Document And Entity Information
Document And Entity Information | 9 Months Ended |
Dec. 31, 2022 shares | |
Document And Entity Information | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Dec. 31, 2022 |
Document Transition Report | false |
Entity File Number | 333-109898 |
Entity Registrant Name | BF Garden Tax Credit Fund V L.P. |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 14-1897569 |
Entity Address, Address Line One | 101 Arch Street, 13th Floor |
Entity Address, City or Town | Boston |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02110 |
City Area Code | 888 |
Local Phone Number | 773-1487 |
Title of 12(b) Security | None |
No Trading Symbol Flag | true |
Security Exchange Name | NONE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 0 |
Entity Central Index Key | 0001267425 |
Current Fiscal Year End Date | --03-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | $ 0 | $ 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 2,097,677 | 1,387,978 |
Other assets | 0 | 4,950 |
Assets | 2,097,677 | 1,392,928 |
LIABILITIES | ||
Accounts payable affiliates | 0 | 1,497,001 |
Capital contributions payable | 0 | 101 |
Total Liabilities | 0 | 1,497,102 |
PARTNERS' CAPITAL (DEFICIT) | ||
Limited partners | 1,194,455 | 157,291 |
General Partner | 903,222 | (261,465) |
Partners Capital | 2,097,677 | (104,174) |
Liabilities and Stockholders' Equity | 2,097,677 | 1,392,928 |
Series 47 | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 0 | 261,375 |
Other assets | 0 | 0 |
Assets | 0 | 261,375 |
LIABILITIES | ||
Accounts payable affiliates | 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 | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 0 | 189,592 |
Other assets | 0 | 0 |
Assets | 0 | 189,592 |
LIABILITIES | ||
Accounts payable affiliates | 0 | 1,052,284 |
Capital contributions payable | 0 | 0 |
Total Liabilities | 0 | 1,052,284 |
PARTNERS' CAPITAL (DEFICIT) | ||
Limited partners | (879,491) | (809,772) |
General Partner | 879,491 | (52,920) |
Partners Capital | 0 | (862,692) |
Liabilities and Stockholders' Equity | 0 | 189,592 |
Series 49 | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 2,097,677 | 937,011 |
Other assets | 0 | 4,950 |
Assets | 2,097,677 | 941,961 |
LIABILITIES | ||
Accounts payable affiliates | 0 | 34,132 |
Capital contributions payable | 0 | 101 |
Total Liabilities | 0 | 34,233 |
PARTNERS' CAPITAL (DEFICIT) | ||
Limited partners | 2,226,166 | 1,039,192 |
General Partner | (128,489) | (131,464) |
Partners Capital | 2,097,677 | 907,728 |
Liabilities and Stockholders' Equity | $ 2,097,677 | $ 941,961 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 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 | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income | ||||
Interest income | $ 4,740 | $ 145 | $ 6,505 | $ 478 |
Other income | 24,436 | 10,363 | 32,323 | 96,272 |
Total income | 29,176 | 10,508 | 38,828 | 96,750 |
Gain on sale of operating limited partnerships | 1,016,225 | 5,811,852 | 1,238,444 | 6,073,789 |
Expenses | ||||
Professional fees | 6,748 | 23,999 | 37,841 | 86,245 |
Fund management fee, net | (75,433) | 85,449 | 4,206 | 329,589 |
General and administrative expenses | 20,814 | 43,113 | 195,462 | 105,010 |
Operating expenses | (47,871) | 152,561 | 237,509 | 520,844 |
NET INCOME (LOSS) | 1,093,272 | 5,669,799 | 1,039,763 | 5,649,695 |
Net income (loss) allocated to assignees | 1,090,539 | 5,655,625 | 1,037,164 | 5,635,571 |
Net income (loss) allocated to general partner | $ 2,733 | $ 14,174 | $ 2,599 | $ 14,124 |
Net income (loss) per BAC | $ 0.09 | $ 0.48 | $ 0.09 | $ 0.48 |
Series 47 | ||||
Income | ||||
Interest income | $ 0 | $ 39 | $ 0 | $ 144 |
Other income | 0 | 1,550 | 0 | 7,814 |
Total income | 0 | 1,589 | 0 | 7,958 |
Gain on sale of operating limited partnerships | 0 | 675,999 | 0 | 688,248 |
Expenses | ||||
Professional fees | 0 | 7,999 | 1,026 | 26,688 |
