Document And Entity Information
Document And Entity Information | 12 Months Ended |
Mar. 31, 2023 USD ($) shares | |
Document And Entity Information | |
Document Type | 10-K |
Document Annual Report | true |
Document Transition Report | false |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
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 Interactive Data Current | Yes |
Entity Current Reporting Status | 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 | shares | 0 |
Document Financial Statement Error Correction [Flag] | false |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Public Float | $ | $ 0 |
Auditor Name | CohnReznick LLP |
Auditor Firm ID | 596 |
Auditor Location | Bethesda, Maryland |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | $ 0 | $ 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 2,091,961 | 1,387,978 |
Other assets | 247 | 4,950 |
Assets | 2,092,208 | 1,392,928 |
LIABILITIES | ||
Accounts payable and accrued expenses | 0 | 0 |
Accounts payable - affiliates | $ 13,635 | $ 1,497,001 |
Related Party, Type, Accounts Payable [Extensible Enumeration] | Affiliates | Affiliates |
Capital contributions payable | $ 0 | $ 101 |
Total Liabilities | 13,635 | 1,497,102 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | 1,175,399 | 157,291 |
General partner | 903,174 | (261,465) |
Partners Capital | 2,078,573 | (104,174) |
Liabilities and Stockholders' Equity | 2,092,208 | 1,392,928 |
Series 47 | ||
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 0 | 261,375 |
Other assets | 0 | 0 |
Assets | 0 | 261,375 |
LIABILITIES | ||
Accounts payable and accrued expenses | 0 | 0 |
Accounts payable - affiliates | $ 0 | $ 410,585 |
Related Party, Type, Accounts Payable [Extensible Enumeration] | Affiliates | Affiliates |
Capital contributions payable | $ 0 | $ 0 |
Total Liabilities | 0 | 410,585 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
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 LIMITED PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 0 | 189,592 |
Other assets | 0 | 0 |
Assets | 0 | 189,592 |
LIABILITIES | ||
Accounts payable and accrued expenses | 0 | 0 |
Accounts payable - affiliates | $ 0 | $ 1,052,284 |
Related Party, Type, Accounts Payable [Extensible Enumeration] | Affiliates | Affiliates |
Capital contributions payable | $ 0 | $ 0 |
Total Liabilities | 0 | 1,052,284 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
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 LIMITED PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 2,091,961 | 937,011 |
Other assets | 247 | 4,950 |
Assets | 2,092,208 | 941,961 |
LIABILITIES | ||
Accounts payable and accrued expenses | 0 | 0 |
Accounts payable - affiliates | $ 13,635 | $ 34,132 |
Related Party, Type, Accounts Payable [Extensible Enumeration] | Affiliates | Affiliates |
Capital contributions payable | $ 0 | $ 101 |
Total Liabilities | 13,635 | 34,233 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | 2,207,110 | 1,039,192 |
General partner | (128,537) | (131,464) |
Partners Capital | 2,078,573 | 907,728 |
Liabilities and Stockholders' Equity | $ 2,092,208 | $ 941,961 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 |
Statement | ||
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 |
Units of limited partnership interest to assignees, issued | 11,777,706 | 11,777,706 |
Units of limited partnership interest to assignees, outstanding | 11,777,706 | 11,777,706 |
Series 47 | ||
Statement | ||
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 |
Units of limited partnership interest to assignees, issued | 3,478,334 | 3,478,334 |
Units of limited partnership interest to assignees, outstanding | 3,478,334 | 3,478,334 |
Series 48 | ||
Statement | ||
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 |
Units of limited partnership interest to assignees, issued | 2,299,372 | 2,299,372 |
Units of limited partnership interest to assignees, outstanding | 2,299,372 | 2,299,372 |
Series 49 | ||
Statement | ||
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 |
Units of limited partnership interest to assignees, issued | 6,000,000 | 6,000,000 |
Units of limited partnership interest to assignees, outstanding | 6,000,000 | 6,000,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income | ||
Interest income | $ 18,106 | $ 895 |
Other income | 32,324 | 109,875 |
Total income | 50,430 | 110,770 |
Gain on sale of operating limited partnerships | 1,238,444 | 7,329,288 |
Expenses and loss | ||
Professional fees | 43,591 | 94,020 |
Partnership management fee | 17,841 | 387,480 |
General and administrative expenses | 206,783 | 131,945 |
Total expenses and loss | 268,215 | 613,445 |
NET INCOME (LOSS) | 1,020,659 | 6,826,613 |
Net income (loss) allocated to general partner | 2,551 | 17,066 |
Net income (loss) allocated to limited partner | $ 1,018,108 | $ 6,809,547 |
Net income (loss) per BAC | $ 0.09 | $ 0.58 |
Series 47 | ||
Income | ||
Interest income | $ 0 | $ 221 |
Other income | 0 | 8,477 |
Total income | 0 | 8,698 |
Gain on sale of operating limited partnerships | 0 | 1,897,247 |
Expenses and loss | ||
Professional fees | 1,026 | 29,279 |
Partnership management fee | 0 | 63,226 |
General and administrative expenses | 79,266 | 35,455 |
Total expenses and loss | 80,292 | 127,960 |
NET INCOME (LOSS) | (80,292) | 1,777,985 |
Net income (loss) allocated to general partner | (201) | 4,445 |
Net income (loss) allocated to limited partner | $ (80,091) | $ 1,773,540 |
Net income (loss) per BAC | $ (0.02) | $ 0.51 |
Series 48 | ||
Income | ||
Interest income | $ 98 | $ 168 |
Other income | 0 | 7,418 |
Total income | 98 | 7,586 |
Gain on sale of operating limited partnerships | 9,999 | 676,000 |
Expenses and loss | ||
Professional fees | 9,952 | 27,104 |
Partnership management fee | 3,928 | 36,808 |
General and administrative expenses | 66,111 | 27,897 |
Total expenses and loss | 79,991 | 91,809 |
NET INCOME (LOSS) | (69,894) | 591,777 |
Net income (loss) allocated to general partner | (175) | 1,479 |
Net income (loss) allocated to limited partner | $ (69,719) | $ 590,298 |
Net income (loss) per BAC | $ (0.03) | $ 0.26 |
Series 49 | ||
Income | ||
Interest income | $ 18,008 | $ 506 |
Other income | 32,324 | 93,980 |
Total income | 50,332 | 94,486 |
Gain on sale of operating limited partnerships | 1,228,445 | 4,756,041 |
Expenses and loss | ||
Professional fees | 32,613 | 37,637 |
Partnership management fee | 13,913 | 287,446 |
General and administrative expenses | 61,406 | 68,593 |
Total expenses and loss | 107,932 | 393,676 |
NET INCOME (LOSS) | 1,170,845 | 4,456,851 |
Net income (loss) allocated to general partner | 2,927 | 11,142 |
Net income (loss) allocated to limited partner | $ 1,167,918 | $ 4,445,709 |
Net income (loss) per BAC | $ 0.20 | $ 0.74 |
STATEMENTS OF CHANGES IN PARTNE
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Series 47 | General partner | ||
Statement | ||
Partners' capital (deficit) | $ (77,081) | $ (81,526) |
Contributions | 229,502 | |
Net income (loss) | (201) | 4,445 |
Partners' capital (deficit) | 152,220 | (77,081) |
Series 47 | Limited partner | ||
Statement | ||
Partners' capital (deficit) | (72,129) | (1,845,669) |
Contributions | 0 | |
Net income (loss) | (80,091) | 1,773,540 |
Partners' capital (deficit) | (152,220) | (72,129) |
Series 47 | ||
Statement | ||
Partners' capital (deficit) | (149,210) | (1,927,195) |
Contributions | 229,502 | |
Net income (loss) | (80,292) | 1,777,985 |
Partners' capital (deficit) | 0 | (149,210) |
