Document And Entity Information
Document And Entity Information | 9 Months Ended |
Dec. 31, 2015shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2015 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
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 Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 0 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) | $ 8,362,263 | $ 9,150,371 |
OTHER ASSETS | ||
Cash and cash equivalents | 922,567 | 854,750 |
Acquisition costs, net | 337,696 | 540,313 |
Other assets | 106,411 | 106,411 |
Assets | 9,728,937 | 10,651,845 |
LIABILITIES | ||
Accounts payable and accrued expenses | 843 | 843 |
Accounts payable affiliates | 6,637,152 | 5,783,781 |
Capital contributions payable | 101 | 101 |
Total Liabilities | 6,638,096 | 5,784,725 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees limited partner | 3,344,317 | 5,116,155 |
General partner | (253,476) | (249,035) |
Partners Capital | 3,090,841 | 4,867,120 |
Liabilities and Stockholders' Equity | 9,728,937 | 10,651,845 |
Series Forty Seven [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) | 1,164,869 | 1,225,363 |
OTHER ASSETS | ||
Cash and cash equivalents | 234,585 | 218,870 |
Acquisition costs, net | 59,802 | 95,682 |
Other assets | 0 | 0 |
Assets | 1,459,256 | 1,539,915 |
LIABILITIES | ||
Accounts payable and accrued expenses | 385 | 385 |
Accounts payable affiliates | 2,911,379 | 2,620,121 |
Capital contributions payable | 0 | 0 |
Total Liabilities | 2,911,764 | 2,620,506 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees limited partner | (1,372,168) | (1,001,181) |
General partner | (80,340) | (79,410) |
Partners Capital | (1,452,508) | (1,080,591) |
Liabilities and Stockholders' Equity | 1,459,256 | 1,539,915 |
Series Forty Eight [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) | 1,201,049 | 1,272,550 |
OTHER ASSETS | ||
Cash and cash equivalents | 233,874 | 222,229 |
Acquisition costs, net | 68,654 | 109,847 |
Other assets | 0 | 0 |
Assets | 1,503,577 | 1,604,626 |
LIABILITIES | ||
Accounts payable and accrued expenses | 115 | 115 |
Accounts payable affiliates | 1,724,205 | 1,545,420 |
Capital contributions payable | 0 | 0 |
Total Liabilities | 1,724,320 | 1,545,535 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees limited partner | (169,429) | 109,705 |
General partner | (51,314) | (50,614) |
Partners Capital | (220,743) | 59,091 |
Liabilities and Stockholders' Equity | 1,503,577 | 1,604,626 |
Series Forty Nine [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D) | 5,996,345 | 6,652,458 |
OTHER ASSETS | ||
Cash and cash equivalents | 454,108 | 413,651 |
Acquisition costs, net | 209,240 | 334,784 |
Other assets | 106,411 | 106,411 |
Assets | 6,766,104 | 7,507,304 |
LIABILITIES | ||
Accounts payable and accrued expenses | 343 | 343 |
Accounts payable affiliates | 2,001,568 | 1,618,240 |
Capital contributions payable | 101 | 101 |
Total Liabilities | 2,002,012 | 1,618,684 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees limited partner | 4,885,914 | 6,007,631 |
General partner | (121,822) | (119,011) |
Partners Capital | 4,764,092 | 5,888,620 |
Liabilities and Stockholders' Equity | $ 6,766,104 | $ 7,507,304 |
CONDENSED BALANCE SHEETS _Paren
CONDENSED BALANCE SHEETS [Parenthetical] - $ / shares | Dec. 31, 2015 | 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 |
Units of limited partnership interest, issued | 11,777,706 | 11,777,706 |
Units of limited partnership interest, outstanding | 11,777,706 | 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 |
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 |
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 |
Units of limited partnership interest, issued | 6,000,000 | 6,000,000 |
