Document And Entity Information
Document And Entity Information | 12 Months Ended |
Mar. 31, 2017USD ($)shares | |
Document Information [Line Items] | |
Entity Registrant Name | BOSTON CAPITAL TAX CREDIT FUND III L P |
Entity Central Index Key | 879,555 |
Document Type | 10-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
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, 2017 | Mar. 31, 2016 |
OTHER ASSETS | ||
Cash and cash equivalents | $ 1,460,257 | $ 1,783,433 |
Assets | 1,460,257 | 1,783,433 |
LIABILITIES | ||
Accounts payable and accrued expenses | 27,746 | 60,728 |
Accounts payable - affiliates | 15,299,405 | 15,273,764 |
Capital contributions payable | 26,447 | 76,455 |
Liabilities | 15,353,598 | 15,410,947 |
PARTNERS’ CAPITAL (DEFICIT) | ||
Assignor limited partner interest capital | 0 | 0 |
Limited partners interest | (11,998,679) | (11,735,510) |
General partner | (1,894,662) | (1,892,004) |
Partners' capital (deficit) | (13,893,341) | (13,627,514) |
Liabilities and Stockholders' Equity | 1,460,257 | 1,783,433 |
Series 15 [Member] | ||
OTHER ASSETS | ||
Cash and cash equivalents | 64,641 | 116,858 |
Assets | 64,641 | 116,858 |
LIABILITIES | ||
Accounts payable and accrued expenses | 6,246 | 12,744 |
Accounts payable - affiliates | 3,039,294 | 3,004,401 |
Capital contributions payable | 0 | 0 |
Liabilities | 3,045,540 | 3,017,145 |
PARTNERS’ CAPITAL (DEFICIT) | ||
Assignor limited partner interest capital | 0 | 0 |
Limited partners interest | (2,628,901) | (2,549,095) |
General partner | (351,998) | (351,192) |
Partners' capital (deficit) | (2,980,899) | (2,900,287) |
Liabilities and Stockholders' Equity | 64,641 | 116,858 |
Series 16 [Member] | ||
OTHER ASSETS | ||
Cash and cash equivalents | 327,901 | 381,450 |
Assets | 327,901 | 381,450 |
LIABILITIES | ||
Accounts payable and accrued expenses | 0 | 10,987 |
Accounts payable - affiliates | 8,025,811 | 8,130,679 |
Capital contributions payable | 0 | 50,008 |
Liabilities | 8,025,811 | 8,191,674 |
PARTNERS’ CAPITAL (DEFICIT) | ||
Assignor limited partner interest capital | 0 | 0 |
Limited partners interest | (7,154,323) | (7,265,514) |
General partner | (543,587) | (544,710) |
Partners' capital (deficit) | (7,697,910) | (7,810,224) |
Liabilities and Stockholders' Equity | 327,901 | 381,450 |
Series 17 [Member] | ||
OTHER ASSETS | ||
Cash and cash equivalents | 559,787 | 640,398 |
Assets | 559,787 | 640,398 |
LIABILITIES | ||
Accounts payable and accrued expenses | 14,000 | 16,499 |
Accounts payable - affiliates | 0 | 0 |
Capital contributions payable | 7,893 | 7,893 |
Liabilities | 21,893 | 24,392 |
PARTNERS’ CAPITAL (DEFICIT) | ||
Assignor limited partner interest capital | 0 | 0 |
Limited partners interest | 904,722 | 982,053 |
General partner | (366,828) | (366,047) |
Partners' capital (deficit) | 537,894 | 616,006 |
Liabilities and Stockholders' Equity | 559,787 | 640,398 |
Series 18 [Member] | ||
OTHER ASSETS | ||
Cash and cash equivalents | 318,027 | 353,832 |
Assets | 318,027 | 353,832 |
LIABILITIES | ||
Accounts payable and accrued expenses | 0 | 6,499 |
Accounts payable - affiliates | 4,234,300 | 4,138,684 |
Capital contributions payable | 18,554 | 18,554 |
Liabilities | 4,252,854 | 4,163,737 |
PARTNERS’ CAPITAL (DEFICIT) | ||
Assignor limited partner interest capital | 0 | 0 |
Limited partners interest | (3,585,251) | (3,461,578) |
General partner | (349,576) | (348,327) |
Partners' capital (deficit) | (3,934,827) | (3,809,905) |
Liabilities and Stockholders' Equity | 318,027 | 353,832 |
Series 19 [Member] | ||
OTHER ASSETS | ||
Cash and cash equivalents | 189,901 | 290,895 |
Assets | 189,901 | 290,895 |
LIABILITIES | ||
Accounts payable and accrued expenses | 7,500 | 13,999 |
Accounts payable - affiliates | 0 | 0 |
Capital contributions payable | 0 | 0 |
Liabilities | 7,500 | 13,999 |
PARTNERS’ CAPITAL (DEFICIT) | ||
Assignor limited partner interest capital | 0 | 0 |
Limited partners interest | 465,074 | 558,624 |
General partner | (282,673) | (281,728) |
Partners' capital (deficit) | 182,401 | 276,896 |
Liabilities and Stockholders' Equity | $ 189,901 | $ 290,895 |
BALANCE SHEETS _Parenthetical_
BALANCE SHEETS [Parenthetical] - $ / shares | Mar. 31, 2017 | Mar. 31, 2016 |
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 | 21,843,147 | 21,902,747 |
Series 15 [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 | 3,830,900 | 3,848,900 |
Series 16 [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 | 5,392,500 | 5,404,500 |
Series 17 [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 | 4,962,947 | 4,972,947 |
Series 18 [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 | 3,598,100 | 3,605,200 |
Series 19 [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 | 4,058,700 | 4,071,200 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income | ||
Interest income | $ 2,969 | $ 8,297 |
Other income | 27,005 | 60,748 |
Total income | 29,974 | 69,045 |
Share of income from operating limited partnerships | 402,562 | 6,416,089 |
Expenses | ||
Professional fees | 152,076 | 243,551 |
Partnership management fee | 333,848 | 248,919 |
General and administrative expenses | 212,439 | 122,754 |
Operating expenses | 698,363 | 615,224 |
NET INCOME (LOSS) | (265,827) | 5,869,910 |
Net income (loss) allocated to general partner | (2,658) | 58,699 |
Net income (loss) allocated to limited partners | $ (263,169) | $ 5,811,211 |
Net income (loss) per BAC (in dollars per share) | $ (0.01) | $ 0.26 |
Series 15 [Member] | ||
Income | ||
Interest income | $ 279 | $ 831 |
Other income | 321 | 321 |
Total income | 600 | 1,152 |
Share of income from operating limited partnerships | 16,000 | 465,691 |
Expenses | ||
Professional fees | 32,907 | 91,209 |
Partnership management fee | 24,931 | (34,839) |
General and administrative expenses | 39,374 | 23,548 |
Operating expenses | 97,212 | 79,918 |
NET INCOME (LOSS) | (80,612) | 386,925 |
Net income (loss) allocated to general partner | (806) | 3,869 |
Net income (loss) allocated to limited partners | $ (79,806) | $ 383,056 |
Net income (loss) per BAC (in dollars per share) | $ (0.02) | $ 0.1 |
Series 16 [Member] | ||
Income | ||
Interest income | $ 1,031 | $ 648 |
Other income | 603 | 401 |
Total income | 1,634 | 1,049 |
Share of income from operating limited partnerships | 316,084 | 243,000 |
Expenses | ||
Professional fees | 33,916 | 44,634 |
Partnership management fee | 120,878 | 110,286 |
General and administrative expenses | 50,610 | 29,565 |
Operating expenses | 205,404 | 184,485 |
NET INCOME (LOSS) | 112,314 | 59,564 |
Net income (loss) allocated to general partner | 1,123 | 596 |
Net income (loss) allocated to limited partners | $ 111,191 | $ 58,968 |
Net income (loss) per BAC (in dollars per share) | $ 0.02 | $ 0.01 |
Series 17 [Member] | ||
Income | ||
Interest income | $ 1,104 | $ 4,537 |
Other income | 7,500 | 20,320 |
Total income | 8,604 | 24,857 |
Share of income from operating limited partnerships | 70,478 | 5,692,104 |
Expenses | ||
Professional fees | 35,993 | 35,996 |
Partnership management fee | 75,151 | 61,150 |
General and administrative expenses | 46,050 | 26,113 |
Operating expenses | 157,194 | 123,259 |
NET INCOME (LOSS) | (78,112) | 5,593,702 |
Net income (loss) allocated to general partner | (781) | 55,937 |
Net income (loss) allocated to limited partners | $ (77,331) | $ 5,537,765 |
Net income (loss) per BAC (in dollars per share) | $ (0.02) | $ 1.11 |
Series 18 [Member] | ||
Income | ||
Interest income | $ 248 | $ 484 |
Other income | 16,933 | 39,558 |
Total income | 17,181 | 40,042 |
Share of income from operating limited partnerships | 0 | 15,294 |
Expenses | ||
Professional fees | 26,654 | 43,022 |
Partnership management fee | 79,966 | 80,498 |
General and administrative expenses | 35,483 | 21,323 |
Operating expenses | 142,103 | 144,843 |
NET INCOME (LOSS) | (124,922) | (89,507) |
Net income (loss) allocated to general partner | (1,249) | (895) |
Net income (loss) allocated to limited partners | $ (123,673) | $ (88,612) |
Net income (loss) per BAC (in dollars per share) | $ (0.03) | $ (0.02) |
Series 19 [Member] | ||
Income | ||
Interest income | $ 307 | $ 1,797 |
Other income | 1,648 | 148 |
Total income | 1,955 | 1,945 |
Share of income from operating limited partnerships | 0 | 0 |
Expenses | ||
Professional fees | 22,606 | 28,690 |
Partnership management fee | 32,922 | 31,824 |
General and administrative expenses | 40,922 | 22,205 |
Operating expenses | 96,450 | 82,719 |
NET INCOME (LOSS) | (94,495) | (80,774) |
Net income (loss) allocated to general partner | (945) | (808) |
Net income (loss) allocated to limited partners | $ (93,550) | $ (79,966) |
Net income (loss) per BAC (in dollars per share) | $ (0.02) | $ (0.02) |
STATEMENTS OF CHANGES IN PARTNE
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT) - USD ($) | Total | Limited partners [Member] | General partner [Member] | Series 15 [Member] | Series 15 [Member]Limited partners [Member] | Series 15 [Member]General partner [Member] | Series 16 [Member] | Series 16 [Member]Limited partners [Member] | Series 16 [Member]General partner [Member] | Series 17 [Member] | Series 17 [Member]Limited partners [Member] | Series 17 [Member]General partner [Member] | Series 18 [Member] | Series 18 [Member]Limited partners [Member] | Series 18 [Member]General partner [Member] | Series 19 [Member] | Series 19 [Member]Limited partners [Member] | Series 19 [Member]General partner [Member] |
Partners’ capital (deficit) at Mar. 31, 2015 | $ (14,005,429) | $ (12,054,726) | $ (1,950,703) | $ (3,287,212) | $ (2,932,151) | $ (355,061) | $ (7,869,788) | $ (7,324,482) | $ (545,306) | $ (503,501) | $ (81,517) | $ (421,984) | $ (3,720,398) | $ (3,372,966) | $ (347,432) | $ 1,375,470 | $ 1,656,390 | $ (280,920) |
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) |
Net income (loss) | (265,827) | (263,169) | (2,658) | (80,612) | (79,806) | (806) | 112,314 | 111,191 | 1,123 | (78,112) | (77,331) | (781) | (124,922) | (123,673) | (1,249) | (94,495) | (93,550) | (945) |
Partners’ capital (deficit) at Mar. 31, 2017 | $ (13,893,341) | $ (11,998,679) | $ (1,894,662) | $ (2,980,899) | $ (2,628,901) | $ (351,998) | $ (7,697,910) | $ (7,154,323) | $ (543,587) | $ 537,894 | $ 904,722 | $ (366,828) | $ (3,934,827) | $ (3,585,251) | $ (349,576) | $ 182,401 | $ 465,074 | $ (282,673) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | |||