Series 48 | General partner | ||
Statement | ||
Partners' capital (deficit) | (52,920) | (54,399) |
Contributions | 932,586 | |
Net income (loss) | (175) | 1,479 |
Partners' capital (deficit) | 879,491 | (52,920) |
Series 48 | Limited partner | ||
Statement | ||
Partners' capital (deficit) | (809,772) | (1,400,070) |
Contributions | 0 | |
Net income (loss) | (69,719) | 590,298 |
Partners' capital (deficit) | (879,491) | (809,772) |
Series 48 | ||
Statement | ||
Partners' capital (deficit) | (862,692) | (1,454,469) |
Contributions | 932,586 | |
Net income (loss) | (69,894) | 591,777 |
Partners' capital (deficit) | 0 | (862,692) |
Series 49 | General partner | ||
Statement | ||
Partners' capital (deficit) | (131,464) | (142,606) |
Contributions | 0 | |
Net income (loss) | 2,927 | 11,142 |
Partners' capital (deficit) | (128,537) | (131,464) |
Series 49 | Limited partner | ||
Statement | ||
Partners' capital (deficit) | 1,039,192 | (3,406,517) |
Contributions | 0 | |
Net income (loss) | 1,167,918 | 4,445,709 |
Partners' capital (deficit) | 2,207,110 | 1,039,192 |
Series 49 | ||
Statement | ||
Partners' capital (deficit) | 907,728 | (3,549,123) |
Contributions | 0 | |
Net income (loss) | 1,170,845 | 4,456,851 |
Partners' capital (deficit) | 2,078,573 | 907,728 |
General partner | ||
Statement | ||
Partners' capital (deficit) | (261,465) | (278,531) |
Contributions | 1,162,088 | |
Net income (loss) | 2,551 | 17,066 |
Partners' capital (deficit) | 903,174 | (261,465) |
Limited partner | ||
Statement | ||
Partners' capital (deficit) | 157,291 | (6,652,256) |
Contributions | 0 | |
Net income (loss) | 1,018,108 | 6,809,547 |
Partners' capital (deficit) | 1,175,399 | 157,291 |
Partners' capital (deficit) | (104,174) | (6,930,787) |
Contributions | 1,162,088 | |
Net income (loss) | 1,020,659 | 6,826,613 |
Partners' capital (deficit) | $ 2,078,573 | $ (104,174) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net income (loss) | $ 1,020,659 | $ 6,826,613 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Gain on sale of operating limited partnerships | (1,238,444) | (7,329,288) |
Changes in assets and liabilities | ||
Other assets | (4,703) | 457 |
Accounts payable and accrued expenses | 0 | (40) |
Accounts payable - affiliates | (321,278) | (7,378,806) |
Net cash used in operating activities | (534,360) | (7,881,978) |
Cash flows from investing activities | ||
Proceeds from disposition of operating limited partnerships | 1,238,343 | 7,329,288 |
Net cash provided by investing activities | 1,238,343 | 7,329,288 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 703,983 | (552,690) |
Cash and cash equivalents, beginning | 1,387,978 | 1,940,668 |
Cash and cash equivalents, end | 2,091,961 | 1,387,978 |
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) | 1,777,985 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Gain on sale of operating limited partnerships | 0 | (1,897,247) |
Changes in assets and liabilities | ||
Other assets | 0 | (285) |
Accounts payable and accrued expenses | 0 | (38) |
Accounts payable - affiliates | (181,083) | (2,571,761) |
Net cash used in operating activities | (261,375) | (2,690,776) |
Cash flows from investing activities | ||
Proceeds from disposition of operating limited partnerships | 0 | 1,897,247 |
Net cash provided by investing activities | 0 | 1,897,247 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (261,375) | (793,529) |
Cash and cash equivalents, beginning | 261,375 | 1,054,904 |
Cash and cash equivalents, end | 0 | 261,375 |
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) | 591,777 |
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 | ||
Other assets | 0 | (111) |
Accounts payable and accrued expenses | 0 | 0 |
Accounts payable - affiliates | (119,698) | (637,492) |
Net cash used in operating activities | (199,591) | (721,604) |
Cash flows from investing activities | ||
Proceeds from disposition of operating limited partnerships | 9,999 | 676,000 |
Net cash provided by investing activities | 9,999 | 676,000 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (189,592) | (45,604) |
Cash and cash equivalents, beginning | 189,592 | 235,196 |
Cash and cash equivalents, end | 0 | 189,592 |
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) | 1,170,845 | 4,456,851 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Gain on sale of operating limited partnerships | (1,228,445) | (4,756,041) |
Changes in assets and liabilities | ||
Other assets | (4,703) | 853 |
Accounts payable and accrued expenses | 0 | (2) |
Accounts payable - affiliates | (20,497) | (4,169,553) |
Net cash used in operating activities | (73,394) | (4,469,598) |
Cash flows from investing activities | ||
Proceeds from disposition of operating limited partnerships | 1,228,344 | 4,756,041 |
Net cash provided by investing activities | 1,228,344 | 4,756,041 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,154,950 | 286,443 |
Cash and cash equivalents, beginning | 937,011 | 650,568 |
Cash and cash equivalents, end | 2,091,961 | 937,011 |
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 AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2023 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 does not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner have been assigned by the assignor limited partner by means of beneficial assignee certificates (“BACs”) to investors and investors are 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 were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public 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, 2005, subscriptions had been received and accepted by the Fund for 11,777,706 BAC’s representing capital contributions of $117,777,060. The BAC’s issued and outstanding in each series at March 31, 2023 and 2022 are as follows: Issued Outstanding 2023 2022 2023 2022 Series 47 3,478,334 3,478,334 3,459,434 3,459,434 Series 48 2,299,372 2,299,372 2,283,872 2,283,872 Series 49 6,000,000 6,000,000 5,982,000 5,982,000 11,777,706 11,777,706 11,725,306 11,725,306 NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Investments in Operating Limited Partnerships The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses from the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income. The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The Fund records tax credit adjusters as a reduction in investments in operating limited partnerships and capital contributions payable. The operating limited partnerships maintain their financial statements based on a calendar year and the Fund utilizes a March 31 year-end. The Fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year-end. The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the Fund when received. In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party is required to consolidate the VIE. NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements. Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in operating limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture. Income Taxes The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a Fund. