UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ____________
0-24600
(Commission File Number)
American Tax Credit Trust, a Delaware statutory business trust
Series I
(Exact name of registrant as specified in its governing instruments)
Delaware 06-6385350
--------------------------------- ---------------------------
(State or other jurisdiction (I.R.S. Employer
of 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
Securities registered pursuant to Section 12(b) of the Act:
None None
-------------------------- ------------------------------------------
(Title of each Class) (Name of each exchange on which registered)
Securities registered pursuant to Section 12(g) of the Act:
Units of Beneficial Ownership Interest
(Title of Class)
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 such filing
requirement for the past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in a definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. X
Registrant has no voting stock.
Documents incorporated by reference:
Part I - pages 11 through 21 and 30 through 48 of the prospectus dated September
7, 1993, as supplemented by Supplement No. 1, Supplement No. 2, Supplement No. 3
and Supplement No. 4 dated September 7, 1993, November 16, 1993, November 23,
1994 and December 28, 1994, respectively, filed pursuant to Rule 424(b)(3) under
the Securities Act of 1933.
<PAGE>
PART I
Item 1. Business
Formation
American Tax Credit Trust, a Delaware statutory business trust (the "Trust"),
was formed on February 4, 1993 to invest primarily in leveraged low-income
multifamily residential complexes (the "Property" or "Properties") which qualify
for the low-income tax credit in accordance with Section 42 of the Internal
Revenue Code (the "Low-income Tax Credit"), through the acquisition of limited
partnership equity interests in partnerships (the "Local Partnership" or "Local
Partnerships") that are the owners of the Properties. The Trust considers its
activity to constitute a single industry segment.
Richman American Credit Corp. (the "Manager"), a Delaware corporation, was
formed on April 5, 1993, under Chapter 1, Title 8 of the Delaware Code, to act
as the manager of the Trust. The Manager is wholly-owned by Richard Paul Richman
and is an affiliate of The Richman Group, Inc. ("Richman Group"), a Delaware
corporation founded by Richard Paul Richman in 1988.
The Amendment No. 4 to the Registration Statement on Form S-11 was filed with
the Securities and Exchange Commission (the "Commission") on August 25, 1993
pursuant to the Securities Act of 1933 under Registration Statement No. 33-58032
and was declared effective on August 26, 1993. Reference is made to the
prospectus dated September 7, 1993, as supplemented by Supplement No. 1,
Supplement No. 2, Supplement No. 3 and Supplement No. 4 dated September 7, 1993,
November 16, 1993, November 23, 1994 and December 28, 1994, respectively, filed
with the Commission pursuant to Rule 424(b)(3) under the Securities Act of 1933
(the "Prospectus"). Pursuant to Rule 12b-23 of the Commission's General Rules
and Regulations promulgated under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), the description of Registrant's business set forth
under the heading "Investment Objectives and Policies" at pages 30 through 48 of
the Prospectus is incorporated herein by reference.
On September 13, 1993, the Trust commenced, through Merrill Lynch, Pierce,
Fenner & Smith Incorporated ("Merrill Lynch") and PaineWebber Incorporated
("PaineWebber"), the offering of up to 150,000 units of beneficial ownership
interest ("Unit") at $1,000 per Unit to investors ("Beneficial Owners") in from
one to twenty series (each a "Series"). This filing is presented for Series I
only and as used herein, the term Registrant refers to Series I of the Trust. On
November 29, 1993, January 28, 1994 and May 25, 1994 the closings for 8,460,
4,909 and 5,285 Units, respectively, took place, amounting to aggregate
Beneficial Owners' capital contributions of $18,654,000.
Competition
Pursuant to Rule 12b-23 of the Commission's General Rules and Regulations
promulgated under the Exchange Act, the description of Registrant's competition,
general risks, tax risks and partnership risks set forth under the heading "Risk
Factors" at pages 11 through 21 of the Prospectus is incorporated herein by
reference.
Employees
Registrant employs no personnel and incurs no payroll costs. All management
activities of Registrant are conducted by the Manager. An affiliate of the
Manager employs individuals who perform the management activities of Registrant.
This entity also performs similar services for other affiliates of the Manager.
2
<PAGE>
Item 1. Business (continued)
Tax Reform Act of 1986, Revenue Act of 1987, Technical and Miscellaneous Revenue
Act of 1988, Omnibus Budget Reconciliation Act of 1989, Omnibus Budget
Reconciliation Act of 1990, Tax Extension Act of 1991, Omnibus Budget
Reconciliation Act of 1993, Uruguay Round Agreements Act, Tax and Trade Relief
Extension Act of 1998 and Tax and Trade Relief Extension Act of 1999
(collectively the "Tax Acts")
Registrant is organized as a limited partnership and is a "pass through" tax
entity which does not, itself, pay federal income tax. However, the owners of
Registrant who are subject to federal income tax may be affected by the Tax
Acts. Registrant will consider the effect of certain aspects of the Tax Acts on
the owners when making decisions regarding its investments. Registrant does not
anticipate that the Tax Acts will currently have a material adverse impact on
Registrant's business operations, capital resources and plans or liquidity.
Item 2. Properties
The executive offices of Registrant and the Manager are located at 599 West
Putnam Avenue, 3rd floor, Greenwich, Connecticut 06830. Registrant does not own
or lease any properties. Registrant pays no rent; all charges for leased space
are borne by an affiliate of the Manager.
Registrant's primary objective is to provide Low-income Tax Credits to
Beneficial Owners generally over a ten year period. The relevant state tax
credit agency has allocated each of Registrant's Local Partnerships an amount of
Low- income Tax Credits, which are generally available for a ten year period
from the year the Property is placed in service. The required holding period of
each Property, in order to avoid Low-income Tax Credit recapture, is fifteen
years from the year in which the Low-income Tax Credits commence on the last
building of the Property (the "Compliance Period"). In addition, certain of the
Local Partnerships have entered into agreements with the relevant state tax
credit agencies whereby the Local Partnerships must maintain the low-income
nature of the Properties for a period which exceeds the Compliance Period,
regardless of any sale of the Properties by the Local Partnerships after the
Compliance Period. The Properties must satisfy various requirements including
rent restrictions and tenant income limitations (the "Low-income Tax Credit
Requirements") in order to maintain eligibility for the recognition of the
Low-income Tax Credit at all times during the Compliance Period. Once a Local
Partnership has become eligible for the Low-income Tax Credit, it may lose such
eligibility and suffer an event of recapture if its Property fails to remain in
compliance with the Low-income Tax Credit Requirements. Through December 31,
1999, none of the Local Partnerships have suffered an event of recapture of
Low-income Tax Credits.
Certain of the Local Partnerships receive rental subsidy payments, including
payments under Section 8 of Title II of the Housing and Community Development
Act of 1974 ("Section 8") (see descriptions of subsidies on page 4). The subsidy
agreements expire at various times during and after the Compliance Periods of
the Local Partnerships. Since October 1997, the United States Department of
Housing and Urban Development ("HUD") has issued a series of directives related
to project based Section 8 contracts that define owners' notification
responsibilities, advise owners of project based Section 8 properties of what
their options are regarding the renewal of Section 8 contracts, provide guidance
and procedures to owners, management agents, contract administrators and HUD
staff concerning renewal of Section 8 contracts, provide policies and procedures
on setting renewal rents and handling renewal rent adjustments and provide the
requirements and procedures for opting-out of a Section 8 project based
contract. Registrant cannot reasonably predict legislative initiatives and
governmental budget negotiations, the outcome of which could result in a
reduction in funds available for the various federal and state administered
housing programs including the Section 8 program. Such changes could adversely
affect the future net operating income and debt structure of any or all Local
Partnerships currently receiving such subsidy or similar subsidies. Three Local
Partnerships' Section 8 contracts are currently subject to renewal under
applicable HUD guidelines.
Registrant owns a 98.9%-99% limited partnership interest ("Local Partnership
Interest") in ten Local Partnerships reflected on page 4.
3
<PAGE>
Item 2. Properties (continued)
<TABLE>
<CAPTION>
Number Capital contribution Mortgage
Name of Local Partnership rental obligation loans payable as of Subsidy
Name of apartment complex of as of March 30, 2000 December 31, (see
Apartment complex location units Total Paid 1999 footnotes)
-------------------------- ----- ----- ---- ---- ----------
<S> <C> <C> <C> <C> <C>
ACP Housing Associates, L.P.
ACP Housing Apartments
New York, New York 28 $ 737,222 $ 737,222 $ 1,499,61 (1b)
Creative Choice Homes VII, Ltd.