Cash flows from operating activities | ||||
Net income (loss) | $ (265,827) | $ 5,869,910 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||
Share of income from operating limited partnerships | (402,562) | (6,416,089) | ||
Changes in assets and liabilities | ||||
Other assets | 0 | 52,200 | ||
Accounts payable and accrued expenses | (32,982) | 32,494 | ||
Accounts payable - affiliates | 25,641 | (1,507,699) | ||
Net cash used in operating activities | (675,730) | (1,969,184) | ||
Cash flows from investing activities | ||||
Proceeds from disposition of operating limited partnerships | 352,554 | [1] | 6,721,378 | [2] |
Net cash provided by investing activities | 352,554 | 6,721,378 | ||
Cash flows from financing activities | ||||
Distributions to partners | 0 | (5,491,995) | ||
Net cash used in financing activities | 0 | (5,491,995) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (323,176) | (739,801) | ||
Cash and cash equivalents, beginning | 1,783,433 | 2,523,234 | ||
Cash and cash equivalents, end | 1,460,257 | 1,783,433 | ||
Series 15 [Member] | ||||
Cash flows from operating activities | ||||
Net income (loss) | (80,612) | 386,925 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||
Share of income from operating limited partnerships | (16,000) | (465,691) | ||
Changes in assets and liabilities | ||||
Other assets | 0 | 0 | ||
Accounts payable and accrued expenses | (6,498) | 6,498 | ||
Accounts payable - affiliates | 34,893 | (691,424) | ||
Net cash used in operating activities | (68,217) | (763,692) | ||
Cash flows from investing activities | ||||
Proceeds from disposition of operating limited partnerships | 16,000 | [1] | 465,691 | [2] |
Net cash provided by investing activities | 16,000 | 465,691 | ||
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 | (52,217) | (298,001) | ||
Cash and cash equivalents, beginning | 116,858 | 414,859 | ||
Cash and cash equivalents, end | 64,641 | 116,858 | ||
Series 16 [Member] | ||||
Cash flows from operating activities | ||||
Net income (loss) | 112,314 | 59,564 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||
Share of income from operating limited partnerships | (316,084) | (243,000) | ||
Changes in assets and liabilities | ||||
Other assets | 0 | 0 | ||
Accounts payable and accrued expenses | (10,987) | 6,499 | ||
Accounts payable - affiliates | (104,868) | 94,279 | ||
Net cash used in operating activities | (319,625) | (82,658) | ||
Cash flows from investing activities | ||||
Proceeds from disposition of operating limited partnerships | 266,076 | [1] | 243,000 | [2] |
Net cash provided by investing activities | 266,076 | 243,000 | ||
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 | (53,549) | 160,342 | ||
Cash and cash equivalents, beginning | 381,450 | 221,108 | ||
Cash and cash equivalents, end | 327,901 | 381,450 | ||
Series 17 [Member] | ||||
Cash flows from operating activities | ||||
Net income (loss) | (78,112) | 5,593,702 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||
Share of income from operating limited partnerships | (70,478) | (5,692,104) | ||
Changes in assets and liabilities | ||||
Other assets | 0 | 2,200 | ||
Accounts payable and accrued expenses | (2,499) | 6,499 | ||
Accounts payable - affiliates | 0 | (685,587) | ||
Net cash used in operating activities | (151,089) | (775,290) | ||
Cash flows from investing activities | ||||
Proceeds from disposition of operating limited partnerships | 70,478 | [1] | 5,692,104 | [2] |
Net cash provided by investing activities | 70,478 | 5,692,104 | ||
Cash flows from financing activities | ||||
Distributions to partners | 0 | (4,474,195) | ||
Net cash used in financing activities | 0 | (4,474,195) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (80,611) | 442,619 | ||
Cash and cash equivalents, beginning | 640,398 | 197,779 | ||
Cash and cash equivalents, end | 559,787 | 640,398 | ||
Series 18 [Member] | ||||
Cash flows from operating activities | ||||
Net income (loss) | (124,922) | (89,507) | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||
Share of income from operating limited partnerships | 0 | (15,294) | ||
Changes in assets and liabilities | ||||
Other assets | 0 | 50,000 | ||
Accounts payable and accrued expenses | (6,499) | 6,499 | ||
Accounts payable - affiliates | 95,616 | (224,967) | ||
Net cash used in operating activities | (35,805) | (273,269) | ||
Cash flows from investing activities | ||||
Proceeds from disposition of operating limited partnerships | 0 | [1] | 320,583 | [2] |
Net cash provided by investing activities | 0 | 320,583 | ||
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 | (35,805) | 47,314 | ||
Cash and cash equivalents, beginning | 353,832 | 306,518 | ||
Cash and cash equivalents, end | 318,027 | 353,832 | ||
Series 19 [Member] | ||||
Cash flows from operating activities | ||||
Net income (loss) | (94,495) | (80,774) | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | ||||
Share of income from operating limited partnerships | 0 | 0 | ||
Changes in assets and liabilities | ||||
Other assets | 0 | 0 | ||
Accounts payable and accrued expenses | (6,499) | 6,499 | ||
Accounts payable - affiliates | 0 | 0 | ||
Net cash used in operating activities | (100,994) | (74,275) | ||
Cash flows from investing activities | ||||
Proceeds from disposition of operating limited partnerships | 0 | [1] | 0 | [2] |
Net cash provided by investing activities | 0 | 0 | ||
Cash flows from financing activities | ||||
Distributions to partners | 0 | (1,017,800) | ||
Net cash used in financing activities | 0 | (1,017,800) | ||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (100,994) | (1,092,075) | ||
Cash and cash equivalents, beginning | 290,895 | 1,382,970 | ||
Cash and cash equivalents, end | $ 189,901 | $ 290,895 | ||
[1] | Fund proceeds from disposition does not include $50,008 which was due to a writeoff of capital contributions payable to Series 16. | |||
[2] | Fund proceeds from disposition include $305,289 which was receivable as of March 31, 2015 for Series 18. |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2017 | |
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 2017 2016 2017 2016 Series 15 3,870,500 3,870,500 3,830,900 3,848,900 Series 16 5,429,402 5,429,402 5,392,500 5,404,500 Series 17 5,000,000 5,000,000 4,962,947 4,972,947 Series 18 3,616,200 3,616,200 3,598,100 3,605,200 Series 19 4,080,000 4,080,000 4,058,700 4,071,200 21,996,102 21,996,102 21,843,147 21,902,747 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. 2017 2016 Series 15 $ 12,394 $ 12,394 Series 16 246 246 Series 17 - - Series 18 24,343 24,343 Series 19 25,120 25,120 $ 62,103 $ 62,103 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, 2017 and 2016, 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 2013 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. 2017 2016 Series 15 3,844,400 3,856,025 Series 16 5,401,500 5,409,975 Series 17 4,970,447 4,978,752 Series 18 3,603,425 3,610,450 Series 19 4,068,075 4,073,075 21,887,847 21,928,277 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, 2017, 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, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE B - RELATED PARTY TRANSACTIONS During the years ended March 31, 2017 and 2016, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership, as follows: Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99 2017 Partnership Management Asset Fee net of Asset Gross Partnership Management and Management and Management Fee Reporting Fee Reporting Fee Series 15 $ 34,893 $ 9,962 $ 24,931 Series 16 138,132 17,254 120,878 Series 17 76,248 1,097 75,151 Series 18 95,616 15,650 79,966 Series 19 35,172 2,250 32,922 $ 380,061 $ 46,213 $ 333,848 2016 Asset Partnership Management Management and Fee net of Asset Gross Partnership Reporting Fee Management and Management Fee Reporting Fee 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 2017 2016 Series 15 $ - $ 744,166 Series 16 243,000 82,001 Series 17 76,248 156,472 Series 18 - 320,583 Series 19 35,172 35,172 $ 354,420 $ 1,338,394 A ll 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, 2017 and 2016, total partnership management fees accrued were $ 15,299,405 15,273,764 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, 2017 and 2016 there were no advances, and $ 635,362 2017 2016 Series 15 $ - $ - Series 16 - - Series 17 - - Series 18 - - Series 19 - - $ - $ - 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. 2017 2016 Series 15 $ 18,807 $ 16,250 Series 16 22,040 18,952 Series 17 18,755 16,959 Series 18 17,655 20,942 Series 19 17,196 15,253 $ 94,453 $ 88,356 Accounts payable - affiliates at March 31, 2017 and 2016 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, 2017 | |
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, 2017 and 2016, 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, 2017 and 2016 by series are as follows: 2017 2016 Series 15 13 14 Series 16 17 20 Series 17 5 9 Series 18 12 12 Series 19 6 6 53 61 During the year ended March 31, 2017 the Fund disposed of eight operating limited partnerships. A summary of the dispositions by Series for March 31, 2017 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition * Disposition Series 15 1 - $ 16,000 $ 16,000 Series 16 2 1 266,076 316,084 Series 17 4 - 70,478 70,478 Series 18 - - - - Series 19 - - - - Total 7 1 $ 352,554 $ 402,562 * Fund proceeds from disposition does not include $50,008 which was due to a writeoff of capital contributions payable to Series 16. 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. 