) 32,819
31,120 47,898
------------- ---------
--- -------------
561,149
585,362 578,294
------------- ---------
--- -------------
NET LOSS (note A) $ (2,377,728)
$(2,499,987) $(2,834,087)
=============
============ =============
Net loss allocated to general partner $ (23,777) $
(25,000) $ (28,341)
=============
============ =============
Net loss allocated to assignees $ (2,353,951)
$(2,474,987) $(2,805,746)
=============
============ =============
Net loss per BAC $ (0.61) $
(0.64) $ (0.72)
=============
============ =============
</TABLE>
(continued)
F-12
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
16
------------------------
------------------
2000 1999
1998
------------- ---------
--- -------------
<S> <C> <C>
<C>
Income
Interest income $ 46,320 $
64,568 $ 60,331
Other income 8,090
16,950 -
------------- ---------
--- -------------
Total income 54,410
81,518 60,331
------------- ---------
--- -------------
Share of losses from operating limited
partnerships (note A) (3,135,372)
(3,168,369) (3,196,773)
------------- ---------
--- -------------
Expenses
Professional fees 56,047
48,502 58,798
Partnership management fee (note C) 582,042
586,316 599,941
Amortization (note A) 16,850
16,850 61,480
Impairment loss (note A) -
345,986 -
General and administrative expenses
(note C) 42,461
75,062 100,744
------------- ---------
--- -------------
697,400
1,072,716 820,963
------------- ---------
--- -------------
NET LOSS (note A) $ (3,778,362) $
(4,159,567) $ (3,957,405)
=============
============ =============
Net loss allocated to general partner $ (37,784) $
(41,596) $ (39,574)
=============
============ =============
Net loss allocated to assignees $ (3,740,578) $
(4,117,971) $ (3,917,831)
=============
============ =============
Net loss per BAC $ (0.69) $
(0.76) $ (0.72)
=============
============ =============
</TABLE>
(continued)
F-13
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
17
------------------------
------------------
2000 1999
1998
------------- ---------
--- -------------
<S> <C> <C>
<C>
Income
Interest income $ 13,632 $
10,025 $ 17,342
Other income 12,300
- -
------------- ---------
--- -------------
Total income 25,932
10,025 17,342
------------- ---------
--- -------------
Share of losses from operating limited
partnerships (note A) (2,934,896)
(2,964,858) (2,857,430)
------------- ---------
--- -------------
Expenses
Professional fees 49,816
43,970 39,610
Partnership management fee (note C) 501,485
486,792 498,103
Amortization (note A) 15,550
26,353 63,054
Impairment loss (note A) -
- -
General and administrative expenses
(note C) 38,448
92,731 111,555
------------- ---------
--- -------------
605,299
649,846 712,322
------------- ---------
--- -------------
NET LOSS (note A) $ (3,514,263) $
(3,604,679) $ (3,552,410)
=============
============ =============
Net loss allocated to general partner $ (35,143) $
(36,047) $ (35,524)
=============
============ =============
Net loss allocated to assignees $ (3,479,120) $
(3,568,632) $ (3,516,886)
=============
============ =============
Net loss per BAC $ (0.70) $
(0.71) $ (0.70)
=============
============ =============
</TABLE>
(continued)
F-14
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
18
------------------------
------------------
2000 1999
1998
------------- ---------
--- -------------
<S> <C> <C>
<C>
Income
Interest income $ 16,473 $
25,749 $ 34,155
Other income 2,550
10,350 -
------------- ---------
--- -------------
Total income 19,023
36,099 34,155
------------- ---------
--- -------------
Share of losses from operating limited
partnerships (note A) (2,164,126)
(2,073,909) (2,589,608)
------------- ---------
--- -------------
Expenses
Professional fees 36,901
27,649 31,410
Partnership management fee (note C) 331,660
326,762 347,356
Amortization (note A) 11,413
30,185 42,168
Impairment loss (note A) -
- -
General and administrative expenses
(note C) 26,074
68,865 88,310
------------- ---------
--- -------------
406,048
453,461 509,244
------------- ---------
--- -------------
NET LOSS (note A) $ (2,551,151) $
(2,491,271) $ (3,064,697)
=============
============ =============
Net loss allocated to general partner $ (25,512) $
(24,913) $ (30,647)
=============
============ =============
Net loss allocated to assignees $ (2,525,639) $
(2,466,358) $ (3,034,050)
=============
============ =============
Net loss per BAC $ (0.70) $
(0.68) $ (0.84)
=============
============ =============
</TABLE>
(continued)
F-15
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
19
-------------------------
-----------------
2000 1999
1998
------------- ----------
-- -------------
<S> <C> <C>
<C>
Income
Interest income $ 60,795 $
50,085 $ 57,047
Other income 15,767
- -
------------- ---------
--- -------------
Total income 76,562
50,085 57,047
------------- ---------
--- -------------
Share of losses from operating limited
partnerships (note A) (1,572,558)
(1,818,541) (2,073,142)
------------- ---------
--- -------------
Expenses
Professional fees 40,615
24,859 31,669
Partnership management fee (note C) 292,640
324,025 178,494
Amortization (note A) 14,740
52,182 52,182
Impairment loss (note A) -
- -
General and administrative expenses
(note C) 29,404
30,492 55,062
------------- ---------
--- -------------
377,399
431,558 317,407
------------- ---------
--- -------------
NET LOSS (note A) $ (1,873,395) $
(2,200,014) $ (2,333,502)
=============
============ =============
Net loss allocated to general partner $ (18,734) $
(22,000) $ (23,335)
=============
============ =============
Net loss allocated to assignees $ (1,854,661) $
(2,178,014) $ (2,310,167)
=============
============ =============
Net loss per BAC $ (0.45) $
(0.53) $ (0.57)
=============
============ =============
</TABLE>
(continued)
F-16
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
Years ended March 31, 2000, 1999 and 1998
Unrealized
gain (loss)
in
securities
General available
for
Total Assignees partner sale,
net Total
------------------------ ------------- ------------- ----------
--- -------------
<S> <C> <C> <C>
<C>
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
Net loss (13,953,949) (140,950) -
(14,094,899)
------------- ------------- ----------
--- -------------
Partners' capital
(deficit),
March 31, 2000 $ 91,687,950 $ (982,608) $ -
$ 90,705,342
============= =============
============= =============
</TABLE>
(continued)
F-17
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL -
CONTINUED
Years ended March 31, 2000, 1999 and 1998
Unrealized
gain (loss)
in
securities
General available
for
Series 15 Assignees partner sale,
net Total
------------------------ ------------- ------------- ----------
--- -------------
<S> <C> <C> <C>
<C>
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
Net loss (2,353,951) (23,777) -
(2,377,728)
------------- ------------- ----------
--- -------------
Partners' capital
(deficit),
March 31, 2000 $ 10,327,926 $ (231,709)$ -
$ 10,096,217
============= =============
============= =============
</TABLE>
(continued)
F-18
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL -
CONTINUED
Years ended March 31, 2000, 1999 and 1998
Unrealized
gain (loss)
in
securities
General available
for
Series 16 Assignees partner sale,
net Total
------------------------ ------------- ------------- ----------
--- -------------
<S> <C> <C> <C>
<C>
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
Net loss (3,740,578) (37,784) -
(3,778,362)
------------- ------------- ----------
--- -------------
Partners' capital
(deficit),
March 31, 2000
$ 22,390,069 $ (245,160)$ -
$ 22,144,909
============= =============
============= =============
</TABLE>
(continued)
F-19
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL -
CONTINUED
Years ended March 31, 2000, 1999 and 1998
Unrealized
gain (loss)
in
securities
General available
for
Series 17 Assignees partner sale,
net Total
------------------------ ------------- ------------- ----------
--- -------------
<S> <C> <C> <C>
<C>
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
Net loss (3,479,120) (35,143) -
(3,514,263)
------------- ------------- ----------
--- -------------
Partners' capital
(deficit),
March 31, 2000 $ 20,646,624 $ (225,468) $ -
$ 20,421,156
============= =============
============= =============
</TABLE>
(continued)
F-20
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL -
CONTINUED
Years ended March 31, 2000, 1999 and 1998
Unrealized
gain (loss)
in
securities
General available
for
Series 18 Assignees partner sale,
net Total
------------------------ ------------- ------------- ----------
--- -------------
<S> <C> <C> <C>
<C>
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
Net loss (2,525,639) (25,512) -
(2,551,151)
------------- ------------- ----------
--- -------------
Partners' capital
(deficit),
March 31, 2000 $ 15,921,798 $ (152,535) $ -
$ 15,769,263
============= =============
============= =============
</TABLE>
(continued)
F-21
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL -
CONTINUED
Years ended March 31, 2000, 1999 and 1998
Unrealized
gain (loss)
in
securities
General available
for
Series 19 Assignees partner sale,
net Total
------------------------ ------------- ------------- ----------
--- -------------
<S> <C> <C> <C>
<C>
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
Net loss (1,854,661) (18,734) -
(1,873,395)
------------- ------------- ----------
--- -------------
Partners' capital
(deficit),
March 31, 2000 $ 22,401,533 $ (127,736) $ -
$ 22,273,797
============= =============
============= =============
</TABLE>
See notes to financial statements
F-22
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS
Years ended March 31, 2000, 1999 and 1998
Total
------------------------
------------------
2000 1999
1998
------------- ---------
---- -------------
<S> <C> <C>
<C>
Cash flows from operating activities
Net loss $(14,094,899)
$(14,955,518) $(15,742,101)
Adjustments to reconcile net loss to
net cash
provided by (used in) operating
activities
Share of losses from operating limited
partnerships 11,654,615
12,121,431 13,145,436
Distribution received from operating
limited partnerships 228,597
129,444 38,883
Impairment loss -
345,986 -
Amortization 69,065
136,082 229,396
Changes in assets and liabilities
Other assets 46,090
(34,180) (21,176)
Accounts payable and accrued expenses -
- (128)
Accounts payable - affiliates 1,988,814
2,681,921 2,123,686
------------- ---------
---- -------------
Net cash provided by (used in)
operating activities (107,718)
425,166 (226,004)
------------- ---------
---- -------------
Cash flows from investing activities
Acquisition costs (paid)/reimbursed
(for)/from operating limited partnerships -
- -
Capital contributions paid to operating
limited partnerships (2,500)
(585,214) (434,860)
(Advances)/repayments (to)/from
operating limited partnerships (527,717)
(533,376) (31,000)
Purchase of investments (net of
proceeds from sale
of investments) 698,199
733,701 (1,580,320)
------------- ---------
---- -------------
Net cash provided by (used in)
investing activities 167,982
(384,889) (2,046,180)
------------- ---------
---- -------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS 60,264
40,277 (2,272,184)
Cash and cash equivalents, beginning 1,693,799
1,653,522 3,925,706
------------- ---------
---- -------------
Cash and cash equivalents, end $ 1,754,063 $
1,693,799 $ 1,653,522
=============
============= =============
</TABLE>
(continued)
F-23
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Total
------------------------
------------------
2000 1999
1998
------------- ---------
---- -------------
<S> <C> <C>
<C>
Supplemental schedule of noncash
investing and financing activities
The partnership has adjusted its
investment and decreased its capital
contribution obligation in operating
limited partnerships for low-income tax
credits not generated. $ 1,490 $
16,934 $ 164,471
=============
============= =============
The fund has decreased its investment
in operating limited partnerships for
unpaid capital contributions due to
the operating limited partnership
disposed of during the year. $ 160,427 $
- $ -
=============
============= =============
The fund has applied notes receivable
and advances against installments of
capital contributions. $ - $
536,351 $ 442,360
=============
============= =============
The fund has increased (decreased) its
investments available for sale for
unrealized gains (losses). $ - $
- $ (2,486)
=============
============= =============
</TABLE>
(continued)
F-24
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
15
------------------------
------------------
2000 1999
1998
------------- ---------
---- -------------
<S> <C> <C>
<C>
Cash flows from operating activities
Net loss $ (2,377,728) $
(2,499,987) $ (2,834,087)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities
Share of losses from operating limited
partnerships 1,847,663
2,095,754 2,428,483
Distribution received from operating
limited partnerships 890
876 3,026
Impairment loss -
- -
Amortization 10,512
10,512 10,512
Changes in assets and liabilities
Other assets (70)
(5,292) (1,047)
Accounts payable and accrued expenses -
- 1
Accounts payable - affiliates 578,629
795,039 548,052
------------- ---------
---- -------------
Net cash provided by (used in)
operating activities 59,896
396,902 154,940
------------- ---------
---- -------------
Cash flows from investing activities
Acquisition costs (paid)/reimbursed
(for)/from operating limited partnerships -
- -
Capital contributions paid to operating
limited partnerships -
- (145,068)
(Advances)/repayments (to)/from
operating limited partnerships (51,144)
(243,707) 25,000
Purchase of investments (net of
proceeds from sale of investments) (7,139)
(3,028) (125,000)
------------- ---------
---- -------------
Net cash provided by (used in)
investing activities (58,283)
(246,735) (245,068)
------------- ---------
---- -------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS 1,613
150,167 (90,128)
Cash and cash equivalents, beginning 306,884
156,717 246,845
------------- ---------
---- -------------
Cash and cash equivalents, end $ 308,497 $
306,884 $ 156,717
=============
============= =============
</TABLE>
(continued)
F-25
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
15
------------------------
-----------------
2000 1999
1998
------------- ---------
---- -------------
<S> <C> <C>
<C>
Supplemental schedule of noncash
investing and financing activities
The partnership has adjusted its
investment and decreased its capital
contribution obligation in
operating limited partnerships for low-
income tax credits not generated. $ 1,490 $
7,613 $ 2,522
=============
============= =============
The fund has decreased its investment
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 (decreased) its
investments available for sale for
unrealized gains (losses). $ - $
- $ (628)
=============
============= =============
</TABLE>
(continued)
F-26
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
16
------------------------
------------------
2000 1999
1998
------------- ---------
---- -------------
<S> <C> <C>
<C>
Cash flows from operating activities
Net loss $ (3,778,362) $
(4,159,567) $ (3,957,405)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities
Share of losses from operating limited
partnerships 3,135,372
3,168,369 3,196,773
Distribution received from operating
limited partnerships 96,079
96,961 13,312
Impairment loss -
345,986 -
Amortization 16,850
16,850 61,480
Changes in assets and liabilities
Other assets 2,804
(6,629) (2,256)
Accounts payable and accrued expenses -
- -
Accounts payable - affiliates 391,980
491,975 491,985
------------- ---------
---- -------------
Net cash provided by (used in)
operating ctivities (135,277)
(46,055) (196,111)
------------- ---------
---- -------------
Cash flows from investing activities
Acquisition costs (paid)/reimbursed
(for)/from operating limited partnerships -
- -
Capital contributions paid to operating
limited partnerships (2,500)
(1,500) (9,914)
(Advances)/repayments (to)/from
operating limited partnerships -
(54,861) (56,000)
Purchase of investments (net
of proceeds from sale of investments) 231,741
116,309 (721,841)
------------- ---------
---- -------------
Net cash provided by (used in)
investing activities 229,241
59,948 (787,755)
------------- ---------
---- -------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS 93,964
13,893 (983,866)
Cash and cash equivalents, beginning 213,451
199,558 1,183,424
------------- ---------
---- -------------
Cash and cash equivalents, end $ 307,415 $
213,451 $ 199,558
=============
============= =============
</TABLE>
(continued)
F-27
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
16
------------------------
------------------
2000 1999
1998
------------- ---------
---- -------------
<S> <C> <C>
<C>
Supplemental schedule of noncash
investing and financing activities
The partnership 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 decreased its investment
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 (decreased) its
investments available for sale for
unrealized gains (losses). $ - $
- $ -
=============
============= =============
</TABLE>
(continued)
F-28
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
