Exhibit 13
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS’ REPORT
BOSTON CAPITAL TAX CREDIT FUND III L.P. -
SERIES 15 THROUGH SERIES 19
MARCH 31, 2004 AND 2003
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
TABLE OF CONTENTS
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FINANCIAL STATEMENTS |
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Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.
Reznick Fedder & Silverman
Certified Public Accountants * A Professional Corporation
7700 Old Georgetown Road * Suite 400 * Bethesda, MD 20814-6224
(301) 652-9100 * Fax (301) 652-1848
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Partners Boston Capital Tax Credit Fund III L.P.
We have audited the accompanying balance sheets of Boston Capital Tax Credit Fund III L.P. - Series 15 through Series 19, in total and for each series, as of March 31, 2004 and 2003, and the related statements of operations, changes in partners’ capital and cash flows for the total partnership and for each of the series for each of the three years in the period ended March 31, 2004. These financial statements are the responsibility of the partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain operating limited partnerships which investments represent $31,953,644 and $5,845,425 of the total partnership assets as of March 30, 2004 and 2003, respectively, and $4,823,952, $1,335,815 and $2,896,613, of the total partnership loss for the years ended March 31, 2004, 2003 and 2002, respectively; of the assets for Series 15 as of March 31, 2004 and 2003, $5,480,497 and $197,114, respectively, and of the loss for Series 15 for the years ended March 31, 2004, 2003 and 2002, $375,084, $24,457 and $49,540, respectively; of the assets for Series 16 as of March 31, 2004 and 2003, $5,129,320 and $814,243, respectively, and of the loss for Series 16 for the years ended March 31, 2004, 2003 and 2002, $1,419,520, $502,410 and $1,102,641, respectively; of the assets for Series 17 as of March 31, 2004 and 2003, $8,503,975 and $281,681, respectively, and of the loss for Series 17 for the years ended March 31, 2004, 2003 and 2002, $818,796, $198,745 and $811,058, respectively; of the assets for Series 18 as of March 31, 2004 and 2003, $6,567,676 and $2,852,206, respectively, and of the loss for Series 18 for the years ended March 31, 2004, 2003 and 2002, $1,260,419, $551,907 and $558,183, respectively; and of the assets for Series 19 as of March 31, 2004 and 2003, $6,272,176 and $1,700,181, respectively, and of the loss for Series 19 for the years ended March 31, 2004, 2003 and 2002, $950,133, $58,296 and $375,191, respectively. Those statements were audited by other auditors, whose reports have been furnished to us, and our opinion, insofar as it relates to those operating limited partnerships, is based solely on the reports of the other auditors.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits and the reports of the other auditors provide a reasonable basis for our opinion.
F-3
In our opinion, based on our audits and the reports of the other auditors, the financial statements referred to above present fairly, in all material respects, the financial position of Boston Capital Tax Credit Fund III L.P. - Series 15 through Series 19, in total and for each series, as of March 31, 2004 and 2003, and the results of its operations and its cash flows for the total partnership and for each of the series for each of the three years in the period ended March 31, 2004, in conformity with accounting principles generally accepted in the United States of America.
We and other auditors have also audited the information included in the related financial statement schedule listed in Form 10-K, Item 15(a) of Boston Capital Tax Credit Fund III L.P. - Series 15 through Series 19 as of March 31, 2004. In our opinion, the schedule presents fairly, in all material respects, the information required to be set forth therein, in conformity with accounting principles generally accepted in the United States of America.
| /s/ Reznick Fedder & Silverman |
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Bethesda, Maryland | ||
June 25, 2004 |
F-4
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
March 31, 2004 and 2003
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| Total |
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| 2004 |
| 2003 |
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ASSETS |
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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) |
| $ | 54,486,514 |
| $ | 65,225,025 |
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OTHER ASSETS |
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Cash and cash equivalents (notes A and G) |
| 1,162,053 |
| 1,077,156 |
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Notes receivable (note D) |
| 201,109 |
| 201,109 |
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Deferred acquisition costs, net of accumulated amortization (note A) |
| 1,267,910 |
| 1,336,664 |
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Other assets (note E) |
| 1,675,935 |
| 2,951,758 |
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| $ | 58,793,521 |
| $ | 70,791,712 |
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LIABILITIES AND PARTNERS’ CAPITAL |
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LIABILITIES |
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Accounts payable and accrued expenses |
| $ | 1,145 |
| $ | 8,645 |
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Accounts payable - affiliates (note B) |
| 19,320,599 |
| 18,062,304 |
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Capital contributions payable (note C) |
| 200,517 |
| 202,017 |
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| 19,522,261 |
| 18,272,966 |
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PARTNERS’ CAPITAL (note A) |
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Assignor limited partner |
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Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 21,996,102 issued to the assignees at March 31, 2004 and 2003 |
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| — |
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Assignees |
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Units of beneficial interest of the limited partnership interest of the assignor limited partner, 21,996,102 issued and outstanding at March 31, 2004 and 2003 |
| 40,768,209 |
| 53,883,221 |
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General partner |
| (1,496,949 | ) | (1,364,475 | ) | ||
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| 39,271,260 |
| 52,518,746 |
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| $ | 58,793,521 |
| $ | 70,791,712 |
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F-5
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| Series 15 |
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| 2004 |
| 2003 |
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ASSETS |
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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) |
| $ | 7,381,968 |
| $ | 8,387,630 |
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OTHER ASSETS |
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Cash and cash equivalents (notes A and G) |
| 346,593 |
| 267,889 |
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Notes receivable (note D) |
| — |
| — |
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Deferred acquisition costs, net of accumulated amortization (note A) |
| 194,465 |
| 204,976 |
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Other assets (note E) |
| 110,078 |
| 793,901 |
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| $ | 8,033,104 |
| $ | 9,654,396 |
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LIABILITIES AND PARTNERS’ CAPITAL |
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LIABILITIES |
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Accounts payable and accrued expenses |
| $ | 1,145 |
| $ | 1,145 |
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Accounts payable - affiliates (note B) |
| 5,022,466 |
| 5,039,571 |
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Capital contributions payable (note C) |
| 16,206 |
| 16,206 |
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| 5,039,817 |
| 5,056,922 |
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PARTNERS’ CAPITAL (note A) |
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Assignor limited partner |
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Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 3,870,500 issued to the assignees at March 31, 2004 and 2003 |
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| — |
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Assignees |
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Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,870,500 issued and outstanding at March 31, 2004 and 2003 |
| 3,296,025 |
| 4,884,170 |
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General partner |
| (302,738 | ) | (286,696 | ) | ||
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| 2,993,287 |
| 4,597,474 |
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| $ | 8,033,104 |
| $ | 9,654,396 |
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F-6
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| Series 16 |
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| 2004 |
| 2003 |
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ASSETS |
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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) |
| $ | 11,502,384 |
| $ | 14,322,525 |
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OTHER ASSETS |
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Cash and cash equivalents (notes A and G) |
| 309,833 |
| 353,482 |
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Notes receivable (note D) |
| — |
| — |
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Deferred acquisition costs, net of accumulated amortization (note A) |
| 311,770 |
| 328,621 |
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Other assets (note E) |
| 110,860 |
| 119,178 |
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| $ | 12,234,847 |
| $ | 15,123,806 |
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LIABILITIES AND PARTNERS’ CAPITAL |
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LIABILITIES |
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Accounts payable and accrued expenses |
| $ | — |
| $ | — |
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Accounts payable - affiliates (note B) |
| 4,986,966 |
| 4,394,986 |
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Capital contributions payable (note C) |
| 73,862 |
| 75,362 |
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| 5,060,828 |
| 4,470,348 |
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PARTNERS’ CAPITAL (note A) |
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Assignor limited partner |
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Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 5,429,402 issued to the assignees at March 31, 2004 and 2003 |
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| — |
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Assignees |
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Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,429,402 issued and outstanding at March 31, 2004 and 2003 |
| 7,568,888 |
| 11,013,533 |
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General partner |
| (394,869 | ) | (360,075 | ) | ||
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| 7,174,019 |
| 10,653,458 |
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| $ | 12,234,847 |
| $ | 15,123,806 |
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F-7
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| Series 17 |
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| 2004 |
| 2003 |
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ASSETS |
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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) |
| $ | 12,903,828 |
| $ | 15,309,351 |
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OTHER ASSETS |
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Cash and cash equivalents (notes A and G) |
| 243,300 |
| 199,264 |
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Notes receivable (note D) |
| 201,109 |
| 201,109 |
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Deferred acquisition costs, net of accumulated amortization (note A) |
| 279,898 |
| 295,448 |
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Other assets (note E) |
| 1,364,659 |
| 1,948,341 |
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| $ | 14,992,794 |
| $ | 17,953,513 |
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LIABILITIES AND PARTNERS’ CAPITAL |
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LIABILITIES |
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Accounts payable and accrued expenses |
| $ | — |
| $ | — |
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Accounts payable - affiliates (note B) |
| 5,453,121 |
| 5,462,996 |
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Capital contributions payable (note C) |
| 67,895 |
| 67,895 |
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| 5,521,016 |
| 5,530,891 |
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PARTNERS’ CAPITAL (note A) |
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Assignor limited partner |
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Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 5,000,000 issued to the assignees at March 31, 2004 and 2003 |
| — |
| — |
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Assignees |
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Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,000,000 issued and outstanding at March 31, 2004 and 2003 |
| 9,806,740 |
| 12,728,076 |
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General partner |
| (334,962 | ) | (305,454 | ) | ||
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| 9,471,778 |
| 12,422,622 |
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| $ | 14,992,794 |
| $ | 17,953,513 |
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F-8
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| Series 18 |
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| 2004 |
| 2003 |
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ASSETS |
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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) |
| $ | 7,700,394 |
| $ | 10,221,873 |
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OTHER ASSETS |
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Cash and cash equivalents (notes A and G) |
| 138,631 |
| 109,633 |
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Notes receivable (note D) |
| — |
| — |
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Deferred acquisition costs, net of accumulated amortization (note A) |
| 212,090 |
| 223,504 |
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Other assets (note E) |
| 89,184 |
| 89,184 |
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| $ | 8,140,299 |
| $ | 10,644,194 |
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LIABILITIES AND PARTNERS’ CAPITAL |
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LIABILITIES |
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Accounts payable and accrued expenses |
| $ | — |
| $ | — |
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Accounts payable - affiliates (note B) |
| 2,739,729 |
| 2,357,781 |
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Capital contributions payable (note C) |
| 18,554 |
| 18,554 |
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| 2,758,283 |
| 2,376,335 |
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PARTNERS’ CAPITAL (note A) |
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Assignor limited partner |
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Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 3,616,200 issued to the assignees at March 31, 2004 and 2003 |
| — |
| — |
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Assignees |
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Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,616,200 issued and outstanding at March 31, 2004 and 2003 |
| 5,638,423 |
| 8,495,408 |
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General partner |
| (256,407 | ) | (227,549 | ) | ||
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| 5,382,016 |
| 8,267,859 |
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| $ | 8,140,299 |
| $ | 10,644,194 |
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F-9
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| Series 19 |
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| 2004 |
| 2003 |
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ASSETS |
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INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (notes A and C) |
| $ | 14,997,940 |
| $ | 16,983,646 |
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OTHER ASSETS |
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Cash and cash equivalents (notes A and G) |
| 123,696 |
| 146,888 |
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Notes receivable (note D) |
| — |
| — |
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Deferred acquisition costs, net of accumulated amortization (note A) |
| 269,687 |
| 284,115 |
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Other assets (note E) |
| 1,154 |
| 1,154 |
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| $ | 15,392,477 |
| $ | 17,415,803 |
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LIABILITIES AND PARTNERS’ CAPITAL |
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LIABILITIES |
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Accounts payable and accrued expenses |
| $ | — |
| $ | 7,500 |
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Accounts payable - affiliates (note B) |
| 1,118,317 |
| 806,970 |
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Capital contributions payable (note C) |
| 24,000 |
| 24,000 |
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| 1,142,317 |
| 838,470 |
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PARTNERS’ CAPITAL (note A) |
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Assignor limited partner |
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Units of limited partnership interest consisting of 22,000,000 authorized beneficial assignee certificates (BAC), $10 stated value per BAC, 4,080,000 issued to the assignees at March 31, 2004 and 2003 |
| — |
| — |
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Assignees |
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Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,080,000 issued and outstanding at March 31, 2004 and 2003 |
| 14,458,133 |
| 16,762,034 |
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General partner |
| (207,973 | ) | (184,701 | ) | ||
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| 14,250,160 |
| 16,577,333 |
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| $ | 15,392,477 |
| $ | 17,415,803 |
|
See notes to financial statements
F-10
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
Years ended March 31, 2004, 2003 and 2002
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| Total |
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|
| 2004 |
| 2003 |
| 2002 |
| |||
Income |
|
|
|
|
|
|
| |||
Interest income |
| $ | 12,206 |
| $ | 21,282 |
| $ | 74,280 |
|
Other income |
| 17,897 |
| 24,558 |
| 33,955 |
| |||
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Total income |
| 30,103 |
| 45,840 |
| 108,235 |
| |||
|
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|
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Share of losses from operating limited partnerships (note A) |
| (9,459,170 | )* | (9,013,016 | ) | (9,965,195 | ) | |||
|
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Expenses |
|
|
|
|
|
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Professional fees |
| 219,655 |
| 188,387 |
| 205,912 |
| |||
Partnership management fee (note B) |
| 2,202,369 |
| 2,200,955 |
| 2,132,151 |
| |||
Amortization (note A) |
| 68,754 |
| 68,895 |
| 68,895 |
| |||
Impairment loss (note A) |
| 1,136,378 |
| 707,589 |
| — |
| |||
General and administrative expenses (note B) |
| 191,263 |
| 228,378 |
| 150,941 |
| |||
|
|
|
|
|
|
|
| |||
|
| 3,818,419 |
| 3,394,204 |
| 2,557,899 |
| |||
|
|
|
|
|
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NET LOSS (note A) |
| $ | (13,247,486 | ) | $ | (12,361,380 | ) | $ | (12,414,859 | ) |
|
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Net loss allocated to general partner |
| $ | (132,474 | ) | $ | (123,613 | ) | $ | (124,149 | ) |
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Net loss allocated to assignees |
| $ | (13,115,012 | ) | $ | (12,237,767 | ) | $ | (12,290,710 | ) |
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Net loss per BAC |
| $ | (0.60 | ) | $ | (0.56 | ) | $ | (0.56 | ) |
* Includes gain on the sale of an operating limited partnership (Series 15) of $28,197 and gain on the sale of an operating limited partnership (Series 17) of $3,109.
F-11
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| Series 15 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Income |
|
|
|
|
|
|
| |||
Interest income |
| $ | 3,752 |
| $ | 4,330 |
| $ | 14,572 |
|
Other income |
| 3,055 |
| 3,134 |
| 3,601 |
| |||
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| |||
Total income |
| 6,807 |
| 7,464 |
| 18,173 |
| |||
|
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|
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|
|
| |||
Share of losses from operating limited partnerships (note A) |
| (1,044,879 | )* | (1,087,842 | ) | (1,135,906 | ) | |||
|
|
|
|
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|
|
| |||
Expenses |
|
|
|
|
|
|
| |||
Professional fees |
| 48,823 |
| 49,891 |
| 48,911 |
| |||
Partnership management fee (note B) |
| 462,499 |
| 458,473 |
| 468,582 |
| |||
Amortization (note A) |
| 10,511 |
| 10,512 |
| 10,512 |
| |||
Impairment loss (note A) |
| — |
| — |
| — |
| |||
General and administrative expenses (note B) |
| 44,282 |
| 51,790 |
| 28,885 |
| |||
|
|
|
|
|
|
|
| |||
|
| 566,115 |
| 570,666 |
| 556,890 |
| |||
|
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| |||
NET LOSS (note A) |
| $ | (1,604,187 | ) | $ | (1,651,044 | ) | $ | (1,674,623 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to general partner |
| $ | (16,042 | ) | $ | (16,510 | ) | $ | (16,746 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to assignees |
| $ | (1,588,145 | ) | $ | (1,634,534 | ) | $ | (1,657,877 | ) |
|
|
|
|
|
|
|
| |||
Net loss per BAC |
| $ | (0.41 | ) | $ | (0.42 | ) | $ | (0.43 | ) |
* Includes gain on the sale of an operating limited partnership (series 15) of $28,197.
F-12
|
| Series 16 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Income |
|
|
|
|
|
|
| |||
Interest income |
| $ | 2,995 |
| $ | 4,186 |
| $ | 20,009 |
|
Other income |
| 4,610 |
| 10,044 |
| 7,154 |
| |||
|
|
|
|
|
|
|
| |||
Total income |
| 7,605 |
| 14,230 |
| 27,163 |
| |||
|
|
|
|
|
|
|
| |||
Share of losses from operating limited partnerships (note A) |
| (2,471,947 | ) | (2,952,991 | ) | (2,846,137 | ) | |||
|
|
|
|
|
|
|
| |||
Expenses |
|
|
|
|
|
|
| |||
Professional fees |
| 44,282 |
| 40,920 |
| 51,438 |
| |||
Partnership management fee (note B) |
| 598,700 |
| 585,385 |
| 611,255 |
| |||
Amortization (note A) |
| 16,851 |
| 16,850 |
| 16,850 |
| |||
Impairment loss (note A) |
| 310,154 |
| 265,863 |
| — |
| |||
General and administrative expenses (note B) |
| 45,110 |
| 57,026 |
| 36,955 |
| |||
|
|
|
|
|
|
|
| |||
|
| 1,015,097 |
| 966,044 |
| 716,498 |
| |||
|
|
|
|
|
|
|
| |||
NET LOSS (note A) |
| $ | (3,479,439 | ) | $ | (3,904,805 | ) | $ | (3,535,472 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to general partner |
| $ | (34,794 | ) | $ | (39,048 | ) | $ | (35,355 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to assignees |
| $ | (3,444,645 | ) | $ | (3,865,757 | ) | $ | (3,500,117 | ) |
|
|
|
|
|
|
|
| |||
Net loss per BAC |
| $ | (0.63 | ) | $ | (0.71 | ) | $ | (0.64 | ) |
F-13
|
| Series 17 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Income |
|
|
|
|
|
|
| |||
Interest income |
| $ | 3,317 |
| $ | 5,056 |
| $ | 7,916 |
|
Other income |
| 5,384 |
| 4,892 |
| 17,200 |
| |||
|
|
|
|
|
|
|
| |||
Total income |
| 8,701 |
| 9,948 |
| 25,116 |
| |||
|
|
|
|
|
|
|
| |||
Share of losses from operating limited partnerships (note A) |
| (2,291,175 | )* | (1,459,043 | ) | (2,563,245 | ) | |||
|
|
|
|
|
|
|
| |||
Expenses |
|
|
|
|
|
|
| |||
Professional fees |
| 41,377 |
| 36,847 |
| 54,464 |
| |||
Partnership management fee (note B) |
| 478,680 |
| 516,108 |
| 447,301 |
| |||
Amortization (note A) |
| 15,550 |
| 15,550 |
| 15,550 |
| |||
Impairment loss (note A) |
| 87,340 |
| 105,921 |
| — |
| |||
General and administrative expenses (note B) |
| 45,423 |
| 48,167 |
| 33,450 |
| |||
|
|
|
|
|
|
|
| |||
|
| 668,370 |
| 722,593 |
| 550,765 |
| |||
|
|
|
|
|
|
|
| |||
NET LOSS (note A) |
| $ | (2,950,844 | ) | $ | (2,171,688 | ) | $ | (3,088,894 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to general partner |
| $ | (29,508 | ) | $ | (21,717 | ) | $ | (30,889 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to assignees |
| $ | (2,921,336 | ) | $ | (2,149,971 | ) | $ | (3,058,005 | ) |
|
|
|
|
|
|
|
| |||
Net loss per BAC |
| $ | (0.58 | ) | $ | (0.43 | ) | $ | (0.61 | ) |
* Includes gain on the sale of an operating limited partnership (Series 17) of $3,109.