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 which was receivable as of March 31, 2015 for Series 18. Under the terms of the Fund’s investment in each operating limited partnership, the Fund is required to make capital contributions to the operating limited partnerships. These contributions are payable in installments over several years upon each operating limited partnership achieving specified levels of construction and/or operations. The contributions payable to operating limited partnerships at March 31, 2017 and 2016 by series are as follows: 2017 2016 Series 15 $ - $ - Series 16 - 50,008 Series 17 7,893 7,893 Series 18 18,554 18,554 Series 19 - - $ 26,447 $ 76,455 The Fund’s investments in operating limited partnerships at March 31, 2017 are summarized as follows: Total Series 15 Series 16 Capital contributions paid and to be paid to $ 17,980,764 $ 3,800,488 $ 4,254,580 Acquisition costs of operating limited 2,375,082 541,634 462,972 Syndication costs from operating limited (36,455) - - Cumulative distributions from operating limited (48,902) (3,252) (12,055) Cumulative impairment loss in investment in (2,592,909) (189,424) (806,916) Cumulative losses from operating limited (17,677,580) (4,149,446) (3,898,581) Investments in operating limited partnerships per - - - The Fund has recorded capital contributions to (138,624) (14,246) (43,920) The Fund has recorded acquisition costs at March (235,949) (52,671) (23,359) Cumulative losses from operating limited 417,413 45,842 - Total Series 15 Series 16 Equity in loss of operating limited partnerships (23,818,955) (5,101,987) (6,031,371) The Fund has recorded low-income housing tax 123,424 53,151 52,276 Cumulative impairment loss in investment in 2,592,909 189,424 806,916 Other (121,642) (80,970) 276,948 Equity per operating limited partnerships’ $ (21,181,424) $ (4,961,457) $ (4,962,510) The Fund’s investments in operating limited partnerships at March 31, 2017 are summarized as follows: Series 17 Series 18 Series 19 Capital contributions paid and to be paid to $ 2,309,391 $ 5,630,054 $ 1,986,251 Acquisition costs of operating limited 334,951 777,180 258,345 Syndication costs from operating limited - (36,455) - Cumulative distributions from operating limited (2,463) (27,368) (3,764) Cumulative impairment loss in investment in (322,505) (963,351) (310,713) Cumulative losses from operating limited (2,319,374) (5,380,060) (1,930,119) Investments in operating limited partnerships per - - - The Fund has recorded capital contributions to (55,606) (5,588) (19,264) The Fund has recorded acquisition costs at March (132,522) - (27,397) Cumulative losses from operating limited 115,146 237,589 18,836 Series 17 Series 18 Series 19 Equity in loss of operating limited partnerships (3,247,701) (6,037,627) (3,400,269) The Fund has recorded low-income housing tax 6,706 11,291 - Cumulative impairment loss in investment in 322,505 963,351 310,713 Other (45,544) (218,902) (53,174) Equity per operating limited partnerships’ $ (3,037,016) $ (5,049,886) $ (3,170,555) 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 23,352,308 $ 3,950,299 $ 8,042,810 Acquisition costs of operating limited 3,125,005 564,428 1,016,280 Syndication costs from operating limited (36,455) - - Cumulative distributions from operating limited (62,998) (3,252) (12,055) Cumulative impairment loss in investment in (3,397,130) (189,424) (1,326,748) Cumulative losses from operating limited (22,980,730) (4,322,051) (7,720,287) Investments in operating limited partnerships per - - - The Fund has recorded capital contributions to (188,624) (14,246) (93,920) The Fund has recorded acquisition costs at March (407,477) (52,671) (120,021) Cumulative losses from operating limited 437,128 48,582 - Total Series 15 Series 16 Equity in loss of operating limited partnerships (27,468,772) (5,078,894) (9,143,256) The Fund has recorded low-income housing tax 142,774 53,151 71,626 Cumulative impairment loss in investment in 3,397,130 189,424 1,326,748 Other (57,517) (77,698) 289,887 Equity per operating limited partnerships’ $ (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 $ 3,742,894 $ 5,630,054 $ 1,986,251 Acquisition costs of operating limited 508,772 777,180 258,345 Syndication costs from operating limited - (36,455) - Cumulative distributions from operating limited (16,559) (27,368) (3,764) Cumulative impairment loss in investment in (606,894) (963,351) (310,713) Cumulative losses from operating limited (3,628,213) (5,380,060) (1,930,119) Investments in operating limited partnerships per - - - The Fund has recorded capital contributions to (55,606) (5,588) (19,264) The Fund has recorded acquisition costs at March (207,388) - (27,397) Cumulative losses from operating limited 132,121 237,589 18,836 Series 17 Series 18 Series 19 Equity in loss of operating limited partnerships (4,426,234) (5,555,949) (3,264,439) The Fund has recorded low-income housing tax 6,706 11,291 - Cumulative impairment loss in investment in 606,894 963,351 310,713 Other (14,211) (203,969) (51,526) Equity per operating limited partnerships’ $ (3,957,718) $ (4,553,275) $ (3,033,077) COMBINED SUMMARIZED BALANCE SHEETS Total Series 15 Series 16 ASSETS Buildings and improvements, net of accumulated $ 21,761,359 $ 3,938,014 $ 8,446,974 Land 3,183,588 635,918 1,094,624 Other assets 7,521,845 2,262,377 3,028,240 $ 32,466,792 $ 6,836,309 $ 12,569,838 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 49,589,030 $ 11,286,992 $ 16,669,540 Accounts payable and accrued expenses 1,586,166 197,651 150,036 Other liabilities 2,459,784 212,111 618,411 53,634,980 11,696,754 17,437,987 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (21,181,424) (4,961,457) (4,962,510) Other partners 13,236 101,012 94,361 (21,168,188) (4,860,445) (4,868,149) $ 32,466,792 $ 6,836,309 $ 12,569,838 The combined summarized balance sheets of the operating limited partnerships at December 31, 2016 are as follows: Series 17 Series 18 Series 19 ASSETS Buildings and improvements, net of accumulated $ 2,052,766 $ 5,505,374 $ 1,818,231 Land 326,600 856,966 269,480 Other assets 720,476 1,055,463 455,289 $ 3,099,842 $ 7,417,803 $ 2,543,000 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 5,206,589 $ 11,504,690 $ 4,921,219 Accounts payable and accrued expenses 537,964 469,370 231,145 Other liabilities 296,885 743,446 588,931 6,041,438 12,717,506 5,741,295 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (3,037,016) (5,049,886) (3,170,555) Other partners 95,420 (249,817) (27,740) (2,941,596) (5,299,703) (3,198,295) $ 3,099,842 $ 7,417,803 $ 2,543,000 COMBINED SUMMARIZED BALANCE SHEETS Total Series 15 Series 16 ASSETS Buildings and improvements, net of accumulated $ 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 $ 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 statements of operations of the operating limited partnerships for the year ended December 31, 2016 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 15 Series 16 Revenue Rental $ 9,571,913 $ 2,224,484 $ 3,175,002 Interest and other 217,504 51,642 65,374 9,789,417 2,276,126 3,240,376 Expenses Interest 1,145,891 289,161 344,749 Depreciation and amortization 2,341,880 529,311 705,289 Taxes and insurance 1,175,081 243,240 368,219 Repairs and maintenance 2,450,999 483,523 889,590 Operating expenses 3,928,968 914,759 1,242,744 Other expenses 84,514 11,522 13,222 11,127,333 2,471,516 3,563,813 NET LOSS $ (1,337,916) $ (195,390) $ (323,437) Net loss allocated to Boston Capital Tax Credit $ (1,407,777) $ (205,277) $ (398,454) Net Income (Loss) allocated to other partners $ 69,861 $ 9,887 $ 75,017 * Amounts include $ 205,277 398,454 183,320 484,896 135,830 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2016 are as follows: Series 17 Series 18 Series 19 Revenue Rental $ 1,270,718 $ 2,149,400 $ 752,309 Interest and other 24,089 54,446 21,953 1,294,807 2,203,846 774,262 Expenses Interest 124,149 306,460 81,372 Depreciation and amortization 387,177 554,151 165,952 Taxes and insurance 158,094 298,451 107,077 Repairs and maintenance 263,229 608,437 206,220 Operating expenses 538,332 883,491 349,642 Other expenses 9,000 49,570 1,200 1,479,981 2,700,560 911,463 NET LOSS $ (185,174) $ (496,714) $ (137,201) Net loss allocated to Boston Capital Tax Credit $ (183,320) $ (484,896) $ (135,830) Net Income (Loss) allocated to other partners $ (1,854) $ (11,818) $ (1,371) * Amounts include $205,277, $398,454, $183,320, $484,896, and $135,830 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, 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 $ (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 $ (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. |
RECONCILIATION OF FINANCIAL STA
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN | 12 Months Ended |
Mar. 31, 2017 | |
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 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, 2017 is reconciled as follows: Total Series 15 Series 16 Net income (loss) for financial reporting purposes $ (265,827) $ (80,612) $ 112,314 Operating limited partnership rents (630) (566) - Accrued fund management fees not 25,641 34,893 (104,868) Other 5,890,488 481,964 3,478,500 Operating limited partnership losses not (1,407,777) (205,277) (398,454) Excess of tax depreciation over book (433,030) (58,090) (188,917) Difference due to fiscal year for book (733,778) (531,704) (90,001) Income (loss) for tax return purposes, year ended December 31, 2016 $ 3,075,087 $ (359,392) $ 2,808,574 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, 2017 is reconciled as follows: Series 17 Series 18 Series 19 Net income (loss) for financial reporting purposes $ (78,112) $ (124,922) $ (94,495) Operating limited partnership rents (851) 787 - Accrued fund management fees not - 95,616 - Other 1,643,453 229,138 57,433 Operating limited partnership losses not (183,320) (484,896) (135,830) Excess of tax depreciation over book (4,086) (60,486) (121,451) Difference due to fiscal year for book (91,612) 142 (20,603) Income (loss) for tax return purposes, year ended December 31, 2016 $ 1,285,472 $ (344,621) $ (314,946) 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 41 (1,731) - Accrued fund management fees not (872,337) (691,424) 94,279 Other 9,102,061 2,146,122 449,774 Operating limited partnership losses not (2,484,936) (400,421) (1,077,035) Excess of tax depreciation over book (432,684) (63,505) (156,524) Difference due to fiscal year for book (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 (1,474) 2,767 479 Accrued fund management fees not (50,225) (224,967) - Other 6,613,088 (143,620) 36,697 Operating limited partnership losses not (347,353) (510,849) (149,278) Excess of tax depreciation over book (20,175) (73,921) (118,559) Difference due to fiscal year for book (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) The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2017, are as follows: Total Series 15 Series 16 Investments in operating limited $ (25,676,778) $ (5,498,998) $ (8,845,040) Estimated share of loss for the three months (417,413) (45,842) - Add back operating limited partnership losses 23,818,955 5,101,987 6,031,371 Impairment loss in investment in operating (2,592,909) (189,424) (806,916) Historic tax credits 5,325,806 - 1,844,836 Other (457,661) 632,277 1,775,749 Investments in operating limited partnerships $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2017, are as follows: Series 17 Series 18 Series 19 Investments in operating limited $ (2,502,075) $ (6,141,705) $ (2,688,960) Estimated share of loss for the three months (115,146) (237,589) (18,836) Add back operating limited partnership losses 3,247,701 6,037,627 3,400,269 Impairment loss in investment in operating (322,505) (963,351) (310,713) Historic tax credits 1,100,310 2,062,333 318,327 Other (1,408,285) (757,315) (700,087) Investments in operating limited partnerships $ - $ - $ - 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 $ (29,261,568) $ (5,701,029) $ (11,373,043) Estimated share of loss for the three months (437,128) (48,582) - Add back operating limited partnership losses 27,468,772 5,078,894 9,143,256 Impairment loss in investment in operating (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 $ - $ - $ - 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 $ (3,872,136) $ (5,826,248) $ (2,489,112) Estimated share of loss for the three months (132,121) (237,589) (18,836) Add back operating limited partnership losses 4,426,234 5,555,949 3,264,439 Impairment loss in investment in operating (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 $ - $ - $ - |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2017 | |
