American Tax Credit Properties Iii (ATCIIIX) 10-K 25 Jun 18 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 30, 2018	Jun. 25, 2018	Sep. 29, 2017
Document and Entity Information:
Entity Registrant Name	AMERICAN TAX CREDIT PROPERTIES III LP
Document Type	10-K
Document Period End Date	Mar. 30, 2018
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	2,018
Document Fiscal Period Focus	FY

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 30, 2018	Mar. 30, 2017
ASSETS
Cash and cash equivalents	$ 4,009	$ 62,429
Investment in Pemberwick Fund - a short duration bond fund	309,296	832,364
Total assets	313,305	894,793
Liabilities
Accounts payable and accrued expenses	21,771	27,475
Payable to general partner and affiliates	2,614,191	3,101,684
Total liabilities	2,635,962	3,129,159
Commitments and contingencies
Partners' deficit
General partner	(2,149,235)	(2,060,698)
Limited partners (35,883 units of limited partnership interest outstanding)	(170,804)	(170,804)
Accumulated other comprehensive loss	(2,618)	(2,864)
Total equity (deficit)	(2,322,657)	(2,234,366)
Total liabilities & equity (deficit)	$ 313,305	$ 894,793

BALANCE SHEETS PARENTHETICAL

BALANCE SHEETS PARENTHETICAL - shares	Mar. 30, 2018	Mar. 30, 2017
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, 2018	Mar. 30, 2017
REVENUE
Interest	$ 5,902	$ 7,824
Other income from local partnerships		6,967
TOTAL REVENUE	5,902	14,791
EXPENSES
Administration fees - affiliate	19,186	24,902
Management fees - affiliate	19,186	24,902
Professional fees	38,866	44,678
Printing, postage and other	17,201	18,644
TOTAL EXPENSES	94,439	113,126
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	(88,537)	(98,335)
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES		879,937
NET INCOME (LOSS)	(88,537)	781,602
NET INCOME (LOSS) ATTRIBUTABLE TO
General partner net income (loss)	(88,537)	781,602
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 ($)	12 Months Ended
	Mar. 30, 2018	Mar. 30, 2017
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME (LOSS)	$ (88,537)	$ 781,602
Other comprehensive income (loss) - Pemberwick Fund	246	(2,071)
COMPREHENSIVE INCOME (LOSS)	$ (88,291)	$ 779,531

STATEMENTS OF CHANGES IN PARTNE

STATEMENTS OF CHANGES IN PARTNERS' EQUITY (DEFICIT) - USD ($)	General Partner	Limited Partners	Accumulated Other Comprehensive Income (Loss)	Total
Partners' deficit at Mar. 30, 2016	$ (2,842,300)	$ (107,589)	$ (793)	$ (2,950,682)
Net income (loss)	781,602			781,602
Distributions to partners		(63,215)		(63,215)
Other comprehensive income (loss) - Pemberwick Fund			(2,071)	(2,071)
Partners' deficit at Mar. 30, 2017	(2,060,698)	(170,804)	(2,864)	(2,234,366)
Net income (loss)	(88,537)			(88,537)
Other comprehensive income (loss) - Pemberwick Fund			246	246
Partners' deficit at Mar. 30, 2018	$ (2,149,235)	$ (170,804)	$ (2,618)	$ (2,322,657)

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 30, 2018	Mar. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received	$ 7,753	$ 8,025
Cash paid for administration fees	(264,210)	(98,168)
Cash paid for management fees	(261,655)	(110,000)
Cash paid for professional fees	(38,866)	(55,038)
Cash paid for printing, postage and other expenses	(22,905)	(12,929)
Net cash used in operating activities	(579,883)	(268,110)
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in Pemberwick Fund	(7,537)	(667,269)
Redemptions from Pemberwick Fund	529,000	64,000
Proceeds in connection with sale of limited partner interests/local partnership properties		879,937
Distributions received from local partnerships		6,967
Net cash provided by investing activities	521,463	283,635
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to partners		(63,215)
Net cash used in financing activities		(63,215)
Net decrease in cash and cash equivalents	(58,420)	(47,690)
Cash and cash equivalents at beginning of year	62,429	110,119
CASH AND CASH EQUIVALENTS AT END OF YEAR	4,009	62,429
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized gain (loss) on investment in Pemberwick Fund	$ 246	$ (2,071)

