Document And Entity Information
Document And Entity Information | 12 Months Ended |
Mar. 31, 2016USD ($)shares | |
Document Information [Line Items] | |
Document Type | 10-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | BOSTON CAPITAL TAX CREDIT FUND V LP |
Entity Central Index Key | 1,267,425 |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Smaller Reporting Company |
Entity Public Float | $ | $ 0 |
Entity Common Stock, Shares Outstanding | shares | 0 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | $ 2,460,506 | $ 9,150,371 |
OTHER ASSETS | ||
Cash and cash equivalents | 969,029 | 854,750 |
Deferred acquisition costs, net of accumulated amortization | 120,582 | 540,313 |
Other assets | 106,411 | 106,411 |
Assets | 3,656,528 | 10,651,845 |
LIABILITIES | ||
Accounts payable and accrued expenses | 843 | 843 |
Accounts payable - affiliates | 6,921,609 | 5,783,781 |
Capital contributions payable | 101 | 101 |
Total Liabilities | 6,922,553 | 5,784,725 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | (2,996,658) | 5,116,155 |
General partner | (269,367) | (249,035) |
Partners Capital | (3,266,025) | 4,867,120 |
Liabilities and Stockholders' Equity | 3,656,528 | 10,651,845 |
Series Forty Seven [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 0 | 1,225,363 |
OTHER ASSETS | ||
Cash and cash equivalents | 251,317 | 218,870 |
Deferred acquisition costs, net of accumulated amortization | 0 | 95,682 |
Other assets | 0 | 0 |
Assets | 251,317 | 1,539,915 |
LIABILITIES | ||
Accounts payable and accrued expenses | 385 | 385 |
Accounts payable - affiliates | 3,008,465 | 2,620,121 |
Capital contributions payable | 0 | 0 |
Total Liabilities | 3,008,850 | 2,620,506 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | (2,673,931) | (1,001,181) |
General partner | (83,602) | (79,410) |
Partners Capital | (2,757,533) | (1,080,591) |
Liabilities and Stockholders' Equity | 251,317 | 1,539,915 |
Series Forty Eight [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 0 | 1,272,550 |
OTHER ASSETS | ||
Cash and cash equivalents | 244,197 | 222,229 |
Deferred acquisition costs, net of accumulated amortization | 0 | 109,847 |
Other assets | 0 | 0 |
Assets | 244,197 | 1,604,626 |
LIABILITIES | ||
Accounts payable and accrued expenses | 115 | 115 |
Accounts payable - affiliates | 1,783,800 | 1,545,420 |
Capital contributions payable | 0 | 0 |
Total Liabilities | 1,783,915 | 1,545,535 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | (1,485,107) | 109,705 |
General partner | (54,611) | (50,614) |
Partners Capital | (1,539,718) | 59,091 |
Liabilities and Stockholders' Equity | 244,197 | 1,604,626 |
Series Forty Nine [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 2,460,506 | 6,652,458 |
OTHER ASSETS | ||
Cash and cash equivalents | 473,515 | 413,651 |
Deferred acquisition costs, net of accumulated amortization | 120,582 | 334,784 |
Other assets | 106,411 | 106,411 |
Assets | 3,161,014 | 7,507,304 |
LIABILITIES | ||
Accounts payable and accrued expenses | 343 | 343 |
Accounts payable - affiliates | 2,129,344 | 1,618,240 |
Capital contributions payable | 101 | 101 |
Total Liabilities | 2,129,788 | 1,618,684 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | 1,162,380 | 6,007,631 |
General partner | (131,154) | (119,011) |
Partners Capital | 1,031,226 | 5,888,620 |
Liabilities and Stockholders' Equity | $ 3,161,014 | $ 7,507,304 |
BALANCE SHEETS _Parenthetical_
BALANCE SHEETS [Parenthetical] - $ / shares | Mar. 31, 2016 | Mar. 31, 2015 |
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Assignor Limited Partners Capital Account Units Issued | 11,777,706 | 11,777,706 |
Assignor Limited Partners Capital Account Units Outstanding | 11,777,706 | 11,777,706 |
Units of limited partnership interest, issued | 11,777,706 | 11,777,706 |
Units of limited partnership interest, outstanding | 11,776,706 | 11,777,706 |
Series Forty Seven [Member] | ||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Assignor Limited Partners Capital Account Units Issued | 3,478,334 | 3,478,334 |
Assignor Limited Partners Capital Account Units Outstanding | 3,478,334 | 3,478,334 |
Units of limited partnership interest, issued | 3,478,334 | 3,478,334 |
Units of limited partnership interest, outstanding | 3,478,334 | 3,478,334 |
Series Forty Eight [Member] | ||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Assignor Limited Partners Capital Account Units Issued | 2,299,372 | 2,299,372 |
Assignor Limited Partners Capital Account Units Outstanding | 2,299,372 | 2,299,372 |
Units of limited partnership interest, issued | 2,299,372 | 2,299,372 |
Units of limited partnership interest, outstanding | 2,299,372 | 2,299,372 |
Series Forty Nine [Member] | ||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Units of limited partnership interest, authorized | 15,500,000 | 15,500,000 |
Assignor Limited Partners Capital Account Units Issued | 6,000,000 | 6,000,000 |
Assignor Limited Partners Capital Account Units Outstanding | 6,000,000 | 6,000,000 |
Units of limited partnership interest, issued | 6,000,000 | 6,000,000 |
Units of limited partnership interest, outstanding | 5,999,000 | 6,000,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income | ||
Interest income | $ 28,409 | $ 2,048 |
Other income | 16,925 | 3,444 |
Total income | 45,334 | 5,492 |
Share of gain (loss) from operating limited partnerships | (348,157) | (1,559,433) |
Expenses and loss | ||
Professional fees | 123,287 | 103,505 |
Partnership management fee | 1,027,906 | 991,908 |
Amortization | 270,156 | 580,311 |
General and administrative expenses | 60,393 | 54,277 |
Impairment loss | 6,348,580 | 8,190,511 |
Operating expenses | 7,830,322 | 9,920,512 |
NET LOSS | (8,133,145) | (11,474,453) |
Net loss allocated to general partner | (20,332) | (28,687) |
Net loss allocated to limited partner | $ (8,112,813) | $ (11,445,766) |
Net loss per BAC (in dollar per share) | $ (0.69) | $ (0.97) |
Series Forty Seven [Member] | ||
Income | ||
Interest income | $ 350 | $ 208 |
Other income | 7,875 | 0 |
Total income | 8,225 | 208 |
Share of gain (loss) from operating limited partnerships | 240,558 | (284,760) |
Expenses and loss | ||
Professional fees | 41,172 | 37,536 |
Partnership management fee | 362,931 | 322,394 |
Amortization | 47,840 | 257,019 |
General and administrative expenses | 18,938 | 16,866 |
Impairment loss | 1,454,844 | 2,525,520 |
Operating expenses | 1,925,725 | 3,159,335 |
NET LOSS | (1,676,942) | (3,443,887) |
Net loss allocated to general partner | (4,192) | (8,610) |
Net loss allocated to limited partner | $ (1,672,750) | $ (3,435,277) |
Net loss per BAC (in dollar per share) | $ (0.48) | $ (0.99) |
Series Forty Eight [Member] | ||
Income | ||
Interest income | $ 420 | $ 312 |
Other income | 657 | 657 |
Total income | 1,077 | 969 |
Share of gain (loss) from operating limited partnerships | 113,977 | (93,105) |
Expenses and loss | ||
Professional fees | 36,010 | 25,904 |
Partnership management fee | 222,873 | 217,273 |
Amortization | 54,924 | 138,952 |
General and administrative expenses | 15,516 | 13,460 |
Impairment loss | 1,384,540 | 1,822,525 |
Operating expenses | 1,713,863 | 2,218,114 |
NET LOSS | (1,598,809) | (2,310,250) |
Net loss allocated to general partner | (3,997) | (5,776) |
Net loss allocated to limited partner | $ (1,594,812) | $ (2,304,474) |
Net loss per BAC (in dollar per share) | $ (0.69) | $ (1) |
Series Forty Nine [Member] | ||
Income | ||
Interest income | $ 27,639 | $ 1,528 |
Other income | 8,393 | 2,787 |
Total income | 36,032 | 4,315 |
Share of gain (loss) from operating limited partnerships | (702,692) | (1,181,568) |
Expenses and loss | ||
Professional fees | 46,105 | 40,065 |
Partnership management fee | 442,102 | 452,241 |
Amortization | 167,392 | 184,340 |
General and administrative expenses | 25,939 | 23,951 |
Impairment loss | 3,509,196 | 3,842,466 |
Operating expenses | 4,190,734 | 4,543,063 |
NET LOSS | (4,857,394) | (5,720,316) |
Net loss allocated to general partner | (12,143) | (14,301) |
Net loss allocated to limited partner | $ (4,845,251) | $ (5,706,015) |
Net loss per BAC (in dollar per share) | $ (0.81) | $ (0.95) |
STATEMENTS OF CHANGES IN PARTNE
