Exhibit 13
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS’ REPORT
BOSTON CAPITAL TAX CREDIT FUND V L.P. -
SERIES 47 THROUGH 49
MARCH 31, 2008 AND 2007
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
TABLE OF CONTENTS
|
| PAGE | |
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|
| |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | F-3 | ||
|
|
| |
FINANCIAL STATEMENTS |
| ||
|
|
| |
| BALANCE SHEETS | F-5 | |
|
|
| |
| STATEMENTS OF OPERATIONS | F-9 | |
|
|
| |
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) | F-13 | |
|
|
| |
| STATEMENTS OF CASH FLOWS | F-17 | |
|
|
| |
| NOTES TO FINANCIAL STATEMENTS | F-25 | |
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.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Partners of
Boston Capital Tax Credit Fund V L.P.
We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund V L.P. - Series 47 through Series 49 in total and for each series, as of March 31, 2008 and 2007, and the related statements of operations, changes in partners’ capital (deficit) and cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2008. 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 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 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 provide a reasonable basis for our opinion.
F-3
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund V L.P. - Series 47 through Series 49, in total and for each series, as of March 31, 2008 and 2007, and the results of its operations and its cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2008, in conformity with accounting principles generally accepted in the United States of America.
/s/ Reznick Group, P.C.
Reznick Group, P.C.
Bethesda, Maryland
July 14, 2008
F-4
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
BALANCE SHEETS
March 31,
|
| Total |
| ||||
|
| 2008 |
| 2007 |
| ||
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
| ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS |
| $ | 69,252,590 |
| $ | 76,670,118 |
|
|
|
|
|
|
| ||
OTHER ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
| 2,254,324 |
| 1,336,613 |
| ||
Investments |
| 1,527,282 |
| 6,765,196 |
| ||
Notes receivable |
| 1,637,077 |
| 3,092,250 |
| ||
Deferred acquisition costs, net of accumulated amortization |
| 8,641,438 |
| 8,996,600 |
| ||
Other assets |
| 960,955 |
| 1,514,914 |
| ||
|
|
|
|
|
| ||
|
| $ | 84,273,666 |
| $ | 98,375,691 |
|
|
|
|
|
|
| ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
|
|
|
|
|
| ||
LIABILITIES |
|
|
|
|
| ||
Accounts payable and accrued expenses |
| $ | 2,811 |
| $ | 843 |
|
Accounts payable - affiliates |
| 593,979 |
| 682,342 |
| ||
Capital contributions payable |
| 3,079,402 |
| 9,086,941 |
| ||
|
|
|
|
|
| ||
|
| 3,676,192 |
| 9,770,126 |
| ||
|
|
|
|
|
| ||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
Assignor limited partner |
|
|
|
|
| ||
Units of limited partnership interest consisting of 12,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 11,777,706 at March 31, 2008 and 2007 are issued and outstanding to the assignees |
| — |
| — |
| ||
Limited partner |
|
|
|
|
| ||
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 11,777,706 issued and outstanding at March 31, 2008 and 2007 |
| 80,672,716 |
| 88,718,571 |
| ||
General partner |
| (59,671 | ) | (39,506 | ) | ||
Accumulated other comprehensive income (loss) |
| (15,571 | ) | (73,500 | ) | ||
|
|
|
|
|
| ||
|
| 80,597,474 |
| 88,605,565 |
| ||
|
|
|
|
|
| ||
|
| $ | 84,273,666 |
| $ | 98,375,691 |
|
F-5
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
BALANCE SHEETS - CONTINUED
March 31,
|
| Series 47 |
| ||||
|
| 2008 |
| 2007 |
| ||
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
| ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS |
| $ | 18,281,871 |
| $ | 20,384,990 |
|
|
|
|
|
|
| ||
OTHER ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
| 191,785 |
| 467,594 |
| ||
Investments |
| 544,062 |
| 1,568,343 |
| ||
Notes receivable |
| 155,857 |
| 824,301 |
| ||
Deferred acquisition costs, net of accumulated amortization |
| 2,547,797 |
| 2,653,901 |
| ||
Other assets |
| 43,989 |
| 93,988 |
| ||
|
|
|
|
|
| ||
|
| $ | 21,765,361 |
| $ | 25,993,117 |
|
|
|
|
|
|
| ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
|
|
|
|
|
| ||
LIABILITIES |
|
|
|
|
| ||
Accounts payable and accrued expenses |
| $ | 954 |
| $ | 385 |
|
Accounts payable - affiliates |
| 276,707 |
| 238,351 |
| ||
Capital contributions payable |
| 288,745 |
| 2,346,672 |
| ||
|
|
|
|
|
| ||
|
| 566,406 |
| 2,585,408 |
| ||
|
|
|
|
|
| ||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
Assignor limited partner |
|
|
|
|
| ||
Units of limited partnership interest consisting of 12,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 3,478,334 at March 31, 2008 and 2007 are issued and outstanding to the assignees |
| — |
| — |
| ||
Limited partner |
|
|
|
|
| ||
Units of beneficial interest of the limited partnership interest of the assignor limited partner 3,478,334 issued and outstanding at March 31, 2008 and 2007 |
| 21,228,156 |
| 23,441,966 |
| ||
General partner |
| (23,697 | ) | (18,149 | ) | ||
Accumulated other comprehensive income (loss) |
| (5,504 | ) | (16,108 | ) | ||
|
|
|
|
|
| ||
|
| 21,198,955 |
| 23,407,709 |
| ||
|
|
|
|
|
| ||
|
| $ | 21,765,361 |
| $ | 25,993,117 |
|
F-6
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
BALANCE SHEETS - CONTINUED
March 31,
|
| Series 48 |
| ||||
|
| 2008 |
| 2007 |
| ||
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
| ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS |
| $ | 12,369,432 |
| $ | 13,928,846 |
|
|
|
|
|
|
| ||
OTHER ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
| 204,135 |
| 243,438 |
| ||
Investments |
| 612,594 |
| 1,013,869 |
| ||
Notes receivable |
| 155,857 |
| 799,602 |
| ||
Deferred acquisition costs, net of accumulated amortization |
| 1,714,652 |
| 1,784,974 |
| ||
Other assets |
| 43,989 |
| 93,988 |
| ||
|
|
|
|
|
| ||
|
| $ | 15,100,659 |
| $ | 17,864,717 |
|
|
|
|
|
|
| ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
|
|
|
|
|
| ||
LIABILITIES |
|
|
|
|
| ||
Accounts payable and accrued expenses |
| $ | 684 |
| $ | 115 |
|
Accounts payable - affiliates |
| 301,760 |
| 163,380 |
| ||
Capital contributions payable |
| 490,876 |
| 1,843,186 |
| ||
|
|
|
|
|
| ||
|
| 793,320 |
| 2,006,681 |
| ||
|
|
|
|
|
| ||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
