UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------------
FORM 10-Q
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
---
For the quarterly period ended December 30, 1997
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: 0-24600
American Tax Credit Trust, a Delaware statutory business trust
Series I
(Exact name of Registrant as specified in its charter)
Delaware 06-6385350
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Richman American Credit Corp.
599 West Putnam Avenue, 3rd Floor
Greenwich, Connecticut 06830
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 869-0900
Indicate by check mark whether the Registrant (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 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to filing requirements
for the past 90 days.
Yes X No .
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements
Table of Contents Page
<S> <C>
Balance Sheets as of December 30, 1997 (Unaudited) and March 30, 1997 (Unaudited) 3
Statements of Operations for the three and nine month periods ended December 30, 1997 (Unaudited)
and December 30, 1996 (Unaudited) 4
Statements of Cash Flows for the nine months ended December 30, 1997 (Unaudited) 5
and December 30, 1996 (Unaudited)
Notes to Financial Statements as of December 30, 1997 (Unaudited) 7
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
BALANCE SHEETS
(UNAUDITED)
December 30, March 30,
Notes 1997 1997
----- -------------------- -------------
<S> <C> <C> <C>
ASSETS
Cash and cash equivalents $ 823,952 $ 830,290
Restricted cash 3 710,036 705,938
Investments in bonds available-for-sale 2 990,656 834,697
Investment in local partnerships 3 11,900,158 12,662,815
Interest receivable 15,052 12,611
Organization costs (less accumulated amortization of $61,250 and
$50,000) 13,750 25,000
---------------- ----------------
$ 14,453,604 $ 15,071,351
============ ============
LIABILITIES AND OWNERS' EQUITY (DEFICIT)
Liabilities
Accounts payable and accrued expenses $ 24,953 $ 29,961
Payable to manager 358,625 312,863
Capital contributions payable 3 673,050 673,050
Interest payable 36,986 32,888
--------------- ----------------
1,093,614 1,048,762
------------- --------------
Owners' equity (deficit)
Manager (30,234) (23,004)
Beneficial owners (18,654 units of beneficial ownership interest
outstanding) 13,395,029 14,110,830
Unrealized loss on investments in bonds available-for-sale, net 2 (4,805) (65,237)
-------------- ---------------
13,359,990 14,022,589
------------ -------------
$ 14,453,604 $ 15,071,351
============ ============
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Nine Months Three Months Nine Months
Ended December Ended December Ended December Ended December
30, 30, 30, 30,
Notes 1997 1997 1996 1996
----- --------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
REVENUE
Interest $ 35,302 $ 105,776 $ 38,447 $ 122,924
-------------- -------------- --------------- ---------------
TOTAL REVENUE 35,302 105,776 38,447 122,924
--------------- --------------- ---------------- ----------------
EXPENSES
Management fee 48,587 145,762 48,587 145,762
Professional fees 6,784 18,477 2,000 17,766
Printing, postage and other 2,835 10,499 6,473 12,394
Amortization 3,750 11,250 3,750 11,250
----------------- ----------------- ----------------- -----------------
TOTAL EXPENSES 61,956 185,988 60,810 187,172
---------------- ---------------- ---------------- ----------------
Loss from operations (26,654) (80,212) (22,363) (64,248)
Equity in loss of investment in local
partnerships 3 (228,039) (642,819) (301,444) (708,780)
--------------- --------------- --------------- ---------------
NET LOSS $ (254,693) $ (723,031) $ (323,807) $ (773,028)
============== ============== ============== ==============
NET LOSS ATTRIBUTABLE TO
Manager $ (2,547) $ (7,230) $ (3,238) $ (7,730)
Beneficial owners (252,146) (715,801) (320,569) (765,298)
---------------- --------------- --------------- ---------------
$ (254,693) $ (723,031) $ (323,807) $ (773,028)
============== ============== ============== ==============
NET LOSS per unit of beneficial ownership
interest (18,654 units of beneficial
ownership interest) $ (13.51) $ (38.37) $ (17.19) $ (41.03)
================ ================ ================ ================
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED DECEMBER 30, 1997 AND 1996
(UNAUDITED)
1997 1996
------------------- ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received $ 110,396 $ 128,748
Cash paid for
management fee (100,000) (75,000)
professional fees (23,777) (30,017)
printing, postage and other expenses (10,207) (14,692)
--------------- ---------------
Net cash provided by (used in) operating activities (23,588) 9,039
--------------- -----------------
CASH FLOWS FROM INVESTING ACTIVITIES
Cash distributions from local partnerships 119,838
Investments in bonds, includes $282 of accrued interest paid at purchase
of investment (98,490)
Investment in local partnerships (675,535)
Transfer from (to) restricted cash (4,098) 685,518
---------------- ---------------
Net cash provided by investing activities 17,250 9,983
---------------- -----------------
Net increase (decrease) in cash and cash equivalents (6,338) 19,022
Cash and cash equivalents at beginning of period 830,290 569,008
--------------- ---------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 823,952 $ 588,030
============== ==============
SIGNIFICANT NON-CASH INVESTING ACTIVITIES
Unrealized gain on investments in bonds available-for-sale, net $ 60,432 $ 2,148
=============== ================
Decrease in capital contributions payable $ (14,115)
- ----------------------------------------------------------------------------------------------------------------------
See reconciliation of net loss to net cash provided by (used in) operating
activities on page 6.