Units of limited partnership interest, outstanding | 6,000,000 | 6,000,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income | ||||
Interest income | $ 539 | $ 499 | $ 27,864 | $ 1,550 |
Other income | 6,152 | 0 | 16,925 | 3,304 |
Total income | 6,691 | 499 | 44,789 | 4,854 |
Share of loss from Operating Partnerships(Note D) | (193,994) | (252,772) | (704,078) | (978,932) |
Expenses | ||||
Professional fees | 18,358 | 6,238 | 104,917 | 94,347 |
Fund management fee, net (Note C) | 234,279 | 279,970 | 760,631 | 784,030 |
Amortization | 67,539 | 145,077 | 202,617 | 435,233 |
General and administrative expenses | 23,442 | 16,564 | 48,825 | 39,447 |
Operating expenses | 343,618 | 447,849 | 1,116,990 | 1,353,057 |
NET LOSS | (530,921) | (700,122) | (1,776,279) | (2,327,135) |
Net loss allocated to assignees | (529,594) | (698,372) | (1,771,838) | (2,321,317) |
Net loss allocated to general partner | $ (1,327) | $ (1,750) | $ (4,441) | $ (5,818) |
Net loss per BAC (in dollar per share) | $ (0.04) | $ (0.06) | $ (0.15) | $ (0.20) |
Series Forty Seven [Member] | ||||
Income | ||||
Interest income | $ 89 | $ 64 | $ 258 | $ 138 |
Other income | 738 | 0 | 7,875 | 0 |
Total income | 827 | 64 | 8,133 | 138 |
Share of loss from Operating Partnerships(Note D) | (8,683) | (5,360) | (21,269) | (130,554) |
Expenses | ||||
Professional fees | 6,038 | 2,238 | 33,017 | 33,129 |
Fund management fee, net (Note C) | 92,086 | 92,820 | 274,587 | 257,457 |
Amortization | 11,960 | 64,254 | 35,880 | 192,764 |
General and administrative expenses | 7,216 | 5,088 | 15,297 | 12,293 |
Operating expenses | 117,300 | 164,400 | 358,781 | 495,643 |
NET LOSS | (125,156) | (169,696) | (371,917) | (626,059) |
Net loss allocated to assignees | (124,843) | (169,272) | (370,987) | (624,494) |
Net loss allocated to general partner | $ (313) | $ (424) | $ (930) | $ (1,565) |
Net loss per BAC (in dollar per share) | $ (0.04) | $ (0.05) | $ (0.11) | $ (0.18) |
Series Forty Eight [Member] | ||||
Income | ||||
Interest income | $ 104 | $ 97 | $ 314 | $ 215 |
Other income | 0 | 0 | 657 | 657 |
Total income | 104 | 97 | 971 | 872 |
Share of loss from Operating Partnerships(Note D) | (6,913) | (9,800) | (32,276) | (53,123) |
Expenses | ||||
Professional fees | 5,861 | 2,000 | 27,855 | 23,368 |
Fund management fee, net (Note C) | 55,295 | 59,595 | 166,985 | 171,085 |
Amortization | 13,731 | 34,738 | 41,193 | 104,214 |
General and administrative expenses | 5,561 | 3,996 | 12,496 | 9,805 |
Operating expenses | 80,448 | 100,329 | 248,529 | 308,472 |
NET LOSS | (87,257) | (110,032) | (279,834) | (360,723) |
Net loss allocated to assignees | (87,039) | (109,757) | (279,134) | (359,821) |
Net loss allocated to general partner | $ (218) | $ (275) | $ (700) | $ (902) |
Net loss per BAC (in dollar per share) | $ (0.04) | $ (0.05) | $ (0.12) | $ (0.16) |
Series Forty Nine [Member] | ||||
Income | ||||
Interest income | $ 346 | $ 338 | $ 27,292 | $ 1,197 |
Other income | 5,414 | 0 | 8,393 | 2,647 |
Total income | 5,760 | 338 | 35,685 | 3,844 |
Share of loss from Operating Partnerships(Note D) | (178,398) | (237,612) | (650,533) | (795,255) |
Expenses | ||||
Professional fees | 6,459 | 2,000 | 44,045 | 37,850 |
Fund management fee, net (Note C) | 86,898 | 127,555 | 319,059 | 355,488 |
Amortization | 41,848 | 46,085 | 125,544 | 138,255 |
General and administrative expenses | 10,665 | 7,480 | 21,032 | 17,349 |
Operating expenses | 145,870 | 183,120 | 509,680 | 548,942 |
NET LOSS | (318,508) | (420,394) | (1,124,528) | (1,340,353) |
Net loss allocated to assignees | (317,712) | (419,343) | (1,121,717) | (1,337,002) |
Net loss allocated to general partner | $ (796) | $ (1,051) | $ (2,811) | $ (3,351) |
