Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Dec. 31, 2014 | |
Document Information [Line Items] | |
Entity Registrant Name | BOSTON CAPITAL TAX CREDIT FUND III L P |
Entity Central Index Key | 879555 |
Current Fiscal Year End Date | -28 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 0 |
Document Type | 10-Q |
Amendment Flag | FALSE |
Document Period End Date | 31-Dec-14 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2015 |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $3,054,119 | $2,294,311 |
Other assets | 2,200 | 2,200 |
Assets | 3,056,319 | 2,296,511 |
LIABILITIES | ||
Accounts payable & accrued expenses | 66,234 | 23,234 |
Accounts payable affiliates (Note C) | 17,127,538 | 18,789,507 |
Capital contributions payable (Note D) | 76,455 | 85,274 |
Liabilities | 17,270,227 | 18,898,015 |
PARTNERS' CAPITAL (DEFICIT) | ||
Limited Partners Interest | -12,261,121 | -14,624,840 |
General Partner | -1,952,787 | -1,976,664 |
Partners' capital (deficit) | -14,213,908 | -16,601,504 |
Liabilities and Stockholders' Equity | 3,056,319 | 2,296,511 |
Series Fifteen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 423,694 | 161,422 |
Other assets | 0 | 0 |
Assets | 423,694 | 161,422 |
LIABILITIES | ||
Accounts payable & accrued expenses | 9,246 | 1,246 |
Accounts payable affiliates (Note C) | 3,676,694 | 4,038,349 |
Capital contributions payable (Note D) | 0 | 0 |
Liabilities | 3,685,940 | 4,039,595 |
PARTNERS' CAPITAL (DEFICIT) | ||
Limited Partners Interest | -2,907,434 | -3,517,202 |
General Partner | -354,812 | -360,971 |
Partners' capital (deficit) | -3,262,246 | -3,878,173 |
Liabilities and Stockholders' Equity | 423,694 | 161,422 |
Series Sixteen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 407,440 | 176,922 |
Other assets | 0 | 0 |
Assets | 407,440 | 176,922 |
LIABILITIES | ||
Accounts payable & accrued expenses | 18,488 | 4,488 |
Accounts payable affiliates (Note C) | 8,156,624 | 7,995,499 |
Capital contributions payable (Note D) | 50,008 | 50,008 |
Liabilities | 8,225,120 | 8,049,995 |
PARTNERS' CAPITAL (DEFICIT) | ||
Limited Partners Interest | -7,272,895 | -7,327,734 |
General Partner | -544,785 | -545,339 |
Partners' capital (deficit) | -7,817,680 | -7,873,073 |
Liabilities and Stockholders' Equity | 407,440 | 176,922 |
Series Seventeen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 255,787 | 799,176 |
Other assets | 2,200 | 2,200 |
Assets | 257,987 | 801,376 |
LIABILITIES | ||
Accounts payable & accrued expenses | 17,500 | 10,000 |
Accounts payable affiliates (Note C) | 691,429 | 2,208,860 |
Capital contributions payable (Note D) | 7,893 | 16,712 |
Liabilities | 716,822 | 2,235,572 |
PARTNERS' CAPITAL (DEFICIT) | ||
Limited Partners Interest | -37,298 | -1,002,905 |
General Partner | -421,537 | -431,291 |
Partners' capital (deficit) | -458,835 | -1,434,196 |
Liabilities and Stockholders' Equity | 257,987 | 801,376 |
Series Eighteen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 565,975 | 355,319 |
Other assets | 0 | 0 |
Assets | 565,975 | 355,319 |
LIABILITIES | ||
Accounts payable & accrued expenses | 11,000 | 0 |
Accounts payable affiliates (Note C) | 4,602,791 | 4,546,799 |
Capital contributions payable (Note D) | 18,554 | 18,554 |
Liabilities | 4,632,345 | 4,565,353 |
PARTNERS' CAPITAL (DEFICIT) | ||
Limited Partners Interest | -3,715,479 | -3,857,706 |
General Partner | -350,891 | -352,328 |
Partners' capital (deficit) | -4,066,370 | -4,210,034 |
Liabilities and Stockholders' Equity | 565,975 | 355,319 |
Series Nineteen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 1,401,223 | 801,472 |
Other assets | 0 | 0 |
Assets | 1,401,223 | 801,472 |
LIABILITIES | ||
Accounts payable & accrued expenses | 10,000 | 7,500 |
Accounts payable affiliates (Note C) | 0 | 0 |
Capital contributions payable (Note D) | 0 | 0 |
Liabilities | 10,000 | 7,500 |
PARTNERS' CAPITAL (DEFICIT) | ||
Limited Partners Interest | 1,671,985 | 1,080,707 |
General Partner | -280,762 | -286,735 |
Partners' capital (deficit) | 1,391,223 | 793,972 |
Liabilities and Stockholders' Equity | $1,401,223 | $801,472 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Sep. 04, 1993 |
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 | $10 |
Units of limited partnership interest, authorized | 22,000,000 | 22,000,000 | 20,000,000 |
Units of limited partnership interest, issued | 21,996,102 | 21,996,102 | |
Units of limited partnership interest, outstanding | 21,937,787 | 21,981,089 | |
Series Fifteen [Member] | |||
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 | |
Units of limited partnership interest, authorized | 22,000,000 | 22,000,000 | |
Units of limited partnership interest, issued | 3,870,500 | 3,870,500 | |
Units of limited partnership interest, outstanding | 3,858,400 | 3,865,900 | |
Series Sixteen [Member] | |||
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 | |
Units of limited partnership interest, authorized | 22,000,000 | 22,000,000 | |
Units of limited partnership interest, issued | 5,429,402 | 5,429,402 | |
Units of limited partnership interest, outstanding | 5,412,800 | 5,423,102 | |
Series Seventeen [Member] | |||
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 | |
Units of limited partnership interest, authorized | 22,000,000 | 22,000,000 | |
Units of limited partnership interest, issued | 5,000,000 | 5,000,000 | |
Units of limited partnership interest, outstanding | 4,980,687 | 4,995,887 | |
Series Eighteen [Member] | |||
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 | |
Units of limited partnership interest, authorized | 22,000,000 | 22,000,000 | |
Units of limited partnership interest, issued | 3,616,200 | 3,616,200 | |
Units of limited partnership interest, outstanding | 3,612,200 | 3,616,200 | |
Series Nineteen [Member] | |||
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 | |
Units of limited partnership interest, authorized | 22,000,000 | 22,000,000 | |
Units of limited partnership interest, issued | 4,080,000 | 4,080,000 | |
Units of limited partnership interest, outstanding | 4,073,700 | 4,080,000 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income | ||||
Interest income | $997 | $2,143 | $2,961 | $9,085 |
Other income | 10,380 | 322 | 15,525 | 95,272 |
Total income | 11,377 | 2,465 | 18,486 | 104,357 |
Share of Income from Operating Partnerships (Note D) | 2,475,964 | 92,543 | 2,865,664 | 6,482,880 |
Expenses | ||||
Professional fees | 9,416 | 18,190 | 142,094 | 170,070 |
Fund management fee, net (Note C) | -41,310 | 132,835 | 279,895 | 438,621 |
General and administrative expenses | 32,504 | 58,611 | 74,565 | 106,696 |
Operating expenses | 610 | 209,636 | 496,554 | 715,387 |
NET INCOME (LOSS) | 2,486,731 | -114,628 | 2,387,596 | 5,871,850 |
Net income (loss) allocated to limited assignees | 2,461,863 | -113,482 | 2,363,719 | 5,813,131 |
Net income (loss) allocated to general partner | 24,868 | -1,146 | 23,877 | 58,719 |
Net income (loss) per BAC (in dollars per share) | $0.11 | ($0.01) | $0.11 | $0.26 |
Series Fifteen [Member] | ||||
Income | ||||
Interest income | 117 | 80 | 437 | 289 |
Other income | 0 | 0 | 321 | 2,505 |
Total income | 117 | 80 | 758 | 2,794 |
Share of Income from Operating Partnerships (Note D) | 317,642 | 20,746 | 700,342 | 20,746 |
Expenses | ||||
Professional fees | 1,841 | 1,255 | 28,538 | 33,265 |
