American Tax Credit Properties Iii (ATCIIIX) 10-K 20 Jun 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 30, 2016	Jun. 20, 2016	Sep. 29, 2015
Document and Entity Information:
Entity Registrant Name	AMERICAN TAX CREDIT PROPERTIES III LP
Document Type	10-K
Document Period End Date	Mar. 30, 2016
Trading Symbol	atciiix
Amendment Flag	false
Entity Central Index Key	856,135
Current Fiscal Year End Date	--03-30
Entity Common Stock, Shares Outstanding		0
Entity Public Float			$ 0
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	2,016
Document Fiscal Period Focus	FY

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 30, 2016	Mar. 30, 2015
Cash and liquid investments
Cash and cash equivalents	$ 110,119	$ 52,011
Investment in Pemberwick Fund - a short duration bond fund	231,367	229,668
Total assets	341,486	281,679
Liabilities
Accounts payable and accrued expenses	32,120	24,544
Payable to general partner and affiliates	3,260,048	3,178,170
Total liabilities	$ 3,292,168	$ 3,202,714
Commitments and contingencies
Partners' equity (deficit)
General partner	$ (2,842,300)	$ (2,813,109)
Limited partners (35,883 units of limited partnership interest outstanding)	(107,589)	(107,589)
Accumulated other comprehensive loss	(793)	(337)
Total equity (deficit)	(2,950,682)	(2,921,035)
Total liabilities & equity (deficit)	$ 341,486	$ 281,679

BALANCE SHEETS PARENTHETICAL

BALANCE SHEETS PARENTHETICAL - shares	Mar. 30, 2016	Mar. 30, 2015
BALANCE SHEETS PARENTHETICAL
Units of limited partnership interest outstanding	35,883	35,883

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015
REVENUE
Interest	$ 2,264	$ 4,691
Other income from local partnerships	5,917	52,982
TOTAL REVENUE	8,181	57,673
EXPENSES
Administration fees - affiliate	45,390	59,684
Management fees - affiliate	45,390	59,684
Professional fees	51,252	49,128
Printing, postage and other	10,840	18,219
TOTAL EXPENSES	152,872	186,715
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	(144,691)	(129,042)
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	115,500	30,660
NET LOSS	(29,191)	(98,382)
NET LOSS ATTRIBUTABLE TO
General partner net loss	$ (29,191)	$ (98,382)
Limited partners net loss
NET LOSS per unit of limited partnership interest (35,883 units of limited partnership interest)

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET LOSS	$ (29,191)	$ (98,382)
Other comprehensive loss - Pemberwick Fund	(456)	(1,160)
COMPREHENSIVE LOSS	$ (29,647)	$ (99,542)

STATEMENTS OF CHANGES IN PARTNE

STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT) - USD ($)	General Partner	Limited Partners	Accumulated Other Comprehensive Income (Loss)	Total
Partners' equity (deficit) at Mar. 30, 2014	$ (2,713,640)		$ 823	$ (2,712,817)
Net loss	(98,382)			(98,382)
Distributions to partners	(1,087)	$ (107,589)		(108,676)
Other comprehensive loss - Pemberwick Fund			(1,160)	(1,160)
Partners' equity (deficit) at Mar. 30, 2015	(2,813,109)	(107,589)	(337)	(2,921,035)
Net loss	(29,191)			(29,191)
Other comprehensive loss - Pemberwick Fund			(456)	(456)
Partners' equity (deficit) at Mar. 30, 2016	$ (2,842,300)	$ (107,589)	$ (793)	$ (2,950,682)

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received	$ 2,264	$ 4,074
Cash paid for administration fees	(8,902)	(129,495)
Cash paid for management fees		(129,486)
Cash paid for professional fees	(42,336)	(59,098)
Cash paid for printing, postage and other expenses	(12,180)	(18,433)
Net cash used in operating activities	(61,154)	(332,438)
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in Pemberwick Fund	(2,155)	(129,030)
Redemptions from Pemberwick Fund		371,000
Proceeds in connection with sale of limited partner interests/local partnership properties	115,500	30,660
Distributions received from local partnerships	5,917	104,982
Net cash provided by investing activities	119,262	377,612
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to partners		(108,676)
Net cash used in financing activities		(108,676)
Net increase (decrease) in cash and cash equivalents	58,108	(63,502)
Cash and cash equivalents at beginning of year	52,011	115,513
CASH AND CASH EQUIVALENTS AT END OF YEAR	110,119	52,011
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized loss on investment in Pemberwick Fund	$ (456)	$ (1,160)

STATEMENTS OF CASH FLOWS - CONT

STATEMENTS OF CASH FLOWS - CONTINUED - USD ($)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015
STATEMENTS OF CASH FLOWS - CONTINUED
Net loss	$ (29,191)	$ (98,382)
Adjustments to reconcile net loss to net cash used in operating activities
Gain on sale of limited partner interests/local partnership properties	(115,500)	(30,660)
Other income from local partnerships	(5,917)	(52,982)
Gain on redemptions from Pemberwick Fund		(617)
Increase (decrease) in payable to general partner and affiliates	81,878	(139,613)
Increase (decrease) in accounts payable and accrued expenses	7,576	(10,184)
NET CASH USED IN OPERATING ACTIVITIES	$ (61,154)	$ (332,438)