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - USD ($) | Total | Limited Partner [Member] | General Partner [Member] | Series Forty Seven [Member] | Series Forty Seven [Member]Limited Partner [Member] | Series Forty Seven [Member]General Partner [Member] | Series Forty Eight [Member] | Series Forty Eight [Member]Limited Partner [Member] | Series Forty Eight [Member]General Partner [Member] | Series Forty Nine [Member] | Series Forty Nine [Member]Limited Partner [Member] | Series Forty Nine [Member]General Partner [Member] |
Partners' capital (deficit) at Mar. 31, 2014 | $ 16,341,573 | $ 16,561,921 | $ (220,348) | $ 2,363,296 | $ 2,434,096 | $ (70,800) | $ 2,369,341 | $ 2,414,179 | $ (44,838) | $ 11,608,936 | $ 11,713,646 | $ (104,710) |
Net loss | (11,474,453) | (11,445,766) | (28,687) | (3,443,887) | (3,435,277) | (8,610) | (2,310,250) | (2,304,474) | (5,776) | (5,720,316) | (5,706,015) | (14,301) |
Partners' capital (deficit) at Mar. 31, 2015 | 4,867,120 | 5,116,155 | (249,035) | (1,080,591) | (1,001,181) | (79,410) | 59,091 | 109,705 | (50,614) | 5,888,620 | 6,007,631 | (119,011) |
Net loss | (8,133,145) | (8,112,813) | (20,332) | (1,676,942) | (1,672,750) | (4,192) | (1,598,809) | (1,594,812) | (3,997) | (4,857,394) | (4,845,251) | (12,143) |
Partners' capital (deficit) at Mar. 31, 2016 | $ (3,266,025) | $ (2,996,658) | $ (269,367) | $ (2,757,533) | $ (2,673,931) | $ (83,602) | $ (1,539,718) | $ (1,485,107) | $ (54,611) | $ 1,031,226 | $ 1,162,380 | $ (131,154) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net loss | $ (8,133,145) | $ (11,474,453) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Share of (gain) loss from operating limited partnerships | 348,157 | 1,559,433 |
Impairment loss | 6,348,580 | 8,190,511 |
Distributions received from operating limited partnerships | 142,703 | 182,829 |
Amortization | 270,156 | 580,311 |
Changes in assets and liabilities | ||
Other assets | 0 | (60,000) |
Accounts payable - affiliates | 1,137,828 | 1,012,828 |
Net cash provided by (used in) operating activities | 114,279 | (8,541) |
Cash flows from investing activities | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 114,279 | (8,541) |
Cash and cash equivalents, beginning | 854,750 | 863,291 |
Cash and cash equivalents, end | 969,029 | 854,750 |
Series Forty Seven [Member] | ||
Cash flows from operating activities | ||
Net loss | (1,676,942) | (3,443,887) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Share of (gain) loss from operating limited partnerships | (240,558) | 284,760 |
Impairment loss | 1,454,844 | 2,525,520 |
Distributions received from operating limited partnerships | 58,919 | 108,206 |
Amortization | 47,840 | 257,019 |
Changes in assets and liabilities | ||
Other assets | 0 | 0 |
Accounts payable - affiliates | 388,344 | 388,344 |
Net cash provided by (used in) operating activities | 32,447 | 119,962 |
Cash flows from investing activities | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 32,447 | 119,962 |
Cash and cash equivalents, beginning | 218,870 | 98,908 |
Cash and cash equivalents, end | 251,317 | 218,870 |
Series Forty Eight [Member] | ||
Cash flows from operating activities | ||
Net loss | (1,598,809) | (2,310,250) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Share of (gain) loss from operating limited partnerships | (113,977) | 93,105 |
Impairment loss | 1,384,540 | 1,822,525 |
Distributions received from operating limited partnerships | 56,910 | 49,589 |
Amortization | 54,924 | 138,952 |
Changes in assets and liabilities | ||
Other assets | 0 | 0 |
Accounts payable - affiliates | 238,380 | 238,380 |
Net cash provided by (used in) operating activities | 21,968 | 32,301 |
Cash flows from investing activities | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 21,968 | 32,301 |
Cash and cash equivalents, beginning | 222,229 | 189,928 |
Cash and cash equivalents, end | 244,197 | 222,229 |
Series Forty Nine [Member] | ||
Cash flows from operating activities | ||
Net loss | (4,857,394) | (5,720,316) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||
Share of (gain) loss from operating limited partnerships | 702,692 | 1,181,568 |
Impairment loss | 3,509,196 | 3,842,466 |
Distributions received from operating limited partnerships | 26,874 | 25,034 |
Amortization | 167,392 | 184,340 |
Changes in assets and liabilities | ||
Other assets | 0 | (60,000) |
Accounts payable - affiliates | 511,104 | 386,104 |
Net cash provided by (used in) operating activities | 59,864 | (160,804) |
Cash flows from investing activities | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 59,864 | (160,804) |
Cash and cash equivalents, beginning | 413,651 | 574,455 |
Cash and cash equivalents, end | $ 473,515 | $ 413,651 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 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 .25 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 7,000,000 10 8,500,000 11,777,706 117,777,060 2016 2015 Series 47 3,478,334 3,478,334 Series 48 2,299,372 2,299,372 Series 49 5,999,000 6,000,000 11,776,706 11,777,706 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. After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the partnership’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the Fund recorded a valuation allowance of $ 120,000 The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. Impairment losses have been recognized for the years ended March 31, 2016 and March 31, 2015, of $ 6,348,580 8,190,511 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. In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it 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 has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party is required to consolidate the VIE. The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements. Based on this guidance, 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 this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited 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, advances to 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 operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture. In February, 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund has determined that there is no material impact to its financial statements as a result of this guidance Acquisition costs were amortized on the straight-line method over 27.5 47,842 54,923 46,810 418,353 168,065 33,896 120,582 2016 2015 Series 47 $ - $ - Series 48 - - Series 49 - - $ - $ - 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 Fund. 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 2012 remain open. Cash equivalents include 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. 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 partnership unit is calculated based upon the weighted average number of units outstanding during the year. 2016 2015 Series 47 3,478,334 3,478,334 Series 48 2,299,372 2,299,372 Series 49 5,999,750 6,000,000 11,777,456 11,777,706 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE B - RELATED PARTY TRANSACTIONS During the years ended March 31, 2016 and 2015, 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: 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 Partnerships. 2016 Gross Fund Asset Management Fund Management Fee Series 47 $ 388,344 $ 25,413 $ 362,931 Series 48 238,380 15,507 222,873 Series 49 511,104 69,002 442,102 $ 1,137,828 $ 109,922 $ 1,027,906 2015 Gross Fund Asset Management Fund Management Fee Series 47 $ 388,344 $ 65,950 $ 322,394 Series 48 238,380 21,107 217,273 Series 49 511,104 58,863 452,241 $ 1,137,828 $ 145,920 $ 991,908 All fund management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2016 and 2015, total fund management fees accrued were $ 6,921,609 5,783,781 2016 2015 Series 47 $ - $ - Series 48 - - Series 49 - 125,000 $ - $ 125,000 2016 2015 Series 47 $ 13,606 $ 11,693 Series 48 11,827 10,038 Series 49 17,308 15,539 $ 42,741 $ 37,270 |
INVESTMENTS IN OPERATING LIMITE
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 12 Months Ended |
Mar. 31, 2016 | |
Investments In Operating Partnerships [Abstract] | |