Fund management fee, net | 0 | 18,064 | 0 | 57,195 |
General and administrative expenses | 0 | 11,438 | 79,266 | 27,836 |
Operating expenses | 0 | 37,501 | 80,292 | 111,719 |
NET INCOME (LOSS) | 0 | 640,087 | (80,292) | 584,487 |
Net income (loss) allocated to assignees | 0 | 638,487 | (80,091) | 583,026 |
Net income (loss) allocated to general partner | $ 0 | $ 1,600 | $ (201) | $ 1,461 |
Net income (loss) per BAC | $ 0 | $ 0.18 | $ (0.02) | $ 0.17 |
Series 48 | ||||
Income | ||||
Interest income | $ 0 | $ 29 | $ 98 | $ 111 |
Other income | 0 | 813 | 0 | 6,756 |
Total income | 0 | 842 | 98 | 6,867 |
Gain on sale of operating limited partnerships | 0 | 676,000 | 9,999 | 676,000 |
Expenses | ||||
Professional fees | 0 | 7,999 | 9,952 | 24,513 |
Fund management fee, net | 0 | 11,854 | 3,928 | 33,862 |
General and administrative expenses | 0 | 12,226 | 66,111 | 22,498 |
Operating expenses | 0 | 32,079 | 79,991 | 80,873 |
NET INCOME (LOSS) | 0 | 644,763 | (69,894) | 601,994 |
Net income (loss) allocated to assignees | 0 | 643,151 | (69,719) | 600,489 |
Net income (loss) allocated to general partner | $ 0 | $ 1,612 | $ (175) | $ 1,505 |
Net income (loss) per BAC | $ 0 | $ 0.28 | $ (0.03) | $ 0.26 |
Series 49 | ||||
Income | ||||
Interest income | $ 4,740 | $ 77 | $ 6,407 | $ 223 |
Other income | 24,436 | 8,000 | 32,323 | 81,702 |
Total income | 29,176 | 8,077 | 38,730 | 81,925 |
Gain on sale of operating limited partnerships | 1,016,225 | 4,459,853 | 1,228,445 | 4,709,541 |
Expenses | ||||
Professional fees | 6,748 | 8,001 | 26,863 | 35,044 |
Fund management fee, net | (75,433) | 55,531 | 278 | 238,532 |
General and administrative expenses | 20,814 | 19,449 | 50,085 | 54,676 |
Operating expenses | (47,871) | 82,981 | 77,226 | 328,252 |
NET INCOME (LOSS) | 1,093,272 | 4,384,949 | 1,189,949 | 4,463,214 |
Net income (loss) allocated to assignees | 1,090,539 | 4,373,987 | 1,186,974 | 4,452,056 |
Net income (loss) allocated to general partner | $ 2,733 | $ 10,962 | $ 2,975 | $ 11,158 |
Net income (loss) per BAC | $ 0.31 | $ 0.73 | $ 0.20 | $ 0.74 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - USD ($) | Series 47 Assignees | Series 47 General Partner | Series 47 | Series 48 Assignees | Series 48 General Partner | Series 48 | Series 49 Assignees | Series 49 General Partner | Series 49 | Assignees | General Partner | 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, 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) | 584,487 | 601,994 | 4,463,214 | 5,649,695 | ||||||||
Partners' capital (deficit) at Dec. 31, 2021 | (1,262,643) | (80,065) | (1,342,708) | (799,581) | (52,894) | (852,475) | 1,045,539 | (131,448) | 914,091 | (1,016,685) | (264,407) | (1,281,092) |
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) |
Net income (loss) | (38,750) | (97) | (38,847) | (24,852) | (62) | (24,914) | (85,850) | (215) | (86,065) | (149,452) | (374) | (149,826) |
Partners' capital (deficit) at Sep. 30, 2021 | (1,901,130) | (81,665) | (1,982,795) | (1,442,732) | (54,506) | (1,497,238) | (3,328,448) | (142,410) | (3,470,858) | (6,672,310) | (278,581) | (6,950,891) |
Net income (loss) | 638,487 | 1,600 | 640,087 | 643,151 | 1,612 | 644,763 | 4,373,987 | 10,962 | 4,384,949 | 5,655,625 | 14,174 | 5,669,799 |
Partners' capital (deficit) at Dec. 31, 2021 | (1,262,643) | (80,065) | (1,342,708) | (799,581) | (52,894) | (852,475) | 1,045,539 | (131,448) | 914,091 | (1,016,685) | (264,407) | (1,281,092) |
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 |
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) |
Net income (loss) | (80,292) | (69,894) | 1,189,949 | 1,039,763 | ||||||||
Partners' capital (deficit) at Dec. 31, 2022 | (152,220) | 152,220 | 0 | (879,491) | 879,491 | 0 | 2,226,166 | (128,489) | 2,097,677 | 1,194,455 | 903,222 | 2,097,677 |
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 |
Contributions | 0 | 0 | 0 | 0 | 932,586 | 932,586 | 0 | 0 | 0 | 0 | 932,586 | 932,586 |