STATEMENTS OF CASH FLOWS - CONT

STATEMENTS OF CASH FLOWS - CONTINUED - USD ($)	12 Months Ended
	Mar. 30, 2018	Mar. 30, 2017
STATEMENTS OF CASH FLOWS - CONTINUED
Net income (loss)	$ (88,537)	$ 781,602
Adjustments to reconcile net income (loss) to net cash used in operating activities
Gain on sale of limited partner interests/local partnership properties		(879,937)
Other income from local partnerships		(6,967)
Loss on redemptions from Pemberwick Fund	1,851	201
Decrease in payable to general partner and affiliates	(487,493)	(158,364)
Decrease in accounts payable and accrued expenses	(5,704)	(4,645)
NET CASH USED IN OPERATING ACTIVITIES	$ (579,883)	$ (268,110)

1. Organization, Purpose and Su

1. Organization, Purpose and Summary of Significant Accounting Policies	12 Months Ended
	Mar. 30, 2018
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 in a prior year. 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 herein Note 1, the Partnership’s investment in local partnerships reached a zero balance in a prior year. 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 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 2013 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, 2018
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 Partner 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. Net income will be allocated 100% to the General Partner until such time as the total allocation agrees to the excess losses allocated to the General Partner in prior years. During the year ended March 30, 2017, the Partnership paid state withholding taxes of $63,215 on behalf of the Limited Partners in connection with gains recognized by a Local Partnership for the year ended December 31, 2016.

3. Cash and Cash Equivalents

3. Cash and Cash Equivalents	12 Months Ended
	Mar. 30, 2018
Notes
3. Cash and Cash Equivalents	3. Cash and Cash Equivalents As of March 30, 2018, the Partnership has $4,009 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, 2018.