Assignor limited partner |
|
|
|
|
| ||
Units of limited partnership interest consisting of 12,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 2,299,372 at March 31, 2008 and 2007 are issued and outstanding to the assignees |
| — |
| — |
| ||
Limited partner |
|
|
|
|
| ||
Units of beneficial interest of the limited partnership interest of the assignor limited partner 2,299,372 issued and outstanding at March 31, 2008 and 2007 |
| 14,328,767 |
| 15,879,583 |
| ||
General partner |
| (14,977 | ) | (11,090 | ) | ||
Accumulated other comprehensive income (loss) |
| (6,451 | ) | (10,457 | ) | ||
|
|
|
|
|
| ||
|
| 14,307,339 |
| 15,858,036 |
| ||
|
|
|
|
|
| ||
|
| $ | 15,100,659 |
| $ | 17,864,717 |
|
F-7
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
BALANCE SHEETS - CONTINUED
March 31,
|
| Series 49 |
| ||||
|
| 2008 |
| 2007 |
| ||
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
| ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS |
| $ | 38,601,287 |
| $ | 42,356,282 |
|
|
|
|
|
|
| ||
OTHER ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
| 1,858,404 |
| 625,581 |
| ||
Investments |
| 370,626 |
| 4,182,984 |
| ||
Notes receivable |
| 1,325,363 |
| 1,468,347 |
| ||
Deferred acquisition costs, net of accumulated amortization |
| 4,378,989 |
| 4,557,725 |
| ||
Other assets |
| 872,977 |
| 1,326,938 |
| ||
|
|
|
|
|
| ||
|
| $ | 47,407,646 |
| $ | 54,517,857 |
|
|
|
|
|
|
| ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
|
|
|
|
|
| ||
LIABILITIES |
|
|
|
|
| ||
Accounts payable and accrued expenses |
| $ | 1,173 |
| $ | 343 |
|
Accounts payable - affiliates |
| 15,512 |
| 280,611 |
| ||
Capital contributions payable |
| 2,299,781 |
| 4,897,083 |
| ||
|
|
|
|
|
| ||
|
| 2,316,466 |
| 5,178,037 |
| ||
|
|
|
|
|
| ||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
Assignor limited partner |
|
|
|
|
| ||
Units of limited partnership interest consisting of 12,500,000 authorized beneficial assignee certificates (BACs), $10 stated value per BAC, 6,000,000 at March 31, 2008 and 2007 are issued and outstanding to the assignees |
| — |
| — |
| ||
Limited partner |
|
|
|
|
| ||
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 6,000,000 issued and outstanding at March 31, 2008 and 2007 |
| 45,115,793 |
| 49,397,022 |
| ||
General partner |
| (20,997 | ) | (10,267 | ) | ||
Accumulated other comprehensive income (loss) |
| (3,616 | ) | (46,935 | ) | ||
|
|
|
|
|
| ||
|
| 45,091,180 |
| 49,339,820 |
| ||
|
|
|
|
|
| ||
|
| $ | 47,407,646 |
| $ | 54,517,857 |
|
See notes to financial statements
F-8
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF OPERATIONS
|
| Total |
| ||||
|
| Year ended |
| Year ended |
| ||
Income |
|
|
|
|
| ||
Interest income |
| $ | 486,728 |
| $ | 744,783 |
|
Other income |
| 9,036 |
| 13,200 |
| ||
|
|
|
|
|
| ||
Total income |
| 495,764 |
| 757,983 |
| ||
|
|
|
|
|
| ||
Share of losses from operating limited partnerships |
| (6,277,335 | ) | (6,557,864 | ) | ||
|
|
|
|
|
| ||
Expenses |
|
|
|
|
| ||
Professional fees |
| 145,800 |
| 155,760 |
| ||
Partnership management fee |
| 981,860 |
| 1,070,407 |
| ||
Amortization |
| 371,747 |
| 364,508 |
| ||
General and administrative expenses |
| 170,466 |
| 285,736 |
| ||
Impairment loss |
| 614,576 |
| — |
| ||
|
|
|
|
|
| ||
|
| 2,284,449 |
| 1,876,411 |
| ||
|
|
|
|
|
| ||
NET LOSS |
| $ | (8,066,020 | ) | $ | (7,676,292 | ) |
|
|
|
|
|
| ||
Net loss allocated to general partner |
| $ | (20,165 | ) | $ | (19,191 | ) |
|
|
|
|
|
| ||
Net loss allocated to limited partner |
| $ | (8,045,855 | ) | $ | (7,657,101 | ) |
|
|
|
|
|
| ||
Net loss per BAC |
| $ | (0.68 | ) | $ | (0.65 | ) |
F-9
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF OPERATIONS - CONTINUED
|
| Series 47 |
| ||||
|
| Year ended |
| Year ended |
| ||
Income |
|
|
|
|
| ||
Interest income |
| $ | 171,142 |
| $ | 154,171 |
|
Other income |
| 750 |
| — |
| ||
|
|
|
|
|
| ||
Total income |
| 171,892 |
| 154,171 |
| ||
|
|
|
|
|
| ||
Share of losses from operating limited partnerships |
| (1,644,748 | ) | (2,173,730 | ) | ||
|
|
|
|
|
| ||
Expenses |
|
|
|
|
| ||
Professional fees |
| 43,649 |
| 44,819 |
| ||
Partnership management fee |
| 338,738 |
| 366,787 |
| ||
Amortization |
| 110,218 |
| 110,084 |
| ||
General and administrative expenses |
| 51,127 |
| 73,534 |
| ||
Impairment loss |
| 202,770 |
| — |
| ||
|
|
|
|
|
| ||
|
| 746,502 |
| 595,224 |
| ||
|
|
|
|
|
| ||
NET LOSS |
| $ | (2,219,358 | ) | $ | (2,614,783 | ) |
|
|
|
|
|
| ||
Net loss allocated to general partner |
| $ | (5,548 | ) | $ | (6,537 | ) |
|
|
|
|
|
| ||
Net loss allocated to limited partner |
| $ | (2,213,810 | ) | $ | (2,608,246 | ) |
|
|
|
|
|
| ||
Net loss per BAC |
| $ | (0.64 | ) | $ | (0.75 | ) |
F-10
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF OPERATIONS - CONTINUED
|
| Series 48 |
| ||||
|
| Year ended |
| Year ended |
| ||
Income |
|
|
|
|
| ||
Interest income |
| $ | 160,854 |
| $ | 59,314 |
|
Other income |
| — |
| — |
| ||
|
|
|
|
|
| ||
Total income |
| 160,854 |
| 59,314 |
| ||
|
|
|
|
|
| ||
Share of losses from operating limited partnerships |
| (1,336,247 | ) | (1,641,623 | ) | ||
|
|
|
|
|
| ||
Expenses |
|
|
|
|
| ||
Professional fees |
| 36,345 |
| 34,405 |
| ||
Partnership management fee |
| 206,055 |
| 225,880 |
| ||
Amortization |
| 71,787 |
| 71,770 |
| ||
General and administrative expenses |
| 40,584 |
| 46,011 |
| ||
Impairment loss |
| 24,539 |
| — |
| ||
|
|
|
|
|
| ||
|
| 379,310 |
| 378,066 |
| ||
|
|
|
|
|
| ||
NET LOSS |
| $ | (1,554,703 | ) | $ | (1,960,375 | ) |
|
|
|
|
|
| ||
Net loss allocated to general partner |
| $ | (3,887 | ) | $ | (4,901 | ) |
|
|
|
|
|
| ||
Net loss allocated to limited partner |
| $ | (1,550,816 | ) | $ | (1,955,474 | ) |
|
|
|
|
|
| ||
Net loss per BAC |
| $ | (0.67 | ) | $ | (0.85 | ) |
See notes to financial statements
F-11
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF OPERATIONS - CONTINUED
|
| Series 49 |
| ||||
|
| Year ended |
| Year ended |
| ||
Income |
|
|
|
|
| ||
Interest income |
| $ | 154,732 |
| $ | 531,298 |
|
Other income |
| 8,286 |
| 13,200 |
| ||
|
|
|
|
|
| ||
Total income |
| 163,018 |
| 544,498 |
| ||
|
|
|
|
|
| ||
Share of losses from operating limited partnerships |
| (3,296,340 | ) | (2,742,511 | ) | ||
|
|
|
|
|
| ||
Expenses |
|
|
|
|
| ||
Professional fees |
| 65,806 |
| 76,536 |
| ||
Partnership management fee |