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2019 remain open. Cash and Cash Equivalents Cash equivalents include money market accounts having original maturities at date of acquisition of three months or less. The carrying value approximates fair value because of the short maturity of these instruments. Fiscal Year For financial reporting purposes, the Fund uses a March 31 year-end, whereas for income tax reporting purposes, the Fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting. NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Net Income (Loss) per Beneficial Assignee Certificate Net income (loss) per beneficial assignee partnership unit is calculated based upon the weighted average number of units outstanding during the year. The weighted average number of units in Series 47, 48 and 49 at March 31, 2023 and 2022 are as follows: 2023 2022 Series 47 3,459,434 3,459,434 Series 48 2,283,872 2,283,872 Series 49 5,982,000 5,982,000 11,725,306 11,725,306 Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE B - RELATED PARTY TRANSACTIONS During the years ended March 31, 2023 and 2022, the Fund entered into several transactions with affiliates of the general partner and BF Garden Companion Limited Partnership as follows: The Fund incurred an annual fund management fee to BF Garden Companion Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the operating limited partnerships, less the amount of certain asset management and reporting fees paid by the operating limited partnerships. The fund management fees earned and the reporting fees paid by the operating limited partners for the years ended March 2023 and 2022 are as follows: 2023 Fund Management Fee net of Asset Gross Fund Asset Management Management and Management Fee and Reporting Fee Reporting Fee Series 47 $ — $ — $ — Series 48 3,928 — 3,928 Series 49 124,331 110,418 13,913 $ 128,259 $ 110,418 $ 17,841 2022 Fund Management Fee net of Asset Gross Fund Asset Management Management and Management Fee and Reporting Fee Reporting Fee Series 47 $ 64,226 $ 1,000 $ 63,226 Series 48 38,508 1,700 36,808 Series 49 336,441 48,995 287,446 $ 439,175 $ 51,695 $ 387,480 All fund management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership’s interests in operating limited partnerships. As of March 31, 2023 and 2022, total fund management fees accrued were $13,635 and $1,497,001, respectively. The fund management fees paid by the Fund for the years ended March 31, 2023 and 2022 are as follows: 2023 2022 Series 47 $ 181,083 $ 2,635,987 Series 48 123,626 676,000 Series 49 144,828 4,505,994 $ 449,537 $ 7,817,981 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 years ended March 31, 2023 and 2022 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 LIMITE
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 12 Months Ended |
Mar. 31, 2023 | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS At March 31, 2023 and 2022, the Fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2023 and 2022 by series are as follows: 2023 2022 Series 47 — — Series 48 — 1 Series 49 3 12 3 13 During the year ended March 31, 2023 the Fund disposed of ten Operating Partnerships. A summary of the dispositions by Series for March 31, 2023 is as follows: Operating Sale of Underlying Partnership Interest Operating Partnership Proceeds Gain on Transferred Partnership from Disposition * Disposition Series 47 — — $ — $ — Series 48 1 — 9,999 9,999 Series 49 9 — 1,228,344 1,228,445 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 March 31, 2023, for Series 49. During the year ended March 31, 2022 the Fund disposed of ten Operating Partnerships. A summary of the dispositions by Series for March 31, 2022 is as follows: Operating Sale of Underlying Partnership Interest Operating Partnership Proceeds Gain on Transferred Partnership from Disposition Disposition Series 47 4 — $ 1,897,247 $ 1,897,247 Series 48 1 — 676,000 676,000 Series 49 5 — 4,756,041 4,756,041 10 — $ 7,329,288 $ 7,329,288 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) 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 Partnership’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. Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations. At March 31, 2023 and 2022, contributions are payable to operating limited partnerships as follows: 2023 2022 Series 47 $ — $ — Series 48 — — Series 49 — 101 $ — $ 101 The Fund’s investments in operating limited partnerships at March 31, 2023 are summarized as follows: Total Series 47 Series 48 Series 49 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 4,436,296 $ — $ — $ 4,436,296 Cumulative distributions from operating limited partnerships (42,353) — — (42,353) Cumulative impairment loss in investments in operating limited partnerships (3,637,406) — — (3,637,406) Cumulative losses from operating limited partnerships (756,537) — — (756,537) Investments in operating limited partnerships per balance sheets — — — — Total Series 47 Series 48 Series 49 The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2022 (see note A). (230,663) — — (230,663) Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). (526,069) — — (526,069) Cumulative impairment loss in investments in operating limited partnerships 3,637,406 — — 3,637,406 Other (78,975) — — (78,975) Equity per operating limited partnerships’ combined financial statements $ 2,801,699 $ — $ — $ 2,801,699 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The Fund’s investments in operating limited partnerships at March 31, 2022 are summarized as follows: Total Series 47 Series 48 Series 49 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 22,606,384 $ — $ 587,485 $ 22,018,899 Cumulative distributions from operating limited partnerships (75,466) — (1,561) (73,905) Cumulative impairment loss in investments in operating limited partnerships (13,255,787) — — (13,255,787) Cumulative losses from operating limited partnerships (9,275,131) — (585,924) (8,689,207) Investments in operating limited partnerships per balance sheets — — — — Total Series 47 Series 48 Series 49 The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A). (379,148) — — (379,148) Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). (3,471,319) — (384,422) (3,086,897) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). 331,285 — — 331,285 Cumulative impairment loss in investments in operating limited partnerships 13,255,787 — — 13,255,787 Other (85,346) — (4,739) (80,607) Equity per operating limited partnerships’ combined financial statements $ 9,651,259 $ — $ (389,161) $ 10,040,420 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2022 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 47 Series 48 Series 49 ASSETS Buildings and improvements, net of accumulated depreciation $ 6,500,235 $ — $ — $ 6,500,235 Land 880,000 — — 880,000 Other assets 645,747 — — 645,747 $ 8,025,982 $ — $ — $ 8,025,982 LIABILITIES AND PARTNERS’ CAPITAL Mortgages and construction loans payable $ 5,274,199 $ — $ — $ 5,274,199 Accounts payable and accrued expenses 83,583 — — 83,583 Other liabilities 213,988 — — 213,988 5,571,770 — — 5,571,770 PARTNERS’ CAPITAL BF Garden Tax Credit Fund V L.P. 2,801,699 — — 2,801,699 Other partners (347,487) — — (347,487) 2,454,212 — — 2,454,212 $ 8,025,982 $ — $ — $ 8,025,982 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2021 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 47 Series 48 Series 49 ASSETS Buildings and improvements, net of accumulated depreciation $ 27,339,376 $ — $ 1,014,434 $ 26,324,942 Land 2,161,940 — 105,000 2,056,940 Other assets 4,086,887 — 1,221,236 2,865,651 $ 33,588,203 $ — $ 2,340,670 $ 31,247,533 LIABILITIES AND PARTNERS’ CAPITAL Mortgages and construction loans payable $ 17,137,174 $ — $ 1,365,763 $ 15,771,411 Accounts payable and accrued expenses 551,214 — 27,802 523,412 