F-14
|
| Series 18 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Income |
|
|
|
|
|
|
| |||
Interest income |
| $ | 894 |
| $ | 3,444 |
| $ | 7,069 |
|
Other income |
| 2,448 |
| 3,638 |
| 2,850 |
| |||
|
|
|
|
|
|
|
| |||
Total income |
| 3,342 |
| 7,082 |
| 9,919 |
| |||
|
|
|
|
|
|
|
| |||
Share of losses from operating limited partnerships (note A) |
| (1,890,630 | ) | (2,026,963 | ) | (1,959,500 | ) | |||
|
|
|
|
|
|
|
| |||
Expenses |
|
|
|
|
|
|
| |||
Professional fees |
| 50,624 |
| 35,107 |
| 27,730 |
| |||
Partnership management fee (note B) |
| 323,356 |
| 350,999 |
| 281,041 |
| |||
Amortization (note A) |
| 11,414 |
| 11,413 |
| 11,413 |
| |||
Impairment loss (note A) |
| 584,884 |
| 335,805 |
| — |
| |||
General and administrative expenses (note B) |
| 28,277 |
| 35,836 |
| 24,525 |
| |||
|
|
|
|
|
|
|
| |||
|
| 998,555 |
| 769,160 |
| 344,709 |
| |||
|
|
|
|
|
|
|
| |||
NET LOSS (note A) |
| $ | (2,885,843 | ) | $ | (2,789,041 | ) | $ | (2,294,290 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to general partner |
| $ | (28,858 | ) | $ | (27,890 | ) | $ | (22,943 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to assignees |
| $ | (2,856,985 | ) | $ | (2,761,151 | ) | $ | (2,271,347 | ) |
|
|
|
|
|
|
|
| |||
Net loss per BAC |
| $ | (0.79 | ) | $ | (0.76 | ) | $ | (0.63 | ) |
F-15
|
| Series 19 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Income |
|
|
|
|
|
|
| |||
Interest income |
| $ | 1,248 |
| $ | 4,266 |
| $ | 24,714 |
|
Other income |
| 2,400 |
| 2,850 |
| 3,150 |
| |||
|
|
|
|
|
|
|
| |||
Total income |
| 3,648 |
| 7,116 |
| 27,864 |
| |||
|
|
|
|
|
|
|
| |||
Share of losses from operating limited partnerships (note A) |
| (1,760,539 | ) | (1,486,177 | ) | (1,460,407 | ) | |||
|
|
|
|
|
|
|
| |||
Expenses |
|
|
|
|
|
|
| |||
Professional fees |
| 34,549 |
| 25,622 |
| 23,369 |
| |||
Partnership management fee (note B) |
| 339,134 |
| 289,990 |
| 323,972 |
| |||
Amortization (note A) |
| 14,428 |
| 14,570 |
| 14,570 |
| |||
Impairment loss (note A) |
| 154,000 |
| — |
| — |
| |||
General and administrative expenses (note B) |
| 28,171 |
| 35,559 |
| 27,126 |
| |||
|
|
|
|
|
|
|
| |||
|
| 570,282 |
| 365,741 |
| 389,037 |
| |||
|
|
|
|
|
|
|
| |||
NET LOSS (note A) |
| $ | (2,327,173 | ) | $ | (1,844,802 | ) | $ | (1,821,580 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to general partner |
| $ | (23,272 | ) | $ | (18,448 | ) | $ | (18,216 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to assignees |
| $ | (2,303,901 | ) | $ | (1,826,354 | ) | $ | (1,803,364 | ) |
|
|
|
|
|
|
|
| |||
Net loss per BAC |
| $ | (0.56 | ) | $ | (0.45 | ) | $ | (0.44 | ) |
See notes to financial statements
F-16
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL
Years ended March 31, 2004, 2003 and 2002
Total |
| Assignees |
| General |
| Total |
| |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2001 |
| $ | 78,411,698 |
| $ | (1,116,713 | ) | $ | 77,294,985 |
|
|
|
|
|
|
|
|
| |||
Net loss |
| (12,290,710 | ) | (124,149 | ) | (12,414,859 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2002 |
| 66,120,988 |
| (1,240,862 | ) | 64,880,126 |
| |||
|
|
|
|
|
|
|
| |||
Net loss |
| (12,237,767 | ) | (123,613 | ) | (12,361,380 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2003 |
| 53,883,221 |
| (1,364,475 | ) | 52,518,746 |
| |||
|
|
|
|
|
|
|
| |||
Net loss |
| (13,115,012 | ) | (132,474 | ) | (13,247,486 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2004 |
| $ | 40,768,209 |
| $ | (1,496,949 | ) | $ | 39,271,260 |
|
F-17
Series 15 |
| Assignees |
| General |
| Total |
| |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2001 |
| $ | 8,176,581 |
| $ | (253,440 | ) | $ | 7,923,141 |
|
|
|
|
|
|
|
|
| |||
Net loss |
| (1,657,877 | ) | (16,746 | ) | (1,674,623 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2002 |
| 6,518,704 |
| (270,186 | ) | 6,248,518 |
| |||
|
|
|
|
|
|
|
| |||
Net loss |
| (1,634,534 | ) | (16,510 | ) | (1,651,044 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2003 |
| 4,884,170 |
| (286,696 | ) | 4,597,474 |
| |||
|
|
|
|
|
|
|
| |||
Net loss |
| (1,588,145 | ) | (16,042 | ) | (1,604,187 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2004 |
| $ | 3,296,025 |
| $ | (302,738 | ) | $ | 2,993,287 |
|
F-18
Series 16 |
| Assignees |
| General |
| Total |
| |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2001 |
| $ | 18,379,407 |
| $ | (285,672 | ) | $ | 18,093,735 |
|
|
|
|
|
|
|
|
| |||
Net loss |
| (3,500,117 | ) | (35,355 | ) | (3,535,472 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2002 |
| 14,879,290 |
| (321,027 | ) | 14,558,263 |
| |||
|
|
|
|
|
|
|
| |||
Net loss |
| (3,865,757 | ) | (39,048 | ) | (3,904,805 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2003 |
| 11,013,533 |
| (360,075 | ) | 10,653,458 |
| |||
|
|
|
|
|
|
|
| |||
Net loss |
| (3,444,645 | ) | (34,794 | ) | (3,479,439 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2004 |
| $ | 7,568,888 |
| $ | (394,869 | ) | $ | 7,174,019 |
|
F-19
Series 17 |
| Assignees |
| General |
| Total |
| |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2001 |
| $ | 17,936,052 |
| $ | (252,848 | ) | $ | 17,683,204 |
|
|
|
|
|
|
|
|
| |||
Net loss |
| (3,058,005 | ) | (30,889 | ) | (3,088,894 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2002 |
| 14,878,047 |
| (283,737 | ) | 14,594,310 |
| |||
|
|
|
|
|
|
|
| |||
Net loss |
| (2,149,971 | ) | (21,717 | ) | (2,171,688 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2003 |
| 12,728,076 |
| (305,454 | ) | 12,422,622 |
| |||
|
|
|
|
|
|
|
| |||
Net loss |
| (2,921,336 | ) | (29,508 | ) | (2,950,844 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2004 |
| $ | 9,806,740 |
| $ | (334,962 | ) | $ | 9,471,778 |
|
F-20
Series 18 |
| Assignees |
| General |
| Total |
| |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2001 |
| $ | 13,527,906 |
| $ | (176,716 | ) | $ | 13,351,190 |
|
|
|
|
|
|
|
|
| |||
Net loss |
| (2,271,347 | ) | (22,943 | ) | (2,294,290 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2002 |
| 11,256,559 |
| (199,659 | ) | 11,056,900 |
| |||
|
|
|
|
|
|
|
| |||
Net loss |
| (2,761,151 | ) | (27,890 | ) | (2,789,041 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2003 |
| 8,495,408 |
| (227,549 | ) | 8,267,859 |
| |||
|
|
|
|
|
|
|
| |||
Net loss |
| (2,856,985 | ) | (28,858 | ) | (2,885,843 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2004 |
| $ | 5,638,423 |
| $ | (256,407 | ) | $ | 5,382,016 |
|
F-21
Series 19 |
| Assignees |
| General |
| Total |
| |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2001 |
| $ | 20,391,752 |
| $ | (148,037 | ) | $ | 20,243,715 |
|
|
|
|
|
|
|
|
| |||
Net loss |
| (1,803,364 | ) | (18,216 | ) | (1,821,580 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2002 |
| 18,588,388 |
| (166,253 | ) | 18,422,135 |
| |||
|
|
|
|
|
|
|
| |||
Net loss |
| (1,826,354 | ) | (18,448 | ) | (1,844,802 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2003 |
| 16,762,034 |
| (184,701 | ) | 16,577,333 |
| |||
|
|
|
|
|
|
|
| |||
Net loss |
| (2,303,901 | ) | (23,272 | ) | (2,327,173 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2004 |
| $ | 14,458,133 |
| $ | (207,973 | ) | $ | 14,250,160 |
|
See notes to financial statements
F-22
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
Years ended March 31, 2004, 2003 and 2002
|
| Total |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Cash flows from operating activities |
|
|
|
|
|
|
| |||
Net loss |
| $ | (13,247,486 | ) | $ | (12,361,380 | ) | $ | (12,414,859 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
|
|
| |||
Share of losses from operating limited partnerships |
| 9,459,170 |
| 9,013,016 |
| 9,965,195 |
| |||
Distributions received from operating limited partnerships |
| 169,226 |
| 153,248 |
| 252,805 |
| |||
Impairment loss |
| 1,136,378 |
| 707,589 |
| — |
| |||
Amortization |
| 68,754 |
| 68,895 |
| 68,895 |
| |||
Changes in assets and liabilities |
|
|
|
|
|
|
| |||
Other assets |
| — |
| 4,973 |
| 63,500 |
| |||
Accounts payable and accrued expenses |
| (7,500 | ) | 4,092 |
| — |
| |||
Accounts payable - affiliates |
| 1,258,295 |
| 1,272,032 |
| 1,749,484 |
| |||
|
|
|
|
|
|
|
| |||
Net cash provided by (used in) operating activities |
| (1,163,163 | ) | (1,137,535 | ) | (314,980 | ) | |||
|
|
|
|
|
|
|
| |||
Cash flows from investing activities |
|
|
|
|
|
|
| |||
Capital contributions paid to operating limited partnerships |
| (1,500 | ) | (73,144 | ) | — |
| |||
(Advance)/repayments from (to)/operating limited partnerships |
| 1,081,417 |
| 14,792 |
| — |
| |||
Proceeds from sale of operating limited partnerships |
| 168,143 |
| — |
| — |
| |||
Purchase of investments (net of proceeds from sale of investments) |
| — |
| — |
| 1,465,643 |
| |||
|
|
|
|
|
|
|
| |||
Net cash provided by (used in) investing activities |
| 1,248,060 |
| (58,352 | ) | 1,465,643 |
| |||
|
|
|
|
|
|
|
| |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| 84,897 |
| (1,195,887 | ) | 1,150,663 |
| |||
|
|
|
|
|
|
|
| |||
Cash and cash equivalents, beginning |
| 1,077,156 |
| 2,273,043 |
| 1,122,380 |
| |||
|
|
|
|
|
|
|
| |||
Cash and cash equivalents, end |
| $ | 1,162,053 |
| $ | 1,077,156 |
| $ | 2,273,043 |
|
F-23
|
| Total |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Supplemental schedule of noncash investing and financing activities: |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated. |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
| |||
The partnership has decreased its investments in operating limited partnerships and increased other assets for low-income tax credits not generated. |
| $ | — |
| $ | — |
| $ | 2,980 |
|
|
|
|
|
|
|
|
| |||
The fund has decreased notes receivable and decreased its capital contributions due to operating limited partnerships for amounts required to be repaid by the operating limited partnerships. |
| $ | — |
| $ | 1,108,873 |
| $ | — |
|
F-24
|
| Series 15 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Cash flows from operating activities |
|
|
|
|
|
|
| |||
Net loss |
| $ | (1,604,187 | ) | $ | (1,651,044 | ) | $ | (1,674,623 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
|
|
| |||
Share of losses from operating limited partnerships |
| 1,044,879 |
| 1,087,842 |
| 1,135,906 |
| |||
Distributions received from operating limited partnerships |
| — |
| 3,110 |
| 317 |
| |||
Impairment loss |
| — |
| — |
| — |
| |||
Amortization |
| 10,511 |
| 10,512 |
| 10,512 |
| |||
Changes in assets and liabilities |
|
|
|
|
|
|
| |||
Other assets |
| — |
| — |
| 8,406 |
| |||
Accounts payable and accrued expenses |
| — |
| — |
| — |
| |||
Accounts payable - affiliates |
| (17,105 | ) | 373,054 |
| 448,052 |
| |||
|
|
|
|
|
|
|
| |||
Net cash provided by (used in) operating activities |
| (565,902 | ) | (176,526 | ) | (71,430 | ) | |||
|
|
|
|
|
|
|
| |||
Cash flows from investing activities |
|
|
|
|
|
|
| |||
Capital contributions paid to operating limited partnerships |
| — |
| — |
| — |
| |||
(Advance)/repayments from (to)/operating limited partnerships |
| 508,254 |
| — |
| — |
| |||
Proceeds from sale of operating limited partnerships |
| 136,352 |
| — |
| — |
| |||
Purchase of investments (net of proceeds from sale of investments) |
| — |
| — |
| 286,218 |
| |||
|
|
|
|
|
|
|
| |||
Net cash provided by (used in) investing activities |
| 644,606 |
| — |
| 286,218 |
| |||
|
|
|
|
|
|
|
| |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| 78,704 |
| (176,526 | ) | 214,788 |
| |||
|
|
|
|
|
|
|
| |||
Cash and cash equivalents, beginning |
| 267,889 |
| 444,415 |
| 229,627 |
| |||
|
|
|
|
|
|
|
| |||
Cash and cash equivalents, end |
| $ | 346,593 |
| $ | 267,889 |
| $ | 444,415 |
|
F-25
|
| Series 15 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Supplemental schedule of noncash investing and financing activities: |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated. |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
| |||
The partnership has decreased its investments in operating limited partnerships and increased other assets for low-income tax credits not generated. |
| $ | — |
| $ | — |
| $ | 2,980 |
|
|
|
|
|
|
|
|
| |||
The fund has decreased notes receivable and decreased its capital contributions due to operating limited partnerships for amounts required to be repaid by the operating limited partnerships. |
| $ | — |
| $ | — |
| $ | — |
|
F-26
|
| Series 16 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Cash flows from operating activities |
|
|
|
|
|
|
| |||
Net loss |
| $ | (3,479,439 | ) | $ | (3,904,805 | ) | $ | (3,535,472 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
|
|
| |||
Share of losses from operating limited partnerships |
| 2,471,947 |
| 2,952,991 |
| 2,846,137 |
| |||
Distributions received from operating limited partnerships |
| 46,358 |
| 3,854 |
| 102,607 |
| |||
Impairment loss |
| 310,154 |
| 265,863 |
| — |
| |||
Amortization |
| 16,851 |
| 16,850 |
| 16,850 |
| |||
Changes in assets and liabilities |
|
|
|
|
|
|
| |||
Other assets |
| — |
| — |
| 18,858 |
| |||
Accounts payable and accrued expenses |
| — |
| — |
| — |
| |||
Accounts payable - affiliates |
| 591,980 |
| 591,980 |
| 391,981 |
| |||
|
|
|
|
|
|
|
| |||
Net cash provided by (used in) operating activities |
| (42,149 | ) | (73,267 | ) | (159,039 | ) | |||
|
|
|
|
|
|
|
| |||
Cash flows from investing activities |
|
|
|
|
|
|
| |||
Capital contributions paid to operating limited partnerships |
| (1,500 | ) | (63,144 | ) | — |
| |||
(Advance)/repayments from (to)/operating limited partnerships |
| — |
| — |
| — |
| |||
Proceeds from sale of operating limited partnerships |
| — |
| — |
| — |
| |||
Purchase of investments (net of proceeds from sale of investments) |
| — |
| — |
| 535,809 |
| |||
|
|
|
|
|
|
|
| |||
Net cash provided by (used in) investing activities |
| (1,500 | ) | (63,144 | ) | 535,809 |
| |||
|
|
|
|
|
|
|
| |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| (43,649 | ) | (136,411 | ) | 376,770 |
| |||
|
|
|
|
|
|
|
| |||
Cash and cash equivalents, beginning |
| 353,482 |
| 489,893 |
| 113,123 |
| |||
|
|
|
|
|
|
|
| |||
Cash and cash equivalents, end |
| $ | 309,833 |
| $ | 353,482 |
| $ | 489,893 |
|
F-27
|
| Series 16 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Supplemental schedule of noncash investing and financing activities: |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated. |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
| |||
The partnership has decreased its investments in operating limited partnerships and increased other assets for low-income tax credits not generated. |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
| |||
The fund has decreased notes receivable and decreased its capital contributions due to operating limited partnerships for amounts required to be repaid by the operating limited partnerships. |
| $ | — |
| $ | — |
| $ | — |
|
F-28
|
| Series 17 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Cash flows from operating activities |
|
|
|
|
|
|
| |||
Net loss |
| $ | (2,950,844 | ) | $ | (2,171,688 | ) | $ | (3,088,894 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
|
|
| |||
Share of losses from operating limited partnerships |
| 2,291,175 |
| 1,459,043 |
| 2,563,245 |
| |||
Distributions received from operating limited partnerships |
| 5,736 |
| 4,005 |
| 42,210 |
| |||
Impairment loss |
| 87,340 |
| 105,921 |
| — |
| |||
Amortization |
| 15,550 |
| 15,550 |
| 15,550 |
| |||
Changes in assets and liabilities |
|
|
|
|
|
|
| |||
Other assets |
| — |
| 1,000 |
| 21,548 |
| |||
Accounts payable and accrued expenses |
| — |
| — |
| — |
| |||
Accounts payable - affiliates |
| (9,875 | ) | 288,701 |
| 541,152 |
| |||
|
|
|
|
|
|
|
| |||
Net cash provided by (used in) operating activities |
| (560,918 | ) | (297,468 | ) | 94,811 |
| |||
|
|
|
|
|
|
|
| |||
Cash flows from investing activities |
|
|
|
|
|
|
| |||
Capital contributions paid to operating limited partnerships |
| — |
| (10,000 | ) | — |
| |||
(Advance)/repayments from (to)/operating limited partnerships |
| 573,163 |
| 14,792 |
| — |
| |||
Proceeds from sale of operating limited partnerships |
| 31,791 |
| — |
| — |
| |||
Purchase of investments (net of proceeds from sale of investments) |
| — |
| — |
| — |
| |||
|
|
|
|
|
|
|
| |||
Net cash provided by (used in) investing activities |
| 604,954 |
| 4,792 |
| — |
| |||
|
|
|
|
|
|
|
| |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| 44,036 |
| (292,676 | ) | 94,811 |
| |||
|
|
|
|
|
|
|
| |||
Cash and cash equivalents, beginning |
| 199,264 |
| 491,940 |
| 397,129 |
| |||
|
|
|
|
|
|
|
| |||
Cash and cash equivalents, end |
| $ | 243,300 |
| $ | 199,264 |
| $ | 491,940 |
|
F-29
|
| Series 17 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Supplemental schedule of noncash investing and financing activities: |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated. |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
| |||
The partnership has decreased its investments in operating limited partnerships and increased other assets for low-income tax credits not generated. |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
| |||
The fund has decreased notes receivable and decreased its capital contributions due to operating limited partnerships for amounts required to be repaid by the operating limited partnerships. |
| $ | — |
| $ | 1,108,873 |
| $ | — |
|
F-30
|
| Series 18 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Cash flows from operating activities |
|
|
|
|
|
|
| |||
Net loss |
| $ | (2,885,843 | ) | $ | (2,789,041 | ) | $ | (2,294,290 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
|
|
| |||
Share of losses from operating limited partnerships |
| 1,890,630 |
| 2,026,963 |
| 1,959,500 |
| |||
Distributions received from operating limited partnerships |
| 45,965 |
| 1,558 |
| 32,373 |
| |||
Impairment loss |
| 584,884 |
| 335,805 |
| — |
| |||
Amortization |
| 11,414 |
| 11,413 |
| 11,413 |
| |||
Changes in assets and liabilities |
|
|
|
|
|
|
| |||
Other assets |
| — |
| — |
| 3,823 |
| |||
Accounts payable and accrued expenses |
| — |
| — |
| — |
| |||
Accounts payable - affiliates |
| 381,948 |
| 156,948 |
| 306,948 |
| |||
|
|
|
|
|
|
|
| |||
Net cash provided by (used in) operating activities |
| 28,998 |
| (256,354 | ) | 19,767 |
| |||
|
|
|
|
|
|
|
| |||
Cash flows from investing activities |
|
|
|
|
|
|
| |||
Capital contributions paid to operating limited partnerships |
| — |
| — |
| — |
| |||
(Advance)/repayments from (to)/operating limited partnerships |
| — |
| — |
| — |
| |||
Proceeds from sale of operating limited partnerships |
| — |
| — |
| — |
| |||
Purchase of investments (net of proceeds from sale of investments) |
| — |
| — |
| 107,824 |
| |||
|
|
|
|
|
|
|
| |||
Net cash provided by (used in) investing activities |
| — |
| — |
| 107,824 |
| |||
|
|
|
|
|
|
|
| |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| 28,998 |
| (256,354 | ) | 127,591 |
| |||
|
|
|
|
|
|
|
| |||
Cash and cash equivalents, beginning |
| 109,633 |
| 365,987 |
| 238,396 |
| |||
|
|
|
|
|
|
|
| |||
Cash and cash equivalents, end |
| $ | 138,631 |
| $ | 109,633 |
| $ | 365,987 |
|
F-31
|
| Series 18 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Supplemental schedule of noncash investing and financing activities: |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated. |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
| |||
The partnership has decreased its investments in operating limited partnerships and increased other assets for low-income tax credits not generated. |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
| |||
The fund has decreased notes receivable and decreased its capital contributions due to operating limited partnerships for amounts required to be repaid by the operating limited partnerships. |
| $ | — |
| $ | — |
| $ | — |
|
F-32
|
| Series 19 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Cash flows from operating activities |
|
|
|
|
|
|
| |||
Net loss |
| $ | (2,327,173 | ) | $ | (1,844,802 | ) | $ | (1,821,580 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
|
|
| |||
Share of losses from operating limited partnerships |
| 1,760,539 |
| 1,486,177 |
| 1,460,407 |
| |||
Distributions received from operating limited partnerships |
| 71,167 |
| 140,721 |
| 75,298 |
| |||
Impairment loss |
| 154,000 |
| — |
| — |
| |||
Amortization |
| 14,428 |
| 14,570 |
| 14,570 |
| |||
Changes in assets and liabilities |
|
|
|
|
|
|
| |||
Other assets |
|
|
| 3,973 |
| 10,865 |
| |||
Accounts payable and accrued expenses |
| (7,500 | ) | 4,092 |
| — |
| |||
Accounts payable - affiliates |
| 311,347 |
| (138,651 | ) | 61,351 |
| |||
|
|
|
|
|
|
|
| |||
Net cash provided by (used in) operating activities |
| (23,192 | ) | (333,920 | ) | (199,089 | ) | |||
|
|
|
|
|
|
|
| |||
Cash flows from investing activities |
|
|
|
|
|
|
| |||
Capital contributions paid to operating limited partnerships |
| — |
| — |
| — |
| |||
(Advance)/repayments from (to)/operating limited partnerships |
| — |
| — |
| — |
| |||
Proceeds from sale of operating limited partnerships |
| — |
| — |
| — |
| |||
Purchase of investments (net of proceeds from sale of investments) |
| — |
| — |
| 535,792 |
| |||
|
|
|
|
|
|
|
| |||
Net cash provided by (used in) investing activities |
| — |
| — |
| 535,792 |
| |||
|
|
|
|
|
|
|
| |||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| (23,192 | ) | (333,920 | ) | 336,703 |
| |||
|
|
|
|
|
|
|
| |||
Cash and cash equivalents, beginning |
| 146,888 |
| 480,808 |
| 144,105 |
| |||
|
|
|
|
|
|
|
| |||
Cash and cash equivalents, end |
| $ | 123,696 |
| $ | 146,888 |
| $ | 480,808 |
|
F-33
|
| Series 19 |
| |||||||
|
| 2004 |
| 2003 |
| 2002 |
| |||
Supplemental schedule of noncash investing and financing activities: |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
The partnership has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated. |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
| |||
The partnership has decreased its investments in operating limited partnerships and increased other assets for low-income tax credits not generated. |
| $ | — |
| $ | — |
| $ | — |
|
|
|
|
|
|
|
|
| |||
The fund has decreased notes receivable and decreased its capital contributions due to operating limited partnerships for amounts required to be repaid by the operating limited partnerships. |
| $ | — |
| $ | — |
| $ | — |
|
See notes to financial statements
F-34
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
March 31, 2004, 2003 and 2002
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Boston Capital Tax Credit Fund III L.P. (the “partnership” or “fund”) was formed under the laws of the State of Delaware on September 19, 1991, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating limited partnerships which were organized to acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated apartment complexes which qualified for the Low-Income Housing Tax Credit established by the Tax Reform Act of 1986. Accordingly, the apartment complexes are restricted as to rent charges and operating methods. Certain of the apartment complexes also qualified for the Historic Rehabilitation Tax Credit for their rehabilitation of a certified historic structure and are subject to the provisions of the Internal Revenue Code relating to the Rehabilitation Investment Credit. The general partner of the fund is Boston Capital Associates III L.P. and the limited partner is BCTC III Assignor Corp. (the “assignor limited partner”).
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 originally registered 20,000,000 BACs at $10 per BAC for sale to the public in one or more series. An additional 2,000,000 BACs at $10 per BAC were registered for sale to the public in one or more series on September 4, 1994. BACs sold in bulk were offered to investors at a reduced cost per BAC.
The BACs issued and outstanding in each series at March 31, 2004 and 2003 are as follows:
Series 15 |
| 3,870,500 |
|
Series 16 |
| 5,429,402 |
|
Series 17 |
| 5,000,000 |
|
Series 18 |
| 3,616,200 |
|
Series 19 |
| 4,080,000 |
|
|
|
|
|
Total |
| 21,996,102 |
|
In accordance with the limited partnership agreements, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner.
F-35
Investments in Operating Limited Partnerships
The fund accounts for its investments in operating limited partnerships using the equity method, whereby the fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the fund recognizes the individual operating limited partnership’s losses only to the extent that the fund’s share of losses of the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income.
A loss in value of an investment in an operating limited partnership other than a temporary decline would be recorded as an impairment loss. Impairment is measured by comparing the investment carrying amount to the sum of the total amount of the remaining tax credits allocated to the fund and the estimated residual value of the investment. Accordingly, the partnership recorded an impairment loss of $1,136,378, $707,589 and $0 during the years ended March 31, 2004, 2003 and 2002, respectively.
Capital contributions to operating limited partnerships are adjusted by tax credit adjusters. Tax credit adjusters are defined as adjustments to operating limited partnership capital contributions due to reductions in actual tax credits from those originally projected. The fund records tax credit adjusters as a reduction in investment in operating limited partnerships and capital contributions payable.
The operating limited partnerships maintain their financial statements based on a calendar year and the fund utilizes a March 31 year-end. The fund records income and losses from the operating limited partnerships on a calendar year basis which is not materially different from income and losses generated if the operating limited partnerships utilized a March 31 year-end.
The fund records capital contributions payable to the operating limited partnerships once there is a binding obligation to fund a specified amount. The operating limited partnerships record capital contributions from the fund when received.
The fund records acquisition costs as an increase in its investment in operating limited partnerships. Certain operating limited partnerships have not recorded the acquisition costs as a capital contribution from the fund. These differences are shown as reconciling items in note C.
F-36
Deferred Acquisition Costs
Acquisition costs were deferred until March 31, 1995. As of April 1, 1995, the fund reallocated certain acquisition costs, common to all Series, based on a percentage of equity raised to each Series. Acquisition costs are being amortized on the straight-line method starting April 1, 1995, over 27.5 years (330 months).
