Document And Entity Information
Document And Entity Information | 3 Months Ended |
Jun. 30, 2020shares | |
Document And Entity Information | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2020 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q1 |
Entity Registrant Name | BOSTON CAPITAL TAX CREDIT FUND V LP |
Entity Central Index Key | 0001267425 |
Current Fiscal Year End Date | --03-31 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Small Business | true |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Jun. 30, 2020 | Mar. 31, 2020 |
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | $ 0 | $ 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 1,022,170 | 1,220,750 |
Other assets | 106,411 | 106,411 |
Assets | 1,128,581 | 1,327,161 |
LIABILITIES | ||
Accounts payable and accrued expenses | 6,843 | 9,343 |
Accounts payable - affiliates | 9,047,387 | 9,053,594 |
Capital contributions payable | 101 | 101 |
Total Liabilities | 9,054,331 | 9,063,038 |
PARTNERS' CAPITAL (DEFICIT) | ||
Limited partners | (7,644,732) | (7,455,334) |
General Partner | (281,018) | (280,543) |
Partners Capital | (7,925,750) | (7,735,877) |
Liabilities and Stockholders' Equity | 1,128,581 | 1,327,161 |
Series 47 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 297,978 | 496,126 |
Other assets | 0 | 0 |
Assets | 297,978 | 496,126 |
LIABILITIES | ||
Accounts payable and accrued expenses | 0 | 6,179 |
Accounts payable - affiliates | 3,245,461 | 3,386,708 |
Capital contributions payable | 0 | 0 |
Total Liabilities | 3,245,461 | 3,392,887 |
PARTNERS' CAPITAL (DEFICIT) | ||
Limited partners | (2,863,406) | (2,812,811) |
General Partner | (84,077) | (83,950) |
Partners Capital | (2,947,483) | (2,896,761) |
Liabilities and Stockholders' Equity | 297,978 | 496,126 |
Series 48 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 424,027 | 398,271 |
Other assets | 0 | 0 |
Assets | 424,027 | 398,271 |
LIABILITIES | ||
Accounts payable and accrued expenses | 6,500 | 2,500 |
Accounts payable - affiliates | 1,853,622 | 1,834,383 |
Capital contributions payable | 0 | 0 |
Total Liabilities | 1,860,122 | 1,836,883 |
PARTNERS' CAPITAL (DEFICIT) | ||
Limited partners | (1,381,742) | (1,384,253) |
General Partner | (54,353) | (54,359) |
Partners Capital | (1,436,095) | (1,438,612) |
Liabilities and Stockholders' Equity | 424,027 | 398,271 |
Series 49 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 300,165 | 326,353 |
Other assets | 106,411 | 106,411 |
Assets | 406,576 | 432,764 |
LIABILITIES | ||
Accounts payable and accrued expenses | 343 | 664 |
Accounts payable - affiliates | 3,948,304 | 3,832,503 |
Capital contributions payable | 101 | 101 |
Total Liabilities | 3,948,748 | 3,833,268 |
PARTNERS' CAPITAL (DEFICIT) | ||
Limited partners | (3,399,584) | (3,258,270) |
General Partner | (142,588) | (142,234) |
Partners Capital | (3,542,172) | (3,400,504) |
Liabilities and Stockholders' Equity | $ 406,576 | $ 432,764 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2020 | Mar. 31, 2020 |
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Units of limited partnership interest, issued | 11,777,706 | 11,777,706 |
Units of limited partnership interest, outstanding | 11,736,806 | 11,736,806 |
Series 47 [Member] | ||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Units of limited partnership interest, issued | 3,478,334 | 3,478,334 |
Units of limited partnership interest, outstanding | 3,467,934 | 3,467,934 |
Series 48 [Member] | ||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Units of limited partnership interest, issued | 2,299,372 | 2,299,372 |