4. Investment in Pemberwick Fun

4. Investment in Pemberwick Fund	12 Months Ended
	Mar. 30, 2018
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 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 90% 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 3.18 years as of March 30, 2018. Redemptions from Pemberwick are immediately liquid and unrestricted. Pemberwick’s net asset value (“NAV”) is $9.98 and $10.03 per share as of March 30, 2018 and 2017, respectively. The Partnership’s investment in Pemberwick as of March 30, 2018 and 2017 is $309,296 and $832,364, respectively. An unrealized loss of $2,618 as of March 30, 2018 is reflected as accumulated other comprehensive loss in the accompanying balance sheet as of March 30, 2018. The Partnership has earned $57,021 of interest revenue from the date of its initial investment in Pemberwick through March 30, 2018. 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 $9.99 as of May 31, 2018. 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 through December 5, 2016. Such fee was reduced to 0.25% as of December 6, 2016. 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 all fees fee earned in excess of 0.15% since Pemberwick’s inception and earned $596 and $1,318 in connection with the Partnership’s investment in Pemberwick for the years ended March 30, 2018 and 2017, 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, 2018
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, 2018, the Partnership owns a 99% Local Partnership Interest in one Local Partnership, Fulton Street Houses Limited Partnership (“Fulton Street Houses”). 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, 2018 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. Fulton Street Houses owns a 36 unit subsidized and leveraged low-income multifamily residential complex located in Brooklyn, New York. 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 Fulton Street Houses are subject to specific laws, regulations and agreements with federal and state agencies. During the year ended March 30, 2017, Summerfield Apartments Limited Partnership (“Summerfield Apartments”) sold its underlying Property to an unaffiliated third party, in connection with which Summerfield Apartments recognized a gain of $711,374; 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, 2016 herein Note 5. The Partnership received $857,937 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, 2017. Summerfield Apartments has since been dissolved. During the year ended March 30, 2017, the Partnership sold its Local Partnership Interest in Hurlock Meadow Limited Partnership (“Hurlock Meadow”) to an unaffiliated third party. The Partnership received $15,000 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, 2017. During the year ended March 30, 2017, the Partnership sold its Local Partnership Interest in Country View Apartments (“Country View”) to one of the Local General Partners of Country View. The Partnership received $7,000 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, 2017. 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 $228,448 and $217,171 for the years ended December 31, 2017 and 2016, respectively, as reflected in the combined statements of operations of the Local Partnerships herein Note 5. The combined balance sheets of the Local Partnerships as of December 31, 2017 and 2016 and the combined statements of operations of the Local Partnerships for the years then ended are reflected on pages 24 and 25, respectively. The combined balance sheet of the Local Partnerships as of December 31, 2016 does not include any balances in connection with the Local Partnerships in which the Partnership no longer owns an interest as of such date, while the combined statement of operations of the Local Partnerships for the year then ended includes the results of operations of such Local Partnerships for the period prior to the sales or other dispositions (see discussion above herein Note 5). Accordingly, the combined balance sheets of the Local Partnerships as of December 31, 2017 and 2016 and the combined statement of operations of the Local Partnerships for the year ended December 31, 2017 only include balances for Fulton Street Houses. The combined balance sheets of the Local Partnerships as of December 31, 2017 and 2016 are as follows: 2017 2016 ASSETS Cash and cash equivalents $ 134,233 $ 91,918 Rents receivable 10,959 7,448 Escrow deposits and reserves 4,879 57,171 Land 2 2 Buildings and improvements (net of accumulated depreciation of $5,692,901 and $5,443,697) 462,758 631,253 Other assets 109,294 113,959 Total assets $ 722,125 $ 901,751 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) Liabilities Accounts payable and accrued expenses $ 37,617 $ 34,374 Due to related parties 657,410 657,403 Mortgage loans 3,869,930 3,869,930 Accrued interest 1,146,641 1,099,278 Other liabilities 41,394 40,877 Total liabilities 5,752,992 5,701,862 Partners' equity (deficit) American Tax Credit Properties III L.P. Capital contributions, net of distributions 1,948,081 1,948,081 Cumulative loss (1,948,081) (1,948,081) Total American Tax Credit Properties III L.P. -- -- General partner Capital contributions, net of distributions 100 100 Cumulative loss (5,030,967) (4,800,211) Total General partner (5,030,867) (4,800,111) Total equity (deficit) (5,030,867) (4,800,111) Total liabilities & equity (deficit) $ 722,125 $ 901,751 The combined statements of operations of the Local Partnerships for the years ended December 31, 2017 and 2016 are as follows: 2017 2016 REVENUE Rental $ 429,155 $ 981,398 Interest and other 2,734 13,908 Total Revenue 431,889 995,306 EXPENSES Administrative 55,049 120,345 Payroll 73,709 113,930 Utilities 80,754 134,945 Operating and maintenance 79,768 166,953 Taxes and insurance 76,798 149,389 Financial 47,363 151,177 Depreciation and amortization 249,204 380,435 Total Expenses 662,645 1,217,174 LOSS BEFORE GAIN ON SALE OF PROPERTY (230,756) (221,868) GAIN ON SALE OF PROPERTY -- 711,374 NET INCOME (LOSS) $ (230,756) $ 489,506 NET INCOME (LOSS) ATTRIBUTABLE TO American Tax Credit Properties III L.P. $ -- $ -- General partners and other limited partners (includes $228,448 and $217,171 of Partnership losses in excess of investment and specially allocated income of $702,870 in 2016) (230,756) 489,506 $ (230,756) $ 489,506

6. Transactions With General Pa

6. Transactions With General Partner and Affiliates	12 Months Ended
	Mar. 30, 2018
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 0.14% of Invested Assets (as such term is defined in the Partnership Agreement), while the annual Additional Management Fee is equal to 0.06% 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 $18,341 and $23,502 for the years ended March 30, 2018 and 2017, respectively, and Additional Management Fees of $845 and $1,400 for the years ended March 30, 2018 and 2017, 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 $1,308,031 and $1,550,500 are included in payable to general partner and affiliates in the accompanying balance sheets as of March 30, 2018 and 2017, 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 (Loss)

