Document And Entity Information
Document And Entity Information | 6 Months Ended |
Sep. 30, 2015shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2015 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | BOSTON CAPITAL TAX CREDIT FUND III L P |
Entity Central Index Key | 879,555 |
Current Fiscal Year End Date | --03-31 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 0 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2015 | Mar. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 8,372,695 | $ 2,523,234 |
Other assets | 0 | 357,489 |
Assets | 8,372,695 | 2,880,723 |
LIABILITIES | ||
Accounts payable & accrued expenses | 40,984 | 28,234 |
Accounts payable affiliates (Note C) | 16,235,767 | 16,781,463 |
Capital contributions payable (Note D) | 76,455 | 76,455 |
Liabilities | 16,353,206 | 16,886,152 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees Units of limited partnership interest | (6,090,057) | (12,054,726) |
General Partner | (1,890,454) | (1,950,703) |
Partners' capital (deficit) | (7,980,511) | (14,005,429) |
Liabilities and Stockholders' Equity | 8,372,695 | 2,880,723 |
Series Fifteen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 523,919 | 414,859 |
Other assets | 0 | 0 |
Assets | 523,919 | 414,859 |
LIABILITIES | ||
Accounts payable & accrued expenses | 11,996 | 6,246 |
Accounts payable affiliates (Note C) | 3,449,992 | 3,695,825 |
Capital contributions payable (Note D) | 0 | 0 |
Liabilities | 3,461,988 | 3,702,071 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees Units of limited partnership interest | (2,586,499) | (2,932,151) |
General Partner | (351,570) | (355,061) |
Partners' capital (deficit) | (2,938,069) | (3,287,212) |
Liabilities and Stockholders' Equity | 523,919 | 414,859 |
Series Sixteen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 359,929 | 221,108 |
Other assets | 0 | 0 |
Assets | 359,929 | 221,108 |
LIABILITIES | ||
Accounts payable & accrued expenses | 11,488 | 4,488 |
Accounts payable affiliates (Note C) | 8,044,243 | 8,036,400 |
Capital contributions payable (Note D) | 50,008 | 50,008 |
Liabilities | 8,105,739 | 8,090,896 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees Units of limited partnership interest | (7,201,744) | (7,324,482) |
General Partner | (544,066) | (545,306) |
Partners' capital (deficit) | (7,745,810) | (7,869,788) |
Liabilities and Stockholders' Equity | 359,929 | 221,108 |
Series Seventeen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 5,807,762 | 197,779 |
Other assets | 0 | 2,200 |
Assets | 5,807,762 | 199,979 |
LIABILITIES | ||
Accounts payable & accrued expenses | 10,000 | 10,000 |
Accounts payable affiliates (Note C) | 635,362 | 685,587 |
Capital contributions payable (Note D) | 7,893 | 7,893 |
Liabilities | 653,255 | 703,480 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees Units of limited partnership interest | 5,519,911 | (81,517) |
General Partner | (365,404) | (421,984) |
Partners' capital (deficit) | 5,154,507 | (503,501) |
Liabilities and Stockholders' Equity | 5,807,762 | 199,979 |
Series Eighteen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 339,918 | 306,518 |
Other assets | 0 | 355,289 |
Assets | 339,918 | 661,807 |
LIABILITIES | ||
Accounts payable & accrued expenses | 0 | 0 |
Accounts payable affiliates (Note C) | 4,106,170 | 4,363,651 |
Capital contributions payable (Note D) | 18,554 | 18,554 |
Liabilities | 4,124,724 | 4,382,205 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees Units of limited partnership interest | (3,436,730) | (3,372,966) |
General Partner | (348,076) | (347,432) |
Partners' capital (deficit) | (3,784,806) | (3,720,398) |
Liabilities and Stockholders' Equity | 339,918 | 661,807 |
Series Nineteen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 1,341,167 | 1,382,970 |
Other assets | 0 | 0 |
Assets | 1,341,167 | 1,382,970 |
LIABILITIES | ||
Accounts payable & accrued expenses | 7,500 | 7,500 |
Accounts payable affiliates (Note C) | 0 | 0 |
Capital contributions payable (Note D) | 0 | 0 |
Liabilities | 7,500 | 7,500 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees Units of limited partnership interest | 1,615,005 | 1,656,390 |
General Partner | (281,338) | (280,920) |
Partners' capital (deficit) | 1,333,667 | 1,375,470 |
Liabilities and Stockholders' Equity | $ 1,341,167 | $ 1,382,970 |
CONDENSED BALANCE SHEETS _Paren
CONDENSED BALANCE SHEETS [Parenthetical] - $ / shares | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 04, 1993 |
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 | $ 10 |
Limited Partners Capital Account, Units Authorized | 22,000,000 | 22,000,000 | 20,000,000 |
Limited Partners' Capital Account, Units Issued | 21,996,102 | 21,996,102 | |
Limited Partners' Capital Account, Units Outstanding | 21,936,787 | 21,936,787 | |
Series Fifteen [Member] | |||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 | |
Limited Partners Capital Account, Units Authorized | 22,000,000 | 22,000,000 | |
Limited Partners' Capital Account, Units Issued | 3,870,500 | 3,870,500 | |
Limited Partners' Capital Account, Units Outstanding | 3,858,400 | 3,858,400 | |