Units of limited partnership interest, outstanding | 2,284,372 | 2,284,372 |
Series 49 [Member] | ||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Units of limited partnership interest, issued | 6,000,000 | 6,000,000 |
Units of limited partnership interest, outstanding | 5,984,500 | 5,984,500 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income | ||
Interest income | $ 1,987 | $ 1,735 |
Other income | 0 | 955 |
Total income | 1,987 | 2,690 |
Gain on sale of operating limited partnerships | 33,500 | 0 |
Expenses | ||
Professional fees | 24,499 | 0 |
Fund management fee, net | 181,740 | 191,754 |
General and administrative expenses | 19,121 | 17,988 |
Operating expenses | 225,360 | 209,742 |
NET INCOME (LOSS) | (189,873) | (207,052) |
Net income (loss) allocated to limited partner | (189,398) | (206,534) |
Net income (loss) allocated to general partner | $ (475) | $ (518) |
Net income (loss) per BAC | $ (0.02) | $ (0.02) |
Series 47 [Member] | ||
Income | ||
Interest income | $ 596 | $ 594 |
Other income | 0 | 350 |
Total income | 596 | 944 |
Gain on sale of operating limited partnerships | 0 | 0 |
Expenses | ||
Professional fees | 7,595 | 0 |
Fund management fee, net | 37,431 | 52,700 |
General and administrative expenses | 6,292 | 5,705 |
Operating expenses | 51,318 | 58,405 |
NET INCOME (LOSS) | (50,722) | (57,461) |
Net income (loss) allocated to limited partner | (50,595) | (57,317) |
Net income (loss) allocated to general partner | $ (127) | $ (144) |
Net income (loss) per BAC | $ (0.01) | $ (0.02) |
Series 48 [Member] | ||
Income | ||
Interest income | $ 787 | $ 505 |
Other income | 0 | 350 |
Total income | 787 | 855 |
Gain on sale of operating limited partnerships | 33,500 | 0 |
Expenses | ||
Professional fees | 7,025 | 0 |
Fund management fee, net | 19,239 | 31,016 |
General and administrative expenses | 5,506 | 4,914 |
Operating expenses | 31,770 | 35,930 |
NET INCOME (LOSS) | 2,517 | (35,075) |
Net income (loss) allocated to limited partner | 2,511 | (34,987) |
Net income (loss) allocated to general partner | $ 6 | $ (88) |
Net income (loss) per BAC | $ 0 | $ (0.02) |
Series 49 [Member] | ||
Income | ||
Interest income | $ 604 | $ 636 |
Other income | 0 | 255 |
Total income | 604 | 891 |
Gain on sale of operating limited partnerships | 0 | 0 |
Expenses | ||
Professional fees | 9,879 | 0 |
Fund management fee, net | 125,070 | 108,038 |
General and administrative expenses | 7,323 | 7,369 |
Operating expenses | 142,272 | 115,407 |
NET INCOME (LOSS) | (141,668) | (114,516) |
Net income (loss) allocated to limited partner | (141,314) | (114,230) |
Net income (loss) allocated to general partner | $ (354) | $ (286) |
Net income (loss) per BAC | $ (0.02) | $ (0.02) |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - USD ($) | Series 47 [Member]Assignees [Member] | Series 47 [Member]General Partner [Member] | Series 47 [Member] | Series 48 [Member]Assignees [Member] | Series 48 [Member]General Partner [Member] | Series 48 [Member] | Series 49 [Member]Assignees [Member] | Series 49 [Member]General Partner [Member] | Series 49 [Member] | Assignees [Member] | General Partner [Member] | Total |
Partners' capital (deficit) at Mar. 31, 2019 | $ (2,863,087) | $ (84,076) | $ (2,947,163) | $ (1,585,765) | $ (54,864) | $ (1,640,629) | $ (2,819,682) | $ (141,135) | $ (2,960,817) | $ (7,268,534) | $ (280,075) | $ (7,548,609) |
Net income (loss) | (57,317) | (144) | (57,461) | (34,987) | (88) | (35,075) | (114,230) | (286) | (114,516) | (206,534) | (518) | (207,052) |