Net loss per BAC (in dollar per share) | $ (0.05) | $ (0.07) | $ (0.19) | $ (0.22) |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - 9 months ended Dec. 31, 2015 - USD ($) | Total | Assignees [Member] | General Partner [Member] | Series Forty Seven [Member] | Series Forty Seven [Member]Assignees [Member] | Series Forty Seven [Member]General Partner [Member] | Series Forty Eight [Member] | Series Forty Eight [Member]Assignees [Member] | Series Forty Eight [Member]General Partner [Member] | Series Forty Nine [Member] | Series Forty Nine [Member]Assignees [Member] | Series Forty Nine [Member]General Partner [Member] |
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 | (1,776,279) | (1,771,838) | (4,441) | (371,917) | (370,987) | (930) | (279,834) | (279,134) | (700) | (1,124,528) | (1,121,717) | (2,811) |
Partners' capital (deficit) at Dec. 31, 2015 | $ 3,090,841 | $ 3,344,317 | $ (253,476) | $ (1,452,508) | $ (1,372,168) | $ (80,340) | $ (220,743) | $ (169,429) | $ (51,314) | $ 4,764,092 | $ 4,885,914 | $ (121,822) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | ||
Net loss | $ (1,776,279) | $ (2,327,135) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | ||
Amortization | 202,617 | 435,233 |
Distributions from Operating Partnerships | 84,030 | 90,781 |
Share of Loss from Operating Partnerships | 704,078 | 978,932 |
Changes in assets and liabilities | ||
Increase in other assets | 0 | (30,000) |
Increase in accounts payable affiliates | 853,371 | 728,371 |
Net cash (used in) provided by operating activities | 67,817 | (123,818) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 67,817 | (123,818) |
Cash and cash equivalents, beginning | 854,750 | 863,291 |
Cash and cash equivalents, ending | 922,567 | 739,473 |
Series Forty Seven [Member] | ||
Cash flows from operating activities | ||
Net loss | (371,917) | (626,059) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | ||
Amortization | 35,880 | 192,764 |
Distributions from Operating Partnerships | 39,225 | 45,571 |
Share of Loss from Operating Partnerships | 21,269 | 130,554 |
Changes in assets and liabilities | ||
Increase in other assets | 0 | 0 |
Increase in accounts payable affiliates | 291,258 | 291,258 |
Net cash (used in) provided by operating activities | 15,715 | 34,088 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 15,715 | 34,088 |
Cash and cash equivalents, beginning | 218,870 | 98,908 |
Cash and cash equivalents, ending | 234,585 | 132,996 |
Series Forty Eight [Member] | ||
Cash flows from operating activities | ||
Net loss | (279,834) | (360,723) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | ||
Amortization | 41,193 | 104,214 |
Distributions from Operating Partnerships | 39,225 | 34,857 |
Share of Loss from Operating Partnerships | 32,276 | 53,123 |
Changes in assets and liabilities | ||
Increase in other assets | 0 | 0 |
Increase in accounts payable affiliates | 178,785 | 178,785 |
Net cash (used in) provided by operating activities | 11,645 | 10,256 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 11,645 | 10,256 |
Cash and cash equivalents, beginning | 222,229 | 189,928 |
Cash and cash equivalents, ending | 233,874 | 200,184 |
Series Forty Nine [Member] | ||
Cash flows from operating activities | ||
Net loss | (1,124,528) | (1,340,353) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | ||
Amortization | 125,544 | 138,255 |
Distributions from Operating Partnerships | 5,580 | 10,353 |
Share of Loss from Operating Partnerships | 650,533 | 795,255 |
Changes in assets and liabilities | ||
Increase in other assets | 0 | (30,000) |
Increase in accounts payable affiliates | 383,328 | 258,328 |
Net cash (used in) provided by operating activities | 40,457 | (168,162) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 40,457 | (168,162) |
Cash and cash equivalents, beginning | 413,651 | 574,455 |
Cash and cash equivalents, ending | $ 454,108 | $ 406,293 |
