FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 2000
OR
o 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: 0-20057
WNC HOUSING TAX CREDIT FUND V, L.P., Series 4
California 33-0707612
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
3158 Redhill Avenue, Suite 120, Costa Mesa, CA 92626
(714) 662-5565
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
requirements for the past 90 days.
Yes No X
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
INDEX TO FORM 10-Q
For the Quarter Ended September 30, 2000
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets
September 30, 2000 and March 31, 2000............................3
Statements of Operations
For the Three and Six Months Ended September 30, 2000 and 1999...4
Statement of Partners' Equity (Deficit)
For the Six Months Ended September 30, 2000......................5
Statements of Cash Flows
For the Six Months Ended September 30, 2000 and 1999.............6
Notes to Financial Statements .......................................7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.................................13
Item 3. Quantitative and Qualitative Disclosures About Market Risk.......15
PART II. OTHER INFORMATION
Item 1. Legal Proceedings................................................15
Item 6. Exhibits and Reports on Form 8-K.................................15
Signatures...............................................................16
2
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, 2000 March 31, 2000
---------------------- ---------------------
(unaudited)
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 1,328,225 $ 1,725,133
Loan receivable 9,732 12,080
Investments in limited partnerships (Note 2) 14,645,497 15,243,007
Other assets 650 574
---------------------- ---------------------
$ 15,984,104 $ 16,980,794
====================== =====================
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities:
Payables to limited partnerships (Note 4) $ 257,965 $ 672,640
Accrued fees and expenses due to
General Partner and affiliates (Note 3) 6,956 1,936
---------------------- ---------------------
264,921 674,576
---------------------- ---------------------
Partners' equity (deficit):
General partner (61,868) (55,998)
Limited partners (22,000 units issued and outstanding) 15,781,051 16,362,216
---------------------- ---------------------
Total partners' equity 15,719,183 16,306,218
---------------------- ---------------------
$ 15,984,104 $ 16,980,794
====================== =====================
</TABLE>
See accompanying notes to financial statements
3
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
STATEMENTS OF OPERATIONS
For the Three and Six Months Ended September 30, 2000 and1999
(unaudited)
<TABLE>
<CAPTION>
2000 1999
------------------------------ --------------------------------
Three Six Three Six
Months Months Months Months
------------ -------------- ------------- --------------
<S> <C> <C> <C> <C>
Interest income $ 20,131 $ 52,144 $ 27,325 $ 63,709
------------ -------------- ------------- --------------
Operating expenses:
Amortization (Note 2) 14,891 29,782 14,891 29,783
Asset management fees (Note 3) 15,125 30,250 15,125 30,250
Other 3,681 10,469 18,918 27,672
------------ -------------- ------------- --------------
Total operating expenses 33,697 70,501 48,934 87,705
------------ -------------- ------------- --------------
Loss from operations (13,566) (18,357) (21,609) (23,996)
Equity in losses of
limited partnerships (284,339) (568,678) (252,377) (501,814)
------------ -------------- ------------- --------------
Net loss $ (297,905) $ (587,035) $ (273,986) $ (525,810)
============ ============== ============= ==============
Net loss allocated to:
General partner $ (2,979) $ (5,870) $ (2,740) $ (5,258)
============ ============== ============= ==============
Limited partners $ (294,926) $ (581,165) $ (271,246) $ (520,552)
============ ============== ============= ==============
Net loss per weighted limited
partner unit $ (13) $ (26) $ (12) $ (24)
============ ============== ============= ==============
Outstanding weighted limited
partnership units 22,000 22,000 22,000 22,000
============ ============== ============= ==============
</TABLE>
See accompanying notes to financial statements
4
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
STATEMENT OF PARTNERS' EQUITY (DEFICIT)
For the Six Months Ended September 30, 2000
(unaudited)
<TABLE>
<CAPTION>
General Limited
Partner Partners Total
-------------------- ------------------ ----------------
<S> <C> <C> <C>
Partners' equity (deficit) at March 31, 2000 $ $ 16,362,216 $ 16,306,218
(55,998)
Net loss (5,870) (581,165) (587,035)
-------------------- ------------------ ----------------
Partners' equity (deficit) at September 30, 2000 $ (61,868) $ 15,781,051 $ 15,719,183
==================== ================== ================
</TABLE>
See accompanying notes to financial statements
5
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
STATEMENTS OF CASH FLOWS
For the Six Months Ended September 30, 2000 and 1999
(unaudited)
<TABLE>
<CAPTION>
2000 1999
-------------------- ----------------------
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (587,035) $ (525,810)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Amortization 29,782 29,783
Equity in losses of limited partnerships 568,678 501,814
Change in accrued asset management fees 5,520 (102,691)
Change in other assets (76) -
Accrued fees and expense due to
General Partner and affiliates (500) 58,340
-------------------- ----------------------
Net cash provided by (used in) operating activities 16,369 (38,564)
-------------------- ----------------------
Cash flows from investing activities:
Investment in limited partnerships (416,825) (1,291,055)
Loans receivable 2,348 -
Distributions from limited partnerships 1,200 3,647
Acquisition costs and fees - (58,778)
