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 June 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: 0-21897
WNC HOUSING TAX CREDIT FUND V, L.P., Series 4
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
California 33-0707612
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 X No _____
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2000
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets
June 30, 2000 and March 31, 2000.................................3
Statements of Operations
For the three months ended June 30, 2000 and 1999 ...............4
Statement of Partners' Equity
For the three months ended June 30, 2000.........................5
Statements of Cash Flows
For the three months ended June 30, 2000 and 1999................6
Notes to Financial Statements.........................................7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations..................................12
Item 3: Quantitative and Qualitative Disclosures Above Market Risks......14
PART II. OTHER INFORMATION
Item 1. Legal Proceedings................................................14
Item 6. Exhibits and Reports on Form 8-K.................................14
Signatures...............................................................15
2
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, 2000 March 31, 2000
------------------- ------------------
(unaudited)
ASSETS
<S> <C> <C>
Cash and cash equivalents $ 1,604,700 $ 1,725,133
Loans receivable (Note 2) - 12,080
Investments in limited
partnerships (Note 3) 14,944,727 15,243,007
Other assets 650 574
------------------- ------------------
$ 16,550,077 $ 16,980,794
=================== ==================
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities:
Payables to limited partnerships (Note 5) $ 516,428 $ 672,640
Accrued fees and expenses due to
General Partner and affiliates (Note 4) 16,561 1,936
------------------- ------------------
532,989 674,576
------------------- ------------------
Partners' equity (deficit):
General Partner (58,889) (55,998)
Limited Partners (25,000 units
Authorized, 22,000 units issued
and outstanding) 16,075,977 16,362,216
------------------- ------------------
Total partners' equity 16,017,088 16,306,218
------------------- ------------------
$ 16,550,077 $ 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 Months Ended June 30, 2000 and 1999
(unaudited)
<TABLE>
<CAPTION>
2000 1999
--------------- ---------------
<S> <C> <C>
Interest income $ 32,013 $ 36,384
--------------- ---------------
Operating expenses:
Amortization (Note 3) 14,891 14,892
Asset management fees (Note 4) 15,125 15,125
Other 6,788 8,754
--------------- ---------------
Total operating expenses 36,804 38,771
--------------- ---------------
Loss from operations (4,791) (2,387)
Equity in losses of
limited partnerships (Note 3) (284,339) (249,437)
--------------- ---------------
Net loss $ (289,130) $ (251,824)
=============== ===============
Net loss allocated to:
General Partner $ (2,891) $ (2,518)
=============== ===============
Limited Partners $ (286,239) $ (249,306)
=============== ===============
Net loss per weighted limited
partnership unit $ (13) $ (11)
=============== ===============
</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 Three Months Ended June 30, 2000
(unaudited)
<TABLE>
<CAPTION>
General Limited
Partner Partners Total
------------ --------------- -----------------
<S> <C> <C> <C>
Equity (deficit), March 31, 2000 $ (55,998) $ 16,362,216 $ 16,306,218
Net loss for the three months
ended June 30, 2000 (2,891) (286,239) (289,130)
------------ --------------- -----------------
Equity (deficit), June 30, 2000 $ (58,889) $ 16,075,977 $ 16,017,088
============ =============== =================
</TABLE>
See accompanying notes to finacial statements
5
<PAGE>
WNC HOUSING TAX CREDIT FUND V, L.P., SERIES 4
(A California Limited Partnership)
STATEMENTS OF CASH FLOW
For the Three Months Ended June 30, 2000 and 1999
(unaudited)
<TABLE>
<CAPTION>
2000 1999
------------- --------------
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (289,130) $ (251,824)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Amortization 14,891 14,892
Equity in losses of limited partnerships 284,339 249,437
Change in loans receivable 12,080 -
Change in other assets (76) -
Change in accrued fees and expenses due to
General Partner and affiliates 14,625 23,079
------------- --------------
Net cash provided by operating activities 36,729 35,584
------------- --------------
Cash flows from investing activities:
Investments in limited partnerships (158,362) (372,132)
Distributions from limited partnerships 1,200 400
------------- --------------
Net cash used in investing activities (157,162) (371,732)
------------- --------------
Net decrease in cash and cash equivalents (120,433) (336,148)
Cash and cash equivalents, beginning of period 1,725,133 3,460,935
------------- --------------
Cash and cash equivalents, end of period $ 1,604,700 $ 3,124,787
============= ==============
</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
June 30, 2000
(unaudited)
NOTE 1 - ORGANIZATION AND 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 months ended June 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 4) 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
June 30, 2000
(unaudited)
NOTE 1 - ORGANIZATION AND 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 in 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 3).
Offering Expenses
Offering expenses consist of underwriting commissions, legal fees, printing,
filing and recordation fees, and other costs incurred in connection with selling
limited partnership interests in the Partnership. The General Partner is
obligated to pay all offering and organization costs in excess of 14.5%
(including sales commissions) of the total offering proceeds. Offering expenses
are reflected as a reduction of limited partners' capital and amounted to
$2,960,328 at the end of the periods presented.