Coral Gardens
Homestead, Florida 91 2,382,812 2,382,812 2,085,258 (1a & 1c)
Edgewood Manor Associates, L.P.
Edgewood Manor Apartments
Philadelphia, Pennsylvania 49 1,963,799 1,963,799 1,854,306 (1b)
Ledge / McLaren Limited Partnership
Ledge / McLaren Apartments
Nashua, New Hampshire 8 343,079 343,079 456,643 (1b)
Penn Apartment Associates
Penn Apartments
Chester, Pennsylvania 15 852,180 852,180 963,000 (1b)
SB-92 Limited Partnership
Shaker Boulevard Gardens
Cleveland, Ohio 73 795,255 795,255 2,043,114 (1b)
St. Christopher's Associates,
L.P. V
Lehigh Park
Philadelphia, Pennsylvania 29 2,075,785 1,998,985 2,180,000 (1b)
St. John Housing Associates, L.P.
St. John Homes
Gary, Indiana 144 3,546,861 3,546,861 4,382,140 (1a & 1c)
Starved Rock - LaSalle Manor
Limited Partnership
LaSalle Manor
LaSalle, Illinois 48 634,327 634,327 1,761,610 (1a & 1c)
Vision Limited Dividend Housing
Association Limited Partnership
Helen Odean Butler Apartments
Detroit, Michigan 97 1,410,544 1,410,544 5,130,127 (1b)
----------- ----------- --------------
$14,741,864 $14,665,064 $ 22,355,808
=========== =========== =============
</TABLE>
(1) Description of subsidies:
(a) Section 8 of Title II of the Housing and Community Development Act
of 1974 allows qualified low-income tenants to pay thirty percent
of their monthly income as rent with the balance paid by the
federal government.
(b) The Local Partnership's debt structure includes a principal or
interest payment subsidy.
(c) The Local Partnership's Section 8 contracts are currently subject
to renewal under applicable HUD guidelines.
4
<PAGE>
Item 3. Legal Proceedings
Registrant is not aware of any material legal proceedings.
Item 4. Submission of Matters to a Vote of Security Holders
There were no matters submitted to a vote of the Beneficial Owners of Registrant
during the fourth quarter of the fiscal year covered by this report.
5
<PAGE>
PART II
Item 5. Market for Registrant's Common Equity and Related Security Holder
Matters
Market Information and Holders
There is no established public trading market for Registrant's Units.
Accordingly, accurate information as to the market value of a Unit at any given
date is not available. The number of Beneficial Owners of Units as of June 1,
2000 was 918, holding 18,654 Units.
Merrill Lynch and PaineWebber follow internal guidelines for providing estimated
values of limited partnerships and other direct investments reported on client
account statements. Pursuant to such guidelines, estimated values for limited
partnership interests reported on Merrill Lynch and PaineWebber client account
statements (such as Registrant's Units) are separately provided to Merrill Lynch
and PaineWebber by independent valuation services. These estimated values are
based on financial and other information available to the independent services
(1) on the prior August 15th for reporting on December year-end and subsequent
client account statements through the following May's month-end client account
statements and (2) on March 31st for reporting on June month-end and subsequent
client account statements through the November month-end client account
statements of the same year. In addition, Registrant may provide an estimate of
value to Unit holders from time to time in Registrant's reports to Beneficial
Owners. The estimated values provided by the independent services and
Registrant, which may differ, are not market values and Unit holders may not be
able to sell their Units or realize either amount upon a sale of their Units. In
addition, Unit holders may not realize such estimated values upon the
liquidation of Registrant.
Distributions
Registrant owns a limited partnership interest in Local Partnerships that are
the owners of Properties which are leveraged and receive government assistance
in various forms of rental and debt service subsidies. The distribution of cash
flow generated by the Local Partnerships may be restricted, as determined by
each Local Partnership's financing and subsidy agreements. Accordingly,
Registrant does not anticipate that it will provide significant cash
distributions to its owners. There were no cash distributions to the owners
during the years ended March 30, 2000 and 1999.
Low-income Tax Credits, which are subject to various limitations, may be used by
Beneficial Owners to offset federal income tax liabilities. The Low-income Tax
Credits per Unit for each of the three closings, generated by Registrant and
allocated to the Beneficial Owners for the tax years ended December 31, 1999 and
1998 and the cumulative Low-income Tax Credits allocated from inception through
December 31, 1999 are as follows:
<TABLE>
<CAPTION>
First closing Second closing Third closing
November 29, 1993 January 28, 1994 May 25, 1994
----------------- ---------------- ------------
<S> <C> <C> <C>
Low-income Tax Credits:
-----------------------
Tax year ended December 31, 1999 $ 138.81 $ 138.81 $ 138.81
Tax year ended December 31, 1998 138.81 138.81 138.81
Cumulative totals $ 698.76 $ 696.58 $ 684.06
</TABLE>
Notwithstanding future circumstances which may give rise to recapture or loss of
future benefits (see Part I, Item 2 - Properties, herein), Registrant expects to
generate total Low-income Tax Credits from investments in Local Partnerships of
approximately $1,390 per Unit through December 31, 2006.
6
<PAGE>
Item 6. Selected Financial Data
The information set forth below presents selected financial data of Registrant.
Additional detailed financial information is set forth in the audited financial
statements included under Part II, Item 8 herein.
<TABLE>
<CAPTION>
Years Ended March 30,
--------------------------------------------------------------------
2000 1999 1998 1997 1996
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Interest revenue $ 117,050 $ 135,553 $ 141,902 $ 156,201 $ 268,044
========== ========== ============ ============ ==========
Equity in loss of
investment in local
partnerships $(1,036,130) $(1,059,127) $ (1,023,224) $ (1,070,651) $ (590,457)
=========== =========== ============ ============ ==========
Net loss $(1,146,850) $(1,170,347) $ (1,119,287) $ (1,170,580) $ (590,132)
=========== =========== ============ ============ ==========
Net loss per unit of
beneficial ownership
interest (18,654
Units) $ (60.87) $ (62.11) $ (59.40) $ (62.12) $ (31.32)
============ =========== ============ ============ ==========
--------------------------------------------------------------------
As of March 30,
2000 1999 1998 1997 1996
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Total assets $ 11,319,171 $ 12,715,649 $14,089,314 $ 15,071,351 $17,438,812
============ ============ =========== ============ ===========
</TABLE>
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations
As used herein, the term Registrant refers to Series I of American Tax Credit
Trust, a Delaware statutory business trust, (the "Trust"). References to any
right, obligation, action, asset or liability of Series I means such right,
obligation, action, asset or liability of the Trust in connection with Series I.
Capital Resources and Liquidity
Registrant admitted beneficial owners (the "Beneficial Owners") in three
closings with aggregate Beneficial Owners' capital contributions of $18,654,000.
In connection with the offering of the sale of units of beneficial ownership,
Registrant incurred organization and offering costs of approximately $2,331,000
and established a working capital reserve of approximately $1,287,000. The
remaining net proceeds of approximately $15,036,000 (the "Net Proceeds") were
available to be applied to the acquisition of limited partnership interests in
local partnerships (the "Local Partnerships") which own low-income multifamily
residential complexes (the "Property" or "Properties") which qualify for the
low-income tax credit in accordance with Section 42 of the Internal Revenue Code
(the "Low-income Tax Credit"). Registrant has utilized the Net Proceeds in
acquiring an interest in ten Local Partnerships. Restricted cash in the balance
sheet as of March 30, 2000 represents an outstanding capital contribution
payable to a Local Partnership and accrued interest thereon, which is payable
upon such Local Partnership's satisfaction of specified conditions.
As of March 30, 2000, Registrant has unrestricted cash and cash equivalents and
investments in bonds totaling $1,939,576, which is available for operating
expenses of Registrant and circumstances which may arise in connection with the
Local Partnerships. As of March 30, 2000, Registrant's investments in bonds
represent corporate bonds of $936,079 with various maturity dates ranging from
2003 to 2016. Registrant acquired such investments in bonds with the intention
of utilizing proceeds generated by such investments to meet its annual
obligations. Future sources of Registrant funds are expected primarily from
interest earned on working capital and limited cash distributions from Local
Partnerships.