Series Sixteen [Member] | |||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 | |
Limited Partners Capital Account, Units Authorized | 22,000,000 | 22,000,000 | |
Limited Partners' Capital Account, Units Issued | 5,429,402 | 5,429,402 | |
Limited Partners' Capital Account, Units Outstanding | 5,411,800 | 5,411,800 | |
Series Seventeen [Member] | |||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 | |
Limited Partners Capital Account, Units Authorized | 22,000,000 | 22,000,000 | |
Limited Partners' Capital Account, Units Issued | 5,000,000 | 5,000,000 | |
Limited Partners' Capital Account, Units Outstanding | 4,980,687 | 4,980,687 | |
Series Eighteen [Member] | |||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 | |
Limited Partners Capital Account, Units Authorized | 22,000,000 | 22,000,000 | |
Limited Partners' Capital Account, Units Issued | 3,616,200 | 3,616,200 | |
Limited Partners' Capital Account, Units Outstanding | 3,612,200 | 3,612,200 | |
Series Nineteen [Member] | |||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 | |
Limited Partners Capital Account, Units Authorized | 22,000,000 | 22,000,000 | |
Limited Partners' Capital Account, Units Issued | 4,080,000 | 4,080,000 | |
Limited Partners' Capital Account, Units Outstanding | 4,073,700 | 4,073,700 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income | ||||
Interest income | $ 2,565 | $ 992 | $ 3,842 | $ 1,966 |
Other income | 4,504 | 3,052 | 21,125 | 5,145 |
Total income | 7,069 | 4,044 | 24,967 | 7,111 |
Share of Income from Operating Partnerships(Note D) | 434,761 | 7,000 | 6,285,489 | 389,700 |
Expenses | ||||
Professional fees | 102,247 | 104,779 | 128,887 | 132,679 |
Fund management fee, net (Note C) | 99,876 | 176,208 | 109,688 | 321,205 |
General and administrative expenses | 29,574 | 23,083 | 46,963 | 42,060 |
Operating expenses | 231,697 | 304,070 | 285,538 | 495,944 |
NET INCOME (LOSS) | 210,133 | (293,026) | 6,024,918 | (99,133) |
Net income (loss) allocated to limited assignees | 208,032 | (290,095) | 5,964,669 | (98,142) |
Net income (loss) allocated to general partner | $ 2,101 | $ (2,931) | $ 60,249 | $ (991) |
Net income (loss) per BAC (in dollars per share) | $ 0.01 | $ (0.01) | $ 0.27 | $ 0 |
Series Fifteen [Member] | ||||
Income | ||||
Interest income | $ 252 | $ 190 | $ 437 | $ 320 |
Other income | 321 | 321 | 321 | 321 |
Total income | 573 | 511 | 758 | 641 |
Share of Income from Operating Partnerships(Note D) | 9,322 | 0 | 335,091 | 382,700 |
Expenses | ||||
Professional fees | 23,168 | 20,677 | 29,288 | 26,697 |
Fund management fee, net (Note C) | 6,527 | 20,547 | (51,509) | 18,243 |
General and administrative expenses | 5,561 | 4,375 | 8,927 | 7,889 |
Operating expenses | 35,256 | 45,599 | (13,294) | 52,829 |
NET INCOME (LOSS) | (25,361) | (45,088) | 349,143 | 330,512 |
Net income (loss) allocated to limited assignees | (25,107) | (44,637) | 345,652 | 327,207 |
Net income (loss) allocated to general partner | $ (254) | $ (451) | $ 3,491 | $ 3,305 |
Net income (loss) per BAC (in dollars per share) | $ (0.01) | $ (0.01) | $ 0.09 | $ 0.08 |
Series Sixteen [Member] | ||||
Income | ||||
Interest income | $ 136 | $ 107 | $ 257 | $ 218 |
Other income | 0 | 0 | 401 | 661 |
Total income | 136 | 107 | 658 | 879 |
Share of Income from Operating Partnerships(Note D) | 243,000 | 7,000 | 243,000 | 7,000 |
Expenses | ||||
Professional fees | 26,161 | 25,134 | 32,941 | 32,104 |
Fund management fee, net (Note C) | 37,720 | 50,064 | 76,010 | 97,744 |
General and administrative expenses | 6,775 | 5,473 | 10,729 | 9,737 |
Operating expenses | 70,656 | 80,671 | 119,680 | 139,585 |
NET INCOME (LOSS) | 172,480 | (73,564) | 123,978 | (131,706) |
Net income (loss) allocated to limited assignees | 170,755 | (72,828) | 122,738 | (130,389) |
Net income (loss) allocated to general partner | $ 1,725 | $ (736) | $ 1,240 | $ (1,317) |
Net income (loss) per BAC (in dollars per share) | $ 0.03 | $ (0.01) | $ 0.02 | $ (0.02) |
Series Seventeen [Member] | ||||
Income | ||||
Interest income | $ 1,518 | $ 243 | $ 1,832 | $ 509 |
Other income | 4,183 | 2,731 | 20,320 | 4,080 |
Total income | 5,701 | 2,974 | 22,152 | 4,589 |
Share of Income from Operating Partnerships(Note D) | 167,145 | 0 | 5,692,104 | 0 |
Expenses | ||||
Professional fees | 19,173 | 25,774 | 24,303 | 31,794 |
Fund management fee, net (Note C) | 23,632 | 45,086 | 21,943 | 88,725 |
General and administrative expenses | 6,406 | 4,710 | 10,002 | 8,586 |
Operating expenses | 49,211 | 75,570 | 56,248 | 129,105 |
NET INCOME (LOSS) | 123,635 | (72,596) | 5,658,008 | (124,516) |
Net income (loss) allocated to limited assignees | 122,399 | (71,870) | 5,601,428 | (123,271) |
Net income (loss) allocated to general partner | $ 1,236 | $ (726) | $ 56,580 | $ (1,245) |
Net income (loss) per BAC (in dollars per share) | $ 0.02 | $ (0.01) | $ 1.12 | $ (0.02) |
Series Eighteen [Member] | ||||
Income | ||||
Interest income | $ 152 | $ 89 | $ 309 | $ 184 |
Other income | 0 | 0 | 0 | 0 |
Total income | 152 | 89 | 309 | 184 |
Share of Income from Operating Partnerships(Note D) | 15,294 | 0 | 15,294 | 0 |
Expenses | ||||
Professional fees | 20,228 | 18,809 | 25,358 | 24,199 |