17
------------------------
------------------
2000 1999
1998
------------- ---------
---- -------------
<S> <C> <C>
<C>
Cash flows from operating activities
Net loss $ (3,514,263) $
(3,604,679) $ (3,552,410)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities
Share of losses from operating limited
partnerships 2,934,896
2,964,858 2,857,430
Distribution received from operating
limited partnerships 17,856
23,724 11,343
Impairment loss -
- -
Amortization 15,550
26,353 63,054
Changes in assets and liabilities
Other assets 6,915
9,105 (2,017)
Accounts payable and accrued expenses -
- -
Accounts payable - affiliates 949,908
876,612 565,374
------------- ---------
---- -------------
Net cash provided by (used in)
operating activities 410,862
295,973 (57,226)
------------- ---------
---- -------------
Cash flows from investing activities
Acquisition costs (paid)/reimbursed
(for)/from operating limited partnerships -
- -
Capital contributions paid to operating
limited partnerships -
- (93,935)
(Advances)/repayments (to)/from
operating limited partnerships (456,046)
(234,808) -
Purchase of investments (net of
proceeds from sale of investments) 100,000
(100,000) -
------------- ---------
---- -------------
Net cash provided by (used in)
investing activities (356,046)
(334,808) (93,935)
------------- ---------
---- -------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS 54,816
(38,835) (151,161)
Cash and cash equivalents, beginning 349,189
388,024 539,185
------------- ---------
---- -------------
Cash and cash equivalents, end $ 404,005 $
349,189 $ 388,024
=============
============= =============
</TABLE>
(continued)
F-29
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
17
------------------------
------------------
2000 1999
1998
------------- ---------
---- -------------
<S> <C> <C>
<C>
Supplemental schedule of noncash
investing and financing activities
The partnership has adjusted its
investment and decreased its capital
contribution obligation in
operating limited partnerships for low-
income tax credits not generated. $ - $
- $ 161,949
=============
============= =============
The fund has decreased its investment
in operating limited partnerships for
unpaid capital contributions due to
the operating limited partnership
disposed of during the year. $ 160,427 $
- $ -
=============
============= =============
The fund has applied notes receivable
and advances against installments
of capital contributions. $ - $
- $ 221,180
=============
============= =============
The fund has increased (decreased) its
investments available for sale for
unrealized gains (losses). $ - $
- $ -
=============
============= =============
</TABLE>
(continued)
F-30
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
18
------------------------
------------------
2000 1999
1998
------------- ---------
---- -------------
<S> <C> <C>
<C>
Cash flows from operating activities
Net loss $ (2,551,151) $
(2,491,271) $ (3,064,697)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities
Share of losses from operating limited
partnerships 2,164,126
2,073,909 2,589,608
Distribution received from operating
limited partnerships 17,836
7,570 2,469
Impairment loss -
- -
Amortization 11,413
30,185 42,168
Changes in assets and liabilities
Other assets 14,624
(11,475) (2,990)
Accounts payable and accrued expenses -
- (129)
Accounts payable - affiliates 306,948
306,948 306,927
------------- ---------
---- -------------
Net cash provided by (used in)
operating activities (36,204)
(84,134) (126,644)
------------- ---------
---- -------------
Cash flows from investing activities
Acquisition costs (paid)/reimbursed
(for)/from operating limited partnerships -
- -
Capital contributions paid to operating
limited partnerships -
(154,714) (38,320)
(Advances)/repayments (to)/from
operating limited partnerships (20,527)
- -
Purchase of investments (net of
proceeds from sale of investments) 127,760
243,469 (300,001)
------------- ---------
---- -------------
Net cash provided by (used in)
investing activities 107,233
88,755 (338,321)
------------- ---------
---- -------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS 71,029
4,621 (464,965)
Cash and cash equivalents, beginning 306,065
301,444 766,409
------------- ---------
---- -------------
Cash and cash equivalents, end $ 377,094 $
306,065 $ 301,444
=============
============= =============
</TABLE>
(continued)
F-31
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
18
------------------------
------------------
2000 1999
1998
------------- ---------
---- -------------
<S> <C> <C>
<C>
Supplemental schedule of noncash
investing and financing activities
The partnership 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 decreased its investment
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 $ -
=============
============= =============
The fund has increased (decreased) its
investments available for sale for
unrealized gains (losses). $ - $
- $ (380)
=============
============= =============
</TABLE>
(continued)
F-32
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
19
------------------------
------------------
2000 1999
1998
------------- ---------
---- -------------
<S> <C> <C>
<C>
Cash flows from operating activities
Net loss $ (1,873,395) $
(2,200,014) $ (2,333,502)
Adjustments to reconcile net loss to
net cash provided by (used in)
operating activities
Share of losses from operating limited
partnerships 1,572,558
1,818,541 2,073,142
Distribution received from operating
limited partnerships 95,936
313 8,733
Impairment loss -
- -
Amortization 14,740
52,182 52,182
Changes in assets and liabilities
Other assets 21,817
(19,889) (12,866)
Accounts payable and accrued expenses -
- -
Accounts payable - affiliates (238,651)
211,347 211,348
------------- ---------
---- -------------
Net cash provided by (used in)
operating activities (406,995)
(137,520) (963)
------------- ---------
---- -------------
Cash flows from investing activities
Acquisition costs (paid)/reimbursed
(for)/from operating limited partnerships -
- -
Capital contributions paid to operating
limited partnerships -
(429,000) (147,623)
(Advances)/repayments (to)/from
operating limited partnerships -
- -
Purchase of investments (net of
proceeds from sale of investments) 245,837
476,951 (433,478)
------------- ---------
---- -------------
Net cash used in investing activities 245,837
47,951 (581,101)
------------- ---------
---- -------------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS (161,158)
(89,569) (582,064)
Cash and cash equivalents, beginning 518,210
607,779 1,189,843
------------- ---------
---- -------------
Cash and cash equivalents, end $ 357,052 $
518,210 $ 607,779
=============
============= =============
</TABLE>
(continued)
F-33
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2000, 1999 and 1998
Series
19
------------------------
------------------
2000 1999
1998
------------- ---------
---- -------------
<S> <C> <C>
<C>
Supplemental schedule of noncash
investing and financing activities
The partnership has adjusted its
investment and decreased its
capital contribution obligation in
operating limited partnerships for low-
income tax credits not generated. $ - $
- $ -
=============
============= =============
The fund has decreased its investment
in operating limited partnerships for
unpaid capital contributions due to the
operating limited partnership disposed
disposed of during the year. $ - $
- $ -
=============
============= =============
The fund has applied notes receivable
and advances against installments
of capital contribution. $ - $
- $ 221,180
=============
============= =============
The fund has increased (decreased) its
investments available for sale for
unrealized gains (losses). $ - $
- $ (1,478)
=============
============= =============
</TABLE>
See notes to finacial statements
F-34
PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS
March 31, 2000, 1999 and 1998
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
beneficial 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,
2000 and 1999 are as follows:
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
==========
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, 2000, 1999 and 1998
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 the
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, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING
POLICIES (Continued)
Organization Costs
------------------
Initial organization and offering expenses,
common to all
Series, were allocated on a percentage of equity
raised to each
series.
Organization costs were amortized on the straight-
line method
over 60 months. Accumulated amortization as of
March 31, 2000
and 1999 is as follows:
2000
1999
---------
----------
Series 15 $ 167,077
$ 167,077
Series 16 227,910
227,910
Series 17 205,888
205,888
Series 18 150,296
150,296
Series 19 183,258
183,088
---------
----------
$ 934,429
$ 934,259
=========
==========
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).
F-37
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING
POLICIES (Continued)
Deferred Acquisition Costs (Continued)
--------------------------
Accumulated amortization as of March 31, 2000 and
1999 is as
follows:
2000
1999
----------
----------
Series 15 $ 52,658
$ 42,146
Series 16 84,258
67,408
Series 17 85,652
70,102
Series 18 57,196
45,783
Series 19 70,394
55,654
----------
----------
$ 350,158
$ 281,093
==========
==========
Selling Commissions and Registration Costs
------------------------------------------
Selling commissions paid in connection with the
public offering
are charged against the assignees capital upon
admission of
investors as assignees. Registration costs
associated with the
public offering are charged against assignees
capital as
incurred.
Income Taxes
-------------
No provision or benefit for income taxes has been
included in
these financial statements since taxable income or
loss passes
through to, and is reportable by, the partners and
assignees
individually.
Cash Equivalents
----------------
Cash equivalents include repurchase agreements,
money market
accounts and certificates of deposit having original
maturities
at date of acquisition of three months or less.
The carrying
value approximates fair value because of the short
maturity of
these instruments.
F-38
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING
POLICIES (Continued)
Fiscal Year
-----------
For financial reporting purposes, the fund uses
a March 31
year-end, whereas for income tax reporting
purposes, the fund
uses a calendar year. The operating limited
partnerships use a
calendar year for both financial and income tax
reporting.
Net Income (Loss) per Beneficial Assignee Certificate
-----------------------------------------------------
Net income (loss) per beneficial assignee
partnership unit is
calculated based upon the number of units
outstanding during
the year. The number of units in each series at
March 31,
2000, 1999 and 1998 are as follows:
2000, 1999
and 1998
-
---------
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
==========
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, 2000, 1999 and 1998
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT
ACCOUNTING
POLICIES (Continued)
Use of Estimates
----------------
The preparation of financial statements in
conformity with
generally accepted accounting principles requires
management to
make estimates and assumptions that affect the
reported amounts
of assets and liabilities and disclosure of
contingent assets
and liabilities at the date of the financial
statements and the
reported amounts of revenue and expenses during the
reporting
period. Actual results could differ from those
estimates.
Recent Accounting Pronouncements
--------------------------------
In June 1999, the Financial Accounting Standards
Board (FASB)
issued Statement of Financial Accounting Standards
(SFAS) No.
136, Transfers of Assets to a Non-For-Profit
Organization
or Charitable Trust that Raises or Holds
Contributions
for Others, and in June 1999, the FASB
issued SFAS
No. 137, "Accounting for Derivative
Instruments and
Hedging Activities - Deferral of the Effective Date
of SFAS No.
133."
SFAS No. 136 is generally effective for periods
beginning after
December 15, 1999 and SFAS 137 is effective upon
issuance in
June 1999.
The fund does not have any derivative or hedging
activities and
is not a non-for-profit organization.
Consequently, these
pronouncements are not expected to have an effect on
the fund s
financial statements.
NOTE B - INVESTMENTS HELD TO MATURITY
At March 31, 2000, the amortized cost and fair
market value of
investments are as follows:
Fair
Amortized
market
cost
value
----------
----------
Certificates of deposit $1,538,967
$1,538,967
==========
==========
The amortized cost and fair market value of
investments by
maturity at March 31, 2000 are shown below.
Fair
Amortized
market
cost
value
----------
----------
Due in one year or less $1,538,967
$1,538,967
==========
==========
F-40
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE B - INVESTMENTS HELD TO MATURITY (Continued)
At March 31, 1999, the amortized cost and fair
market value of
investments are as follows:
Fair
Amortized
market
cost
value
----------
----------
Certificates of deposit $2,237,166
$2,237,166
==========
==========
The amortized cost and fair market value of
investments by
maturity at March 31, 1999 is shown below.
Fair
Amortized
market
cost
value
----------
----------
Due in one year or less $2,237,166
$2,237,166
==========
==========
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,
2000 and 1999
ranged from 4.75% to 5.65%.
NOTE C - RELATED PARTY TRANSACTIONS
During the years ended March 31, 2000, 1999 and
1998, 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, 2000, 1999 and 1998
by series,
is as follows:
F-41
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE C - RELATED PARTY TRANSACTIONS (Continued)
2000 1999
1998
---------- ----------
----------
Series 15 $ 465,704 $ 483,995
$ 468,703
Series 16 582,042 586,316
599,941
Series 17 501,485 486,792
498,103
Series 18 331,660 326,762
347,356
Series 19 292,640 324,025
178,494
---------- ----------
----------
$2,173,531 $2,207,890
$2,092,597
========== ==========
==========
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, 2000, 1999 and 1998
charged to each
series= operations are as follows:
2000 1999
1998
--------- ---------
---------
Series 15 $ 18,416 $ 24,872
$ 28,999
Series 16 29,155 22,980
37,410
Series 17 19,528 18,499
32,015
Series 18 19,217 12,344
24,038
Series 19 15,710 14,070
24,534
---------- ----------
----------
$ 102,026 $ 92,765
$ 146,996
========== ==========
==========
Accounts payable - affiliates at March 31,
2000 and 1999
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-42
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 2000, 1999 and 1998 the fund
has limited
partnership interests in operating limited
partnerships which
own or are constructing operating apartment
complexes. During
2000, the partnership disposed of a portion of
its limited
partnership interest in one of the
operating limited
partnerships owned in Series 17. The number of
operating
limited partnerships in which the fund has limited
partnership
interests at March 31, 2000, 1999 and 1998 by
series are as
follows:
2000 1999
1998
--------- ---------
---------
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
========= =========
=========
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, 2000 and 1999 by series are as follows:
2000
1999
----------
-----------
Series 15 $ 32,922
$ 32,922
Series 16 140,006
142,506
Series 17 1,206,768
1,367,195
Series 18 18,554
18,554
Series 19 34,000
34,000
----------
-----------
$1,432,250
$ 1,595,177
==========
===========
F-43
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The fund's investments in operating limited partnerships at
March 31, 2000
are summarized as follows:
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 $161,393,279 $28,914,509
$ 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 (438,878)
(14,614) (217,434)
Impairment loss in investment in
operating limited partnerships (345,986) -
(345,986)
Cumulative losses from operating
limited partnerships (83,510,977)
(19,594,331) (20,152,296)
------------- -----------
-----------
Investment in operating limited
partnerships per balance sheets 96,374,955 12,293,726
23,933,776
The fund has recorded capital
contributions to the operating
limited partnerships during the
year ended March 31, 2000 which
have not been included in the
partnership's capital account
including in the operating limited
partnerships' financial statements
as of December 31, 1999 (see note
A) (2,436,846) (1,033,765)
(182,371)
The fund has recorded acquisition
costs at March 31, 2000 which have
not been recorded in the net assets
of the operating limited
partnerships (see note A) (3,680,235) (399,087)
(788,200)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 2000 which
the operating limited partnerships
have not included in their capital
as of December 31, 1999 due to
different year ends (see note A) 2,827,341 472,214
631,571
</TABLE>
F-44
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P -.
