Document And Entity Information
Document And Entity Information | 6 Months Ended |
Sep. 30, 2019shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2019 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | BOSTON CAPITAL TAX CREDIT FUND III L P |
Entity Central Index Key | 0000879555 |
Current Fiscal Year End Date | --03-31 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 0 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Small Business | true |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D) | $ 0 | $ 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 941,561 | 1,055,755 |
Assets | 941,561 | 1,055,755 |
LIABILITIES | ||
Accounts payable & accrued expenses | 6,500 | 4,500 |
Accounts payable affiliates (Note C) | 10,779,247 | 10,780,391 |
Capital contributions payable (Note D) | 18,554 | 18,554 |
Liabilities | 10,804,301 | 10,803,445 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees Units of limited partnership interest | (10,771,022) | (10,657,123) |
General Partner | 908,282 | 909,433 |
Partners' capital (deficit) | (9,862,740) | (9,747,690) |
Liabilities and Stockholders' Equity | 941,561 | 1,055,755 |
Series 15 | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D) | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Assets | 0 | 0 |
LIABILITIES | ||
Accounts payable & accrued expenses | 0 | 0 |
Accounts payable affiliates (Note C) | 0 | 0 |
Capital contributions payable (Note D) | 0 | 0 |
Liabilities | 0 | 0 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees Units of limited partnership interest | (2,439,314) | (2,439,314) |
General Partner | 2,439,314 | 2,439,314 |
Partners' capital (deficit) | 0 | 0 |
Liabilities and Stockholders' Equity | 0 | 0 |
Series 16 | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D) | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 142,167 | 191,974 |
Assets | 142,167 | 191,974 |
LIABILITIES | ||
Accounts payable & accrued expenses | 6,500 | 2,000 |
Accounts payable affiliates (Note C) | 7,781,803 | 7,814,843 |
Capital contributions payable (Note D) | 0 | 0 |
Liabilities | 7,788,303 | 7,816,843 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees Units of limited partnership interest | (7,103,067) | (7,082,013) |
General Partner | (543,069) | (542,856) |
Partners' capital (deficit) | (7,646,136) | (7,624,869) |
Liabilities and Stockholders' Equity | 142,167 | 191,974 |
Series 17 | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D) | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 560,110 | 607,576 |
Assets | 560,110 | 607,576 |
LIABILITIES | ||
Accounts payable & accrued expenses | 0 | 2,500 |
Accounts payable affiliates (Note C) | 0 | 0 |
Capital contributions payable (Note D) | 0 | 0 |
Liabilities | 0 | 2,500 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees Units of limited partnership interest | 926,717 | 971,233 |
General Partner | (366,607) | (366,157) |
Partners' capital (deficit) | 560,110 | 605,076 |
Liabilities and Stockholders' Equity | 560,110 | 607,576 |
Series 18 | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D) | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 239,284 | 256,205 |
Assets | 239,284 | 256,205 |
LIABILITIES | ||
Accounts payable & accrued expenses | 0 | 0 |
Accounts payable affiliates (Note C) | 2,997,444 | 2,965,548 |
Capital contributions payable (Note D) | 18,554 | 18,554 |
Liabilities | 3,015,998 | 2,984,102 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees Units of limited partnership interest | (2,438,719) | (2,390,390) |
General Partner | (337,995) | (337,507) |
Partners' capital (deficit) | (2,776,714) | (2,727,897) |
Liabilities and Stockholders' Equity | 239,284 | 256,205 |
Series 19 | ||
ASSETS | ||
INVESTMENTS IN OPERATING PARTNERSHIPS(Note D) | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 0 | 0 |
Assets | 0 | 0 |
LIABILITIES | ||
Accounts payable & accrued expenses | 0 | 0 |
Accounts payable affiliates (Note C) | 0 | 0 |
Capital contributions payable (Note D) | 0 | 0 |
Liabilities | 0 | 0 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignees Units of limited partnership interest | 283,361 | 283,361 |
General Partner | (283,361) | (283,361) |
Partners' capital (deficit) | 0 | 0 |
Liabilities and Stockholders' Equity | $ 0 | $ 0 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2019 | Mar. 31, 2019 | 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 | 21,695,581 | 21,695,581 | |
Series 15 | |||
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 | 3,810,700 | 3,810,700 | |
Series 16 | |||
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 | 5,332,500 | 5,332,500 | |
Series 17 | |||
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 | 4,938,247 | 4,938,247 | |
Series 18 | |||
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 | 3,558,134 | 3,558,134 | |
Series 19 | |||
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 | 4,056,000 | 4,056,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income | ||||
Interest income | $ 3,290 | $ 2,891 | $ 6,548 | $ 6,597 |
Other income | 6,000 | 100,693 | 7,133 | 110,969 |
Total income | 9,290 | 103,584 | 13,681 | 117,566 |
Gain on Disposition of Operating Partnerships | 47,500 | 47,500 | 841,020 | |
Expenses | ||||
Professional fees | 57,719 | 14,080 | 57,719 | 103,137 |