Fund management fee, net (Note C) | 24,047 | 33,087 | 42,290 | 86,422 |
General and administrative expenses | 6,456 | 11,316 | 14,345 | 20,635 |
Operating expenses | 32,344 | 45,658 | 85,173 | 140,322 |
NET INCOME (LOSS) | 285,415 | -24,832 | 615,927 | -116,782 |
Net income (loss) allocated to limited assignees | 282,561 | -24,584 | 609,768 | -115,614 |
Net income (loss) allocated to general partner | 2,854 | -248 | 6,159 | -1,168 |
Net income (loss) per BAC (in dollars per share) | $0.07 | ($0.01) | $0.16 | ($0.03) |
Series Sixteen [Member] | ||||
Income | ||||
Interest income | 121 | 96 | 339 | 466 |
Other income | 200 | 200 | 861 | 10,222 |
Total income | 321 | 296 | 1,200 | 10,688 |
Share of Income from Operating Partnerships (Note D) | 247,999 | 0 | 254,999 | 791,031 |
Expenses | ||||
Professional fees | 1,841 | 2,973 | 33,945 | 48,703 |
Fund management fee, net (Note C) | 51,382 | 55,813 | 149,126 | 159,485 |
General and administrative expenses | 7,998 | 14,521 | 17,735 | 25,604 |
Operating expenses | 61,221 | 73,307 | 200,806 | 233,792 |
NET INCOME (LOSS) | 187,099 | -73,011 | 55,393 | 567,927 |
Net income (loss) allocated to limited assignees | 185,228 | -72,281 | 54,839 | 562,248 |
Net income (loss) allocated to general partner | 1,871 | -730 | 554 | 5,679 |
Net income (loss) per BAC (in dollars per share) | $0.03 | ($0.01) | $0.01 | $0.10 |
Series Seventeen [Member] | ||||
Income | ||||
Interest income | 152 | 1,438 | 660 | 1,724 |
Other income | 0 | 122 | 4,080 | 34,998 |
Total income | 152 | 1,560 | 4,740 | 36,722 |
Share of Income from Operating Partnerships (Note D) | 1,138,960 | 56,779 | 1,138,960 | 5,643,085 |
Expenses | ||||
Professional fees | 1,841 | 1,255 | 33,635 | 28,305 |
Fund management fee, net (Note C) | 30,692 | 33,773 | 119,417 | 87,146 |
General and administrative expenses | 6,701 | 12,690 | 15,287 | 22,802 |
Operating expenses | 39,234 | 47,718 | 168,339 | 138,253 |
NET INCOME (LOSS) | 1,099,878 | 10,621 | 975,361 | 5,541,554 |
Net income (loss) allocated to limited assignees | 1,088,879 | 10,515 | 965,607 | 5,486,138 |
Net income (loss) allocated to general partner | 10,999 | 106 | 9,754 | 55,416 |
Net income (loss) per BAC (in dollars per share) | $0.22 | $0 | $0.19 | $1.10 |
Series Eighteen [Member] | ||||
Income | ||||
Interest income | 87 | 78 | 271 | 215 |
Other income | 10,180 | 0 | 10,180 | 47,433 |
Total income | 10,267 | 78 | 10,451 | 47,648 |
Share of Income from Operating Partnerships (Note D) | 266,641 | 15,018 | 266,641 | 28,018 |
Expenses | ||||
Professional fees | 1,841 | 1,255 | 26,040 | 25,920 |
Fund management fee, net (Note C) | 8,475 | -5,456 | 94,482 | 64,734 |
General and administrative expenses | 5,709 | 9,776 | 12,906 | 18,360 |
Operating expenses | 16,025 | 5,575 | 133,428 | 109,014 |
NET INCOME (LOSS) | 260,883 | 9,521 | 143,664 | -33,348 |
Net income (loss) allocated to limited assignees | 258,274 | 9,426 | 142,227 | -33,015 |
Net income (loss) allocated to general partner | 2,609 | 95 | 1,437 | -333 |
Net income (loss) per BAC (in dollars per share) | $0.07 | $0 | $0.04 | ($0.01) |
Series Nineteen [Member] | ||||
Income | ||||
Interest income | 520 | 451 | 1,254 | 6,391 |
Other income | 0 | 0 | 83 | 114 |
Total income | 520 | 451 | 1,337 | 6,505 |
Share of Income from Operating Partnerships (Note D) | 504,722 | 0 | 504,722 | 0 |
Expenses | ||||
Professional fees | 2,052 | 11,452 | 19,936 | 33,877 |
Fund management fee, net (Note C) | -155,906 | 15,618 | -125,420 | 40,834 |
General and administrative expenses | 5,640 | 10,308 | 14,292 | 19,295 |
Operating expenses | -148,214 | 37,378 | -91,192 | 94,006 |
NET INCOME (LOSS) | 653,456 | -36,927 | 597,251 | -87,501 |
Net income (loss) allocated to limited assignees | 646,921 | -36,558 | 591,278 | -86,626 |
Net income (loss) allocated to general partner | $6,535 | ($369) | $5,973 | ($875) |
Net income (loss) per BAC (in dollars per share) | $0.16 | ($0.01) | $0.15 | ($0.02) |
CONDENSED_STATEMENTS_OF_CHANGE
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) (USD $) | Total | Assignees [Member] | General Partner [Member] | Series Fifteen [Member] | Series Fifteen [Member] | Series Fifteen [Member] | Series Sixteen [Member] | Series Sixteen [Member] | Series Sixteen [Member] | Series Seventeen [Member] | Series Seventeen [Member] | Series Seventeen [Member] | Series Eighteen [Member] | Series Eighteen [Member] | Series Eighteen [Member] | Series Nineteen [Member] | Series Nineteen [Member] | Series Nineteen [Member] |
Assignees [Member] | General Partner [Member] | Assignees [Member] | General Partner [Member] | Assignees [Member] | General Partner [Member] | Assignees [Member] | General Partner [Member] | Assignees [Member] | General Partner [Member] | |||||||||
Partners' capital (deficit) at Mar. 31, 2014 | ($16,601,504) | ($14,624,840) | ($1,976,664) | ($3,878,173) | ($3,517,202) | ($360,971) | ($7,873,073) | ($7,327,734) | ($545,339) | ($1,434,196) | ($1,002,905) | ($431,291) | ($4,210,034) | ($3,857,706) | ($352,328) | $793,972 | $1,080,707 | ($286,735) |
Net income | 2,387,596 | 2,363,719 | 23,877 | 615,927 | 609,768 | 6,159 | 55,393 | 54,839 | 554 | 975,361 | 965,607 | 9,754 | 143,664 | 142,227 | 1,437 | 597,251 | 591,278 | 5,973 |
Partners' capital (deficit) at Dec. 31, 2014 | -14,213,908 | -12,261,121 | -1,952,787 | -3,262,246 | -2,907,434 | -354,812 | -7,817,680 | -7,272,895 | -544,785 | -458,835 | -37,298 | -421,537 | -4,066,370 | -3,715,479 | -350,891 | 1,391,223 | 1,671,985 | -280,762 |
Partners' capital (deficit) at Sep. 30, 2014 | ||||||||||||||||||
Net income | 2,486,731 | 285,415 | 187,099 | 1,099,878 | 260,883 | 653,456 | ||||||||||||
Partners' capital (deficit) at Dec. 31, 2014 | ($14,213,908) | ($3,262,246) | ($7,817,680) | ($458,835) | ($4,066,370) | $1,391,223 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Cash flows from operating activities: | ||||
Net Income (Loss) | $2,387,596 | $5,871,850 | ||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||
Share of Income from Operating Partnerships | -2,865,664 | -6,482,880 | ||
Changes in assets and liabilities | ||||
Increase in accounts payable and accrued expenses | 43,000 | 26,288 | ||
Decrease in other assets | 0 | 2,200 | ||
(Decrease) Increase in accounts payable affiliates | -1,661,969 | -1,650,451 | ||
Net cash (used in) provided by operating activities | -2,097,037 | -2,232,993 | ||
Cash flows from investing activities: | ||||
Proceeds from the disposition of Operating Partnerships | 2,856,845 | [1] | 6,541,794 | [2] |
Net cash provided by investing activities | 2,856,845 | 6,541,794 | ||
Cash flows from financing activities: | ||||
Distributions | 0 | -4,080,000 | ||
Net cash used in financing activities | 0 | -4,080,000 | ||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 759,808 | 228,801 | ||
Cash and cash equivalents, beginning | 2,294,311 | 5,933,101 | ||
Cash and cash equivalents, ending | 3,054,119 | 6,161,902 | ||
Series Fifteen [Member] | ||||
Cash flows from operating activities: | ||||
Net Income (Loss) | 615,927 | -116,782 | ||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||
Share of Income from Operating Partnerships | -700,342 | -20,746 | ||
Changes in assets and liabilities | ||||
Increase in accounts payable and accrued expenses | 8,000 | 2,500 | ||
Decrease in other assets | 0 | 0 | ||