Net income (loss) | 0 | 0 | 0 | (58,389) | (147) | (58,536) | 75,906 | 191 | 76,097 | 17,517 | 44 | 17,561 |
Partners' capital (deficit) at Sep. 30, 2022 | (152,220) | 152,220 | 0 | (879,491) | 879,491 | 1,135,627 | (131,222) | 1,004,405 | 103,916 | 900,489 | 1,004,405 | |
Net income (loss) | 0 | 0 | 1,090,539 | 2,733 | 1,093,272 | 1,090,539 | 2,733 | 1,093,272 | ||||
Partners' capital (deficit) at Dec. 31, 2022 | $ (152,220) | $ 152,220 | $ 0 | $ (879,491) | $ 879,491 | $ 0 | $ 2,226,166 | $ (128,489) | $ 2,097,677 | $ 1,194,455 | $ 903,222 | $ 2,097,677 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 1,039,763 | $ 5,649,695 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Gain on sale of operating limited partnerships | (1,238,444) | (6,073,789) |
Changes in assets and liabilities | ||
(Increase) Decrease in other assets | 4,950 | (457) |
Decrease in accounts payable and accrued expenses | 0 | (40) |
Increase (Decrease) in accounts payable affiliates | (334,913) | (6,222,915) |
Net cash used in operating activities | (528,644) | (6,647,506) |
Cash flows from investing activities: | ||
Proceeds from the disposition of Operating Partnerships | 1,238,343 | 6,073,789 |
Net cash provided by investing activities | 1,238,343 | 6,073,789 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 709,699 | (573,717) |
Cash and cash equivalents, beginning | 1,387,978 | 1,940,668 |
Cash and cash equivalents, ending | 2,097,677 | 1,366,951 |
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. | 1,162,088 | 0 |
Series 47 | ||
Cash flows from operating activities: | ||
Net income (loss) | (80,292) | 584,487 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Gain on sale of operating limited partnerships | 0 | (688,248) |
Changes in assets and liabilities | ||
(Increase) Decrease in other assets | 0 | 285 |
Decrease in accounts payable and accrued expenses | 0 | (38) |
Increase (Decrease) in accounts payable affiliates | (181,083) | (1,378,792) |
Net cash used in operating activities | (261,375) | (1,482,306) |
Cash flows from investing activities: | ||
Proceeds from the disposition of Operating Partnerships | 0 | 688,248 |
Net cash provided by investing activities | 0 | 688,248 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (261,375) | (794,058) |
Cash and cash equivalents, beginning | 261,375 | 1,054,904 |
Cash and cash equivalents, ending | 0 | 260,846 |
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) | (69,894) | 601,994 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Gain on sale of operating limited partnerships | (9,999) | (676,000) |
Changes in assets and liabilities | ||
(Increase) Decrease in other assets | 0 | 111 |
Decrease in accounts payable and accrued expenses | 0 | 0 |
Increase (Decrease) in accounts payable affiliates | (119,698) | (640,438) |
Net cash used in operating activities | (199,591) | (714,333) |
Cash flows from investing activities: | ||
Proceeds from the disposition of Operating Partnerships | 9,999 | 676,000 |
Net cash provided by investing activities | 9,999 | 676,000 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (189,592) | (38,333) |
Cash and cash equivalents, beginning | 189,592 | 235,196 |
Cash and cash equivalents, ending | 0 | 196,863 |
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. | 932,586 | 0 |
Series 49 | ||
Cash flows from operating activities: | ||
Net income (loss) | 1,189,949 | 4,463,214 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Gain on sale of operating limited partnerships | (1,228,445) | (4,709,541) |
Changes in assets and liabilities | ||
(Increase) Decrease in other assets | 4,950 | (853) |
Decrease in accounts payable and accrued expenses | 0 | (2) |
Increase (Decrease) in accounts payable affiliates | (34,132) | (4,203,685) |
Net cash used in operating activities | (67,678) | (4,450,867) |
Cash flows from investing activities: | ||