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. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE G - SUBSEQUENT EVENTS Subsequent to March 31, 2017, the Fund has entered into agreements to either sell or transfer its interests in four operating limited partnerships, which closed by June 2017. The sales price and other terms for the disposition of the operating limited partnerships has been determined. The proceeds received for the operating limited partnership was $ 753,923 743,423 |
ORGANIZATION AND SUMMARY OF S14
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Investment In Operating Limited Partnerships [Policy Text Block] | Investments in Operating Limited Partnerships The Fund accounts for its investments in operating limited partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each operating limited partnership’s results of operations and for any distributions received or accrued. However, the Fund recognizes the individual operating limited partnership’s losses only to the extent that the Fund’s share of losses of the operating limited partnerships does not exceed the carrying amount of its investment and its advances to operating limited partnerships. Unrecognized losses are suspended and offset against future individual operating limited partnership income. 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. 2017 2016 Series 15 $ 12,394 $ 12,394 Series 16 246 246 Series 17 - - Series 18 24,343 24,343 Series 19 25,120 25,120 $ 62,103 $ 62,103 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, 2017 and 2016, 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 2013 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. 2017 2016 Series 15 3,844,400 3,856,025 Series 16 5,401,500 5,409,975 Series 17 4,970,447 4,978,752 Series 18 3,603,425 3,610,450 Series 19 4,068,075 4,073,075 21,887,847 21,928,277 |
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, 2017, the financial statements are presented assuming the Partnership will continue as a going concern. |
ORGANIZATION AND SUMMARY OF S15
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Capital Units [Table Text Block] | The BACs issued and outstanding in each series as of March 31, 2017 and 2016 are as follows: Issued Outstanding 2017 2016 2017 2016 Series 15 3,870,500 3,870,500 3,830,900 3,848,900 Series 16 5,429,402 5,429,402 5,392,500 5,404,500 Series 17 5,000,000 5,000,000 4,962,947 4,972,947 Series 18 3,616,200 3,616,200 3,598,100 3,605,200 Series 19 4,080,000 4,080,000 4,058,700 4,071,200 21,996,102 21,996,102 21,843,147 21,902,747 |
Schedule Of Operating Partnership Valuation Allowance [Table Text Block] | Accordingly, the partnership recorded a valuation allowance as follows: 2017 2016 Series 15 $ 12,394 $ 12,394 Series 16 246 246 Series 17 - - Series 18 24,343 24,343 Series 19 25,120 25,120 $ 62,103 $ 62,103 |
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, 2017 and 2016 are as follows: 2017 2016 Series 15 3,844,400 3,856,025 Series 16 5,401,500 5,409,975 Series 17 4,970,447 4,978,752 Series 18 3,603,425 3,610,450 Series 19 4,068,075 4,073,075 21,887,847 21,928,277 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 and 2016, are as follows: 2017 Partnership Management Asset Fee net of Asset Gross Partnership Management and Management and Management Fee Reporting Fee Reporting Fee Series 15 $ 34,893 $ 9,962 $ 24,931 Series 16 138,132 17,254 120,878 Series 17 76,248 1,097 75,151 Series 18 95,616 15,650 79,966 Series 19 35,172 2,250 32,922 $ 380,061 $ 46,213 $ 333,848 2016 Asset Partnership Management Management and Fee net of Asset Gross Partnership Reporting Fee Management and Management Fee Reporting Fee 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 |
Schedule Of Management Fees Paid [Table Text Block] | The partnership management fees paid for the years ended March 31, 2017 and 2016 are as follows: 2017 2016 Series 15 $ - $ 744,166 Series 16 243,000 82,001 Series 17 76,248 156,472 Series 18 - 320,583 Series 19 35,172 35,172 $ 354,420 $ 1,338,394 |
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, 2017 and 2016 are as follows: 2017 2016 Series 15 $ - $ - Series 16 - - Series 17 - - Series 18 - - Series 19 - - $ - $ - |
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, 2017 and 2016 charged to each series’ operations are as follows: 2017 2016 Series 15 $ 18,807 $ 16,250 Series 16 22,040 18,952 Series 17 18,755 16,959 Series 18 17,655 20,942 Series 19 17,196 15,253 $ 94,453 $ 88,356 |
INVESTMENTS IN OPERATING LIMI17
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 and 2016 by series are as follows: 2017 2016 Series 15 13 14 Series 16 17 20 Series 17 5 9 Series 18 12 12 Series 19 6 6 53 61 |
Schedule Of Dispositions By Series [Table Text Block] | A summary of the dispositions by Series for March 31, 2017 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition * Disposition Series 15 1 - $ 16,000 $ 16,000 Series 16 2 1 266,076 316,084 Series 17 4 - 70,478 70,478 Series 18 - - - - Series 19 - - - - Total 7 1 $ 352,554 $ 402,562 * Fund proceeds from disposition does not include $50,008 which was due to a writeoff of capital contributions payable to Series 16. 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 which was receivable as of March 31, 2015 for Series 18. |
Schedule Of Contributions Payable [Table Text Block] | The contributions payable to operating limited partnerships at March 31, 2017 and 2016 by series are as follows: 2017 2016 Series 15 $ - $ - Series 16 - 50,008 Series 17 7,893 7,893 Series 18 18,554 18,554 Series 19 - - $ 26,447 $ 76,455 |
Schedule Of Partnerships Investments In Operating Limited Partnerships [Table Text Block] | The Fund’s investments in operating limited partnerships at March 31, 2017 are summarized as follows: Total Series 15 Series 16 Capital contributions paid and to be paid to $ 17,980,764 $ 3,800,488 $ 4,254,580 Acquisition costs of operating limited 2,375,082 541,634 462,972 Syndication costs from operating limited (36,455) - - Cumulative distributions from operating limited (48,902) (3,252) (12,055) Cumulative impairment loss in investment in (2,592,909) (189,424) (806,916) Cumulative losses from operating limited (17,677,580) (4,149,446) (3,898,581) Investments in operating limited partnerships per - - - The Fund has recorded capital contributions to (138,624) (14,246) (43,920) The Fund has recorded acquisition costs at March (235,949) (52,671) (23,359) Cumulative losses from operating limited 417,413 45,842 - Total Series 15 Series 16 Equity in loss of operating limited partnerships (23,818,955) (5,101,987) (6,031,371) The Fund has recorded low-income housing tax 123,424 53,151 52,276 Cumulative impairment loss in investment in 2,592,909 189,424 806,916 Other (121,642) (80,970) 276,948 Equity per operating limited partnerships’ $ (21,181,424) $ (4,961,457) $ (4,962,510) The Fund’s investments in operating limited partnerships at March 31, 2017 are summarized as follows: Series 17 Series 18 Series 19 Capital contributions paid and to be paid to $ 2,309,391 $ 5,630,054 $ 1,986,251 Acquisition costs of operating limited 334,951 777,180 258,345 Syndication costs from operating limited - (36,455) - Cumulative distributions from operating limited (2,463) (27,368) (3,764) Cumulative impairment loss in investment in (322,505) (963,351) (310,713) Cumulative losses from operating limited (2,319,374) (5,380,060) (1,930,119) Investments in operating limited partnerships per - - - The Fund has recorded capital contributions to (55,606) (5,588) (19,264) The Fund has recorded acquisition costs at March (132,522) - (27,397) Cumulative losses from operating limited 115,146 237,589 18,836 Series 17 Series 18 Series 19 Equity in loss of operating limited partnerships (3,247,701) (6,037,627) (3,400,269) The Fund has recorded low-income housing tax 6,706 11,291 - Cumulative impairment loss in investment in 322,505 963,351 310,713 Other (45,544) (218,902) (53,174) Equity per operating limited partnerships’ $ (3,037,016) $ (5,049,886) $ (3,170,555) 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 23,352,308 $ 3,950,299 $ 8,042,810 Acquisition costs of operating limited 3,125,005 564,428 1,016,280 Syndication costs from operating limited (36,455) - - Cumulative distributions from operating limited (62,998) (3,252) (12,055) Cumulative impairment loss in investment in (3,397,130) (189,424) (1,326,748) Cumulative losses from operating limited (22,980,730) (4,322,051) (7,720,287) Investments in operating limited partnerships per - - - The Fund has recorded capital contributions to (188,624) (14,246) (93,920) The Fund has recorded acquisition costs at March (407,477) (52,671) (120,021) Cumulative losses from operating limited 437,128 48,582 - Total Series 15 Series 16 Equity in loss of operating limited partnerships (27,468,772) (5,078,894) (9,143,256) The Fund has recorded low-income housing tax 142,774 53,151 71,626 Cumulative impairment loss in investment in 3,397,130 189,424 1,326,748 Other (57,517) (77,698) 289,887 Equity per operating limited partnerships’ $ (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 $ 3,742,894 $ 5,630,054 $ 1,986,251 Acquisition costs of operating limited 508,772 777,180 258,345 Syndication costs from operating limited - (36,455) - Cumulative distributions from operating limited (16,559) (27,368) (3,764) Cumulative impairment loss in investment in (606,894) (963,351) (310,713) Cumulative losses from operating limited (3,628,213) (5,380,060) (1,930,119) Investments in operating limited partnerships per - - - The Fund has recorded capital contributions to (55,606) (5,588) (19,264) The Fund has recorded acquisition costs at March (207,388) - (27,397) Cumulative losses from operating limited 132,121 237,589 18,836 Series 17 Series 18 Series 19 Equity in loss of operating limited partnerships (4,426,234) (5,555,949) (3,264,439) The Fund has recorded low-income housing tax 6,706 11,291 - Cumulative impairment loss in investment in 606,894 963,351 310,713 Other (14,211) (203,969) (51,526) Equity per operating limited partnerships’ $ (3,957,718) $ (4,553,275) $ (3,033,077) |