Partners' capital (deficit) at Jun. 30, 2019 | (2,920,404) | (84,220) | (3,004,624) | (1,620,752) | (54,952) | (1,675,704) | (2,933,912) | (141,421) | (3,075,333) | (7,475,068) | (280,593) | (7,755,661) |
Partners' capital (deficit) at Mar. 31, 2020 | (2,812,811) | (83,950) | (2,896,761) | (1,384,253) | (54,359) | (1,438,612) | (3,258,270) | (142,234) | (3,400,504) | (7,455,334) | (280,543) | (7,735,877) |
Net income (loss) | (50,595) | (127) | (50,722) | 2,511 | 6 | 2,517 | (141,314) | (354) | (141,668) | (189,398) | (475) | (189,873) |
Partners' capital (deficit) at Jun. 30, 2020 | $ (2,863,406) | $ (84,077) | $ (2,947,483) | $ (1,381,742) | $ (54,353) | $ (1,436,095) | $ (3,399,584) | $ (142,588) | $ (3,542,172) | $ (7,644,732) | $ (281,018) | $ (7,925,750) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
Net income (loss) | $ (189,873) | $ (207,052) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Gain on sale of operating limited partnerships | (33,500) | 0 |
Changes in assets and liabilities | ||
Increase (Decrease) in accounts payable and accrued expenses | (2,500) | 0 |
Increase (Decrease) in accounts payable - affiliates | (6,207) | 229,263 |
Net cash provided by (used in) operating activities | (232,080) | 22,211 |
Cash flows from investing activities | ||
Proceeds from disposition | 33,500 | 0 |
Net cash provided by investing activities | 33,500 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (198,580) | 22,211 |
Cash and cash equivalents, beginning | 1,220,750 | 707,501 |
Cash and cash equivalents, ending | 1,022,170 | 729,712 |
Series 47 [Member] | ||
Cash flows from operating activities | ||
Net income (loss) | (50,722) | (57,461) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Gain on sale of operating limited partnerships | 0 | 0 |
Changes in assets and liabilities | ||
Increase (Decrease) in accounts payable and accrued expenses | (6,179) | 0 |
Increase (Decrease) in accounts payable - affiliates | (141,247) | 62,652 |
Net cash provided by (used in) operating activities | (198,148) | 5,191 |
Cash flows from investing activities | ||
Proceeds from disposition | 0 | 0 |
Net cash provided by investing activities | 0 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (198,148) | 5,191 |
Cash and cash equivalents, beginning | 496,126 | 243,174 |
Cash and cash equivalents, ending | 297,978 | 248,365 |
Series 48 [Member] | ||
Cash flows from operating activities | ||
Net income (loss) | 2,517 | (35,075) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Gain on sale of operating limited partnerships | (33,500) | 0 |
Changes in assets and liabilities | ||
Increase (Decrease) in accounts payable and accrued expenses | 4,000 | 0 |
Increase (Decrease) in accounts payable - affiliates | 19,239 | 38,835 |
Net cash provided by (used in) operating activities | (7,744) | 3,760 |
Cash flows from investing activities | ||
Proceeds from disposition | 33,500 | 0 |
Net cash provided by investing activities | 33,500 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 25,756 | 3,760 |
Cash and cash equivalents, beginning | 398,271 | 209,712 |
Cash and cash equivalents, ending | 424,027 | 213,472 |
Series 49 [Member] | ||
Cash flows from operating activities | ||
Net income (loss) | (141,668) | (114,516) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Gain on sale of operating limited partnerships | 0 | 0 |
Changes in assets and liabilities | ||
Increase (Decrease) in accounts payable and accrued expenses | (321) | 0 |
Increase (Decrease) in accounts payable - affiliates | 115,801 | 127,776 |
Net cash provided by (used in) operating activities | (26,188) | 13,260 |
Cash flows from investing activities | ||
Proceeds from disposition | 0 | 0 |