Other liabilities 2,449,956 — 1,397,826 1,052,130 20,138,344 — 2,791,391 17,346,953 PARTNERS’ CAPITAL BF Garden Tax Credit Fund V L.P. 9,651,259 — (389,161) 10,040,420 Other partners 3,798,600 — (61,560) 3,860,160 13,449,859 — (450,721) 13,900,580 $ 33,588,203 $ — $ 2,340,670 $ 31,247,533 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2022 in which Series 47 through Series 49 had an interest as of December 31, 2022 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 47 Series 48 Series 49 Revenue Rent $ 1,094,527 $ — $ — $ 1,094,527 Interest and other 23,370 — — 23,370 1,117,897 — — 1,117,897 Expenses Interest 97,286 — — 97,286 Depreciation and amortization 288,061 — — 288,061 Taxes and insurance 99,709 — — 99,709 Repairs and maintenance 268,089 — — 268,089 Operating expenses 442,756 — — 442,756 Other expenses 5,500 — — 5,500 1,201,401 — — 1,201,401 NET INCOME (LOSS) $ (83,504) $ — $ — $ (83,504) Net income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (88,759) $ — $ — $ (88,759) Net income (loss) allocated to other partners $ 5,255 $ — $ — $ 5,255 NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued) The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2021 in which Series 47 through Series 49 had an interest as of December 31, 2021 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 47 Series 48 Series 49 Revenue Rent $ 4,549,001 $ — $ 267,321 $ 4,281,680 Interest and other 141,793 — 6,614 135,179 4,690,794 — 273,935 4,416,859 Expenses Interest 476,374 — 35,019 441,355 Depreciation and amortization 1,307,863 — 56,085 1,251,778 Taxes and insurance 638,841 — 51,411 587,430 Repairs and maintenance 809,361 — 88,458 720,903 Operating expenses 1,952,740 — 122,101 1,830,639 Other expenses 21,222 — 2,200 19,022 5,206,401 — 355,274 4,851,127 NET INCOME (LOSS) $ (515,607) $ — $ (81,339) $ (434,268) Net income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (514,849) $ — $ (81,331) $ (433,518) Net income (loss) allocated to other partners $ (758) $ — $ (8) $ (750) |
RECONCILIATION OF FINANCIAL STA
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | 12 Months Ended |
Mar. 31, 2023 | |
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | |
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN For income tax purposes, the Fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2023 is reconciled as follows: Total Series 47 Series 48 Series 49 Net income (loss) for financial reporting purposes $ 1,020,659 $ (80,292) $ (69,894) $ 1,170,845 Accrued partnership management fee not deducted for income tax purposes (321,278) (181,083) (119,698) (20,497) Other (150,905) — — (150,905) Excess of tax depreciation over book depreciation on operating limited partnership assets (41,986) — — (41,986) Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (88,759) — — (88,759) Difference due to fiscal year for book purposes and calendar year for tax purposes (3,970,022) (1,535,875) 882,955 (3,317,102) Income (loss) for tax return purposes, December 31, 2022 $ (3,552,291) $ (1,797,250) $ 693,363 $ (2,448,404) For income tax purposes, the Fund reports using a December 31 year-end. The Fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2022 is reconciled as follows: Total Series 47 Series 48 Series 49 Net income (loss) for financial reporting purposes $ 6,826,613 $ 1,777,985 $ 591,777 $ 4,456,851 Accrued partnership management fee not deducted for income tax purposes (7,378,806) (2,571,761) (637,492) (4,169,553) Other (1,411,201) — (696,677) (714,524) Excess of tax depreciation over book depreciation on operating limited partnership assets (340,157) — (21,736) (318,421) Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (514,849) — (81,331) (433,518) Difference due to fiscal year for book purposes and calendar year for tax purposes (9,104,023) (2,694,995) (750,689) (5,658,339) Income (loss) for tax return purposes, December 31, 2021 $ (11,922,423) $ (3,488,771) $ (1,596,148) $ (6,837,504) NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Continued) The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2023 are as follows: Total Series 47 Series 48 Series 49 Investments in operating limited partnerships - tax return December 31, 2022 $ 2,009,610 $ — $ — $ 2,009,610 Impairment loss in investment in operating limited partnerships (3,637,406) — — (3,637,406) Operating limited partnership losses not recognized for financial reporting purposes under the equity method (526,069) — — (526,069) Other 2,153,865 — — 2,153,865 Investments in operating limited partnerships - as reported $ — $ — $ — $ — The differences between the investments in operating limited partnerships for tax purposes and financial statement purposes at March 31, 2022 are as follows: Total Series 47 Series 48 Series 49 Investments in operating limited partnerships - tax return December 31, 2021 $ 3,206,348 $ 248,114 $ (1,673,812) $ 4,632,046 Impairment loss in investment in operating limited partnerships (13,255,787) — — (13,255,787) Operating limited partnership losses not recognized for financial reporting purposes under the equity method (3,471,319) — (384,422) (3,086,897) Other 13,520,758 (248,114) 2,058,234 11,710,638 Investments in operating limited partnerships - as reported $ — $ — $ — $ — |
CASH EQUIVALENTS
CASH EQUIVALENTS | 12 Months Ended |
Mar. 31, 2023 | |
CASH EQUIVALENTS | |
CASH EQUIVALENTS | NOTE E- CASH EQUIVALENTS Cash equivalents of $2,087,048 and $1,376,410 as of March 31, 2023 and 2022, respectively, include money market accounts with interest rates ranging from 0.05% to 2.25% per annum. |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Mar. 31, 2023 | |
CONCENTRATION OF CREDIT RISK | |
CONCENTRATION OF CREDIT RISK | NOTE F - CONCENTRATION OF CREDIT RISK The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the Fund has not experienced any losses with respect to it balances in excess of FDIC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2023. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2023 | |
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 AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Investments in Operating Limited Partnerships | Investments in Operating Limited Partnerships The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses from the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income. The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The Fund records tax credit adjusters as a reduction in investments in operating limited partnerships and capital contributions payable. The operating limited partnerships maintain their financial statements based on a calendar year and the Fund utilizes a March 31 year-end. The Fund records losses and income from the operating limited partnerships on a calendar year basis which is not materially different from losses and income generated if the operating limited partnerships utilized a March 31 year-end. The Fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the Fund when received. In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party is required to consolidate the VIE. NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements. Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in operating limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture. |
Income Taxes | Income Taxes The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a Fund. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2019 remain open. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents include money market accounts having original maturities at date of acquisition of three months or less. The carrying value approximates fair value because of the short maturity of these instruments. |