1. Organization, Purpose and Su

1. Organization, Purpose and Summary of Significant Accounting Policies	12 Months Ended
	Mar. 30, 2016
Notes
1. Organization, Purpose and Summary of Significant Accounting Policies	1. Organization, Purpose and Summary of Significant Accounting Policies American Tax Credit Properties III L.P. (the "Partnership") was formed on September 21, 1989 and the Certificate of Limited Partnership of the Partnership was filed under the Delaware Revised Uniform Limited Partnership Act. There was no operating activity until admission of the limited partners (the “Limited Partners”) on June 13, 1990. The Partnership was formed to invest primarily in leveraged low-income multifamily residential complexes (the “Property” or “Properties”) that qualified for the low-income housing tax credit (the “Low-income Housing Tax Credit”) in accordance with Section 42 of the Internal Revenue Code (the “IRC”), through the acquisition of limited partner equity interests (the "Local Partnership Interest” or "Local Partnership Interests") in partnerships (the "Local Partnership" or "Local Partnerships") that are the owners of the Properties. Such interests were acquired from 1990 to 1992. Richman Tax Credit Properties III L.P. (the "General Partner") was formed on September 21, 1989 to act as the General Partner of the Partnership. Basis of Accounting and Fiscal Year The Partnership's records are maintained on the accrual basis of accounting for both financial reporting and tax purposes. For financial reporting purposes, the Partnership's fiscal year ends March 30 and its quarterly periods end June 29, September 29 and December 30. The Local Partnerships have a calendar year for financial reporting purposes. The Partnership and the Local Partnerships each have a calendar year for income tax purposes. Investment in Local Partnerships The Partnership accounts for its investment in local partnerships in accordance with the equity method of accounting, under which the investment is carried at cost and is adjusted for the Partnership's share of each Local Partnership’s results of operations and by cash distributions received. 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. Previously unrecognized equity in loss of any Local Partnership is recognized in the fiscal year in which equity in income is earned by such Local Partnership or additional investment is made by the Partnership. Distributions received subsequent to the elimination of an investment balance for any such investment in a Local Partnership are recorded as other income from local partnerships. 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 a prior year. The Partnership assessed the carrying value (the “Carrying Value”) of its investment in local partnerships at least annually in the fourth quarter of its fiscal year or whenever there were indications that a permanent impairment may have occurred. If the Carrying Value of an investment in a Local Partnership exceeded the estimated value derived by management, the Partnership reduced its investment in any such Local Partnership (unless the impairment was considered to be temporary) and included such reduction in equity in income (loss) of investment in local partnerships. Impairment was measured by comparing the investment carrying amount to the estimated residual value of the investment. The Partnership does not consolidate the accounts and activities of the Local Partnerships, which are considered Variable Interest Entities as defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810; Subtopic 10, because the Partnership is not considered the primary beneficiary. The Partnership's balance in investment in local partnerships represents the maximum exposure to loss in connection with such investments. The Partnership's exposure to loss on the Local Partnerships is mitigated by the condition and financial performance of the underlying Properties as well as the financial strength of the general partners of the Local Partnerships (the “Local General Partners”). In addition, the Local Partnerships’ partnership agreements grant the Local General Partners the power to direct the activities that most significantly impact the Local Partnerships’ economic success. As described above, the Partnership’s investment in local partnerships has a zero balance. Advances and additional capital contributions (collectively the “Advances”) that are not required under the terms of the Local Partnerships’ partnership agreements but which are made to the Local Partnerships are recorded as investment in local partnerships. Certain Advances are considered by the Partnership to be voluntary loans to the respective Local Partnerships and the Partnership may be reimbursed at a future date to the extent such Local Partnerships generate distributable cash flow or receive proceeds from sale or refinancing. Cash and Cash Equivalents The Partnership considers all highly liquid investments purchased with an original maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates market value. Fair Value Measurements ASC Topic 820 clarifies the principle that fair value should be based on the assumptions that market participants would use when pricing the asset or liability and establishes the following fair value hierarchy: · · · For instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety. Investment in Pemberwick Fund The Partnership carries its investment in Pemberwick Fund (“Pemberwick”), an investment grade institutional short duration bond fund, at estimated fair value. Realized gains (losses) are included in (offset against) interest revenue. Investment in Pemberwick is classified as available-for-sale and unrealized gains (losses) are included as items of comprehensive income (loss) and are reported as a separate component of partners' equity (deficit). Income Taxes The Partnership is a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income and deductions are passed through to and are reported by its partners on their respective income tax returns. The Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service (the “IRS”) and other taxing authorities. Income tax returns filed by the Partnership are subject to examination by the IRS for a period of three years. While no Partnership income tax returns are currently being examined by the IRS, tax years subsequent to 2011 remain subject to examination. The accompanying financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure. In accordance with ASC Topic 740; Subtopic 10, the Partnership has included in Note 7 disclosures related to differences in the financial and tax bases of accounting. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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.

2. Capital Contributions and Di

2. Capital Contributions and Distributions	12 Months Ended
	Mar. 30, 2016
Notes
2. Capital Contributions and Distributions	2. Capital Contributions and Distributions On March 12, 1990, the Partnership commenced the offering of units (the “Units”) through Merrill Lynch, Pierce, Fenner & Smith Incorporated (the "Selling Agent"). On June 13, 1990, December 27, 1990, December 31, 1991 and January 23, 1992, under the terms of the Amended and Restated Agreement of Limited Partnership of the Partnership (the "Partnership Agreement"), the General Partner admitted the Limited Partners to the Partnership in four closings. At these closings, subscriptions for a total of 35,883 Units representing $35,883,000 in Limited Partners' capital contributions were accepted. In connection with the offering of Units, the Partnership incurred organization and offering costs of $4,418,530, of which $75,000 was capitalized as organization costs and $4,343,530 was charged to the Limited Partners' equity as syndication costs. The General Partner contributed $100 to the Partnership. Net loss was allocated 99% to the Limited Partners and 1% to the General Partner in accordance with the Partnership Agreement, until such time as the Limited Partners' capital reached zero as a result of loss allocations, after which all losses have been allocated to the General Partner. During the year ended March 30, 2015, the Partnership paid nonresident state withholding taxes of $30,994 on behalf of certain of the Limited Partners in connection with gains recognized by a Local Partnership for the year ended December 31, 2013. The Partnership also made a distribution to the Limited Partners in the amount of approximately $3 per Unit (an additional $76,595). The $3 per Unit includes the nonresident state withholding taxes referred to above; the pro-rata distribution to the General Partner was $1,087.