ORGANIZATION
ORGANIZATION | 9 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A ORGANIZATION Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The general partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the general partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional managers of the general partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc. The assignor limited partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner will be assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund. A Registration Statement on Form S-11 and the related prospectus, (the "Prospectus") were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering ("Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004, an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series, became effective. As of December 31, 2015, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060. Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2015: Series Closing Date BACs Sold Equity Raised Series 47 April 30, 2004 3,478,334 $34,783,340 Series 48 August 12, 2004 2,299,372 $22,993,720 Series 49 April 29, 2005 6,000,000 $60,000,000 The Fund concluded its public offering of BACs in the Fund on April 29, 2005. |
ACCOUNTING AND FINANCIAL REPORT
ACCOUNTING AND FINANCIAL REPORTING POLICIES | 9 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES The condensed financial statements herein as of December 31, 2015 and for the three and nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account. The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2015. Amortization Acquisition costs were amortized on the straight-line method over 27.5 years. Impairment losses have been recognized for the year ended March 31, 2015 of $418,353 for Series 47, $168,065 for Series 48 and $33,896 for Series 49. Impairment losses have been recognized for the year ended March 31, 2014 of $229,911 for Series 47 and $88,947 for Series 49. As of March 31, 2015, the lives of the remaining acquisition costs were reassessed and determined to be 2 years for all Series. Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2015 and 2014 are as follows: 2015 2014 Series 47 $ 35,880 $ 192,764 Series 48 41,193 521,070 Series 49 125,544 138,255 $ 202,617 $ 852,089 The annual amortization for deferred acquisition costs for the years ending December 31, 2016 and 2017 are estimated to be $270,156 and $67,540, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE C - RELATED PARTY TRANSACTIONS The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows: An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fee accrued for the quarters ended December 31, 2015 and 2014 are as follows: 2015 2014 Series 47 $ 97,086 $ 97,086 Series 48 59,595 59,595 Series 49 127,776 127,776 Total $ 284,457 $ 284,457 The fund management fees paid for the quarters ended December 31, 2015 and 2014 are as follows: 2015 2014 Series 47 $ - $ - Series 48 - - Series 49 - - Total $ - $ - The fund management fees paid for the nine months ended December 31, 2015 and 2014 are as follows: 2015 2014 Series 47 $ - $ - Series 48 - - Series 49 - 125,000 Total $ - $ 125,000 |
INVESTMENTS IN OPERATING PARTNE
INVESTMENTS IN OPERATING PARTNERSHIPS | 9 Months Ended |
Dec. 31, 2015 | |
Investments In Operating Partnerships [Abstract] | |