-------------------- ----------------------
Net cash used in investing activities (413,277) (1,346,186)
-------------------- ----------------------
Net decrease in cash and cash equivalents (396,908) (1,384,750)
-------------------- ----------------------
Cash and cash equivalents, beginning of period 1,725,133 3,460,935
-------------------- ----------------------
Cash and cash equivalents, end of period $ 1,328,225 $ 2,076,185
==================== ======================
</TABLE>
See accompanying notes to financial statements
6
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General
The accompanying condensed consolidated unaudited financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q for quarterly
reports under Section 13 or 15(d) of the Securities Exchange Act of 1934.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three and six months ended September 30, 2000 are not
necessarily indicative of the results that may be expected for the fiscal year
ending March 31, 2001. For further information, refer to the financial
statements and footnotes thereto included in the Partnership's annual report on
Form 10-K for the fiscal year ended March 31, 2000.
Organization
WNC Housing Tax Credit Fund V, L.P., Series 4, a California Limited Partnership
(the "Partnership"), was formed on July 26, 1995 under the laws of the state of
California, and commenced operations on July 1, 1996. The Partnership was formed
to invest primarily in other limited partnerships and limited liability
companies (the "Local Limited Partnerships") which own and operate multi-family
housing complexes (the "Housing Complex") that are eligible for low income
housing credits. The local general partners (the "Local General Partners") of
each Local Limited Partnership retain responsibility for maintaining, operating
and managing the Housing Complex.
The general partner is WNC & Associates, Inc. ("WNC") (the "General Partner"), a
California limited partnership. Wilfred N. Cooper, Sr., through the Cooper
Revocable Trust, owns 66.8% of the outstanding stock of WNC. John B. Lester was
the original limited partner of the Partnership and owns, through the Lester
Family Trust, 28.6% of the outstanding stock of WNC. Wilfred N. Cooper, Jr.,
President of WNC, owns 2.1% of the outstanding stock of WNC.
The partnership agreement authorized the sale of up to 25,000 units at $1,000
per Unit ("Units"). The offering of Units concluded on July 11, 1997 at which
time 22,000 Units representing subscriptions in the amount of $21,914,830, net
of discount of $79,550 for volume purchases and $5,620 for dealer discounts, had
been accepted. The General Partner has a 1% interest in operating profits and
losses, taxable income and losses and in cash available for distribution from
the Partnership and tax credits. The limited partners will be allocated the
remaining 99% of these items in proportion to their respective investments.
After the limited partners have received proceeds from a sale or refinancing
equal to their capital contributions and their return on investment (as defined
in the Partnership Agreement) and the General Partner has received proceeds
equal to its capital contribution and a subordinated disposition fee (as
described in Note 3) from the remainder, any additional sale or refinancing
proceeds will be distributed 90% to the limited partners (in proportion to their
respective investments) and 10% to the General Partner.
7
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2000
(unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
Risks and Uncertainties
The Partnership's investments in Local Limited Partnerships are subject to the
risks incident to the management and ownership of low-income housing and to the
management and ownership of multi-unit residential real estate. Some of these
risks are that the low income housing credit could be recaptured and that
neither the Partnership's investments nor the Housing Complexes owned by the
Local Limited Partnerships will be readily marketable. To the extent the Housing
Complexes receive government financing or operating subsidies, they may be
subject to one or more of the following risks: difficulties in obtaining tenants
for the Housing Complexes; difficulties in obtaining rent increases; limitations
on cash distributions; limitations on sales or refinancing of Housing Complexes;
limitations on transfers of Local Limited Partnership Interests; limitations on
removal of Local General Partners; limitations on subsidy programs; and possible
changes in applicable regulations. The Housing Complexes are or will be subject
to mortgage indebtedness. If a Local Limited Partnership does not make its
mortgage payments, the lender could foreclose resulting in a loss of the Housing
Complex and low income housing credits. As a limited partner of the Local
Limited Partnerships, the Partnership will have very limited rights with respect
to management of the Local Limited Partnerships, and will rely totally on the
Local General Partners of the Local Limited Partnerships for management of the
Local Limited Partnerships. The value of the Partnership's investments will be
subject to changes in national and local economic conditions, including
unemployment conditions, which could adversely impact vacancy levels, rental
payment defaults and operating expenses. This, in turn, could substantially
increase the risk of operating losses for the Housing Complexes and the
Partnership. In addition, each Local Limited Partnership is subject to risks
relating to environmental hazards and natural disasters which might be
uninsurable. Because the Partnership's operations will depend on these and other
factors beyond the control of the General Partner and the Local General
Partners, there can be no assurance that the anticipated low income housing
credits will be available to Limited Partners.
