Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2019USD ($)shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | BOSTON CAPITAL TAX CREDIT FUND III L P |
Entity Central Index Key | 0000879555 |
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 | Non-accelerated Filer |
Entity Public Float | $ | $ 0 |
Entity Common Stock, Shares Outstanding | shares | 0 |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Small Business | true |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | $ 0 | $ 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 1,055,755 | 1,632,938 |
Assets | 1,055,755 | 1,632,938 |
LIABILITIES | ||
Accounts payable and accrued expenses | 4,500 | 2,000 |
Accounts payable - affiliates | 10,780,391 | 14,740,050 |
Capital contributions payable | 18,554 | 26,447 |
Liabilities | 10,803,445 | 14,768,497 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | (10,657,123) | (11,248,474) |
General partner | 909,433 | (1,887,085) |
Partners' capital (deficit) | (9,747,690) | (13,135,559) |
Liabilities and Stockholders' Equity | 1,055,755 | 1,632,938 |
Series 15 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 0 | 244,074 |
Assets | 0 | 244,074 |
LIABILITIES | ||
Accounts payable and accrued expenses | 0 | 0 |
Accounts payable - affiliates | 0 | 3,034,436 |
Capital contributions payable | 0 | 0 |
Liabilities | 0 | 3,034,436 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | (2,439,314) | (2,440,269) |
General partner | 2,439,314 | (350,093) |
Partners' capital (deficit) | 0 | (2,790,362) |
Liabilities and Stockholders' Equity | 0 | 244,074 |
Series 16 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 191,974 | 320,396 |
Assets | 191,974 | 320,396 |
LIABILITIES | ||
Accounts payable and accrued expenses | 2,000 | 2,000 |
Accounts payable - affiliates | 7,814,843 | 7,890,441 |
Capital contributions payable | 0 | 0 |
Liabilities | 7,816,843 | 7,892,441 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | (7,082,013) | (7,029,717) |
General partner | (542,856) | (542,328) |
Partners' capital (deficit) | (7,624,869) | (7,572,045) |
Liabilities and Stockholders' Equity | 191,974 | 320,396 |
Series 17 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 607,576 | 536,326 |
Assets | 607,576 | 536,326 |
LIABILITIES | ||
Accounts payable and accrued expenses | 2,500 | 0 |
Accounts payable - affiliates | 0 | 0 |
Capital contributions payable | 0 | 7,893 |
Liabilities | 2,500 | 7,893 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | 971,233 | 895,356 |
General partner | (366,157) | (366,923) |
Partners' capital (deficit) | 605,076 | 528,433 |
Liabilities and Stockholders' Equity | 607,576 | 536,326 |
Series 18 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 256,205 | 351,136 |
Assets | 256,205 | 351,136 |
LIABILITIES | ||
Accounts payable and accrued expenses | 0 | 0 |
Accounts payable - affiliates | 2,965,548 | 3,815,173 |
Capital contributions payable | 18,554 | 18,554 |
Liabilities | 2,984,102 | 3,833,727 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | (2,390,390) | (3,137,537) |
General partner | (337,507) | (345,054) |
Partners' capital (deficit) | (2,727,897) | (3,482,591) |
Liabilities and Stockholders' Equity | 256,205 | 351,136 |
Series 19 [Member] | ||
ASSETS | ||
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS | 0 | 0 |
OTHER ASSETS | ||
Cash and cash equivalents | 0 | 181,006 |
Assets | 0 | 181,006 |
LIABILITIES | ||
Accounts payable and accrued expenses | 0 | 0 |
Accounts payable - affiliates | 0 | 0 |
Capital contributions payable | 0 | 0 |
Liabilities | 0 | 0 |
PARTNERS' CAPITAL (DEFICIT) | ||
Assignor limited partner | 0 | 0 |
Limited partners | 283,361 | 463,693 |
General partner | (283,361) | (282,687) |
Partners' capital (deficit) | 0 | 181,006 |
Liabilities and Stockholders' Equity | $ 0 | $ 181,006 |
BALANCE SHEETS _Parenthetical_
BALANCE SHEETS [Parenthetical] - $ / shares | Mar. 31, 2019 | Mar. 31, 2018 |
Units of limited partnership interest, 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 | 21,695,581 | 21,778,581 |
Series 15 [Member] | ||
Units of limited partnership interest, 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 | 3,810,700 | 3,811,700 |
Series 16 [Member] | ||
Units of limited partnership interest, 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 | 5,332,500 | 5,367,700 |
Series 17 [Member] | ||
Units of limited partnership interest, 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 | 4,938,247 | 4,956,447 |
Series 18 [Member] | ||
Units of limited partnership interest, 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 | 3,558,134 | 3,586,734 |
Series 19 [Member] | ||
Units of limited partnership interest, 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 | 4,056,000 | 4,056,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income | ||
Interest income | $ 12,501 | $ 5,610 |
Other income | 134,679 | 55,601 |
Total income | 147,180 | 61,211 |
Share of income from operating limited partnerships | 1,056,413 | 1,127,941 |
Expenses | ||
Professional fees | 126,687 | 116,263 |
Partnership management fee | 176,462 | 196,682 |
General and administrative expenses | 188,399 | 118,425 |
Operating expenses | 491,548 | 431,370 |
NET INCOME (LOSS) | 712,045 | 757,782 |
Net income (loss) allocated to general partner | 7,121 | 7,577 |
Net income (loss) allocated to limited partners | $ 704,924 | $ 750,205 |
Net income (loss) per BAC (in dollars per share) | $ 0.03 | $ 0.03 |
Series 15 [Member] | ||
Income | ||
Interest income | $ 942 | $ 600 |
Other income | 0 | 321 |
Total income | 942 | 921 |
Share of income from operating limited partnerships | 107,000 | 265,241 |
Expenses | ||
Professional fees | 25,826 | 24,161 |
Partnership management fee | 21,998 | 29,382 |
General and administrative expenses | 59,153 | 22,082 |
Operating expenses | 106,977 | 75,625 |
NET INCOME (LOSS) | 965 | 190,537 |
Net income (loss) allocated to general partner | 10 | 1,905 |
Net income (loss) allocated to limited partners | $ 955 | $ 188,632 |
Net income (loss) per BAC (in dollars per share) | $ 0 | $ 0.05 |
Series 16 [Member] | ||
Income | ||
Interest income | $ 1,330 | $ 1,293 |
Other income | 1,888 | 2,080 |
Total income | 3,218 | 3,373 |
Share of income from operating limited partnerships | 70,000 | 262,894 |
Expenses | ||
Professional fees | 29,823 | 29,668 |
Partnership management fee | 67,875 | 82,408 |
General and administrative expenses | 28,344 | 28,326 |
Operating expenses | 126,042 | 140,402 |
NET INCOME (LOSS) | (52,824) | 125,865 |
Net income (loss) allocated to general partner | (528) | 1,259 |
Net income (loss) allocated to limited partners | $ (52,296) | $ 124,606 |
Net income (loss) per BAC (in dollars per share) | $ (0.01) | $ 0.02 |
Series 17 [Member] | ||
Income | ||
Interest income | $ 6,489 | $ 1,846 |
Other income | 108,075 | 11,958 |
Total income | 114,564 | 13,804 |
Share of income from operating limited partnerships | 50,893 | 22,000 |
Expenses | ||
Professional fees | 27,678 | 22,700 |
Partnership management fee | 36,643 | (2,045) |
General and administrative expenses | 24,493 | 24,610 |
Operating expenses | 88,814 | 45,265 |
NET INCOME (LOSS) | 76,643 | (9,461) |
Net income (loss) allocated to general partner | 766 | (95) |
Net income (loss) allocated to limited partners | $ 75,877 | $ (9,366) |
Net income (loss) per BAC (in dollars per share) | $ 0.02 | $ 0 |
Series 18 [Member] | ||
Income | ||
Interest income | $ 2,994 | $ 1,473 |
Other income | 24,633 | 41,159 |
Total income | 27,627 | 42,632 |
Share of income from operating limited partnerships | 815,520 | 508,704 |
Expenses | ||
Professional fees | 23,058 | 21,770 |
Partnership management fee | 39,845 | 55,827 |
General and administrative expenses | 25,550 | 21,503 |
Operating expenses | 88,453 | 99,100 |
NET INCOME (LOSS) | 754,694 | 452,236 |
Net income (loss) allocated to general partner | 7,547 | 4,522 |
Net income (loss) allocated to limited partners | $ 747,147 | $ 447,714 |
Net income (loss) per BAC (in dollars per share) | $ 0.21 | $ 0.12 |
Series 19 [Member] | ||
Income | ||
Interest income | $ 746 | $ 398 |
Other income | 83 | 83 |
Total income | 829 | 481 |
Share of income from operating limited partnerships | 13,000 | 69,102 |
Expenses | ||
Professional fees | 20,302 | 17,964 |
Partnership management fee | 10,101 | 31,110 |
General and administrative expenses | 50,859 | 21,904 |
Operating expenses | 81,262 | 70,978 |
NET INCOME (LOSS) | (67,433) | (1,395) |
Net income (loss) allocated to general partner | (674) | (14) |
Net income (loss) allocated to limited partners | $ (66,759) | $ (1,381) |
Net income (loss) per BAC (in dollars per share) | $ (0.02) | $ 0 |
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, 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) |
Net income (loss) | 757,782 | 750,205 | 7,577 | 190,537 | 188,632 | 1,905 | 125,865 | 124,606 | 1,259 | (9,461) | (9,366) | (95) | 452,236 | 447,714 | 4,522 | (1,395) | (1,381) | (14) |
Partners' capital (deficit) at Mar. 31, 2018 | (13,135,559) | (11,248,474) | (1,887,085) | (2,790,362) | (2,440,269) | (350,093) | (7,572,045) | (7,029,717) | (542,328) | 528,433 | 895,356 | (366,923) | (3,482,591) | (3,137,537) | (345,054) | 181,006 | 463,693 | (282,687) |
Contributions from partners | 2,789,397 | 0 | 2,789,397 | 2,789,397 | 0 | 2,789,397 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Distributions to partners | (113,573) | (113,573) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (113,573) | (113,573) | 0 |
Net income (loss) | 712,045 | 704,924 | 7,121 | 965 | 955 | 10 | (52,824) | (52,296) | (528) | 76,643 | 75,877 | 766 | 754,694 | 747,147 | 7,547 | (67,433) | (66,759) | (674) |
Partners' capital (deficit) at Mar. 31, 2019 | $ (9,747,690) | $ (10,657,123) | $ 909,433 | $ 0 | $ (2,439,314) | $ 2,439,314 | $ (7,624,869) | $ (7,082,013) | $ (542,856) | $ 605,076 | $ 971,233 | $ (366,157) | $ (2,727,897) | $ (2,390,390) | $ (337,507) | $ 0 | $ 283,361 | $ (283,361) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Cash flows from operating activities | |||
Net income (loss) | $ 712,045 | $ 757,782 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Share of income from operating limited partnerships | (1,056,413) | (1,127,941) | |
Changes in liabilities | |||
Accounts payable and accrued expenses | 2,500 | (25,746) | |
Accounts payable - affiliates | (1,170,262) | (559,355) | |
Net cash provided by (used in) operating activities | (1,512,130) | (955,260) | |
Cash flows from investing activities | |||
Proceeds from disposition of operating limited partnerships | 1,048,520 | [1] | 1,127,941 |
Net cash provided by investing activities | 1,048,520 | 1,127,941 | |
Cash flows from financing activities | |||
Distributions to partners | (113,573) | 0 | |
Net cash used in financing activities | (113,573) | 0 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (577,183) | 172,681 | |
Cash and cash equivalents, beginning | 1,632,938 | 1,460,257 | |
Cash and cash equivalents, end | 1,055,755 | 1,632,938 | |
Supplemental schedule of noncash investing and financing activities: | |||
The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner. | 2,789,397 | 0 | |
Series 15 [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | 965 | 190,537 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Share of income from operating limited partnerships | (107,000) | (265,241) | |
Changes in liabilities | |||
Accounts payable and accrued expenses | 0 | (6,246) | |
Accounts payable - affiliates | (245,039) | (4,858) | |
Net cash provided by (used in) operating activities | (351,074) | (85,808) | |
Cash flows from investing activities | |||