| 437,067 |
| 477,740 |
| ||
Amortization |
| 189,742 |
| 182,654 |
| ||
General and administrative expenses |
| 78,755 |
| 166,191 |
| ||
Impairment loss |
| 387,267 |
| — |
| ||
|
|
|
|
|
| ||
|
| 1,158,637 |
| 903,121 |
| ||
|
|
|
|
|
| ||
NET LOSS |
| $ | (4,291,959 | ) | $ | (3,101,134 | ) |
|
|
|
|
|
| ||
Net loss allocated to general partner |
| $ | (10,730 | ) | $ | (7,753 | ) |
|
|
|
|
|
| ||
Net loss allocated to limited partner |
| $ | (4,281,229 | ) | $ | (3,093,381 | ) |
|
|
|
|
|
| ||
Net loss per BAC |
| $ | (0.71 | ) | $ | (0.52 | ) |
See notes to financial statements
F-12
Boston Capital Tax Credit Fund V L.P. -
Series 47 trhough Series 49
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT)
Year ended March 31, 2008 and 2007
|
|
|
|
|
| Accumulated |
|
|
|
|
| |||||
|
|
|
|
|
| other |
|
|
|
|
| |||||
|
| Limited |
| General |
| comprehensive |
| Comprehensive |
|
|
| |||||
Total |
| partner |
| partner |
| income |
| income (loss) |
| Total |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Partners’ capital (deficit), March 31, 2006 |
| $ | 96,375,672 |
| $ | (20,315 | ) | $ | (135,121 | ) |
|
| $ | 96,220,236 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) |
| (7,657,101 | ) | (19,191 | ) | — |
| $ | (7,676,292 | ) | (7,676,292 | ) | ||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Unrealized gain (loss) on securities available-for-sale |
| — |
| — |
| 61,621 |
| 61,621 |
| 61,621 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total comprehensive income (loss) |
|
|
|
|
|
|
| $ | (7,614,671 | ) |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Partners’ capital (deficit), March 31, 2007 |
| 88,718,571 |
| (39,506 | ) | (73,500 | ) |
|
| 88,605,565 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) |
| (8,045,855 | ) | (20,165 | ) | — |
| $ | (8,066,020 | ) | (8,066,020 | ) | ||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Unrealized gain (loss) on securities available-for-sale |
| — |
| — |
| 57,929 |
| 57,929 |
| 57,929 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total comprehensive income (loss) |
|
|
|
|
|
|
| $ | (8,008,091 | ) |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Partners’ capital (deficit), March 31, 2008 |
| $ | 80,672,716 |
| $ | (59,671 | ) | $ | (15,571 | ) |
|
| $ | 80,597,474 |
|
See notes to financial statements
F-13
Boston Capital Tax Credit Fund V L.P. -
Series 47 trhough Series 49
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Year ended March 31, 2008 and 2007
|
|
|
|
|
| Accumulated |
|
|
|
|
| |||||
|
|
|
|
|
| other |
|
|
|
|
| |||||
|
| Limited |
| General |
| comprehensive |
| Comprehensive |
|
|
| |||||
Series 47 |
| partner |
| partner |
| income |
| income (loss) |
| Total |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Partners’ capital (deficit), March 31, 2006 |
| $ | 26,050,212 |
| $ | (11,612 | ) | $ | (26,871 | ) |
|
| $ | 26,011,729 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) |
| (2,608,246 | ) | (6,537 | ) | — |
| $ | (2,614,783 | ) | (2,614,783 | ) | ||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Unrealized gain (loss) on securities available-for-sale |
| — |
| — |
| 10,763 |
| 10,763 |
| 10,763 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total comprehensive income (loss) |
|
|
|
|
|
|
| $ | (2,604,020 | ) |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Partners’ capital (deficit), March 31, 2007 |
| $ | 23,441,966 |
| $ | (18,149 | ) | $ | (16,108 | ) |
|
| $ | 23,407,709 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) |
| (2,213,810 | ) | (5,548 | ) | — |
| $ | (2,219,358 | ) | (2,219,358 | ) | ||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Unrealized gain (loss) on securities available-for-sale |
| — |
| — |
| 10,604 |
| 10,604 |
| 10,604 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total comprehensive income (loss) |
|
|
|
|
|
|
| $ | (2,208,754 | ) |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Partners’ capital (deficit), March 31, 2008 |
| $ | 21,228,156 |
| $ | (23,697 | ) | $ | (5,504 | ) |
|
| $ | 21,198,955 |
|
See notes to financial statements
F-14
Boston Capital Tax Credit Fund V L.P. -
Series 47 trhough Series 49
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Year ended March 31, 2008 and 2007
|
|
|
|
|
| Accumulated |
|
|
|
|
| |||||
|
|
|
|
|
| other |
|
|
|
|
| |||||
|
| Limited |
| General |
| comprehensive |
| Comprehensive |
|
|
| |||||
Series 48 |
| partner |
| partner |
| income |
| income (loss) |
| Total |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Partners’ capital (deficit), March 31, 2006 |
| $ | 17,835,057 |
| $ | (6,189 | ) | $ | (11,938 | ) |
|
| $ | 17,816,930 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) |
| (1,955,474 | ) | (4,901 | ) | — |
| $ | (1,960,375 | ) | (1,960,375 | ) | ||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Unrealized gain (loss) on securities available-for-sale |
| — |
| — |
| 1,481 |
| 1,481 |
| 1,481 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total comprehensive income (loss) |
|
|
|
|
|
|
| $ | (1,958,894 | ) |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Partners’ capital (deficit), March 31, 2007 |
| 15,879,583 |
| (11,090 | ) | (10,457 | ) |
|
| 15,858,036 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) |
| (1,550,816 | ) | (3,887 | ) | — |
| $ | (1,554,703 | ) | (1,554,703 | ) | ||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Unrealized gain (loss) on securities available-for-sale |
| — |
| — |
| 4,006 |
| 4,006 |
| 4,006 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total comprehensive income (loss) |
|
|
|
|
|
|
| $ | (1,550,697 | ) |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Partners’ capital (deficit), March 31, 2008 |
| $ | 14,328,767 |
| $ | (14,977 | ) | $ | (6,451 | ) |
|
| $ | 14,307,339 |
|
See notes to financial statements
F-15
Boston Capital Tax Credit Fund V L.P. -
Series 47 trhough Series 49
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Year ended March 31, 2008 and 2007
|
|
|
|
|
| Accumulated |
|
|
|
|
| |||||
|
|
|
|
|
| other |
|
|
|
|
| |||||
|
| Limited |
| General |
| comprehensive |
| Comprehensive |
|
|
| |||||
Series 49 |
| partner |
| partner |
| income |
| income (loss) |
| Total |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Partners’ capital (deficit), March 31, 2006 |
| $ | 52,490,403 |
| $ | (2,514 | ) | $ | (96,312 | ) |