3. Cash and Cash Equivalents

3. Cash and Cash Equivalents	12 Months Ended
	Mar. 30, 2016
Notes
3. Cash and Cash Equivalents	3. Cash and Cash Equivalents As of March 30, 2016, the Partnership has $110,119 in cash and cash equivalents, all of which is held in accounts at two financial institutions in which such accounts are insured up to $250,000 at each institution by the Federal Deposit Insurance Corporation (the “FDIC”). The entire amount is FDIC insured as of March 30, 2016.

4. Investment in Pemberwick Fun

4. Investment in Pemberwick Fund	12 Months Ended
	Mar. 30, 2016
Notes
4. Investment in Pemberwick Fund	4. Investment in Pemberwick Fund The Partnership carries its investment in Pemberwick, an investment grade institutional short duration bond fund, at estimated fair value. Pemberwick was organized in February 2010 as a non-diversified open-end management investment company registered under the Investment Company Act of 1940, as amended, that seeks maximum current income consistent with liquidity and stability of principal. In selecting a portfolio of securities for Pemberwick, the investment advisor of Pemberwick (the “Advisor”) will select investments so that 95% of Pemberwick’s assets will be rated “A-” or better by a nationally recognized statistical rating organization (“NRSRO”) such as Moody’s Investor Services, Inc. (“Moody’s”) and/or by Standard & Poor’s Financial Services, LLC (“S&P”) (or if commercial paper rated in the highest category) or, if a rating is not available, deemed to be of comparable quality by the Advisor, or securities issued by banking institutions operating in the United States and having assets in excess of $200 billion. The weighted average duration of Pemberwick’s assets is approximately 1.57 years as of March 30, 2016. Redemptions from Pemberwick are immediately liquid and unrestricted. Pemberwick’s net asset value (“NAV”) is $10.04 and $10.06 per share as of March 30, 2016 and 2015, respectively. The Partnership’s investment in Pemberwick as of March 30, 2016 and 2015 is $231,367 and $229,668, respectively. An unrealized loss of $793 as of March 30, 2016 is reflected as accumulated other comprehensive loss in the accompanying balance sheet as of March 30, 2016. The Partnership has earned $44,268 of interest revenue from the date of its initial investment in Pemberwick through March 30, 2016. 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 (see Note 1). Pemberwick’s NAV was $10.04 as of May 31, 2016. The Advisor is an affiliate of the General Partner. For its services, the Advisor is entitled to receive an annual advisory fee of 0.50% of the average daily net assets of Pemberwick. The Advisor may, in its discretion, voluntarily waive its fees or reimburse certain Pemberwick expenses; however, the Advisor is not required to do so. The Advisor has waived 70% of its fee earned since Pemberwick’s inception and earned $346 and $613 in connection with the Partnership’s investment in Pemberwick for the years ended March 30, 2016 and 2015, respectively, enough to cover its direct costs. The Advisor’s asset management affiliate, Richman Asset Management, Inc. (“RAM”) has agreed to reduce its administration and management fees (see Note 6) payable by the Partnership to the extent any fee of the Advisor payable by Pemberwick would be duplicative of any profit that RAM would receive from the Partnership.