Equity Method Investments Disclosure [Text Block] | NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS At March 31, 2016 and 2015, 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, 2016 and 2015 by series are as follows: 2016 2015 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, 2016 and 2015, contributions are payable to operating limited partnerships as follows: 2016 2015 Series 47 $ - $ - Series 48 - - Series 49 101 101 $ 101 $ 101 The fund’s investments in operating limited partnerships at March 31, 2016 are 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 $ 88,232,675 $ 25,829,698 $ 17,111,380 $ 45,291,597 Cumulative distributions from operating limited partnerships (719,074) (250,010) (225,810) (243,254) Cumulative impairment loss in investments in operating limited partnerships (48,362,865) (14,280,759) (8,622,973) (25,459,133) Cumulative losses from operating limited partnerships (36,690,230) (11,298,929) (8,262,597) (17,128,704) Investments in operating limited partnerships per balance sheets 2,460,506 - - 2,460,506 Total Series 47 Series 48 Series 49 The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A). (384,817) - - (384,817) Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). (12,018,345) (3,023,517) (1,133,931) (7,860,897) The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). 333,626 - - 333,626 Cumulative impairment loss in investments in operating limited partnerships 48,362,865 14,280,759 8,622,973 25,459,133 Other 786,272 (4,180) 4,097 786,355 Equity per operating limited partnerships’ combined financial statements $ 39,540,107 $ 11,253,062 $ 7,493,139 $ 20,793,906 The fund’s investments in operating limited partnerships at March 31, 2015 are 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 $ 88,232,675 $ 25,829,698 $ 17,111,380 $ 45,291,597 Cumulative distributions from operating limited partnerships (576,371) (191,091) (168,900) (216,380) Cumulative impairment loss in investments in operating limited partnerships (42,163,860) (12,873,757) (7,293,356) (21,996,747) Cumulative losses from operating limited partnerships (36,342,073) (11,539,487) (8,376,574) (16,426,012) Investments in operating limited partnerships per balance sheets 9,150,371 1,225,363 1,272,550 6,652,458 Total Series 47 Series 48 Series 49 The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A). (384,817) - - (384,817) Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). (11,034,070) (2,517,045) (900,720) (7,616,305) The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). 333,626 - - 333,626 Cumulative impairment loss in investments in operating limited partnerships 42,163,860 12,873,757 7,293,356 21,996,747 Other 76,918 57,028 11,548 8,342 Equity per operating limited partnerships’ combined financial statements $ 40,305,888 $ 11,639,103 $ 7,676,734 $ 20,990,051 The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2015 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 47 Series 48 Series 49 ASSETS Buildings and improvements, net of accumulated depreciation $ 213,273,984 $ 71,764,322 $ 51,104,087 $ 90,405,575 Land 22,528,233 8,589,687 6,709,244 7,229,302 Other assets 23,657,648 8,428,129 5,630,976 9,598,543 $ 259,459,865 $ 88,782,138 $ 63,444,307 $ 107,233,420 LIABILITIES AND PARTNERS’ CAPITAL Mortgages and construction loans payable $ 181,729,095 $ 64,414,239 $ 46,634,276 $ 70,680,580 Accounts payable and accrued expenses 2,799,503 1,052,189 595,133 1,152,181 Other liabilities 19,523,176 5,246,347 3,462,124 10,814,705 204,051,774 70,712,775 50,691,533 82,647,466 PARTNERS’ CAPITAL Boston Capital Tax Credit Fund V L.P. 39,540,107 11,253,062 7,493,139 20,793,906 Other partners 15,867,984 6,816,301 5,259,635 3,792,048 55,408,091 18,069,363 12,752,774 24,585,954 $ 259,459,865 $ 88,782,138 $ 63,444,307 $ 107,233,420 The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2014 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 47 Series 48 Series 49 ASSETS Buildings and improvements, net of accumulated depreciation $ 221,109,640 $ 74,345,658 $ 52,823,045 $ 93,940,937 Land 22,528,233 8,589,687 6,709,244 7,229,302 Other assets 23,045,019 8,240,533 5,261,101 9,543,385 $ 266,682,892 $ 91,175,878 $ 64,793,390 $ 110,713,624 LIABILITIES AND PARTNERS’ CAPITAL Mortgages and construction loans payable $ 184,519,223 $ 65,418,898 $ 47,143,108 $ 71,957,217 Accounts payable and accrued expenses 2,902,923 1,143,510 589,050 1,170,363 Other liabilities 23,444,741 6,941,807 4,865,338 11,637,596 210,866,887 73,504,215 52,597,496 84,765,176 PARTNERS’ CAPITAL Boston Capital Tax Credit Fund V L.P. 40,305,888 11,639,103 7,676,734 20,990,051 Other partners 15,510,117 6,032,560 4,519,160 4,958,397 55,816,005 17,671,663 12,195,894 25,948,448 $ 266,682,892 $ 91,175,878 $ 64,793,390 $ 110,713,624 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2015 in which Series 47 through Series 49 had an interest as of December 31, 2015 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 47 Series 48 Series 49 Revenue Rent $ 35,019,463 $ 12,936,708 $ 8,629,304 $ 13,453,451 Interest and other 944,205 357,483 219,816 366,906 35,963,668 13,294,191 8,849,120 13,820,357 Expenses Interest 5,084,931 1,696,490 995,534 2,392,907 Depreciation and amortization 9,108,132 3,067,244 2,132,788 3,908,100 Taxes and insurance 4,468,214 1,899,032 1,020,807 1,548,375 Repairs and maintenance 4,593,064 1,770,488 1,092,987 1,729,589 Operating expenses 12,771,054 4,448,372 3,124,793 5,197,889 Other expenses 1,193,064 511,533 470,279 211,252 37,218,459 13,393,159 8,837,188 14,988,112 NET INCOME (LOSS) $ (1,254,791) $ (98,968) $ 11,932 $ (1,167,755) Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. * $ (1,332,432) $ (265,914) $ (119,234) $ (947,284) Net income (loss) allocated to other partners $ 77,641 $ 166,946 $ 131,166 $ (220,471) * Amount includes $506,472, $233,211 and $244,592 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A. The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 in which Series 47 through Series 49 had an interest as of December 31, 2014 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 47 Series 48 Series 49 Revenue Rent $ 34,439,851 $ 12,684,471 $ 8,438,011 $ 13,317,369 Interest and other 1,247,472 423,274 322,095 502,103 35,687,323 13,107,745 8,760,106 13,819,472 Expenses Interest 5,154,976 1,686,332 1,011,019 2,457,625 Depreciation and amortization 9,101,932 3,084,376 2,125,134 3,892,422 Taxes and insurance 4,378,282 1,867,176 1,013,370 1,497,736 Repairs and maintenance 5,312,979 2,040,772 1,373,149 1,899,058 Operating expenses 13,525,605 4,899,085 3,228,587 5,397,933 Other expenses 1,161,635 534,569 475,767 151,299 38,635,409 14,112,310 9,227,026 15,296,073 NET INCOME (LOSS) $ (2,948,086) $ (1,004,565) $ (466,920) $ (1,476,601) Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. * $ (2,564,049) $ (962,329) $ (364,493) $ (1,237,227) Net income (loss) allocated to other partners $ (384,037) $ (42,236) $ (102,427) $ (239,374) * Amount includes $677,569, $271,388 and $115,659 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A. |
RECONCILIATION OF FINANCIAL STA
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | 12 Months Ended |
Mar. 31, 2016 | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Abstract] | |
