Boston Capital Tax Credit Fund V 10-Q11 Aug 222023 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information	3 Months Ended
Document And Entity Information	Jun. 30, 2022 shares
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	BF GARDEN TAX CREDIT FUND V L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	333-109898
Entity Address, Address Line One	101 Arch Street, 13th Floor
Entity Address, City or Town	Boston
Entity Address, Postal Zip Code	02110
Entity Address, State or Province	MA
Entity Tax Identification Number	14-1897569
City Area Code	888
Local Phone Number	773-1487
Title of 12(b) Security	None
Security Exchange Name	NONE
No Trading Symbol Flag	true
Entity Central Index Key	0001267425
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2022	Mar. 31, 2022
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	$ 0	$ 0
OTHER ASSETS
Cash and cash equivalents	1,111,399	1,387,978
Other assets	5,569	4,950
Assets	1,116,968	1,392,928
LIABILITIES
Accounts payable affiliates (Note C)	1,062,609	1,497,001
Capital contributions payable	101	101
Total Liabilities	1,062,710	1,497,102
PARTNERS' CAPITAL (DEFICIT)
Limited partners	86,399	157,291
General Partner	(32,141)	(261,465)
Partners Capital	54,258	(104,174)
Liabilities and Stockholders' Equity	1,116,968	1,392,928
Series 47
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	0	261,375
Other assets	0	0
Assets	0	261,375
LIABILITIES
Accounts payable affiliates (Note C)	0	410,585
Capital contributions payable	0	0
Total Liabilities	0	410,585
PARTNERS' CAPITAL (DEFICIT)
Limited partners	(152,220)	(72,129)
General Partner	152,220	(77,081)
Partners Capital	0	(149,210)
Liabilities and Stockholders' Equity	0	261,375
Series 48
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	181,124	189,592
Other assets	56	0
Assets	181,180	189,592
LIABILITIES
Accounts payable affiliates (Note C)	1,055,230	1,052,284
Capital contributions payable	0	0
Total Liabilities	1,055,230	1,052,284
PARTNERS' CAPITAL (DEFICIT)
Limited partners	(821,102)	(809,772)
General Partner	(52,948)	(52,920)
Partners Capital	(874,050)	(862,692)
Liabilities and Stockholders' Equity	181,180	189,592
Series 49
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS (Note D)	0	0
OTHER ASSETS
Cash and cash equivalents	930,275	937,011
Other assets	5,513	4,950
Assets	935,788	941,961
LIABILITIES
Accounts payable affiliates (Note C)	7,379	34,132
Capital contributions payable	101	101
Total Liabilities	7,480	34,233
PARTNERS' CAPITAL (DEFICIT)
Limited partners	1,059,721	1,039,192
General Partner	(131,413)	(131,464)
Partners Capital	928,308	907,728
Liabilities and Stockholders' Equity	$ 935,788	$ 941,961

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Mar. 31, 2022
Units of limited partnership interest, 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	11,725,306	11,725,306
Series 47
Units of limited partnership interest, 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	3,459,434	3,459,434
Series 48
Units of limited partnership interest, 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	2,283,872	2,283,872
Series 49
Units of limited partnership interest, par value (in dollars per share)	$ 10	$ 10
Units of limited partnership interest, authorized	15,500,000	15,500,000
Units of limited partnership interest, issued	6,000,000	6,000,000
Units of limited partnership interest, outstanding	5,982,000	5,982,000