Proceeds from the disposition of Operating Partnerships | 1,228,344 | 4,709,541 |
Net cash provided by investing activities | 1,228,344 | 4,709,541 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,160,666 | 258,674 |
Cash and cash equivalents, beginning | 937,011 | 650,568 |
Cash and cash equivalents, ending | 2,097,677 | 909,242 |
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 | 9 Months Ended |
Dec. 31, 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 December 31, 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 December 31, 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 | 9 Months Ended |
Dec. 31, 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 December 31, 2022 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. 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 | 9 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021, are as follows: 2022 2021 Series 47 $ — $ 19,064 Series 48 — 11,854 Series 49 27,120 84,331 Total $ 27,120 $ 115,249 The fund management fees paid for the quarters ended December 31, 2022 and 2021 are as follows: 2022 2021 Series 47 $ — $ 676,000 Series 48 — 676,000 Series 49 36,851 3,992,915 Total $ 36,851 $ 5,344,915 NOTE C - RELATED PARTY TRANSACTIONS – (continued) The fund management fees paid for the nine months ended December 31, 2022 and 2021 are as follows: 2022 2021 Series 47 $ 181,083 $ 1,436,987 Series 48 123,626 676,000 Series 49 144,828 4,487,927 Total $ 449,537 $ 6,600,914 An affiliate of the general partner has forgiven asset management fees payable as a result of the sales of all operating limited partnerships in two of the series. Total forgiveness of debt for the nine months ended December 31, 2022 and 2021 was $1,162,088 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 | 9 Months Ended |
Dec. 31, 2022 | |
INVESTMENTS IN OPERATING PARTNERSHIPS | |
INVESTMENTS IN OPERATING PARTNERSHIPS | NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS At December 31, 2022 and 2021, the Fund had limited partnership interests in 3 and 16 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2022 and 2021 is as follows: 2022 2021 Series 47 — 2 Series 48 — 1 Series 49 3 13 Total 3 16 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 nine months ended December 31, 2022, the Fund disposed of ten Operating Partnerships. A summary of the dispositions by series for the period ended December 31, 2022 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition * Disposition Series 47 — — $ — $ — Series 48 1 — 9,999 9,999 Series 49 9 — 1,228,344 1,228,445 Total 10 — $ 1,238,343 $ 1,238,444 * Fund proceeds from disposition does not include $101 , which was due to a write-off of capital contribution payable as of December 31, 2022, for Series 49. NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS – (continued) During the nine months ended December 31, 2021, the Fund disposed of seven Operating Partnerships. A summary of the dispositions by series for the period ended December 31, 2021 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition Disposition Series 47 2 — $ 688,248 $ 688,248 Series 48 1 — 676,000 676,000 Series 49 4 — 4,709,541 4,709,541 Total 7 — $ 6,073,789 $ 6,073,789 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. 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 nine months ended September 30, 2022. NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS – (continued) COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Nine Months Ended September 30, (Unaudited) Total 2022 2021 Revenues Rental $ 804,089 $ 4,076,213 Interest and other 31,328 132,589 835,417 4,208,802 Expenses Interest 79,405 534,857 Depreciation and amortization 208,133 1,149,993 Operating expenses 591,302 3,011,494 878,840 4,696,344 NET INCOME (LOSS) $ (43,423) $ (487,542) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (42,989) $ (482,668) Net Income (loss) allocated to