ReconciliationOfFinancialStatementNetIncomeLossToIncomeTaxReturnDisclosure [Text Block] | NOTE D - 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, 2016 is reconciled as follows: Total Series 47 Series 48 Series 49 Net loss for financial reporting purposes $ (8,133,145) $ (1,676,942) $ (1,598,809) $ (4,857,394) Accrued partnership management fee not deducted for income tax purposes 1,137,828 388,344 238,380 511,104 Other 643,561 98,021 702,591 (157,051) Excess of tax depreciation over book depreciation on operating limited partnership assets (2,291,667) (878,883) (693,319) (719,465) Impairment loss not recognized for tax purposes 6,348,580 1,454,844 1,384,540 3,509,196 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (984,275) (506,472) (233,211) (244,592) Difference due to fiscal year for book purposes and calendar year for tax purposes (33,076) (36,182) (2,189) 5,295 Loss for tax return purposes, December 31, 2015 $ (3,312,194) $ (1,157,270) $ (202,017) $ (1,952,907) 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, 2015 is reconciled as follows: Total Series 47 Series 48 Series 49 Net loss for financial reporting purposes $ (11,474,453) $ (3,443,887) $ (2,310,250) $ (5,720,316) Accrued partnership management fee not deducted for income tax purposes 1,012,828 388,344 238,380 386,104 Other 978,945 730,420 29,844 218,681 Excess of tax depreciation over book depreciation on operating limited partnership assets (1,755,416) (613,892) (418,965) (722,559) Impairment loss not recognized for tax purposes 8,190,511 2,525,520 1,822,525 3,842,466 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (1,064,616) (677,569) (271,388) (115,659) Difference due to fiscal year for book purposes and calendar year for tax purposes 304,745 145,300 75,166 84,279 Loss for tax return purposes, December 31, 2014 $ (3,807,456) $ (945,764) $ (834,688) $ (2,027,004) The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2016 are as follows: Total Series 47 Series 48 Series 49 Investments in operating limited partnerships - tax return December 31, 2015 $ 31,092,536 $ 6,870,471 $ 4,354,128 $ 19,867,937 Impairment loss in investment in operating limited partnerships (48,362,865) (14,280,759) (8,622,973) (25,459,133) Operating limited partnership losses not recognized for financial reporting purposes under the equity method (12,018,345) (3,023,517) (1,133,931) (7,860,897) Other 31,749,180 10,433,805 5,402,776 15,912,599 Investments in operating limited partnerships - as reported $ 2,460,506 $ - $ - $ 2,460,506 The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows: Total Series 47 Series 48 Series 49 Investments in operating limited partnerships - tax return December 31, 2014 $ 34,260,789 $ 8,023,221 $ 4,519,512 $ 21,718,056 Impairment loss in investment in operating limited partnerships (42,163,860) (12,873,757) (7,293,356) (21,996,747) Operating limited partnership losses not recognized for financial reporting purposes under the equity method (11,034,070) (2,517,045) (900,720) (7,616,305) Other 28,087,512 8,592,944 4,947,114 14,547,454 Investments in operating limited partnerships - as reported $ 9,150,371 $ 1,225,363 $ 1,272,550 $ 6,652,458 |
CASH EQUIVALENTS
CASH EQUIVALENTS | 12 Months Ended |
Mar. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE E- CASH EQUIVALENTS Cash equivalents of $ 961,467 849,509 0.10 0.35 |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE F - 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) 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 insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2016. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE G - SUBSEQUENT EVENTS Subsequent to March 31, 2016, the Fund has entered into agreements to either sell or transfer its interests in two operating limited partnerships, all of which closed by June 2016. The sales price and other terms for the disposition of the operating limited partnerships has been determined, and no proceeds were received for the operating limited partnerships. The dispositions of these operating limited partnerships were recognized in the first quarter of the fiscal year ended 2017. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS The Fund’s financial instruments relate to other assets and accounts payable - affiliates. Management has not disclosed the fair value of these financial instruments because determination of such fair value is deemed to be impractical. The other assets and accounts payable - affiliates are due from or owed to affiliates of the Fund. The unique nature of these financial instruments makes determination of any fair value impractical. See note B for disclosure of the carrying amount and terms of these financial instruments. |
ORGANIZATION AND SUMMARY OF S15
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Investment In Operating Limited Partnerships [Policy Text Block] | 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. After the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the partnership’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the Fund recorded a valuation allowance of $ 120,000 The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. Impairment losses have been recognized for the years ended March 31, 2016 and March 31, 2015, of $ 6,348,580 8,190,511 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. In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it 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 has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party is required to consolidate the VIE. The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements. Based on this guidance, 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 this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited 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, advances to 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 operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncement In February, 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund has determined that there is no material impact to its financial statements as a result of this guidance |
Deferred Policy Acquisition Costs, Policy [Policy Text Block] | Deferred Acquisition Costs Acquisition costs were amortized on the straight-line method over 27.5 47,842 54,923 46,810 418,353 168,065 33,896 120,582 2016 2015 Series 47 $ - $ - Series 48 - - Series 49 - - $ - $ - |
Income Tax, Policy [Policy Text Block] | 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 Fund. 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 2012 remain open. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents include 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 Period, Policy [Policy Text Block] | 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. |
Earnings Per Beneficial Assignee Partnership Unit [Policy Text Block] | 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. 2016 2015 Series 47 3,478,334 3,478,334 Series 48 2,299,372 2,299,372 Series 49 5,999,750 6,000,000 11,777,456 11,777,706 |
Use of Estimates, Policy [Policy Text Block] | 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. |
ORGANIZATION AND SUMMARY OF S16
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | The BAC’s issued and outstanding in each series at March 31, 2016 and 2015 are as follows: 2016 2015 Series 47 3,478,334 3,478,334 Series 48 2,299,372 2,299,372 Series 49 5,999,000 6,000,000 11,776,706 11,777,706 |
Schedule Of Accumulated Amortization Of Acquisition Costs [Table Text Block] | Accumulated amortization as of March 31, 2016 and 2015 is as follows: 2016 2015 Series 47 $ - $ - Series 48 - - Series 49 - - $ - $ - |
Schedule Of Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Table Text Block] | The weighted average number of units in Series 47, 48 and 49 at March 31, 2016 and 2015 are as follows: 2016 2015 Series 47 3,478,334 3,478,334 Series 48 2,299,372 2,299,372 Series 49 5,999,750 6,000,000 11,777,456 11,777,706 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Fund Management Fee and Reporting Fee [Table Text Block] | The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2016 and 2015, are as follows: 2016 Gross Fund Asset Management Fund Management Fee Series 47 $ 388,344 $ 25,413 $ 362,931 Series 48 238,380 15,507 222,873 Series 49 511,104 69,002 442,102 $ 1,137,828 $ 109,922 $ 1,027,906 2015 Gross Fund Asset Management Fund Management Fee Series 47 $ 388,344 $ 65,950 $ 322,394 Series 48 238,380 21,107 217,273 Series 49 511,104 58,863 452,241 $ 1,137,828 $ 145,920 $ 991,908 |
Schedule Of Management Fees Paid [Table Text Block] | The fund management fees paid by the Fund for the years ended March 31, 2016 and 2015 are as follows: 2016 2015 Series 47 $ - $ - Series 48 - - Series 49 - 125,000 $ - $ 125,000 |
Schedule Of General Administrative And Professional Fees [Table Text Block] | 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, 2016 and 2015, charged to each series’ operations are as follows: 2016 2015 Series 47 $ 13,606 $ 11,693 Series 48 11,827 10,038 Series 49 17,308 15,539 $ 42,741 $ 37,270 |
INVESTMENTS IN OPERATING LIMI18
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Investments In Operating Partnerships [Abstract] | |
Schedule Of Number Of Operating Partnerships [Table Text Block] | The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2016 and 2015 by series are as follows: 2016 2015 Series 47 15 15 Series 48 11 11 Series 49 24 24 50 50 |