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Income
Interest income	$ 298	$ 217
Other income	7,887	40,023
Total income	8,185	40,240
Gain on sale of operating limited partnerships	78,374	261,937
Expenses
Professional fees	3,078	10,100
Fund management fee, net (Note C)	49,892	134,901
General and administrative expenses	104,659	27,454
Operating expenses	157,629	172,455
NET INCOME (LOSS)	(71,070)	129,722
Net income (loss) allocated to assignees	(70,892)	129,398
Net income (loss) allocated to general partner	$ (178)	$ 324
Net income (loss) per BAC	$ (0.01)	$ 0.01
Series 47
Income
Interest income	$ 0	$ 70
Other income	0	813
Total income	0	883
Gain on sale of operating limited partnerships	0	12,249
Expenses
Professional fees	1,026	3,367
Fund management fee, net (Note C)	0	20,067
General and administrative expenses	79,266	6,451
Operating expenses	80,292	29,885
NET INCOME (LOSS)	(80,292)	(16,753)
Net income (loss) allocated to assignees	(80,091)	(16,711)
Net income (loss) allocated to general partner	$ (201)	$ (42)
Net income (loss) per BAC	$ (0.02)	$ 0
Series 48
Income
Interest income	$ 48	$ 54
Other income	0	813
Total income	48	867
Gain on sale of operating limited partnerships	0	0
Expenses
Professional fees	1,026	3,367
Fund management fee, net (Note C)	2,946	11,854
General and administrative expenses	7,434	3,501
Operating expenses	11,406	18,722
NET INCOME (LOSS)	(11,358)	(17,855)
Net income (loss) allocated to assignees	(11,330)	(17,810)
Net income (loss) allocated to general partner	$ (28)	$ (45)
Net income (loss) per BAC	$ 0	$ (0.01)
Series 49
Income
Interest income	$ 250	$ 93
Other income	7,887	38,397
Total income	8,137	38,490
Gain on sale of operating limited partnerships	78,374	249,688
Expenses
Professional fees	1,026	3,366
Fund management fee, net (Note C)	46,946	102,980
General and administrative expenses	17,959	17,502
Operating expenses	65,931	123,848
NET INCOME (LOSS)	20,580	164,330
Net income (loss) allocated to assignees	20,529	163,919
Net income (loss) allocated to general partner	$ 51	$ 411
Net income (loss) per BAC	$ 0	$ 0.03

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - USD ($)	Series 47 Assignees [Member]	Series 47 General Partner [Member]	Series 47	Series 48 Assignees [Member]	Series 48 General Partner [Member]	Series 48	Series 49 Assignees [Member]	Series 49 General Partner [Member]	Series 49	Assignees [Member]	General Partner [Member]	Total
Partners' capital (deficit) at Mar. 31, 2021	$ (1,845,669)	$ (81,526)	$ (1,927,195)	$ (1,400,070)	$ (54,399)	$ (1,454,469)	$ (3,406,517)	$ (142,606)	$ (3,549,123)	$ (6,652,256)	$ (278,531)	$ (6,930,787)
Net income (loss)	(16,711)	(42)	(16,753)	(17,810)	(45)	(17,855)	163,919	411	164,330	129,398	324	129,722
Partners' capital (deficit) at Jun. 30, 2021	(1,862,380)	(81,568)	(1,943,948)	(1,417,880)	(54,444)	(1,472,324)	(3,242,598)	(142,195)	(3,384,793)	(6,522,858)	(278,207)	(6,801,065)
Partners' capital (deficit) at Mar. 31, 2022	(72,129)	(77,081)	(149,210)	(809,772)	(52,920)	(862,692)	1,039,192	(131,464)	907,728	157,291	(261,465)	(104,174)
Contributions	0	229,502	229,502	0	0	0	0	0	0	0	229,502	229,502
Net income (loss)	(80,091)	(201)	(80,292)	(11,330)	(28)	(11,358)	20,529	51	20,580	(70,892)	(178)	(71,070)
Partners' capital (deficit) at Jun. 30, 2022	$ (152,220)	$ 152,220	$ 0	$ (821,102)	$ (52,948)	$ (874,050)	$ 1,059,721	$ (131,413)	$ 928,308	$ 86,399	$ (32,141)	$ 54,258

