| 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. |