Schedule Of Contribution Payable To Operating Limited Partnerships [Table Text Block] | 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, 2016 and 2015, contributions are payable to operating limited partnerships as follows: 2016 2015 Series 47 $ - $ - Series 48 - - Series 49 101 101 $ 101 $ 101 |
Schedule Of Fund Investment In Operating Partnerships [Table Text Block] | The fund’s investments in operating limited partnerships at March 31, 2016 are 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 $ 88,232,675 $ 25,829,698 $ 17,111,380 $ 45,291,597 Cumulative distributions from operating limited partnerships (719,074) (250,010) (225,810) (243,254) Cumulative impairment loss in investments in operating limited partnerships (48,362,865) (14,280,759) (8,622,973) (25,459,133) Cumulative losses from operating limited partnerships (36,690,230) (11,298,929) (8,262,597) (17,128,704) Investments in operating limited partnerships per balance sheets 2,460,506 - - 2,460,506 Total Series 47 Series 48 Series 49 The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A). (384,817) - - (384,817) Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). (12,018,345) (3,023,517) (1,133,931) (7,860,897) The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). 333,626 - - 333,626 Cumulative impairment loss in investments in operating limited partnerships 48,362,865 14,280,759 8,622,973 25,459,133 Other 786,272 (4,180) 4,097 786,355 Equity per operating limited partnerships’ combined financial statements $ 39,540,107 $ 11,253,062 $ 7,493,139 $ 20,793,906 The fund’s investments in operating limited partnerships at March 31, 2015 are 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 $ 88,232,675 $ 25,829,698 $ 17,111,380 $ 45,291,597 Cumulative distributions from operating limited partnerships (576,371) (191,091) (168,900) (216,380) Cumulative impairment loss in investments in operating limited partnerships (42,163,860) (12,873,757) (7,293,356) (21,996,747) Cumulative losses from operating limited partnerships (36,342,073) (11,539,487) (8,376,574) (16,426,012) Investments in operating limited partnerships per balance sheets 9,150,371 1,225,363 1,272,550 6,652,458 Total Series 47 Series 48 Series 49 The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A). (384,817) - - (384,817) Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). (11,034,070) (2,517,045) (900,720) (7,616,305) The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). 333,626 - - 333,626 Cumulative impairment loss in investments in operating limited partnerships 42,163,860 12,873,757 7,293,356 21,996,747 Other 76,918 57,028 11,548 8,342 Equity per operating limited partnerships’ combined financial statements $ 40,305,888 $ 11,639,103 $ 7,676,734 $ 20,990,051 |
Schedule Of Summarized Balance Sheets In Operating Partnerships [Table Text Block] | The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2015 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 47 Series 48 Series 49 ASSETS Buildings and improvements, net of accumulated depreciation $ 213,273,984 $ 71,764,322 $ 51,104,087 $ 90,405,575 Land 22,528,233 8,589,687 6,709,244 7,229,302 Other assets 23,657,648 8,428,129 5,630,976 9,598,543 $ 259,459,865 $ 88,782,138 $ 63,444,307 $ 107,233,420 LIABILITIES AND PARTNERS’ CAPITAL Mortgages and construction loans payable $ 181,729,095 $ 64,414,239 $ 46,634,276 $ 70,680,580 Accounts payable and accrued expenses 2,799,503 1,052,189 595,133 1,152,181 Other liabilities 19,523,176 5,246,347 3,462,124 10,814,705 204,051,774 70,712,775 50,691,533 82,647,466 PARTNERS’ CAPITAL Boston Capital Tax Credit Fund V L.P. 39,540,107 11,253,062 7,493,139 20,793,906 Other partners 15,867,984 6,816,301 5,259,635 3,792,048 55,408,091 18,069,363 12,752,774 24,585,954 $ 259,459,865 $ 88,782,138 $ 63,444,307 $ 107,233,420 The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2014 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 47 Series 48 Series 49 ASSETS Buildings and improvements, net of accumulated depreciation $ 221,109,640 $ 74,345,658 $ 52,823,045 $ 93,940,937 Land 22,528,233 8,589,687 6,709,244 7,229,302 Other assets 23,045,019 8,240,533 5,261,101 9,543,385 $ 266,682,892 $ 91,175,878 $ 64,793,390 $ 110,713,624 LIABILITIES AND PARTNERS’ CAPITAL Mortgages and construction loans payable $ 184,519,223 $ 65,418,898 $ 47,143,108 $ 71,957,217 Accounts payable and accrued expenses 2,902,923 1,143,510 589,050 1,170,363 Other liabilities 23,444,741 6,941,807 4,865,338 11,637,596 210,866,887 73,504,215 52,597,496 84,765,176 PARTNERS’ CAPITAL Boston Capital Tax Credit Fund V L.P. 40,305,888 11,639,103 7,676,734 20,990,051 Other partners 15,510,117 6,032,560 4,519,160 4,958,397 55,816,005 17,671,663 12,195,894 25,948,448 $ 266,682,892 $ 91,175,878 $ 64,793,390 $ 110,713,624 |
Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block] | The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2015 in which Series 47 through Series 49 had an interest as of December 31, 2015 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 47 Series 48 Series 49 Revenue Rent $ 35,019,463 $ 12,936,708 $ 8,629,304 $ 13,453,451 Interest and other 944,205 357,483 219,816 366,906 35,963,668 13,294,191 8,849,120 13,820,357 Expenses Interest 5,084,931 1,696,490 995,534 2,392,907 Depreciation and amortization 9,108,132 3,067,244 2,132,788 3,908,100 Taxes and insurance 4,468,214 1,899,032 1,020,807 1,548,375 Repairs and maintenance 4,593,064 1,770,488 1,092,987 1,729,589 Operating expenses 12,771,054 4,448,372 3,124,793 5,197,889 Other expenses 1,193,064 511,533 470,279 211,252 37,218,459 13,393,159 8,837,188 14,988,112 NET INCOME (LOSS) $ (1,254,791) $ (98,968) $ 11,932 $ (1,167,755) Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. * $ (1,332,432) $ (265,914) $ (119,234) $ (947,284) Net income (loss) allocated to other partners $ 77,641 $ 166,946 $ 131,166 $ (220,471) * Amount includes $506,472, $233,211 and $244,592 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A. The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 in which Series 47 through Series 49 had an interest as of December 31, 2014 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 47 Series 48 Series 49 Revenue Rent $ 34,439,851 $ 12,684,471 $ 8,438,011 $ 13,317,369 Interest and other 1,247,472 423,274 322,095 502,103 35,687,323 13,107,745 8,760,106 13,819,472 Expenses Interest 5,154,976 1,686,332 1,011,019 2,457,625 Depreciation and amortization 9,101,932 3,084,376 2,125,134 3,892,422 Taxes and insurance 4,378,282 1,867,176 1,013,370 1,497,736 Repairs and maintenance 5,312,979 2,040,772 1,373,149 1,899,058 Operating expenses 13,525,605 4,899,085 3,228,587 5,397,933 Other expenses 1,161,635 534,569 475,767 151,299 38,635,409 14,112,310 9,227,026 15,296,073 NET INCOME (LOSS) $ (2,948,086) $ (1,004,565) $ (466,920) $ (1,476,601) Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. * $ (2,564,049) $ (962,329) $ (364,493) $ (1,237,227) Net income (loss) allocated to other partners $ (384,037) $ (42,236) $ (102,427) $ (239,374) * Amount includes $677,569, $271,388 and $115,659 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A. |
RECONCILIATION OF FINANCIAL S19
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Abstract] | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Table Text Block] | 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, 2016 is reconciled as follows: Total Series 47 Series 48 Series 49 Net loss for financial reporting purposes $ (8,133,145) $ (1,676,942) $ (1,598,809) $ (4,857,394) Accrued partnership management fee not deducted for income tax purposes 1,137,828 388,344 238,380 511,104 Other 643,561 98,021 702,591 (157,051) Excess of tax depreciation over book depreciation on operating limited partnership assets (2,291,667) (878,883) (693,319) (719,465) Impairment loss not recognized for tax purposes 6,348,580 1,454,844 1,384,540 3,509,196 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (984,275) (506,472) (233,211) (244,592) Difference due to fiscal year for book purposes and calendar year for tax purposes (33,076) (36,182) (2,189) 5,295 Loss for tax return purposes, December 31, 2015 $ (3,312,194) $ (1,157,270) $ (202,017) $ (1,952,907) 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, 2015 is reconciled as follows: Total Series 47 Series 48 Series 49 Net loss for financial reporting purposes $ (11,474,453) $ (3,443,887) $ (2,310,250) $ (5,720,316) Accrued partnership management fee not deducted for income tax purposes 1,012,828 388,344 238,380 386,104 Other 978,945 730,420 29,844 218,681 Excess of tax depreciation over book depreciation on operating limited partnership assets (1,755,416) (613,892) (418,965) (722,559) Impairment loss not recognized for tax purposes 8,190,511 2,525,520 1,822,525 3,842,466 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (1,064,616) (677,569) (271,388) (115,659) Difference due to fiscal year for book purposes and calendar year for tax purposes 304,745 145,300 75,166 84,279 Loss for tax return purposes, December 31, 2014 $ (3,807,456) $ (945,764) $ (834,688) $ (2,027,004) |