7. Taxable Income (Loss)	12 Months Ended
	Mar. 30, 2018
Notes
7. Taxable Income (Loss)	7. Taxable Income (Loss) A reconciliation of the financial statement net income (loss) of the Partnership for the years ended March 30, 2018 and 2017 to the tax return income (loss) for the years ended December 31, 2017 and 2016 is as follows: 2018 2017 Financial statement net income (loss) for the years ended March 30, 2018 and 2017 $ (88,537) $ 781,602 Add (less) net transactions occurring between January 1, 2016 and March 30, 2016 -- (72,175) January 1, 2017 and March 30, 2017 (19,547) 19,547 January 1, 2018 and March 30, 2018 23,693 -- Adjusted financial statement net income (loss) for the years ended December 31, 2017 and 2016 (84,391) 873,324 Management Fees and Administration Fees deductible for tax purposes when paid (686,599) 49,036 Equity in income (loss) of investment in local partnerships (221,866) 866,064 Gain on sale of limited partner interests/local partnership properties (7,000) 249,847 Other income from local partnerships -- (6,967) Other differences 384 623 Tax return income (loss) for the years ended December 31, 2017 and 2016 $ (999,472) $ 2,031,927 The differences between investment in local partnerships for financial reporting and tax purposes as of December 31, 2017 and 2016 are as follows: 2017 2016 Investment in local partnerships - financial reporting $ -- $ -- Investment in local partnerships - tax (5,508,058) (5,283,192) $ 5,508,058 $ 5,283,192 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, 2018
Notes
8. Fair Value of Financial Instruments	8. Fair Value of Financial Instruments The 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 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 carrying amount approximates fair value.

9. Going Concern Considerations

9. Going Concern Considerations	12 Months Ended
	Mar. 30, 2018
Notes
9. Going Concern Considerations	9. Going Concern Considerations As of March 30, 2018, the Partnership’s current liabilities exceed its liquid assets by approximately $2,323,000; such deficit is the result of accrued Management Fees and Administration Fees totaling approximately $2,614,000 (see Note 6). The General Partner and RAM have historically not required the payment of such fees on a current basis and have agreed to continue to defer receipt of such fees until such time as the Partnership has liquid assets available for payment. Management of the Partnership believes that such deferral will provide the Partnership with the ability to meet its other obligations as they come due for at least the twelve month period beginning on June 25, 2018.

1. Organization, Purpose and 18

1. Organization, Purpose and Summary of Significant Accounting Policies: Basis of Accounting and Fiscal Year (Policies)	12 Months Ended
	Mar. 30, 2018
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 19

1. Organization, Purpose and Summary of Significant Accounting Policies: Investment in Local Partnerships (Policies)	12 Months Ended
	Mar. 30, 2018
Policies
Investment in Local Partnerships	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 in a prior year. 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 herein Note 1, the Partnership’s investment in local partnerships reached a zero balance in a prior year. 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.

1. Organization, Purpose and 20

1. Organization, Purpose and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)	12 Months Ended
	Mar. 30, 2018
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 21

1. Organization, Purpose and Summary of Significant Accounting Policies: Fair Value Measurements (Policies)	12 Months Ended
	Mar. 30, 2018
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 22

1. Organization, Purpose and Summary of Significant Accounting Policies: Income Taxes (Policies)	12 Months Ended
	Mar. 30, 2018
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 2013 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 23

1. Organization, Purpose and Summary of Significant Accounting Policies: Use of Estimates (Policies)	12 Months Ended
	Mar. 30, 2018
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 Partne24