Equity Method Investments Disclosure [Text Block] | NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS At December 31, 2015 and 2014, the Fund has limited partnership interests in 50 Operating Partnerships, which own or are constructing apartment complexes. 2015 2014 Series 47 15 15 Series 48 11 11 Series 49 24 24 Total 50 50 The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Total 2015 2014 Revenues Rental $ 17,401,770 $ 17,067,858 Interest and other 563,127 557,602 17,964,897 17,625,460 Expenses Interest 2,544,567 2,511,442 Depreciation and amortization 4,972,097 4,998,269 Operating expenses 12,295,424 11,955,711 19,812,088 19,465,422 NET LOSS $ (1,847,191) $ (1,839,962) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (1,828,719) (1,821,562) Net loss allocated to other Partners $ (18,472) $ (18,400) * Amounts include $1,124,641 and $842,630 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. Series 47 2015 2014 Revenues Rental $ 6,694,343 $ 6,621,288 Interest and other 158,098 155,333 6,852,441 6,776,621 Expenses Interest 994,937 925,773 Depreciation and amortization 1,616,289 1,627,657 Operating expenses 4,891,398 4,764,978 7,502,624 7,318,408 NET LOSS $ (650,183) $ (541,787) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (643,681) (536,369) Net loss allocated to other Partners $ (6,502) $ (5,418) * Amounts include $622,412 and $405,815 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. Series 48 2015 2014 Revenues Rental $ 3,702,355 $ 3,675,183 Interest and other 94,659 94,052 3,797,014 3,769,235 Expenses Interest 451,289 465,628 Depreciation and amortization 973,435 999,665 Operating expenses 2,618,102 2,559,660 4,042,826 4,024,953 NET LOSS $ (245,812) $ (255,718) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (243,354) (253,161) Net loss allocated to other Partners $ (2,458) $ (2,557) * Amounts include $211,078 and $200,038 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. Series 49 2015 2014 Revenues Rental $ 7,005,072 $ 6,771,387 Interest and other 310,370 308,217 7,315,442 7,079,604 Expenses Interest 1,098,341 1,120,041 Depreciation and amortization 2,382,373 2,370,947 Operating expenses 4,785,924 4,631,073 8,266,638 8,122,061 NET LOSS $ (951,196) $ (1,042,457) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (941,684) (1,032,032) Net loss allocated to other Partners $ (9,512) $ (10,425) * Amounts include $291,151 and $236,777 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income. |
TAXABLE LOSS
TAXABLE LOSS | 9 Months Ended |
Dec. 31, 2015 | |
Taxable Loss [Abstract] | |
Taxable Loss [Text Block] | NOTE E - TAXABLE LOSS The Fund's taxable loss for the calendar year ended December 31, 2015 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Relating To Partnership Disclosure [Text Block] | NOTE F - INCOME TAXES The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2011 remain open. |
ACCOUNTING AND FINANCIAL REPO13
ACCOUNTING AND FINANCIAL REPORTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Depreciation, Depletion, and Amortization [Policy Text Block] | Amortization Acquisition costs were amortized on the straight-line method over 27.5 years. Impairment losses have been recognized for the year ended March 31, 2015 of $418,353 for Series 47, $168,065 for Series 48 and $33,896 for Series 49. Impairment losses have been recognized for the year ended March 31, 2014 of $229,911 for Series 47 and $88,947 for Series 49. As of March 31, 2015, the lives of the remaining acquisition costs were reassessed and determined to be 2 years for all Series. Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2015 and 2014 are as follows: 2015 2014 Series 47 $ 35,880 $ 192,764 Series 48 41,193 521,070 Series 49 125,544 138,255 $ 202,617 $ 852,089 The annual amortization for deferred acquisition costs for the years ending December 31, 2016 and 2017 are estimated to be $270,156 and $67,540, respectively. |
ORGANIZATION (Tables)
ORGANIZATION (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | Below is a summary of the BACs sold and total equity raised, by series, as of December 31, 2015: Series Closing Date BACs Sold Equity Raised Series 47 April 30, 2004 3,478,334 $34,783,340 Series 48 August 12, 2004 2,299,372 $22,993,720 Series 49 April 29, 2005 6,000,000 $60,000,000 |
