Exhibit 13
FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS’ REPORT
BOSTON CAPITAL TAX CREDIT FUND III L.P. -
SERIES 15 THROUGH SERIES 19
MARCH 31, 2008 AND 2007
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
March 31, 2008 and 2007
TABLE OF CONTENTS
| PAGE | |
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| |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | F-3 | |
|
| |
FINANCIAL STATEMENTS |
| |
|
|
|
| BALANCE SHEETS | F-5 |
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|
|
| STATEMENTS OF OPERATIONS | F-11 |
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|
|
| STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) | F-17 |
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|
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| STATEMENTS OF CASH FLOWS | F-23 |
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| NOTES TO FINANCIAL STATEMENTS | F-29 |
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.
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, 2008 and 2007, 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 years in the two-year period ended March 31, 2008. 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 $232,003 and $728,741 of the total partnership assets as of March 31, 2008 and 2007, respectively, and $(808,242) and $(593,912), of the total partnership loss for the years ended March 31, 2008 and 2007, respectively; of the assets for Series 15 as of March 31, 2008 and 2007, $201,333 and $289,968, respectively, and of the loss for Series 15 for the years ended March 31, 2008 and 2007, $(88,635) and $(117,013), respectively; of the assets for Series 16 as of March 31, 2008 and 2007, $0 and $0, respectively, and of the loss for Series 16 for the years ended March 31, 2008 and 2007, $(551,518) and $0, respectively; of the assets for Series 17 as of March 31, 2008 and 2007, $0 and $240,014 , respectively, and of the loss for Series 17 for the years ended March 31, 2008 and 2007, $0 and $(202,389), respectively; of the assets for Series 18 as of March 31, 2008 and 2007, $0 and $22,873 , respectively, and of the loss for Series 18 for the years ended March 31, 2008 and 2007, $(22,873) and $(120,600), respectively; and of the assets for Series 19 as of March 31, 2008 and 2007, $30,670 and $175,886, respectively, and of the loss for Series 19 for the years ended March 31, 2008 and 2007, $(145,216) and $(153,510), 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. The partnership has determined that it is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the partnership’s internal control over financial reporting. Accordingly, we express no such opinion. 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, 2008 and 2007, and the results of its operations and its cash flows for the total partnership and for each of the series for each of the years in the two-year period ended March 31, 2008, in conformity with accounting principles generally accepted in the United States of America.
/s/ Reznick Group, P.C.
REZNICK GROUP, P.C.
Bethesda, Maryland
July 14, 2008
F-4
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS
March 31, 2008 and 2007
|
| Total |
| ||||
|
| 2008 |
| 2007 |
| ||
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
| ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS |
| $ | 1,661,004 |
| $ | 3,419,039 |
|
|
|
|
|
|
| ||
OTHER ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
| 775,079 |
| 1,947,702 |
| ||
Deferred acquisition costs, net of accumulated amortization |
| 756,674 |
| 809,059 |
| ||
Other assets |
| 63,707 |
| 56,367 |
| ||
|
|
|
|
|
| ||
|
| $ | 3,256,464 |
| $ | 6,232,167 |
|
|
|
|
|
|
| ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
|
|
|
|
|
| ||
LIABILITIES |
|
|
|
|
| ||
Accounts payable and accrued expenses |
| $ | 18,050 |
| $ | 1,145 |
|
Accounts payable - affiliates |
| 26,335,867 |
| 25,148,800 |
| ||
Capital contributions payable |
| 158,311 |
| 162,519 |
| ||
|
|
|
|
|
| ||
|
| 26,512,228 |
| 25,312,464 |
| ||
|
|
|
|
|
| ||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
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, 2008 and 2007 |
| — |
| — |
| ||
Limited Partners |
|
|
|
|
| ||
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 21,996,102 issued and outstanding at March 31, 2008 and 2007 |
| (21,152,928 | ) | (17,019,215 | ) | ||
General partner |
| (2,102,836 | ) | (2,061,082 | ) | ||
|
|
|
|
|
| ||
|
| (23,255,764 | ) | (19,080,297 | ) | ||
|
|
|
|
|
| ||
|
| $ | 3,256,464 |
| $ | 6,232,167 |
|
(continued)
F-5
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 2008 and 2007
|
| Series 15 |
| ||||
|
| 2008 |
| 2007 |
| ||
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
| ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS |
| $ | 209,560 |
| $ | 361,924 |
|
|
|
|
|
|
| ||
OTHER ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
| 200,415 |
| 1,345,224 |
| ||
Deferred acquisition costs, net of accumulated amortization |
| 110,958 |
| 118,611 |
| ||
Other assets |
| 28,707 |
| 21,367 |
| ||
|
|
|
|
|
| ||
|
| $ | 549,640 |
| $ | 1,847,126 |
|
|
|
|
|
|
| ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
|
|
|
|
|
| ||
LIABILITIES |
|
|
|
|
| ||
Accounts payable and accrued expenses |
| $ | 16,526 |
| $ | 1,145 |
|
Accounts payable - affiliates |
| 5,080,035 |
| 5,863,264 |
| ||
Capital contributions payable |
| — |
| 4,208 |
| ||
|
|
|
|
|
| ||
|
| 5,096,561 |
| 5,868,617 |
| ||
|
|
|
|
|
| ||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
Assignor limited partner |
|
|
|
|
| ||
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, 2008 and 2007 |
| — |
| — |
| ||
Limited Partners |
|
|
|
|
| ||
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,870,500 issued and outstanding at March 31, 2008 and 2007 |
| (4,179,262 | ) | (3,659,086 | ) | ||
General partner |
| (367,659 | ) | (362,405 | ) | ||
|
|
|
|
|
| ||
|
| (4,546,921 | ) | (4,021,491 | ) | ||
|
|
|
|
|
| ||
|
| $ | 549,640 |
| $ | 1,847,126 |
|
(continued)
F-6
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 2008 and 2007
|
| Series 16 |
| ||||
|
| 2008 |
| 2007 |
| ||
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
| ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS |
| $ | 478,018 |
| $ | 1,126,865 |
|
|
|
|
|
|
| ||
OTHER ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
| 197,645 |
| 190,149 |
| ||
Deferred acquisition costs, net of accumulated amortization |
| 153,702 |
| 164,302 |
| ||
Other assets |
| — |
| — |
| ||
|
|
|
|
|
| ||
|
| $ | 829,365 |
| $ | 1,481,316 |
|
|
|
|
|
|
| ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
|
|
|
|
|
| ||
LIABILITIES |
|
|
|
|
| ||
Accounts payable and accrued expenses |
| $ | 381 |
| $ | — |
|
Accounts payable - affiliates |
| 7,210,716 |
| 6,572,789 |
| ||
Capital contributions payable |
| 71,862 |
| 71,862 |
| ||
|
|
|
|
|
| ||
|
| 7,282,959 |
| 6,644,651 |
| ||
|
|
|
|
|
| ||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
Assignor limited partner |
|
|
|
|
| ||
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, 2008 and 2007 |
| — |
| — |
| ||
Limited Partners |
|
|
|
|
| ||
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,429,402 issued and outstanding at March 31, 2008 and 2007 |
| (5,922,449 | ) | (4,645,093 | ) | ||
General partner |
| (531,145 | ) | (518,242 | ) | ||
|
|
|
|
|
| ||
|
| (6,453,594 | ) | (5,163,335 | ) | ||
|
|
|
|
|
| ||
|
| $ | 829,365 |
| $ | 1,481,316 |
|
(continued)
F-7
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 2008 and 2007
|
| Series 17 |
| ||||
|
| 2008 |
| 2007 |
| ||
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
| ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS |
| $ | 779,743 |
| $ | 1,286,994 |
|
|
|
|
|
|
| ||
OTHER ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
| 190,524 |
| 165,814 |
| ||
Deferred acquisition costs, net of accumulated amortization |
| 158,372 |
| 169,684 |
| ||
Other assets |
| 30,000 |
| 30,000 |
| ||
|
|
|
|
|
| ||
|
| $ | 1,158,639 |
| $ | 1,652,492 |
|
|
|
|
|
|
| ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
|
|
|
|
|
| ||
LIABILITIES |
|
|
|
|
| ||
Accounts payable and accrued expenses |
| $ | 381 |
| $ | — |
|
Accounts payable - affiliates |
| 6,957,896 |
| 6,440,636 |
| ||
Capital contributions payable |
| 67,895 |
| 67,895 |
| ||
|
|
|
|
|
| ||
|
| 7,026,172 |
| 6,508,531 |
| ||
|
|
|
|
|
| ||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
Assignor limited partner |
|
|
|
|
| ||
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, 2008 and 2007 |
| — |
| — |
| ||
Limited Partners |
|
|
|
|
| ||
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 5,000,000 issued and outstanding at March 31, 2008 and 2007 |
| (5,388,080 | ) | (4,386,701 | ) | ||
General partner |
| (479,453 | ) | (469,338 | ) | ||
|
|
|
|
|
| ||
|
| (5,867,533 | ) | (4,856,039 | ) | ||
|
|
|
|
|
| ||
|
| $ | 1,158,639 |
| $ | 1,652,492 |
|
(continued)
F-8
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS- CONTINUED
March 31, 2008 and 2007
|
| Series 18 |
| ||||
|
| 2008 |
| 2007 |
| ||
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
| ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS |
| $ | — |
| $ | 92,946 |
|
|
|
|
|
|
| ||
OTHER ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
| 76,676 |
| 107,343 |
| ||
Deferred acquisition costs, net of accumulated amortization |
| 121,667 |
| 130,058 |
| ||
Other assets |
| 5,000 |
| 5,000 |
| ||
|
|
|
|
|
| ||
|
| $ | 203,343 |
| $ | 335,347 |
|
|
|
|
|
|
| ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
|
|
|
|
|
| ||
LIABILITIES |
|
|
|
|
| ||
Accounts payable and accrued expenses |
| $ | 381 |
| $ | — |
|
Accounts payable - affiliates |
| 4,396,304 |
| 3,994,750 |
| ||
Capital contributions payable |
| 18,554 |
| 18,554 |
| ||
|
|
|
|
|
| ||
|
| 4,415,239 |
| 4,013,304 |
| ||
|
|
|