Proceeds from disposition of operating limited partnerships | 107,000 | [1] | 265,241 |
Net cash provided by investing activities | 107,000 | 265,241 | |
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 | (244,074) | 179,433 | |
Cash and cash equivalents, beginning | 244,074 | 64,641 | |
Cash and cash equivalents, end | 0 | 244,074 | |
Supplemental schedule of noncash investing and financing activities: | |||
The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner. | 2,789,397 | 0 | |
Series 16 [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | (52,824) | 125,865 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Share of income from operating limited partnerships | (70,000) | (262,894) | |
Changes in liabilities | |||
Accounts payable and accrued expenses | 0 | 2,000 | |
Accounts payable - affiliates | (75,598) | (135,370) | |
Net cash provided by (used in) operating activities | (198,422) | (270,399) | |
Cash flows from investing activities | |||
Proceeds from disposition of operating limited partnerships | 70,000 | [1] | 262,894 |
Net cash provided by investing activities | 70,000 | 262,894 | |
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 | (128,422) | (7,505) | |
Cash and cash equivalents, beginning | 320,396 | 327,901 | |
Cash and cash equivalents, end | 191,974 | 320,396 | |
Supplemental schedule of noncash investing and financing activities: | |||
The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner. | 0 | 0 | |
Series 17 [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | 76,643 | (9,461) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Share of income from operating limited partnerships | (50,893) | (22,000) | |
Changes in liabilities | |||
Accounts payable and accrued expenses | 2,500 | (14,000) | |
Accounts payable - affiliates | 0 | 0 | |
Net cash provided by (used in) operating activities | 28,250 | (45,461) | |
Cash flows from investing activities | |||
Proceeds from disposition of operating limited partnerships | 43,000 | [1] | 22,000 |
Net cash provided by investing activities | 43,000 | 22,000 | |
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 | 71,250 | (23,461) | |
Cash and cash equivalents, beginning | 536,326 | 559,787 | |
Cash and cash equivalents, end | 607,576 | 536,326 | |
Supplemental schedule of noncash investing and financing activities: | |||
The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner. | 0 | 0 | |
Series 18 [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | 754,694 | 452,236 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Share of income from operating limited partnerships | (815,520) | (508,704) | |
Changes in liabilities | |||
Accounts payable and accrued expenses | 0 | 0 | |
Accounts payable - affiliates | (849,625) | (419,127) | |
Net cash provided by (used in) operating activities | (910,451) | (475,595) | |
Cash flows from investing activities | |||
Proceeds from disposition of operating limited partnerships | 815,520 | [1] | 508,704 |
Net cash provided by investing activities | 815,520 | 508,704 | |
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 | (94,931) | 33,109 | |
Cash and cash equivalents, beginning | 351,136 | 318,027 | |
Cash and cash equivalents, end | 256,205 | 351,136 | |
Supplemental schedule of noncash investing and financing activities: | |||
The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner. | 0 | 0 | |
Series 19 [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | (67,433) | (1,395) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||
Share of income from operating limited partnerships | (13,000) | (69,102) | |
Changes in liabilities | |||
Accounts payable and accrued expenses | 0 | (7,500) | |
Accounts payable - affiliates | 0 | 0 | |
Net cash provided by (used in) operating activities | (80,433) | (77,997) | |
Cash flows from investing activities | |||
Proceeds from disposition of operating limited partnerships | 13,000 | [1] | 69,102 |
Net cash provided by investing activities | 13,000 | 69,102 | |
Cash flows from financing activities | |||
Distributions to partners | (113,573) | 0 | |
Net cash used in financing activities | (113,573) | 0 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (181,006) | (8,895) | |
Cash and cash equivalents, beginning | 181,006 | 189,901 | |
Cash and cash equivalents, end | 0 | 181,006 | |
Supplemental schedule of noncash investing and financing activities: | |||
The general partner's equity balance was increased and accounts payable affiliates were reduced as a result of forgiveness of debt with an affiliate of the general partner. | $ 0 | $ 0 | |
[1] | Fund proceeds from disposition does not include $7,893 which was due to a writeoff of capital contributions payable from Series 17. |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2019 | |
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 BACs at $10 per BAC for sale to the public in one or more series. An additional 2,000,000 BACs at $10 per BAC were registered for sale to the public in one or more series on September 4, 1994. BACs sold in bulk were offered to investors at a reduced cost per BAC. The BACs issued and outstanding in each series as of March 31, 2019 and 2018 are as follows: Issued Outstanding 2019 2018 2019 2018 Series 15 3,870,500 3,870,500 3,810,700 3,811,700 Series 16 5,429,402 5,429,402 5,332,500 5,367,700 Series 17 5,000,000 5,000,000 4,938,247 4,956,447 Series 18 3,616,200 3,616,200 3,558,134 3,586,734 Series 19 4,080,000 4,080,000 4,056,000 4,056,000 21,996,102 21,996,102 21,695,581 21,778,581 In accordance with the limited partnership agreements, profits, losses, and cash flow (subject to certain priority allocations and distributions) and tax credits are allocated 99% to the assignees and 1% to the general partner. 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. Accordingly, the partnership recorded a valuation allowance as follows: 2019 2018 Series 15 $ - $ 12,394 Series 16 - 246 Series 17 - - Series 18 345 345 Series 19 - 25,120 $ 345 $ 38,105 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, 2019 and 2018, 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. 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 2015 remain open. Cash Equivalents Cash equivalents include money market accounts having original maturities at their acquisition dates of three months or less. 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 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 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. The weighted average number of units in each series at March 31, 2019 and 2018 are as follows: 2019 2018 Series 15 3,811,450 3,826,100 Series 16 5,358,900 5,386,300 Series 17 4,951,897 4,961,322 Series 18 3,579,584 3,595,259 Series 19 4,056,000 4,058,025 21,757,831 21,827,006 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, 2019, 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, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE B - RELATED PARTY TRANSACTIONS During the years ended March 31, 2019 and 2018, the fund entered into several transactions with various affiliates of the general partner, including Boston Capital Partners, Inc., Boston Capital Services, Inc., Boston Capital Holdings Limited Partnership and Boston Capital Asset Management Limited Partnership, as follows: Boston Capital Asset Management Limited Partnership is entitled to an annual fund management fee based on .5% of the aggregate cost of all apartment complexes acquired by the operating limited partnerships, less the amount of certain partnership management and reporting fees paid or payable by the operating limited partnerships. The aggregate cost is comprised of the capital contributions made by each series to the operating limited partnerships and 99% of the permanent financing at the operating limited partnership level. The partnership management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the years ended March 31, 2019 and 2018, are as follows: 2019 Gross Partnership Management Fee Asset Management and Reporting Fee Partnership Management Fee net of Asset Management and Reporting Fee Series 15 $ 26,960 $ 4,962 $ 21,998 Series 16 80,085 12,210 67,875 Series 17 46,643 10,000 36,643 Series 18 65,895 26,050 39,845 Series 19 10,851 750 10,101 $ 230,434 $ 53,972 $ 176,462 2018 Gross Partnership Management Fee Asset Management and Reporting Fee Partnership Management Fee net of Asset Management and Reporting Fee Series 15 $ 58,744 $ 29,362 $ 29,382 Series 16 96,456 14,048 82,408 Series 17 53,052 55,097 (2,045 ) Series 18 89,577 33,750 55,827 Series 19 31,860 750 31,110 $ 329,689 $ 133,007 $ 196,682 An affiliate of the general partner has forgiven asset management fees payable as a result of the sales of all operating limited partnerships in one of the series. Total forgiveness of debt for the years ended March 31, 2019 and 2018 was $2,789,397 and $0, respectively. Because the transaction involved an affiliate of the general partner, the transaction is accounted for as an equity transaction instead of income to the Fund. The partnership management fees paid for the years ended March 31, 2019 and 2018 are as follows: 2019 2018 Series 15 $ 271,999 $ 63,602 Series 16 155,683 231,826 Series 17 46,643 53,052 Series 18 915,520 508,704 Series 19 10,851 31,860 $ 1,400,696 $ 889,044 All partnership management fees will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the partnership's interests in operating limited partnerships. As of March 31, 2019 and 2018, total partnership management fees accrued were $10,780,391 and $14,740,050, respectively. 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, 2019 and 2018 charged to each series’ operations are as follows: 2019 2018 Series 15 $ 54,781 $ 16,661 Series 16 20,888 19,172 Series 17 18,132 16,854 Series 18 17,567 15,862 Series 19 46,668 15,689 $ 158,036 $ 84,238 Accounts payable - affiliates at March 31, 2019 and 2018 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, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments Disclosure [Text Block] | NOTE C - INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS At March 31, 2019 and 2018, 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, 2019 and 2018 by series are as follows: 2019 2018 Series 15 - 9 Series 16 11 12 Series 17 2 4 Series 18 10 11 Series 19 - 3 23 39 During the year ended March 31, 2019 the Fund disposed of sixteen operating limited partnerships. A summary of the dispositions by Series for March 31, 2019 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition * Disposition Series 15 8 1 $ 107,000 $ 107,000 Series 16 1 - 70,000 70,000 Series 17 2 - 43,000 50,893 Series 18 1 - 815,520 815,520 Series 19 3 - 13,000 13,000 Total 15 1 $ 1,048,520 $ 1,056,413 * Fund proceeds from disposition does not include $7,893 which was due to a writeoff of capital contributions payable from Series 17. During the year ended March 31, 2018 the Fund disposed of fourteen operating limited partnerships. A summary of the dispositions by Series for March 31, 2018 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition Disposition Series 15 4 - $ 265,241 $ 265,241 Series 16 5 - 262,894 262,894 Series 17 1 - 22,000 22,000 Series 18 - 1 508,704 508,704 Series 19 3 - 69,102 69,102 Total 13 1 $ 1,127,941 $ 1,127,941 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, 2019 and 2018 by series are as follows: 2019 2018 Series 15 $ - $ - Series 16 - - Series 17 - 7,893 Series 18 18,554 18,554 Series 19 - - $ 18,554 $ 26,447 The Fund’s investments in operating limited partnerships at March 31, 2019 are summarized as follows: Total Series 15 Series 16 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 