In addition, Limited Partners are subject to risks in that the rules governing
the low income housing credit are complicated, and the use of credits can be
limited. The only material benefit from an investment in Units may be the low
income housing credits. There are limits on the transferability of Units, and it
is unlikely that a market for Units will develop. All management decisions will
be made by the General Partner.
Method of Accounting For Investments in Limited Partnerships
The Partnership accounts for its investments in limited partnerships using the
equity method of accounting, whereby the Partnership adjusts its investment
balance for its share of the Local Limited Partnership's results of operations
and for any distributions received. The accounting policies of the Local Limited
Partnerships are consistent with those of the Partnership. Costs incurred by the
Partnership in acquiring the investments are capitalized as part of the
investment account and are being amortized over 30 years (see note 2).
Offering Expenses
Offering expenses consist of underwriting commissions, legal fees, printing,
filing and recordation fees, and other costs incurred with selling limited
partnership interests in the Partnership. The General Partner is obligated to
pay all offering and organization costs in excess of 15% (including sales
commissions) of the total offering proceeds. Offering expenses are reflected as
a reduction of partners' capital and amounted to $2,960,328 at the end of all
periods presented.
8
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2000
(unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements, and
the reported amounts of revenues and expenses during the reporting period.
Actual results could materially differ from those estimates.
Cash and Cash Equivalents
The Partnership considers all highly liquid investments with remaining
maturities of three months or less when purchased to be cash equivalents. As of
September 30 and March 31, 2000, the Partnership had no cash equivalents.
Concentration of Credit Risk
At September 30, 2000, the Partnership maintained cash balances at a certain
financial institution in excess of the federally insured maximum.
Net Loss Per Limited Partner Unit
Net loss per limited partnership unit is calculated pursuant to Statement of
Financial Accounting Standards No. 128, Earnings Per Share. Net loss per unit
includes no dilution and is computed by dividing loss available to limited
partners by the weighted average number of units outstanding during the period.
Calculation of diluted net income per unit is not required.
Reporting Comprehensive Income
In June 1997, the FASB issued Statement of Financial Accounting Standards
("SFAS") No. 130, Reporting Comprehensive Income. This statement establishes
standards for reporting the components of comprehensive income and requires that
all items that are required to be recognized under accounting standards as
components of comprehensive income be included in a financial statement that is
displayed with the same prominence as other financial statements. Comprehensive
income includes net income as well as certain items that are reported directly
within a separate component of partners' equity and bypass net income. The
Partnership adopted the provisions of this statement in 1998. For the years
presented, the Partnership has no elements of other comprehensive income, as
defined by SFAS No. 130.
9
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2000
(unaudited)
NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS
As of September 30 and March 31, 2000, the Partnership has acquired limited
partnership interests in 14 Local Limited Partnerships, each of which owns one
Housing Complex consisting of an aggregate of 784 apartment units. As of
September 30 and March 31, 2000, all construction or rehabilitation of the
Housing Complexes was completed. The respective Local General Partners of the
Local Limited Partnerships manage the day-to-day operations of the entities.
Significant Local Limited Partnership business decisions require approval from
the Partnership. The Partnership, as a limited partner, is generally entitled to
99%, as specified in the Local Limited Partnership agreements, of the operating
profits and losses, taxable income and losses and tax credits of the Local
Limited Partnerships, except for one of the investments in which it is entitled
to 49.5% of such amounts.
Equity in losses of the Local Limited Partnerships is recognized in the
financial statements until the related investment account is reduced to a zero
balance. Losses incurred after the investment account is reduced to zero are not
recognized. If the Local Limited Partnerships report net income in future years,
the Partnership will resume applying the equity method only after its share of
such net income equals the share of net losses not recognized during the
period(s) the equity method was suspended.