Accumulated amortization as of March 31, 2004 and 2003 is as follows:
|
| 2004 |
| 2003 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | 94,704 |
| $ | 84,194 |
|
Series 16 |
| 151,659 |
| 134,808 |
| ||
Series 17 |
| 147,852 |
| 132,302 |
| ||
Series 18 |
| 102,850 |
| 91,435 |
| ||
Series 19 |
| 128,362 |
| 114,104 |
| ||
|
|
|
|
|
| ||
|
| $ | 625,427 |
| $ | 556,843 |
|
Selling Commissions and Registration Costs
Selling commissions paid in connection with the public offering are charged against the assignees’ capital upon admission of investors as assignees. Registration costs associated with the public offering are charged against assignees’ capital as incurred.
Income Taxes
No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners and assignees individually.
Cash Equivalents
Cash equivalents include repurchase agreements, money market accounts and certificates of deposit having original maturities at date of acquisition of three months or less. The carrying value approximates fair value because of the short maturity of these instruments.
F-37
During the ordinary course of business, amounts on deposit may exceed the FDIC-insured limit.
Fiscal Year
For financial reporting purposes, the fund uses a March 31 year-end, whereas for income tax reporting purposes, the fund uses a calendar year. The operating limited partnerships use a calendar year for both financial and income tax reporting.
Net Income (Loss) per Beneficial Assignee Certificate
Net income (loss) per beneficial assignee partnership unit is calculated based upon the number of units outstanding during the year. The number of units in each series at March 31, 2004, 2003 and 2002 are as follows:
|
| 2004, 2003, |
|
|
|
|
|
Series 15 |
| 3,870,500 |
|
Series 16 |
| 5,429,402 |
|
Series 17 |
| 5,000,000 |
|
Series 18 |
| 3,616,200 |
|
Series 19 |
| 4,080,000 |
|
|
|
|
|
|
| 21,996,102 |
|
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
F-38
Recent Accounting Pronouncements
In January 2003, the Financial Accounting Standards Board (FASB) issued Interpretation No. 46 (FIN 46), “Consolidation of Variable Interest Entities,” an interpretation of ARB No. 51, “Consolidated Financial Statements,” which provides new accounting guidance on when a business enterprise must consolidate a variable interest entity, as defined in FIN 46. In December 2003, the FASB reissued the interpretation to clarify certain requirements and provide additional implementation guidance. The general partner, after careful review and analysis of FIN 46, has preliminarily determined that the FIN 46 will have no effect on the partnership’s current accounting for its investments in operating limited partnerships.
In May 2003, the FASB issued Statement of Financial Accounting Standards (“SFAS”) No. 150, “Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity.” SFAS No. 150 changes the accounting for certain financial instruments that, under previous guidance, could be classified as equity or “mezzanine” equity, by now requiring those instruments to be classified as liabilities (or assets in some circumstances) in the balance sheets. Further, SFAS No. 150 requires disclosure regarding the terms of those instruments and settlement alternatives. The guidance in SFAS No. 150 generally was effective for all financial instruments entered into or modified after May 31, 2003, and was otherwise effective at the beginning of the first interim period beginning after June 15, 2003. The general partner has evaluated SFAS No. 150 and determined that it does not have an effect on the partnership’s financial reporting and disclosures.
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 2004, 2003 and 2002, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership, as follows:
Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is
F-39
comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The fee is payable without interest as sufficient funds became available from sales or refinancing proceeds from operating limited partnerships. The annual fund management fee charged to operations, net of reporting fees, during the years ended March 31, 2004, 2003 and 2002 by series, is as follows:
|
| 2004 |
| 2003 |
| 2002 |
| |||
|
|
|
|
|
|
|
| |||
Series 15 |
| $ | 462,499 |
| $ | 458,473 |
| $ | 468,582 |
|
Series 16 |
| 598,700 |
| 585,385 |
| 611,255 |
| |||
Series 17 |
| 478,680 |
| 516,108 |
| 447,301 |
| |||
Series 18 |
| 323,356 |
| 350,999 |
| 281,041 |
| |||
Series 19 |
| 339,134 |
| 289,990 |
| 323,972 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 2,202,369 |
| $ | 2,200,955 |
| $ | 2,132,151 |
|
General and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership during the years ended March 31, 2004, 2003 and 2002 charged to each series’ operations are as follows:
|
| 2004 |
| 2003 |
| 2002 |
| |||
|
|
|
|
|
|
|
| |||
Series 15 |
| $ | 34,271 |
| $ | 39,174 |
| $ | 16,132 |
|
Series 16 |
| 31,287 |
| 39,973 |
| 20,956 |
| |||
Series 17 |
| 29,780 |
| 33,567 |
| 18,058 |
| |||
Series 18 |
| 19,803 |
| 24,624 |
| 14,711 |
| |||
Series 19 |
| 18,561 |
| 23,485 |
| 16,130 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 133,702 |
| $ | 160,823 |
| $ | 85,987 |
|
Accounts payable - affiliates at March 31, 2004 and 2003 represents fund management fees and an operating limited partnership advance which are payable to Boston Capital Asset Management Limited Partnership. The carrying value of the accounts payable - affiliates approximates fair value.
F-40
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 2004, 2003 and 2002, the fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. During 2004, the partnership disposed of its limited partnership interest in one of the operating limited partnerships owned in Series 15 and Series 17. The number of operating limited partnerships in which the fund has limited partnership interests at March 31, 2004, 2003 and 2002 by series are as follows:
|
| 2004 |
| 2003 |
| 2002 |
|
|
|
|
|
|
|
|
|
Series 15 |
| 67 |
| 68 |
| 68 |
|
Series 16 |
| 64 |
| 64 |
| 64 |
|
Series 17 |
| 48 |
| 49 |
| 49 |
|
Series 18 |
| 34 |
| 34 |
| 34 |
|
Series 19 |
| 26 |
| 26 |
| 26 |
|
|
|
|
|
|
|
|
|
|
| 239 |
| 241 |
| 241 |
|
Under the terms of the fund’s investment in each operating limited partnership, the fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations.
The contributions payable to operating limited partnerships at March 31, 2004 and 2003 by series are as follows:
|
| 2004 |
| 2003 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | 16,206 |
| $ | 16,206 |
|
Series 16 |
| 73,862 |
| 75,362 |
| ||
Series 17 |
| 67,895 |
| 67,895 |
| ||
Series 18 |
| 18,554 |
| 18,554 |
| ||
Series 19 |
| 24,000 |
| 24,000 |
| ||
|
|
|
|
|
| ||
|
| $ | 200,517 |
| $ | 202,017 |
|
F-41
The fund’s investments in operating limited partnerships at March 31, 2004 are summarized as follows:
|
| Total |
| Series 15 |
| Series 16 |
| |||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters |
| $ | 161,277,650 |
| $ | 28,827,562 |
| $ | 40,188,710 |
|
|
|
|
|
|
|
|
| |||
Acquisition costs of operating limited partnerships |
| 19,334,149 |
| 2,988,162 |
| 4,460,782 |
| |||
|
|
|
|
|
|
|
| |||
Syndication costs from operating limited partnerships |
| (56,632 | ) | — |
| — |
| |||
|
|
|
|
|
|
|
| |||
Cumulative distributions from operating limited partnerships |
| (1,109,006 | ) | (18,054 | ) | (424,704 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| (2,561,194 | ) | — |
| (1,293,244 | ) | |||
|
|
|
|
|
|
|
| |||
Cumulative losses from operating limited partnerships |
| (122,398,453 | ) | (24,415,702 | ) | (31,429,160 | ) | |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships per balance sheets |
| 54,486,514 |
| 7,381,968 |
| 11,502,384 |
| |||
|
|
|
|
|
|
|
| |||
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2004 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2003 (see note A) |
| (1,850,705 | ) | (905,126 | ) | (113,965 | ) | |||
|
|
|
|
|
|
|
| |||
The fund has recorded acquisition costs at March 31, 2004 which have not been recorded in the net assets of the operating limited partnerships (see note A) |
| (3,651,382 | ) | (399,087 | ) | (788,200 | ) | |||
|
|
|
|
|
|
|
| |||
Cumulative losses from operating limited partnerships for the three months ended March 31, 1993 which the operating limited partnerships have not included in their capital as of December 31, 1992 due to different year ends (see note A) |
| 2,195,770 |
| 472,214 |
| — |
| |||
F-42
|
| Total |
| Series 15 |
| Series 16 |
| |||
|
|
|
|
|
|
|
| |||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) |
| (15,176,001 | ) | (7,436,774 | ) | (3,925,163 | ) | |||
|
|
|
|
|
|
|
| |||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) |
| 739,465 |
| 180,309 |
| 151,497 |
| |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| 2,561,194 |
| — |
| 1,293,244 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 658,111 |
| 104 |
| 672,866 |
| |||
|
|
|
|
|
|
|
| |||
Equity per operating limited partnerships’ combined financial statements |
| $ | 39,962,966 |
| $ | (706,392 | ) | $ | 8,792,663 |
|
F-43
The fund’s investments in operating limited partnerships at March 31, 2004 are summarized as follows:
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters |
| $ | 36,329,201 |
| $ | 26,416,737 |
| $ | 29,515,440 |
|
|
|
|
|
|
|
|
| |||
Acquisition costs of operating limited partnerships |
| 4,564,870 |
| 3,587,531 |
| 3,732,804 |
| |||
|
|
|
|
|
|
|
| |||
Syndication costs from operating limited partnerships |
| — |
| (56,632 | ) | — |
| |||
|
|
|
|
|
|
|
| |||
Cumulative distributions from operating limited partnerships |
| (115,025 | ) | (155,339 | ) | (395,884 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| (193,261 | ) | (920,689 | ) | (154,000 | ) | |||
|
|
|
|
|
|
|
| |||
Cumulative losses from operating limited partnerships |
| (27,681,957 | ) | (21,171,214 | ) | (17,700,420 | ) | |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships per balance sheets |
| 12,903,828 |
| 7,700,394 |
| 14,997,940 |
| |||
|
|
|
|
|
|
|
| |||
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2004 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2003 (see note A) |
| (710,224 | ) | (61,783 | ) | (59,607 | ) | |||
|
|
|
|
|
|
|
| |||
The fund has recorded acquisition costs at March 31, 2004 which have not been recorded in the net assets of the operating limited partnerships (see note A) |
| (1,441,971 | ) | (387,564 | ) | (634,560 | ) | |||
|
|
|
|
|
|
|
| |||
Cumulative losses from operating limited partnerships for the three months ended March 31, 1993 which the operating limited partnerships have not included in their capital as of December 31, 1992 due to different year ends (see note A) |
| 752,440 |
| 617,683 |
| 353,433 |
| |||
F-44
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
|
|
|
|
|
|
|
| |||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) |
| (2,220,586 | ) | (1,195,592 | ) | (397,886 | ) | |||
|
|
|
|
|
|
|
| |||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) |
| 59,201 |
| 105,595 |
| 242,863 |
| |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| 193,261 |
| 920,689 |
| 154,000 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| (139,423 | ) | 91,595 |
| 32,969 |
| |||
|
|
|
|
|
|
|
| |||
Equity per operating limited partnerships’ combined financial statements |
| $ | 9,396,526 |
| $ | 7,791,017 |
| $ | 14,689,152 |
|
F-45
The fund’s investments in operating limited partnerships at March 31, 2003 are summarized as follows:
|
| Total |
| Series 15 |
| Series 16 |
| |||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters |
| $ | 161,372,498 |
| $ | 28,893,728 |
| $ | 40,188,710 |
|
|
|
|
|
|
|
|
| |||
Acquisition costs of operating limited partnerships |
| 19,334,149 |
| 2,988,162 |
| 4,460,782 |
| |||
|
|
|
|
|
|
|
| |||
Syndication costs from operating limited partnerships |
| (56,632 | ) | — |
| — |
| |||
|
|
|
|
|
|
|
| |||
Cumulative distributions from operating limited partnerships |
| (939,780 | ) | (18,054 | ) | (378,346 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| (1,424,816 | ) | — |
| (983,090 | ) | |||
|
|
|
|
|
|
|
| |||
Cumulative losses from operating limited partnerships |
| (113,060,394 | ) | (23,476,206 | ) | (28,965,531 | ) | |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships per balance sheets |
| 65,225,025 |
| 8,387,630 |
| 14,322,525 |
| |||
|
|
|
|
|
|
|
| |||
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2003 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2002 (see note A) |
| (1,878,090 | ) | (905,126 | ) | (113,965 | ) | |||
|
|
|
|
|
|
|
| |||
The fund has recorded acquisition costs at March 31, 2003 which have not been recorded in the net assets of the operating limited partnerships (see note A) |
| (3,651,382 | ) | (399,087 | ) | (788,200 | ) | |||
|
|
|
|
|
|
|
| |||
Cumulative losses from operating limited partnerships for the three months ended March 31, 1993 which the operating limited partnerships have not included in their capital as of December 31, 1992 due to different year ends (see note A) |
| 2,195,770 |
| 472,214 |
| — |
| |||
F-46
|
| Total |
| Series 15 |
| Series 16 |
| |||
|
|
|
|
|
|
|
| |||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) |
| (11,311,658 | ) | (5,689,823 | ) | (2,909,104 | ) | |||
|
|
|
|
|
|
|
| |||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) |
| 766,850 |
| 180,309 |
| 151,497 |
| |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| 1,424,816 |
| — |
| 983,090 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 740,358 |
| (1,957 | ) | 675,142 |
| |||
|
|
|
|
|
|
|
| |||
Equity per operating limited partnerships’ combined financial statements |
| $ | 53,511,689 |
| $ | 2,044,160 |
| $ | 12,320,985 |
|
F-47
The fund’s investments in operating limited partnerships at March 31, 2003 are summarized as follows:
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters |
| $ | 36,357,883 |
| $ | 26,416,737 |
| $ | 29,515,440 |
|
|
|
|
|
|
|
|
| |||
Acquisition costs of operating limited partnerships |
| 4,564,870 |
| 3,587,531 |
| 3,732,804 |
| |||
|
|
|
|
|
|
|
| |||
Syndication costs from operating limited partnerships |
| — |
| (56,632 | ) | — |
| |||
|
|
|
|
|
|
|
| |||
Cumulative distributions from operating limited partnerships |
| (109,289 | ) | (109,374 | ) | (324,717 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| (105,921 | ) | (335,805 | ) | — |
| |||
|
|
|
|
|
|
|
| |||
Cumulative losses from operating limited partnerships |
| (25,398,192 | ) | (19,280,584 | ) | (15,939,881 | ) | |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships per balance sheets |
| 15,309,351 |
| 10,221,873 |
| 16,983,646 |
| |||
|
|
|
|
|
|
|
| |||
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2003 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2002 (see note A) |
| (710,224 | ) | (61,783 | ) | (86,992 | ) | |||
|
|
|
|
|
|
|
| |||
The fund has recorded acquisition costs at March 31, 2003 which have not been recorded in the net assets of the operating limited partnerships (see note A) |
| (1,441,971 | ) | (387,564 | ) | (634,560 | ) | |||
|
|
|
|
|
|
|
| |||
Cumulative losses from operating limited partnerships for the three months ended March 31, 1993 which the operating limited partnerships have not included in their capital as of December 31, 1992 due to different year ends (see note A) |
| 752,440 |
| 617,683 |
| 353,433 |
| |||
F-48
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
|
|
|
|
|
|
|
| |||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) |
| (1,569,121 | ) | (911,706 | ) | (231,904 | ) | |||
|
|
|
|
|
|
|
| |||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) |
| 59,201 |
| 105,595 |
| 270,248 |
| |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| 105,921 |
| 335,805 |
| — |
| |||
|
|
|
|
|
|
|
| |||
Other |
| (41,650 | ) | 73,959 |
| 34,864 |
| |||
|
|
|
|
|
|
|
| |||
Equity per operating limited partnerships’ combined financial statements |
| $ | 12,463,947 |
| $ | 9,993,862 |
| $ | 16,688,735 |
|
F-49
The combined summarized balance sheets of the operating limited partnerships at December 31, 2003 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
|
| Total |
| Series 15 |
| Series 16 |
| |||
ASSETS |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Buildings and improvements, net of accumulated depreciation |
| $ | 395,266,140 |
| $ | 79,531,272 |
| $ | 90,202,964 |
|
|
|
|
|
|
|
|
| |||
Land |
| 27,021,812 |
| 5,395,864 |
| 5,120,755 |
| |||
|
|
|
|
|
|
|
| |||
Other assets |
| 35,541,098 |
| 8,330,673 |
| 9,386,408 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 457,829,050 |
| $ | 93,257,809 |
| $ | 104,710,127 |
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Mortgages and construction loans payable |
| $ | 347,345,264 |
| $ | 80,649,959 |
| $ | 80,333,806 |
|
|
|
|
|
|
|
|
| |||
Accounts payable and accrued expenses |
| 17,105,346 |
| 2,300,408 |
| 5,846,787 |
| |||
|
|
|
|
|
|
|
| |||
Other liabilities |
| 33,253,776 |
| 3,352,908 |
| 6,520,287 |
| |||
|
|
|
|
|
|
|
| |||
|
| 397,704,386 |
| 86,303,275 |
| 92,700,880 |
| |||
PARTNERS’ CAPITAL |
|
|
|
|
|
|
| |||
Boston Capital Tax Credit Fund III L.P. |
| 39,962,966 |
| (706,392 | ) | 8,792,663 |
| |||
Other partners |
| 20,161,698 |
| 7,660,926 |
| 3,216,584 |
| |||
|
|
|
|
|
|
|
| |||
|
| 60,124,664 |
| 6,954,534 |
| 12,009,247 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 457,829,050 |
| $ | 93,257,809 |
| $ | 104,710,127 |
|
F-50
The combined summarized balance sheets of the operating limited partnerships at December 31, 2003 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
ASSETS |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Buildings and improvements, net of accumulated depreciation |
| $ | 103,607,615 |
| $ | 53,936,708 |
| $ | 67,987,581 |
|
|
|
|
|
|
|
|
| |||
Land |
| 7,300,365 |
| 3,363,433 |
| 5,841,395 |
| |||
|
|
|
|
|
|
|
| |||
Other assets |
| 9,125,854 |
| 4,233,622 |
| 4,464,541 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 120,033,834 |
| $ | 61,533,763 |
| $ | 78,293,517 |
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Mortgages and construction loans payable |
| $ | 89,719,755 |
| $ | 43,684,971 |
| $ | 52,956,773 |
|
|
|
|
|
|
|
|
| |||
Accounts payable and accrued expenses |
| 3,598,592 |
| 3,258,768 |
| 2,100,791 |
| |||
|
|
|
|
|
|
|
| |||
Other liabilities |
| 11,554,877 |
| 5,287,408 |
| 6,538,296 |
| |||
|
|
|
|
|
|
|
| |||
|
| 104,873,224 |
| 52,231,147 |
| 61,595,860 |
| |||
PARTNERS’ CAPITAL |
|
|
|
|
|
|
| |||
Boston Capital Tax Credit Fund III L.P. |
| 9,396,526 |
| 7,791,017 |
| 14,689,152 |
| |||
Other partners |
| 5,764,084 |
| 1,511,599 |
| 2,008,505 |
| |||
|
|
|
|
|
|
|
| |||
|
| 15,160,610 |
| 9,302,616 |
| 16,697,657 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 120,033,834 |
| $ | 61,533,763 |
| $ | 78,293,517 |
|
F-51
The combined summarized balance sheets of the operating limited partnerships at December 31, 2002 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
|
| Total |
| Series 15 |
| Series 16 |
| |||
ASSETS |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Buildings and improvements, net of accumulated depreciation |
| $ | 416,764,459 |
| $ | 85,294,447 |
| $ | 94,124,037 |
|
|
|
|
|
|
|
|
| |||
Land |
| 28,129,189 |
| 6,103,309 |
| 5,120,755 |
| |||
|
|
|
|
|
|
|
| |||
Other assets |
| 34,956,224 |
| 8,404,985 |
| 9,099,187 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 479,849,872 |
| $ | 99,802,741 |
| $ | 108,343,979 |
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Mortgages and construction loans payable |
| $ | 355,790,403 |
| $ | 83,805,645 |
| $ | 81,101,198 |
|
|
|
|
|
|
|
|
| |||
Accounts payable and accrued expenses |
| 16,525,910 |
| 3,186,865 |
| 5,356,369 |
| |||
|
|
|
|
|
|
|
| |||
Other liabilities |
| 34,386,890 |
| 4,182,111 |
| 6,090,084 |
| |||
|
|
|
|
|
|
|
| |||
|
| 406,703,203 |
| 91,174,621 |
| 92,547,651 |
| |||
PARTNERS’ CAPITAL |
|
|
|
|
|
|
| |||
Boston Capital Tax Credit Fund III L.P. |
| 53,511,689 |
| 2,044,160 |
| 12,320,985 |
| |||
Other partners |
| 19,634,980 |
| 6,583,960 |
| 3,475,343 |
| |||
|
|
|
|
|
|
|
| |||
|
| 73,146,669 |
| 8,628,120 |
| 15,796,328 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 479,849,872 |
| $ | 99,802,741 |
| $ | 108,343,979 |
|
F-52
The combined summarized balance sheets of the operating limited partnerships at December 31, 2002 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
ASSETS |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Buildings and improvements, net of accumulated depreciation |
| $ | 110,451,304 |
| $ | 56,325,554 |
| $ | 70,569,117 |
|
|
|
|
|
|
|
|
| |||
Land |
| 7,700,365 |
| 3,363,433 |
| 5,841,327 |
| |||
|
|
|
|
|
|
|
| |||
Other assets |
| 8,621,033 |
| 4,180,401 |
| 4,650,618 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 126,772,702 |
| $ | 63,869,388 |
| $ | 81,061,062 |
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Mortgages and construction loans payable |
| $ | 93,110,067 |
| $ | 44,178,490 |
| $ | 53,595,003 |
|
|
|
|
|
|
|
|
| |||
Accounts payable and accrued expenses |
| 3,001,866 |
| 3,041,395 |
| 1,939,415 |
| |||
|
|
|
|
|
|
|
| |||
Other liabilities |
| 12,803,156 |
| 4,888,402 |
| 6,423,137 |
| |||
|
|
|
|
|
|
|
| |||
|
| 108,915,089 |
| 52,108,287 |
| 61,957,555 |
| |||
PARTNERS’ CAPITAL |
|
|
|
|
|
|
| |||
Boston Capital Tax Credit Fund III L.P. |
| 12,463,947 |
| 9,993,862 |
| 16,688,735 |
| |||
Other partners |
| 5,393,666 |
| 1,767,239 |
| 2,414,772 |
| |||
|
|
|
|
|
|
|
| |||
|
| 17,857,613 |
| 11,761,101 |
| 19,103,507 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 126,772,702 |
| $ | 63,869,388 |
| $ | 81,061,062 |
|
F-53
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2003 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
|
| Total |
| Series 15 |
| Series 16 |
| |||
Revenue |
|
|
|
|
|
|
| |||
Rental |
| $ | 63,017,295 |
| $ | 13,158,882 |
| $ | 13,669,331 |
|
Interest and other |
| 2,617,256 |
| 401,255 |
| 632,555 |
| |||
|
|
|
|
|
|
|
| |||
|
| 65,634,551 |
| 13,560,137 |
| 14,301,886 |
| |||
Expenses |
|
|
|
|
|
|
| |||
Interest |
| 18,379,286 |
| 3,441,410 |
| 3,385,528 |
| |||
Depreciation and amortization |
| 19,237,704 |
| 4,113,421 |
| 4,540,081 |
| |||
Taxes and insurance |
| 9,418,586 |
| 1,916,762 |
| 2,343,147 |
| |||
Repairs and maintenance |
| 12,682,168 |
| 2,883,343 |
| 2,877,862 |
| |||
Operating expenses |
| 19,745,467 |
| 4,052,482 |
| 4,584,185 |
| |||
Other expenses |
| 1,697,470 |
| 310,998 |
| 220,993 |
| |||
|
|
|
|
|
|
|
| |||
|
| 81,160,681 |
| 16,718,416 |
| 17,951,796 |
| |||
|
|
|
|
|
|
|
| |||
NET LOSS |
| $ | (15,526,130 | ) | $ | (3,158,279 | ) | $ | (3,649,910 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to Boston Capital Tax Credit Fund III L.P.* |
| $ | (13,270,258 | ) | $ | (2,714,253 | ) | $ | (3,479,688 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to other partners |
| $ | (2,255,872 | ) | $ | (444,026 | ) | $ | (170,222 | ) |
* Amounts include $1,641,177, $1,007,741, $642,170, $321,132 and $167,562 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.