Fund management fee, net (Note C) | 33,315 | 55,128 | 71,434 | 108,538 |
General and administrative expenses | 25,732 | 36,624 | 47,078 | 58,684 |
Operating expenses | 116,766 | 105,832 | 176,231 | 270,359 |
NET INCOME (LOSS) | (59,976) | (2,248) | (115,050) | 688,227 |
Net income (loss) allocated to limited assignees | (59,376) | (2,225) | (113,899) | 681,345 |
Net income (loss) allocated to general partner | $ (600) | (23) | $ (1,151) | $ 6,882 |
Net income (loss) per BAC | $ 0 | $ (0.01) | $ 0.03 | |
Series 15 | ||||
Income | ||||
Interest income | $ 0 | 367 | $ 0 | $ 800 |
Other income | 0 | 0 | 0 | 0 |
Total income | 0 | 367 | 0 | 800 |
Gain on Disposition of Operating Partnerships | 0 | 0 | 0 | 12,500 |
Expenses | ||||
Professional fees | 0 | 2,960 | 0 | 21,240 |
Fund management fee, net (Note C) | 0 | 8,772 | 0 | 15,912 |
General and administrative expenses | 0 | 7,137 | 0 | 11,384 |
Operating expenses | 0 | 18,869 | 0 | 48,536 |
NET INCOME (LOSS) | 0 | (18,502) | 0 | (35,236) |
Net income (loss) allocated to limited assignees | 0 | (18,317) | 0 | (34,884) |
Net income (loss) allocated to general partner | $ 0 | $ (185) | $ 0 | $ (352) |
Net income (loss) per BAC | $ 0 | $ 0 | $ 0 | $ (0.01) |
Series 16 | ||||
Income | ||||
Interest income | $ 474 | $ 415 | $ 930 | $ 864 |
Other income | 0 | 1,677 | 200 | 1,878 |
Total income | 474 | 2,092 | 1,130 | 2,742 |
Gain on Disposition of Operating Partnerships | 47,500 | 0 | 47,500 | 0 |
Expenses | ||||
Professional fees | 21,287 | 3,200 | 21,287 | 24,625 |
Fund management fee, net (Note C) | 15,523 | 16,271 | 30,350 | 30,756 |
General and administrative expenses | 10,032 | 8,160 | 18,260 | 13,358 |
Operating expenses | 46,842 | 27,631 | 69,897 | 68,739 |
NET INCOME (LOSS) | 1,132 | (25,539) | (21,267) | (65,997) |
Net income (loss) allocated to limited assignees | 1,121 | (25,284) | (21,054) | (65,337) |
Net income (loss) allocated to general partner | $ 11 | $ (255) | $ (213) | $ (660) |
Net income (loss) per BAC | $ 0 | $ 0 | $ 0 | $ (0.01) |
Series 17 | ||||
Income | ||||
Interest income | $ 2,102 | $ 1,294 | $ 4,296 | $ 2,132 |
Other income | 0 | 98,000 | 0 | 108,075 |
Total income | 2,102 | 99,294 | 4,296 | 110,207 |
Gain on Disposition of Operating Partnerships | 0 | 0 | 0 | 0 |
Expenses | ||||
Professional fees | 16,089 | 2,480 | 16,089 | 22,812 |
Fund management fee, net (Note C) | 8,844 | 12,219 | 16,688 | 21,438 |
General and administrative expenses | 9,076 | 7,541 | 16,485 | 12,127 |
Operating expenses | 34,009 | 22,240 | 49,262 | 56,377 |
NET INCOME (LOSS) | (31,907) | 77,054 | (44,966) | 53,830 |
Net income (loss) allocated to limited assignees | (31,588) | 76,284 | (44,516) | 53,292 |
Net income (loss) allocated to general partner | $ (319) | $ 770 | $ (450) | $ 538 |
Net income (loss) per BAC | $ (0.01) | $ 0.02 | $ (0.01) | $ 0.01 |
Series 18 | ||||
Income | ||||
Interest income | $ 714 | $ 496 | $ 1,322 | $ 2,168 |
Other income | 6,000 | 933 | 6,933 | 933 |
Total income | 6,714 | 1,429 | 8,255 | 3,101 |
Gain on Disposition of Operating Partnerships | 0 | 0 | 0 | 815,520 |
Expenses | ||||
Professional fees | 20,343 | 2,900 | 20,343 | 18,675 |
Fund management fee, net (Note C) | 8,948 | 15,448 | 24,396 | 33,499 |
General and administrative expenses | 6,624 | 6,841 | 12,333 | 10,839 |
Operating expenses | 35,915 | 25,189 | 57,072 | 63,013 |
NET INCOME (LOSS) | (29,201) | (23,760) | (48,817) | 755,608 |
Net income (loss) allocated to limited assignees | (28,909) | (23,522) | (48,329) | 748,052 |
Net income (loss) allocated to general partner | $ (292) | $ (238) | $ (488) | $ 7,556 |
Net income (loss) per BAC | $ (0.01) | $ (0.01) | $ (0.01) | $ 0.21 |
Series 19 | ||||
Income | ||||
Interest income | $ 0 | $ 319 | $ 0 | $ 633 |
Other income | 0 | 83 | 0 | 83 |
Total income | 0 | 402 | 0 | 716 |
Gain on Disposition of Operating Partnerships | 0 | 0 | 0 | 13,000 |
Expenses | ||||
Professional fees | 0 | 2,540 | 0 | 15,785 |
Fund management fee, net (Note C) | 0 | 2,418 | 0 | 6,933 |
General and administrative expenses | 0 | 6,945 | 0 | 10,976 |
Operating expenses | 0 | 11,903 | 0 | 33,694 |
NET INCOME (LOSS) | 0 | (11,501) | 0 | (19,978) |
Net income (loss) allocated to limited assignees | 0 | (11,386) | 0 | (19,778) |
Net income (loss) allocated to general partner | $ 0 | $ (115) | $ 0 | $ (200) |
Net income (loss) per BAC | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - USD ($) | Series 15Assignees | Series 15General partner | Series 15 | Series 16Assignees | Series 16General partner | Series 16 | Series 17Assignees | Series 17General partner | Series 17 | Series 18Assignees | Series 18General partner | Series 18 | Series 19Assignees | Series 19General partner | Series 19 | Assignees | General partner | Total |
Balance at the Beginning at Mar. 31, 2018 | $ (2,440,269) | $ (350,093) | $ (2,790,362) | $ (7,029,717) | $ (542,328) | $ (7,572,045) | $ 895,356 | $ (366,923) | $ 528,433 | $ (3,137,537) | $ (345,054) | $ (3,482,591) | $ 463,693 | $ (282,687) | $ 181,006 | $ (11,248,474) | $ (1,887,085) | $ (13,135,559) |
Net income (loss) | (16,567) | (167) | (16,734) | (40,053) | (405) | (40,458) | (22,992) | (232) | (23,224) | 771,574 | 7,794 | 779,368 | (8,392) | (85) | (8,477) | 683,570 | 6,905 | 690,475 |
