Document And Entity Information
Document And Entity Information | 12 Months Ended |
Mar. 31, 2016USD ($)shares | |
Document Information [Line Items] | |
Document Type | 10-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | BOSTON CAPITAL TAX CREDIT FUND III L P |
Entity Central Index Key | 879,555 |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Smaller Reporting Company |
Entity Public Float | $ | $ 0 |
Entity Common Stock, Shares Outstanding | shares | 0 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 1,783,433 | $ 2,523,234 |
Other assets | 0 | 357,489 |
Assets | 1,783,433 | 2,880,723 |
LIABILITIES | ||
Accounts payable and accrued expenses | 60,728 | 28,234 |
Accounts payable - affiliates | 15,273,764 | 16,781,463 |
Capital contributions payable | 76,455 | 76,455 |
Liabilities | 15,410,947 | 16,886,152 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor Limited Partners Interest Capital | 0 | 0 |
Limited Partners Interest | (11,735,510) | (12,054,726) |
General partner | (1,892,004) | (1,950,703) |
Partners' capital (deficit) | (13,627,514) | (14,005,429) |
Liabilities and Stockholders' Equity | 1,783,433 | 2,880,723 |
Series Fifteen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 116,858 | 414,859 |
Other assets | 0 | 0 |
Assets | 116,858 | 414,859 |
LIABILITIES | ||
Accounts payable and accrued expenses | 12,744 | 6,246 |
Accounts payable - affiliates | 3,004,401 | 3,695,825 |
Capital contributions payable | 0 | 0 |
Liabilities | 3,017,145 | 3,702,071 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor Limited Partners Interest Capital | 0 | 0 |
Limited Partners Interest | (2,549,095) | (2,932,151) |
General partner | (351,192) | (355,061) |
Partners' capital (deficit) | (2,900,287) | (3,287,212) |
Liabilities and Stockholders' Equity | 116,858 | 414,859 |
Series Sixteen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 381,450 | 221,108 |
Other assets | 0 | 0 |
Assets | 381,450 | 221,108 |
LIABILITIES | ||
Accounts payable and accrued expenses | 10,987 | 4,488 |
Accounts payable - affiliates | 8,130,679 | 8,036,400 |
Capital contributions payable | 50,008 | 50,008 |
Liabilities | 8,191,674 | 8,090,896 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor Limited Partners Interest Capital | 0 | 0 |
Limited Partners Interest | (7,265,514) | (7,324,482) |
General partner | (544,710) | (545,306) |
Partners' capital (deficit) | (7,810,224) | (7,869,788) |
Liabilities and Stockholders' Equity | 381,450 | 221,108 |
Series Seventeen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 640,398 | 197,779 |
Other assets | 0 | 2,200 |
Assets | 640,398 | 199,979 |
LIABILITIES | ||
Accounts payable and accrued expenses | 16,499 | 10,000 |
Accounts payable - affiliates | 0 | 685,587 |
Capital contributions payable | 7,893 | 7,893 |
Liabilities | 24,392 | 703,480 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor Limited Partners Interest Capital | 0 | 0 |
Limited Partners Interest | 982,053 | (81,517) |
General partner | (366,047) | (421,984) |
Partners' capital (deficit) | 616,006 | (503,501) |
Liabilities and Stockholders' Equity | 640,398 | 199,979 |
Series Eighteen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 353,832 | 306,518 |
Other assets | 0 | 355,289 |
Assets | 353,832 | 661,807 |
LIABILITIES | ||
Accounts payable and accrued expenses | 6,499 | 0 |
Accounts payable - affiliates | 4,138,684 | 4,363,651 |
Capital contributions payable | 18,554 | 18,554 |
Liabilities | 4,163,737 | 4,382,205 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor Limited Partners Interest Capital | 0 | 0 |
Limited Partners Interest | (3,461,578) | (3,372,966) |
General partner | (348,327) | (347,432) |
Partners' capital (deficit) | (3,809,905) | (3,720,398) |
Liabilities and Stockholders' Equity | 353,832 | 661,807 |
Series Nineteen [Member] | ||
ASSETS | ||
Cash and cash equivalents | 290,895 | 1,382,970 |
Other assets | 0 | 0 |
Assets | 290,895 | 1,382,970 |
LIABILITIES | ||
Accounts payable and accrued expenses | 13,999 | 7,500 |
Accounts payable - affiliates | 0 | 0 |
Capital contributions payable | 0 | 0 |
Liabilities | 13,999 | 7,500 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor Limited Partners Interest Capital | 0 | 0 |
Limited Partners Interest | 558,624 | 1,656,390 |
General partner | (281,728) | (280,920) |
Partners' capital (deficit) | 276,896 | 1,375,470 |
Liabilities and Stockholders' Equity | $ 290,895 | $ 1,382,970 |
BALANCE SHEETS _Parenthetical_
BALANCE SHEETS [Parenthetical] - $ / shares | Mar. 31, 2016 | Mar. 31, 2015 |
Assignor Limited Partners Capital Account Units Authorized | 22,000,000 | 22,000,000 |
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Assignor Limited Partners Capital Account Units Issued | 21,996,102 | 21,996,102 |
Units of limited partnership interest, issued | 21,996,102 | 21,996,102 |
Units of limited partnership interest, outstanding | 21,902,747 | 21,936,787 |
Series Fifteen [Member] | ||
Assignor Limited Partners Capital Account Units Authorized | 22,000,000 | 22,000,000 |
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Assignor Limited Partners Capital Account Units Issued | 3,870,500 | 3,870,500 |
Units of limited partnership interest, issued | 3,870,500 | 3,870,500 |
Units of limited partnership interest, outstanding | 3,848,900 | 3,858,400 |
Series Sixteen [Member] | ||
Assignor Limited Partners Capital Account Units Authorized | 22,000,000 | 22,000,000 |
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Assignor Limited Partners Capital Account Units Issued | 5,429,402 | 5,429,402 |
Units of limited partnership interest, issued | 5,429,402 | 5,429,402 |
Units of limited partnership interest, outstanding | 5,404,500 | 5,411,800 |
Series Seventeen [Member] | ||
Assignor Limited Partners Capital Account Units Authorized | 22,000,000 | 22,000,000 |
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Assignor Limited Partners Capital Account Units Issued | 5,000,000 | 5,000,000 |
Units of limited partnership interest, issued | 5,000,000 | 5,000,000 |
Units of limited partnership interest, outstanding | 4,972,947 | 4,980,687 |
Series Eighteen [Member] | ||
Assignor Limited Partners Capital Account Units Authorized | 22,000,000 | 22,000,000 |
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Assignor Limited Partners Capital Account Units Issued | 3,616,200 | 3,616,200 |
Units of limited partnership interest, issued | 3,616,200 | 3,616,200 |
Units of limited partnership interest, outstanding | 3,605,200 | 3,612,200 |
Series Nineteen [Member] | ||
Assignor Limited Partners Capital Account Units Authorized | 22,000,000 | 22,000,000 |
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 |
Assignor Limited Partners Capital Account Units Issued | 4,080,000 | 4,080,000 |
Units of limited partnership interest, issued | 4,080,000 | 4,080,000 |
Units of limited partnership interest, outstanding | 4,071,200 | 4,073,700 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income | ||
Interest income | $ 8,297 | $ 4,073 |
Other income | 60,748 | 35,525 |
Total income | 69,045 | 39,598 |
Share of income from operating limited partnerships | 6,416,089 | 3,170,953 |
Expenses | ||
Professional fees | 243,551 | 148,554 |
Partnership management fee | 248,919 | 360,887 |
General and administrative expenses | 122,754 | 105,035 |
Operating expenses | 615,224 | 614,476 |
NET INCOME (LOSS) | 5,869,910 | 2,596,075 |
Net income (loss) allocated to general partner | 58,699 | 25,961 |
Net income (loss) allocated to limited partners | $ 5,811,211 | $ 2,570,114 |
Net income (loss) per BAC (in dollars per share) | $ 0.27 | $ 0.12 |
Series Fifteen [Member] | ||
Income | ||
Interest income | $ 831 | $ 601 |
Other income | 321 | 321 |
Total income | 1,152 | 922 |
Share of income from operating limited partnerships | 465,691 | 700,342 |
Expenses | ||
Professional fees | 91,209 | 29,830 |
Partnership management fee | (34,839) | 60,456 |
General and administrative expenses | 23,548 | 20,017 |
Operating expenses | 79,918 | 110,303 |
NET INCOME (LOSS) | 386,925 | 590,961 |
Net income (loss) allocated to general partner | 3,869 | 5,910 |
Net income (loss) allocated to limited partners | $ 383,056 | $ 585,051 |
Net income (loss) per BAC (in dollars per share) | $ 0.1 | $ 0.15 |
Series Sixteen [Member] | ||
Income | ||
Interest income | $ 648 | $ 503 |
Other income | 401 | 861 |
Total income | 1,049 | 1,364 |
Share of income from operating limited partnerships | 243,000 | 254,999 |
Expenses | ||
Professional fees | 44,634 | 35,237 |
Partnership management fee | 110,286 | 192,900 |
General and administrative expenses | 29,565 | 24,941 |
Operating expenses | 184,485 | 253,078 |
NET INCOME (LOSS) | 59,564 | 3,285 |
Net income (loss) allocated to general partner | 596 | 33 |
Net income (loss) allocated to limited partners | $ 58,968 | $ 3,252 |
Net income (loss) per BAC (in dollars per share) | $ 0.01 | $ 0 |
Series Seventeen [Member] | ||
Income | ||
Interest income | $ 4,537 | $ 789 |
Other income | 20,320 | 4,080 |
Total income | 24,857 | 4,869 |
Share of income from operating limited partnerships | 5,692,104 | 1,138,960 |
Expenses | ||
Professional fees | 35,996 | 34,927 |
Partnership management fee | 61,150 | 156,575 |
General and administrative expenses | 26,113 | 21,632 |
Operating expenses | 123,259 | 213,134 |
NET INCOME (LOSS) | 5,593,702 | 930,695 |
Net income (loss) allocated to general partner | 55,937 | 9,307 |
Net income (loss) allocated to limited partners | $ 5,537,765 | $ 921,388 |
Net income (loss) per BAC (in dollars per share) | $ 1.11 | $ 0.18 |
Series Eighteen [Member] | ||
Income | ||
Interest income | $ 484 | $ 418 |
Other income | 39,558 | 30,180 |
Total income | 40,042 | 30,598 |
Share of income from operating limited partnerships | 15,294 | 571,930 |
Expenses | ||
Professional fees | 43,022 | 27,332 |
Partnership management fee | 80,498 | 67,583 |
General and administrative expenses | 21,323 | 17,977 |
Operating expenses | 144,843 | 112,892 |
NET INCOME (LOSS) | (89,507) | 489,636 |
Net income (loss) allocated to general partner | (895) | 4,896 |
Net income (loss) allocated to limited partners | $ (88,612) | $ 484,740 |
Net income (loss) per BAC (in dollars per share) | $ (0.02) | $ 0.13 |
Series Nineteen [Member] | ||
Income | ||
Interest income | $ 1,797 | $ 1,762 |
Other income | 148 | 83 |
Total income | 1,945 | 1,845 |
Share of income from operating limited partnerships | 0 | 504,722 |
Expenses | ||
Professional fees | 28,690 | 21,228 |
Partnership management fee | 31,824 | (116,627) |
General and administrative expenses | 22,205 | 20,468 |
Operating expenses | 82,719 | (74,931) |
NET INCOME (LOSS) | (80,774) | 581,498 |
Net income (loss) allocated to general partner | (808) | 5,815 |
Net income (loss) allocated to limited partners | $ (79,966) | $ 575,683 |
Net income (loss) per BAC (in dollars per share) | $ (0.02) | $ 0.14 |
STATEMENTS OF CHANGES IN PARTNE
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - USD ($) | Total | Limited Partners [Member] | General Partner [Member] | Series Fifteen [Member] | Series Fifteen [Member]Limited Partners [Member] | Series Fifteen [Member]General Partner [Member] | Series Sixteen [Member] | Series Sixteen [Member]Limited Partners [Member] | Series Sixteen [Member]General Partner [Member] | Series Seventeen [Member] | Series Seventeen [Member]Limited Partners [Member] | Series Seventeen [Member]General Partner [Member] | Series Eighteen [Member] | Series Eighteen [Member]Limited Partners [Member] | Series Eighteen [Member]General Partner [Member] | Series Nineteen [Member] | Series Nineteen [Member]Limited Partners [Member] | Series Nineteen [Member]General Partner [Member] |
Partners' capital (deficit) at Mar. 31, 2014 | $ (16,601,504) | $ (14,624,840) | $ (1,976,664) | $ (3,878,173) | $ (3,517,202) | $ (360,971) | $ (7,873,073) | $ (7,327,734) | $ (545,339) | $ (1,434,196) | $ (1,002,905) | $ (431,291) | $ (4,210,034) | $ (3,857,706) | $ (352,328) | $ 793,972 | $ 1,080,707 | $ (286,735) |
Net income (loss) | 2,596,075 | 2,570,114 | 25,961 | 590,961 | 585,051 | 5,910 | 3,285 | 3,252 | 33 | 930,695 | 921,388 | 9,307 | 489,636 | 484,740 | 4,896 | 581,498 | 575,683 | 5,815 |
Partners' capital (deficit) at Mar. 31, 2015 | (14,005,429) | (12,054,726) | (1,950,703) | (3,287,212) | (2,932,151) | (355,061) | (7,869,788) | (7,324,482) | (545,306) | (503,501) | (81,517) | (421,984) | (3,720,398) | (3,372,966) | (347,432) | 1,375,470 | 1,656,390 | (280,920) |
Distributions to partners | (5,491,995) | (5,491,995) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (4,474,195) | (4,474,195) | 0 | 0 | 0 | 0 | (1,017,800) | (1,017,800) | 0 |
Net income (loss) | 5,869,910 | 5,811,211 | 58,699 | 386,925 | 383,056 | 3,869 | 59,564 | 58,968 | 596 | 5,593,702 | 5,537,765 | 55,937 | (89,507) | (88,612) | (895) | (80,774) | (79,966) | (808) |
Partners' capital (deficit) at Mar. 31, 2016 | $ (13,627,514) | $ (11,735,510) | $ (1,892,004) | $ (2,900,287) | $ (2,549,095) | $ (351,192) | $ (7,810,224) | $ (7,265,514) | $ (544,710) | $ 616,006 | $ 982,053 | $ (366,047) | $ (3,809,905) | $ (3,461,578) | $ (348,327) | $ 276,896 | $ 558,624 | $ (281,728) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Cash flows from operating activities | ||||
Net income (loss) | $ 5,869,910 | $ 2,596,075 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||
Share of income from operating limited partnerships | (6,416,089) | (3,170,953) | ||
Changes in assets and liabilities | ||||
Other assets | 52,200 | (50,000) | ||