7,854,676 $ - $ 2,591,038 Acquisition costs of operating limited partnerships 1,030,206 - 265,787 Syndication costs from operating limited partnerships - - - Cumulative distributions from operating limited partnerships (35,967 ) - (8,599 ) Cumulative impairment loss in investment in operating limited partnerships (1,279,314 ) - (333,505 ) Cumulative losses from operating limited partnerships (7,569,601 ) - (2,514,721 ) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2019 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2018 (see note A) (105,114 ) - (43,920 ) The Fund has recorded acquisition costs at March 31, 2019 which have not been recorded in the net assets of the operating limited partnerships (see note A) (155,881 ) - (23,359 ) 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) 236,196 - - Total Series 15 Series 16 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (12,606,064 ) - (4,883,010 ) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 51,842 - 33,845 Cumulative impairment loss in investment in operating limited partnerships 1,279,314 - 333,505 Other (380,789 ) - 43,599 Equity per operating limited partnerships’ combined financial statements $ (11,680,496 ) $ - $ (4,539,340 ) The Fund’s investments in operating limited partnerships at March 31, 2019 are summarized as follows: Series 17 Series 18 Series 19 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 1,721,225 $ 3,542,413 $ - Acquisition costs of operating limited partnerships 250,280 514,139 - Syndication costs from operating limited partnerships - - - Cumulative distributions from operating limited partnerships - (27,368 ) - Cumulative impairment loss in investment in operating limited partnerships (322,505 ) (623,304 ) - Cumulative losses from operating limited partnerships (1,649,000 ) (3,405,880 ) - Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2019 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2018 (see note A) (55,606 ) (5,588 ) - The Fund has recorded acquisition costs at March 31, 2019 which have not been recorded in the net assets of the operating limited partnerships (see note A) (132,522 ) - - 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) 64,862 171,334 - Series 17 Series 18 Series 19 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (1,778,668 ) (5,944,386 ) - The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 6,706 11,291 - Cumulative impairment loss in investment in operating limited partnerships 322,505 623,304 - Other (152,099 ) (272,289 ) - Equity per operating limited partnerships’ combined financial statements $ (1,724,822 ) $ (5,416,334 ) $ - The Fund’s investments in operating limited partnerships at March 31, 2018 are summarized as follows: Total Series 15 Series 16 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters 13,020,543 $ 1,467,118 $ 2,786,192 Acquisition costs of operating limited partnerships 1,726,379 191,597 293,893 Syndication costs from operating limited partnerships (31,623 ) - - Cumulative distributions from operating limited partnerships (40,425 ) (252 ) (8,599 ) Cumulative impairment loss in investment in operating limited partnerships (1,881,446 ) (34,041 ) (333,505 ) Cumulative losses from operating limited partnerships (12,793,428 ) (1,624,422 ) (2,737,981 ) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2018 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2017 (see note A) (138,624 ) (14,246 ) (43,920 ) The Fund has recorded acquisition costs at March 31, 2018 which have not been recorded in the net assets of the operating limited partnerships (see note A) (208,552 ) (52,671 ) (23,359 ) 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) 357,921 18,909 - Total Series 15 Series 16 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (19,817,505 ) (3,285,519 ) (4,909,316 ) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 105,239 53,151 34,091 Cumulative impairment loss in investment in operating limited partnerships 1,881,446 34,041 333,505 Other (241,035 ) (101,375 ) 179,860 Equity per operating limited partnerships’ combined financial statements $ (18,061,110 ) $ (3,347,710 ) $ (4,429,139 ) The Fund’s investments in operating limited partnerships at March 31, 2018 are summarized as follows: Series 17 Series 18 Series 19 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 2,120,191 $ 5,178,705 $ 1,468,337 Acquisition costs of operating limited partnerships 307,666 749,496 183,727 Syndication costs from operating limited partnerships - (31,623 ) - Cumulative distributions from operating limited partnerships (2,463 ) (27,368 ) (1,743 ) Cumulative impairment loss in investment in operating limited partnerships (322,505 ) (963,351 ) (228,044 ) Cumulative losses from operating limited partnerships (2,102,889 ) (4,905,859 ) (1,422,277 ) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2018 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2017 (see note A) (55,606 ) (5,588 ) (19,264 ) The Fund has recorded acquisition costs at March 31, 2018 which have not been recorded in the net assets of the operating limited partnerships (see note A) (132,522 ) - - 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) 99,965 232,601 6,446 Series 17 Series 18 Series 19 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (2,872,436 ) (6,077,395 ) (2,672,839 ) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 6,706 11,291 - Cumulative impairment loss in investment in operating limited partnerships 322,505 963,351 228,044 Other (50,946 ) (248,150 ) (20,424 ) Equity per operating limited partnerships’ combined financial statements $ (2,682,334 ) $ (5,123,890 ) $ (2,478,037 ) The combined summarized balance sheets of the operating limited partnerships at December 31, 2018 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 15 Series 16 ASSETS Buildings and improvements, net of accumulated depreciation $ 8,358,500 $ - $ 3,569,640 Land 1,489,108 - 599,380 Other assets 3,656,349 - 1,931,974 $ 13,503,957 $ - $ 6,100,994 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 23,426,123 $ - $ 9,850,848 Accounts payable and accrued expenses 1,184,318 - 196,067 Other liabilities 1,288,223 - 571,979 25,898,664 - 10,618,894 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (11,680,496 ) - (4,539,340 ) Other partners (714,211 ) - 21,440 (12,394,707 ) - (4,517,900 ) $ 13,503,957 $ - $ 6,100,994 The combined summarized balance sheets of the operating limited partnerships at December 31, 2018 are as follows: Series 17 Series 18 Series 19 ASSETS Buildings and improvements, net of accumulated depreciation $ 927,584 $ 3,861,276 $ - Land 175,000 714,728 - Other assets 821,299 903,076 - $ 1,923,883 $ 5,479,080 $ - LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 2,880,883 $ 10,694,392 $ - Accounts payable and accrued expenses 545,464 442,787 - Other liabilities 123,234 593,010 - 3,549,581 11,730,189 - PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (1,724,822 ) (5,416,334 ) - Other partners 99,124 (834,775 ) - (1,625,698 ) (6,251,109 ) - $ 1,923,883 $ 5,479,080 $ - The combined summarized balance sheets of the operating limited partnerships at December 31, 2017 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 15 Series 16 ASSETS Buildings and improvements, net of accumulated depreciation $ 12,594,247 $ 1,336,447 $ 4,469,768 Land 2,186,355 269,933 652,676 Other assets 5,189,673 1,240,791 2,003,378 $ 19,970,275 $ 2,847,171 $ 7,125,822 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 34,764,622 $ 5,852,078 $ 10,783,507 Accounts payable and accrued expenses 1,413,960 116,060 157,464 Other liabilities 2,184,814 109,334 589,241 38,363,396 6,077,472 11,530,212 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (18,061,110 ) (3,347,710 ) (4,429,139 ) Other partners (332,011 ) 117,409 24,749 (18,393,121 ) (3,230,301 ) (4,404,390 ) $ 19,970,275 $ 2,847,171 $ 7,125,822 The combined summarized balance sheets of the operating limited partnerships at December 31, 2017 are as follows: Series 17 Series 18 Series 19 ASSETS Buildings and improvements, net of accumulated depreciation $ 1,556,272 $ 4,774,203 $ 457,557 Land 266,600 835,966 161,180 Other assets 620,829 1,005,956 318,719 $ 2,443,701 $ 6,616,125 $ 937,456 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 4,211,695 $ 11,175,137 $ 2,742,205 Accounts payable and accrued expenses 567,386 412,199 160,851 Other liabilities 280,313 647,845 558,081 5,059,394 12,235,181 3,461,137 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (2,682,334 ) (5,123,890 ) (2,478,037 ) Other partners 66,641 (495,166 ) (45,644 ) (2,615,693 ) (5,619,056 ) (2,523,681 ) $ 2,443,701 $ 6,616,125 $ 937,456 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2018 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 15 Series 16 Revenue Rental $ 4,525,264 $ - $ 2,051,554 Interest and other 65,379 - 19,960 4,590,643 - 2,071,514 Expenses Interest 593,513 - 216,785 Depreciation and amortization 1,086,987 - 460,933 Taxes and insurance 576,112 - 199,870 Repairs and maintenance 1,119,763 - 524,096 Operating expenses 1,914,238 - 805,819 Other expenses 67,851 - 7,914 5,358,464 - 2,215,417 NET LOSS $ (767,821 ) $ - $ (143,903 ) Net loss allocated to Boston Capital Tax Credit Fund III L.P. $ (810,437 ) $ - $ (166,527 ) Net income (loss) allocated to other partners $ 42,616 $ - $ 22,624 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2018 are as follows: Series 17 Series 18 Series 19 Revenue Rental $ 842,135 $ 1,631,575 $ - Interest and other 15,306 30,113 - 857,441 1,661,688 - Expenses Interest 127,006 249,722 - Depreciation and amortization 238,976 387,078 - Taxes and insurance 105,121 271,121 - Repairs and maintenance 276,104 319,563 - Operating expenses 347,561 760,858 - Other expenses 4,000 55,937 - 1,098,768 2,044,279 - NET LOSS $ (241,327 ) $ (382,591 ) $ - Net loss allocated to Boston Capital Tax Credit Fund III L.P. $ (238,912 ) $ (404,998 ) $ - Net income (loss) allocated to other partners $ (2,415 ) $ 22,407 $ - The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2017 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 15 Series 16 Revenue Rental $ 6,919,800 $ 1,153,677 $ 2,125,114 Interest and other 136,457 23,128 25,896 7,056,257 1,176,805 2,151,010 Expenses Interest 757,006 92,829 238,102 Depreciation and amortization 1,748,660 297,243 501,821 Taxes and insurance 847,681 131,008 212,583 Repairs and maintenance 1,731,967 300,959 510,900 Operating expenses 2,976,456 541,718 896,468 Other expenses 66,377 - 7,914 8,128,147 1,363,757 2,367,788 NET LOSS $ (1,071,890 ) $ (186,952 ) $ (216,778 ) Net loss allocated to Boston Capital Tax Credit Fund III L.P. $ (1,090,861 ) $ (183,370 ) $ (249,603 ) Net income (loss) allocated to other partners $ 18,971 $ (3,582 ) $ 32,825 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2017 are as follows: Series 17 Series 18 Series 19 Revenue Rental $ 1,158,320 $ 2,033,200 $ 449,489 Interest and other 23,502 48,207 15,724 1,181,822 2,081,407 465,213 Expenses Interest 106,109 281,788 38,178 Depreciation and amortization 343,736 517,189 88,671 Taxes and insurance 154,864 300,593 48,633 Repairs and maintenance 217,152 585,277 117,679 Operating expenses 465,770 850,774 221,726 Other expenses 9,000 49,463 - 1,296,631 2,585,084 514,887 NET LOSS $ (114,809 ) $ (503,677 ) $ (49,674 ) Net loss allocated to Boston Capital Tax Credit Fund III L.P. $ (113,659 ) $ (495,051 ) $ (49,178 ) Net income (loss) allocated to other partners $ (1,150 ) $ (8,626 ) $ (496 ) |
RECONCILIATION OF FINANCIAL STA