Balance at the Ending at Jun. 30, 2018 | (2,456,836) | (350,260) | (2,807,096) | (7,069,770) | (542,733) | (7,612,503) | 872,364 | (367,155) | 505,209 | (2,365,963) | (337,260) | (2,703,223) | 455,301 | (282,772) | 172,529 | (10,564,904) | (1,880,180) | (12,445,084) |
Balance at the Beginning at Mar. 31, 2018 | (2,440,269) | (350,093) | (2,790,362) | (7,029,717) | (542,328) | (7,572,045) | 895,356 | (366,923) | 528,433 | (3,137,537) | (345,054) | (3,482,591) | 463,693 | (282,687) | 181,006 | (11,248,474) | (1,887,085) | (13,135,559) |
Net income (loss) | (35,236) | (65,997) | 53,830 | 755,608 | (19,978) | 688,227 | ||||||||||||
Balance at the Ending at Sep. 30, 2018 | (2,475,153) | (350,445) | (2,825,598) | (7,095,054) | (542,988) | (7,638,042) | 948,648 | (366,385) | 582,263 | (2,389,485) | (337,498) | (2,726,983) | 443,915 | (282,887) | 161,028 | (10,567,129) | (1,880,203) | (12,447,332) |
Balance at the Beginning at Jun. 30, 2018 | (2,456,836) | (350,260) | (2,807,096) | (7,069,770) | (542,733) | (7,612,503) | 872,364 | (367,155) | 505,209 | (2,365,963) | (337,260) | (2,703,223) | 455,301 | (282,772) | 172,529 | (10,564,904) | (1,880,180) | (12,445,084) |
Net income (loss) | (18,317) | (185) | (18,502) | (25,284) | (255) | (25,539) | 76,284 | 770 | 77,054 | (23,522) | (238) | (23,760) | (11,386) | (115) | (11,501) | (2,225) | (23) | (2,248) |
Balance at the Ending at Sep. 30, 2018 | (2,475,153) | (350,445) | (2,825,598) | (7,095,054) | (542,988) | (7,638,042) | 948,648 | (366,385) | 582,263 | (2,389,485) | (337,498) | (2,726,983) | 443,915 | (282,887) | 161,028 | (10,567,129) | (1,880,203) | (12,447,332) |
Balance at the Beginning at Mar. 31, 2019 | (2,439,314) | 2,439,314 | 0 | (7,082,013) | (542,856) | (7,624,869) | 971,233 | (366,157) | 605,076 | (2,390,390) | (337,507) | (2,727,897) | 283,361 | (283,361) | 0 | (10,657,123) | 909,433 | (9,747,690) |
Net income (loss) | 0 | 0 | 0 | (22,175) | (224) | (22,399) | (12,928) | (131) | (13,059) | (19,420) | (196) | (19,616) | 0 | 0 | 0 | (54,523) | (551) | (55,074) |
Balance at the Ending at Jun. 30, 2019 | (2,439,314) | 2,439,314 | 0 | (7,104,188) | (543,080) | (7,647,268) | 958,305 | (366,288) | 592,017 | (2,409,810) | (337,703) | (2,747,513) | 283,361 | (283,361) | 0 | (10,711,646) | 908,882 | (9,802,764) |
Balance at the Beginning at Mar. 31, 2019 | (2,439,314) | 2,439,314 | 0 | (7,082,013) | (542,856) | (7,624,869) | 971,233 | (366,157) | 605,076 | (2,390,390) | (337,507) | (2,727,897) | 283,361 | (283,361) | 0 | (10,657,123) | 909,433 | (9,747,690) |
Net income (loss) | 0 | (21,267) | (44,966) | (48,817) | 0 | (115,050) | ||||||||||||
Balance at the Ending at Sep. 30, 2019 | (2,439,314) | 2,439,314 | 0 | (7,103,067) | (543,069) | (7,646,136) | 926,717 | (366,607) | 560,110 | (2,438,719) | (337,995) | (2,776,714) | 283,361 | (283,361) | 0 | (10,771,022) | 908,282 | (9,862,740) |
Balance at the Beginning at Jun. 30, 2019 | (2,439,314) | 2,439,314 | 0 | (7,104,188) | (543,080) | (7,647,268) | 958,305 | (366,288) | 592,017 | (2,409,810) | (337,703) | (2,747,513) | 283,361 | (283,361) | 0 | (10,711,646) | 908,882 | (9,802,764) |
Net income (loss) | 0 | 0 | 0 | 1,121 | 11 | 1,132 | (31,588) | (319) | (31,907) | (28,909) | (292) | (29,201) | 0 | 0 | 0 | (59,376) | (600) | (59,976) |
Balance at the Ending at Sep. 30, 2019 | $ (2,439,314) | $ 2,439,314 | $ 0 | $ (7,103,067) | $ (543,069) | $ (7,646,136) | $ 926,717 | $ (366,607) | $ 560,110 | $ (2,438,719) | $ (337,995) | $ (2,776,714) | $ 283,361 | $ (283,361) | $ 0 | $ (10,771,022) | $ 908,282 | $ (9,862,740) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net Income (Loss) | $ (115,050) | $ 688,227 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Gain on Disposition of Operating Partnerships | (47,500) | (841,020) |
Changes in assets and liabilities | ||
(Decrease) Increase in accounts payable and accrued expenses | 2,000 | (2,000) |
(Decrease) Increase in accounts payable affiliates | (1,144) | (1,040,288) |
Net cash provided by (used in) operating activities | (161,694) | (1,195,081) |
Cash flows from investing activities: | ||
Proceeds from the disposition of Operating Partnerships | 47,500 | 841,020 |
Net cash provided by investing activities | 47,500 | 841,020 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (114,194) | (354,061) |
Cash and cash equivalents, beginning | 1,055,755 | 1,632,938 |
Cash and cash equivalents, ending | 941,561 | 1,278,877 |
Series 15 | ||
Cash flows from operating activities: | ||
Net Income (Loss) | 0 | (35,236) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Gain on Disposition of Operating Partnerships | 0 | (12,500) |
Changes in assets and liabilities | ||
(Decrease) Increase in accounts payable and accrued expenses | 0 | 0 |
(Decrease) Increase in accounts payable affiliates | 0 | (43,126) |
Net cash provided by (used in) operating activities | 0 | (90,862) |
Cash flows from investing activities: | ||
Proceeds from the disposition of Operating Partnerships | 0 | 12,500 |
Net cash provided by investing activities | 0 | 12,500 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | (78,362) |
Cash and cash equivalents, beginning | 0 | 244,074 |
Cash and cash equivalents, ending | 0 | 165,712 |
Series 16 | ||
Cash flows from operating activities: | ||
Net Income (Loss) | (21,267) | (65,997) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Gain on Disposition of Operating Partnerships | (47,500) | 0 |