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
STATEMENTS OF CASH FLOWS - (Continued)
NINE MONTHS ENDED DECEMBER 30, 1997 AND 1996
(UNAUDITED)
1997 1996
------------------ -----------
<S> <C> <C>
RECONCILIATION OF NET LOSS TO NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES
Net loss $ (723,031) $ (773,028)
Adjustments to reconcile net loss to net cash provided by (used in) operating
activities
Equity in loss of investment in local partnerships 642,819 708,780
Amortization of organization costs 11,250 11,250
Amortization of net premium on investments in bonds 2,681 2,634
Increase in interest receivable (2,159) (942)
Decrease in accounts payable and accrued expenses (5,008) (14,549)
Increase in payable to manager 45,762 70,762
Increase in interest payable 4,098 4,132
------------- -------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (23,588) $ 9,039
=========== =============
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS
DECEMBER 30, 1997
(UNAUDITED)
1. Basis of Presentation
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information. They do not include all information and footnotes
required by generally accepted accounting principles for complete financial
statements. The results of operations are impacted significantly by the
combined results of operations of the Local Partnerships, which are
provided by the Local Partnerships on an unaudited basis during interim
periods. Accordingly, the accompanying financial statements are dependent
on such unaudited information. In the opinion of the Manager, the financial
statements include all adjustments necessary to present fairly the
financial position as of December 30, 1997 and the results of operations
and cash flows for the interim periods presented. All adjustments are of a
normal recurring nature. The results of operations for the three and nine
month periods ended December 30, 1997 are not necessarily indicative of the
results that may be expected for the entire year.
2. Investments in Bonds Available-For-Sale
As of December 30, 1997, certain information concerning investments in
bonds available-for-sale is as follows:
Gross Gross
Amortized unrealized unrealized Estimated
Description and maturity cost gains losses fair value
------------------------ --------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Corporate debt securities
After five years through ten years $ 472,459 $ 4,367 $ (167) $ 476,659
After ten years 523,002 1,731 (10,736) 513,997
------------- -------------- ------------- --------------
$ 995,461 $ 6,098 $ (10,903) $ 990,656
============ ============= ============= =============
</TABLE>
3. Investment in Local Partnerships
The Trust owns a 98.9%-99% limited partnership interest in ten Local
Partnerships representing capital contributions in the aggregate amount of
$14,761,041, of which the Trust has paid $14,087,991 and $673,050 is
outstanding as of December 30, 1997. Restricted cash in the accompanying
balance sheet as of December 30, 1997 includes such outstanding capital
contributions along with accrued interest of $36,986 on an outstanding
capital contribution. The outstanding capital contributions are payable in
installments upon each Local Partnership's satisfaction of specified
conditions related to construction and/or operations. As of September 30,
1997, the Local Partnerships have outstanding mortgage and construction
loans payable totaling approximately $23,442,000 and accrued interest
payable on such loans totaling approximately $683,000, which are secured by
security interests and liens common to mortgage and construction loans on
the Local Partnerships' real property and other assets.
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
DECEMBER 30, 1997
(UNAUDITED)
3. Investment in Local Partnerships (continued)
For the nine months ended December 30, 1997, the investment in Local
Partnerships activity consists of the following:
<S> <C> <C>
Investment in Local Partnerships as of March 30, 1997 $ 12,662,815
Equity in loss of investment in Local Partnerships (642,819)
Cash distributions received from Local Partnerships (119,838)
--------------
Investment in Local Partnerships as of December 30, 1997 $ 11,900,158
============
</TABLE>
The combined unaudited balance sheets of the Local Partnerships as of
September 30, 1997 and December 31, 1996 and the combined unaudited
statements of operations of the Local Partnerships for the three and nine
month periods ended September 30, 1997 and 1996 are reflected on pages 9
and 10, respectively.