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 is reconciled as follows: Total Series 15 Series 16 Net income (loss) for financial reporting purposes $ 712,045 $ 965 $ (52,824 ) Operating limited partnership rents received in advance 7,645 - - Accrued fund management fees not deducted (deducted) for tax purposes (1,170,262 ) (245,039 ) (75,598 ) Other 2,359,263 - 707,013 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (810,437 ) - (166,527 ) Excess of tax depreciation over book depreciation on operating limited partnership assets (180,690 ) - (88,430 ) Difference due to fiscal year for book purposes and calendar year for tax purposes 3,390,569 3,051,644 15,366 Income (loss) for tax return purposes, year ended December 31, 2018 $ 4,308,133 $ 2,807,570 $ 339,000 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, 2019 is reconciled as follows: Series 17 Series 18 Series 19 Net income (loss) for financial reporting purposes $ 76,643 $ 754,694 $ (67,433 ) Operating limited partnership rents received in advance 7,645 - - Accrued fund management fees not deducted (deducted) for tax purposes - (849,625 ) - Other 676,279 975,971 - Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (238,912 ) (404,998 ) - Excess of tax depreciation over book depreciation on operating limited partnership assets (5,807 ) (86,453 ) - Difference due to fiscal year for book purposes and calendar year for tax purposes 1,262 (1,125,076 ) 1,447,373 Income (loss) for tax return purposes, year ended December 31, 2018 $ 517,110 $ (735,487 ) $ 1,379,940 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, 2018 is reconciled as follows: Total Series 15 Series 16 Net income (loss) for financial reporting purposes $ 757,782 $ 190,537 $ 125,865 Operating limited partnership rents received in advance 7,685 - 331 Accrued fund management fees not deducted (deducted) for tax purposes (559,355 ) (4,858 ) (135,370 ) Other 8,148,135 2,718,383 2,672,005 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (1,090,861 ) (183,370 ) (249,603 ) Excess of tax depreciation over book depreciation on operating limited partnership assets (282,604 ) (834 ) (108,272 ) Difference due to fiscal year for book purposes and calendar year for tax purposes (833,095 ) (227,703 ) (413,562 ) Income (loss) for tax return purposes, year ended December 31, 2017 $ 6,147,687 $ 2,492,155 $ 1,891,394 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, 2018 is reconciled as follows: Series 17 Series 18 Series 19 Net income (loss) for financial reporting purposes $ (9,461 ) $ 452,236 $ (1,395 ) Operating limited partnership rents received in advance 4,899 2,049 406 Accrued fund management fees not deducted (deducted) for tax purposes - (419,127 ) - Other 491,121 938,976 1,327,650 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (113,659 ) (495,051 ) (49,178 ) Excess of tax depreciation over book depreciation on operating limited partnership assets (4,699 ) (79,199 ) (89,600 ) Difference due to fiscal year for book purposes and calendar year for tax purposes (42,431 ) (59,746 ) (89,653 ) Income (loss) for tax return purposes, year ended December 31, 2017 $ 325,770 $ 340,138 $ 1,098,230 The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2019, are as follows: Total Series 15 Series 16 Investments in operating limited partnerships - tax return December 31, 2018 $ (14,524,838 ) $ - $ (6,249,737 ) Estimated share of loss for the three months ended March 31, 2019 (236,196 ) - - Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 12,606,064 - 4,883,010 Impairment loss in investment in operating limited partnerships (1,279,314 ) - (333,505 ) Historic tax credits - - - Other 3,434,284 - 1,700,232 Investments in operating limited partnerships - as reported $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2019, are as follows: Series 17 Series 18 Series 19 Investments in operating limited partnerships - tax return December 31, 2018 $ (1,699,993 ) $ (6,575,108 ) $ - Estimated share of loss for the three months ended March 31, 2019 (64,862 ) (171,334 ) - Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 1,778,668 5,944,386 - Impairment loss in investment in operating limited partnerships (322,505 ) (623,304 ) - Historic tax credits - - - Other 308,692 1,425,360 - Investments in operating limited partnerships - as reported $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2018, are as follows: Total Series 15 Series 16 Investments in operating limited partnerships - tax return December 31, 2017 $ (19,825,637 ) $ (3,229,489 ) $ (6,626,315 ) Estimated share of loss for the three months ended March 31, 2018 (357,921 ) (18,909 ) - Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 19,817,505 3,285,519 4,909,316 Impairment loss in investment in operating limited partnerships (1,881,446 ) (34,041 ) (333,505 ) Historic tax credits - - - Other 2,247,499 (3,080 ) 2,050,504 Investments in operating limited partnerships - as reported $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2018, are as follows: Series 17 Series 18 Series 19 Investments in operating limited partnerships - tax return December 31, 2017 $ (2,141,413 ) $ (6,259,636 ) $ (1,568,784 ) Estimated share of loss for the three months ended March 31, 2018 (99,965 ) (232,601 ) (6,446 ) Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 2,872,436 6,077,395 2,672,839 Impairment loss in investment in operating limited partnerships (322,505 ) (963,351 ) (228,044 ) Historic tax credits - - - Other (308,553 ) 1,378,193 (869,565 ) Investments in operating limited partnerships - as reported $ - $ - $ - |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE G - SUBSEQUENT EVENTS Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes. Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements. |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
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. Accordingly, the partnership recorded a valuation allowance as follows: 2019 2018 Series 15 $ - $ 12,394 Series 16 - 246 Series 17 - - Series 18 345 345 Series 19 - 25,120 $ 345 $ 38,105 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, 2019 and 2018, 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. |
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 2015 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. The weighted average number of units in each series at March 31, 2019 and 2018 are as follows: 2019 2018 Series 15 3,811,450 3,826,100 Series 16 5,358,900 5,386,300 Series 17 4,951,897 4,961,322 Series 18 3,579,584 3,595,259 Series 19 4,056,000 4,058,025 21,757,831 21,827,006 |
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, 2019, the financial statements are presented assuming the Partnership will continue as a going concern. |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Capital Units [Table Text Block] | The BACs issued and outstanding in each series as of March 31, 2019 and 2018 are as follows: Issued Outstanding 2019 2018 2019 2018 Series 15 3,870,500 3,870,500 3,810,700 3,811,700 Series 16 5,429,402 5,429,402 5,332,500 5,367,700 Series 17 5,000,000 5,000,000 4,938,247 4,956,447 Series 18 3,616,200 3,616,200 3,558,134 3,586,734 Series 19 4,080,000 4,080,000 4,056,000 4,056,000 21,996,102 21,996,102 21,695,581 21,778,581 |
Schedule Of Operating Partnership Valuation Allowance [Table Text Block] | Accordingly, the partnership recorded a valuation allowance as follows: 2019 2018 Series 15 $ - $ 12,394 Series 16 - 246 Series 17 - - Series 18 345 345 Series 19 - 25,120 $ 345 $ 38,105 |
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, 2019 and 2018 are as follows: 2019 2018 Series 15 3,811,450 3,826,100 Series 16 5,358,900 5,386,300 Series 17 4,951,897 4,961,322 Series 18 3,579,584 3,595,259 Series 19 4,056,000 4,058,025 21,757,831 21,827,006 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 2018, are as follows: 2019 Gross Partnership Management Fee Asset Management and Reporting Fee Partnership Management Fee net of Asset Management and Reporting Fee Series 15 $ 26,960 $ 4,962 $ 21,998 Series 16 80,085 12,210 67,875 Series 17 46,643 10,000 36,643 Series 18 65,895 26,050 39,845 Series 19 10,851 750 10,101 $ 230,434 $ 53,972 $ 176,462 2018 Gross Partnership Management Fee Asset Management and Reporting Fee Partnership Management Fee net of Asset Management and Reporting Fee Series 15 $ 58,744 $ 29,362 $ 29,382 Series 16 96,456 14,048 82,408 Series 17 53,052 55,097 (2,045 ) Series 18 89,577 33,750 55,827 Series 19 31,860 750 31,110 $ 329,689 $ 133,007 $ 196,682 |
Schedule Of Management Fees Paid [Table Text Block] | The partnership management fees paid for the years ended March 31, 2019 and 2018 are as follows: 2019 2018 Series 15 $ 271,999 $ 63,602 Series 16 155,683 231,826 Series 17 46,643 53,052 Series 18 915,520 508,704 Series 19 10,851 31,860 $ 1,400,696 $ 889,044 |
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, 2019 and 2018 charged to each series’ operations are as follows: 2019 2018 Series 15 $ 54,781 $ 16,661 Series 16 20,888 19,172 Series 17 18,132 16,854 Series 18 17,567 15,862 Series 19 46,668 15,689 $ 158,036 $ 84,238 |
INVESTMENTS IN OPERATING LIMI_2
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule Of Number Of Operating Partnerships [Table Text Block] | At March 31, 2019 and 2018, 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, 2019 and 2018 by series are as follows: 2019 2018 Series 15 - 9 Series 16 11 12 Series 17 2 4 Series 18 10 11 Series 19 - 3 23 39 |
Schedule Of Dispositions By Series [Table Text Block] | A summary of the dispositions by Series for March 31, 2019 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition * Disposition Series 15 8 1 $ 107,000 $ 107,000 Series 16 1 - 70,000 70,000 Series 17 2 - 43,000 50,893 Series 18 1 - 815,520 815,520 Series 19 3 - 13,000 13,000 Total 15 1 $ 1,048,520 $ 1,056,413 * Fund proceeds from disposition does not include $7,893 which was due to a writeoff of capital contributions payable from Series 17. A summary of the dispositions by Series for March 31, 2018 is as follows: Operating Sale of Partnership Underlying Partnership Interest Operating Proceeds from Gain on Transferred Partnership Disposition Disposition Series 15 4 - $ 265,241 $ 265,241 Series 16 5 - 262,894 262,894 Series 17 1 - 22,000 22,000 Series 18 - 1 508,704 508,704 Series 19 3 - 69,102 69,102 Total 13 1 $ 1,127,941 $ 1,127,941 |
Schedule Of Contributions Payable [Table Text Block] | The contributions payable to operating limited partnerships at March 31, 2019 and 2018 by series are as follows: 2019 2018 Series 15 $ - $ - Series 16 - - Series 17 - 7,893 Series 18 18,554 18,554 Series 19 - - $ 18,554 $ 26,447 |