F-54
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
Revenue |
|
|
|
|
|
|
| |||
Rental |
| $ | 16,941,934 |
| $ | 7,762,768 |
| $ | 11,484,380 |
|
Interest and other |
| 947,992 |
| 218,596 |
| 416,858 |
| |||
|
|
|
|
|
|
|
| |||
|
| 17,889,926 |
| 7,981,364 |
| 11,901,238 |
| |||
Expenses |
|
|
|
|
|
|
| |||
Interest |
| 5,600,094 |
| 2,170,523 |
| 3,781,731 |
| |||
Depreciation and amortization |
| 4,751,784 |
| 2,676,743 |
| 3,155,675 |
| |||
Taxes and insurance |
| 2,188,913 |
| 1,135,847 |
| 1,833,917 |
| |||
Repairs and maintenance |
| 3,723,698 |
| 1,470,995 |
| 1,726,270 |
| |||
Operating expenses |
| 4,832,781 |
| 2,604,886 |
| 3,671,133 |
| |||
Other expenses |
| 719,448 |
| 311,167 |
| 134,864 |
| |||
|
|
|
|
|
|
|
| |||
|
| 21,816,718 |
| 10,370,161 |
| 14,303,590 |
| |||
|
|
|
|
|
|
|
| |||
NET LOSS |
| $ | (3,926,792 | ) | $ | (2,388,797 | ) | $ | (2,402,352 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to Boston Capital Tax Credit Fund III L.P.* |
| $ | (2,936,454 | ) | $ | (2,211,762 | ) | $ | (1,928,101 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to other partners |
| $ | (990,338 | ) | $ | (177,035 | ) | $ | (474,251 | ) |
* Amounts include $1,641,177, $1,007,741, $642,170, $321,132 and $167,562 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.
F-55
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2002 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
|
| Total |
| Series 15 |
| Series 16 |
| |||
Revenue |
|
|
|
|
|
|
| |||
Rental |
| $ | 63,218,406 |
| $ | 13,542,014 |
| $ | 13,092,046 |
|
Interest and other |
| 2,736,768 |
| 466,792 |
| 619,874 |
| |||
|
|
|
|
|
|
|
| |||
|
| 65,955,174 |
| 14,008,806 |
| 13,711,920 |
| |||
Expenses |
|
|
|
|
|
|
| |||
Interest |
| 18,838,560 |
| 3,796,256 |
| 3,451,397 |
| |||
Depreciation and amortization |
| 19,393,859 |
| 4,176,802 |
| 4,530,806 |
| |||
Taxes and insurance |
| 8,831,170 |
| 1,857,158 |
| 1,881,861 |
| |||
Repairs and maintenance |
| 12,406,120 |
| 2,760,155 |
| 2,971,144 |
| |||
Operating expenses |
| 19,449,314 |
| 4,202,830 |
| 4,488,201 |
| |||
Other expenses |
| 2,122,746 |
| 387,284 |
| 303,201 |
| |||
|
|
|
|
|
|
|
| |||
|
| 81,041,769 |
| 17,180,485 |
| 17,626,610 |
| |||
|
|
|
|
|
|
|
| |||
NET LOSS |
| $ | (15,086,595 | ) | $ | (3,171,679 | ) | $ | (3,914,690 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to Boston Capital Tax Credit Fund III L.P.* |
| $ | (12,327,554 | ) | $ | (2,576,409 | ) | $ | (3,781,124 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to other partners |
| $ | (2,759,041 | ) | $ | (595,270 | ) | $ | (133,566 | ) |
* Amounts include $1,488,567, $828,133, $584,725, $335,363 and $77,750 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.
F-56
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
Revenue |
|
|
|
|
|
|
| |||
Rental |
| $ | 17,392,323 |
| $ | 7,594,334 |
| $ | 11,597,689 |
|
Interest and other |
| 931,748 |
| 330,700 |
| 387,654 |
| |||
|
|
|
|
|
|
|
| |||
|
| 18,324,071 |
| 7,925,034 |
| 11,985,343 |
| |||
Expenses |
|
|
|
|
|
|
| |||
Interest |
| 5,314,367 |
| 2,452,079 |
| 3,824,461 |
| |||
Depreciation and amortization |
| 4,831,718 |
| 2,681,125 |
| 3,173,408 |
| |||
Taxes and insurance |
| 2,179,478 |
| 1,135,112 |
| 1,777,561 |
| |||
Repairs and maintenance |
| 3,644,419 |
| 1,509,319 |
| 1,521,083 |
| |||
Operating expenses |
| 4,679,198 |
| 2,499,489 |
| 3,579,596 |
| |||
Other expenses |
| 992,846 |
| 319,358 |
| 120,057 |
| |||
|
|
|
|
|
|
|
| |||
|
| 21,642,026 |
| 10,596,482 |
| 13,996,166 |
| |||
|
|
|
|
|
|
|
| |||
NET LOSS |
| $ | (3,317,955 | ) | $ | (2,671,448 | ) | $ | (2,010,823 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to Boston Capital Tax Credit Fund III L.P.* |
| $ | (2,043,768 | ) | $ | (2,362,326 | ) | $ | (1,563,927 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to other partners |
| $ | (1,274,187 | ) | $ | (309,122 | ) | $ | (446,896 | ) |
* Amounts include $1,488,567, $828,133, $584,725, $335,363 and $77,750 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.
F-57
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2001 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
|
| Total |
| Series 15 |
| Series 16 |
| |||
Revenue |
|
|
|
|
|
|
| |||
Rental |
| $ | 61,320,554 |
| $ | 13,102,661 |
| $ | 12,822,052 |
|
Interest and other |
| 3,004,353 |
| 580,034 |
| 623,840 |
| |||
|
|
|
|
|
|
|
| |||
|
| 64,324,907 |
| 13,682,695 |
| 13,445,892 |
| |||
Expenses |
|
|
|
|
|
|
| |||
Interest |
| 20,058,214 |
| 3,803,113 |
| 3,585,009 |
| |||
Depreciation and amortization |
| 19,679,067 |
| 4,180,882 |
| 4,552,450 |
| |||
Taxes and insurance |
| 8,047,948 |
| 1,773,191 |
| 1,706,286 |
| |||
Repairs and maintenance |
| 10,879,694 |
| 2,444,727 |
| 2,553,788 |
| |||
Operating expenses |
| 19,410,103 |
| 4,199,108 |
| 4,375,017 |
| |||
Other expenses |
| 2,016,687 |
| 381,682 |
| 326,873 |
| |||
|
|
|
|
|
|
|
| |||
|
| 80,091,713 |
| 16,782,703 |
| 17,099,423 |
| |||
|
|
|
|
|
|
|
| |||
NET LOSS |
| $ | (15,766,806 | ) | $ | (3,100,008 | ) | $ | (3,653,531 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to Boston Capital Tax Credit Fund III L.P.* |
| $ | (12,762,761 | ) | $ | (2,420,223 | ) | $ | (3,566,299 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to other partners |
| $ | (3,004,045 | ) | $ | (679,785 | ) | $ | (87,232 | ) |
* Amounts include $1,284,317, $720,162, $475,837, $238,105 and $79,145 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.
F-58
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
Revenue |
|
|
|
|
|
|
| |||
Rental |
| $ | 16,583,480 |
| $ | 7,467,977 |
| $ | 11,344,384 |
|
Interest and other |
| 1,014,633 |
| 437,775 |
| 348,071 |
| |||
|
|
|
|
|
|
|
| |||
|
| 17,598,113 |
| 7,905,752 |
| 11,692,455 |
| |||
Expenses |
|
|
|
|
|
|
| |||
Interest |
| 6,343,425 |
| 2,503,035 |
| 3,823,632 |
| |||
Depreciation and amortization |
| 4,953,388 |
| 2,795,656 |
| 3,196,691 |
| |||
Taxes and insurance |
| 1,821,227 |
| 1,069,207 |
| 1,678,037 |
| |||
Repairs and maintenance |
| 3,000,929 |
| 1,427,331 |
| 1,452,919 |
| |||
Operating expenses |
| 5,029,511 |
| 2,392,251 |
| 3,414,216 |
| |||
Other expenses |
| 884,198 |
| 284,846 |
| 139,088 |
| |||
|
|
|
|
|
|
|
| |||
|
| 22,032,678 |
| 10,472,326 |
| 13,704,583 |
| |||
|
|
|
|
|
|
|
| |||
NET LOSS |
| $ | (4,434,565 | ) | $ | (2,566,574 | ) | $ | (2,012,128 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to Boston Capital Tax Credit Fund III L.P.* |
| $ | (3,039,082 | ) | $ | (2,197,605 | ) | $ | (1,539,552 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to other partners |
| $ | (1,395,483 | ) | $ | (368,969 | ) | $ | (472,576 | ) |
* Amounts include $1,284,317, $720,162, $475,837, $238,105 and $79,145 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A.
F-59
NOTE D - NOTES RECEIVABLE
Notes receivable at March 31, 2004 and 2003 consist of advance installments of capital contributions to operating limited partnerships. The notes at March 31, 2004 and 2003 are comprised of noninterest bearing and interest bearing notes with rates ranging from 3.66% to prime plus 3%. Prime was 4.00% and 4.25% as of March 31, 2004 and 2003, respectively. The notes receivable will be converted to capital or repaid upon demand and are deemed to be short term in nature. Therefore, the carrying value of the notes receivable is deemed to approximate fair value. The notes at March 31, 2004 and 2003 by series are as follows:
|
| 2004 |
| 2003 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | — |
| $ | — |
|
Series 16 |
| — |
| — |
| ||
Series 17 |
| 201,109 |
| 201,109 |
| ||
Series 18 |
| — |
| — |
| ||
Series 19 |
| — |
| — |
| ||
|
|
|
|
|
| ||
|
| $ | 201,109 |
| $ | 201,109 |
|
NOTE E - OTHER ASSETS
Other assets include cash held by an escrow agent at March 31, 2004 and 2003. The cash held for the series at March 31, 2004 and 2003 represents capital contributions to be released to the operating limited partnerships when certain criteria are met. The escrows held at March 31, 2004 and 2003 by series are as follows:
|
| 2004 |
| 2003 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | — |
| $ | — |
|
Series 16 |
| — |
| — |
| ||
Series 17 |
| 15,097 |
| 15,097 |
| ||
Series 18 |
| — |
| — |
| ||
Series 19 |
| — |
| — |
| ||
|
|
|
|
|
| ||
|
| $ | 15,097 |
| $ | 15,097 |
|
F-60
In addition, other assets include cash advanced to operating limited partnerships at March 31, 2004 and 2003, some of which is to be applied to capital contributions payable when certain criteria have been met. The advances at March 31, 2004 and 2003 by series are as follows:
|
| 2004 |
| 2003 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | 88,708 |
| $ | 735,602 |
|
Series 16 |
| 110,860 |
| 110,861 |
| ||
Series 17 |
| 1,328,521 |
| 1,912,203 |
| ||
Series 18 |
| 50,527 |
| 50,527 |
| ||
Series 19 |
| — |
| — |
| ||
|
|
|
|
|
| ||
|
| $ | 1,578,616 |
| $ | 2,809,193 |
|
F-61
NOTE F - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN
For income tax purposes, the fund reports using a December 31 year-end. The fund’s net loss for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:
|
| Total |
| Series 15 |
| Series 16 |
| |||
|
|
|
|
|
|
|
| |||
Net loss for financial reporting purposes |
| $ | (13,247,486 | ) | $ | (1,604,187 | ) | $ | (3,479,439 | ) |
|
|
|
|
|
|
|
| |||
Operating limited partnership rents received in advance |
| (7,847 | ) | (15,176 | ) | 363 |
| |||
|
|
|
|
|
|
|
| |||
Fund management fees not deducted for tax purposes |
| 1,793,157 |
| 196,461 |
| 591,980 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 737,828 |
| 390,514 |
| (196,503 | ) | |||
|
|
|
|
|
|
|
| |||
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |
| (3,932,199 | ) | (1,774,757 | ) | (1,016,059 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnership not deductible for tax purposes |
| 1,136,378 |
| — |
| 310,154 |
| |||
|
|
|
|
|
|
|
| |||
Excess of tax depreciation over book depreciation on operating limited partnership assets |
| (1,457,442 | ) | (332,993 | ) | (124,429 | ) | |||
|
|
|
|
|
|
|
| |||
Difference due to fiscal year for book purposes and calendar year for tax purposes |
| (16,294 | ) | 368,137 |
| 97,756 |
| |||
|
|
|
|
|
|
|
| |||
Loss for tax return purposes, year ended December 31, 2003 |
| $ | (14,993,905 | ) | $ | (2,772,001 | ) | $ | (3,816,177 | ) |
F-62
For income tax purposes, the fund reports using a December 31 year-end. The fund’s net loss for financial reporting and tax return purposes for the year ended March 31, 2004 is reconciled as follows:
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
|
|
|
|
|
|
|
| |||
Net loss for financial reporting purposes |
| $ | (2,950,844 | ) | $ | (2,885,843 | ) | $ | (2,327,173 | ) |
|
|
|
|
|
|
|
| |||
Operating limited partnership rents received in advance |
| (170 | ) | (7,358 | ) | 14,494 |
| |||
|
|
|
|
|
|
|
| |||
Fund management fees not deducted for tax purposes |
| 311,420 |
| 381,948 |
| 311,348 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 722,623 |
| 10,732 |
| (189,538 | ) | |||
|
|
|
|
|
|
|
| |||
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |
| (652,689 | ) | (321,132 | ) | (167,562 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnership not deductible for tax purposes |
| 87,340 |
| 584,884 |
| 154,000 |
| |||
|
|
|
|
|
|
|
| |||
Excess of tax depreciation over book depreciation on operating limited partnership assets |
| (547,123 | ) | (185,692 | ) | (267,205 | ) | |||
|
|
|
|
|
|
|
| |||
Difference due to fiscal year for book purposes and calendar year for tax purposes |
| (39,340 | ) | (228,172 | ) | (214,675 | ) | |||
|
|
|
|
|
|
|
| |||
Loss for tax return purposes, year ended December 31, 2003 |
| $ | (3,068,783 | ) | $ | (2,650,633 | ) | $ | (2,686,311 | ) |
F-63
For income tax purposes, the fund reports using a December 31 year-end. The fund’s net loss for financial reporting and tax return purposes for the year ended March 31, 2003 is reconciled as follows:
|
| Total |
| Series 15 |
| Series 16 |
| |||
|
|
|
|
|
|
|
| |||
Net loss for financial reporting purposes |
| $ | (12,361,380 | ) | $ | (1,651,044 | ) | $ | (3,904,805 | ) |
|
|
|
|
|
|
|
| |||
Operating limited partnership rents received in advance |
| 78,865 |
| 34,037 |
| (2,797 | ) | |||
|
|
|
|
|
|
|
| |||
Fund management fees not deducted for tax purposes |
| 1,272,032 |
| 373,054 |
| 591,980 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 315,331 |
| (77,084 | ) | 115,462 |
| |||
|
|
|
|
|
|
|
| |||
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |
| (3,314,537 | ) | (1,488,567 | ) | (828,133 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnership not deductible for tax purposes |
| 707,589 |
| — |
| 265,863 |
| |||
|
|
|
|
|
|
|
| |||
Excess of tax depreciation over book depreciation on operating limited partnership assets |
| (1,593,094 | ) | (305,495 | ) | (282,035 | ) | |||
|
|
|
|
|
|
|
| |||
Difference due to fiscal year for book purposes and calendar year for tax purposes |
| 758,725 |
| 88,316 |
| (74,672 | ) | |||
|
|
|
|
|
|
|
| |||
Loss for tax return purposes, year ended December 31, 2002 |
| $ | (14,136,469 | ) | $ | (3,026,783 | ) | $ | (4,119,137 | ) |
F-64
For income tax purposes, the fund reports using a December 31 year-end. The fund’s net loss for financial reporting and tax return purposes for the year ended March 31, 2003 is reconciled as follows:
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
|
|
|
|
|
|
|
| |||
Net loss for financial reporting purposes |
| $ | (2,171,688 | ) | $ | (2,789,041 | ) | $ | (1,844,802 | ) |
|
|
|
|
|
|
|
| |||
Operating limited partnership rents received in advance |
| 2,237 |
| 2,635 |
| 42,753 |
| |||
|
|
|
|
|
|
|
| |||
Fund management fees not deducted for tax purposes |
| 288,701 |
| 156,948 |
| (138,651 | ) | |||
|
|
|
|
|
|
|
| |||
Other |
| (344,982 | ) | 443,041 |
| 178,894 |
| |||
|
|
|
|
|
|
|
| |||
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |
| (584,725 | ) | (335,362 | ) | (77,750 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnership not deductible for tax purposes |
| 105,921 |
| 335,805 |
| — |
| |||
|
|
|
|
|
|
|
| |||
Excess of tax depreciation over book depreciation on operating limited partnership assets |
| (469,018 | ) | (194,106 | ) | (342,440 | ) | |||
|
|
|
|
|
|
|
| |||
Difference due to fiscal year for book purposes and calendar year for tax purposes |
| 306,973 |
| 243,864 |
| 194,244 |
| |||
|
|
|
|
|
|
|
| |||
Loss for tax return purposes, year ended December 31, 2002 |
| $ | (2,866,581 | ) | $ | (2,136,216 | ) | $ | (1,987,752 | ) |
F-65
For income tax purposes, the fund reports using a December 31 year-end. The fund’s net loss for financial reporting and tax return purposes for the year ended March 31, 2002 is reconciled as follows:
|
| Total |
| Series 15 |
| Series 16 |
| |||
|
|
|
|
|
|
|
| |||
Net loss for financial reporting purposes |
| $ | (12,414,859 | ) | $ | (1,674,623 | ) | $ | (3,535,472 | ) |
|
|
|
|
|
|
|
| |||
Operating limited partnership rents received in advance |
| 22,804 |
| 7,775 |
| (10,260 | ) | |||
|
|
|
|
|
|
|
| |||
Fund management fees not deducted for tax purposes |
| 2,172,028 |
| 548,052 |
| 691,980 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| (182,283 | ) | (11,311 | ) | (296,554 | ) | |||
|
|
|
|
|
|
|
| |||
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |
| (2,835,216 | ) | (1,284,315 | ) | (757,811 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnership not deductible for tax purposes |
| — |
| — |
| — |
| |||
|
|
|
|
|
|
|
| |||
Excess of tax depreciation over book depreciation on operating limited partnership assets |
| (1,728,412 | ) | (364,790 | ) | (304,731 | ) | |||
|
|
|
|
|
|
|
| |||
Difference due to fiscal year for book purposes and calendar year for tax purposes |
| (110,739 | ) | (124,227 | ) | 255,877 |
| |||
|
|
|
|
|
|
|
| |||
Loss for tax return purposes, year ended December 31, 2001 |
| $ | (15,076,677 | ) | $ | (2,903,439 | ) | $ | (3,956,971 | ) |
F-66
For income tax purposes, the fund reports using a December 31 year-end. The fund’s net loss for financial reporting and tax return purposes for the year ended March 31, 2002 is reconciled as follows:
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
|
|
|
|
|
|
|
| |||
Net loss for financial reporting purposes |
| $ | (3,088,894 | ) | $ | (2,294,290 | ) | $ | (1,821,580 | ) |
|
|
|
|
|
|
|
| |||
Operating limited partnership rents received in advance |
| 2,331 |
| (2,353 | ) | 25,311 |
| |||
|
|
|
|
|
|
|
| |||
Fund management fees not deducted for tax purposes |
| 563,700 |
| 306,948 |
| 61,348 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 329,140 |
| (164,512 | ) | (39,046 | ) | |||
|
|
|
|
|
|
|
| |||
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |
| (475,837 | ) | (238,107 | ) | (79,146 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnership not deductible for tax purposes |
| — |
| — |
| — |
| |||
|
|
|
|
|
|
|
| |||
Excess of tax depreciation over book depreciation on operating limited partnership assets |
| (528,168 | ) | (218,380 | ) | (312,343 | ) | |||
|
|
|
|
|
|
|
| |||
Difference due to fiscal year for book purposes and calendar year for tax purposes |
| (20,057 | ) | (96,243 | ) | (126,089 | ) | |||
|
|
|
|
|
|
|
| |||
Loss for tax return purposes, year ended December 31, 2001 |
| $ | (3,217,785 | ) | $ | (2,706,937 | ) | $ | (2,291,545 | ) |
F-67
The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2004, are as follows:
|
| Total |
| Series 15 |
| Series 16 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - tax return December 31, 2003 |
| $ | 25,553,647 |
| $ | (2,386,448 | ) | $ | 5,354,453 |
|
|
|
|
|
|
|
|
| |||
Estimated share of loss for the three months ended March 31, 2004 |
| (2,195,770 | ) | (472,214 | ) | — |
| |||
|
|
|
|
|
|
|
| |||
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method |
| 15,176,001 |
| 7,436,774 |
| 3,925,163 |
| |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| (2,455,273 | ) | — |
| (1,293,244 | ) | |||
|
|
|
|
|
|
|
| |||
Historic tax credits |
| 3,589,533 |
| 1,852,569 |
| — |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 14,818,376 |
| 951,287 |
| 3,516,012 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - as reported |
| $ | 54,486,514 |
| $ | 7,381,968 |
| $ | 11,502,384 |
|
F-68
The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2004, are as follows:
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - tax return December 31, 2003 |
| $ | 6,643,985 |
| $ | 4,366,317 |
| $ | 11,575,340 |
|
|
|
|
|
|
|
|
| |||
Estimated share of loss for the three months ended March 31, 2004 |
| (752,440 | ) | (617,683 | ) | (353,433 | ) | |||
|
|
|
|
|
|
|
| |||
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method |
| 2,220,586 |
| 1,195,592 |
| 397,886 |
| |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| (87,340 | ) | (920,689 | ) | (154,000 | ) | |||
|
|
|
|
|
|
|
| |||
Historic tax credits |
| 1,100,310 |
| 318,327 |
| 318,327 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 3,778,727 |
| 3,358,530 |
| 3,213,820 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - as reported |
| $ | 12,903,828 |
| $ | 7,700,394 |
| $ | 14,997,940 |
|
F-69
The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2003, are as follows:
|
| Total |
| Series 15 |
| Series 16 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - tax return December 31, 2002 |
| $ | 39,853,669 |
| $ | 421,812 |
| $ | 9,197,513 |
|
|
|
|
|
|
|
|
| |||
Estimated share of loss for the three months ended March 31, 2003 |
| (2,195,770 | ) | (472,214 | ) | — |
| |||
|
|
|
|
|
|
|
| |||
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method |
| 11,312,007 |
| 5,689,823 |
| 2,909,104 |
| |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| (1,424,816 | ) | — |
| (983,090 | ) | |||
|
|
|
|
|
|
|
| |||
Historic tax credits |
| 3,589,533 |
| 1,852,569 |
| — |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 14,090,402 |
| 895,640 |
| 3,198,998 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - as reported |
| $ | 65,225,025 |
| $ | 8,387,630 |
| $ | 14,322,525 |
|
F-70
The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2003, are as follows:
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - tax return December 31, 2002 |
| $ | 9,439,634 |
| $ | 6,782,831 |
| $ | 14,011,879 |
|
|
|
|
|
|
|
|
| |||
Estimated share of loss for the three months ended March 31, 2003 |
| (752,440 | ) | (617,683 | ) | (353,433 | ) | |||
|
|
|
|
|
|
|
| |||
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method |
| 1,569,450 |
| 911,726 |
| 231,904 |
| |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| (105,921 | ) | (335,805 | ) | — |
| |||
|
|
|
|
|
|
|
| |||
Historic tax credits |
| 1,100,310 |
| 318,327 |
| 318,327 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 4,058,318 |
| 3,162,477 |
| 2,774,969 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - as reported |
| $ | 15,309,351 |
| $ | 10,221,873 |
| $ | 16,983,646 |
|
F-71
NOTE G - CASH EQUIVALENTS
On March 31, 2004 and 2003, Boston Capital Tax Credit Fund III L.P. purchased $1,000,000 and $900,000 of corporate debt securities under agreements to resell on April 1, 2004 and April 1, 2003, respectively. Interest is earned at rates ranging from .40% to .95% per annum.
