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, 1998
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>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements
Table of Contents Page
Balance Sheets as of December 30, 1998
(Unaudited) and March 30, 1998 (Unaudited)..................................3
Statements of Operations for the three
and nine month periods ended December 30, 1998 (Unaudited)
and December 30, 1997 (Unaudited).... .....................................4
Statements of Cash Flows for the nine
months ended December 30, 1998 (Unaudited)
and December 30, 1997 (Unaudited)..........................................5
Notes to Financial Statements as of
December 30, 1998 (Unaudited)..............................................7
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
BALANCE SHEETS
(UNAUDITED)
<S> <C> <C> <C>
December 30, March 30,
Notes 1998 1998
------ ------------- ------------
ASSETS
Cash and cash equivalents $ 932,796 $ 837,174
Restricted cash 4 410,275 711,505
Investments in bonds available-for-sale 3 1,017,315 999,656
Investment in local partnerships 4 10,634,581 11,515,253
Interest receivable 15,150 15,726
of $75,000 and $65,000) 10,000
------------- -------------
LIABILITIES AND OWNERS' EQUITY (DEFICIT) $ 13,010,117 $ 14,089,314
============= =============
Liabilities
Accounts payable and accrued expenses $ 19,160 $ 22,500
Payable to manager 452,444 381,682
Capital contributions payable 4 366,617 673,050
Interest payable 4 43,658 38,455
------------- -------------
881,879 1,115,687
------------- -------------
Commitments and contingencies 4
Owners' equity (deficit)
Manager (42,854) (34,197)
Beneficial owners (18,654 units of beneficial
ownership interest outstanding) 12,145,664 13,002,736
Accumulated other comprehensive income, net 2,3 25,428 5,088
------------- -------------
12,128,238 12,973,627
------------- -------------
$ 13,010,117 $ 14,089,314
============= =============
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
STATEMENTS OF OPERATIONS
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
Three Months Nine Months Three Months Nine Months
Ended December Ended December Ended December Ended December
Notes 30, 1998 30, 1998 30, 1997 30, 1997
----- -------------- -------------- -------------- --------------
REVENUE
Interest $ 33,359 $ 103,744 $ 35,302 $ 105,776
----------- ----------- ---------- -----------
TOTAL REVENUE 33,359 103,744 35,302 105,776
----------- ----------- ---------- -----------
EXPENSES
Management fee 49,642 145,762 48,587 145,762
Professional fees 6,816 19,891 6,784 18,477
Printing, postage and other 4,879 12,645 2,835 10,499
Amortization 2,500 10,000 3,750 11,250
----------- ----------- ---------- -----------
TOTAL EXPENSES 63,837 188,298 61,956 185,988
----------- ----------- ---------- -----------
Loss from operations (30,478) (84,554) (26,654) (80,212)
Equity in loss of investment in local
partnerships 4 (335,658) (781,175) (228,039) (642,819)
----------- ----------- ---------- -----------
NET LOSS (366,136) (865,729) (254,693) (723,031)
Other comprehensive income (loss) 2,3 (12,231) 20,340 12,493 60,432
----------- ----------- ---------- -----------
COMPREHENSIVE LOSS $ (378,367) $ (845,389) $ (242,200) $ (662,599)
NET LOSS ATTRIBUTABLE TO
Manager $ (3,661) $ (8,657) $ (2,547) $ (7,230)
Beneficial owners (362,475) (857,072) (252,146) (715,801)
$ (366,136) $ (865,729) $ (254,693) $ (723,031)
NET LOSS per unit of beneficial =========== =========== =========== ===========
ownership interest (18,654 units of
beneficial ownership interest)
$ (19.44) $ (45.95) $ (13.51) $ (38.37)
=========== =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED DECEMBER 30, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
1998 1997
---------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received $ 112,204 $ 110,396
Cash paid for
management fee (75,000) (100,000)
professional fees (24,731) (23,777)
printing, postage and other expenses (11,145) (10,207)
---------- ------------
Net cash provided by (used in) operating activities 1,328 (23,588)
---------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Cash distributions from local partnerships 99,497 119,838
Investments in bonds (includes $282 of accrued interest) (98,490)
Transfer from (to) restricted cash 301,230 (4,098)
Investment in local partnerships (306,433)
---------- ------------
Net cash provided by investing activities 94,294 17,250
---------- ------------
Net increase (decrease) in cash and cash equivalents 95,622 (6,338)
Cash and cash equivalents at beginning of period 837,174 830,290
---------- ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 932,796 $ 823,952
=========== ============
SIGNIFICANT NON-CASH INVESTING ACTIVITIES
Unrealized gain on investments in bonds available-for-sale, net $ 20,340 $ 60,432
=========== ============
See reconciliation of net loss to net cash provided by (used in) operating activities on page 6.