|
|
| ||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
Assignor limited partner |
|
|
|
|
| ||
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, 2008 and 2007 |
| — |
| — |
| ||
Limited Partners |
|
|
|
|
| ||
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 3,616,200 issued and outstanding at March 31, 2008 and 2007 |
| (3,859,550 | ) | (3,330,950 | ) | ||
General partner |
| (352,346 | ) | (347,007 | ) | ||
|
|
|
|
|
| ||
|
| (4,211,896 | ) | (3,677,957 | ) | ||
|
|
|
|
|
| ||
|
| $ | 203,343 |
| $ | 335,347 |
|
(continued)
F-9
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
BALANCE SHEETS - CONTINUED
March 31, 2008 and 2007
|
| Series 19 |
| ||||
|
| 2008 |
| 2007 |
| ||
ASSETS |
|
|
|
|
| ||
|
|
|
|
|
| ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS |
| $ | 193,683 |
| $ | 550,310 |
|
|
|
|
|
|
| ||
OTHER ASSETS |
|
|
|
|
| ||
Cash and cash equivalents |
| 109,819 |
| 139,172 |
| ||
Deferred acquisition costs, net of accumulated amortization |
| 211,975 |
| 226,404 |
| ||
Other assets |
| — |
| — |
| ||
|
|
|
|
|
| ||
|
| $ | 515,477 |
| $ | 915,886 |
|
|
|
|
|
|
| ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
|
|
|
|
|
| ||
LIABILITIES |
|
|
|
|
| ||
Accounts payable and accrued expenses |
| $ | 381 |
| $ | — |
|
Accounts payable - affiliates |
| 2,690,916 |
| 2,277,361 |
| ||
Capital contributions payable |
| — |
| — |
| ||
|
|
|
|
|
| ||
|
| 2,691,297 |
| 2,277,361 |
| ||
|
|
|
|
|
| ||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
| ||
Assignor limited partner |
|
|
|
|
| ||
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, 2008 and 2007 |
| — |
| — |
| ||
Limited Partners |
|
|
|
|
| ||
Units of beneficial interest of the limited partnership interest of the assignor limited partner, 4,080,000 issued and outstanding at March 31, 2008 and 2007 |
| (1,803,587 | ) | (997,385 | ) | ||
General partner |
| (372,233 | ) | (364,090 | ) | ||
|
|
|
|
|
| ||
|
| (2,175,820 | ) | (1,361,475 | ) | ||
|
|
|
|
|
| ||
|
| $ | 515,477 |
| $ | 915,886 |
|
See notes to financial statements
F-10
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS
Years ended March 31, 2008 and 2007
|
| Total |
| ||||
|
| 2008 |
| 2007 |
| ||
Income |
|
|
|
|
| ||
Interest income |
| $ | 32,125 |
| $ | 41,815 |
|
Other income |
| 28,450 |
| 96,772 |
| ||
|
|
|
|
|
| ||
Total income |
| 60,575 |
| 138,587 |
| ||
|
|
|
|
|
| ||
Share of income (losses) from operating limited partnerships |
| (1,376,172 | ) | (1,280,294 | ) | ||
|
|
|
|
|
| ||
Expenses |
|
|
|
|
| ||
Professional fees |
| 234,608 |
| 282,015 |
| ||
Partnership management fee |
| 2,073,124 |
| 2,138,666 |
| ||
Amortization |
| 52,385 |
| 52,384 |
| ||
Impairment loss |
| 293,550 |
| 1,365,076 |
| ||
General and administrative expenses |
| 206,203 |
| 208,273 |
| ||
|
|
|
|
|
| ||
|
| 2,859,870 |
| 4,046,414 |
| ||
|
|
|
|
|
| ||
NET INCOME (LOSS) |
| $ | (4,175,467 | ) | $ | (5,188,121 | ) |
|
|
|
|
|
| ||
Net income (loss) allocated to general partner |
| $ | (41,754 | ) | $ | (51,881 | ) |
|
|
|
|
|
| ||
Net income (loss) allocated to limited partners |
| $ | (4,133,713 | ) | $ | (5,136,240 | ) |
|
|
|
|
|
| ||
Net income (loss) per BAC |
| $ | (0.19 | ) | $ | (0.23 | ) |
(continued)
F-11
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2008 and 2007
|
| Series 15 |
| ||||
|
| 2008 |
| 2007 |
| ||
Income |
|
|
|
|
| ||
Interest income |
| $ | 11,941 |
| $ | 15,446 |
|
Other income |
| 1,249 |
| 4,837 |
| ||
|
|
|
|
|
| ||
Total income |
| 13,190 |
| 20,283 |
| ||
|
|
|
|
|
| ||
Share of income (losses) from operating limited partnerships |
| (65,374 | ) | 1,006,045 |
| ||
|
|
|
|
|
| ||
Expenses |
|
|
|
|
| ||
Professional fees |
| 55,253 |
| 66,443 |
| ||
Partnership management fee |
| 362,888 |
| 393,151 |
| ||
Amortization |
| 7,653 |
| 7,652 |
| ||
Impairment loss |
| 6,087 |
| — |
| ||
General and administrative expenses |
| 41,365 |
| 42,512 |
| ||
|
|
|
|
|
| ||
|
| 473,246 |
| 509,758 |
| ||
|
|
|
|
|
| ||
NET INCOME (LOSS) |
| $ | (525,430 | ) | $ | 516,570 |
|
|
|
|
|
|
| ||
Net income (loss) allocated to general partner |
| $ | (5,254 | ) | $ | 5,166 |
|
|
|
|
|
|
| ||
Net income (loss) allocated to limited partners |
| $ | (520,176 | ) | $ | 511,404 |
|
|
|
|
|
|
| ||
Net income (loss) per BAC |
| $ | (0.13 | ) | $ | 0.13 |
|
(continued)
F-12
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2008 and 2007
|
| Series 16 |
| ||||
|
| 2008 |
| 2007 |
| ||
Income |
|
|
|
|
| ||
Interest income |
| $ | 6,507 |
| $ | 6,985 |
|
Other income |
| 9,540 |
| 4,954 |
| ||
|
|
|
|
|
| ||
Total income |
| 16,047 |
| 11,939 |
| ||
|
|
|
|
|
| ||
Share of income (losses) from operating limited partnerships |
| (645,050 | ) | (830,125 | ) | ||
|
|
|
|
|
| ||
Expenses |
|
|
|
|
| ||
Professional fees |
| 54,183 |
| 67,919 |
| ||
Partnership management fee |
| 546,653 |
| 555,951 |
| ||
Amortization |
| 10,600 |
| 10,600 |
| ||
Impairment loss |
| — |
| — |
| ||
General and administrative expenses |
| 49,820 |
| 49,284 |
| ||
|
|
|
|
|
| ||
|
| 661,256 |
| 683,754 |
| ||
|
|
|
|
|
| ||
NET INCOME (LOSS) |
| $ | (1,290,259 | ) | $ | (1,501,940 | ) |
|
|
|
|
|
| ||
Net income (loss) allocated to general partner |
| $ | (12,903 | ) | $ | (15,019 | ) |
|
|
|
|
|
| ||
Net income (loss) allocated to limited partners |
| $ | (1,277,356 | ) | $ | (1,486,921 | ) |
|
|
|
|
|
| ||
Net income (loss) per BAC |
| $ | (0.24 | ) | $ | (0.27 | ) |
(continued)
F-13
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2008 and 2007
|
| Series 17 |
| ||||
|
| 2008 |
| 2007 |
| ||
Income |
|
|
|
|
| ||
Interest income |
| $ | 6,639 |
| $ | 12,850 |
|
Other income |
| 12,097 |
| 13,085 |
| ||
|
|
|
|
|
| ||
Total income |
| 18,736 |
| 25,935 |
| ||
|
|
|
|
|
| ||
Share of income (losses) from operating limited partnerships |
| (216,176 | ) | (428,223 | ) | ||
|
|
|
|
|
| ||
Expenses |
|
|
|
|
| ||
Professional fees |
| 45,179 |
| 58,291 |
| ||
Partnership management fee |
| 425,920 |
| 465,239 |
| ||
Amortization |
| 11,312 |
| 11,312 |
| ||
Impairment loss |
| 287,463 |
| 199,703 |
| ||
General and administrative expenses |
| 44,180 |
| 45,859 |
| ||
|
|
|
|
|
| ||
|
| 814,054 |
| 780,404 |
| ||
|
|
|
|
|
| ||
NET INCOME (LOSS) |
| $ | (1,011,494 | ) | $ | (1,182,692 | ) |
|
|
|
|
|
| ||
Net income (loss) allocated to general partner |
| $ | (10,115 | ) | $ | (11,827 | ) |
|
|
|
|
|
| ||
Net income (loss) allocated to limited partners |
| $ | (1,001,379 | ) | $ | (1,170,865 | ) |
|
|
|
|
|
| ||
Net income (loss) per BAC |
| $ | (0.20 | ) | $ | (0.23 | ) |
(continued)
F-14
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2008 and 2007
|
| Series 18 |
| ||||
|
| 2008 |
| 2007 |
| ||
Income |
|
|
|
|
| ||
Interest income |
| $ | 2,934 |
| $ | 2,680 |
|
Other income |
| 4,514 |
| 70,182 |
| ||
|
|
|
|
|
| ||
Total income |
| 7,448 |
| 72,862 |
| ||
|
|
|
|
|
| ||
Share of income (losses) from operating limited partnerships |
| (92,945 | ) | (227,177 | ) | ||
|
|
|
|
|
| ||
Expenses |
|
|
|
|
| ||
Professional fees |
| 37,765 |
| 52,884 |
| ||
Partnership management fee |
| 368,091 |
| 354,725 |
| ||
Amortization |
| 8,391 |
| 8,391 |
| ||
Impairment loss |
| — |
| 404,990 |
| ||
General and administrative expenses |
| 34,195 |
| 34,098 |
| ||
|
|
|
|
|
| ||
|
| 448,442 |
| 855,088 |
| ||
|
|
|
|
|
| ||
NET INCOME (LOSS) |
| $ | (533,939 | ) | $ | (1,009,403 | ) |
|
|
|
|
|
| ||
Net income (loss) allocated to general partner |
| $ | (5,339 | ) | $ | (10,094 | ) |
|
|
|
|
|
| ||
Net income (loss) allocated to limited partners |
| $ | (528,600 | ) | $ | (999,309 | ) |
|
|
|
|
|
| ||
Net income (loss) per BAC |
| $ | (0.15 | ) | $ | (0.28 | ) |
(continued)
F-15
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF OPERATIONS - CONTINUED
Years ended March 31, 2008 and 2007
|
| Series 19 |
| ||||
|
| 2008 |
| 2007 |
| ||
Income |
|
|
|
|
| ||
Interest income |
| $ | 4,104 |
| $ | 3,854 |
|
Other income |
| 1,050 |
| 3,714 |
| ||
|
|
|
|
|
| ||
Total income |
| 5,154 |
| 7,568 |
| ||
|
|
|
|
|
| ||
Share of income (losses) from operating limited partnerships |
| (356,627 | ) | (800,814 | ) | ||
|
|
|
|
|
| ||
Expenses |
|
|
|
|
| ||
Professional fees |
| 42,228 |
| 36,478 |
| ||
Partnership management fee |
| 369,572 |
| 369,600 |
| ||
Amortization |
| 14,429 |
| 14,429 |
| ||
Impairment loss |
| — |
| 760,383 |
| ||
General and administrative expenses |
| 36,643 |
| 36,520 |
| ||
|
|
|
|
|
| ||
|
| 462,872 |
| 1,217,410 |
| ||
|
|
|
|
|
| ||
NET INCOME (LOSS) |
| $ | (814,345 | ) | $ | (2,010,656 | ) |
|
|
|
|
|
| ||
Net income (loss) allocated to general partner |
| $ | (8,143 | ) | $ | (20,107 | ) |
|
|
|
|
|
| ||
Net income (loss) allocated to limited partners |
| $ | (806,202 | ) | $ | (1,990,549 | ) |
|
|
|
|
|
| ||
Net income (loss) per BAC |
| $ | (0.20 | ) | $ | (0.49 | ) |
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 (DEFICIT)
Years ended March 31, 2008 and 2007
|
| Limited |
| General |
|
|
| |||
Total |
| partners |
| partner |
| Total |
| |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2006 |
| $ | (10,077,051 | ) | $ | (2,009,201 | ) | $ | (12,086,252 | ) |
|
|
|
|
|
|
|
| |||
Distributions to partners |
| (1,805,924 | ) | — |
| (1,805,924 | ) | |||
|
|
|
|
|
|
|
| |||
Net loss |
| (5,136,240 | ) | (51,881 | ) | (5,188,121 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2007 |
| $ | (17,019,215 | ) | $ | (2,061,082 | ) | $ | (19,080,297 | ) |
|
|
|
|
|
|
|
| |||
Net loss |
| (4,133,713 | ) | (41,754 | ) | (4,175,467 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2008 |
| $ | (21,152,928 | ) | $ | (2,102,836 | ) | $ | (23,255,764 | ) |
(continued)
F-17
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2008 and 2007
|
| Limited |
| General |
|
|
| |||
Series 15 |
| partners |
| partner |
| Total |
| |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2006 |