5. Investment in Local Partnerships: Combined Balance Sheets of the Local Partnerships (Tables)	12 Months Ended
	Mar. 30, 2018
Tables/Schedules
Combined Balance Sheets of the Local Partnerships	2017 2016 ASSETS Cash and cash equivalents $ 134,233 $ 91,918 Rents receivable 10,959 7,448 Escrow deposits and reserves 4,879 57,171 Land 2 2 Buildings and improvements (net of accumulated depreciation of $5,692,901 and $5,443,697) 462,758 631,253 Other assets 109,294 113,959 Total assets $ 722,125 $ 901,751 LIABILITIES AND PARTNERS' EQUITY (DEFICIT) Liabilities Accounts payable and accrued expenses $ 37,617 $ 34,374 Due to related parties 657,410 657,403 Mortgage loans 3,869,930 3,869,930 Accrued interest 1,146,641 1,099,278 Other liabilities 41,394 40,877 Total liabilities 5,752,992 5,701,862 Partners' equity (deficit) American Tax Credit Properties III L.P. Capital contributions, net of distributions 1,948,081 1,948,081 Cumulative loss (1,948,081) (1,948,081) Total American Tax Credit Properties III L.P. -- -- General partner Capital contributions, net of distributions 100 100 Cumulative loss (5,030,967) (4,800,211) Total General partner (5,030,867) (4,800,111) Total equity (deficit) (5,030,867) (4,800,111) Total liabilities & equity (deficit) $ 722,125 $ 901,751

5. Investment in Local Partne25

5. Investment in Local Partnerships: Combined Statements of Operations of the Local Partnerships (Tables)	12 Months Ended
	Mar. 30, 2018
Tables/Schedules
Combined Statements of Operations of the Local Partnerships	2017 2016 REVENUE Rental $ 429,155 $ 981,398 Interest and other 2,734 13,908 Total Revenue 431,889 995,306 EXPENSES Administrative 55,049 120,345 Payroll 73,709 113,930 Utilities 80,754 134,945 Operating and maintenance 79,768 166,953 Taxes and insurance 76,798 149,389 Financial 47,363 151,177 Depreciation and amortization 249,204 380,435 Total Expenses 662,645 1,217,174 LOSS BEFORE GAIN ON SALE OF PROPERTY (230,756) (221,868) GAIN ON SALE OF PROPERTY -- 711,374 NET INCOME (LOSS) $ (230,756) $ 489,506 NET INCOME (LOSS) ATTRIBUTABLE TO American Tax Credit Properties III L.P. $ -- $ -- General partners and other limited partners (includes $228,448 and $217,171 of Partnership losses in excess of investment and specially allocated income of $702,870 in 2016) (230,756) 489,506 $ (230,756) $ 489,506

7. Taxable Income (Loss)_ Recon

7. Taxable Income (Loss): Reconciliation of Financial Statement Net Income (Loss) to the Tax Return Income (Loss) (Tables)	12 Months Ended
	Mar. 30, 2018
Tables/Schedules
Reconciliation of Financial Statement Net Income (Loss) to the Tax Return Income (Loss)	2018 2017 Financial statement net income (loss) for the years ended March 30, 2018 and 2017 $ (88,537) $ 781,602 Add (less) net transactions occurring between January 1, 2016 and March 30, 2016 -- (72,175) January 1, 2017 and March 30, 2017 (19,547) 19,547 January 1, 2018 and March 30, 2018 23,693 -- Adjusted financial statement net income (loss) for the years ended December 31, 2017 and 2016 (84,391) 873,324 Management Fees and Administration Fees deductible for tax purposes when paid (686,599) 49,036 Equity in income (loss) of investment in local partnerships (221,866) 866,064 Gain on sale of limited partner interests/local partnership properties (7,000) 249,847 Other income from local partnerships -- (6,967) Other differences 384 623 Tax return income (loss) for the years ended December 31, 2017 and 2016 $ (999,472) $ 2,031,927

7. Taxable Income (Loss)_ Diffe

7. Taxable Income (Loss): Differences Between Investment in Local Partnerships for Financial Reporting and Tax Purposes (Tables)	12 Months Ended
	Mar. 30, 2018
Tables/Schedules
Differences Between Investment in Local Partnerships for Financial Reporting and Tax Purposes	2017 2016 Investment in local partnerships - financial reporting $ -- $ -- Investment in local partnerships - tax (5,508,058) (5,283,192) $ 5,508,058 $ 5,283,192