Accounts payable and accrued expenses | 32,494 | 5,000 | ||
Accounts payable - affiliates | (1,507,699) | (2,008,044) | ||
Net cash provided by (used in) operating activities | (1,969,184) | (2,627,922) | ||
Cash flows from investing activities | ||||
Proceeds from disposition of operating limited partnerships | 6,721,378 | [1] | 2,856,845 | [2] |
Net cash provided by investing activities | 6,721,378 | 2,856,845 | ||
Cash flows from financing activities | ||||
Distributions to partners | (5,491,995) | 0 | ||
Net cash used in financing activities | (5,491,995) | 0 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (739,801) | 228,923 | ||
Cash and cash equivalents, beginning | 2,523,234 | 2,294,311 | ||
Cash and cash equivalents, end | 1,783,433 | 2,523,234 | ||
Series Fifteen [Member] | ||||
Cash flows from operating activities | ||||
Net income (loss) | 386,925 | 590,961 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||
Share of income from operating limited partnerships | (465,691) | (700,342) | ||
Changes in assets and liabilities | ||||
Other assets | 0 | 0 | ||
Accounts payable and accrued expenses | 6,498 | 5,000 | ||
Accounts payable - affiliates | (691,424) | (342,524) | ||
Net cash provided by (used in) operating activities | (763,692) | (446,905) | ||
Cash flows from investing activities | ||||
Proceeds from disposition of operating limited partnerships | 465,691 | [1] | 700,342 | [2] |
Net cash provided by investing activities | 465,691 | 700,342 | ||
Cash flows from financing activities | ||||
Distributions to partners | 0 | 0 | ||
Net cash used in financing activities | 0 | 0 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (298,001) | 253,437 | ||
Cash and cash equivalents, beginning | 414,859 | 161,422 | ||
Cash and cash equivalents, end | 116,858 | 414,859 | ||
Series Sixteen [Member] | ||||
Cash flows from operating activities | ||||
Net income (loss) | 59,564 | 3,285 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||
Share of income from operating limited partnerships | (243,000) | (254,999) | ||
Changes in assets and liabilities | ||||
Other assets | 0 | 0 | ||
Accounts payable and accrued expenses | 6,499 | 0 | ||
Accounts payable - affiliates | 94,279 | 40,901 | ||
Net cash provided by (used in) operating activities | (82,658) | (210,813) | ||
Cash flows from investing activities | ||||
Proceeds from disposition of operating limited partnerships | 243,000 | [1] | 254,999 | [2] |
Net cash provided by investing activities | 243,000 | 254,999 | ||
Cash flows from financing activities | ||||
Distributions to partners | 0 | 0 | ||
Net cash used in financing activities | 0 | 0 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 160,342 | 44,186 | ||
Cash and cash equivalents, beginning | 221,108 | 176,922 | ||
Cash and cash equivalents, end | 381,450 | 221,108 | ||
Series Seventeen [Member] | ||||
Cash flows from operating activities | ||||
Net income (loss) | 5,593,702 | 930,695 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||
Share of income from operating limited partnerships | (5,692,104) | (1,138,960) | ||
Changes in assets and liabilities | ||||
Other assets | 2,200 | 0 | ||
Accounts payable and accrued expenses | 6,499 | 0 | ||
Accounts payable - affiliates | (685,587) | (1,523,273) | ||
Net cash provided by (used in) operating activities | (775,290) | (1,731,538) | ||
Cash flows from investing activities | ||||
Proceeds from disposition of operating limited partnerships | 5,692,104 | [1] | 1,130,141 | [2] |
Net cash provided by investing activities | 5,692,104 | 1,130,141 | ||
Cash flows from financing activities | ||||
Distributions to partners | (4,474,195) | 0 | ||
Net cash used in financing activities | (4,474,195) | 0 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 442,619 | (601,397) | ||
Cash and cash equivalents, beginning | 197,779 | 799,176 | ||
Cash and cash equivalents, end | 640,398 | 197,779 | ||
Series Eighteen [Member] | ||||
Cash flows from operating activities | ||||
Net income (loss) | (89,507) | 489,636 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||
Share of income from operating limited partnerships | (15,294) | (571,930) | ||
Changes in assets and liabilities | ||||
Other assets | 50,000 | (50,000) | ||
Accounts payable and accrued expenses | 6,499 | 0 | ||
Accounts payable - affiliates | (224,967) | (183,148) | ||
Net cash provided by (used in) operating activities | (273,269) | (315,442) | ||
Cash flows from investing activities | ||||
Proceeds from disposition of operating limited partnerships | 320,583 | [1] | 266,641 | [2] |
Net cash provided by investing activities | 320,583 | 266,641 | ||
Cash flows from financing activities | ||||
Distributions to partners | 0 | 0 | ||
Net cash used in financing activities | 0 | 0 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 47,314 | (48,801) | ||
Cash and cash equivalents, beginning | 306,518 | 355,319 | ||
Cash and cash equivalents, end | 353,832 | 306,518 | ||
Series Nineteen [Member] | ||||
Cash flows from operating activities | ||||
Net income (loss) | (80,774) | 581,498 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||
Share of income from operating limited partnerships | 0 | (504,722) | ||
Changes in assets and liabilities | ||||
Other assets | 0 | 0 | ||
Accounts payable and accrued expenses | 6,499 | 0 | ||
Accounts payable - affiliates | 0 | 0 | ||
Net cash provided by (used in) operating activities | (74,275) | 76,776 | ||
Cash flows from investing activities | ||||
Proceeds from disposition of operating limited partnerships | 0 | [1] | 504,722 | [2] |
Net cash provided by investing activities | 0 | 504,722 | ||
Cash flows from financing activities | ||||
Distributions to partners | (1,017,800) | 0 | ||
Net cash used in financing activities | (1,017,800) | 0 | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1,092,075) | 581,498 | ||
Cash and cash equivalents, beginning | 1,382,970 | 801,472 | ||
Cash and cash equivalents, end | $ 290,895 | $ 1,382,970 | ||
[1] | Fund proceeds from disposition include $305,289 which was receivable as of March 31, 2015 for Series 18. | |||
[2] | Fund proceeds from disposition does not include $305,289 recorded as a receivable as of March 31, 2015 for Series 18 and Fund proceeds from disposition does not include the amount of $8,819 due to a writeoff of capital contribution payable of $8,819 for Series 17. |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 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 10 2,000,000 10 Issued Outstanding 2016 2015 2016 2015 Series 15 3,870,500 3,870,500 3,848,900 3,858,400 Series 16 5,429,402 5,429,402 5,404,500 5,411,800 Series 17 5,000,000 5,000,000 4,972,947 4,980,687 Series 18 3,616,200 3,616,200 3,605,200 3,612,200 Series 19 4,080,000 4,080,000 4,071,200 4,073,700 21,996,102 21,996,102 21,902,747 21,936,787 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 1 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. 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. 2016 2015 Series 15 $ 12,394 $ 35,843 Series 16 246 246 Series 17 - 11,292 Series 18 24,343 40,468 Series 19 25,120 25,120 $ 62,103 $ 112,969 The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. During the years ended March 31, 2016 and 2015, the Fund did not record an impairment loss. 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. In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it 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 has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party is required to consolidate the VIE. The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements. Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in operating limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture. In February, 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund has determined that there is no material impact to its financial statements as a result of this guidance. The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Funds’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2012 remain open. Cash equivalents include money market accounts having original maturities at their acquisition dates of three months or less. 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. 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. Net loss per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period. 2016 2015 Series 15 3,856,025 3,864,025 Series 16 5,409,975 5,420,277 Series 17 4,978,752 4,992,087 Series 18 3,610,450 3,615,200 Series 19 4,073,075 4,078,425 21,928,277 21,970,014 On June 1, 2016, BAC Holders approved a Plan of Liquidation and Dissolution for the Partnership, (the “Plan”). Pursuant to the Plan, the general partner may, without further action by the BAC Holders, sell the remaining assets held by the Partnership. We expect to complete the sale of the apartment complexes approximately three to five years after the BAC holders approval of the Plan, which was June 1, 2016. However, because of numerous uncertainties, the liquidation may take longer than expected, and the final liquidating distribution may occur months after all of the apartment complexes have been sold. Because the liquidation of the Partnership was not imminent, as of March 31, 2016, the financial statements are presented assuming the Partnership will continue as a going concern. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE B - RELATED PARTY TRANSACTIONS During the years ended March 31, 2016 and 2015, 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 99 2016 Gross Partnership Asset Partnership Management Series 15 $ 52,742 $ 87,581 $ (34,839) Series 16 176,280 65,994 110,286 Series 17 106,247 45,097 61,150 Series 18 95,616 15,118 80,498 Series 19 35,172 3,348 31,824 $ 466,057 $ 217,138 $ 248,919 2015 Gross Partnership Asset Partnership Management Series 15 $ 100,089 $ 39,633 $ 60,456 Series 16 213,899 20,999 192,900 Series 17 177,082 20,507 156,575 Series 18 158,493 90,910 67,583 Series 19 52,123 168,750 (116,627) $ 701,686 $ 340,799 $ 360,887 The partnership management fees paid for the years ended March 31, 2016 and 2015 are as follows: 2016 2015 Series 15 $ 744,166 $ 442,613 Series 16 82,001 172,998 Series 17 156,472 1,700,355 Series 18 320,583 341,641 Series 19 35,172 52,123 $ 1,338,394 $ 2,709,730 All partnership management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2016 and 2015, total partnership management fees accrued were $ 15,273,764 16,146,101 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. During the years ended March 31, 2016 and 2015 there were no advances, and $ 635,362 2016 2015 Series 15 $ - $ - Series 16 - - Series 17 - 635,362 Series 18 - - Series 19 - - $ - $ 635,362 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. 2016 2015 Series 15 $ 16,250 $ 12,839 Series 16 18,952 15,146 Series 17 16,959 13,178 Series 18 20,942 11,767 Series 19 15,253 12,937 $ 88,356 $ 65,867 Accounts payable - affiliates at March 31, 2016 and 2015 represents fund management fees and operating limited partnership advances which are payable to Boston Capital Asset Management Limited Partnership. |
INVESTMENTS IN OPERATING LIMITE
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 12 Months Ended |
Mar. 31, 2016 | |
Investments In and Advance To Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |
Equity Method Investments Disclosure [Text Block] | NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS At March 31, 2016 and 2015, 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, 2016 and 2015 by series are as follows: 2016 2015 Series 15 14 18 Series 16 20 21 Series 17 9 13 Series 18 12 12 Series 19 6 6 61 70 During the year ended March 31, 2016 the Fund disposed of nine operating limited partnerships and the Fund received additional proceeds from one operating limited partnership disposed of in the prior year. Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition * Disposition Series 15 3 1 $ 465,691 $ 465,691 Series 16 1 - 243,000 243,000 Series 17 3 1 5,692,104 5,692,104 Series 18 - - 320,583 15,294 Series 19 - - - - Total 7 2 $ 6,721,378 $ 6,416,089 * Fund proceeds from disposition include $ 305,289 2015 for Series 18. During the year ended March 31, 2015 the Fund disposed of twenty-five operating limited partnerships. Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition * Disposition Series 15 3 3 $ 700,342 $ 700,342 Series 16 6 1 254,999 254,999 Series 17 3 1 1,130,141 1,138,960 Series 18 5 1 266,641 571,930 Series 19 1 1 504,722 504,722 Total 18 7 $ 2,856,845 $ 3,170,953 * Fund proceeds from disposition does not include $305,289 recorded as a receivable as of March 31, 2015 for Series 18 and Fund proceeds from disposition does not include the amount of $ 8,819 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. 