| $ | (3,230,009 | ) | $ | (367,571 | ) | $ | (3,597,580 | ) |
|
|
|
|
|
|
|
| |||
Distributions to partners |
| (940,481 | ) | — |
| (940,481 | ) | |||
|
|
|
|
|
|
|
| |||
Net income |
| 511,404 |
| 5,166 |
| 516,570 |
| |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2007 |
| $ | (3,659,086 | ) | $ | (362,405 | ) | $ | (4,021,491 | ) |
|
|
|
|
|
|
|
| |||
Net loss |
| (520,176 | ) | (5,254 | ) | (525,430 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2008 |
| $ | (4,179,262 | ) | $ | (367,659 | ) | $ | (4,546,921 | ) |
(continued)
F-18
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2008 and 2007
|
| Limited |
| General |
|
|
| |||
Series 16 |
| partners |
| partner |
| Total |
| |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2006 |
| $ | (3,158,172 | ) | $ | (503,223 | ) | $ | (3,661,395 | ) |
|
|
|
|
|
|
|
| |||
Net loss |
| (1,486,921 | ) | (15,019 | ) | (1,501,940 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2007 |
| $ | (4,645,093 | ) | $ | (518,242 | ) | $ | (5,163,335 | ) |
|
|
|
|
|
|
|
| |||
Net loss |
| (1,277,356 | ) | (12,903 | ) | (1,290,259 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2008 |
| $ | (5,922,449 | ) | $ | (531,145 | ) | $ | (6,453,594 | ) |
(continued)
F-19
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2008 and 2007
|
| Limited |
| General |
|
|
| |||
Series 17 |
| partners |
| partner |
| Total |
| |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2006 |
| $ | (2,350,393 | ) | $ | (457,511 | ) | $ | (2,807,904 | ) |
|
|
|
|
|
|
|
| |||
Distributions to partners |
| (865,443 | ) | — |
| (865,443 | ) | |||
|
|
|
|
|
|
|
| |||
Net loss |
| (1,170,865 | ) | (11,827 | ) | (1,182,692 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2007 |
| $ | (4,386,701 | ) | $ | (469,338 | ) | $ | (4,856,039 | ) |
|
|
|
|
|
|
|
| |||
Net loss |
| (1,001,379 | ) | (10,115 | ) | (1,011,494 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2008 |
| $ | (5,388,080 | ) | $ | (479,453 | ) | $ | (5,867,533 | ) |
(continued)
F-20
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2008 and 2007
|
| Limited |
| General |
|
|
| |||
Series 18 |
| partners |
| partner |
| Total |
| |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2006 |
| $ | (2,331,641 | ) | $ | (336,913 | ) | $ | (2,668,554 | ) |
|
|
|
|
|
|
|
| |||
Net loss |
| (999,309 | ) | (10,094 | ) | (1,009,403 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2007 |
| $ | (3,330,950 | ) | $ | (347,007 | ) | $ | (3,677,957 | ) |
|
|
|
|
|
|
|
| |||
Net loss |
| (528,600 | ) | (5,339 | ) | (533,939 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2008 |
| $ | (3,859,550 | ) | $ | (352,346 | ) | $ | (4,211,896 | ) |
(continued)
F-21
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL (DEFICIT) - CONTINUED
Years ended March 31, 2008 and 2007
|
| Limited |
| General |
|
|
| |||
Series 19 |
| partners |
| partner |
| Total |
| |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2006 |
| $ | 993,164 |
| $ | (343,983 | ) | $ | 649,181 |
|
|
|
|
|
|
|
|
| |||
Net loss |
| (1,990,549 | ) | (20,107 | ) | (2,010,656 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2007 |
| $ | (997,385 | ) | $ | (364,090 | ) | $ | (1,361,475 | ) |
|
|
|
|
|
|
|
| |||
Net loss |
| (806,202 | ) | (8,143 | ) | (814,345 | ) | |||
|
|
|
|
|
|
|
| |||
Partners’ capital (deficit), March 31, 2008 |
| $ | (1,803,587 | ) | $ | (372,233 | ) | $ | (2,175,820 | ) |
See notes to financial statements
F-22
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS
Years ended March 31, 2008 and 2007
|
| Total |
| ||||
|
| 2008 |
| 2007 |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net loss |
| $ | (4,175,467 | ) | $ | (5,188,121 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
| ||
Share of losses from operating limited partnerships |
| 1,376,172 |
| 1,280,294 |
| ||
Distributions received from operating limited partnerships |
| 7,410 |
| 30,836 |
| ||
Impairment loss |
| 293,550 |
| 1,365,076 |
| ||
Amortization |
| 52,385 |
| 52,384 |
| ||
Changes in assets and liabilities |
|
|
|
|
| ||
Other assets |
| (7,340 | ) | (7,126 | ) | ||
Accounts payable and accrued expenses |
| 16,905 |
| (40,266 | ) | ||
Accounts payable - affiliates |
| 1,187,067 |
| 1,696,733 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) operating activities |
| (1,249,318 | ) | (810,190 | ) | ||
|
|
|
|
|
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Capital contributions paid to operating limited partnerships |
| (4,208 | ) | — |
| ||
Proceeds from disposition of operating limited partnerships |
| 80,903 |
| 1,271,354 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) investing activities |
| 76,695 |
| 1,271,354 |
| ||
|
|
|
|
|
| ||
Cash flows from financing activities |
|
|
|
|
| ||
Distributions to partners |
| — |
| (1,805,924 | ) | ||
|
|
|
|
|
| ||
Net cash provided by (used in) financing activity |
| — |
| (1,805,924 | ) | ||
|
|
|
|
|
| ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| (1,172,623 | ) | (1,344,760 | ) | ||
|
|
|
|
|
| ||
Cash and cash equivalents, beginning |
| 1,947,702 |
| 3,292,462 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents, end |
| $ | 775,079 |
| $ | 1,947,702 |
|
(continued)
F-23
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2008 and 2007
|
| Series 15 |
| ||||
|
| 2008 |
| 2007 |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net income (loss) |
| $ | (525,430 | ) | $ | 516,570 |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
|
|
|
|
| ||
Share of income (losses) from operating limited partnerships |
| 65,374 |
| (1,006,045 | ) | ||
Distributions received from operating limited partnerships |
| — |
| — |
| ||
Impairment loss |
| 6,087 |
| — |
| ||
Amortization |
| 7,653 |
| 7,652 |
| ||
Changes in assets and liabilities |
|
|
|
|
| ||
Other assets |
| (7,340 | ) | (4,365 | ) | ||
Accounts payable and accrued expenses |
| 15,381 |
| — |
| ||
Accounts payable - affiliates |
| (783,229 | ) | 260,409 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) operating activities |
| (1,221,504 | ) | (225,779 | ) | ||
|
|
|
|
|
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Capital contributions paid to operating limited partnerships |
| (4,208 | ) | — |
| ||
Proceeds from disposition of operating limited partnerships |
| 80,903 |
| 1,249,013 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) investing activities |
| 76,695 |
| 1,249,013 |
| ||
|
|
|
|
|
| ||
Cash flows from financing activities |
|
|
|
|
| ||
Distributions to partners |
| — |
| (940,481 | ) | ||
|
|
|
|
|
| ||
Net cash provided by (used in) financing activity |
| — |
| (940,481 | ) | ||
|
|
|
|
|
| ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| (1,144,809 | ) | 82,753 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents, beginning |
| 1,345,224 |
| 1,262,471 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents, end |
| $ | 200,415 |
| $ | 1,345,224 |
|
(continued)
F-24
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2008 and 2007
|
| Series 16 |
| ||||
|
| 2008 |
| 2007 |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net loss |
| $ | (1,290,259 | ) | $ | (1,501,940 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
| ||
Share of losses from operating limited partnerships |
| 645,050 |
| 830,125 |
| ||
Distributions received from operating limited partnerships |
| 3,797 |
| 8,385 |
| ||
Impairment loss |
| — |
| — |
| ||
Amortization |
| 10,600 |
| 10,600 |
| ||
Changes in assets and liabilities |
|
|
|
|
| ||
Other assets |
| — |
| (6,175 | ) | ||
Accounts payable and accrued expenses |
| 381 |
| (40,266 | ) | ||
Accounts payable - affiliates |
| 637,927 |
| 301,865 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) operating activities |
| 7,496 |
| (397,406 | ) | ||
|
|
|
|
|
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Capital contributions paid to operating limited partnerships |
| — |
| — |
| ||
Proceeds from disposition of operating limited partnerships |
| — |
| 15,021 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) investing activities |
| — |
| 15,021 |
| ||
|
|
|
|
|
| ||
Cash flows from financing activities |
|
|
|
|
| ||
Distributions to partners |
| — |
| — |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) financing activity |
| — |
| — |
| ||
|
|
|
|
|
| ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| 7,496 |
| (382,385 | ) | ||
|
|
|
|
|
| ||
Cash and cash equivalents, beginning |
| 190,149 |
| 572,534 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents, end |
| $ | 197,645 |
| $ | 190,149 |
|
(continued)
F-25
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2008 and 2007
|
| Series 17 |
| ||||
|
| 2008 |
| 2007 |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net loss |
| $ | (1,011,494 | ) | $ | (1,182,692 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
| ||
Share of losses from operating limited partnerships |
| 216,176 |
| 428,223 |
| ||
Distributions received from operating limited partnerships |
| 3,612 |
| 4,240 |
| ||
Impairment loss |
| 287,463 |
| 199,703 |
| ||
Amortization |
| 11,312 |
| 11,312 |
| ||
Changes in assets and liabilities |
|
|
|
|
| ||
Other assets |
| — |
| 5,181 |
| ||
Accounts payable and accrued expenses |
| 381 |
| — |
| ||
Accounts payable - affiliates |
| 517,260 |
| 319,920 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) operating activities |
| 24,710 |
| (214,113 | ) | ||
|
|
|
|
|
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Capital contributions paid to operating limited partnerships |
| — |
| — |
| ||
Proceeds from disposition of operating limited partnerships |
| — |
| 7,320 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) investing activities |
| — |
| 7,320 |
| ||
|
|
|
|
|
| ||
Cash flows from financing activities |
|
|
|
|
| ||
Distributions to partners |
| — |