Fund management fee, net (Note C) | 23,204 | 44,893 | 46,408 | 86,007 |
General and administrative expenses | 5,109 | 3,978 | 8,245 | 7,196 |
Operating expenses | 48,541 | 67,680 | 80,011 | 117,402 |
NET INCOME (LOSS) | (33,095) | (67,591) | (64,408) | (117,218) |
Net income (loss) allocated to limited assignees | (32,764) | (66,915) | (63,764) | (116,046) |
Net income (loss) allocated to general partner | $ (331) | $ (676) | $ (644) | $ (1,172) |
Net income (loss) per BAC (in dollars per share) | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.03) |
Series Nineteen [Member] | ||||
Income | ||||
Interest income | $ 507 | $ 363 | $ 1,007 | $ 735 |
Other income | 0 | 0 | 83 | 83 |
Total income | 507 | 363 | 1,090 | 818 |
Share of Income from Operating Partnerships(Note D) | 0 | 0 | 0 | 0 |
Expenses | ||||
Professional fees | 13,517 | 14,385 | 16,997 | 17,885 |
Fund management fee, net (Note C) | 8,793 | 15,618 | 16,836 | 30,486 |
General and administrative expenses | 5,723 | 4,547 | 9,060 | 8,652 |
Operating expenses | 28,033 | 34,550 | 42,893 | 57,023 |
NET INCOME (LOSS) | (27,526) | (34,187) | (41,803) | (56,205) |
Net income (loss) allocated to limited assignees | (27,251) | (33,845) | (41,385) | (55,643) |
Net income (loss) allocated to general partner | $ (275) | $ (342) | $ (418) | $ (562) |
Net income (loss) per BAC (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.01) |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - 6 months ended Sep. 30, 2015 - USD ($) | Total | Assignees [Member] | General Partner [Member] | Series Fifteen [Member] | Series Fifteen [Member]Assignees [Member] | Series Fifteen [Member]General Partner [Member] | Series Sixteen [Member] | Series Sixteen [Member]Assignees [Member] | Series Sixteen [Member]General Partner [Member] | Series Seventeen [Member] | Series Seventeen [Member]Assignees [Member] | Series Seventeen [Member]General Partner [Member] | Series Eighteen [Member] | Series Eighteen [Member]Assignees [Member] | Series Eighteen [Member]General Partner [Member] | Series Nineteen [Member] | Series Nineteen [Member]Assignees [Member] | Series Nineteen [Member]General Partner [Member] |
Partners' capital (deficit) at Mar. 31, 2015 | $ (14,005,429) | $ (12,054,726) | $ (1,950,703) | $ (3,287,212) | $ (2,932,151) | $ (355,061) | $ (7,869,788) | $ (7,324,482) | $ (545,306) | $ (503,501) | $ (81,517) | $ (421,984) | $ (3,720,398) | $ (3,372,966) | $ (347,432) | $ 1,375,470 | $ 1,656,390 | $ (280,920) |
Net income (loss) | 6,024,918 | 5,964,669 | 60,249 | 349,143 | 345,652 | 3,491 | 123,978 | 122,738 | 1,240 | 5,658,008 | 5,601,428 | 56,580 | (64,408) | (63,764) | (644) | (41,803) | (41,385) | (418) |
Partners' capital (deficit) at Sep. 30, 2015 | $ (7,980,511) | $ (6,090,057) | $ (1,890,454) | $ (2,938,069) | $ (2,586,499) | $ (351,570) | $ (7,745,810) | $ (7,201,744) | $ (544,066) | $ 5,154,507 | $ 5,519,911 | $ (365,404) | $ (3,784,806) | $ (3,436,730) | $ (348,076) | $ 1,333,667 | $ 1,615,005 | $ (281,338) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Cash flows from operating activities: | |||
Net Income (loss) | $ 6,024,918 | $ (99,133) | |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | |||
Share of Income from Operating Partnerships | (6,285,489) | (389,700) | |
Changes in assets and liabilities | |||
Increase in accounts payable and accrued expenses | 12,750 | 14,000 | |
Decrease in other assets | 2,200 | 0 | |
(Decrease) Increase in accounts payable affiliates | (545,696) | (736,864) | |
Net cash (used in) provided by operating activities | (791,317) | (1,211,697) | |
Cash flows from investing activities: | |||
Proceeds from the disposition of Operating Partnerships | 6,640,778 | [1] | 389,700 |
Net cash provided by investing activities | 6,640,778 | 389,700 | |
Net cash used in financing activities | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 5,849,461 | (821,997) | |
Cash and cash equivalents, beginning | 2,523,234 | 2,294,311 | |
Cash and cash equivalents, ending | 8,372,695 | 1,472,314 | |
Series Fifteen [Member] | |||
Cash flows from operating activities: | |||
Net Income (loss) | 349,143 | 330,512 | |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | |||
Share of Income from Operating Partnerships | (335,091) | (382,700) | |
Changes in assets and liabilities | |||
Increase in accounts payable and accrued expenses | 5,750 | 11,000 | |
Decrease in other assets | 0 | 0 | |
(Decrease) Increase in accounts payable affiliates | (245,833) | (347,535) | |
Net cash (used in) provided by operating activities | (226,031) | (388,723) | |
Cash flows from investing activities: | |||
Proceeds from the disposition of Operating Partnerships | 335,091 | [1] | 382,700 |
Net cash provided by investing activities | 335,091 | 382,700 | |
Net cash used in financing activities | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 109,060 | (6,023) | |
Cash and cash equivalents, beginning | 414,859 | 161,422 | |
Cash and cash equivalents, ending | 523,919 | 155,399 | |
Series Sixteen [Member] | |||
Cash flows from operating activities: | |||