See Notes to Financial Statements.
</TABLE>
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
STATEMENTS OF CASH FLOWS - (Continued)
NINE MONTHS ENDED DECEMBER 30, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C>
1998 1997
----------- -----------
RECONCILIATION OF NET LOSS TO NET CASH PROVIDED
BY (USED IN) OPERATING ACTIVITIES
Net loss $ (865,729) $ (723,031)
Adjustments to reconcile net loss to net cash provided by
(used in) operating activities
Equity in loss of investment in local partnerships 781,175 642,819
Amortization of organization costs 10,000 11,250
Amortization of net premium on investments in bonds 2,681 2,681
Decrease (increase) in interest receivable 576 (2,159)
Decrease in accounts payable and accrued expenses (3,340) (5,008)
Increase in payable to manager 70,762 45,762
Increase in interest payable 5,203 4,098
----------- ------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 1,328 $ (23,588)
=========== ============
See Notes to Financial Statements.
</TABLE>
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS
DECEMBER 30, 1998
(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, 1998 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, 1998 are not necessarily indicative of the
results that may be expected for the entire year.
2. Comprehensive Income
On March 31, 1998, the Trust adopted Statement of Financial Accounting
Standard ("SFAS") No. 130, "Reporting Comprehensive Income." As a result,
the statements of operations include an amount for other comprehensive
income (loss), as well as comprehensive loss. Other comprehensive income
(loss) consists of revenues, expenses, gains and losses that have affected
owners' equity (deficit) but which are excluded from net loss. Other
comprehensive income (loss) in the accompanying statements of operations
for the three and nine month periods ended December 30, 1998 resulted from
a net unrealized gain (loss) on investments in bonds available-for-sale.
Accumulated other comprehensive income in the accompanying balance sheet as
of December 30, 1998 reflects the net unrealized gain on investments in
bonds available-for-sale. The balance sheet as of March 30, 1998 and the
statements of operations for the three and nine month periods ended
December 30, 1997 include certain reclassifications to reflect the adoption
of SFAS No. 130.
3. Investments in Bonds Available-For-Sale
As of December 30, 1998, certain information concerning investments in
bonds available-for-sale is as follows:
<TABLE>
<S> <C> <C> <C> <C>
Gross Gross
Amortized unrealized unrealized Estimated
Description and maturity cost gains losses fair value
------------------------- ------------- ------------- ------------- -------------
Corporate debt securities
Within one year $ 98,731 $ 4,271 $ -- $ 103,002
After five years through ten years 691,061 23,255 (2,691) 711,625
After ten years 202,095 593 -- 202,688
------------------------- ---------- ----------- ---------- -----------
$ 991,887 $ 28,119 $ (2,691) $ 1,017,315
========== =========== ========== ===========
</TABLE>
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
DECEMBER 30, 1998
(UNAUDITED)
4. 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 $14,394,424 and $366,617 are
outstanding as of December 30, 1998. Restricted cash in the accompanying
balance sheet as of December 30, 1998 represents such outstanding capital
contributions along with accrued interest of $43,658 on an outstanding
capital contribution. The outstanding capital contributions are payable in
installments upon each Local Partnership's satisfaction of specified
conditions related to operations. As of September 30, 1998, the Local
Partnerships have outstanding mortgage loans payable totaling approximately
$22,973,000 and accrued interest payable on such loans totaling
approximately $914,000, which are secured by security interests and liens
common to mortgage loans on the Local Partnerships' real property and other
assets.