Schedule Of Partnerships Investments In Operating Limited Partnerships [Table Text Block] | The Fund’s investments in operating limited partnerships at March 31, 2019 are summarized as follows: Total Series 15 Series 16 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 7,854,676 $ - $ 2,591,038 Acquisition costs of operating limited partnerships 1,030,206 - 265,787 Syndication costs from operating limited partnerships - - - Cumulative distributions from operating limited partnerships (35,967 ) - (8,599 ) Cumulative impairment loss in investment in operating limited partnerships (1,279,314 ) - (333,505 ) Cumulative losses from operating limited partnerships (7,569,601 ) - (2,514,721 ) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2019 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2018 (see note A) (105,114 ) - (43,920 ) The Fund has recorded acquisition costs at March 31, 2019 which have not been recorded in the net assets of the operating limited partnerships (see note A) (155,881 ) - (23,359 ) 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) 236,196 - - Total Series 15 Series 16 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (12,606,064 ) - (4,883,010 ) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 51,842 - 33,845 Cumulative impairment loss in investment in operating limited partnerships 1,279,314 - 333,505 Other (380,789 ) - 43,599 Equity per operating limited partnerships’ combined financial statements $ (11,680,496 ) $ - $ (4,539,340 ) The Fund’s investments in operating limited partnerships at March 31, 2019 are summarized as follows: Series 17 Series 18 Series 19 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 1,721,225 $ 3,542,413 $ - Acquisition costs of operating limited partnerships 250,280 514,139 - Syndication costs from operating limited partnerships - - - Cumulative distributions from operating limited partnerships - (27,368 ) - Cumulative impairment loss in investment in operating limited partnerships (322,505 ) (623,304 ) - Cumulative losses from operating limited partnerships (1,649,000 ) (3,405,880 ) - Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2019 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2018 (see note A) (55,606 ) (5,588 ) - The Fund has recorded acquisition costs at March 31, 2019 which have not been recorded in the net assets of the operating limited partnerships (see note A) (132,522 ) - - 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) 64,862 171,334 - Series 17 Series 18 Series 19 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (1,778,668 ) (5,944,386 ) - The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 6,706 11,291 - Cumulative impairment loss in investment in operating limited partnerships 322,505 623,304 - Other (152,099 ) (272,289 ) - Equity per operating limited partnerships’ combined financial statements $ (1,724,822 ) $ (5,416,334 ) $ - The Fund’s investments in operating limited partnerships at March 31, 2018 are summarized as follows: Total Series 15 Series 16 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters 13,020,543 $ 1,467,118 $ 2,786,192 Acquisition costs of operating limited partnerships 1,726,379 191,597 293,893 Syndication costs from operating limited partnerships (31,623 ) - - Cumulative distributions from operating limited partnerships (40,425 ) (252 ) (8,599 ) Cumulative impairment loss in investment in operating limited partnerships (1,881,446 ) (34,041 ) (333,505 ) Cumulative losses from operating limited partnerships (12,793,428 ) (1,624,422 ) (2,737,981 ) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2018 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2017 (see note A) (138,624 ) (14,246 ) (43,920 ) The Fund has recorded acquisition costs at March 31, 2018 which have not been recorded in the net assets of the operating limited partnerships (see note A) (208,552 ) (52,671 ) (23,359 ) 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) 357,921 18,909 - Total Series 15 Series 16 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (19,817,505 ) (3,285,519 ) (4,909,316 ) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 105,239 53,151 34,091 Cumulative impairment loss in investment in operating limited partnerships 1,881,446 34,041 333,505 Other (241,035 ) (101,375 ) 179,860 Equity per operating limited partnerships’ combined financial statements $ (18,061,110 ) $ (3,347,710 ) $ (4,429,139 ) The Fund’s investments in operating limited partnerships at March 31, 2018 are summarized as follows: Series 17 Series 18 Series 19 Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters $ 2,120,191 $ 5,178,705 $ 1,468,337 Acquisition costs of operating limited partnerships 307,666 749,496 183,727 Syndication costs from operating limited partnerships - (31,623 ) - Cumulative distributions from operating limited partnerships (2,463 ) (27,368 ) (1,743 ) Cumulative impairment loss in investment in operating limited partnerships (322,505 ) (963,351 ) (228,044 ) Cumulative losses from operating limited partnerships (2,102,889 ) (4,905,859 ) (1,422,277 ) Investments in operating limited partnerships per balance sheets - - - The Fund has recorded capital contributions to the operating limited partnerships during the year ended March 31, 2018 which have not been included in the partnership’s capital account included in the operating limited partnerships’ financial statements as of December 31, 2017 (see note A) (55,606 ) (5,588 ) (19,264 ) The Fund has recorded acquisition costs at March 31, 2018 which have not been recorded in the net assets of the operating limited partnerships (see note A) (132,522 ) - - 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) 99,965 232,601 6,446 Series 17 Series 18 Series 19 Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) (2,872,436 ) (6,077,395 ) (2,672,839 ) The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) 6,706 11,291 - Cumulative impairment loss in investment in operating limited partnerships 322,505 963,351 228,044 Other (50,946 ) (248,150 ) (20,424 ) Equity per operating limited partnerships’ combined financial statements $ (2,682,334 ) $ (5,123,890 ) $ (2,478,037 ) |
Schedule Of Summarized Balance Sheets In Operating Partnerships [Table Text Block] | The combined summarized balance sheets of the operating limited partnerships at December 31, 2018 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 15 Series 16 ASSETS Buildings and improvements, net of accumulated depreciation $ 8,358,500 $ - $ 3,569,640 Land 1,489,108 - 599,380 Other assets 3,656,349 - 1,931,974 $ 13,503,957 $ - $ 6,100,994 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 23,426,123 $ - $ 9,850,848 Accounts payable and accrued expenses 1,184,318 - 196,067 Other liabilities 1,288,223 - 571,979 25,898,664 - 10,618,894 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (11,680,496 ) - (4,539,340 ) Other partners (714,211 ) - 21,440 (12,394,707 ) - (4,517,900 ) $ 13,503,957 $ - $ 6,100,994 The combined summarized balance sheets of the operating limited partnerships at December 31, 2018 are as follows: Series 17 Series 18 Series 19 ASSETS Buildings and improvements, net of accumulated depreciation $ 927,584 $ 3,861,276 $ - Land 175,000 714,728 - Other assets 821,299 903,076 - $ 1,923,883 $ 5,479,080 $ - LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 2,880,883 $ 10,694,392 $ - Accounts payable and accrued expenses 545,464 442,787 - Other liabilities 123,234 593,010 - 3,549,581 11,730,189 - PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (1,724,822 ) (5,416,334 ) - Other partners 99,124 (834,775 ) - (1,625,698 ) (6,251,109 ) - $ 1,923,883 $ 5,479,080 $ - The combined summarized balance sheets of the operating limited partnerships at December 31, 2017 are as follows: COMBINED SUMMARIZED BALANCE SHEETS Total Series 15 Series 16 ASSETS Buildings and improvements, net of accumulated depreciation $ 12,594,247 $ 1,336,447 $ 4,469,768 Land 2,186,355 269,933 652,676 Other assets 5,189,673 1,240,791 2,003,378 $ 19,970,275 $ 2,847,171 $ 7,125,822 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 34,764,622 $ 5,852,078 $ 10,783,507 Accounts payable and accrued expenses 1,413,960 116,060 157,464 Other liabilities 2,184,814 109,334 589,241 38,363,396 6,077,472 11,530,212 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (18,061,110 ) (3,347,710 ) (4,429,139 ) Other partners (332,011 ) 117,409 24,749 (18,393,121 ) (3,230,301 ) (4,404,390 ) $ 19,970,275 $ 2,847,171 $ 7,125,822 The combined summarized balance sheets of the operating limited partnerships at December 31, 2017 are as follows: Series 17 Series 18 Series 19 ASSETS Buildings and improvements, net of accumulated depreciation $ 1,556,272 $ 4,774,203 $ 457,557 Land 266,600 835,966 161,180 Other assets 620,829 1,005,956 318,719 $ 2,443,701 $ 6,616,125 $ 937,456 LIABILITIES AND PARTNERS’ CAPITAL (DEFICIT) Mortgages and construction loans payable $ 4,211,695 $ 11,175,137 $ 2,742,205 Accounts payable and accrued expenses 567,386 412,199 160,851 Other liabilities 280,313 647,845 558,081 5,059,394 12,235,181 3,461,137 PARTNERS’ CAPITAL (DEFICIT) Boston Capital Tax Credit Fund III L.P. (2,682,334 ) (5,123,890 ) (2,478,037 ) Other partners 66,641 (495,166 ) (45,644 ) (2,615,693 ) (5,619,056 ) (2,523,681 ) $ 2,443,701 $ 6,616,125 $ 937,456 |
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, 2018 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 15 Series 16 Revenue Rental $ 4,525,264 $ - $ 2,051,554 Interest and other 65,379 - 19,960 4,590,643 - 2,071,514 Expenses Interest 593,513 - 216,785 Depreciation and amortization 1,086,987 - 460,933 Taxes and insurance 576,112 - 199,870 Repairs and maintenance 1,119,763 - 524,096 Operating expenses 1,914,238 - 805,819 Other expenses 67,851 - 7,914 5,358,464 - 2,215,417 NET LOSS $ (767,821 ) $ - $ (143,903 ) Net loss allocated to Boston Capital Tax Credit Fund III L.P. $ (810,437 ) $ - $ (166,527 ) Net income (loss) allocated to other partners $ 42,616 $ - $ 22,624 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2018 are as follows: Series 17 Series 18 Series 19 Revenue Rental $ 842,135 $ 1,631,575 $ - Interest and other 15,306 30,113 - 857,441 1,661,688 - Expenses Interest 127,006 249,722 - Depreciation and amortization 238,976 387,078 - Taxes and insurance 105,121 271,121 - Repairs and maintenance 276,104 319,563 - Operating expenses 347,561 760,858 - Other expenses 4,000 55,937 - 1,098,768 2,044,279 - NET LOSS $ (241,327 ) $ (382,591 ) $ - Net loss allocated to Boston Capital Tax Credit Fund III L.P. $ (238,912 ) $ (404,998 ) $ - Net income (loss) allocated to other partners $ (2,415 ) $ 22,407 $ - The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2017 are as follows: COMBINED SUMMARIZED STATEMENTS OF OPERATIONS Total Series 15 Series 16 Revenue Rental $ 6,919,800 $ 1,153,677 $ 2,125,114 Interest and other 136,457 23,128 25,896 7,056,257 1,176,805 2,151,010 Expenses Interest 757,006 92,829 238,102 Depreciation and amortization 1,748,660 297,243 501,821 Taxes and insurance 847,681 131,008 212,583 Repairs and maintenance 1,731,967 300,959 510,900 Operating expenses 2,976,456 541,718 896,468 Other expenses 66,377 - 7,914 8,128,147 1,363,757 2,367,788 NET LOSS $ (1,071,890 ) $ (186,952 ) $ (216,778 ) Net loss allocated to Boston Capital Tax Credit Fund III L.P. $ (1,090,861 ) $ (183,370 ) $ (249,603 ) Net income (loss) allocated to other partners $ 18,971 $ (3,582 ) $ 32,825 The combined summarized statements of operations of the operating limited partnerships for the year ended December 31, 2017 are as follows: Series 17 Series 18 Series 19 Revenue Rental $ 1,158,320 $ 2,033,200 $ 449,489 Interest and other 23,502 48,207 15,724 1,181,822 2,081,407 465,213 Expenses Interest 106,109 281,788 38,178 Depreciation and amortization 343,736 517,189 88,671 Taxes and insurance 154,864 300,593 48,633 Repairs and maintenance 217,152 585,277 117,679 Operating expenses 465,770 850,774 221,726 Other expenses 9,000 49,463 - 1,296,631 2,585,084 514,887 NET LOSS $ (114,809 ) $ (503,677 ) $ (49,674 ) Net loss allocated to Boston Capital Tax Credit Fund III L.P. $ (113,659 ) $ (495,051 ) $ (49,178 ) Net income (loss) allocated to other partners $ (1,150 ) $ (8,626 ) $ (496 ) |
RECONCILIATION OF FINANCIAL S_2
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