2016 2015 Series 15 $ - $ - Series 16 50,008 50,008 Series 17 7,893 7,893 Series 18 18,554 18,554 Series 19 - - $ 76,455 $ 76,455 Total Series 15 Series 16 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 23,352,308 $ 3,950,299 $ 8,042,810 Acquisition costs of operating limited partnerships 3,125,005 564,428 1,016,280 Syndication costs from operating limited partnerships (36,455) - - Cumulative distributions from operating limited partnerships (62,998) (3,252) (12,055) Cumulative impairment loss in investment in operating limited partnerships (3,397,130) (189,424) (1,326,748) Cumulative losses from operating limited partnerships (22,980,730) (4,322,051) (7,720,287) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A) (188,624) (14,246) (93,920) The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A) (407,477) (52,671) (120,021) Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) 437,128 48,582 - Total Series 15 Series 16 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (27,468,772) (5,078,894) (9,143,256) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 142,774 53,151 71,626 Cumulative impairment loss in investment in operating limited partnerships 3,397,130 189,424 1,326,748 Other (57,517) (77,698) 289,887 Equity per operating limited partnerships’ combined financial statements $ (24,145,358) $ (4,932,352) $ (7,668,936) Series 17 Series 18 Series 19 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 3,742,894 $ 5,630,054 $ 1,986,251 Acquisition costs of operating limited partnerships 508,772 777,180 258,345 Syndication costs from operating limited partnerships - (36,455) - Cumulative distributions from operating limited partnerships (16,559) (27,368) (3,764) Cumulative impairment loss in investment in operating limited partnerships (606,894) (963,351) (310,713) Cumulative losses from operating limited partnerships (3,628,213) (5,380,060) (1,930,119) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A) (55,606) (5,588) (19,264) The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A) (207,388) - (27,397) Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) 132,121 237,589 18,836 Series 17 Series 18 Series 19 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (4,426,234) (5,555,949) (3,264,439) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 6,706 11,291 - Cumulative impairment loss in investment in operating limited partnerships 606,894 963,351 310,713 Other (14,211) (203,969) (51,526) Equity per operating limited partnerships’ combined financial statements $ (3,957,718) $ (4,553,275) $ (3,033,077) The Fund’s investments in operating limited partnerships at March 31, 2015 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 29,156,965 $ 5,627,740 $ 8,577,657 Acquisition costs of operating limited partnerships 4,002,609 816,855 1,097,497 Syndication costs from operating limited partnerships (36,455) - - Cumulative distributions from operating limited partnerships (66,361) (4,207) (12,055) Cumulative impairment loss in investment in operating limited partnerships (4,659,927) (747,267) (1,326,748) Cumulative losses from operating limited partnerships (28,396,831) (5,693,121) (8,336,351) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A) (188,624) (14,246) (93,920) The Fund has recorded acquisition costs at March 31, 2015 which have not been recorded in the net assets of the operating limited partnerships (see note A) (447,290) (92,484) (120,021) Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) 562,650 76,193 - Total Series 15 Series 16 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (27,893,359) (6,350,536) (8,177,820) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 166,223 76,600 71,626 Cumulative impairment loss in investment in operating limited partnerships 4,659,927 747,267 1,326,748 Other 77,770 (48,571) 370,412 Equity per operating limited partnerships’ combined financial statements $ (23,062,703) $ (5,605,777) $ (6,622,975) Series 17 Series 18 Series 19 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 7,335,263 $ 5,630,054 $ 1,986,251 Acquisition costs of operating limited partnerships 1,052,732 777,180 258,345 Syndication costs from operating limited partnerships - (36,455) - Cumulative distributions from operating limited partnerships (18,967) (27,368) (3,764) Cumulative impairment loss in investment in operating limited partnerships (1,311,848) (963,351) (310,713) Cumulative losses from operating limited partnerships (7,057,180) (5,380,060) (1,930,119) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A) (55,606) (5,588) (19,264) The Fund has recorded acquisition costs at March 31, 2015 which have not been recorded in the net assets of the operating limited partnerships (see note A) (207,388) - (27,397) Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) 230,032 237,589 18,836 Series 17 Series 18 Series 19 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (5,187,226) (5,062,616) (3,115,161) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 6,706 11,291 - Cumulative impairment loss in investment in operating limited partnerships 1,311,848 963,351 310,713 Other (13,657) (180,536) (49,878) Equity per operating limited partnerships’ combined financial statements $ (3,915,291) $ (4,036,509) $ (2,882,151) COMBINED SUMMARIZED BALANCE SHEETS Total Series 15 Series 16 ASSETS Buildings and improvements, net of accumulated depreciation $ 29,568,305 $ 4,806,190 $ 11,930,712 Land 3,903,489 684,856 1,288,687 Other assets 10,795,084 2,285,357 5,278,428 $ 44,266,878 $ 7,776,403 $ 18,497,827 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 60,384,689 $ 12,126,820 $ 21,602,240 Accounts payable and accrued expenses 5,192,518 206,977 3,687,571 Other liabilities 2,831,188 246,198 713,482 68,408,395 12,579,995 26,003,293 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (24,145,358) (4,932,352) (7,668,936) Other partners 3,841 128,760 163,470 (24,141,517) (4,803,592) (7,505,466) $ 44,266,878 $ 7,776,403 $ 18,497,827 The combined summarized balance sheets of the operating limited partnerships at December 31, 2015 are as follows: Series 17 Series 18 Series 19 ASSETS Buildings and improvements, net of accumulated depreciation $ 5,080,072 $ 5,800,183 $ 1,951,148 Land 803,500 856,966 269,480 Other assets 1,471,554 1,226,998 532,747 $ 7,355,126 $ 7,884,147 $ 2,753,375 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 10,083,602 $ 11,609,745 $ 4,962,282 Accounts payable and accrued expenses 671,726 399,968 226,276 Other liabilities 613,348 637,481 620,679 11,368,676 12,647,194 5,809,237 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (3,957,718) (4,553,275) (3,033,077) Other partners (55,832) (209,772) (22,785) (4,013,550) (4,763,047) (3,055,862) $ 7,355,126 $ 7,884,147 $ 2,753,375 Total Series 15 Series 16 ASSETS Buildings and improvements, net of accumulated depreciation $ 41,025,674 $ 7,779,483 $ 13,895,144 Land 5,475,606 963,395 1,333,368 Other assets 12,750,906 2,894,330 5,422,745 $ 59,252,186 $ 11,637,208 $ 20,651,257 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 72,860,731 $ 16,319,288 $ 23,069,729 Accounts payable and accrued expenses 5,382,780 243,807 3,644,733 Other liabilities 4,530,328 541,611 847,450 82,773,839 17,104,706 27,561,912 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (23,062,703) (5,605,777) (6,622,975) Other partners (458,950) 138,279 (287,680) (23,521,653) (5,467,498) (6,910,655) $ 59,252,186 $ 11,637,208 $ 20,651,257 The combined summarized balance sheets of the operating limited partnerships at December 31, 2014 are as follows: Series 17 Series 18 Series 19 ASSETS Buildings and improvements, net of accumulated depreciation $ 11,002,475 $ 6,257,820 $ 2,090,752 Land 2,052,397 856,966 269,480 Other assets 2,489,058 1,442,202 502,571 $ 15,543,930 $ 8,556,988 $ 2,862,803 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 16,764,622 $ 11,706,500 $ 5,000,592 Accounts payable and accrued expenses 935,022 329,300 229,918 Other liabilities 1,886,305 722,824 532,138 19,585,949 12,758,624 5,762,648 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (3,915,291) (4,036,509) (2,882,151) Other partners (126,728) (165,127) (17,694) (4,042,019) (4,201,636) (2,899,845) $ 15,543,930 $ 8,556,988 $ 2,862,803 COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 15 Series 16 Revenue Rental $ 11,658,113 $ 2,327,630 $ 4,340,062 Interest and other 235,310 53,301 74,305 11,893,423 2,380,931 4,414,367 Expenses Interest 1,563,789 313,200 639,443 Depreciation and amortization 3,046,486 567,614 1,100,806 Taxes and insurance 1,438,962 271,110 506,221 Repairs and maintenance 2,987,124 589,873 1,153,404 Operating expenses 4,895,146 1,018,576 1,715,871 Other expenses 481,170 13,440 409,866 14,412,677 2,773,813 5,525,611 NET LOSS $ (2,519,254) $ (392,882) $ (1,111,244) Net loss allocated to Boston Capital Tax Credit Fund III L.P.* $ (2,484,936) $ (400,421) $ (1,077,035) Net Income (Loss) allocated to other partners $ (34,318) $ 7,539 $ (34,209) * Amounts include $ 400,421 1,077,035 347,353 510,849 149,278 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2015 are as follows: Series 17 Series 18 Series 19 Revenue Rental $ 2,108,018 $ 2,138,321 $ 744,082 Interest and other 31,733 52,578 23,393 2,139,751 2,190,899 767,475 Expenses Interest 214,868 311,058 85,220 Depreciation and amortization 657,895 554,454 165,717 Taxes and insurance 250,360 308,858 102,413 Repairs and maintenance 449,230 594,393 200,224 Operating expenses 911,272 885,941 363,486 Other expenses 12,000 44,664 1,200 2,495,625 2,699,368 918,260 NET LOSS $ (355,874) $ (508,469) $ (150,785) Net loss allocated to Boston Capital Tax Credit Fund III L.P.* $ (347,353) $ (510,849) $ (149,278) Net Income (Loss) allocated to other partners $ (8,521) $ 2,380 $ (1,507) * Amounts include $400,421, $1,077,035, $347,353, $510,849, and $149,278 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. The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 are as follows: Total Series 15 Series 16 Revenue Rental $ 14,928,411 $ 3,236,824 $ 4,453,722 Interest and other 378,493 70,081 66,205 15,306,904 3,306,905 4,519,927 Expenses Interest 2,001,607 424,781 587,071 Depreciation and amortization 3,739,098 784,299 1,161,729 Taxes and insurance 1,841,555 392,391 531,323 Repairs and maintenance 3,632,790 807,087 1,151,844 Operating expenses 6,096,797 1,343,541 1,832,667 Other expenses 107,854 18,152 20,780 17,419,701 3,770,251 5,285,414 NET LOSS $ (2,112,797) $ (463,346) $ (765,487) Net loss allocated to Boston Capital Tax Credit Fund III L.P.* $ (2,114,273) $ (455,102) $ (711,685) Net Income (Loss) allocated to other partners $ 1,476 $ (8,244) $ (53,802) * Amounts include $ 455,102 711,685 435,970 400,659 110,857 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 are as follows: Series 17 Series 18 Series 19 Revenue Rental $ 4,320,929 $ 2,164,875 $ 752,061 Interest and other 144,520 54,383 43,304 4,465,449 2,219,258 795,365 Expenses Interest 579,549 322,689 87,517 Depreciation and amortization 1,075,845 553,955 163,270 Taxes and insurance 518,585 292,006 107,250 Repairs and maintenance 951,107 524,124 198,628 Operating expenses 1,691,718 881,301 347,570 Other expenses 23,204 42,606 3,112 4,840,008 2,616,681 907,347 NET LOSS $ (374,559) $ (397,423) $ (111,982) Net loss allocated to Boston Capital Tax Credit Fund III L.P.* $ (435,970) $ (400,659) $ (110,857) Net Income (Loss) allocated to other partners $ 61,411 $ 3,236 $ (1,125) * Amounts include $455,102, $711,685, $435,970, $400,659, and $110,857 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. |
RECONCILIATION OF FINANCIAL STA
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN | 12 Months Ended |
Mar. 31, 2016 | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Abstract] | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Text Block] | NOTE D - RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN Total Series 15 Series 16 Net income (loss) for financial reporting purposes $ 5,869,910 $ 386,925 $ 59,564 Operating limited partnership rents received in advance 41 (1,731) - Accrued fund management fees not deducted (deducted) for tax purposes (872,337) (691,424) 94,279 Other 9,102,061 2,146,122 449,774 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (2,484,936) (400,421) (1,077,035) Excess of tax depreciation over book depreciation on operating limited partnership assets (432,684) (63,505) (156,524) Difference due to fiscal year for book purposes and calendar year for tax purposes (6,236,798) 38,200 (408,306) Income (loss) for tax return purposes, year ended December 31, 2015 $ 4,945,257 $ 1,414,166 $ (1,038,248) 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, 2016 is reconciled as follows: Series 17 Series 18 Series 19 Net income (loss) for financial reporting purposes $ 5,593,702 $ (89,507) $ (80,774) Operating limited partnership rents received in advance (1,474) 2,767 479 Accrued fund management fees not deducted (deducted) for tax purposes (50,225) (224,967) - Other 6,613,088 (143,620) 36,697 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (347,353) (510,849) (149,278) Excess of tax depreciation over book depreciation on operating limited partnership assets (20,175) (73,921) (118,559) Difference due to fiscal year for book purposes and calendar year for tax purposes (5,619,894) (240,563) (6,235) Income (loss) for tax return purposes, year ended December 31, 2015 $ 6,167,669 $ (1,280,660) $ (317,670) 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, 2015 is reconciled as follows: Total Series 15 Series 16 Net income (loss) for financial reporting purposes $ 2,596,075 $ 590,961 $ 3,285 Operating limited partnership rents received in advance 3,009 (2,059) 6,415 Accrued fund management fees not deducted (deducted) for tax purposes (2,008,044) (342,524) 40,901 Other 11,474,758 2,850,771 3,046,665 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (2,114,273) (455,102) (711,685) Excess of tax depreciation over book depreciation on operating limited partnership assets (550,248) (105,127) (162,954) Difference due to fiscal year for book purposes and calendar year for tax purposes (6,305,813) (669,830) (95,460) Income (loss) for tax return purposes, year ended December 31, 2014 $ 3,095,464 $ 1,867,090 $ 2,127,167 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, 2015 is reconciled as