(Decrease) Increase in accounts payable affiliates | -361,655 | 61,739 | ||
Net cash (used in) provided by operating activities | -438,070 | -73,289 | ||
Cash flows from investing activities: | ||||
Proceeds from the disposition of Operating Partnerships | 700,342 | [1] | 20,746 | [2] |
Net cash provided by investing activities | 700,342 | 20,746 | ||
Cash flows from financing activities: | ||||
Distributions | 0 | 0 | ||
Net cash used in financing activities | 0 | 0 | ||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 262,272 | -52,543 | ||
Cash and cash equivalents, beginning | 161,422 | 184,136 | ||
Cash and cash equivalents, ending | 423,694 | 131,593 | ||
Series Sixteen [Member] | ||||
Cash flows from operating activities: | ||||
Net Income (Loss) | 55,393 | 567,927 | ||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||
Share of Income from Operating Partnerships | -254,999 | -791,031 | ||
Changes in assets and liabilities | ||||
Increase in accounts payable and accrued expenses | 14,000 | 4,488 | ||
Decrease in other assets | 0 | 0 | ||
(Decrease) Increase in accounts payable affiliates | 161,125 | -717,500 | ||
Net cash (used in) provided by operating activities | -24,481 | -936,116 | ||
Cash flows from investing activities: | ||||
Proceeds from the disposition of Operating Partnerships | 254,999 | [1] | 856,031 | [2] |
Net cash provided by investing activities | 254,999 | 856,031 | ||
Cash flows from financing activities: | ||||
Distributions | 0 | 0 | ||
Net cash used in financing activities | 0 | 0 | ||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 230,518 | -80,085 | ||
Cash and cash equivalents, beginning | 176,922 | 264,550 | ||
Cash and cash equivalents, ending | 407,440 | 184,465 | ||
Series Seventeen [Member] | ||||
Cash flows from operating activities: | ||||
Net Income (Loss) | 975,361 | 5,541,554 | ||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||
Share of Income from Operating Partnerships | -1,138,960 | -5,643,085 | ||
Changes in assets and liabilities | ||||
Increase in accounts payable and accrued expenses | 7,500 | 16,800 | ||
Decrease in other assets | 0 | 2,200 | ||
(Decrease) Increase in accounts payable affiliates | -1,517,431 | -1,100,958 | ||
Net cash (used in) provided by operating activities | -1,673,530 | -1,183,489 | ||
Cash flows from investing activities: | ||||
Proceeds from the disposition of Operating Partnerships | 1,130,141 | [1] | 5,636,999 | [2] |
Net cash provided by investing activities | 1,130,141 | 5,636,999 | ||
Cash flows from financing activities: | ||||
Distributions | 0 | 0 | ||
Net cash used in financing activities | 0 | 0 | ||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -543,389 | 4,453,510 | ||
Cash and cash equivalents, beginning | 799,176 | 258,319 | ||
Cash and cash equivalents, ending | 255,787 | 4,711,829 | ||
Series Eighteen [Member] | ||||
Cash flows from operating activities: | ||||
Net Income (Loss) | 143,664 | -33,348 | ||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||
Share of Income from Operating Partnerships | -266,641 | -28,018 | ||
Changes in assets and liabilities | ||||
Increase in accounts payable and accrued expenses | 11,000 | 2,500 | ||
Decrease in other assets | 0 | 0 | ||
(Decrease) Increase in accounts payable affiliates | 55,992 | 106,268 | ||
Net cash (used in) provided by operating activities | -55,985 | 47,402 | ||
Cash flows from investing activities: | ||||
Proceeds from the disposition of Operating Partnerships | 266,641 | [1] | 28,018 | [2] |
Net cash provided by investing activities | 266,641 | 28,018 | ||
Cash flows from financing activities: | ||||
Distributions | 0 | 0 | ||
Net cash used in financing activities | 0 | 0 | ||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 210,656 | 75,420 | ||
Cash and cash equivalents, beginning | 355,319 | 231,682 | ||
Cash and cash equivalents, ending | 565,975 | 307,102 | ||
Series Nineteen [Member] | ||||
Cash flows from operating activities: | ||||
Net Income (Loss) | 597,251 | -87,501 | ||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||
Share of Income from Operating Partnerships | -504,722 | 0 | ||
Changes in assets and liabilities | ||||
Increase in accounts payable and accrued expenses | 2,500 | 0 | ||
Decrease in other assets | 0 | 0 | ||
(Decrease) Increase in accounts payable affiliates | 0 | 0 | ||
Net cash (used in) provided by operating activities | 95,029 | -87,501 | ||
Cash flows from investing activities: | ||||
Proceeds from the disposition of Operating Partnerships | 504,722 | [1] | 0 | [2] |
Net cash provided by investing activities | 504,722 | 0 | ||
Cash flows from financing activities: | ||||
Distributions | 0 | -4,080,000 | ||
Net cash used in financing activities | 0 | -4,080,000 | ||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 599,751 | -4,167,501 | ||
Cash and cash equivalents, beginning | 801,472 | 4,994,414 | ||
Cash and cash equivalents, ending | $1,401,223 | $826,913 | ||
[1] | Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $8,819 for Series 17. | |||
[2] | Fund proceeds from disposition includes $65,000 recorded as a receivable as of December 31, 2012 for Series 16 and Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $6,086 for Series 17. |
ORGANIZATION
ORGANIZATION | 9 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE A - ORGANIZATION |
Boston Capital Tax Credit Fund III L.P. (the "Fund") was formed under the laws of the State of Delaware as of September 19, 1991 for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates III L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC III Assignor Corp., a Delaware corporation which is wholly-owned by Herbert F. Collins and John P. Manning. | |
Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective January 24, 1992 which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series. On September 4, 1993 the Fund filed an amendment to Form S-11 with the Securities and Exchange Commission which registered an additional 2,000,000 BACs at $10 per BAC for sale to the public in one or more series. The registration for the additional BACs became effective on October 6, 1993. Offers and sales of BACs in Series 15 through 19 of the Fund were completed and the last of the BACs in Series 15, 16, 17, 18 and 19 were issued by the Fund on September 26, 1992, December 28, 1992, September 17, 1993, September 22, 1993, and December 17, 1993, respectively. The Fund sold 3,870,500 of Series 15 BACs, for a total of $38,705,000; 5,429,402 of Series 16 BACs, for a total of $54,293,000; 5,000,000 of Series 17 BACs, for a total of $50,000,000; 3,616,200 of Series 18 BACs, for a total of $36,162,000; and 4,080,000 of Series 19 BACs, for a total of $40,800,000. As of December 31, 2014, 3,858,400 BACs in Series 15, 5,412,800 BACs in Series 16, 4,980,687 BACs in Series 17, 3,612,200 BACs in Series 18, and 4,073,700 BACs in Series 19, respectively, are outstanding. The Fund issued the last BACs in Series 19 on December 17, 1993. This concluded the Public Offering of the Fund. | |
ACCOUNTING_AND_FINANCIAL_REPOR
ACCOUNTING AND FINANCIAL REPORTING POLICIES | 9 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES |
The condensed financial statements included herein as of December 31, 2014 and for the nine months then ended have been prepared by the Fund, without audit. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account. | |