Net cash provided by investing activities | 0 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (26,188) | 13,260 |
Cash and cash equivalents, beginning | 326,353 | 254,615 |
Cash and cash equivalents, ending | $ 300,165 | $ 267,875 |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Jun. 30, 2020 | |
ORGANIZATION | |
ORGANIZATION | NOTE A - ORGANIZATION Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The general partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the general partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional managers of the general partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc. The assignor limited partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund. A Registration Statement on Form S‑11 and the related prospectus, (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 June 30, 2020, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060. Below is a summary of the BACs sold and total equity raised, by series, as of June 30, 2020: Series Closing Date BACs Sold Equity Raised Series 47 April 30, 2004 3,478,334 $ 34,783,340 Series 48 August 12, 2004 2,299,372 $ 22,993,720 Series 49 April 29, 2005 6,000,000 $ 60,000,000 The Fund concluded its public offering of BACs in the Fund on April 29, 2005. |
ACCOUNTING AND FINANCIAL REPORT
ACCOUNTING AND FINANCIAL REPORTING POLICIES | 3 Months Ended |
Jun. 30, 2020 | |
ACCOUNTING AND FINANCIAL REPORTING POLICIES | |
ACCOUNTING AND FINANCIAL REPORTING POLICIES | NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES The condensed financial statements herein as of June 30, 2020 and for the three months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account. The Fund’s accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund’s Annual Report on Form 10‑K for the fiscal year ended March 31, 2020. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2020 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE C - RELATED PARTY TRANSACTIONS The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows: An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended June 30, 2020 and 2019 are as follows: 2020 2019 Series 47 $ 37,431 $ 62,652 Series 48 19,239 38,835 Series 49 125,070 127,776 Total $ 181,740 $ 229,263 The fund management fees paid for the quarters ended June 30, 2020 and 2019 are as follows: 2020 2019 Series 47 $ 178,678 $ — Series 48 — — Series 49 9,269 — Total $ 187,947 $ — |
INVESTMENTS IN OPERATING PARTNE
INVESTMENTS IN OPERATING PARTNERSHIPS | 3 Months Ended |
Jun. 30, 2020 | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS At June 30, 2020 and 2019, the Fund had limited partnership interests in 32 and 45 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at June 30, 2020 and 2019 is as follows: 2020 2019 Series 47 7 12 Series 48 3 9 Series 49 22 24 Total 32 45 Under the terms of the Partnership’s investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. During the three months ended June 30, 2020, the Fund disposed of one Operating Partnership. A summary of the dispositions by Series for the period ended June 30, 2020 is as follows: Operating Sale of Partnership Partnership Underlying Proceeds Gain/(Loss) Interest Operating from on Transferred Partnership Disposition Disposition Series 47 — — $ — $ — Series 48 1 — 33,500 33,500 Series 49 — — — — Total 1 — $ 33,500 $ 33,500 During the three months ended June 30, 2019, no Operating Partnerships were disposed. The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Partnership's investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements. The Fund’s fiscal year ends