8
<PAGE>
WNC HOUSING TAX CREDIT FUND V L.P., SERIES 4
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(unaudited)
NOTE 1 - ORGANIZATION AND 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
June 30, 2000 and March 31, 2000, the Partnership had no cash equivalents.
Concentration of Credit Risk
At June 30, 2000, the Partnership maintained cash balances at a certain
financial institution in excess of the federally insured maximum.
Net Loss Per Weighted Limited Partnership Unit
Net loss per weighted 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.
NOTE 2 - LOANS RECEIVABLE
Loans receivable of $12,080 at March 31, 2000 represents an amount advanced by
the Partnership to one Local Limited Partnership. During the three months ended
June 30, 2000 this amount was repaid in full.
NOTE 3 - INVESTMENT IN LIMITED PARTNERSHIPS
As of June 30, 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. 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.
9
<PAGE>
WNC HOUSING TAX CREDIT FUND V L.P., SERIES 4
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(unaudited)
NOTE 3 - INVESTMENT IN LIMITED PARTNERSHIPS, continued
The following is a summary of the equity method activity of the investments in
limited partnerships as of:
<TABLE>
<CAPTION>
June 30, 2000 March 31, 2000
------------------- --------------------
<S> <C> <C>
Investments per balance sheet, beginning of period $ 15,243,007 $ 15,345,027
Capital contributions to limited partnerships - 766,262
Capital contributions payable - 342,195
Tax credit adjustment 2,150 -
Distributions received (1,200) (4,641)
Equity in losses of limited partnerships (284,339) (1,146,270)
Amortization of capitalized acquisition fees and
costs (14,891) (59,566)
------------------- --------------------
Investments per balance sheet, end of period $ 14,944,727 $ 15,243,007
=================== ====================
</TABLE>
Selected financial information for the three months ended June 30 from the
unaudited combined financial statements of the Local Limited Partnerships in
which the Partnership has invested is as follows:
<TABLE>
<CAPTION>
2000 1999
------------------ -----------------
<S> <C> <C>
Total revenue $ 679,000 $ 577,000
------------------ -----------------
Interest expense 247,000 280,000
Depreciation and amortization 290,000 230,000
Operating expenses 438,000 403,000
------------------ -----------------
Total expenses 975,000 841,000
------------------ -----------------
Net Loss $ (296,000) $ (264,000)
================== =================
Net loss allocable to the Partnership $ (284,000) $ (249,000)
================== =================
Net loss recorded to the Partnership $ (284,000) $ (249,000)
================== =================
</TABLE>
10
<PAGE>
WNC HOUSING TAX CREDIT FUND V L.P., SERIES 4
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2000
(unaudited)
NOTE 4- RELATED PARTY TRANSACTIONS
The Partnership has no officers, employees, or directors. However, under the
terms of the Partnership Agreement the Partnership is obligated to the WNC or
General Partner for the following fees:
(a) Annual Asset Management Fee. An annual asset management fee of the
greater of (i) $2,000 per multi-family housing complex or (ii) 0.275%
of Gross Proceeds. The base fee amount will be adjusted annually based
on changes in the Consumer Price Index. However, in no event will the
annual asset management fee exceed 0.2% of Invested Assets. "Invested
Assets" means the sum of the Partnership's Investment in Local Limited
Partnerships and the Partnership's allocable share of the amount of
indebtedness related to the Housing Complexes. Asset management fees
of $15,125 were incurred for each of the three months ended June 30,
2000 and 1999. As of June 30, 2000, $16,561 of those fees remained
unpaid.
(b) A subordinated disposition fee in an amount equal to 1% of the sales
price of real estate sold. Payment of this fee is subordinated to the
limited partners receiving a preferred return of 14% through December
31, 2006 and 6% thereafter (as defined in the Partnership Agreement)
and is payable only if the General Partner or its affiliates render
services in the sales effort.
Accrued fees and expenses due to the General Partner and affiliates presented on
the balance sheets consist of the following:
<TABLE>
<CAPTION>
June 30, 2000 March 31, 2000
------------------ ------------------
<S> <C> <C>
Reimbursement for expenses paid by the General Partner or $ - $ 500
an affiliate
Asset management fees payable 16,561 1,436
================== ==================
$ 16,561 $ 1,936
================== ==================
</TABLE>
NOTE 5 - PAYABLES TO LIMITED PARTNERSHIPS
Payables to limited partnerships represent amounts which are due at various
times based on conditions specified in the 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 6 - INCOME TAXES
No provision for income taxes has been recorded in the financial statements as
any liability for income taxes is the obligation of the partners of the
Partnership.