Changes in assets and liabilities | ||
(Decrease) Increase in accounts payable and accrued expenses | 4,500 | (2,000) |
(Decrease) Increase in accounts payable affiliates | (33,040) | (115,641) |
Net cash provided by (used in) operating activities | (97,307) | (183,638) |
Cash flows from investing activities: | ||
Proceeds from the disposition of Operating Partnerships | 47,500 | 0 |
Net cash provided by investing activities | 47,500 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (49,807) | (183,638) |
Cash and cash equivalents, beginning | 191,974 | 320,396 |
Cash and cash equivalents, ending | 142,167 | 136,758 |
Series 17 | ||
Cash flows from operating activities: | ||
Net Income (Loss) | (44,966) | 53,830 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Gain on Disposition of Operating Partnerships | 0 | 0 |
Changes in assets and liabilities | ||
(Decrease) Increase in accounts payable and accrued expenses | (2,500) | 0 |
(Decrease) Increase in accounts payable affiliates | 0 | 0 |
Net cash provided by (used in) operating activities | (47,466) | 53,830 |
Cash flows from investing activities: | ||
Proceeds from the disposition of Operating Partnerships | 0 | 0 |
Net cash provided by investing activities | 0 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (47,466) | 53,830 |
Cash and cash equivalents, beginning | 607,576 | 536,326 |
Cash and cash equivalents, ending | 560,110 | 590,156 |
Series 18 | ||
Cash flows from operating activities: | ||
Net Income (Loss) | (48,817) | 755,608 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Gain on Disposition of Operating Partnerships | 0 | (815,520) |
Changes in assets and liabilities | ||
(Decrease) Increase in accounts payable and accrued expenses | 0 | 0 |
(Decrease) Increase in accounts payable affiliates | 31,896 | (881,521) |
Net cash provided by (used in) operating activities | (16,921) | (941,433) |
Cash flows from investing activities: | ||
Proceeds from the disposition of Operating Partnerships | 0 | 815,520 |
Net cash provided by investing activities | 0 | 815,520 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (16,921) | (125,913) |
Cash and cash equivalents, beginning | 256,205 | 351,136 |
Cash and cash equivalents, ending | 239,284 | 225,223 |
Series 19 | ||
Cash flows from operating activities: | ||
Net Income (Loss) | 0 | (19,978) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||
Gain on Disposition of Operating Partnerships | 0 | (13,000) |
Changes in assets and liabilities | ||
(Decrease) Increase in accounts payable and accrued expenses | 0 | 0 |
(Decrease) Increase in accounts payable affiliates | 0 | 0 |
Net cash provided by (used in) operating activities | 0 | (32,978) |
Cash flows from investing activities: | ||
Proceeds from the disposition of Operating Partnerships | 0 | 13,000 |
Net cash provided by investing activities | 0 | 13,000 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | (19,978) |
Cash and cash equivalents, beginning | 0 | 181,006 |
Cash and cash equivalents, ending | $ 0 | $ 161,028 |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Sep. 30, 2019 | |
ORGANIZATION | |
ORGANIZATION | 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, 2019, 3,810,700 BACs in Series 15, 5,332,500 BACs in Series 16, 4,938,247 BACs in Series 17, 3,558,134 BACs in Series 18, and 4,056,000 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, 2019 | |
ACCOUNTING AND FINANCIAL REPORTING POLICIES | |
ACCOUNTING AND FINANCIAL REPORTING POLICIES | NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES The condensed financial statements included herein as of September 30, 2019 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, 2019. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2019 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 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 September 30, 2019 and 2018 are as follows: 2019 2018 Series 15 $ — $ 8,772 Series 16 18,480 20,021 Series 17 8,844 12,219 Series 18 15,948 15,948 Series 19 — 3,168 $ 43,272 $ 60,128 The fund management fees paid for the three months ended September 30, 2019 and 2018 are as follows: 2019 2018 Series 15 $ — $ 62,500 Series 16 70,000 80,083 Series 17 8,844 12,219 Series 18 — 100,000 Series 19 — 3,168 $ 78,844 $ 257,970 The fund management fees paid for the six months ended September 30, 2019 and 2018 are as follows: 2019 2018 Series 15 $ — $ 62,500 Series 16 70,000 155,683 Series 17 17,688 24,438 Series 18 — 915,520 Series 19 — 7,683 $ 87,688 $ 1,165,824 |
INVESTMENTS IN OPERATING PARTNE
INVESTMENTS IN OPERATING PARTNERSHIPS | 6 Months Ended |
Sep. 30, 2019 | |
INVESTMENTS IN OPERATING PARTNERSHIPS | |
