| INVESTMENTS IN OPERATING PARTNERSHIPS | NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS At December 31, 2023 and 2022, the Fund had limited partnership interests in 1 and 3 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2023 and 2022 is as follows: 2023 2022 Series 47 — — Series 48 — — Series 49 1 3 Total 1 3 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, 2023, the Fund disposed of two Operating Partnerships. A summary of the dispositions by series for the period ended December 31, 2023 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition Disposition Series 47 — — $ — $ — Series 48 — — — — Series 49 2 — 16,000 16,000 Total 2 — $ 16,000 $ 16,000 NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS - (continued) 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. 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, 2023. NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS - (continued) COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Nine Months Ended September 30, (Unaudited) Total 2023 2022 Revenues Rental $ 452,303 $ 804,089 Interest and other 4,853 31,328 457,156 835,417 Expenses Interest 41,192 79,405 Depreciation and amortization 119,501 208,133 Operating expenses 319,625 591,302 480,318 878,840 NET LOSS $ (23,162) $ (43,423) Net loss allocated to BF Garden Tax Credit Fund V L.P. $ (22,930) $ (42,989) Net loss allocated to other Partners $ (232) $ (434) 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 - INVESTMENT IN OPERATING PARTNERSHIPS - (continued) COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Nine Months Ended September 30, (Unaudited) Series 47 2023 2022 Revenues Rental $ — $ — Interest and other — — — — Expenses Interest — — Depreciation and amortization — — Operating expenses — — — — NET LOSS $ — $ — Net loss allocated to BF Garden Tax Credit Fund V L.P. $ — $ — Net loss allocated to other Partners $ — $ — 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 2023 2022 Revenues Rental $ — $ — Interest and other — — — — Expenses Interest — — Depreciation and amortization — — Operating expenses — — — — NET LOSS $ — $ — Net loss allocated to BF Garden Tax Credit Fund V L.P. $ — $ — Net loss allocated to other Partners $ — $ — 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 2023 2022 Revenues Rental $ 452,303 $ 804,089 Interest and other 4,853 31,328 457,156 835,417 Expenses Interest 41,192 79,405 Depreciation and amortization 119,501 208,133 Operating expenses 319,625 591,302 480,318 878,840 NET LOSS $ (23,162) $ (43,423) Net loss allocated to BF Garden Tax Credit Fund V L.P. $ (22,930) $ (42,989) Net loss allocated to other Partners $ (232) $ (434) 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. |