Net Income (loss) | 123,978 | (131,706) | |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | |||
Share of Income from Operating Partnerships | (243,000) | (7,000) | |
Changes in assets and liabilities | |||
Increase in accounts payable and accrued expenses | 7,000 | 3,000 | |
Decrease in other assets | 0 | 0 | |
(Decrease) Increase in accounts payable affiliates | 7,843 | 106,627 | |
Net cash (used in) provided by operating activities | (104,179) | (29,079) | |
Cash flows from investing activities: | |||
Proceeds from the disposition of Operating Partnerships | 243,000 | [1] | 7,000 |
Net cash provided by investing activities | 243,000 | 7,000 | |
Net cash used in financing activities | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 138,821 | (22,079) | |
Cash and cash equivalents, beginning | 221,108 | 176,922 | |
Cash and cash equivalents, ending | 359,929 | 154,843 | |
Series Seventeen [Member] | |||
Cash flows from operating activities: | |||
Net Income (loss) | 5,658,008 | (124,516) | |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | |||
Share of Income from Operating Partnerships | (5,692,104) | 0 | |
Changes in assets and liabilities | |||
Increase in accounts payable and accrued expenses | 0 | 0 | |
Decrease in other assets | 2,200 | 0 | |
(Decrease) Increase in accounts payable affiliates | (50,225) | (512,708) | |
Net cash (used in) provided by operating activities | (82,121) | (637,224) | |
Cash flows from investing activities: | |||
Proceeds from the disposition of Operating Partnerships | 5,692,104 | [1] | 0 |
Net cash provided by investing activities | 5,692,104 | 0 | |
Net cash used in financing activities | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 5,609,983 | (637,224) | |
Cash and cash equivalents, beginning | 197,779 | 799,176 | |
Cash and cash equivalents, ending | 5,807,762 | 161,952 | |
Series Eighteen [Member] | |||
Cash flows from operating activities: | |||
Net Income (loss) | (64,408) | (117,218) | |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | |||
Share of Income from Operating Partnerships | (15,294) | 0 | |
Changes in assets and liabilities | |||
Increase in accounts payable and accrued expenses | 0 | 0 | |
Decrease in other assets | 0 | 0 | |
(Decrease) Increase in accounts payable affiliates | (257,481) | 16,752 | |
Net cash (used in) provided by operating activities | (337,183) | (100,466) | |
Cash flows from investing activities: | |||
Proceeds from the disposition of Operating Partnerships | 370,583 | [1] | 0 |
Net cash provided by investing activities | 370,583 | 0 | |
Net cash used in financing activities | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 33,400 | (100,466) | |
Cash and cash equivalents, beginning | 306,518 | 355,319 | |
Cash and cash equivalents, ending | 339,918 | 254,853 | |
Series Nineteen [Member] | |||
Cash flows from operating activities: | |||
Net Income (loss) | (41,803) | (56,205) | |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | |||
Share of Income from Operating Partnerships | 0 | 0 | |
Changes in assets and liabilities | |||
Increase in accounts payable and accrued expenses | 0 | 0 | |
Decrease in other assets | 0 | 0 | |
(Decrease) Increase in accounts payable affiliates | 0 | 0 | |
Net cash (used in) provided by operating activities | (41,803) | (56,205) | |
Cash flows from investing activities: | |||
Proceeds from the disposition of Operating Partnerships | 0 | [1] | 0 |
Net cash provided by investing activities | 0 | 0 | |
Net cash used in financing activities | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (41,803) | (56,205) | |
Cash and cash equivalents, beginning | 1,382,970 | 801,472 | |
Cash and cash equivalents, ending | $ 1,341,167 | $ 745,267 | |
[1] | Fund proceeds from disposition include $355,289 which was receivable as of March 31, 2015 for Series 18. |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [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 September 30, 2015, 3,858,400 BACs in Series 15, 5,411,800 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 REPORT
ACCOUNTING AND FINANCIAL REPORTING POLICIES | 6 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES The condensed financial statements included herein as of September 30, 2015 and for the three and six 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, 2015. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2015 | |
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. 2015 2014 Series 15 $ 13,511 $ 25,047 Series 16 44,070 56,814 Series 17 26,532 46,986 Series 18 23,904 45,876 Series 19 8,793 15,618 $ 116,810 $ 190,341 2015 2014 Series 15 $ 278,475 $ 403,446 Series 16 82,001 7,000 Series 17 26,532 606,680 Series 18 305,289 75,000 Series 19 8,793 15,618 $ 701,090 $ 1,107,744 The fund management fees paid for the six months ended September 30, 2015 and 2014 are as follows: 2015 2014 Series 15 $ 278,475 $ 403,446 Series 16 82,001 7,000 Series 17 113,915 606,680 Series 18 305,289 75,000 Series 19 17,586 31,236 $ 797,266 $ 1,123,362 |
INVESTMENTS IN OPERATING PARTNE