March 31st for each year, while all the Operating Partnerships’ fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership’s quarterly period. Accordingly, the financial results available for the COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Three Months Ended March 31, (Unaudited) Total 2020 2019 Revenues Rental $ 3,702,000 $ 4,704,148 Interest and other 149,390 92,913 3,851,390 4,797,061 Expenses Interest 472,396 667,433 Depreciation and amortization 927,952 1,220,586 Operating expenses 2,647,715 3,462,693 4,048,063 5,350,712 NET LOSS $ (196,673) $ (553,651) Net loss allocated to Boston Capital Tax Credit Fund V L.P. $ (194,706) $ (548,114) Net loss allocated to other Partners $ (1,967) $ (5,537) The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Three Months Ended March 31, (Unaudited) Series 47 2020 2019 Revenues Rental $ 818,236 $ 1,437,199 Interest and other 49,939 20,952 868,175 1,458,151 Expenses Interest 94,716 195,302 Depreciation and amortization 182,206 312,346 Operating expenses 591,930 1,091,985 868,852 1,599,633 NET LOSS $ (677) $ (141,482) Net loss allocated to Boston Capital Tax Credit Fund V L.P. $ (670) $ (140,067) Net loss allocated to other Partners $ (7) $ (1,415) The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Three Months Ended March 31, (Unaudited) Series 48 2020 2019 Revenues Rental $ 374,599 $ 782,077 Interest and other 6,244 13,475 380,843 795,552 Expenses Interest 38,392 100,292 Depreciation and amortization 75,208 200,142 Operating expenses 267,397 586,804 380,997 887,238 NET LOSS $ (154) $ (91,686) Net loss allocated to Boston Capital Tax Credit Fund V L.P. $ (152) $ (90,769) Net loss allocated to other Partners $ (2) $ (917) The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Three Months Ended March 31, (Unaudited) Series 49 2020 2019 Revenues Rental $ 2,509,165 $ 2,484,872 Interest and other 93,207 58,486 2,602,372 2,543,358 Expenses Interest 339,288 371,839 Depreciation and amortization 670,538 708,098 Operating expenses 1,788,388 1,783,904 2,798,214 2,863,841 NET LOSS $ (195,842) $ (320,483) Net loss allocated to Boston Capital Tax Credit Fund V L.P. $ (193,884) $ (317,278) Net loss allocated to other Partners $ (1,958) $ (3,205) The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. |
TAXABLE LOSS
TAXABLE LOSS | 3 Months Ended |
Jun. 30, 2020 | |
TAXABLE LOSS | |
TAXABLE LOSS | NOTE E - TAXABLE LOSS The Fund’s taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Jun. 30, 2020 | |
INCOME TAXES | |
INCOME TAXES | NOTE F - INCOME TAXES The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2016 remain open. |
CONTINGENCY
CONTINGENCY | 3 Months Ended |
Jun. 30, 2020 | |
CONTINGENCY [Abstract] | |
CONTINGENCY | NOTE G - CONTINGENCY The spread of a novel strain of coronavirus (COVID-19) has caused significant business disruptions in the United States beginning February 2020. The economic impact of the business disruptions caused by COVID-19 is uncertain. The extent of any effects these disruptions may have on the operations and financial performance of the Partnership will depend on future developments, including possible impacts on the operations of the underlying real estate of its investments, which cannot be determined. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2020 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE H - SUBSEQUENT EVENTS Subsequent to June 30, 2020, the Fund has entered into an agreement to transfer the interest in two operating limited partnerships. The estimated transfer price and other terms for the dispositions of the operating limited partnerships have been determined. The estimated proceeds to be received for the operating limited partnerships are $430,000. The estimated gain on the transfer of the operating limited partnerships are $421,000 and are expected to be recognized in the second quarter of fiscal year ending March 31, 2021. |