other Partners $ (434) $ (4,874) 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 Nine Months Ended September 30, (Unaudited) Series 47 2022 2021 Revenues Rental $ — $ 672,338 Interest and other — 2,366 — 674,704 Expenses Interest — 123,649 Depreciation and amortization — 148,235 Operating expenses — 518,567 — 790,451 NET INCOME (LOSS) $ — $ (115,747) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ — $ (114,590) Net Income (loss) allocated to other Partners $ — $ (1,157) 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 Nine Months Ended September 30, (Unaudited) Series 48 2022 2021 Revenues Rental $ — $ 257,030 Interest and other — 6,145 — 263,175 Expenses Interest — 25,643 Depreciation and amortization — 42,094 Operating expenses — 217,585 — 285,322 NET INCOME (LOSS) $ — $ (22,147) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ — $ (21,926) Net Income (loss) allocated to other Partners $ — $ (221) 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 Nine Months Ended September 30, (Unaudited) Series 49 2022 2021 Revenues Rental $ 804,089 $ 3,146,845 Interest and other 31,328 124,078 835,417 3,270,923 Expenses Interest 79,405 385,565 Depreciation and amortization 208,133 959,664 Operating expenses 591,302 2,275,342 878,840 3,620,571 NET INCOME (LOSS) $ (43,423) $ (349,648) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (42,989) $ (346,152) Net Income (loss) allocated to other Partners $ (434) $ (3,496) 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, 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 | 9 Months Ended |
Dec. 31, 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. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2022 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE G - 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) | 9 Months Ended |
Dec. 31, 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 December 31, 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) | 9 Months Ended |
Dec. 31, 2022 | |
RELATED PARTY TRANSACTIONS | |
Schedule of gross management fee | 2022 2021 Series 47 $ — $ 19,064 Series 48 — 11,854 Series 49 27,120 84,331 Total $ 27,120 $ 115,249 |
Schedule of fund management fees paid | The fund management fees paid for the quarters ended December 31, 2022 and 2021 are as follows: 2022 2021 Series 47 $ — $ 676,000 Series 48 — 676,000 Series 49 36,851 3,992,915 Total $ 36,851 $ 5,344,915 The fund management fees paid for the nine months ended December 31, 2022 and 2021 are as follows: 2022 2021 Series 47 $ 181,083 $ 1,436,987 Series 48 123,626 676,000 Series 49 144,828 4,487,927 Total $ 449,537 $ 6,600,914 |
INVESTMENTS IN OPERATING PART_2
INVESTMENTS IN OPERATING PARTNERSHIPS (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
INVESTMENTS IN OPERATING PARTNERSHIPS | |
Schedule of number of operating partnerships | 2022 2021 Series 47 — 2 Series 48 — 1 Series 49 3 13 Total 3 16 |
Schedule of number of operating partnerships disposed | During the nine months ended December 31, 2022, the Fund disposed of ten Operating Partnerships. A summary of the dispositions by series for the period ended December 31, 2022 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition * Disposition Series 47 — — $ — $ — Series 48 1 — 9,999 9,999 Series 49 9 — 1,228,344 1,228,445 Total 10 — $ 1,238,343 $ 1,238,444 * Fund proceeds from disposition does not include $101 , which was due to a write-off of capital contribution payable as of December 31, 2022, for Series 49. During the nine months ended December 31, 2021, the Fund disposed of seven Operating Partnerships. A summary of the dispositions by series for the period ended December 31, 2021 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition Disposition Series 47 2 — $ 688,248 $ 688,248 Series 48 1 — 676,000 676,000 Series 49 4 — 4,709,541 4,709,541 Total 7 — $ 6,073,789 $ 6,073,789 |