For the nine months ended December 30, 1998, the investment in Local
Partnerships activity consists of the following:
<TABLE>
<S> <C>
Investment in Local Partnerships as of March 30, 1998 $ 11,515,253
Equity in loss of investment in Local Partnerships (781,175)
Cash distributions received from Local Partnerships (99,497)
-------------
Investment in Local Partnerships as of December 30, 1998 $ 10,634,581
=============
</TABLE>
The combined unaudited balance sheets of the Local Partnerships as of
September 30, 1998 and December 31, 1997 and the combined unaudited
statements of operations of the Local Partnerships for the three and nine
month periods ended September 30, 1998 and 1997 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, 1998
(UNAUDITED)
4. Investment in Local Partnerships (continued)
The combined balance sheets of the Local Partnerships as of September 30,
1998 and December 31, 1997 are as follows:
<S> <C> <C>
September 30, December 31,
1998 1997
------------ -----------
ASSETS
Cash and cash equivalents $ 362,060 $ 431,906
Rents receivable 45,805 58,175
Capital contributions receivable 519,834 673,050
Escrow deposits and reserves 1,641,349 1,527,756
Land 1,267,153 1,267,153
Buildings and improvements (net of accumulated
depreciation of $5,207,728 and $4,163,615) 31,766,595 32,771,397
Intangible assets (net of accumulated amortization
of $133,147 and $106,629) 361,493 388,011
Other 261,126 232,920
-------------- -------------
$ 36,225,415 $ 37,350,368
============== =============
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities
Accounts payable and accrued expenses $ 396,836 $ 377,440
Due to related parties 1,052,040 1,135,319
Mortgage loans 22,972,577 23,356,717
Notes payable 100,000 100,000
Accrued interest 913,611 761,838
Other 144,402 138,975
-------------- -------------
25,579,466 25,870,289
-------------- -------------
Partners' equity (deficit)
American Tax Credit Trust, Series I
Capital contributions, net of distributions
(includes receivable of $519,834 and $673,050) 14,534,206 14,638,203
Cumulative loss (3,899,625) (3,118,450)
-------------- -------------
10,634,581 11,519,753
-------------- -------------
General partners and other limited partners
Capital contributions, net of distributions 276,403 217,360
Cumulative loss (265,035) (257,034)
-------------- -------------
11,368 (39,674)
-------------- -------------
10,645,949 11,480,079
-------------- -------------
$ 36,225,415 $ 37,350,368
============== =============
</TABLE>
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
DECEMBER 30, 1998
(UNAUDITED)
4. Investment in Local Partnerships (continued)
The combined statements of operations of the Local Partnerships for the
three and nine month periods ended September 30, 1998 and 1997 are as
follows:
<TABLE>
<S> <C> <C> <C> <C>
Three Months Nine Months Three Months Nine Months
Ended Ended Ended Ended
September 30, September 30, September 30, September 30,
1998 1998 1997 1997
------------- ------------- ------------- ------------
REVENUE
Rental $ 932,791 $ 2,797,688 $ 916,570 $ 2,761,403
Interest and other 29,410 95,624 23,544 72,035
------------- ------------ ------------ -------------
TOTAL REVENUE 962,201 2,893,312 940,114 2,833,438
------------- ------------ ------------ -------------
EXPENSES
Administrative 166,497 494,452 170,367 503,894
Utilities 94,094 324,543 91,287 347,253
Operating, maintenance and other 303,442 683,017 176,806 519,930
Taxes and insurance 118,401 352,870 126,363 341,247
Financial (including amortization of 270,671 783,493 280,051 790,279
$8,839, $26,518, $9,496 and $28,557)
Depreciation 348,173 1,044,113 325,609 980,255
------------- ------------ ------------ -------------
TOTAL EXPENSES 1,301,278 3,682,488 1,170,483 3,482,858
NET LOSS $ (339,077) $ (789,176) $ (230,369) $ (649,420)
============= ============ ============ =============
NET LOSS ATTRIBUTABLE TO
American Tax Credit Trust, Series I $ (335,658) $ (781,175) $ (228,039) $ (642,819)
General partners and other limited
partners (3,419) (8,001) (2,330) (6,601)
------------- ------------ ------------ -------------
$ (339,077) $ (789,176) $ (230,369) $ (649,420)
============= ============ ============ =============
</TABLE>
The combined results of operations of the Local Partnerships for the three
and nine month periods ended September 30, 1998 are not necessarily
indicative of the results that may be expected for an entire operating
period.
5. Additional Information
Additional information, including the audited March 30, 1998 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, 1998 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, 1998, American Tax Credit Trust (the "Registrant") has
not experienced a significant change in financial condition as compared to March
30, 1998. Principal changes in assets are comprised of periodic transactions and
adjustments and anticipated equity in loss from operations of the local
partnerships (the "Local Partnerships") which own low-income multifamily
residential complexes (the "Properties") which qualify for the low-income tax
credit in accordance with Section 42 of the Internal Revenue Code. During the
nine months ended December 30, 1998, Registrant received cash from interest
revenue and distributions from Local Partnerships and utilized cash for
operating expenses and making capital contributions to a Local Partnership. Cash
and cash equivalents and investments in bonds available-for-sale increased, in
the aggregate, by approximately $113,000 during the nine months ended December
30, 1998 (which included a net unrealized gain on investments in bonds of
approximately $20,000 and the amortization of net premium on investments in
bonds of approximately $3,000), and restricted cash decreased by approximately
$301,000 primarily as a result of capital contribution payments made to a Local
Partnership. Notwithstanding circumstances that may arise in connection with the
Properties, Registrant does not expect to realize significant gains or losses on
its investments in bonds, if any. During the nine months ended December 30,
1998, 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, 1998 of $781,175 and cash distributions received from Local Partnerships of
$99,497. Payable to manager in the accompanying balance sheet as of December 30,
1998 represents deferred 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. Accordingly, the investment
is carried at cost, which includes capital contributions payable, and is
adjusted for Registrant's share of each Local Partnership's results of
operations and by 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. Equity in loss in
excess of Registrant's investment balance in a Local Partnership is allocated to
other partners' capital in any 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, 1998, no investment in any Local Partnership has
reached a zero balance.