  | |
The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2014. | |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | ||
Dec. 31, 2014 | |||
Related Party Transactions [Abstract] | |||
Related Party Transactions Disclosure [Text Block] | NOTE C - RELATED PARTY TRANSACTIONS | ||
The Fund has entered into several transactions with various affiliates of its general partner, including Boston Capital Holdings LP, Boston Capital Partners, Inc., and Boston Capital Asset Management Limited Partnership, as follows: | |||
An annual fund management fee, based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships, has been accrued to Boston Capital Asset Management Limited Partnership.  Since reporting fees collected by the series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the three months ended December 31, 2014 and 2013 are as follows: | |||
        2014 |         2013 | ||
Series 15 | $ 25,047 | $ 34,167 | |
Series 16 | 54,498 | 56,813 | |
Series 17 | 45,952 | 51,406 | |
Series 18 | 39,240 | 42,534 | |
Series 19 |  12,094 |  15,618 | |
$176,831 | $200,538 | ||
The fund management fees paid for the three months ended December 31, 2014 and 2013 are as follows: | |||
2014 | 2013 | ||
Series 15 | $ Â Â 39,167 | $ - | |
Series 16 | - | 21,314 | |
Series 17 | 1,050,675 | 799,543 | |
Series 18 | - | 15,018 | |
Series 19 | Â Â Â 12,094 | Â Â 15,618 | |
$1,101,936 | $851,493 | ||
The fund management fees paid for the nine months ended December 31, 2014 and 2013 are as follows: | |||
2014 | 2013 | ||
Series 15 | $Â Â 442,613 | $40,762 | |
Series 16 | 7,000 | 898,680 | |
Series 17 | 1,657,355 | 1,286,166 | |
Series 18 | 75,000 | 28,018 | |
Series 19 | Â Â Â 43,330 | Â Â 52,224 | |
$2,225,298 | $2,305,850 | ||
INVESTMENTS_IN_OPERATING_PARTN
INVESTMENTS IN OPERATING PARTNERSHIPS | 9 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Investments In and Advance To Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | ||||||||||
Equity Method Investments Disclosure [Text Block] | NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS | |||||||||
At December 31, 2014 and 2013, the Fund had limited partnership interests in 71 and 96 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at December 31, 2014 and 2013 is as follows: | ||||||||||
2014 | 2013 | |||||||||
Series 15 | 18 | 24 | ||||||||
Series 16 | 21 | 28 | ||||||||
Series 17 | 13 | 18 | ||||||||
Series 18 | 13 | 18 | ||||||||
Series 19 |   6 |  8 | ||||||||
 71 | 96 | |||||||||
Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships.  These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.  The contributions payable at December 31, 2014 and 2013 are as follows: | ||||||||||
        2014 |         2013 | |||||||||
Series 15 | $      - | $      - | ||||||||
Series 16 | 50,008 | 50,008 | ||||||||
Series 17 | 7,893 | 16,712 | ||||||||
Series 18 | 18,554 | 18,554 | ||||||||
Series 19 |       - |       - | ||||||||
$Â 76,455 | $Â 85,274 | |||||||||
During the nine months ended December 31, 2014 the Fund disposed of twenty-four Operating Partnerships. A summary of the dispositions by Series for December 31, 2014 is as follows: | ||||||||||
Operating | Sale of | Fund Proceeds | Gain on | |||||||
Partnership | Underlying | from | Disposition | |||||||
Interest | Operating | Disposition* | ||||||||
Transferred | Partnership | |||||||||
Series 15 | 3 | 3 | $ | 700,342 | $ | 700,342 | ||||
Series 16 | 6 | 1 | 254,999 | 254,999 | ||||||
Series 17 | 3 | 1 | 1,130,141 | 1,138,960 | ||||||
Series 18 | 4 | 1 | 266,641 | 266,641 | ||||||
Series 19 | 1 | 1 | 504,722 | 504,722 | ||||||
Total | 17 | 7 | $ | 2,856,845 | $ | 2,865,664 | ||||
* Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $8,819 for Series 17. | ||||||||||
  | ||||||||||
During the nine months ended December 31, 2013 the Fund disposed of thirteen Operating Partnerships of which one Operating Partnership was included in both Series 18 and 19, and the Fund received additional proceeds from one operating limited partnership disposed of in the prior year. The Fund also had a partial disposition of one Operating Partnership in Series 17. A summary of the dispositions by Series for December 31, 2013 is as follows:Â | ||||||||||
Operating Partnership Interest Transferred | Sale of Underlying Operating Partnership | Fund Proceeds from Disposition* | Gain on Disposition | |||||||
Series 15 | 1 | - | $ | 20,746 | $ | 20,746 | ||||
Series 16 | 2 | 1 | 856,031 | 791,031 | ||||||
Series 17 | 6 | 1 | 5,636,999 | 5,643,085 | ||||||
Series 18 | 2 | - | 28,018 | 28,018 | ||||||
Series 19 | 1 | - | - | - | ||||||
Total | 12 | 2 | $ | 6,541,794 | $ | 6,482,880 | ||||
  | ||||||||||
* Fund proceeds from disposition includes $65,000 recorded as a receivable as of December 31, 2012 for Series 16 and Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $6,086 for Series 17. | ||||||||||
The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the condensed financial statements. | ||||||||||
  | ||||||||||
The Fund's fiscal year ends March 31st of each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnerships quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the nine months ended September 30, 2014. | ||||||||||
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS | ||||||||||
Nine Months Ended September 30, | ||||||||||
(Unaudited) | ||||||||||
2014 | 2013 | |||||||||
Revenues | ||||||||||
Rental | $13,517,497 | $16,682,066 | ||||||||
Interest and other | 364,282 | 455,684 | ||||||||
13,881,779 | 17,137,750 | |||||||||
Expenses | ||||||||||
Interest | 1,923,690 | 2,527,279 | ||||||||
Depreciation and amortization | 3,419,555 | 4,221,966 | ||||||||
Operating expenses | 10,128,033 | 12,280,544 | ||||||||
15,471,278 | 19,029,789 | |||||||||
NET LOSS | ($1,589,499) | ($1,892,039) | ||||||||
Net loss allocation to Boston | ||||||||||
Capital Tax Credit Fund | ||||||||||
III L.P.* | ($1,573,604) | ($1,873,117) | ||||||||
Net loss allocated to other | ||||||||||
Partners | ($15,895) | ($18,922) | ||||||||
 | ||||||||||
* Amounts include $1,573,604 and $1,873,117 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | ||||||||||
  | ||||||||||
The Fund accounts for its investments using the equity method of | ||||||||||
accounting. Under the equity method of accounting, the Fund adjusts | ||||||||||
its investment cost for its share of each Operating Partnership’s results of | ||||||||||
operations and for any distributions received or accrued. However, the | ||||||||||
Fund recognizes individual operating losses only to the extent of | ||||||||||
capital contributions. Excess losses are suspended for use in future years to | ||||||||||
offset excess income. | ||||||||||
Series 15 | ||||||||||
2014 | 2013 | |||||||||
Revenues | ||||||||||
Rental | $2,670,211 | $3,276,796 | ||||||||
Interest and other | 66,915 | 108,935 | ||||||||
2,737,126 | 3,385,731 | |||||||||
Expenses | ||||||||||
Interest | 364,843 | 497,145 | ||||||||
Depreciation and amortization | 639,706 | 867,066 | ||||||||
Operating expenses | 1,995,685 | 2,333,609 | ||||||||
3,000,234 | 3,697,820 | |||||||||
NET LOSS | ($263,108) | ($312,089) | ||||||||
Net loss allocation to Boston | ||||||||||
Capital Tax Credit Fund | ||||||||||
III L.P.* | ($260,477) | ($308,968) | ||||||||
Net loss allocated to other | ||||||||||
