American Tax Credit Properties Ii L P (ATCIIX) 10-Q 11 Aug 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Jun. 29, 2014	Aug. 11, 2014
Document and Entity Information	'	'
Entity Registrant Name	'AMERICAN TAX CREDIT PROPERTIES II L P	'
Document Type	'10-Q	'
Document Period End Date	29-Jun-14	'
Amendment Flag	'false	'
Entity Central Index Key	'0000842314	'
Current Fiscal Year End Date	'--03-30	'
Entity Common Stock, Shares Outstanding	'	55,746
Entity Filer Category	'Smaller Reporting Company	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Jun. 29, 2014	Mar. 30, 2014
Cash and liquid investments	'	'
Cash and cash equivalents	$265,275	$375,716
Investment in Pemberwick Fund - a short duration bond fund	6,221,187	6,149,426
Total cash and liquid investments	6,486,462	6,525,142
Due from local partnerships	20,820	64,864
Prepaid expenses	11,709	'
Total assets	6,518,991	6,590,006
Liabilities	'	'
Accounts payable and accrued expenses	30,688	59,033
Payable to general partner and affiliates	67,833	25,276
Total liabilities	98,521	84,309
Commitments and contingencies	'	'
Partners' equity (deficit)	'	'
General partner	-428,578	-427,922
Limited partners (55,746 units of limited partnershipinterest outstanding)	6,816,071	6,912,860
Accumulated other comprehensive income	32,977	20,759
Total equity (deficit)	6,420,470	6,505,697
Total liabilities & equity (deficit)	$6,518,991	$6,590,006

BALANCE_SHEETS_PARENTHETICAL

BALANCE SHEETS PARENTHETICAL	Jun. 29, 2014	Mar. 30, 2014
BALANCE SHEETS PARENTHETICAL	'	'
Units of limited partnership interest outstanding	55,746	55,746

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
	Jun. 29, 2014	Jun. 29, 2013
REVENUE	'	'
Interest	$14,787	$8,256
Other income from local partnerships	'	315,893
TOTAL REVENUE	14,787	324,149
EXPENSES	'	'
Administration fees	23,191	34,178
Management fees	23,191	34,178
Professional fees	14,145	13,692
State of New Jersey filing fee	11,708	12,492
Printing, postage and other	643	8,234
TOTAL EXPENSES	72,878	102,774
INCOME (LOSS) PRIOR TO GAIN (LOSS) ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	-58,091	221,375
GAIN (LOSS) ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	-7,544	'
NET INCOME (LOSS)	-65,635	221,375
General partner net income (loss)	-656	2,214
Limited partners net income (loss)	($64,979)	$219,161
NET INCOME (LOSS) per unit of limited partnership interest (55,746 units of limited partnership interest)	($1.17)	$3.93

STATEMENTS_OF_COMPREHENSIVE_IN

STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended
	Jun. 29, 2014	Jun. 29, 2013
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)	'	'
NET INCOME (LOSS)	($65,635)	$221,375
Other comprehensive income (loss) - Pemberwick Fund	12,218	-16,674
COMPREHENSIVE INCOME (LOSS)	($53,417)	$204,701

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Jun. 29, 2014	Jun. 29, 2013
STATEMENTS OF CASH FLOWS	'	'
Interest received	$14,787	$8,256
Cash paid for administration fees	-3,825	-3,847
Cash paid for professional fees	-18,057	-25,182
Cash paid for State of New Jersey filing fee	-45,266	-44,588
Cash paid for printing, postage and other expenses	-3,227	-14,804
Net cash used in operating activities	-55,588	-80,165
Investments in Pemberwick Fund	-59,542	-8,164
Proceeds in connection with sale of limited partner interests/local partnership properties	20,767	'
Distributions received from local partnerships	15,733	315,893
Net cash provided by (used in) investing activities	-23,042	307,729
Distributions to limited partners	-31,810	'
Net cash used in financing activities	-31,810	'
Net increase (decrease) in cash and cash equivalents	-110,440	227,564
Cash and cash equivalents at beginning of period	375,716	3,740,022
CASH AND CASH EQUIVALENTS AT END OF PERIOD	265,276	3,967,586
Decrease in due from local partnerships reflected as gain (loss) on sale of limited partner interests/local partnership properties	-7,544	'
Unrealized gain (loss) on investment in Pemberwick Fund	$12,218	($16,674)