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ (71,070)	$ 129,722
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships	(78,374)	(261,937)
Changes in assets and liabilities
(Increase) Decrease in other assets	(619)	(4,132)
Decrease in accounts payable and accrued expenses	0	(40)
Increase (Decrease) in accounts payable affiliates	(204,890)	(1,120,098)
Net cash used in operating activities	(354,953)	(1,256,485)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	78,374	261,937
Net cash provided by investing activities	78,374	261,937
DECREASE IN CASH AND CASH EQUIVALENTS	(276,579)	(994,548)
Cash and cash equivalents, beginning	1,387,978	1,940,668
Cash and cash equivalents, ending	1,111,399	946,120
Supplemental schedule of noncash investing and financing activities
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	229,502	0
Series 47
Cash flows from operating activities:
Net income (loss)	(80,292)	(16,753)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships	0	(12,249)
Changes in assets and liabilities
(Increase) Decrease in other assets	0	144
Decrease in accounts payable and accrued expenses	0	(38)
Increase (Decrease) in accounts payable affiliates	(181,083)	(740,920)
Net cash used in operating activities	(261,375)	(769,816)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	12,249
Net cash provided by investing activities	0	12,249
DECREASE IN CASH AND CASH EQUIVALENTS	(261,375)	(757,567)
Cash and cash equivalents, beginning	261,375	1,054,904
Cash and cash equivalents, ending	0	297,337
Supplemental schedule of noncash investing and financing activities
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	229,502	0
Series 48
Cash flows from operating activities:
Net income (loss)	(11,358)	(17,855)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships	0	0
Changes in assets and liabilities
(Increase) Decrease in other assets	(56)	37
Decrease in accounts payable and accrued expenses	0	0
Increase (Decrease) in accounts payable affiliates	2,946	11,854
Net cash used in operating activities	(8,468)	(5,964)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	0	0
Net cash provided by investing activities	0	0
DECREASE IN CASH AND CASH EQUIVALENTS	(8,468)	(5,964)
Cash and cash equivalents, beginning	189,592	235,196
Cash and cash equivalents, ending	181,124	229,232
Supplemental schedule of noncash investing and financing activities
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	0	0
Series 49
Cash flows from operating activities:
Net income (loss)	20,580	164,330
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of operating limited partnerships	(78,374)	(249,688)
Changes in assets and liabilities
(Increase) Decrease in other assets	(563)	(4,313)
Decrease in accounts payable and accrued expenses	0	(2)
Increase (Decrease) in accounts payable affiliates	(26,753)	(391,032)
Net cash used in operating activities	(85,110)	(480,705)
Cash flows from investing activities:
Proceeds from the disposition of Operating Partnerships	78,374	249,688
Net cash provided by investing activities	78,374	249,688
DECREASE IN CASH AND CASH EQUIVALENTS	(6,736)	(231,017)
Cash and cash equivalents, beginning	937,011	650,568
Cash and cash equivalents, ending	930,275	419,551
Supplemental schedule of noncash investing and financing activities
The general partner's equity balance was increased and accounts payable affiliates was reduced as a result of forgiveness of debt with an affiliate of the general partner.	$ 0	$ 0

ORGANIZATION

ORGANIZATION	3 Months Ended
ORGANIZATION	Jun. 30, 2022
ORGANIZATION
ORGANIZATION	NOTE A - ORGANIZATION BF Garden Tax Credit Fund V L.P. (formerly known as 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”). Effective as of December 15, 2020, Corporate Investment Holdings, Inc., a Massachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”), replaced John P. Manning as the sole manager of the Fund’s general partner, BF Garden Associates V L.L.C., a Delaware limited liability company formerly known as Boston Capital Associates V L.L.C., and became the sole member of the Fund’s general partner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Management, LP, a Delaware limited partnership (“BFIM”), replaced Boston Capital Partners II Corporation as the general partner of Companion; and BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner of the Fund continues to be BCTC V Assignor Corp., a Delaware corporation which is now wholly owned by Companion. The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner will be assigned by the assignor limited partner by means of beneficial assignee certificates (“BACs”) to investors and investors will be entitled to all the rights and economic benefits of a limited partner of the Fund, including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund. A Registration Statement on Form S-11 and the related prospectus, (the “Prospectus”) were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering (“Offering”) in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004, an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series, became effective. As of June 30, 2022, subscriptions had been received and accepted by the Fund for 11,777,706 BACs representing capital contributions of $117,777,060. Below is a summary of the BACs sold and total equity raised, by series, as of June 30, 2022: Series Closing Date BACs Sold Equity Raised Series 47 April 30, 2004 3,478,334 $ 34,783,340 Series 48 August 12, 2004 2,299,372 $ 22,993,720 Series 49 April 29, 2005 6,000,000 $ 60,000,000 The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