5. Investment in Local Partners

5. Investment in Local Partnerships	12 Months Ended
	Mar. 30, 2016
Notes
5. Investment in Local Partnerships	5. Investment in Local Partnerships The Partnership initially acquired a Local Partnership Interest in forty-three Local Partnerships. As of March 30, 2016, the Partnership owns a 99% Local Partnership Interest in the following four Local Partnerships: 1. Country View Apartments (“Country View”); 2. Fulton Street Houses Limited Partnership (“Fulton Street”); 3. Hurlock Meadow Limited Partnership (“Hurlock Meadow”); and 4. Summerfield Apartments Limited Partnership (“Summerfield Apartments”). In connection with the initial purchase of forty-three Local Partnership Interests, under the terms of the partnership agreement of each Local Partnership, as of March 30, 2016 the Partnership is committed to make capital contributions in the aggregate of $29,384,966, which includes Advances to a certain Local Partnership and all of which has been paid. See discussion below herein Note 5 regarding Summerfield Apartments’ sale of its underlying Property subsequent to March 30, 2016. The remaining Properties, excluding Summerfield Apartments, are principally comprised of subsidized and leveraged low-income multifamily residential complexes located in Maine (Country View), New York (Fulton Street) and Maryland (Hurlock Meadow). The required holding period of each Property, in order to avoid Low-income Housing Tax Credit recapture, is fifteen years from the year in which the Low-income Housing Tax Credits commence on the last building of the Property (the "Compliance Period"). The Compliance Periods of all the Local Partnerships expired in a prior year. The rents of the remaining Properties, of which Country View and Hurlock Meadow receive project based rental subsidy payments pursuant to subsidy agreements, are subject to specific laws, regulations and agreements with federal and state agencies. The subsidies expire at various times. The Partnership cannot predict legislative initiatives and governmental budget negotiations, the outcome of which could result in a reduction in funds available for the various federal and state administered housing programs. Such changes could adversely affect the future net operating income and debt structure of Country View and Hurlock Meadow. As of December 31, 2015, the remaining Local Partnerships have outstanding mortgage loans payable totaling approximately $7,129,000 and accrued interest payable on such loans totaling approximately $1,104,000, which are secured by security interests and liens common to mortgage loans on the remaining Local Partnerships' real property and other assets. During the year ended March 30, 2016, the Partnership sold its Local Partnership Interest in Chowan Senior Manor Associates Limited Partnership (“Chowan Senior Manor”) to an affiliate of the Local General Partner of Chowan Senior Manor. The Partnership received $10,500 in connection with the sale; such amount is included in gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2016. During the year ended March 30, 2016, the Partnership sold its Local Partnership Interests in Long Reach Associates Limited Partnership and Nash Hill Associates Limited Partnership to an affiliate of one of the Local General Partners of such Local Partnerships. Such Local Partnerships have a common Local General Partner. The Partnership received $20,000 in connection with the sale; such amount is included in gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2016. During the year ended March 30, 2016, the Partnership sold its Local Partnership Interest in Loma del Norte Limited Partnership (“Loma del Norte”) to an affiliate of one of the Local General Partners of Loma del Norte. The Partnership received $85,000 in connection with the sale; such amount is included in gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2016. During the year ended March 30, 2015, the Partnership sold its Local Partnership Interests in Union Valley Associates Limited Partnership and Waynesboro Apartments Limited Partnership to an affiliate of the Local General Partners of such Local Partnerships. Although the Partnership received no proceeds in connection with the sale, the Partnership received $20,000 for distributions that were due to the Partnership under the terms of the partnership agreements of such Local Partnerships. Such amount is included in other income from local partnerships in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2015 (see Note 1). Such Local Partnerships have a common Local General Partner. During the year ended March 30, 2015, the Property owned by Sugar Cane Villas, Ltd. (“Sugar Cane Villas”) was sold at a public sale, in connection with which Sugar Cane Villas recognized a gain of $1,925,353; such amount is reflected as gain on sale of property in the combined statement of operations of the Local Partnerships for the year ended December 31, 2014 herein Note 5. The Partnership received no proceeds in connection with the sale. The Local General Partner of Sugar Cane Villas reported that the mortgage lender, which also provided project based rental assistance to Sugar Cane Villas under the terms of a contract subject to annual renewals, did not renew the rental assistance upon expiration of the contract, without which Sugar Cane Villas was unable to make the mandatory debt service payments required under the terms of its mortgages. Such non-renewal is permitted under the terms of the contract. As a result, the lender commenced a foreclosure action and the applicable jurisdiction issued a Final Judgment of Foreclosure. Sugar Cane Villas has since been dissolved. During the year ended March 30, 2015, the Partnership sold its Local Partnership Interests in Batesville Family, L.P., Lawrence Road Properties, Ltd. and Purvis Heights Properties, L.P. to an affiliate of the Local General Partner of such Local Partnerships for a total of $30,660; such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2015. In addition, the Partnership received $7,762 for distributions that were due to the Partnership under the terms of the partnership agreements of such Local Partnerships; such amount is included in other income from local partnerships in the accompanying statement of operations and comprehensive income (loss) of the Partnership for the year ended March 30, 2015 (see Note 1). Such Local Partnerships have the same Local General Partner. The 99% Local Partnership Interests in such Local Partnerships were acquired along 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 such Local Partnerships as part of the same transaction. Equity in loss of investment in local partnerships is limited to the Partnership’s investment balance in each Local Partnership; any excess is applied to other partners' capital in any such Local Partnership (see Note 1). The amount of such excess losses applied to other partners' capital was $357,472 and $563,127 for the years ended December 31, 2015 and 2014, respectively, as reflected in the combined statements of operations of the Local Partnerships herein Note 5. The Partnership’s investment in local partnerships reached a zero balance during a prior year (see Note 1). The amounts reflected as the Partnership’s investment balance in the combined balance sheets of the Local Partnerships herein Note 5 represent cumulative Carrying Value adjustments made by the Partnership (see Note 1). In May 2016, Summerfield Apartments sold its underlying Property to an unaffiliated entity; the Partnership received $837,665 in connection with the sale. The Partnership may be entitled to additional proceeds after further resolution of the accounts of Summerfield Apartments. The combined balance sheets of the Local Partnerships as of December 31, 2015 and 2014 and the combined statements of operations of the Local Partnerships for the years then ended are reflected on pages 26 and 27, respectively. The combined balance sheets of the Local Partnerships as of December 31, 2015 and 2014 do not include any balances in connection with the Local Partnerships in which the Partnership no longer owns an interest as of such dates, while the combined statements of operations of the Local Partnerships for the years then ended include the results of operations of such Local Partnerships for the period prior to the sales or other dispositions (see discussion above herein Note 5). The combined balance sheets of the Local Partnerships as of December 31, 2015 and 2014 are as follows: 2015 2014 ASSETS Cash and cash equivalents $ 231,648 $ 469,966 Rents receivable 25,548 56,452 Escrow deposits and reserves 576,857 991,099 Land 280,636 693,933 Buildings and improvements (net of accumulated depreciation of $9,256,386 and $13,760,023) 2,986,398 6,284,166 Intangible assets (net of accumulated amortization of $48,042 and $46,340) 9,603 11,305 Other assets 164,337 187,830 Total assets $ 4,275,027 $ 8,694,751 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) Liabilities Accounts payable and accrued expenses $ 145,799 $ 199,015 Due to related parties 741,518 1,004,918 Mortgage loans 7,128,710 12,632,226 Accrued interest 1,104,636 1,128,395 Other liabilities 91,314 145,862 Total liabilities 9,211,977 15,110,416 Partners' equity (deficit) American Tax Credit Properties III L.P. Capital contributions, net of distributions 3,546,235 4,852,168 Cumulative loss (2,954,243) (4,260,176) Total American Tax Credit Properties III L.P. 591,992 591,992 General partners and other limited partners Capital contributions, net of distributions 11,858 (55,549) Cumulative loss (5,540,800) (6,952,108) Total General partners and other limited partners (5,528,942) (7,007,657) Total equity (deficit) (4,936,950) (6,415,665) Total liabilities & equity (deficit) $ 4,275,027 $ 8,694,751 The combined statements of operations of the Local Partnerships for the years ended December 31, 2015 and 2014 are as follows: 2015 2014 REVENUE Rental $ 2,298,420 $ 3,285,530 Interest and other 32,970 79,115 Total Revenue 2,331,390 3,364,645 EXPENSES Administrative 284,119 578,136 Payroll 311,376 486,280 Utilities 299,113 370,158 Operating and maintenance 429,266 627,612 Taxes and insurance 241,695 464,288 Financial 472,459 716,936 Depreciation and amortization 667,464 895,273 Total Expenses 2,705,492 4,138,683 LOSS BEFORE GAIN ON SALE OF PROPERTY (374,102) (774,038) GAIN ON SALE OF PROPERTY -- 1,925,353 NET INCOME (LOSS) $ (374,102) $ 1,151,315 NET INCOME (LOSS) ATTRIBUTABLE TO American Tax Credit Properties III L.P. $ -- $ -- General partners and other limited partners (includes $357,472 and $563,127 of Partnership losses in excess of investment and specially allocated income of $0 and $1,730,073) (374,102) 1,151,315 $ (374,102) $ 1,151,315