follows: Series 17 Series 18 Series 19 Net income (loss) for financial reporting purposes $ 930,695 $ 489,636 $ 581,498 Operating limited partnership rents received in advance (1,157) (74) (116) Accrued fund management fees not deducted (deducted) for tax purposes (1,523,273) (183,148) - Other 2,487,075 2,460,881 629,366 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (435,970) (400,659) (110,857) Excess of tax depreciation over book depreciation on operating limited partnership assets (81,697) (81,919) (118,551) Difference due to fiscal year for book purposes and calendar year for tax purposes (4,669,536) (342,148) (528,839) Income (loss) for tax return purposes, year ended December 31, 2014 $ (3,293,863) $ 1,942,569 $ 452,501 Total Series 15 Series 16 Investments in operating limited partnerships - tax return December 31, 2015 $ (29,261,568) $ (5,701,029) $ (11,373,043) Estimated share of loss for the three months ended March 31, 2016 (437,128) (48,582) - Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 27,468,772 5,078,894 9,143,256 Impairment loss in investment in operating limited partnerships (3,397,130) (189,424) (1,326,748) Historic tax credits 5,325,806 - 1,844,836 Other 301,248 860,141 1,711,699 Investments in operating limited partnerships - as reported $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2016, are as follows: Series 17 Series 18 Series 19 Investments in operating limited partnerships - tax return December 31, 2015 $ (3,872,136) $ (5,826,248) $ (2,489,112) Estimated share of loss for the three months ended March 31, 2016 (132,121) (237,589) (18,836) Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 4,426,234 5,555,949 3,264,439 Impairment loss in investment in operating limited partnerships (606,894) (963,351) (310,713) Historic tax credits 1,100,310 2,062,333 318,327 Other (915,393) (591,094) (764,105) Investments in operating limited partnerships - as reported $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2015, are as follows: Total Series 15 Series 16 Investments in operating limited partnerships - tax return December 31, 2014 $ (28,773,464) $ (6,939,252) $ (10,360,889) Estimated share of loss for the three months ended March 31, 2015 (562,650) (76,193) - Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 27,893,359 6,350,536 8,177,820 Impairment loss in investment in operating limited partnerships (4,659,927) (747,267) (1,326,748) Historic tax credits 5,325,806 - 1,844,836 Other 776,876 1,412,176 1,664,981 Investments in operating limited partnerships - as reported $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2015, are as follows: Series 17 Series 18 Series 19 Investments in operating limited partnerships - tax return December 31, 2014 $ (4,434,830) $ (4,780,042) $ (2,258,451) Estimated share of loss for the three months ended March 31, 2015 (230,032) (237,589) (18,836) Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 5,187,226 5,062,616 3,115,161 Impairment loss in investment in operating limited partnerships (1,311,848) (963,351) (310,713) Historic tax credits 1,100,310 2,062,333 318,327 Other (310,826) (1,143,967) (845,488) Investments in operating limited partnerships - as reported $ - $ - $ - |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE E - 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) 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 insurance. Management believes that no significant concentration of credit risk with respect to these cash and cash equivalent balances exists as of March 31, 2016. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE F - FAIR VALUE OF FINANCIAL INSTRUMENTS The Funds’s financial instruments relate to other assets and accounts payable - affiliates. Management has not disclosed the fair value of these financial instruments because determination of such fair value is deemed to be impractical. The other assets and accounts payable - affiliates are due from or owed to affiliates of the Fund. The unique nature of these financial instruments makes determination of any fair value impractical. See note B for disclosure of the carrying amount and terms of these financial instruments. |
ORGANIZATION AND SUMMARY OF S13
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Investment In Operating Limited Partnerships [Policy Text Block] | 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. 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. 2016 2015 Series 15 $ 12,394 $ 35,843 Series 16 246 246 Series 17 - 11,292 Series 18 24,343 40,468 Series 19 25,120 25,120 $ 62,103 $ 112,969 The Fund reviews its investment in operating limited partnerships for impairment whenever events or changes in circumstances indicate that the carrying amount of such investments may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the investment to the sum of the total amount of the remaining tax credits and the estimated residual value of the investment. The Fund also evaluates its intangibles for impairment in connection with its investments in operating limited partnerships. During the years ended March 31, 2016 and 2015, the Fund did not record an impairment loss. 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. In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it 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 has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party is required to consolidate the VIE. The Fund determines whether an entity is a VIE and whether it is the primary beneficiary at the date of initial involvement with the entity. The Fund reassesses whether it is the primary beneficiary of a VIE on an ongoing basis based on changes in facts and circumstances. In determining whether it is the primary beneficiary, the Partnership considers the purpose and activities of the VIE, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. These factors are considered in determining whether the Fund has the power to direct activities of the VIE that most significantly impact the VIE’s economic performance and whether the Fund also has the obligation to absorb losses of or receive benefits from the VIE that could be potentially significant to the VIE. If the Fund determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Partnership’s financial statements. Based on this guidance, the operating limited partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund’s interests in these VIEs under this guidance, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these operating limited partnerships as an asset on its balance sheets, recognizes its share of the operating limited partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in operating limited partnerships, advances to operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these operating limited partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the operating general partners and their guarantee against credit recapture. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncement In February, 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund has determined that there is no material impact to its financial statements as a result of this guidance. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Funds’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2012 remain open. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents Cash equivalents include money market accounts having original maturities at their acquisition dates of three months or less. |
Fiscal Period, Policy [Policy Text Block] | 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. |
Use of Estimates, Policy [Policy Text Block] | 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. |
Earnings Per Beneficial Assignee Partnership Unit [Policy Text Block] | Net Income (Loss) per Beneficial Assignee Certificate Net loss per beneficial assignee certificate unit is calculated based upon the weighted average number of units outstanding during the year or period. 2016 2015 Series 15 3,856,025 3,864,025 Series 16 5,409,975 5,420,277 Series 17 4,978,752 4,992,087 Series 18 3,610,450 3,615,200 Series 19 4,073,075 4,078,425 21,928,277 21,970,014 |
Plan of Liquidation And Dissolution [Policy Text Block] | Plan of Liquidation and Dissolution On June 1, 2016, BAC Holders approved a Plan of Liquidation and Dissolution for the Partnership, (the “Plan”). Pursuant to the Plan, the general partner may, without further action by the BAC Holders, sell the remaining assets held by the Partnership. We expect to complete the sale of the apartment complexes approximately three to five years after the BAC holders approval of the Plan, which was June 1, 2016. However, because of numerous uncertainties, the liquidation may take longer than expected, and the final liquidating distribution may occur months after all of the apartment complexes have been sold. Because the liquidation of the Partnership was not imminent, as of March 31, 2016, the financial statements are presented assuming the Partnership will continue as a going concern. |
ORGANIZATION AND SUMMARY OF S14
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Capital Units [Table Text Block] | Issued Outstanding 2016 2015 2016 2015 Series 15 3,870,500 3,870,500 3,848,900 3,858,400 Series 16 5,429,402 5,429,402 5,404,500 5,411,800 Series 17 5,000,000 5,000,000 4,972,947 4,980,687 Series 18 3,616,200 3,616,200 3,605,200 3,612,200 Series 19 4,080,000 4,080,000 4,071,200 4,073,700 21,996,102 21,996,102 21,902,747 21,936,787 |
Schedule Of Operating Partnership Valuation Allowance [Table Text Block] | Accordingly, the partnership recorded a valuation allowance as follows: 2016 2015 Series 15 $ 12,394 $ 35,843 Series 16 246 246 Series 17 - 11,292 Series 18 24,343 40,468 Series 19 25,120 25,120 $ 62,103 $ 112,969 |
Schedule Of Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Table Text Block] | The weighted average number of units in each series at March 31, 2016 and 2015 are as follows: 2016 2015 Series 15 3,856,025 3,864,025 Series 16 5,409,975 5,420,277 Series 17 4,978,752 4,992,087 Series 18 3,610,450 3,615,200 Series 19 4,073,075 4,078,425 21,928,277 21,970,014 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Fund Management Fee and Reporting Fee [Table Text Block] | The partnership management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2016 and 2015, are as follows: 2016 Gross Partnership Asset Partnership Management Series 15 $ 52,742 $ 87,581 $ (34,839) Series 16 176,280 65,994 110,286 Series 17 106,247 45,097 61,150 Series 18 95,616 15,118 80,498 Series 19 35,172 3,348 31,824 $ 466,057 $ 217,138 $ 248,919 2015 Gross Partnership Asset Partnership Management Series 15 $ 100,089 $ 39,633 $ 60,456 Series 16 213,899 20,999 192,900 Series 17 177,082 20,507 156,575 Series 18 158,493 90,910 67,583 Series 19 52,123 168,750 (116,627) $ 701,686 $ 340,799 $ 360,887 |
Schedule Of Management Fees Paid [Table Text Block] | The partnership management fees paid for the years ended March 31, 2016 and 2015 are as follows: 2016 2015 Series 15 $ 744,166 $ 442,613 Series 16 82,001 172,998 Series 17 156,472 1,700,355 Series 18 320,583 341,641 Series 19 35,172 52,123 $ 1,338,394 $ 2,709,730 |
Schedule Of Advances From Affiliate [Table Text Block] | The total advances from the affiliate of the general partner to the Operating Partnerships as of March 31, 2016 and 2015 are as follows: 2016 2015 Series 15 $ - $ - Series 16 - - Series 17 - 635,362 Series 18 - - Series 19 - - $ - $ 635,362 |
Schedule Of General Administrative [Table Text Block] | General and administrative expenses incurred by Boston Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership (BCAMLP) during the years ended March 31, 2016 and 2015 charged to each series’ operations are as follows: 2016 2015 Series 15 $ 16,250 $ 12,839 Series 16 18,952 15,146 Series 17 16,959 13,178 Series 18 20,942 11,767 Series 19 15,253 12,937 $ 88,356 $ 65,867 |
INVESTMENTS IN OPERATING LIMI16
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Investments In and Advance To Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |
Schedule Of Number Of Operating Partnerships [Table Text Block] | The number of operating limited partnerships in which the Fund has limited partnership interests at March 31, 2016 and 2015 by series are as follows: 2016 2015 Series 15 14 18 Series 16 20 21 Series 17 9 13 Series 18 12 12 Series 19 6 6 61 70 |
Schedule Of Dispositions By Series [Table Text Block] | A summary of the dispositions by Series for March 31, 2016 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition * Disposition Series 15 3 1 $ 465,691 $ 465,691 Series 16 1 - 243,000 243,000 Series 17 3 1 5,692,104 5,692,104 Series 18 - - 320,583 15,294 Series 19 - - - - Total 7 2 $ 6,721,378 $ 6,416,089 * Fund proceeds from disposition include $ 305,289 2015 for Series 18. A summary of the dispositions by Series for March 31, 2015 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition * Disposition Series 15 3 3 $ 700,342 $ 700,342 Series 16 6 1 254,999 254,999 Series 17 3 1 1,130,141 1,138,960 Series 18 5 1 266,641 571,930 Series 19 1 1 504,722 504,722 Total 18 7 $ 2,856,845 $ 3,170,953 * Fund proceeds from disposition does not include $305,289 recorded as a receivable as of March 31, 2015 for Series 18 and Fund proceeds from disposition does not include the amount of $ 8,819 |
Schedule Of Contributions Payable [Table Text Block] | The contributions payable to operating limited partnerships at March 31, 2016 and 2015 by series are as follows: 2016 2015 Series 15 $ - $ - Series 16 50,008 50,008 Series 17 7,893 7,893 Series 18 18,554 18,554 Series 19 - - $ 76,455 $ 76,455 |