2. Capital Contributions and 28

2. Capital Contributions and Distributions (Details) - USD ($)	12 Months Ended
	Mar. 30, 2017	Mar. 30, 2018
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
State Withholding Taxes Paid - Distribution to Limited Partners	$ 63,215

3. Cash and Cash Equivalents (D

3. Cash and Cash Equivalents (Details) - USD ($)	Mar. 30, 2018	Mar. 30, 2017	Mar. 30, 2016
Details
Cash and cash equivalents	$ 4,009	$ 62,429	$ 110,119
Maximum insured at each institution	$ 250,000

4. Investment in Pemberwick F30

4. Investment in Pemberwick Fund (Details)	May 31, 2018$ / shares	Mar. 30, 2018USD ($)$ / shares	Mar. 30, 2017USD ($)$ / shares
Details
Weighted Average Duration of Pemberwick's assets in years		3.18
Pemberwick Net Asset Value | $ / shares	$ 9.99	$ 9.98	$ 10.03
Investment in Pemberwick Fund - a short duration bond fund		$ 309,296	$ 832,364
Unrealized loss reflected as accumulated other comprehensive loss		2,618
Aggregate interest revenue from investment in Pemberwick		$ 57,021

4. Investment in Pemberwick F31

4. Investment in Pemberwick Fund: Advisory Fee (Details) - USD ($)	12 Months Ended
	Mar. 30, 2018	Mar. 30, 2017
Details
Advisory Fee	$ 596	$ 1,318

5. Investment in Local Partne32

5. Investment in Local Partnerships (Details) - USD ($)	12 Months Ended
	Mar. 30, 2017	Dec. 31, 2016	Mar. 30, 2018
Capital contributions in the aggregate			$ 29,384,966
Proceeds in connection with sale of limited partner interests/local partnership properties	$ 879,937
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	879,937
Summerfield Apartments Limited Partnership
Gain on sale of Property		$ 711,374
Proceeds in connection with sale of limited partner interests/local partnership properties	857,937
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	857,937
Hurlock Meadow Limited Partnership
Proceeds in connection with sale of limited partner interests/local partnership properties	15,000
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	15,000
Country View Apartments
Proceeds in connection with sale of limited partner interests/local partnership properties	7,000
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	$ 7,000

5. Investment in Local Partne33

5. Investment in Local Partnerships: Partnership losses in excess of investment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Details
Excess Losses Applied to Other Partners' Capital	$ 228,448	$ 217,171

5. Investment in Local Partne34

5. Investment in Local Partnerships: Combined Balance Sheets of the Local Partnerships (Details) - Combined Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Cash and cash equivalents	$ 134,233	$ 91,918
Rents receivable	10,959	7,448
Escrow deposits and reserves	4,879	57,171
Land	2	2
Buildings and improvements, net	462,758	631,253
Other assets	109,294	113,959
Total assets	722,125	901,751
Accounts payable and accrued expenses	37,617	34,374
Due to related parties	657,410	657,403
Mortgage loans	3,869,930	3,869,930
Accrued interest	1,146,641	1,099,278
Other liabilities	41,394	40,877
Total liabilities	5,752,992	5,701,862
American Tax Credit Properties III L.P. Capital contributions, net of distributions	1,948,081	1,948,081
American Tax Credit Properties III L.P. Cumulative loss	(1,948,081)	(1,948,081)
General Partner Capital contributions, net of distributions	100	100
General Partner Cumulative loss	(5,030,967)	(4,800,211)
Total General partner	(5,030,867)	(4,800,111)
Total equity (deficit)	(5,030,867)	(4,800,111)
Total liabilities & equity (deficit)	$ 722,125	$ 901,751