11
<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
fiscal quarter ended June 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 June 30, 2000 consisted primarily of $1,605,000 in
cash and aggregate investments in the fourteen Local Limited Partnerships of
$14,945,000. Liabilities at June 30, 2000 were $516,000 of payables to limited
partnerships and $17,000 of accrued annual management fees due to the General
Partner.
Results of Operations
Three Months Ended June 30, 2000 Compared to Three Months Ended June 30, 1999.
The Partnership's net loss for the three months ended June 30, 2000 was
$(289,000), reflecting an increase of $(37,000) from the net loss experienced
for the three months ended June 30, 1999 of $(252,000). The change is primarily
due to an increase in equity in losses of limited partnerships of $(35,000) as
certain Local Limited Partnerships have completed construction and initiated
operations. Also contributing to the loss was a decrease in interest income of
$(4,000) offset by a decrease in operating expenses of $2,000.
Cash Flows
Three Months Ended June 30, 2000 Compared to Three Months Ended June 30, 1999.
The decrease in cash during the three months ended June 30, 2000 was $(120,000),
compared to a net decrease in cash for the three months ended June 30, 1999 of
$(336,000). The change was due primarily to a decrease in cash used for
investing activities of $214,000, offset by a decrease in expenses paid to the
General Partner and affiliates of $8,000.
The Partnership expects its future cash flows, together with its net available
assets at June 30, 2000, to be sufficient to meet all currently foreseeable
future cash requirements.
12
<PAGE>
Impact of Year 2000
WNC & Associates, Inc.
Status of Readiness
Information Technology (IT) Systems. The Partnership relies on the IT systems of
WNC, its general partner. IT systems include computer hardware and software used
to produce financial reports and tax return information. This information is
then used to generate reports to investors and regulatory agencies, including
the Internal Revenue Service and the Securities and Exchange Commission. The IT
systems of WNC are year 2000 compliant.
Non-IT Systems. The Partnership also relies on the non-IT systems of WNC. Non-IT
systems include machinery and equipment such as telephones, voice mail and
electronic postage equipment. The non-IT systems of WNC are year 2000 compliant.
Service Providers. WNC also relies on the IT and non-IT systems of service
providers. Service providers include utility companies, financial institutions,
telecommunications carriers, municipalities, and other outside vendors. WNC has
obtained verbal assurances from its material service providers (electrical power
provider, financial institutions and telecommunications carriers) that their IT
and non-IT systems are year 2000 compliant. To date, WNC has not encountered
significant year 2000 issues or business disruptions from its service providers.
Costs to Address Year 2000 Issues
The cost to address year 2000 issues for WNC has been less than $25,000.
Risk of Year 2000 Issues
Although WNC has encountered no significant year 2000 issues to date, the most
reasonable and likely result from non-year 2000 compliance of systems of the
service providers noted above would be the disruption of normal business
operations for WNC. This disruption could, in turn, lead to delays in performing
reporting and fiduciary responsibilities on behalf of the Partnership. The worst
case scenario would be the replacement of a service provider. These delays would
likely be temporary and would likely not have a material effect on the
Partnership or WNC.
Local Limited Partnerships
Status of Readiness
To date, WNC and the Partnership have encountered no significant year 2000
issues with respect to the Local Limited Partnerships.
Costs to Address Year 2000 Issues
There has been and will be no cost to the Partnership as a result of assessing
year 2000 issues for the Local Limited Partnerships. Although no significant
year 2000 issues have been encountered to date, the cost to deal with potential
year 2000 issues of the Local Limited Partnerships cannot be estimated at this
time.
13
<PAGE>
Risk of Year 2000 Issues
Although no significant year 2000 issues have been encountered to date, there
can be no assurance that the Partnership will be unaffected by year 2000 issues.
The most reasonable and likely result from non-year 2000 compliance will be the
disruption of normal business operations for the Local Limited Partnerships,
including but not limited to the possible failure to properly collect rents and
meet their obligations in a timely manner. This disruption would, in turn, lead
to delays by the Local Limited Partnerships in performing reporting and
fiduciary responsibilities on behalf of the Partnership. The worst-case scenario
would include the initiation of foreclosure proceedings on the property by
mortgage debt holders. Under these circumstances, WNC or its affiliates will
take actions necessary to minimize the risk of foreclosure, including the
removal and replacement of a Local General Partner by the Partnership. These
delays would likely be temporary and would likely not have a material effect on
the Partnership or WNC.
Item 3. Quantitative and Qualitative Disclosures Above Market Risks
None
Part II. Other Information
Item 1. Legal Proceedings
None
Item 6. Exhibits and Reports on Form 8-K
None
14
<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 - Series 4
By: WNC & Associates, Inc. General Partner of the Registrant
By: /s/ Will N Cooper, Jr.
Will N Cooper, Jr., President - Chief Operating Officer of
WNC & Associates, Inc
Date: August 21, 2000
By: /s/ Michael L. Dickenson
Michael L. Dickenson, Vice President - Chief Financial Officer of
WNC & Associates, Inc
Date: August 21, 2000
15