Schedule Of Summarized Balance Sheets In Operating Partnerships [Table Text Block] | The combined summarized balance sheets of the operating limited partnerships at December 31, 2016 are as follows: Total Series 15 Series 16 ASSETS Buildings and improvements, net of accumulated $ 21,761,359 $ 3,938,014 $ 8,446,974 Land 3,183,588 635,918 1,094,624 Other assets 7,521,845 2,262,377 3,028,240 $ 32,466,792 $ 6,836,309 $ 12,569,838 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 49,589,030 $ 11,286,992 $ 16,669,540 Accounts payable and accrued expenses 1,586,166 197,651 150,036 Other liabilities 2,459,784 212,111 618,411 53,634,980 11,696,754 17,437,987 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (21,181,424) (4,961,457) (4,962,510) Other partners 13,236 101,012 94,361 (21,168,188) (4,860,445) (4,868,149) $ 32,466,792 $ 6,836,309 $ 12,569,838 The combined summarized balance sheets of the operating limited partnerships at December 31, 2016 are as follows: Series 17 Series 18 Series 19 ASSETS Buildings and improvements, net of accumulated $ 2,052,766 $ 5,505,374 $ 1,818,231 Land 326,600 856,966 269,480 Other assets 720,476 1,055,463 455,289 $ 3,099,842 $ 7,417,803 $ 2,543,000 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 5,206,589 $ 11,504,690 $ 4,921,219 Accounts payable and accrued expenses 537,964 469,370 231,145 Other liabilities 296,885 743,446 588,931 6,041,438 12,717,506 5,741,295 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (3,037,016) (5,049,886) (3,170,555) Other partners 95,420 (249,817) (27,740) (2,941,596) (5,299,703) (3,198,295) $ 3,099,842 $ 7,417,803 $ 2,543,000 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 $ 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 $ 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 |
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, 2016 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 15 Series 16 Revenue Rental $ 9,571,913 $ 2,224,484 $ 3,175,002 Interest and other 217,504 51,642 65,374 9,789,417 2,276,126 3,240,376 Expenses Interest 1,145,891 289,161 344,749 Depreciation and amortization 2,341,880 529,311 705,289 Taxes and insurance 1,175,081 243,240 368,219 Repairs and maintenance 2,450,999 483,523 889,590 Operating expenses 3,928,968 914,759 1,242,744 Other expenses 84,514 11,522 13,222 11,127,333 2,471,516 3,563,813 NET LOSS $ (1,337,916) $ (195,390) $ (323,437) Net loss allocated to Boston Capital Tax Credit $ (1,407,777) $ (205,277) $ (398,454) Net Income (Loss) allocated to other partners $ 69,861 $ 9,887 $ 75,017 * Amounts include $ 205,277 398,454 183,320 484,896 135,830 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2016 are as follows: Series 17 Series 18 Series 19 Revenue Rental $ 1,270,718 $ 2,149,400 $ 752,309 Interest and other 24,089 54,446 21,953 1,294,807 2,203,846 774,262 Expenses Interest 124,149 306,460 81,372 Depreciation and amortization 387,177 554,151 165,952 Taxes and insurance 158,094 298,451 107,077 Repairs and maintenance 263,229 608,437 206,220 Operating expenses 538,332 883,491 349,642 Other expenses 9,000 49,570 1,200 1,479,981 2,700,560 911,463 NET LOSS $ (185,174) $ (496,714) $ (137,201) Net loss allocated to Boston Capital Tax Credit $ (183,320) $ (484,896) $ (135,830) Net Income (Loss) allocated to other partners $ (1,854) $ (11,818) $ (1,371) * Amounts include $205,277, $398,454, $183,320, $484,896, and $135,830 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, 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 $ (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 $ (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. |
RECONCILIATION OF FINANCIAL S18
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Tables) | 12 Months Ended |
Mar. 31, 2017 | |
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, 2017 is reconciled as follows: Total Series 15 Series 16 Net income (loss) for financial reporting purposes $ (265,827) $ (80,612) $ 112,314 Operating limited partnership rents (630) (566) - Accrued fund management fees not 25,641 34,893 (104,868) Other 5,890,488 481,964 3,478,500 Operating limited partnership losses not (1,407,777) (205,277) (398,454) Excess of tax depreciation over book (433,030) (58,090) (188,917) Difference due to fiscal year for book (733,778) (531,704) (90,001) Income (loss) for tax return purposes, year ended December 31, 2016 $ 3,075,087 $ (359,392) $ 2,808,574 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, 2017 is reconciled as follows: Series 17 Series 18 Series 19 Net income (loss) for financial reporting purposes $ (78,112) $ (124,922) $ (94,495) Operating limited partnership rents (851) 787 - Accrued fund management fees not - 95,616 - Other 1,643,453 229,138 57,433 Operating limited partnership losses not (183,320) (484,896) (135,830) Excess of tax depreciation over book (4,086) (60,486) (121,451) Difference due to fiscal year for book (91,612) 142 (20,603) Income (loss) for tax return purposes, year ended December 31, 2016 $ 1,285,472 $ (344,621) $ (314,946) 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 41 (1,731) - Accrued fund management fees not (872,337) (691,424) 94,279 Other 9,102,061 2,146,122 449,774 Operating limited partnership losses not (2,484,936) (400,421) (1,077,035) Excess of tax depreciation over book (432,684) (63,505) (156,524) Difference due to fiscal year for book (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 (1,474) 2,767 479 Accrued fund management fees not (50,225) (224,967) - Other 6,613,088 (143,620) 36,697 Operating limited partnership losses not (347,353) (510,849) (149,278) Excess of tax depreciation over book (20,175) (73,921) (118,559) Difference due to fiscal year for book (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) |
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, 2017, are as follows: Total Series 15 Series 16 Investments in operating limited $ (25,676,778) $ (5,498,998) $ (8,845,040) Estimated share of loss for the three months (417,413) (45,842) - Add back operating limited partnership losses 23,818,955 5,101,987 6,031,371 Impairment loss in investment in operating (2,592,909) (189,424) (806,916) Historic tax credits 5,325,806 - 1,844,836 Other (457,661) 632,277 1,775,749 Investments in operating limited partnerships $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2017, are as follows: Series 17 Series 18 Series 19 Investments in operating limited $ (2,502,075) $ (6,141,705) $ (2,688,960) Estimated share of loss for the three months (115,146) (237,589) (18,836) Add back operating limited partnership losses 3,247,701 6,037,627 3,400,269 Impairment loss in investment in operating (322,505) (963,351) (310,713) Historic tax credits 1,100,310 2,062,333 318,327 Other (1,408,285) (757,315) (700,087) Investments in operating limited partnerships $ - $ - $ - 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 $ (29,261,568) $ (5,701,029) $ (11,373,043) Estimated share of loss for the three months (437,128) (48,582) - Add back operating limited partnership losses 27,468,772 5,078,894 9,143,256 Impairment loss in investment in operating (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 $ - $ - $ - 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 $ (3,872,136) $ (5,826,248) $ (2,489,112) Estimated share of loss for the three months (132,121) (237,589) (18,836) Add back operating limited partnership losses 4,426,234 5,555,949 3,264,439 Impairment loss in investment in operating (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 $ - $ - $ - |
ORGANIZATION AND SUMMARY OF S19
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares | Mar. 31, 2017 | Mar. 31, 2016 |
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 21,996,102 | 21,996,102 |
Partners Capital Account Units Outstanding | 21,843,147 | 21,902,747 |
Series 15 [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 3,870,500 | 3,870,500 |
Partners Capital Account Units Outstanding | 3,830,900 | 3,848,900 |
Series 16 [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 5,429,402 | 5,429,402 |
Partners Capital Account Units Outstanding | 5,392,500 | 5,404,500 |
Series 17 [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 5,000,000 | 5,000,000 |
Partners Capital Account Units Outstanding | 4,962,947 | 4,972,947 |
Series 18 [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 3,616,200 | 3,616,200 |
Partners Capital Account Units Outstanding | 3,598,100 | 3,605,200 |
Series 19 [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 4,080,000 | 4,080,000 |
Partners Capital Account Units Outstanding | 4,058,700 | 4,071,200 |
ORGANIZATION AND SUMMARY OF S20
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | $ 62,103 | $ 62,103 |
Series 15 [Member] | ||
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | 12,394 | 12,394 |
Series 16 [Member] | ||
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | 246 | 246 |
Series 17 [Member] | ||
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | 0 | 0 |
Series 18 [Member] | ||
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | 24,343 | 24,343 |
Series 19 [Member] | ||
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | $ 25,120 | $ 25,120 |
ORGANIZATION AND SUMMARY OF S21