The following is a summary of the equity method activity of the investment in
Local Limited Partnerships for the periods presented below:
<TABLE>
<CAPTION>
For the Six Months Ended For the Year Ended
September 30, 2000 March 31, 2000
---------------------------- ------------------------
<S> <C> <C>
Investment per balance sheet, beginning of period $ 15,243,007 $ 15,345,027
Capital contributions paid, net - 766,262
Capital contributions payable 2,150 342,195
Equity in losses of limited partnerships (568,678) (1,146,270)
Distributions received (1,200) (4,641)
Amortization of paid acquisition fees and costs (29,782) (59,566)
---------------------------- ------------------------
Investment per balance sheet, end of period $ 14,645,497 $ 15,243,007
============================ ========================
</TABLE>
10
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2000
(unaudited)
NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued
Selected financial information for the six months ended September 30 from the
combined financial statements of the limited partnerships in which the
partnership has invested is as follows:
<TABLE>
<CAPTION>
2000 1999
------------------- ------------------
<S> <C> <C>
Revenues $ 1,358,000 $ 1,214,600
------------------- ------------------
Expenses:
Interest expense 488,000 438,400
Depreciation 561,000 467,600
Operating expenses 901,000 843,600
------------------- ------------------
Total Expenses 1,950,000 1,749,600
------------------- ------------------
Net loss $ (592,000) $ (535,000)
=================== ==================
Net loss allocable to the Partnership $ (568,000) $ (530,000)
=================== ==================
Net loss recognized by the Partnership $ (568,000) $ (502,000)
=================== ==================
</TABLE>
Certain Local Limited Partnerships have incurred significant operating losses
and have working capital deficiencies. In the event these Local Limited
Partnerships continue to incur significant operating losses, additional capital
contributions by the Partnership and/or the Local General Partner may be
required to sustain the operations of such Local Limited Partnerships. If
additional capital contributions are not made when they are required, the
Partnership's investment in certain of such Local Limited Partnerships could be
impaired and the loss and recapture of the related tax credits could occur.
NOTE 3- RELATED PARTY TRANSACTIONS
Under the terms of the Partnership Agreement, the Partnership has paid or is
obligated to the General Partner or their affiliates for the following items:
(a) Annual Asset Management Fee. An annual asset management fee in an amount
equal to 0.2% of invested assets (the sum of the Partnership's Investment
in Local Limited Partnership Interests and the Partnership's allocable
share of the amount of the mortgage loans on and other debts related to,
the Housing Complexes owned by such Local Limited Partnerships) is payable
quarterly. Asset management fees of $30,250 were incurred during each of
the six months ended September 30, 2000 and 1999. The Partnership made
payments of $24,730 and $132,941 to the General Partner or its affiliates
for those fees during the six months ended September 30, 2000 and 1999,
respectively.
11
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2000
(unaudited)
NOTE 3- RELATED PARTY TRANSACTIONS, continued
(b) Subordinated Disposition Fee. A subordinated disposition fee in an amount
equal to 1% of the sale price received in connection with the sale or
disposition of a Housing Complex. Subordinated disposition fees will be
subordinated to the prior return of the Limited Partners' capital
contributions and payment of the Return on Investment to the Limited
Partners. "Return on Investment" means an annual, cumulative but not
compounded, "return" to the Limited Partners (including Low Income Housing
Credits) as a class on their adjusted capital contributions commencing for
each Limited Partner on the last day of the calendar quarter during which
the Limited Partner's capital contribution is received by the Partnership,
calculated at the following rates: : (i) 14% through December 31, 2006, and
(ii) 6% for the balance of the Partnerships term. No disposition fees have
been paid.
Accrued fees and advance due to affiliates of the General Partner included in
the balance sheet consist of the following at:
<TABLE>
<CAPTION>
September 30, 2000 March 31, 2000
---------------------- -------------------------
<S> <C> <C>
Asset management fees payable $ 6,956 $ 1,436
Reimbursement due on expenses paid by the General - 500
Partner or affiliates
---------------------- -------------------------
Total $ 6,956 $ 1,936
====================== =========================
</TABLE>
NOTE 4 - PAYABLES TO LIMITED PARTNERSHIPS
Payables to limited partnerships represent amounts which are due at various
times based on conditions specified in the Local Limited Partnership agreements.
These contributions are payable in installments and are generally due upon the
limited partnerships achieving certain development and operating benchmarks
(generally within two years of the Partnership's initial investment).
NOTE 5 - INCOME TAXES
No provision for income taxes has been made as the liability for income taxes is
an obligation of the partners of the Partnership.