|
| $ | 52,391,577 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) |
| (3,093,381 | ) | (7,753 | ) | — |
| $ | (3,101,134 | ) | (3,101,134 | ) | ||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Unrealized gain (loss) on securities available-for-sale |
| — |
| — |
| 49,377 |
| 49,377 |
| 49,377 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total comprehensive income (loss) |
|
|
|
|
|
|
| $ | (3,051,757 | ) |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Partners’ capital (deficit), March 31, 2007 |
| $ | 49,397,022 |
| $ | (10,267 | ) | $ | (46,935 | ) |
|
| $ | 49,339,820 |
| |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income (loss) |
| (4,281,229 | ) | (10,730 | ) | — |
| $ | (4,291,959 | ) | (4,291,959 | ) | ||||
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
| |||||
Unrealized gain (loss) on securities available-for-sale |
| — |
| — |
| 43,319 |
| 43,319 |
| 43,319 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total comprehensive income (loss) |
|
|
|
|
|
|
| $ | (4,248,640 | ) |
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Partners’ capital (deficit), March 31, 2008 |
| $ | 45,115,793 |
| $ | (20,997 | ) | $ | (3,616 | ) |
|
| $ | 45,091,180 |
|
See notes to financial statements
F-16
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS
|
| Total |
| ||||
|
| Year ended |
| Year ended |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net loss |
| $ | (8,066,020 | ) | $ | (7,676,292 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
| ||
Share of loss from operating limited partnerships |
| 6,277,335 |
| 6,557,864 |
| ||
Impairment loss |
| 614,576 |
| — |
| ||
Distributions received from operating limited partnerships |
| 45,214 |
| 13,161 |
| ||
Amortization |
| 371,747 |
| 364,508 |
| ||
Changes in assets and liabilities |
|
|
|
|
| ||
Other assets |
| 369,731 |
| (858,892 | ) | ||
Accounts payable and accrued expenses |
| 1,968 |
| (88,464 | ) | ||
Accounts payable - affiliates |
| (88,363 | ) | 604,918 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) operating activities |
| (473,812 | ) | (1,083,197 | ) | ||
|
|
|
|
|
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Capital contributions paid to operating limited partnerships |
| (3,149,897 | ) | (8,917,965 | ) | ||
(Advances) to repayments from operating limited partnerships |
| (754,423 | ) | (917,315 | ) | ||
Purchase of investments (net of proceeds from sales and maturities of investments) |
| 5,295,843 |
| 6,484,425 |
| ||
Acquisition costs paid for operating limited partnerships |
| — |
| (172,745 | ) | ||
|
|
|
|
|
| ||
Net cash provided by (used in) investing activities |
| 1,391,523 |
| (3,523,600 | ) | ||
|
|
|
|
|
| ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| 917,711 |
| (4,606,797 | ) | ||
|
|
|
|
|
| ||
Cash and cash equivalents, beginning |
| 1,336,613 |
| 5,943,410 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents, end |
| $ | 2,254,324 |
| $ | 1,336,613 |
|
F-17
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
|
| Total |
| ||||
|
| Year ended |
| Year ended |
| ||
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. |
| $ | 324,962 |
| $ | 2,312,706 |
|
|
|
|
|
|
| ||
The partnership applied notes receivable and advances to its capital contribution obligation to operating limted partnerships. |
| $ | 2,397,572 |
| $ | 3,085,933 |
|
|
|
|
|
|
| ||
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships. |
| $ | 3,748 |
| $ | — |
|
|
|
|
|
|
| ||
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. |
| $ | 785,032 |
| $ | 118,970 |
|
F-18
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
|
| Series 47 |
| ||||
|
| Year ended |
| Year ended |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net loss |
| $ | (2,219,358 | ) | $ | (2,614,783 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
| ||
Share of loss from operating limited partnerships |
| 1,644,748 |
| 2,173,730 |
| ||
Impairment loss |
| 202,770 |
| — |
| ||
Distributions received from operating limited partnerships |
| 1,955 |
| 738 |
| ||
Amortization |
| 110,218 |
| 110,084 |
| ||
Changes in assets and liabilities |
|
|
|
|
| ||
Other assets |
| (43,989 | ) | (83,948 | ) | ||
Accounts payable and accrued expenses |
| 569 |
| (3,750 | ) | ||
Accounts payable - affiliates |
| 38,356 |
| 238,351 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) operating activities |
| (264,731 | ) | (179,578 | ) | ||
|
|
|
|
|
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Capital contributions paid to operating limited partnerships |
| (914,805 | ) | (1,370,863 | ) | ||
(Advances) to repayments from operating limited partnerships |
| (131,158 | ) | 420,768 |
| ||
Purchase of investments (net of proceeds from sales and maturities of investments) |
| 1,034,885 |
| 850,954 |
| ||
Acquisition costs paid for operating limited partnerships |
| — |
| (6,773 | ) | ||
|
|
|
|
|
| ||
Net cash provided by (used in) investing activities |
| (11,078 | ) | (105,914 | ) | ||
|
|
|
|
|
| ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| (275,809 | ) | (285,492 | ) | ||
|
|
|
|
|
| ||
Cash and cash equivalents, beginning |
| 467,594 |
| 753,086 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents, end |
| $ | 191,785 |
| $ | 467,594 |
|
F-19
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
|
| Series 47 |
| ||||
|
| Year ended |
| Year ended |
| ||
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. |
| $ | — |
| $ | 28,096 |
|
|
|
|
|
|
| ||
The partnership applied notes receivable and advances to its capital contribution obligation to operating limted partnerships. |
| $ | 893,590 |
| $ | — |
|
|
|
|
|
|
| ||
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships. |
| $ | — |
| $ | — |
|
|
|
|
|
|
| ||
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. |
| $ | 249,532 |
| $ | 42,396 |
|
F-20
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
|
| Series 48 |
| ||||
|
| Year ended |
| Year ended |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net loss |
| $ | (1,554,703 | ) | $ | (1,960,375 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
| ||
Share of loss from operating limited partnerships |
| 1,336,247 |
| 1,641,623 |
| ||
Impairment loss |
| 24,539 |
| — |
| ||
Distributions received from operating limited partnerships |
| 13,526 |
| 11,033 |
| ||
Amortization |
| 71,787 |
| 71,770 |
| ||
Changes in assets and liabilities |
