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American Tax Credit Properties Iii (ATCIIIX) Inactive 10-Q20 Oct 162017 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 29, 2016	Oct. 20, 2016
Document and Entity Information:
Entity Registrant Name	AMERICAN TAX CREDIT PROPERTIES III LP
Document Type	10-Q
Document Period End Date	Sep. 29, 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 Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Sep. 29, 2016	Mar. 30, 2016
Cash and liquid investments
Cash and cash equivalents	$ 265,079	$ 110,119
Investment in Pemberwick Fund, a short duration bond fund	894,668	231,367
Total assets	1,159,747	341,486
Liabilities
Accounts payable and accrued expenses	17,615	32,120
Payable to general partner and affiliates	3,281,666	3,260,048
Total liabilities	3,299,281	3,292,168
Commitments and contingencies
Partners' equity (deficit)
General partner	(2,031,612)	(2,842,300)
Limited partners (35,883 units of limited partnership interest outstanding)	(107,589)	(107,589)
Accumulated other comprehensive loss	(333)	(793)
Total equity (deficit)	(2,139,534)	(2,950,682)
Total liabilities & equity (deficit)	$ 1,159,747	$ 341,486

BALANCE SHEETS PARENTHETICAL

BALANCE SHEETS PARENTHETICAL - shares	Sep. 29, 2016	Mar. 30, 2016
BALANCE SHEETS PARENTHETICAL
Units of limited partnership interest outstanding	35,883	35,883

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
STATEMENTS OF OPERATIONS - USD ($)	Sep. 29, 2016	Sep. 29, 2015	Sep. 29, 2016	Sep. 29, 2015
REVENUE
Interest	$ 2,248	$ 515	$ 3,206	$ 1,081
Other income from local partnerships	1,967	1,837	6,967	5,917
TOTAL REVENUE	4,215	2,352	10,173	6,998
EXPENSES
Administration fees	7,300	12,176	13,038	24,351
Management fees	7,300	12,176	13,038	24,351
Professional fees	10,805	13,470	20,536	25,149
Printing, postage and other	5,890	4,992	10,810	7,000
TOTAL EXPENSES	31,295	42,814	57,422	80,851
LOSS BEFORE GAIN ON SALE OF LIMITED PARTNER INTERESTS/ LOCAL PARTNERSHIP PROPERTIES	(27,080)	(40,462)	(47,249)	(73,853)
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	20,272		857,937
NET INCOME (LOSS)	(6,808)	(40,462)	810,688	(73,853)
NET INCOME (LOSS) ATTRIBUTABLE TO
General partner net income (loss)	(6,808)	(40,462)	810,688	(73,853)
Limited partners net income (loss)
NET INCOME (LOSS) per unit of limited partnership interest (35,883 units of limited partnership interest)

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	Sep. 29, 2016	Sep. 29, 2015	Sep. 29, 2016	Sep. 29, 2015
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME (LOSS)	$ (6,808)	$ (40,462)	$ 810,688	$ (73,853)
Other comprehensive income (loss) - investment in Pemberwick Fund	(888)		460	(457)
COMPREHENSIVE INCOME (LOSS)	$ (7,696)	$ (40,462)	$ 811,148	$ (74,310)

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
STATEMENTS OF CASH FLOWS - USD ($)	Sep. 29, 2016	Sep. 29, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received	$ 3,206	$ 1,081
Cash paid for administration fees	(4,458)	(4,460)
Cash paid for professional fees	(35,041)	(30,728)
Cash paid for printing, postage and other expenses	(10,810)	(8,340)
Net cash used in operating activities	(47,103)	(42,447)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds in connection with sale of limited partner interests/local partnership properties	857,937
Investments in Pemberwick Fund	(662,841)	(1,043)
Distributions received from local partnerships	6,967	5,917
Net cash provided by investing activities	202,063	4,874
Net increase (decrease) in cash and cash equivalents	154,960	(37,573)
Cash and cash equivalents at beginning of period	110,119	52,011
CASH AND CASH EQUIVALENTS AT END OF PERIOD	265,079	14,438
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized gain (loss) on investment in Pemberwick Fund	$ 460	$ (457)