ORGANIZATION (Tables)
ORGANIZATION (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
ORGANIZATION | |
Schedule of Limited Partners' Capital Account by Class | Below is a summary of the BACs sold and total equity raised, by series, as of June 30, 2020: Series Closing Date BACs Sold Equity Raised Series 47 April 30, 2004 3,478,334 $ 34,783,340 Series 48 August 12, 2004 2,299,372 $ 22,993,720 Series 49 April 29, 2005 6,000,000 $ 60,000,000 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
RELATED PARTY TRANSACTIONS | |
Schedule of Gross Management Fee | The fund management fee accrued for the quarters ended June 30, 2020 and 2019 are as follows: 2020 2019 Series 47 $ 37,431 $ 62,652 Series 48 19,239 38,835 Series 49 125,070 127,776 Total $ 181,740 $ 229,263 |
Schedule of Management Fees Paid | The fund management fees paid for the quarters ended June 30, 2020 and 2019 are as follows: 2020 2019 Series 47 $ 178,678 $ — Series 48 — — Series 49 9,269 — Total $ 187,947 $ — |
INVESTMENTS IN OPERATING PART_2
INVESTMENTS IN OPERATING PARTNERSHIPS (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | |
Schedule of Number of Operating Partnerships | The breakdown of Operating Partnerships within the Fund at June 30, 2020 and 2019 is as follows: 2020 2019 Series 47 7 12 Series 48 3 9 Series 49 22 24 Total 32 45 |
Schedule of Number of Operating Partnerships Disposed | A summary of the dispositions by Series for the period ended June 30, 2020 is as follows: Operating Sale of Partnership Partnership Underlying Proceeds Gain/(Loss) Interest Operating from on Transferred Partnership Disposition Disposition Series 47 — — $ — $ — Series 48 1 — 33,500 33,500 Series 49 — — — — Total 1 — $ 33,500 $ 33,500 |
Schedule of Summarized Statement of Operations in Operating Partnerships | COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) Total 2020 2019 Revenues Rental $ 3,702,000 $ 4,704,148 Interest and other 149,390 92,913 3,851,390 4,797,061 Expenses Interest 472,396 667,433 Depreciation and amortization 927,952 1,220,586 Operating expenses 2,647,715 3,462,693 4,048,063 5,350,712 NET LOSS $ (196,673) $ (553,651) Net loss allocated to Boston Capital Tax Credit Fund V L.P. $ (194,706) $ (548,114) Net loss allocated to other Partners $ (1,967) $ (5,537) 2020 2019 Revenues Rental $ 818,236 $ 1,437,199 Interest and other 49,939 20,952 868,175 1,458,151 Expenses Interest 94,716 195,302 Depreciation and amortization 182,206 312,346 Operating expenses 591,930 1,091,985 868,852 1,599,633 NET LOSS $ (677) $ (141,482) Net loss allocated to Boston Capital Tax Credit Fund V L.P. $ (670) $ (140,067) Net loss allocated to other Partners $ (7) $ (1,415) 2020 2019 Revenues Rental $ 374,599 $ 782,077 Interest and other 6,244 13,475 380,843 795,552 Expenses Interest 38,392 100,292 Depreciation and amortization 75,208 200,142 Operating expenses 267,397 586,804 380,997 887,238 NET LOSS $ (154) $ (91,686) Net loss allocated to Boston Capital Tax Credit Fund V L.P. $ (152) $ (90,769) Net loss allocated to other Partners $ (2) $ (917) 2020 2019 Revenues Rental $ 2,509,165 $ 2,484,872 Interest and other 93,207 58,486 2,602,372 2,543,358 Expenses Interest 339,288 371,839 Depreciation and amortization 670,538 708,098 Operating expenses 1,788,388 1,783,904 2,798,214 2,863,841 NET LOSS $ (195,842) $ (320,483) Net loss allocated to Boston Capital Tax Credit Fund V L.P. $ (193,884) $ (317,278) Net loss allocated to other Partners $ (1,958) $ (3,205) |