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
DECEMBER 30, 1997
(UNAUDITED)
3. Investment in Local Partnerships (continued)
The combined balance sheets of the Local Partnerships as of September 30,
1997 and December 31, 1996 are as follows:
September 30, December 31,
1997 1996
------------------ -----------
<S> <C> <C> <C>
ASSETS
Cash and other investments $ 371,301 $ 515,352
Rental receivable 40,930 47,816
Capital contributions receivable 673,050 1,073,050
Escrow deposits and reserves 1,472,990 1,151,896
Land 1,267,153 1,267,153
Buildings and improvements (net of accumulated
depreciation of $3,740,329 and $2,760,074) 33,148,904 34,109,040
Intangible assets (net of accumulated amortization of
$99,708 and $71,151) 383,683 412,240
Other 204,015 243,968
--------------- ---------------
$ 37,562,026 $ 38,820,515
============ ============
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities
Accounts payable and accrued expenses $ 440,274 $ 372,568
Due to related parties 865,078 1,343,366
Mortgage and construction loans 23,442,101 23,410,498
Note payable 100,000 100,000
Accrued interest 683,335 556,684
Other 168,967 338,544
--------------- ---------------
25,699,755 26,121,660
------------- -------------
Partners' equity (deficit)
American Tax Credit Trust, Series I
Capital contributions, net of distributions
(includes receivable of $673,050 and $1,073,050) 14,638,203 14,758,041
Cumulative loss (2,738,045) (2,095,226)
------------- -------------
11,900,158 12,662,815
------------- -------------
General partners and other limited partners
Capital contributions, net of distributions 217,360 284,686
Cumulative loss (255,247) (248,646)
-------------- --------------
(37,887) 36,040
--------------- ----------------
11,862,271 12,698,855
------------- -------------
$ 37,562,026 $ 38,820,515
============ ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
DECEMBER 30, 1997
(UNAUDITED)
3. Investment in Local Partnerships (continued)
The combined statements of operations of the Local Partnerships for the
three and nine month periods ended September 30, 1997 and 1996 are as
follows:
Three Months Nine Months Ended Three Months Nine Months Ended
Ended September September 30, Ended September September 30,
30, 30,
1997 1997 1996 1996
----------------------------------------------------------------------
<S> <C> <C> <C> <C>
REVENUE
Rental $ 916,570 $ 2,761,403 $ 897,540 $ 2,560,311
Interest and other 23,544 72,035 21,807 59,131
----------------- ----------------- ----------------- -----------------
TOTAL REVENUE 940,114 2,833,438 919,347 2,619,442
---------------- --------------- ---------------- ---------------
EXPENSES
Administrative 170,367 503,894 187,137 482,294
Utilities 91,287 347,253 77,235 288,857
Operating, maintenance and other 176,806 519,930 206,095 520,782
Taxes and insurance 126,363 341,247 199,755 438,586
Interest (including amortization of
$9,496, $28,557, $8,468 and $21,748) 280,051 790,279 241,213 716,127
Depreciation 325,609 980,255 312,422 888,864
---------------- ---------------- ---------------- ----------------
TOTAL EXPENSES 1,170,483 3,482,858 1,223,857 3,335,510
--------------- --------------- --------------- ---------------
NET LOSS $ (230,369) $ (649,420) $ (304,510) $ (716,068)
============== ============== = ============== ==============
NET LOSS ATTRIBUTABLE TO
American Tax Credit Trust, Series I $ (228,039) $ (642,819) $ (301,444) $ (708,780)
General partners and other limited
partners (2,330) (6,601) (3,066) (7,288)
----------------- ----------------- ----------------- -----------------
$ (230,369) $ (649,420) $ (304,510) $ (716,068)
============== ============== ============== ==============
</TABLE>
The combined results of operations of the Local Partnerships for the three
and nine month periods ended September 30, 1997 are not necessarily
indicative of the results that may be expected for an entire operating
period.
4. Additional Information
Additional information, including the audited March 30, 1997 Financial
Statements and the Organization, Purpose and Summary of Significant
Accounting Policies, is included in the Trust's Annual Report on Form 10-K
for the fiscal year ended March 30, 1997 on file with the Securities and
Exchange Commission.