Additionally, cash equivalents of $162,053 and $155,466 as of March 31, 2004 and 2003, respectively, include certificates of deposit and money market accounts with interest rates ranging from .43% to 1.00% per annum.
NOTE H - CONTINGENCY
Mt. Vernon Associates, L.P., an operating limited partnership, has been notified by the IRS of certain instances of noncompliance relating to IRC Section 42 requirements. The Operating General Partner has corrected the files to the best of their ability; however, the Investment General Partner is in the process of assessing the situation. On January 9, 2003, the state agency conducted an audit and found one compliance issue, which has been corrected. The Investment General Partner continues to monitor this situation closely; however, it is not possible to determine the final result at this time. Accordingly, no adjustment has been made in the accompanying financial statements.
F-72
NOTE I - QUARTERLY FINANCIAL INFORMATION - UNAUDITED
The following is a summary of the results of operations for each of the four quarters for the years indicated:
|
| First |
| Second |
| Third |
| Fourth |
| ||||
2004 |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total revenue |
| $ | 4,521 |
| $ | 9,464 |
| $ | 14,611 |
| $ | 1,507 |
|
|
|
|
|
|
|
|
|
|
| ||||
Loss from operations |
| (556,951 | ) | (778,596 | ) | (694,435 | ) | (1,758,334 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Equity in loss of investments in operating partnerships |
| (2,331,000 | ) | (2,128,398 | ) | (2,421,660 | ) | (2,578,112 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net loss |
| (2,887,951 | ) | (2,906,994 | ) | (3,116,095 | ) | (4,336,446 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
2003 |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total revenue |
| $ | 12,994 |
| $ | 5,824 |
| $ | 13,728 |
| $ | 13,294 |
|
|
|
|
|
|
|
|
|
|
| ||||
Loss from operations |
| (559,022 | ) | (761,386 | ) | (709,278 | ) | (1,318,678 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Equity in loss of investments in operating partnerships |
| (2,120,766 | ) | (2,042,897 | ) | (2,428,390 | ) | (2,420,963 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net loss |
| (2,679,788 | ) | (2,804,283 | ) | (3,137,668 | ) | (3,739,641 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
2002 |
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
|
| ||||
Total revenue |
| $ | 28,540 |
| $ | 37,832 |
| $ | 29,518 |
| $ | 12,345 |
|
|
|
|
|
|
|
|
|
|
| ||||
Loss from operations |
| (632,156 | ) | (700,986 | ) | (591,508 | ) | (525,014 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Equity in loss of investments in operating partnerships |
| (2,356,628 | ) | (2,187,880 | ) | (2,422,991 | ) | (2,997,696 | ) | ||||
|
|
|
|
|
|
|
|
|
| ||||
Net loss |
| (2,988,784 | ) | (2,888,866 | ) | (3,014,499 | ) | (3,522,710 | ) |
F-73
Boston Capital Tax Credit Fund III LP - Series 15
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2004
|
|
|
| Initial cost to company |
| Cost capitalized |
| Gross amount at |
|
|
|
|
|
|
| Life on which |
| ||||||
Description |
| Encum- |
| Land |
| Buildings and |
|
|
| Land |
| Buildings and |
| Total |
| Accumulated |
| Date of |
| Date |
|
| |
Improvements | |||||||||||||||||||||||
APRIL GARDENS |
| 1,445,377 |
| 50,000 |
| 1,773,331 |
| 22,263 |
| 50,000 |
| 1,795,594 |
| 1,845,594 |
| 801,138 |
| 5/93 |
| 9/92 |
| 5-27.5 yrs |
|
ARKANSAS CITY |
| 807,470 |
| 15,870 |
| 1,016,757 |
| 0 |
| 15,870 |
| 1,016,757 |
| 1,032,627 |
| 392,591 |
| 12/94 |
| 9/94 |
| 5-25 yrs |
|
AUTUMNWOOD |
| 1,297,772 |
| 50,000 |
| 1,669,609 |
| 20,050 |
| 50,000 |
| 1,689,659 |
| 1,739,659 |
| 704,355 |
| 1/93 |
| 8/92 |
| 5-27.5 yrs |
|
BARTON VILLAGE |
| 501,824 |
| 47,898 |
| 683,991 |
| 5,242 |
| 47,898 |
| 689,233 |
| 737,131 |
| 284,904 |
| 3/93 |
| 10/92 |
| 5-27.5 yrs |
|
BECKWOOD MANOR EIGHT |
| 1,201,421 |
| 60,000 |
| 1,498,746 |
| 13,990 |
| 58,000 |
| 1,512,736 |
| 1,570,736 |
| 541,139 |
| 8/95 |
| 8/94 |
| 5-27.5 yrs |
|
BERGEN MANOR |
| 995,773 |
| 42,000 |
| 1,256,858 |
| 39,269 |
| 42,000 |
| 1,296,127 |
| 1,338,127 |
| 585,393 |
| 7/92 |
| 7/92 |
| 7-27.5 yrs |
|
BRIDLEWOOD |
| 775,266 |
| 42,000 |
| 211,635 |
| 807,032 |
| 42,000 |
| 1,018,667 |
| 1,060,667 |
| 260,946 |
| 1/95 |
| 1/94 |
| 5-27.5 yrs |
|
BRUNSWICK |
| 799,797 |
| 69,000 |
| 953,553 |
| 10,440 |
| 69,214 |
| 963,993 |
| 1,033,207 |
| 419,941 |
| 9/92 |
| 4/92 |
| 7-27.5 yrs |
|
BUENA VISTA APTS |
| 1,460,983 |
| 75,000 |
| 1,767,511 |
| 9,443 |
| 75,000 |
| 1,776,954 |
| 1,851,954 |
| 812,380 |
| 1/92 |
| 3/92 |
| 7-27.5 yrs |
|
CALEXICO SR |
| 1,893,919 |
| 213,000 |
| 2,047,255 |
| 0 |
| 213,000 |
| 2,047,255 |
| 2,260,255 |
| 496,387 |
| 9/92 |
| 9/92 |
| 7-27.5 yrs |
|
CALIFORNIA INVESTORS VII |
| 8,406,701 |
| 820,000 |
| 9,361,922 |
| 16,550,625 |
| 803,050 |
| 25,912,547 |
| 26,715,597 |
| 7,100,462 |
| 12/93 |
| 10/92 |
| 5-27.5 yrs |
|
CHESTNUT HILL |
| 728,365 |
| 40,000 |
| 904,814 |
| 17,675 |
| 40,000 |
| 922,489 |
| 962,489 |
| 289,572 |
| 9/92 |
| 9/92 |
| 7-27.5 yrs |
|
CORALVILLE HOUSING |
| 2,427,999 |
| 258,000 |
| 4,683,541 |
| 160,999 |
| 258,000 |
| 4,844,540 |
| 5,102,540 |
| 2,186,354 |
| 10/92 |
| 3/92 |
| 7-27.5 yrs |
|
CURWENSVILLE |
| 1,192,529 |
| 31,338 |
| 1,435,553 |
| 233,794 |
| 31,338 |
| 1,669,347 |
| 1,700,685 |
| 495,164 |
| 7/93 |
| 9/92 |
| 5-27.5 yrs |
|
DEERFIELD |
| 1,210,880 |
| 65,400 |
| 1,495,473 |
| 0 |
| 65,400 |
| 1,495,473 |
| 1,560,873 |
| 662,741 |
| 6/92 |
| 4/92 |
| 7-27.5 yrs |
|
EAST MACHIAS |
| 1,022,533 |
| 77,963 |
| 1,478,171 |
| 19,219 |
| 77,963 |
| 1,497,390 |
| 1,575,353 |
| 455,144 |
| 1/93 |
| 9/92 |
| 10-40 yrs |
|
EAST PARK |
| 511,226 |
| 2,000 |
| 980,413 |
| 36,970 |
| 2,000 |
| 1,017,383 |
| 1,019,383 |
| 388,112 |
| 1/94 |
| 6/94 |
| 5-27.5 yrs |
|
EDGEWOOD |
| 773,115 |
| 36,000 |
| 967,796 |
| 0 |
| 36,000 |
| 967,796 |
| 1,003,796 |
| 408,327 |
| 8/92 |
| 6/92 |
| 7-27.5 yrs |
|
F-74
|
|
|
| Initial cost to company |
| Cost capitalized |
| Gross amount at |
|
|
|
|
|
|
| Life on which depreciation is |
| ||||||
Description |
| Encum- |
| Land |
| Buildings and |
|
|
| Land |
| Buildings and |
| Total |
| Accumulated |
| Date of |
| Date |
|
| |
Improvements | |||||||||||||||||||||||
FAR VIEW |
| 906,494 |
| 100,000 |
| 1,066,418 |
| 26,572 |
| 100,000 |
| 1,092,990 |
| 1,192,990 |
| 324,335 |
| 11/92 |
| 6/92 |
| 10-40 yrs |
|
GRAHAM HOUSING |
| 1,249,492 |
| 85,006 |
| 2,451,794 |
| 12,645 |
| 85,006 |
| 2,464,439 |
| 2,549,445 |
| 657,488 |
| 6/95 |
| 10/94 |
| 5-27.5 yrs |
|
GRANTSVILLE |
| 1,462,129 |
| 85,099 |
| 1,795,971 |
| 27,348 |
| 85,599 |
| 1,823,319 |
| 1,908,918 |
| 531,233 |
| 2/93 |
| 5/92 |
| 5-27.5 yrs |
|
GREENTREE APTS |
| 672,922 |
| 15,000 |
| 1,143,223 |
| (9,253 | ) | 15,000 |
| 1,133,970 |
| 1,148,970 |
| 756,371 |
| 10/75 |
| 4/94 |
| 5-27.5 yrs |
|
GREENWOOD VIL |
| 662,456 |
| 20,123 |
| 893,915 |
| 6,905 |
| 20,123 |
| 900,820 |
| 920,943 |
| 369,459 |
| 5/93 |
| 8/92 |
| 5-27.5 yrs |
|
HARRISONVILLE II |
| 599,907 |
| 15,000 |
| 744,677 |
| 29,621 |
| 15,000 |
| 774,298 |
| 789,298 |
| 377,230 |
| 11/91 |
| 3/92 |
| 7-27.5 yrs |
|
HEALDTON |
| 686,564 |
| 15,000 |
| 868,469 |
| 0 |
| 15,000 |
| 868,469 |
| 883,469 |
| 224,467 |
| 12/94 |
| 8/94 |
| 5-27.5 yrs |
|
HEARTHSIDE |
| 1,881,616 |
| 95,000 |
| 2,967,134 |
| (28,412 | ) | 95,000 |
| 2,938,722 |
| 3,033,722 |
| 1,118,644 |
| 11/92 |
| 4/92 |
| 7-27.5 yrs |
|
HERONS LANDING |
| 1,184,712 |
| 176,121 |
| 1,410,573 |
| 47,370 |
| 176,121 |
| 1,457,943 |
| 1,634,064 |
| 640,031 |
| 10/92 |
| 10/92 |
| 7-27.5 yrs |
|
HIGGINSVILLE ESTATES |
| 618,505 |
| 40,000 |
| 738,056 |
| 17,455 |
| 40,000 |
| 755,511 |
| 795,511 |
| 378,350 |
| 3/91 |
| 3/92 |
| 7-27.5 yrs |
|
INV GROUP OF PAYSON |
| 1,464,937 |
| 211,500 |
| 1,767,942 |
| 0 |
| 211,500 |
| 1,767,942 |
| 1,979,442 |
| 435,929 |
| 8/92 |
| 8/92 |
| 7-27.5 yrs |
|
KEARNEY |
| 624,360 |
| 30,000 |
| 763,159 |
| 13,544 |
| 30,000 |
| 776,703 |
| 806,703 |
| 378,838 |
| 1/92 |
| 5/92 |
| 7-27.5 yrs |
|
LAKEVIEW |
| 874,399 |
| 30,000 |
| 1,077,130 |
| (900 | ) | 30,000 |
| 1,076,230 |
| 1,106,230 |
| 473,244 |
| 7/92 |
| 4/92 |
| 7-27.5 yrs |
|
LAURELWOOD |
| 1,052,090 |
| 58,500 |
| 1,268,491 |
| 1,318 |
| 58,500 |
| 1,269,809 |
| 1,328,309 |
| 563,609 |
| 2/92 |
| 3/92 |
| 7-27.5 yrs |
|
LEBANON II |
| 904,372 |
| 40,000 |
| 1,090,397 |
| 25,229 |
| 40,189 |
| 1,115,626 |
| 1,155,815 |
| 465,520 |
| 2/93 |
| 8/92 |
| 5-27.5 yrs |
|
LEBANON III |
| 622,324 |
| 26,750 |
| 766,992 |
| 76,633 |
| 26,750 |
| 843,625 |
| 870,375 |
| 377,369 |
| 2/92 |
| 3/92 |
| 7-27.5 yrs |
|
LILAC |
| 709,807 |
| 36,000 |
| 897,897 |
| 0 |
| 36,000 |
| 897,897 |
| 933,897 |
| 388,097 |
| 7/92 |
| 6/92 |
| 7-27.5 yrs |
|
F-75
|
|
|
| Initial cost to company |
| Cost capitalized |
| Gross amount at |
|
|
|
|
|
|
| Life on which |
| ||||||
Description |
| Encum- |
| Land |
| Buildings and |
|
|
| Land |
| Buildings and |
| Total |
| Accumulated |
| Date of |
| Date |
|
| |
Improvements | |||||||||||||||||||||||
LIVINGSTON PLAZA |
| 660,486 |
| 32,500 |
| 868,525 |
| 0 |
| 32,500 |
| 868,525 |
| 901,025 |
| 348,621 |
| 11/93 |
| 12/92 |
| 5-27.5 yrs |
|
MADISON PARTNERS |
| 1,180,344 |
| 47,340 |
| 1,452,910 |
| 32,396 |
| 47,340 |
| 1,485,306 |
| 1,532,646 |
| 555,935 |
| 12/94 |
| 3/95 |
| 5-27.5 yrs |
|
MANNING LANE |
| 1,447,501 |
| 73,600 |
| 1,771,816 |
| 6,405 |
| 73,600 |
| 1,778,221 |
| 1,851,821 |
| 746,219 |
| 3/93 |
| 8/92 |
| 5-27.5 yrs |
|
MARSHALL LANE |
| 544,358 |
| 20,000 |
| 672,691 |
| 1,031 |
| 20,000 |
| 673,722 |
| 693,722 |
| 284,881 |
| 12/92 |
| 8/92 |
| 5-27.5 yrs |
|
MARYVILLE |
| 707,279 |
| 57,000 |
| 834,823 |
| 26,495 |
| 57,000 |
| 861,318 |
| 918,318 |
| 415,233 |
| 3/92 |
| 5/92 |
| 7-27.5 yrs |
|
MONARK VILLAGE |
| 317,408 |
| 68,900 |
| 570,916 |
| 3,791 |
| 68,900 |
| 574,707 |
| 643,607 |
| 200,328 |
| 3/94 |
| 6/94 |
| 5-27.5 yrs |
|
N. PRAIRIE |
| 864,625 |
| 5,000 |
| 1,121,143 |
| 33,513 |
| 5,000 |
| 1,154,656 |
| 1,159,656 |
| 521,537 |
| 5/93 |
| 9/92 |
| 5-27.5 yrs |
|
OAKGROVE |
| 397,386 |
| 5,000 |
| 460,291 |
| 17,845 |
| 5,000 |
| 478,136 |
| 483,136 |
| 238,323 |
| 11/91 |
| 4/92 |
| 7-27.5 yrs |
|
OAKWOOD |
| 1,091,572 |
| 42,000 |
| 1,341,412 |
| 17,729 |
| 42,000 |
| 1,359,141 |
| 1,401,141 |
| 610,888 |
| 5/92 |
| 5/92 |
| 7-27.5 yrs |
|
OSAGE |
| 972,925 |
| 110,000 |
| 2,309,861 |
| 84,028 |
| 110,000 |
| 2,393,889 |
| 2,503,889 |
| 1,079,599 |
| 6/92 |
| 4/92 |
| 7-27.5 yrs |
|
OSCEOLA |
| 618,205 |
| 54,600 |
| 797,763 |
| 178,811 |
| 27,300 |
| 976,574 |
| 1,003,874 |
| 432,156 |
| 5/92 |
| 5/92 |
| 7-27.5 yrs |
|
PDC FIFTY FIVE |
| 1,267,774 |
| 50,170 |
| 1,576,823 |
| 14,276 |
| 50,170 |
| 1,591,099 |
| 1,641,269 |
| 624,453 |
| 9/93 |
| 10/92 |
| 5-27.5 yrs |
|
RAINIER |
| 3,611,628 |
| 521,000 |
| 5,852,852 |
| 95,637 |
| 521,000 |
| 5,948,489 |
| 6,469,489 |
| 1,895,988 |
| 1/93 |
| 4/92 |
| 5-27.5 yrs |
|
RIDGEVIEW |
| 861,198 |
| 42,800 |
| 1,027,499 |
| 8,043 |
| 42,800 |
| 1,035,542 |
| 1,078,342 |
| 464,705 |
| 1/92 |
| 3/92 |
| 7-27.5 yrs |
|
RIO MEMBRES II |
| 761,594 |
| 48,938 |
| 930,376 |
| 30,078 |
| 48,938 |
| 960,454 |
| 1,009,392 |
| 306,233 |
| 4/92 |
| 4/92 |
| 7-27.5 yrs |
|
ROLLING BROOK |
| 812,952 |
| 35,000 |
| 1,006,667 |
| 17,933 |
| 35,000 |
| 1,024,600 |
| 1,059,600 |
| 481,668 |
| 11/92 |
| 6/92 |
| 7-27.5 yrs |
|
F-76
|
|
|
| Initial cost to company |
| Cost capitalized |
| Gross amount at |
|
|
|
|
|
|
| Life on which |
| ||||||
Description |
| Encum- |
| Land |
| Buildings and |
|
|
| Land |
| Buildings and |
| Total |
| Accumulated |
| Date of |
| Date |
|
| |
Improvements | |||||||||||||||||||||||
SCHOOL STREET |
| 685,666 |
| 127,852 |
| 1,353,622 |
| 133,227 |
| 38,509 |
| 1,486,849 |
| 1,525,358 |
| 711,976 |
| 5/92 |
| 4/92 |
| 5-27.5 yrs |
|
SHENANDOAH |
| 1,448,505 |
| 67,500 |
| 1,754,599 |
| 4,638 |
| 67,500 |
| 1,759,237 |
| 1,826,737 |
| 714,370 |
| 2/93 |
| 8/92 |
| 5-27.5 yrs |
|
SHOWBOAT MANOR |
| 782,753 |
| 31,200 |
| 968,253 |
| 18,535 |
| 31,200 |
| 986,788 |
| 1,017,988 |
| 452,596 |
| 2/92 |
| 7/92 |
| 5-27.5 yrs |
|
SIOUX FALLS |
| 1,165,615 |
| 146,694 |
| 2,656,753 |
| 85,749 |
| 146,694 |
| 2,742,502 |
| 2,889,196 |
| 1,233,041 |
| 9/92 |
| 5/92 |
| 7-27.5 yrs |
|
SUNSET SQUARE |
| 727,837 |
| 50,000 |
| 896,507 |
| 10,373 |
| 50,000 |
| 906,880 |
| 956,880 |
| 293,195 |
| 8/92 |
| 9/92 |
| 7-27.5 yrs |
|
TAYLOR MILLS |
| 756,248 |
| 24,000 |
| 936,166 |
| 0 |
| 24,000 |
| 936,166 |
| 960,166 |
| 412,024 |
| 5/92 |
| 4/92 |
| 7-27.5 yrs |
|
TIMMONS VILLAGE |
| 612,975 |
| 15,000 |
| 754,172 |
| 6,507 |
| 38,500 |
| 760,679 |
| 799,179 |
| 331,841 |
| 7/92 |
| 5/92 |
| 7-27.5 yrs |
|
UNIVERSITY MEADOWS |
| 2,154,981 |
| 62,985 |
| 3,579,473 |
| 41,247 |
| 62,985 |
| 3,620,720 |
| 3,683,705 |
| 1,654,655 |
| 12/92 |
| 6/92 |
| 5-28 yrs |
|
VALATIE |
| 1,304,775 |
| 30,000 |
| 1,712,263 |
| 54,651 |
| 30,000 |
| 1,766,914 |
| 1,796,914 |
| 774,427 |
| 4/93 |
| 6/92 |
| 7-27.5 yrs |
|
VIRGEN DEL POZO |
| 3,291,335 |
| 120,000 |
| 4,274,133 |
| 199,784 |
| 120,000 |
| 4,473,917 |
| 4,593,917 |
| 1,667,365 |
| 7/93 |
| 8/92 |
| 5-27.5 yrs |
|
VILLA DEL MAR |
| 1,444,633 |
| 50,000 |
| 1,792,888 |
| 70,190 |
| 50,000 |
| 1,863,078 |
| 1,913,078 |
| 855,412 |
| 8/92 |
| 8/92 |
| 7-27.5 yrs |
|
WACHULA |
| 1,455,500 |
| 66,720 |
| 1,770,669 |
| 31,452 |
| 66,720 |
| 1,802,121 |
| 1,868,841 |
| 757,017 |
| 10/92 |
| 9/92 |
| 5-27.5 yrs |
|
WEEDPATCH |
| 1,939,351 |
| 272,000 |
| 2,246,927 |
| 3,703 |
| 272,000 |
| 2,250,630 |
| 2,522,630 |
| 469,221 |
| 9/94 |
| 1/94 |
| 5-50 yrs |
|
WESTERNPORT |
| 1,464,014 |
| 18,645 |
| 1,833,384 |
| 2,232 |
| 18,645 |
| 1,835,616 |
| 1,854,261 |
| 742,256 |
| 2/93 |
| 7/92 |
| 5-27.5 yrs |
|
WHITEWATER VILL |
| 517,567 |
| 18,542 |
| 637,048 |
| 1,814 |
| 18,542 |
| 638,862 |
| 657,404 |
| 275,043 |
| 11/92 |
| 8/92 |
| 7-27.5 yrs |
|
WOOD PARK POINTE |
| 1,150,933 |
| 117,500 |
| 1,329,664 |
| 4,009 |
| 117,500 |
| 1,333,673 |
| 1,451,173 |
| 593,522 |
| 5/92 |
| 6/92 |
| 5-27.5 yrs |
|
|
| 80,649,959 |
| 5,507,054 |
| 106,992,056 |
| 19,429,208 |
| 5,395,864 |
| 126,421,264 |
| 131,817,128 |
| 46,889,992 |
|
|
|
|
|
|
|
Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2003
There were no carrying costs as of December 31, 2003. The column has been omitted for presentation purposes.
