Table of Contents
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS’ REPORT
INDEPENDENT AUDITORS’ REPORT
BOSTON CAPITAL TAX CREDIT FUND V L.P. -
SERIES 47 THROUGH 49
SERIES 47 THROUGH 49
MARCH 31, 2006 AND 2005
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
TABLE OF CONTENTS
PAGE | ||||
F-3 | ||||
FINANCIAL STATEMENTS | ||||
F-5 | ||||
F-9 | ||||
F-13 | ||||
F-17 | ||||
F-25 | ||||
F-52 |
Schedules not listed are omitted 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.
Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Partners of
Boston Capital Tax Credit Fund V L.P.
Boston Capital Tax Credit Fund V L.P.
We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund V L.P. as of March 31, 2006 and 2005, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the years ended March 31, 2006 and 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004 and Boston Capital Tax Credit Fund V L.P. — Series 47 through 49 as of March 31, 2006 and 2005 and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the years ended March 31, 2006 and 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004 for Series 47, for the year ended March 31, 2006 and for the period May 11, 2004 (date of inception) through March 31, 2005 for Series 48, and for the year ended March 31, 2006 and for the period August 24, 2004 (date of inception) through March 31, 2005 for Series 49. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain operating limited partnerships which investments represent $8,840,840 and $0, of the total partnership assets as of March 31, 2006 and 2005, respectively, and $(75,556), $0 and $0, of total partnership income (loss) for the years ended March 31, 2006, 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004, respectively; of the assets for Series 47 as of March 31, 2006 and 2005, $214,954 and $0, respectively, and of the income (loss) for Series 47 for the years ended March 31, 2006 and 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004, $(34,998), $0 and $0, respectively; of the assets for Series 48 as of March 31, 2006 and 2005, $0 and $0, respectively, and of the income (loss) for Series 48 for the year ended March 31, 2006 and for the period May 11, 2004 (date of inception) through March 31, 2005, $0 and $0, respectively; of the assets for Series 49 as of March 31, 2006 and 2005, $8,625,886 and $0, respectively, and of the income (loss) for Series 49 for the year ended March 31, 2006 and for the period August 24, 2004 (date of inception) through March 31, 2005, $(40,558) and $0, respectively. Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to those investee partnerships, is based solely on the reports of the other auditors.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
F-3
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opinion on the effectiveness of the Partnership’s internal control over financial reporting. Accordingly, we express no such opinion. 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, and the reports of the other auditors, provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund V L.P. as of March 31, 2006 and 2005, and the results of its operations and its cash flows for the years ended March 31, 2006 and 2005 and for the period October 15, 2003 (date of inception) through March 31, 2004 for Series 47, for the period May 11, 2004 (date of inception) through March 31, 2005 for Series 48, and for the period August 24, 2004 (date of inception) through March 31, 2005 for Series 49 in conformity with accounting principles generally accepted in the United States of America.
Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules listed under Item 15 (a) in the index are presented for the purpose of complying with the Securities and Exchange Commission’s rules and are not part of the basic financial statements. These schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, based on our audit and the reports of other auditors, fairly state in all material respects the financial data required to be set forth therein in relation to the basic financial statements taken as a whole.
/s/ Reznick Group, P. C.
Bethesda, Maryland
September 26, 2006
Bethesda, Maryland
September 26, 2006
(continued)
F-4
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
BALANCE SHEETS
March 31,
March 31,
Total | ||||||||
2006 | 2005 | |||||||
ASSETS | ||||||||
INVESTMENTS IN OPERATING LIMITED | ||||||||
PARTNERSHIPS | $ | 81,059,042 | $ | 69,531,720 | ||||
OTHER ASSETS | ||||||||
Cash and cash equivalents | 5,943,410 | 33,668,430 | ||||||
Investments | 13,188,000 | 8,694,513 | ||||||
Notes receivable | 2,704,935 | 766,381 | ||||||
Deferred acquisition costs, net of accumulated amortization | 9,176,728 | 8,242,330 | ||||||
Other assets | 3,211,955 | 6,080,173 | ||||||
$ | 115,284,070 | $ | 126,983,547 | |||||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||||||
LIABILITIES | ||||||||
Accounts payable and accrued expenses | $ | 89,307 | $ | 769,246 | ||||
Accounts payable — affiliates | 77,424 | 414,510 | ||||||
Capital contributions payable | 18,897,103 | 33,501,526 | ||||||
Line of credit | — | — | ||||||
19,063,834 | 34,685,282 | |||||||
PARTNERS’ CAPITAL (DEFICIT) | ||||||||
Assignees | ||||||||
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 11,777,706 and 10,785,967, respectively, issued and outstanding at March 31, 2006 and 2005 | 96,375,672 | 92,416,511 | ||||||
General partner | (20,315 | ) | (5,469 | ) | ||||
Accumulated other comprehensive income (loss) | (135,121 | ) | (112,777 | ) | ||||
96,220,236 | 92,298,265 | |||||||
$ | 115,284,070 | $ | 126,983,547 | |||||
(continued)
F-5
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
BALANCE SHEETS — CONTINUED
March 31,
March 31,
Series 47 | ||||||||
2006 | 2005 | |||||||
ASSETS | ||||||||
INVESTMENTS IN OPERATING LIMITED | ||||||||
PARTNERSHIPS | $ | 22,577,872 | $ | 25,394,408 | ||||
OTHER ASSETS | ||||||||
Cash and cash equivalents | 753,086 | 1,965,813 | ||||||
Investments | 2,408,534 | 5,789,950 | ||||||
Notes receivable | 1,245,069 | 278,096 | ||||||
Deferred acquisition costs, net of accumulated amortization | 2,753,098 | 2,797,910 | ||||||
Other assets | 10,040 | 718,213 | ||||||
$ | 29,747,699 | $ | 36,944,390 | |||||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||||||
LIABILITIES | ||||||||
Accounts payable and accrued expenses | $ | 4,135 | $ | 135,103 | ||||
Accounts payable — affiliates | — | 244,399 | ||||||
Capital contributions payable | 3,731,835 | 7,963,457 | ||||||
Line of credit | — | — | ||||||
3,735,970 | 8,342,959 | |||||||
PARTNERS’ CAPITAL (DEFICIT) | ||||||||
Assignees | ||||||||
Units of beneficial interest of the limited partnership interest of the assignor limited partner 3,478,334 issued and outstanding at March 31, 2006 and 2005 | 26,050,212 | 28,675,468 | ||||||
General partner | (11,612 | ) | (3,843 | ) | ||||
Accumulated other comprehensive income (loss) | (26,871 | ) | (70,194 | ) | ||||
26,011,729 | 28,601,431 | |||||||
$ | 29,747,699 | $ | 36,944,390 | |||||
(continued)
F-6
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
BALANCE SHEETS — CONTINUED
March 31,
March 31,
Series 48 | ||||||||
2006 | 2005 | |||||||
ASSETS | ||||||||
INVESTMENTS IN OPERATING LIMITED | ||||||||
PARTNERSHIPS | $ | 15,603,290 | $ | 17,215,034 | ||||
OTHER ASSETS | ||||||||
Cash and cash equivalents | 966,312 | 3,559,396 | ||||||
Investments | 930,979 | 2,904,563 | ||||||
Notes receivable | 799,602 | 185,292 | ||||||
Deferred acquisition costs, net of accumulated amortization | 1,853,941 | 1,996,000 | ||||||
Other assets | 1,677 | 980,409 | ||||||
$ | 20,155,801 | $ | 26,840,694 | |||||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||||||
LIABILITIES | ||||||||
Accounts payable and accrued expenses | $ | 115 | $ | 77,805 | ||||
Accounts payable — affiliates | — | 121,984 | ||||||
Capital contributions payable | 2,338,756 | 7,222,638 | ||||||
Line of credit | — | — | ||||||
2,338,871 | 7,422,427 | |||||||
PARTNERS’ CAPITAL (DEFICIT) | ||||||||
Assignees | ||||||||
Units of beneficial interest of the limited partnership interest of the assignor limited partner 2,299,372 issued and outstanding at March 31, 2006 and 2005 | 17,835,057 | 19,462,122 | ||||||
General partner | (6,189 | ) | (1,272 | ) | ||||
Accumulated other comprehensive income (loss) | (11,938 | ) | (42,583 | ) | ||||
17,816,930 | 19,418,267 | |||||||
$ | 20,155,801 | $ | 26,840,694 | |||||
(continued)
F-7
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
BALANCE SHEETS — CONTINUED
March 31,
March 31,
Series 49 | ||||||||
2006 | 2005 | |||||||
ASSETS | ||||||||
INVESTMENTS IN OPERATING LIMITED | ||||||||
PARTNERSHIPS | $ | 42,877,880 | $ | 26,922,278 | ||||
OTHER ASSETS | ||||||||
Cash and cash equivalents | 4,224,012 | 28,143,221 | ||||||
Investments | 9,848,487 | — | ||||||
Notes receivable | 660,264 | 302,993 | ||||||
Deferred acquisition costs, net of accumulated amortization | 4,569,689 | 3,448,420 | ||||||
Other assets | 3,200,238 | 4,381,551 | ||||||
$ | 65,380,570 | $ | 63,198,463 | |||||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||||||
LIABILITIES | ||||||||
Accounts payable and accrued expenses | $ | 85,057 | $ | 556,338 | ||||
Accounts payable — affiliates | 77,424 | 48,127 | ||||||
Capital contributions payable | 12,826,512 | 18,315,431 | ||||||
Line of credit | — | — | ||||||
12,988,993 | 18,919,896 | |||||||
PARTNERS’ CAPITAL (DEFICIT) | ||||||||
Assignees | ||||||||
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 6,000,000 and 5,008,261, respectively, issued and outstanding at March 31, 2006 and 2005 | 52,490,403 | 44,278,921 | ||||||
General partner | (2,514 | ) | (354 | ) | ||||
Accumulated other comprehensive income (loss) | (96,312 | ) | — | |||||
52,391,577 | 44,278,567 | |||||||
$ | 65,380,570 | $ | 63,198,463 | |||||
See notes to financial statements
F-8
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF OPERATIONS
Total | ||||||||||||
For the period | ||||||||||||
October 15, | ||||||||||||
2003 (date of | ||||||||||||
inception) | ||||||||||||
Year ended | Year ended | through March | ||||||||||
March 31, 2006 | March 31, 2005 | 31, 2004 | ||||||||||
Income | ||||||||||||
Interest income | $ | 858,542 | $ | 362,852 | $ | 3,814 | ||||||
Total income | 858,542 | 362,852 | 3,814 | |||||||||
Share of losses from operating limited partnerships | (4,952,042 | ) | (1,206,897 | ) | — | |||||||
Expenses | ||||||||||||
Professional fees | 158,894 | 47,918 | 4,512 | |||||||||
Partnership management fee | 981,445 | 635,518 | 13,945 | |||||||||
Amortization | 350,773 | 69,806 | — | |||||||||
Organization costs | — | 289,293 | — | |||||||||
General and administrative expenses | 353,971 | 278,308 | 7,858 | |||||||||
1,845,083 | 1,320,843 | 26,315 | ||||||||||
NET LOSS | $ | (5,938,583 | ) | $ | (2,164,888 | ) | $ | (22,501 | ) | |||