Partners | ($2,631) | ($3,121) | ||||||||
 | ||||||||||
* Amounts include $260,477 and $308,968 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | ||||||||||
  | ||||||||||
The Fund accounts for its investments using the equity method of | ||||||||||
accounting. Under the equity method of accounting, the Fund adjusts | ||||||||||
its investment cost for its share of each Operating Partnership’s results of | ||||||||||
operations and for any distributions received or accrued. However, the | ||||||||||
Fund recognizes individual operating losses only to the extent of | ||||||||||
capital contributions. Excess losses are suspended for use in future years to | ||||||||||
offset excess income. | ||||||||||
Series 16 | ||||||||||
2014 | 2013 | |||||||||
Revenues | ||||||||||
Rental | $3,804,610 | $4,613,847 | ||||||||
Interest and other | 57,426 | 61,237 | ||||||||
3,862,036 | 4,675,084 | |||||||||
Expenses | ||||||||||
Interest | 547,459 | 706,433 | ||||||||
Depreciation and amortization | 992,326 | 1,174,451 | ||||||||
Operating expenses | 2,873,155 | 3,455,300 | ||||||||
4,412,940 | 5,336,184 | |||||||||
NET LOSS | ($550,904) | ($661,100) | ||||||||
Net loss allocation to Boston | ||||||||||
Capital Tax Credit Fund | ||||||||||
III L.P.* | ($545,395) | ($654,489) | ||||||||
Net loss allocated to other | ||||||||||
Partners | ($5,509) | ($6,611) | ||||||||
* Amounts include $545,395 and $654,489 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | ||||||||||
The Fund accounts for its investments using the equity method of | ||||||||||
accounting. Under the equity method of accounting, the Fund adjusts | ||||||||||
its investment cost for its share of each Operating Partnership’s results of | ||||||||||
operations and for any distributions received or accrued. However, the | ||||||||||
Fund recognizes individual operating losses only to the extent of | ||||||||||
capital contributions. Excess losses are suspended for use in future years to | ||||||||||
offset excess income. | ||||||||||
Series 17 | ||||||||||
2014 | 2013 | |||||||||
Revenues | ||||||||||
Rental | $3,778,762 | $4,788,888 | ||||||||
Interest and other | 99,978 | 150,384 | ||||||||
3,878,740 | 4,939,272 | |||||||||
Expenses | ||||||||||
Interest | 532,663 | 683,596 | ||||||||
Depreciation and amortization | 891,821 | 1,165,367 | ||||||||
Operating expenses | 2,714,897 | 3,402,580 | ||||||||
4,139,381 | 5,251,543 | |||||||||
NET LOSS | ($260,641) | ($312,271) | ||||||||
Net loss allocation to Boston | ||||||||||
Capital Tax Credit Fund | ||||||||||
III L.P.* | ($258,034) | ($309,147) | ||||||||
Net loss allocated to other | ||||||||||
Partners | ($2,607) | ($3,124) | ||||||||
* Amounts include $258,034 and $309,147 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | ||||||||||
The Fund accounts for its investments using the equity method of | ||||||||||
accounting. Under the equity method of accounting, the Fund adjusts | ||||||||||
its investment cost for its share of each Operating Partnership’s results of | ||||||||||
operations and for any distributions received or accrued. However, the | ||||||||||
Fund recognizes individual operating losses only to the extent of | ||||||||||
capital contributions. Excess losses are suspended for use in future years to | ||||||||||
offset excess income. | ||||||||||
Series 18 | ||||||||||
2014 | 2013 | |||||||||
Revenues | ||||||||||
Rental | $2,410,791 | $2,951,593 | ||||||||
Interest and other | 86,733 | 97,182 | ||||||||
2,497,524 | 3,048,775 | |||||||||
Expenses | ||||||||||
Interest | 317,214 | 410,519 | ||||||||
Depreciation and amortization | 679,907 | 762,738 | ||||||||
Operating expenses | 1,838,418 | 2,271,493 | ||||||||
2,835,539 | 3,444,750 | |||||||||
NET LOSS | ($338,015) | ($395,975) | ||||||||
Net loss allocation to Boston | ||||||||||
Capital Tax Credit Fund | ||||||||||
III L.P.* | ($334,635) | ($392,015) | ||||||||
Net loss allocated to other | ||||||||||
Partners | ($3,380) | ($3,960) | ||||||||
* Amounts include $334,635 and $392,015 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | ||||||||||
The Fund accounts for its investments using the equity method of | ||||||||||
accounting. Under the equity method of accounting, the Fund adjusts | ||||||||||
its investment cost for its share of each Operating Partnership’s results of | ||||||||||
operations and for any distributions received or accrued. However, the | ||||||||||
Fund recognizes individual operating losses only to the extent of | ||||||||||
capital contributions. Excess losses are suspended for use in future years to | ||||||||||
offset excess income. | ||||||||||
Series 19 | ||||||||||
2014 | 2013 | |||||||||
Revenues | ||||||||||
Rental | $853,123 | $1,050,942 | ||||||||
Interest and other | 53,230 | 37,946 | ||||||||
906,353 | 1,088,888 | |||||||||
Expenses | ||||||||||
Interest | 161,511 | 229,586 | ||||||||
Depreciation and amortization | 215,795 | 252,344 | ||||||||
Operating expenses | 705,878 | 817,562 | ||||||||
1,083,184 | 1,299,492 | |||||||||
NET LOSS | ($176,831) | ($210,604) | ||||||||
Net loss allocation to Boston | ||||||||||
Capital Tax Credit Fund | ||||||||||
III L.P.* | ($175,063) | ($208,498) | ||||||||
Net loss allocated to other | ||||||||||
Partners | ($1,768) | ($2,106) | ||||||||
* Amounts include $175,063 and $208,498 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | ||||||||||
The Fund accounts for its investments using the equity method of | ||||||||||
accounting. Under the equity method of accounting, the Fund adjusts | ||||||||||
its investment cost for its share of each Operating Partnership’s results of | ||||||||||
operations and for any distributions received or accrued. However, the | ||||||||||
Fund recognizes individual operating losses only to the extent of | ||||||||||
capital contributions. Excess losses are suspended for use in future years to | ||||||||||
offset excess income. | ||||||||||
TAXABLE_LOSS
TAXABLE LOSS | 9 Months Ended |
Dec. 31, 2014 | |
Taxable Loss [Abstract] | |
Taxable Loss [Text Block] | NOTE E - TAXABLE LOSS |
The Fund's taxable loss for the calendar year ended December 31, 2014 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods. | |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Tax Relating To Partnership Disclosure [Text Block] | NOTE F - INCOME TAXES |
 The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2010 remain open. | |
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended | ||
Dec. 31, 2014 | |||
Related Party Transactions [Abstract] | |||
Schedule Of Gross Management Fee [Table Text Block] | The fund management fees accrued for the three months ended December 31, 2014 and 2013 are as follows: | ||
        2014 |         2013 | ||
Series 15 | $ 25,047 | $ 34,167 | |
Series 16 | 54,498 | 56,813 | |
Series 17 | 45,952 | 51,406 | |
Series 18 | 39,240 | 42,534 | |
Series 19 |  12,094 |  15,618 | |
$176,831 | $200,538 | ||
Schedule Of Management Fees Paid [Table Text Block] | The fund management fees paid for the three months ended December 31, 2014 and 2013 are as follows: | ||
2014 | 2013 | ||
Series 15 | $ Â Â 39,167 | $ - | |
Series 16 | - | 21,314 | |
Series 17 | 1,050,675 | 799,543 | |
Series 18 | - | 15,018 | |
Series 19 | Â Â Â 12,094 | Â Â 15,618 | |
$1,101,936 | $851,493 | ||