F-77
Boston Capital Tax Credit Fund III LP - Series 15
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period - 4/1/92 |
|
|
| $ | 0 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 64,786,120 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 64,786,120 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/93 |
|
|
| $ | 64,786,120 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 52,271,170 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 52,271,170 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| (69,144 | ) |
|
| ||
|
|
|
| (69,144 | ) | ||
Balance at close of period - 3/31/94 |
|
|
| $ | 116,988,146 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 10,630,188 |
|
|
| ||
Improvements, etc |
| 182,886 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 10,813,074 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| (927,768 | ) |
|
| ||
|
|
|
| (927,768 | ) | ||
Balance at close of period - 3/31/95 |
|
|
| $ | 126,873,452 |
|
F-78
Balance at close of period - 3/31/95 |
|
|
| $ | 126,873,452 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 7,477,482 |
|
|
| ||
Improvements, etc |
| 998,864 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 8,476,346 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/96 |
|
|
| $ | 135,349,798 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 102,413 |
|
|
| ||
Improvements, etc |
| 0 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 102,413 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/97 |
|
|
| $ | 135,452,211 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 136,931 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 136,931 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/98 |
|
|
| $ | 135,589,142 |
|
F-79
Balance at close of period - 3/31/98 |
|
|
| $ | 135,589,142 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 229,180 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 229,180 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/99 |
|
|
| $ | 135,818,322 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 203,110 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 203,110 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/00 |
|
|
| $ | 136,021,432 |
| |
|
|
|
|
|
| ||
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 215,095 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 215,095 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| (500,929 | ) |
|
| ||
|
|
|
| (500,929 | ) | ||
Balance at close of period - 3/31/01 |
|
|
| $ | 135,735,598 |
|
F-80
Balance at close of period - 3/31/01 |
|
|
| $ | 135,735,598 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 422,538 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 422,538 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/02 |
|
|
| $ | 136,198,136 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 369,190 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 369,190 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/03 |
|
|
| $ | 136,527,326 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 387,486 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 387,486 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | (5,097,684 | ) |
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| (5,097,684 | ) | ||
Balance at close of period - 3/31/04 |
|
|
| $ | 131,817,128 |
|
F-81
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 4/1/92 |
|
|
| $ | 0 |
| |
Current year expense |
| $ | 1,151,027 |
|
|
| |
Balance at close of period - 3/31/93 |
|
|
| $ | 1,151,027 |
| |
Current year expense |
| $ | 4,194,293 |
|
|
| |
Balance at close of period - 3/31/94 |
|
|
| $ | 5,345,320 |
| |
Current year expense |
| $ | 4,646,907 |
|
|
| |
Balance at close of period - 3/31/95 |
|
|
| $ | 9,992,227 |
| |
Current year expense |
| $ | 5,445,282 |
|
|
| |
Balance at close of period - 3/31/96 |
|
|
| $ | 15,437,509 |
| |
Current year expense |
| $ | 4,587,940 |
|
|
| |
Balance at close of period - 3/31/97 |
|
|
| $ | 20,025,449 |
| |
Current year expense |
| $ | 4,427,546 |
|
|
| |
Balance at close of period - 3/31/98 |
|
|
| $ | 24,452,995 |
| |
Current year expense |
| $ | 4,453,997 |
|
|
| |
Balance at close of period - 3/31/99 |
|
|
| $ | 28,906,992 |
| |
Current year expense |
| $ | 4,348,463 |
|
|
| |
Balance at close of period - 3/31/00 |
|
|
| $ | 33,255,455 |
| |
Current year expense |
| $ | 3,625,904 |
|
|
| |
Balance at close of period - 3/31/01 |
|
|
| $ | 36,881,359 |
| |
Current year expense |
| $ | 4,117,724 |
|
|
| |
Balance at close of period - 3/31/02 |
|
|
| $ | 40,999,083 |
| |
Current year expense |
| $ | 4,130,487 |
|
|
| |
Balance at close of period - 3/31/03 |
|
|
| $ | 45,129,570 |
| |
Current year expense |
| $ | 3,943,806 |
|
|
| |
Reduction for real-estate sold |
| (2,183,384 |
|
|
| ||
Balance at close of period - 3/31/04 |
|
|
| $ | 46,889,992 |
|
F-82
Boston Capital Tax Credit Fund III LP - Series 16
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2004
Description |
| Encum- |
| Initial cost to company |
| Cost |
| Gross amount at which carried |
| Accumulated |
| Date of |
| Date |
| Life on which |
| ||||||
Land |
| Buildings and |
|
|
| Land |
| Buildings and |
| Total |
|
| |||||||||||
Improvements | |||||||||||||||||||||||
1413 LEAVENWORTH |
| 1,641,436 |
| 8,000 |
| 2,927,089 |
| 705,049 |
| 8,000 |
| 3,632,138 |
| 3,640,138 |
| 1,420,447 |
| 3/93 |
| 12/92 |
| 5-27.5 yrs |
|
ANSON |
| 1,262,639 |
| 40,202 |
| 1,683,348 |
| 22,439 |
| 40,202 |
| 1,705,787 |
| 1,745,989 |
| 506,660 |
| 9/93 |
| 12/92 |
| 10-40 yrs |
|
AZTEC |
| 1,000,196 |
| 115,000 |
| 1,299,311 |
| 27,493 |
| 115,000 |
| 1,326,804 |
| 1,441,804 |
| 564,677 |
| 5/93 |
| 5/93 |
| 5-27.5 yrs |
|
BENTONIA ELDERLY |
| 827,418 |
| 21,000 |
| 678,677 |
| 395,213 |
| 21,000 |
| 1,073,890 |
| 1,094,890 |
| 296,632 |
| 2/94 |
| 7/93 |
| 5-27.5 yrs |
|
BERNICE VILLA |
| 911,712 |
| 37,000 |
| 1,204,665 |
| 44,133 |
| 37,000 |
| 1,248,798 |
| 1,285,798 |
| 331,575 |
| 10/93 |
| 5/93 |
| 5-40 yrs |
|
BLAIRSVILLE RENTAL I |
| 746,001 |
| 58,377 |
| 866,980 |
| 42,179 |
| 35,000 |
| 909,159 |
| 944,159 |
| 308,269 |
| 9/94 |
| 12/92 |
| 5-27.5 yrs |
|
BLAIRSVILLE RENTAL |
| 730,008 |
| 84,359 |
| 804,895 |
| 62,014 |
| 49,500 |
| 866,909 |
| 916,409 |
| 296,504 |
| 7/94 |
| 12/92 |
| 5-27.5 yrs |
|
BLOWING ROCK |
| 504,401 |
| 47,500 |
| 663,473 |
| 7,873 |
| 47,500 |
| 671,346 |
| 718,846 |
| 222,223 |
| 11/94 |
| 12/93 |
| 5-27.5 yrs |
|
BRANSON CHRISTIAN I |
| 1,372,766 |
| 163,350 |
| 2,990,564 |
| 18,776 |
| 163,350 |
| 3,009,340 |
| 3,172,690 |
| 1,131,786 |
| 6/94 |
| 3/94 |
| 5-27.5 yrs |
|
BRANSON CHRISTIAN II |
| 1,164,768 |
| 0 |
| 2,497,066 |
| 52,848 |
| 0 |
| 2,549,914 |
| 2,549,914 |
| 940,767 |
| 8/94 |
| 7/94 |
| 5-27.5 yrs |
|
BUTLER RENTAL |
| 736,382 |
| 0 |
| 937,495 |
| 17,598 |
| 0 |
| 955,093 |
| 955,093 |
| 362,386 |
| 9/93 |
| 12/92 |
| 7-27.5 yrs |
|
CANTERFIELD |
| 755,260 |
| 48,000 |
| 934,169 |
| (1,321 | ) | 48,000 |
| 932,848 |
| 980,848 |
| 390,685 |
| 1/93 |
| 11/92 |
| 5-27.5 yrs |
|
CAPE ANN |
| 391,747 |
| 18,000 |
| 1,833,366 |
| 77,552 |
| 18,000 |
| 1,910,918 |
| 1,928,918 |
| 702,468 |
| 12/93 |
| 1/93 |
| 7-31.5 yrs |
|
CASS PARTNERS |
| 580,569 |
| 45,250 |
| 2,026,740 |
| 0 |
| 45,250 |
| 2,026,740 |
| 2,071,990 |
| 531,415 |
| 12/93 |
| 12/93 |
| 5-27.5 yrs |
|
CEDAR TRACE |
| 495,202 |
| 18,000 |
| 639,500 |
| 5,277 |
| 18,000 |
| 644,777 |
| 662,777 |
| 288,154 |
| 7/93 |
| 10/92 |
| 5-27.5 yrs |
|
CONCORD ASSOC. |
| 1,099,469 |
| 61,532 |
| 1,223,133 |
| 200,559 |
| 61,532 |
| 1,423,692 |
| 1,485,224 |
| 630,037 |
| 2/93 |
| 2/93 |
| 5-27.5 yrs |
|
CLYMER PARK ASSOC |
| 1,424,726 |
| 35,800 |
| 1,831,813 |
| 84,745 |
| 35,800 |
| 1,916,558 |
| 1,952,358 |
| 478,630 |
| 11/94 |
| 12/92 |
| 5-27.5 yrs |
|
CUMBERLAND WOOD |
| 1,426,545 |
| 114,449 |
| 1,780,622 |
| 62,211 |
| 129,538 |
| 1,842,833 |
| 1,972,371 |
| 462,068 |
| 10/94 |
| 12/93 |
| 6-40 yrs |
|
DAVENPORT HOUSING |
| 2,879,585 |
| 223,889 |
| 6,598,309 |
| 164,469 |
| 223,889 |
| 6,762,778 |
| 6,986,667 |
| 2,643,677 |
| 2/94 |
| 10/93 |
| 7-27.5 yrs |
|
DEER RUN |
| 643,497 |
| 30,000 |
| 1,536,783 |
| 0 |
| 30,000 |
| 1,536,783 |
| 1,566,783 |
| 617,323 |
| 3/93 |
| 8/93 |
| 5-27.5 yrs |
|
EASTMAN ELDERLY |
| 1,153,433 |
| 80,000 |
| 1,428,172 |
| 28,253 |
| 36,900 |
| 1,456,425 |
| 1,493,325 |
| 537,542 |
| 10/93 |
| 12/92 |
| 7-27.5 yrs |
|
FAIRMEADOW APTS |
| 867,353 |
| 53,296 |
| 1,184,327 |
| 43,566 |
| 53,296 |
| 1,227,893 |
| 1,281,189 |
| 322,962 |
| 7/93 |
| 1/93 |
| 5-27.5 yrs |
|
FALCON RIDGE |
| 1,023,515 |
| 25,000 |
| 1,332,798 |
| 41,023 |
| 25,000 |
| 1,373,821 |
| 1,398,821 |
| 337,466 |
| 1/95 |
| 4/94 |
| 5-27.5 yrs |
|
F-83
|
|
|
| Initial cost to company |
| Cost |
| Gross amount at which carried |
|
|
|
|
|
|
| Life on which |
| ||||||
Description |
| Encumbr- |
| Land |
| Buildings and |
|
|
| Land |
| Buildings and |
| Total |
| Accumulated depreciation |
| Date of |
| Date |
|
| |
Improvements | |||||||||||||||||||||||
GIBSON |
| 880,412 |
| 30,290 |
| 1,138,786 |
| 1,650 |
| 30,290 |
| 1,140,436 |
| 1,170,726 |
| 342,238 |
| 6/93 |
| 12/92 |
| 5-27.5 yrs |
|
GREENFIELD |
| 521,649 |
| 25,000 |
| 649,793 |
| 0 |
| 25,000 |
| 649,793 |
| 674,793 |
| 290,749 |
| 5/93 |
| 1/93 |
| 5-27.5 yrs |
|
GREENWOOD |
| 1,441,108 |
| 62,076 |
| 1,480,776 |
| 466,378 |
| 62,076 |
| 1,947,154 |
| 2,009,230 |
| 831,317 |
| 10/93 |
| 11/93 |
| 5-27.5 yrs |
|
HARMONY HOUSE |
| 1,438,285 |
| 57,000 |
| 1,764,438 |
| 14,574 |
| 57,000 |
| 1,779,012 |
| 1,836,012 |
| 572,575 |
| 7/93 |
| 11/92 |
| 5-27.5 yrs |
|
HAYNES HOUSE |
| 2,854,771 |
| 685,381 |
| 5,956,903 |
| 2,652,018 |
| 674,499 |
| 8,608,921 |
| 9,283,420 |
| 1,904,356 |
| 9/95 |
| 8/94 |
| 12-40 yrs |
|
HOLLY TREE |
| 870,517 |
| 58,900 |
| 1,069,733 |
| 4,322 |
| 58,900 |
| 1,074,055 |
| 1,132,955 |
| 450,981 |
| 2/93 |
| 11/92 |
| 5-27.5 yrs |
|
IDABEL PROP. |
| 1,353,381 |
| 50,000 |
| 1,791,971 |
| 0 |
| 50,000 |
| 1,791,971 |
| 1,841,971 |
| 770,287 |
| 12/93 |
| 4/93 |
| 5-25 yrs |
|
ISOLA SQUARE |
| 953,225 |
| 22,300 |
| 250,691 |
| 994,255 |
| 22,300 |
| 1,244,946 |
| 1,267,246 |
| 309,523 |
| 4/94 |
| 11/93 |
| 7-40 yrs |
|
JOINER ELDERLY |
| 784,147 |
| 47,719 |
| 1,026,013 |
| 16,876 |
| 47,719 |
| 1,042,889 |
| 1,090,608 |
| 443,574 |
| 6/93 |
| 1/93 |
| 5-40 yrs |
|
LAWRENCEVILLE MANOR |
| 1,392,935 |
| 61,370 |
| 1,660,796 |
| 52,060 |
| 61,370 |
| 1,712,856 |
| 1,774,226 |
| 644,452 |
| 7/94 |
| 2/94 |
| 5-27.5 yrs |
|
LAWTELL MANOR |
| 894,413 |
| 45,000 |
| 1,201,948 |
| 34,954 |
| 45,000 |
| 1,236,902 |
| 1,281,902 |
| 334,131 |
| 8/93 |
| 4/93 |
| 7-40 yrs |
|
LOGAN LANE |
| 1,286,148 |
| 54,000 |
| 1,602,465 |
| 0 |
| 54,000 |
| 1,602,465 |
| 1,656,465 |
| 663,306 |
| 3/93 |
| 9/92 |
| 5-27.5 yrs |
|
MARINERS POINTE I & II |
| 4,021,463 |
| 170,020 |
| 7,548,131 |
| 592,426 |
| 170,020 |
| 8,140,557 |
| 8,310,577 |
| 3,457,367 |
| 8/93 |
| 12/92 |
| 7-27.5 yrs |
|
MEADOWS OF SOUTHGATE |
| 2,190,305 |
| 252,000 |
| 4,575,879 |
| 8,745 |
| 252,000 |
| 4,584,624 |
| 4,836,624 |
| 1,087,949 |
| 5/94 |
| 7/93 |
| 12-40 yrs |
|
MENDOTA VILLAGE |
| 1,939,936 |
| 136,140 |
| 2,421,001 |
| 0 |
| 136,140 |
| 2,421,001 |
| 2,557,141 |
| 545,439 |
| 5/93 |
| 12/92 |
| 5-50 yrs |
|
MIDCITY |
| 2,773,413 |
| 15,058 |
| 6,611,666 |
| 4,800 |
| 15,058 |
| 6,616,466 |
| 6,631,524 |
| 2,275,291 |
| 6/94 |
| 9/93 |
| 5-27.5 yrs |
|
NEWPORT HOUSING |
| 1,199,776 |
| 160,000 |
| 1,405,411 |
| (3,274 | ) | 160,000 |
| 1,402,137 |
| 1,562,137 |
| 413,178 |
| 10/93 |
| 2/93 |
| 5-27.5 yrs |
|
NEWPORT MANOR |
| 934,675 |
| 31,908 |
| 1,175,109 |
| 76,149 |
| 31,908 |
| 1,251,258 |
| 1,283,166 |
| 358,020 |
| 12/93 |
| 9/93 |
| 5-40 yrs |
|
PALATINE LP |
| 1,391,141 |
| 37,400 |
| 1,785,282 |
| 41,377 |
| 37,400 |
| 1,826,659 |
| 1,864,059 |
| 716,950 |
| 5/94 |
| 5/94 |
| 5-27.5 yrs |
|
RIVIERA APTS |
| 1,658,474 |
| 100,000 |
| 2,979,700 |
| 623,099 |
| 132,400 |
| 3,602,799 |
| 3,735,199 |
| 1,320,138 |
| 12/93 |
| 12/92 |
| 5-27.5 yrs |
|
SABLE CHASE |
| 4,600,444 |
| 502,774 |
| 12,248,475 |
| 70,267 |
| 502,774 |
| 12,318,742 |
| 12,821,516 |
| 4,563,578 |
| 12/94 |
| 12/93 |
| 7-27.5 yrs |
|
ST CROIX COMMONS |
| 988,549 |
| 44,681 |
| 2,607,046 |
| (655,017 | ) | 44,681 |
| 1,952,029 |
| 1,996,710 |
| 744,148 |
| 12/94 |
| 10/94 |
| 5-27.5 yrs |
|
F-84
|
|
|
| Initial cost to company |
| Cost |
| Gross amount at which carried |
|
|
|
|
|
|
| Life on |
| ||||||
Description |
| Encum- |
| Land |
| Buildings and |
|
|
| Land |
| Buildings and |
| Total |
| Accumulated |
| Date of |
| Date |
|
| |
Improvements | |||||||||||||||||||||||
ST JOSEPH SQ |
| 936,905 |
| 37,500 |
| 1,167,702 |
| 34,700 |
| 37,500 |
| 1,202,402 |
| 1,239,902 |
| 319,418 |
| 9/93 |
| 5/93 |
| 5-40 yrs |
|
SIMMESPORT |
| 912,038 |
| 60,000 |
| 1,171,005 |
| 52,375 |
| 60,000 |
| 1,223,380 |
| 1,283,380 |
| 333,392 |
| 6/93 |
| 4/93 |
| 7-40 yrs |
|
STONY GROUND |
| 1,401,914 |
| 127,380 |
| 1,794,961 |
| 7,093 |
| 129,005 |
| 1,802,054 |
| 1,931,059 |
| 695,636 |
| 6/93 |
| 12/92 |
| 5-27.5 yrs |
|
SUMMERSVILLE |
| 610,046 |
| 20,000 |
| 774,259 |
| 9,636 |
| 20,000 |
| 783,895 |
| 803,895 |
| 351,416 |
| 6/93 |
| 5/93 |
| 5-27.5 yrs |
|
TALBOT VILLAGE |
| 668,401 |
| 22,300 |
| 833,494 |
| 8,297 |
| 22,300 |
| 841,791 |
| 864,091 |
| 350,264 |
| 4/93 |
| 8/92 |
| 5-27.5 yrs |
|
TCHULA ELDERLY |
| 815,155 |
| 20,000 |
| 1,071,899 |
| 35,017 |
| 20,000 |
| 1,106,916 |
| 1,126,916 |
| 306,491 |
| 12/93 |
| 7/93 |
| 5-27.5 yrs |
|
TUOLUMNE CITY |
| 1,573,137 |
| 190,000 |
| 1,912,157 |
| 0 |
| 190,000 |
| 1,912,157 |
| 2,102,157 |
| 417,613 |
| 8/93 |
| 12/92 |
| 5-50 yrs |
|
TURTLE CREEK |
| 835,233 |
| 23,141 |
| 1,113,511 |
| 38,475 |
| 23,141 |
| 1,151,986 |
| 1,175,127 |
| 342,910 |
| 10/93 |
| 5/93 |
| 7-40 yrs |
|
TWIN OAKS ASSOC |
| 1,435,548 |
| 45,000 |
| 1,776,674 |
| 7,868 |
| 45,000 |
| 1,784,542 |
| 1,829,542 |
| 556,612 |
| 9/93 |
| 12/92 |
| 5-27.5 yrs |
|
VICTORIA POINTE |
| 1,420,491 |
| 153,865 |
| 1,437,570 |
| 358,639 |
| 128,900 |
| 1,796,209 |
| 1,925,109 |
| 620,161 |
| 1/95 |
| 10/94 |
| 5-27.5 yrs |
|
VISTA LINDA APARTMENTS |
| 2,473,209 |
| 143,253 |
| 2,961,671 |
| 137,687 |
| 143,253 |
| 3,099,358 |
| 3,242,611 |
| 1,126,608 |
| 12/93 |
| 1/93 |
| 5-27.5 yrs |
|
WAKEFIELD HOUSING |
| 1,241,595 |
| 88,564 |
| 1,480,003 |
| 23,253 |
| 88,564 |
| 1,503,256 |
| 1,591,820 |
| 459,070 |
| 2/93 |
| 9/92 |
| 10-40 yrs |
|
WEST END MANOR |
| 971,974 |
| 52,300 |
| 1,188,913 |
| 56 |
| 52,300 |
| 1,188,969 |
| 1,241,269 |
| 487,427 |
| 5/93 |
| 5/93 |
| 5-27.5 yrs |
|
WESTCHESTER OAK GROVE |
| 1,046,744 |
| 38,010 |
| 2,281,529 |
| 91,161 |
| 35,000 |
| 2,372,690 |
| 2,407,690 |
| 1,055,329 |
| 4/93 |
| 12/92 |
| 5-27.5 yrs |
|
WESTCHESTER ST JOE |
| 1,287,421 |
| 100,000 |
| 3,211,620 |
| 60,120 |
| 100,000 |
| 3,271,740 |
| 3,371,740 |
| 1,382,809 |
| 6/93 |
| 7/93 |
| 5-27.5 yrs |
|
WESTVILLE PROPERTIES |
| 693,837 |
| 25,000 |
| 912,139 |
| 0 |
| 25,000 |
| 912,139 |
| 937,139 |
| 404,035 |
| 7/93 |
| 2/93 |
| 5-25 yrs |
|
WILCOX INVESTMENT GROUP |
| 1,086,286 |
| 58,500 |
| 1,376,329 |
| 0 |
| 58,500 |
| 1,376,329 |
| 1,434,829 |
| 311,108 |
| 6/93 |
| 1/93 |
| 5-50 yrs |
|
WOODLANDS APTS |
| 916,077 |
| 30,000 |
| 668,555 |
| 562,998 |
| 30,000 |
| 1,231,553 |
| 1,261,553 |
| 427,119 |
| 2/95 |
| 9/94 |
| 5-27.5 yrs |
|
|
| 80,333,806 |
| 5,211,834 |
| 128,989,299 |
| 8,524,983 |
| 5,120,755 |
| 137,514,282 |
| 142,635,037 |
| 47,311,318 |
|
|
|
|
|
|
|
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2003.
There we no carrying costs as of December 31, 2003. The Column has been omitted for presentation purposes.