|
|
|
|
| ||
Other assets |
| (43,989 | ) | (92,311 | ) | ||
Accounts payable and accrued expenses |
| 569 |
| — |
| ||
Accounts payable - affiliates |
| 138,380 |
| 163,380 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) operating activities |
| (13,644 | ) | (164,880 | ) | ||
|
|
|
|
|
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Capital contributions paid to operating limited partnerships |
| (275,083 | ) | (475,247 | ) | ||
(Advances) to repayments from operating limited partnerships |
| (155,857 | ) | — |
| ||
Purchase of investments (net of proceeds from sales and maturities of investments) |
| 405,281 |
| (81,409 | ) | ||
Acquisition costs paid for operating limited partnerships |
| — |
| (1,338 | ) | ||
|
|
|
|
|
| ||
Net cash provided by (used in) investing activities |
| (25,659 | ) | (557,994 | ) | ||
|
|
|
|
|
| ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| (39,303 | ) | (722,874 | ) | ||
|
|
|
|
|
| ||
Cash and cash equivalents, beginning |
| 243,438 |
| 966,312 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents, end |
| $ | 204,135 |
| $ | 243,438 |
|
F-21
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
|
| Series 48 |
| ||||
|
| Year ended |
| Year ended |
| ||
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. |
| $ | — |
| $ | 16,718 |
|
|
|
|
|
|
| ||
The partnership applied notes receivable and advances to its capital contribution obligation to operating limted partnerships. |
| $ | 893,590 |
| $ | — |
|
|
|
|
|
|
| ||
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships. |
| $ | — |
| $ | — |
|
|
|
|
|
|
| ||
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. |
| $ | 183,637 |
| $ | 37,041 |
|
F-22
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
|
| Series 49 |
| ||||
|
| Year ended |
| Year ended |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net loss |
| $ | (4,291,959 | ) | $ | (3,101,134 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
| ||
Share of loss from operating limited partnerships |
| 3,296,340 |
| 2,742,511 |
| ||
Impairment loss |
| 387,267 |
| — |
| ||
Distributions received from operating limited partnerships |
| 29,733 |
| 1,390 |
| ||
Amortization |
| 189,742 |
| 182,654 |
| ||
Changes in assets and liabilities |
|
|
|
|
| ||
Other assets |
| 457,709 |
| (682,633 | ) | ||
Accounts payable and accrued expenses |
| 830 |
| (84,714 | ) | ||
Accounts payable - affiliates |
| (265,099 | ) | 203,187 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) operating activities |
| (195,437 | ) | (738,739 | ) | ||
|
|
|
|
|
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Capital contributions paid to operating limited partnerships |
| (1,960,009 | ) | (7,071,855 | ) | ||
(Advances) to repayments from operating limited partnerships |
| (467,408 | ) | (1,338,083 | ) | ||
Purchase of investments (net of proceeds from sales and maturities of investments) |
| 3,855,677 |
| 5,714,880 |
| ||
Acquisition costs paid for operating limited partnerships |
| — |
| (164,634 | ) | ||
|
|
|
|
|
| ||
Net cash provided by (used in) investing activities |
| 1,428,260 |
| (2,859,692 | ) | ||
|
|
|
|
|
| ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| 1,232,823 |
| (3,598,431 | ) | ||
|
|
|
|
|
| ||
Cash and cash equivalents, beginning |
| 625,581 |
| 4,224,012 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents, end |
| $ | 1,858,404 |
| $ | 625,581 |
|
F-23
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
STATEMENTS OF CASH FLOWS - CONTINUED
|
| Series 49 |
| ||||
|
| Year ended |
| Year ended |
| ||
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. |
| $ | 324,962 |
| $ | 2,267,892 |
|
|
|
|
|
|
| ||
The partnership applied notes receivable and advances to its capital contribution obligation to operating limted partnerships. |
| $ | 610,392 |
| $ | 3,085,933 |
|
|
|
|
|
|
| ||
The fund has decreased its investments in operating limited partnerships and recorded a receivable for tax credits not generated by the operating limited partnerships. |
| $ | 3,748 |
| $ | — |
|
|
|
|
|
|
| ||
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. |
| $ | 351,863 |
| $ | 39,533 |
|
See notes to financial statements
F-24
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS
March 31, 2008 and 2007
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, 2008 and 2007 are as follows:
|
| 2008 |
| 2007 |
|
|
|
|
|
|
|
Series 47 |
| 3,478,334 |
| 3,478,334 |
|
Series 48 |
| 2,299,372 |
| 2,299,372 |
|
Series 49 |
| 6,000,000 |
| 6,000,000 |
|
|
|
|
|
|
|
|
| 11,777,706 |
| 11,777,706 |
|
F-25
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
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. An impairment loss has been recognized for the year ended March 31, 2008, of $614,576.
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
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
As of March 31, 2004, the Fund adopted FASB Interpretation No. 46 - Revised (“FIN 46R”), “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
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
During the years ended March 31, 2008 and 2007, the fund acquired interests in operating limited partnerships as follows:
|
| 2008 |
| 2007 |
|
|
|
|
|
|
|
Series 47 |
| — |
| — |
|
Series 48 |
| — |
| 1 |
|
Series 49 |
| — |
| 3 |
|
|
|
|
|
|
|
|
| — |
| 4 |
|
Deferred Acquisition Costs
Deferred acquisition costs are being amortized on the straight-line method over 27.5 years.
Accumulated amortization as of March 31, 2008 and 2007 are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 47 |
| $ | 366,434 |
| $ | 260,330 |
|
Series 48 |
| 233,932 |
| 163,610 |
| ||
Series 49 |
| 515,258 |
| 336,522 |
| ||
|
|
|
|
|
| ||
|
| $ | 1,115,624 |
| $ | 760,462 |
|
The amortization of deferred acquisition costs for each of the ensuing 5 years through March 31, 2013 is estimated to be $355,162 per year.
F-28
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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, 2008 and 2007 are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 47 |
| $ | 13,347 |
| $ | 9,233 |
|
Series 48 |
| 4,738 |
| 3,273 |
| ||
Series 49 |
| 23,125 |
| 12,119 |
| ||
|
|
|
|
|
| ||
|
| $ | 41,210 |
| $ | 24,625 |
|
The amortization of capitalization expense for each of the ensuing 5 years through March 31, 2013 is estimated to be $11,685 per year.
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.
