American Tax Credit Properties Iii (ATCIIIX) 10-Q 5 Feb 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Dec. 30, 2013	Feb. 05, 2014
Document and Entity Information	'	'
Entity Registrant Name	'AMERICAN TAX CREDIT PROPERTIES III LP	'
Document Type	'10-Q	'
Document Period End Date	30-Dec-13	'
Amendment Flag	'false	'
Entity Central Index Key	'0000856135	'
Current Fiscal Year End Date	'--03-30	'
Entity Common Stock, Shares Outstanding	'	35,883
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	'2014	'
Document Fiscal Period Focus	'Q3	'

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Dec. 30, 2013	Mar. 30, 2013
ASSETS	'	'
Cash and cash equivalents	$41,210	$105,179
Investment in Pemberwick Fund, a short duration bond fund	471,457	757,246
Total assets	512,667	862,425
Liabilities	'	'
Accounts payable and accrued expenses	25,438	156,655
Payable to general partner and affiliates	3,317,087	3,377,641
Total liabilities	3,342,525	3,534,296
Commitments and contingencies	'	'
Partners' equity (deficit)	'	'
General partner	-2,831,150	-2,676,971
Limited partners (35,883 units of limited partnership interest outstanding)	'	'
Accumulated other comprehensive income	1,292	5,100
Total equity (deficit)	-2,829,858	-2,671,871
Total liabilities & equity (deficit)	$512,667	$862,425

BALANCE_SHEETS_PARENTHETICAL

BALANCE SHEETS PARENTHETICAL	Dec. 30, 2013	Mar. 30, 2013
BALANCE SHEETS PARENTHETICAL	'	'
Units of limited partnership interest outstanding	35,883	35,883

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
	Dec. 30, 2013	Dec. 30, 2012	Dec. 30, 2013	Dec. 30, 2012
REVENUE	'	'	'	'
Interest	$2,762	$3,187	$7,174	$7,196
Other income from local partnerships	4,338	4,828	34,168	19,330
TOTAL REVENUE	7,100	8,015	41,342	26,526
EXPENSES	'	'	'	'
Administration fees	33,365	34,588	98,087	105,523
Management fees	33,364	34,588	98,087	105,523
Professional fees	11,112	16,547	36,889	48,852
Printing, postage and other	6,559	3,491	12,268	9,101
TOTAL EXPENSES	84,400	89,214	245,331	268,999
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/ LOCAL PARTNERSHIP PROPERTIES	-77,300	-81,199	-203,989	-242,473
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	'	225,891	49,810	320,663
NET INCOME (LOSS)	-77,300	144,692	-154,179	78,190
NET INCOME (LOSS) ATTRIBUTABLE TO	'	'	'	'
General partner net income (loss)	-77,300	144,692	-154,179	78,190
Limited partners net income (loss)	'	'	'	'
NET INCOME (LOSS) per unit of limited partnership interest (35,883 units of limited partnership interest)	'	'	'	'

STATEMENTS_OF_COMPREHENSIVE_IN

STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		9 Months Ended
	Dec. 30, 2013	Dec. 30, 2012	Dec. 30, 2013	Dec. 30, 2012
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)	'	'	'	'
NET INCOME (LOSS)	($77,300)	$144,692	($154,179)	$78,190
Other comprehensive income (loss) - investment in Pemberwick Fund	-63	-71	-3,808	9,089
COMPREHENSIVE INCOME (LOSS)	($77,363)	$144,621	($157,987)	$87,279

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Dec. 30, 2013	Dec. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Interest received	$7,174	$7,196
Cash paid for administration fees	-227,927	-231,673
Cash paid for management fees	-129,474	-125,000
Cash paid for professional fees	-63,723	-60,207
Cash paid for printing, postage and other expenses	-15,978	-29,969
Net cash used in operating activities	-429,928	-439,653
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Proceeds in connection with sale of limited partner interests/local partnership properties	49,810	320,663
Investments in Pemberwick Fund	-6,303	-8,480
Redemptions from Pemberwick Fund	288,284	151,481
Distributions received from local partnerships	34,168	19,330
Net cash provided by investing activities	365,959	482,994
Net increase (decrease) in cash and cash equivalents	-63,969	43,341
Cash and cash equivalents at beginning of period	105,179	72,852
CASH AND CASH EQUIVALENTS AT END OF PERIOD	41,210	116,193
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES	'	'
Unrealized gain (loss) on investment in Pemberwick Fund	($3,808)	$9,089

STATEMENTS_OF_CASH_FLOWS_CONTI

STATEMENTS OF CASH FLOWS - CONTINUED (USD $)	9 Months Ended
	Dec. 30, 2013	Dec. 30, 2012
STATEMENTS OF CASH FLOWS - CONTINUED	'	'
Net income (loss)	($154,179)	$78,190
Adjustments to reconcile net income (loss) to net cash used in operating activities	'	'
Gain on sale of limited partner interests/local partnership properties	-49,810	-320,663
Other income from local partnerships	-34,168	-19,330
Decrease in accounts payable and accrued expenses	-131,217	-132,223
Decrease in payable to general partner and affiliates	-60,554	-45,627
NET CASH USED IN OPERATING ACTIVITIES	($429,928)	($439,653)