Net loss allocated to general partner | $ | (14,846 | ) | $ | (5,413 | ) | $ | (56 | ) | |||
Net loss allocated to assignees | $ | (5,923,737 | ) | $ | (2,159,475 | ) | $ | (22,445 | ) | |||
Net loss per BAC | $ | (0.50 | ) | $ | (0.34 | ) | $ | (0.07 | ) | |||
(continued)
F-9
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF OPERATIONS — CONTINUED
Series 47 | ||||||||||||
For the period | ||||||||||||
October 15, | ||||||||||||
2003 (date of | ||||||||||||
inception) | ||||||||||||
Year ended | Year ended | through March | ||||||||||
March 31, 2006 | March 31, 2005 | 31, 2004 | ||||||||||
Income | ||||||||||||
Interest income | $ | 160,573 | $ | 207,493 | $ | 3,814 | ||||||
Total income | 160,573 | 207,493 | 3,814 | |||||||||
Share of losses from operating limited partnerships | (2,623,670 | ) | (992,975 | ) | — | |||||||
Expenses | ||||||||||||
Professional fees | 51,370 | 34,292 | 4,512 | |||||||||
Partnership management fee | 379,008 | 382,111 | 13,945 | |||||||||
Amortization | 108,243 | 51,236 | — | |||||||||
Organization costs | — | 99,946 | — | |||||||||
General and administrative expenses | 106,068 | 161,584 | 7,858 | |||||||||
644,689 | 729,169 | 26,315 | ||||||||||
NET LOSS | $ | (3,107,786 | ) | $ | (1,514,651 | ) | $ | (22,501 | ) | |||
Net loss allocated to general partner | $ | (7,769 | ) | $ | (3,787 | ) | $ | (56 | ) | |||
Net loss allocated to assignees | $ | (3,100,017 | ) | $ | (1,510,864 | ) | $ | (22,445 | ) | |||
Net loss per BAC | $ | (0.89 | ) | $ | (0.45 | ) | $ | (0.07 | ) | |||
(continued)
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Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF OPERATIONS — CONTINUED
Series 48 | ||||||||
For the period | ||||||||
May 11, 2004 | ||||||||
(date of inception) | ||||||||
Year ended March | through March | |||||||
31, 2006 | 31, 2005 | |||||||
Income | ||||||||
Interest income | $ | 63,719 | $ | 92,821 | ||||
Total income | 63,719 | 92,821 | ||||||
Share of losses from operating limited partnerships | (1,646,509 | ) | (213,922 | ) | ||||
Expenses | ||||||||
Professional fees | 27,320 | 9,671 | ||||||
Partnership management fee | 230,913 | 189,107 | ||||||
Amortization | 76,543 | 18,570 | ||||||
Organization costs | — | 101,520 | ||||||
General and administrative expenses | 49,114 | 68,651 | ||||||
383,890 | 387,519 | |||||||
NET LOSS | $ | (1,966,680 | ) | $ | (508,620 | ) | ||
Net loss allocated to general partner | $ | (4,917 | ) | $ | (1,272 | ) | ||
Net loss allocated to assignees | $ | (1,961,763 | ) | $ | (507,348 | ) | ||
Net loss per BAC | $ | (0.85 | ) | $ | (0.31 | ) | ||
Series 48 was not formed until after March 31, 2004, therefore no comparative information included
See notes to financial statements
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Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF OPERATIONS — CONTINUED
Series 49 | ||||||||
For the period | ||||||||
August 24, 2004 | ||||||||
(date of inception) | ||||||||
Year ended March | through March | |||||||
31, 2006 | 31, 2005 | |||||||
Income | ||||||||
Interest income | $ | 634,250 | $ | 62,538 | ||||
Total income | 634,250 | 62,538 | ||||||
Share of losses from operating limited partnerships | (681,863 | ) | — | |||||
Expenses | ||||||||
Professional fees | 80,204 | 3,955 | ||||||
Partnership management fee | 371,524 | 64,300 | ||||||
Amortization | 165,987 | — | ||||||
Organization costs | — | 87,827 | ||||||
General and administrative expenses | 198,789 | 48,073 | ||||||
816,504 | 204,155 | |||||||
NET LOSS | $ | (864,117 | ) | $ | (141,617 | ) | ||
Net loss allocated to general partner | $ | (2,160 | ) | $ | (354 | ) | ||
Net loss allocated to assignees | $ | (861,957 | ) | $ | (141,263 | ) | ||
Net loss per BAC | $ | (0.14 | ) | $ | (0.11 | ) | ||
Series 49 was not formed until after March 31, 2004, therefore no comparative information included
See notes to financial statements
F-12
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)- CONTINUED
Year ended March 31, 2006 and 2005
Accumulated | ||||||||||||||||||||
other | ||||||||||||||||||||
General | comprehensive | Comprehensive | ||||||||||||||||||
Total | Assignees | partner | income | income (loss) | Total | |||||||||||||||
Capital contributions | $ | 18,449,450 | $ | — | $ | — | $ | 18,449,450 | ||||||||||||
Sales and syndication costs | (2,549,390 | ) | — | — | (2,549,390 | ) | ||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | (22,445 | ) | (56 | ) | — | $ | (22,501 | ) | (22,501 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Unrealized gain (loss) on securities | ||||||||||||||||||||
available-for-sale | — | — | — | — | — | |||||||||||||||
Total comprehensive income (loss) | $ | (22,501 | ) | |||||||||||||||||
Partners’ capital (deficit), March 31, 2004 | 15,877,615 | (56 | ) | — | 15,877,559 | |||||||||||||||
Capital contributions | 89,410,220 | — | — | 89,410,220 | ||||||||||||||||
Sales and syndication costs | (10,711,849 | ) | — | — | (10,711,849 | ) | ||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | (2,159,475 | ) | (5,413 | ) | — | $ | (2,164,888 | ) | (2,164,888 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Unrealized gain (loss) on securities | ||||||||||||||||||||
available-for-sale | — | — | (112,777 | ) | (112,777 | ) | (112,777 | ) | ||||||||||||
Total comprehensive income (loss) | $ | (2,277,665 | ) | |||||||||||||||||
Partners’ capital (deficit), March 31, 2005 | 92,416,511 | (5,469 | ) | (112,777 | ) | 92,298,265 | ||||||||||||||
Capital contributions | 9,916,881 | — | — | 9,916,881 | ||||||||||||||||
Selling commissions and registration costs refund, net | (33,983 | ) | — | — | (33,983 | ) | ||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | (5,923,737 | ) | (14,846 | ) | — | $ | (5,938,583 | ) | (5,938,583 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Unrealized gain (loss) on securities | ||||||||||||||||||||
available-for-sale | — | — | (22,344 | ) | (22,344 | ) | (22,344 | ) | ||||||||||||
Total comprehensive income (loss) | $ | (5,960,927 | ) | |||||||||||||||||
Partners’ capital (deficit), March 31, 2006 | $ | 96,375,672 | $ | (20,315 | ) | $ | (135,121 | ) | $ | 96,220,236 | ||||||||||
See notes to financial statements
F-13
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED
Year ended March 31, 2006 and 2005
Accumulated | ||||||||||||||||||||
other | ||||||||||||||||||||
General | comprehensive | Comprehensive | ||||||||||||||||||
Series 47 | Assignees | partner | income | income (loss) | Total | |||||||||||||||
Capital contributions | $ | 18,449,450 | $ | — | $ | — | $ | 18,449,450 | ||||||||||||
Sales and syndication costs | (2,549,390 | ) | — | — | (2,549,390 | ) | ||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | (22,445 | ) | (56 | ) | — | $ | (22,501 | ) | (22,501 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Unrealized gain (loss) on securities | ||||||||||||||||||||
available-for-sale | — | — | — | — | — | |||||||||||||||
Total comprehensive income (loss) | $ | (22,501 | ) | |||||||||||||||||
Partners’ capital (deficit), March 31, 2004 | 15,877,615 | (56 | ) | — | 15,877,559 | |||||||||||||||
Capital contributions | 16,333,890 | — | — | 16,333,890 | ||||||||||||||||
Sales and syndication costs | (2,025,173 | ) | — | — | (2,025,173 | ) | ||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | (1,510,864 | ) | (3,787 | ) | — | $ | (1,514,651 | ) | (1,514,651 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Unrealized gain (loss) on securities | ||||||||||||||||||||
available-for-sale | — | — | (70,194 | ) | (70,194 | ) | (70,194 | ) | ||||||||||||
Total comprehensive income (loss) | $ | (1,584,845 | ) | |||||||||||||||||
Partners’ capital (deficit), March 31, 2005 | 28,675,468 | (3,843 | ) | (70,194 | ) | 28,601,431 | ||||||||||||||
Capital contributions | — | — | — | — | ||||||||||||||||
Selling commissions and registration costs refund, net | 474,761 | — | — | 474,761 | ||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | (3,100,017 | ) | (7,769 | ) | — | $ | (3,107,786 | ) | (3,107,786 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Unrealized gain (loss) on securities | ||||||||||||||||||||
available-for-sale | — | — | 43,323 | 43,323 | 43,323 | |||||||||||||||
Total comprehensive income (loss) | $ | (3,064,463 | ) | |||||||||||||||||
Partners’ capital (deficit), March 31, 2006 | $ | 26,050,212 | $ | (11,612 | ) | $ | (26,871 | ) | $ | 26,011,729 | ||||||||||
See notes to financial statements
F-14
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED
Year ended March 31, 2006 and 2005
Accumulated | ||||||||||||||||||||
other | ||||||||||||||||||||
General | comprehensive | Comprehensive | ||||||||||||||||||
Series 48 | Assignees | partner | income | income (loss) | Total | |||||||||||||||
Capital contributions | $ | 22,993,720 | $ | — | $ | — | $ | 22,993,720 | ||||||||||||
Sales and syndication costs | (3,024,250 | ) | — | — | (3,024,250 | ) | ||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | (507,348 | ) | (1,272 | ) | — | $ | (508,620 | ) | (508,620 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Unrealized gain (loss) on securities | ||||||||||||||||||||
available-for-sale | — | — | (42,583 | ) | (42,583 | ) | (42,583 | ) | ||||||||||||
Total comprehensive income (loss) | $ | (551,203 | ) | |||||||||||||||||
Partners’ capital (deficit), March 31, 2005 | 19,462,122 | (1,272 | ) | (42,583 | ) | 19,418,267 | ||||||||||||||
Capital contributions | — | — | — | — | ||||||||||||||||
Selling commissions and registration costs refund, net | 334,698 | — | — | 334,698 | ||||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | (1,961,763 | ) | (4,917 | ) | — | $ | (1,966,680 | ) | (1,966,680 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Unrealized gain (loss) on securities | ||||||||||||||||||||
available-for-sale | — | — | 30,645 | 30,645 | 30,645 | |||||||||||||||
Total comprehensive income (loss) | $ | (1,936,035 | ) | |||||||||||||||||
Partners’ capital (deficit), March 31, 2006 | $ | 17,835,057 | $ | (6,189 | ) | $ | (11,938 | ) | $ | 17,816,930 | ||||||||||
Series 48 was not formed until after March 31, 2004, therefore no comparative information included
See notes to financial statements
F-15
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) — CONTINUED
Year ended March 31, 2006 and for the period May 11,2004
(date of inception) through March 31, 2006
(date of inception) through March 31, 2006
Accumulated | ||||||||||||||||||||
other | ||||||||||||||||||||
General | comprehensive | Comprehensive | ||||||||||||||||||
Series 49 | Assignees | partner | income | income (loss) | Total | |||||||||||||||
Capital contributions | $ | 50,082,610 | $ | — | $ | — | $ | 50,082,610 | ||||||||||||