Schedule of summarized statement of operations in operating partnerships | 2022 2021 Revenues Rental $ 804,089 $ 4,076,213 Interest and other 31,328 132,589 835,417 4,208,802 Expenses Interest 79,405 534,857 Depreciation and amortization 208,133 1,149,993 Operating expenses 591,302 3,011,494 878,840 4,696,344 NET INCOME (LOSS) $ (43,423) $ (487,542) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (42,989) $ (482,668) Net Income (loss) allocated to other Partners $ (434) $ (4,874) Series 47 2022 2021 Revenues Rental $ — $ 672,338 Interest and other — 2,366 — 674,704 Expenses Interest — 123,649 Depreciation and amortization — 148,235 Operating expenses — 518,567 — 790,451 NET INCOME (LOSS) $ — $ (115,747) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ — $ (114,590) Net Income (loss) allocated to other Partners $ — $ (1,157) Series 48 2022 2021 Revenues Rental $ — $ 257,030 Interest and other — 6,145 — 263,175 Expenses Interest — 25,643 Depreciation and amortization — 42,094 Operating expenses — 217,585 — 285,322 NET INCOME (LOSS) $ — $ (22,147) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ — $ (21,926) Net Income (loss) allocated to other Partners $ — $ (221) Series 49 2022 2021 Revenues Rental $ 804,089 $ 3,146,845 Interest and other 31,328 124,078 835,417 3,270,923 Expenses Interest 79,405 385,565 Depreciation and amortization 208,133 959,664 Operating expenses 591,302 2,275,342 878,840 3,620,571 NET INCOME (LOSS) $ (43,423) $ (349,648) Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (42,989) $ (346,152) Net Income (loss) allocated to other Partners $ (434) $ (3,496) |
ORGANIZATION (Details)
ORGANIZATION (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2022 | Mar. 31, 2022 | |
ORGANIZATION | ||
BAC's Issue | 11,777,706 | 11,777,706 |
BAC's capital contribution | $ 117,777,060 | |
Series 47 | ||
ORGANIZATION | ||
Closing date | Apr. 30, 2004 | |
BAC's Issue | 3,478,334 | 3,478,334 |
BAC's capital contribution | $ 34,783,340 | |
Series 48 | ||
ORGANIZATION | ||
Closing date | Aug. 12, 2004 | |
BAC's Issue | 2,299,372 | 2,299,372 |
BAC's capital contribution | $ 22,993,720 | |
Series 49 | ||
ORGANIZATION | ||
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 | Dec. 31, 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 ($) | 9 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS | ||
Percentage of annual management fee | 0.50% | |
Affiliate of the general partner | ||
RELATED PARTY TRANSACTIONS | ||
Total forgiveness of debt | $ 1,162,088 | $ 0 |
RELATED PARTY TRANSACTIONS - Fu
RELATED PARTY TRANSACTIONS - Fund management fees earned and the reporting fees paid (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS | ||
Gross fund management fee | $ 27,120 | $ 115,249 |
Series 47 | ||
RELATED PARTY TRANSACTIONS | ||
Gross fund management fee | 0 | 19,064 |
Series 48 | ||
RELATED PARTY TRANSACTIONS | ||
Gross fund management fee | 11,854 | |
Series 49 | ||
RELATED PARTY TRANSACTIONS | ||
Gross fund management fee | $ 27,120 | $ 84,331 |
RELATED PARTY TRANSACTIONS - Ma
RELATED PARTY TRANSACTIONS - Management fees paid (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS | ||||
Fund management fees paid | $ 36,851 | $ 5,344,915 | $ 449,537 | $ 6,600,914 |
Series 47 | ||||
RELATED PARTY TRANSACTIONS | ||||
Fund management fees paid | 0 | 676,000 | 181,083 | 1,436,987 |
Series 48 | ||||
RELATED PARTY TRANSACTIONS | ||||
Fund management fees paid | 0 | 676,000 | 123,626 | 676,000 |
Series 49 | ||||
RELATED PARTY TRANSACTIONS | ||||
Fund management fees paid | $ 36,851 | $ 3,992,915 | $ 144,828 | $ 4,487,927 |
INVESTMENTS IN OPERATING PART_3
INVESTMENTS IN OPERATING PARTNERSHIPS (Details) - Partnership | Dec. 31, 2022 | Dec. 31, 2021 |
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Number of operating limited partnerships | 3 | 16 |
Series 47 | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Number of operating limited partnerships | 0 | 2 |