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - shares | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted average number of units outstanding | 21,887,847 | 21,928,277 |
Series 15 [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 | 3,844,400 | 3,856,025 |
Series 16 [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 | 5,401,500 | 5,409,975 |
Series 17 [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 | 4,970,447 | 4,978,752 |
Series 18 [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 | 3,603,425 | 3,610,450 |
Series 19 [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 | 4,068,075 | 4,073,075 |
ORGANIZATION AND SUMMARY OF S22
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - $ / shares | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 1994 | Mar. 31, 2016 | |
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, 2017 | Mar. 31, 2016 | |
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | $ 380,061 | $ 466,057 |
Asset Management and Reporting Fee | 46,213 | 217,138 |
Partnership Management Fee net of Asset Management and Reporting Fee | 333,848 | 248,919 |
Series 15 [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 34,893 | 52,742 |
Asset Management and Reporting Fee | 9,962 | 87,581 |
Partnership Management Fee net of Asset Management and Reporting Fee | 24,931 | (34,839) |
Series 16 [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 138,132 | 176,280 |
Asset Management and Reporting Fee | 17,254 | 65,994 |
Partnership Management Fee net of Asset Management and Reporting Fee | 120,878 | 110,286 |
Series 17 [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 76,248 | 106,247 |
Asset Management and Reporting Fee | 1,097 | 45,097 |
Partnership Management Fee net of Asset Management and Reporting Fee | 75,151 | 61,150 |
Series 18 [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 95,616 | 95,616 |
Asset Management and Reporting Fee | 15,650 | 15,118 |
Partnership Management Fee net of Asset Management and Reporting Fee | 79,966 | 80,498 |
Series 19 [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 35,172 | 35,172 |
Asset Management and Reporting Fee | 2,250 | 3,348 |
Partnership Management Fee net of Asset Management and Reporting Fee | $ 32,922 | $ 31,824 |
RELATED PARTY TRANSACTIONS (D24
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Management fees paid | $ 354,420 | $ 1,338,394 |
Series 15 [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | 0 | 744,166 |
Series 16 [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | 243,000 | 82,001 |
Series 17 [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | 76,248 | 156,472 |
Series 18 [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | 0 | 320,583 |
Series 19 [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | $ 35,172 | $ 35,172 |
RELATED PARTY TRANSACTIONS (D25
RELATED PARTY TRANSACTIONS (Details 2) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Advances From Affiliate [Line Items] | ||
Advances From Affiliate Of General Partner | $ 0 | $ 0 |
Series 15 [Member] | ||
Advances From Affiliate [Line Items] | ||
Advances From Affiliate Of General Partner | 0 | 0 |
Series 16 [Member] | ||
Advances From Affiliate [Line Items] | ||
Advances From Affiliate Of General Partner | 0 | 0 |
Series 17 [Member] | ||
Advances From Affiliate [Line Items] | ||
Advances From Affiliate Of General Partner | 0 | 0 |
Series 18 [Member] | ||
Advances From Affiliate [Line Items] | ||
Advances From Affiliate Of General Partner | 0 | 0 |
Series 19 [Member] | ||
Advances From Affiliate [Line Items] | ||
Advances From Affiliate Of General Partner | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (D26
RELATED PARTY TRANSACTIONS (Details 3) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
General Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 94,453 | $ 88,356 |
Series 15 [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | 18,807 | 16,250 |
Series 16 [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | 22,040 | 18,952 |
Series 17 [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | 18,755 | 16,959 |
Series 18 [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | 17,655 | 20,942 |
Series 19 [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 17,196 | $ 15,253 |
RELATED PARTY TRANSACTIONS (D27
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Percentage Of Annual Management Fee | 0.50% | |
Percentage Of Permanent Financing | 99.00% | |
Accrued Management Fees | $ 15,299,405 | $ 15,273,764 |
Repayments of Related Party Debt | $ 635,362 |
INVESTMENTS IN OPERATING LIMI28
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details) - Number | Mar. 31, 2017 | Mar. 31, 2016 |
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 53 | 61 |
Series 15 [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 13 | 14 |
Series 16 [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 17 | 20 |
Series 17 [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 5 | 9 |
Series 18 [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 12 | 12 |
Series 19 [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 6 | 6 |
INVESTMENTS IN OPERATING LIMI29
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 1) | 12 Months Ended | |||
Mar. 31, 2017USD ($)Number | Mar. 31, 2016USD ($)Number | |||
Dispositions By Series [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 7 | 7 | ||
Sale of Underlying Operating Partnership | Number | 1 | 2 | ||
Partnership Proceeds from Disposition | $ | $ 352,554 | [1] | $ 6,721,378 | [2] |
Gain on Disposition | $ | $ 402,562 | $ 6,416,089 | ||
Series 15 [Member] | ||||
Dispositions By Series [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 1 | 3 | ||
Sale of Underlying Operating Partnership | Number | 0 | 1 | ||
Partnership Proceeds from Disposition | $ | $ 16,000 | [1] | $ 465,691 | [2] |
Gain on Disposition | $ | $ 16,000 | $ 465,691 | ||
Series 16 [Member] | ||||
Dispositions By Series [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 2 | 1 | ||
Sale of Underlying Operating Partnership | Number | 1 | 0 | ||
Partnership Proceeds from Disposition | $ | $ 266,076 | [1] | $ 243,000 | [2] |
Gain on Disposition | $ | $ 316,084 | $ 243,000 | ||
Series 17 [Member] | ||||
Dispositions By Series [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 4 | 3 | ||
Sale of Underlying Operating Partnership | Number | 0 | 1 | ||
Partnership Proceeds from Disposition | $ | $ 70,478 | [1] | $ 5,692,104 | [2] |
Gain on Disposition | $ | $ 70,478 | $ 5,692,104 | ||
Series 18 [Member] | ||||
Dispositions By Series [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 0 | 0 | ||
Sale of Underlying Operating Partnership | Number | 0 | 0 | ||
Partnership Proceeds from Disposition | $ | $ 0 | [1] | $ 320,583 | [2] |
Gain on Disposition | $ | $ 0 | $ 15,294 | ||
Series 19 [Member] | ||||
Dispositions By Series [Line Items] | ||||
Operating Partnership Interest Transferred | Number | 0 | 0 | ||
Sale of Underlying Operating Partnership | Number | 0 | 0 | ||
Partnership Proceeds from Disposition | $ | $ 0 | [1] | $ 0 | [2] |
Gain on Disposition | $ | $ 0 | $ 0 | ||
[1] | Fund proceeds from disposition does not include $50,008 which was due to a writeoff of capital contributions payable to Series 16. | |||
[2] | Fund proceeds from disposition include $305,289 which was receivable as of March 31, 2015 for Series 18. |
INVESTMENTS IN OPERATING LIMI30
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 2) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Contributions Payable [Line Items] | ||
Capital contributions payable | $ 26,447 | $ 76,455 |
Series 15 [Member] | ||
Contributions Payable [Line Items] | ||
Capital contributions payable | 0 | 0 |
Series 16 [Member] | ||
Contributions Payable [Line Items] | ||
Capital contributions payable | 0 | 50,008 |
Series 17 [Member] | ||
Contributions Payable [Line Items] | ||
Capital contributions payable | 7,893 | 7,893 |
Series 18 [Member] | ||
Contributions Payable [Line Items] | ||
Capital contributions payable | 18,554 | 18,554 |
Series 19 [Member] | ||
Contributions Payable [Line Items] | ||
Capital contributions payable | $ 0 | $ 0 |
INVESTMENTS IN OPERATING LIMI31
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 3) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | $ 17,980,764 | $ 23,352,308 | ||
Acquisition costs of operating limited partnerships | 2,375,082 | 3,125,005 | ||
Syndication costs from operating limited partnerships | (36,455) | (36,455) | ||
Cumulative distributions from operating limited partnerships | (48,902) | (62,998) | ||
Cumulative impairment loss in investment in operating limited partnerships | (2,592,909) | (3,397,130) | ||
Cumulative losses from operating limited partnerships | (17,677,580) | (22,980,730) | ||
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A) | (138,624) | (188,624) | ||
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A) | (235,949) | (407,477) | ||
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) | 417,413 | 437,128 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | (23,818,955) | (27,468,772) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 123,424 | 142,774 | ||
Cumulative impairment loss in investment in operating limited partnerships | 2,592,909 | 3,397,130 | ||
Other | (121,642) | (57,517) | ||
Equity per operating limited partnerships' combined financial statements | (21,181,424) | $ (21,181,424) | (24,145,358) | $ (24,145,358) |
Series 15 [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 | 3,800,488 | 3,950,299 | ||
Acquisition costs of operating limited partnerships | 541,634 | 564,428 | ||
Syndication costs from operating limited partnerships | 0 | 0 | ||
Cumulative distributions from operating limited partnerships | (3,252) | (3,252) | ||
Cumulative impairment loss in investment in operating limited partnerships | (189,424) | (189,424) | ||
Cumulative losses from operating limited partnerships | (4,149,446) | (4,322,051) | ||
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A) | (14,246) | (14,246) | ||
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A) | (52,671) | (52,671) | ||
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) | 45,842 | 48,582 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | (5,101,987) | (5,078,894) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 53,151 | 53,151 | ||