Sales and syndication costs | (5,662,426 | ) | — | — | (5,662,426 | ) | ||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | (141,263 | ) | (354 | ) | — | $ | (141,617 | ) | (141,617 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Unrealized gain (loss) on securities available-for-sale | — | — | — | — | — | |||||||||||||||
Total comprehensive income (loss) | $ | (141,617 | ) | |||||||||||||||||
Partners’ capital (deficit), March 31, 2005 | 44,278,921 | (354 | ) | — | 44,278,567 | |||||||||||||||
Capital contributions | 9,916,881 | — | — | 9,916,881 | ||||||||||||||||
Selling commissions and registration costs refund, net | (843,442 | ) | — | — | (843,442 | ) | ||||||||||||||
Comprehensive income (loss) | ||||||||||||||||||||
Net income (loss) | (861,957 | ) | (2,160 | ) | — | $ | (864,117 | ) | (864,117 | ) | ||||||||||
Other comprehensive income (loss) | ||||||||||||||||||||
Unrealized gain (loss) on securities available-for-sale | — | — | (96,312 | ) | — | (96,312 | ) | |||||||||||||
Total comprehensive income (loss) | $ | (864,117 | ) | |||||||||||||||||
Partners’ capital (deficit), March 31, 2006 | $ | 52,490,403 | $ | (2,514 | ) | $ | (96,312 | ) | $ | 52,391,577 | ||||||||||
Series 49 was not formed until after March 31, 2004, therefore no comparative information included
See notes to financial statements
F-16
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF CASH FLOWS
Total | ||||||||||||
For the period | ||||||||||||
October 15, 2003 | ||||||||||||
(date of | ||||||||||||
inception) | ||||||||||||
Year ended | Year ended March | through March | ||||||||||
March 31, 2006 | 31, 2005 | 31, 2004 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net loss | $ | (5,938,583 | ) | $ | (2,164,888 | ) | $ | (22,501 | ) | |||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||||||||||||
Share of loss from operating limited partnerships | 4,952,042 | 1,206,897 | — | |||||||||
Distributions received from operating limited partnerships | — | 738 | — | |||||||||
Amortization | 350,773 | 69,806 | — | |||||||||
Changes in assets and liabilities | ||||||||||||
Other assets | 1,889,910 | 616,574 | (5,197,386 | ) | ||||||||
Accounts payable and accrued expenses | (679,939 | ) | 317,125 | 452,121 | ||||||||
Accounts payable — affiliates | (337,086 | ) | (278,032 | ) | 692,542 | |||||||
Net cash provided by (used in) operating activities | 237,117 | (231,780 | ) | (4,075,224 | ) | |||||||
Cash flows from investing activities | ||||||||||||
Capital contributions paid to operating limited partnerships | (29,690,059 | ) | (32,888,700 | ) | (3,610,137 | ) | ||||||
(Advances) to repayments from operating limited partnerships | (2,241,547 | ) | 130,668 | (2,941,935 | ) | |||||||
Purchase of investments (net of proceeds from sales and maturities of investments) | (4,515,831 | ) | (8,807,290 | ) | — | |||||||
Capitalized expenses paid | — | (194,815 | ) | — | ||||||||
Acquisition costs paid for operating limited partnerships | (1,397,598 | ) | (7,019,881 | ) | (1,290,907 | ) | ||||||
Net cash provided by (used in) investing activities | (37,845,035 | ) | (48,780,018 | ) | (7,842,979 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Capital contributions received | 9,916,881 | 89,410,220 | 18,449,450 | |||||||||
Sales and syndication costs paid | (33,983 | ) | (10,711,849 | ) | (2,549,390 | ) | ||||||
Proceeds from line of credit | 1,776,019 | 10,621,679 | 2,678,132 | |||||||||
Repayment of line of credit | (1,776,019 | ) | (13,299,811 | ) | — | |||||||
Net cash provided by (used in) financing activities | 9,882,898 | 76,020,239 | 18,578,192 | |||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (27,725,020 | ) | 27,008,441 | 6,659,989 | ||||||||
Cash and cash equivalents, beginning | 33,668,430 | 6,659,989 | — | |||||||||
Cash and cash equivalents, end | $ | 5,943,410 | $ | 33,668,430 | $ | 6,659,989 | ||||||
(continued)
F-17
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF CASH FLOWS — CONTINUED
Total | ||||||||||||
For the period | ||||||||||||
October 15, 2003 | ||||||||||||
(date of | ||||||||||||
inception) | ||||||||||||
Year ended March | Year ended March | through March | ||||||||||
31, 2006 | 31, 2005 | 31, 2004 | ||||||||||
Supplemental schedule of noncash investing and financing activities: | ||||||||||||
The partnership has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships. | $ | 11,197,496 | $ | 63,415,322 | $ | 3,520,429 | ||||||
The partnership applied notes receivable and advances to its capital contribution obligation to operating limited partnerships. | $ | 1,281,301 | $ | 545,525 | $ | — | ||||||
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated. | $ | 298,935 | $ | — | $ | — | ||||||
(continued)
F-18
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF CASH FLOWS — CONTINUED
Series 47 | ||||||||||||
For the period | ||||||||||||
October 15, 2003 | ||||||||||||
(date of | ||||||||||||
inception) | ||||||||||||
Year ended | Year ended | through March | ||||||||||
March 31, 2006 | March 31, 2005 | 31, 2004 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net loss | $ | (3,107,786 | ) | $ | (1,514,651 | ) | $ | (22,501 | ) | |||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||||||||||||
Share of loss from operating limited partnerships | 2,623,670 | 992,975 | — | |||||||||
Distributions received from operating limited partnerships | — | 738 | — | |||||||||
Amortization | 108,243 | 51,236 | — | |||||||||
Changes in assets and liabilities | ||||||||||||
Other assets | 708,173 | 5,000,226 | (5,197,386 | ) | ||||||||
Accounts payable and accrued expenses | (130,968 | ) | (317,018 | ) | 452,121 | |||||||
Accounts payable — affiliates | (244,399 | ) | (448,143 | ) | 692,542 | |||||||
Net cash provided by (used in) operating activities | (43,067 | ) | 3,765,363 | (4,075,224 | ) | |||||||
Cash flows from investing activities | ||||||||||||
Capital contributions paid to operating limited partnerships | (4,040,379 | ) | (14,160,426 | ) | (3,610,137 | ) | ||||||
(Advances) to repayments from operating limited partnerships | (966,973 | ) | 1,597,261 | (2,941,935 | ) | |||||||
Purchase of investments (net of proceeds from sales and maturities of investments) | 3,424,739 | (5,860,144 | ) | — | ||||||||
Capitalized expenses paid | — | (109,581 | ) | — | ||||||||
Acquisition costs paid for operating limited partnerships | (61,808 | ) | (1,557,234 | ) | (1,290,907 | ) | ||||||
Net cash provided by (used in) investing activities | (1,644,421 | ) | (20,090,124 | ) | (7,842,979 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Capital contributions received | — | 16,333,890 | 18,449,450 | |||||||||
Sales and syndication costs paid | 474,761 | (2,025,173 | ) | (2,549,390 | ) | |||||||
Proceeds from line of credit | — | 7,265,139 | 2,678,132 | |||||||||
Repayment of line of credit | — | (9,943,271 | ) | — | ||||||||
Net cash provided by (used in) financing activities | 474,761 | 11,630,585 | 18,578,192 | |||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1,212,727 | ) | (4,694,176 | ) | 6,659,989 | |||||||
Cash and cash equivalents, beginning | 1,965,813 | 6,659,989 | — | |||||||||
Cash and cash equivalents, end | $ | 753,086 | $ | 1,965,813 | $ | 6,659,989 | ||||||
(continued)
F-19
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF CASH FLOWS — CONTINUED
Series 47 | ||||||||||||
For the period | ||||||||||||
October 15, 2003 | ||||||||||||
(date of | ||||||||||||
inception) | ||||||||||||
Year ended | Year ended | through March | ||||||||||
March 31, 2006 | March 31, 2005 | 31, 2004 | ||||||||||
Supplemental schedule of noncash investing and financing activities: | ||||||||||||
The partnership has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships. | $ | 88,771 | $ | 19,148,979 | $ | 3,520,429 | ||||||
The partnership applied notes receivable and advances to its capital contribution obligation to operating limted partnerships. | $ | — | $ | 545,525 | $ | — | ||||||
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated. | $ | 290,858 | $ | — | $ | — | ||||||
(continued)
F-20
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF CASH FLOWS — CONTINUED
Series 48 | ||||||||
For the period | ||||||||
May 11, 2004 | ||||||||
(date of | ||||||||
inception) | ||||||||
Year ended | through March | |||||||
March 31, 2006 | 31, 2005 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (1,966,680 | ) | $ | (508,620 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||||||||
Share of loss from operating limited partnerships | 1,646,509 | 213,922 | ||||||
Distributions received from operating limited partnerships | — | — | ||||||
Amortization | 76,543 | 18,570 | ||||||
Changes in assets and liabilities | ||||||||
Other assets | 424 | (2,101 | ) | |||||
Accounts payable and accrued expenses | (77,690 | ) | 77,805 | |||||
Accounts payable — affiliates | (121,984 | ) | 121,984 | |||||
Net cash provided by (used in) operating activities | (442,878 | ) | (78,440 | ) | ||||
Cash flows from investing activities | ||||||||
Capital contributions paid to operating limited partnerships | (3,939,314 | ) | (10,168,890 | ) | ||||
(Advances) to repayments from operating limited partnerships | (614,310 | ) | (1,163,600 | ) | ||||
Purchase of investments (net of proceeds from sales and maturities of investments) | 2,004,229 | (2,947,146 | ) | |||||
Capitalized expenses paid | — | (37,771 | ) | |||||
Acquisition costs paid for operating limited partnerships | 64,491 | (2,014,227 | ) | |||||
Net cash provided by (used in) investing activities | (2,484,904 | ) | (16,331,634 | ) | ||||
Cash flows from financing activities | ||||||||
Capital contributions received | — | 22,993,720 | ||||||
Sales and syndication costs paid | 334,698 | (3,024,250 | ) | |||||
Proceeds from line of credit | — | 699,448 | ||||||
Repayment of line of credit | — | (699,448 | ) | |||||
Net cash provided by (used in) financing activities | 334,698 | 19,969,470 | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (2,593,084 | ) | 3,559,396 | |||||
Cash and cash equivalents, beginning | 3,559,396 | — | ||||||
Cash and cash equivalents, end | $ | 966,312 | $ | 3,559,396 | ||||
(continued)
F-21
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF CASH FLOWS — CONTINUED
Series 48 | ||||||||
For the period | ||||||||
May 11, 2004 | ||||||||
(date of | ||||||||
inception) | ||||||||
Year ended | through March | |||||||
March 31, 2006 | 31, 2005 | |||||||
Supplemental schedule of noncash investing and financing activities: | ||||||||
The partnership has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships. | $ | — | $ | 17,391,528 | ||||
The partnership applied notes receivable and advances to its capital contribution obligation to operating limted partnerships. | $ | 978,308 | $ | — | ||||
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated. | $ | 8,077 | $ | — | ||||
Series 48 was not formed until after March 31, 2004, therefore no comparative information included