Schedule Of Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Table Text Block] | The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2016 are as follows: Total Series 47 Series 48 Series 49 Investments in operating limited partnerships - tax return December 31, 2015 $ 31,092,536 $ 6,870,471 $ 4,354,128 $ 19,867,937 Impairment loss in investment in operating limited partnerships (48,362,865) (14,280,759) (8,622,973) (25,459,133) Operating limited partnership losses not recognized for financial reporting purposes under the equity method (12,018,345) (3,023,517) (1,133,931) (7,860,897) Other 31,749,180 10,433,805 5,402,776 15,912,599 Investments in operating limited partnerships - as reported $ 2,460,506 $ - $ - $ 2,460,506 The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2015 are as follows: Total Series 47 Series 48 Series 49 Investments in operating limited partnerships - tax return December 31, 2014 $ 34,260,789 $ 8,023,221 $ 4,519,512 $ 21,718,056 Impairment loss in investment in operating limited partnerships (42,163,860) (12,873,757) (7,293,356) (21,996,747) Operating limited partnership losses not recognized for financial reporting purposes under the equity method (11,034,070) (2,517,045) (900,720) (7,616,305) Other 28,087,512 8,592,944 4,947,114 14,547,454 Investments in operating limited partnerships - as reported $ 9,150,371 $ 1,225,363 $ 1,272,550 $ 6,652,458 |
ORGANIZATION AND SUMMARY OF S20
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2005 |
Capital Unit [Line Items] | |||
BACs Sold | 11,777,706 | 11,777,706 | 11,777,706 |
Series Forty Seven [Member] | |||
Capital Unit [Line Items] | |||
BACs Sold | 3,478,334 | 3,478,334 | |
Series Forty Eight [Member] | |||
Capital Unit [Line Items] | |||
BACs Sold | 2,299,372 | 2,299,372 | |
Series Forty Nine [Member] | |||
Capital Unit [Line Items] | |||
BACs Sold | 6,000,000 | 6,000,000 |
ORGANIZATION AND SUMMARY OF S21
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Accumulated Amortization Of Acquisition Costs [Line Items] | ||
Accumulated amortization of acquisition costs | $ 0 | $ 0 |
Series Forty Seven [Member] | ||
Accumulated Amortization Of Acquisition Costs [Line Items] | ||
Accumulated amortization of acquisition costs | 0 | 0 |
Series Forty Eight [Member] | ||
Accumulated Amortization Of Acquisition Costs [Line Items] | ||
Accumulated amortization of acquisition costs | 0 | 0 |
Series Forty Nine [Member] | ||
Accumulated Amortization Of Acquisition Costs [Line Items] | ||
Accumulated amortization of acquisition costs | $ 0 | $ 0 |
ORGANIZATION AND SUMMARY OF S22
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - shares | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 11,777,456 | 11,777,706 |
Series Forty Seven [Member] | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 3,478,334 | 3,478,334 |
Series Forty Eight [Member] | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 2,299,372 | 2,299,372 |
Series Forty Nine [Member] | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 5,999,750 | 6,000,000 |
ORGANIZATION AND SUMMARY OF S23
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2004 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2005 | |
Accounting policies [Line Items] | ||||
Amortization Period Of Acquisition Costs | 27 years 6 months | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 99.75% | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 0.25% | |||
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 | 11,777,706 | |
Limited Partners' Contributed Capital | $ 117,777,060 | |||
Impairment loss | $ 6,348,580 | $ 8,190,511 | ||
Collectibility Of Receivables [Member] | ||||
Accounting policies [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | 120,000 | 120,000 | ||
Series Forty Seven [Member] | ||||
Accounting policies [Line Items] | ||||
Impairment Loss Of Acquisition Costs | $ 47,842 | $ 418,353 | ||
Limited Partners Capital Account, Units Issued | 3,478,334 | 3,478,334 | ||
Impairment loss | $ 1,454,844 | $ 2,525,520 | ||
Series Forty Eight [Member] | ||||
Accounting policies [Line Items] | ||||
Impairment Loss Of Acquisition Costs | $ 54,923 | $ 168,065 | ||
Limited Partners Capital Account, Units Issued | 2,299,372 | 2,299,372 | ||
Impairment loss | $ 1,384,540 | $ 1,822,525 | ||
Series Forty Nine [Member] | ||||
Accounting policies [Line Items] | ||||
Impairment Loss Of Acquisition Costs | $ 46,810 | $ 33,896 | ||
Amortization Of Acquisition Cost Remaining Contractual Term | 1 year | |||
Amortization Of Deferred Acquisition Costs Year One | $ 120,582 | |||
Limited Partners Capital Account, Units Issued | 6,000,000 | 6,000,000 | ||
Impairment loss | $ 3,509,196 | $ 3,842,466 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | $ 1,137,828 | $ 1,137,828 |
Asset Management and Reporting Fee | 109,922 | 145,920 |
Fund Management Fee net of Asset Management and Reporting Fee | 1,027,906 | 991,908 |
Series Forty Seven [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | 388,344 | 388,344 |
Asset Management and Reporting Fee | 25,413 | 65,950 |
Fund Management Fee net of Asset Management and Reporting Fee | 362,931 | 322,394 |
Series Forty Eight [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | 238,380 | 238,380 |
Asset Management and Reporting Fee | 15,507 | 21,107 |
Fund Management Fee net of Asset Management and Reporting Fee | 222,873 | 217,273 |
Series Forty Nine [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | 511,104 | 511,104 |
Asset Management and Reporting Fee | 69,002 | 58,863 |
Fund Management Fee net of Asset Management and Reporting Fee | $ 442,102 | $ 452,241 |
RELATED PARTY TRANSACTIONS (D25
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Management Fees Paid | $ 0 | $ 125,000 |
Series Forty Seven [Member] | ||
Related Party Transaction [Line Items] | ||
Management Fees Paid | 0 | 0 |
Series Forty Eight [Member] | ||
Related Party Transaction [Line Items] | ||
Management Fees Paid | 0 | 0 |
Series Forty Nine [Member] | ||
Related Party Transaction [Line Items] | ||
Management Fees Paid | $ 0 | $ 125,000 |
RELATED PARTY TRANSACTIONS (D26
RELATED PARTY TRANSACTIONS (Details 2) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
General Administrative And Professional Fees [Line Items] | ||
General Administrative And Professional Fee Amount Paid | $ 42,741 | $ 37,270 |
Series Forty Seven [Member] | ||
General Administrative And Professional Fees [Line Items] | ||
General Administrative And Professional Fee Amount Paid | 13,606 | 11,693 |
Series Forty Eight [Member] | ||
General Administrative And Professional Fees [Line Items] | ||
General Administrative And Professional Fee Amount Paid | 11,827 | 10,038 |
Series Forty Nine [Member] | ||
General Administrative And Professional Fees [Line Items] | ||
General Administrative And Professional Fee Amount Paid | $ 17,308 | $ 15,539 |
RELATED PARTY TRANSACTIONS (D27
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Percentage Of Annual Management Fee | 0.50% | |
Due To Affiliate | $ 6,921,609 | $ 5,783,781 |
INVESTMENTS IN OPERATING LIMI28
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details) - Number | Mar. 31, 2016 | Mar. 31, 2015 |
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 50 | 50 |
Series Forty Seven [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 15 | 15 |