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
Total Series 15
Series 16
----------- -----------
------------
<S> <C> <C>
<C>
Equity in loss of operating limited
partnerships not recognizable under
the equity method of accounting (2,924,972) (1,718,388)
(797,247)
The fund has recorded low-income
housing tax credit adjusters not
recorded by operating limited
partnerships (see note A) 1,146,914 287,627
153,941
Impairment loss in investment in
operating limited partnerships 345,986 -
345,986
Other 190,888 7,013
(86,516)
----------- -----------
------------
Equity per operating limited
partnerships' combined financial
statements $91,844,031 $ 9,909,340
$23,210,940
=========== ===========
============
</TABLE>
F-45
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The fund's investments in operating limited partnerships at
March 31, 2000
are summarized as follows:
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 $36,357,883
$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 (60,168)
(38,291) (108,371)
Impairment loss in investment in
operating limited partnerships - -
-
Cumulative losses from operating
limited partnerships (19,201,568)
(13,259,201) (11,303,581)
------------- -----------
- ------------
Investment in operating limited
partnerships per
balance sheets 21,661,017
16,650,144 21,836,292
The fund has recorded capital
contributions to the operating
limited partnerships during the
year ended March 31, 2000 which
have not been included in the
partnership's capital account
including in the operating limited
partnerships' financial statements
as of December 31, 1999 (see note
A) (1,029,507)
(76,233) (114,970)
The fund has recorded acquisition
costs at March 31, 2000 which have
not been recorded in the net assets
of the operating limited
partnerships (see note A) (1,470,824)
(387,564) (634,560)
Cumulative losses from operating
limited partnerships for the three
months ended March 31, 2000 which
the operating limited partnerships
have not included in their capital
as of December 31, 1999 due to
different year ends (see note A) 752,440
617,683 353,433
</TABLE>
F-46
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
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 (142,642) (241,270)
(25,425)
The fund has recorded low-income
housing tax credit adjusters not
recorded by operating limited
partnerships (see note A) 325,636 109,462
270,248
Impairment loss in investment in
operating limited partnerships - -
-
Other 125,784 93,102
51,505
----------- -----------
------------
Equity per operating limited
partnerships' combined financial
statements $20,221,904 $16,765,324
$21,736,523
=========== ===========
============
</TABLE>
F-47
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The fund's investments in operating limited partnerships
at March 31,
1999 are summarized as follows:
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 $161,553,590 $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 (210,281) (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 sheets 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
including 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-48
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
Total Series 15
Series 16
----------- ----------
- -----------
<S> <C> <C>
<C>
Equity in loss of operating limited
partnerships not recognizable under
the equity method of accounting (see
note A) (1,191,728)
(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 $105,202,067
$12,657,195 $27,243,035
============
=========== ===========
</TABLE>
F-49
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The fund's investments in operating limited partnerships at
March 31,
1999 are summarized as follows:
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 sheets 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
including 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-50
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
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 $23,340,075 $19,040,493
$22,921,269
=========== ===========
===========
</TABLE>
F-51
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized balance sheets of the operating
limited partnerships
at December 31, 1999 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
Total Series 15
Series 16
----------- -----------
-----------
<S> <C> <C>
<C>
ASSETS
Buildings and improvements, net of
accumulated depreciation $469,862,922 $96,662,668
$106,798,098
Land 28,123,731 6,103,309
5,120,755
Other assets 31,753,838 7,157,574
8,398,992
------------ ------------
------------
$529,740,491 $109,923,551
$120,317,845
============ ============
============
LIABILITIES AND PARTNERS' CAPITAL
Mortgages and construction
loans payable $362,300,260 $84,308,708
$83,448,571
Accounts payable and accrued
expenses 15,658,165 2,723,409
5,256,217
Other liabilities 30,616,529 4,486,894
4,011,853
------------ -----------
-----------
408,574,954 91,519,011
92,716,641
------------ -----------
-----------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund III,
L.P. 91,844,031 9,909,340
23,210,940
Other partners 29,321,506 8,495,200
4,390,264
------------ ------------
------------
121,165,537 18,404,540
27,601,204
------------ ------------
------------
$529,740,491 $109,923,551
$120,317,845
============ ============
============
</TABLE>
F-52
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized balance sheets of the operating
limited
partnerships at December 31, 1999 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS -
CONTINUED
Series 17 Series 18
Series 19
---------- ------------ ---
--------
<S> <C> <C>
<C>
ASSETS
Buildings and improvements, net
of accumulated depreciation $123,770,081 $63,982,485
$78,649,590
Land 7,700,365 3,357,967
5,841,335
Other assets 7,385,638 4,507,571
4,304,063
------------ ----------- ----
--------
$138,856,084 $71,848,023
$88,794,988
============ ===========
===========
LIABILITIES AND PARTNERS'
CAPITAL
Mortgages and construction
loans payable $93,099,741 $46,314,219
$55,129,021
Accounts payable and accrued
expenses 4,431,890 1,998,671
1,247,978
Other liabilities 12,016,332 3,780,501
6,320,949
----------- ----------- ----
-------
109,547,963 52,093,391
62,697,948
----------- ----------- ----
-------
PARTNERS' CAPITAL
Boston Capital Tax Credit Fund
III, L.P. 20,221,904 16,765,324
21,736,523
Other partners 9,086,217 2,989,308
4,360,517
----------- ----------- ----
-------
29,308,121 19,754,632
26,097,040
----------- ----------- ----
-------
$138,856,084 $71,848,023
$88,794,988
=========== ===========
===========
</TABLE>
F-53
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized balance sheets of the
operating limited
partnerships at December 31, 1998 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
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
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-54
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized balance sheets of the operating
limited partnerships at
December 31, 1998 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS -
CONTINUED
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
Mortgages and construction
loans payable $93,587,027 $46,607,327
$55,616,120
Accounts payable and accrued
expenses 3,852,115 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 Fund
III, L.P. 23,340,075 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-55
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized statements of operations of the
operating limited
partnerships at December 31, 1999 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Total Series 15
Series 16
----------- -----------
-----------
<S> <C> <C>
<C>
Revenue
Rental $57,513,717 $12,759,430
$12,361,794
Interest and other 3,844,480 400,228
1,524,626
----------- -----------
-----------
Expenses 61,358,197 13,159,658
13,886,420
----------- -----------
-----------
Interest 22,303,977 4,608,190
4,687,856
Depreciation and amortization 20,166,671 4,381,086
4,765,286
Taxes and insurance 7,108,064 1,507,739
1,582,391
Repairs and maintenance 10,150,882 2,082,436
2,470,168
Operating expenses 17,091,605 3,940,527
3,633,133
Other expenses 1,624,887 324,919
481,365
----------- -----------
-----------
78,446,086 16,844,897
17,620,199
----------- -----------
-----------
NET LOSS $(17,087,889)
$(3,685,239) $(3,733,779)
=========== ===========
===========
Net loss allocated to Boston
Capital Tax Credit Fund III L.P.* $(13,387,859)
$(2,755,859) $(3,702,403)
Net loss allocated to other
partners $ (3,700,030) $
(929,380) $ (31,376)
=========== ===========
===========
*Amounts include $908,196, $567,031, $124,204, $108,388 and
$25,425 for Series
15, Series 16, Series 17, Series 18 and Series 19,
respectively, of loss not
recognized under the equity method of accounting as described
in note A.
F-56
<PAGE>
</TABLE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized statements of operations of the
operating limited partnerships
at December 31, 1999 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS -
CONTINUED
Series 17 Series
18 Series 19
----------- ----------
- -----------
<S> <C> <C>
<C>
Revenue
Rental $14,873,162 $
6,912,114 $10,607,217
Interest and other 952,358
557,839 409,429
----------- ----------
- -----------
15,825,520
7,469,953 11,016,646
----------- ----------
- -----------
Expenses
Interest 6,308,999
2,716,230 3,982,702
Depreciation and amortization 5,004,953
2,847,749 3,167,597
Taxes and insurance 1,683,630
896,292 1,438,012
Repairs and maintenance 2,953,925
1,394,818 1,249,535
Operating expenses 4,415,118
2,065,380 3,037,447
Other expenses 462,872
186,380 169,351
----------- ----------
- -----------
20,829,497
10,106,849 13,044,644
----------- ----------
- -----------
NET LOSS $(5,003,977)
$(2,636,896) $(2,027,998)
===========
=========== ===========
Net loss allocated to Boston
Capital Tax Credit Fund III L.P.* $(3,059,100)
$(2,272,514) $(1,597,983)
===========
=========== ===========
Net loss allocated to other
partners $(1,944,877) $
(364,382) $ (430,015)
===========
=========== ===========
*Amounts include $908,196, $567,031, $124,204, $108,388
and $25,425 for Series 15,
Series 16, Series 17, Series 18 and Series 19,
respectively, of loss not recognized
under the equity method of accounting as described in note A.
</TABLE>
F-57
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized statements of operations of the
operating limited
partnerships at December 31, 1998 are as follows:
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)
============
=========== ============
*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.
</TABLE>
F-58
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized statements of operations of the
operating limited
partnerships at December 31, 1998 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS -
CONTINUED
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)
=========== ===========
============
*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.
</TABLE>
F-59
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P -.
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized statements of operations of the
operating limited
partnerships at December 31, 1997 are as follows:
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)
============
=========== ============
*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.
</TABLE>
F-60
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE D - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
(Continued)
The combined summarized statements of operations of the
operating limited partnerships
at December 31, 1997 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS -
CONTINUED
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)
============
============ ===========
*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.
</TABLE>
F-61
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE E - NOTES RECEIVABLE
Notes receivable at March 31, 2000 and 1999 consist
of advance
installments of capital contributions to
operating limited
partnerships. The notes at March 31, 2000
and 1999 are
comprised of noninterest bearing and interest
bearing notes
with rates ranging from 3.66% to prime plus 3%.
Prime was
9.00% and 7.75% as of March 31, 2000 and 1999,
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, 2000 and
1999 by series are as follows:
2000
1999
----------
----------
Series 15 $ 32,170
$ 32,170
Series 16 -
-
Series 17 1,332,152
1,332,152
Series 18 -
-
Series 19 -
-
----------
----------
$1,364,322
$1,364,322
==========
==========
NOTE F - OTHER ASSETS
Other assets include cash held by an escrow agent at
March 31,
2000 and 1999. The cash held for the series at
March 31, 2000
and 1999 represents capital contributions to be
released to the
operating limited partnerships when certain
criteria are met.
The escrows held at March 31, 2000 and 1999 by
series are as
follows:
2000
1999
----------
----------
Series 15 $ -
$ -
Series 16 -
-
Series 17 15,097
15,097
Series 18 -
-
Series 19 -
-
----------
----------
$ 15,097
$ 15,097
==========
==========
F-62
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE F - OTHER ASSETS (Continued)
In addition, other assets include cash advanced to
operating
limited partnerships at March 31, 2000 and 1999
some of which
are to be applied to capital contributions payable
when certain
criteria have been met. The advances at March
31, 2000 and
1999 by series are as follows:
2000
1999
----------
----------
Series 15 $ 799,602
$ 748,458
Series 16 110,861
110,861
Series 17 1,838,343
1,382,297
Series 18 20,527
14,391
Series 19 -
-
----------
----------
$2,769,333
$2,256,007
==========
==========
F-63
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
TAX RETURN
For income tax purposes, the fund reports using a December
31, year-end.
The fund's net loss for financial reporting and tax return
purposes for the
year ended March 31, 2000 are reconciled as follows:
Total Series 15
Series 16
----------- ----------
- ------------
<S> <C> <C>
<C>
Net loss for financial reporting
purposes $(14,094,899)
$(2,377,728) $(3,778,362)
Operating limited partnership rents
received in advances 30,092 15,553
1,886
Fund management fees not deducted
for tax purposes 2,023,696 548,052
391,980
Other 696,723 11,615
342,247
Operating limited partnership
losses not recognized for financial
reporting purposes under equity
method of accounting (1,727,593)
(908,196) (567,031)
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 (1,643,788)
(372,569) (311,001)
Difference due to fiscal year for
book purposes and calendar year for
tax purposes (368,431) 4,412
(296,053)
----------- ----------
- ------------
Loss for tax return purposes, year
ended December 31, 1999 $(14,738,214)
$(3,078,861) $(3,870,348)
===========
=========== ============
F-64
</TABLE>
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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, 2000 are reconciled as follows:
Series 17 Series 18
Series 19
----------- ----------
- ------------
<S> <C> <C>
<C>
Net loss for financial reporting
purposes $(3,514,263) $
(2,551,151) $ (1,873,395)
Operating limited partnership rents
received in advances 7,621
3,251 1,781
Fund management fees not deducted
for tax purposes 565,368
306,948 211,348
Other 194,641
127,670 20,550
Operating limited partnership
losses not recognized for financial
reporting purposes under equity
method of accounting (124,204)
(102,737) (25,425)
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 (458,329)
(201,324) (300,565)
Difference due to fiscal year for
book purposes and calendar year for
tax purposes (10,889)
(24,375) (41,526)
----------- ----------
-- ------------
Loss for tax return purposes, year
ended December 31, 1999 $ (3,340,055) $
(2,441,718) $ (2,007,232)
===========
============ ============
</TABLE>
F-65
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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:
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, year
ended December 31, 1998 $(15,052,196)
$(3,032,255) $(3,815,288)
===========
=========== ============
</TABLE>
F-66
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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:
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, year
ended December 31, 1998 $(3,287,317) $(2,633,026)
$(2,284,310)
============ ============
============
</TABLE>
F-67
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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:
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, year
ended December 31, 1997 $(15,971,910)
$(3,021,633) $ (3,590,742)
=============
============ =============
</TABLE>
F-68
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
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:
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, year
ended December 31, 1997 $(4,172,309) $(2,909,915)
$(2,277,311)
=========== ===========
============
</TABLE>
F-69
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
INCOME TAX RETURN (Continued)
The difference between the investments in operating limited
partnerships for
tax purposes and financial statements purposes are
primarily due to the
differences in the losses not recognized under the
equity method of
accounting and the historic tax credits taken for income
tax purposes. At
March 31, 2000, the differences are as follows:
Total
Series 15 Series 16
------------- ---
---------- --------------
<S> <C> <C>
<C>
Investment in operating limited
partnerships - tax return December
31, 1999 $ 82,472,728 $
9,104,697 $ 20,501,370
Estimated share of loss for the three
months ended March 31, 2000 (2,827,341)
(472,214) (631,571)
Add back operating limited
partnership losses not recognized for
financial reporting purposes under the
equity method 2,924,972
1,718,388 797,247
Impairment loss in investment in
operating limited partnerships (345,986)
- (345,986)
Historic tax credits 5,333,539
1,852,569 -
Other 8,817,043
90,286 3,612,716
------------- ---
---------- --------------
Investment in operating limited
partnerships - as reported $ 96,374,955 $
12,293,726 $ 23,933,776
=============
============= ==============
</TABLE>
F-70
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
INCOME TAX RETURN (Continued)
The difference between the investments in operating
limited partnerships for tax
purposes and financial statements purposes are primarily due to
the differences in the
losses not recognized under the equity method of
accounting and the historic tax
credits taken for income tax purposes. At March 31, 2000,
the differences are as
follows:
Series 17
Series 18 Series 19
------------- ---
--------- ------------
<S> <C> <C>
<C>
Investment in operating limited
partnerships - tax return December
31, 1999 $ 19,208,491 $
13,823,454 $ 19,834,716
Estimated share of loss for the three
months
ended March 31, 2000 (752,440)
(617,683) (353,433)
Add back operating limited
partnership losses not recognized
for financial reporting purposes
under the equity method 142,642
241,270 25,425
Impairment loss in investment in
operating limited partnerships -
- -
Historic tax credits 1,100,310
2,062,333 318,327
Other 1,962,014
1,140,770 2,011,257
------------- ---
--------- ------------
Investment in operating limited
partnerships - as reported $ 21,661,017 $
16,650,144 $ 21,836,292
=============
============ ============
</TABLE>
F-71
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
INCOME TAX RETURN (Continued)
The difference between the investments in operating limited
partnerships for
tax purposes and financial statements purposes are
primarily due to the
differences in the losses not recognized under the
equity method of
accounting and the historic tax credit taken for income
tax purposes. At
March 31, 1999, the differences are as follows:
Total
Series 15 Series 16
-------------- ---
---------- ------------
<S> <C> <C>
<C> Investment in operating limited
partnerships - 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
-------------- ---
---------- ------------
Investment in operating limited
partnerships - as reported $ 108,418,478 $
14,142,163 $ 27,165,227
==============
============= ============
</TABLE>
F-72
<PAGE>
<TABLE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE G - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS)
TO
INCOME TAX RETURN (Continued)
The difference between the investments in operating
limited partnerships for tax
purposes and financial statements purposes are primarily due
to the differences in the
losses not recognized under the equity method of accounting
and the historic tax credit
taken for income tax purposes. At March 31, 1999, the
differences are as follows:
Series 17
Series 18 Series 19
-------------- --
----------- ------------
<S> <C> <C>
<C> Investment in operating limited
partnerships - 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
-------------- --
----------- ------------
Investment in operating limited
partnerships - as reported $ 24,774,196 $
18,832,106 $23,504,786
==============
============= ============
</TABLE>
F-73
<PAGE>
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2000, 1999 and 1998
NOTE H - CASH EQUIVALENTS
On March 31, 2000 and 1999, Boston Capital Tax Credit
Fund III
L.P. purchased $1,650,000 and $849,981 of
securities under
agreements to resell on April 3, 2000 and April
1, 1999,
respectively. Interest is earned at rates ranging
from 1.95%
to 4.35% per annum.