6. Transactions With General Pa

6. Transactions With General Partner and Affiliates	12 Months Ended
	Mar. 30, 2016
Notes
6. Transactions With General Partner and Affiliates	6. Transactions with General Partner and Affiliates Pursuant to the terms of the Partnership Agreement, the Partnership incurs an annual management fee (the “Management Fee”) and an annual additional management fee (the “Additional Management Fee”) payable to the General Partner for its services in connection with the management of the affairs of the Partnership. The annual Management Fee is equal to the greater of $100,000 or .14% of Invested Assets (as such term is defined in the Partnership Agreement), while the annual Additional Management Fee is equal to .06% of Invested Assets. The cumulative total of the management fees and administration fees (see discussion below herein Note 6) is limited to 0.5% of Invested Assets. The Partnership incurred Management Fees of $40,872 and $52,141 for the years ended March 30, 2016 and 2015, respectively, and Additional Management Fees of $4,518 and $7,543 for the years ended March 30, 2016 and 2015, respectively. Such amounts are aggregated and reflected under the caption management fees - affiliate in the accompanying statements of operations and comprehensive income (loss). Unpaid Management Fees and Additional Management Fees in the cumulative amount of $1,635,598 and $1,590,208 are included in payable to general partner and affiliates in the accompanying balance sheets as of March 30, 2016 and 2015, respectively. In addition, pursuant to the terms of the Partnership Agreement, the Partnership is authorized to contract for administrative services provided to the Partnership. From the inception of the Partnership through November 23, 1999, such administrative services were provided by ML Fund Administrators Inc. (“MLFA”), an affiliate of the Selling Agent, pursuant to an Administrative Services Agreement. MLFA resigned the performance of its basic services under the Administrative Services Agreement effective November 23, 1999, with certain transitional services continued through April 30, 2000. The General Partner transitioned the administrative services to RAM without any changes to the terms of the Administrative Services Agreement. Pursuant to such agreement,

7. Taxable Income

7. Taxable Income	12 Months Ended
	Mar. 30, 2016
Notes
7. Taxable Income	7. Taxable Income A reconciliation of the financial statement net loss of the Partnership for the years ended March 30, 2016 and 2015 to the tax return income for the years ended December 31, 2015 and 2014 is as follows: 2016 2015 Financial statement net loss for the years ended March 30, 2016 and 2015 $ (29,191) $ (98,382) Add (less) net transactions occurring between January 1, 2014 and March 30, 2014 -- 117,510 January 1, 2015 and March 30, 2015 (34,658) 34,658 January 1, 2016 and March 30, 2016 (72,175) -- Adjusted financial statement net income (loss) for the years ended December 31, 2015 and 2014 (136,024) 53,786 Management Fees and Administration Fees deductible for tax purposes when paid 88,477 (161,024) Equity in income (loss) of investment in local partnerships (475,518) 1,336,561 Gain on sale of limited partner interests/local partnership properties 3,326,944 7,463,243 Other income from local partnerships (14,507) (160,923) Other differences 251 -- Tax return income for the years ended December 31, 2015 and 2014 $ 2,789,623 $ 8,531,643 The differences between investment in local partnerships for financial reporting and tax purposes as of December 31, 2015 and 2014 are as follows: 2015 2014 Investment in local partnerships - financial reporting $ -- $ -- Investment in local partnerships - tax (6,490,136) (9,222,052) $ 6,490,136 $ 9,222,052 Payable to general partner and affiliates in the accompanying balance sheets represents accrued Management Fees and Administration Fees, which are not deductible for tax purposes until paid pursuant to IRC Section 267.

8. Fair Value of Financial Inst

8. Fair Value of Financial Instruments	12 Months Ended
	Mar. 30, 2016
Notes
8. Fair Value of Financial Instruments	8. Fair Value of Financial Instruments The estimated fair value amounts have been determined using available market information, assumptions, estimates and valuation methodologies. Cash and cash equivalents The carrying amount approximates fair value. Investment in Pemberwick Fund, a short duration bond fund The estimated fair value of Pemberwick is based on current market quotes received from active markets. Pemberwick’s NAV is calculated and published daily (see Note 4). Investment in local partnerships The Partnership assessed the Carrying Value of its investment in local partnerships at least annually in the fourth quarter of its fiscal year or whenever there were indications that a permanent impairment may have occurred. If the Carrying Value of an investment in a Local Partnership exceeded the estimated value derived by management, the Partnership reduced its investment in any such Local Partnership (unless the impairment was considered to be temporary) and included such reduction in equity in income (loss) of investment in local partnerships. Impairment was measured by comparing the investment carrying amount to the estimated residual value of the investment. Although the investment in local partnerships is carried at zero as of March 30, 2016 and 2015, Summerfield Apartments was able to negotiate a sale of its underlying Property subsequent to March 30, 2016 (see Note 5).