INVESTMENTS IN OPERATING PARTNERSHIPS | 6 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 and 2014, the Fund had limited partnership interests in 62 and 90 Operating Partnerships, respectively, which own or are constructing apartment complexes. 2015 2014 Series 15 15 21 Series 16 20 27 Series 17 9 17 Series 18 12 17 Series 19 6 8 62 90 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. 2015 2014 Series 15 $ - $ - Series 16 50,008 50,008 Series 17 7,893 16,712 Series 18 18,554 18,554 Series 19 - - $ 76,455 $ 85,274 During the six months ended September 30, 2015 the Fund disposed of eight Operating Partnerships and the Fund received additional proceeds from one operating limited partnership disposed of in the prior year. A summary of the dispositions by Series for September 30, 2015 is as follows: Operating Sale of Fund Proceeds Gain on Series 15 2 1 $ 335,091 $ 335,091 Series 16 1 - 243,000 243,000 Series 17 3 1 5,692,104 5,692,104 Series 18 - - 370,583 15,294 Series 19 - - - - Total 6 2 $ 6,640,778 $ 6,285,489 * Fund proceeds from disposition include $355,289 which was receivable as of March 31, 2015 for Series 18. During the six months ended September 30, 2014 the Fund disposed of five Operating Partnerships. A summary of the dispositions by Series for September 30, 2014 is as follows: Operating Sale of Fund Proceeds Gain on Series 15 2 1 $ 382,700 $ 382,700 Series 16 1 - 7,000 7,000 Series 17 - - - - Series 18 - 1 - - Series 19 - - - - Total 3 2 $ 389,700 $ 389,700 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. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS 2015 2014 Revenues Rental $ 6,316,814 $ 9,771,747 Interest and other 131,891 254,293 6,448,705 10,026,040 Expenses Interest 784,026 1,407,198 Depreciation and amortization 1,657,094 2,479,802 Operating expenses 4,750,149 7,346,657 NET LOSS $ (742,564) $ (1,207,617) Net loss allocation to Boston (735,137) (1,195,540) Net loss allocated to other (7,427) (12,077) * Amounts include $735,137 and $1,195,540 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS 2015 2014 Revenues Rental $ 1,349,023 $ 1,885,791 Interest and other 30,803 43,338 1,379,826 1,929,129 Expenses Interest 182,807 256,349 Depreciation and amortization 339,402 463,641 Operating expenses 1,038,780 1,399,075 NET LOSS $ (181,163) $ (189,936) Net loss allocation to Boston (179,351) (188,037) Net loss allocated to other (1,812) (1,899) * Amounts include $179,351 and $188,037 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS 2015 2014 Revenues Rental $ 2,336,187 $ 2,698,071 Interest and other 39,794 40,696 2,375,981 2,738,767 Expenses Interest 295,892 387,201 Depreciation and amortization 598,462 714,910 Operating expenses 1,631,545 2,080,845 NET LOSS $ (149,918) $ (444,189) Net loss allocation to Boston (148,419) (439,747) Net loss allocated to other (1,499) (4,442) * Amounts include $148,419 and $439,747 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS 2015 2014 Revenues Rental $ 1,221,132 $ 2,739,094 Interest and other 21,168 61,518 1,242,300 2,800,612 Expenses Interest 145,301 386,102 Depreciation and amortization 362,917 633,431 Operating expenses 915,707 1,967,839 NET LOSS $ (181,625) $ (186,760) Net loss allocation to Boston (179,808) (184,891) Net loss allocated to other (1,817) (1,869) * Amounts include $179,808 and $184,891 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS 2015 2014 Revenues Rental $ 1,040,147 $ 1,776,686 Interest and other 30,360 63,653 1,070,507 1,840,339 Expenses Interest 110,648 239,811 Depreciation and amortization 284,019 492,395 Operating expenses 840,923 1,360,748 NET LOSS $ (165,083) $ (252,615) Net loss allocation to Boston (163,432) (250,089) Net loss allocated to other (1,651) (2,526) * Amounts include $163,432 and $250,089 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS 2015 2014 Revenues Rental $ 370,325 $ 672,105 Interest and other 9,766 45,088 380,091 717,193 Expenses Interest 49,378 137,735 Depreciation and amortization 72,294 175,425 Operating expenses 323,194 538,150 NET LOSS $ (64,775) $ (134,117) Net loss allocation to Boston (64,127) (132,776) Net loss allocated to other (648) (1,341) * Amounts include $64,127 and $132,776 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. The Fund accounts for its investments using the equity method of |
TAXABLE LOSS
TAXABLE LOSS | 6 Months Ended |
Sep. 30, 2015 | |
Taxable Loss [Abstract] | |
Taxable Loss [Text Block] | NOTE E - TAXABLE LOSS The Fund's taxable loss for the calendar year ended December 31, 2015 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 | 6 Months Ended |
Sep. 30, 2015 | |
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 2011 remain open. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule Of Gross Management Fee [Table Text Block] | The fund management fees accrued for the three months ended September 30, 2015 and 2014 are as follows: 2015 2014 Series 15 $ 13,511 $ 25,047 Series 16 44,070 56,814 Series 17 26,532 46,986 Series 18 23,904 45,876 Series 19 8,793 15,618 $ 116,810 $ 190,341 |