Cumulative impairment loss in investment in operating limited partnerships | 189,424 | 189,424 | ||
Other | (80,970) | (77,698) | ||
Equity per operating limited partnerships' combined financial statements | (4,961,457) | (4,961,457) | (4,932,352) | (4,932,352) |
Series 16 [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 | 4,254,580 | 8,042,810 | ||
Acquisition costs of operating limited partnerships | 462,972 | 1,016,280 | ||
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 | (806,916) | (1,326,748) | ||
Cumulative losses from operating limited partnerships | (3,898,581) | (7,720,287) | ||
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A) | (43,920) | (93,920) | ||
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A) | (23,359) | (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) | (6,031,371) | (9,143,256) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 52,276 | 71,626 | ||
Cumulative impairment loss in investment in operating limited partnerships | 806,916 | 1,326,748 | ||
Other | 276,948 | 289,887 | ||
Equity per operating limited partnerships' combined financial statements | (4,962,510) | (4,962,510) | (7,668,936) | (7,668,936) |
Series 17 [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 | 2,309,391 | 3,742,894 | ||
Acquisition costs of operating limited partnerships | 334,951 | 508,772 | ||
Syndication costs from operating limited partnerships | 0 | 0 | ||
Cumulative distributions from operating limited partnerships | (2,463) | (16,559) | ||
Cumulative impairment loss in investment in operating limited partnerships | (322,505) | (606,894) | ||
Cumulative losses from operating limited partnerships | (2,319,374) | (3,628,213) | ||
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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A) | (55,606) | (55,606) | ||
The Fund has recorded acquisition costs at March 31, 2017 which have not been recorded in the net assets of the operating limited partnerships (see note A) | (132,522) | (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) | 115,146 | 132,121 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | (3,247,701) | (4,426,234) | ||
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 | 322,505 | 606,894 | ||
Other | (45,544) | (14,211) | ||
Equity per operating limited partnerships' combined financial statements | (3,037,016) | (3,037,016) | (3,957,718) | (3,957,718) |
Series 18 [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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A) | (5,588) | (5,588) | ||
The Fund has recorded acquisition costs at March 31, 2017 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) | (6,037,627) | (5,555,949) | ||
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 | (218,902) | (203,969) | ||
Equity per operating limited partnerships' combined financial statements | (5,049,886) | (5,049,886) | (4,553,275) | (4,553,275) |
Series 19 [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, 2017 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2016 (see note A) | (19,264) | (19,264) | ||
The Fund has recorded acquisition costs at March 31, 2017 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) | (3,400,269) | (3,264,439) | ||
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 | (53,174) | (51,526) | ||
Equity per operating limited partnerships' combined financial statements | $ (3,170,555) | $ (3,170,555) | $ (3,033,077) | $ (3,033,077) |
INVESTMENTS IN OPERATING LIMI32
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 4) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | $ 21,761,359 | $ 29,568,305 | ||
Land | 3,183,588 | 3,903,489 | ||
Other assets | 7,521,845 | 10,795,084 | ||
Operating Limited Partnerships Assets | 32,466,792 | 44,266,878 | ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 49,589,030 | 60,384,689 | ||
Accounts payable and accrued expenses | 1,586,166 | 5,192,518 | ||
Other liabilities | 2,459,784 | 2,831,188 | ||
Operating Limited Partnerships Liabilities | 53,634,980 | 68,408,395 | ||
PARTNERS’ CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | $ (21,181,424) | (21,181,424) | $ (24,145,358) | (24,145,358) |
Other partners | 13,236 | 3,841 | ||
Operating Limited Partnerships Partners Capital | (21,168,188) | (24,141,517) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 32,466,792 | 44,266,878 | ||
Series 15 [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 3,938,014 | 4,806,190 | ||
Land | 635,918 | 684,856 | ||
Other assets | 2,262,377 | 2,285,357 | ||
Operating Limited Partnerships Assets | 6,836,309 | 7,776,403 | ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 11,286,992 | 12,126,820 | ||
Accounts payable and accrued expenses | 197,651 | 206,977 | ||
Other liabilities | 212,111 | 246,198 | ||
Operating Limited Partnerships Liabilities | 11,696,754 | 12,579,995 | ||
PARTNERS’ CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | (4,961,457) | (4,961,457) | (4,932,352) | (4,932,352) |
Other partners | 101,012 | 128,760 | ||
Operating Limited Partnerships Partners Capital | (4,860,445) | (4,803,592) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 6,836,309 | 7,776,403 | ||
Series 16 [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 8,446,974 | 11,930,712 | ||
Land | 1,094,624 | 1,288,687 | ||
Other assets | 3,028,240 | 5,278,428 | ||
Operating Limited Partnerships Assets | 12,569,838 | 18,497,827 | ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 16,669,540 | 21,602,240 | ||
Accounts payable and accrued expenses | 150,036 | 3,687,571 | ||
Other liabilities | 618,411 | 713,482 | ||
Operating Limited Partnerships Liabilities | 17,437,987 | 26,003,293 | ||
PARTNERS’ CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | (4,962,510) | (4,962,510) | (7,668,936) | (7,668,936) |
Other partners | 94,361 | 163,470 | ||
Operating Limited Partnerships Partners Capital | (4,868,149) | (7,505,466) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 12,569,838 | 18,497,827 | ||
Series 17 [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 2,052,766 | 5,080,072 | ||
Land | 326,600 | 803,500 | ||
Other assets | 720,476 | 1,471,554 | ||
Operating Limited Partnerships Assets | 3,099,842 | 7,355,126 | ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 5,206,589 | 10,083,602 | ||
Accounts payable and accrued expenses | 537,964 | 671,726 | ||
Other liabilities | 296,885 | 613,348 | ||
Operating Limited Partnerships Liabilities | 6,041,438 | 11,368,676 | ||
PARTNERS’ CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | (3,037,016) | (3,037,016) | (3,957,718) | (3,957,718) |
Other partners | 95,420 | (55,832) | ||
Operating Limited Partnerships Partners Capital | (2,941,596) | (4,013,550) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 3,099,842 | 7,355,126 | ||
Series 18 [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 5,505,374 | 5,800,183 | ||
Land | 856,966 | 856,966 | ||
Other assets | 1,055,463 | 1,226,998 | ||
Operating Limited Partnerships Assets | 7,417,803 | 7,884,147 | ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 11,504,690 | 11,609,745 | ||
Accounts payable and accrued expenses | 469,370 | 399,968 | ||
Other liabilities | 743,446 | 637,481 | ||
Operating Limited Partnerships Liabilities | 12,717,506 | 12,647,194 | ||
PARTNERS’ CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | (5,049,886) | (5,049,886) | (4,553,275) | (4,553,275) |
Other partners | (249,817) | (209,772) | ||
Operating Limited Partnerships Partners Capital | (5,299,703) | (4,763,047) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 7,417,803 | 7,884,147 | ||
Series 19 [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 1,818,231 | 1,951,148 | ||
Land | 269,480 | 269,480 | ||
Other assets | 455,289 | 532,747 | ||
Operating Limited Partnerships Assets | 2,543,000 | 2,753,375 | ||
LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 4,921,219 | 4,962,282 | ||
Accounts payable and accrued expenses | 231,145 | 226,276 | ||
Other liabilities | 588,931 | 620,679 | ||
Operating Limited Partnerships Liabilities | 5,741,295 | 5,809,237 | ||
PARTNERS’ CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | $ (3,170,555) | (3,170,555) | $ (3,033,077) | (3,033,077) |
Other partners | (27,740) | (22,785) | ||
Operating Limited Partnerships Partners Capital | (3,198,295) | (3,055,862) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | $ 2,543,000 | $ 2,753,375 |
INVESTMENTS IN OPERATING LIMI33
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 5) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | |||
Revenue | ||||
Rental | $ 9,571,913 | $ 11,658,113 | ||
Interest and other | 217,504 | 235,310 | ||
Operating Partnerships Revenue | 9,789,417 | 11,893,423 | ||
Expenses | ||||
Interest | 1,145,891 | 1,563,789 | ||
Depreciation and amortization | 2,341,880 | 3,046,486 | ||
Taxes and insurance | 1,175,081 | 1,438,962 | ||
Repairs and maintenance | 2,450,999 | 2,987,124 | ||
Operating expenses | 3,928,968 | 4,895,146 | ||
Other expenses | 84,514 | 481,170 | ||
Operating Partnerships Total Expenses | 11,127,333 | 14,412,677 | ||
NET LOSS | (1,337,916) | (2,519,254) | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (1,407,777) | [1] | (2,484,936) | [2] |
Net Income (Loss) allocated to other partners | 69,861 | (34,318) | ||
Series 15 [Member] | ||||
Revenue | ||||
Rental | 2,224,484 | 2,327,630 | ||
Interest and other | 51,642 | 53,301 | ||
Operating Partnerships Revenue | 2,276,126 | 2,380,931 | ||
Expenses | ||||
Interest | 289,161 | 313,200 | ||
Depreciation and amortization | 529,311 | 567,614 | ||
Taxes and insurance | 243,240 | 271,110 | ||
Repairs and maintenance | 483,523 | 589,873 | ||
Operating expenses | 914,759 | 1,018,576 | ||
Other expenses | 11,522 | 13,440 | ||
Operating Partnerships Total Expenses | 2,471,516 | 2,773,813 | ||
NET LOSS | (195,390) | (392,882) | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (205,277) | [1] | (400,421) | [2] |
Net Income (Loss) allocated to other partners | 9,887 | 7,539 | ||
Series 16 [Member] | ||||
Revenue | ||||
Rental | 3,175,002 | 4,340,062 | ||
Interest and other | 65,374 | 74,305 | ||
Operating Partnerships Revenue | 3,240,376 | 4,414,367 | ||
Expenses | ||||
Interest | 344,749 | 639,443 | ||
Depreciation and amortization | 705,289 | 1,100,806 | ||
Taxes and insurance | 368,219 | 506,221 | ||
Repairs and maintenance | 889,590 | 1,153,404 | ||
Operating expenses | 1,242,744 | 1,715,871 | ||