Additionally, cash equivalents of $99,705 and
$734,460 as of
March 31, 2000 and 1999, respectively, include
certificates of
deposit and money market accounts with interest rates
ranging
from 1.95% to 2.07% per annum.
NOTE I - CONTINGENCY
Glen Place Apartments, an operating limited
partnership, is in
receipt of a 60-Day letter issued by the IRS stating
that the
partnership has not met certain IRC Section 42
requirements.
The finding was the result of an IRS audit of the
partnership's
tenant files. The IRS has proposed an adjustment
that would
disallow the operating partnership from utilizing
certain past
or future credits. The Operating General Partner is
in the
process of filing an appeal to the finding of the
IRS, and
do not anticipate an outcome that will have a material
effect
on the financial statements. Accordingly, no
adjustment
has been made in accompanying financial statements.
F-74
Partners
April Gardens Apartments III Limited Partnership
San Juan, Puerto Rico
We have audited the accompanying balance sheets of April Gardens
Apartments III Limited Partnership as of December 31, 1999 and
1998, 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 April Gardens III Limited Partnership as of December 31, 1999
and 1998, 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 February 3, 2000 on our consideration of
the Partnership's internal control structure and a report dated
February 3, 2000 on its compliance with laws, regulations,
contracts, loan covenants and agreements.
Our audits were made for the purpose of forming an opinion on the
basic financial statements for the years ended December 31, 1999
and 1998, 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, 1999 and 1998, and, in our
opinion, is fairly stated in all material respects in relation to
the basic financial statements for the years ended December 31,
1999 and 1998, taken as a whole.
To the Partners
Autumnwood Limited Partnership
I have audited the accompanying balance sheets of Autumnwood
Limited partnership as of December 31, 1999 and 1998 and the
related statements of income, partners capital, and cash flows
for the years then ended. These financial statements are the
responsibility of management. My responsibility is to express an
opinion on these financial statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States, and the U.S.
Department of Agriculture, Farmers Home Administration Audit
Program. Those standards require that I plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts arid
disclosures in the 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 1999 and 1998
and the results of its operations and its cash flow for the years
then ended in conformity with generally accepted accounting
principles.
In accordance with government auditing standards, I have also
issued reports dated March 10. 2000 on my consideration of
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.
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, 1999 and 1998, and the related
statements of profit (loss), changes in partners' equity
(deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards issued by the
Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Beckwood Manor Eight Limited Partnership as of December 31,
1999 and 1998, and its results of operations, changes in
partners' equity (deficit), and cash flows for the years then
ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued our report dated February 28, 2000 on our consideration of
the Partnership's internal control over financial reporting and
our tests of its compliance with certain provisions of laws,
regulations, contracts and grants.
To the Partners
Buena Vista Apartments, Phase II, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of Buena vista
Apartments, Phase II, A Limited Partnership (A South Carolina
Limited Partnership), as of December 31, 1999 and 1998 and the
related statements of operations, partners' equity and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our 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 accounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a 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, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
To the Partners of
Curwensville House Associates
(A Pennsylvania Limited Partnership)
We have audited the accompanying balance sheets of Curwensville
House Associates (a Pennsylvania Limited Partnership) as of
December 31, 1999 and 1999, and the related statements of
operations, changes in partners' equity (deficit), and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Curwensville House Associates as of December 31, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 2, 2000, on our consideration of the
Partnership's internal controls and a report dated March 2, 2000,
on its compliance with laws and regulations.
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in
all material respects in relation to the financial statements
taken as a whole.
To the Partners
East Park Apartments I Limited Partnership
Dilworth, Minnesota
We have audited the accompanying balance sheets of East Park
Apartments I Limited Partnership, as of December 31 1999 and 1998
and the related statements of operations, partners' equity and
cash flows for the years then ended. These financial statements
are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion. the financial statements referred to above
present fairly, in all material respects, the financial position
of East Park Apartments I Limited Partnership as of December 31,
1999 and 1998 and the results of its operations, the changes in
partners' equity, and its cash flows for the years then ended, in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information on page 10 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial Statements taken as a
whole.
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 31,1999 and 1998
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, 1999 and 1998, and the results of its operations and the
changes in partners' equity and cash flows for the years then
ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued reports dated February 8, 2000 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 pant 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.
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, 1999 and 1998, and the
related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on the financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion. the financial statements referred to above
present fairly, in all material respects, the financial position
of The Hearthside II Limited Dividend Housing Association Limited
Partnership as of December 31, 1999 and 1998, and the results of
its operations, changes in partners' equity. and cash flows for
the years then ended, in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on 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.
To the Partners
Laurelwood Apartments, Phase II, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of Laurelwood
Apartments, Phase II, A Limited Partnership (A South Carolina
Limited Partnership), as of December 31, 1999 and 1998 and the
related statements of operations, partners' equity and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Laurelwood Apartments, Phase II, A Limited Partnership, as of
December 31, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
To the Partners
Madison Partners Limited Partnership
We have audited the accompanying balance sheets of Madison
Partners Limited partnership (a Wisconsin Limited Partnership),
as of December 31, 1999 and 1998, and the related statements of
operations, partners' capital, and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Cur responsibility 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 31,1999
and 1998, and the results of its operations, changes in partners'
capital, and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages 12 and 13 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
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, 1999 and 1998, and the related,
statements of profit (loss), changes in partners' equity
(deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards issued by the
Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of P.D.C. Fifty Five Limited Partnership as of December.A31, 1999
and 1998, and its results of operations, changes in partners'
equity (deficit), and cash flows for the years then ended-in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued our report dated March 1, 2000 on our consideration of the
Partnership's internal control over financial reporting and our
tests of its compliance with certain provisions of laws,
regulations, contracts and grants.
To the Partners
Rio Mimbres II, Ltd.
and USDA Rural Development
We have audited the accompanying balance sheets of Rio Mimbres
II, Ltd. (a limited partnership) as of December 31, 1999 and
1998, and the related statements of operations, partners' equity
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Rio Mimbres II, Ltd. as of December 31,1999 and 1998, and the
results of its operations and the changes in partners' equity and
cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 20, 2000, 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.
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 Developement No 889, as of
December 31, 1999 and 1998, and the related statements of profit
and toss, 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, 1999 and I 998, and its
profit and loss, partners' equity, and its cash flows for the
years then ended, in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 11, 2000, on our consideration of
the Partnership's internal controls and on its compliance with
laws and regulations.
To the Partners of
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, 1999 and 1998 and the related
statements of operations, partners' equity, and cash flows for
the years then ended. These financial statements are the
responsibility of Partnership's management. Our responsibility is
to express an opinion on these financial 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 arc free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that 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 Virgen del Pozo Limited Partnership as of December 31, 1999
and 1998, and the results of its operations, changes in partners
equity and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The additional
information as referred to listed in the table of contents. is
presented for the purpose of additional analysis and is not a
required part of the basic financial statements. This additional
information is the responsibility of the Partnership's
management. Such additional information has been subjected to the
auditing procedures applied in our audit of the basic financial
statements and, in our opinion, is fairly stated in all material
respects, in relation to the basic financial statements taken as
a whole.
Partners
Villa del Mar Limited Partnership
San Juan, Puerto Rico
We have audited the accompanying balance sheets of Villa del Mar
Limited Partnership as of December 31, 1999 and 1998, 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, 1999 and
1998, 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 February 3, 2000, on our consideration of
the Partnership's internal control structure and a report dated
February 3, 2000, on its compliance with laws, regulations,
contracts, loan covenants and agreements.
Our audits were made for the purpose of forming an opinion on the
basic financial statements for the years ended December 31, 1999
and 1998, 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, 1999 and 1998, and, in our
opinion, is fairly stated in all material respects in relation to
the basic financial statements for the years ended December 31,
1999 and 1998, taken as a whole.
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, 1999 and 1998 and the related
statements of operations, changes in 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 our
audits provide a 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,
1999 and 1998 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 10 and 11 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
audit procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
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, 1999 and 1998 and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our 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, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
To the Partners
Cass Partners Limited Partnership
6846 PACIFIC STREET, SUITE 100
OMAHA, NEBRASKA 68106
TELEPHONE (402) 558-2598
FAx (402) 558-2914
We have audited the accompanying balance sheets of Cass Partners
Limited Partnership as of December 31, 1999 and 1998, and the
related statements of operations, partners' equity and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management. as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Cass Partners Limited Partnership as of December 31, 1999 and
1998, and the results of its operations, changes in partners'
equity, and cash flows for the years then ended in conformity
with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 13 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects In relation to the basic financial statements taken as a
whole.
To the Partners of
Clymer Park Associates Limited Partnership
(A Pennsylvania Limited Partnership)
We nave audited the accompanying balance sheets of Clymer Park
Associates Limited Partnership (a Pennsylvania Limited
Partnership) as of December 31, 1999 and 1998, and the related
statements of operations, changes in partners' equity (deficit),
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In cur opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Clymer Partnership Associates Limited Partnership as of
December 31, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 2, 2000, on our consideration of the
Partnership's internal controls and a report dated March 2, 2000,
on the compliance with laws and regulations.
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in
all material respects in relation to the financial Statements
taken as a whole
To the Partners
Cumberland Wood Associates of Middlesboro, KY, Ltd.
Charlotte, North Carolina
We have audited the accompanying balance sheets of Cumberland
Wood Associates of Middlesboro, KY, Ltd. (a Kentucky limited
partnership) as of December 31, 1999 and 1998, and the related
statements of operations, partners' equity, and cash flows for
the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Government Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Cumberland Wood Associates of Middlesboro, KY, Ltd. as of
December 31, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued our report dated January 31, 2000, on our consideration of
the Partnership's internal control over financial reporting and
our tests of its compliance with certain provisions of laws,
regulations, contracts, and grants.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplementary
information listed in the table of contents is presented for
purposes of additional analysis and is not a required part of the
basic financial statements of the Partnership.
Such information has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in
our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
To the Partners
Deer Run Limited Partnership
Kittrell, North Carolina
We have audited the accompanying balance sheets of Deer Run
Limited Partnership as of December 31, 1999 and 1998, and the
related statements of operations, partners' equity (deficit) and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our 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, 1999 and 1998,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 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.
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, 1999 and 1998, and the
related statements of operations, partners' equity and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our 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 supporung the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a 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, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
To the Partners
Lawrenceville Manor Limited Partnership
I have audited the accompanying balance sheets of Lawrenceville
Manor Limited Partnership as of December 31, l999 and 1998, and
the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial
statements based on my audits.
I conducted my audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States, and the U.S.
Department of Agriculture, Farmers Home Administration Audit
Program. Those standards require that I plan and perform the
audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Lawrenceville Manor Limited Partnership as of December 31, 1999
and 1998, and the results of its operations, changes in partners'
equity, and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also
issued my report dated March 10, 2000 on my consideration of
Lawrenceville Manor Limited Partnership's internal control over
financial reporting and on our tests of its compliance with
certain provisions of laws and regulations.
Ta the Partners
Mariner's Pointe Limited Partnership I and
Mariner's Pointe Limited Partnership II
Madison, Wisconsin
We have audited the combined balance sheets of Mariner's Pointe
Limited Partnership I and Mariners Pointe Limited Partnership II
WHEDA Project No.0111001214 as of December 31, 1999 and 1998, and
the related combined 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 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 audits provide 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 position of Mariner's Pointe Limited Partnership I and
Mariner's Pointe Limited Partnership II as of December 31, 1999
and 1998, and the combined results of their operations, changes
in partners' equity and cash flows for the years then ended in
conformity with generally accepted accounting principles.
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,
1999 and 1998, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a 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, 1999 and
1998, and the results of its operations, partners' equity, and
cash flows for the years then ended, in conformity with generally
accepted accounting principles.
To the Partners
Riviera Apts., Ltd.
Boston, Massachusetts
We have audited the accompanying Balance Sheets of Riviera Apts.,
Ltd. (a Florida Limited Partnership), as of December 31, 1999
and 1998, and the related Statements of Operations, Partners'
Equity and Cash Flows for the years then ended. These financial
statements are the responsibility of the management of 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, 1999 and 1998, and the
results of its operations, the changes in partners' equity and
cash flows for the years then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information is presented for purposes of additional analysis and
is not a required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in
the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
To the Partners
St. Croix Commons Limited Partnership
We have audited the accompanying balance sheets of St. Croix
Commons Limited Partnership, as of December 31, 1999 and 1998,
and the related statements of operations, partners' equity, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of St. Croix Commons Limited Partnership, as of December 31, 1999
and 1998, and the results of its operations, the changes in
partners' equity, and cash flows for the years then ended in
conformity with generally accepted accounting principles.
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.
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, 1999 and 1998, 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, 1999 and
1998, 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 35 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.
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, 1999 and 1998, and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our 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, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
To the Partners
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, 1999 and 1998 and the related statements of
operations, changes in 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 our
audits provide a 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,
1999 and 1998 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 fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
To the Partners
Briarwood Of Dekalb, L.P
(A Limited Partnership)
We have audited the accompanying balance sheets of Briarwood of
Dekalb, L.P. (a limited Partnership) as of December 31, 1999 and
1998, and the related statements of operations, partners' equity
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States 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 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 Briarwood of Dekalb, L.P. as of December 31, 1999 and 1998,
and the results of its operations, changes in partners' equity
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
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 February 5, 2000, 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.