1_Basis_of_Presentation

1. Basis of Presentation	9 Months Ended
	Dec. 30, 2013
Notes	'
1. Basis of Presentation	'
	1.      Basis of Presentation
	The accompanying unaudited financial statements of American Tax Credit Properties III 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 December 30, 2013 and the results of operations and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. The results of operations for the nine months ended December 30, 2013 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	9 Months Ended
	Dec. 30, 2013
Notes	'
2. Investment in Local Partnerships	'
	2.      Investment in Local Partnerships
	The Partnership initially acquired limited partner equity interests (the “Local Partnership Interests”) in forty-three partnerships (the “Local Partnerships”) representing capital contributions in the aggregate amount of $29,384,966, which includes voluntary advances (the “Advances”) made to a certain Local Partnership and all of which has been paid. As of December 30, 2013, the Partnership holds a Local Partnership Interest in twenty-six Local Partnerships (see discussion below regarding the Partnership’s sale of certain Local Partnership Interests subsequent to December 30, 2013 and 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 sale 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, 2011.
	During the nine months ended December 30, 2013, the Partnership sold its Local Partnership Interests in LaBelle Commons, Ltd. and Moore Haven Commons, Ltd. to an unaffiliated third party for a total of $49,810; such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the nine months ended December 30, 2013. Such Local Partnerships have the same Local General Partners.
	During the nine months ended December 30, 2013, 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.
	Subsequent to December 30, 2013, the Partnership assigned its Local Partnership Interest in Sydney Engel Associates L.P. (“Sydney Engel”) to an affiliate of the Local General Partner of Sydney Engel. There were no proceeds received by the Partnership in connection with the assignment.
	Subsequent to December 30, 2013, the Partnership sold its Local Partnership Interests in Auburn Family, L.P., Bay Springs Elderly, L.P., Bruce Housing Associates, L.P. (“Bruce Housing”), Ivy Family, L.P. (“Ivy Family”), North Calhoun City, L.P., Walnut Grove Family, L.P. and West Calhoun City, L.P. to an affiliate of the Local General Partner of such Local Partnerships for a total of $22,204; such amount will be recorded as gain on sale of limited partner interests/local partnership properties. In addition, the Partnership received $55,442 for distributions that were due to the Partnership under the terms of the partnership agreements of such Local Partnerships; such amount will be recorded as other income from local partnerships. Such Local Partnerships have the same Local General Partner. The 99% Local Partnership Interests in Bruce Housing and Ivy Family were shared with American Tax Credit Properties II L.P. (“ATCP II”), an investment partnership whose general partner is an affiliate of the General Partner, whereby the Partnership owned 61.75%. ATCP II sold its interest in Bruce Housing and Ivy Family as part of the same transactions.
	Subsequent to December 30, 2013, the Partnership sold its Local Partnership Interest in Ellinwood Heights Apartments, L.P. (“Ellinwood Heights”) to an affiliate of the Local General Partner of Ellinwood Heights. Although the Partnership received no proceeds in connection with the sale, the Partnership received $7,500 for distributions that were due to the Partnership under the terms of the Ellinwood Heights partnership agreement; such amount will be recorded as other income from local partnerships.

3_Investment_in_Pemberwick_Fun

3. Investment in Pemberwick Fund	9 Months Ended
	Dec. 30, 2013
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 $10.08 per share as of December 30, 2013. An unrealized gain of $1,292 is reflected as accumulated other comprehensive income in the accompanying unaudited balance sheet as of December 30, 2013. As of December 30, 2013, the Partnership has earned $36,274 of interest revenue from its investment in Pemberwick.

4_Additional_Information

4. Additional Information	9 Months Ended
	Dec. 30, 2013
Notes	'
4. Additional Information	'
	4.      Additional Information
	Additional information, including the audited March 30, 2013 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, 2013 on file with the Securities and Exchange Commission.

2_Investment_in_Local_Partners1

2. Investment in Local Partnerships: Capital Contributions (Details) (USD $)	Dec. 30, 2013
Details	'
Capital contributions in the aggregate	$29,384,966

2_Investment_in_Local_Partners2

2. Investment in Local Partnerships (Details) (USD $)	3 Months Ended	9 Months Ended			1 Months Ended
	Dec. 30, 2012	Dec. 30, 2013	Dec. 30, 2012	Dec. 30, 2013	Jan. 31, 2014	Jan. 31, 2014
				LaBelle and Moore Haven	Auburn Family, Bay Springs Elderly, Bruce Housing, Ivy Family, North Calhoun City, Walnut Grove Family, West Calhoun City	Ellinwood Heights
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	$225,891	$49,810	$320,663	$49,810	$22,204	'
Distributions received from local partnerships	'	$34,168	$19,330	'	$55,442	$7,500

3_Investment_in_Pemberwick_Fun1

3. Investment in Pemberwick Fund (Details) (USD $)	Dec. 30, 2013
Details	'
Pemberwick Net Asset Value	$10.08
Unrealized gain reflected as accumulated other comprehensive income	$1,292
Aggregate interest revenue from investment in Pemberwick	$36,274