1. Organization, Purpose and 17

1. Organization, Purpose and Summary of Significant Accounting Policies: Basis of Accounting and Fiscal Year (Policies)	12 Months Ended
	Mar. 30, 2016
Policies
Basis of Accounting and Fiscal Year	Basis of Accounting and Fiscal Year The Partnership's records are maintained on the accrual basis of accounting for both financial reporting and tax purposes. For financial reporting purposes, the Partnership's fiscal year ends March 30 and its quarterly periods end June 29, September 29 and December 30. The Local Partnerships have a calendar year for financial reporting purposes. The Partnership and the Local Partnerships each have a calendar year for income tax purposes.

1. Organization, Purpose and 18

1. Organization, Purpose and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)	12 Months Ended
	Mar. 30, 2016
Policies
Cash and Cash Equivalents	Cash and Cash Equivalents The Partnership considers all highly liquid investments purchased with an original maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents are stated at cost, which approximates market value.

1. Organization, Purpose and 19

1. Organization, Purpose and Summary of Significant Accounting Policies: Fair Value Measurements (Policies)	12 Months Ended
	Mar. 30, 2016
Policies
Fair Value Measurements	Fair Value Measurements ASC Topic 820 clarifies the principle that fair value should be based on the assumptions that market participants would use when pricing the asset or liability and establishes the following fair value hierarchy: · · · For instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety.

1. Organization, Purpose and 20

1. Organization, Purpose and Summary of Significant Accounting Policies: Income Taxes (Policies)	12 Months Ended
	Mar. 30, 2016
Policies
Income Taxes	Income Taxes The Partnership is a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income and deductions are passed through to and are reported by its partners on their respective income tax returns. The Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service (the “IRS”) and other taxing authorities. Income tax returns filed by the Partnership are subject to examination by the IRS for a period of three years. While no Partnership income tax returns are currently being examined by the IRS, tax years subsequent to 2011 remain subject to examination. The accompanying financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure. In accordance with ASC Topic 740; Subtopic 10, the Partnership has included in Note 7 disclosures related to differences in the financial and tax bases of accounting.

1. Organization, Purpose and 21

1. Organization, Purpose and Summary of Significant Accounting Policies: Use of Estimates (Policies)	12 Months Ended
	Mar. 30, 2016
Policies
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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.

5. Investment in Local Partne22

5. Investment in Local Partnerships: Local Partnership Interests Owned as of March 30, 2016 (Tables)	12 Months Ended
	Mar. 30, 2016
Tables/Schedules
Local Partnership Interests Owned as of March 30, 2016	1. Country View Apartments (“Country View”); 2. Fulton Street Houses Limited Partnership (“Fulton Street”); 3. Hurlock Meadow Limited Partnership (“Hurlock Meadow”); and 4. Summerfield Apartments Limited Partnership (“Summerfield Apartments”).

5. Investment in Local Partne23

5. Investment in Local Partnerships: Combined Balance Sheets of the Local Partnerships (Tables)	12 Months Ended
	Mar. 30, 2016
Tables/Schedules
Combined Balance Sheets of the Local Partnerships	2015 2014 ASSETS Cash and cash equivalents $ 231,648 $ 469,966 Rents receivable 25,548 56,452 Escrow deposits and reserves 576,857 991,099 Land 280,636 693,933 Buildings and improvements (net of accumulated depreciation of $9,256,386 and $13,760,023) 2,986,398 6,284,166 Intangible assets (net of accumulated amortization of $48,042 and $46,340) 9,603 11,305 Other assets 164,337 187,830 Total assets $ 4,275,027 $ 8,694,751 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) Liabilities Accounts payable and accrued expenses $ 145,799 $ 199,015 Due to related parties 741,518 1,004,918 Mortgage loans 7,128,710 12,632,226 Accrued interest 1,104,636 1,128,395 Other liabilities 91,314 145,862 Total liabilities 9,211,977 15,110,416 Partners' equity (deficit) American Tax Credit Properties III L.P. Capital contributions, net of distributions 3,546,235 4,852,168 Cumulative loss (2,954,243) (4,260,176) Total American Tax Credit Properties III L.P. 591,992 591,992 General partners and other limited partners Capital contributions, net of distributions 11,858 (55,549) Cumulative loss (5,540,800) (6,952,108) Total General partners and other limited partners (5,528,942) (7,007,657) Total equity (deficit) (4,936,950) (6,415,665) Total liabilities & equity (deficit) $ 4,275,027 $ 8,694,751

5. Investment in Local Partne24

5. Investment in Local Partnerships: Combined Statements of Operations of the Local Partnerships (Tables)	12 Months Ended
	Mar. 30, 2016
Tables/Schedules
Combined Statements of Operations of the Local Partnerships	2015 2014 REVENUE Rental $ 2,298,420 $ 3,285,530 Interest and other 32,970 79,115 Total Revenue 2,331,390 3,364,645 EXPENSES Administrative 284,119 578,136 Payroll 311,376 486,280 Utilities 299,113 370,158 Operating and maintenance 429,266 627,612 Taxes and insurance 241,695 464,288 Financial 472,459 716,936 Depreciation and amortization 667,464 895,273 Total Expenses 2,705,492 4,138,683 LOSS BEFORE GAIN ON SALE OF PROPERTY (374,102) (774,038) GAIN ON SALE OF PROPERTY -- 1,925,353 NET INCOME (LOSS) $ (374,102) $ 1,151,315 NET INCOME (LOSS) ATTRIBUTABLE TO American Tax Credit Properties III L.P. $ -- $ -- General partners and other limited partners (includes $357,472 and $563,127 of Partnership losses in excess of investment and specially allocated income of $0 and $1,730,073) (374,102) 1,151,315 $ (374,102) $ 1,151,315