The fund management fees paid for the nine months ended December 31, 2014 and 2013 are as follows: | |||
2014 | 2013 | ||
Series 15 | $Â Â 442,613 | $40,762 | |
Series 16 | 7,000 | 898,680 | |
Series 17 | 1,657,355 | 1,286,166 | |
Series 18 | 75,000 | 28,018 | |
Series 19 | Â Â Â 43,330 | Â Â 52,224 | |
$2,225,298 | $2,305,850 | ||
INVESTMENTS_IN_OPERATING_PARTN1
INVESTMENTS IN OPERATING PARTNERSHIPS (Tables) | 9 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Investments In and Advance To Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | ||||||||||
Schedule Of Number Of Operating Partnerships [Table Text Block] | The breakdown of Operating Partnerships within the Fund at December 31, 2014 and 2013 is as follows: | |||||||||
2014 | 2013 | |||||||||
Series 15 | 18 | 24 | ||||||||
Series 16 | 21 | 28 | ||||||||
Series 17 | 13 | 18 | ||||||||
Series 18 | 13 | 18 | ||||||||
Series 19 |   6 |  8 | ||||||||
 71 | 96 | |||||||||
Schedule Of Contributions Payable [Table Text Block] | The contributions payable at December 31, 2014 and 2013 are as follows: | |||||||||
        2014 |         2013 | |||||||||
Series 15 | $      - | $      - | ||||||||
Series 16 | 50,008 | 50,008 | ||||||||
Series 17 | 7,893 | 16,712 | ||||||||
Series 18 | 18,554 | 18,554 | ||||||||
Series 19 |       - |       - | ||||||||
$Â 76,455 | $Â 85,274 | |||||||||
Schedule Of Dispositions By Series [Table Text Block] | During the nine months ended December 31, 2014 the Fund disposed of twenty-four Operating Partnerships. A summary of the dispositions by Series for December 31, 2014 is as follows: | |||||||||
Operating | Sale of | Fund Proceeds | Gain on | |||||||
Partnership | Underlying | from | Disposition | |||||||
Interest | Operating | Disposition* | ||||||||
Transferred | Partnership | |||||||||
Series 15 | 3 | 3 | $ | 700,342 | $ | 700,342 | ||||
Series 16 | 6 | 1 | 254,999 | 254,999 | ||||||
Series 17 | 3 | 1 | 1,130,141 | 1,138,960 | ||||||
Series 18 | 4 | 1 | 266,641 | 266,641 | ||||||
Series 19 | 1 | 1 | 504,722 | 504,722 | ||||||
Total | 17 | 7 | $ | 2,856,845 | $ | 2,865,664 | ||||
* Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $8,819 for Series 17. | ||||||||||
  | ||||||||||
During the nine months ended December 31, 2013 the Fund disposed of thirteen Operating Partnerships of which one Operating Partnership was included in both Series 18 and 19, and the Fund received additional proceeds from one operating limited partnership disposed of in the prior year. The Fund also had a partial disposition of one Operating Partnership in Series 17. A summary of the dispositions by Series for December 31, 2013 is as follows:Â | ||||||||||
Operating Partnership Interest Transferred | Sale of Underlying Operating Partnership | Fund Proceeds from Disposition* | Gain on Disposition | |||||||
Series 15 | 1 | - | $ | 20,746 | $ | 20,746 | ||||
Series 16 | 2 | 1 | 856,031 | 791,031 | ||||||
Series 17 | 6 | 1 | 5,636,999 | 5,643,085 | ||||||
Series 18 | 2 | - | 28,018 | 28,018 | ||||||
Series 19 | 1 | - | - | - | ||||||
Total | 12 | 2 | $ | 6,541,794 | $ | 6,482,880 | ||||
  | ||||||||||
* Fund proceeds from disposition includes $65,000 recorded as a receivable as of December 31, 2012 for Series 16 and Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $6,086 for Series 17. | ||||||||||
Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block] | Accordingly, the current financial results available for the Operating Partnerships are for the nine months ended September 30, 2014. | |||||||||
COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS | ||||||||||
Nine Months Ended September 30, | ||||||||||
(Unaudited) | ||||||||||
2014 | 2013 | |||||||||
Revenues | ||||||||||
Rental | $13,517,497 | $16,682,066 | ||||||||
Interest and other | 364,282 | 455,684 | ||||||||
13,881,779 | 17,137,750 | |||||||||
Expenses | ||||||||||
Interest | 1,923,690 | 2,527,279 | ||||||||
Depreciation and amortization | 3,419,555 | 4,221,966 | ||||||||
Operating expenses | 10,128,033 | 12,280,544 | ||||||||
15,471,278 | 19,029,789 | |||||||||
NET LOSS | ($1,589,499) | ($1,892,039) | ||||||||
Net loss allocation to Boston | ||||||||||
Capital Tax Credit Fund | ||||||||||
III L.P.* | ($1,573,604) | ($1,873,117) | ||||||||
Net loss allocated to other | ||||||||||
Partners | ($15,895) | ($18,922) | ||||||||
 | ||||||||||
* Amounts include $1,573,604 and $1,873,117 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | ||||||||||
Series 15 | ||||||||||
2014 | 2013 | |||||||||
Revenues | ||||||||||
Rental | $2,670,211 | $3,276,796 | ||||||||
Interest and other | 66,915 | 108,935 | ||||||||
2,737,126 | 3,385,731 | |||||||||
Expenses | ||||||||||
Interest | 364,843 | 497,145 | ||||||||
Depreciation and amortization | 639,706 | 867,066 | ||||||||
Operating expenses | 1,995,685 | 2,333,609 | ||||||||
3,000,234 | 3,697,820 | |||||||||
NET LOSS | ($263,108) | ($312,089) | ||||||||
Net loss allocation to Boston | ||||||||||
Capital Tax Credit Fund | ||||||||||
III L.P.* | ($260,477) | ($308,968) | ||||||||
Net loss allocated to other | ||||||||||
Partners | ($2,631) | ($3,121) | ||||||||
 | ||||||||||
* Amounts include $260,477 and $308,968 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | ||||||||||
Series 16 | ||||||||||
2014 | 2013 | |||||||||
Revenues | ||||||||||
Rental | $3,804,610 | $4,613,847 | ||||||||
Interest and other | 57,426 | 61,237 | ||||||||
3,862,036 | 4,675,084 | |||||||||
Expenses | ||||||||||
Interest | 547,459 | 706,433 | ||||||||
Depreciation and amortization | 992,326 | 1,174,451 | ||||||||
Operating expenses | 2,873,155 | 3,455,300 | ||||||||
4,412,940 | 5,336,184 | |||||||||
NET LOSS | ($550,904) | ($661,100) | ||||||||
Net loss allocation to Boston | ||||||||||
Capital Tax Credit Fund | ||||||||||
III L.P.* | ($545,395) | ($654,489) | ||||||||
Net loss allocated to other | ||||||||||
Partners | ($5,509) | ($6,611) | ||||||||
* Amounts include $545,395 and $654,489 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | ||||||||||
Series 17 | ||||||||||
2014 | 2013 | |||||||||
Revenues | ||||||||||
Rental | $3,778,762 | $4,788,888 | ||||||||
Interest and other | 99,978 | 150,384 | ||||||||
3,878,740 | 4,939,272 | |||||||||
Expenses | ||||||||||
Interest | 532,663 | 683,596 | ||||||||
Depreciation and amortization | 891,821 | 1,165,367 | ||||||||
Operating expenses | 2,714,897 | 3,402,580 | ||||||||
4,139,381 | 5,251,543 | |||||||||
NET LOSS | ($260,641) | ($312,271) | ||||||||
Net loss allocation to Boston | ||||||||||
Capital Tax Credit Fund | ||||||||||
III L.P.* | ($258,034) | ($309,147) | ||||||||
Net loss allocated to other | ||||||||||
Partners | ($2,607) | ($3,124) | ||||||||
* Amounts include $258,034 and $309,147 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | ||||||||||
Series 18 | ||||||||||
2014 | 2013 | |||||||||
Revenues | ||||||||||
Rental | $2,410,791 | $2,951,593 | ||||||||
Interest and other | 86,733 | 97,182 | ||||||||
2,497,524 | 3,048,775 | |||||||||
Expenses | ||||||||||
Interest | 317,214 | 410,519 | ||||||||
Depreciation and amortization | 679,907 | 762,738 | ||||||||
Operating expenses | 1,838,418 | 2,271,493 | ||||||||
2,835,539 | 3,444,750 | |||||||||
NET LOSS | ($338,015) | ($395,975) | ||||||||
Net loss allocation to Boston | ||||||||||
Capital Tax Credit Fund | ||||||||||
III L.P.* | ($334,635) | ($392,015) | ||||||||
Net loss allocated to other | ||||||||||