INVESTMENTS IN OPERATING PARTNERSHIPS | NOTE D – INVESTMENTS IN OPERATING PARTNERSHIPS At September 30, 2019 and 2018, the Fund had limited partnership interests in 20 and 35 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at September 30, 2019 and 2018 is as follows: 2019 2018 Series 15 — 8 Series 16 8 12 Series 17 2 4 Series 18 10 10 Series 19 — 1 20 35 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 September 30, 2019 and 2018 are as follows: 2019 2018 Series 15 $ — $ — Series 16 — — Series 17 — 7,893 Series 18 18,554 18,554 Series 19 — — $ 18,554 $ 26,447 During the six months ended September 30, 2019 the Fund disposed of three Operating Partnerships. A summary of the dispositions by Series for September 30, 2019 is as follows: Operating Sale of Partnership Underlying Fund Proceeds Interest Operating from Gain on Transferred Partnership Disposition Disposition Series 15 — — $ — $ — Series 16 3 — 47,500 47,500 Series 17 — — — — Series 18 — — — — Series 19 — — — — Total 3 — $ 47,500 $ 47,500 During the six months ended September 30, 2018 the Fund disposed of four Operating Partnerships. A summary of the dispositions by Series for September 30, 2018 is as follows: Operating Sale of Partnership Underlying Fund Proceeds Interest Operating from Gain on Transferred Partnership Disposition Disposition Series 15 1 — $ 12,500 $ 12,500 Series 16 — — — — Series 17 — — — — Series 18 1 — 815,520 815,520 Series 19 2 — 13,000 13,000 Total 4 — $ 841,020 $ 841,020 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 six months ended June 30, 2019. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) 2019 2018 Revenues Rental $ 2,019,266 $ 3,039,627 Interest and other 31,102 60,035 2,050,368 3,099,662 Expenses Interest 281,723 347,505 Depreciation and amortization 485,006 742,101 Operating expenses 1,634,700 2,477,569 2,401,429 3,567,175 NET LOSS $ (351,061) $ (467,513) Net loss allocation to Boston Capital Tax Credit Fund III L.P. $ (347,549) $ (462,837) Net loss allocated to other Partners $ (3,512) $ (4,676) 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. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) Series 15 2019 2018 Revenues Rental $ — $ 502,625 Interest and other — 10,626 — 513,251 Expenses Interest — 36,618 Depreciation and amortization — 122,439 Operating expenses — 424,667 — 583,724 NET LOSS $ — $ (70,473) Net loss allocation to Boston Capital Tax Credit Fund III L.P. $ — $ (69,768) Net loss allocated to other Partners $ — $ (705) 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. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) Series 16 2019 2018 Revenues Rental $ 922,631 $ 1,062,557 Interest and other 9,347 12,948 931,978 1,075,505 Expenses Interest 101,770 119,051 Depreciation and amortization 206,056 250,911 Operating expenses 680,663 813,932 988,489 1,183,894 NET LOSS $ (56,511) $ (108,389) Net loss allocation to Boston Capital Tax Credit Fund III L.P. $ (55,946) $ (107,305) Net loss allocated to other Partners $ (565) $ (1,084) 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. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) Series 17 2019 2018 Revenues Rental $ 421,068 $ 579,160 Interest and other 7,653 11,751 428,721 590,911 Expenses Interest 63,503 53,055 Depreciation and amortization 119,488 171,868 Operating expenses 366,393 423,392 549,384 648,315 NET LOSS $ (120,663) $ (57,404) Net loss allocation to Boston Capital Tax Credit Fund III L.P. $ (119,455) $ (56,829) Net loss allocated to other Partners $ (1,208) $ (575) 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. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) Series 18 2019 2018 Revenues Rental $ 675,567 $ 805,458 Interest and other 14,102 16,959 689,669 822,417 Expenses Interest 116,450 132,168 Depreciation and amortization 159,462 191,985 Operating expenses 587,644 715,697 863,556 1,039,850 NET LOSS $ (173,887) $ (217,433) Net loss allocation to Boston Capital Tax Credit Fund III L.P $ (172,148) $ (215,259) Net loss allocated to other Partners $ (1,739) $ (2,174) 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. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited)) Series 19 2019 2018 Revenues Rental $ — $ 89,827 Interest and other — 7,751 — 97,578 Expenses Interest — 6,613 Depreciation and amortization — 4,898 Operating expenses — 99,881 — 111,392 NET LOSS $ — $ (13,814) Net loss allocation to Boston Capital Tax Credit Fund III L.P. $ — $ (13,676) Net loss allocated to other Partners $ — $ (138) 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 | 6 Months Ended |
Sep. 30, 2019 | |
TAXABLE LOSS | |
TAXABLE LOSS | NOTE E - TAXABLE LOSS The Fund’s taxable loss 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, 2019 | |
INCOME TAXES | |
INCOME TAXES | 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 2015 remain open. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2019 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE G - SUBSEQUENT EVENTS Subsequent to September 30, 2019, the Fund has entered into an agreement to transfer the interest in four operating limited partnerships. The estimated transfer price and other terms for the dispositions of the operating limited partnerships have been determined. The estimated proceeds to be received for the operating limited partnerships are $50,000. The estimated gain on the transfer of the operating limited partnerships are $40,000 and are expected to be recognized in the third quarter of fiscal year ending March 31, 2020. |
Plan of Liquidation
Plan of Liquidation | 6 Months Ended |
Sep. 30, 2019 | |
Plan of Liquidation | |