Schedule Of Partnerships Investments In Operating Limited Partnerships [Table Text Block] | The Fund’s investments in operating limited partnerships at March 31, 2016 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 $ 23,352,308 $ 3,950,299 $ 8,042,810 Acquisition costs of operating limited partnerships 3,125,005 564,428 1,016,280 Syndication costs from operating limited partnerships (36,455) - - Cumulative distributions from operating limited partnerships (62,998) (3,252) (12,055) Cumulative impairment loss in investment in operating limited partnerships (3,397,130) (189,424) (1,326,748) Cumulative losses from operating limited partnerships (22,980,730) (4,322,051) (7,720,287) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A) (188,624) (14,246) (93,920) The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A) (407,477) (52,671) (120,021) Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) 437,128 48,582 - Total Series 15 Series 16 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (27,468,772) (5,078,894) (9,143,256) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 142,774 53,151 71,626 Cumulative impairment loss in investment in operating limited partnerships 3,397,130 189,424 1,326,748 Other (57,517) (77,698) 289,887 Equity per operating limited partnerships’ combined financial statements $ (24,145,358) $ (4,932,352) $ (7,668,936) The Fund’s investments in operating limited partnerships at March 31, 2016 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 $ 3,742,894 $ 5,630,054 $ 1,986,251 Acquisition costs of operating limited partnerships 508,772 777,180 258,345 Syndication costs from operating limited partnerships - (36,455) - Cumulative distributions from operating limited partnerships (16,559) (27,368) (3,764) Cumulative impairment loss in investment in operating limited partnerships (606,894) (963,351) (310,713) Cumulative losses from operating limited partnerships (3,628,213) (5,380,060) (1,930,119) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2015 (see note A) (55,606) (5,588) (19,264) The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A) (207,388) - (27,397) Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) 132,121 237,589 18,836 Series 17 Series 18 Series 19 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (4,426,234) (5,555,949) (3,264,439) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 6,706 11,291 - Cumulative impairment loss in investment in operating limited partnerships 606,894 963,351 310,713 Other (14,211) (203,969) (51,526) Equity per operating limited partnerships’ combined financial statements $ (3,957,718) $ (4,553,275) $ (3,033,077) The Fund’s investments in operating limited partnerships at March 31, 2015 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 29,156,965 $ 5,627,740 $ 8,577,657 Acquisition costs of operating limited partnerships 4,002,609 816,855 1,097,497 Syndication costs from operating limited partnerships (36,455) - - Cumulative distributions from operating limited partnerships (66,361) (4,207) (12,055) Cumulative impairment loss in investment in operating limited partnerships (4,659,927) (747,267) (1,326,748) Cumulative losses from operating limited partnerships (28,396,831) (5,693,121) (8,336,351) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A) (188,624) (14,246) (93,920) The Fund has recorded acquisition costs at March 31, 2015 which have not been recorded in the net assets of the operating limited partnerships (see note A) (447,290) (92,484) (120,021) Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) 562,650 76,193 - Total Series 15 Series 16 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (27,893,359) (6,350,536) (8,177,820) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 166,223 76,600 71,626 Cumulative impairment loss in investment in operating limited partnerships 4,659,927 747,267 1,326,748 Other 77,770 (48,571) 370,412 Equity per operating limited partnerships’ combined financial statements $ (23,062,703) $ (5,605,777) $ (6,622,975) The Fund’s investments in operating limited partnerships at March 31, 2015 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 $ 7,335,263 $ 5,630,054 $ 1,986,251 Acquisition costs of operating limited partnerships 1,052,732 777,180 258,345 Syndication costs from operating limited partnerships - (36,455) - Cumulative distributions from operating limited partnerships (18,967) (27,368) (3,764) Cumulative impairment loss in investment in operating limited partnerships (1,311,848) (963,351) (310,713) Cumulative losses from operating limited partnerships (7,057,180) (5,380,060) (1,930,119) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2015 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2014 (see note A) (55,606) (5,588) (19,264) The Fund has recorded acquisition costs at March 31, 2015 which have not been recorded in the net assets of the operating limited partnerships (see note A) (207,388) - (27,397) Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) 230,032 237,589 18,836 Series 17 Series 18 Series 19 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (5,187,226) (5,062,616) (3,115,161) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 6,706 11,291 - Cumulative impairment loss in investment in operating limited partnerships 1,311,848 963,351 310,713 Other (13,657) (180,536) (49,878) Equity per operating limited partnerships’ combined financial statements $ (3,915,291) $ (4,036,509) $ (2,882,151) |
Schedule Of Summarized Balance Sheets In Operating Partnerships [Table Text Block] | The combined summarized balance sheets of the operating limited partnerships at December 31, 2015 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 15 Series 16 ASSETS Buildings and improvements, net of accumulated depreciation $ 29,568,305 $ 4,806,190 $ 11,930,712 Land 3,903,489 684,856 1,288,687 Other assets 10,795,084 2,285,357 5,278,428 $ 44,266,878 $ 7,776,403 $ 18,497,827 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 60,384,689 $ 12,126,820 $ 21,602,240 Accounts payable and accrued expenses 5,192,518 206,977 3,687,571 Other liabilities 2,831,188 246,198 713,482 68,408,395 12,579,995 26,003,293 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (24,145,358) (4,932,352) (7,668,936) Other partners 3,841 128,760 163,470 (24,141,517) (4,803,592) (7,505,466) $ 44,266,878 $ 7,776,403 $ 18,497,827 The combined summarized balance sheets of the operating limited partnerships at December 31, 2015 are as follows: Series 17 Series 18 Series 19 ASSETS Buildings and improvements, net of accumulated depreciation $ 5,080,072 $ 5,800,183 $ 1,951,148 Land 803,500 856,966 269,480 Other assets 1,471,554 1,226,998 532,747 $ 7,355,126 $ 7,884,147 $ 2,753,375 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 10,083,602 $ 11,609,745 $ 4,962,282 Accounts payable and accrued expenses 671,726 399,968 226,276 Other liabilities 613,348 637,481 620,679 11,368,676 12,647,194 5,809,237 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (3,957,718) (4,553,275) (3,033,077) Other partners (55,832) (209,772) (22,785) (4,013,550) (4,763,047) (3,055,862) $ 7,355,126 $ 7,884,147 $ 2,753,375 The combined summarized balance sheets of the operating limited partnerships at December 31, 2014 are as follows: Total Series 15 Series 16 ASSETS Buildings and improvements, net of accumulated depreciation $ 41,025,674 $ 7,779,483 $ 13,895,144 Land 5,475,606 963,395 1,333,368 Other assets 12,750,906 2,894,330 5,422,745 $ 59,252,186 $ 11,637,208 $ 20,651,257 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 72,860,731 $ 16,319,288 $ 23,069,729 Accounts payable and accrued expenses 5,382,780 243,807 3,644,733 Other liabilities 4,530,328 541,611 847,450 82,773,839 17,104,706 27,561,912 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (23,062,703) (5,605,777) (6,622,975) Other partners (458,950) 138,279 (287,680) (23,521,653) (5,467,498) (6,910,655) $ 59,252,186 $ 11,637,208 $ 20,651,257 The combined summarized balance sheets of the operating limited partnerships at December 31, 2014 are as follows: Series 17 Series 18 Series 19 ASSETS Buildings and improvements, net of accumulated depreciation $ 11,002,475 $ 6,257,820 $ 2,090,752 Land 2,052,397 856,966 269,480 Other assets 2,489,058 1,442,202 502,571 $ 15,543,930 $ 8,556,988 $ 2,862,803 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 16,764,622 $ 11,706,500 $ 5,000,592 Accounts payable and accrued expenses 935,022 329,300 229,918 Other liabilities 1,886,305 722,824 532,138 19,585,949 12,758,624 5,762,648 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (3,915,291) (4,036,509) (2,882,151) Other partners (126,728) (165,127) (17,694) (4,042,019) (4,201,636) (2,899,845) $ 15,543,930 $ 8,556,988 $ 2,862,803 |
Schedule Of Summarized Statement Of Operations In Operating Partnerships [Table Text Block] | The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2015 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 15 Series 16 Revenue Rental $ 11,658,113 $ 2,327,630 $ 4,340,062 Interest and other 235,310 53,301 74,305 11,893,423 2,380,931 4,414,367 Expenses Interest 1,563,789 313,200 639,443 Depreciation and amortization 3,046,486 567,614 1,100,806 Taxes and insurance 1,438,962 271,110 506,221 Repairs and maintenance 2,987,124 589,873 1,153,404 Operating expenses 4,895,146 1,018,576 1,715,871 Other expenses 481,170 13,440 409,866 14,412,677 2,773,813 5,525,611 NET LOSS $ (2,519,254) $ (392,882) $ (1,111,244) Net loss allocated to Boston Capital Tax Credit Fund III L.P.* $ (2,484,936) $ (400,421) $ (1,077,035) Net Income (Loss) allocated to other partners $ (34,318) $ 7,539 $ (34,209) * Amounts include $ 400,421 1,077,035 347,353 510,849 149,278 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2015 are as follows: Series 17 Series 18 Series 19 Revenue Rental $ 2,108,018 $ 2,138,321 $ 744,082 Interest and other 31,733 52,578 23,393 2,139,751 2,190,899 767,475 Expenses Interest 214,868 311,058 85,220 Depreciation and amortization 657,895 554,454 165,717 Taxes and insurance 250,360 308,858 102,413 Repairs and maintenance 449,230 594,393 200,224 Operating expenses 911,272 885,941 363,486 Other expenses 12,000 44,664 1,200 2,495,625 2,699,368 918,260 NET LOSS $ (355,874) $ (508,469) $ (150,785) Net loss allocated to Boston Capital Tax Credit Fund III L.P.* $ (347,353) $ (510,849) $ (149,278) Net Income (Loss) allocated to other partners $ (8,521) $ 2,380 $ (1,507) * Amounts include $400,421, $1,077,035, $347,353, $510,849, and $149,278 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. The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 are as follows: Total Series 15 Series 16 Revenue Rental $ 14,928,411 $ 3,236,824 $ 4,453,722 Interest and other 378,493 70,081 66,205 15,306,904 3,306,905 4,519,927 Expenses Interest 2,001,607 424,781 587,071 Depreciation and amortization 3,739,098 784,299 1,161,729 Taxes and insurance 1,841,555 392,391 531,323 Repairs and maintenance 3,632,790 807,087 1,151,844 Operating expenses 6,096,797 1,343,541 1,832,667 Other expenses 107,854 18,152 20,780 17,419,701 3,770,251 5,285,414 NET LOSS $ (2,112,797) $ (463,346) $ (765,487) Net loss allocated to Boston Capital Tax Credit Fund III L.P.* $ (2,114,273) $ (455,102) $ (711,685) Net Income (Loss) allocated to other partners $ 1,476 $ (8,244) $ (53,802) * Amounts include $ 455,102 711,685 435,970 400,659 110,857 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2014 are as follows: Series 17 Series 18 Series 19 Revenue Rental $ 4,320,929 $ 2,164,875 $ 752,061 Interest and other 144,520 54,383 43,304 4,465,449 2,219,258 795,365 Expenses Interest 579,549 322,689 87,517 Depreciation and amortization 1,075,845 553,955 163,270 Taxes and insurance 518,585 292,006 107,250 Repairs and maintenance 951,107 524,124 198,628 Operating expenses 1,691,718 881,301 347,570 Other expenses 23,204 42,606 3,112 4,840,008 2,616,681 907,347 NET LOSS $ (374,559) $ (397,423) $ (111,982) Net loss allocated to Boston Capital Tax Credit Fund III L.P.* $ (435,970) $ (400,659) $ (110,857) Net Income (Loss) allocated to other partners $ 61,411 $ 3,236 $ (1,125) * Amounts include $455,102, $711,685, $435,970, $400,659, and $110,857 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. |
RECONCILIATION OF FINANCIAL S17
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Abstract] | |