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Material Changes in Financial Condition
As of December 30, 1997, Registrant has not experienced a significant change in
financial condition as compared to March 30, 1997. Principal changes in assets
are comprised of periodic transactions and adjustments and anticipated equity in
loss from operations of the Local Partnerships. During the nine months ended
December 30, 1997, Registrant received cash from interest earnings and
distributions from Local Partnerships and utilized cash for operating expenses
and investments in bonds. Cash and cash equivalents and investments in bonds
available-for-sale increased, in the aggregate, by approximately $150,000 during
the nine months ended December 30, 1997, which increase includes a net
unrealized gain recorded on investments in bonds of approximately $60,000, the
amortization of net premium on investments in bonds of approximately $3,000 and
cash distributions received from Local Partnerships. During the nine months
ended December 30, 1997, the investment in Local Partnerships decreased as a
result of Registrant's equity in the Local Partnerships' net loss for the nine
months ended September 30, 1997 of $642,819 and cash distributions received from
Local Partnerships of $119,838. Payable to manager represents accrued management
fees.
The Properties are principally comprised of subsidized and leveraged low-income
multifamily residential complexes located throughout the United States. The
rents of the Properties, certain of which receive rental subsidy payments
pursuant to subsidy agreements ("HAP Contracts"), are subject to specific laws,
regulations and agreements with federal and state agencies. One Local
Partnership's HAP Contract, which covers certain rental units, is scheduled to
expire in 1998 after being extended for one year. In addition, the Local
Partnerships have various financing structures which include (i) required debt
service payments ("Mandatory Debt Service") and (ii) debt service payments which
are payable only from available cash flow subject to the terms and conditions of
the notes, which may be subject to specific laws, regulations and agreements
with appropriate federal and state agencies ("Non-Mandatory Debt Service or
Interest"). In the event rents are not sufficient to cover operating expenses,
Mandatory Debt Service requirements and other charges, the Local General
Partners are obligated to provide advances to cover deficits for a certain
period of time up to certain amounts (the "Deficit Guarantee"). A Local General
Partner's funding of such Deficit Guarantee is dependent on its liquidity or
ability to borrow the required funds. During the nine months ended September 30,
1997, revenue from operations of the Local Partnerships have generally been
sufficient to cover the operating expenses and Mandatory Debt Service. All of
the Local Partnerships have achieved full operational status and are effectively
operating at or near break even levels, although certain Local Partnerships'
operating information reflects operating deficits that do not represent cash
deficits due to their mortgage and financing structure and any required deferral
of property management fees.
Results of Operations
Registrant's operating results are dependent upon the operating results of the
Local Partnerships and are significantly impacted by the Local Partnerships'
policies. In addition, the operating results herein are not necessarily the same
for tax reporting. Registrant accounts for its investment in Local Partnerships
in accordance with the equity method of accounting, under which the investment
is carried at cost which includes capital contributions payable, and is adjusted
for Registrant's share of the Local Partnership's results of operations and by
any cash distributions received. Equity in loss of each investment in Local
Partnership allocated to Registrant is recognized to the extent of Registrant's
investment balance in each Local Partnership. Any equity in loss in excess of
Registrant's investment balance in a Local Partnership is allocated to other
partners' capital in each such Local Partnership. As a result, the reported
equity in loss of investment in Local Partnerships is expected to decrease as
Registrant's investment balances in the respective Local Partnerships become
zero. As of December 30, 1997, no investment in any Local Partnership has
reached a zero balance.
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations (continued)
Three Months Ended December 30, 1997
For the three months ended December 30, 1997, Registrant had a net loss of
approximately $255,000, which included an equity in loss of investment in Local
Partnerships of approximately $228,000 for the three months ended September 30,
1997. Registrant's loss from operations for the three months ended December 30,
1997 of approximately $27,000 was attributable to interest revenue of
approximately $35,000, exceeded by operating expenses of approximately $58,000
and amortization of organization costs of approximately $4,000.
The Local Partnerships' net loss of approximately $230,000 for the three months
ended September 30, 1997 was attributable to rental and other revenue of
approximately $940,000, exceeded by operating and interest expenses (including
Non-Mandatory Interest) of approximately $835,000 and approximately $335,000 of
depreciation and amortization expenses.
Three Months Ended December 30, 1996
For the three months ended December 30, 1996, Registrant had a net loss of
approximately $324,000, which included an equity in loss of investment in Local
Partnerships of approximately $302,000 for the three months ended September 30,
1996. Registrant's loss from operations for the three months ended December 30,
1996 of approximately $22,000 was attributable to interest revenue of
approximately $39,000, exceeded by operating expenses of approximately $57,000
and amortization of organization costs of approximately $4,000.