7
<PAGE>
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations (continued)
During the year ended March 30, 2000, Registrant received cash from interest
revenue and distributions from Local Partnerships and utilized cash for
operating expenses and a capital contribution to a Local Partnership. Cash and
cash equivalents and investments in bonds increased, in the aggregate, by
approximately $4,000 during the year ended March 30, 2000 (which is net of a net
unrealized loss on investments in bonds of approximately $59,000 and the
amortization of net premium on investments in bonds of approximately $4,000) and
restricted cash decreased by approximately $283,000 primarily as a result of a
capital contribution paid 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 year ended March 30, 2000, the investment in local partnerships
decreased as a result of Registrant's equity in the Local Partnerships' net loss
for the year ended December 31, 1999 of $1,036,130 and cash distributions
received from Local Partnerships of $62,385. Payable to manager in the
accompanying balance sheet as of March 30, 2000 represents accrued 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 March 30, 2000, no investment in any Local Partnership has reached a
zero balance.
Registrant's operations for the years ended March 30, 2000, 1999 and 1998
resulted in net losses of $1,146,850, $1,170,347 and $1,119,287, respectively.
The Local Partnerships' net loss of approximately $1,047,000 for the year ended
December 31, 1999 includes depreciation and amortization expense of
approximately $1,289,000 and interest on non-mandatory debt of approximately
$295,000, and does not include principal payments on permanent mortgages of
approximately $364,000. The Local Partnerships' net loss of approximately
$1,068,000 for the year ended December 31, 1998 includes depreciation and
amortization expense of approximately $1,396,000 and interest on non-mandatory
debt of approximately $300,000, and does not include principal payments on
permanent mortgages of approximately $349,000. The Local Partnerships' net loss
of approximately $1,032,000 for the year ended December 31, 1997 includes
depreciation and amortization expense of approximately $1,439,000 and interest
on non-mandatory debt of approximately $309,000, and does not include principal
payments on permanent mortgages and construction loans of approximately
$330,000. The results of operations of the Local Partnerships for the year ended
December 31, 1999 are not necessarily indicative of the results that may be
expected in future periods.
Local Partnership Matters
Registrant's primary objective is to provide Low-income Tax Credits to
Beneficial Owners generally over a ten year period. The relevant state tax
credit agency has allocated each of Registrant's Local Partnerships an amount of
Low- income Tax Credits, which are generally available for a ten year period
from the year the Property is placed in service. The required holding period of
each Property, in order to avoid Low-income Tax Credit recapture, is fifteen
years from the year in which the Low-income Tax Credits commence on the last
building of the Property (the "Compliance Period"). In addition, certain of the
Local Partnerships have entered into agreements with the relevant state tax
credit agencies whereby the Local Partnerships must maintain the low-income
nature of the Properties for a period which exceeds the Compliance Period,
regardless of any sale of the Properties by the Local Partnerships after the
Compliance Period. The Properties must satisfy various requirements including
rent restrictions and tenant income limitations (the "Low-income Tax Credit
Requirements") in order to maintain eligibility for the recognition of the
Low-income Tax Credit at all times during the Compliance Period. Once a Local
Partnership has become eligible for the Low-income Tax Credit, it may lose
8
<PAGE>
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations (continued)
such eligibility and suffer an event of recapture if its Property fails to
remain in compliance with the Low-income Tax Credit Requirements. Through
December 31, 1999, none of the Local Partnerships have suffered an event of
recapture of Low-income Tax Credits.
The Properties are principally comprised of subsidized and leveraged low-income
multifamily residential complexes located throughout the United States. Certain
of the Local Partnerships receive rental subsidy payments, including payments
under Section 8 of Title II of the Housing and Community Development Act of 1974
("Section 8"). The subsidy agreements expire at various times during and after
the Compliance Periods of the Local Partnerships. Since October 1997, the United
States Department of Housing and Urban Development ("HUD") has issued a series
of directives related to project based Section 8 contracts that define owners'
notification responsibilities, advise owners of project based Section 8
properties of what their options are regarding the renewal of Section 8
contracts, provide guidance and procedures to owners, management agents,
contract administrators and HUD staff concerning renewal of Section 8 contracts,
provide policies and procedures on setting renewal rents and handling renewal
rent adjustments and provide the requirements and procedures for opting-out of a
Section 8 project based contract. Registrant cannot reasonably predict
legislative initiatives and governmental budget negotiations, the outcome of
which could result in a reduction in funds available for the various federal and
state administered housing programs including the Section 8 program. Such
changes could adversely affect the future net operating income and debt
structure of any or all Local Partnerships currently receiving such subsidy or
similar subsidies. Three Local Partnerships' Section 8 contracts are currently
subject to renewal under applicable HUD guidelines.
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 year ended December 31, 1999, revenue from operations
of the Local Partnerships has generally been sufficient to cover operating
expenses and Mandatory Debt Service. Substantially all of the Local Partnerships
are effectively operating at or above 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 the
required deferral of property management fees. However, as discussed below, one
Local Partnership's operating information indicates an operating deficit after
taking into account its mortgage and financing structure and any required
deferral of property management fees.
The terms of the partnership agreement of ACP Housing Associates, L.P. ("ACP
Housing") require the Local General Partners to advance funds to cover operating
deficits through October 2003 and to cause the management agent to defer
property management fees in order to avoid a default under the mortgage. ACP
Housing incurred an operating deficit of approximately $21,000 for the year
ended December 31, 1999, which includes property management fees of
approximately $9,000. As of December 31, 1999, the Local General Partners have
advanced approximately $14,000 under their Deficit Guarantee obligation (none of
which was advanced during 1999) and payments on the mortgage and real estate
taxes are current. Of Registrant's total annual Low-income Tax Credits,
approximately 5% is allocated from ACP Housing.
Inflation
Inflation is not expected to have a material adverse impact on Registrant's
operations during its period of ownership of the Local Partnership Interests.
Year 2000
Registrant successfully completed a program to ensure Year 2000 readiness. As a
result, Registrant had no Year 2000 problems that affected its business, results
of operations or financial condition.
9
<PAGE>
Item 7a. Quantitative and Qualitative Disclosure About Market Risk
Registrant has invested a significant portion of its working capital reserves in
corporate bonds. The market value of such investments is subject to fluctuation
based upon changes in interest rates relative to each investment's maturity
date. Since Registrant's investments in bonds have various maturity dates
through 2016, the value of such investments may be adversely impacted in an
environment of rising interest rates in the event Registrant decides to
liquidate any such investment prior to its maturity. Although Registrant may
utilize reserves to assist an under performing Property, it otherwise intends to
hold such investments to their respective maturities. Therefore, Registrant does
not anticipate any material adverse impact in connection with such investments.
10
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
Item 8. Financial Statements and Supplementary Data
Table of Contents Page
Independent Auditors' Report.................................................12
Balance Sheets...............................................................13
Statements of Operations.....................................................14
Statements of Changes in Owners' Equity (Deficit)............................15
Statements of Cash Flows.....................................................16
Notes to Financial Statements................................................18
No financial statement schedules are included 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.
11
<PAGE>
Independent Auditors' Report
To the Manager and Beneficial Owners
American Tax Credit Trust,
a Delaware statutory business trust Series I
We have audited the accompanying balance sheets of American Tax Credit
Trust, a Delaware statutory business trust Series I as of March 30, 2000 and
1999, and the related statements of operations, changes in owners' equity
(deficit) and cash flows for each of the three years in the period ended March
30, 2000. These financial statements are the responsibility of the trust'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 American Tax Credit
Trust, a Delaware statutory business trust Series I as of March 30, 2000 and
1999, and the results of its operations and its cash flows for each of the three
years in the period ended March 30, 2000, in conformity with generally accepted
accounting principles.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
May 26, 2000
12
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
BALANCE SHEETS
MARCH 30, 2000 AND 1999
<TABLE>
<CAPTION>
Notes 2000 1999
------- ------------ ------------
<S> <C> <C> <C>
ASSETS
Cash and cash equivalents 3,9 $ 1,003,497 $ 937,143
Restricted cash 3,5,9 127,932 410,767
Investments in bonds 4,9 936,079 998,384
Investment in local partnerships 5,8 9,235,937 10,353,629
Interest receivable 9 15,726 15,726
------------ ------------
$ 11,319,171 $ 12,715,649
============ ============
LIABILITIES AND OWNERS' EQUITY (DEFICIT)
Liabilities
Accounts payable and accrued expenses $ 25,200 $ 25,380
Payable to manager 6,8 566,037 473,920
Capital contributions payable 5,9 76,800 366,617
Interest payable 5,9 51,132 44,150
------------ ------------
719,169 910,067
------------ ------------
Commitments and contingencies 5,8
Owners' equity (deficit) 2,4
Manager (57,369) (45,900)
Beneficial owners (18,654 units of beneficial ownership
interest outstanding) 10,708,711 11,844,092
Accumulated other comprehensive income (loss), net (51,340) 7,390
10,600,002 11,805,582
------------ ------------
$ 11,319,171 $ 12,715,649
============ ============
</TABLE>
See Notes to Financial Statements.