Schedule Of Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Table Text Block] | 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, 2016 is reconciled as follows: Total Series 15 Series 16 Net income (loss) for financial reporting purposes $ 5,869,910 $ 386,925 $ 59,564 Operating limited partnership rents received in advance 41 (1,731) - Accrued fund management fees not deducted (deducted) for tax purposes (872,337) (691,424) 94,279 Other 9,102,061 2,146,122 449,774 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (2,484,936) (400,421) (1,077,035) Excess of tax depreciation over book depreciation on operating limited partnership assets (432,684) (63,505) (156,524) Difference due to fiscal year for book purposes and calendar year for tax purposes (6,236,798) 38,200 (408,306) Income (loss) for tax return purposes, year ended December 31, 2015 $ 4,945,257 $ 1,414,166 $ (1,038,248) 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, 2016 is reconciled as follows: Series 17 Series 18 Series 19 Net income (loss) for financial reporting purposes $ 5,593,702 $ (89,507) $ (80,774) Operating limited partnership rents received in advance (1,474) 2,767 479 Accrued fund management fees not deducted (deducted) for tax purposes (50,225) (224,967) - Other 6,613,088 (143,620) 36,697 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (347,353) (510,849) (149,278) Excess of tax depreciation over book depreciation on operating limited partnership assets (20,175) (73,921) (118,559) Difference due to fiscal year for book purposes and calendar year for tax purposes (5,619,894) (240,563) (6,235) Income (loss) for tax return purposes, year ended December 31, 2015 $ 6,167,669 $ (1,280,660) $ (317,670) 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, 2015 is reconciled as follows: Total Series 15 Series 16 Net income (loss) for financial reporting purposes $ 2,596,075 $ 590,961 $ 3,285 Operating limited partnership rents received in advance 3,009 (2,059) 6,415 Accrued fund management fees not deducted (deducted) for tax purposes (2,008,044) (342,524) 40,901 Other 11,474,758 2,850,771 3,046,665 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (2,114,273) (455,102) (711,685) Excess of tax depreciation over book depreciation on operating limited partnership assets (550,248) (105,127) (162,954) Difference due to fiscal year for book purposes and calendar year for tax purposes (6,305,813) (669,830) (95,460) Income (loss) for tax return purposes, year ended December 31, 2014 $ 3,095,464 $ 1,867,090 $ 2,127,167 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, 2015 is reconciled as follows: Series 17 Series 18 Series 19 Net income (loss) for financial reporting purposes $ 930,695 $ 489,636 $ 581,498 Operating limited partnership rents received in advance (1,157) (74) (116) Accrued fund management fees not deducted (deducted) for tax purposes (1,523,273) (183,148) - Other 2,487,075 2,460,881 629,366 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (435,970) (400,659) (110,857) Excess of tax depreciation over book depreciation on operating limited partnership assets (81,697) (81,919) (118,551) Difference due to fiscal year for book purposes and calendar year for tax purposes (4,669,536) (342,148) (528,839) Income (loss) for tax return purposes, year ended December 31, 2014 $ (3,293,863) $ 1,942,569 $ 452,501 |
Schedule Of Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Table Text Block] | The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2016, are as follows: Total Series 15 Series 16 Investments in operating limited partnerships - tax return December 31, 2015 $ (29,261,568) $ (5,701,029) $ (11,373,043) Estimated share of loss for the three months ended March 31, 2016 (437,128) (48,582) - Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 27,468,772 5,078,894 9,143,256 Impairment loss in investment in operating limited partnerships (3,397,130) (189,424) (1,326,748) Historic tax credits 5,325,806 - 1,844,836 Other 301,248 860,141 1,711,699 Investments in operating limited partnerships - as reported $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2016, are as follows: Series 17 Series 18 Series 19 Investments in operating limited partnerships - tax return December 31, 2015 $ (3,872,136) $ (5,826,248) $ (2,489,112) Estimated share of loss for the three months ended March 31, 2016 (132,121) (237,589) (18,836) Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 4,426,234 5,555,949 3,264,439 Impairment loss in investment in operating limited partnerships (606,894) (963,351) (310,713) Historic tax credits 1,100,310 2,062,333 318,327 Other (915,393) (591,094) (764,105) Investments in operating limited partnerships - as reported $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2015, are as follows: Total Series 15 Series 16 Investments in operating limited partnerships - tax return December 31, 2014 $ (28,773,464) $ (6,939,252) $ (10,360,889) Estimated share of loss for the three months ended March 31, 2015 (562,650) (76,193) - Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 27,893,359 6,350,536 8,177,820 Impairment loss in investment in operating limited partnerships (4,659,927) (747,267) (1,326,748) Historic tax credits 5,325,806 - 1,844,836 Other 776,876 1,412,176 1,664,981 Investments in operating limited partnerships - as reported $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2015, are as follows: Series 17 Series 18 Series 19 Investments in operating limited partnerships - tax return December 31, 2014 $ (4,434,830) $ (4,780,042) $ (2,258,451) Estimated share of loss for the three months ended March 31, 2015 (230,032) (237,589) (18,836) Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 5,187,226 5,062,616 3,115,161 Impairment loss in investment in operating limited partnerships (1,311,848) (963,351) (310,713) Historic tax credits 1,100,310 2,062,333 318,327 Other (310,826) (1,143,967) (845,488) Investments in operating limited partnerships - as reported $ - $ - $ - |
ORGANIZATION AND SUMMARY OF S18
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares | Mar. 31, 2016 | Mar. 31, 2015 |
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 21,996,102 | 21,996,102 |
Partners Capital Account Units Outstanding | 21,902,747 | 21,936,787 |
Series Fifteen [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 3,870,500 | 3,870,500 |
Partners Capital Account Units Outstanding | 3,848,900 | 3,858,400 |
Series Sixteen [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 5,429,402 | 5,429,402 |
Partners Capital Account Units Outstanding | 5,404,500 | 5,411,800 |
Series Seventeen [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 5,000,000 | 5,000,000 |
Partners Capital Account Units Outstanding | 4,972,947 | 4,980,687 |
Series Eighteen [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 3,616,200 | 3,616,200 |
Partners Capital Account Units Outstanding | 3,605,200 | 3,612,200 |
Series Nineteen [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 4,080,000 | 4,080,000 |
Partners Capital Account Units Outstanding | 4,071,200 | 4,073,700 |
ORGANIZATION AND SUMMARY OF S19
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | $ 62,103 | $ 112,969 |
Series Fifteen [Member] | ||
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | 12,394 | 35,843 |
Series Sixteen [Member] | ||
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | 246 | 246 |
Series Seventeen [Member] | ||
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | 0 | 11,292 |
Series Eighteen [Member] | ||
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | 24,343 | 40,468 |
Series Nineteen [Member] | ||
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | $ 25,120 | $ 25,120 |
ORGANIZATION AND SUMMARY OF S20
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - shares | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted average number of units outstanding | 21,928,277 | 21,970,014 |
Series Fifteen [Member] | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted average number of units outstanding | 3,856,025 | 3,864,025 |
Series Sixteen [Member] | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted average number of units outstanding | 5,409,975 | 5,420,277 |
Series Seventeen [Member] | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted average number of units outstanding | 4,978,752 | 4,992,087 |
Series Eighteen [Member] | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted average number of units outstanding | 3,610,450 | 3,615,200 |
Series Nineteen [Member] | ||
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted average number of units outstanding | 4,073,075 | 4,078,425 |
ORGANIZATION AND SUMMARY OF S21
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - $ / shares | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 1994 | Mar. 31, 2015 | |
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Units of limited partnership interest, authorized | 20,000,000 | ||
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 | $ 10 |
Limited Partners Capital Account Additional Units Registered For Sale | 2,000,000 | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 99.00% | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.00% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | $ 466,057 | $ 701,686 |
Asset Management and Reporting Fee | 217,138 | 340,799 |
Partnership Management Fee net of Asset Management and Reporting Fee | 248,919 | 360,887 |
Series Fifteen [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 52,742 | 100,089 |
Asset Management and Reporting Fee | 87,581 | 39,633 |
Partnership Management Fee net of Asset Management and Reporting Fee | (34,839) | 60,456 |
Series Sixteen [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 176,280 | 213,899 |
Asset Management and Reporting Fee | 65,994 | 20,999 |
Partnership Management Fee net of Asset Management and Reporting Fee | 110,286 | 192,900 |
Series Seventeen [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 106,247 | 177,082 |
Asset Management and Reporting Fee | 45,097 | 20,507 |
Partnership Management Fee net of Asset Management and Reporting Fee | 61,150 | 156,575 |
Series Eighteen [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 95,616 | 158,493 |
Asset Management and Reporting Fee | 15,118 | 90,910 |
Partnership Management Fee net of Asset Management and Reporting Fee | 80,498 | 67,583 |
Series Nineteen [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 35,172 | 52,123 |
Asset Management and Reporting Fee | 3,348 | 168,750 |
Partnership Management Fee net of Asset Management and Reporting Fee | $ 31,824 | $ (116,627) |
RELATED PARTY TRANSACTIONS (D23
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Management fees paid | $ 1,338,394 | $ 2,709,730 |
Series Fifteen [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | 744,166 | 442,613 |
Series Sixteen [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | 82,001 | 172,998 |
Series Seventeen [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | 156,472 | 1,700,355 |
Series Eighteen [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | 320,583 | 341,641 |
Series Nineteen [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | $ 35,172 | $ 52,123 |
RELATED PARTY TRANSACTIONS (D24
RELATED PARTY TRANSACTIONS (Details 2) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Advances From Affiliate [Line Items] | ||
Advances From Affiliate Of General Partner | $ 0 | $ 635,362 |
Series Fifteen [Member] | ||
Advances From Affiliate [Line Items] | ||
Advances From Affiliate Of General Partner | 0 | 0 |
Series Sixteen [Member] | ||
Advances From Affiliate [Line Items] | ||
Advances From Affiliate Of General Partner | 0 | 0 |
Series Seventeen [Member] | ||
Advances From Affiliate [Line Items] | ||
Advances From Affiliate Of General Partner | 0 | 635,362 |
Series Eighteen [Member] | ||
Advances From Affiliate [Line Items] | ||
Advances From Affiliate Of General Partner | 0 | 0 |
Series Nineteen [Member] | ||
Advances From Affiliate [Line Items] | ||
Advances From Affiliate Of General Partner | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (D25
RELATED PARTY TRANSACTIONS (Details 3) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
General Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 88,356 | $ 65,867 |
Series Fifteen [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | 16,250 | 12,839 |
Series Sixteen [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | 18,952 | 15,146 |
Series Seventeen [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | 16,959 | 13,178 |
Series Eighteen [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | 20,942 | 11,767 |
Series Nineteen [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 15,253 | $ 12,937 |
RELATED PARTY TRANSACTIONS (D26
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Percentage Of Annual Management Fee | 5.00% | |
Percentage Of Permanent Financing | 99.00% | |
Accrued Management Fees | $ 15,273,764 | $ 16,146,101 |
Repayments of Related Party Debt | $ 0 | $ 635,362 |
INVESTMENTS IN OPERATING LIMI27
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details) - Number | Mar. 31, 2016 | Mar. 31, 2015 |
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 61 | 70 |
Series Fifteen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 14 | 18 |
Series Sixteen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 20 | 21 |
Series Seventeen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 9 | 13 |
Series Eighteen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 12 | 12 |
Series Nineteen [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 6 | 6 |
INVESTMENTS IN OPERATING LIMI28
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 1) | 12 Months Ended | |||
Mar. 31, 2016USD ($)Number | Mar. 31, 2015USD ($)Number | |||
Dispositions By Series [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 7 | 18 | ||
Sale of Underlying Operating Partnership | Number | 2 | 7 | ||
Partnership Proceeds from Disposition | $ | $ 6,721,378 | [1] | $ 2,856,845 | [2] |
Gain on Disposition | $ | $ 6,416,089 | $ 3,170,953 | ||
Series Fifteen [Member] | ||||
Dispositions By Series [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 3 | 3 | ||
Sale of Underlying Operating Partnership | Number | 1 | 3 | ||
Partnership Proceeds from Disposition | $ | $ 465,691 | [1] | $ 700,342 | [2] |
Gain on Disposition | $ | $ 465,691 | $ 700,342 | ||
Series Sixteen [Member] | ||||
Dispositions By Series [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 1 | 6 | ||
Sale of Underlying Operating Partnership | Number | 0 | 1 | ||
Partnership Proceeds from Disposition | $ | $ 243,000 | [1] | $ 254,999 | [2] |
Gain on Disposition | $ | $ 243,000 | $ 254,999 | ||