Partners | ($3,380) | ($3,960) | ||||||||
* Amounts include $334,635 and $392,015 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | ||||||||||
Series 19 | ||||||||||
2014 | 2013 | |||||||||
Revenues | ||||||||||
Rental | $853,123 | $1,050,942 | ||||||||
Interest and other | 53,230 | 37,946 | ||||||||
906,353 | 1,088,888 | |||||||||
Expenses | ||||||||||
Interest | 161,511 | 229,586 | ||||||||
Depreciation and amortization | 215,795 | 252,344 | ||||||||
Operating expenses | 705,878 | 817,562 | ||||||||
1,083,184 | 1,299,492 | |||||||||
NET LOSS | ($176,831) | ($210,604) | ||||||||
Net loss allocation to Boston | ||||||||||
Capital Tax Credit Fund | ||||||||||
III L.P.* | ($175,063) | ($208,498) | ||||||||
Net loss allocated to other | ||||||||||
Partners | ($1,768) | ($2,106) | ||||||||
* Amounts include $175,063 and $208,498 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | ||||||||||
ORGANIZATION_Details_Textual
ORGANIZATION (Details Textual) (USD $) | 12 Months Ended | ||
Sep. 04, 1993 | Dec. 31, 2014 | Mar. 31, 2014 | |
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Units of limited partnership interest, authorized | 20,000,000 | 22,000,000 | 22,000,000 |
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 | $10 |
Limited Partners' Capital Account, Units Issued | 21,996,102 | 21,996,102 | |
Limited Partners Capital Account, Units Outstanding | 21,937,787 | 21,981,089 | |
Limited Partners Capital Account Additional Units Registered For Sale | 2,000,000 | ||
Series Fifteen [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Units of limited partnership interest, authorized | 22,000,000 | 22,000,000 | |
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 | |
Limited Partners' Capital Account, Units Issued | 3,870,500 | 3,870,500 | |
Limited Partners Capital Accounts Units Issued Value | $38,705,000 | ||
Limited Partners Capital Account, Units Outstanding | 3,858,400 | 3,865,900 | |
Series Sixteen [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Units of limited partnership interest, authorized | 22,000,000 | 22,000,000 | |
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 | |
Limited Partners' Capital Account, Units Issued | 5,429,402 | 5,429,402 | |
Limited Partners Capital Accounts Units Issued Value | 54,293,000 | ||
Limited Partners Capital Account, Units Outstanding | 5,412,800 | 5,423,102 | |
Series Seventeen [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Units of limited partnership interest, authorized | 22,000,000 | 22,000,000 | |
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 | |
Limited Partners' Capital Account, Units Issued | 5,000,000 | 5,000,000 | |
Limited Partners Capital Accounts Units Issued Value | 50,000,000 | ||
Limited Partners Capital Account, Units Outstanding | 4,980,687 | 4,995,887 | |
Series Eighteen [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Units of limited partnership interest, authorized | 22,000,000 | 22,000,000 | |
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 | |
Limited Partners' Capital Account, Units Issued | 3,616,200 | 3,616,200 | |
Limited Partners Capital Accounts Units Issued Value | 36,162,000 | ||
Limited Partners Capital Account, Units Outstanding | 3,612,200 | 3,616,200 | |
Series Nineteen [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Units of limited partnership interest, authorized | 22,000,000 | 22,000,000 | |
Beneficial assignee certificate, par value (in dollars per share) | $10 | $10 | |
Limited Partners' Capital Account, Units Issued | 4,080,000 | 4,080,000 | |
Limited Partners Capital Accounts Units Issued Value | $40,800,000 | ||
Limited Partners Capital Account, Units Outstanding | 4,073,700 | 4,080,000 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||
Accrued management fees | $176,831 | $200,538 |
Series Fifteen [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | 25,047 | 34,167 |
Series Sixteen [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | 54,498 | 56,813 |
Series Seventeen [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | 45,952 | 51,406 |
Series Eighteen [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | 39,240 | 42,534 |
Series Nineteen [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | $12,094 | $15,618 |
RELATED_PARTY_TRANSACTIONS_Det1
RELATED PARTY TRANSACTIONS (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||||
Management fees paid | $1,101,936 | $851,493 | $2,225,298 | $2,305,850 |
Series Fifteen [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | 39,167 | 0 | 442,613 | 40,762 |
Series Sixteen [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | 0 | 21,314 | 7,000 | 898,680 |
Series Seventeen [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | 1,050,675 | 799,543 | 1,657,355 | 1,286,166 |
Series Eighteen [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | 0 | 15,018 | 75,000 | 28,018 |
Series Nineteen [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | $12,094 | $15,618 | $43,330 | $52,224 |
RELATED_PARTY_TRANSACTIONS_Det2
RELATED PARTY TRANSACTIONS (Details Textual) | 9 Months Ended |
Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |
Percentage Of Annual Management Fee | 0.50% |
INVESTMENTS_IN_OPERATING_PARTN2
INVESTMENTS IN OPERATING PARTNERSHIPS (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Number | Number | |
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 71 | 96 |
Series Fifteen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 18 | 24 |
Series Sixteen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 21 | 28 |
Series Seventeen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 13 | 18 |
Series Eighteen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 13 | 18 |
Series Nineteen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 6 | 8 |
INVESTMENTS_IN_OPERATING_PARTN3
INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Contributions Payable [Line Items] | |||
Capital contributions payable | $76,455 | $85,274 | $85,274 |
Series Fifteen [Member] | |||
Contributions Payable [Line Items] | |||
Capital contributions payable | 0 | 0 | 0 |
Series Sixteen [Member] | |||
Contributions Payable [Line Items] | |||
Capital contributions payable | 50,008 | 50,008 | 50,008 |
Series Seventeen [Member] | |||
Contributions Payable [Line Items] | |||
Capital contributions payable | 7,893 | 16,712 | 16,712 |
Series Eighteen [Member] | |||
Contributions Payable [Line Items] | |||
Capital contributions payable | 18,554 | 18,554 | 18,554 |
Series Nineteen [Member] | |||
Contributions Payable [Line Items] | |||
Capital contributions payable | $0 | $0 | $0 |
INVESTMENTS_IN_OPERATING_PARTN4
INVESTMENTS IN OPERATING PARTNERSHIPS (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Number | Number | |||||
Dispositions By Series [Line Items] | ||||||
Operating Partnership Interest Transferred | 17 | 12 | ||||
Sale of Underlying Operating Partnership | 7 | 2 | ||||
Fund Proceeds from Disposition | $2,856,845 | [1] | $6,541,794 | [2] | ||
Gain on Disposition | 2,475,964 | 92,543 | 2,865,664 | 6,482,880 | ||
Series Fifteen [Member] | ||||||
Dispositions By Series [Line Items] | ||||||
Operating Partnership Interest Transferred | 3 | 1 | ||||
Sale of Underlying Operating Partnership | 3 | 0 | ||||
Fund Proceeds from Disposition | 700,342 | [1] | 20,746 | [2] | ||