Fiscal Year | Fiscal Year For financial reporting purposes, the Fund uses a March 31 year-end, whereas for income tax reporting purposes, the Fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting. |
Net Income (Loss) per Beneficial Assignee Certificate | Net Income (Loss) per Beneficial Assignee Certificate Net income (loss) per beneficial assignee partnership unit is calculated based upon the weighted average number of units outstanding during the year. The weighted average number of units in Series 47, 48 and 49 at March 31, 2023 and 2022 are as follows: 2023 2022 Series 47 3,459,434 3,459,434 Series 48 2,283,872 2,283,872 Series 49 5,982,000 5,982,000 11,725,306 11,725,306 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of limited partners' capital account by class | The BAC’s issued and outstanding in each series at March 31, 2023 and 2022 are as follows: Issued Outstanding 2023 2022 2023 2022 Series 47 3,478,334 3,478,334 3,459,434 3,459,434 Series 48 2,299,372 2,299,372 2,283,872 2,283,872 Series 49 6,000,000 6,000,000 5,982,000 5,982,000 11,777,706 11,777,706 11,725,306 11,725,306 |
Schedule of weighted average number of units | 2023 2022 Series 47 3,459,434 3,459,434 Series 48 2,283,872 2,283,872 Series 49 5,982,000 5,982,000 11,725,306 11,725,306 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
Schedule of fund management fee and reporting fee | 2023 Fund Management Fee net of Asset Gross Fund Asset Management Management and Management Fee and Reporting Fee Reporting Fee Series 47 $ — $ — $ — Series 48 3,928 — 3,928 Series 49 124,331 110,418 13,913 $ 128,259 $ 110,418 $ 17,841 2022 Fund Management Fee net of Asset Gross Fund Asset Management Management and Management Fee and Reporting Fee Reporting Fee Series 47 $ 64,226 $ 1,000 $ 63,226 Series 48 38,508 1,700 36,808 Series 49 336,441 48,995 287,446 $ 439,175 $ 51,695 $ 387,480 |
Schedule of fund management fees paid | 2023 2022 Series 47 $ 181,083 $ 2,635,987 Series 48 123,626 676,000 Series 49 144,828 4,505,994 $ 449,537 $ 7,817,981 |
INVESTMENTS IN OPERATING PARTNE
INVESTMENTS IN OPERATING PARTNERSHIPS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | |
Schedule of number of operating partnerships | 2023 2022 Series 47 — — Series 48 — 1 Series 49 3 12 3 13 |
Schedule of number of operating partnerships disposed | Operating Sale of Underlying Partnership Interest Operating Partnership Proceeds Gain on Transferred Partnership from Disposition * Disposition Series 47 — — $ — $ — Series 48 1 — 9,999 9,999 Series 49 9 — 1,228,344 1,228,445 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 March 31, 2023, for Series 49. Operating Sale of Underlying Partnership Interest Operating Partnership Proceeds Gain on Transferred Partnership from Disposition Disposition Series 47 4 — $ 1,897,247 $ 1,897,247 Series 48 1 — 676,000 676,000 Series 49 5 — 4,756,041 4,756,041 10 — $ 7,329,288 $ 7,329,288 |
Schedule of contributions are payable to operating limited partnerships | 2023 2022 Series 47 $ — $ — Series 48 — — Series 49 — 101 $ — $ 101 |
Schedule of fund investments in the operating limited partnerships | The Fund’s investments in operating limited partnerships at March 31, 2023 are summarized as follows: Total Series 47 Series 48 Series 49 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 4,436,296 $ — $ — $ 4,436,296 Cumulative distributions from operating limited partnerships (42,353) — — (42,353) Cumulative impairment loss in investments in operating limited partnerships (3,637,406) — — (3,637,406) Cumulative losses from operating limited partnerships (756,537) — — (756,537) Investments in operating limited partnerships per balance sheets — — — — Total Series 47 Series 48 Series 49 The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2022 (see note A). (230,663) — — (230,663) Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). (526,069) — — (526,069) Cumulative impairment loss in investments in operating limited partnerships 3,637,406 — — 3,637,406 Other (78,975) — — (78,975) Equity per operating limited partnerships’ combined financial statements $ 2,801,699 $ — $ — $ 2,801,699 The Fund’s investments in operating limited partnerships at March 31, 2022 are summarized as follows: Total Series 47 Series 48 Series 49 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 22,606,384 $ — $ 587,485 $ 22,018,899 Cumulative distributions from operating limited partnerships (75,466) — (1,561) (73,905) Cumulative impairment loss in investments in operating limited partnerships (13,255,787) — — (13,255,787) Cumulative losses from operating limited partnerships (9,275,131) — (585,924) (8,689,207) Investments in operating limited partnerships per balance sheets — — — — Total Series 47 Series 48 Series 49 The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2022 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2021 (see note A). (379,148) — — (379,148) Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A). (3,471,319) — (384,422) (3,086,897) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). 331,285 — — 331,285 Cumulative impairment loss in investments in operating limited partnerships 13,255,787 — — 13,255,787 Other (85,346) — (4,739) (80,607) Equity per operating limited partnerships’ combined financial statements $ 9,651,259 $ — $ (389,161) $ 10,040,420 |
Schedule of combined summarized balance sheets of the operating limited partnerships | The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2022 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 47 Series 48 Series 49 ASSETS Buildings and improvements, net of accumulated depreciation $ 6,500,235 $ — $ — $ 6,500,235 Land 880,000 — — 880,000 Other assets 645,747 — — 645,747 $ 8,025,982 $ — $ — $ 8,025,982 LIABILITIES AND PARTNERS’ CAPITAL Mortgages and construction loans payable $ 5,274,199 $ — $ — $ 5,274,199 Accounts payable and accrued expenses 83,583 — — 83,583 Other liabilities 213,988 — — 213,988 5,571,770 — — 5,571,770 PARTNERS’ CAPITAL BF Garden Tax Credit Fund V L.P. 2,801,699 — — 2,801,699 Other partners (347,487) — — (347,487) 2,454,212 — — 2,454,212 $ 8,025,982 $ — $ — $ 8,025,982 The combined summarized balance sheets of the operating limited partnerships in which Series 47, 48 and 49 hold an interest as of December 31, 2021 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 47 Series 48 Series 49 ASSETS Buildings and improvements, net of accumulated depreciation $ 27,339,376 $ — $ 1,014,434 $ 26,324,942 Land 2,161,940 — 105,000 2,056,940 Other assets 4,086,887 — 1,221,236 2,865,651 $ 33,588,203 $ — $ 2,340,670 $ 31,247,533 LIABILITIES AND PARTNERS’ CAPITAL Mortgages and construction loans payable $ 17,137,174 $ — $ 1,365,763 $ 15,771,411 Accounts payable and accrued expenses 551,214 — 27,802 523,412 Other liabilities 2,449,956 — 1,397,826 1,052,130 20,138,344 — 2,791,391 17,346,953 PARTNERS’ CAPITAL BF Garden Tax Credit Fund V L.P. 9,651,259 — (389,161) 10,040,420 Other partners 3,798,600 — (61,560) 3,860,160 13,449,859 — (450,721) 13,900,580 $ 33,588,203 $ — $ 2,340,670 $ 31,247,533 |