Other expenses | 13,222 | 409,866 | ||
Operating Partnerships Total Expenses | 3,563,813 | 5,525,611 | ||
NET LOSS | (323,437) | (1,111,244) | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (398,454) | [1] | (1,077,035) | [2] |
Net Income (Loss) allocated to other partners | 75,017 | (34,209) | ||
Series 17 [Member] | ||||
Revenue | ||||
Rental | 1,270,718 | 2,108,018 | ||
Interest and other | 24,089 | 31,733 | ||
Operating Partnerships Revenue | 1,294,807 | 2,139,751 | ||
Expenses | ||||
Interest | 124,149 | 214,868 | ||
Depreciation and amortization | 387,177 | 657,895 | ||
Taxes and insurance | 158,094 | 250,360 | ||
Repairs and maintenance | 263,229 | 449,230 | ||
Operating expenses | 538,332 | 911,272 | ||
Other expenses | 9,000 | 12,000 | ||
Operating Partnerships Total Expenses | 1,479,981 | 2,495,625 | ||
NET LOSS | (185,174) | (355,874) | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (183,320) | [1] | (347,353) | [2] |
Net Income (Loss) allocated to other partners | (1,854) | (8,521) | ||
Series 18 [Member] | ||||
Revenue | ||||
Rental | 2,149,400 | 2,138,321 | ||
Interest and other | 54,446 | 52,578 | ||
Operating Partnerships Revenue | 2,203,846 | 2,190,899 | ||
Expenses | ||||
Interest | 306,460 | 311,058 | ||
Depreciation and amortization | 554,151 | 554,454 | ||
Taxes and insurance | 298,451 | 308,858 | ||
Repairs and maintenance | 608,437 | 594,393 | ||
Operating expenses | 883,491 | 885,941 | ||
Other expenses | 49,570 | 44,664 | ||
Operating Partnerships Total Expenses | 2,700,560 | 2,699,368 | ||
NET LOSS | (496,714) | (508,469) | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (484,896) | [1] | (510,849) | [2] |
Net Income (Loss) allocated to other partners | (11,818) | 2,380 | ||
Series 19 [Member] | ||||
Revenue | ||||
Rental | 752,309 | 744,082 | ||
Interest and other | 21,953 | 23,393 | ||
Operating Partnerships Revenue | 774,262 | 767,475 | ||
Expenses | ||||
Interest | 81,372 | 85,220 | ||
Depreciation and amortization | 165,952 | 165,717 | ||
Taxes and insurance | 107,077 | 102,413 | ||
Repairs and maintenance | 206,220 | 200,224 | ||
Operating expenses | 349,642 | 363,486 | ||
Other expenses | 1,200 | 1,200 | ||
Operating Partnerships Total Expenses | 911,463 | 918,260 | ||
NET LOSS | (137,201) | (150,785) | ||
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (135,830) | [1] | (149,278) | [2] |
Net Income (Loss) allocated to other partners | $ (1,371) | $ (1,507) | ||
[1] | Amounts include $205,277, $398,454, $183,320, $484,896, and $135,830 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 $400,421, $1,077,035, $347,353, $510,849, and $149,278 for Series 15, Series 16, Series 17, Series 18 and Series 19, respectively, of loss not recognized under the equity method of accounting as described in note A. |
INVESTMENTS IN OPERATING LIMI34
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details Textual) - USD ($) | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Series 15 [Member] | ||||
Investments In Operating Limited Partnerships [Line Items] | ||||
Income Loss Not Recognized Under Equity Method Accounting | $ 205,277 | $ 400,421 | ||
Series 16 [Member] | ||||
Investments In Operating Limited Partnerships [Line Items] | ||||
Income Loss Not Recognized Under Equity Method Accounting | 398,454 | 1,077,035 | ||
Write Off Of Capital Contribution Payable | $ 50,008 | |||
Series 17 [Member] | ||||
Investments In Operating Limited Partnerships [Line Items] | ||||
Income Loss Not Recognized Under Equity Method Accounting | 183,320 | 347,353 | ||
Series 18 [Member] | ||||
Investments In Operating Limited Partnerships [Line Items] | ||||
Income Loss Not Recognized Under Equity Method Accounting | 484,896 | 510,849 | ||
Fund Receivable | $ 305,289 | |||
Series 19 [Member] | ||||
Investments In Operating Limited Partnerships [Line Items] | ||||
Income Loss Not Recognized Under Equity Method Accounting | $ 135,830 | $ 149,278 |
RECONCILIATION OF FINANCIAL S35
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | $ (265,827) | $ 5,869,910 |
Operating limited partnership rents received in advance | (630) | 41 |
Accrued fund management fees not deducted (deducted) for tax purposes | 25,641 | (1,507,699) |
Other | 5,890,488 | 9,102,061 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (1,407,777) | (2,484,936) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (433,030) | (432,684) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (733,778) | (6,236,798) |
Income (loss) for tax return purposes, year ended | 3,075,087 | 4,945,257 |
Series 15 [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | (80,612) | 386,925 |
Operating limited partnership rents received in advance | (566) | (1,731) |
Accrued fund management fees not deducted (deducted) for tax purposes | 34,893 | (691,424) |
Other | 481,964 | 2,146,122 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (205,277) | (400,421) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (58,090) | (63,505) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (531,704) | 38,200 |
Income (loss) for tax return purposes, year ended | (359,392) | 1,414,166 |
Series 16 [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | 112,314 | 59,564 |
Operating limited partnership rents received in advance | 0 | 0 |
Accrued fund management fees not deducted (deducted) for tax purposes | (104,868) | 94,279 |
Other | 3,478,500 | 449,774 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (398,454) | (1,077,035) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (188,917) | (156,524) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (90,001) | (408,306) |
Income (loss) for tax return purposes, year ended | 2,808,574 | (1,038,248) |
Series 17 [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | (78,112) | 5,593,702 |
Operating limited partnership rents received in advance | (851) | (1,474) |
Accrued fund management fees not deducted (deducted) for tax purposes | 0 | (685,587) |
Other | 1,643,453 | 6,613,088 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (183,320) | (347,353) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (4,086) | (20,175) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (91,612) | (5,619,894) |
Income (loss) for tax return purposes, year ended | 1,285,472 | 6,167,669 |
Series 18 [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | (124,922) | (89,507) |
Operating limited partnership rents received in advance | 787 | 2,767 |
Accrued fund management fees not deducted (deducted) for tax purposes | 95,616 | (224,967) |
Other | 229,138 | (143,620) |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (484,896) | (510,849) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (60,486) | (73,921) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | 142 | (240,563) |
Income (loss) for tax return purposes, year ended | (344,621) | (1,280,660) |
Series 19 [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | (94,495) | (80,774) |
Operating limited partnership rents received in advance | 0 | 479 |
Accrued fund management fees not deducted (deducted) for tax purposes | 0 | 0 |
Other | 57,433 | 36,697 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (135,830) | (149,278) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (121,451) | (118,559) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (20,603) | (6,235) |
Income (loss) for tax return purposes, year ended | $ (314,946) | $ (317,670) |
RECONCILIATION OF FINANCIAL S36
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | $ (25,676,778) | $ (29,261,568) |
Estimated share of loss | (417,413) | (437,128) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 23,818,955 | 27,468,772 |
Impairment loss in investment in operating limited partnerships | (2,592,909) | (3,397,130) |
Historic tax credits | 5,325,806 | 5,325,806 |
Other | (457,661) | 301,248 |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series 15 [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | (5,498,998) | (5,701,029) |
Estimated share of loss | (45,842) | (48,582) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 5,101,987 | 5,078,894 |
Impairment loss in investment in operating limited partnerships | (189,424) | (189,424) |
Historic tax credits | 0 | 0 |
Other | 632,277 | 860,141 |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series 16 [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | (8,845,040) | (11,373,043) |
Estimated share of loss | 0 | 0 |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 6,031,371 | 9,143,256 |
Impairment loss in investment in operating limited partnerships | (806,916) | (1,326,748) |
Historic tax credits | 1,844,836 | 1,844,836 |
Other | 1,775,749 | 1,711,699 |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series 17 [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | (2,502,075) | (3,872,136) |
Estimated share of loss | (115,146) | (132,121) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 3,247,701 | 4,426,234 |
Impairment loss in investment in operating limited partnerships | (322,505) | (606,894) |
Historic tax credits | 1,100,310 | 1,100,310 |
Other | (1,408,285) | (915,393) |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series 18 [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | (6,141,705) | (5,826,248) |
Estimated share of loss | (237,589) | (237,589) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 6,037,627 | 5,555,949 |
Impairment loss in investment in operating limited partnerships | (963,351) | (963,351) |
Historic tax credits | 2,062,333 | 2,062,333 |
Other | (757,315) | (591,094) |
Investments in operating limited partnerships - as reported | 0 | 0 |
Series 19 [Member] | ||
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return | (2,688,960) | (2,489,112) |
Estimated share of loss | (18,836) | (18,836) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 3,400,269 | 3,264,439 |
Impairment loss in investment in operating limited partnerships | (310,713) | (310,713) |
Historic tax credits | 318,327 | 318,327 |
Other | (700,087) | (764,105) |
Investments in operating limited partnerships - as reported | $ 0 | $ 0 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member] | 3 Months Ended |
Jun. 30, 2017USD ($) | |
Subsequent Event [Line Items] | |
Proceeds from Sale of Interest in Partnership Unit | $ 753,923 |
Gain Loss on Disposition of Operating Limited Partnership | $ 743,423 |