| (865,443 | ) | ||
|
|
|
|
|
| ||
Net cash provided by (used in) financing activity |
| — |
| (865,443 | ) | ||
|
|
|
|
|
| ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| 24,710 |
| (1,072,236 | ) | ||
|
|
|
|
|
| ||
Cash and cash equivalents, beginning |
| 165,814 |
| 1,238,050 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents, end |
| $ | 190,524 |
| $ | 165,814 |
|
(continued)
F-26
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2008 and 2007
|
| Series 18 |
| ||||
|
| 2008 |
| 2007 |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net loss |
| $ | (533,939 | ) | $ | (1,009,403 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
| ||
Share of losses from operating limited partnerships |
| 92,945 |
| 227,177 |
| ||
Distributions received from (refunded to) operating limited partnerships |
| 1 |
| 933 |
| ||
Impairment loss |
| — |
| 404,990 |
| ||
Amortization |
| 8,391 |
| 8,391 |
| ||
Changes in assets and liabilities |
|
|
|
|
| ||
Other assets |
| — |
| — |
| ||
Accounts payable and accrued expenses |
| 381 |
| — |
| ||
Accounts payable - affiliates |
| 401,554 |
| 403,191 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) operating activities |
| (30,667 | ) | 35,279 |
| ||
|
|
|
|
|
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Capital contributions paid to operating limited partnerships |
| — |
| — |
| ||
Proceeds from disposition of operating limited partnerships |
| — |
| — |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) investing activities |
| — |
| — |
| ||
|
|
|
|
|
| ||
Cash flows from financing activities |
|
|
|
|
| ||
Distributions to partners |
| — |
| — |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) financing activity |
| — |
| — |
| ||
|
|
|
|
|
| ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| (30,667 | ) | 35,279 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents, beginning |
| 107,343 |
| 72,064 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents, end |
| $ | 76,676 |
| $ | 107,343 |
|
(continued)
F-27
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
STATEMENTS OF CASH FLOWS - CONTINUED
Years ended March 31, 2008 and 2007
|
| Series 19 |
| ||||
|
| 2008 |
| 2007 |
| ||
Cash flows from operating activities |
|
|
|
|
| ||
Net loss |
| $ | (814,345 | ) | $ | (2,010,656 | ) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities |
|
|
|
|
| ||
Share of losses from operating limited partnerships |
| 356,627 |
| 800,814 |
| ||
Distributions received from operating limited partnerships |
| — |
| 17,278 |
| ||
Impairment loss |
| — |
| 760,383 |
| ||
Amortization |
| 14,429 |
| 14,429 |
| ||
Changes in assets and liabilities |
|
|
|
|
| ||
Other assets |
| — |
| (1,767 | ) | ||
Accounts payable and accrued expenses |
| 381 |
| — |
| ||
Accounts payable - affiliates |
| 413,555 |
| 411,348 |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) operating activities |
| (29,353 | ) | (8,171 | ) | ||
|
|
|
|
|
| ||
Cash flows from investing activities |
|
|
|
|
| ||
Capital contributions paid to operating limited partnerships |
| — |
| — |
| ||
Proceeds from disposition of operating limited partnerships |
| — |
| — |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) investing activities |
| — |
| — |
| ||
|
|
|
|
|
| ||
Cash flows from financing activities |
|
|
|
|
| ||
Distributions to partners |
| — |
| — |
| ||
|
|
|
|
|
| ||
Net cash provided by (used in) financing activity |
| — |
| — |
| ||
|
|
|
|
|
| ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
| (29,353 | ) | (8,171 | ) | ||
|
|
|
|
|
| ||
Cash and cash equivalents, beginning |
| 139,172 |
| 147,343 |
| ||
|
|
|
|
|
| ||
Cash and cash equivalents, end |
| $ | 109,819 |
| $ | 139,172 |
|
(continued)
F-28
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS
March 31, 2008 and 2007
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, 2008 and 2007 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-29
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
Under Emerging Issues Task Force (EITF) 98-13, after the investment account is reduced to zero, receivables due from the operating limited partnerships are decreased by the fund’s share of losses and, accordingly, a valuation allowance is recorded against the receivables. Accordingly, the partnership recorded a valuation allowance as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | 36,930 |
| $ | 169,007 |
|
Series 16 |
| 14,193 |
| 14,193 |
| ||
Series 17 |
| 85,401 |
| 85,401 |
| ||
Series 18 |
| 57,536 |
| 57,536 |
| ||
Series 19 |
| 2,921 |
| 2,921 |
| ||
|
|
|
|
|
| ||
|
| $ | 196,981 |
| $ | 329,058 |
|
A loss in value of an investment in an operating limited partnership other than a temporary decline is 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. In addition, deferred acquisition costs related to each investment are evaluated for impairment when an impairment loss has reduced an investment balance to zero. Accordingly, the partnership recorded an impairment loss of $293,550 and $1,365,076 during the years ended March 31, 2008 and 2007, respectively.
F-30
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Investments in Operating Limited Partnerships (Continued)
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 certain 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.
As of March 31, 2004, the partnership adopted FASB Interpretation No. 46 - - Revised (“FIN 46R”), “Consolidation of Variable Interest Entities.” FIN 46R provides guidance on when a company should include the assets, liabilities, and activities of a variable interest entity (“VIE”) in its financial statements and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it absorbs the majority of the entity’s expected losses, the majority of the expected residual returns, or both.
F-31
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Investments in Operating Limited Partnerships (Continued)
Based on the guidance of FIN 46R, the operating limited partnerships in which the partnership invests in meet the definition of a VIE. However, management does not consolidate the partnership’s interests in these VIEs under FIN 46R, as it is not considered to be the primary beneficiary. The partnership currently records the amount of its investment in these partnerships as an asset in the balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in the financial statements.
The partnership’s balance in investment in operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The partnership’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the local general partners and their guarantee against credit recapture.
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, 2008 and 2007 is as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | 178,212 |
| $ | 170,559 |
|
Series 16 |
| 309,729 |
| 299,129 |
| ||
Series 17 |
| 269,377 |
| 258,065 |
| ||
Series 18 |
| 193,270 |
| 184,879 |
| ||
Series 19 |
| 186,077 |
| 171,648 |
| ||
|
|
|
|
|
| ||
|
| $ | 1,136,665 |
| $ | 1,084,280 |
|
F-32
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Deferred Acquisition Costs (Continued)
The amortization of the deferred acquisition costs for each of the ensuing 5 years through March 31, 2013 is estimated to be $52,385 per year.
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 and money market accounts 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-33
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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, 2008 and 2007 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 |
|
|
|
|
|
|
| 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-34
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE B - RELATED PARTY TRANSACTIONS
During the years ended March 31, 2008 and 2007, 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 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 partnership management fee charged to operations during the years ended March 31, 2008 and 2007 is as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | 441,771 |
| $ | 494,705 |
|
Series 16 |
| 635,316 |
| 649,788 |
| ||
Series 17 |
| 517,260 |
| 518,500 |
| ||
Series 18 |
| 381,948 |
| 381,948 |
| ||
Series 19 |
| 411,348 |
| 411,348 |
| ||
|
|
|
|
|
| ||
|
| $ | 2,387,643 |
| $ | 2,456,289 |
|
F-35
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
The reporting fees paid by the Operating Partnerships for the years ended March 31, 2008 and 2007 are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | 78,883 |
| $ | 101,554 |
|
Series 16 |
| 88,663 |
| 93,837 |
| ||
Series 17 |
| 91,340 |
| 53,261 |
| ||
Series 18 |
| 13,857 |
| 27,223 |
| ||
Series 19 |
| 41,776 |
| 41,748 |
| ||
|
|
|
|
|
| ||
|
| $ | 314,519 |
| $ | 317,623 |
|
The partnership management fees paid for the years ended March 31, 2008 and 2007 are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | 1,225,000 |
| $ | 234,296 |
|
Series 16 |
| — |
| 347,923 |
| ||
Series 17 |
| — |
| 198,581 |
| ||
Series 18 |
| — |
| — |
| ||
Series 19 |
| — |
| — |
| ||
|
|
|
|
|
| ||
|
| $ | 1,225,000 |
| $ | 780,800 |
|
F-36
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
An affiliate of the general partner of the Partnership advanced funds to pay some operating expenses of the Partnership, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable-affiliates. The total advances from the affiliate of the general partner to the Operating Partnerships for the years ended March 31, 2008 and 2007 are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | — |
| $ | — |
|
Series 16 |
| 2,611 |
| — |
| ||
Series 17 |
| 635,362 |
| 635,362 |
| ||
Series 18 |
| 128,783 |
| 109,177 |
| ||
Series 19 |
| 2,207 |
| — |
| ||
|
|
|
|
|
| ||
|
| $ | 768,963 |
| $ | 744,539 |
|
All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Partnership’s interests in Operating Partnerships.