Series Forty Eight [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 11 | 11 |
Series Forty Nine [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 24 | 24 |
INVESTMENTS IN OPERATING LIMI29
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 1) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Contributions Payable [Line Items] | ||
Capital Contribution Payable | $ 101 | $ 101 |
Series Forty Seven [Member] | ||
Contributions Payable [Line Items] | ||
Capital Contribution Payable | 0 | 0 |
Series Forty Eight [Member] | ||
Contributions Payable [Line Items] | ||
Capital Contribution Payable | 0 | 0 |
Series Forty Nine [Member] | ||
Contributions Payable [Line Items] | ||
Capital Contribution Payable | $ 101 | $ 101 |
INVESTMENTS IN OPERATING LIMI30
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 2) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | $ 88,232,675 | $ 88,232,675 | ||
Cumulative distributions from operating limited partnerships | (719,074) | (576,371) | ||
Cumulative impairment loss in investments in operating limited partnerships | (48,362,865) | (42,163,860) | ||
Cumulative losses from operating limited partnerships | (36,690,230) | (36,342,073) | ||
Investments in operating limited partnerships per balance sheets | 2,460,506 | 9,150,371 | ||
The fund has recorded capital contributions to the operating limited partnerships | (384,817) | (384,817) | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | (12,018,345) | (11,034,070) | ||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | 333,626 | 333,626 | ||
Cumulative impairment loss in investments in operating limited partnerships | 48,362,865 | 42,163,860 | ||
Other | 786,272 | 76,918 | ||
Equity per operating limited partnerships' combined financial statements | 39,540,107 | $ 39,540,107 | 40,305,888 | $ 40,305,888 |
Series Forty Seven [Member] | ||||
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 25,829,698 | 25,829,698 | ||
Cumulative distributions from operating limited partnerships | (250,010) | (191,091) | ||
Cumulative impairment loss in investments in operating limited partnerships | (14,280,759) | (12,873,757) | ||
Cumulative losses from operating limited partnerships | (11,298,929) | (11,539,487) | ||
Investments in operating limited partnerships per balance sheets | 0 | 1,225,363 | ||
The fund has recorded capital contributions to the operating limited partnerships | 0 | 0 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | (3,023,517) | (2,517,045) | ||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | 0 | 0 | ||
Cumulative impairment loss in investments in operating limited partnerships | 14,280,759 | 12,873,757 | ||
Other | (4,180) | 57,028 | ||
Equity per operating limited partnerships' combined financial statements | 11,253,062 | 11,253,062 | 11,639,103 | 11,639,103 |
Series Forty Eight [Member] | ||||
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 17,111,380 | 17,111,380 | ||
Cumulative distributions from operating limited partnerships | (225,810) | (168,900) | ||
Cumulative impairment loss in investments in operating limited partnerships | (8,622,973) | (7,293,356) | ||
Cumulative losses from operating limited partnerships | (8,262,597) | (8,376,574) | ||
Investments in operating limited partnerships per balance sheets | 0 | 1,272,550 | ||
The fund has recorded capital contributions to the operating limited partnerships | 0 | 0 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | (1,133,931) | (900,720) | ||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | 0 | 0 | ||
Cumulative impairment loss in investments in operating limited partnerships | 8,622,973 | 7,293,356 | ||
Other | 4,097 | 11,548 | ||
Equity per operating limited partnerships' combined financial statements | 7,493,139 | 7,493,139 | 7,676,734 | 7,676,734 |
Series Forty Nine [Member] | ||||
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 45,291,597 | 45,291,597 | ||
Cumulative distributions from operating limited partnerships | (243,254) | (216,380) | ||
Cumulative impairment loss in investments in operating limited partnerships | (25,459,133) | (21,996,747) | ||
Cumulative losses from operating limited partnerships | (17,128,704) | (16,426,012) | ||
Investments in operating limited partnerships per balance sheets | 2,460,506 | 6,652,458 | ||
The fund has recorded capital contributions to the operating limited partnerships | (384,817) | (384,817) | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). | (7,860,897) | (7,616,305) | ||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | 333,626 | 333,626 | ||
Cumulative impairment loss in investments in operating limited partnerships | 25,459,133 | 21,996,747 | ||
Other | 786,355 | 8,342 | ||
Equity per operating limited partnerships' combined financial statements | $ 20,793,906 | $ 20,793,906 | $ 20,990,051 | $ 20,990,051 |
INVESTMENTS IN OPERATING LIMI31
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 3) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | $ 213,273,984 | $ 221,109,640 | ||
Land | 22,528,233 | 22,528,233 | ||
Other assets | 23,657,648 | 23,045,019 | ||
Total Assets | 259,459,865 | 266,682,892 | ||
LIABILITIES AND PARTNERS’ CAPITAL | ||||
Mortgages and construction loans payable | 181,729,095 | 184,519,223 | ||
Accounts payable and accrued expenses | 2,799,503 | 2,902,923 | ||
Other liabilities | 19,523,176 | 23,444,741 | ||
Total Liabilities | 204,051,774 | 210,866,887 | ||
PARTNERS’ CAPITAL | ||||
Boston Capital Tax Credit Fund V L.P. | $ 39,540,107 | 39,540,107 | $ 40,305,888 | 40,305,888 |
Other partners | 15,867,984 | 15,510,117 | ||
Partners Capital | 55,408,091 | 55,816,005 | ||
Liabilities and Stockholders' Equity | 259,459,865 | 266,682,892 | ||
Series Forty Seven [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 71,764,322 | 74,345,658 | ||
Land | 8,589,687 | 8,589,687 | ||
Other assets | 8,428,129 | 8,240,533 | ||
Total Assets | 88,782,138 | 91,175,878 | ||
LIABILITIES AND PARTNERS’ CAPITAL | ||||
Mortgages and construction loans payable | 64,414,239 | 65,418,898 | ||
Accounts payable and accrued expenses | 1,052,189 | 1,143,510 | ||
Other liabilities | 5,246,347 | 6,941,807 | ||
Total Liabilities | 70,712,775 | 73,504,215 | ||
PARTNERS’ CAPITAL | ||||
Boston Capital Tax Credit Fund V L.P. | 11,253,062 | 11,253,062 | 11,639,103 | 11,639,103 |
Other partners | 6,816,301 | 6,032,560 | ||
Partners Capital | 18,069,363 | 17,671,663 | ||
Liabilities and Stockholders' Equity | 88,782,138 | 91,175,878 | ||
Series Forty Eight [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 51,104,087 | 52,823,045 | ||
Land | 6,709,244 | 6,709,244 | ||
Other assets | 5,630,976 | 5,261,101 | ||
Total Assets | 63,444,307 | 64,793,390 | ||
LIABILITIES AND PARTNERS’ CAPITAL | ||||
Mortgages and construction loans payable | 46,634,276 | 47,143,108 | ||
Accounts payable and accrued expenses | 595,133 | 589,050 | ||
Other liabilities | 3,462,124 | 4,865,338 | ||
Total Liabilities | 50,691,533 | 52,597,496 | ||
PARTNERS’ CAPITAL | ||||
Boston Capital Tax Credit Fund V L.P. | 7,493,139 | 7,493,139 | 7,676,734 | 7,676,734 |
Other partners | 5,259,635 | 4,519,160 | ||
Partners Capital | 12,752,774 | 12,195,894 | ||
Liabilities and Stockholders' Equity | 63,444,307 | 64,793,390 | ||
Series Forty Nine [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 90,405,575 | 93,940,937 | ||
Land | 7,229,302 | 7,229,302 | ||
Other assets | 9,598,543 | 9,543,385 | ||
Total Assets | 107,233,420 | 110,713,624 | ||
LIABILITIES AND PARTNERS’ CAPITAL | ||||
Mortgages and construction loans payable | 70,680,580 | 71,957,217 | ||
Accounts payable and accrued expenses | 1,152,181 | 1,170,363 | ||
Other liabilities | 10,814,705 | 11,637,596 | ||
Total Liabilities | 82,647,466 | 84,765,176 | ||
PARTNERS’ CAPITAL | ||||
Boston Capital Tax Credit Fund V L.P. | $ 20,793,906 | 20,793,906 | $ 20,990,051 | 20,990,051 |
Other partners | 3,792,048 | 4,958,397 | ||
Partners Capital | 24,585,954 | 25,948,448 | ||
Liabilities and Stockholders' Equity | $ 107,233,420 | $ 110,713,624 |
INVESTMENTS IN OPERATING LIMI32
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 4) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Revenue | ||||
Rent | $ 35,019,463 | $ 34,439,851 | ||