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, 2019 is reconciled as follows: Total Series 15 Series 16 Net income (loss) for financial reporting purposes $ 712,045 $ 965 $ (52,824 ) Operating limited partnership rents received in advance 7,645 - - Accrued fund management fees not deducted (deducted) for tax purposes (1,170,262 ) (245,039 ) (75,598 ) Other 2,359,263 - 707,013 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (810,437 ) - (166,527 ) Excess of tax depreciation over book depreciation on operating limited partnership assets (180,690 ) - (88,430 ) Difference due to fiscal year for book purposes and calendar year for tax purposes 3,390,569 3,051,644 15,366 Income (loss) for tax return purposes, year ended December 31, 2018 $ 4,308,133 $ 2,807,570 $ 339,000 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, 2019 is reconciled as follows: Series 17 Series 18 Series 19 Net income (loss) for financial reporting purposes $ 76,643 $ 754,694 $ (67,433 ) Operating limited partnership rents received in advance 7,645 - - Accrued fund management fees not deducted (deducted) for tax purposes - (849,625 ) - Other 676,279 975,971 - Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (238,912 ) (404,998 ) - Excess of tax depreciation over book depreciation on operating limited partnership assets (5,807 ) (86,453 ) - Difference due to fiscal year for book purposes and calendar year for tax purposes 1,262 (1,125,076 ) 1,447,373 Income (loss) for tax return purposes, year ended December 31, 2018 $ 517,110 $ (735,487 ) $ 1,379,940 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, 2018 is reconciled as follows: Total Series 15 Series 16 Net income (loss) for financial reporting purposes $ 757,782 $ 190,537 $ 125,865 Operating limited partnership rents received in advance 7,685 - 331 Accrued fund management fees not deducted (deducted) for tax purposes (559,355 ) (4,858 ) (135,370 ) Other 8,148,135 2,718,383 2,672,005 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (1,090,861 ) (183,370 ) (249,603 ) Excess of tax depreciation over book depreciation on operating limited partnership assets (282,604 ) (834 ) (108,272 ) Difference due to fiscal year for book purposes and calendar year for tax purposes (833,095 ) (227,703 ) (413,562 ) Income (loss) for tax return purposes, year ended December 31, 2017 $ 6,147,687 $ 2,492,155 $ 1,891,394 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, 2018 is reconciled as follows: Series 17 Series 18 Series 19 Net income (loss) for financial reporting purposes $ (9,461 ) $ 452,236 $ (1,395 ) Operating limited partnership rents received in advance 4,899 2,049 406 Accrued fund management fees not deducted (deducted) for tax purposes - (419,127 ) - Other 491,121 938,976 1,327,650 Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting (113,659 ) (495,051 ) (49,178 ) Excess of tax depreciation over book depreciation on operating limited partnership assets (4,699 ) (79,199 ) (89,600 ) Difference due to fiscal year for book purposes and calendar year for tax purposes (42,431 ) (59,746 ) (89,653 ) Income (loss) for tax return purposes, year ended December 31, 2017 $ 325,770 $ 340,138 $ 1,098,230 |
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, 2019, are as follows: Total Series 15 Series 16 Investments in operating limited partnerships - tax return December 31, 2018 $ (14,524,838 ) $ - $ (6,249,737 ) Estimated share of loss for the three months ended March 31, 2019 (236,196 ) - - Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 12,606,064 - 4,883,010 Impairment loss in investment in operating limited partnerships (1,279,314 ) - (333,505 ) Historic tax credits - - - Other 3,434,284 - 1,700,232 Investments in operating limited partnerships - as reported $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2019, are as follows: Series 17 Series 18 Series 19 Investments in operating limited partnerships - tax return December 31, 2018 $ (1,699,993 ) $ (6,575,108 ) $ - Estimated share of loss for the three months ended March 31, 2019 (64,862 ) (171,334 ) - Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 1,778,668 5,944,386 - Impairment loss in investment in operating limited partnerships (322,505 ) (623,304 ) - Historic tax credits - - - Other 308,692 1,425,360 - Investments in operating limited partnerships - as reported $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2018, are as follows: Total Series 15 Series 16 Investments in operating limited partnerships - tax return December 31, 2017 $ (19,825,637 ) $ (3,229,489 ) $ (6,626,315 ) Estimated share of loss for the three months ended March 31, 2018 (357,921 ) (18,909 ) - Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 19,817,505 3,285,519 4,909,316 Impairment loss in investment in operating limited partnerships (1,881,446 ) (34,041 ) (333,505 ) Historic tax credits - - - Other 2,247,499 (3,080 ) 2,050,504 Investments in operating limited partnerships - as reported $ - $ - $ - The differences between the investments in operating limited partnerships for tax purposes and financial statements purposes at March 31, 2018, are as follows: Series 17 Series 18 Series 19 Investments in operating limited partnerships - tax return December 31, 2017 $ (2,141,413 ) $ (6,259,636 ) $ (1,568,784 ) Estimated share of loss for the three months ended March 31, 2018 (99,965 ) (232,601 ) (6,446 ) Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method 2,872,436 6,077,395 2,672,839 Impairment loss in investment in operating limited partnerships (322,505 ) (963,351 ) (228,044 ) Historic tax credits - - - Other (308,553 ) 1,378,193 (869,565 ) Investments in operating limited partnerships - as reported $ - $ - $ - |
ORGANIZATION AND SUMMARY OF S_4
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares | Mar. 31, 2019 | Mar. 31, 2018 |
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 21,996,102 | 21,996,102 |
Partners Capital Account Units Outstanding | 21,695,581 | 21,778,581 |
Series 15 [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 3,870,500 | 3,870,500 |
Partners Capital Account Units Outstanding | 3,810,700 | 3,811,700 |
Series 16 [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 5,429,402 | 5,429,402 |
Partners Capital Account Units Outstanding | 5,332,500 | 5,367,700 |
Series 17 [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 5,000,000 | 5,000,000 |
Partners Capital Account Units Outstanding | 4,938,247 | 4,956,447 |
Series 18 [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 3,616,200 | 3,616,200 |
Partners Capital Account Units Outstanding | 3,558,134 | 3,586,734 |
Series 19 [Member] | ||
Capital Unit [Line Items] | ||
Partners Capital Account Units Issued | 4,080,000 | 4,080,000 |
Partners Capital Account Units Outstanding | 4,056,000 | 4,056,000 |
ORGANIZATION AND SUMMARY OF S_5
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | $ 345 | $ 38,105 |
Series 15 [Member] | ||
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | 0 | 12,394 |
Series 16 [Member] | ||
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | 0 | 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 | 345 | 345 |
Series 19 [Member] | ||
Operating Partnerships Valuation Allowance [Line Items] | ||
Operating Partnership Valuation Allowance | $ 0 | $ 25,120 |
ORGANIZATION AND SUMMARY OF S_6
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - shares | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Calculation Of Net Loss Per Beneficial Assignee Partnership Unit Numerator And Denominator In Earnings Per Share [Line Items] | ||
Weighted average number of units outstanding | 21,757,831 | 21,827,006 |
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 | 3,811,450 | 3,826,100 |
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 | 5,358,900 | 5,386,300 |
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 | 4,951,897 | 4,961,322 |
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 | 3,579,584 | 3,595,259 |
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 | 4,056,000 | 4,058,025 |
ORGANIZATION AND SUMMARY OF S_7
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - $ / shares | Sep. 04, 1994 | Mar. 31, 2019 | Mar. 31, 2018 |
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Units of limited partnership interest, authorized | 20,000,000 | 22,000,000 | 22,000,000 |
Beneficial assignee certificate, par value (in dollars per share) | $ 10 | $ 10 | $ 10 |
Limited Partners Capital Account Additional Units Registered For Sale | 2,000,000 | ||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.00% | ||
BCTC III Assignor Corp [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 99.00% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | $ 230,434 | $ 329,689 |
Asset Management and Reporting Fee | 53,972 | 133,007 |
Partnership Management Fee net of Asset Management and Reporting Fee | 176,462 | 196,682 |
Series 15 [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 26,960 | 58,744 |
Asset Management and Reporting Fee | 4,962 | 29,362 |
Partnership Management Fee net of Asset Management and Reporting Fee | 21,998 | 29,382 |
Series 16 [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 80,085 | 96,456 |
Asset Management and Reporting Fee | 12,210 | 14,048 |
Partnership Management Fee net of Asset Management and Reporting Fee | 67,875 | 82,408 |
Series 17 [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 46,643 | 53,052 |
Asset Management and Reporting Fee | 10,000 | 55,097 |
Partnership Management Fee net of Asset Management and Reporting Fee | 36,643 | (2,045) |
Series 18 [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 65,895 | 89,577 |
Asset Management and Reporting Fee | 26,050 | 33,750 |
Partnership Management Fee net of Asset Management and Reporting Fee | 39,845 | 55,827 |
Series 19 [Member] | ||
Partnership Management Fee And Reporting Fee [Line Items] | ||
Gross Partnership Management Fee | 10,851 | 31,860 |
Asset Management and Reporting Fee | 750 | 750 |
Partnership Management Fee net of Asset Management and Reporting Fee | $ 10,101 | $ 31,110 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Management fees paid | $ 1,400,696 | $ 889,044 |
Series 15 [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | 271,999 | 63,602 |
Series 16 [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | 155,683 | 231,826 |
Series 17 [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | 46,643 | 53,052 |
Series 18 [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | 915,520 | 508,704 |
Series 19 [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees paid | $ 10,851 | $ 31,860 |
RELATED PARTY TRANSACTIONS (D_3
RELATED PARTY TRANSACTIONS (Details 2) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
General Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 158,036 | $ 84,238 |
Series 15 [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | 54,781 | 16,661 |
Series 16 [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | 20,888 | 19,172 |
Series 17 [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | 18,132 | 16,854 |
Series 18 [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | 17,567 | 15,862 |
Series 19 [Member] | ||
General Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 46,668 | $ 15,689 |
RELATED PARTY TRANSACTIONS (D_4
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Percentage Of Annual Management Fee | 0.50% | |
Percentage Of Permanent Financing | 99.00% | |
Accrued Management Fees | $ 10,780,391 | $ 14,740,050 |
Debt Instrument, Decrease, Forgiveness | $ 2,789,397 | $ 0 |
INVESTMENTS IN OPERATING LIMI_3
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details) - Number | Mar. 31, 2019 | Mar. 31, 2018 |
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 23 | 39 |
Series 15 [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 0 | 9 |
Series 16 [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 11 | 12 |
Series 17 [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 2 | 4 |
Series 18 [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 10 | 11 |
Series 19 [Member] | ||
Number Of Operating Partnerships [Line Items] | ||
Number Of Operating Partnerships | 0 | 3 |