F-29
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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, 2008 and 2007 are as follows:
|
| 2008 |
| 2007 |
|
|
|
|
|
|
|
Series 47 |
| 3,478,334 |
| 3,478,334 |
|
Series 48 |
| 2,299,372 |
| 2,299,372 |
|
Series 49 |
| 6,000,000 |
| 6,000,000 |
|
|
|
|
|
|
|
|
| 11,777,706 |
| 11,777,706 |
|
F-30
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
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
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 2008 and 2007, 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. 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 years ended for March 31, 2008 and 2007 are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 47 |
| $ | 388,356 |
| $ | 388,351 |
|
Series 48 |
| 238,380 |
| 238,380 |
| ||
Series 49 |
| 510,666 |
| 499,821 |
| ||
|
|
|
|
|
| ||
|
| $ | 1,137,402 |
| $ | 1,126,552 |
|
The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the operating partnerships, less the amount of various asset management and reporting fees paid by the operating limited partnerships. The reporting fees paid by the operating limited partnerships for the years ended March 31, 2008 and 2007 are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 47 |
| $ | 49,618 |
| $ | 21,564 |
|
Series 48 |
| 32,325 |
| 12,500 |
| ||
Series 49 |
| 73,599 |
| 22,081 |
| ||
|
|
|
|
|
| ||
|
| $ | 155,542 |
| $ | 56,145 |
|
F-32
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
The fund management fees paid by the operating limited partnerships for the year ended March 31, 2008 and 2007 are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 47 |
| $ | 350,000 |
| $ | 150,000 |
|
Series 48 |
| 100,000 |
| 75,000 |
| ||
Series 49 |
| 775,765 |
| 296,634 |
| ||
|
|
|
|
|
| ||
|
| $ | 1,225,765 |
| $ | 521,634 |
|
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 years ended March 31, 2008 and 2007, charged to each series’ operations are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 47 |
| $ | 26,123 |
| $ | 24,182 |
|
Series 48 |
| 23,958 |
| 22,452 |
| ||
Series 49 |
| 30,214 |
| 27,606 |
| ||
|
|
|
|
|
| ||
|
| $ | 80,295 |
| $ | 74,240 |
|
F-33
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 2008 and 2007, 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 partnership interests at March 31, 2008 and 2007 by series are as follows:
|
| 2008 |
| 2007 |
|
|
|
|
|
|
|
Series 47 |
| 15 |
| 15 |
|
Series 48 |
| 11 |
| 11 |
|
Series 49 |
| 24 |
| 24 |
|
|
|
|
|
|
|
|
| 50 |
| 50 |
|
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, 2008 and 2007, contributions are payable to operating limited partnerships as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 47 |
| $ | 288,745 |
| $ | 2,346,672 |
|
Series 48 |
| 490,876 |
| 1,843,186 |
| ||
Series 49 |
| 2,299,781 |
| 4,897,083 |
| ||
|
|
|
|
|
| ||
|
| $ | 3,079,402 |
| $ | 9,086,941 |
|
F-34
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund’s investments in operating limited partnerships at March 31, 2008 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 |
| $ | 88,620,577 |
| $ | 25,816,242 |
| $ | 17,218,377 |
| $ | 45,585,958 |
|
|
|
|
|
|
|
|
|
|
| ||||
Acquisition costs of operating limited partnerships |
| 299,840 |
| 106,953 |
| 38,454 |
| 154,433 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cumulative distributions from operating limited partnerships |
| (59,113 | ) | (3,431 | ) | (24,559 | ) | (31,123 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Cumulative impairment loss in investments in operating limited partnerships |
| (614,576 | ) | (202,770 | ) | (24,539 | ) | (387,267 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Cumulative losses from operating limited partnerships |
| (18,994,138 | ) | (7,435,123 | ) | (4,838,301 | ) | (6,720,714 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Investments in operating limited partnerships per balance sheets |
| 69,252,590 |
| 18,281,871 |
| 12,369,432 |
| 38,601,287 |
| ||||
F-35
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
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, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A). |
| (3,501,704 | ) | (244,757 | ) | (530,609 | ) | (2,726,338 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
The fund has recorded acquisition costs at March 31, 2008 which have not been recorded in the net assets of the operating limited partnerships (see note A). |
| — |
| — |
| — |
| — |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). |
| — |
| — |
| — |
| — |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). |
| 28,030 |
| — |
|
|
| 28,030 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cumulative impairment loss in investments in operating limited partnerships |
| 614,576 |
| 202,770 |
| 24,539 |
| 387,267 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Other |
| (286,813 | ) | (121,675 | ) | (37,575 | ) | (127,563 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Equity per operating limited partnerships’ combined financial statements |
| $ | 66,106,679 |
| $ | 18,118,209 |
| $ | 11,825,787 |
| $ | 36,162,683 |
|
F-36
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund’s investments in operating limited partnerships at March 31, 2007 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 |
| $ | 89,100,980 |
| $ | 26,069,888 |
| $ | 17,403,479 |
| $ | 45,627,613 |
|
|
|
|
|
|
|
|
|
|
| ||||
Acquisition costs of operating limited partnerships |
| 299,840 |
| 106,953 |
| 38,454 |
| 154,433 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cumulative distributions from operating limited partnerships |
| (13,899 | ) | (1,476 | ) | (11,033 | ) | (1,390 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Cumulative impairment loss in investments in operating limited partnerships |
| — |
| — |
| — |
| — |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cumulative losses from operating limited partnerships |
| (12,716,803 | ) | (5,790,375 | ) | (3,502,054 | ) | (3,424,374 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Investments in operating limited partnerships per balance sheets |
| 76,670,118 |
| 20,384,990 |
| 13,928,846 |
| 42,356,282 |
| ||||
F-37
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
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, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A). |
| (9,525,281 | ) | (2,268,938 | ) | (1,757,564 | ) | (5,498,779 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A). |
| — |
| — |
| — |
| — |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). |
| — |
| — |
| — |
| — |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). |
| — |
| — |
| — |
| — |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Cumulative impairment loss in investments in operating limited partnerships |
| — |
| — |
| — |
| — |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Other |
| (351,177 | ) | (124,955 | ) | (64,250 | ) | (161,972 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Equity per operating limited partnerships’ combined financial statements |
| $ | 66,793,660 |
| $ | 17,991,097 |
| $ | 12,107,032 |
| $ | 36,695,531 |
|
F-38
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
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, 2007 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
|
| Total |
| Series 47 |
| Series 48 |
| Series 49 |
| ||||
ASSETS |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Buildings and improvements, net of accumulated depreciation |
| $ | 296,634,742 |
| $ | 97,445,843 |
| $ | 69,507,142 |
| $ | 129,681,757 |
|
Construction in progress |
| — |
| — |
| — |
| — |
| ||||
Land |
| 23,428,779 |
| 8,214,687 |
| 6,709,244 |
| 8,504,848 |
| ||||
Other assets |
| 22,834,957 |
| 8,893,528 |
| 5,525,490 |
| 8,415,939 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 342,898,478 |
| $ | 114,554,058 |
| $ | 81,741,876 |
| $ | 146,602,544 |
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Mortgages and construction loans payable |
| $ | 202,229,043 |
| $ | 72,803,554 |
| $ | 51,319,810 |
| $ | 78,105,679 |
|
Accounts payable and accrued expenses |
| 3,369,951 |
| 1,115,738 |
| 424,943 |
| 1,829,270 |
| ||||
Other liabilities |
| 45,986,093 |
| 14,005,685 |
| 10,926,173 |
| 21,054,235 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| 251,585,087 |
| 87,924,977 |
| 62,670,926 |
| 100,989,184 |
| ||||
PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
|
| ||||
Boston Capital Tax Credit Fund V L.P. |
| 66,106,679 |
| 18,118,209 |
| 11,825,787 |
| 36,162,683 |
| ||||
Other partners |
| 25,206,712 |
| 8,510,872 |
| 7,245,163 |
| 9,450,677 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| 91,313,391 |
| 26,629,081 |
| 19,070,950 |
| 45,613,360 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 342,898,478 |
| $ | 114,554,058 |
| $ | 81,741,876 |
| $ | 146,602,544 |
|
F-39
Boston Capital Tax Credit Fund V L.P.