13
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
STATEMENTS OF OPERATIONS
YEARS ENDED MARCH 30, 2000, 1999 AND 1998
<TABLE>
<CAPTION>
Notes 2000 1999 1998
------- ----------- ----------- -----------
<S> <C> <C> <C>
REVENUE
Interest $ 117,050 $ 135,553 $ 141,902
----------- ----------- -----------
TOTAL REVENUE 117,050 135,553 141,902
----------- ----------- -----------
EXPENSES
Management fee 6,8 192,117 192,238 193,819
Professional fees 23,914 30,454 16,477
Printing, postage and other 11,739 14,081 12,669
Amortization 10,000 15,000
----------- ----------- -----------
TOTAL EXPENSES 227,770 246,773 237,965
----------- ----------- -----------
Loss from operations (110,720) (111,220) (96,063)
Equity in loss of investment in local
partnerships 5
(1,036,130) (1,059,127) (1,023,224)
----------- ----------- -----------
NET LOSS
(1,119,287) (1,146,850) (1,170,347)
----------- ----------- -----------
Other comprehensive income (loss) 4 (58,730) 2,302 70,325
COMPREHENSIVE LOSS $(1,205,580) $(1,168,045) $(1,048,962)
----------- ----------- -----------
2
NET LOSS ATTRIBUTABLE TO
Manager $ (11,469) $ (11,703) $ (11,193)
Beneficial owners
(1,135,381) (1,158,644) (1,108,094)
----------- ----------- -----------
$(1,146,850) $(1,170,347) $(1,119,287)
=========== =========== ===========
NET LOSS per unit of beneficial
ownership interest (18,654 units of $ (60.87) $ (62.11) $ (59.40)
beneficial ownership interest) =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
14
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
STATEMENTS OF CHANGES IN OWNERS' EQUITY (DEFICIT)
YEARS ENDED MARCH 30, 2000, 1999 AND 1998
<TABLE>
<CAPTION>
Accumulated
Other
Comprehensive
Beneficial Income (Loss),
Manager Owners Net Total
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Owners' equity (deficit), March 30, 1997 $ (23,004) $ 14,110,830 $ (65,237) $ 14,022,589
Net loss (11,193) (1,108,094) (1,119,287)
Other comprehensive income, net 70,325 70,325
------------ ------------ ------------ ------------
Owners' equity (deficit), March 30, 1998 (34,197) 13,002,736 5,088 12,973,627
Net loss (11,703) (1,158,644) (1,170,347)
Other comprehensive income, net 2,302 2,302
------------ ------------ ------------ ------------
Owners' equity (deficit), March 30, 1999 (45,900) 11,844,092 7,390 11,805,582
Net loss (11,469) (1,135,381) (1,146,850)
Other comprehensive loss, net (58,730) (58,730)
------------ ------------ ------------ ------------
Owners' equity (deficit), March 30, 2000 $ (57,369) $ 10,708,711 $ (51,340) $ 10,600,002
============ ============ ============ ============
</TABLE>
See Notes to Financial Statements.
15
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
STATEMENTS OF CASH FLOWS
YEARS ENDED MARCH 30, 2000, 1999 AND 1998
<TABLE>
<CAPTION>
2000 1999 1998
----------- ----------- -----------
<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received $ 127,607 $ 144,822 $ 148,210
Cash paid for
management fee (100,000) (100,000) (125,000)
professional fees (23,594) (29,574) (23,777)
printing, postage and other expenses (12,239) (12,081) (12,830)
----------- ----------- -----------
Net cash provided by (used in) operating activities (8,226) 3,167 (13,397)
----------- ----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Cash distributions from local partnerships 62,385 102,497 124,338
Transfer from (to) restricted cash 282,835 300,738 (5,567)
Investment in local partnerships (270,640) (306,433)
Investments in bonds (includes $282 of accrued
interest) (98,490)
----------- ----------- -----------
Net cash provided by investing activities 74,580 96,802 20,281
----------- ----------- -----------
Net increase in cash and cash equivalents 66,354 99,969 6,884
Cash and cash equivalents at beginning of year 937,143 837,174 830,290
----------- ----------- -----------
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 1,003,497 $ 937,143 $ 837,174
=========== =========== ===========
SIGNIFICANT NON-CASH INVESTING ACTIVITIES
Unrealized gain (loss) on investments in bonds, net $ (58,730) $ 2,302 $ 70,325
=========== =========== ===========
Decrease in capital contributions payable $ (19,177)
===========
</TABLE>
================================================================================
See reconciliation of net loss to net cash provided by (used in) operating
activities on page 17.
See Notes to Financial Statements.
16
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
STATEMENTS OF CASH FLOWS - (Continued)
YEARS ENDED MARCH 30, 2000, 1999 AND 1998
<TABLE>
<CAPTION>
2000 1999 1998
----------- ----------- -----------
<S> <C> <C> <C>
RECONCILIATION OF NET LOSS TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net loss $(1,146,850) $(1,170,347) $(1,119,287)
Adjustments to reconcile net loss to net cash provided by
(used in) operating activities
Equity in loss of investment in local partnerships 1,036,130 1,059,127 1,023,224
Amortization of organization costs 10,000 15,000
Amortization of net premium on investments in bonds 3,575 3,574 3,574
Increase in interest receivable (2,833)
Increase (decrease) in accounts payable and accrued
expenses (180) 2,880 (7,461)
Increase in payable to manager 92,117 92,238 68,819
Increase in interest payable 6,982 5,695 5,567
----------- ----------- -----------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ (8,226) $ 3,167 $ (13,397)
=========== =========== ===========
</TABLE>
See Notes to Financial Statements.
17
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS
MARCH 30, 2000, 1999 AND 1998
1. Organization, Purpose and Summary of Significant Accounting Policies
American Tax Credit Trust, a Delaware statutory business trust (the "Trust")
was formed on February 4, 1993 under Chapter 38 of Title 12 of the Delaware
Code. There was no operating activity until admission of the investors
("Beneficial Owners") on November 29, 1993. The Trust was formed to invest
primarily in leveraged low-income multifamily residential complexes (the
"Property" or "Properties") which qualify for the low-income tax credit in
accordance with Section 42 of the Internal Revenue Code (the "Low-income Tax
Credit"), through the acquisition of limited partnership equity interests
(the "Local Partnership Interests") in partnerships (the "Local Partnership"
or "Local Partnerships") that are the owners of the Properties. Richman
American Credit Corp. (the "Manager") was formed on April 5, 1993 to act as
the manager of the Trust.
On September 13, 1993, the Trust commenced the offering for sale of units of
beneficial ownership ("Units") to Beneficial Owners in one to twenty series
("Series I through Series XX"; each a "Series"). These notes and the
accompanying financial statements are presented for Series I only.
Basis of Accounting and Fiscal Year
The Trust's records are maintained on the accrual basis of accounting for
both financial reporting and tax purposes. For financial reporting purposes,
the Trust's fiscal year ends March 30 and its quarterly periods end June 29,
September 29 and December 30. The Local Partnerships have a calendar year
for financial reporting purposes. The Trust and the Local Partnerships each
have a calendar year for income tax purposes.
The Trust 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
the Trust'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 the Trust is recognized to the extent of the
Trust's investment balance in each Local Partnership. Equity in loss in
excess of the Trust's investment balance in a Local Partnership is allocated
to other partners' capital in any such Local Partnership. Previously
unrecognized equity in loss of any Local Partnership is recognized in the
fiscal year in which equity in income is earned by such Local Partnership or
additional investment is made by the Partnership. Distributions received
subsequent to the elimination of an investment balance for any such
investment in a Local Partnership are recorded as other income from local
partnerships.
The Partnership regularly assesses the carrying value of its investment in
local partnerships. If the carrying value is considered to exceed the value
derived by management (which contemplates remaining Low-income Tax Credits
and residual value, among other things), the Partnership reduces its
investment in any such Local Partnership and includes such reduction in
equity in loss of investment in local partnerships.
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 as of 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.
Cash and Cash Equivalents
The Trust considers all highly liquid investments purchased with an original
maturity of three months or less at the date of acquisition to be cash
equivalents. Cash and cash equivalents are stated at cost which approximates
market value.