INVESTMENTS IN OPERATING LIMI_4
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 1) | 12 Months Ended | ||
Mar. 31, 2019USD ($)Number | Mar. 31, 2018USD ($) | ||
Dispositions By Series [Line Items] | |||
Operating Partnership Interest Transferred | 15 | 13 | |
Sale of Underlying Operating Partnership | 1 | 1 | |
Partnership Proceeds from Disposition | $ 1,048,520 | [1] | $ 1,127,941 |
Gain on Disposition | $ 1,056,413 | $ 1,127,941 | |
Series 15 [Member] | |||
Dispositions By Series [Line Items] | |||
Operating Partnership Interest Transferred | 8 | 4 | |
Sale of Underlying Operating Partnership | 1 | 0 | |
Partnership Proceeds from Disposition | $ 107,000 | [1] | $ 265,241 |
Gain on Disposition | $ 107,000 | $ 265,241 | |
Series 16 [Member] | |||
Dispositions By Series [Line Items] | |||
Operating Partnership Interest Transferred | 1 | 5 | |
Sale of Underlying Operating Partnership | 0 | 0 | |
Partnership Proceeds from Disposition | $ 70,000 | [1] | $ 262,894 |
Gain on Disposition | $ 70,000 | $ 262,894 | |
Series 17 [Member] | |||
Dispositions By Series [Line Items] | |||
Operating Partnership Interest Transferred | 2 | 1 | |
Sale of Underlying Operating Partnership | 0 | 0 | |
Partnership Proceeds from Disposition | $ 43,000 | [1] | $ 22,000 |
Gain on Disposition | $ 50,893 | $ 22,000 | |
Series 18 [Member] | |||
Dispositions By Series [Line Items] | |||
Operating Partnership Interest Transferred | 1 | 0 | |
Sale of Underlying Operating Partnership | 0 | 1 | |
Partnership Proceeds from Disposition | $ 815,520 | [1] | $ 508,704 |
Gain on Disposition | $ 815,520 | $ 508,704 | |
Series 19 [Member] | |||
Dispositions By Series [Line Items] | |||
Operating Partnership Interest Transferred | 3 | 3 | |
Sale of Underlying Operating Partnership | 0 | 0 | |
Partnership Proceeds from Disposition | $ 13,000 | [1] | $ 69,102 |
Gain on Disposition | $ 13,000 | $ 69,102 | |
[1] | Fund proceeds from disposition does not include $7,893 which was due to a writeoff of capital contributions payable from Series 17. |
INVESTMENTS IN OPERATING LIMI_5
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 2) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Contributions Payable [Line Items] | ||
Capital contributions payable | $ 18,554 | $ 26,447 |
Series 15 [Member] | ||
Contributions Payable [Line Items] | ||
Capital contributions payable | 0 | 0 |
Series 16 [Member] | ||
Contributions Payable [Line Items] | ||
Capital contributions payable | 0 | 0 |
Series 17 [Member] | ||
Contributions Payable [Line Items] | ||
Capital contributions payable | 0 | 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 LIMI_6
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 3) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Funds Investments In Operating Limited Partnerships [Line Items] | ||||
Capital contributions paid and to be paid to operating limited partnerships, net of tax credit adjusters | $ 7,854,676 | $ 13,020,543 | ||
Acquisition costs of operating limited partnerships | 1,030,206 | 1,726,379 | ||
Syndication costs from operating limited partnerships | 0 | (31,623) | ||
Cumulative distributions from operating limited partnerships | (35,967) | (40,425) | ||
Cumulative impairment loss in investment in operating limited partnerships | (1,279,314) | (1,881,446) | ||
Cumulative losses from operating limited partnerships | (7,569,601) | (12,793,428) | ||
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, 2019 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2018 (see note A) | (105,114) | (138,624) | ||
The Fund has recorded acquisition costs at March 31, 2019 which have not been recorded in the net assets of the operating limited partnerships (see note A) | (155,881) | (208,552) | ||
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) | 236,196 | 357,921 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | (12,606,064) | (19,817,505) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 51,842 | 105,239 | ||
Other | (380,789) | (241,035) | ||
Equity per operating limited partnerships' combined financial statements | (11,680,496) | $ (11,680,496) | (18,061,110) | $ (18,061,110) |
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 | 0 | 1,467,118 | ||
Acquisition costs of operating limited partnerships | 0 | 191,597 | ||
Syndication costs from operating limited partnerships | 0 | 0 | ||
Cumulative distributions from operating limited partnerships | 0 | (252) | ||
Cumulative impairment loss in investment in operating limited partnerships | 0 | (34,041) | ||
Cumulative losses from operating limited partnerships | 0 | (1,624,422) | ||
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, 2019 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2018 (see note A) | 0 | (14,246) | ||
The Fund has recorded acquisition costs at March 31, 2019 which have not been recorded in the net assets of the operating limited partnerships (see note A) | 0 | (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) | 0 | 18,909 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | 0 | (3,285,519) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 0 | 53,151 | ||
Other | 0 | (101,375) | ||
Equity per operating limited partnerships' combined financial statements | 0 | 0 | (3,347,710) | (3,347,710) |
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 | 2,591,038 | 2,786,192 | ||
Acquisition costs of operating limited partnerships | 265,787 | 293,893 | ||
Syndication costs from operating limited partnerships | 0 | 0 | ||
Cumulative distributions from operating limited partnerships | (8,599) | (8,599) | ||
Cumulative impairment loss in investment in operating limited partnerships | (333,505) | (333,505) | ||
Cumulative losses from operating limited partnerships | (2,514,721) | (2,737,981) | ||
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, 2019 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2018 (see note A) | (43,920) | (43,920) | ||
The Fund has recorded acquisition costs at March 31, 2019 which have not been recorded in the net assets of the operating limited partnerships (see note A) | (23,359) | (23,359) | ||
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) | (4,883,010) | (4,909,316) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 33,845 | 34,091 | ||
Other | 43,599 | 179,860 | ||
Equity per operating limited partnerships' combined financial statements | (4,539,340) | (4,539,340) | (4,429,139) | (4,429,139) |
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 | 1,721,225 | 2,120,191 | ||
Acquisition costs of operating limited partnerships | 250,280 | 307,666 | ||
Syndication costs from operating limited partnerships | 0 | 0 | ||
Cumulative distributions from operating limited partnerships | 0 | (2,463) | ||
Cumulative impairment loss in investment in operating limited partnerships | (322,505) | (322,505) | ||
Cumulative losses from operating limited partnerships | (1,649,000) | (2,102,889) | ||
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, 2019 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2018 (see note A) | (55,606) | (55,606) | ||
The Fund has recorded acquisition costs at March 31, 2019 which have not been recorded in the net assets of the operating limited partnerships (see note A) | (132,522) | (132,522) | ||
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) | 64,862 | 99,965 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | (1,778,668) | (2,872,436) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 6,706 | 6,706 | ||
Other | (152,099) | (50,946) | ||
Equity per operating limited partnerships' combined financial statements | (1,724,822) | (1,724,822) | (2,682,334) | (2,682,334) |
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 | 3,542,413 | 5,178,705 | ||
Acquisition costs of operating limited partnerships | 514,139 | 749,496 | ||
Syndication costs from operating limited partnerships | 0 | (31,623) | ||
Cumulative distributions from operating limited partnerships | (27,368) | (27,368) | ||
Cumulative impairment loss in investment in operating limited partnerships | (623,304) | (963,351) | ||
Cumulative losses from operating limited partnerships | (3,405,880) | (4,905,859) | ||
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, 2019 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2018 (see note A) | (5,588) | (5,588) | ||
The Fund has recorded acquisition costs at March 31, 2019 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) | 171,334 | 232,601 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | (5,944,386) | (6,077,395) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 11,291 | 11,291 | ||
Other | (272,289) | (248,150) | ||
Equity per operating limited partnerships' combined financial statements | (5,416,334) | (5,416,334) | (5,123,890) | (5,123,890) |
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 | 0 | 1,468,337 | ||
Acquisition costs of operating limited partnerships | 0 | 183,727 | ||
Syndication costs from operating limited partnerships | 0 | 0 | ||
Cumulative distributions from operating limited partnerships | 0 | (1,743) | ||
Cumulative impairment loss in investment in operating limited partnerships | 0 | (228,044) | ||
Cumulative losses from operating limited partnerships | 0 | (1,422,277) | ||
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, 2019 which have not been included in the partnership's capital account included in the operating limited partnerships' financial statements as of December 31, 2018 (see note A) | 0 | (19,264) | ||
The Fund has recorded acquisition costs at March 31, 2019 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) | 0 | 6,446 | ||
Equity in loss of operating limited partnerships not recognizable under the equity method of accounting (see note A) | 0 | (2,672,839) | ||
The Fund has recorded low-income housing tax credit adjusters not recorded by operating limited partnerships (see note A) | 0 | 0 | ||
Other | 0 | (20,424) | ||
Equity per operating limited partnerships' combined financial statements | $ 0 | $ 0 | $ (2,478,037) | $ (2,478,037) |
INVESTMENTS IN OPERATING LIMI_7
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 4) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | $ 8,358,500 | $ 12,594,247 | ||
Land | 1,489,108 | 2,186,355 | ||
Other assets | 3,656,349 | 5,189,673 | ||
Operating Limited Partnerships Assets | 13,503,957 | 19,970,275 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 23,426,123 | 34,764,622 | ||
Accounts payable and accrued expenses | 1,184,318 | 1,413,960 | ||
Other liabilities | 1,288,223 | 2,184,814 | ||
Operating Limited Partnerships Liabilities | 25,898,664 | 38,363,396 | ||
PARTNERS' CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | $ (11,680,496) | (11,680,496) | $ (18,061,110) | (18,061,110) |
Other partners | (714,211) | (332,011) | ||
Operating Limited Partnerships Partners Capital | (12,394,707) | (18,393,121) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 13,503,957 | 19,970,275 | ||
Series 15 [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 0 | 1,336,447 | ||
Land | 0 | 269,933 | ||
Other assets | 0 | 1,240,791 | ||
Operating Limited Partnerships Assets | 0 | 2,847,171 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 0 | 5,852,078 | ||
Accounts payable and accrued expenses | 0 | 116,060 | ||
Other liabilities | 0 | 109,334 | ||
Operating Limited Partnerships Liabilities | 0 | 6,077,472 | ||
PARTNERS' CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | 0 | 0 | (3,347,710) | (3,347,710) |
Other partners | 0 | 117,409 | ||
Operating Limited Partnerships Partners Capital | 0 | (3,230,301) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 0 | 2,847,171 | ||