ACCOUNTING AND FINANCIAL REPORT

ACCOUNTING AND FINANCIAL REPORTING POLICIES	3 Months Ended
ACCOUNTING AND FINANCIAL REPORTING POLICIES	Jun. 30, 2022
ACCOUNTING AND FINANCIAL REPORTING POLICIES.
ACCOUNTING AND FINANCIAL REPORTING POLICIES	NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES The condensed financial statements herein as of June 30, 2022 and for the three months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account. NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES – (continued) 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, 2022.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE C - RELATED PARTY TRANSACTIONS The Fund originally incurred a fund management fee to Boston Capital Asset Management Limited Partnership, an affiliate of the general partner, prior to the sale as disclosed in Note A. As part of the sale disclosed in Note A, the fund management fee is now assigned to BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as Boston Capital Companion Limited Partnership (“Companion”) and an affiliate of the general partner, in an annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships. The obligation that had been accrued to Boston Capital Asset Management Limited Partnership was transferred to Companion as disclosed in Note A. Since reporting fees collected by the various series were added to reserves and not paid, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended June 30, 2022 and 2021, are as follows: 2022 2021 Series 47 $ — $ 20,067 Series 48 2,946 11,854 Series 49 46,946 102,980 Total $ 49,892 $ 134,901 The fund management fees paid for the three months ended June 30, 2022 and 2021 are as follows: 2022 2021 Series 47 $ 181,083 $ 760,987 Series 48 — — Series 49 77,699 495,012 Total $ 258,782 $ 1,255,999 An affiliate of the general partner has forgiven asset management fees payable as a result of the sales of all operating limited partnerships in one of the series. Total forgiveness of debt for the quarter ended June 30, 2022 and 2021 was $229,502 and $0, respectively. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund.

INVESTMENTS IN OPERATING PARTNE

INVESTMENTS IN OPERATING PARTNERSHIPS	3 Months Ended
INVESTMENTS IN OPERATING PARTNERSHIPS	Jun. 30, 2022
INVESTMENTS IN OPERATING PARTNERSHIPS
INVESTMENTS IN OPERATING PARTNERSHIPS	NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS At June 30, 2022 and 2021, the Fund had limited partnership interests in 11 and 20 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at June 30, 2022 and 2021 is as follows: 2022 2021 Series 47 — 3 Series 48 1 2 Series 49 10 15 Total 11 20 Under the terms of the Fund’s investment in each Operating Partnership, the Fund was required to make capital contributions to the Operating Partnerships. These contributions were payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. During the three months ended June 30, 2022, the Fund disposed of two Operating Partnerships. A summary of the dispositions by series for the period ended June 30, 2022 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition Disposition Series 47 — — $ — $ — Series 48 — — — — Series 49 2 — 78,374 78,374 Total 2 — $ 78,374 $ 78,374 During the three months ended June 30, 2021, the Fund disposed of three Operating Partnerships. A summary of the dispositions by Series for the period ended June 30, 2021 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition Disposition Series 47 1 — $ 12,249 $ 12,249 Series 48 — — — — Series 49 2 — 249,688 249,688 Total 3 — $ 261,937 $ 261,937 The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements. NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS – (continued) 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’s partnership agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership’s quarterly period. Accordingly, the financial results available for the Operating Partnerships are for the three months ended March 31, 2022. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Three Months Ended March 31, (Unaudited) Total 2022 2021 Revenues Rental $ 920,624 $ 2,818,744 Interest and other 35,418 50,673 956,042 2,869,417 Expenses Interest 99,968 315,640 Depreciation and amortization 269,191 666,976 Operating expenses 718,130 1,958,072 1,087,289 2,940,688 NET INCOME (LOSS) $ (131,247) $ (71,271) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (129,935) $ (70,558) Net Income (loss) allocated to other Partners $ (1,312) $ (713) 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. NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS – (continued) COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Three Months Ended March 31, (Unaudited) Series 47 2022 2021 Revenues Rental $ — $ 459,664 Interest and other — 3,975 — 463,639 Expenses Interest — 51,274 Depreciation and amortization — 96,489 Operating expenses — 326,447 — 474,210 NET INCOME (LOSS) $ — $ (10,571) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ — $ (10,465) Net Income (loss) allocated to other Partners $ — $ (106) 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. NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Three Months Ended March 31, (Unaudited) Series 48 2022 2021 Revenues Rental $ 66,830 $ 321,228 Interest and other 1,654 5,235 68,484 326,463 Expenses Interest 8,755 18,605 Depreciation and amortization 14,021 61,109 Operating expenses 66,043 226,119 88,819 305,833 NET INCOME (LOSS) $ (20,335) $ 20,630 Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (20,132) $ 20,424 Net Income (loss) allocated to other Partners $ (203) $ 206 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. NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued) COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Three Months Ended March 31, (Unaudited) Series 49 2022 2021 Revenues Rental $ 853,794 $ 2,037,852 Interest and other 33,764 41,463 887,558 2,079,315 Expenses Interest 91,213 245,761 Depreciation and amortization 255,170 509,378 Operating expenses 652,087 1,405,506 998,470 2,160,645 NET INCOME (LOSS) $ (110,912) $ (81,330) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (109,803) $ (80,517) Net Income (loss) allocated to other Partners $ (1,109) $ (813) The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