Series Seventeen [Member] | ||||
Dispositions By Series [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 3 | 3 | ||
Sale of Underlying Operating Partnership | Number | 1 | 1 | ||
Partnership Proceeds from Disposition | $ | $ 5,692,104 | [1] | $ 1,130,141 | [2] |
Gain on Disposition | $ | $ 5,692,104 | $ 1,138,960 | ||
Series Eighteen [Member] | ||||
Dispositions By Series [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 0 | 5 | ||
Sale of Underlying Operating Partnership | Number | 0 | 1 | ||
Partnership Proceeds from Disposition | $ | $ 320,583 | [1] | $ 266,641 | [2] |
Gain on Disposition | $ | $ 15,294 | $ 571,930 | ||
Series Nineteen [Member] | ||||
Dispositions By Series [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 0 | 1 | ||
Sale of Underlying Operating Partnership | Number | 0 | 1 | ||
Partnership Proceeds from Disposition | $ | $ 0 | [1] | $ 504,722 | [2] |
Gain on Disposition | $ | $ 0 | $ 504,722 | ||
[1] | Fund proceeds from disposition include $305,289 which was receivable as of March 31, 2015 for Series 18. | |||
[2] | Fund proceeds from disposition does not include $305,289 recorded as a receivable as of March 31, 2015 for Series 18 and Fund proceeds from disposition does not include the amount of $8,819 due to a writeoff of capital contribution payable of $8,819 for Series 17. |
INVESTMENTS IN OPERATING LIMI29
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 2) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Contributions Payable [Line Items] | ||
Capital contributions payable | $ 76,455 | $ 76,455 |
Series Fifteen [Member] | ||
Contributions Payable [Line Items] | ||
Capital contributions payable | 0 | 0 |
Series Sixteen [Member] | ||
Contributions Payable [Line Items] | ||
Capital contributions payable | 50,008 | 50,008 |
Series Seventeen [Member] | ||
Contributions Payable [Line Items] | ||
Capital contributions payable | 7,893 | 7,893 |
Series Eighteen [Member] | ||
Contributions Payable [Line Items] | ||
Capital contributions payable | 18,554 | 18,554 |
Series Nineteen [Member] | ||
Contributions Payable [Line Items] | ||
Capital contributions payable | $ 0 | $ 0 |
INVESTMENTS IN OPERATING LIMI30
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 3) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | $ 23,352,308 | $ 29,156,965 | ||
Acquisition costs of operating limited partnerships | 3,125,005 | 4,002,609 | ||
Syndication costs from operating limited partnerships | (36,455) | (36,455) | ||
Cumulative distributions from operating limited partnerships | (62,998) | (66,361) | ||
Cumulative impairment loss in investment in operating limited partnerships | (3,397,130) | (4,659,927) | ||
Cumulative losses from operating limited partnerships | (22,980,730) | (28,396,831) | ||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2015 (see note A) | (188,624) | (188,624) | ||
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A) | (407,477) | (447,290) | ||
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) | 437,128 | 562,650 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | (27,468,772) | (27,893,359) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 142,774 | 166,223 | ||
Cumulative impairment loss in investment in operating limited partnerships | 3,397,130 | 4,659,927 | ||
Other | (57,517) | 77,770 | ||
Equity per operating limited partnerships' combined financial statements | (24,145,358) | $ (24,145,358) | (23,062,703) | $ (23,062,703) |
Series Fifteen [Member] | ||||
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 3,950,299 | 5,627,740 | ||
Acquisition costs of operating limited partnerships | 564,428 | 816,855 | ||
Syndication costs from operating limited partnerships | 0 | 0 | ||
Cumulative distributions from operating limited partnerships | (3,252) | (4,207) | ||
Cumulative impairment loss in investment in operating limited partnerships | (189,424) | (747,267) | ||
Cumulative losses from operating limited partnerships | (4,322,051) | (5,693,121) | ||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2015 (see note A) | (14,246) | (14,246) | ||
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A) | (52,671) | (92,484) | ||
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) | 48,582 | 76,193 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | (5,078,894) | (6,350,536) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 53,151 | 76,600 | ||
Cumulative impairment loss in investment in operating limited partnerships | 189,424 | 747,267 | ||
Other | (77,698) | (48,571) | ||
Equity per operating limited partnerships' combined financial statements | (4,932,352) | (4,932,352) | (5,605,777) | (5,605,777) |
Series Sixteen [Member] | ||||
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 8,042,810 | 8,577,657 | ||
Acquisition costs of operating limited partnerships | 1,016,280 | 1,097,497 | ||
Syndication costs from operating limited partnerships | 0 | 0 | ||
Cumulative distributions from operating limited partnerships | (12,055) | (12,055) | ||
Cumulative impairment loss in investment in operating limited partnerships | (1,326,748) | (1,326,748) | ||
Cumulative losses from operating limited partnerships | (7,720,287) | (8,336,351) | ||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2015 (see note A) | (93,920) | (93,920) | ||
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A) | (120,021) | (120,021) | ||
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) | 0 | 0 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | (9,143,256) | (8,177,820) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 71,626 | 71,626 | ||
Cumulative impairment loss in investment in operating limited partnerships | 1,326,748 | 1,326,748 | ||
Other | 289,887 | 370,412 | ||
Equity per operating limited partnerships' combined financial statements | (7,668,936) | (7,668,936) | (6,622,975) | (6,622,975) |
Series Seventeen [Member] | ||||
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 3,742,894 | 7,335,263 | ||
Acquisition costs of operating limited partnerships | 508,772 | 1,052,732 | ||
Syndication costs from operating limited partnerships | 0 | 0 | ||
Cumulative distributions from operating limited partnerships | (16,559) | (18,967) | ||
Cumulative impairment loss in investment in operating limited partnerships | (606,894) | (1,311,848) | ||
Cumulative losses from operating limited partnerships | (3,628,213) | (7,057,180) | ||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2015 (see note A) | (55,606) | (55,606) | ||
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A) | (207,388) | (207,388) | ||
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) | 132,121 | 230,032 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | (4,426,234) | (5,187,226) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 6,706 | 6,706 | ||
Cumulative impairment loss in investment in operating limited partnerships | 606,894 | 1,311,848 | ||
Other | (14,211) | (13,657) | ||
Equity per operating limited partnerships' combined financial statements | (3,957,718) | (3,957,718) | (3,915,291) | (3,915,291) |
Series Eighteen [Member] | ||||
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 5,630,054 | 5,630,054 | ||
Acquisition costs of operating limited partnerships | 777,180 | 777,180 | ||
Syndication costs from operating limited partnerships | (36,455) | (36,455) | ||
Cumulative distributions from operating limited partnerships | (27,368) | (27,368) | ||
Cumulative impairment loss in investment in operating limited partnerships | (963,351) | (963,351) | ||
Cumulative losses from operating limited partnerships | (5,380,060) | (5,380,060) | ||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2015 (see note A) | (5,588) | (5,588) | ||
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A) | 0 | 0 | ||
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) | 237,589 | 237,589 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | (5,555,949) | (5,062,616) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 11,291 | 11,291 | ||
Cumulative impairment loss in investment in operating limited partnerships | 963,351 | 963,351 | ||
Other | (203,969) | (180,536) | ||
Equity per operating limited partnerships' combined financial statements | (4,553,275) | (4,553,275) | (4,036,509) | (4,036,509) |
Series Nineteen [Member] | ||||
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | 1,986,251 | 1,986,251 | ||
Acquisition costs of operating limited partnerships | 258,345 | 258,345 | ||
Syndication costs from operating limited partnerships | 0 | 0 | ||
Cumulative distributions from operating limited partnerships | (3,764) | (3,764) | ||
Cumulative impairment loss in investment in operating limited partnerships | (310,713) | (310,713) | ||
Cumulative losses from operating limited partnerships | (1,930,119) | (1,930,119) | ||
Investments in operating limited partnerships per balance sheets | 0 | 0 | ||
The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2016 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2015 (see note A) | (19,264) | (19,264) | ||
The Fund has recorded acquisition costs at March 31, 2016 which have not been recorded in the net assets of the operating limited partnerships (see note A) | (27,397) | (27,397) | ||
Cumulative losses from operating limited partnerships for the three months ended March 31, which the operating limited partnerships have not included in their capital as of December 31, due to different year ends (see note A) | 18,836 | 18,836 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | (3,264,439) | (3,115,161) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 0 | 0 | ||
Cumulative impairment loss in investment in operating limited partnerships | 310,713 | 310,713 | ||
Other | (51,526) | (49,878) | ||
Equity per operating limited partnerships' combined financial statements | $ (3,033,077) | $ (3,033,077) | $ (2,882,151) | $ (2,882,151) |
INVESTMENTS IN OPERATING LIMI31
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 4) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | $ 29,568,305 | $ 41,025,674 | ||
Land | 3,903,489 | 5,475,606 | ||
Other assets | 10,795,084 | 12,750,906 | ||
Operating Limited Partnerships Assets | 44,266,878 | 59,252,186 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 60,384,689 | 72,860,731 | ||
Accounts payable and accrued expenses | 5,192,518 | 5,382,780 | ||
Other liabilities | 2,831,188 | 4,530,328 | ||
Operating Limited Partnerships Liabilities | 68,408,395 | 82,773,839 | ||
PARTNERS' CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | $ (24,145,358) | (24,145,358) | $ (23,062,703) | (23,062,703) |
Other partners | 3,841 | (458,950) | ||
Operating Limited Partnerships Partners Capital | (24,141,517) | (23,521,653) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 44,266,878 | 59,252,186 | ||
Series Fifteen [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 4,806,190 | 7,779,483 | ||
Land | 684,856 | 963,395 | ||
Other assets | 2,285,357 | 2,894,330 | ||
Operating Limited Partnerships Assets | 7,776,403 | 11,637,208 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 12,126,820 | 16,319,288 | ||
Accounts payable and accrued expenses | 206,977 | 243,807 | ||
Other liabilities | 246,198 | 541,611 | ||
Operating Limited Partnerships Liabilities | 12,579,995 | 17,104,706 | ||
PARTNERS' CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | (4,932,352) | (4,932,352) | (5,605,777) | (5,605,777) |
Other partners | 128,760 | 138,279 | ||
Operating Limited Partnerships Partners Capital | (4,803,592) | (5,467,498) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 7,776,403 | 11,637,208 | ||
Series Sixteen [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 11,930,712 | 13,895,144 | ||
Land | 1,288,687 | 1,333,368 | ||
Other assets | 5,278,428 | 5,422,745 | ||
Operating Limited Partnerships Assets | 18,497,827 | 20,651,257 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 21,602,240 | 23,069,729 | ||
Accounts payable and accrued expenses | 3,687,571 | 3,644,733 | ||
Other liabilities | 713,482 | 847,450 | ||
Operating Limited Partnerships Liabilities | 26,003,293 | 27,561,912 | ||
PARTNERS' CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | (7,668,936) | (7,668,936) | (6,622,975) | (6,622,975) |
Other partners | 163,470 | (287,680) | ||
Operating Limited Partnerships Partners Capital | (7,505,466) | (6,910,655) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 18,497,827 | 20,651,257 | ||
Series Seventeen [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 5,080,072 | 11,002,475 | ||
Land | 803,500 | 2,052,397 | ||
Other assets | 1,471,554 | 2,489,058 | ||
Operating Limited Partnerships Assets | 7,355,126 | 15,543,930 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 10,083,602 | 16,764,622 | ||
Accounts payable and accrued expenses | 671,726 | 935,022 | ||
Other liabilities | 613,348 | 1,886,305 | ||
Operating Limited Partnerships Liabilities | 11,368,676 | 19,585,949 | ||
PARTNERS' CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | (3,957,718) | (3,957,718) | (3,915,291) | (3,915,291) |
Other partners | (55,832) | (126,728) | ||
Operating Limited Partnerships Partners Capital | (4,013,550) | (4,042,019) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 7,355,126 | 15,543,930 | ||
Series Eighteen [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 5,800,183 | 6,257,820 | ||
Land | 856,966 | 856,966 | ||
Other assets | 1,226,998 | 1,442,202 | ||
Operating Limited Partnerships Assets | 7,884,147 | 8,556,988 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 11,609,745 | 11,706,500 | ||