7. Taxable Income_ Reconciliati

7. Taxable Income: Reconciliation of Financial Statement Net Loss to the Tax Return Income (Tables)	12 Months Ended
	Mar. 30, 2016
Tables/Schedules
Reconciliation of Financial Statement Net Loss to the Tax Return Income	2016 2015 Financial statement net loss for the years ended March 30, 2016 and 2015 $ (29,191) $ (98,382) Add (less) net transactions occurring between January 1, 2014 and March 30, 2014 -- 117,510 January 1, 2015 and March 30, 2015 (34,658) 34,658 January 1, 2016 and March 30, 2016 (72,175) -- Adjusted financial statement net income (loss) for the years ended December 31, 2015 and 2014 (136,024) 53,786 Management Fees and Administration Fees deductible for tax purposes when paid 88,477 (161,024) Equity in income (loss) of investment in local partnerships (475,518) 1,336,561 Gain on sale of limited partner interests/local partnership properties 3,326,944 7,463,243 Other income from local partnerships (14,507) (160,923) Other differences 251 -- Tax return income for the years ended December 31, 2015 and 2014 $ 2,789,623 $ 8,531,643

7. Taxable Income_ Differences

7. Taxable Income: Differences Between Investment in Local Partnerships for Financial Reporting and Tax Purposes (Tables)	12 Months Ended
	Mar. 30, 2016
Tables/Schedules
Differences Between Investment in Local Partnerships for Financial Reporting and Tax Purposes	2015 2014 Investment in local partnerships - financial reporting $ -- $ -- Investment in local partnerships - tax (6,490,136) (9,222,052) $ 6,490,136 $ 9,222,052

2. Capital Contributions and 27

2. Capital Contributions and Distributions (Details) - USD ($)	12 Months Ended
	Mar. 30, 2015	Mar. 30, 2016
Details
Units of limited partnership interest outstanding	35,883	35,883
Limited Partners' Contributions in Connection with the Partnership Offering	$ 35,883,000	$ 35,883,000
Organization and Offering Costs incurred in connection with the Partnership offering	4,418,530	4,418,530
Organization Costs Capitalized in Connection with the Partnership Offering	75,000	75,000
Syndication Costs Charged to the Limited Partners' Equity in Connection with the Partnership Offering	4,343,530	4,343,530
General Partner Contribution in Connection with the Partnership Offering	100	$ 100
Nonresident State Withholding Taxes Paid - Distribution to Limited Partners	30,994
Distribution to Limited Partners	76,595
Distribution to General Partner	$ 1,087

3. Cash and Cash Equivalents (D

3. Cash and Cash Equivalents (Details) - USD ($)	Mar. 30, 2016	Mar. 30, 2015	Mar. 30, 2014
Details
Cash and cash equivalents	$ 110,119	$ 52,011	$ 115,513
Maximum insured at each institution	$ 250,000

4. Investment in Pemberwick F29

4. Investment in Pemberwick Fund (Details)	May 31, 2016$ / shares	Mar. 30, 2016USD ($)$ / shares	Mar. 30, 2015USD ($)$ / shares
Details
Weighted Average Duration of Pemberwick's assets in years		1.57
Pemberwick Net Asset Value | $ / shares	$ 10.04	$ 10.04	$ 10.06
Investment in Pemberwick Fund - a short duration bond fund		$ 231,367	$ 229,668
Unrealized loss reflected as accumulated other comprehensive loss		793
Aggregate interest revenue from investment in Pemberwick		$ 44,268

4. Investment in Pemberwick F30

4. Investment in Pemberwick Fund: Advisory Fee (Details) - USD ($)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015
Details
Advisory Fee	$ 346	$ 613

5. Investment in Local Partne31

5. Investment in Local Partnerships (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 30, 2016	Mar. 30, 2016	Mar. 30, 2015	Dec. 31, 2014	Dec. 31, 2015
Capital contributions in the aggregate		$ 29,384,966
Local Partnerships outstanding mortgage loans payable					$ 7,129,000
Local Partnerships accrued interest on outstanding mortgage loans payable					$ 1,104,000
Proceeds in connection with sale of limited partner interests/local partnership properties		115,500	$ 30,660
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		115,500	30,660
Other income from local partnerships		5,917	52,982
Chowan Senior Manor
Proceeds in connection with sale of limited partner interests/local partnership properties		10,500
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		10,500
Long Reach Associates Limited Partnership and Nash Hill Associates Limited Partnership
Proceeds in connection with sale of limited partner interests/local partnership properties		20,000
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		20,000
Loma del Norte
Proceeds in connection with sale of limited partner interests/local partnership properties		85,000
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		$ 85,000
Union Valley Associates Limited Partnership and Waynesboro Apartments Limited Partnership
Other income from local partnerships			20,000
Sugar Cane Villas, Ltd.
GAIN ON SALE OF PROPERTY				$ 1,925,353
Batesville Family, L.P., Lawrence Road Properties, Ltd. and Purvis Heights Properties. L.P.
Proceeds in connection with sale of limited partner interests/local partnership properties			30,660
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES			30,660
Other income from local partnerships			$ 7,762
Summerfield Apartments
Proceeds in connection with sale of limited partner interests/local partnership properties	$ 837,665

5. Investment in Local Partne32

5. Investment in Local Partnerships: Partnership losses in excess of investment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Details
Excess Losses Applied to Other Partners' Capital	$ 357,472	$ 563,127