TAXABLE LOSS

TAXABLE LOSS	3 Months Ended
TAXABLE LOSS	Jun. 30, 2022
TAXABLE LOSS
TAXABLE LOSS	NOTE E - TAXABLE LOSS The Fund’s taxable loss is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Jun. 30, 2022
INCOME TAXES
INCOME TAXES	NOTE F - INCOME TAXES The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2018 remain open.

CONTINGENCY

CONTINGENCY	3 Months Ended
CONTINGENCY	Jun. 30, 2022
CONTINGENCY
CONTINGENCY	NOTE G - CONTINGENCY The spread of a novel strain of coronavirus (COVID-19) has caused significant business disruptions in the United States beginning February 2020. The economic impact of the business disruptions caused by COVID-19 is uncertain. The extent of any effects these disruptions may have on the operations and financial performance of the Fund will depend on future developments, including possible impacts on the operations of the underlying real estate of its investments, which cannot be determined.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE H - SUBSEQUENT EVENTS Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes. Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that, no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

ORGANIZATION (Tables)

ORGANIZATION (Tables)	3 Months Ended
ORGANIZATION (Tables)	Jun. 30, 2022
ORGANIZATION
Schedule of limited partners' capital account by class	Below is a summary of the BACs sold and total equity raised, by series, as of June 30, 2022: Series Closing Date BACs Sold Equity Raised Series 47 April 30, 2004 3,478,334 $ 34,783,340 Series 48 August 12, 2004 2,299,372 $ 22,993,720 Series 49 April 29, 2005 6,000,000 $ 60,000,000

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Jun. 30, 2022
RELATED PARTY TRANSACTIONS
Schedule of Gross Management Fee	2022 2021 Series 47 $ — $ 20,067 Series 48 2,946 11,854 Series 49 46,946 102,980 Total $ 49,892 $ 134,901
Schedule of fund management fees paid	The fund management fees paid for the three months ended June 30, 2022 and 2021 are as follows: 2022 2021 Series 47 $ 181,083 $ 760,987 Series 48 — — Series 49 77,699 495,012 Total $ 258,782 $ 1,255,999