ACCOUNTING AND FINANCIAL REPO15
ACCOUNTING AND FINANCIAL REPORTING POLICIES (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule Of Accumulated Amortization Of Acquisition Costs [Table Text Block] | Accumulated amortization of acquisition costs by Series for the quarters ended December 31, 2015 and 2014 are as follows: 2015 2014 Series 47 $ 35,880 $ 192,764 Series 48 41,193 521,070 Series 49 125,544 138,255 $ 202,617 $ 852,089 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule Of Gross Management Fee [Table Text Block] | The fund management fee accrued for the quarters ended December 31, 2015 and 2014 are as follows: 2015 2014 Series 47 $ 97,086 $ 97,086 Series 48 59,595 59,595 Series 49 127,776 127,776 Total $ 284,457 $ 284,457 |
Schedule Of Management Fees Paid [Table Text Block] | The fund management fees paid for the quarters ended December 31, 2015 and 2014 are as follows: 2015 2014 Series 47 $ - $ - Series 48 - - Series 49 - - Total $ - $ - The fund management fees paid for the nine months ended December 31, 2015 and 2014 are as follows: 2015 2014 Series 47 $ - $ - Series 48 - - Series 49 - 125,000 Total $ - $ 125,000 |
INVESTMENTS IN OPERATING PART17
INVESTMENTS IN OPERATING PARTNERSHIPS (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Investments In Operating Partnerships [Abstract] | |
Schedule Of Number Of Operating Partnerships [Table Text Block] | The breakdown of Operating Partnerships within the Fund at December 31, 2015 and 2014 is as follows: 2015 2014 Series 47 15 15 Series 48 11 11 Series 49 24 24 Total 50 50 |
Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block] | Accordingly, the financial results available for the Operating Partnerships are for the nine months ended September 30, 2015. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Total 2015 2014 Revenues Rental $ 17,401,770 $ 17,067,858 Interest and other 563,127 557,602 17,964,897 17,625,460 Expenses Interest 2,544,567 2,511,442 Depreciation and amortization 4,972,097 4,998,269 Operating expenses 12,295,424 11,955,711 19,812,088 19,465,422 NET LOSS $ (1,847,191) $ (1,839,962) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (1,828,719) (1,821,562) Net loss allocated to other Partners $ (18,472) $ (18,400) * Amounts include $1,124,641 and $842,630 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. Series 47 2015 2014 Revenues Rental $ 6,694,343 $ 6,621,288 Interest and other 158,098 155,333 6,852,441 6,776,621 Expenses Interest 994,937 925,773 Depreciation and amortization 1,616,289 1,627,657 Operating expenses 4,891,398 4,764,978 7,502,624 7,318,408 NET LOSS $ (650,183) $ (541,787) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (643,681) (536,369) Net loss allocated to other Partners $ (6,502) $ (5,418) * Amounts include $622,412 and $405,815 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. Series 48 2015 2014 Revenues Rental $ 3,702,355 $ 3,675,183 Interest and other 94,659 94,052 3,797,014 3,769,235 Expenses Interest 451,289 465,628 Depreciation and amortization 973,435 999,665 Operating expenses 2,618,102 2,559,660 4,042,826 4,024,953 NET LOSS $ (245,812) $ (255,718) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (243,354) (253,161) Net loss allocated to other Partners $ (2,458) $ (2,557) * Amounts include $211,078 and $200,038 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. Series 49 2015 2014 Revenues Rental $ 7,005,072 $ 6,771,387 Interest and other 310,370 308,217 7,315,442 7,079,604 Expenses Interest 1,098,341 1,120,041 Depreciation and amortization 2,382,373 2,370,947 Operating expenses 4,785,924 4,631,073 8,266,638 8,122,061 NET LOSS $ (951,196) $ (1,042,457) Net loss allocated to Boston Capital Tax Credit Fund V L.P.* (941,684) (1,032,032) Net loss allocated to other Partners $ (9,512) $ (10,425) * Amounts include $291,151 and $236,777 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. |