STATEMENTS_OF_CASH_FLOWS_CONTI

STATEMENTS OF CASH FLOWS - CONTINUED (USD $)	3 Months Ended
	Jun. 29, 2014	Jun. 29, 2013
STATEMENTS OF CASH FLOWS - CONTINUED	'	'
Net income (loss)	($65,635)	$221,375
Adjustments to reconcile net income (loss) to net cash used in operating activities	'	'
Loss on sale of limited partner interests/local partnership properties	7,544	'
Other income from local partnerships	'	-315,893
Increase in prepaid expenses	-11,709	-12,493
Decrease in accounts payable and accrued expenses	-28,345	-37,663
Increase in due to general partner and affiliates	42,557	64,509
NET CASH USED IN OPERATING ACTIVITIES	($55,588)	($80,165)

1_Basis_of_Presentation

1. Basis of Presentation	3 Months Ended
	Jun. 29, 2014
Notes	'
1. Basis of Presentation	'
	1.      Basis of Presentation
	The accompanying unaudited financial statements of American Tax Credit Properties II L.P. (the “Partnership”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. They do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of the general partner of the Partnership (the “General Partner”), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of June 29, 2014 and the results of operations and cash flows for the interim period presented. All adjustments are of a normal recurring nature. The results of operations for the three months ended June 29, 2014 are not necessarily indicative of the results that may be expected for the entire year.

2_Investment_in_Local_Partners

2. Investment in Local Partnerships	3 Months Ended
	Jun. 29, 2014
Notes	'
2. Investment in Local Partnerships	'
	2.      Investment in Local Partnerships
	The Partnership initially acquired limited partner equity interests (the “Local Partnership Interests”) in fifty partnerships (the “Local Partnerships”) representing capital contributions in the aggregate amount of $48,460,126, which includes voluntary advances (the “Advances”) made to a certain Local Partnership and all of which has been paid. As of June 29, 2014, the Partnership holds a Local Partnership Interest in nineteen Local Partnerships (see discussion below regarding Queen Lane Investors’ (“Queen Lane”) sale of its underlying Property). The Partnership has no legal obligation to fund any operating deficits of the Local Partnerships. The results of operations of the Local Partnerships are provided by the general partners of the Local Partnerships (the “Local General Partners”) on an unaudited basis during interim periods.
	In the event the operations of a Local Partnership result in a loss, equity in loss of each investment in Local Partnership allocated to the Partnership is recognized to the extent of the Partnership’s investment balance in each Local Partnership. Equity in loss in excess of the Partnership’s investment balance in a Local Partnership is allocated to other partners’ capital in any such Local Partnership. As a result of cumulative equity losses and distributions, and the sales of certain Local Partnerships’ Properties and/or the Partnership’s Local Partnership Interests, the Partnership’s investment in local partnerships reached a zero balance during the year ended March 30, 2013.
	During the year ended March 30, 2014, Queen Lane sold its underlying Property to its first mortgage lender under the terms of an Option to Purchase and Right of First Offer; the Partnership received no proceeds in connection with the sale. The Local General Partner of Queen Lane intends to dissolve Queen Lane as soon as possible.
	During the year ended March 30, 2013, the Partnership sold its Local Partnership Interest in North Hills Farms Limited Partnership (“North Hills Farms”) to affiliates of the Local General Partners of North Hills Farms for $3,586,431 under the terms of a purchase agreement (the “North Hills Farms Purchase Agreement”). The Partnership recognized a gain of $2,185,051 in connection with the sale. During the year ended March 30, 2014, after further resolution of North Hills Farms’ accounts under the terms of the North Hills Farms Purchase Agreement, the sale price was increased by $28,364; such amount is included in due from local partnerships in the accompanying unaudited balance sheet as of March 30, 2014 and was recorded as gain on sale of limited partner interests/local partnership properties for the year then then ended. The adjustment to the sale price was later reduced by $7,544; such amount is reflected as gain (loss) on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the three months ended June 29, 2014.
	The non-mandatory mortgages of Littleton Avenue Community Village, L.P. (“Littleton”) matured in October 2006 but have not been repaid or formally extended. During the three months ended June 29, 2014, the first mortgage holder issued a declaration of default demanding Littleton’s immediate payment of an amount in excess of 6,500,000$6.5 million. Such amount includes all unpaid principal and accrued interest to date and amounts for real estate tax liens that had been sold to third parties and were redeemed by the lender. Unpaid principal and accrued interest on the second mortgage as of June 2014 is in excess of 3,100,000$3.1 million. Littleton’s Local General Partner reports that a refinancing of the mortgages is unlikely.