(continued)
F-22
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF CASH FLOWS — CONTINUED
Series 49 | ||||||||
For the period | ||||||||
August 24, 2004 | ||||||||
(date of | ||||||||
inception) | ||||||||
Year ended | through March | |||||||
March 31, 2006 | 31, 2005 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (864,117 | ) | $ | (141,617 | ) | ||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||||||||
Share of loss from operating limited partnerships | 681,863 | — | ||||||
Distributions received from operating limited partnerships | — | — | ||||||
Amortization | 165,987 | — | ||||||
Changes in assets and liabilities | ||||||||
Other assets | 1,181,313 | (4,381,551 | ) | |||||
Accounts payable and accrued expenses | (471,281 | ) | 556,338 | |||||
Accounts payable — affiliates | 29,297 | 48,127 | ||||||
Net cash provided by (used in) operating activities | 723,062 | (3,918,703 | ) | |||||
Cash flows from investing activities | ||||||||
Capital contributions paid to operating limited partnerships | (21,710,366 | ) | (8,559,384 | ) | ||||
(Advances) to repayments from operating limited partnerships | (660,264 | ) | (302,993 | ) | ||||
Purchase of investments (net of proceeds from sales and maturities of investments) | (9,944,799 | ) | — | |||||
Capitalized expenses paid | — | (47,463 | ) | |||||
Acquisition costs paid for operating limited partnerships | (1,400,281 | ) | (3,448,420 | ) | ||||
Net cash provided by (used in) investing activities | (33,715,710 | ) | (12,358,260 | ) | ||||
Cash flows from financing activities | ||||||||
Capital contributions received | 9,916,881 | 50,082,610 | ||||||
Sales and syndication costs paid | (843,442 | ) | (5,662,426 | ) | ||||
Proceeds from line of credit | 1,776,019 | 2,657,092 | ||||||
Repayment of line of credit | (1,776,019 | ) | (2,657,092 | ) | ||||
Net cash provided by (used in) financing activities | 9,073,439 | 44,420,184 | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (23,919,209 | ) | 28,143,221 | |||||
Cash and cash equivalents, beginning | 28,143,221 | — | ||||||
Cash and cash equivalents, end | $ | 4,224,012 | $ | 28,143,221 | ||||
(continued)
F-23
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
STATEMENTS OF CASH FLOWS-CONTINUED
Series 49 | ||||||||
For the period | ||||||||
August 24, 2004 | ||||||||
(date of | ||||||||
Year ended | inception) | |||||||
March 31, 2006 | through March 31, 2005 | |||||||
Supplemental schedule of noncash investing and financing activities: | ||||||||
The partnership has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships. | $ | 11,108,725 | $ | 26,874,815 | ||||
The partnership applied notes receivable and advances to its capital contribution obligation to operating limited partnerships. | $ | 302,993 | $ | — | ||||
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated. | $ | — | $ | — | ||||
Series 49 was not formed until after March 31, 2004, therefore no comparative information included
See notes to financial statements
F-24
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS
March 31, 2006 and 2005
NOTE A — | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Boston Capital Tax Credit Fund V L.P. (the “fund” or “partnership”) was formed under the laws of the State of Delaware on October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which have been organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. The general partner of the fund is Boston Capital Associates V L.L.C. and the limited partner is BCTC V Assignor Corp. (the “assignor limited partner”).
In accordance with the limited partnership agreement, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99.75% to the assignees and .25% to the general partner.
A Registration Statement on Form S-11 and the related prospectus, as supplemented (the “Prospectus”) were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering (“Offering”) in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004 an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series became effective. As of December 31, 2005, subscriptions had been received and accepted by the Fund for 11,777,706 BAC’s representing capital contributions of $117,777,060.
The BAC’s issued and outstanding in each series at March 31, 2006 and 2005 are as follows:
2006 | 2005 | |||||||
Series 47 | 3,478,334 | 3,478,334 | ||||||
Series 48 | 2,299,372 | 2,299,372 | ||||||
Series 49 | 6,000,000 | 5,008,261 | ||||||
11,777,706 | 10,785,967 | |||||||
F-25
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE A — | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Investments in Operating Limited Partnerships
The fund accounts for its investments in operating limited partnerships using the equity method, whereby the fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the fund recognizes the individual operating limited partnership’s losses only to the extent that the fund’s share of losses from the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income.
A loss in value of an investment in an operating limited partnership other than a temporary decline is recorded as an impairment loss. Impairment is measured by comparing the investment carrying amount to the sum of the total amount of the remaining tax credits allocated to the fund and the estimated residual value of the investment. In addition, deferred acquisition costs related to each investment are evaluated for impairment when an impairment loss has reduced an investment balance to zero.
Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The fund records tax credit adjusters as a reduction in investments in operating limited partnerships and capital contributions payable.
The operating limited partnerships maintain their financial statements based on a calendar year and the fund utilizes a March 31 year-end. The fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year-end.
The fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the fund when received.
F-26
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE A — | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
As of March 31, 2004, the Fund adopted FASB Interpretation No. 46 — Revised (“FIN46R”), “Consolidation of Variable Interest Entities.” FIN 46R provides guidance on when a company should include the assets, liabilities, and activities of a variable interest entity (“VIE”) in its financial statements and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it absorbs the majority of the entity’s expected losses, the majority of the expected returns, or both.
Based on the guidance of FIN 46R, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under FIN 46R, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheet, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements.
The Fund’s balance in investment in operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the local general partners and their guarantee against credit recapture.
F-27
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE A — | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Investments in Operating Limited Partnerships (Continued)
During the years ended March 31, 2006 and 2005, the fund acquired interests in operating limited partnerships as follows:
2006 | 2005 | |||||||
Series 47 | — | 12 | ||||||
Series 48 | — | 10 | ||||||
Series 49 | 13 | 8 | ||||||
13 | 30 | |||||||
Deferred Acquisition Costs
Deferred acquisition costs are being amortized on the straight-line method over 27.5 years.
Accumulated amortization as of March 31, 2006 and 2005 are as follows:
2006 | 2005 | |||||||
Series 47 | $ | 154,360 | $ | 50,231 | ||||
Series 48 | 93,305 | 18,227 | ||||||
Series 49 | 159,924 | — | ||||||
$ | 407,589 | $ | 68,458 | |||||
The amortization of deferred acquisition costs for eash of the ensuing 5 years through March 31, 2011 is estimated to be $348,546 per year.
F-28
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE A — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Organization Costs
Initial organization and offering expenses common to all series are allocated on a percentage of equity raised to each series.
Organization costs are expensed as incurred.
Capitalized Expenses
Costs incurred in connection with borrowing funds to make capital contributions to operating limited partnerships and certain other costs are capitalized and included in investments in operating limited partnerships. Such costs are being amortized on the straight-line method over 27.5 years.
Accumulated amortization for capitalized expenses as of March 31, 2006 and 2005 are as follows:
2006 | 2005 | |||||||
Series 47 | $ | 5,119 | $ | 1,005 | ||||
Series 48 | 1,808 | 343 | ||||||
Series 49 | 6,063 | — | ||||||
$ | 12,990 | $ | 1,348 | |||||
The amortization of capitalized expense for cash of the ensuing 5 years through March 31, 2011 is estimated to be $11,635 per year.
Selling Commissions and Registration Costs
Selling commissions paid in connection with the public offering are charged against the assignees’ capital upon admission of investors as assignees. Registration costs associated with the public offering are charged against assignees’ capital as incurred.
F-29
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE A — | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Income Taxes
No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners and assignees individually.
Cash and Cash Equivalents
Cash equivalents include repurchase agreements, tax-exempt sweep accounts and money market accounts having original maturities at date of acquisition of three months or less. The carrying value approximates fair value because of the short maturity of these instruments. During the ordinary course of business, amounts on deposit may exceed the FDIC-insured limit.
Fiscal Year
For financial reporting purposes, the fund uses a March 31 year-end, whereas for income tax reporting purposes, the fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.
Net Loss per Beneficial Assignee Certificate
Net loss per beneficial assignee partnership unit is calculated based upon the weighted average number of units outstanding during the year. The weighted average number of units in Series 47, 48 and 49 at March 31, 2006 and 2005 are as follows:
2006 | 2005 | |||||||
Series 47 | 3,478,334 | 3,365,262 | ||||||
Series 48 | 2,299,372 | 1,644,882 | ||||||
Series 49 | 5,937,626 | 1,333,753 | ||||||
11,715,332 | 6,343,897 | |||||||
F-30
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE A — | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
Investments
Investments available-for-sale are being carried at fair value. Unrealized gains or losses are reported as other comprehensive income (loss). Realized gains or losses, determined on the basis of the costs of specific securities sold, are included in earnings.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.