5. Investment in Local Partne35

5. Investment in Local Partnerships: Combined Statements of Operations of the Local Partnerships (Details) - Combined Statements Of Operations - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Rental	$ 429,155	$ 981,398
Interest and other	2,734	13,908
TOTAL REVENUE	431,889	995,306
Administrative	55,049	120,345
Payroll	73,709	113,930
Utilities	80,754	134,945
Operating and maintenance	79,768	166,953
Taxes and insurance	76,798	149,389
Financial	47,363	151,177
Depreciation and amortization	249,204	380,435
TOTAL EXPENSES	662,645	1,217,174
LOSS BEFORE GAIN ON SALE OF PROPERTY	(230,756)	(221,868)
GAIN ON SALE OF PROPERTY		711,374
NET INCOME (LOSS)	(230,756)	489,506
Net Income (Loss) Attributable To General partners and other limited partners (includes $228,448 and $217,171 of Partnership losses in excess of investment and specially allocated income of $702,870 in 2016)	$ (230,756)	$ 489,506

6. Transactions With General 36

6. Transactions With General Partner and Affiliates (Details) - USD ($)	12 Months Ended
	Mar. 30, 2018	Mar. 30, 2017
Details
Maximum Annual Management Fee	The annual Management Fee is equal to the greater of $100,000 or 0.14% of Invested Assets (as such term is defined in the Partnership Agreement), while the annual Additional Management Fee is equal to 0.06% of Invested Assets	The annual Management Fee is equal to the greater of $100,000 or 0.14% of Invested Assets (as such term is defined in the Partnership Agreement), while the annual Additional Management Fee is equal to 0.06% 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	$ 18,341	$ 23,502
Incurred Additional Management Fees	$ 845	$ 1,400
Maximum Annual Administration Fee	The annual Administration Fee is equal to the greater of $100,000 or 0.14% of Invested Assets, while the annual Additional Administration Fee is equal to 0.06% 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 0.14% of Invested Assets, while the annual Additional Administration Fee is equal to 0.06% of Invested Assets. The cumulative total of the administration fees and management fees is limited as described above herein Note 6.
Incurred Administration Fees	$ 18,341	$ 23,502
Incurred Additional Administration Fees	$ 845	$ 1,400

6. Transactions With General 37

6. Transactions With General Partner and Affiliates: Unpaid Management and Additional Management Fees (Details) - USD ($)	Mar. 30, 2018	Mar. 30, 2017
Details
Unpaid Management and Additional Management Fees Included in Payable to General Partner and Affiliates	$ 1,308,031	$ 1,550,500

6. Transactions With General 38

6. Transactions With General Partner and Affiliates: Unpaid Administration and Additional Administration Fees (Details) - USD ($)	Mar. 30, 2018	Mar. 30, 2017
Details
Unpaid Administration Fees and Additional Administration Fees Included in Payable to General Partner and Affiliates	$ 1,306,160	$ 1,551,184

7. Taxable Income (Loss)_ Rec39

7. Taxable Income (Loss): Reconciliation of Financial Statement Net Income (Loss) to the Tax Return Income (Loss) (Details) - USD ($)	3 Months Ended			12 Months Ended
	Mar. 30, 2018	Mar. 30, 2017	Mar. 30, 2016	Mar. 30, 2018	Dec. 31, 2017	Mar. 30, 2017	Dec. 31, 2016
Details
NET INCOME (LOSS)				$ (88,537)		$ 781,602
Add (less) net transactions occurring between Jan 1 and Mar 30	$ 23,693	$ 19,547	$ (72,175)
Adjusted financial statement net income (loss) for the years ended December 31, 2017 and 2016					$ (84,391)		$ 873,324
Management Fees and Administration Fees deductible for tax purposes when paid					(686,599)		49,036
Equity in income (loss) of investment in local partnerships					(221,866)		866,064
Gain on sale of limited partner interests / local partnership properties					(7,000)		249,847
Other income from local partnerships							(6,967)
Other differences					384		623
Tax return income (loss) for the years ended December 31, 2017 and 2016					$ (999,472)		$ 2,031,927

7. Taxable Income (Loss)_ Dif40

7. Taxable Income (Loss): Differences Between Investment in Local Partnerships for Financial Reporting and Tax Purposes (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Details
Investment in local partnerships - tax	$ (5,508,058)	$ (5,283,192)
Differences between the investment in local partnerships for tax and financial reporting purposes	$ 5,508,058	$ 5,283,192