3_Investment_in_Pemberwick_Fun

3. Investment in Pemberwick Fund	3 Months Ended
	Jun. 29, 2014
Notes	'
3. Investment in Pemberwick Fund	'
	3.      Investment in Pemberwick Fund
	The Partnership carries its investment in Pemberwick Fund, a short duration bond fund (“Pemberwick”) at estimated fair value. The fair value of the Partnership’s investment in Pemberwick is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in Accounting Standards Codification (“ASC”) Topic 820. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has the ability to access. Pemberwick’s net asset value (“NAV”) is $10.09 per share as of June 29, 2014. An unrealized gain of $32,977 is reflected as accumulated other comprehensive income in the accompanying unaudited balance sheet as of June 29, 2014. As of June 29, 2014, the Partnership has earned $192,547 of interest revenue from its investment in Pemberwick.

4_Distributions_To_Partners

4. Distributions To Partners	3 Months Ended
	Jun. 29, 2014
Notes	'
4. Distributions To Partners	'
	4.      Distributions to Partners
	During the three months ended June 29, 2014, the Partnership paid nonresident state withholding taxes of $31,810 on behalf of certain of its limited partners (the “Limited Partners”) in connection with gains recognized by a Local Partnership for the year ended December 31, 2013. Such amount is reflected as distributions to limited partners in the accompanying unaudited financial statements as of and for the three months ended June 29, 2014. In July 2014, the Partnership made a distribution of $50.00 per unit of limited partnership interest to unit holders of record as of June 27, 2014. After deducting the nonresident state withholding taxes referred to above, the additional distribution to the Limited Partners was $2,755,400; the distribution to the General Partner was $28,155.

5_Additional_Information

5. Additional Information	3 Months Ended
	Jun. 29, 2014
Notes	'
5. Additional Information	'
	5.      Additional Information
	Additional information, including the audited March 30, 2014 Financial Statements and the Organization, Purpose and Summary of Significant Accounting Policies, is included in the Partnership's Annual Report on Form 10-K for the fiscal year ended March 30, 2014 on file with the Securities and Exchange Commission.

2_Investment_in_Local_Partners1

2. Investment in Local Partnerships: Capital Contributions (Details) (USD $)	Jun. 29, 2014
Details	'
Capital contributions in the aggregate	$48,460,126

2_Investment_in_Local_Partners2

2. Investment in Local Partnerships (Details) (USD $)	3 Months Ended		12 Months Ended
	Jun. 29, 2014	Mar. 30, 2014	Mar. 30, 2014	Mar. 30, 2013
			North Hills Farms	North Hills Farms
Proceeds in connection with sale of limited partner interests/local partnership properties	$20,767	'	'	$3,586,431
GAIN (LOSS) ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	-7,544	'	28,364	2,185,051
Due from North Hills Farms	'	$28,364	'	'

2_Investment_in_Local_Partners3

2. Investment in Local Partnerships: Littleton (Details) (USD $)	Jun. 29, 2014
Details	'
First mortgage declared default	$6,500,000
Second mortgage arrearage	$3,100,000

3_Investment_in_Pemberwick_Fun1

3. Investment in Pemberwick Fund (Details) (USD $)	Jun. 29, 2014
Details	'
Pemberwick Net Asset Value	$10.09
Unrealized gain reflected as accumulated other comprehensive income	$32,977
Aggregate interest revenue from investment in Pemberwick	$192,547

4_Distributions_To_Partners_De

4. Distributions To Partners (Details) (USD $)	1 Months Ended	3 Months Ended
	Jul. 31, 2014	Jun. 29, 2014
Details	'	'
Distributions to limited partners	$2,755,400	$31,810
Distribution to general partner	$28,155	'