12
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
This Quarterly Report contains forward-looking statements concerning the
Partnership's anticipated future revenues and earnings, adequacy of future cash
flow and related matters. These forward-looking statements include, but are not
limited to, statements containing the words "expect", "believe", "will", "may",
"should", "project", "estimate", and like expressions, and the negative thereof.
These statements are subject to risks and uncertainties that could cause actual
results to differ materially from the statements, including competition, as well
as those risks described in the Partnership's SEC reports, including the
Partnership's Form 10-K filed pursuant to the Securities and Exchange Act of
1934 on July 14, 2000.
The following discussion and analysis compares the results of operations for the
three and six months ended September 30, 2000 and 1999, and should be read in
conjunction with the condensed consolidated financial statements and
accompanying notes included within this report.
Financial Condition
The Partnership's assets at September 30, 2000 consisted primarily of $1,328,000
in cash and aggregate investments in the fourteen Local Limited Partnerships of
$14,645,000. Liabilities at September 30, 2000 consisted primarily of $258,000
of payables to limited partnerships.
Results of Operations
Three Months Ended September 30, 2000 Compared to Three Months Ended September
30, 1999. The Partnership's net loss for the three months ended September 30,
2000 was $(298,000), reflecting an increase of $24,000 from the $(274,000) of
net loss experienced for the three months ended September 30, 1999. The increase
in net loss is primarily due to equity in losses of limited partnerships which
increased by $32,000 to $(284,000) for the three months ended September 30, 2000
from $(252,000) for the three months ended September 30, 1999. This increase was
a result of the Local Limited Partnerships completing construction and going
into operations. The increase in equity losses of limited partnerships was
partially offset by a decrease in loss from operations of $8,000 for the three
months ended September 30, 2000 to $(14,000), from $(22,000) for the three
months ended September 30, 1999, due primarily to a decrease in accounting fees.
Six Months Ended September 30, 2000 Compared to Six Months Ended September 30,
1999. The Partnership's net loss for the six months ended September 30, 2000 was
$(587,000), reflecting an increase of $61,000 from the $(526,000) net loss
experienced for the six months ended September 30, 1999. The increase in net
loss is primarily due to equity in losses of limited partnerships which
increased by $67,000 to $(569,000) for the six months ended September 30, 2000
from $(502,000) for the six months ended September 30, 1999. This increase was a
result of the Local Limited Partnerships completing construction and starting
operations. Along with the increase in equity in losses of limited partnerships,
there was a decrease in loss from operations of $6,000 for the six months ended
September 30, 2000 to $(18,000), from (24,000) for the six months ended
September 30, 1999, due primarily to a decrease in accounting fees.
13
<PAGE>
Cash Flows
Six Months Ended September 30, 2000 Compared to Six Months Ended September 30,
1999. Net cash used during the six months ended September 30, 2000 was
$(397,000) compared to a net use of cash for the six months ended September 30,
1999 of $(1,385,000). The change was due primarily to a decrease in capital
contributions paid to Local Limited Partnerships of $874,000 to $(417,000) for
the six months ended September 30, 2000 from $(1,291,000) for the six months
ended September 30, 1999. A decrease in acquisition costs and fees paid of
$59,000 to $0 for the six months ended September 30, 2000 from $(59,000) for the
six months ended September 30, 1999. Cash used by operating activities decreased
by $55,000 from $(39,000) used in the six months ended September 30, 1999
compared to $16,000 provided by the six months ended September 30, 2000.
During the six months ended September 30, 2000, accrued payables, which consist
primarily of accrued asset management fees due to the General Partner, increased
by $5,000. The General Partner anticipates that these accrued fees will be paid
during 2001, and that capital reserves are sufficient to meet the foreseeable
working capital requirements of the partnership.
The Partnership expects its future cash flows, together with its net available
assets at September 30, 2000, to be sufficient to meet all currently foreseeable
future cash requirements.
14
<PAGE>
Item 3. Quantitative and Qualitative Disclosures About Market Risks
NOT APPLICABLE
Part II. Other Information
Item 1. Legal Proceedings
NONE
Item 6. Exhibits and Reports on Form 8-K
NONE
15
<PAGE>
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.
WNC HOUSING TAX CREDIT FUND V, L.P. Series 4
By: WNC & Associates, Inc. General Partner of the Registrant
By: /s/Wilfred N. Cooper, Jr.
Wilfred N. Cooper, Jr., President, Chief Operating Officer of
WNC & Associates, Inc.
Date: December 15, 2000
By: /s/ Michael L. Dickenson
Michael L. Dickenson, Vice-President, Chief Financial Officer of
WNC & Associates, Inc.
Date: December 15, 2000
16