Schedule of summarized statement of operations in operating partnerships | The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2022 in which Series 47 through Series 49 had an interest as of December 31, 2022 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 47 Series 48 Series 49 Revenue Rent $ 1,094,527 $ — $ — $ 1,094,527 Interest and other 23,370 — — 23,370 1,117,897 — — 1,117,897 Expenses Interest 97,286 — — 97,286 Depreciation and amortization 288,061 — — 288,061 Taxes and insurance 99,709 — — 99,709 Repairs and maintenance 268,089 — — 268,089 Operating expenses 442,756 — — 442,756 Other expenses 5,500 — — 5,500 1,201,401 — — 1,201,401 NET INCOME (LOSS) $ (83,504) $ — $ — $ (83,504) Net income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (88,759) $ — $ — $ (88,759) Net income (loss) allocated to other partners $ 5,255 $ — $ — $ 5,255 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2021 in which Series 47 through Series 49 had an interest as of December 31, 2021 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 47 Series 48 Series 49 Revenue Rent $ 4,549,001 $ — $ 267,321 $ 4,281,680 Interest and other 141,793 — 6,614 135,179 4,690,794 — 273,935 4,416,859 Expenses Interest 476,374 — 35,019 441,355 Depreciation and amortization 1,307,863 — 56,085 1,251,778 Taxes and insurance 638,841 — 51,411 587,430 Repairs and maintenance 809,361 — 88,458 720,903 Operating expenses 1,952,740 — 122,101 1,830,639 Other expenses 21,222 — 2,200 19,022 5,206,401 — 355,274 4,851,127 NET INCOME (LOSS) $ (515,607) $ — $ (81,339) $ (434,268) Net income (loss) allocated to BF Garden Tax Credit Fund V L.P. $ (514,849) $ — $ (81,331) $ (433,518) Net income (loss) allocated to other partners $ (758) $ — $ (8) $ (750) |
RECONCILIATION OF FINANCIAL S_2
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | |
Schedule of reconciliation of funds net income (loss) for financial reporting and tax return purposes | Total Series 47 Series 48 Series 49 Net income (loss) for financial reporting purposes $ 1,020,659 $ (80,292) $ (69,894) $ 1,170,845 Accrued partnership management fee not deducted for income tax purposes (321,278) (181,083) (119,698) (20,497) Other (150,905) — — (150,905) Excess of tax depreciation over book depreciation on operating limited partnership assets (41,986) — — (41,986) Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (88,759) — — (88,759) Difference due to fiscal year for book purposes and calendar year for tax purposes (3,970,022) (1,535,875) 882,955 (3,317,102) Income (loss) for tax return purposes, December 31, 2022 $ (3,552,291) $ (1,797,250) $ 693,363 $ (2,448,404) Total Series 47 Series 48 Series 49 Net income (loss) for financial reporting purposes $ 6,826,613 $ 1,777,985 $ 591,777 $ 4,456,851 Accrued partnership management fee not deducted for income tax purposes (7,378,806) (2,571,761) (637,492) (4,169,553) Other (1,411,201) — (696,677) (714,524) Excess of tax depreciation over book depreciation on operating limited partnership assets (340,157) — (21,736) (318,421) Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (514,849) — (81,331) (433,518) Difference due to fiscal year for book purposes and calendar year for tax purposes (9,104,023) (2,694,995) (750,689) (5,658,339) Income (loss) for tax return purposes, December 31, 2021 $ (11,922,423) $ (3,488,771) $ (1,596,148) $ (6,837,504) |
Schedule of investments in operating limited partnerships for tax purposes and financial statement purposes | Total Series 47 Series 48 Series 49 Investments in operating limited partnerships - tax return December 31, 2022 $ 2,009,610 $ — $ — $ 2,009,610 Impairment loss in investment in operating limited partnerships (3,637,406) — — (3,637,406) Operating limited partnership losses not recognized for financial reporting purposes under the equity method (526,069) — — (526,069) Other 2,153,865 — — 2,153,865 Investments in operating limited partnerships - as reported $ — $ — $ — $ — Total Series 47 Series 48 Series 49 Investments in operating limited partnerships - tax return December 31, 2021 $ 3,206,348 $ 248,114 $ (1,673,812) $ 4,632,046 Impairment loss in investment in operating limited partnerships (13,255,787) — — (13,255,787) Operating limited partnership losses not recognized for financial reporting purposes under the equity method (3,471,319) — (384,422) (3,086,897) Other 13,520,758 (248,114) 2,058,234 11,710,638 Investments in operating limited partnerships - as reported $ — $ — $ — $ — |
ORGANIZATION AND SUMMARY OF S_4
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2005 |
ORGANIZATION | |||
BAC's Issue | 11,777,706 | 11,777,706 | 11,777,706 |
BAC's capital contribution | $ 117,777,060 | ||
Series 47 | |||
ORGANIZATION | |||
BAC's Issue | 3,478,334 | 3,478,334 | |
Series 48 | |||
ORGANIZATION | |||
BAC's Issue | 2,299,372 | 2,299,372 | |
Series 49 | |||
ORGANIZATION | |||
BAC's Issue | 6,000,000 | 6,000,000 |
ORGANIZATION AND SUMMARY OF S_5
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) | Aug. 10, 2004 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2005 |
Organization And Summary Of Significant Accounting Policies | ||||
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 | 11,777,706 | |
Limited partners' contributed capital | $ 117,777,060 |
ORGANIZATION AND SUMMARY OF S_6
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Weighted average number of units (Details) - shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earning Per Share [Line Items] | ||
Weighted average number of units outstanding | 11,725,306 | 11,725,306 |
Series 47 | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earning Per Share [Line Items] | ||
Weighted average number of units outstanding | 3,459,434 | 3,459,434 |
Series 48 | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earning Per Share [Line Items] | ||
Weighted average number of units outstanding | 2,283,872 | 2,283,872 |
Series 49 | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earning Per Share [Line Items] | ||
Weighted average number of units outstanding | 5,982,000 | 5,982,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
RELATED PARTY TRANSACTIONS | ||
Percentage of annual management fee | 0.50% | |
Affiliates | ||
RELATED PARTY TRANSACTIONS | ||
Total fund management fees accrued | $ 13,635 | $ 1,497,001 |
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 ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
RELATED PARTY TRANSACTIONS | ||
Gross Fund Management Fee | $ 128,259 | $ 439,175 |
Asset Management and Reporting Fee | 110,418 | 51,695 |
Fund Management Fee net of Asset Management and Reporting Fee | 17,841 | 387,480 |
Series 47 | ||
RELATED PARTY TRANSACTIONS | ||
Gross Fund Management Fee | 64,226 | |
Asset Management and Reporting Fee | 1,000 | |
Fund Management Fee net of Asset Management and Reporting Fee | 63,226 | |
Series 48 | ||
RELATED PARTY TRANSACTIONS | ||
Gross Fund Management Fee | 3,928 | 38,508 |
Asset Management and Reporting Fee | 1,700 | |
Fund Management Fee net of Asset Management and Reporting Fee | 3,928 | 36,808 |
Series 49 | ||
RELATED PARTY TRANSACTIONS | ||
Gross Fund Management Fee | 124,331 | 336,441 |
Asset Management and Reporting Fee | 110,418 | 48,995 |
Fund Management Fee net of Asset Management and Reporting Fee | $ 13,913 | $ 287,446 |
RELATED PARTY TRANSACTIONS - Ma
RELATED PARTY TRANSACTIONS - Management fees paid (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
RELATED PARTY TRANSACTIONS | ||
Fund management fees paid | $ 449,537 | $ 7,817,981 |
Series 47 | ||
RELATED PARTY TRANSACTIONS | ||
Fund management fees paid | 181,083 | 2,635,987 |
Series 48 | ||
RELATED PARTY TRANSACTIONS | ||
Fund management fees paid | 123,626 | 676,000 |