INVESTMENTS IN OPERATING PART_2

INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)	3 Months Ended
INVESTMENTS IN OPERATING PARTNERSHIPS (Tables)	Jun. 30, 2022
INVESTMENTS IN OPERATING PARTNERSHIPS
Schedule of number of operating partnerships	2022 2021 Series 47 — 3 Series 48 1 2 Series 49 10 15 Total 11 20
Schedule of number of operating partnerships disposed	Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition Disposition Series 47 — — $ — $ — Series 48 — — — — Series 49 2 — 78,374 78,374 Total 2 — $ 78,374 $ 78,374 Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition Disposition Series 47 1 — $ 12,249 $ 12,249 Series 48 — — — — Series 49 2 — 249,688 249,688 Total 3 — $ 261,937 $ 261,937
Schedule of summarized statement of operations in operating partnerships	2022 2021 Revenues Rental $ 920,624 $ 2,818,744 Interest and other 35,418 50,673 956,042 2,869,417 Expenses Interest 99,968 315,640 Depreciation and amortization 269,191 666,976 Operating expenses 718,130 1,958,072 1,087,289 2,940,688 NET INCOME (LOSS) $ (131,247) $ (71,271) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (129,935) $ (70,558) Net Income (loss) allocated to other Partners $ (1,312) $ (713) 2022 2021 Revenues Rental $ — $ 459,664 Interest and other — 3,975 — 463,639 Expenses Interest — 51,274 Depreciation and amortization — 96,489 Operating expenses — 326,447 — 474,210 NET INCOME (LOSS) $ — $ (10,571) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ — $ (10,465) Net Income (loss) allocated to other Partners $ — $ (106) 2022 2021 Revenues Rental $ 66,830 $ 321,228 Interest and other 1,654 5,235 68,484 326,463 Expenses Interest 8,755 18,605 Depreciation and amortization 14,021 61,109 Operating expenses 66,043 226,119 88,819 305,833 NET INCOME (LOSS) $ (20,335) $ 20,630 Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (20,132) $ 20,424 Net Income (loss) allocated to other Partners $ (203) $ 206 2022 2021 Revenues Rental $ 853,794 $ 2,037,852 Interest and other 33,764 41,463 887,558 2,079,315 Expenses Interest 91,213 245,761 Depreciation and amortization 255,170 509,378 Operating expenses 652,087 1,405,506 998,470 2,160,645 NET INCOME (LOSS) $ (110,912) $ (81,330) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (109,803) $ (80,517) Net Income (loss) allocated to other Partners $ (1,109) $ (813)

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($)	3 Months Ended
ORGANIZATION (Details) - USD ($)	Jun. 30, 2022	Mar. 31, 2022
Capital Unit [Line Items]
BAC's Issue	11,777,706	11,777,706
BAC's capital contribution	$ 117,777,060
Series 47
Capital Unit [Line Items]
Closing Date	Apr. 30, 2004
BAC's Issue	3,478,334	3,478,334
BAC's capital contribution	$ 34,783,340
Series 48
Capital Unit [Line Items]
Closing Date	Aug. 12, 2004
BAC's Issue	2,299,372	2,299,372
BAC's capital contribution	$ 22,993,720
Series 49
Capital Unit [Line Items]
Closing Date	Apr. 29, 2005
BAC's Issue	6,000,000	6,000,000
BAC's capital contribution	$ 60,000,000

ORGANIZATION - Additional Infor

ORGANIZATION - Additional Information (Details) - USD ($)	Aug. 10, 2004	Jun. 30, 2022	Mar. 31, 2022
ORGANIZATION
Minimum units of limited partners interest for sale		250,000
Maximum units of limited partners interest for sale		7,000,000
Per unit rate of limited partners capital account		$ 10
Additional number of limited partners 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

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022
Related Party Transaction [Line Items]
Percentage of annual management fee	0.50%
Accrued fund management fees	$ 1,062,609		$ 1,497,001
Affiliate of the general partner
Related Party Transaction [Line Items]
Total forgiveness of debt	$ 229,502	$ 0

RELATED PARTY TRANSACTIONS - Fu

RELATED PARTY TRANSACTIONS - Fund management fees earned and the reporting fees paid (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 49,892	$ 134,901
Series 47
Related Party Transaction [Line Items]
Gross Fund Management Fee		20,067
Series 48
Related Party Transaction [Line Items]
Gross Fund Management Fee	2,946	11,854
Series 49
Related Party Transaction [Line Items]
Gross Fund Management Fee	$ 46,946	$ 102,980

RELATED PARTY TRANSACTIONS - Ma

RELATED PARTY TRANSACTIONS - Management fees paid (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Fund management fees paid	$ 258,782	$ 1,255,999
Series 47
Related Party Transaction [Line Items]
Fund management fees paid	181,083	760,987
Series 49
Related Party Transaction [Line Items]
Fund management fees paid	$ 77,699	$ 495,012