F-31
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE B — RELATED PARTY TRANSACTIONS
During the year ended March 31, 2006 and 2005, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc. (BCP), Boston Capital Services, Inc. (BCS), Boston Capital Holdings Limited Partnership (BCHLP) and Boston Capital Asset Management Limited Partnership(BCAM), as follows:
Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The annual fund management fee charged to operations for the year ended for March 31, 2006, 2005, and 2004 are as follows:
2006 | 2005 | 2004 | ||||||||||
Series 47 | $ | 379,008 | $ | 382,111 | $ | 13,945 | ||||||
Series 48 | 230,913 | 189,107 | — | |||||||||
Series 49 | 371,524 | 64,300 | — | |||||||||
$ | 981,445 | $ | 635,518 | $ | 13,945 | |||||||
General and administrative expenses and professional fees incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership for each series for the year ended March 31, 2006, 2005, and 2004 charged to each series operations are as follows:
2006 | 2005 | 2004 | ||||||||||
Series 47 | $ | 31,359 | $ | 31,106 | $ | 10,053 | ||||||
Series 48 | 26,802 | 29,419 | — | |||||||||
Series 49 | 35,008 | 36,644 | — | |||||||||
$ | 93,169 | $ | 97,169 | $ | 10,053 | |||||||
F-32
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE B — RELATED PARTY TRANSACTIONS (Continued)
Boston Capital Services, Inc. received dealer-manager fees for the marketing advice and investment banking services performed at the time of the fund’s offering of BACs. The dealer-manager fees are included in partners’ capital as selling commissions and registration costs. During the year ended March 31, 2006, 2005, and 2004 dealer manager fees incurred to Boston Capital Services, Inc. are as follows:
2006 | 2005 | 2004 | ||||||||||
Series 47 | $ | — | $ | 286,163 | $ | 226,254 | ||||||
Series 48 | — | 288,407 | — | |||||||||
Series 49 | 138,469 | 711,433 | — | |||||||||
$ | 138,469 | $ | 1,286,003 | $ | 226,254 | |||||||
The amounts presented for Dealer-Manager Fee, as retained by Boston Capital Securities, Inc, have been adjusted to reflect reimbursements made in March 2006 of certain offering expenses, including expenses associated with wholesaling services, by Boston Capital Holdings Limited Partnership to the applicable fund. These payments were voluntarily made by Boston Capital Holdings Limited Partnership following an inquiry by the NASD of Boston Capital Securities, Inc. This inquiry has been resolved. For the year ended March 31, 2006 the amounts reimbursed by Boston Capital Holdings Limited Partnership were $381,232 and $270,271, for Series 47 and Series 48, respectively.
A receivable from affiliates had been recorded as of March 31, 2005 in the amount of $773,039. This was a result of recent regulatory guidance concerning the treatment of certain offering costs that were paid by the Fund. This receivable was reimbursed by Boston Capital Holdings Limited Partnership as of March 31, 2006.
Other assets at March 31, 2006 includes $531,000 of amounts due from affiliates for reimbursement of costs incurred for future series costs as the Investment General Partner has decided not to expand the fund.
F-33
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE B — RELATED PARTY TRANSACTIONS (Continued)
Boston Capital Holdings Limited Partnership is entitled to asset acquisition fees for selecting, evaluating, structuring, negotiating, and closing the fund’s acquisition of interests in the operating limited partnerships. During the year ended March 31, 2006, 2005, and 2004, acquisition fees incurred to Boston Capital Holdings Limited Partnership by series are as follows.
2006 | 2005 | 2004 | ||||||||||
Series 47 | $ | — | $ | 1,045,369 | $ | 1,180,765 | ||||||
Series 48 | — | 1,471,598 | — | |||||||||
Series 49 | 634,685 | 3,205,252 | — | |||||||||
$ | 634,685 | $ | 5,722,219 | $ | 1,180,765 | |||||||
Accounts payable — affiliates at March 31, 2006, 2005, and 2004 represents acquisition fees, fund management fees, Operating Partnership loans and dealer-manager fees which are payable to Boston Capital Holdings Limited Partnership, Boston Capital Services, Inc., and Boston Capital Asset Management Limited Partnership.
During the year ended March 31, 2006 and 2005, the fund reimbursed affiliates of the general partner for amounts in connection with the offering of BACs. These reimbursements include, but are not limited to, postage, printing, travel and overhead allocations and are included in partners’ capital as selling commissions and registrations costs at March 31, 2006 and 2005. During the year ended March 31, 2006 and 2005, the selling commission and registration costs incurred to affiliates by series are as follows:
2006 | 2005 | 2004 | ||||||||||
Series 47 | $ | — | $ | 64,031 | $ | 74,195 | ||||||
Series 48 | — | 69,484 | — | |||||||||
Series 49 | 36,714 | 94,804 | — | |||||||||
$ | 36,714 | $ | 228,319 | $ | 74,195 | |||||||
F-34
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 2006 and 2006, the fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the fund has limited partnerships interests at March 31, 2006 and 2005 by series are as follows:
2006 | 2005 | |||||||
Series 47 | 15 | 15 | ||||||
Series 48 | 10 | 10 | ||||||
Series 49 | 21 | 8 | ||||||
46 | 33 | |||||||
Under the terms of the fund’s investment in each operating limited partnership, the fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations. At March 31, 2006 and 2005, contributions are payable to operating limited partnerships as follows:
2006 | 2005 | |||||||
Series 47 | $ | 3,731,835 | $ | 7,963,457 | ||||
Series 48 | 2,338,756 | 7,222,638 | ||||||
Series 49 | 12,826,512 | 18,315,431 | ||||||
$ | 18,897,103 | $ | 33,501,526 | |||||
F-35
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund’s investments in operating limited partnerships at March 31, 2006 is summarized as follows:
Total | Series 47 | Series 48 | Series 49 | |||||||||||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | $ | 86,912,823 | $ | 26,088,302 | $ | 17,425,267 | $ | 43,399,254 | ||||||||
Acquisition costs of operating limited partnerships | 305,896 | 106,953 | 38,454 | 160,489 | ||||||||||||
Cumulative distributions from operating limited partnerships | (738 | ) | (738 | ) | — | — | ||||||||||
Cumulative losses from operating limited partnerships | (6,158,939 | ) | (3,616,645 | ) | (1,860,431 | ) | (681,863 | ) | ||||||||
Investments in operating limited partnerships per balance sheets | 81,059,042 | 22,577,872 | 15,603,290 | 42,877,880 |
F-36
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
Total | Series 47 | Series 48 | Series 49 | |||||||||||||
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2006 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2005 (see note A). | (23,915,681 | ) | (4,433,357 | ) | (3,000,943 | ) | (16,481,381 | ) | ||||||||
The fund has recorded acquisition costs at March 31, 2006 which have not been recorded in the net assets of the operating limited partnerships (see note A). | (305,897 | ) | (106,953 | ) | (38,454 | ) | (160,490 | ) | ||||||||
Other | (30,562 | ) | (21,116 | ) | (9,620 | ) | 174 | |||||||||
Equity per operating limited partnerships’ combined financial statements | $ | 56,806,902 | $ | 18,016,446 | $ | 12,554,273 | $ | 26,236,183 | ||||||||
F-37
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund’s investments in operating limited partnerships at March 31, 2005 is summarized as follows:
Total | Series 47 | Series 48 | Series 49 | |||||||||||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | $ | 70,545,888 | $ | 26,279,545 | $ | 17,391,528 | $ | 26,874,815 | ||||||||
Acquisition costs of operating limited partnerships | 193,467 | 108,576 | 37,428 | 47,463 | ||||||||||||
Cumulative distributions from operating limited partnerships | (738 | ) | (738 | ) | — | — | ||||||||||
Cumulative losses from operating limited partnerships | (1,206,897 | ) | (992,975 | ) | (213,922 | ) | — | |||||||||
Investments in operating limited partnerships per balance sheets | 69,531,720 | 25,394,408 | 17,215,034 | 26,922,278 |
F-38
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
Total | Series 47 | Series 48 | Series 49 | |||||||||||||
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2005 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2004 (see note A). | (41,626,722 | ) | (10,410,234 | ) | (7,887,936 | ) | (23,328,552 | ) | ||||||||
The fund has recorded acquisition costs at March 31, 2005 which have not been recorded in the net assets of the operating limited partnerships (see note A). | (193,464 | ) | (108,575 | ) | (37,426 | ) | (47,463 | ) | ||||||||
Other | (14,713 | ) | (14,713 | ) | — | — | ||||||||||
Equity per operating limited partnerships’ combined financial statements | $ | 27,696,821 | $ | 14,860,886 | $ | 9,289,672 | $ | 3,546,263 | ||||||||
F-39
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2005 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
Total | Series 47 | Series 48 | Series 49 | |||||||||||||
ASSETS | ||||||||||||||||
Buildings and improvements, net of accumulated depreciation | $ | 242,474,280 | $ | 102,462,804 | $ | 71,701,492 | $ | 68,309,984 | ||||||||
Construction in progress | 33,643,645 | 3,818,773 | 3,818,773 | 26,006,099 | ||||||||||||
Land | 21,439,276 | 8,151,020 | 6,635,577 | 6,652,679 | ||||||||||||
Other assets | 26,227,381 | 7,424,595 | 3,846,244 | 14,956,542 | ||||||||||||
$ | 323,784,582 | $ | 121,857,192 | $ | 86,002,086 | $ | 115,925,304 | |||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||
Mortgages and construction loans payable | $ | 189,847,874 | $ | 76,092,992 | $ | 51,558,680 | $ | 62,196,202 | ||||||||
Accounts payable and accrued expenses | 3,075,059 | 1,045,003 | 332,394 | 1,697,662 | ||||||||||||
Other liabilities | 51,930,103 | 18,040,618 | 14,094,698 | 19,794,787 | ||||||||||||
244,853,036 | 95,178,613 | 65,985,772 | 83,688,651 | |||||||||||||
PARTNERS’ CAPITAL | ||||||||||||||||
Boston Capital Tax Credit Fund V L.P. | 56,806,902 | 18,016,446 | 12,554,273 | 26,236,183 | ||||||||||||
Other partners | 22,124,644 | 8,662,133 | 7,462,041 | 6,000,470 | ||||||||||||
78,931,546 | 26,678,579 | 20,016,314 | 32,236,653 | |||||||||||||
$ | 323,784,582 | $ | 121,857,192 | $ | 86,002,086 | $ | 115,925,304 | |||||||||
F-40
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2004 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
Total | Series 47 | Series 48 | Series 49 | |||||||||||||
ASSETS | ||||||||||||||||
Buildings and improvements, net of accumulated depreciation | $ | 67,277,915 | $ | 45,318,584 | $ | 21,959,331 | $ | — | ||||||||
Construction in progress | 63,622,140 | 30,399,586 | 24,484,363 | 8,738,191 | ||||||||||||
Land | 15,802,569 | 7,858,128 | 6,132,293 | 1,812,148 | ||||||||||||
Other assets | 58,555,370 | 25,745,978 | 21,245,348 | 11,564,044 | ||||||||||||