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, 1999 and
1998, and the related statements of income, partners' capital
(deficiency) and cash flows for the years then ended. These
financial statements are the responsibility of the General
Partners. Our responsibility is to express an opinion on these
financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by the partners, as well as evaluating
the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Cairo Housing Company I as of December 31, 1999 and 1998, and
the results of its operations and cash flows for the years then
ended in conformity with generally accepted accounting
principles.
To the Partners
Cambridge Family YMCA Affordable Housing
Limited Partnership
Cambridge, Massachusetts
We have audited the accompanying statements of financial position
of Cambridge Family YMCA Affordable Housing Limited Partnership
(A Massachusetts limited partnership) as of December 31, 1999 and
1998, and the related statements of operations, changes in
partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
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, 1999 and 1998, and the results of its
operations, changes in partners' equity (deficit) and cash flows
for the years then ended in conformity with generally accepted
accounting principles.
To the Partners
Crofton Associates I, Limited Partnership
We have audited the accompanying balance sheets of Crofton
Associates I, Limited Partnership, FMHA Project No.: 20-024-
0621467587 as of December 31, 1999 and 1998, 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 1, Limited Partnership, FMHA Project No.:
20-024-0621467587 as of December 31, 1999 and 1998, and the
results of its operations, changes in partners' capital and cash
flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were 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, 2000 on our consideration of
the limited partnership's internal control over financial
reporting and on its compliance with laws and regulations.
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, 1999 and
1998 and the related statements of operations, partners' capital
(deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. 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.
To the Partners
Gallaway Associates I, Limited Partnership
We have audited the accompanying balance sheets of Gallaway
Associates I, Limited Partnership, FMHA Project No.: 48-024-
621474763 as of December 31, 1999 and 1998, 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 of December 31, 1999 and 1998, and the
results of its operations, changes in partners' capital and cash
flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were 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 27, 2000 on our consideration of
the limited partnership's internal control over financial
reporting and on its compliance with laws and regulations.
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, 1999 and 1998, and the related statements of
operations, changes in partners' equity (deficit) and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform 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, 1999 and 1998, and the results of
its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report, dated February 2, 2000, on our consideration of
the Partnership's internal control over financial reporting and
on our tests of its compliance with certain provisions of laws,
regulations, contracts and grants.
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 13 to 15 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, 1999, 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 16 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 16 has been
subjected to the auditing procedures applied in the audits of the
financial statements for the years ended December 31, 1999 and
1998, and in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a
whole.
To the Partners
Hacklev-Barclav 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, 1999 and
1998, and the related statements of operations, partners' equity
and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Hackley-Barclay Limited Dividend Housing Association Limited
Partnership, as of December 31, 1999 and 1998, and the results of
its operations, changes in partners equity and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on 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.
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, 1999 and 1998, and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial 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, the financial position
of Hickman Associates II. Limited Partnership, FMHA Project No.:
20-038-621451228 as of December 31, 1999 and 1998, and the
results of its operations, changes in partners' equity and cash
flows for the years then ended in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information is presented for purposes of additional analysis and
is not a required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in
the audits of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
To the Partners
Lee Terrace Limited Partnership
I have audited the accompanying balance sheets of Lee Terrace
Limited Partnership as of December 3l, 1999 and 1998, and the
related statements of operations, partners' equity and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. My responsibility
is to express an opinion on these financial statements based on
my audits.
I conducted my audits in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States, and the U.S.
Department of Agriculture, Farmers Home Administration Audit
Program. Those standards require that I plan and perform the
audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
In my opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Lee
Terrace Limited Partnership as of December 31, 1999 and 1998, and
the results of its operations, changes in partners' equity, and
its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, I have also
issued my report dated March 10, 2000 on my consideration of Lee
Terrace Limited Partnership's internal control over financial
reporting and on our tests of its compliance with certain
provisions of laws and regulations.
To The Partners
Mt. Vernon Associates, L.P.
Rochester, New York
We have audited the accompanying balance sheet of Mt. Vernon
Associates, L.P. (a limited partnership) as of December 31, 1999,
and the related statements of operations and partners' capital
(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 Mt. Vernon Associates, L.P. as of December 31, 1998, were
audited by other auditors whose report dated February 1, 1999,
expressed an unqualified opinion of 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 1999 financial statements referred to above
present fairly, in all material respects, the financial position
of Mt. Vernon Associates, L.P. as of December 31, 1999, and the
results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting
principles.
To the Partners
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, 1999 and 1998, and the related
statements of operations, partners' equity and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable
basis for our opinion
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Oakwood Manor of Bennettsville, A Limited Partnership, as of
December 31, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
To the Partners
Midland Housing Limited Partnership
We have audited the accompanying balance sheets of Midland
Housing Limited Partnership as of December 31, 1999 and 1998, and
the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present
fairly, in all material respects, the financial position of
Midland Housing Limited Partnership as of December 31, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 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.
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
December31, 1999 and 1998 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, 1999 and 1998,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The 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.
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, 1999 and 1998 and
the related statements of operations, partners' equity and Cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Sixth Street Partners Limited Partnership as of December 31,
1999 and 1998 and the results of its operations, changes in
partners' equity and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 1-15 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.
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,
1999 and 1998, and the related statements of income, partners
capital (deficiency) and cash flows for the years then ended.
These statements are the responsibility of the General Partners.
Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by the partners, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Voorheesville Housing Company I as of December 31, 1999 and
1998, and the results of its operations and cash flows for the
years then ended, in conformity with generally accepted
accounting principles.
To the Partners of
Waynesburg House Associates
(A Pennsylvania Limited Partnership)
We have audited the accompanying balance sheets of Waynesburg
House Associates (a Pennsylvania Limited Partnership) as of
December 31, 1999 and 1998, and the related statements of
operations, changes in partners' equity (deficit), and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Waynesburg House Associates as of December 31, 1999 and 1998,
and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also
issued a report dated March 2, 2000, on our consideration of the
Partnership's internal controls and a report dated March 2, 2000,
on its compliance with laws and regulations.
The accompanying supplementary information is presented for
purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been
subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated
in all material respects in relation to the financial statements
taken as a whole.
To The Partners
White Castle Citizens Partnership, Ltd.
We have audited the accompanying balance sheet of White Castle
Senior Citizens Partnership Ltd., RHS Project No.: 22-24-
721149468, as of December 31, 1999 and December31, 1998, and the
related statements of operations, partners' equity and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an Opinion on these financial
statements based on our audit
We conducted our audit in accordance with generally accepted
auditing standards and the standards applicable to financial
audits contained in Governmental Auditing Standards issued by the
Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audit provides a 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, 1999
and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued our report dated March 15, 2000 on our consideration of
the Partnership's internal control over financial reporting and
our tests of its compliance with certain provisions of laws,
regulations, and contracts. This report is presented on page 26.
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 14 is presented for purposes of additional
analysis and is not a required part of the basic financial
statements. The supplementary information presented in the Year
End Report 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, 1999, 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 22-26. Such information has been subjected
to the audit procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements
taken as a whole.
To the Partners of
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, 1999, 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,
1999, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted
accounting principles.
To the Partners
(Glen Place Apartments Limited Partnership
We have audited the accompanying balance sheets of Glen Place
Apartments Limited Partnership, as of December 31, 1999 and 1998,
and the related statements of operations, partners' equity, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a 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,
1999 and 1998, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on page 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.
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, 1999 and 1998, and the related
statements of profit and loss, partners' equity, and cash flows
for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Lakeview Meadows II Limited Dividend Housing Association
Limited Partnership as of December 31, 1999 and I 998, and its
profit and loss, partners' equity, and its cash flows for the
years then ended, in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated February 11, 2000, on our consideration of
the Partnership's internal controls and on its compliance with
laws and regulations.
To the Partners
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 1999 and 1998 and the related statements of
operations, changes in partners' equity (deficit) and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a 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, 1999 and 1998 and the results of its
operations, changes in partners' equity and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made primarily for the purpose of forming an
opinion on the basic financial statements for the years ended
December 31, 1999 and 1998 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.
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, 1999 and 1998 and the related statements of
operations, changes in partners' equity (deficit) and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a 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, 1999 and 1998 and the results of
its operations, changes in partners' equity and cash flows for
the years then ended in conformity with generally accepted
accounting
principles.
Our audits were made primarily for the purpose of forming an
opinion on the basic financial statements for the years ended
December 31, 1999 and 1998 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.
To the Partners
NATCHITOCHES ELDERLY APARTMENTS
ALOUISIANA PARTNERSHIP IN COMMENDAM
We have audited the accompanying balance sheets of NATCHITOCHES
ELDERLY APARTMENTS, A LOUISIANA PARTNERSHIP IN COMMENDAM as of
December 31, 1999 and 1998 and the related statements of
operations, changes in partners' equity (deficit) and cash flows
for the years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of NATCHITOCHES ELDERLY APARTMENTS, A LOUISIANA PARTNERSHIP IN
COMMENDAM as of December 31, 1999 and 1998 and the results of its
operations, changes in partners' equity and cash flows for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made primarily for the purpose of forming an
opinion on the basic financial statements for the years ended
December 31,1999 and 1998 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.
To the Partners
Parvins Limited Partnership
We have audited the accompanying balance sheet of Parvins Limited
Partnership as of December 31, 1999 and December 31, 1998, and
the related "Statement of Operations, "Statement of Partners'
Equity" and "Statement of Gash Flows" for the years then ended.
These financial statements are the responsibility of the
patt1Iers~1ip'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 principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit
provides a 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, 1999 and the
results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting
principles,
Our audit was made for the purpose of forming an opinion on the
basic financial
statements taken as a whole. The supplemental information on
page 9 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such
information has been subjected to the auditing
procedures applied in the audits of the basic financial
statements and, in our
opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
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, 1999 and 1998, and the
related statements of income, changes in partners' capital, and
cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards 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, 1999 and
1998, and the results of its operations, changes in partners'
capital and cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued our reports dated February 25, 2000 on our consideration
of Peach Tree Limited Partnership's internal control and on its
compliance with laws and regulations.
To the Partners
Ponderosa Meadows Limited Partnership
We have audited the accompanying balance sheets of Ponderosa
Meadows Limited Partnership as of December 3l, 1999 and 1998 and
the related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our 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
limitation of Ponderosa Meadows Limited Partnership as of
December 31, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards issued by the
Comptroller General of the United States, we have also issued a
report dated January 31, 2000, on our consideration of Ponderosa
Meadows Limited Partnership internal control structure and a
report dated January 31, 2000, 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 18 through
19 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.
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, 1999 and 1998 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, 1999 and 1998 and the
results of its operations, changes in partners' capital and cash
flows for the years then ended in conformity with generally
accepted accounting principles.
My audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
information on pages I-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 bas financial statements taken as a
whole.
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, 1999
and 1998, and the related statements of operations, partners'
equity and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's
management. My responsibility is to express an opinion on these
financial statements based on my 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, 1999 and 1998, and the results of its operations,
the changes in partners' equity and cash flows for the years then
ended in conformity with generally accepted accounting
principles.
My 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.
To the Partners
Vista Loma Limited Partnership
We have audited the accompanying balance sheets of Vista Lorna
Limited Partnership as of December 31, 1999 and 1998, and the
related statements of operations, partners' equity, and cash
flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our 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. Ah audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a 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, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards issued by the
Comptroller General of the United States, we have also issued a
report dated January 31, 2000, on our consideration of Vista Loma
Limited Partnership's internal control structure and a report
dated January 31, 2000, 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 18 through 19 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.
To the Partners of
Community Dynamics - Fort Worth, Ltd.
We have audited the balance sheets of Community Dynamics - Fort
Worth, Ltd. (a Texas limited partnership) as of December 31, 1999
and 1998, and the related statements of operations, partners'
capital and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Community Dynamics - Fort Worth, Ltd. as of December 31, 1999
and 1998, and the results of its operations and its cash flows
for the years then ended, in conformity with generally accepted
accounting principles.
To the Partners of
Community Dynamics - Piano, Ltd.
We have audited the balance sheets of Community Dynamics - Piano,
Ltd. (a Texas limited partnership) as of December 31, 1999 and
1998, and the related statements of operations, partners'
capital, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Community Dynamics - Plano, Ltd. as of December 31, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended, in conformity with generally accepted
accounting principles.
To The Partners
Mt. Vernon Associates, L.P.
Rochester, New York
We have audited the accompanying balance sheet of Mt. Vernon
Associates, L.P. (a limited partnership) as of December 31, 1999,
and the related statements of operations and partners' capital
(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 Mt. Vernon Associates, L.P. as of December 31, 1998, were
audited by other auditors whose report dated February 1, 1999,
expressed an unqualified opinion of 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 1999 financial statements referred to above
present fairly, in all material respects, the financial position
of Mt. Vernon Associates, L.P. as of December 31, 1999, and the
results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting
principles.
To the Partners of
Jefferson Square, Ltd.:
We have audited the accompanying balance sheets of JEFFERSON
SQUARE, LTD. (a Colorado limited partnership) as of December 31,
1999 and 1998, 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 auditing standards
generally accepted in the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a 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, 1999 and 1998, and
the results of its operations and its cash flows for the years
then ended in conformity with accounting principles generally
accepted in the United States.
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, 1999 and 1998, 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 auditing standards
generally accepted in the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe that our audits provide a 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, 1999
and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with accounting principles
generally accepted in the United States.
To the Partners
Northpointe, L.P.
We have audited the accompanying balance sheets of Northpointe,
L.P. as of December 31, 1999 and 1998, and the related statements
of operations, partners' equity (deficit) and cash flows for the
years then ended. These financial statements are the
responsibility of the partnership's management. Our
responsibility 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, 1999 and 1998, and the
results of its operations, changes in partners' equity (deficit)
and cash flows for the years then ended in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statement taken as a whole. The supplemental
information on pages 13 and 14 is presented for purposes of
additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a
whole.
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, 1999 and 1998, and the related
statements of income, partners' equity, and cash flows for the
years then ended. These financial statements are the
responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and 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 Summerset Housing Limited, L.P. as of December 31, 1999 and
1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report dated January 24, 2000 on our consideration of
Summerset Housing Limited, L.P.'s internal control structure and
a report dated January 24, 2000 on its compliance with laws and
regulations.
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,
1999 and 1998, and the related statements of operations, changes
in partners' equity (deficit) and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards
require that we plan and perform 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, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also
issued a report, dated January 18, 2000, on our consideration of
the Partnership's internal
control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations,
contracts and grants.
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 13 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, 1999, 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, 1999 and
1998, and in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a
whole.