Registrant's operations for the three months ended December 30, 1998 and
1997 resulted in net losses of $366,136 and $254,693, respectively. The increase
in net loss is primarily attributable to an increase in equity in loss of
investment in Local Partnerships of approximately $108,000 resulting primarily
from an increase in operating and maintenance expenses incurred by the Local
Partnerships. Other comprehensive income (loss) for the three months ended
December 30, 1998 and 1997 resulted from a net unrealized gain (loss) on
investments in bonds available-for-sale of $(12,231) and $12,493, respectively.
The Local Partnerships' net loss of approximately $339,000 for the three
months ended September 30, 1998 was attributable to rental and other revenue of
approximately $962,000, exceeded by operating and interest expenses (including
interest on non-mandatory debt) of approximately $944,000 and approximately
$357,000 of depreciation and amortization expenses. 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 interest on non-mandatory debt) of
approximately $835,000 and approximately $335,000 of depreciation and
amortization expenses. The results of operations of the Local Partnerships for
the three months ended September 30, 1998 are not necessarily indicative of the
results that may be expected in future periods.
Registrant's operations for the nine months ended December 30, 1998 and
1997 resulted in net losses of $865,729 and $723,031, respectively. The increase
in net loss is primarily attributable to an increase in equity in loss of
investment in Local Partnerships of approximately $138,000 resulting primarily
from an increase in operating and maintenance expenses incurred by the Local
Partnerships. Other comprehensive income for the nine months ended December 30,
1998 and 1997 resulted from a net unrealized gain on investments in bonds
available-for-sale of $20,340 and $60,432, respectively.
<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 $789,000 for the nine
months ended September 30, 1998 was attributable to rental and other revenue of
approximately $2,893,000, exceeded by operating and interest expenses (including
interest on non-mandatory debt) of approximately $2,611,000 and approximately
$1,071,000 of depreciation and amortization expenses. 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 interest on non-mandatory
debt) of approximately $2,473,000 and approximately $1,009,000 of depreciation
and amortization expenses. The results of operations of the Local Partnerships
for the nine months ended September 30, 1998 are not necessarily indicative of
the results that may be expected in future periods.
Local Partnership Matters
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. Three
Local Partnerships' HAP Contracts are scheduled to expire in 1999, one of which
was extended during 1998. 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, certain general partners of the Local
Partnerships (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, 1998, revenue from operations of the Local
Partnerships has generally been sufficient to cover the operating expenses and
Mandatory Debt Service. All of the Local Partnerships have achieved full
operational status and substantially all 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.
Adoption of Accounting Standard
On March 31, 1998, Registrant adopted Statement of Financial Accounting
Standard ("SFAS") No. 130, "Reporting Comprehensive Income." SFAS No. 130
establishes standards for reporting and display of comprehensive income and its
components (revenues, expenses, gains and losses) in a full set of
general-purpose financial statements. The adoption of SFAS No. 130 has not
materially impacted Registrant's financial position and results of operations.
Year 2000 Compliance
The inability of computers, software and other equipment utilizing
microprocessors to recognize and properly process data fields containing a two
digit year is commonly referred to as the year 2000 compliance ("Y2K") issue. As
the year 2000 approaches, such systems may be unable to accurately process
certain data-based information. Many businesses may need to upgrade existing
systems or purchase new ones to correct the Y2K issue. The total cost associated
with Y2K implementation is not expected to materially impact Registrant's
financial position or results of operations in any given year. However, there
can be no assurance that the systems of other entities on which Registrant
relies, including the Local Partnerships which report to Registrant on a
periodic basis for the purpose of Registrant's reporting to its investors, will
be timely converted. There can be no assurance that a failure to convert by
another entity would not have a material adverse impact on Registrant.
<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 11, 1999 /s/ Richard Paul Richman
----------------- -------------------------
Richard Paul Richman
President, Chief Executive
Officer and Director of the Manager
Dated: February 11, 1999 /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, 1998 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> US Dollars
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> MAR-30-1999
<PERIOD-START> MAR-30-1998
<PERIOD-END> DEC-30-1998
<EXCHANGE-RATE> 1.00
<CASH> 933
<SECURITIES> 1,017
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 13,010
<CURRENT-LIABILITIES> 882
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 13,010
<SALES> 0
<TOTAL-REVENUES> 104
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 188
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (866)
<INCOME-TAX> 0
<INCOME-CONTINUING> (866)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (866)
<EPS-PRIMARY> (45.95)
<EPS-DILUTED> 0
</TABLE>