$ | 205,257,994 | $ | 109,322,276 | $ | 73,821,335 | $ | 22,114,383 | |||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||
Mortgages and construction loans payable | $ | 136,192,062 | $ | 71,373,669 | $ | 47,680,886 | $ | 17,137,507 | ||||||||
Accounts payable and accrued expenses | 956,888 | 815,233 | 121,306 | 20,349 | ||||||||||||
Other liabilities | 29,952,109 | 16,932,809 | 11,609,146 | 1,410,154 | ||||||||||||
167,101,059 | 89,121,711 | 59,411,338 | 18,568,010 | |||||||||||||
PARTNERS’ CAPITAL | ||||||||||||||||
Boston Capital Tax Credit Fund V L.P. | 27,696,821 | 14,860,886 | 9,289,672 | 3,546,263 | ||||||||||||
Other partners | 10,460,114 | 5,339,679 | 5,120,325 | 110 | ||||||||||||
38,156,935 | 20,200,565 | 14,409,997 | 3,546,373 | |||||||||||||
$ | 205,257,994 | $ | 109,322,276 | $ | 73,821,335 | $ | 22,114,383 | |||||||||
F-41
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2005 for operating limited partnerships in which Series 47 through Series 49 had an interest as of December 31, 2005 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Total | Series 47 | Series 48 | Series 49 | |||||||||||||
Revenue | ||||||||||||||||
Rent | $ | 10,696,589 | $ | 5,968,730 | $ | 2,934,817 | $ | 1,793,042 | ||||||||
Interest and other | 603,587 | 276,664 | 178,794 | 148,129 | ||||||||||||
11,300,176 | 6,245,394 | 3,113,611 | 1,941,171 | |||||||||||||
Expenses | ||||||||||||||||
Interest | 4,435,324 | 2,452,204 | 1,386,691 | 596,429 | ||||||||||||
Depreciation and amortization | 4,639,304 | 2,370,090 | 1,408,422 | 860,792 | ||||||||||||
Taxes and insurance | 2,021,956 | 1,138,192 | 637,772 | 245,992 | ||||||||||||
Repairs and maintenance | 1,499,431 | 823,241 | 496,910 | 179,280 | ||||||||||||
Operating expenses | 5,788,981 | 2,956,309 | 1,689,294 | 1,143,378 | ||||||||||||
Other expenses | 508,349 | 277,015 | 182,682 | 48,652 | ||||||||||||
18,893,345 | 10,017,051 | 5,801,771 | 3,074,523 | |||||||||||||
NET LOSS | $ | (7,593,169 | ) | $ | (3,771,657 | ) | $ | (2,688,160 | ) | $ | (1,133,352 | ) | ||||
Net loss allocated to Boston | ||||||||||||||||
Capital Tax Credit Fund V L.P. | $ | (4,955,686 | ) | $ | (2,627,314 | ) | $ | (1,646,509 | ) | $ | (681,863 | ) | ||||
Net loss allocated to other partners | $ | (2,637,483 | ) | $ | (1,144,343 | ) | $ | (1,041,651 | ) | $ | (451,489 | ) | ||||
F-42
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE C — INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund invested in the operating limited partnerships subsequent to December 31, 2003, therefore no comparative statement of operations is presented. The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2004 for operating limited partnerships in which Series 47 through Series 49 had an interest as of December 31, 2004 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Total | Series 47 | Series 48 | Series 49 | |||||||||||||
Revenue | ||||||||||||||||
Rent | $ | 2,073,010 | $ | 1,840,650 | $ | 232,360 | $ | — | ||||||||
Interest and other | 62,344 | 41,915 | 20,429 | — | ||||||||||||
2,135,354 | 1,882,565 | 252,789 | — | |||||||||||||
Expenses | ||||||||||||||||
Interest | 698,909 | 549,502 | 149,407 | — | ||||||||||||
Depreciation and amortization | 818,192 | 618,700 | 199,492 | — | ||||||||||||
Taxes and insurance | 412,902 | 376,947 | 35,955 | — | ||||||||||||
Repairs and maintenance | 322,905 | 279,018 | 43,887 | — | ||||||||||||
Operating expenses | 1,257,215 | 1,092,950 | 164,265 | — | ||||||||||||
Other expenses | 88,970 | 82,305 | 6,665 | — | ||||||||||||
3,599,093 | 2,999,422 | 599,671 | — | |||||||||||||
NET LOSS | $ | (1,463,739 | ) | $ | (1,116,857 | ) | $ | (346,882 | ) | $ | — | |||||
Net loss allocated to Boston | ||||||||||||||||
Capital Tax Credit Fund V L.P. | $ | (1,206,897 | ) | $ | (992,975 | ) | $ | (213,922 | ) | $ | — | |||||
Net loss allocated to other partners | $ | (256,842 | ) | $ | (123,882 | ) | $ | (132,960 | ) | $ | — | |||||
F-43
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE D — OTHER ASSETS
Other assets include $0 and $3,490,150, respectively, of cash held by an escrow agent at March 31, 2006 and 2005. The cash held at March 31, 2005 represents capital contributions to be released to the partnership.
In addition, at March 31, 2006 and 2005, other assets includes $2,555,933 and $1,499,361, respectively, of cash advanced to operating limited partnerships, which is to be applied to capital contributions payable when certain criteria have been met. The cash advances at March 31, 2006 and 2005 by series are as follows:
2006 | 2005 | |||||||
Series 47 | $ | — | $ | 521,053 | ||||
Series 48 | — | 978,308 | ||||||
Series 49 | 2,555,933 | — | ||||||
$ | 2,555,933 | $ | 1,499,361 | |||||
NOTE E — NOTES RECEIVABLE
Notes receivable at March 31, 2006 and 2005 consist of advance installments of $2,704,935 and $766,381, respectively, of capital contributions to operating limited partnerships. The notes are comprised of noninterest bearing and interest bearing notes with rates ranging from prime to prime + 1%. Prime was 7.75% and 5.75% as of March 31, 2006 and 2005, respectively. These notes are secured by future installments of capital contributions or paid upon demand. The carrying value of the notes receivable at March 31, 2006 and 2005 approximates fair value. The notes at March 31, 2006 and 2005 by series are as follows:
2006 | 2005 | |||||||
Series 47 | $ | 1,245,069 | $ | 278,096 | ||||
Series 48 | 799,602 | 185,292 | ||||||
Series 49 | 660,264 | 302,993 | ||||||
$ | 2,704,935 | $ | 766,381 | |||||
F-44
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN
For income tax purposes, the fund reports using a December 31 year-end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2006 is reconciled as follows:
Total | Series 47 | Series 48 | Series 49 | |||||||||||||
Net income (loss) for financial reporting purposes | $ | (5,938,583 | ) | $ | (3,107,786 | ) | $ | (1,966,680 | ) | $ | (864,117 | ) | ||||
Accrued partnership management fee not deducted for income tax purposes | (290,224 | ) | (244,399 | ) | (121,984 | ) | 76,159 | |||||||||
Other | 712,634 | 417,922 | 510,983 | (216,271 | ) | |||||||||||
Excess of tax depreciation over book depreciation on operating limited partnership assets | (1,020,735 | ) | (624,869 | ) | (297,076 | ) | (98,790 | ) | ||||||||
Difference due to fiscal year for book purposes and calendar year for tax purposes | 1,570,471 | 571,686 | 315,078 | 683,707 | ||||||||||||
Income (loss) for tax return purposes, December 31, 2005 | $ | (4,966,437 | ) | $ | (2,987,446 | ) | $ | (1,559,679 | ) | $ | (419,312 | ) | ||||
F-45
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
For income tax purposes, the fund reports using a December 31 year-end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2005 is reconciled as follows:
Total | Series 47 | Series 48 | Series 49 | |||||||||||||
Net income (loss) for financial reporting purposes | $ | (2,164,888 | ) | $ | (1,514,651 | ) | $ | (508,620 | ) | $ | (141,617 | ) | ||||
Accrued partnership management fee not deducted for income tax purposes | 477,547 | 244,399 | 121,985 | 111,163 | ||||||||||||
Other | 300,085 | 164,525 | 58,167 | 77,393 | ||||||||||||
Excess of tax depreciation over book depreciation on operating limited partnership assets | (159,628 | ) | (84,558 | ) | (75,070 | ) | — | |||||||||
Difference due to fiscal year for book purposes and calendar year for tax purposes | 266,648 | 128,806 | 111,670 | 26,172 | ||||||||||||
Income (loss) for tax return purposes, December 31, 2004 | $ | (1,280,236 | ) | $ | (1,061,479 | ) | $ | (291,868 | ) | $ | 73,111 | |||||
NOTE F — RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (continued)
The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2006 are as follows:
Total | Series 47 | Series 48 | Series 49 | |||||||||||||
Investments in operating limited partnerships — tax return December 31, 2005 | $ | 76,507,336 | $ | 22,500,507 | $ | 15,775,422 | $ | 38,231,407 | ||||||||
Operating limited partnerships acquired during the three month period ended March 31, 2006 | 4,415,379 | — | — | 4,415,379 | ||||||||||||
Other | 136,327 | 77,365 | (172,132 | ) | 231,094 | |||||||||||
Investments in operating limited partnerships — as reported | $ | 81,059,042 | $ | 22,577,872 | $ | 15,603,290 | $ | 42,877,880 | ||||||||
F-46
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2005 are as follows:
Total | Series 47 | Series 48 | Series 49 | |||||||||||||
Investments in operating limited partnerships — tax return December 31, 2004 | $ | 58,068,772 | $ | 25,449,973 | $ | 17,009,433 | $ | 15,609,366 | ||||||||
Operating limited partnerships acquired during the three month period ended March 31, 2005 | 11,610,026 | — | — | 11,610,026 | ||||||||||||
Other | (147,078 | ) | (55,565 | ) | 205,601 | (297,114 | ) | |||||||||
Investments in operating limited partnerships — as reported | $ | 69,531,720 | $ | 25,394,408 | $ | 17,215,034 | $ | 26,922,278 | ||||||||
F-47
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE G — INVESTMENTS AVAILABLE-FOR-SALE
At March 31, 2006, the amortized cost and fair value of investments available-for-sale are as follows:
Gross | ||||||||||||
Amortized | unrealized | Fair | ||||||||||
cost | loss | value | ||||||||||
Tax-exempt municipal bonds | $ | 13,323,121 | $ | (135,121 | ) | $ | 13,188,000 | |||||
The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 2006 is shown below:
Amortized cost | Fair value | |||||||
Due in one year or less | $ | 5,220,067 | $ | 5,167,126 | ||||
Due in one year through five years | 7,029,930 | 6,958,634 | ||||||
Due in more than 10 years | 1,073,125 | 1,062,240 | ||||||
$ | 13,323,122 | $ | 13,188,000 | |||||
The tax-exempt coupon rates for the investments held during the year ranged from 2.50% to 5.86%.
Proceeds from sales and maturities of investments during the year ended March 31, 2006 were $5,897,378, resulting in a realized loss of $223,290, included in interest income.
F-48
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE G — INVESTMENTS AVAILABLE-FOR-SALE (continued)
At March 31, 2005, the amortized cost and fair value of investments available-for-sale are as follows:
Gross | ||||||||||||
Amortized | unrealized | Fair | ||||||||||
cost | loss | value | ||||||||||
Tax-exempt municipal bonds | $ | 8,807,290 | $ | (112,777 | ) | $ | 8,694,513 | |||||
The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 2005 is shown below:
Amortized cost | Fair value | |||||||
Due in one year or less | $ | 1,096,344 | $ | 1,082,638 | ||||
Due in one year through five years | 6,928,957 | 6,858,312 | ||||||
Due in more than 10 years | 781,989 | 753,563 | ||||||
$ | 8,807,290 | $ | 8,694,513 | |||||
The tax-exempt coupon rates for the investments held during the year ranged from 1.00% to 6.25%.