Schedule Of Management Fees Paid [Table Text Block] | The fund management fees paid for the three months ended September 30, 2015 and 2014 are as follows: 2015 2014 Series 15 $ 278,475 $ 403,446 Series 16 82,001 7,000 Series 17 26,532 606,680 Series 18 305,289 75,000 Series 19 8,793 15,618 $ 701,090 $ 1,107,744 The fund management fees paid for the six months ended September 30, 2015 and 2014 are as follows: 2015 2014 Series 15 $ 278,475 $ 403,446 Series 16 82,001 7,000 Series 17 113,915 606,680 Series 18 305,289 75,000 Series 19 17,586 31,236 $ 797,266 $ 1,123,362 |
INVESTMENTS IN OPERATING PART14
INVESTMENTS IN OPERATING PARTNERSHIPS (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 and 2014 is as follows: 2015 2014 Series 15 15 21 Series 16 20 27 Series 17 9 17 Series 18 12 17 Series 19 6 8 62 90 |
Schedule Of Contributions Payable [Table Text Block] | The contributions payable at September 30, 2015 and 2014 are as follows: 2015 2014 Series 15 $ - $ - Series 16 50,008 50,008 Series 17 7,893 16,712 Series 18 18,554 18,554 Series 19 - - $ 76,455 $ 85,274 |
Schedule Of Dispositions By Series [Table Text Block] | During the six months ended September 30, 2015 the Fund disposed of eight Operating Partnerships and the Fund received additional proceeds from one operating limited partnership disposed of in the prior year. A summary of the dispositions by Series for September 30, 2015 is as follows: Operating Sale of Fund Proceeds Gain on Series 15 2 1 $ 335,091 $ 335,091 Series 16 1 - 243,000 243,000 Series 17 3 1 5,692,104 5,692,104 Series 18 - - 370,583 15,294 Series 19 - - - - Total 6 2 $ 6,640,778 $ 6,285,489 * Fund proceeds from disposition include $355,289 which was receivable as of March 31, 2015 for Series 18. During the six months ended September 30, 2014 the Fund disposed of five Operating Partnerships. A summary of the dispositions by Series for September 30, 2014 is as follows: Operating Sale of Fund Proceeds Gain on Series 15 2 1 $ 382,700 $ 382,700 Series 16 1 - 7,000 7,000 Series 17 - - - - Series 18 - 1 - - Series 19 - - - - Total 3 2 $ 389,700 $ 389,700 |
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 six months ended June 30, 2015. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS 2015 2014 Revenues Rental $ 6,316,814 $ 9,771,747 Interest and other 131,891 254,293 6,448,705 10,026,040 Expenses Interest 784,026 1,407,198 Depreciation and amortization 1,657,094 2,479,802 Operating expenses 4,750,149 7,346,657 NET LOSS $ (742,564) $ (1,207,617) Net loss allocation to Boston (735,137) (1,195,540) Net loss allocated to other (7,427) (12,077) * Amounts include $735,137 and $1,195,540 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. Series 15 2015 2014 Revenues Rental $ 1,349,023 $ 1,885,791 Interest and other 30,803 43,338 1,379,826 1,929,129 Expenses Interest 182,807 256,349 Depreciation and amortization 339,402 463,641 Operating expenses 1,038,780 1,399,075 NET LOSS $ (181,163) $ (189,936) Net loss allocation to Boston (179,351) (188,037) Net loss allocated to other (1,812) (1,899) * Amounts include $179,351 and $188,037 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. Series 16 2015 2014 Revenues Rental $ 2,336,187 $ 2,698,071 Interest and other 39,794 40,696 2,375,981 2,738,767 Expenses Interest 295,892 387,201 Depreciation and amortization 598,462 714,910 Operating expenses 1,631,545 2,080,845 NET LOSS $ (149,918) $ (444,189) Net loss allocation to Boston (148,419) (439,747) Net loss allocated to other (1,499) (4,442) * Amounts include $148,419 and $439,747 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. Series 17 2015 2014 Revenues Rental $ 1,221,132 $ 2,739,094 Interest and other 21,168 61,518 1,242,300 2,800,612 Expenses Interest 145,301 386,102 Depreciation and amortization 362,917 633,431 Operating expenses 915,707 1,967,839 NET LOSS $ (181,625) $ (186,760) Net loss allocation to Boston (179,808) (184,891) Net loss allocated to other (1,817) (1,869) * Amounts include $179,808 and $184,891 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. Series 18 2015 2014 Revenues Rental $ 1,040,147 $ 1,776,686 Interest and other 30,360 63,653 1,070,507 1,840,339 Expenses Interest 110,648 239,811 Depreciation and amortization 284,019 492,395 Operating expenses 840,923 1,360,748 NET LOSS $ (165,083) $ (252,615) Net loss allocation to Boston (163,432) (250,089) Net loss allocated to other (1,651) (2,526) * Amounts include $163,432 and $250,089 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. Series 19 2015 2014 Revenues Rental $ 370,325 $ 672,105 Interest and other 9,766 45,088 380,091 717,193 Expenses Interest 49,378 137,735 Depreciation and amortization 72,294 175,425 Operating expenses 323,194 538,150 NET LOSS $ (64,775) $ (134,117) Net loss allocation to Boston (64,127) (132,776) Net loss allocated to other (648) (1,341) * Amounts include $64,127 and $132,776 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. |
ORGANIZATION (Details Textual)
ORGANIZATION (Details Textual) - USD ($) | Sep. 04, 1993 | Sep. 30, 2015 | Mar. 31, 2015 |
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 | 21,936,787 | 21,936,787 | |
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 | 3,858,400 | |
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 | 5,411,800 | 5,411,800 | |
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 | 4,980,687 | |