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 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 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 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 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
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 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
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 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 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
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 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
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
FLOYD & COMPANY
Certified Public Accountant
132 Stephenson Avenuee, Suite 202
Post Office Box 14251
Savannah, Georgia 31406
Phone: (912) 355-9969
INDEPENDENT AUDITORS' REPORT
To the General Partners of
Whitewater Village Limited Partnership
We have audited the accompanying balance sheets of Whitewater Village
Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997
and the related statements of operations, partners' equity (deficit) and
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Whitewater Village
Limited Partnership (a Georgia Limited Partnership) as of December 31, 1997
and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
Floyd & Company, CPA
February 28, 1998
DuRANT, SCHRAIBMAN & LINDSAY
Certified Public Accountants
INDEPENDENT ACCOUNTANTS'REPORT
To the Partners
Canterfield Manor of Denmark, A Limited Partnership
Columbia, South Carolina
We have audited the accompanying balance sheets of Canterfield Manor of
Denmark, A Limited Partnership (A South Carolina Limited Partnership), as
of December 31, 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 31, 1998, and the results of its operations, and
changes in partners' equity (deficit) and cash flows for the year then
ended in conformity with generally accepted accounting principles.
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
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 31, 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
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
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
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 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 audit provides a 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
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
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
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
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 the overall financial statement presentation. We believe
that our audits provide a 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
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
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
<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,
2000
Subsequent
Initial capitalized Gross
amount at which
cost to company costs** carried
at close of period
--------------- ----------- ------
-----------------------
Buildings
Buildings Accum. Con- Acq- Depre-
Encum- and im- Improve-
and im- Depre- struct uired ciation
Description brances Land provements ments Land
provements Total ciation Date Date Life
-----------------------------------------------------------------
-------------------------------------------------------------
April
Gardens 1,466,362 50,000 1,773,331 1,296
50,000 1,774,627 1,824,627 498,592 5/93 9/92 5-
27.5
Arkansas
City 822,014 15,870 1,016,757 0
15,870 1,016,757 1,032,627 236,551 12/94 9/94 5-25
Autumnwood
LP 1,334,418 50,000 1,669,609 7,699
50,000 1,677,308 1,727,308 460,599 1/93 8/92
5-27.5
Barton
Village 508,700 47,898 683,991 2,470
47,898 686,461 734,359 185,923 3/93 10/92 5-
27.5
Beckwood
Manor
Eight 1,221,316 60,000 1,498,746 13,990
58,000 1,512,736 1,570,736 309,912 8/95 8/94 5-
27.5
Bergen
Meadows 1,014,217 42,000 1,256,858 23,796
42,000 1,280,654 1,322,654 396,347 7/92 7/92
7-27.5
Bridlewood
LP 787,575 42,000 211,635 788,557
42,000 1,000,192 1,042,192 147,760 1/95 1/94
5-27.5
Brunswick
LP 819,137 69,000 953,553 416
69,000 953,969 1,022,969 282,014 9/92 4/92
7-27.5
F-75
Boston Capital Tax Credit Fund III L.P. -
Series 15
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
Buena Vista
Apts. 1,449,144 75,000 1,767,511 262 75,000 1,767,773
1,842,773 565,349 1/92 3/92 7-27.5
Calexico
Sr 1,916,973 213,000 2,047,255 0 213,000 2,047,255
2,260,255 335,952 9/92 9/92 7-27.5
California
Inv. VII 8,785,684 820,000 9,361,922 16,792,875 803,050 26,154,797
26,957,847 5,079,965 12/93 10/92 5-27.5
Chestnut
Hill 737,312 40,000 904,814 6,639 40,000 911,453
951,453 200,012 9/92 9/92 7-27.5
Coralville
Housing 2,575,985 258,000 4,683,541 119,225 258,000 4,802,766
5,060,766 1,470,682 10/92 3/92 7-27.5
Curwensville
Housing 1,210,581 31,338 1,435,553 100,758 31,338 1,536,311
1,567,649 280,750 7/93 9/92 5-27.5
Deerfield
Assoc. 1,226,083 65,400 1,495,473 0 65,400 1,495,473
1,560,873 455,637 6/92 4/92 7-27.5
East
Machias 1,036,396 77,963 1,478,171 16,811 77,963 1,494,982
1,572,945 285,911 1/93 9/92 10-40
East Park
Apts. I 539,096 2,000 980,413 11,257 2,000 991,670
993,670 228,684 1/94 6/94 5-27.5
F-76
Boston Capital Tax Credit Fund III L.P. -
Series 15
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
Edgewood
Properties 784,660 36,000 967,796 0 36,000 967,796
1,003,796 270,254 8/92 6/92 7-27.5
Far View
Housing 918,089 100,000 1,066,418 22,268 100,000 1,088,686
1,188,686 207,792 11/92 6/92 10-40
Graham
Housing 1,313,934 85,006 2,451,794 2,106 85,007 2,453,900
2,538,906 358,608 6/95 10/94 5-27.5
Grantsville
Assoc. 1,482,083 85,099 1,795,971 2,860 85,599 1,798,831
1,884,430 337,484 2/93 5/92 5-27.5
Greentree
Apts. 690,017 15,000 1,143,223 (6,253) 15,000 1,136,970
1,151,970 694,710 10/75 4/94 5-27.5
Greenwood
Village 672,677 20,123 893,915 6,897 20,123 900,812
920,935 241,009 5/93 8/92 5-27.5
Harrisonville
Prop. II 606,682 15,000 744,677 5,528 15,000 750,205
765,205 271,888 11/91 3/92 7-27.5
Headlton
Properties 698,864 15,000 868,469 0 15,000 868,469
883,469 141,371 12/94 8/94 5-27.5
Hearthside
II LDHA 1,943,408 95,000 2,967,134 (34,732) 95,000 2,932,402
3,027,402 805,499 11/92 04/92 7-27.5
F-77
Boston Capital Tax Credit Fund III L.P. -
Series 15
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
Heron's
Landing 1,201,212 176,121 1,410,573 30,521 176,121 1,441,094
1,617,215 426,143 10/92 10/92 7-27.5
Hidden
Cove 2,868,424 707,848 4,334,916 26,353 707,848 4,361,269
5,069,117 1,747,503 8/88 2/94 5-27.5
Higgensville
Estates 625,869 40,000 738,056 3,023 40,000 741,079
781,079 277,685 3/91 3/92 7-27.5
Inv. Group
of Payson 1,482,898 211,500 1,767,942 0 211,500 1,767,942
1,979,442 297,837 8/92 8/92 7-27.5
Kearney
Estates 632,407 30,000 763,159 1,875 30,000 765,034
795,034 273,659 1/92 5/92 7-27.5
Lake View
Associates 885,273 30,000 1,077,130 350 30,000 1,077,480
1,107,480 324,122 7/92 4/92 7-27.5
Laurelwood
Apts. 1,065,460 58,500 1,268,491 750 58,500 1,269,241
1,327,741 385,261 2/92 3/92 7-27.5
Lebanon
II LP 920,636 40,000 1,090,397 0 40,000 1,090,397
1,130,397 293,440 2/93 8/92 5-27.5
Lebanon
III Prop. 630,345 26,750 766,992 7,566 26,750 774,558
801,308 270,022 2/92 3/92 7-27.5
F-78
Boston Capital Tax Credit Fund III L.P. -
Series 15
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
-------------------------------------------
-------------------------------------------------------------------------------
----
Lilac
Properties 724,140 36,000 897,897 0 36,000 897,897
933,897 260,312 7/92 6/92 7-27.5
Livingston
Plaza 672,824 32,500 868,525 0 32,500 868,525
901,025 225,442 11/93 12/92 5-27.5
Madison
Partners 1,195,965 47,340 1,452,910 14,579 47,340 1,467,489
1,514,829 334,482 12/94 3/95 5-27.5
Manning
Lane 1,467,124 73,600 1,771,816 5,786 73,600 1,777,602
1,851,202 492,550 3/93 8/92 5-27.5
Marshall
Lane 551,839 20,000 672,691 1,186 20,000 673,877
693,877 189,980 12/92 8/92 5-27.5
Maryville
Prop. 716,202 57,000 834,823 16,663 57,000 851,486
908,486 297,189 3/92 5/92 7-27.5
Monark
Village 314,899 68,900 570,916 0 68,900 570,916
639,816 123,263 3/94 6/94 5-27.5
North
Prairie 877,881 5,000 1,121,143 13,389 5,000 1,134,532
1,139,532 344,733 5/93 9/92 5-27.5
Oak Grove
Villa 402,939 5,000 460,291 10,248 5,000 470,539
475,539 174,662 11/91 4/92 7-27.5
F-79
Boston Capital Tax Credit Fund III L.P. -
Series 15
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
-----------------------------------------
---------------------------------------------
---------------------------------------
Oakwood
Village 1,105,147 42,000 1,341,412 694 42,000 1,342,106
1,384,106 416,878 5/92 5/92 7-27.5
Osage
Housing 1,175,201 110,000 2,309,861 70,226 110,000 2,380,087
2,490,087 725,737 6/92 4/92 7-27.5
Osceola
Estates 640,016 54,600 797,763 105,645 27,300 903,408
930,708 291,295 5/92 5/92 7-27.5
PDC Fifty
Five LP 1,288,636 50,170 1,576,823 6,196 50,170 1,583,019
1,633,189 397,150 9/93 10/92 5-27.5
Rainier
Manor 2,637,737 521,000 5,852,852 47,394 521,000 5,900,246
6,421,246 1,193,964 1/93 4/92 5-27.5
Ridgeview of
Brainerd 859,793 42,800 1,027,499 3,864 42,800 1,031,363
1,074,163 316,857 1/92 3/92 7-27.5
Rio
Members II 771,202 48,938 930,376 21,579 48,938 951,955
1,000,893 198,494 12/95 7/94 5-27.5
Rolling
Brook III 824,123 35,000 1,006,667 15,243 35,000 1,021,910
1,056,910 331,915 11/92 6/92 7-27.5
School
Street I 744,928 127,852 1,353,622 96,933 38,509 1,450,555
1,489,064 495,773 5/92 4/92 5-27.5
F-80
Boston Capital Tax Credit Fund III L.P. -
Series 15
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
-----------------------------------------
---------------------------------------------
---------------------------------------
Shenandoah
Village 1,468,015 67,500 1,754,599 4,638 67,500 1,759,237
1,826,737 459,936 2/93 8/92 5-27.5
Showboat
Manor 793,294 31,200 968,253 18,535 31,200 986,788
1,017,988 306,000 2/92 7/92 5-27.5
Sioux Falls
Housing 1,294,555 146,694 2,656,753 29,069 146,694 2,685,822
2,832,516 814,649 9/92 5/92 7-27.5
Sunset
Square 737,995 50,000 896,507 10,373 50,000 906,880
956,880 203,521 8/92 90/2 7-27.5
Taylor
Mill 765,956 24,000 936,166 0 24,000 936,166
960,166 278,556 5/92 4/92 7-27.5
Timmons
Village 620,620 15,000 754,172 30,646 38,500 784,818
823,318 223,418 7/92 5/92 7-27.5
University
Meadows 2,023,230 62,985 3,579,473 29,465 62,985 3,608,938
3,671,923 1,111,460 12/92 6/92 5-28
Valatie
LP 1,359,603 30,000 1,712,263 24,222 30,000 1,736,485
1,766,485 528,246 4/93 6/92 7-27.5
Virgen
Del Pozo 3,326,069 120,000 4,274,133 41,179 120,000 4,315,312
4,435,312 1,016,995 7/93 8/92 5-27.5
F-81
Boston Capital Tax Credit Fund III L.P. -
Series 15
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
Villa
Del Mar 1,461,072 50,000 1,792,888 7,287 50,000 1,800,175
1,850,175 550,600 8/92 8/92 7-27.5
Wauchula
Ltd. 1,473,091 66,720 1,770,669 2,723 66,720 1,773,392
1,840,112 520,708 10/92 9/92 5-27.5
Weedpatch
Inv. Grp. 1,966,546 272,000 2,246,927 378 272,000 2,247,305
2,519,305 309,893 9/94 1/94 5-50
Westernport
Assoc. 1,483,861 18,645 1,833,384 3,694 18,645 1,837,078
1,855,723 478,407 2/93 7/92 5-27.5
Whitewater
Village 524,782 18,542 637,048 2,806 18,542 639,854
658,396 187,561 11/92 8/92 7-27.5
Wood Park
Pointe 1,165,492 117,500 1,329,664 1,348 117,500 1,331,012
1,448,512 409,902 5/92 6/92 5-27.5
---------- --------- ----------- ---------- --------- -----------
----------- ----------
84,308,708 6,214,902 111,326,972 18,591,151 6,103,309 129,918,123
136,021,432 33,255,455
========== ========= =========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1999.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-82
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............................$126,873,452
F-83
Notes to Schedule III - continued
Boston Capital Tax Credit Fund III L.P. - Series 15
Reconciliation of Land Building & Improvements current year changes
Balance at close of period - 03/31/95............................$ 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-84
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
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 230,110
Other............................................ 0
-----------
$ 203,110
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/00.......................... $ 136,021,432
===========
F-85
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 - 3/31/99............................
$ 28,906,992
Current year expense................................ $
4,348,463
---------
Balance at close of period - 3/31/00...........................