NOTE H — CASH EQUIVALENTS
Cash equivalents of $3,183,674 and $8,270,609 as of March 31, 2006 and 2005, respectively, include tax-exempt sweep accounts and money market accounts with interest rates ranging from 0.40% to 4.12% per annum.
On March 31, 2006 and 2005, the fund purchased $2,650,000 and $25,230,000 of corporate bonds and preferred stock to resell on April 1, 2006 and April 1, 2005, respectively. Interest is earned at a rate of .4% per annum.
F-49
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE I — LINE OF CREDIT
For the year ended March 31, 2006 and 2005, the partnership has a line of credit with an agent bank in the aggregate amount of $40,000,000, of which $0 was outstanding as of March 31, 2006 and March 31, 2005. The line bears interest at the prime rate (7.75% and 5.75% at March 31, 2006 and 2005, respectively) plus .25%. Interest is payable monthly. For the year ended March 31, 2006 and 2005, $90,877 and $177,780 of interest was incurred or paid. Interest been recorded as a cost of acquiring investments in operating limited partnerships and is being amortized over the life of asset. The line is guaranteed by Boston Capital Holdings, L.P. and various affiliates and expired on March 26, 2006.
F-50
Table of Contents
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS — CONTINUED
March 31, 2006 and 2005
NOTE J — RECONCILIATION OF QUARTERLY FINANCIAL INFORMATION
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
2006 | ||||||||||||||||
Total revenue | $ | 197,798 | $ | 184,360 | $ | 287,093 | $ | 189,291 | ||||||||
Loss from operations | (270,740 | ) | (292,334 | ) | (156,976 | ) | (266,491 | ) | ||||||||
Equity in loss of investments in operating partnerships | (366,372 | ) | (372,316 | ) | (365,912 | ) | (3,847,442 | ) | ||||||||
Net loss | (637,112 | ) | (664,650 | ) | (522,888 | ) | (4,113,933 | ) | ||||||||
Net loss per unit of limited partnership interest | (0.05 | ) | (0.06 | ) | (0.04 | ) | (0.35 | ) | ||||||||
2005 | ||||||||||||||||
Total revenue | $ | 21,419 | $ | 50,554 | $ | 128,540 | $ | 162,339 | ||||||||
Loss from operations | (248,568 | ) | (131,895 | ) | (198,056 | ) | (379,472 | ) | ||||||||
Equity in loss of investments in operating partnerships | — | — | — | (1,206,897 | ) | |||||||||||
Net loss | (248,568 | ) | (131,895 | ) | (198,056 | ) | (1,586,369 | ) | ||||||||
Net loss per unit of limited partnership interest | (0.06 | ) | (0.02 | ) | (0.02 | ) | (0.15 | ) | ||||||||
2004 | ||||||||||||||||
Total revenue | $ | — | $ | — | $ | — | $ | 3,814 | ||||||||
Loss from operations | — | — | — | (22,501 | ) | |||||||||||
Equity in loss of investments in operating partnerships | — | — | — | — | ||||||||||||
Net loss | — | — | — | (22,501 | ) | |||||||||||
Net loss per unit of limited partnership interest | — | — | — | (0.07 | ) |
F-51
Table of Contents
Boston Capital Tax Credit Fund V LP — Series 47
Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006
Cost | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Acquisition | at Close of Period | Life on Which | |||||||||||||||||||||||||||||||||||||||||
Buildings and | Buildings and | Accumulated | Date of | Date | Depreciation | |||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Construction | Acquired | is Computed | |||||||||||||||||||||||||||||||||
CAROLLTON II | 1,262,908 | 77,000 | 2,291,951 | 498,593 | 77,000 | 2,790,544 | 2,867,544 | 89,118 | 11/04 | 04/04 | 5-27.5 | |||||||||||||||||||||||||||||||||
COLEMAN FOUNTAINHEAD | 528,747 | 10,000 | 310,562 | 780,641 | 10,000 | 1,091,203 | 1,101,203 | 41,392 | 03/05 | 03/04 | 5-27.5 | |||||||||||||||||||||||||||||||||
COUNTRY BROOK | 7,284,390 | 952,379 | 7,128,652 | 1,649,124 | 916,996 | 8,777,776 | 9,694,772 | 242,742 | 07/05 | 06/04 | 5-27.5 | |||||||||||||||||||||||||||||||||
CP CONTINENTAL | 7,044,925 | 620,000 | 9,890,223 | 6,774 | 620,000 | 9,896,997 | 10,516,997 | 1,007,889 | 12/04 | 03/04 | 5-27.5 | |||||||||||||||||||||||||||||||||
DAWN SPRING | 607,100 | 250,000 | 2,133,550 | 0 | 250,000 | 2,133,550 | 2,383,550 | 4,978 | 10/05 | 05/05 | 5-27.5 | |||||||||||||||||||||||||||||||||
HILLSBORO FOUNTAINHEAD | 1,724,568 | 60,000 | 1,239,844 | 1,423,689 | 60,000 | 2,663,533 | 2,723,533 | 97,984 | 07/05 | 03/04 | 5-27.5 | |||||||||||||||||||||||||||||||||
MARBLE FALLS | 6,000,000 | 0 | 0 | 8,820,302 | 0 | 8,820,302 | 8,820,302 | 158,174 | 06/05 | 03/04 | 7-40 | |||||||||||||||||||||||||||||||||
MARION | 1,344,848 | 67,881 | 1,587,930 | 10,666 | 67,881 | 1,598,596 | 1,666,477 | 62,949 | 12/04 | 07/04 | 5-40 | |||||||||||||||||||||||||||||||||
MASTERS APARTMENTS | 8,000,000 | 467,086 | 0 | 11,936,453 | 469,361 | 11,936,453 | 12,405,814 | 76,465 | 10/05 | 06/04 | 7-40 | |||||||||||||||||||||||||||||||||
MAYFAIR | 9,500,000 | 1,330,032 | 0 | 14,186,479 | 1,330,032 | 14,186,479 | 15,516,511 | 155,068 | 07/05 | 03/04 | 7-40 | |||||||||||||||||||||||||||||||||
McEVER VINEYARDS | 13,351,578 | 1,864,444 | 15,251,440 | (41,593 | ) | 1,964,444 | 15,209,847 | 17,174,291 | 615,342 | 11/03 | 12/04 | 5-27.5 | ||||||||||||||||||||||||||||||||
PARK PLAZA | 763,900 | 31,600 | 1,013,065 | 0 | 31,600 | 1,013,065 | 1,044,665 | 42,869 | 11/04 | 11/04 | 5-27.5 | |||||||||||||||||||||||||||||||||
PARKLAND MANOR | 2,694,028 | 180,000 | 1,428,560 | 3,788,231 | 180,000 | 5,216,791 | 5,396,791 | 120,038 | 05/05 | 07/04 | 5-27.5 | |||||||||||||||||||||||||||||||||
PECAN ACRES | 2,636,000 | 277,706 | 4,787,302 | 0 | 277,706 | 4,787,302 | 5,065,008 | 144,583 | 12/04 | 06/04 | 5-27.5 | |||||||||||||||||||||||||||||||||
WELLINGTON | 13,350,000 | 1,896,000 | 0 | 15,330,210 | 1,896,000 | 15,330,210 | 17,226,210 | 130,253 | 07/05 | 01/04 | 7-40 | |||||||||||||||||||||||||||||||||
76,092,992 | 8,084,128 | 47,063,079 | 58,389,569 | 8,151,020 | 105,452,648 | 113,603,668 | 2,989,844 | |||||||||||||||||||||||||||||||||||||
Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2005.
U/C-Property was under construction as of March 31, 2006
There were no carrying costs as of December 31, 2005. The column has been omitted for presentation purposes.
F-52
Table of Contents
Notes to Schedule III
Boston Capital Tax Credit Fund IV LP — Series 47
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period — 4/1/04 | $ | 0 | ||||||
Additions during period: | ||||||||
Acquisitions through foreclosure | $ | 0 | ||||||
Other acquisitions | 53,917,190 | |||||||
Improvements, etc | 0 | |||||||
Other | 0 | |||||||
$ | 53,917,190 | |||||||
Deductions during period: | ||||||||
Cost of real estate sold | $ | 0 | ||||||
Other | 0 | |||||||
$ | 0 | |||||||
Balance at close of period — 3/31/05 | $ | 53,917,190 | ||||||
Additions during period: | ||||||||
Acquisitions through foreclosure | $ | 0 | ||||||
Other acquisitions | 2,383,550 | |||||||
Improvements, etc | 58,456,461 | |||||||
Other | 0 | |||||||
$ | 60,840,011 | |||||||
Deductions during period: | ||||||||
Cost of real estate sold | $ | 0 | ||||||
Other | (1,153,533 | ) | ||||||
$ | (1,153,533 | ) | ||||||
Balance at close of period — 3/31/06 | $ | 113,603,668 | ||||||
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period — 4/1/04 | $ | 0 | ||||||
Current year expense | $ | 740,478 | ||||||
Balance at close of period — 3/31/05 | $ | 740,478 | ||||||
Current year expense | $ | 2,249,366 | ||||||
Balance at close of period — 3/31/06 | $ | 2,989,844 | ||||||
F-53
Table of Contents
Boston Capital Tax Credit Fund IV LP — Series 48
Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006
March 31, 2006
Cost | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Acquisition | at Close of Period | Life on Which | |||||||||||||||||||||||||||||||||||||||||
Buildings and | Buildings and | Accumulated | Date of | Date | Depreciation | |||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Construction | Acquired | is Computed | |||||||||||||||||||||||||||||||||
COLUSA AVE | 2,003,320 | 133,857 | 1,425,873 | 1,143,541 | 126,503 | 2,569,414 | 2,695,917 | 109,225 | 05/05 | 07/04 | 5.27.5 | |||||||||||||||||||||||||||||||||
CTP LP (CONTEMPO) | 1,564,691 | 0 | 750,313 | 1,489,287 | 105,000 | 2,239,600 | 2,344,600 | 112,493 | 08/05 | 08/04 | 5.27.5 | |||||||||||||||||||||||||||||||||
MASTERS APTS | 8,000,000 | 467,086 | 0 | 11,936,453 | 469,361 | 11,936,453 | 12,405,814 | 76,465 | 10/05 | 06/04 | 7-40 | |||||||||||||||||||||||||||||||||
MAYFAIR PARK | 9,500,000 | 1,330,032 | 0 | 14,186,479 | 1,330,032 | 14,186,479 | 15,516,511 | 155,068 | 07/05 | 03/04 | 7-40 | |||||||||||||||||||||||||||||||||
MCEVER VINYARDS | 11,370,582 | 1,864,444 | 15,251,440 | (41,593 | ) | 1,964,444 | 15,209,847 | 17,174,291 | 615,342 | 12/04 | 11/03 | 5.27.5 | ||||||||||||||||||||||||||||||||
PDC SIXTY | 1,361,849 | 100,000 | 2,528,242 | 515,778 | 100,000 | 3,044,020 | 3,144,020 | 120,710 | 03/05 | 04/04 | 5.27.5 | |||||||||||||||||||||||||||||||||
STARLITE VILLAGE | 1,246,613 | 200,000 | 0 | 2,866,442 | 200,000 | 2,866,442 | 3,066,442 | 46,663 | 06/05 | 11/04 | 5.27.5 | |||||||||||||||||||||||||||||||||
UMATILLA LINKS ASSOC | 2,011,625 | 140,874 | 2,179,908 | 50,096 | 140,874 | 2,230,004 | 2,370,878 | 89,418 | 11/04 | 06/04 | 5.27.5 | |||||||||||||||||||||||||||||||||
WELLINGTON PARK | 13,350,000 | 1,896,000 | 0 | 15,330,210 | 1,896,000 | 15,330,210 | 17,226,210 | 130,253 | 07/05 | 01/04 | 7-40 | |||||||||||||||||||||||||||||||||
WYNDHAM EMPORIA PTRS | 1,150,000 | 0 | 0 | 3,626,281 | 303,363 | 3,626,281 | 3,929,644 | 81,621 | 05/05 | 08/04 | 5.27.5 | |||||||||||||||||||||||||||||||||
51,558,680 | 6,132,293 | 22,135,776 | 51,102,974 | 6,635,577 | 73,238,750 | 79,874,327 | 1,537,258 | |||||||||||||||||||||||||||||||||||||
Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2005.