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008, 2007 and 2006
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, 2006 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
|
| Total |
| Series 47 |
| Series 48 |
| Series 49 |
| ||||
ASSETS |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Buildings and improvements, net of accumulated depreciation |
| $ | 297,065,307 |
| $ | 101,090,640 |
| $ | 72,189,451 |
| $ | 123,785,216 |
|
Construction in progress |
| 6,987,151 |
| — |
| — |
| 6,987,151 |
| ||||
Land |
| 23,427,710 |
| 8,214,687 |
| 6,709,244 |
| 8,503,779 |
| ||||
Other assets |
| 23,220,195 |
| 8,701,013 |
| 5,452,449 |
| 9,066,733 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 350,700,363 |
| $ | 118,006,340 |
| $ | 84,351,144 |
| $ | 148,342,879 |
|
|
|
|
|
|
|
|
|
|
| ||||
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Mortgages and construction loans payable |
| $ | 202,578,783 |
| $ | 73,463,934 |
| $ | 51,821,843 |
| $ | 77,293,006 |
|
Accounts payable and accrued expenses |
| 5,100,508 |
| 1,479,682 |
| 644,422 |
| 2,976,404 |
| ||||
Other liabilities |
| 52,478,491 |
| 16,887,672 |
| 12,787,326 |
| 22,803,493 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| 260,157,782 |
| 91,831,288 |
| 65,253,591 |
| 103,072,903 |
| ||||
PARTNERS’ CAPITAL |
|
|
|
|
|
|
|
|
| ||||
Boston Capital Tax Credit Fund V L.P. |
| 66,793,660 |
| 17,991,097 |
| 12,107,032 |
| 36,695,531 |
| ||||
Other partners |
| 23,748,921 |
| 8,183,955 |
| 6,990,521 |
| 8,574,445 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| 90,542,581 |
| 26,175,052 |
| 19,097,553 |
| 45,269,976 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| $ | 350,700,363 |
| $ | 118,006,340 |
| $ | 84,351,144 |
| $ | 148,342,879 |
|
F-40
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 in which Series 47 through Series 49 had an interest as of December 31, 2007 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
|
| Total |
| Series 47 |
| Series 48 |
| Series 49 |
| ||||
Revenue |
|
|
|
|
|
|
|
|
| ||||
Rent |
| $ | 29,901,870 |
| $ | 11,608,668 |
| $ | 7,630,511 |
| $ | 10,662,691 |
|
Interest and other |
| 1,620,344 |
| 387,035 |
| 339,505 |
| 893,804 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| 31,522,214 |
| 11,995,703 |
| 7,970,016 |
| 11,556,495 |
| ||||
Expenses |
|
|
|
|
|
|
|
|
| ||||
Interest |
| 8,747,482 |
| 3,254,726 |
| 2,310,239 |
| 3,182,517 |
| ||||
Depreciation and amortization |
| 11,547,198 |
| 3,849,381 |
| 2,871,884 |
| 4,825,933 |
| ||||
Taxes and insurance |
| 3,983,001 |
| 1,555,619 |
| 919,715 |
| 1,507,667 |
| ||||
Repairs and maintenance |
| 3,231,700 |
| 1,256,587 |
| 727,266 |
| 1,247,847 |
| ||||
Operating expenses |
| 10,316,040 |
| 3,651,435 |
| 2,452,437 |
| 4,212,168 |
| ||||
Other expenses |
| 2,463,568 |
| 994,500 |
| 871,371 |
| 597,697 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| 40,288,989 |
| 14,562,248 |
| 10,152,912 |
| 15,573,829 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
NET LOSS |
| $ | (8,766,775 | ) | $ | (2,566,545 | ) | $ | (2,182,896 | ) | $ | (4,017,334 | ) |
|
|
|
|
|
|
|
|
|
| ||||
Net loss allocated to Boston Capital Tax Credit Fund V L.P. |
| $ | (6,277,335 | ) | $ | (1,644,748 | ) | $ | (1,336,247 | ) | $ | (3,296,340 | ) |
|
|
|
|
|
|
|
|
|
| ||||
Net loss allocated to other partners |
| $ | (2,489,440 | ) | $ | (921,797 | ) | $ | (846,649 | ) | $ | (720,994 | ) |
F-41
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 in which Series 47 through Series 49 had an interest as of December 31, 2006 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
|
| Total |
| Series 47 |
| Series 48 |
| Series 49 |
| ||||
Revenue |
|
|
|
|
|
|
|
|
| ||||
Rent |
| $ | 26,681,925 |
| $ | 11,192,792 |
| $ | 7,301,346 |
| $ | 8,187,787 |
|
Interest and other |
| 1,142,191 |
| 420,698 |
| 356,121 |
| 365,372 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| 27,824,116 |
| 11,613,490 |
| 7,657,467 |
| 8,553,159 |
| ||||
Expenses |
|
|
|
|
|
|
|
|
| ||||
Interest |
| 8,456,688 |
| 3,423,839 |
| 2,435,588 |
| 2,597,261 |
| ||||
Depreciation and amortization |
| 11,459,514 |
| 4,251,553 |
| 3,188,636 |
| 4,019,325 |
| ||||
Taxes and insurance |
| 4,630,653 |
| 1,790,339 |
| 1,201,824 |
| 1,638,490 |
| ||||
Repairs and maintenance |
| 3,324,263 |
| 1,444,252 |
| 895,416 |
| 984,595 |
| ||||
Operating expenses |
| 8,796,694 |
| 3,384,010 |
| 2,085,984 |
| 3,326,700 |
| ||||
Other expenses |
| 1,791,659 |
| 792,277 |
| 658,892 |
| 340,490 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
|
| 38,459,471 |
| 15,086,270 |
| 10,466,340 |
| 12,906,861 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
NET LOSS |
| $ | (10,635,355 | ) | $ | (3,472,780 | ) | $ | (2,808,873 | ) | $ | (4,353,702 | ) |
|
|
|
|
|
|
|
|
|
| ||||
Net loss allocated to Boston Capital Tax Credit Fund V L.P. |
| $ | (6,557,864 | ) | $ | (2,173,730 | ) | $ | (1,641,623 | ) | $ | (2,742,511 | ) |
|
|
|
|
|
|
|
|
|
| ||||
Net loss allocated to other partners |
| $ | (4,077,491 | ) | $ | (1,299,050 | ) | $ | (1,167,250 | ) | $ | (1,611,191 | ) |
F-42
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE D - OTHER ASSETS
At March 31, 2008 and 2007, other assets includes $769,229 and $957,205, 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, 2008 and 2007 by series are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 47 |
| $ | — |
| $ | 93,988 |
|
Series 48 |
| — |
| 93,988 |
| ||
Series 49 |
| 769,229 |
| 769,229 |
| ||
|
|
|
|
|
| ||
|
| $ | 769,229 |
| $ | 957,205 |
|
NOTE E - NOTES RECEIVABLE
Notes receivable at March 31, 2008 and 2007 consist of advance installments of $1,637,077 and $3,092,250, 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 5.25% and 8.25% as of March 31, 2008 and 2007, 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, 2008 and 2007 approximates fair value. The notes at March 31, 2008 and 2007 by series are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 47 |
| $ | 155,857 |
| $ | 824,301 |
|
Series 48 |
| 155,857 |
| 799,602 |
| ||
Series 49 |
| 1,325,363 |
| 1,468,347 |
| ||
|
|
|
|
|
| ||
|
| $ | 1,637,077 |
| $ | 3,092,250 |
|
F-43
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
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, 2008 is reconciled as follows:
|
| Total |
| Series 47 |
| Series 48 |
| Series 49 |
| ||||
Net income (loss) for financial reporting purposes |
| $ | (8,066,020 | ) | $ | (2,219,358 | ) | $ | (1,554,703 | ) | $ | (4,291,959 | ) |