Series 48 | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Number of operating limited partnerships | 0 | 1 |
Series 49 | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Number of operating limited partnerships | 3 | 13 |
INVESTMENTS IN OPERATING PART_4
INVESTMENTS IN OPERATING PARTNERSHIPS - Summary of dispositions (Details) | 9 Months Ended | |
Dec. 31, 2022 USD ($) Partnership | Dec. 31, 2021 USD ($) Partnership | |
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Operating Partnership Interest Transferred | Partnership | 10 | 7 |
Sale of Underlying Operating Partnership | Partnership | 0 | 0 |
Partnership Proceeds from Disposition | $ 1,238,343 | $ 6,073,789 |
Gain on Disposition | $ 1,238,444 | $ 6,073,789 |
Series 47 | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Operating Partnership Interest Transferred | Partnership | 0 | 2 |
Sale of Underlying Operating Partnership | Partnership | 0 | 0 |
Partnership Proceeds from Disposition | $ 0 | $ 688,248 |
Gain on Disposition | $ 0 | $ 688,248 |
Series 48 | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Operating Partnership Interest Transferred | Partnership | 1 | 1 |
Sale of Underlying Operating Partnership | Partnership | 0 | 0 |
Partnership Proceeds from Disposition | $ 9,999 | $ 676,000 |
Gain on Disposition | $ 9,999 | $ 676,000 |
Series 49 | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Operating Partnership Interest Transferred | Partnership | 9 | 4 |
Sale of Underlying Operating Partnership | Partnership | 0 | 0 |
Partnership Proceeds from Disposition | $ 1,228,344 | $ 4,709,541 |
Gain on Disposition | 1,228,445 | $ 4,709,541 |
Write off of partnership capital contribution payable | $ 101 |
INVESTMENTS IN OPERATING PART_5
INVESTMENTS IN OPERATING PARTNERSHIPS - Combined summarized statements of operations (Details) - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | ||
Rental | $ 804,089 | $ 4,076,213 |
Interest and other | 31,328 | 132,589 |
Operating Partnerships Revenues | 835,417 | 4,208,802 |
Expenses | ||
Interest | 79,405 | 534,857 |
Depreciation and amortization | 208,133 | 1,149,993 |
Operating expenses | 591,302 | 3,011,494 |
Operating Partnerships Total Expenses | 878,840 | 4,696,344 |
NET INCOME (LOSS) | (43,423) | (487,542) |
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. | (42,989) | (482,668) |
Net Income (loss) allocated to other Partners | (434) | (4,874) |
Series 47 | ||
Revenues | ||
Rental | 0 | 672,338 |
Interest and other | 0 | 2,366 |
Operating Partnerships Revenues | 0 | 674,704 |
Expenses | ||
Interest | 0 | 123,649 |
Depreciation and amortization | 0 | 148,235 |
Operating expenses | 0 | 518,567 |
Operating Partnerships Total Expenses | 0 | 790,451 |
NET INCOME (LOSS) | 0 | (115,747) |
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. | 0 | (114,590) |
Net Income (loss) allocated to other Partners | 0 | (1,157) |
Series 48 | ||
Revenues | ||
Rental | 0 | 257,030 |
Interest and other | 0 | 6,145 |
Operating Partnerships Revenues | 0 | 263,175 |
Expenses | ||
Interest | 0 | 25,643 |
Depreciation and amortization | 0 | 42,094 |
Operating expenses | 0 | 217,585 |
Operating Partnerships Total Expenses | 0 | 285,322 |
NET INCOME (LOSS) | 0 | (22,147) |
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. | 0 | (21,926) |
Net Income (loss) allocated to other Partners | 0 | (221) |
Series 49 | ||
Revenues | ||
Rental | 804,089 | 3,146,845 |
Interest and other | 31,328 | 124,078 |
Operating Partnerships Revenues | 835,417 | 3,270,923 |
Expenses | ||
Interest | 79,405 | 385,565 |
Depreciation and amortization | 208,133 | 959,664 |
Operating expenses | 591,302 | 2,275,342 |
Operating Partnerships Total Expenses | 878,840 | 3,620,571 |
NET INCOME (LOSS) | (43,423) | (349,648) |
Net Income (loss) allocated to BF Garden Tax Credit Fund V L.P. | (42,989) | (346,152) |
Net Income (loss) allocated to other Partners | $ (434) | $ (3,496) |