ORGANIZATION (Details)
ORGANIZATION (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2015 | |
Capital Unit [Line Items] | ||
BACs Sold | 11,777,706 | 11,777,706 |
Equity Raised | $ 117,777,060 | |
Series Forty Seven [Member] | ||
Capital Unit [Line Items] | ||
Closing Date | Apr. 30, 2004 | |
BACs Sold | 3,478,334 | 3,478,334 |
Equity Raised | $ 34,783,340 | |
Series Forty Eight [Member] | ||
Capital Unit [Line Items] | ||
Closing Date | Aug. 12, 2004 | |
BACs Sold | 2,299,372 | 2,299,372 |
Equity Raised | $ 22,993,720 | |
Series Forty Nine [Member] | ||
Capital Unit [Line Items] | ||
Closing Date | Apr. 29, 2005 | |
BACs Sold | 6,000,000 | 6,000,000 |
Equity Raised | $ 60,000,000 |
ORGANIZATION (Details Textual)
ORGANIZATION (Details Textual) - USD ($) | 1 Months Ended | ||
Aug. 31, 2004 | Dec. 31, 2015 | Mar. 31, 2015 | |
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
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 | ||
Units of limited partnership interest, issued | 11,777,706 | 11,777,706 | |
Limited Partners' Contributed Capital | $ 117,777,060 |
ACCOUNTING AND FINANCIAL REPO20
ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated Amortization Of Acquisition Costs [Line Items] | ||
Accumulated Amortization Of Acquisition Costs | $ 202,617 | $ 852,089 |
Series Forty Seven [Member] | ||
Accumulated Amortization Of Acquisition Costs [Line Items] | ||
Accumulated Amortization Of Acquisition Costs | 35,880 | 192,764 |
Series Forty Eight [Member] | ||
Accumulated Amortization Of Acquisition Costs [Line Items] | ||
Accumulated Amortization Of Acquisition Costs | 41,193 | 521,070 |
Series Forty Nine [Member] | ||
Accumulated Amortization Of Acquisition Costs [Line Items] | ||
Accumulated Amortization Of Acquisition Costs | $ 125,544 | $ 138,255 |
ACCOUNTING AND FINANCIAL REPO21
ACCOUNTING AND FINANCIAL REPORTING POLICIES (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | |
Accounting policies [Line Items] | |||
Amortization Period Of Acquisition Costs | 27 years 6 months | ||
Amortization Of Deferred Acquisition Costs Year One | $ 270,156 | ||
Amortization Of Deferred Acquisition Costs Year Two | $ 67,540 | ||
Series Forty Seven [Member] | |||
Accounting policies [Line Items] | |||
Impairment Loss Of Acquisition Costs | $ 418,353 | $ 229,911 | |
Amortization Of Acquisition Cost Remaining Contractual Term | 2 years | ||
Series Forty Eight [Member] | |||
Accounting policies [Line Items] | |||
Impairment Loss Of Acquisition Costs | $ 168,065 | ||
Amortization Of Acquisition Cost Remaining Contractual Term | 2 years | ||
Series Forty Nine [Member] | |||
Accounting policies [Line Items] | |||
Impairment Loss Of Acquisition Costs | $ 33,896 | $ 88,947 | |
Amortization Of Acquisition Cost Remaining Contractual Term | 2 years |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | $ 284,457 | $ 284,457 |
Series Forty Seven [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | 97,086 | 97,086 |
Series Forty Eight [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | 59,595 | 59,595 |
Series Forty Nine [Member] | ||
Related Party Transaction [Line Items] | ||
Gross Fund Management Fee | $ 127,776 | $ 127,776 |
RELATED PARTY TRANSACTIONS (D23
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||
Management Fees Paid | $ 0 | $ 0 | $ 0 | $ 125,000 |
Series Forty Seven [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management Fees Paid | 0 | 0 | 0 | 0 |
Series Forty Eight [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management Fees Paid | 0 | 0 | 0 | 0 |
Series Forty Nine [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management Fees Paid | $ 0 | $ 0 | $ 0 | $ 125,000 |