Interest and other | 944,205 | 1,247,472 | ||
Operating Partnerships Revenues | 35,963,668 | 35,687,323 | ||
Expenses | ||||
Interest | 5,084,931 | 5,154,976 | ||
Depreciation and amortization | 9,108,132 | 9,101,932 | ||
Taxes and insurance | 4,468,214 | 4,378,282 | ||
Repairs and maintenance | 4,593,064 | 5,312,979 | ||
Operating expenses | 12,771,054 | 13,525,605 | ||
Other expenses | 1,193,064 | 1,161,635 | ||
Operating Partnerships Total Expenses | 37,218,459 | 38,635,409 | ||
NET INCOME (LOSS) | (1,254,791) | (2,948,086) | ||
Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. | (1,332,432) | [1] | (2,564,049) | [2] |
Net income (loss) allocated to other partners | 77,641 | (384,037) | ||
Series Forty Seven [Member] | ||||
Revenue | ||||
Rent | 12,936,708 | 12,684,471 | ||
Interest and other | 357,483 | 423,274 | ||
Operating Partnerships Revenues | 13,294,191 | 13,107,745 | ||
Expenses | ||||
Interest | 1,696,490 | 1,686,332 | ||
Depreciation and amortization | 3,067,244 | 3,084,376 | ||
Taxes and insurance | 1,899,032 | 1,867,176 | ||
Repairs and maintenance | 1,770,488 | 2,040,772 | ||
Operating expenses | 4,448,372 | 4,899,085 | ||
Other expenses | 511,533 | 534,569 | ||
Operating Partnerships Total Expenses | 13,393,159 | 14,112,310 | ||
NET INCOME (LOSS) | (98,968) | (1,004,565) | ||
Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. | (265,914) | [1] | (962,329) | [2] |
Net income (loss) allocated to other partners | 166,946 | (42,236) | ||
Series Forty Eight [Member] | ||||
Revenue | ||||
Rent | 8,629,304 | 8,438,011 | ||
Interest and other | 219,816 | 322,095 | ||
Operating Partnerships Revenues | 8,849,120 | 8,760,106 | ||
Expenses | ||||
Interest | 995,534 | 1,011,019 | ||
Depreciation and amortization | 2,132,788 | 2,125,134 | ||
Taxes and insurance | 1,020,807 | 1,013,370 | ||
Repairs and maintenance | 1,092,987 | 1,373,149 | ||
Operating expenses | 3,124,793 | 3,228,587 | ||
Other expenses | 470,279 | 475,767 | ||
Operating Partnerships Total Expenses | 8,837,188 | 9,227,026 | ||
NET INCOME (LOSS) | 11,932 | (466,920) | ||
Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. | (119,234) | [1] | (364,493) | [2] |
Net income (loss) allocated to other partners | 131,166 | (102,427) | ||
Series Forty Nine [Member] | ||||
Revenue | ||||
Rent | 13,453,451 | 13,317,369 | ||
Interest and other | 366,906 | 502,103 | ||
Operating Partnerships Revenues | 13,820,357 | 13,819,472 | ||
Expenses | ||||
Interest | 2,392,907 | 2,457,625 | ||
Depreciation and amortization | 3,908,100 | 3,892,422 | ||
Taxes and insurance | 1,548,375 | 1,497,736 | ||
Repairs and maintenance | 1,729,589 | 1,899,058 | ||
Operating expenses | 5,197,889 | 5,397,933 | ||
Other expenses | 211,252 | 151,299 | ||
Operating Partnerships Total Expenses | 14,988,112 | 15,296,073 | ||
NET INCOME (LOSS) | (1,167,755) | (1,476,601) | ||
Net income (loss) allocated to Boston Capital Tax Credit Fund V L.P. | (947,284) | [1] | (1,237,227) | [2] |
Net income (loss) allocated to other partners | $ (220,471) | $ (239,374) | ||
[1] | Amount includes $506,472, $233,211 and $244,592 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A. | |||
[2] | Amount includes $677,569, $271,388 and $115,659 for Series 47, Series 48 and Series 49, respectively, of loss not recognized under the equity method of accounting as described in note A. |
INVESTMENTS IN OPERATING LIMI33
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Series Forty Seven [Member] | ||
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | $ 506,472 | $ 677,569 |
Series Forty Eight [Member] | ||
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | 233,211 | 271,388 |
Series Forty Nine [Member] | ||
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | $ 244,592 | $ 115,659 |
RECONCILIATION OF FINANCIAL S34
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net loss for financial reporting purposes | $ (8,133,145) | $ (11,474,453) |
Accrued partnership management fee not deducted for income tax purposes | 1,137,828 | 1,012,828 |
Other | 643,561 | 978,945 |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (2,291,667) | (1,755,416) |
Impairment loss not recognized for tax purposes | 6,348,580 | 8,190,511 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (984,275) | (1,064,616) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (33,076) | 304,745 |
Loss for tax return purposes | (3,312,194) | (3,807,456) |
Series Forty Seven [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net loss for financial reporting purposes | (1,676,942) | (3,443,887) |
Accrued partnership management fee not deducted for income tax purposes | 388,344 | 388,344 |
Other | 98,021 | 730,420 |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (878,883) | (613,892) |
Impairment loss not recognized for tax purposes | 1,454,844 | 2,525,520 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (506,472) | (677,569) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (36,182) | 145,300 |
Loss for tax return purposes | (1,157,270) | (945,764) |
Series Forty Eight [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net loss for financial reporting purposes | (1,598,809) | (2,310,250) |
Accrued partnership management fee not deducted for income tax purposes | 238,380 | 238,380 |
Other | 702,591 | 29,844 |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (693,319) | (418,965) |
Impairment loss not recognized for tax purposes | 1,384,540 | 1,822,525 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (233,211) | (271,388) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (2,189) | 75,166 |
Loss for tax return purposes | (202,017) | (834,688) |
Series Forty Nine [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net loss for financial reporting purposes | (4,857,394) | (5,720,316) |
Accrued partnership management fee not deducted for income tax purposes | 511,104 | 386,104 |
Other | (157,051) | 218,681 |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (719,465) | (722,559) |
Impairment loss not recognized for tax purposes | 3,509,196 | 3,842,466 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (244,592) | (115,659) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | 5,295 | 84,279 |
Loss for tax return purposes | $ (1,952,907) | $ (2,027,004) |
RECONCILIATION OF FINANCIAL S35
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Details 1) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | $ 31,092,536 | $ 34,260,789 |
Impairment loss in investment in operating limited partnerships | (48,362,865) | (42,163,860) |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | (12,018,345) | (11,034,070) |
Other | 31,749,180 | 28,087,512 |
Investments in operating limited partnerships - as reported | 2,460,506 | 9,150,371 |
Series Forty Seven [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | 6,870,471 | 8,023,221 |
Impairment loss in investment in operating limited partnerships | (14,280,759) | (12,873,757) |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | (3,023,517) | (2,517,045) |
Other | 10,433,805 | 8,592,944 |
Investments in operating limited partnerships - as reported | 0 | 1,225,363 |
Series Forty Eight [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | 4,354,128 | 4,519,512 |
Impairment loss in investment in operating limited partnerships | (8,622,973) | (7,293,356) |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | (1,133,931) | (900,720) |
Other | 5,402,776 | 4,947,114 |
Investments in operating limited partnerships - as reported | 0 | 1,272,550 |
Series Forty Nine [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | 19,867,937 | 21,718,056 |
Impairment loss in investment in operating limited partnerships | (25,459,133) | (21,996,747) |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | (7,860,897) | (7,616,305) |
Other | 15,912,599 | 14,547,454 |
Investments in operating limited partnerships - as reported | $ 2,460,506 | $ 6,652,458 |
CASH EQUIVALENTS (Details Textu
CASH EQUIVALENTS (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash and Cash Equivalents [Line Items] | ||
Cash Equivalents, at Carrying Value | $ 961,467 | $ 849,509 |
Money Market Accounts Interest Rate Minimum | 0.10% | |
Money Market Accounts Interest Rate Maximum | 0.35% |