F-85
Notes to Schedule III
Boston Capital Tax Credit Fund III LP - Series 16
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period - 4/1/92 |
|
|
| $ | 0 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 4,191,631 |
|
|
| ||
Improvements, etc |
| 0 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 4,191,631 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/93 |
|
|
| $ | 4,191,631 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 32,686,042 |
|
|
| ||
Improvements, etc |
| 43,162,006 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 75,848,048 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/94 |
|
|
| $ | 80,039,679 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 15,495,343 |
|
|
| ||
Improvements, etc |
| 41,448,097 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 56,943,440 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/95 |
|
|
| $ | 136,983,119 |
|
F-86
Balance at close of period - 3/31/95 |
|
|
| $ | 136,983,119 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 106,204 |
|
|
| ||
Improvements, etc |
| 5,007,023 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 5,113,227 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| (675,394 | ) |
|
| ||
|
|
|
| (675,394 | ) | ||
Balance at close of period - 3/31/96 |
|
|
| $ | 141,420,952 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 97,847 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 97,847 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| (1,512,675 | ) |
|
| ||
|
|
|
| (1,512,675 | ) | ||
Balance at close of period - 3/31/97 |
|
|
| $ | 140,006,124 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 163,080 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 163,080 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/98 |
|
|
| $ | 140,169,204 |
|
F-87
Balance at close of period - 3/31/98 |
|
|
| $ | 140,169,204 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 240,077 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 240,077 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/99 |
|
|
| $ | 140,409,281 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 618,565 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 618,565 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/00 |
|
|
| $ | 141,027,846 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 281,498 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 281,498 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/01 |
|
|
| $ | 141,309,344 |
|
F-88
Balance at close of period - 3/31/01 |
|
|
| $ | 141,309,344 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 291,709 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 291,709 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/02 |
|
|
| $ | 141,601,053 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 472,351 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 472,351 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/03 |
|
|
| $ | 142,073,404 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 561,633 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 561,633 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/04 |
|
|
| $ | 142,635,037 |
|
F-89
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 4/1/92 |
|
|
| $ | 0 |
| |
Current year expense |
| $ | 0 |
|
|
| |
Balance at close of period - 3/31/93 |
|
|
| $ | 0 |
| |
Current year expense |
| $ | 1,347,806 |
|
|
| |
Balance at close of period - 3/31/94 |
|
|
| $ | 1,347,806 |
| |
Current year expense |
| $ | 3,630,765 |
|
|
| |
Balance at close of period - 3/31/95 |
|
|
| $ | 4,978,571 |
| |
Current year expense |
| $ | 5,098,416 |
|
|
| |
Balance at close of period - 3/31/96 |
|
|
| $ | 10,076,987 |
| |
Current year expense |
| $ | 4,859,372 |
|
|
| |
Balance at close of period - 3/31/97 |
|
|
| $ | 14,936,359 |
| |
Current year expense |
| $ | 4,709,137 |
|
|
| |
Balance at close of period - 3/31/98 |
|
|
| $ | 19,645,496 |
| |
Current year expense |
| $ | 4,715,345 |
|
|
| |
Balance at close of period - 3/31/99 |
|
|
| $ | 24,360,841 |
| |
Current year expense |
| $ | 4,748,152 |
|
|
| |
Balance at close of period - 3/31/00 |
|
|
| $ | 29,108,993 |
| |
Current year expense |
| $ | 4,694,454 |
|
|
| |
Balance at close of period - 3/31/01 |
|
|
| $ | 33,803,447 |
| |
Current year expense |
| $ | 4,524,002 |
|
|
| |
Balance at close of period - 3/31/02 |
|
|
| $ | 38,327,449 |
| |
Current year expense |
| $ | 4,501,163 |
|
|
| |
Balance at close of period - 3/31/03 |
|
|
| $ | 42,828,612 |
| |
Current year expense |
| $ | 4,482,706 |
|
|
| |
Balance at close of period - 3/31/04 |
|
|
| $ | 47,311,318 |
|
F-90
Boston Capital Tax Credit Fund III LP - Series 17
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2004
|
|
|
| Initial cost to company |
| Cost |
| Gross amount at which carried |
|
|
|
|
| Life on which |
| ||||||||
Description |
| Encum- |
| Land |
| Buildings and |
|
|
| Land |
| Buildings and |
| Total |
| Accumulated |
| Date of |
| Date |
|
| |
Improvements | |||||||||||||||||||||||
ANNADALE HOUSING |
| 11,134,030 |
| 226,000 |
| 12,180,150 |
| 254,996 |
| 226,000 |
| 12,435,146 |
| 12,661,146 |
| 3,195,124 |
| 6/90 |
| 2/89 |
| 5-50 yrs |
|
ARTESIA PROPERTIES |
| 1,382,335 |
| 30,730 |
| 1,865,231 |
| 7,600 |
| 30,730 |
| 1,872,831 |
| 1,903,561 |
| 692,289 |
| 9/94 |
| 9/94 |
| 5-27.5 yrs |
|
ASPEN RIDGE |
| 762,105 |
| 36,000 |
| 2,004,059 |
| 52,824 |
| 36,000 |
| 2,056,883 |
| 2,092,883 |
| 808,012 |
| 11/93 |
| 9/93 |
| 5-27.5 yrs |
|
BLADENBORO |
| 997,229 |
| 16,000 |
| 1,213,015 |
| (27,474 | ) | 16,000 |
| 1,185,541 |
| 1,201,541 |
| 391,824 |
| 7/95 |
| 3/95 |
| 5-27.5 yrs |
|
BREWER ST |
| 1,124,712 |
| 0 |
| 2,296,514 |
| 12,776 |
| 0 |
| 2,309,290 |
| 2,309,290 |
| 945,624 |
| 7/93 |
| 6/93 |
| 5-27.5 yrs |
|
BRIARWOOD APTS |
| 889,102 |
| 38,500 |
| 20,850 |
| 1,209,179 |
| 38,952 |
| 1,230,029 |
| 1,268,981 |
| 290,696 |
| 7/93 |
| 6/93 |
| 5-27.5 yrs |
|
BRIARWOOD VILLAGE |
| 1,127,567 |
| 42,594 |
| 1,418,259 |
| 4,484 |
| 42,594 |
| 1,422,743 |
| 1,465,337 |
| 535,662 |
| 5/94 |
| 10/93 |
| 5-27.5 yrs |
|
BRIARWOOD DEKALB |
| 1,228,090 |
| 96,000 |
| 2,943,443 |
| 16,509 |
| 96,000 |
| 2,959,952 |
| 3,055,952 |
| 790,339 |
| 6/94 |
| 10/93 |
| 5-40 yrs |
|
CAIRO HOUSING |
| 1,054,021 |
| 17,000 |
| 1,309,062 |
| 95,990 |
| 17,000 |
| 1,405,052 |
| 1,422,052 |
| 600,701 |
| 4/93 |
| 5/93 |
| 7-27.5 yrs |
|
CALIFORNIA INV VII |
| 8,406,701 |
| 803,050 |
| 25,913,966 |
| (1,419 | ) | 803,050 |
| 25,912,547 |
| 26,715,597 |
| 7,100,462 |
| 12/93 |
| 12/93 |
| 5-27.5 yrs |
|
CAMBRIDGE YMCA |
| 2,005,215 |
| 95,200 |
| 5,135,233 |
| 121,438 |
| 95,200 |
| 5,256,671 |
| 5,351,871 |
| 2,046,391 |
| 12/93 |
| 4/93 |
| 5-27.5 yrs |
|
CANEYVILLE PROPERTIES |
| 467,914 |
| 36,000 |
| 601,775 |
| (13,800 | ) | 36,000 |
| 587,975 |
| 623,975 |
| 243,962 |
| 4/93 |
| 5/93 |
| 5-27.5 yrs |
|
CLINTON ESTATES |
| 726,787 |
| 47,533 |
| 891,872 |
| 31,778 |
| 47,533 |
| 923,650 |
| 971,183 |
| 334,272 |
| 12/94 |
| 12/94 |
| 5-27.5 yrs |
|
CLOVERPORT PROPERTIES |
| 735,306 |
| 21,500 |
| 947,659 |
| (7,038 | ) | 21,500 |
| 940,621 |
| 962,121 |
| 382,046 |
| 7/93 |
| 4/93 |
| 5-27.5 yrs |
|
COLLEGE GREEN |
| 3,695,262 |
| 225,000 |
| 6,774,847 |
| 97,923 |
| 225,000 |
| 6,872,770 |
| 7,097,770 |
| 2,327,103 |
| 8/95 |
| 3/95 |
| 5-27.5 yrs |
|
CROFTON ASSOC. |
| 785,942 |
| 46,511 |
| 961,097 |
| 10,499 |
| 46,511 |
| 971,596 |
| 1,018,107 |
| 258,186 |
| 3/93 |
| 4/93 |
| 5-27.5 yrs |
|
CYPRESS POINT |
| 3,187,504 |
| 265,000 |
| 4,794,440 |
| 301,109 |
| 265,000 |
| 5,095,549 |
| 5,360,549 |
| 1,349,579 |
| 12/94 |
| 2/94 |
| 5-27.5 yrs |
|
DEERWOOD VILLAGE |
| 636,265 |
| 29,138 |
| 804,512 |
| 3,371 |
| 29,138 |
| 807,883 |
| 837,021 |
| 297,325 |
| 7/94 |
| 2/94 |
| 5-27.5 yrs |
|
DOYLE VILLAGE |
| 1,152,336 |
| 100,000 |
| 1,435,520 |
| 6,065 |
| 100,000 |
| 1,441,585 |
| 1,541,585 |
| 541,234 |
| 4/94 |
| 9/93 |
| 5-27.5 yrs |
|
GALLAWAY ASSOC. |
| 1,037,565 |
| 35,600 |
| 1,307,158 |
| 43,890 |
| 35,600 |
| 1,351,048 |
| 1,386,648 |
| 376,081 |
| 5/93 |
| 4/93 |
| 5-27.5 yrs |
|
GLENRIDGE |
| 2,014,456 |
| 350,000 |
| 2,208,213 |
| 7,278 |
| 350,000 |
| 2,215,491 |
| 2,565,491 |
| 615,108 |
| 6/94 |
| 6/94 |
| 5-27.5 yrs |
|
F-91
|
|
|
| Initial cost to company |
| Cost |
| Gross amount at which carried |
|
|
|
|
| Life on which |
| ||||||||
Description |
| Encumbr- |
| Land |
| Buildings and |
|
|
| Land |
| Buildings and |
| Total |
| Accumulated |
| Date of |
| Date |
|
| |
Improvements | |||||||||||||||||||||||
GREEN ACRES |
| 1,093,250 |
| 173,447 |
| 1,366,874 |
| 39,438 |
| 173,447 |
| 1,406,312 |
| 1,579,759 |
| 520,175 |
| 11/94 |
| 1/95 |
|
|
|
GREENWOOD PLACE |
| 1,047,382 |
| 44,400 |
| 299,685 |
| 1,169,120 |
| 44,400 |
| 1,468,805 |
| 1,513,205 |
| 352,434 |
| 8/94 |
| 11/93 |
| 7-40 yrs |
|
HACKLEY BARCLAY |
| 2,961,163 |
| 174,841 |
| 4,603,493 |
| 318,999 |
| 175,000 |
| 4,922,492 |
| 5,097,492 |
| 1,934,949 |
| 12/94 |
| 12/93 |
| 5-27.5 yrs |
|
HENSON CREEK |
| 4,056,037 |
| 945,000 |
| 7,971,879 |
| 53,692 |
| 945,000 |
| 8,025,571 |
| 8,970,571 |
| 2,250,196 |
| 4/94 |
| 5/93 |
| 5-27.5 yrs |
|
HICKMAN ASSOC. |
| 525,009 |
| 24,000 |
| 673,642 |
| 5,199 |
| 24,000 |
| 678,841 |
| 702,841 |
| 171,580 |
| 12/93 |
| 11/93 |
| 5-27.5 yrs |
|
HOUSTON VILLAGE |
| 671,680 |
| 11,500 |
| 850,901 |
| 2,588 |
| 11,500 |
| 853,489 |
| 864,989 |
| 321,377 |
| 5/94 |
| 12/93 |
| 5-27.5 yrs |
|
IVYWOOD |
| 3,760,051 |
| 290,542 |
| 5,712,656 |
| 37,407 |
| 290,542 |
| 5,750,063 |
| 6,040,605 |
| 2,307,368 |
| 10/93 |
| 6/93 |
| 5-27.5 yrs |
|
JONESTOWN MANOR |
| 853,449 |
| 0 |
| 311,764 |
| 956,932 |
| 36,900 |
| 1,268,696 |
| 1,305,596 |
| 298,534 |
| 12/94 |
| 12/93 |
| 7-40 yrs |
|
LARGO CENTER |
| 4,110,806 |
| 1,012,500 |
| 7,262,001 |
| 82,566 |
| 1,012,500 |
| 7,344,567 |
| 8,357,067 |
| 1,873,727 |
| 6/94 |
| 3/93 |
| 5-27.5 yrs |
|
LEE TERRACE |
| 1,464,053 |
| 93,246 |
| 4,573 |
| 1,760,358 |
| 93,246 |
| 1,764,931 |
| 1,858,177 |
| 650,505 |
| 12/94 |
| 2/94 |
| 5-27.5 yrs |
|
MIDLAND HOUSING |
| 919,905 |
| 60,000 |
| 2,422,788 |
| 61,731 |
| 60,000 |
| 2,484,519 |
| 2,544,519 |
| 765,707 |
| 6/94 |
| 9/93 |
| 5-27.5 yrs |
|
MOUNT VERNON |
| 2,458,808 |
| 200,000 |
| 3,141,984 |
| 453,056 |
| 200,000 |
| 3,595,040 |
| 3,795,040 |
| 1,199,410 |
| 11/94 |
| 11/94 |
| 5-27.5 yrs |
|
OAKWOOD OF BENNETSVILLE |
| 862,028 |
| 60,000 |
| 1,074,857 |
| 107 |
| 60,000 |
| 1,074,964 |
| 1,134,964 |
| 427,444 |
| 12/93 |
| 9/93 |
| 5-27.5 yrs |
|
OPELOUSAS POINT |
| 1,353,390 |
| 50,000 |
| 559,121 |
| 1,410,075 |
| 50,000 |
| 1,969,196 |
| 2,019,196 |
| 497,033 |
| 3/94 |
| 11/93 |
| 5-27.5 yrs |
|
PALMETTO VILLAS |
| 1,583,345 |
| 60,724 |
| 2,034,151 |
| 11,770 |
| 60,724 |
| 2,045,921 |
| 2,106,645 |
| 600,223 |
| 4/94 |
| 5/94 |
| 5-27.5 yrs |
|
PARK PLACE II |
| 1,150,909 |
| 112,000 |
| 1,408,102 |
| 13,801 |
| 112,000 |
| 1,421,903 |
| 1,533,903 |
| 542,550 |
| 4/94 |
| 2/94 |
| 7-27.5 yrs |
|
PINEHURST |
| 793,513 |
| 24,000 |
| 1,033,022 |
| 41,339 |
| 24,000 |
| 1,074,361 |
| 1,098,361 |
| 420,260 |
| 2/94 |
| 2/94 |
| 5-27.5 yrs |
|
QUAIL VILLAGE |
| 862,263 |
| 30,450 |
| 1,060,273 |
| 2,468 |
| 30,450 |
| 1,062,741 |
| 1,093,191 |
| 379,284 |
| 2/94 |
| 9/93 |
| 7-27.5 yrs |
|
SEA BREEZE |
| 1,214,574 |
| 94,000 |
| 1,515,733 |
| 4,462 |
| 94,000 |
| 1,520,195 |
| 1,614,195 |
| 529,657 |
| 1/95 |
| 3/94 |
| N/A |
|
SHAWNEE HOUSING |
| 1,072,700 |
| 182,786 |
| 2,347,227 |
| 113,423 |
| 182,786 |
| 2,460,650 |
| 2,643,436 |
| 1,057,567 |
| 10/92 |
| 2/93 |
| 7-27.5 yrs |
|
SIXTH ST APTS |
| 2,198,069 |
| 151,687 |
| 1,123,504 |
| 3,190,386 |
| 162,687 |
| 4,313,890 |
| 4,476,577 |
| 1,145,348 |
| 12/94 |
| 12/93 |
| 5-27.5 yrs |
|
SKOWHEGAN HOUSING |
| 1,576,034 |
| 100,000 |
| 2,121,472 |
| 116,753 |
| 100,000 |
| 2,238,225 |
| 2,338,225 |
| 662,900 |
| 8/94 |
| 9/94 |
| 5-27.5 yrs |
|
F-92
|
|
|
| Initial cost to company |
| Cost |
| Gross amount at which carried |
|
|
|
|
| Life on which |
| ||||||||
Description |
| Encum- |
| Land |
| Buildings and |
|
|
| Land |
| Buildings and |
| Total |
| Accumulated |
| Date of |
| Date |
|
| |
Improvements | |||||||||||||||||||||||
SOLEDAD |
| 1,912,678 |
| 340,000 |
| 2,005,222 |
| 0 |
| 340,000 |
| 2,005,222 |
| 2,345,222 |
| 430,771 |
| 1/94 |
| 10/93 |
| 5-50 yrs |
|
SUGARWOOD PARK |
| 3,353,628 |
| 281,875 |
| 5,949,680 |
| 37,980 |
| 281,875 |
| 5,987,660 |
| 6,269,535 |
| 2,049,403 |
| 7/95 |
| 4/94 |
| 5-27.5 yrs |
|
VOORHEESVILLE |
| 1,080,504 |
| 74,600 |
| 1,254,914 |
| 63,210 |
| 74,600 |
| 1,318,124 |
| 1,392,724 |
| 532,181 |
| 5/93 |
| 7/93 |
| 7-27.5 yrs |
|
WAYNSBURG HOUSING |
| 1,469,852 |
| 169,200 |
| 2,113,822 |
| 116,257 |
| 18,100 |
| 2,230,079 |
| 2,248,179 |
| 511,865 |
| 12/95 |
| 7/94 |
| 10-40 yrs |
|
WHITE CASTLE |
| 764,231 |
| 84,800 |
| 948,687 |
| 22,872 |
| 84,800 |
| 971,559 |
| 1,056,359 |
| 350,786 |
| 5/94 |
| 6/94 |
| 27.5 yrs |
|
|
| 89,719,755 |
| 7,402,954 |
| 138,198,902 |
| 12,313,967 |
| 7,300,365 |
| 150,512,869 |
| 157,813,234 |
| 46,905,254 |
|
|
|
|
|
|
|
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2003.
There we no carrying costs as of December 31, 2003. The Column has been omitted for presentation purposes.