Plan of Liquidation | NOTE H - Plan of Liquidation On March 30, 2016, our General Partner recommended that the BAC holders approve a plan of liquidation and dissolution for the Partnership, or the "Plan." The Plan was approved by the BAC holders on June 1, 2016, and was adopted by the General Partner on June 1, 2016. Pursuant to the Plan, the General Partner would be able to, without further action by the BAC holders: · liquidate the assets and wind up the business of the Partnership; · make liquidating distributions in cancellation of the BACs, if any; · dissolve the Partnership after the sale of all of the Partnership’s assets; and · take, or cause the Partnership to take, such other acts and deeds and shall do, or cause the Partnership to do, such other things, as are necessary or appropriate in connection with the dissolution, winding up and liquidation of the Partnership, the termination of the responsibilities and liabilities of the Partnership under applicable law, and the termination of the existence of the Partnership. Since the approval of the Plan by the BAC holders, we have continued to seek to sell the assets of the Partnership and use the sale proceeds and/or other Partnership funds to pay all expenses in connection with such sales, pay or make provision for payment of all Partnership obligations and liabilities, including accrued fees, and unpaid loans to the General Partner, and distribute the remaining assets as set forth in the Partnership Agreement. We expect to complete the sale of the apartment complexes approximately three to five years after the BAC holders approval of the Plan, which was June 1, 2016. However, because of numerous uncertainties, the liquidation may take longer or shorter than expected, and the final liquidating distributions, if any, may occur months after all of the apartment complexes of any given Series have been sold. As liquidation is not imminent, the Partnership will continue to report as a going concern. For additional information regarding the sale of Partnership assets, see "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report on Form 10‑K. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
RELATED PARTY TRANSACTIONS | |
Schedule of fund management fees accrued | The fund management fees accrued for the three months ended September 30, 2019 and 2018 are as follows: 2019 2018 Series 15 $ — $ 8,772 Series 16 18,480 20,021 Series 17 8,844 12,219 Series 18 15,948 15,948 Series 19 — 3,168 $ 43,272 $ 60,128 |
Schedule of fund management fees paid | The fund management fees paid for the three months ended September 30, 2019 and 2018 are as follows: 2019 2018 Series 15 $ — $ 62,500 Series 16 70,000 80,083 Series 17 8,844 12,219 Series 18 — 100,000 Series 19 — 3,168 $ 78,844 $ 257,970 The fund management fees paid for the six months ended September 30, 2019 and 2018 are as follows: 2019 2018 Series 15 $ — $ 62,500 Series 16 70,000 155,683 Series 17 17,688 24,438 Series 18 — 915,520 Series 19 — 7,683 $ 87,688 $ 1,165,824 |
INVESTMENTS IN OPERATING PART_2
INVESTMENTS IN OPERATING PARTNERSHIPS (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
INVESTMENTS IN OPERATING PARTNERSHIPS | |
Schedule of Number of Operating Partnerships | The breakdown of Operating Partnerships within the Fund at September 30, 2019 and 2018 is as follows: 2019 2018 Series 15 — 8 Series 16 8 12 Series 17 2 4 Series 18 10 10 Series 19 — 1 20 35 |
Schedule of Contributions Payable | The contributions payable at September 30, 2019 and 2018 are as follows: 2019 2018 Series 15 $ — $ — Series 16 — — Series 17 — 7,893 Series 18 18,554 18,554 Series 19 — — $ 18,554 $ 26,447 |
Schedule of Dispositions By Series | A summary of the dispositions by Series for September 30, 2019 is as follows: Operating Sale of Partnership Underlying Fund Proceeds Interest Operating from Gain on Transferred Partnership Disposition Disposition Series 15 — — $ — $ — Series 16 3 — 47,500 47,500 Series 17 — — — — Series 18 — — — — Series 19 — — — — Total 3 — $ 47,500 $ 47,500 A summary of the dispositions by Series for September 30, 2018 is as follows: Operating Sale of Partnership Underlying Fund Proceeds Interest Operating from Gain on Transferred Partnership Disposition Disposition Series 15 1 — $ 12,500 $ 12,500 Series 16 — — — — Series 17 — — — — Series 18 1 — 815,520 815,520 Series 19 2 — 13,000 13,000 Total 4 — $ 841,020 $ 841,020 |
Schedule of Summarized Statement Of Operations In Operating Partnerships | Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2019. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) 2019 2018 Revenues Rental $ 2,019,266 $ 3,039,627 Interest and other 31,102 60,035 2,050,368 3,099,662 Expenses Interest 281,723 347,505 Depreciation and amortization 485,006 742,101 Operating expenses 1,634,700 2,477,569 2,401,429 3,567,175 NET LOSS $ (351,061) $ (467,513) Net loss allocation to Boston Capital Tax Credit Fund III L.P. $ (347,549) $ (462,837) Net loss allocated to other Partners $ (3,512) $ (4,676) 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. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) Series 15 2019 2018 Revenues Rental $ — $ 502,625 Interest and other — 10,626 — 513,251 Expenses Interest — 36,618 Depreciation and amortization — 122,439 Operating expenses — 424,667 — 583,724 NET LOSS $ — $ (70,473) Net loss allocation to Boston Capital Tax Credit Fund III L.P. $ — $ (69,768) Net loss allocated to other Partners $ — $ (705) 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. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) Series 16 2019 2018 Revenues Rental $ 922,631 $ 1,062,557 Interest and other 9,347 12,948 931,978 1,075,505 Expenses Interest 101,770 119,051 Depreciation and amortization 206,056 250,911 Operating expenses 680,663 813,932 988,489 1,183,894 NET LOSS $ (56,511) $ (108,389) Net loss allocation to Boston Capital Tax Credit Fund III L.P. $ (55,946) $ (107,305) Net loss allocated to other Partners $ (565) $ (1,084) 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. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) Series 17 2019 2018 Revenues Rental $ 421,068 $ 579,160 Interest and other 7,653 11,751 428,721 590,911 Expenses Interest 63,503 53,055 Depreciation and amortization 119,488 171,868 Operating expenses 366,393 423,392 549,384 648,315 NET LOSS $ (120,663) $ (57,404) Net loss allocation to Boston Capital Tax Credit Fund III L.P. $ (119,455) $ (56,829) Net loss allocated to other Partners $ (1,208) $ (575) 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. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited) Series 18 2019 2018 Revenues Rental $ 675,567 $ 805,458 Interest and other 14,102 16,959 689,669 822,417 Expenses Interest 116,450 132,168 Depreciation and amortization 159,462 191,985 Operating expenses 587,644 715,697 863,556 1,039,850 NET LOSS $ (173,887) $ (217,433) Net loss allocation to Boston Capital Tax Credit Fund III L.P $ (172,148) $ (215,259) Net loss allocated to other Partners $ (1,739) $ (2,174) 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. COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS Six Months Ended June 30, (Unaudited)) Series 19 2019 2018 Revenues Rental $ — $ 89,827 Interest and other — 7,751 — 97,578 Expenses Interest — 6,613 Depreciation and amortization — 4,898 Operating expenses — 99,881 — 111,392 NET LOSS $ — $ (13,814) Net loss allocation to Boston Capital Tax Credit Fund III L.P. $ — $ (13,676) Net loss allocated to other Partners $ — $ (138) |
ORGANIZATION (Details)
ORGANIZATION (Details) - USD ($) | Sep. 04, 1993 | Sep. 30, 2019 | Mar. 31, 2019 |
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 | 21,695,581 | 21,695,581 | |
Limited Partners Capital Account Additional Units Registered For Sale | 2,000,000 | ||
Series 15 | |||
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 | 3,810,700 | 3,810,700 | |
Series 16 | |||
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 | 5,332,500 | 5,332,500 | |
Series 17 | |||
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 | 4,938,247 | 4,938,247 | |
Series 18 | |||
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 | 3,558,134 | 3,558,134 | |
Series 19 | |||
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 | 4,056,000 | 4,056,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||
Accrued management fees | $ 43,272 | $ 60,128 |
Series 15 | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | 0 | 8,772 |
Series 16 | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | 18,480 | 20,021 |
Series 17 | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | 8,844 | 12,219 |
Series 18 | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | 15,948 | 15,948 |
Series 19 | ||
Related Party Transaction [Line Items] | ||
Accrued management fees | $ 0 | $ 3,168 |
RELATED PARTY TRANSACTIONS - Fu
RELATED PARTY TRANSACTIONS - Fund Management Fees (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Management fees paid | $ 78,844 | $ 257,970 | $ 87,688 | $ 1,165,824 |
Series 15 | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | 0 | 62,500 | 0 | 62,500 |
Series 16 | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | 70,000 | 80,083 | 70,000 | 155,683 |
Series 17 | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | 8,844 | 12,219 | 17,688 | 24,438 |
Series 18 | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | 0 | 100,000 | 0 | 915,520 |
Series 19 | ||||
Related Party Transaction [Line Items] | ||||
Management fees paid | $ 0 | $ 3,168 | $ 0 | $ 7,683 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Details) | 6 Months Ended |
Sep. 30, 2019 | |
RELATED PARTY TRANSACTIONS | |
Percentage Of Annual Management Fee | 0.50% |
INVESTMENTS IN OPERATING PART_3
INVESTMENTS IN OPERATING PARTNERSHIPS - Operating Partnerships (Details) | Sep. 30, 2019 | Sep. 30, 2018 |
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 20 | 35 |
Series 15 | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 0 | 8 |
Series 16 | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 8 | 12 |
Series 17 | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 2 | 4 |
Series 18 | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 10 | 10 |
Series 19 | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 0 | 1 |
INVESTMENTS IN OPERATING PART_4
INVESTMENTS IN OPERATING PARTNERSHIPS - Contributions Payable (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 |
Contributions Payable [Line Items] | |||
Capital contributions payable | $ 18,554 | $ 18,554 | $ 26,447 |
Series 15 | |||
Contributions Payable [Line Items] | |||
Capital contributions payable | 0 | 0 | 0 |
Series 16 | |||
Contributions Payable [Line Items] | |||
Capital contributions payable | 0 | 0 | 0 |
Series 17 | |||
Contributions Payable [Line Items] | |||
Capital contributions payable | 0 | 0 | 7,893 |
Series 18 | |||
Contributions Payable [Line Items] | |||
Capital contributions payable | 18,554 | 18,554 | 18,554 |
Series 19 | |||
Contributions Payable [Line Items] | |||