|
|
|
|
|
|
|
|
|
| ||||
Accrued partnership management fee not deducted (deducted) for income tax purposes |
| (88,363 | ) | 38,356 |
| 138,380 |
| (265,099 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Other |
| 110,548 |
| (200,276 | ) | (48,542 | ) | 359,366 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Excess of tax depreciation over book depreciation on operating limited partnership assets |
| (2,055,342 | ) | (881,983 | ) | (564,451 | ) | (608,908 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Impairment loss not recognized for tax purposes |
| 614,576 |
| 202,770 |
| 24,539 |
| 387,267 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Difference due to fiscal year for book purposes and calendar year for tax purposes |
| (154,258 | ) | (22,538 | ) | (59,400 | ) | (72,320 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Income (loss) for tax return purposes, December 31, 2007 |
| $ | (9,638,859 | ) | $ | (3,083,029 | ) | $ | (2,064,177 | ) | $ | (4,491,653 | ) |
F-44
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued)
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, 2007 is reconciled as follows:
|
| Total |
| Series 47 |
| Series 48 |
| Series 49 |
| ||||
Net income (loss) for financial reporting purposes |
| $ | (7,676,292 | ) | $ | (2,614,783 | ) | $ | (1,960,375 | ) | $ | (3,101,134 | ) |
|
|
|
|
|
|
|
|
|
| ||||
Accrued partnership management fee not deducted (deducted) for income tax purposes |
| 604,918 |
| 238,351 |
| 163,380 |
| 203,187 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Other |
| (357,100 | ) | (88,959 | ) | (906,262 | ) | 638,121 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Excess of tax depreciation over book depreciation on operating limited partnership assets |
| (2,296,174 | ) | (1,042,879 | ) | (643,131 | ) | (610,164 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Difference due to fiscal year for book purposes and calendar year for tax purposes |
| (916,740 | ) | (576,955 | ) | (318,626 | ) | (21,159 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Income (loss) for tax return purposes, December 31, 2006 |
| $ | (10,641,388 | ) | $ | (4,085,225 | ) | $ | (3,665,014 | ) | $ | (2,891,149 | ) |
F-45
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
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, 2008 are as follows:
|
| Total |
| Series 47 |
| Series 48 |
| Series 49 |
| ||||
Investments in operating limited partnerships - tax return December 31, 2007 |
| $ | 64,991,519 |
| $ | 16,141,976 |
| $ | 10,405,209 |
| $ | 38,444,334 |
|
|
|
|
|
|
|
|
|
|
| ||||
Impairment loss in investment in operating limited partnerships |
| (614,576 | ) | (202,770 | ) | (24,539 | ) | (387,267 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Other |
| 4,875,647 |
| 2,342,665 |
| 1,988,762 |
| 544,220 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Investments in operating limited partnerships - as reported |
| $ | 69,252,590 |
| $ | 18,281,871 |
| $ | 12,369,432 |
| $ | 38,601,287 |
|
The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2007 are as follows:
|
| Total |
| Series 47 |
| Series 48 |
| Series 49 |
| ||||
Investments in operating limited partnerships - tax return December 31, 2006 |
| $ | 74,096,736 |
| $ | 19,399,167 |
| $ | 12,561,209 |
| $ | 42,136,360 |
|
|
|
|
|
|
|
|
|
|
| ||||
Impairment loss in investment in operating limited partnerships |
| — |
| — |
| — |
| — |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Other |
| 2,573,382 |
| 985,823 |
| 1,367,637 |
| 219,922 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Investments in operating limited partnerships - as reported |
| $ | 76,670,118 |
| $ | 20,384,990 |
| $ | 13,928,846 |
| $ | 42,356,282 |
|
F-46
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE
At March 31, 2008, the amortized cost and fair value of investments available-for-sale are as follows:
|
| Amortized |
| Gross |
| Fair |
| |||
Tax-exempt municipal bonds |
| $ | 1,542,853 |
| $ | (15,571 | ) | $ | 1,527,282 |
|
The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 2008 is shown below:
|
| Amortized cost |
| Fair value |
| ||
Due in one year or less |
| $ | 1,097,954 |
| $ | 1,086,873 |
|
Due in one year through five years |
| — |
| — |
| ||
Due in more than 5 years |
| 444,899 |
| 440,409 |
| ||
|
| $ | 1,542,853 |
| $ | 1,527,282 |
|
The tax-exempt coupon rates for the investments held during the year ranged from 3.48% to 5.45%.
Proceeds from sales and maturities of investments during the year ended March 31, 2008 were $3,850,042, resulting in a realized loss of $135,848, included in interest income.
F-47
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE G - INVESTMENTS AVAILABLE-FOR-SALE (continued)
At March 31, 2007, the amortized cost and fair value of investments available-for-sale are as follows:
|
| Amortized |
| Gross |
| Fair |
| |||
Tax-exempt municipal bonds |
| $ | 6,838,696 |
| $ | (73,500 | ) | $ | 6,765,196 |
|
The amortized cost and fair value of investments available-for-sale by maturity as of March 31, 2007 is shown below:
|
| Amortized cost |
| Fair value |
| ||
Due in one year or less |
| $ | 4,143,900 |
| $ | 4,099,363 |
|
Due in one year through five years |
| 1,628,370 |
| 1,610,869 |
| ||
Due in more than 5 years |
| 1,066,426 |
| 1,054,964 |
| ||
|
|
|
|
|
| ||
|
| $ | 6,838,696 |
| $ | 6,765,196 |
|
The tax-exempt coupon rates for the investments held during the year ranged from 2.95% to 5.47%.
Proceeds from sales and maturities of investments during the year ended March 31, 2007 were $3,769,040, resulting in a realized loss of $196,827, included in interest income
NOTE H - CASH EQUIVALENTS
Cash equivalents of $2,252,160 and $1,078,412 as of March 31, 2008 and 2007, respectively, include tax-exempt sweep accounts and money market accounts with interest rates ranging from 2.31% to 5.47% per annum.
On March 31, 2007, the fund purchased $250,000 of corporate bonds and preferred stock to resell on April 2, 2007. Interest is earned at a rate of 0.40% per annum.
F-48
Boston Capital Tax Credit Fund V L.P. -
Series 47 through 49
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE I - CONCENTRATION OF CREDIT RISK
The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the Fund has not experienced any losses with respect to it balances in excess of FDIC or SIPC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2008.
F-49