18
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
MARCH 30, 2000, 1999 AND 1998
1. Organization, Purpose and Summary of Significant Accounting Policies
(continued)
Restricted Cash
Restricted cash is set aside to make the Trust's required capital
contributions to Local Partnerships (see Notes 3 and 5).
Investments in Bonds
Investments in bonds are classified as available-for-sale and represent
investments that the Trust intends to hold for an indefinite period of time
but not necessarily to maturity. Any decision to sell an investment would be
based on various factors, including significant movements in interest rates
and liquidity needs. Investments in bonds are carried at estimated fair
value and unrealized gains or losses are included as items of comprehensive
income (loss) and are reported as a separate component of owners' equity
(deficit).
Premiums and discounts on investments in bonds are amortized (accreted)
using the straight-line method over the life of the investment. Amortized
premiums offset interest revenue, while the accretion of discounts and zero
coupon bonds are included in interest revenue. Realized gain (loss) on
redemption or sale of investments in bonds are included in, or offset
against, interest revenue on the basis of the adjusted cost of each specific
investment redeemed or sold.
Interest on Capital Contributions Payable to Local Partnerships
Pursuant to agreements with certain Local Partnerships, interest is accrued
on certain installments of capital contributions. Such amounts are recorded
as a liability and an offset to interest revenue.
Organization Costs
Organization costs were amortized on a straight-line basis over five (5)
years; such costs became fully amortized during the year ended March 30,
1999.
Income Taxes
No provision for income taxes has been made because all income, losses and
tax credits are allocated to the owners for inclusion in their respective
tax returns. In accordance with Statement of Financial Accounting Standards
("SFAS") No. 109, "Accounting for Income Taxes," the Trust has included in
Note 7 disclosures related to differences in the book and tax bases of
accounting.
2. Capital Contributions
On September 13, 1993, the Trust commenced the offering of Units through
Merrill Lynch, Pierce, Fenner & Smith Incorporated and PaineWebber
Incorporated (the "Selling Agents"). On November 29, 1983, January 28, 1994
and May 25, 1994, under the terms of the Fourth Amended and Restated
Agreement of Trust of the Trust (the "Trust Agreement"), the Manager
admitted Beneficial Owners to the Trust in three closings. At these
closings, subscriptions for a total of 18,654 Units representing $18,654,000
in Beneficial Owners' capital contributions were accepted. In connection
with the offering of Units, the Trust incurred organization and offering
costs of $2,330,819, of which $75,000 was capitalized as organization costs
and $2,255,819 was charged to the Beneficial Owners' equity as syndication
costs. The Trust received a capital contribution of $100 from the Manager.
Net loss is allocated 99% to the Beneficial Owners and 1% to the Manager in
accordance with the Trust Agreement.
19
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
MARCH 30, 2000, 1999 AND 1998
3. Cash and Cash Equivalents and Restricted Cash
As of March 30, 2000, the Trust has cash and cash equivalents and restricted
cash in the aggregate of $1,131,429 which are deposited in interest-bearing
accounts with an institution which is not insured by the Federal Deposit
Insurance Corporation.
4. Investments in Bonds
The Trust carries its investments in bonds as available-for-sale because
such investments are used to facilitate and provide flexibility for the
Trust's obligations, including resolving circumstances which may arise in
connection with the Local Partnerships. Investments in bonds are reflected
in the accompanying balance sheets at estimated fair value.
As of March 30, 2000, certain information concerning investments in bonds is
as follows:
<TABLE>
<CAPTION>
Gross Gross Estimated
Amortized unrealized unrealized fair
Description and maturity cost gains losses value
------------------------ ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
Corporate debt securities
After one year through five years $ 99,104 $ -- $ (1,259) $ 97,845
After five years through ten years 686,163 -- (39,028) 647,135
After ten years 202,152 -- (11,053) 191,099
--------- ------- --------- ---------
$ 987,419 $ -- $ (51,340) $ 936,079
========= ======= ========= =========
</TABLE>
As of March 30, 1999, certain information concerning investments in bonds is
as follows:
<TABLE>
<CAPTION>
Gross Gross Estimated
Amortized unrealized unrealized fair
Description and maturity cost gains losses value
------------------------ ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
Corporate debt securities
After one year through five years $ 98,806 $ 3,105 $ -- $ 101,911
After five years through ten years 690,081 9,317 (2,681) 696,717
After ten years 202,107 158 (2,509) 199,756
--------- ------- --------- ---------
$ 990,994 $ 12,580 $ (5,190) $ 998,384
========= ======= ========= =========
</TABLE>
20
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
MARCH 30, 2000, 1999 AND 1998
5. Investment in Local Partnerships
As of March 30, 2000, the Trust owns a 98.9%-99% limited partnership
interest in the following Local Partnerships:
1. ACP Housing Associates, L.P.;
2. Creative Choice Homes VII, Ltd.;
3. Edgewood Manor Associates, L.P.;
4. Ledge / McLaren Limited Partnership;
5. Penn Apartment Associates;
6. SB-92 Limited Partnership;
7. St. Christopher's Associates, L.P. V;*
8. St. John Housing Associates, L.P.;
9. Starved Rock - LaSalle Manor Limited Partnership; and
10. Vision Limited Dividend Housing Association Limited Partnership.
* Affiliates of the Manager provide services to the Local Partnership.
The Properties are principally comprised of subsidized and leveraged
low-income multifamily residential complexes located throughout the United
States. The required holding period of each Property, in order to avoid
Low-income Tax Credit recapture, is fifteen years from the year in which the
Low-income Tax Credits commence on the last building of the Property (the
"Compliance Period"). The rents of the Properties are controlled by federal
and state agencies pursuant to applicable laws and regulations. Under the
terms of each of the Local Partnership's partnership agreements, the Trust
has committed to make capital contribution payments in the aggregate amount
of $14,741,864, of which the Trust has paid $14,665,064 and $76,800 is
payable as of March 30, 2000. Restricted cash in the accompanying balance
sheet as of March 30, 2000 represents such outstanding capital contribution
along with accrued interest thereon of $51,132. The outstanding capital
contribution is payable upon one Local Partnership's satisfaction of
specified conditions. As of December 31, 1999, the Local Partnerships have
outstanding mortgage loans payable totaling approximately $22,356,000 and
accrued interest payable on such loans totaling approximately $1,222,000,
which are secured by security interests and liens common to mortgage loans
on the Local Partnerships' real property and other assets.
The combined balance sheets of the Local Partnerships as of December 31,
1999 and 1998 and the combined statements of operations of the Local
Partnerships for the years ended December 31, 1999, 1998 and 1997 are
reflected on pages 22 and 23, respectively.