$ 33,255,455
==========
F-86
</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, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
1413 Leaven
Worth 1,591,231 8,000 2,927,089 490,906 8,000 3,417,995
3,425,995 886,987 3/93 12/92 5-27.5
Anson 1,281,630 40,202 1,683,348 12,130 40,202 1,695,478
1,735,680 310,574 9/93 12/92 10-40
Aztec II 1,013,664 115,000 1,299,311 27,493 115,000 1,326,804
1,441,804 380,191 5/93 5/93 5-27.5
Bentonia
Elderly 839,549 21,000 678,677 386,765 21,000 1,065,442
1,086,442 179,161 2/94 7/93 5-27.5
Bernice
Villa 947,496 37,000 1,204,665 13,804 37,000 1,218,469
1,255,469 201,714 10/93 5/93 5-40
Blairsville
Rental I 754,226 58,377 866,980 42,179 35,000 909,159
944,159 175,031 9/94 12/92 5-27.5
Blairsville
Rental II 738,232 84,359 804,895 62,014 49,500 866,909
916,409 169,414 7/94 12/92 5-27.5
Blowing
Rock 510,055 47,500 663,473 686 47,500 664,159
711,659 126,158 11/94 12/93 5-27.5
F-87
Boston Capital Tax Credit Fund III L.P. -
Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
Branson
Chris-
tian I 1,479,501 163,350 2,990,564 11,193 163,350 3,001,757
3,165,107 694,219 6/94 3/94 5-27.5
Branson
Chris-
tian II 1,077,602 0 2,497,066 33,401 0 2,530,467
2,530,467 567,506 8/94 7/94 5-27.5
Butler
Rental 746,903 0 937,495 18,147 0 955,642
955,642 225,469 9/93 12/92 7-27.5
Canter-
field 765,639 48,000 934,169 736 48,000 934,905
982,905 259,810 1/93 11/92 5-27.5
Cape Ann 517,877 18,000 1,833,366 55,338 18,000 1,888,704
1,906,704 433,376 12/93 1/93 7-31.5
Cass
Partners 656,484 45,250 2,026,740 0 45,250 2,026,740
2,071,990 321,110 12/93 12/93 5-27.5
Cedar
Trace 502,746 18,000 639,500 2,925 18,000 642,425
660,425 191,987 7/93 10/92 5-27.5
Concord
Assoc. 1,124,600 61,532 1,223,133 177,294 61,532 1,400,427
1,461,959 407,526 2/93 2/93 5-27.5
F-88
Boston Capital Tax Credit Fund III L.P.-
Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
Clymer Park
Assoc 1,443,511 35,800 1,831,813 18,370 35,800 1,850,183
1,885,983 280,007 11/94 12/92 5-27.5
Cumberland
Wood 1,446,433 114,449 1,780,622 59,361 129,538 1,839,983
1,969,521 259,387 10/94 12/93 6-40
Davenport
Housing 3,039,831 223,889 6,598,309 117,759 223,889 6,716,068
6,939,957 1,633,088 2/94 10/93 7-27.5
Deer Run 692,361 30,000 1,536,783 0 30,000 1,536,783
1,566,783 396,164 3/93 8/93 5-27.5
Eastman
Elderly 1,174,766 80,000 1,428,172 27,631 36,900 1,455,803
1,492,703 348,174 10/93 12/92 5-27.5
Fairmeadow
Apts. 880,274 53,296 1,184,327 43,501 53,296 1,227,828
1,281,124 197,399 7/93 1/93 5-27.5
Falcon
Ridge 1,041,709 25,000 1,332,798 22,350 25,000 1,355,148
1,380,148 184,093 1/95 4/94 5-27.5
Gibson 901,707 30,290 1,138,786 350 30,290 1,139,136
1,169,426 228,017 6/93 12/92 5-27.5
F-89
Boston Capital Tax Credit Fund III L.P. -
Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
Greenfield 532,292 25,000 649,793 0 25,000 649,793
674,793 202,463 5/93 1/93 7-27.5
Greenwood 1,467,719 62,076 1,480,776 443,051 62,076 1,923,827
1,985,903 510,845 10/93 11/93 5-27.5
Harmony
House 1,465,978 57,000 1,764,438 14,574 57,000 1,779,012
1,836,012 360,784 7/93 11/92 5-27.5
Haynes
House 3,264,873 685,381 5,956,903 2,383,022 674,499 8,339,925
9,014,424 1,040,280 9/95 8/94 12-40
Holly Tree 882,399 58,900 1,069,733 5,830 58,900 1,075,563
1,134,463 299,040 2/93 11/92 5-27.5
Idabel
Prop. 1,378,665 50,000 1,791,971 0 50,000 1,791,971
1,841,971 496,315 12/93 4/93 5-25.5
Isola
Square 966,936 22,300 250,691 977,947 22,300 1,228,638
1,250,938 184,896 4/94 11/93 7-40
Joiner
Elderly 810,415 47,719 1,026,013 4,065 47,719 1,030,078
1,077,797 285,602 6/93 1/93 5-40
Lawrenceville
Manor 1,413,070 61,370 1,660,796 5,182 61,370 1,665,978
1,727,348 381,994 7/94 2/94 5-27.5
F-90
Boston Capital Tax Credit Fund III L.P. -
Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
-------------------------------------------
-------------------------------------------------------------------------------
----
Lawtell
Manor 920,277 45,000 1,201,948 16,151 45,000 1,218,099
1,263,099 207,866 8/93 4/93 7-40
Logan
Lane 1,294,912 54,000 1,602,465 2,963 54,000 1,605,428
1,659,428 439,279 3/93 9/92 5-27.5
Mariners
Pointe
I &II 4,273,307 170,020 7,548,131 384,074 170,020 7,932,205
8,102,225 2,086,393 8/93 12/92 7-27.5
Meadows of
Southgate 2,287,184 252,000 4,575,879 2,605 252,000 4,578,484
4,830,484 619,215 5/94 7/93 12-40
Mendota
Village 1,970,254 136,140 2,421,001 0 136,140 2,421,001
2,557,141 355,107 5/93 12/92 5-50
Midcity 3,010,828 15,058 6,611,666 4,800 15,058 6,616,466
6,631,524 1,312,964 6/94 9/93 5-27.5
Newport
Housing 1,237,529 160,000 1,405,411 (3,274) 160,000 1,402,137
1,562,137 251,327 10/93 2/93 5-27.5
Newport
Manor 952,733 31,908 1,175,109 41,050 31,908 1,216,159
1,248,067 217,907 12/93 9/93 5-40
F-91
Boston Capital Tax Credit Fund III L.P. -
Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
-----------------------------------------
---------------------------------------------
---------------------------------------
Palantine
LP 1,421,514 37,400 1,785,282 17,481 37,400 1,802,763
1,840,163 432,580 5/94 5/94 5-27.5
Riviera
Apts. 1,697,850 100,000 2,979,700 579,524 132,400 3,559,224
3,691,624 798,399 12/93 12/92 5-27.5
Sable
Chase 4,982,971 502,774 12,248,475 26,989 502,774 12,275,464
12,778,238 2,733,669 12/94 12/93 7-27.5
St.Croix
Commons 1,078,450 44,681 2,607,046 (659,017) 44,681 1,948,029
1,992,710 442,731 12/94 10/94 5-27.5
St. Joseph
SQ 954,408 37,500 1,167,702 7,096 37,500 1,174,798
1,212,298 198,814 9/93 5/93 5-40
Simmes-
port 940,307 60,000 1,171,005 8,007 60,000 1,179,012
1,239,012 203,374 6/93 4/93 7-40
Stony-
Ground 1,428,122 127,380 1,794,961 (800) 129,005 1,794,161
1,923,166 484,340 6/93 12/92 5-27.5
Summers-
ville 619,230 20,000 774,259 1,617 20,000 775,876
795,876 241,864 6/93 5/93 5-27.5
F-92
Boston Capital Tax Credit Fund III L.P. -
Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
-----------------------------------------
---------------------------------------------
---------------------------------------
Talbot
Village 678,967 22,300 833,494 7,248 22,300 840,742
863,042 229,222 4/93 8/92 5-27.5
Tchula
Elderly 830,144 20,000 1,071,899 5,069 20,000 1,076,968
1,096,968 191,223 12/93 7/93 5-27.5
Toulumne
City 1,597,103 190,000 1,912,157 0 190,000 1,912,157
2,102,157 266,902 8/93 12/92 5-50
Turtle
Creek 847,450 23,141 1,113,511 12,886 23,141 1,126,397
1,149,538 206,188 10/93 5/93 7-40
Twin Oaks
Assoc. 1,462,114 45,000 1,776,674 7,868 45,000 1,784,542
1,829,542 341,900 9/93 12/92 5-27.5
Victoria
Pointe 1,439,788 153,865 1,437,570 355,557 128,900 1,793,127
1,922,027 355,380 1/95 10/94 5-27.5
Viste Linda
Apts. 2,499,314 143,253 2,961,671 10,996 143,253 2,972,667
3,115,920 751,645 12/93 1/93 5-27.5
Wakefield
Housing 1,258,427 88,564 1,480,003 5,238 88,564 1,485,241
1,573,805 290,867 2/93 9/92 10-40
F-93
Boston Capital Tax Credit Fund III L.P. -
Series 16
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close
of period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
West End
Manor 987,068 52,300 1,188,913 (662) 52,300 1,188,251
1,240,551 320,101 5/93 5/93 5-27.5
Westchester
Oak Grove 1,165,663 38,010 2,281,529 73,123 35,000 2,354,652
2,389,652 692,298 4/93 12/92 5-27.5
Westchester
St. Joe 1,519,701 100,000 3,211,620 18,624 100,000 3,230,244
3,330,244 915,087 6/93 7/93 5-27.5
Westville
Prop. 713,768 25,000 912,139 0 25,000 912,139
937,139 264,667 7/93 2/93 5-25
Wilcox Inv.
Group 1,103,047 58,500 1,376,329 0 58,500 1,376,329
1,434,829 203,464 6/93 1/93 7-50
Woodlands
Apts 925,767 30,000 668,555 534,575 30,000 1,203,130
1,233,130 235,439 2/95 9/94 5-27.5
---------- --------- ----------- ---------- --------- -----------
----------- ----------
83,448,571 5,211,834 128,989,299 6,917,792 5,120,755 135,907,091
141,027,846 29,108,993
========== ========= =========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1999.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-94
</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-95
Notes to Schedule III - continued
Boston Capital Tax Credit Fund III L.P. - Series 16
Reconciliation of Land Building & Improvements current year changes
Balance at close of period - 03/31/95............................$136,983,119
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 106,204
Improvements, etc................................ 5,007,023
Other............................................ 0
-----------
$ 106,204
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ (675,394)
-----------
$ (675,394)
-----------
Balance at close of period - 03/31/96............................$141,420,952
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 97,846
Other............................................ 0
-----------
$ 97,846
Deductions during period:
Cost of real estate sold.........................$ (1,512,675)
Other............................................ 0
-----------
$ (1,512,675)
-----------
Balance at close of period - 03/31/97............................$140,006,124
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 163,080
Other............................................ 0
-----------
$ 163,080
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/98............................$140,169,204
F-96
Notes to Schedule III - continued
Boston Capital Tax Credit Fund III L.P. - Series 16
Reconciliation of Land Building & Improvements current year changes
Balance at close of period - 03/31/98............................$140,169,204
Additions during period:
Acquisitions through foreclosure.................$ 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............................$140,409,281
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 618,565
Other............................................ 0
-----------
$ 618,565
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/00............................$141,027,846
===========
F-97
Notes to Schedule III - Continued
Boston Capital Tax Credit Fund III L.P. - Series 16
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period -
04/01/92........................$ 0
Current year additions*...............................$
---------
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
Current year
additions*...............................$4,748,152
---------
Balance at close of period -
3/31/00..............................$29,108,993
==========
*-Total includes current year expense and amounts capitalized to
building basis.
F-98
<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, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
Annadale
Housing 9,757,626 226,000 12,180,150 4,950 226,000 12,185,100
12,411,100 2,133,322 6/90 1/96 5-27.5
Artesia
Prop. 1,411,537 30,730 1,865,231 2,158 30,730 1,867,389
1,898,119 418,612 9/94 9/94 5-27.5
Aspen
Ridge 836,749 36,000 2,004,059 51,058 36,000 2,055,117
2,091,117 514,136 11/93 9/93 5-27.5
Bladen-
boro 1,013,777 16,000 1,213,015 (27,474) 16,000 1,185,541
1,201,541 215,037 7/95 3/95 5-27.5
Brewer
St. 1,179,793 0 2,296,514 12,776 0 2,309,290
2,309,290 613,697 7/93 6/93 5-27.5
Briarwood
Apts. 910,906 38,500 20,850 1,207,049 38,952 1,227,899
1,266,851 163,717 7/93 6/93 5-27.5
Briarwood
Village 1,127,928 42,594 1,418,259 3,786 42,594 1,422,045
1,464,639 327,505 5/94 10/93 5-27.5
F-99
Boston Capital Tax Credit Fund III L.P. -
Series 17
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
Briarwood
Dekalb 1,453,593 96,000 2,943,443 15,207 96,000 2,958,650
3,054,650 483,509 6/94 10/93 5-40
Cairo
Housing 1,068,215 17,000 1,309,062 18,559 17,000 1,327,621
1,344,621 367,159 4/93 5/93 7-27.5
California
Inv VI 3,802,193 400,000 7,446,261 (1,596,778) 400,000 5,849,483
6,249,483 2,260,865 5/89 1/94 5-27.5
California
Inv VII 8,785,684 803,050 25,913,966 240,831 803,050 26,154,797
26,957,847 5,079,965 12/93 12/93 5-27.5
Cambridge
YMCA 2,395,270 95,200 5,135,233 23,090 95,200 5,158,323
5,253,523 1,287,292 12/93 4/93 5-27.5
Caneyville
Prop. 476,377 36,000 601,775 (13,800) 36,000 587,975
623,975 160,859 4/93 5/93 5-27.5
Clinton
Estates 736,543 47,533 891,872 0 47,533 891,872
939,405 196,279 12/94 12/94 5-27.5
Cloverport
Prop. 752,294 21,500 947,659 (7,038) 21,500 940,621
962,121 249,066 7/93 4/93 5-27.5
College
Green 3,755,429 225,000 6,774,847 44,234 225,000 6,819,081
7,044,081 1,261,402 8/95 3/95 5-27.5
F-100
Boston Capital Tax Credit Fund III L.P.-
Series 17
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
Croften
Assoc. 801,345 46,511 961,097 0 46,511 961,097
1,007,608 158,259 3/93 4/93 5-27.5
Cypress
Point 2,927,658 265,000 4,794,440 46,902 265,000 4,841,342
5,106,342 749,692 12/94 2/94 5-27.5
Deerwood
Villlage 635,532 29,138 804,512 3,183 29,138 807,695
836,833 180,072 7/94 2/94 5-27.5
Doyle
Village 1,167,405 100,000 1,435,520 4,666 100,000 1,440,186
1,540,186 331,047 4/94 9/93 5-27.5
Gallaway
Assoc. 1,053,473 35,600 1,307,158 30,248 35,600 1,337,406
1,373,006 222,058 5/93 4/93 5-27.5
Glen-
Ridge 2,041,178 350,000 2,208,213 5,778 350,000 2,213,991
2,563,991 379,452 6/94 6/94 5-27.5
Green
Acres 1,180,891 173,447 1,366,874 16,990 173,447 1,383,864
1,557,311 310,806 1/95 11/94 5-27.5
Greenwood
Place 1,059,028 44,400 299,685 1,131,834 44,400 1,431,519
1,475,919 198,518 8/94 11/93 7-40
Hackley
Barclay 3,449,458 174,841 4,603,493 307,663 175,000 4,911,156
5,086,156 1,133,952 12/94 12/93 5-27.5
F-101
Boston Capital Tax Credit Fund III L.P. -
Series 17
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
Henson
Creek 3,939,014 945,000 7,971,879 6,649 945,000 7,978,528
8,923,528 1,309,992 4/94 5/93 5-27.5
Hickman
Assoc. 536,777 24,000 673,642 1,832 24,000 675,474
699,474 102,551 12/93 11/93 5-27.5
Houston
Village 670,070 11,500 850,901 1,290 11,500 852,191
863,691 197,687 5/94 12/93 5-27.5
Ivywood 2,963,921 290,542 5,712,656 16,236 290,542 5,728,892
6,019,434 1,480,564 10/93 6/93 5-27.5
Jonestown
Manor 865,191 0 311,764 939,134 36,900 1,250,898
1,287,798 167,638 12/94 12/93 7-40
Largo
Center 3,795,211 1,012,500 7,262,001 66,114 1,012,500 7,328,115
8,340,615 1,079,459 6/94 3/93 5-27.5
Lee
Terrace 1,484,195 93,246 4,573 1,709,720 93,246 1,714,293
1,807,539 360,759 12/94 2/94 5-27.5
Midland 970,000 60,000 2,422,788 27,073 60,000 2,449,861
2,509,861 448,954 6/94 9/93 5-27.5
Mount
Vernon 2,237,748 200,000 3,141,984 284,570 200,000 3,426,554
3,626,554 664,171 12/88 2/89 5-27.5
F-102
Boston Capital Tax Credit Fund III L.P. -
Series 17
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
Oakwood
of Bennet-
sville 875,076 60,000 1,074,857 2,524 60,000 1,077,381
1,137,381 278,115 12/93 9/93 5-27.5
Opelousas
Point 1,384,682 50,000 559,121 1,364,338 50,000 1,923,459
1,973,459 295,460 3/94 1/93 5-27.5
Palmetto
Villas 1,599,243 60,724 2,034,151 3,400 60,724 2,037,551
2,098,275 405,016 4/94 5/94 5-27.5
Park
Place II 1,171,672 112,000 1,408,102 11,582 112,000 1,419,684
1,531,684 332,912 4/94 2/94 7-27.5
Pinehurst 803,794 24,000 1,033,022 32,312 24,000 1,065,334
1,089,334 258,714 2/94 2/94 5-27.5
Quail
Village 877,909 30,450 1,060,273 2,468 30,450 1,062,741
1,093,191 224,722 2/94 9/93 7-27.5
Sea
Breeze 1,231,072 94,000 1,515,733 1,364 94,000 1,517,097
1,611,097 301,758 1/95 3/94 5-27.5
Shawnee
Village 1,193,796 182,786 2,347,227 63,340 182,786 2,410,567
2,593,353 691,974 10/92 2/93 7-27.5
Sixth
St. Apts 2,241,865 151,687 1,123,504 3,190,385 162,687 4,313,889
4,476,576 651,076 12/94 12/93 5-27.5
F-103
Boston Capital Tax Credit Fund III L.P. -
Series 17
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
----------------------------------------------
Skowhegan
Housing 1,671,988 100,000 2,121,472 74,947 100,000 2,196,419
2,296,419 446,435 6/94 9/93 5-27.5
Soledad 1,947,996 340,000 2,005,222 0 340,000 2,005,222
2,345,222 268,546 1/94 10/96 5-50
Sugarwood
Park 3,495,997 281,875 5,949,680 12,075 281,875 5,961,755
6,243,630 1,144,800 7/95 4/94 5-27.5
Voorhees-
ville 1,097,069 74,600 1,254,914 7,548 74,600 1,262,462
1,337,062 333,565 5/93 7/93 7-27.5
Waynesburg
Housing 1,491,293 169,200 2,113,822 71,790 18,100 2,185,612
2,203,712 257,615 12/95 7/94 5-27.5
White
Castle 774,280 84,800 948,687 7,650 84,800 956,337
1,041,137 200,534 5/94 6/94 27.5
---------- --------- ----------- ---------- --------- -----------
----------- ----------
93,099,741 7,802,954 145,645,163 9,424,213 7,700,365 155,069,376
162,769,741 31,299,295
========== ========= =========== ========== ========= ===========
=========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1999.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-104
</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-105
Notes to Schedule III - continued
Boston Capital Tax Credit Fund III L.P. - Series 17
Reconciliation of Land Building & Improvements current year changes
Balance at close of period - 03/31/96............................$150,997,976
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 12,406,150
Improvements, etc................................ 133,058
Other............................................ 0
-----------
$ 12,539,208
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/97............................$163,537,184
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 337,191
Other............................................ 0
-----------
$ 337,191
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................$ (1,598,364)
-----------
$ (1,598,364)
-----------
Balance at close of period - 03/31/98............................$ 162,276,011
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-106
Notes to Schedule III - continued
Boston Capital Tax Credit Fund III L.P. - Series 17
Reconciliation of Land Building & Improvements current year changes
Balance at close of period - 03/31/99............................$ 162,476,776
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 292,965
Other............................................ 0
-----------
$ 292,965
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................$ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/00............................$ 162,769,741
===========
F-107
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
Current year expense................................