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, 2008 and 2007 charged to each series’ operations are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | 24,349 |
| $ | 27,017 |
|
Series 16 |
| 25,976 |
| 28,902 |
| ||
Series 17 |
| 23,239 |
| 25,455 |
| ||
Series 18 |
| 19,606 |
| 21,244 |
| ||
Series 19 |
| 19,365 |
| 20,752 |
| ||
|
|
|
|
|
| ||
|
| $ | 112,535 |
| $ | 123,370 |
|
The Partnership had previously recorded and paid BCAMLP in connection with the disposition of certain Operating Partnerships certain amounts which were incorrectly referred to as sales preparation fees. The payments were actually for reimbursement of overhead and salary expenses incurred by Boston Capital and its Affiliates in connection with the disposition of three Operating Partnerships.
F-37
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE B - RELATED PARTY TRANSACTIONS (Continued)
Accounts payable - affiliates at March 31, 2008 and 2007 represents fund management fees and operating limited partnership advances which are payable to Boston Capital Asset Management Limited Partnership. The carrying value of the accounts payable - affiliates approximates fair value.
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS
At March 31, 2008 and 2007, the fund has limited partnership interests in operating limited partnerships which own or are constructing operating apartment complexes. The number of operating limited partnerships in which the fund has limited partnership interests at March 31, 2008 and 2007 by series are as follows:
|
| 2008 |
| 2007 |
|
|
|
|
|
|
|
Series 15 |
| 58 |
| 63 |
|
Series 16 |
| 61 |
| 61 |
|
Series 17 |
| 47 |
| 47 |
|
Series 18 |
| 34 |
| 34 |
|
Series 19 |
| 26 |
| 26 |
|
|
|
|
|
|
|
|
| 226 |
| 231 |
|
F-38
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
During the year end March 31, 2008 the partnership disposed of five operating limited partnerships and received additional proceeds from one operating limited partnership which was disposed of in the prior year. A summary of the dispositions by Series for March 31, 2008 is as follows:
|
| Operating |
| Sale of |
| Partnership Proceeds |
| Gain/(Loss) on |
| ||
|
|
|
|
|
|
|
|
|
| ||
Series 15 |
| 5 |
| — |
| $ | 80,903 |
| $ | 80,903 |
|
Series 16 |
| — |
| — |
| — |
| — |
| ||
Series 17 |
| — |
| — |
| — |
| — |
| ||
Series 18 |
| — |
| — |
| — |
| — |
| ||
Series 19 |
| — |
| — |
| — |
| — |
| ||
|
|
|
|
|
|
|
|
|
| ||
Total |
| 5 |
| — |
| $ | 80,903 |
| $ | 80,903 |
|
* Fund proceeds from disposition include additional proceeds received for a sale of an Operating Partnership recorded as of March 31, 2007, of $7,188 for Series 15.
During the year end March 31, 2007 the partnership disposed of three operating limited partnerships, sold a portion of its interest in one operating limited partnership, and received additional proceeds from one operating limited partnerships which was disposed of in the prior year. A summary of the dispositions by Series for March 31, 2007 is as follows:
|
| Operating |
| Sale of |
| Partnership Proceeds |
| Gain/(Loss) on |
| ||
|
|
|
|
|
|
|
|
|
| ||
Series 15 |
| 2 |
| 1 |
| $ | 1,249,013 |
| $ | 1,185,775 |
|
Series 16 |
| 1 |
| — |
| 15,021 |
| 15,021 |
| ||
Series 17 |
| — |
| — |
| 7,320 |
| — |
| ||
Series 18 |
| — |
| — |
| — |
| — |
| ||
Series 19 |
| — |
| — |
| — |
| — |
| ||
|
|
|
|
|
|
|
|
|
| ||
Total |
| 3 |
| 1 |
| $ | 1,271,354 |
| $ | 1,200,796 |
|
F-39
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
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, 2008 and 2007 by series are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | — |
| $ | 4,208 |
|
Series 16 |
| 71,862 |
| 71,862 |
| ||
Series 17 |
| 67,895 |
| 67,895 |
| ||
Series 18 |
| 18,554 |
| 18,554 |
| ||
Series 19 |
| — |
| — |
| ||
|
|
|
|
|
| ||
|
| $ | 158,311 |
| $ | 162,519 |
|
F-40
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund’s investments in operating limited partnerships at March 31, 2008 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 |
| 141,108,877 |
| $ | 18,874,532 |
| $ | 35,385,389 |
|
|
|
|
|
|
|
|
| ||
Acquisition costs of operating limited partnerships |
| 17,337,084 |
| 2,080,049 |
| 4,154,447 |
| ||
|
|
|
|
|
|
|
| ||
Syndication costs from operating limited partnerships |
| (56,632 | ) | — |
| — |
| ||
|
|
|
|
|
|
|
| ||
Cumulative distributions from operating limited partnerships |
| (1,272,350 | ) | (17,967 | ) | (495,504 | ) | ||
|
|
|
|
|
|
|
| ||
Cumulative impairment loss in investment in operating limited partnerships |
| (31,781,950 | ) | (1,432,911 | ) | (8,151,746 | ) | ||
|
|
|
|
|
|
|
| ||
Cumulative losses from operating limited partnerships |
| (123,674,025 | ) | (19,294,143 | ) | (30,414,568 | ) | ||
|
|
|
|
|
|
|
| ||
Investments in operating limited partnerships per balance sheets |
| 1,661,004 |
| 209,560 |
| 478,018 |
| ||
|
|
|
|
|
|
|
| ||
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A) |
| (1,074,310 | ) | (128,731 | ) | (113,965 | ) | ||
|
|
|
|
|
|
|
| ||
The fund has recorded acquisition costs at March 31, 2008 which have not been recorded in the net assets of the operating limited partnerships (see note A) |
| (2,670,520 | ) | (370,433 | ) | (582,648 | ) | ||
|
|
|
|
|
|
|
| ||
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) |
| 2,082,345 |
| 358,789 |
| — |
| ||
F-41
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
|
| Total |
| Series 15 |
| Series 16 |
| |||
|
|
|
|
|
|
|
| |||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) |
| (44,267,280 | ) | (11,454,894 | ) | (13,298,206 | ) | |||
|
|
|
|
|
|
|
| |||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) |
| 722,457 |
| 163,301 |
| 151,497 |
| |||
|
|
|
|
|
|
|
| |||
Cumulative impairment loss in investment in operating limited partnerships |
| 31,781,950 |
| 1,432,911 |
| 8,151,746 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 692,997 |
| (12,122 | ) | 699,202 |
| |||
|
|
|
|
|
|
|
| |||
Equity per operating limited partnerships’ combined financial statements |
| $ | (11,071,357 | ) | $ | (9,801,619 | ) | $ | (4,514,356 | ) |
F-42
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund’s investments in operating limited partnerships at March 31, 2008 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 |
| $ | 30,916,846 |
| $ | 26,416,735 |
| $ | 29,515,375 |
|
|
|
|
|
|
|
|
| |||
Acquisition costs of operating limited partnerships |
| 3,782,254 |
| 3,587,530 |
| 3,732,804 |
| |||
|
|
|
|
|
|
|
| |||
Syndication costs from operating limited partnerships |
| — |
| (56,632 | ) | — |
| |||
|
|
|
|
|
|
|
| |||
Cumulative distributions from operating limited partnerships |
| (134,913 | ) | (137,878 | ) | (486,088 | ) | |||
|
|
|
|
|
|
|
| |||
Cumulative impairment loss in investment in operating limited partnerships |
| (6,142,671 | ) | (5,926,733 | ) | (10,127,889 | ) | |||
|
|
|
|
|
|
|
| |||
Cumulative losses from operating limited partnerships |
| (27,641,773 | ) | (23,883,022 | ) | (22,440,519 | ) | |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships per balance sheets |
| 779,743 |
| — |
| 193,683 |
| |||
|
|
|
|
|
|
|
| |||
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2008 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2007 (see note A) |
| (710,224 | ) | (61,783 | ) | (59,607 | ) | |||
|
|
|
|
|
|
|
| |||
The fund has recorded acquisition costs at March 31, 2008 which have not been recorded in the net assets of the operating limited partnerships (see note A) |
| (695,315 | ) | (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-43
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
|
|
|
|
|
|
|
| |||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) |
| (7,194,178 | ) | (7,452,804 | ) | (4,867,198 | ) | |||
|
|
|
|
|
|
|
| |||
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 |
| |||
|
|
|
|
|
|
|
| |||
Cumulative impairment loss in investment in operating limited partnerships |
| 6,142,671 |
| 5,926,733 |
| 10,127,889 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| (20,203 | ) | 5,002 |
| 21,118 |
| |||
|
|
|
|
|
|
|
| |||
Equity per operating limited partnerships’ combined financial statements |
| $ | (885,865 | ) | $ | (1,247,138 | ) | $ | 5,377,621 |
|
F-44
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund’s investments in operating limited partnerships at March 31, 2007 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 |
| $ | 142,450,069 |
| $ | 20,222,979 |
| $ | 35,385,389 |
|
|
|
|
|
|
|
|
| |||
Acquisition costs of operating limited partnerships |
| 17,360,869 |
| 2,103,832 |
| 4,154,447 |
| |||
|
|
|
|
|
|
|
| |||
Syndication costs from operating limited partnerships |
| (56,632 | ) | — |
| — |
| |||
|
|
|
|
|
|
|
| |||
Cumulative distributions from operating limited partnerships |
| (1,263,654 | ) | (16,682 | ) | (491,707 | ) | |||
|
|
|
|
|
|
|
| |||
Cumulative impairment loss in investment in operating limited partnerships |