21
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
MARCH 30, 2000, 1999 AND 1998
5. Investment in Local Partnerships (continued)
The combined balance sheets of the Local Partnerships as of December 31,
1999 and 1998 are as follows:
<TABLE>
<CAPTION>
1999 1998
------------ ------------
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 515,116 $ 487,409
Rents receivable 117,466 35,870
Capital contributions receivable 76,800 366,617
Escrow deposits and reserves 1,647,606 1,538,075
Land 1,267,153 1,267,153
Buildings and improvements (net of accumulated depreciation of
$6,762,545 and $5,525,125) 30,321,993 31,464,189
Intangible assets (net of accumulated amortization of $176,272
and $140,093) 302,368 353,547
Other 250,222 257,139
------------ ------------
$ 34,498,724 $ 35,769,999
============ ============
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities
Accounts payable and accrued expenses $ 465,926 $ 311,095
Due to related parties 896,462 1,078,506
Mortgage loans 22,355,808 22,720,227
Notes payable 100,000 100,000
Accrued interest 1,221,503 979,948
Other 158,432 147,844
------------ ------------
25,198,131 25,337,620
------------ ------------
Partners' equity (deficit)
American Tax Credit Trust, Series I
Capital contributions, net of distributions (includes
receivable of $76,800 and $366,617) 14,449,644 14,534,206
Cumulative loss (5,213,707) (4,177,577)
------------ ------------
9,235,937 10,356,629
General partners and other limited partners
Capital contributions, net of distributions 341,103 341,718
Cumulative loss (276,447) (265,968)
------------ ------------
64,656 75,750
------------ ------------
9,300,593 10,432,379
------------ ------------
$ 34,498,724 $ 35,769,999
============ ============
</TABLE>
22
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
MARCH 30, 2000, 1999 AND 1998
5. Investment in Local Partnerships (continued)
The combined statements of operations of the Local Partnerships for the
years ended December 31, 1999, 1998 and 1997 are as follows:
<TABLE>
<CAPTION>
1999 1998 1997
----------- ----------- -----------
<S> <C> <C> <C>
REVENUE
Rental $ 3,807,841 $ 3,737,970 $ 3,730,675
Interest and other 172,059 160,274 142,800
----------- ----------- -----------
TOTAL REVENUE 3,979,900 3,898,244 3,873,475
----------- ----------- -----------
EXPENSES
Administrative 722,397 721,849 695,834
Utilities 505,172 480,467 477,870
Operating, maintenance and other 1,073,881 934,059 814,082
Taxes and insurance 475,010 453,325 472,030
Financial (including amortization of $51,179,
$34,464 and $35,478) 1,012,629 1,015,095 1,041,730
Depreciation 1,237,420 1,361,510 1,403,541
----------- ----------- -----------
TOTAL EXPENSES 5,026,509 4,966,305 4,905,087
----------- ----------- -----------
NET LOSS $(1,046,609) $(1,068,061) $(1,031,612)
=========== =========== ===========
NET LOSS ATTRIBUTABLE TO
American Tax Credit Trust, Series I $(1,036,130) $(1,059,127) $(1,023,224)
General partners and other limited partners,
which includes specially allocated items of
revenue to certain general partners of
$1,883 in 1998 (10,479) (8,934) (8,388)
----------- ----------- -----------
$(1,046,609) $(1,068,061) $(1,031,612)
=========== =========== ===========
</TABLE>
23
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
MARCH 30, 2000, 1999 AND 1998
5. Investment in Local Partnerships (continued)
Investment and capital contribution activity with respect to each Local
Partnership for the year ended March 30, 2000 is as follows:
<TABLE>
<CAPTION>
Investment Trust's Decrease in Cash Investment in Capital
in Local equity in investment distributions Local contributions
Partnership loss for the during received during Partnership payable
balance as of year ended the year ended the year ended balance as of as of
March 30, December 31, March 30, March 30, March 30, March 30,
Name of Local Partnership 1999 1999 2000 2000 2000 2000
------------------------- ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ACP Housing Associates, L.P. $ 453,782 $ (110,416) $ -- $ -- $ 343,366 $ --
Creative Choice Homes VII, Ltd. 1,802,599 (204,654) -- -- 1,597,945 --
Edgewood Manor Associates, L.P. 1,218,131 (157,050) -- -- 1,061,081 --
Ledge / McLaren Limited
Partnership 295,721 (16,035) -- (1,500) 278,186 --
Penn Apartment Associates 357,786 (97,194) -- -- 260,592 --
SB-92 Limited Partnership 486,769 (114,686) -- -- 372,083 --
St. Christopher's Associates, L.P. V 1,413,268 (139,437) -- -- 1,273,831 76,800
St. John Housing Associates, L.P. 2,872,142 (61,821) -- (60,885) 2,749,436 --
Starved Rock - LaSalle Manor
Limited Partnership 467,353 (16,315) -- -- 451,038 --
Vision Limited Dividend Housing
Association Limited Partnership 986,078 (118,522) (19,177) -- 848,379 --
------------ ------------ ------------ ------------ ------------ ------------
$ 10,353,629 $ (1,036,130) $ (19,177) $ (62,385) $ 9,235,937 $ 76,800
============ ============ ============ ============ ============ ============
</TABLE>
24
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
MARCH 30, 2000, 1999 AND 1998
5. Investment in Local Partnerships (continued)
Investment and capital contribution activity with respect to each Local
Partnership for the year ended March 30, 1999 is as follows:
<TABLE>
<CAPTION>
Investment Trust's Cash Investment in Capital
in Local equity in distributions Local contributions
Partnership loss for the received during Partnership payable
balance as of year ended the year ended balance as of as of
March 30, December 31, March 30, March 30, March 30,
Name of Local Partnership 1998 1998 1999 1999 1999
------------------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
ACP Housing Associates, L.P. $ 552,217 $ (98,435) $ -- $ 453,782 $ --
Creative Choice Homes VII, Ltd. 2,053,801 (251,202) -- 1,802,599 --
Edgewood Manor Associates, L.P. 1,353,728 (135,597) -- 1,218,131 --
Ledge / McLaren Limited
Partnership 304,052 (8,331) -- 295,721 --
Penn Apartment Associates 449,492 (91,706) -- 357,786 --
SB-92 Limited Partnership 573,532 (83,763) (3,000) 486,769 --
St. Christopher's Associates, L.P.V 1,552,057 (138,789) -- 1,413,268 76,800
St. John Housing Associates, L.P 3,077,839 (106,200) (99,497) 2,872,142 --
Starved Rock - LaSalle Manor
Limited Partnership 498,033 (30,680) -- 467,353 --
Vision Limited Dividend Housing
Association Limited Partnership 1,100,502 (114,424) -- 986,078 289,817
------------ ------------ ------------ ------------ ------------
$ 11,515,253 $ (1,059,127) $ (102,497) $ 10,353,629 $ 366,617
============ ============ ============ ============ ============
</TABLE>
25
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
MARCH 30, 2000, 1999 AND 1998
5. Investment in Local Partnerships (continued)
Property information for each Local Partnership as of December 31, 1999 is
as follows:
<TABLE>
<CAPTION>
Mortgage Buildings and Accumulated
Name of Local Partnership loans payable Land improvements depreciation
------------------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
ACP Housing Associates, L.P. $ 1,499,610 $ 14,000 $ 2,505,364 $ (301,515)
Creative Choice Homes VII, Ltd. 2,085,258 500,000 4,091,851 (544,279)
Edgewood Manor Associates, L.P. 1,854,306 53,850 3,666,224 (830,553)
Ledge / McLaren Limited
Partnership 456,643 123,673 679,868 (95,754)
Penn Apartment Associates 963,000 13,357 1,783,668 (291,895)
SB-92 Limited Partnership 2,043,114 73,000 3,022,503 (676,046)
St. Christopher's
Associates, L.P. V 2,180,000 31,829 3,783,012 (773,738)
St. John Housing
Associates, L.P. 4,382,140 74,800 8,279,308 (1,641,846)
Starved Rock - LaSalle Manor
Limited Partnership 1,761,610 202,845 2,504,929 (392,381)
Vision Limited Dividend Housing
Association Limited
Partnership 5,130,127 179,799 6,767,811 (1,214,538)
------------ ------------ ------------ ------------
$ 22,355,808 $ 1,267,153 $ 37,084,538 $ (6,762,545)
============ ============ ============ ============
</TABLE>
Property information for each Local Partnership as of December 31, 1998 is
as follows:
<TABLE>
<CAPTION>
Mortgage Buildings and Accumulated
Name of Local Partnership loans payable Land improvements depreciation
------------------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
ACP Housing Associates, L.P. $ 1,503,781 $ 14,000 $ 2,505,364 $ (236,145)
Creative Choice Homes VII, Ltd. 2,122,043 500,000 4,091,851 (422,382)
Edgewood Manor Associates, L.P. 1,856,702 53,850 3,641,770 (696,553)
Ledge / McLaren Limited
Partnership 458,804 123,673 677,680 (74,053)
Penn Apartment Associates 963,000 13,357 1,783,668 (244,010)
SB-92 Limited Partnership 2,074,031 73,000 2,989,358 (560,859)
St. Christopher's
Associates, L.P. V 2,180,000 31,829 3,783,012 (636,188)
St. John Housing
Associates, L.P. 4,476,604 74,800 8,271,928 (1,419,336)
Starved Rock - LaSalle Manor
Limited Partnership 1,786,897 202,845 2,476,872 (325,979)
Vision Limited Dividend Housing
Association Limited Partnership 5,298,365 179,799 6,767,811 (909,620)
------------ ------------ ------------ ------------
$ 22,720,227 $ 1,267,153 $ 36,989,314 $ (5,525,125)
============ ============ ============ ============
</TABLE>
26
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
MARCH 30, 2000, 1999 AND 1998
5. Investment in Local Partnerships (continued)
The summary of property activity during the year ended December 31, 1999 is
as follows:
<TABLE>
<CAPTION>
Net change during
Balance as of the year ended Balance as of
December 31, December 31, December 31,
1998 1999 1999
----------- ----------- -----------
<S> <C> <C> <C>
Land $1,267,153 $ -- $1,267,153
Buildings and improvements 36,989,314 95,224 37,084,538
----------- ----------- -----------