Capital contributions payable | $ 0 | $ 0 | $ 0 |
INVESTMENTS IN OPERATING PART_5
INVESTMENTS IN OPERATING PARTNERSHIPS - Dispositions by Series (Details) - USD ($) | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Dispositions By Series [Line Items] | ||
Operating Partnership Interest Transferred | 3 | 4 |
Sale of Underlying Operating Partnership | 0 | 0 |
Fund Proceeds from Disposition | $ 47,500 | $ 841,020 |
Gain on Disposition | $ 47,500 | $ 841,020 |
Series 15 | ||
Dispositions By Series [Line Items] | ||
Operating Partnership Interest Transferred | 0 | 1 |
Sale of Underlying Operating Partnership | 0 | 0 |
Fund Proceeds from Disposition | $ 0 | $ 12,500 |
Gain on Disposition | $ 0 | $ 12,500 |
Series 16 | ||
Dispositions By Series [Line Items] | ||
Operating Partnership Interest Transferred | 3 | 0 |
Sale of Underlying Operating Partnership | 0 | 0 |
Fund Proceeds from Disposition | $ 47,500 | $ 0 |
Gain on Disposition | $ 47,500 | $ 0 |
Series 17 | ||
Dispositions By Series [Line Items] | ||
Operating Partnership Interest Transferred | 0 | 0 |
Sale of Underlying Operating Partnership | 0 | 0 |
Fund Proceeds from Disposition | $ 0 | $ 0 |
Gain on Disposition | $ 0 | $ 0 |
Series 18 | ||
Dispositions By Series [Line Items] | ||
Operating Partnership Interest Transferred | 0 | 1 |
Sale of Underlying Operating Partnership | 0 | 0 |
Fund Proceeds from Disposition | $ 0 | $ 815,520 |
Gain on Disposition | $ 0 | $ 815,520 |
Series 19 | ||
Dispositions By Series [Line Items] | ||
Operating Partnership Interest Transferred | 0 | 2 |
Sale of Underlying Operating Partnership | 0 | 0 |
Fund Proceeds from Disposition | $ 0 | $ 13,000 |
Gain on Disposition | $ 0 | $ 13,000 |
INVESTMENTS IN OPERATING PART_6
INVESTMENTS IN OPERATING PARTNERSHIPS - Financial Results (Details) - USD ($) | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | ||
Rental | $ 2,019,266 | $ 3,039,627 |
Interest and other | 31,102 | 60,035 |
Operating Partnerships Revenue | 2,050,368 | 3,099,662 |
Expenses | ||
Interest | 281,723 | 347,505 |
Depreciation and amortization | 485,006 | 742,101 |
Operating expenses | 1,634,700 | 2,477,569 |
Operating Partnerships Total Expenses | 2,401,429 | 3,567,175 |
NET LOSS | (351,061) | (467,513) |
Net loss allocation to Boston Capital Tax Credit Fund III L.P. | (347,549) | (462,837) |
Net loss allocated to other Partners | (3,512) | (4,676) |
Series 15 | ||
Revenues | ||
Rental | 0 | 502,625 |
Interest and other | 0 | 10,626 |
Operating Partnerships Revenue | 0 | 513,251 |
Expenses | ||
Interest | 0 | 36,618 |
Depreciation and amortization | 0 | 122,439 |
Operating expenses | 0 | 424,667 |
Operating Partnerships Total Expenses | 0 | 583,724 |
NET LOSS | 0 | (70,473) |
Net loss allocation to Boston Capital Tax Credit Fund III L.P. | 0 | (69,768) |
Net loss allocated to other Partners | 0 | (705) |
Series 16 | ||
Revenues | ||
Rental | 922,631 | 1,062,557 |
Interest and other | 9,347 | 12,948 |
Operating Partnerships Revenue | 931,978 | 1,075,505 |
Expenses | ||
Interest | 101,770 | 119,051 |
Depreciation and amortization | 206,056 | 250,911 |
Operating expenses | 680,663 | 813,932 |
Operating Partnerships Total Expenses | 988,489 | 1,183,894 |
NET LOSS | (56,511) | (108,389) |
Net loss allocation to Boston Capital Tax Credit Fund III L.P. | (55,946) | (107,305) |
Net loss allocated to other Partners | (565) | (1,084) |
Series 17 | ||
Revenues | ||
Rental | 421,068 | 579,160 |
Interest and other | 7,653 | 11,751 |
Operating Partnerships Revenue | 428,721 | 590,911 |
Expenses | ||
Interest | 63,503 | 53,055 |
Depreciation and amortization | 119,488 | 171,868 |
Operating expenses | 366,393 | 423,392 |
Operating Partnerships Total Expenses | 549,384 | 648,315 |
NET LOSS | (120,663) | (57,404) |
Net loss allocation to Boston Capital Tax Credit Fund III L.P. | (119,455) | (56,829) |
Net loss allocated to other Partners | (1,208) | (575) |
Series 18 | ||
Revenues | ||
Rental | 675,567 | 805,458 |
Interest and other | 14,102 | 16,959 |
Operating Partnerships Revenue | 689,669 | 822,417 |
Expenses | ||
Interest | 116,450 | 132,168 |
Depreciation and amortization | 159,462 | 191,985 |
Operating expenses | 587,644 | 715,697 |
Operating Partnerships Total Expenses | 863,556 | 1,039,850 |
NET LOSS | (173,887) | (217,433) |
Net loss allocation to Boston Capital Tax Credit Fund III L.P. | (172,148) | (215,259) |
Net loss allocated to other Partners | (1,739) | (2,174) |
Series 19 | ||
Revenues | ||
Rental | 0 | 89,827 |
Interest and other | 0 | 7,751 |
Operating Partnerships Revenue | 0 | 97,578 |
Expenses | ||
Interest | 0 | 6,613 |
Depreciation and amortization | 0 | 4,898 |
Operating expenses | 0 | 99,881 |
Operating Partnerships Total Expenses | 0 | 111,392 |
NET LOSS | 0 | (13,814) |
Net loss allocation to Boston Capital Tax Credit Fund III L.P. | 0 | (13,676) |
Net loss allocated to other Partners | $ 0 | $ (138) |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Details) - USD ($) | Oct. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Proceeds from Sale of Equity Method Investments | $ 47,500 | $ 841,020 | ||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 47,500 | $ 47,500 | $ 841,020 | |
Subsequent Event [Member] | ||||
Proceeds from Sale of Equity Method Investments | $ 50,000 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 40,000 |