STATEMENTS OF CASH FLOWS - CONT

STATEMENTS OF CASH FLOWS - CONTINUED - USD ($)	6 Months Ended
STATEMENTS OF CASH FLOWS - CONTINUED - USD ($)	Sep. 29, 2016	Sep. 29, 2015
STATEMENTS OF CASH FLOWS - CONTINUED
Net income (loss)	$ 810,688	$ (73,853)
Gain on sale of limited partner interests/local partnership properties	(857,937)
Other income from local partnerships	(6,967)	(5,917)
Decrease in accounts payable and accrued expenses	(14,505)	(6,919)
Increase in payable to general partner and affiliates	21,618	44,242
NET CASH USED IN OPERATING ACTIVITIES	$ (47,103)	$ (42,447)

1. Basis of Presentation

1. Basis of Presentation	6 Months Ended
1. Basis of Presentation	Sep. 29, 2016
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 September 29, 2016 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 six months ended September 29, 2016 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	6 Months Ended
2. Investment in Local Partnerships	Sep. 29, 2016
Notes
2. Investment in Local Partnerships	2. Investment in Local Partnerships The Partnership initially acquired limited partner equity interests (the Local Partnership Interest or Local Partnership Interests) in forty-three partnerships (the Local Partnership or 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 September 29, 2016, the Partnership holds a Local Partnership Interest in three Local Partnerships. The Partnership has no legal obligation to fund any operating deficits of the remaining 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 Partnerships investment balance in each Local Partnership. Equity in loss in excess of the Partnerships 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 Partnerships Local Partnership Interests, the Partnerships investment in local partnerships reached a zero balance in a prior year. During the six months ended September 29, 2016, Summerfield Apartments Limited Partnership (Summerfield Apartments) sold its underlying Property to an unaffiliated entity; the Partnership received $857,937 in connection with the sale. 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 six months ended September 29, 2016. The Local General Partner of Summerfield Apartments will dissolve Summerfield Apartments as soon as possible. 20,272

3. Investment in Pemberwick Fun

3. Investment in Pemberwick Fund	6 Months Ended
3. Investment in Pemberwick Fund	Sep. 29, 2016
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 Partnerships 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. Pemberwicks net asset value (NAV) is $10.06 per share as of September 29, 2016. An unrealized loss of $333 is reflected as accumulated other comprehensive loss in the accompanying unaudited balance sheet as of September 29, 2016. The Partnership has earned $47,108 of interest revenue from the date of its initial investment in Pemberwick through September 29, 2016.

4. Additional Information

4. Additional Information	6 Months Ended
4. Additional Information	Sep. 29, 2016
Notes
4. Additional Information	4. Additional Information Additional information, including the audited March 30, 2016 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, 2016 on file with the Securities and Exchange Commission.

2. Investment in Local Partne12

2. Investment in Local Partnerships: Capital Contributions (Details)	Sep. 29, 2016USD ($)
Details
Capital contributions in the aggregate	$ 29,384,966

2. Investment in Local Partne13

2. Investment in Local Partnerships (Details) - USD ($)	3 Months Ended	6 Months Ended
2. Investment in Local Partnerships (Details) - USD ($)	Sep. 29, 2016	Sep. 29, 2016
Proceeds in connection with sale of limited partner interests/local partnership properties		$ 857,937
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	$ 20,272	857,937
Summerfield Apartments Limited Partnership
Proceeds in connection with sale of limited partner interests/local partnership properties		857,937
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	$ 20,272	$ 857,937

3. Investment in Pemberwick F14

3. Investment in Pemberwick Fund (Details)	Sep. 29, 2016USD ($)$ / shares
Details
Pemberwick Net Asset Value \| $ / shares	$ 10.06
Unrealized loss reflected as accumulated other comprehensive loss	$ 333
Aggregate interest revenue from investment in Pemberwick	$ 47,108

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