| (31,880,319 | ) | (1,902,745 | ) | (8,134,883 | ) | |||
|
|
|
|
|
|
|
| |||
Cumulative losses from operating limited partnerships |
| (123,191,294 | ) | (20,045,460 | ) | (29,786,381 | ) | |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships per balance sheets |
| 3,419,039 |
| 361,924 |
| 1,126,865 |
| |||
|
|
|
|
|
|
|
| |||
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A) |
| (1,078,516 | ) | (132,937 | ) | (113,965 | ) | |||
|
|
|
|
|
|
|
| |||
The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A) |
| (2,683,933 | ) | (383,846 | ) | (582,648 | ) | |||
|
|
|
|
|
|
|
| |||
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) |
| 2,146,189 |
| 422,633 |
| — |
| |||
F-45
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
|
| Total |
| Series 15 |
| Series 16 |
| ||
|
|
|
|
|
|
|
| ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) |
| (37,868,729 | ) | (11,800,839 | ) | (11,145,028 | ) | ||
|
|
|
|
|
|
|
| ||
The fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) |
| 738,867 |
| 179,711 |
| 151,497 |
| ||
|
|
|
|
|
|
|
| ||
Cumulative impairment loss in investment in operating limited partnerships |
| 31,918,158 |
| 1,902,745 |
| 8,134,883 |
| ||
|
|
|
|
|
|
|
| ||
Other |
| 689,853 |
| (15,397 | ) | 683,314 |
| ||
|
|
|
|
|
|
|
| ||
Equity per operating limited partnerships’ combined financial statements |
| (2,719,072 | ) | $ | (9,466,006 | ) | $ | (1,745,082 | ) |
F-46
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The fund’s investments in operating limited partnerships at March 31, 2007 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 |
| $ | 30,909,526 |
| $ | 26,416,735 |
| $ | 29,515,440 |
|
|
|
|
|
|
|
|
| |||
Acquisition costs of operating limited partnerships |
| 3,782,255 |
| 3,587,531 |
| 3,732,804 |
| |||
|
|
|
|
|
|
|
| |||
Syndication costs from operating limited partnerships |
| — |
| (56,632 | ) | — |
| |||
|
|
|
|
|
|
|
| |||
Cumulative distributions from operating limited partnerships |
| (131,300 | ) | (137,877 | ) | (486,088 | ) | |||
|
|
|
|
|
|
|
| |||
Cumulative impairment loss in investment in operating limited partnerships |
| (5,822,328 | ) | (5,926,733 | ) | (10,093,630 | ) | |||
|
|
|
|
|
|
|
| |||
Cumulative losses from operating limited partnerships |
| (27,451,159 | ) | (23,790,078 | ) | (22,118,216 | ) | |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships per balance sheets |
| 1,286,994 |
| 92,946 |
| 550,310 |
| |||
|
|
|
|
|
|
|
| |||
The fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2007 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2006 (see note A) |
| (710,224 | ) | (61,783 | ) | (59,607 | ) | |||
|
|
|
|
|
|
|
| |||
The fund has recorded acquisition costs at March 31, 2007 which have not been recorded in the net assets of the operating limited partnerships (see note A) |
| (695,315 | ) | (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-47
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
|
| Series 17 |
| Series 18 |
| Series 19 |
| ||
|
|
|
|
|
|
|
| ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) |
| (5,912,028 | ) | (5,214,009 | ) | (3,796,825 | ) | ||
|
|
|
|
|
|
|
| ||
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 |
| ||
|
|
|
|
|
|
|
| ||
Cumulative impairment loss in investment in operating limited partnerships |
| 5,855,208 |
| 5,926,733 |
| 10,098,589 |
| ||
|
|
|
|
|
|
|
| ||
Other |
| (7,974 | ) | 6,394 |
| 23,516 |
| ||
|
|
|
|
|
|
|
| ||
Equity per operating limited partnerships’ combined financial statements |
| $ | 628,302 |
| 1,085,995 |
| $ | 6,777,719 |
|
F-48
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships at December 31, 2007 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
|
| Total |
| Series 15 |
| Series 16 |
| |||
ASSETS |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Buildings and improvements, net of accumulated depreciation |
| $ | 279,395,017 |
| $ | 42,129,283 |
| $ | 68,126,667 |
|
|
|
|
|
|
|
|
| |||
Land |
| 24,517,558 |
| 3,832,412 |
| 5,001,235 |
| |||
|
|
|
|
|
|
|
| |||
Other assets |
| 39,120,794 |
| 7,495,446 |
| 10,079,310 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 343,033,369 |
| $ | 53,457,141 |
| $ | 83,207,212 |
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Mortgages and construction loans payable |
| $ | 308,676,066 |
| $ | 60,332,156 |
| $ | 73,046,516 |
|
|
|
|
|
|
|
|
| |||
Accounts payable and accrued expenses |
| 15,678,506 |
| 543,443 |
| 7,888,661 |
| |||
|
|
|
|
|
|
|
| |||
Other liabilities |
| 31,442,770 |
| 2,840,403 |
| 4,153,857 |
| |||
|
|
|
|
|
|
|
| |||
|
| 355,797,342 |
| 63,716,002 |
| 85,089,034 |
| |||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
|
|
| |||
Boston Capital Tax Credit Fund III L.P. |
| (11,071,357 | ) | (9,801,619 | ) | (4,514,356 | ) | |||
Other partners |
| (1,692,616 | ) | (457,242 | ) | 2,632,534 |
| |||
|
|
|
|
|
|
|
| |||
|
| (12,763,973 | ) | (10,258,861 | ) | (1,881,822 | ) | |||
|
|
|
|
|
|
|
| |||
|
| $ | 343,033,369 |
| $ | 53,457,141 |
| $ | 83,207,212 |
|
F-49
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships at December 31, 2007 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
ASSETS |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Buildings and improvements, net of accumulated depreciation |
| $ | 71,199,566 |
| $ | 41,760,321 |
| $ | 56,179,180 |
|
|
|
|
|
|
|
|
| |||
Land |
| 6,506,051 |
| 3,336,533 |
| 5,841,327 |
| |||
|
|
|
|
|
|
|
| |||
Other assets |
| 8,913,649 |
| 8,223,252 |
| 4,409,137 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 86,619,266 |
| $ | 53,320,106 |
| $ | 66,429,644 |
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Mortgages and construction loans payable |
| $ | 80,393,578 |
| $ | 43,420,214 |
| $ | 51,483,602 |
|
|
|
|
|
|
|
|
| |||
Accounts payable and accrued expenses |
| 2,055,863 |
| 2,804,523 |
| 2,386,016 |
| |||
|
|
|
|
|
|
|
| |||
Other liabilities |
| 9,704,653 |
| 7,727,696 |
| 7,016,161 |
| |||
|
|
|
|
|
|
|
| |||
|
| 92,154,094 |
| 53,952,433 |
| 60,885,779 |
| |||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
|
|
| |||
Boston Capital Tax Credit Fund III L.P. |
| (885,865 | ) | (1,247,138 | ) | 5,377,621 |
| |||
Other partners |
| (4,648,963 | ) | 614,811 |
| 166,244 |
| |||
|
|
|
|
|
|
|
| |||
|
| (5,534,828 | ) | (632,327 | ) | 5,543,865 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 86,619,266 |
| $ | 53,320,106 |
| $ | 66,429,644 |
|
F-50
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships at December 31, 2006 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS
|
| Total |
| Series 15 |
| Series 16 |
| |||
ASSETS |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Buildings and improvements, net of accumulated depreciation |
| $ | 298,142,057 |
| $ | 47,247,271 |
| $ | 71,416,545 |
|
|
|
|
|
|
|
|
| |||
Land |
| 24,949,002 |
| 4,226,094 |
| 5,020,765 |
| |||
|
|
|
|
|
|
|
| |||
Other assets |
| 37,239,380 |
| 9,060,861 |
| 9,690,421 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 360,330,439 |
| $ | 60,534,226 |
| $ | 86,127,731 |
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Mortgages and construction loans payable |
| $ | 314,708,386 |
| $ | 65,849,535 |
| $ | 72,792,033 |
|
|
|
|
|
|
|
|
| |||
Accounts payable and accrued expenses |
| 15,356,280 |
| 700,217 |
| 6,352,475 |
| |||
|
|
|
|
|
|
|
| |||
Other liabilities |
| 32,276,672 |
| 3,526,284 |
| 5,953,276 |
| |||
|
|
|
|
|
|
|
| |||
|
| 362,341,338 |
| 70,076,036 |
| 85,097,784 |
| |||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
|
|
| |||
Boston Capital Tax Credit Fund III L.P. |
| (2,719,071 | ) | (9,466,006 | ) | (1,745,082 | ) | |||
Other partners |
| 708,172 |
| (75,804 | ) | 2,775,029 |
| |||
|
|
|
|
|
|
|
| |||
|
| (2,010,899 | ) | (9,541,810 | ) | 1,029,947 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 360,330,439 |
| $ | 60,534,226 |
| $ | 86,127,731 |
|
F-51
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized balance sheets of the operating limited partnerships at December 31, 2006 are as follows:
COMBINED SUMMARIZED BALANCE SHEETS - CONTINUED
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
ASSETS |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Buildings and improvements, net of accumulated depreciation |
| $ | 74,419,890 |
| $ | 46,842,715 |
| $ | 58,215,636 |
|
|
|
|
|
|
|
|
| |||
Land |
| 6,497,315 |
| 3,363,433 |
| 5,841,395 |
| |||
|
|
|
|
|
|
|
| |||
Other assets |
| 8,998,113 |
| 5,404,593 |
| 4,085,392 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 89,915,318 |
| $ | 55,610,741 |
| $ | 68,142,423 |
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Mortgages and construction loans payable |
| $ | 80,778,638 |
| $ | 42,934,858 |
| $ | 52,353,322 |
|
|
|
|
|
|
|
|
| |||
Accounts payable and accrued expenses |
| 2,025,202 |
| 3,645,530 |
| 2,632,856 |
| |||
|
|
|
|
|
|
|
| |||
Other liabilities |
| 10,023,905 |
| 6,999,004 |
| 5,774,203 |
| |||
|
|
|
|