5. Investment in Local Partne33

5. Investment in Local Partnerships: Combined Balance Sheets of the Local Partnerships (Details) - Combined Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Cash and cash equivalents	$ 231,648	$ 469,966
Rents receivable	25,548	56,452
Escrow deposits and reserves	576,857	991,099
Land	280,636	693,933
Buildings and improvements, net	2,986,398	6,284,166
Intangible assets, net	9,603	11,305
Other assets	164,337	187,830
Total assets	4,275,027	8,694,751
Accounts payable and accrued expenses	145,799	199,015
Due to related parties	741,518	1,004,918
Mortgage loans	7,128,710	12,632,226
Accrued interest	1,104,636	1,128,395
Other liabilities	91,314	145,862
Total liabilities	9,211,977	15,110,416
American Tax Credit Properties III L.P. Capital contributions, net of distributions	3,546,235	4,852,168
American Tax Credit Properties III L.P. Cumulative loss	(2,954,243)	(4,260,176)
Total American Tax Credit Properties III L.P.	591,992	591,992
General Partners and other limited partners Capital contributions, net of distributions	11,858	(55,549)
General Partners and other limited partners Cumulative loss	(5,540,800)	(6,952,108)
Total General partners and other limited partners	(5,528,942)	(7,007,657)
Total equity (deficit)	(4,936,950)	(6,415,665)
Total liabilities & equity (deficit)	$ 4,275,027	$ 8,694,751

5. Investment in Local Partne34

5. Investment in Local Partnerships: Combined Statements of Operations of the Local Partnerships (Details) - Combined Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Rental	$ 2,298,420	$ 3,285,530
Interest and other	32,970	79,115
TOTAL REVENUE	2,331,390	3,364,645
Administrative	284,119	578,136
Payroll	311,376	486,280
Utilities	299,113	370,158
Operating and maintenance	429,266	627,612
Taxes and insurance	241,695	464,288
Financial	472,459	716,936
Depreciation and amortization	667,464	895,273
TOTAL EXPENSES	2,705,492	4,138,683
LOSS BEFORE GAIN ON SALE OF PROPERTY	(374,102)	(774,038)
GAIN ON SALE OF PROPERTY		1,925,353
NET INCOME (LOSS)	(374,102)	1,151,315
Net Income (Loss) Attributable To General partners and other limited partners (includes $357,472 and $563,127 of Partnership losses in excess of investment and specially allocated income of $0 and $1,730,073)	$ (374,102)	$ 1,151,315

6. Transactions With General 35

6. Transactions With General Partner and Affiliates (Details) - USD ($)	12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015
Details
Maximum Annual Management Fee	The annual Management Fee is equal to the greater of $100,000 or .14% of Invested Assets (as such term is defined in the Partnership Agreement), while the annual Additional Management Fee is equal to .06% of Invested Assets	The annual Management Fee is equal to the greater of $100,000 or .14% of Invested Assets (as such term is defined in the Partnership Agreement), while the annual Additional Management Fee is equal to .06% of Invested Assets
Cumulative Total of the Management Fees and Administration Fees	The cumulative total of the management fees and administration fees (see discussion below herein Note 6) is limited to 0.5% of Invested Assets	The cumulative total of the management fees and administration fees (see discussion below herein Note 6) is limited to 0.5% of Invested Assets
Incurred Management Fees	$ 40,872	$ 52,141
Incurred Additional Management Fees	$ 4,518	$ 7,543
Maximum Annual Administration Fee	The annual Administration Fee is equal to the greater of $100,000 or .14% of Invested Assets, while the annual Additional Administration Fee is equal to .06% of Invested Assets. The cumulative total of the administration fees and management fees is limited as described above herein Note 6.	The annual Administration Fee is equal to the greater of $100,000 or .14% of Invested Assets, while the annual Additional Administration Fee is equal to .06% of Invested Assets. The cumulative total of the administration fees and management fees is limited as described above herein Note 6.
Incurred Administration Fees	$ 40,872	$ 52,141
Incurred Additional Administration Fees	$ 4,518	$ 7,543

6. Transactions With General 36

6. Transactions With General Partner and Affiliates: Unpaid Management and Additional Management Fees (Details) - USD ($)	Mar. 30, 2016	Mar. 30, 2015
Details
Unpaid Management and Additional Management Fees Included in Payable to General Partner and Affiliates	$ 1,635,598	$ 1,590,208

6. Transactions With General 37

6. Transactions With General Partner and Affiliates: Unpaid Administration and Additional Administration Fees (Details) - USD ($)	Mar. 30, 2016	Mar. 30, 2015
Details
Unpaid Administration Fees and Additional Administration Fees Included in Accounts Payable and Accrued Expenses	$ 1,624,450	$ 1,587,962

7. Taxable Income_ Reconcilia38

7. Taxable Income: Reconciliation of Financial Statement Net Loss to the Tax Return Income (Details) - USD ($)	3 Months Ended			12 Months Ended
	Mar. 30, 2016	Mar. 30, 2015	Mar. 30, 2014	Mar. 30, 2016	Dec. 31, 2015	Mar. 30, 2015	Dec. 31, 2014
Details
NET LOSS				$ (29,191)		$ (98,382)
Add (less) net transactions occurring between Jan 1 and Mar 30	$ (72,175)	$ 34,658	$ 117,510
Adjusted financial statement net income (loss) for the years ended December 31, 2015 and 2014					$ (136,024)		$ 53,786
Management Fees and Administration Fees deductible for tax purposes when paid					88,477		(161,024)
Equity in income (loss) of investment in local partnerships					(475,518)		1,336,561
Gain on sale of limited partner interests / local partnership properties					3,326,944		7,463,243
Other income from local partnerships					(14,507)		(160,923)
Other differences					251
Tax return income for the years ended December 31, 2015 and 2014					$ 2,789,623		$ 8,531,643

7. Taxable Income_ Difference39

7. Taxable Income: Differences Between Investment in Local Partnerships for Financial Reporting and Tax Purposes (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Details
Investment in local partnerships - tax	$ (6,490,136)	$ (9,222,052)
Differences between the investment in local partnerships for tax and financial reporting purposes	$ 6,490,136	$ 9,222,052