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 | 3,612,200 | |
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 | 4,073,700 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Related Party Transaction [Line Items] | ||
Accrued management fees | $ 116,810 | $ 190,341 |
Series Fifteen [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | 13,511 | 25,047 |
Series Sixteen [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | 44,070 | 56,814 |
Series Seventeen [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | 26,532 | 46,986 |
Series Eighteen [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | 23,904 | 45,876 |
Series Nineteen [Member] | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | $ 8,793 | $ 15,618 |
RELATED PARTY TRANSACTIONS (D17
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Related Party Transaction [Line Items] | ||||
Management fees paid | $ 701,090 | $ 1,107,744 | $ 797,266 | $ 1,123,362 |
Series Fifteen [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | 278,475 | 403,446 | 278,475 | 403,446 |
Series Sixteen [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | 82,001 | 7,000 | 82,001 | 7,000 |
Series Seventeen [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | 26,532 | 606,680 | 113,915 | 606,680 |
Series Eighteen [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | 305,289 | 75,000 | 305,289 | 75,000 |
Series Nineteen [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | $ 8,793 | $ 15,618 | $ 17,586 | $ 31,236 |
RELATED PARTY TRANSACTIONS (D18
RELATED PARTY TRANSACTIONS (Details Textual) | 6 Months Ended |
Sep. 30, 2015 | |
Related Party Transaction [Line Items] | |
Percentage Of Annual Management Fee | 0.50% |
INVESTMENTS IN OPERATING PART19
INVESTMENTS IN OPERATING PARTNERSHIPS (Details) - Number | Sep. 30, 2015 | Sep. 30, 2014 |
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 62 | 90 |
Series Fifteen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 15 | 21 |
Series Sixteen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 20 | 27 |
Series Seventeen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 9 | 17 |
Series Eighteen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 12 | 17 |
Series Nineteen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 6 | 8 |
INVESTMENTS IN OPERATING PART20
INVESTMENTS IN OPERATING PARTNERSHIPS (Details 1) - USD ($) | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 |
Contributions Payable [Line Items] | |||
Capital contributions payable | $ 76,455 | $ 76,455 | $ 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 | 7,893 | 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 PART21
INVESTMENTS IN OPERATING PARTNERSHIPS (Details 2) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Number | Sep. 30, 2014USD ($)Number | ||
Dispositions By Series Disclosure [Line Items] | |||||
Operating Partnership Interest Transferred | 6 | 3 | |||
Sale of Underlying Operating Partnership | 2 | 2 | |||
Fund Proceeds from Disposition | $ | $ 6,640,778 | [1] | $ 389,700 | ||
Gain on Disposition | $ | $ 434,761 | $ 7,000 | $ 6,285,489 | $ 389,700 | |
Series Fifteen [Member] | |||||
Dispositions By Series Disclosure [Line Items] | |||||
Operating Partnership Interest Transferred | 2 | 2 | |||
Sale of Underlying Operating Partnership | 1 | 1 | |||
Fund Proceeds from Disposition | $ | $ 335,091 | [1] | $ 382,700 | ||
Gain on Disposition | $ | 9,322 | 0 | $ 335,091 | $ 382,700 | |
Series Sixteen [Member] | |||||
Dispositions By Series Disclosure [Line Items] | |||||
Operating Partnership Interest Transferred | 1 | 1 | |||
Sale of Underlying Operating Partnership | 0 | 0 | |||
Fund Proceeds from Disposition | $ | $ 243,000 | [1] | $ 7,000 | ||
Gain on Disposition | $ | 243,000 | 7,000 | $ 243,000 | $ 7,000 | |
Series Seventeen [Member] | |||||
Dispositions By Series Disclosure [Line Items] | |||||
Operating Partnership Interest Transferred | 3 | 0 | |||
Sale of Underlying Operating Partnership | 1 | 0 | |||
Fund Proceeds from Disposition | $ | $ 5,692,104 | [1] | $ 0 | ||
Gain on Disposition | $ | 167,145 | 0 | $ 5,692,104 | $ 0 | |
Series Eighteen [Member] | |||||
Dispositions By Series Disclosure [Line Items] | |||||
Operating Partnership Interest Transferred | 0 | 0 | |||
Sale of Underlying Operating Partnership | 0 | 1 | |||
Fund Proceeds from Disposition | $ | $ 370,583 | [1] | $ 0 | ||
Gain on Disposition | $ | 15,294 | 0 | $ 15,294 | $ 0 | |
Series Nineteen [Member] | |||||
Dispositions By Series Disclosure [Line Items] | |||||
Operating Partnership Interest Transferred | 0 | 0 | |||
Sale of Underlying Operating Partnership | 0 | 0 | |||
Fund Proceeds from Disposition | $ | $ 0 | [1] | $ 0 | ||
Gain on Disposition | $ | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | Fund proceeds from disposition include $355,289 which was receivable as of March 31, 2015 for Series 18. |
INVESTMENTS IN OPERATING PART22
INVESTMENTS IN OPERATING PARTNERSHIPS (Details 3) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Revenues | |||
Rental | $ 6,316,814 | $ 9,771,747 | |
Interest and other | 131,891 | 254,293 | |
Operating Partnerships Revenues | 6,448,705 | 10,026,040 | |