Gain on Disposition | 317,642 | 20,746 | 700,342 | 20,746 | ||
Series Sixteen [Member] | ||||||
Dispositions By Series [Line Items] | ||||||
Operating Partnership Interest Transferred | 6 | 2 | ||||
Sale of Underlying Operating Partnership | 1 | 1 | ||||
Fund Proceeds from Disposition | 254,999 | [1] | 856,031 | [2] | ||
Gain on Disposition | 247,999 | 0 | 254,999 | 791,031 | ||
Series Seventeen [Member] | ||||||
Dispositions By Series [Line Items] | ||||||
Operating Partnership Interest Transferred | 3 | 6 | ||||
Sale of Underlying Operating Partnership | 1 | 1 | ||||
Fund Proceeds from Disposition | 1,130,141 | [1] | 5,636,999 | [2] | ||
Gain on Disposition | 1,138,960 | 56,779 | 1,138,960 | 5,643,085 | ||
Series Eighteen [Member] | ||||||
Dispositions By Series [Line Items] | ||||||
Operating Partnership Interest Transferred | 4 | 2 | ||||
Sale of Underlying Operating Partnership | 1 | 0 | ||||
Fund Proceeds from Disposition | 266,641 | [1] | 28,018 | [2] | ||
Gain on Disposition | 266,641 | 15,018 | 266,641 | 28,018 | ||
Series Nineteen [Member] | ||||||
Dispositions By Series [Line Items] | ||||||
Operating Partnership Interest Transferred | 1 | 1 | ||||
Sale of Underlying Operating Partnership | 1 | 0 | ||||
Fund Proceeds from Disposition | 504,722 | [1] | 0 | [2] | ||
Gain on Disposition | $504,722 | $0 | $504,722 | $0 | ||
[1] | Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $8,819 for Series 17. | |||||
[2] | Fund proceeds from disposition includes $65,000 recorded as a receivable as of December 31, 2012 for Series 16 and Fund proceeds from disposition does not include the following amount which was due to a writeoff of capital contribution payable of $6,086 for Series 17. |
INVESTMENTS_IN_OPERATING_PARTN5
INVESTMENTS IN OPERATING PARTNERSHIPS (Details 3) (USD $) | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | |||
Revenues | ||||
Rental | $13,517,497 | $16,682,066 | ||
Interest and other | 364,282 | 455,684 | ||
Operating Partnerships Revenues | 13,881,779 | 17,137,750 | ||
Expenses | ||||
Interest | 1,923,690 | 2,527,279 | ||
Depreciation and amortization | 3,419,555 | 4,221,966 | ||
Operating expenses | 10,128,033 | 12,280,544 | ||
Operating Partnerships Total Expenses | 15,471,278 | 19,029,789 | ||
NET LOSS | -1,589,499 | -1,892,039 | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | -1,573,604 | [1] | -1,873,117 | [1] |
Net loss allocated to other Partners | -15,895 | -18,922 | ||
Series Fifteen [Member] | ||||
Revenues | ||||
Rental | 2,670,211 | 3,276,796 | ||
Interest and other | 66,915 | 108,935 | ||
Operating Partnerships Revenues | 2,737,126 | 3,385,731 | ||
Expenses | ||||
Interest | 364,843 | 497,145 | ||
Depreciation and amortization | 639,706 | 867,066 | ||
Operating expenses | 1,995,685 | 2,333,609 | ||
Operating Partnerships Total Expenses | 3,000,234 | 3,697,820 | ||
NET LOSS | -263,108 | -312,089 | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | -260,477 | [2] | -308,968 | [2] |
Net loss allocated to other Partners | -2,631 | -3,121 | ||
Series Sixteen [Member] | ||||
Revenues | ||||
Rental | 3,804,610 | 4,613,847 | ||
Interest and other | 57,426 | 61,237 | ||
Operating Partnerships Revenues | 3,862,036 | 4,675,084 | ||
Expenses | ||||
Interest | 547,459 | 706,433 | ||
Depreciation and amortization | 992,326 | 1,174,451 | ||
Operating expenses | 2,873,155 | 3,455,300 | ||
Operating Partnerships Total Expenses | 4,412,940 | 5,336,184 | ||
NET LOSS | -550,904 | -661,100 | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | -545,395 | [3] | -654,489 | [3] |
Net loss allocated to other Partners | -5,509 | -6,611 | ||
Series Seventeen [Member] | ||||
Revenues | ||||
Rental | 3,778,762 | 4,788,888 | ||
Interest and other | 99,978 | 150,384 | ||
Operating Partnerships Revenues | 3,878,740 | 4,939,272 | ||
Expenses | ||||
Interest | 532,663 | 683,596 | ||
Depreciation and amortization | 891,821 | 1,165,367 | ||
Operating expenses | 2,714,897 | 3,402,580 | ||
Operating Partnerships Total Expenses | 4,139,381 | 5,251,543 | ||
NET LOSS | -260,641 | -312,271 | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | -258,034 | [4] | -309,147 | [4] |
Net loss allocated to other Partners | -2,607 | -3,124 | ||
Series Eighteen [Member] | ||||
Revenues | ||||
Rental | 2,410,791 | 2,951,593 | ||
Interest and other | 86,733 | 97,182 | ||
Operating Partnerships Revenues | 2,497,524 | 3,048,775 | ||
Expenses | ||||
Interest | 317,214 | 410,519 | ||
Depreciation and amortization | 679,907 | 762,738 | ||
Operating expenses | 1,838,418 | 2,271,493 | ||
Operating Partnerships Total Expenses | 2,835,539 | 3,444,750 | ||
NET LOSS | -338,015 | -395,975 | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | -334,635 | [5] | -392,015 | [5] |
Net loss allocated to other Partners | -3,380 | -3,960 | ||
Series Nineteen [Member] | ||||
Revenues | ||||
Rental | 853,123 | 1,050,942 | ||
Interest and other | 53,230 | 37,946 | ||
Operating Partnerships Revenues | 906,353 | 1,088,888 | ||
Expenses | ||||
Interest | 161,511 | 229,586 | ||
Depreciation and amortization | 215,795 | 252,344 | ||
Operating expenses | 705,878 | 817,562 | ||
Operating Partnerships Total Expenses | 1,083,184 | 1,299,492 | ||
NET LOSS | -176,831 | -210,604 | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | -175,063 | [6] | -208,498 | [6] |
Net loss allocated to other Partners | ($1,768) | ($2,106) | ||
[1] | Amounts include $1,573,604 and $1,873,117 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | |||
[2] | Amounts include $260,477 and $308,968 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | |||
[3] | Amounts include $545,395 and $654,489 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | |||
[4] | Amounts include $258,034 and $309,147 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | |||
[5] | Amounts include $334,635 and $392,015 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. | |||
[6] | Amounts include $175,063 and $208,498 for 2014 and 2013, respectively, of loss not recognized under the equity method of accounting. |
INVESTMENTS_IN_OPERATING_PARTN6
INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) (USD $) | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Investments In Operating Limited Partnerships [Line Items] | |||||
Income Loss Not Recognized Under Equity Method Accounting | $1,573,604 | $1,873,117 | |||
Series Fifteen [Member] | |||||
Investments In Operating Limited Partnerships [Line Items] | |||||
Income Loss Not Recognized Under Equity Method Accounting | 260,477 | 308,968 | |||
Series Sixteen [Member] | |||||
Investments In Operating Limited Partnerships [Line Items] | |||||
Income Loss Not Recognized Under Equity Method Accounting | 545,395 | 654,489 | |||
Fund Receivable | 65,000 | ||||
Series Seventeen [Member] | |||||
Investments In Operating Limited Partnerships [Line Items] | |||||
Income Loss Not Recognized Under Equity Method Accounting | 258,034 | 309,147 | |||
Write Off Of Capital Contribution Payable | 8,819 | 6,086 | |||
Series Eighteen [Member] | |||||
Investments In Operating Limited Partnerships [Line Items] | |||||
Income Loss Not Recognized Under Equity Method Accounting | 334,635 | 392,015 | |||
Series Nineteen [Member] | |||||
Investments In Operating Limited Partnerships [Line Items] | |||||
Income Loss Not Recognized Under Equity Method Accounting | $175,063 | $208,498 |