Series 49 | ||
RELATED PARTY TRANSACTIONS | ||
Fund management fees paid | $ 144,828 | $ 4,505,994 |
INVESTMENTS IN OPERATING LIMI_2
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details) - Partnership | Mar. 31, 2023 | Mar. 31, 2022 |
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Number of operating limited partnerships | 3 | 13 |
Series 47 | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Number of operating limited partnerships | 0 | 0 |
Series 48 | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Number of operating limited partnerships | 1 | |
Series 49 | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Number of operating limited partnerships | 3 | 12 |
INVESTMENTS IN OPERATING LIMI_3
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - Summary of dispositions (Details) | 12 Months Ended | |
Mar. 31, 2023 USD ($) Partnership | Mar. 31, 2022 USD ($) Partnership | |
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Operating Partnership Interest Transferred | Partnership | 10 | 10 |
Sale of Underlying Operating Partnership | Partnership | 0 | |
Partnership Proceeds from Disposition | $ 1,238,343 | $ 7,329,288 |
Gain on Disposition | 1,238,444 | $ 7,329,288 |
Series 47 | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Operating Partnership Interest Transferred | Partnership | 4 | |
Partnership Proceeds from Disposition | 0 | $ 1,897,247 |
Gain on Disposition | $ 0 | $ 1,897,247 |
Series 48 | ||
INVESTMENTS IN OPERATING PARTNERSHIPS | ||
Operating Partnership Interest Transferred | Partnership | 1 | 1 |
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 | 5 |
Partnership Proceeds from Disposition | $ 1,228,344 | $ 4,756,041 |
Gain on Disposition | 1,228,445 | $ 4,756,041 |
Write off of partnership capital contribution payable | $ 101 |
INVESTMENTS IN OPERATING LIMI_4
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - Capital contribution payable (Details) | Mar. 31, 2022 USD ($) |
Contribution payable | |
Capital contribution payable | $ 101 |
Series 49 | |
Contribution payable | |
Capital contribution payable | $ 101 |
INVESTMENTS IN OPERATING LIMI_5
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - Funds investments in operating (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Fund's investments in operating limited partnerships | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | $ 4,436,296 | $ 22,606,384 | ||
Cumulative distributions from operating limited partnerships | (42,353) | (75,466) | ||
Cumulative impairment loss in investments in operating limited partnerships | (3,637,406) | (13,255,787) | ||
Cumulative losses from operating limited partnerships | (756,537) | (9,275,131) | ||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2022. | (230,663) | (379,148) | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting. | (526,069) | (3,471,319) | ||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | 331,285 | |||
Cumulative impairment loss in investments in operating limited partnerships | 3,637,406 | 13,255,787 | ||
Other | (78,975) | (85,346) | ||
Equity per operating limited partnerships' combined financial statements | 2,801,699 | $ 2,801,699 | 9,651,259 | $ 9,651,259 |
Series 47 | ||||
Fund's investments in operating limited partnerships | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 0 | |||
Cumulative distributions from operating limited partnerships | 0 | |||
Cumulative impairment loss in investments in operating limited partnerships | 0 | 0 | ||
Cumulative losses from operating limited partnerships | 0 | |||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2022. | 0 | |||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting. | 0 | |||
Cumulative impairment loss in investments in operating limited partnerships | 0 | 0 | ||
Other | 0 | |||
Equity per operating limited partnerships' combined financial statements | 0 | |||
Series 48 | ||||
Fund's investments in operating limited partnerships | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 587,485 | |||
Cumulative distributions from operating limited partnerships | (1,561) | |||
Cumulative impairment loss in investments in operating limited partnerships | 0 | 0 | ||
Cumulative losses from operating limited partnerships | (585,924) | |||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2022. | 0 | |||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting. | 0 | (384,422) | ||
Cumulative impairment loss in investments in operating limited partnerships | 0 | 0 | ||
Other | 0 | (4,739) | ||
Equity per operating limited partnerships' combined financial statements | 0 | (389,161) | (389,161) | |
Series 49 | ||||
Fund's investments in operating limited partnerships | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 4,436,296 | 22,018,899 | ||
Cumulative distributions from operating limited partnerships | (42,353) | (73,905) | ||
Cumulative impairment loss in investments in operating limited partnerships | (3,637,406) | (13,255,787) | ||
Cumulative losses from operating limited partnerships | (756,537) | (8,689,207) | ||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2023 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2022. | (230,663) | (379,148) | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting. | (526,069) | (3,086,897) | ||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A). | 331,285 | |||
Cumulative impairment loss in investments in operating limited partnerships | 3,637,406 | 13,255,787 | ||
Other | (78,975) | (80,607) | ||
Equity per operating limited partnerships' combined financial statements | $ 2,801,699 | $ 2,801,699 | $ 10,040,420 | $ 10,040,420 |
INVESTMENTS IN OPERATING LIMI_6
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS - Combined summarized balance sheets (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | $ 6,500,235 | $ 27,339,376 | ||
Land | 880,000 | 2,161,940 | ||
Other assets | 645,747 | 4,086,887 | ||
Total Assets | 8,025,982 | 33,588,203 | ||
LIABILITIES AND PARTNERS' CAPITAL | ||||
Mortgages and construction loans payable | 5,274,199 | 17,137,174 | ||
Accounts payable and accrued expenses | 83,583 | 551,214 | ||
Other liabilities | 213,988 | 2,449,956 | ||
Total Liabilities | 5,571,770 | 20,138,344 | ||
PARTNERS' CAPITAL | ||||
BF Garden Tax Credit Fund V L.P. | $ 2,801,699 | 2,801,699 | $ 9,651,259 | 9,651,259 |
Other partners | (347,487) | 3,798,600 | ||
Partners Capital | 2,454,212 | 13,449,859 | ||
Liabilities and Partners' Capital | 8,025,982 | 33,588,203 | ||
Series 47 | ||||
PARTNERS' CAPITAL | ||||
BF Garden Tax Credit Fund V L.P. | 0 | |||
Series 48 | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 1,014,434 | |||
Land | 105,000 | |||
Other assets | 1,221,236 | |||
Total Assets | 2,340,670 | |||
LIABILITIES AND PARTNERS' CAPITAL | ||||
Mortgages and construction loans payable | 1,365,763 | |||
Accounts payable and accrued expenses | 27,802 | |||
Other liabilities | 1,397,826 | |||
Total Liabilities | 2,791,391 | |||
PARTNERS' CAPITAL | ||||
BF Garden Tax Credit Fund V L.P. | 0 | (389,161) | (389,161) | |
Other partners | (61,560) | |||
Partners Capital | (450,721) | |||
Liabilities and Partners' Capital | 2,340,670 | |||
Series 49 | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 6,500,235 | 26,324,942 | ||
Land | 880,000 | 2,056,940 | ||
Other assets | 645,747 | 2,865,651 | ||
Total Assets | 8,025,982 | 31,247,533 | ||
LIABILITIES AND PARTNERS' CAPITAL | ||||
Mortgages and construction loans payable | 5,274,199 | 15,771,411 | ||