ORGANIZATION (Details)
ORGANIZATION (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Capital Unit [Line Items] | ||
BACs Issue | 11,777,706 | 11,777,706 |
Equity Raised | $ 117,777,060 | |
Series 47 [Member] | ||
Capital Unit [Line Items] | ||
Closing Date | Apr. 30, 2004 | |
BACs Issue | 3,478,334 | 3,478,334 |
Equity Raised | $ 34,783,340 | |
Series 48 [Member] | ||
Capital Unit [Line Items] | ||
Closing Date | Aug. 12, 2004 | |
BACs Issue | 2,299,372 | 2,299,372 |
Equity Raised | $ 22,993,720 | |
Series 49 [Member] | ||
Capital Unit [Line Items] | ||
Closing Date | Apr. 29, 2005 | |
BACs Issue | 6,000,000 | 6,000,000 |
Equity Raised | $ 60,000,000 |
ORGANIZATION - Additional Infor
ORGANIZATION - Additional Information (Details) - USD ($) | 1 Months Ended | ||
Aug. 31, 2004 | Jun. 30, 2020 | Mar. 31, 2020 | |
ORGANIZATION | |||
Minimum Units Of Limited Partners Beneficial Interest For Sale | 250,000 | ||
Maximum Units Of Limited Partners Beneficial Interest For Sale | 7,000,000 | ||
Limited Partners Capital Account Per Units | $ 10 | ||
Limited Partners Capital Account Additional Units Registered For Sale | 8,500,000 | ||
Limited Partners' Capital Account, Units Issued | 11,777,706 | 11,777,706 | |
Limited Partners' Contributed Capital | $ 117,777,060 |
RELATED PARTY TRANSACTIONS - Gr
RELATED PARTY TRANSACTIONS - Gross Management Fee (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | $ 181,740 | $ 229,263 |
Series 47 [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | 37,431 | 62,652 |
Series 48 [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | 19,239 | 38,835 |
Series 49 [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | $ 125,070 | $ 127,776 |
RELATED PARTY TRANSACTIONS - Ma
RELATED PARTY TRANSACTIONS - Management Fees Paid (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Related Party Transaction [Line Items] | ||
Management Fees Paid | $ 187,947 | $ 0 |
Series 47 [Member] | ||
Related Party Transaction [Line Items] | ||
Management Fees Paid | 178,678 | 0 |
Series 48 [Member] | ||
Related Party Transaction [Line Items] | ||
Management Fees Paid | 0 | 0 |
Series 49 [Member] | ||
Related Party Transaction [Line Items] | ||
Management Fees Paid | $ 9,269 | $ 0 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Details) | 3 Months Ended |
Jun. 30, 2020 | |
RELATED PARTY TRANSACTIONS | |
Percentage Of Annual Management Fee | 0.50% |
INVESTMENTS IN OPERATING PART_3
INVESTMENTS IN OPERATING PARTNERSHIPS (Details) | Jun. 30, 2020 | Jun. 30, 2019 |
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 32 | 45 |
Series 47 [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 7 | 12 |
Series 48 [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 3 | 9 |
Series 49 [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 22 | 24 |
INVESTMENTS IN OPERATING PART_4
INVESTMENTS IN OPERATING PARTNERSHIPS - Summary of dispositions (Details) | 3 Months Ended | |
Jun. 30, 2020USD ($)item | Jun. 30, 2019USD ($) | |
Number Of Operating Partnerships Disposed [Line Items] | ||
Operating Partnership Interest Transferred | item | 1 | |
Sale of Underlying Operating Partnership | item | 0 | |
Partnership Proceeds from Disposition | $ | $ 33,500 | $ 0 |
Gain/(Loss) on Disposition | $ | $ 33,500 | 0 |
Series 47 [Member] | ||
Number Of Operating Partnerships Disposed [Line Items] | ||
Operating Partnership Interest Transferred | item | 0 | |
Sale of Underlying Operating Partnership | item | 0 | |