$4,909,920
---------
Balance at close of period -
3/31/00..............................$31,299,295
==========
F-108
<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, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
------------------------------------------- Arch Devel-
opment 2,578,751 107,387 6,724,849 25,956 107,387 6,750,805
6,858,192 1,268,370 12/94 4/94 7-27.5
Aurora LP 1,403,785 65,000 1,704,709 14,767 65,000 1,719,476
1,784,476 467,323 9/93 9/93 5-27.5
Bear Creek
of Naples 4,974,185 488,011 8,884,145 4,572 491,639 8,888,717
9,380,356 2,150,986 4/95 3/94 5-27.5
Chatham LP 1,411,655 75,000 1,727,394 13,665 75,000 1,741,059
1,816,059 453,860 12/93 1/94 5-27.5
Chelsea
Square 301,393 21,000 939,281 3,500 21,000 942,781
963,781 149,070 12/94 8/94 7-34
Clarke
School 2,532,745 200,000 5,493,464 230,056 200,000 5,723,520
5,923,520 739,390 12/94 12/94 5-27.5
Ellijay
Rental 823,720 48,000 1,000,609 1,358 48,000 1,001,967
1,049,967 133,743 1/95 1/94 40
Evergreen
Hills 2,790,036 157,537 4,337,312 562,872 157,537 4,900,184
5,057,721 1,189,268 1/95 8/94 5-27.5
F-109
Boston Capital Tax Credit Fund III L.P. -
Series 18
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
-------------------------------------------
Glen
Place 1,203,448 60,610 3,489,218 (171,258) 60,610 3,317,960
3,378,570 688,542 6/94 4/94 5-27.5
Harris
Housing 1,305,978 200,000 266,624 2,569,852 160,000 2,836,476
2,996,476 301,852 11/95 6/94 5-27.5
Humboldt I 706,219 40,191 845,252 5,736 40,191 850,988
891,179 172,531 4/95 8/94 5-27.5
Jackson
Housing 862,047 30,250 1,080,272 (7,049) 30,250 1,073,223
1,103,473 216,937 6/94 1/94 5-27.5
Lakeview
Meadows II 1,607,899 88,920 2,775,712 1,609 88,920 2,777,321
2,866,241 397,452 5/94 8/93 5-27.5
Lanthrop
Properties 739,251 34,800 931,788 8,061 34,800 939,849
974,649 226,260 5/94 4/94 5-27.5
Leesville
Elderly 1,228,800 144,000 2,018,242 0 144,000 2,018,242
2,162,242 280,845 6/94 6/94 7-40
Lockport
Elderly 962,005 125,000 1,524,202 0 125,000 1,524,202
1,649,202 203,294 9/94 7/94 5-27.5
Maple Leaf
Apts. 1,100,235 22,860 1,355,390 11,898 22,860 1,367,288
1,390,148 192,158 12/94 8/94 5-27.5
F-110
Boston Capital Tax Credit Fund III L.P. -
Series 18
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
-------------------------------------------
Marengo
Park 728,006 50,010 886,695 0 50,010 886,695
936,705 217,655 3/94 10/93 5-27.5
Natchitoches
Elderly 946,047 50,000 1,634,279 10,000 50,000 1,644,279
1,694,279 208,052 12/94 6/94 7-40
Newton I 806,979 57,500 979,345 1,471 57,500 980,816
1,038,316 210,682 9/94 11/93 5-27.5
Oskaloosa I 481,530 32,000 589,423 1,822 32,000 591,245
623,245 126,721 9/94 11/93 5-27.5
Parvins LP 807,254 41,508 1,741,048 4,742 41,508 1,745,790
1,787,298 410,025 11/93 8/93 5-27.5
Peach
Tree LP 1,479,985 157,027 1,617,470 14,513 157,027 1,631,983
1,789,010 482,755 7/93 1/94 5-27.5
Ponderosa
Meadows 1,486,496 82,454 1,903,972 24,757 82,454 1,928,729
2,011,183 308,069 5/94 3/94 5-27.5
Preston
Wood 1,162,139 66,000 2,515,136 57,108 66,000 2,572,244
2,638,244 615,111 12/94 12/93 5-27.5
Richmond
Manor 1,028,177 54,944 1,285,522 1,617 54,944 1,287,139
1,342,083 311,572 6/94 6/94 5-27.5
Rio
Grande 2,239,479 96,480 2,999,680 22,038 96,480 3,021,718
3,118,198 474,180 5/94 6/94 5-27.5
F-111
Boston Capital Tax Credit Fund III L.P.- Series 18
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of period
--------------- ----------- -----------------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements Total
ciation Date Date Life
--------------------------------------------------------------------------------------------
-------------------------------
Ripley
Housing 500,020 14,000 646,850 37,504 14,000 684,354 698,354
91,900 7/94 1/94 5-40
San Joaquin
Entpr. III 1,822,871 55,000 2,463,181 0 55,000 2,463,181 2,518,181
280,250 12/94 3/94 5-50
Troy Est. 692,084 45,000 826,432 11,798 45,000 838,230 883,230
215,192 1/94 12/93 5-27.5
Virginia
Avenue 1,736,933 121,238 3,510,339 7,918 121,238 3,518,257 3,639,495
724,292 10/94 10/94 5-27.5
Vista Loma 1,607,866 267,612 1,600,128 200,072 267,612 1,800,200 2,067,812
253,803 9/94 5/94 5-27.5
Vivian
Elderly 185,484 45,000 1,668,938 0 45,000 1,668,938 1,713,938
233,745 9/94 7/94 7-40
Westminister
Meadows 2,070,717 250,000 3,605,890 8,041 250,000 3,613,931 3,863,931
873,417 11/94 12/93 5-27.5
---------- --------- ---------- --------- --------- ---------- ---------- --
-------
46,314,219 3,394,339 75,572,791 3,678,996 3,357,967 79,251,787 82,609,754
15,269,302
========== ========= ========== ========= ========= ========== ==========
=========
Since the Operating Partnerships maintain a calendar year end, the information reported on
this schedule is as of December 31, 1999.
*Decrease due to a reallocation of acquisition costs.
**There were no carrying costs as of December 31, 1999. The column has been omitted for
presentation purposes.
F-112
</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-113
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-114
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 - 03/31/99........................... $ 82,519,529
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 90,225
Other............................................ 0
-----------
$ 90,225
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/00......................... $ 82,609,754
============
F-115
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
Current year expense................................. $2,799,855
---------
Balance at close of period - 3/31/00............................ $15,269,302
==========
F-116
<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, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
------------------------------------------- Ankeney
Housing 3,593,512 217,500 8,144,577 111,265 217,500 8,255,842
8,473,342 1,101,287 3/95 8/94 10-40
Carrollton
Villa 1,232,713 60,015 2,682,843 (31,976) 60,015 2,650,867
2,710,882 561,829 3/95 6/94 5-27.5
Clarke
School 2,532,745 200,000 5,493,464 230,056 200,000 5,723,520
5,923,520 739,390 12/94 12/94 12-40
Forest
Associates 661,425 13,900 396,391 472,998 13,908 869,389
883,297 418,593 3/78 4/95 5-27.5
Garden Gate,
Ft. Worth 5,743,020 678,867 2,532,572 6,509,511 678,867 9,042,083
9,720,950 1,634,919 5/95 5/95 5-27.5
Garden Gate,
Plano 7,204,471 689,318 844,673 8,641,333 689,318 9,486,006
10,175,324 1,707,642 23/95 2/94 5-27.5
Hebbronville
Apts. 516,724 50,711 650,002 0 50,711 650,002
700,713 100,663 4/94 12/93 7-40
Hollister
Inv. Group 1,734,893 400,000 1,906,641 (61,972) 400,000 1,844,669
2,244,669 173,309 5/95 3/95 5-50
F-117
Boston Capital Tax Credit Fund III L.P. -
Series 19
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
------------------------------------------- Holts Summit
Square 1,237,530 110,373 524,966 2,028,302 110,373 2,553,268
2,663,641 552,558 12/94 6/94 5-27.5
Independence
Properties 851,824 38,500 503,166 517,210 38,500 1,020,376
1,058,876 170,374 12/94 6/94 5-40
Jefferson
Square 2,499,983 385,000 4,548,650 91,506 385,000 4,640,156
5,025,156 675,451 8/95 5/94 5-27.5
Jenny Lynn
Properties 801,027 65,000 958,809 7,000 65,000 965,809
1,030,809 199,766 9/94 1/94 5-27.5
Jeremy
Associates 3,734,408 522,890 6,954,516 192,521 522,890 7,147,037
7,669,927 809,496 12/95 6/96 5-27.5
Lone Star
Senior 611,262 20,492 835,453 0 20,492 835,453
855,945 117,165 5/94 12/93 7-40
Madison
L.P. 648,918 42,707 810,978 0 32,500 810,978
843,478 173,777 10/94 12/93 5-27.5
Manasura
Villa 961,145 20,254 301,687 994,014 25,000 1,295,701
1,320,701 147,235 8/95 5/94 5-27.5
Martindale
Apts. 678,707 40,270 861,032 0 40,270 861,032
901,302 135,780 1/94 12/93 7-40
F-118
Boston Capital Tax Credit Fund III L.P. -
Series 19
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
-------------------------------------------
Munfor
Village 758,895 24,800 980,102 3,415 24,800 983,517
1,008,317 152,787 4/94 10/93 5-40
Northpointe
LP 4,668,822 371,000 9,834,451 1,377 371,000 9,835,828
10,206,828 1,135,109 6/95 7/94 5-27.5
Sahale
Heights 853,530 72,000 1,062,350 111 72,000 1,062,461
1,134,461 230,039 6/94 1/94 5-27.5
Sherwood
Knoll 776,732 45,000 963,996 6,220 45,000 970,216
1,015,216 155,130 4/94 10/93 5-40
Sugarwood
Park 3,495,997 281,875 5,949,680 12,075 281,875 5,961,755
6,243,630 1,144,800 7/95 4/94 5-27.5
Summerset
Housing 936,029 68,665 1,160,825 (25,664) 68,665 1,135,161
1,203,826 169,021 11/95 1/94 7-27.5
Vista's
Associates 3,217,267 831,600 7,055,338 5,229 831,600 7,060,567
7,892,167 1,062,208 1/95 12/93 5-27.5
Wedgewood
Lane 996,631 85,000 1,106,604 5,050 85,000 1,111,654
1,196,654 181,231 9/94 6/94 5-40
F-119
Boston Capital Tax Credit Fund III L.P. -
Series 19
Schedule III - Real Estate and Accumulated
Depreciation
March 31, 2000
Subsequent
Initial capitalized Gross amount at
which
cost to company costs** carried at close of
period
--------------- ----------- ------
-----------------------
Buildings Buildings
Accum. Con- Acq- Depre-
Encum- and im- Improve- and im-
Depre- struct uired ciation
Description brances Land provements ments Land provements
Total ciation Date Date Life
--------------------------------------------------------------------------------
-------------------------------------------
Willowood
Park 4,180,811 511,051 6,867,791 159,750 511,051 7,027,541
7,538,592 1,501,739 12/94 11/93 5-27.5
---------- --------- ---------- ---------- --------- ---------- --
-------- ---------
55,129,021 5,846,788 73,931,557 19,869,331 5,841,335 93,800,888
99,642,223 15,151,298
========== ========= ========== ========== ========= ==========
========== ==========
Since the Operating Partnerships maintain a calendar year end, the information
reported on this schedule is as of December 31, 1999.
*Decrease due to a reallocation of acquisition costs.
There were no carrying costs as of December 31, 1999. The column has been
omitted for presentation purposes.
F-120
</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-121
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-122
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 - 03/31/99.............................$ 99,362,005
Additions during period:
Acquisitions through foreclosure.................$ 0
Other acquisitions............................... 0
Improvements, etc................................ 280,218
Other............................................ 0
-----------
$ 280,218
Deductions during period:
Cost of real estate sold.........................$ 0
Other............................................ 0
-----------
$ 0
-----------
Balance at close of period - 03/31/00........................... $ 99,642,223
===========
F-123
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
Current year expense..................................$3,079,193
---------
Balance at close of period - 3/31/00........................... $ 15,151,298
===========
F-124