The Local Partnerships' net loss of approximately $305,000 for the three months
ended September 30, 1996 was attributable to rental and other revenue of
approximately $919,000, exceeded by operating and interest expenses (including
Non-Mandatory Interest) of approximately $903,000 and approximately $321,000 of
depreciation and amortization expenses.
Nine Months Ended December 30, 1997
For the nine months ended December 30, 1997, Registrant had a net loss of
approximately $723,000, which included an equity in loss of investment in Local
Partnerships of approximately $643,000 for the nine months ended September 30,
1997. Registrant's loss from operations for the nine months ended December 30,
1997 of approximately $80,000 was attributable to interest revenue of
approximately $106,000, exceeded by operating expenses of approximately $175,000
and amortization of organization costs of approximately $11,000.
The Local Partnerships' net loss of approximately $649,000 for the nine months
ended September 30, 1997 was attributable to rental and other revenue of
approximately $2,833,000, exceeded by operating and interest expenses (including
Non-Mandatory Interest) of approximately $2,473,000 and approximately $1,009,000
of depreciation and amortization expenses.
Nine Months Ended December 30, 1996
For the nine months ended December 30, 1996, Registrant had a net loss of
approximately $773,000, which included an equity in loss of investment in Local
Partnerships of approximately $709,000 for the nine months ended September 30,
1996. Registrant's loss from operations for the nine months ended December 30,
1996 of approximately $64,000 was attributable to interest revenue of
approximately $123,000, exceeded by operating expenses of approximately $176,000
and amortization of organization costs of approximately $11,000.
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued)
The Local Partnerships' net loss of approximately $716,000 for the nine months
ended September 30, 1996 was attributable to rental and other revenue of
approximately $2,620,000, exceeded by operating and interest expenses (including
Non-Mandatory Interest) of approximately $2,425,000 and approximately $911,000
of depreciation and amortization expenses. As a result of ongoing development
and construction, one Local Partnership completed construction and initial
rent-up during June 1996.
Three and Nine Month Periods Ended December 30, 1997 v.
Three and Nine Month Periods Ended December 30, 1996
Registrant's operations for the three months ended December 30, 1997 resulted in
a net loss of approximately $255,000 as compared to a net loss of approximately
$324,000 for the three months ended December 30, 1996. The decrease in net loss
is primarily attributed to a decrease in equity in loss of investment in Local
Partnerships of approximately $73,000, which is primarily the result of a
decrease in real estate taxes of certain Local Partnerships including refunds of
prior years' taxes.
Registrant's operations for the nine months ended December 30, 1997 resulted in
a net loss of approximately $723,000 as compared to a net loss of approximately
$773,000 for the nine months ended December 30, 1996. The decrease in net loss
is primarily attributed to a decrease in equity in loss of investment in Local
Partnerships of approximately $66,000, which is primarily the result of a
decrease in real estate taxes of certain Local Partnerships including refunds of
prior years' taxes, offset by a decrease in Registrant's interest revenue of
approximately $17,000.
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
None
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust,
Series I
By: Richman American Credit Corp.,
The Manager
Dated: February 13, 1998 /s/ Richard Paul Richman
------------------- -------------------------
Richard Paul Richman
President, Chief Executive
Officer and Director of the Manager
Dated: February 13, 1998 /s/ Neal Ludeke
------------------- --------------------------
Neal Ludeke
Vice President and
Treasurer of the Manager
(Principal Financial and Accounting
Officer of The Trust)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial information extracted from
the quarter ended December 30, 1997 Form 10Q Balance Sheets and Statements of
Operations and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 0000897315
<NAME> American Tax Credit Trust
<MULTIPLIER> 1,000
<CURRENCY> 0
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-30-1998
<PERIOD-START> MAR-31-1997
<PERIOD-END> DEC-30-1997
<EXCHANGE-RATE> 1.00
<CASH> 1534
<SECURITIES> 991
<RECEIVABLES> 15
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 14,454
<CURRENT-LIABILITIES> 1,094
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 14,454
<SALES> 0
<TOTAL-REVENUES> 106
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 186
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (723)
<INCOME-TAX> 0
<INCOME-CONTINUING> (723)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (723)
<EPS-PRIMARY> (38.37)
<EPS-DILUTED> 0
</TABLE>