Accounts payable and accrued expenses | 83,583 | 523,412 | ||
Other liabilities | 213,988 | 1,052,130 | ||
Total Liabilities | 5,571,770 | 17,346,953 | ||
PARTNERS' CAPITAL | ||||
BF Garden Tax Credit Fund V L.P. | $ 2,801,699 | 2,801,699 | $ 10,040,420 | 10,040,420 |
Other partners | (347,487) | 3,860,160 | ||
Partners Capital | 2,454,212 | 13,900,580 | ||
Liabilities and Partners' Capital | $ 8,025,982 | $ 31,247,533 |
INVESTMENTS IN OPERATING PART_2
INVESTMENTS IN OPERATING PARTNERSHIPS - Combined summarized statements of operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | ||
Rent | $ 1,094,527 | $ 4,549,001 |
Interest and other | 23,370 | 141,793 |
Operating Partnerships Revenues | 1,117,897 | 4,690,794 |
Expenses | ||
Interest | 97,286 | 476,374 |
Depreciation and amortization | 288,061 | 1,307,863 |
Taxes and insurance | 99,709 | 638,841 |
Repairs and maintenance | 268,089 | 809,361 |
Operating expenses | 442,756 | 1,952,740 |
Other expenses | 5,500 | 21,222 |
Operating Partnerships Total Expenses | 1,201,401 | 5,206,401 |
NET INCOME (LOSS) | (83,504) | (515,607) |
Net income (loss) allocated to BF Garden Tax Credit Fund V L.P. | (88,759) | (514,849) |
Net income (loss) allocated to other Partners | 5,255 | (758) |
Series 47 | ||
Revenue | ||
Rent | 0 | 0 |
Interest and other | 0 | 0 |
Operating Partnerships Revenues | 0 | 0 |
Expenses | ||
Interest | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Taxes and insurance | 0 | 0 |
Repairs and maintenance | 0 | 0 |
Operating expenses | 0 | 0 |
Other expenses | 0 | 0 |
Operating Partnerships Total Expenses | 0 | 0 |
NET INCOME (LOSS) | 0 | 0 |
Net income (loss) allocated to BF Garden Tax Credit Fund V L.P. | 0 | 0 |
Net income (loss) allocated to other Partners | 0 | 0 |
Series 48 | ||
Revenue | ||
Rent | 0 | 267,321 |
Interest and other | 0 | 6,614 |
Operating Partnerships Revenues | 0 | 273,935 |
Expenses | ||
Interest | 0 | 35,019 |
Depreciation and amortization | 0 | 56,085 |
Taxes and insurance | 0 | 51,411 |
Repairs and maintenance | 0 | 88,458 |
Operating expenses | 0 | 122,101 |
Other expenses | 0 | 2,200 |
Operating Partnerships Total Expenses | 0 | 355,274 |
NET INCOME (LOSS) | 0 | (81,339) |
Net income (loss) allocated to BF Garden Tax Credit Fund V L.P. | 0 | (81,331) |
Net income (loss) allocated to other Partners | 0 | (8) |
Series 49 | ||
Revenue | ||
Rent | 1,094,527 | 4,281,680 |
Interest and other | 23,370 | 135,179 |
Operating Partnerships Revenues | 1,117,897 | 4,416,859 |
Expenses | ||
Interest | 97,286 | 441,355 |
Depreciation and amortization | 288,061 | 1,251,778 |
Taxes and insurance | 99,709 | 587,430 |
Repairs and maintenance | 268,089 | 720,903 |
Operating expenses | 442,756 | 1,830,639 |
Other expenses | 5,500 | 19,022 |
Operating Partnerships Total Expenses | 1,201,401 | 4,851,127 |
NET INCOME (LOSS) | (83,504) | (434,268) |
Net income (loss) allocated to BF Garden Tax Credit Fund V L.P. | (88,759) | (433,518) |
Net income (loss) allocated to other Partners | $ 5,255 | $ (750) |
RECONCILIATION OF FINANCIAL S_3
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | ||
Net income (loss) for financial reporting purposes | $ 1,020,659 | $ 6,826,613 |
Accrued partnership management fee not deducted for income tax purposes | (321,278) | (7,378,806) |
Other | (150,905) | (1,411,201) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (41,986) | (340,157) |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (88,759) | (514,849) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (3,970,022) | (9,104,023) |
Income (loss) for tax return purposes | (3,552,291) | (11,922,423) |
Series Forty Seven | ||
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | ||
Net income (loss) for financial reporting purposes | (80,292) | 1,777,985 |
Accrued partnership management fee not deducted for income tax purposes | (181,083) | (2,571,761) |
Other | 0 | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | 0 | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | 0 | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (1,535,875) | (2,694,995) |
Income (loss) for tax return purposes | (1,797,250) | (3,488,771) |
Series Forty Eight | ||
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | ||
Net income (loss) for financial reporting purposes | (69,894) | 591,777 |
Accrued partnership management fee not deducted for income tax purposes | (119,698) | (637,492) |
Other | (696,677) | |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (21,736) | |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (81,331) | |
Difference due to fiscal year for book purposes and calendar year for tax purposes | 882,955 | (750,689) |
Income (loss) for tax return purposes | 693,363 | (1,596,148) |
Series Forty Nine | ||
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | ||
Net income (loss) for financial reporting purposes | 1,170,845 | 4,456,851 |
Accrued partnership management fee not deducted for income tax purposes | (20,497) | (4,169,553) |
Other | (150,905) | (714,524) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (41,986) | (318,421) |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (88,759) | (433,518) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (3,317,102) | (5,658,339) |
Income (loss) for tax return purposes | $ (2,448,404) | $ (6,837,504) |
RECONCILIATION OF FINANCIAL S_4
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN - Differences between the investments in operating limited partnerships for tax purposes and financial statement purposes (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | ||
Investments in operating limited partnerships - tax return | $ 2,009,610 | $ 3,206,348 |
Impairment loss in investment in operating limited partnerships | (3,637,406) | (13,255,787) |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | (526,069) | (3,471,319) |
Other | 2,153,865 | 13,520,758 |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series Forty Seven | ||
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | ||
Investments in operating limited partnerships - tax return | 248,114 | |
Impairment loss in investment in operating limited partnerships | 0 | 0 |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | 0 | |
Other | (248,114) | |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series Forty Eight | ||
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | ||
Investments in operating limited partnerships - tax return | (1,673,812) | |
Impairment loss in investment in operating limited partnerships | 0 | 0 |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | 0 | (384,422) |
Other | 2,058,234 | |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series Forty Nine | ||
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO TAX RETURN | ||
Investments in operating limited partnerships - tax return | 2,009,610 | 4,632,046 |
Impairment loss in investment in operating limited partnerships | (3,637,406) | (13,255,787) |
Operating limited partnership losses not recognized for financial reporting purposes under the equity method | (526,069) | (3,086,897) |
Other | 2,153,865 | 11,710,638 |
Investments in operating limited partnerships - as reported | $ 0 | $ 0 |
CASH EQUIVALENTS (Details)
CASH EQUIVALENTS (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH EQUIVALENTS | ||
Cash equivalents | $ 2,087,048 | $ 1,376,410 |
Minimum interest rate of money market accounts | 0.05% | |
Maximum interest rate of money market accounts | 2.25% |