38,256,467 95,224 38,351,691
Accumulated depreciation (5,525,125) (1,237,420) (6,762,545)
----------- ----------- -----------
$32,731,342 $(1,142,196) $31,589,146
=========== =========== ===========
</TABLE>
6. Transactions with Manager and Affiliates
For the years ended March 30, 2000, 1999 and 1998, the Trust paid and/or
incurred the following amounts to the Manager and/or affiliates in
connection with services provided to the Trust:
<TABLE>
<CAPTION>
2000 1999 1998
------------------- ------------------- -------------------
Paid Incurred Paid Incurred Paid Incurred
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Management fee (see Note 8) $100,000 $192,117 $100,000 $192,238 $125,000 $193,819
</TABLE>
For the years ended December 31, 1999, 1998 and 1997, the Local Partnerships
paid and/or incurred the following amounts to the Manager and/or affiliates
in connection with services provided to the Local Partnerships:
<TABLE>
<CAPTION>
1999 1998 1997
------------------- ------------------- -------------------
Paid Incurred Paid Incurred Paid Incurred
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Property management fees $ 12,180 $ 12,479 $ 12,160 $ 12,920 $ 12,180 $ 12,180
Insurance and other services 16,706 14,957 10,642 13,096 4,213 13,855
</TABLE>
27
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
MARCH 30, 2000, 1999 AND 1998
7. Taxable Loss
A reconciliation of the financial statement net loss of the Trust for the
years ended March 30, 2000, 1999 and 1998 to the tax return net loss for the
years ended December 31, 1999, 1998 and 1997 is as follows:
<TABLE>
<CAPTION>
2000 1999 1998
----------- ----------- -----------
<S> <C> <C> <C>
Financial statement net loss for the years ended
March 30, 2000, 1999 and 1998 $(1,146,850) $(1,170,347) $(1,119,287)
Add (less) net transactions occurring between
January 1, 1997 and March 30, 1997 -- -- (35,681)
January 1, 1998 and March 30, 1998 -- (15,851) 15,851
January 1, 1999 and March 30, 1999 (26,666) 26,666 --
January 1, 2000 and March 30, 2000 23,342 -- --
----------- ----------- -----------
Adjusted financial statement net loss for the
years ended December 31, 1999, 1998 and 1997 (1,150,174) (1,159,532) (1,139,117)
Adjustment to management fee pursuant to Internal
Revenue Code Section 267 90,558 93,819 94,348
Differences arising from equity in loss of
investment in local partnerships (23,550) (137,771) (159,124)
Other differences 461 (220) (15)
----------- ----------- -----------
Tax return net loss for the years ended December
31, 1999, 1998 and 1997 $(1,082,705) $(1,203,704) $(1,203,908)
=========== =========== ===========
</TABLE>
The differences between the investment in local partnerships for tax and
financial reporting purposes as of December 31, 1999 and 1998 are as
follows:
<TABLE>
<CAPTION>
1999 1998
------------ ------------
<S> <C> <C>
Investment in local partnerships - financial reporting $ 9,235,937 $ 10,356,629
Investment in local partnerships - tax * 8,550,525 9,404,951
------------ ------------
$ 685,412 $ 951,678
============ ============
</TABLE>
* Capital contributions payable to Local Partnerships are not included in
the investment balance for tax purposes.
Payable to manager in the accompanying balance sheets represents accrued
management fees not deductible for tax purposes pursuant to Internal Revenue
Code Section 267.
28
<PAGE>
AMERICAN TAX CREDIT TRUST,
a Delaware statutory business trust
Series I
NOTES TO FINANCIAL STATEMENTS - (Continued)
MARCH 30, 2000, 1999 AND 1998
8. Commitments and Contingencies
Pursuant to the Trust Agreement, the Trust is required to pay to the Manager
an annual management fee ("Management Fee") for its services in connection
with the management of the affairs of the Trust, subject to certain
provisions of the Trust Agreement. The annual Management Fee is equal to
0.5% of all proceeds as of December 31 of any year, invested or committed
for investment in Local Partnerships plus all debts of the Local
Partnerships related to the Properties. The Trust incurred a Management Fee
of $192,117, $192,238 and $193,819 for the years ended March 30, 2000, 1999
and 1998, respectively. Unpaid Management Fees in the amount of $566,037 and
$473,920 are recorded as payable to manager in the accompanying balance
sheets as of March 30, 2000 and 1999, respectively.
The rents of the Properties, certain of which receive rental subsidy
payments, including payments under Section 8 of Title II of the Housing and
Community Development Act of 1974 ("Section 8"), are subject to specific
laws, regulations and agreements with federal and state agencies. The
subsidy agreements expire at various times during and after the Compliance
Periods of the Local Partnerships. Since October 1997, the United States
Department of Housing and Urban Development ("HUD") has issued a series of
directives related to project based Section 8 contracts that define owners'
notification responsibilities, advise owners of project based Section 8
properties of what their options are regarding the renewal of Section 8
contracts, provide guidance and procedures to owners, management agents,
contract administrators and HUD staff concerning renewal of Section 8
contracts, provide policies and procedures on setting renewal rents and
handling renewal rent adjustments and provide the requirements and
procedures for opting-out of a Section 8 project based contract. The Trust
cannot reasonably predict legislative initiatives and governmental budget
negotiations, the outcome of which could result in a reduction in funds
available for the various federal and state administered housing programs
including the Section 8 program. Such changes could adversely affect the
future net operating income and debt structure of any or all Local
Partnerships currently receiving such subsidy or similar subsidies. Three
Local Partnerships' Section 8 contracts are currently subject to renewal
under applicable HUD guidelines.
9. Fair Value of Financial Instruments
The following disclosure of the estimated fair value of financial
instruments is made in accordance with the requirements of SFAS No. 107,
"Disclosures about Fair Value of Financial Instruments." The estimated fair
value amounts have been determined using available market information,
assumptions, estimates and valuation methodologies.
Cash and cash equivalents and restricted cash
The carrying amounts approximate fair value.
Investments in bonds
Fair value is estimated based on market quotes provided by an independent
service as of the balance sheet dates.
Interest receivable
The carrying amount approximates fair value due to the terms of the
underlying investments.
Capital contributions payable and interest payable
The carrying amounts approximate fair value in accordance with the Local
Partnerships' partnership agreements.
The estimated fair value of the Trust's financial instruments as of March
30, 2000 and 1999 are disclosed elsewhere in the financial statements.
29
<PAGE>
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
None
PART III
Item 10. Directors and Executive Officers of the Registrant
Registrant has no officers or directors. The Manager manages Registrant's
affairs and has general responsibility and authority in all matters affecting
its business. The executive officers and directors of the Manager are:
Served in present
Name capacity since 1 Position held
---- -------------- -------------
Richard Paul Richman May 10, 1993 President and Director
Stephen B. Smith May 10, 1993 Executive Vice President
David A. Salzman May 10, 1993 Vice President and Secretary
Neal Ludeke May 10, 1993 Vice President and Treasurer
--------------------------------------------------------------------------------
1 Director holds office until his successor is elected and qualified. All
officers serve at the pleasure of the Director.
Richard Paul Richman, age 52, is the sole Director and President of the Manager.
Mr. Richman is the President and principal stockholder of Richman Group. Mr.
Richman is involved in the syndication, development and management of
residential property. Mr. Richman is also a director of Wilder Richman Resources
Corp., an affiliate of the Manager and the general partner of Secured Income
L.P., a director of Wilder Richman Historic Corporation, an affiliate of the
Manager and the general partner of Wilder Richman Historic Properties II, L.P.,
a director of Richman Tax Credit Properties Inc., an affiliate of the Manager
and the general partner of the general partner of American Tax Credit Properties
L.P., a director of Richman Tax Credits Inc., an affiliate of the Manager and
the general partner of the general partner of American Tax Credit Properties II
L.P. and a director of Richman Housing Credits Inc., an affiliate of the Manager
and the general partner of the general partner of American Tax Credit Properties
III L.P.
Stephen B. Smith, age 56, is the Executive Vice President of the Manager. Mr.
Smith is responsible for marketing and investment program development for
Richman Group. From 1989 until joining Richman Group in 1993, Mr. Smith was an
independent advisor to developers, lenders and institutional investors on
matters related to real estate investments.
David A. Salzman, age 39, is a Vice President and the Secretary of the Manager
and a minority stockholder of Richman Group. Mr. Salzman is responsible for the
acquisition and development of residential real estate for syndication as a Vice
President of acquisitions of Richman Group.
Neal Ludeke, age 42, is a Vice President and the Treasurer of the Manager. Mr.
