SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 1 TO
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 31, 1996
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WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
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(Exact name of registrant as specified in its charter)
California 33-91136 33-0707612
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
3158 Redhill Avenue, Suite 120, Costa Mesa, California 92626
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (714) 662-5565
N/A
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Former name or former address, if changed since last report)
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Item 7. Financial Statements and Exhibits
a. Financial Statements of Businesses Acquired
Inapplicable
b. Proforma Financial Information
Proforma Balance Sheet, September 30, 1996
Proforma Statement of Operations for the Period July 1, 1996
to September 30, 1996
Notes to Proforma Financial Information
c. Exhibits
10.1 Amended and Restated Agreement of Limited Partnership
of Ashford Place, A Limited Partnership (previously filed)
10.2 Amended and Restated Agreement of Limited Partnership
of Lamar Plaza Apartments, L.P. (previously filed)
10.3 Amended and Restated Certificate and Agreement
of Limited Partnership of Woodland, Ltd. (previously filed)
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- Unaudited -
See Accompanying Notes to Proforma Financial Statements
FS
WNC HOUSING TAX CREDIT FUND V, L.P., Series 4
(A California Limited Partnership)
(A Development-Stage Enterprise)
PROFORMA BALANCE SHEET
September 30, 1996
ASSETS
<TABLE>
Historical Proforma Proforma
Balance Adjustments Balance
---------- ----------- ----------
<S> <C> <C> <C>
Cash $766,107 $4,436,490
(388,750)
(390,788) $4,423,059
Subscriptions receivable 450,000 388,750 838,750
Investment in limited partnerships 3,973,325 5,953,625
390,788 10,317,738
Other assets 702 0 702
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$5,190,134 $10,390,115 $15,580,249
============ =========== ===========
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Notes payable to limited partnerships $2,482,421 $5,953,625 $8,436,046
Accrued fees and expenses due to
general partner and affiliates 83,373 0 83,373
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2,565,794 5,953,625 8,519,419
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Partners' capital
General partner (3,578) (7,740) (11,318)
Limited partners 2,627,918 4,444,230 7,072,148
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Total partners' equity 2,624,340 4,436,490 7,060,830
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$5,190,134 $10,390,115 $15,580,249
============= =========== ===========
</TABLE>
- Unaudited -
See Accompanying Notes to Proforma Financial Statements
FS-1
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WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
(A Development-Stage Enterprise)
PROFORMA STATEMENT OF OPERATIONS
For the Period July 1, 1996 (date operations commenced)
to September 30, 1996
<TABLE>
Historical Proforma Proforma
Balance Adjustments Balance
---------- ----------- ----------
<S> <C> <C> <C>
Interest income $2,427 $2,427
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Operating expense
Amortization 418 418
Legal and accounting 44 44
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Total operating expense 462 462
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Income from operations 1,965 1,965
Equity in loss of limited partnerships (2,040) (3,200) (5,240)
------- ------- -------
Net loss $ (75) $(3,200) $(3,275)
========= ======== ========
</TABLE>
- Unaudited -
See Accompanying Notes to Proforma Financial Statements
FS-2
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WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
(A Development-Stage Enterprise)
NOTES TO PROFORMA FINANCIAL STATEMENTS
NOTE 1 - GENERAL
The information contained in the following notes to the proforma financial
statements is condensed from that which appears in the financial statements.
Accordingly, these proforma financial statements should be reviewed in
conjunction with the financial statements and related notes thereto contained in
the WNC Housing Tax Credit Fund V, L.P., Series 4 financial statements dated
September 30, 1996. WNC Housing Tax Credit Fund V, L.P., Series 4 is referred to
in these notes as the "Partnership."
NOTE 2 - INTRODUCTION TO PROFORMA ADJUSTMENTS
As of September 30, 1996, the Partnership was admitted as majority limited
partner in two limited partnerships, Blessed Rock and Crescent City Apartments.
Subsequent to September 30, 1996, the Partnership has acquired a limited
partnership interest in four limited partnerships, Ashford Place, L.P., Lamar
Plaza, Ogallalla Apartments I, L.P. and Woodland Townhomes, L.P. and is
negotiating to acquire limited partnership interests in three other
partnerships. The investments commit the Partnership to capital contributions as
follows:
Ashford Place $2,317,180
Belen Vista 488,274
Hilltop 120,814
Lamar 797,842
Mountain Vista 481,602
Ogallalla 400,905
Woodland Townhomes 1,347,008
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$5,953,625
==========
In accordance with Article 11, Proforma Financial Information of Regulation
S-X of the Securities and Exchange Commission, the accompanying proforma balance
sheet was computed assuming that the limited partnerships discussed above were
acquired at the end of the period presented. The first adjustment to cash and
the adjustment to partners' equity of $4,436,490 reflects the net proceeds from
October 1, 1996 to December 31, 1996 from issuance of 5,338 units of limited
partners' capital ($5,338,000 less notes receivable of $127,500, and commissions
and offering costs of $774,010.) The second adjustment to cash and the
adjustment to subscriptions receivable reflects the subscriptions receivable
FS-3
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WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
(A Development-Stage Enterprise)
NOTES TO PROFORMA FINANCIAL STATEMENTS (Continued)
from the above subscriptions. The adjustment to investment in limited
partnerships and notes payable to limited partnerships of $5,953,625 reflects
the Partnership's acquisition of the seven limited partnership interests as if
the Partnership's date of acquisition was September 30, 1996. The second
adjustment to investment in limited partnerships and the third adjustment to
cash of $390,788 reflects the acquisition fee for the acquisition of the
identified limited partnerships.
The seven apartment complexes were under construction or rehabilitation
during the period presented and had no operations which should be reported.
Crescent City Apartments had operations during the period presented prior to the
Partnership's acquisition of the limited partnership interest therein (July 1,
1996 to September 25, 1996), and a proforma loss of $3,200 has been recorded in
the Proforma Statement of Operations. The Partnership uses the equity method of
accounting to account for its investments in these local limited partnerships.
FS-4
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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 hereunto duly authorized.
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
Date: March 4, 1997 By: WNC & Associates, Inc.,
General Partner
By: /s/ JOHN B. LESTER, JR.
John B. Lester, Jr.,
President
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