INVESTMENTS IN OPERATING PART_3

INVESTMENTS IN OPERATING PARTNERSHIPS (Details) - Partnership	Jun. 30, 2022	Jun. 30, 2021
Number Of Operating Partnerships [Line Items]
Number of operating limited partnerships	11	20
Series 47
Number Of Operating Partnerships [Line Items]
Number of operating limited partnerships		3
Series 48
Number Of Operating Partnerships [Line Items]
Number of operating limited partnerships	1	2
Series 49
Number Of Operating Partnerships [Line Items]
Number of operating limited partnerships	10	15

INVESTMENTS IN OPERATING PART_4

INVESTMENTS IN OPERATING PARTNERSHIPS - Summary of dispositions (Details)	3 Months Ended
	Jun. 30, 2022 USD ($) Partnership	Jun. 30, 2021 USD ($) Partnership
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred \| Partnership	2	3
Sale of Underlying Operating Partnership \| Partnership	0	0
Partnership Proceeds from Disposition \| $	$ 78,374	$ 261,937
Gain on Disposition \| $	$ 78,374	$ 261,937
Series 47
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred \| Partnership	0	1
Sale of Underlying Operating Partnership \| Partnership	0	0
Partnership Proceeds from Disposition \| $	$ 0	$ 12,249
Gain on Disposition \| $	$ 0	$ 12,249
Series 48
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred \| Partnership	0	0
Sale of Underlying Operating Partnership \| Partnership	0	0
Partnership Proceeds from Disposition \| $	$ 0	$ 0
Gain on Disposition \| $	$ 0	$ 0
Series 49
Number Of Operating Partnerships Disposed [Line Items]
Operating Partnership Interest Transferred \| Partnership	2	2
Sale of Underlying Operating Partnership \| Partnership	0	0
Partnership Proceeds from Disposition \| $	$ 78,374	$ 249,688
Gain on Disposition \| $	$ 78,374	$ 249,688

INVESTMENTS IN OPERATING PART_5

INVESTMENTS IN OPERATING PARTNERSHIPS - Combined summarized statements of operations (Details) - USD ($)	3 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenue
Rent	$ 920,624	$ 2,818,744
Interest and other	35,418	50,673
Operating Partnerships Revenues	956,042	2,869,417
Expenses
Interest	99,968	315,640
Depreciation and amortization	269,191	666,976
Operating expenses	718,130	1,958,072
Operating Partnerships Total Expenses	1,087,289	2,940,688
NET INCOME (LOSS)	(131,247)	(71,271)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	(129,935)	(70,558)
Net income (loss) allocated to other partners	(1,312)	(713)
Series 47
Revenue
Rent		459,664
Interest and other		3,975
Operating Partnerships Revenues		463,639
Expenses
Interest		51,274
Depreciation and amortization		96,489
Operating expenses		326,447
Operating Partnerships Total Expenses		474,210
NET INCOME (LOSS)		(10,571)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.		(10,465)
Net income (loss) allocated to other partners		(106)
Series 48
Revenue
Rent	66,830	321,228
Interest and other	1,654	5,235
Operating Partnerships Revenues	68,484	326,463
Expenses
Interest	8,755	18,605
Depreciation and amortization	14,021	61,109
Operating expenses	66,043	226,119
Operating Partnerships Total Expenses	88,819	305,833
NET INCOME (LOSS)	(20,335)	20,630
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	(20,132)	20,424
Net income (loss) allocated to other partners	(203)	206
Series 49
Revenue
Rent	853,794	2,037,852
Interest and other	33,764	41,463
Operating Partnerships Revenues	887,558	2,079,315
Expenses
Interest	91,213	245,761
Depreciation and amortization	255,170	509,378
Operating expenses	652,087	1,405,506
Operating Partnerships Total Expenses	998,470	2,160,645
NET INCOME (LOSS)	(110,912)	(81,330)
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P.	(109,803)	(80,517)
Net income (loss) allocated to other partners	$ (1,109)	$ (813)