Ludeke, a Vice President and the Treasurer of Richman Group, is engaged
primarily in the syndication, asset management and finance operations of Richman
Group. In addition, Mr. Ludeke is a Vice President and the Treasurer of Richman
Asset Management, Inc. ("RAM"), an affiliate of the Manager. Mr. Ludeke's
responsibilities in connection with RAM include advisory services provided to a
small business investment company and various partnership management functions.
Item 11. Executive Compensation
Registrant has no officers or directors. Registrant does not pay the officers or
director of the Manager any remuneration. During the year ended March 30, 2000,
the Manager did not pay any remuneration to any of its officers or its director.
Item 12. Security Ownership of Certain Beneficial Owners and Management
As of June 1, 1999, no person or entity was known by Registrant to be the
Beneficial Owner of more than five percent of the Units. The Manager is
wholly-owned by Richard Paul Richman.
30
<PAGE>
Item 13. Certain Relationships and Related Transactions
The Manager and certain of its affiliates are entitled to receive certain fees
and reimbursement of expenses and have received/earned fees for services
provided to Registrant as described in Notes 6 and 8 to the audited financial
statements included in Item 8 - "Financial Statements and Supplementary Data"
herein.
Transactions with Manager and Affiliates
The net tax losses and Low-income Tax Credits generated by Registrant during the
year ended December 31, 1999 allocated to the Manager were $10,826 and $26,155,
respectively.
Indebtedness of Management
No officer or director of the Manager or any affiliate of the foregoing was
indebted to Registrant at any time during the year ended March 30, 2000.
31
<PAGE>
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) Financial Statements, Financial Statement Schedules and Exhibits
(1) Financial Statements
See Item 8 - "Financial Statements and Supplementary Data."
(2) Financial Statement Schedules
No financial statement schedules are included because of the absence
of the conditions under which they are required or because the
information is included in the financial statements or notes thereto.
(3) Exhibits
<TABLE>
<CAPTION>
Incorporated by
Exhibit Reference to
------- ------------
<S> <C> <C>
10.1 Credit Agreement dated as of December Exhibit 10.1 to Form 10-Q Report
27, 1993 between Trust and Citibank N.A. dated December 30, 1993
(File No. 33-58032)
10.2 Security and Pledge Agreement dated as Exhibit 10.2 to Form 10-Q Report
of December 27, 1993 between Trust and dated December 30, 1993
Citibank N.A. (File No. 33-58032)
10.3 Cash Collateral Agreement dated as of Exhibit 10.3 to Form 10-Q Report
December 27, 1993 between Trust and dated December 30, 1993
Citibank N.A. (File No. 33-58032)
10.4 Promissory Note dated December 27, 1993 Exhibit 10.4 to Form 10-Q Report
from Trust to Citibank N.A. dated December 30, 1993
(File No. 33-58032)
10.5 Tri-Party Agreement dated as of Exhibit 10.5 to Form 10-Q Report
December 27, 1993 between Trust, dated December 30, 1993
Citibank N.A. and United States Trust (File No. 33-58032)
Company of New York
10.6 ACP Housing Associates, L.P. Amended Exhibit 10.1 to Form 10-Q Report
and Restated Agreement of Limited dated September 29, 1995
Partnership (File No. 0-24600)
10.7 Creative Choice Homes VII, Ltd. Amended Exhibit 10.1 to Form 10-Q Report
and Restated Agreement of Limited dated December 30, 1994
Partnership (File No. 0-24600)
10.8 Edgewood Manor Associates, L.P. Amended Exhibit 10.6 to Form 10-K Report
and Restated Agreement of Limited dated March 30, 1994
Partnership (File No. 33-58032)
10.9 Ledge / McLaren Limited Partnership Exhibit 10.2 to Form 10-Q Report
Amended and Restated Agreement of dated December 30, 1994
Limited Partnership (File No. 0-24600)
10.10 Penn Apartment Associates Amended and Exhibit 10.7 to Form 10-K Report
Restated Agreement of Limited dated March 30, 1994
Partnership (File No. 33-58032)
</TABLE>
32
<PAGE>
<TABLE>
<CAPTION>
Incorporated by
Exhibit Reference to
------- ------------
<S> <C> <C>
10.11 First Amendment to Penn Apartment Exhibit 10.8 to Form 10-K Report
Associates Amended and Restated dated March 30, 1994
Agreement of Limited Partnership (File No. 33-58032)
10.12 Second Amendment to Penn Apartment Exhibit 10.9 to Form 10-K Report
Associates Amended and Restated dated March 30, 1994
Agreement of Limited Partnership (File No. 33-58032)
10.13 SB-92 Limited Partnership Amended and Exhibit 10.6 to Form 10-Q Report
Restated Agreement of Limited dated December 30, 1993
Partnership (File No. 33-58032)
10.14 St. Christopher's Associates, L.P. V Exhibit 10.1 to Form 10-Q Report
Amended and Restated Agreement of dated June 29, 1994
Limited Partnership (File No. 33-58032)
10.15 St. John Housing Associates, L.P. Exhibit 10.7 to Form 10-Q Report
Amended and Restated Agreement of dated December 30, 1993
Limited Partnership (File No. 33-58032)
10.16 Starved Rock - LaSalle Manor Limited Exhibit 10.2 to Form 10-Q Report
Partnership Amended and Restated dated September 29, 1995
Agreement of Limited Partnership (File No. 0-24600)
10.17 Vision Limited Dividend Housing Exhibit 10.3 to Form 10-Q Report
Association Limited Partnership Amended dated December 30, 1994
and Restated Agreement of Limited (File No. 0-24600)
Partnership
27 Financial Data Schedule
99.1 Pages 11 through 21, 26 through 48 and Exhibit 99.1 to Form 10-K
Report 63 through 65 of Prospectus of dated March 30, 1994
Registrant dated September 7, 1993 (File No. 33-58032)
filed pursuant to Rule 424 (b)(3)
under the Securities Act of 1933
99.2 Supplement No. 2 dated November 16, Exhibit 28.1 to Form 10-Q Report
1993 to Prospectus dated December 30, 1993
(File No. 33-58032)
99.3 Supplement No. 3 dated November 23, Exhibit 99.3 to Form 10-K Report
1994 to Prospectus dated March 30, 1995
(File No. 0-24600)
99.4 Supplement No. 4 dated December 28, Exhibit 99.4 to Form 10-K Report
1994 to Prospectus dated March 30, 1995
(File No. 0-24600)
99.5 December 31, 1995 financial statements Exhibit 99.5 to Form 10-K Report
of St. John Housing Associates, L.P. dated March 30, 1996
pursuant to Title 17, Code of Federal (File No. 0-24600)
Regulations, Section 210.3-9
99.6 December 31, 1996 financial statements Exhibit 99.6 to Form 10-K Report
of St. John Housing Associates, L.P. dated March 30, 1997
pursuant to Title 17, Code of Federal (File No. 0-24600)
Regulations
99.7 December 31, 1997 financial statements Exhibit 99.7 to Form 10-K Report
of St. John Housing Associates, L.P. dated March 30, 1998
pursuant to Title 17, Code of Federal (File No. 0-24600)
Regulations
99.8 December 31, 1998 financial statements Exhibit 99.8 to Form 10-K Report
of St. John Housing Associates, L.P. dated March 30, 1999
pursuant to Title 17, Code of Federal (File No. 0-24600)
Regulations
</TABLE>
33
<PAGE>
<TABLE>
<CAPTION>
Incorporated by
Exhibit Reference to
------- ------------
<S> <C> <C>
99.9 December 31, 1999 financial statements
of St. John Housing Associates, L.P.
pursuant to Title 17, Code of Federal
Regulations
</TABLE>
(b) Reports on Form 8-K
No reports on Form 8-K were filed by Registrant during the last quarter of
the period covered by this report.
(c) Exhibits
See (a)(3) above.
(d) Financial Statement Schedules
See (a)(2) above.
34
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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: June 28, 2000 /s/ Richard Paul Richman
------------- ------------------------
by: Richard Paul Richman
President
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 Registrant in
the capacities and on the dates indicated.
Signature Title Date
--------- ----- ----
/s/ Richard Paul Richman President, Chief Executive June 28, 2000
---------------------------- Officer and Director of the -------------
(Richard Paul Richman) Manager
/s/ Neal Ludeke Vice President and Treasurer June 28, 2000
---------------------------- of the Manager (Principal -------------
(Neal Ludeke) Financial and Accounting
Officer of the Trust)