F-93
Notes to Schedule III
Boston Capital Tax Credit Fund III LP - Series 17
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period - 4/1/93 |
|
|
| $ | 0 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 58,662,502 |
|
|
| ||
Improvements, etc |
| 0 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 58,662,502 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/94 |
|
|
| $ | 58,662,502 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 31,044,766 |
|
|
| ||
Improvements, etc |
| 39,965,487 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 71,010,253 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| (26,680 | ) |
|
| ||
|
|
|
| (26,680 | ) | ||
Balance at close of period - 3/31/95 |
|
|
| $ | 129,646,075 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 9,769,183 |
|
|
| ||
Improvements, etc |
| 11,596,518 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 21,365,701 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| (13,800 | ) |
|
| ||
|
|
|
| (13,800 | ) | ||
Balance at close of period - 3/31/96 |
|
|
| $ | 150,997,976 |
|
F-94
Balance at close of period - 3/31/96 |
|
|
| $ | 150,997,976 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 12,406,150 |
|
|
| ||
Improvements, etc |
| 133,058 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 12,539,208 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/97 |
|
|
| $ | 163,537,184 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 337,191 |
|
|
| ||
Improvements, etc |
| 0 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 337,191 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| (1,598,364 | ) |
|
| ||
|
|
|
| (1,598,364 | ) | ||
Balance at close of period - 3/31/98 |
|
|
| $ | 162,276,011 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 200,765 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 200,765 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/99 |
|
|
| $ | 162,476,776 |
|
F-95
Balance at close of period - 3/31/99 |
|
|
| $ | 162,476,776 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 292,965 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 292,965 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/00 |
|
|
| $ | 162,769,741 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 252,942 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 252,942 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| (500,929 | ) |
|
| ||
|
|
|
| (500,929 | ) | ||
Balance at close of period - 3/31/01 |
|
|
| $ | 162,521,754 |
| |
|
|
|
|
|
| ||
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 525,052 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 525,052 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/02 |
|
|
| $ | 163,046,806 |
|
F-96
Balance at close of period - 3/31/02 |
|
|
| $ | 163,046,806 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 376,998 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 376,998 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/03 |
|
|
| $ | 163,423,804 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 638,913 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 638,913 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | (6,249,483 | ) |
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| (6,249,483 | ) | ||
Balance at close of period - 3/31/03 |
|
|
| $ | 157,813,234 |
|
F-97
Reconciliation of Accumulated Depreciation current year changes |
|
|
|
|
| ||
|
|
|
|
|
| ||
Balance at beginning of period - 4/1/93 |
|
|
| $ | 0 |
| |
Current year expense |
| $ | 727,342 |
|
|
| |
Balance at close of period - 3/31/94 |
|
|
| $ | 727,342 |
| |
Current year expense |
| $ | 4,342,560 |
|
|
| |
Balance at close of period - 3/31/95 |
|
|
| $ | 5,069,902 |
| |
Current year expense |
| $ | 4,963,158 |
|
|
| |
Balance at close of period - 3/31/96 |
|
|
| $ | 10,033,060 |
| |
Current year expense |
| $ | 6,281,850 |
|
|
| |
Balance at close of period - 3/31/97 |
|
|
| $ | 16,314,910 |
| |
Current year expense |
| $ | 5,040,935 |
|
|
| |
Balance at close of period - 3/31/98 |
|
|
| $ | 21,355,845 |
| |
Current year expense |
| $ | 5,033,530 |
|
|
| |
Balance at close of period - 3/31/99 |
|
|
| $ | 26,389,375 |
| |
Current year expense |
| $ | 4,909,920 |
|
|
| |
Balance at close of period - 3/31/00 |
|
|
| $ | 31,299,295 |
| |
Current year expense |
| $ | 4,387,090 |
|
|
| |
Balance at close of period - 3/31/01 |
|
|
| $ | 35,686,385 |
| |
Current year expense |
| $ | 4,846,606 |
|
|
| |
Balance at close of period - 3/31/02 |
|
|
| $ | 40,532,991 |
| |
Current year expense |
| $ | 4,739,144 |
|
|
| |
Balance at close of period - 3/31/03 |
|
|
| $ | 45,272,135 |
| |
Current year expense |
| $ | 4,532,137 |
|
|
| |
Reduction for real-estate sold |
| (2,899,018 |
|
|
| ||
Balance at close of period - 3/31/04 |
|
|
| $ | 46,905,254 |
|
F-98
Boston Capital Tax Credit Fund III LP - Series 18
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2004
|
|
|
| Initial cost to company |
| Cost |
| Gross amount at which carried |
|
|
|
|
| Life on which |
| ||||||||
|
| Encum- |
|
|
| Buildings and |
|
|
|
|
| Buildings and |
|
|
| Accumulated |
| Date of |
| Date |
|
| |
Description |
| brances |
| Land |
| improvements |
| Improvements |
| Land |
| improvements |
| Total |
| depreciation |
| construction |
| acquired |
|
| |
ARCH DEVELOPMENT |
| 1,827,367 |
| 107,387 |
| 6,724,849 |
| 70,562 |
| 112,853 |
| 6,795,411 |
| 6,908,264 |
| 2,263,099 |
| 12/94 |
| 4/94 |
| 7-27.5 yrs |
|
AURORA |
| 1,371,554 |
| 65,000 |
| 1,704,709 |
| 47,794 |
| 65,000 |
| 1,752,503 |
| 1,817,503 |
| 732,210 |
| 9/93 |
| 9/93 |
| 5-27.5 yrs |
|
BEAR CREEK |
| 4,624,302 |
| 488,011 |
| 8,884,145 |
| 63,644 |
| 491,639 |
| 8,947,789 |
| 9,439,428 |
| 3,601,829 |
| 4/95 |
| 3/94 |
| 5-27.5 yrs |
|
CHATHAM MANOR |
| 1,370,826 |
| 75,000 |
| 1,727,394 |
| 50,247 |
| 75,000 |
| 1,777,641 |
| 1,852,641 |
| 721,699 |
| 12/93 |
| 1/94 |
| 5-27.5 yrs |
|
CHELSEA SQUARE |
| 299,393 |
| 21,000 |
| 939,281 |
| 3,500 |
| 21,000 |
| 942,781 |
| 963,781 |
| 312,486 |
| 12/94 |
| 8/94 |
| 7-34 yrs |
|
CLARKE SCHOOL |
| 2,478,286 |
| 200,000 |
| 5,493,464 |
| 230,056 |
| 200,000 |
| 5,723,520 |
| 5,923,520 |
| 1,333,982 |
| 12/94 |
| 12/94 |
| 5-27.5 yrs |
|
ELLIJAY RENTAL |
| 816,886 |
| 48,000 |
| 1,000,609 |
| 1,712 |
| 48,000 |
| 1,002,321 |
| 1,050,321 |
| 267,420 |
| 1/95 |
| 1/94 |
| 40 yrs |
|
EVERGREEN |
| 2,711,665 |
| 157,537 |
| 4,337,312 |
| 574,887 |
| 157,537 |
| 4,912,199 |
| 5,069,736 |
| 1,968,172 |
| 1/95 |
| 8/94 |
| 5-27.5 yrs |
|
GLEN PLACE |
| 1,114,371 |
| 60,610 |
| 3,489,218 |
| (169,758 | ) | 60,610 |
| 3,319,460 |
| 3,380,070 |
| 1,199,275 |
| 6/94 |
| 4/94 |
| 5-27.5 yrs |
|
HARRIS HOUSING |
| 1,297,853 |
| 200,000 |
| 266,624 |
| 2,569,852 |
| 160,000 |
| 2,836,476 |
| 2,996,476 |
| 601,272 |
| 11/95 |
| 6/94 |
| 5-27.5 yrs |
|
HUMBOLDT |
| 698,877 |
| 40,191 |
| 845,252 |
| 26,528 |
| 40,191 |
| 871,780 |
| 911,971 |
| 305,006 |
| 4/95 |
| 8/94 |
| 5-27.5 yrs |
|
JACKSON HOUSING |
| 849,796 |
| 30,250 |
| 1,080,272 |
| (6,252 | ) | 30,250 |
| 1,074,020 |
| 1,104,270 |
| 375,417 |
| 6/94 |
| 1/94 |
| 5-27.5 yrs |
|
LAKEVIEW MEADOWS |
| 1,547,547 |
| 88,920 |
| 2,775,712 |
| 22,745 |
| 88,920 |
| 2,798,457 |
| 2,887,377 |
| 692,550 |
| 5/94 |
| 8/93 |
| 5-27.5 yrs |
|
LANTHROP PROP |
| 726,958 |
| 34,800 |
| 931,788 |
| 22,517 |
| 34,800 |
| 954,305 |
| 989,105 |
| 376,611 |
| 5/94 |
| 4/94 |
| 5-27.5 yrs |
|
LEESVILLE ELDERLY |
| 1,302,805 |
| 144,000 |
| 2,018,242 |
| 0 |
| 144,000 |
| 2,018,242 |
| 2,162,242 |
| 482,885 |
| 6/94 |
| 6/94 |
| 7-40 yrs |
|
LOCKPORT |
| 1,060,957 |
| 125,000 |
| 1,524,202 |
| 0 |
| 125,000 |
| 1,524,202 |
| 1,649,202 |
| 356,003 |
| 9/94 |
| 7/94 |
| 5-27.5 yrs |
|
MAPLE LEAF |
| 1,086,672 |
| 22,860 |
| 1,355,390 |
| 105,233 |
| 22,860 |
| 1,460,623 |
| 1,483,483 |
| 367,508 |
| 12/94 |
| 8/94 |
| 5-27.5 yrs |
|
MARENGO PARK |
| 741,988 |
| 50,010 |
| 886,695 |
| 5,220 |
| 50,010 |
| 891,915 |
| 941,925 |
| 346,171 |
| 3/94 |
| 10/93 |
| 5-27.5 yrs |
|
NATCHITOCHES |
| 945,514 |
| 50,000 |
| 1,634,279 |
| 10,000 |
| 50,000 |
| 1,644,279 |
| 1,694,279 |
| 372,667 |
| 12/94 |
| 6/94 |
| 7-40 yrs |
|
NEWTON I |
| 795,959 |
| 57,500 |
| 979,345 |
| 4,201 |
| 57,500 |
| 983,546 |
| 1,041,046 |
| 354,901 |
| 9/94 |
| 11/93 |
| 5-27.5 yrs |
|
F-99
|
|
|
| Initial cost to company |
| Cost |
| Gross amount at which carried |
|
|
|
|
| Life on which |
| ||||||||
Description |
| Encum- |
| Land |
| Buildings and |
|
|
| Land |
| Buildings and |
| Total |
| Accumulated |
| Date of |
| Date |
|
| |
Improvements | |||||||||||||||||||||||
OSKALOOSA I |
| 474,996 |
| 32,000 |
| 589,423 |
| 1,822 |
| 32,000 |
| 591,245 |
| 623,245 |
| 214,014 |
| 9/94 |
| 11/93 |
| 5-27.5 yrs |
|
PARVINS |
| 694,517 |
| 41,508 |
| 1,741,048 |
| 4,742 |
| 41,508 |
| 1,745,790 |
| 1,787,298 |
| 661,392 |
| 11/93 |
| 8/93 |
| 5-27.5 yrs |
|
PEACHTREE |
| 1,457,777 |
| 157,027 |
| 1,617,470 |
| 43,376 |
| 157,027 |
| 1,660,846 |
| 1,817,873 |
| 743,557 |
| 7/93 |
| 1/94 |
| 5-27.5 yrs |
|
PONDEROSA |
| 1,463,744 |
| 82,454 |
| 1,903,972 |
| 67,179 |
| 82,454 |
| 1,971,151 |
| 2,053,605 |
| 536,791 |
| 5/94 |
| 3/94 |
| 5-27.5 yrs |
|
PRESTON WOODS |
| 752,456 |
| 66,000 |
| 2,515,136 |
| 57,108 |
| 66,000 |
| 2,572,244 |
| 2,638,244 |
| 1,045,539 |
| 12/94 |
| 12/93 |
| 5-27.5 yrs |
|
RICHMOND MANOR |
| 1,011,516 |
| 54,944 |
| 1,285,522 |
| 33,071 |
| 54,944 |
| 1,318,593 |
| 1,373,537 |
| 502,328 |
| 6/94 |
| 6/94 |
| 5-27.5 yrs |
|
RIO GRANDE |
| 2,145,708 |
| 96,480 |
| 2,999,680 |
| 72,735 |
| 96,480 |
| 3,072,415 |
| 3,168,895 |
| 754,652 |
| 5/94 |
| 6/94 |
| 5-27.5 yrs |
|
RIPLEY HOUSING |
| 488,312 |
| 14,000 |
| 646,850 |
| 60,936 |
| 14,000 |
| 707,786 |
| 721,786 |
| 167,985 |
| 7/94 |
| 1/94 |
| 5-40 yrs |
|
SAN JOAQUIN |
| 1,792,014 |
| 55,000 |
| 2,463,181 |
| 22,475 |
| 55,000 |
| 2,485,656 |
| 2,540,656 |
| 479,056 |
| 12/94 |
| 3/94 |
| 5-50 yrs |
|
TROY ESTATES |
| 677,149 |
| 45,000 |
| 826,432 |
| 115,030 |
| 45,000 |
| 941,462 |
| 986,462 |
| 342,062 |
| 1/94 |
| 12/93 |
| 5-27.5 yrs |
|
VIRGINIA AVENUE |
| 1,242,384 |
| 121,238 |
| 3,510,339 |
| 9,654 |
| 121,238 |
| 3,519,993 |
| 3,641,231 |
| 1,238,286 |
| 10/94 |
| 10/94 |
| 5-27.5 yrs |
|
VISTA LOMA |
| 1,585,338 |
| 267,612 |
| 1,600,128 |
| 250,109 |
| 267,612 |
| 1,850,237 |
| 2,117,849 |
| 473,881 |
| 9/94 |
| 5/94 |
| 5-27.5 yrs |
|
VIVIAN ELDERLY |
| 233,162 |
| 45,000 |
| 1,668,938 |
| 0 |
| 45,000 |
| 1,668,938 |
| 1,713,938 |
| 408,520 |
| 9/94 |
| 7/94 |
| 7-40 yrs |
|
WESTMINSTER MEADOWS |
| 1,996,322 |
| 250,000 |
| 3,605,890 |
| 22,684 |
| 250,000 |
| 3,628,574 |
| 3,878,574 |
| 1,430,466 |
| 11/94 |
| 12/93 |
| 5-27.5 yrs |
|
|
| 43,684,971 |
| 3,394,339 |
| 75,572,791 |
| 4,393,609 |
| 3,363,433 |
| 79,966,400 |
| 83,329,833 |
| 26,029,692 |
|
|
|
|
|
|
|
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2003.
There we no carrying costs as of December 31, 2003. The Column has been omitted for presentation purposes.
F-100
Notes to Schedule III |
|
|
|
|
| ||
Boston Capital Tax Credit Fund III LP - Series 18 |
|
|
|
|
| ||
|
|
|
|
|
| ||
Reconciliation of Land, Building & Improvements current year changes |
|
|
|
|
| ||
|
|
|
|
|
| ||
Balance at beginning of period - 4/1/93 |
|
|
| $ | 0 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 4,002,185 |
|
|
| ||
Improvements, etc |
| 0 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 4,002,185 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/94 |
|
|
| $ | 4,002,185 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 42,200,169 |
|
|
| ||
Improvements, etc |
| 19,531,960 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 61,732,129 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/95 |
|
|
| $ | 65,734,314 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 16,282,424 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 16,282,424 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/96 |
|
|
| $ | 82,016,738 |
|
F-101
Balance at close of period - 3/31/96 |
|
|
| $ | 82,016,738 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 137,752 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 137,752 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/97 |
|
|
| $ | 82,154,490 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 164,466 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 164,466 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/98 |
|
|
| $ | 82,318,956 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 200,573 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 200,573 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/99 |
|
|
| $ | 82,519,529 |
|
F-102
Balance at close of period - 3/31/99 |
|
|
| $ | 82,519,529 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 90,225 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 90,225 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/00 |
|
|
| $ | 82,609,754 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 204,609 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 204,609 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/01 |
|
|
| $ | 82,814,363 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 125,890 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 125,890 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/02 |
|
|
| $ | 82,940,253 |
|
F-103
Balance at close of period - 3/31/02 |
|
|
| $ | 82,940,253 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 164,756 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 164,756 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/03 |
|
|
| $ | 83,105,009 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 224,824 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 224,824 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/04 |
|
|
| $ | 83,329,833 |
|
F-104
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 4/1/93 |
|
|
| $ | 0 |
| |
Current year expense |
| $ | 39,475 |
|
|
| |
Balance at close of period - 3/31/94 |
|
|
| $ | 39,475 |
| |
Current year expense |
| $ | 911,009 |
|
|
| |
Balance at close of period - 3/31/95 |
|
|
| $ | 950,484 |
| |
Current year expense |
| $ | 2,835,031 |
|
|
| |
Balance at close of period - 3/31/96 |
|
|
| $ | 3,785,515 |
| |
Current year expense |
| $ | 3,000,815 |
|
|
| |
Balance at close of period - 3/31/97 |
|
|
| $ | 6,786,330 |
| |
Current year expense |
| $ | 2,884,157 |
|
|
| |
Balance at close of period - 3/31/98 |
|
|
| $ | 9,670,487 |
| |
Current year expense |
| $ | 2,798,960 |
|
|
| |
Balance at close of period - 3/31/99 |
|
|
| $ | 12,469,447 |
| |
Current year expense |
| $ | 2,799,855 |
|
|
| |
Balance at close of period - 3/31/00 |
|
|
| $ | 15,269,302 |
| |
Current year expense |
| $ | 2,761,702 |
|
|
| |
Balance at close of period - 3/31/01 |
|
|
| $ | 18,031,004 |
| |
Current year expense |
| $ | 2,752,123 |
|
|
| |
Balance at close of period - 3/31/02 |
|
|
| $ | 20,783,127 |
| |
Current year expense |
| $ | 2,632,895 |
|
|
| |
Balance at close of period - 3/31/03 |
|
|
| $ | 23,416,022 |
| |
Current year expense |
| $ | 2,613,670 |
|
|
| |
Balance at close of period - 3/31/04 |
|
|
| $ | 26,029,692 |
|
F-105
Boston Capital Tax Credit Fund III LP - Series 19
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2004
|
|
|
| Initial cost to company |
| Cost |
| Gross amount at which carried |
|
|
|
|
| Life on which |
| ||||||||
Description |
| Encum- |
| Land |
| Buildings and |
| Improvements |
| Land |
| Buildings and |
| Total |
| Accumulated |
| Date of |
| Date |
|
| |
ANKENEY HOUSING |
| 3,308,461 |
| 217,500 |
| 8,144,577 |
| 185,262 |
| 217,500 |
| 8,329,839 |
| 8,547,339 |
| 2,003,353 |
| 3/95 |
| 8/94 |
| 10-40 yrs |
|
CARROLLTON VILLA |
| 1,340,772 |
| 60,015 |
| 2,682,843 |
| 186,109 |
| 60,015 |
| 2,868,952 |
| 2,928,967 |
| 993,920 |
| 3/95 |
| 6/94 |
| 5-27.5 yrs |
|
CLARKE SCHOOL |
| 2,478,286 |
| 200,000 |
| 5,493,464 |
| 230,056 |
| 200,000 |
| 5,723,520 |
| 5,923,520 |
| 1,333,982 |
| 12/94 |
| 12/94 |
| 12-40 yrs |
|
FOREST ASSOCIATES |
| 653,190 |
| 13,900 |
| 396,391 |
| 483,148 |
| 13,900 |
| 879,539 |
| 893,439 |
| 513,716 |
| 3/78 |
| 4/95 |
| 5-27.5 yrs |
|
GARDEN GATE\FT WORTH |
| 5,495,866 |
| 678,867 |
| 2,532,572 |
| 6,778,390 |
| 678,867 |
| 9,310,962 |
| 9,989,829 |
| 3,091,988 |
| 4/95 |
| 5/95 |
| 5-27.5 yrs |
|
GARDEN GATE\PLANO |
| 6,894,421 |
| 689,318 |
| 844,673 |
| 8,991,727 |
| 689,318 |
| 9,836,400 |
| 10,525,718 |
| 3,275,081 |
| 3/95 |
| 2/94 |
| 5-27.5 yrs |
|
HEBBRONVILLE APTS. |
| 507,568 |
| 50,711 |
| 650,002 |
| 20,243 |
| 50,711 |
| 670,245 |
| 720,956 |
| 169,683 |
| 4/94 |
| 12/93 |
| 7-40 yrs |
|
HOLLISTER INV GRP |
| 1,713,784 |
| 400,000 |
| 1,906,641 |
| (61,972 | ) | 400,000 |
| 1,844,669 |
| 2,244,669 |
| 320,850 |
| 5/95 |
| 3/95 |
| 5-50 yrs |
|
HOLTS SUMMIT SQUARE |
| 1,119,674 |
| 110,373 |
| 524,966 |
| 2,040,969 |
| 110,373 |
| 2,565,935 |
| 2,676,308 |
| 940,596 |
| 12/94 |
| 6/94 |
| 5-27.5 yrs |
|
INDEPENDENCE PROPERTIES |
| 837,488 |
| 38,500 |
| 503,166 |
| 517,210 |
| 38,500 |
| 1,020,376 |
| 1,058,876 |
| 268,538 |
| 12/94 |
| 6/94 |
| 5-40 yrs |
|
JEFFERSON SQUARE |
| 2,376,591 |
| 385,000 |
| 4,548,650 |
| 297,940 |
| 385,000 |
| 4,846,590 |
| 5,231,590 |
| 1,298,989 |
| 8/95 |
| 5/94 |
| 5-27.5 yrs |
|
JENNY LYNN PROPERTIES |
| 788,390 |
| 65,000 |
| 958,809 |
| 7,000 |
| 65,000 |
| 965,809 |
| 1,030,809 |
| 340,007 |
| 9/94 |
| 1/94 |
| 5-27.5 yrs |
|
JEREMY ASSOCIATES |
| 3,441,264 |
| 522,890 |
| 6,954,516 |
| 584,983 |
| 522,890 |
| 7,539,499 |
| 8,062,389 |
| 1,801,427 |
| 12/95 |
| 6/96 |
| 5-40 yrs |
|
LONE STAR SR. |
| 600,464 |
| 20,492 |
| 835,453 |
| 0 |
| 20,492 |
| 835,453 |
| 855,945 |
| 200,156 |
| 5/94 |
| 12/93 |
| 7-40 yrs |
|
MADISON L.P. |
| 640,056 |
| 42,707 |
| 810,978 |
| 14,549 |
| 32,568 |
| 825,527 |
| 858,095 |
| 296,261 |
| 10/94 |
| 12/93 |
| 5-27.5 yrs |
|
MANSURA VILLA |
| 945,689 |
| 20,254 |
| 301,687 |
| 1,015,448 |
| 25,000 |
| 1,317,135 |
| 1,342,135 |
| 284,146 |
| 8/95 |
| 5/94 |
| 5-27.5 yrs |
|
MARTINDALE APTS. |
| 663,792 |
| 40,270 |
| 861,032 |
| 29,803 |
| 40,270 |
| 890,835 |
| 931,105 |
| 225,606 |
| 1/94 |
| 12/93 |
| 7-40 yrs |
|
MUNFORD VILLAGE |
| 745,449 |
| 24,800 |
| 980,102 |
| 4,521 |
| 24,800 |
| 984,623 |
| 1,009,423 |
| 262,481 |
| 4/94 |
| 10/93 |
| 5-40 yrs |
|
NORTHPOINTE LP |
| 4,452,894 |
| 371,000 |
| 9,834,451 |
| 1,377 |
| 371,000 |
| 9,835,828 |
| 10,206,828 |
| 2,119,032 |
| 6/95 |
| 7/94 |
| 5-27.5 yrs |
|
SAHALE HEIGHTS |
| 841,367 |
| 72,000 |
| 1,062,350 |
| 111 |
| 72,000 |
| 1,062,461 |
| 1,134,461 |
| 384,310 |
| 6/94 |
| 1/94 |
| 5-27.5 yrs |
|
F-106
Boston Capital Tax Credit Fund III LP - Series 19
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2004
|
|
|
| Initial cost to company |
| Cost |
| Gross amount at which carried |
|
|
|
|
| Life on which |
| ||||||||
Description |
| Encum- |
| Land |
| Buildings and |
| Improvements |
| Land |
| Buildings and |
| Total |
| Accumulated |
| Date of |
| Date |
|
| |
SHERWOOD KNOLL |
| 765,786 |
| 45,000 |
| 963,996 |
| 37,193 |
| 45,000 |
| 1,001,189 |
| 1,046,189 |
| 276,601 |
| 4/94 |
| 10/93 |
| 5-40 yrs |
|
SUGARWOOD PARK |
| 3,353,628 |
| 281,875 |
| 5,949,680 |
| 37,980 |
| 281,875 |
| 5,987,660 |
| 6,269,535 |
| 2,049,403 |
| 7/95 |
| 4/94 |
| 5-27.5 yrs |
|
SUMMERSET HOUSING |
| 924,172 |
| 68,665 |
| 1,160,825 |
| (25,664 | ) | 68,665 |
| 1,135,161 |
| 1,203,826 |
| 334,318 |
| 11/95 |
| 1/94 |
| 7-27.5 yrs |
|
VISTA’S ASSOC. |
| 3,090,826 |
| 831,600 |
| 7,055,338 |
| 28,264 |
| 831,600 |
| 7,083,602 |
| 7,915,202 |
| 1,919,150 |
| 1/95 |
| 12/93 |
| 5-27.5 yrs |
|
WEDGEWOOD LANE |
| 982,849 |
| 85,000 |
| 1,106,604 |
| 37,185 |
| 85,000 |
| 1,143,789 |
| 1,228,789 |
| 314,298 |
| 9/94 |
| 6/94 |
| 5-40 yrs |
|
WILLOWOOD PARK |
| 3,994,046 |
| 511,051 |
| 6,867,791 |
| 181,797 |
| 511,051 |
| 7,049,588 |
| 7,560,639 |
| 2,549,713 |
| 12/94 |
| 11/93 |
| 5-27.5 yrs |
|
|
| 52,956,773 |
| 5,846,788 |
| 73,931,557 |
| 21,623,629 |
| 5,841,395 |
| 95,555,186 |
| 101,396,581 |
| 27,567,605 |
|
|
|
|
|
|
|
Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2003.
There we no carrying costs as of December 31, 2003. The Column has been omitted for presentation purposes.
F-107
Notes to Schedule III
Boston Capital Tax Credit Fund III LP - Series 19
Reconciliation of Land, Building & Improvements current year changes
Balance at beginning of period - 4/1/93 |
|
|
| $ | 0 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 9,012,131 |
|
|
| ||
Improvements, etc |
| 0 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 9,012,131 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/94 |
|
|
| $ | 9,012,131 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 24,845,235 |
|
|
| ||
Improvements, etc |
| 13,156,474 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 38,001,709 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/95 |
|
|
| $ | 47,013,840 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 410,291 |
|
|
| ||
Improvements, etc |
| 52,257,570 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 52,667,861 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/96 |
|
|
| $ | 99,681,701 |
|
F-108
Balance at close of period - 3/31/96 |
|
|
| $ | 99,681,701 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 7,477,406 |
|
|
| ||
Improvements, etc |
| 594,800 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 8,072,206 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | (8,720,704 | ) |
|
| |
Other |
| (124,499 | ) |
|
| ||
|
|
|
| (8,845,203 | ) | ||
Balance at close of period - 3/31/97 |
|
|
| $ | 98,908,704 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 224,896 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 224,896 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/98 |
|
|
| $ | 99,133,600 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 228,405 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 228,405 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/99 |
|
|
| $ | 99,362,005 |
|
F-109
Balance at close of period - 3/31/99 |
|
|
| $ | 99,362,005 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 280,218 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 280,218 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/00 |
|
|
| $ | 99,642,223 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 493,159 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 493,159 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/01 |
|
|
| $ | 100,135,382 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 432,177 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 432,177 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/02 |
|
|
| $ | 100,567,559 |
|
F-110
Balance at close of period - 3/31/02 |
|
|
| $ | 100,567,559 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 77,825 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 77,825 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/03 |
|
|
| $ | 100,645,384 |
| |
Additions during period: |
|
|
|
|
| ||
Acquisitions through foreclosure |
| $ | 0 |
|
|
| |
Other acquisitions |
| 0 |
|
|
| ||
Improvements, etc |
| 751,197 |
|
|
| ||
Other |
| 0 |
|
|
| ||
|
|
|
| $ | 751,197 |
| |
Deductions during period: |
|
|
|
|
| ||
Cost of real estate sold |
| $ | 0 |
|
|
| |
Other |
| 0 |
|
|
| ||
|
|
|
| 0 |
| ||
Balance at close of period - 3/31/04 |
|
|
| $ | 101,396,581 |
|
F-111
Reconciliation of Accumulated Depreciation current year changes
Balance at beginning of period - 4/1/93 |
|
|
| $ | 0 |
| |
Current year expense |
| $ | 98,220 |
|
|
| |
Balance at close of period - 3/31/94 |
|
|
| $ | 98,220 |
| |
Current year expense |
| $ | 418,177 |
|
|
| |
Balance at close of period - 3/31/95 |
|
|
| $ | 516,397 |
| |
Current year expense |
| $ | 2,779,948 |
|
|
| |
Balance at close of period - 3/31/96 |
|
|
| $ | 3,296,345 |
| |
Current year expense |
| $ | 2,591,856 |
|
|
| |
Balance at close of period - 3/31/97 |
|
|
| $ | 5,888,201 |
| |
Current year expense |
| $ | 3,087,218 |
|
|
| |
Balance at close of period - 3/31/98 |
|
|
| $ | 8,975,419 |
| |
Current year expense |
| $ | 3,096,686 |
|
|
| |
Balance at close of period - 3/31/99 |
|
|
| $ | 12,072,105 |
| |
Current year expense |
| $ | 3,079,193 |
|
|
| |
Balance at close of period - 3/31/00 |
|
|
| $ | 15,151,298 |
| |
Current year expense |
| $ | 3,106,817 |
|
|
| |
Balance at close of period - 3/31/01 |
|
|
| $ | 18,258,115 |
| |
Current year expense |
| $ | 3,126,263 |
|
|
| |
Balance at close of period - 3/31/02 |
|
|
| $ | 21,384,378 |
| |
Current year expense |
| $ | 2,850,562 |
|
|
| |
Balance at close of period - 3/31/03 |
|
|
| $ | 24,234,940 |
| |
Current year expense |
| $ | 3,332,665 |
|
|
| |
Balance at close of period - 3/31/04 |
|
|
| $ | 27,567,605 |
|
F-112