Accounts payable and accrued expenses | 399,968 | 329,300 | ||
Other liabilities | 637,481 | 722,824 | ||
Operating Limited Partnerships Liabilities | 12,647,194 | 12,758,624 | ||
PARTNERS' CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | (4,553,275) | (4,553,275) | (4,036,509) | (4,036,509) |
Other partners | (209,772) | (165,127) | ||
Operating Limited Partnerships Partners Capital | (4,763,047) | (4,201,636) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 7,884,147 | 8,556,988 | ||
Series Nineteen [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 1,951,148 | 2,090,752 | ||
Land | 269,480 | 269,480 | ||
Other assets | 532,747 | 502,571 | ||
Operating Limited Partnerships Assets | 2,753,375 | 2,862,803 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 4,962,282 | 5,000,592 | ||
Accounts payable and accrued expenses | 226,276 | 229,918 | ||
Other liabilities | 620,679 | 532,138 | ||
Operating Limited Partnerships Liabilities | 5,809,237 | 5,762,648 | ||
PARTNERS' CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | $ (3,033,077) | (3,033,077) | $ (2,882,151) | (2,882,151) |
Other partners | (22,785) | (17,694) | ||
Operating Limited Partnerships Partners Capital | (3,055,862) | (2,899,845) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | $ 2,753,375 | $ 2,862,803 |
INVESTMENTS IN OPERATING LIMI32
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 5) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | |||
Revenues | ||||
Rental | $ 11,658,113 | $ 14,928,411 | ||
Interest and other | 235,310 | 378,493 | ||
Operating Partnerships Revenues | 11,893,423 | 15,306,904 | ||
Expenses | ||||
Interest | 1,563,789 | 2,001,607 | ||
Depreciation and amortization | 3,046,486 | 3,739,098 | ||
Taxes and insurance | 1,438,962 | 1,841,555 | ||
Repairs and maintenance | 2,987,124 | 3,632,790 | ||
Operating expenses | 4,895,146 | 6,096,797 | ||
Other expenses | 481,170 | 107,854 | ||
Operating Partnerships Total Expenses | 14,412,677 | 17,419,701 | ||
NET LOSS | (2,519,254) | (2,112,797) | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (2,484,936) | [1] | (2,114,273) | [2] |
Net Income (Loss) allocated to other partners | (34,318) | 1,476 | ||
Series Fifteen [Member] | ||||
Revenues | ||||
Rental | 2,327,630 | 3,236,824 | ||
Interest and other | 53,301 | 70,081 | ||
Operating Partnerships Revenues | 2,380,931 | 3,306,905 | ||
Expenses | ||||
Interest | 313,200 | 424,781 | ||
Depreciation and amortization | 567,614 | 784,299 | ||
Taxes and insurance | 271,110 | 392,391 | ||
Repairs and maintenance | 589,873 | 807,087 | ||
Operating expenses | 1,018,576 | 1,343,541 | ||
Other expenses | 13,440 | 18,152 | ||
Operating Partnerships Total Expenses | 2,773,813 | 3,770,251 | ||
NET LOSS | (392,882) | (463,346) | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (400,421) | [1] | (455,102) | [2] |
Net Income (Loss) allocated to other partners | 7,539 | (8,244) | ||
Series Sixteen [Member] | ||||
Revenues | ||||
Rental | 4,340,062 | 4,453,722 | ||
Interest and other | 74,305 | 66,205 | ||
Operating Partnerships Revenues | 4,414,367 | 4,519,927 | ||
Expenses | ||||
Interest | 639,443 | 587,071 | ||
Depreciation and amortization | 1,100,806 | 1,161,729 | ||
Taxes and insurance | 506,221 | 531,323 | ||
Repairs and maintenance | 1,153,404 | 1,151,844 | ||
Operating expenses | 1,715,871 | 1,832,667 | ||
Other expenses | 409,866 | 20,780 | ||
Operating Partnerships Total Expenses | 5,525,611 | 5,285,414 | ||
NET LOSS | (1,111,244) | (765,487) | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (1,077,035) | [1] | (711,685) | [2] |
Net Income (Loss) allocated to other partners | (34,209) | (53,802) | ||
Series Seventeen [Member] | ||||
Revenues | ||||
Rental | 2,108,018 | 4,320,929 | ||
Interest and other | 31,733 | 144,520 | ||
Operating Partnerships Revenues | 2,139,751 | 4,465,449 | ||
Expenses | ||||
Interest | 214,868 | 579,549 | ||
Depreciation and amortization | 657,895 | 1,075,845 | ||
Taxes and insurance | 250,360 | 518,585 | ||
Repairs and maintenance | 449,230 | 951,107 | ||
Operating expenses | 911,272 | 1,691,718 | ||
Other expenses | 12,000 | 23,204 | ||
Operating Partnerships Total Expenses | 2,495,625 | 4,840,008 | ||
NET LOSS | (355,874) | (374,559) | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (347,353) | [1] | (435,970) | [2] |
Net Income (Loss) allocated to other partners | (8,521) | 61,411 | ||
Series Eighteen [Member] | ||||
Revenues | ||||
Rental | 2,138,321 | 2,164,875 | ||
Interest and other | 52,578 | 54,383 | ||
Operating Partnerships Revenues | 2,190,899 | 2,219,258 | ||
Expenses | ||||
Interest | 311,058 | 322,689 | ||
Depreciation and amortization | 554,454 | 553,955 | ||
Taxes and insurance | 308,858 | 292,006 | ||
Repairs and maintenance | 594,393 | 524,124 | ||
Operating expenses | 885,941 | 881,301 | ||
Other expenses | 44,664 | 42,606 | ||
Operating Partnerships Total Expenses | 2,699,368 | 2,616,681 | ||
NET LOSS | (508,469) | (397,423) | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (510,849) | [1] | (400,659) | [2] |
Net Income (Loss) allocated to other partners | 2,380 | 3,236 | ||
Series Nineteen [Member] | ||||
Revenues | ||||
Rental | 744,082 | 752,061 | ||
Interest and other | 23,393 | 43,304 | ||
Operating Partnerships Revenues | 767,475 | 795,365 | ||
Expenses | ||||
Interest | 85,220 | 87,517 | ||
Depreciation and amortization | 165,717 | 163,270 | ||
Taxes and insurance | 102,413 | 107,250 | ||
Repairs and maintenance | 200,224 | 198,628 | ||
Operating expenses | 363,486 | 347,570 | ||
Other expenses | 1,200 | 3,112 | ||
Operating Partnerships Total Expenses | 918,260 | 907,347 | ||
NET LOSS | (150,785) | (111,982) | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (149,278) | [1] | (110,857) | [2] |
Net Income (Loss) allocated to other partners | $ (1,507) | $ (1,125) | ||
[1] | Amounts include $400,421, $1,077,035, $347,353, $510,849, and $149,278 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. | |||
[2] | Amounts include $455,102, $711,685, $435,970, $400,659, and $110,857 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A. |
INVESTMENTS IN OPERATING LIMI33
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details Textual) - USD ($) | 12 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Series Fifteen [Member] | ||||
Investments In Operating Limited Partnerships [Line Items] | ||||
Income Loss Not Recognized Under Equity Method Accounting | $ 400,421 | $ 455,102 | ||
Series Sixteen [Member] | ||||
Investments In Operating Limited Partnerships [Line Items] | ||||
Income Loss Not Recognized Under Equity Method Accounting | 1,077,035 | 711,685 | ||
Series Seventeen [Member] | ||||
Investments In Operating Limited Partnerships [Line Items] | ||||
Income Loss Not Recognized Under Equity Method Accounting | 347,353 | 435,970 | ||
Write Off Of Capital Contribution Payable | $ 8,819 | |||
Series Eighteen [Member] | ||||
Investments In Operating Limited Partnerships [Line Items] | ||||
Income Loss Not Recognized Under Equity Method Accounting | 510,849 | 400,659 | ||
Fund Receivable | $ 305,289 | |||
Series Nineteen [Member] | ||||
Investments In Operating Limited Partnerships [Line Items] | ||||
Income Loss Not Recognized Under Equity Method Accounting | $ 149,278 | $ 110,857 |
RECONCILIATION OF FINANCIAL S34
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | $ 5,869,910 | $ 2,596,075 |
Operating limited partnership rents received in advance | 41 | 3,009 |
Accrued fund management fees not deducted (deducted) for tax purposes | (1,507,699) | (2,008,044) |
Other | 9,102,061 | 11,474,758 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (2,484,936) | (2,114,273) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (432,684) | (550,248) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (6,236,798) | (6,305,813) |
Income (loss) for tax return purposes, year ended | 4,945,257 | 3,095,464 |
Series Fifteen [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | 386,925 | 590,961 |
Operating limited partnership rents received in advance | (1,731) | (2,059) |
Accrued fund management fees not deducted (deducted) for tax purposes | (691,424) | (342,524) |
Other | 2,146,122 | 2,850,771 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (400,421) | (455,102) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (63,505) | (105,127) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | 38,200 | (669,830) |
Income (loss) for tax return purposes, year ended | 1,414,166 | 1,867,090 |
Series Sixteen [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | 59,564 | 3,285 |
Operating limited partnership rents received in advance | 0 | 6,415 |
Accrued fund management fees not deducted (deducted) for tax purposes | 94,279 | 40,901 |
Other | 449,774 | 3,046,665 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (1,077,035) | (711,685) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (156,524) | (162,954) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (408,306) | (95,460) |
Income (loss) for tax return purposes, year ended | (1,038,248) | 2,127,167 |
Series Seventeen [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | 5,593,702 | 930,695 |
Operating limited partnership rents received in advance | (1,474) | (1,157) |
Accrued fund management fees not deducted (deducted) for tax purposes | (685,587) | (1,523,273) |
Other | 6,613,088 | 2,487,075 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (347,353) | (435,970) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (20,175) | (81,697) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (5,619,894) | (4,669,536) |
Income (loss) for tax return purposes, year ended | 6,167,669 | (3,293,863) |
Series Eighteen [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | (89,507) | 489,636 |
Operating limited partnership rents received in advance | 2,767 | (74) |
Accrued fund management fees not deducted (deducted) for tax purposes | (224,967) | (183,148) |
Other | (143,620) | 2,460,881 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (510,849) | (400,659) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (73,921) | (81,919) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (240,563) | (342,148) |
Income (loss) for tax return purposes, year ended | (1,280,660) | 1,942,569 |
Series Nineteen [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | (80,774) | 581,498 |
Operating limited partnership rents received in advance | 479 | (116) |
Accrued fund management fees not deducted (deducted) for tax purposes | 0 | 0 |
Other | 36,697 | 629,366 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (149,278) | (110,857) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (118,559) | (118,551) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (6,235) | (528,839) |
Income (loss) for tax return purposes, year ended | $ (317,670) | $ 452,501 |
RECONCILIATION OF FINANCIAL S35
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | $ (29,261,568) | $ (28,773,464) |
Estimated share of loss | (437,128) | (562,650) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 27,468,772 | 27,893,359 |
Impairment loss in investment in operating limited partnerships | (3,397,130) | (4,659,927) |
Historic tax credits | 5,325,806 | 5,325,806 |
Other | 301,248 | 776,876 |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series Fifteen [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | (5,701,029) | (6,939,252) |
Estimated share of loss | (48,582) | (76,193) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 5,078,894 | 6,350,536 |
Impairment loss in investment in operating limited partnerships | (189,424) | (747,267) |
Historic tax credits | 0 | 0 |
Other | 860,141 | 1,412,176 |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series Sixteen [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | (11,373,043) | (10,360,889) |
Estimated share of loss | 0 | 0 |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 9,143,256 | 8,177,820 |
Impairment loss in investment in operating limited partnerships | (1,326,748) | (1,326,748) |
Historic tax credits | 1,844,836 | 1,844,836 |
Other | 1,711,699 | 1,664,981 |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series Seventeen [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | (3,872,136) | (4,434,830) |
Estimated share of loss | (132,121) | (230,032) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 4,426,234 | 5,187,226 |
Impairment loss in investment in operating limited partnerships | (606,894) | (1,311,848) |
Historic tax credits | 1,100,310 | 1,100,310 |
Other | (915,393) | (310,826) |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series Eighteen [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | (5,826,248) | (4,780,042) |
Estimated share of loss | (237,589) | (237,589) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 5,555,949 | 5,062,616 |
Impairment loss in investment in operating limited partnerships | (963,351) | (963,351) |
Historic tax credits | 2,062,333 | 2,062,333 |
Other | (591,094) | (1,143,967) |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series Nineteen [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | (2,489,112) | (2,258,451) |
Estimated share of loss | (18,836) | (18,836) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 3,264,439 | 3,115,161 |
Impairment loss in investment in operating limited partnerships | (310,713) | (310,713) |
Historic tax credits | 318,327 | 318,327 |
Other | (764,105) | (845,488) |
Investments in operating limited partnerships - as reported | $ 0 | $ 0 |