|
|
|
| |||
|
| 92,827,745 |
| 53,579,392 |
| 60,760,381 |
| |||
PARTNERS’ CAPITAL (DEFICIT) |
|
|
|
|
|
|
| |||
Boston Capital Tax Credit Fund III L.P. |
| 628,302 |
| 1,085,996 |
| 6,777,719 |
| |||
Other partners |
| (3,540,729 | ) | 945,353 |
| 604,323 |
| |||
|
|
|
|
|
|
|
| |||
|
| (2,912,427 | ) | 2,031,349 |
| 7,382,042 |
| |||
|
|
|
|
|
|
|
| |||
|
| $ | 89,915,318 |
| $ | 55,610,741 |
| $ | 68,142,423 |
|
F-52
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
|
| Total |
| Series 15 |
| Series 16 |
| |||
Revenue |
|
|
|
|
|
|
| |||
Rental |
| $ | 59,969,517 |
| $ | 9,908,955 |
| $ | 13,896,179 |
|
Interest and other |
| 2,758,558 |
| 352,115 |
| 634,786 |
| |||
|
|
|
|
|
|
|
| |||
|
| 62,728,075 |
| 10,261,070 |
| 14,530,965 |
| |||
Expenses |
|
|
|
|
|
|
| |||
Interest |
| 14,115,999 |
| 1,875,514 |
| 2,804,632 |
| |||
Depreciation and amortization |
| 16,634,119 |
| 2,839,503 |
| 4,082,667 |
| |||
Taxes and insurance |
| 8,525,882 |
| 1,211,916 |
| 2,026,563 |
| |||
Repairs and maintenance |
| 12,792,136 |
| 2,190,814 |
| 3,354,114 |
| |||
Operating expenses |
| 21,215,849 |
| 3,693,121 |
| 4,769,773 |
| |||
Other expenses |
| 1,002,115 |
| 92,687 |
| 347,415 |
| |||
|
|
|
|
|
|
|
| |||
|
| 74,286,100 |
| 11,903,555 |
| 17,385,164 |
| |||
|
|
|
|
|
|
|
| |||
NET LOSS |
| $ | (11,558,025 | ) | $ | (1,642,485 | ) | $ | (2,854,199 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to Boston Capital Tax Credit Fund III L.P.* |
| $ | (9,559,338 | ) | $ | (1,483,764 | ) | $ | (2,955,617 | ) |
|
|
|
|
|
|
|
| |||
Net income (loss) allocated to other partners |
| $ | (1,998,687 | ) | $ | (158,721 | ) | $ | 101,418 |
|
* Amounts include $1,337,487, $2,310,567, $1,307,635, $2,018,881, and $1,127,692 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-53
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2007 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
Revenue |
|
|
|
|
|
|
| |||
Rental |
| $ | 15,953,551 |
| $ | 8,126,287 |
| $ | 12,084,545 |
|
Interest and other |
| 636,509 |
| 404,267 |
| 730,881 |
| |||
|
|
|
|
|
|
|
| |||
|
| 16,590,060 |
| 8,530,554 |
| 12,815,426 |
| |||
Expenses |
|
|
|
|
|
|
| |||
Interest |
| 3,942,286 |
| 2,028,509 |
| 3,465,058 |
| |||
Depreciation and amortization |
| 4,021,535 |
| 2,673,307 |
| 3,017,107 |
| |||
Taxes and insurance |
| 2,167,489 |
| 1,290,210 |
| 1,829,704 |
| |||
Repairs and maintenance |
| 3,571,627 |
| 1,824,156 |
| 1,851,425 |
| |||
Operating expenses |
| 5,414,629 |
| 3,000,412 |
| 4,337,914 |
| |||
Other expenses |
| 71,702 |
| 344,965 |
| 145,346 |
| |||
|
|
|
|
|
|
|
| |||
|
| 19,189,268 |
| 11,161,559 |
| 14,646,554 |
| |||
|
|
|
|
|
|
|
| |||
NET LOSS |
| $ | (2,599,208 | ) | $ | (2,631,005 | ) | $ | (1,831,128 | ) |
|
|
|
|
|
|
|
| |||
Net loss allocated to Boston Capital Tax Credit Fund III L.P.* |
| $ | (1,523,811 | ) | $ | (2,111,827 | ) | $ | (1,484,319 | ) |
|
|
|
|
|
|
|
| |||
Net income (loss) allocated to other partners |
| $ | (1,075,397 | ) | $ | (519,178 | ) | $ | (346,809 | ) |
* Amounts include $1,337,487, $2,310,567, $1,307,635, $2,018,881, and $1,127,692 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
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
|
| Total |
| Series 15 |
| Series 16 |
| ||||
Revenue |
|
|
|
|
|
|
| ||||
Rental |
| $ | 58,875,372 |
| $ | 10,385,426 |
| $ | 13,183,737 |
| |
Interest and other |
| 2,480,868 |
| 352,578 |
| 522,327 |
| ||||
|
|
|
|
|
|
|
| ||||
|
| 61,356,240 |
| 10,738,004 |
| 13,706,064 |
| ||||
Expenses |
|
|
|
|
|
|
| ||||
Interest |
| 14,519,066 |
| 2,133,821 |
| 2,767,142 |
| ||||
Depreciation and amortization |
| 16,773,001 |
| 3,027,505 |
| 4,072,542 |
| ||||
Taxes and insurance |
| 8,713,562 |
| 1,416,420 |
| 2,016,633 |
| ||||
Repairs and maintenance |
| 12,117,243 |
| 2,177,954 |
| 2,703,304 |
| ||||
Operating expenses |
| 20,677,354 |
| 3,547,357 |
| 4,780,549 |
| ||||
Other expenses |
| 4,584,892 |
| 404,447 |
| 2,105,022 |
| ||||
|
|
|
|
|
|
|
| ||||
|
| 77,385,118 |
| 12,707,504 |
| 18,445,192 |
| ||||
|
|
|
|
|
|
|
| ||||
NET LOSS |
| $ | (16,028,878 | ) | $ | (1,969,500 | ) | $ | (4,739,128 | ) | |
|
|
|
|
|
|
|
| ||||
Net loss allocated to Boston Capital Tax Credit Fund III L.P.* |
| $ | (14,323,629 | ) | $ | (1,831,371 | ) | $ | (4,657,480 | ) | |
|
|
|
|
|
|
|
| ||||
Net loss allocated to other partners |
| $ | (1,705,249 | ) | $ | (138,129 | ) | $ | (81,648 | ) | |
* Amounts include $1,661,641, $3,818,509, $1,605,973, $2,090,617, and $2,695,033 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
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Continued)
The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2006 are as follows:
COMBINED SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUED
|
| Series 17 |
| Series 18 |
| Series 19 |
| ||||
Revenue |
|
|
|
|
|
|
| ||||
Rental |
| $ | 15,477,385 |
| $ | 8,091,504 |
| $ | 11,737,320 |
| |
Interest and other |
| 621,849 |
| 452,749 |
| 531,365 |
| ||||
|
|
|
|
|
|
|
| ||||
|
| 16,099,234 |
| 8,544,253 |
| 12,268,685 |
| ||||
Expenses |
|
|
|
|
|
|
| ||||
Interest |
| 3,864,164 |
| 2,222,943 |
| 3,530,996 |
| ||||
Depreciation and amortization |
| 4,007,790 |
| 2,677,955 |
| 2,987,209 |
| ||||
Taxes and insurance |
| 2,189,002 |
| 1,270,761 |
| 1,820,746 |
| ||||
Repairs and maintenance |
| 3,518,007 |
| 1,786,476 |
| 1,931,502 |
| ||||
Operating expenses |
| 5,239,042 |
| 3,000,433 |
| 4,109,973 |
| ||||
Other expenses |
| 103,085 |
| 240,794 |
| 1,731,544 |
| ||||
|
|
|
|
|
|
|
| ||||
|
| 18,921,090 |
| 11,199,362 |
| 16,111,970 |
| ||||
|
|
|
|
|
|
|
| ||||
NET LOSS |
| $ | (2,821,856 | ) | $ | (2,655,109 | ) | $ | (3,843,285 | ) | |
|
|
|
|
|
|
|
| ||||
Net loss allocated to Boston Capital Tax Credit Fund III L.P.* |
| $ | (2,022,904 | ) | $ | (2,317,794 | ) | $ | (3,494,080 | ) | |
|
|
|
|
|
|
|
| ||||
Net loss allocated to other partners |
| $ | (798,952 | ) | $ | (337,315 | ) | $ | (349,205 | ) | |
* Amounts include $1,661,641, $3,818,509, $1,605,973, $2,090,617, and $2,695,033 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
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE D - OTHER ASSETS
Other assets include cash advanced to operating limited partnerships at March 31, 2008 and 2007, some of which is to be applied to capital contributions payable when certain criteria have been met. The advances at March 31, 2008 and 2007 by series are as follows:
|
| 2008 |
| 2007 |
| ||
|
|
|
|
|
| ||
Series 15 |
| $ | — |
| $ | — |
|
Series 16 |
| — |
| — |
| ||
Series 17 |
| 30,000 |
| 30,000 |
| ||
Series 18 |
| 5,000 |
| 5,000 |
| ||
Series 19 |
| — |
| — |
| ||
|
|
|
|
|
| ||
|
| $ | 35,000 |
| $ | 35,000 |
|
F-57
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE E - 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, 2008 is reconciled as follows:
|
| Total |
| Series 15 |
| Series 16 |
| |||
|
|
|
|
|
|
|
| |||
Net loss for financial reporting purposes |
| $ | (4,175,467 | ) | $ | (525,430 | ) | $ | (1,290,259 | ) |
|
|
|
|
|
|
|
| |||
Operating limited partnership rents received in advance |
| (16,566 | ) | (11,252 | ) | (5,050 | ) | |||
|
|
|
|
|
|
|
| |||
Accrued fund management fees not deducted (deducted) for tax purposes |
| 1,162,643 |
| (783,229 | ) | 635,316 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 280,629 |
| (55,845 | ) | 786,849 |
| |||
|
|
|
|
|
|
|
| |||
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |
| (8,102,263 | ) | (1,337,487 | ) | (2,310,567 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnership not deductible for tax purposes |
| 293,550 |
| 6,087 |
| — |
| |||
|
|
|
|
|
|
|
| |||
Excess of tax depreciation over book depreciation on operating limited partnership assets |
| (992,418 | ) | (299,908 | ) | (216,695 | ) | |||
|
|
|
|
|
|
|
| |||
Difference due to fiscal year for book purposes and calendar year for tax purposes |
| 2,256,945 |
| 2,438,981 |
| (105,593 | ) | |||
|
|
|
|
|
|
|
| |||
Loss for tax return purposes, year ended December 31, 2007 |
| $ | (9,292,947 | ) | $ | (568,083 | ) | $ | (2,505,999 | ) |
F-58
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)
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, 2008 is reconciled as follows:
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
|
|
|
|
|
|
|
| |||
Net loss for financial reporting purposes |
| $ | (1,011,494 | ) | $ | (533,939 | ) | $ | (814,345 | ) |
|
|
|
|
|
|
|
| |||
Operating limited partnership rents received in advance |
| — |
| (264 | ) | — |
| |||
|
|
|
|
|
|
|
| |||
Accrued fund management fees not deducted (deducted) for tax purposes |
| 517,260 |
| 381,948 |
| 411,348 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| (165,125 | ) | 73,396 |
| (358,646 | ) | |||
|
|
|
|
|
|
|
| |||
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |
| (1,307,635 | ) | (2,018,882 | ) | (1,127,692 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnership not deductible for tax purposes |