RELATED PARTY TRANSACTIONS (D24
RELATED PARTY TRANSACTIONS (Details Textual) | 9 Months Ended |
Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |
Percentage Of Annual Management Fee | 0.50% |
INVESTMENTS IN OPERATING PART25
INVESTMENTS IN OPERATING PARTNERSHIPS (Details) - Number | Dec. 31, 2015 | Dec. 31, 2014 |
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 PART26
INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Revenues | |||
Rental | $ 17,401,770 | $ 17,067,858 | |
Interest and other | 563,127 | 557,602 | |
Operating Partnerships Revenues | 17,964,897 | 17,625,460 | |
Expenses | |||
Interest | 2,544,567 | 2,511,442 | |
Depreciation and amortization | 4,972,097 | 4,998,269 | |
Operating expenses | 12,295,424 | 11,955,711 | |
Operating Partnerships Total Expenses | 19,812,088 | 19,465,422 | |
NET LOSS | (1,847,191) | (1,839,962) | |
Net loss allocated to Boston Capital Tax Credit Fund V L.P. | [1] | (1,828,719) | (1,821,562) |
Net loss allocated to other Partners | (18,472) | (18,400) | |
Series Forty Seven [Member] | |||
Revenues | |||
Rental | 6,694,343 | 6,621,288 | |
Interest and other | 158,098 | 155,333 | |
Operating Partnerships Revenues | 6,852,441 | 6,776,621 | |
Expenses | |||
Interest | 994,937 | 925,773 | |
Depreciation and amortization | 1,616,289 | 1,627,657 | |
Operating expenses | 4,891,398 | 4,764,978 | |
Operating Partnerships Total Expenses | 7,502,624 | 7,318,408 | |
NET LOSS | (650,183) | (541,787) | |
Net loss allocated to Boston Capital Tax Credit Fund V L.P. | [2] | (643,681) | (536,369) |
Net loss allocated to other Partners | (6,502) | (5,418) | |
Series Forty Eight [Member] | |||
Revenues | |||
Rental | 3,702,355 | 3,675,183 | |
Interest and other | 94,659 | 94,052 | |
Operating Partnerships Revenues | 3,797,014 | 3,769,235 | |
Expenses | |||
Interest | 451,289 | 465,628 | |
Depreciation and amortization | 973,435 | 999,665 | |
Operating expenses | 2,618,102 | 2,559,660 | |
Operating Partnerships Total Expenses | 4,042,826 | 4,024,953 | |
NET LOSS | (245,812) | (255,718) | |
Net loss allocated to Boston Capital Tax Credit Fund V L.P. | [3] | (243,354) | (253,161) |
Net loss allocated to other Partners | (2,458) | (2,557) | |
Series Forty Nine [Member] | |||
Revenues | |||
Rental | 7,005,072 | 6,771,387 | |
Interest and other | 310,370 | 308,217 | |
Operating Partnerships Revenues | 7,315,442 | 7,079,604 | |
Expenses | |||
Interest | 1,098,341 | 1,120,041 | |
Depreciation and amortization | 2,382,373 | 2,370,947 | |
Operating expenses | 4,785,924 | 4,631,073 | |
Operating Partnerships Total Expenses | 8,266,638 | 8,122,061 | |
NET LOSS | (951,196) | (1,042,457) | |
Net loss allocated to Boston Capital Tax Credit Fund V L.P. | [4] | (941,684) | (1,032,032) |
Net loss allocated to other Partners | $ (9,512) | $ (10,425) | |
[1] | Amounts include $1,124,641 and $842,630 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. | ||
[2] | Amounts include $622,412 and $405,815 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. | ||
[3] | Amounts include $211,078 and $200,038 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. | ||
[4] | Amounts include $291,151 and $236,777 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. |
INVESTMENTS IN OPERATING PART27
INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | $ 1,124,641 | $ 842,630 |
Series Forty Seven [Member] | ||
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | 622,412 | 405,815 |
Series Forty Eight [Member] | ||
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | 211,078 | 200,038 |
Series Forty Nine [Member] | ||
Investments In Operating Limited Partnerships [Line Items] | ||
Income Loss Not Recognized Under Equity Method Accounting | $ 291,151 | $ 236,777 |