Expenses | |||
Interest | 784,026 | 1,407,198 | |
Depreciation and amortization | 1,657,094 | 2,479,802 | |
Operating expenses | 4,750,149 | 7,346,657 | |
Operating Partnerships Total Expenses | 7,191,269 | 11,233,657 | |
NET LOSS | (742,564) | (1,207,617) | |
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | [1] | (735,137) | (1,195,540) |
Net loss allocated to other partners | (7,427) | (12,077) | |
Series Fifteen [Member] | |||
Revenues | |||
Rental | 1,349,023 | 1,885,791 | |
Interest and other | 30,803 | 43,338 | |
Operating Partnerships Revenues | 1,379,826 | 1,929,129 | |
Expenses | |||
Interest | 182,807 | 256,349 | |
Depreciation and amortization | 339,402 | 463,641 | |
Operating expenses | 1,038,780 | 1,399,075 | |
Operating Partnerships Total Expenses | 1,560,989 | 2,119,065 | |
NET LOSS | (181,163) | (189,936) | |
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | [2] | (179,351) | (188,037) |
Net loss allocated to other partners | (1,812) | (1,899) | |
Series Sixteen [Member] | |||
Revenues | |||
Rental | 2,336,187 | 2,698,071 | |
Interest and other | 39,794 | 40,696 | |
Operating Partnerships Revenues | 2,375,981 | 2,738,767 | |
Expenses | |||
Interest | 295,892 | 387,201 | |
Depreciation and amortization | 598,462 | 714,910 | |
Operating expenses | 1,631,545 | 2,080,845 | |
Operating Partnerships Total Expenses | 2,525,899 | 3,182,956 | |
NET LOSS | (149,918) | (444,189) | |
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | [3] | (148,419) | (439,747) |
Net loss allocated to other partners | (1,499) | (4,442) | |
Series Seventeen [Member] | |||
Revenues | |||
Rental | 1,221,132 | 2,739,094 | |
Interest and other | 21,168 | 61,518 | |
Operating Partnerships Revenues | 1,242,300 | 2,800,612 | |
Expenses | |||
Interest | 145,301 | 386,102 | |
Depreciation and amortization | 362,917 | 633,431 | |
Operating expenses | 915,707 | 1,967,839 | |
Operating Partnerships Total Expenses | 1,423,925 | 2,987,372 | |
NET LOSS | (181,625) | (186,760) | |
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | [4] | (179,808) | (184,891) |
Net loss allocated to other partners | (1,817) | (1,869) | |
Series Eighteen [Member] | |||
Revenues | |||
Rental | 1,040,147 | 1,776,686 | |
Interest and other | 30,360 | 63,653 | |
Operating Partnerships Revenues | 1,070,507 | 1,840,339 | |
Expenses | |||
Interest | 110,648 | 239,811 | |
Depreciation and amortization | 284,019 | 492,395 | |
Operating expenses | 840,923 | 1,360,748 | |
Operating Partnerships Total Expenses | 1,235,590 | 2,092,954 | |
NET LOSS | (165,083) | (252,615) | |
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | [5] | (163,432) | (250,089) |
Net loss allocated to other partners | (1,651) | (2,526) | |
Series Nineteen [Member] | |||
Revenues | |||
Rental | 370,325 | 672,105 | |
Interest and other | 9,766 | 45,088 | |
Operating Partnerships Revenues | 380,091 | 717,193 | |
Expenses | |||
Interest | 49,378 | 137,735 | |
Depreciation and amortization | 72,294 | 175,425 | |
Operating expenses | 323,194 | 538,150 | |
Operating Partnerships Total Expenses | 444,866 | 851,310 | |
NET LOSS | (64,775) | (134,117) | |
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | [6] | (64,127) | (132,776) |
Net loss allocated to other partners | $ (648) | $ (1,341) | |
[1] | Amounts include $735,137 and $1,195,540 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. | ||
[2] | Amounts include $179,351 and $188,037 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. | ||
[3] | Amounts include $148,419 and $439,747 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. | ||
[4] | Amounts include $179,808 and $184,891 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. | ||
[5] | Amounts include $163,432 and $250,089 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. | ||
[6] | Amounts include $64,127 and $132,776 for 2015 and 2014, respectively, of loss not recognized under the equity method of accounting. |
INVESTMENTS IN OPERATING PART23
INVESTMENTS IN OPERATING PARTNERSHIPS (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | |
Investments In Operating Limited Partnerships [Line Items] | |||
Income Loss Not Recognized Under Equity Method Accounting | $ 1,195,540 | $ 735,137 | |
Series Fifteen [Member] | |||
Investments In Operating Limited Partnerships [Line Items] | |||
Income Loss Not Recognized Under Equity Method Accounting | 179,351 | 188,037 | |
Series Sixteen [Member] | |||
Investments In Operating Limited Partnerships [Line Items] | |||
Income Loss Not Recognized Under Equity Method Accounting | 148,419 | 439,747 | |
Series Seventeen [Member] | |||
Investments In Operating Limited Partnerships [Line Items] | |||
Income Loss Not Recognized Under Equity Method Accounting | 179,808 | 184,891 | |
Series Eighteen [Member] | |||
Investments In Operating Limited Partnerships [Line Items] | |||
Income Loss Not Recognized Under Equity Method Accounting | 163,432 | 250,089 | |
Fund Receivable | $ 355,289 | ||
Series Nineteen [Member] | |||
Investments In Operating Limited Partnerships [Line Items] | |||
Income Loss Not Recognized Under Equity Method Accounting | $ 64,127 | $ 132,776 |