| 287,463 |
| — |
| — |
| |||
|
|
|
|
|
|
|
| |||
Excess of tax depreciation over book depreciation on operating limited partnership assets |
| (110,725 | ) | (142,398 | ) | (222,692 | ) | |||
|
|
|
|
|
|
|
| |||
Difference due to fiscal year for book purposes and calendar year for tax purposes |
| (13,739 | ) | (18,827 | ) | (43,877 | ) | |||
|
|
|
|
|
|
|
| |||
Loss for tax return purposes, year ended December 31, 2007 |
| $ | (1,803,995 | ) | $ | (2,258,966 | ) | $ | (2,155,904 | ) |
F-59
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Continued)
For income tax purposes, the fund reports using a December 31 year-end. The fund’s net income (loss) for financial reporting and tax return purposes for the year ended March 31, 2007 is reconciled as follows:
|
| Total |
| Series 15 |
| Series 16 |
| |||
|
|
|
|
|
|
|
| |||
Net income (loss) for financial reporting purposes |
| $ | (5,188,121 | ) | $ | 516,570 |
| $ | (1,501,940 | ) |
|
|
|
|
|
|
|
| |||
Operating limited partnership rents received in advance |
| (5,067 | ) | (2,271 | ) | 598 |
| |||
|
|
|
|
|
|
|
| |||
Accrued fund management fees not deducted (deducted) for tax purposes |
| 1,696,733 |
| 260,409 |
| 301,865 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 4,765,685 |
| 217,652 |
| 2,037,702 |
| |||
|
|
|
|
|
|
|
| |||
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |
| (11,871,773 | ) | (1,661,641 | ) | (3,818,509 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnership not deductible for tax purposes |
| 1,365,076 |
| — |
| — |
| |||
|
|
|
|
|
|
|
| |||
Excess of tax depreciation over book depreciation on operating limited partnership assets |
| (1,511,657 | ) | (295,391 | ) | (342,288 | ) | |||
|
|
|
|
|
|
|
| |||
Difference due to fiscal year for book purposes and calendar year for tax purposes |
| (1,281,684 | ) | (1,159,999 | ) | 121,317 |
| |||
|
|
|
|
|
|
|
| |||
Loss for tax return purposes, year ended December 31, 2006 |
| $ | (12,030,808 | ) | $ | (2,124,671 | ) | $ | (3,201,255 | ) |
F-60
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)
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, 2007 is reconciled as follows:
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
|
|
|
|
|
|
|
| |||
Net loss for financial reporting purposes |
| $ | (1,182,692 | ) | $ | (1,009,403 | ) | $ | (2,010,656 | ) |
|
|
|
|
|
|
|
| |||
Operating limited partnership rents received in advance |
| (2,517 | ) | (877 | ) | — |
| |||
|
|
|
|
|
|
|
| |||
Accrued fund management fees not deducted (deducted) for tax purposes |
| 319,920 |
| 403,191 |
| 411,348 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| (165,699 | ) | 1,066,261 |
| 1,609,769 |
| |||
|
|
|
|
|
|
|
| |||
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting |
| (1,605,973 | ) | (2,090,617 | ) | (2,695,033 | ) | |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnership not deductible for tax purposes |
| 199,703 |
| 404,990 |
| 760,383 |
| |||
|
|
|
|
|
|
|
| |||
Excess of tax depreciation over book depreciation on operating limited partnership assets |
| (405,521 | ) | (218,630 | ) | (249,827 | ) | |||
|
|
|
|
|
|
|
| |||
Difference due to fiscal year for book purposes and calendar year for tax purposes |
| 27,749 |
| (247,893 | ) | (22,858 | ) | |||
|
|
|
|
|
|
|
| |||
Loss for tax return purposes, year ended December 31, 2006 |
| $ | (2,815,030 | ) | $ | (1,692,978 | ) | $ | (2,196,874 | ) |
F-61
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)
The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2008, are as follows:
|
| Total |
| Series 15 |
| Series 16 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - tax return December 31, 2007 |
| $ | (24,884,755 | ) | $ | (12,803,743 | ) | $ | (6,397,225 | ) |
|
|
|
|
|
|
|
| |||
Estimated share of loss for the three months ended March 31, 2008 |
| (2,082,345 | ) | (358,789 | ) | — |
| |||
|
|
|
|
|
|
|
| |||
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method |
| 44,267,280 |
| 11,454,894 |
| 13,298,206 |
| |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| (31,781,950 | ) | (1,432,911 | ) | (8,151,746 | ) | |||
|
|
|
|
|
|
|
| |||
Historic tax credits |
| 5,325,806 |
| — |
| 1,844,836 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 10,816,968 |
| 3,350,109 |
| (116,053 | ) | |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - as reported |
| $ | 1,661,004 |
| $ | 209,560 |
| $ | 478,018 |
|
F-62
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)
The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2008, are as follows:
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - tax return December 31, 2007 |
| $ | (4,263,719 | ) | $ | (4,027,633 | ) | $ | 2,607,565 |
|
|
|
|
|
|
|
|
| |||
Estimated share of loss for the three months ended March 31, 2008 |
| (752,440 | ) | (617,683 | ) | (353,433 | ) | |||
|
|
|
|
|
|
|
| |||
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method |
| 7,194,178 |
| 7,452,804 |
| 4,867,198 |
| |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| (6,142,671 | ) | (5,926,733 | ) | (10,127,889 | ) | |||
|
|
|
|
|
|
|
| |||
Historic tax credits |
| 1,100,310 |
| 2,062,333 |
| 318,327 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 3,644,085 |
| 1,056,912 |
| 2,881,915 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - as reported |
| $ | 779,743 |
| $ | — |
| $ | 193,683 |
|
F-63
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)
The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2007, are as follows:
|
| Total |
| Series 15 |
| Series 16 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - tax return December 31, 2006 |
| $ | (16,076,357 | ) | $ | (12,375,095 | ) | $ | (4,003,807 | ) |
|
|
|
|
|
|
|
| |||
Estimated share of loss for the three months ended March 31, 2007 |
| (2,146,189 | ) | (422,633 | ) | — |
| |||
|
|
|
|
|
|
|
| |||
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method |
| 37,868,729 |
| 11,800,839 |
| 11,145,028 |
| |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| (31,918,158 | ) | (1,902,745 | ) | (8,134,883 | ) | |||
|
|
|
|
|
|
|
| |||
Historic tax credits |
| 5,325,806 |
| — |
| 1,844,836 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 10,365,208 |
| 3,261,558 |
| 275,691 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - as reported |
| $ | 3,419,039 |
| $ | 361,924 |
| $ | 1,126,865 |
|
F-64
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE E - RECONCILIATION OF FINANCIAL STATEMENT NET LOSS TO INCOME TAX RETURN (Continued)
The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2007, are as follows:
|
| Series 17 |
| Series 18 |
| Series 19 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - tax return December 31, 2006 |
| $ | (2,524,577 | ) | $ | (1,846,538 | ) | $ | 4,673,660 |
|
|
|
|
|
|
|
|
| |||
Estimated share of loss for the three months ended March 31, 2007 |
| (752,440 | ) | (617,683 | ) | (353,433 | ) | |||
|
|
|
|
|
|
|
| |||
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method |
| 5,912,028 |
| 5,214,009 |
| 3,796,825 |
| |||
|
|
|
|
|
|
|
| |||
Impairment loss in investment in operating limited partnerships |
| (5,855,208 | ) | (5,926,733 | ) | (10,098,589 | ) | |||
|
|
|
|
|
|
|
| |||
Historic tax credits |
| 1,100,310 |
| 2,062,333 |
| 318,327 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 3,406,881 |
| 1,207,558 |
| 2,213,520 |
| |||
|
|
|
|
|
|
|
| |||
Investments in operating limited partnerships - as reported |
| $ | 1,286,994 |
| $ | 92,946 |
| $ | 550,310 |
|
F-65
Boston Capital Tax Credit Fund III L.P. -
Series 15 through Series 19
NOTES TO FINANCIAL STATEMENTS - CONTINUED
March 31, 2008 and 2007
NOTE F - SUBSEQUENT EVENTS
Subsequent to March 31, 2008, the Fund has entered into agreements to either sell or transfer interests in twenty-one Operating Partnerships. The estimated sales prices and other terms for the disposition of the Operating Partnerships have been determined. The estimated proceeds to be received for these twenty-one Operating Partnerships’ is $6,643,001. The estimated gain on sales of the Operating Partnerships is $6,349,501 and are expected to be recognized in the second, third, or fourth quarter of 2008.
NOTE G - CASH EQUIVALENTS
On March 31, 2007, Boston Capital Tax Credit Fund III L.P. purchased $1,800,000 of corporate debt securities under agreements to resell on April 1, 2007. Interest is earned at rates ranging from 1.8% to 3.0% per annum.
NOTE H - CONCENTRATION OF CREDIT RISK
The Fund maintains its cash and cash equivalent balances in several accounts in various financial institutions. The balances are generally insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC) up to specified limits by each institution. At times, the balances may exceed these insurance limits; however, the Fund has not experienced any losses with respect to it balances in excess of FDIC or SIPC insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2008.
F-66