U/C-Property was under construction as of March 31, 2006
There were no carrying costs as of December 31, 2005. The column has been omitted for presentation purposes.
F-54
Table of Contents
Notes to Schedule III
Boston Capital Tax Credit Fund IV LP — Series 48
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period — 4/1/04 | $ | 0 | ||||||
Additions during period: | ||||||||
Acquisitions through foreclosure | $ | 0 | ||||||
Other acquisitions | 28,268,069 | |||||||
Improvements, etc | 0 | |||||||
Other | 0 | |||||||
$ | 28,268,069 | |||||||
Deductions during period: | ||||||||
Cost of real estate sold | $ | 0 | ||||||
Other | 0 | |||||||
$ | 0 | |||||||
Balance at close of period — 3/31/05 | $ | 28,268,069 | ||||||
Additions during period: | ||||||||
Acquisitions through foreclosure | $ | 0 | ||||||
Other acquisitions | 0 | |||||||
Improvements, etc | 51,606,258 | |||||||
Other | 0 | |||||||
$ | 51,606,258 | |||||||
Deductions during period: | ||||||||
Cost of real estate sold | $ | 0 | ||||||
Other | 0 | |||||||
$ | 0 | |||||||
Balance at close of period — 3/31/06 | $ | 79,874,327 | ||||||
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period — 4/1/04 | $ | 0 | ||||||
Current year expense | $ | 176,445 | ||||||
Balance at close of period — 3/31/05 | $ | 176,445 | ||||||
Current year expense | $ | 1,360,813 | ||||||
Balance at close of period — 3/31/06 | $ | 1,537,258 | ||||||
F-55
Table of Contents
Boston Capital Tax Credit Fund IV LP — Series 49
Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006
March 31, 2006
Cost | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Acquisition | at Close of Period | Life on Which | |||||||||||||||||||||||||||||||||||||||||
Buildings and | Buildings and | Accumulated | Date of | Date | Depreciation | |||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Construction | Acquired | is Computed | |||||||||||||||||||||||||||||||||
BRISTOL APARTMENTS | 12,625,000 | 1,842,588 | 19,759,757 | 0 | 1,842,588 | 19,759,757 | 21,602,345 | 88,884 | 11/05 | 05/04 | 5-27.5 | |||||||||||||||||||||||||||||||||
COLUMBIA SR. @ BLACKSHEAR | 0 | 0 | 0 | 0 | 337,557 | 0 | 337,557 | 0 | U/C | 12/04 | 5-27.5 | |||||||||||||||||||||||||||||||||
GARDEN GRACE | 3,072,000 | 125,000 | 2,972,000 | 0 | 125,000 | 2,972,000 | 3,097,000 | 0 | U/C | 10/05 | N/A | |||||||||||||||||||||||||||||||||
KAUFMAN FOUNTAINHEAD | 1,255,857 | 50,800 | 1,347,096 | 0 | 50,800 | 1,347,096 | 1,397,896 | 35,718 | U/C | 02/05 | 5-27.5 | |||||||||||||||||||||||||||||||||
LINDA VILLA | 1,219,700 | 210,000 | 2,640,391 | 0 | 210,000 | 2,640,391 | 2,850,391 | 12,738 | 10/05 | 05/05 | 5-27.5 | |||||||||||||||||||||||||||||||||
LINDENS-BARTLESVILLE | 1,081,549 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | U/C | 05/05 | N/A | |||||||||||||||||||||||||||||||||
LINDENS-SHAWNEE | 1,198,250 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 02/06 | 12/04 | N/A | |||||||||||||||||||||||||||||||||
MARBLE FALLS | 6,000,000 | 0 | 8,820,302 | 0 | 0 | 8,820,302 | 8,820,302 | 158,174 | 06/05 | 03/04 | 7-40 | |||||||||||||||||||||||||||||||||
MEADOW GLEN | 1,286,904 | 64,765 | 1,627,749 | 0 | 64,765 | 1,627,749 | 1,692,514 | 49,521 | 07/05 | 10/05 | 5-40 | |||||||||||||||||||||||||||||||||
NEW CHESTER TOWNHOUSES | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | U/C | 03/06 | N/A | |||||||||||||||||||||||||||||||||
PERRYTON FOUNTAINHEAD | 1,316,835 | 24,100 | 1,726,417 | 0 | 24,100 | 1,726,417 | 1,750,517 | 37,534 | U/C | 02/05 | 5-27.5 | |||||||||||||||||||||||||||||||||
POST OAKS | 13,600,000 | 1,597,148 | 0 | 6,176,702 | 1,597,148 | 6,176,702 | 7,773,850 | 30,844 | U/C | 07/04 | 7-40 | |||||||||||||||||||||||||||||||||
RENAISSANCE VILLAGE | 332,908 | 207,500 | 780,689 | 0 | 207,500 | 780,689 | 988,189 | 1,754 | U/C | 05/05 | 5-27.5 | |||||||||||||||||||||||||||||||||
RICHWOOD APARTMENTS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | U/C | 12/05 | N/A | |||||||||||||||||||||||||||||||||
RIDGEVIEW MOUNT VERNON | 4,400,404 | 800,000 | 5,551,405 | 0 | 800,000 | 5,551,405 | 6,351,405 | 109,810 | 08/05 | 01/05 | 5-27.5 | |||||||||||||||||||||||||||||||||
ROSEHILL OF TOPEKA II | 2,436,012 | 215,000 | 0 | 5,723,730 | 215,000 | 5,723,730 | 5,938,730 | 79,595 | 04/05 | 08/04 | 10-40 |
F-56
Table of Contents
Boston Capital Tax Credit Fund IV LP — Series 49
Schedule III — Real Estate and Accumulated Depreciation
March 31, 2006
March 31, 2006
Cost | ||||||||||||||||||||||||||||||||||||||||||||
Capitalized | ||||||||||||||||||||||||||||||||||||||||||||
Subsequent to | Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Acquisition | at Close of Period | Life on Which | |||||||||||||||||||||||||||||||||||||||||
Buildings and | Buildings and | Accumulated | Date of | Date | Depreciation | |||||||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Improvements | Improvements | Land | Improvements | Total | Depreciation | Construction | Acquired | is Computed | |||||||||||||||||||||||||||||||||
ROSEWOOD PLACE | 6,777,741 | 1,050,000 | 2,895,685 | 0 | 1,050,000 | 2,895,685 | 3,945,685 | 0 | U/C | 02/05 | 10-40 | |||||||||||||||||||||||||||||||||
RURAL HOUSING PARTNERS KEWAUNEE | 1,282,640 | 31,226 | 2,356,135 | 0 | 31,226 | 2,356,135 | 2,387,361 | 142,683 | 10/05 | 07/05 | 5-27.5 | |||||||||||||||||||||||||||||||||
RURAL HOUSING PARTNERS MAUSTON I & II | 1,049,911 | 16,995 | 1,468,725 | 0 | 16,995 | 1,468,725 | 1,485,720 | 102,952 | 06/05 | 03/05 | 5-27.5 | |||||||||||||||||||||||||||||||||
THE GARDENS OF ATHENS | 2,267,363 | 45,000 | 3,542,567 | 0 | 45,000 | 3,542,567 | 3,587,567 | 0 | 12/05 | 01/05 | 10-40 | |||||||||||||||||||||||||||||||||
UNION SQ HOUSING | 993,128 | 35,000 | 1,786,074 | 0 | 35,000 | 1,786,074 | 1,821,074 | 15,233 | 09/05 | 02/05 | 5-40 | |||||||||||||||||||||||||||||||||
62,196,202 | 6,315,122 | 57,274,992 | 11,900,432 | 6,652,679 | 69,175,424 | 75,828,103 | 865,440 | |||||||||||||||||||||||||||||||||||||
Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2005.
U/C-Property was under construction as of March 31, 2006
There were no carrying costs as of December 31, 2005. The column has been omitted for presentation purposes.
F-57
Table of Contents
Notes to Schedule III
Boston Capital Tax Credit Fund IV LP — Series 49
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period — 4/1/04 | $ | 0 | ||||||
Additions during period: | ||||||||
Acquisitions through foreclosure | $ | 0 | ||||||
Other acquisitions | 1,812,148 | |||||||
Improvements, etc | 0 | |||||||
Other | 0 | |||||||
$ | 1,812,148 | |||||||
Deductions during period: | ||||||||
Cost of real estate sold | $ | 0 | ||||||
Other | 0 | |||||||
$ | 0 | |||||||
Balance at close of period — 3/31/05 | $ | 1,812,148 | ||||||
Additions during period: | ||||||||
Acquisitions through foreclosure | $ | 0 | ||||||
Other acquisitions | 61,777,966 | |||||||
Improvements, etc | 12,237,989 | |||||||
Other | 0 | |||||||
$ | 74,015,955 | |||||||
Deductions during period: | ||||||||
Cost of real estate sold | $ | 0 | ||||||
Other | 0 | |||||||
$ | 0 | |||||||
Balance at close of period — 3/31/06 | $ | 75,828,103 | ||||||
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period — 4/1/04 | $ | 0 | ||||||
Current year expense | $ | 0 | ||||||
Balance at close of period — 3/31/05 | $ | 0 | ||||||
Current year expense | $ | 865,440 | ||||||
Balance at close of period — 3/31/06 | $ | 865,440 | ||||||
F-58