Partnership Proceeds from Disposition | $ | $ 0 | 0 |
Gain/(Loss) on Disposition | $ | $ 0 | 0 |
Series 48 [Member] | ||
Number Of Operating Partnerships Disposed [Line Items] | ||
Operating Partnership Interest Transferred | item | 1 | |
Sale of Underlying Operating Partnership | item | 0 | |
Partnership Proceeds from Disposition | $ | $ 33,500 | 0 |
Gain/(Loss) on Disposition | $ | $ 33,500 | 0 |
Series 49 [Member] | ||
Number Of Operating Partnerships Disposed [Line Items] | ||
Operating Partnership Interest Transferred | item | 0 | |
Sale of Underlying Operating Partnership | item | 0 | |
Partnership Proceeds from Disposition | $ | $ 0 | 0 |
Gain/(Loss) on Disposition | $ | $ 0 | $ 0 |
INVESTMENTS IN OPERATING PART_5
INVESTMENTS IN OPERATING PARTNERSHIPS - Operating Partnerships Combined Condensed Summarized Statements Of Operations (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues | ||
Rental | $ 3,702,000 | $ 4,704,148 |
Interest and other | 149,390 | 92,913 |
Operating Partnerships Revenues | 3,851,390 | 4,797,061 |
Expenses | ||
Interest | 472,396 | 667,433 |
Depreciation and amortization | 927,952 | 1,220,586 |
Operating expenses | 2,647,715 | 3,462,693 |
Operating Partnerships Total Expenses | 4,048,063 | 5,350,712 |
NET LOSS | (196,673) | (553,651) |
Net loss allocated to Boston Capital Tax Credit Fund V L.P. | (194,706) | (548,114) |
Net loss allocated to other Partners | (1,967) | (5,537) |
Series 47 [Member] | ||
Revenues | ||
Rental | 818,236 | 1,437,199 |
Interest and other | 49,939 | 20,952 |
Operating Partnerships Revenues | 868,175 | 1,458,151 |
Expenses | ||
Interest | 94,716 | 195,302 |
Depreciation and amortization | 182,206 | 312,346 |
Operating expenses | 591,930 | 1,091,985 |
Operating Partnerships Total Expenses | 868,852 | 1,599,633 |
NET LOSS | (677) | (141,482) |
Net loss allocated to Boston Capital Tax Credit Fund V L.P. | (670) | (140,067) |
Net loss allocated to other Partners | (7) | (1,415) |
Series 48 [Member] | ||
Revenues | ||
Rental | 374,599 | 782,077 |
Interest and other | 6,244 | 13,475 |
Operating Partnerships Revenues | 380,843 | 795,552 |
Expenses | ||
Interest | 38,392 | 100,292 |
Depreciation and amortization | 75,208 | 200,142 |
Operating expenses | 267,397 | 586,804 |
Operating Partnerships Total Expenses | 380,997 | 887,238 |
NET LOSS | (154) | (91,686) |
Net loss allocated to Boston Capital Tax Credit Fund V L.P. | (152) | (90,769) |
Net loss allocated to other Partners | (2) | (917) |
Series 49 [Member] | ||
Revenues | ||
Rental | 2,509,165 | 2,484,872 |
Interest and other | 93,207 | 58,486 |
Operating Partnerships Revenues | 2,602,372 | 2,543,358 |
Expenses | ||
Interest | 339,288 | 371,839 |
Depreciation and amortization | 670,538 | 708,098 |
Operating expenses | 1,788,388 | 1,783,904 |
Operating Partnerships Total Expenses | 2,798,214 | 2,863,841 |
NET LOSS | (195,842) | (320,483) |
Net loss allocated to Boston Capital Tax Credit Fund V L.P. | (193,884) | (317,278) |
Net loss allocated to other Partners | $ (1,958) | $ (3,205) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | 3 Months Ended | |
Jun. 30, 2020USD ($)item | Jun. 30, 2019USD ($) | |
Subsequent Event [Line Items] | ||
Number of operating limited partnerships to be transferred | item | 1 | |
Proceeds from disposition | $ 33,500 | $ 0 |
Gain on sale of operating limited partnerships | $ 33,500 | $ 0 |
Operating limited partnerships | ||
Subsequent Event [Line Items] | ||
Number of operating limited partnerships to be transferred | item | 2 | |
Proceeds from disposition | $ 430,000 | |
Gain on sale of operating limited partnerships | $ 421,000 |