Series 16 [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 3,569,640 | 4,469,768 | ||
Land | 599,380 | 652,676 | ||
Other assets | 1,931,974 | 2,003,378 | ||
Operating Limited Partnerships Assets | 6,100,994 | 7,125,822 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 9,850,848 | 10,783,507 | ||
Accounts payable and accrued expenses | 196,067 | 157,464 | ||
Other liabilities | 571,979 | 589,241 | ||
Operating Limited Partnerships Liabilities | 10,618,894 | 11,530,212 | ||
PARTNERS' CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | (4,539,340) | (4,539,340) | (4,429,139) | (4,429,139) |
Other partners | 21,440 | 24,749 | ||
Operating Limited Partnerships Partners Capital | (4,517,900) | (4,404,390) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 6,100,994 | 7,125,822 | ||
Series 17 [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 927,584 | 1,556,272 | ||
Land | 175,000 | 266,600 | ||
Other assets | 821,299 | 620,829 | ||
Operating Limited Partnerships Assets | 1,923,883 | 2,443,701 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 2,880,883 | 4,211,695 | ||
Accounts payable and accrued expenses | 545,464 | 567,386 | ||
Other liabilities | 123,234 | 280,313 | ||
Operating Limited Partnerships Liabilities | 3,549,581 | 5,059,394 | ||
PARTNERS' CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | (1,724,822) | (1,724,822) | (2,682,334) | (2,682,334) |
Other partners | 99,124 | 66,641 | ||
Operating Limited Partnerships Partners Capital | (1,625,698) | (2,615,693) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 1,923,883 | 2,443,701 | ||
Series 18 [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 3,861,276 | 4,774,203 | ||
Land | 714,728 | 835,966 | ||
Other assets | 903,076 | 1,005,956 | ||
Operating Limited Partnerships Assets | 5,479,080 | 6,616,125 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 10,694,392 | 11,175,137 | ||
Accounts payable and accrued expenses | 442,787 | 412,199 | ||
Other liabilities | 593,010 | 647,845 | ||
Operating Limited Partnerships Liabilities | 11,730,189 | 12,235,181 | ||
PARTNERS' CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | (5,416,334) | (5,416,334) | (5,123,890) | (5,123,890) |
Other partners | (834,775) | (495,166) | ||
Operating Limited Partnerships Partners Capital | (6,251,109) | (5,619,056) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | 5,479,080 | 6,616,125 | ||
Series 19 [Member] | ||||
ASSETS | ||||
Buildings and improvements, net of accumulated depreciation | 0 | 457,557 | ||
Land | 0 | 161,180 | ||
Other assets | 0 | 318,719 | ||
Operating Limited Partnerships Assets | 0 | 937,456 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Mortgages and construction loans payable | 0 | 2,742,205 | ||
Accounts payable and accrued expenses | 0 | 160,851 | ||
Other liabilities | 0 | 558,081 | ||
Operating Limited Partnerships Liabilities | 0 | 3,461,137 | ||
PARTNERS' CAPITAL (DEFICIT) | ||||
Boston Capital Tax Credit Fund III L.P. | $ 0 | 0 | $ (2,478,037) | (2,478,037) |
Other partners | 0 | (45,644) | ||
Operating Limited Partnerships Partners Capital | 0 | (2,523,681) | ||
Operating Limited Partnerships Liabilities And Stockholders Equity | $ 0 | $ 937,456 |
INVESTMENTS IN OPERATING LIMI_8
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details 5) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | ||
Rental | $ 4,525,264 | $ 6,919,800 |
Interest and other | 65,379 | 136,457 |
Operating Partnerships Revenue | 4,590,643 | 7,056,257 |
Expenses | ||
Interest | 593,513 | 757,006 |
Depreciation and amortization | 1,086,987 | 1,748,660 |
Taxes and insurance | 576,112 | 847,681 |
Repairs and maintenance | 1,119,763 | 1,731,967 |
Operating expenses | 1,914,238 | 2,976,456 |
Other expenses | 67,851 | 66,377 |
Operating Partnerships Total Expenses | 5,358,464 | 8,128,147 |
NET LOSS | (767,821) | (1,071,890) |
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (810,437) | (1,090,861) |
Net Income (Loss) allocated to other partners | 42,616 | 18,971 |
Series 15 [Member] | ||
Revenue | ||
Rental | 0 | 1,153,677 |
Interest and other | 0 | 23,128 |
Operating Partnerships Revenue | 0 | 1,176,805 |
Expenses | ||
Interest | 0 | 92,829 |
Depreciation and amortization | 0 | 297,243 |
Taxes and insurance | 0 | 131,008 |
Repairs and maintenance | 0 | 300,959 |
Operating expenses | 0 | 541,718 |
Other expenses | 0 | 0 |
Operating Partnerships Total Expenses | 0 | 1,363,757 |
NET LOSS | 0 | (186,952) |
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | 0 | (183,370) |
Net Income (Loss) allocated to other partners | 0 | (3,582) |
Series 16 [Member] | ||
Revenue | ||
Rental | 2,051,554 | 2,125,114 |
Interest and other | 19,960 | 25,896 |
Operating Partnerships Revenue | 2,071,514 | 2,151,010 |
Expenses | ||
Interest | 216,785 | 238,102 |
Depreciation and amortization | 460,933 | 501,821 |
Taxes and insurance | 199,870 | 212,583 |
Repairs and maintenance | 524,096 | 510,900 |
Operating expenses | 805,819 | 896,468 |
Other expenses | 7,914 | 7,914 |
Operating Partnerships Total Expenses | 2,215,417 | 2,367,788 |
NET LOSS | (143,903) | (216,778) |
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (166,527) | (249,603) |
Net Income (Loss) allocated to other partners | 22,624 | 32,825 |
Series 17 [Member] | ||
Revenue | ||
Rental | 842,135 | 1,158,320 |
Interest and other | 15,306 | 23,502 |
Operating Partnerships Revenue | 857,441 | 1,181,822 |
Expenses | ||
Interest | 127,006 | 106,109 |
Depreciation and amortization | 238,976 | 343,736 |
Taxes and insurance | 105,121 | 154,864 |
Repairs and maintenance | 276,104 | 217,152 |
Operating expenses | 347,561 | 465,770 |
Other expenses | 4,000 | 9,000 |
Operating Partnerships Total Expenses | 1,098,768 | 1,296,631 |
NET LOSS | (241,327) | (114,809) |
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (238,912) | (113,659) |
Net Income (Loss) allocated to other partners | (2,415) | (1,150) |
Series 18 [Member] | ||
Revenue | ||
Rental | 1,631,575 | 2,033,200 |
Interest and other | 30,113 | 48,207 |
Operating Partnerships Revenue | 1,661,688 | 2,081,407 |
Expenses | ||
Interest | 249,722 | 281,788 |
Depreciation and amortization | 387,078 | 517,189 |
Taxes and insurance | 271,121 | 300,593 |
Repairs and maintenance | 319,563 | 585,277 |
Operating expenses | 760,858 | 850,774 |
Other expenses | 55,937 | 49,463 |
Operating Partnerships Total Expenses | 2,044,279 | 2,585,084 |
NET LOSS | (382,591) | (503,677) |
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | (404,998) | (495,051) |
Net Income (Loss) allocated to other partners | 22,407 | (8,626) |
Series 19 [Member] | ||
Revenue | ||
Rental | 0 | 449,489 |
Interest and other | 0 | 15,724 |
Operating Partnerships Revenue | 0 | 465,213 |
Expenses | ||
Interest | 0 | 38,178 |
Depreciation and amortization | 0 | 88,671 |
Taxes and insurance | 0 | 48,633 |
Repairs and maintenance | 0 | 117,679 |
Operating expenses | 0 | 221,726 |
Other expenses | 0 | 0 |
Operating Partnerships Total Expenses | 0 | 514,887 |
NET LOSS | 0 | (49,674) |
Net loss allocated to Boston Capital Tax Credit Fund III L.P. | 0 | (49,178) |
Net Income (Loss) allocated to other partners | $ 0 | $ (496) |
INVESTMENTS IN OPERATING LIMI_9
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS (Details Textual) | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Series 17 [Member] | |
Investments In Operating Limited Partnerships [Line Items] | |
Write Off Of Capital Contribution Payable | $ 7,893 |
RECONCILIATION OF FINANCIAL S_3
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | $ 712,045 | $ 757,782 |
Operating limited partnership rents received in advance | 7,645 | 7,685 |
Accrued fund management fees not deducted (deducted) for tax purposes | (1,170,262) | (559,355) |
Other | 2,359,263 | 8,148,135 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (810,437) | (1,090,861) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (180,690) | (282,604) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | 3,390,569 | (833,095) |
Income (loss) for tax return purposes, year ended December 31, 2018 | 4,308,133 | 6,147,687 |
Series 15 [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | 965 | 190,537 |
Operating limited partnership rents received in advance | 0 | 0 |
Accrued fund management fees not deducted (deducted) for tax purposes | (245,039) | (4,858) |
Other | 0 | 2,718,383 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | 0 | (183,370) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | 0 | (834) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | 3,051,644 | (227,703) |
Income (loss) for tax return purposes, year ended December 31, 2018 | 2,807,570 | 2,492,155 |
Series 16 [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | (52,824) | 125,865 |
Operating limited partnership rents received in advance | 0 | 331 |
Accrued fund management fees not deducted (deducted) for tax purposes | (75,598) | (135,370) |
Other | 707,013 | 2,672,005 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (166,527) | (249,603) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (88,430) | (108,272) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | 15,366 | (413,562) |
Income (loss) for tax return purposes, year ended December 31, 2018 | 339,000 | 1,891,394 |
Series 17 [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | 76,643 | (9,461) |
Operating limited partnership rents received in advance | 7,645 | 4,899 |
Accrued fund management fees not deducted (deducted) for tax purposes | 0 | 0 |
Other | 676,279 | 491,121 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (238,912) | (113,659) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (5,807) | (4,699) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | 1,262 | (42,431) |
Income (loss) for tax return purposes, year ended December 31, 2018 | 517,110 | 325,770 |
Series 18 [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | 754,694 | 452,236 |
Operating limited partnership rents received in advance | 0 | 2,049 |
Accrued fund management fees not deducted (deducted) for tax purposes | (849,625) | (419,127) |
Other | 975,971 | 938,976 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | (404,998) | (495,051) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | (86,453) | (79,199) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | (1,125,076) | (59,746) |
Income (loss) for tax return purposes, year ended December 31, 2018 | (735,487) | 340,138 |
Series 19 [Member] | ||
Reconciliation Of Financial Statement Net Income Loss To Income Tax Return Disclosure [Line Items] | ||
Net income (loss) for financial reporting purposes | (67,433) | (1,395) |
Operating limited partnership rents received in advance | 0 | 406 |
Accrued fund management fees not deducted (deducted) for tax purposes | 0 | 0 |
Other | 0 | 1,327,650 |
Operating limited partnership losses not recognized for financial reporting purposes under equity method of accounting | 0 | (49,178) |
Excess of tax depreciation over book depreciation on operating limited partnership assets | 0 | (89,600) |
Difference due to fiscal year for book purposes and calendar year for tax purposes | 1,447,373 | (89,653) |
Income (loss) for tax return purposes, year ended December 31, 2018 | $ 1,379,940 | $ 1,098,230 |
RECONCILIATION OF FINANCIAL S_4
RECONCILIATION OF FINANCIAL STATEMENT NET INCOME (LOSS) TO INCOME TAX RETURN (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investments In Operating Limited Partnerships For Tax Purposes And Financial Statement Purposes Disclosure [Line Items] | ||
Investments in operating limited partnerships - tax return December 31, 2018 | $ (14,524,838) | $ (19,825,637) |
Estimated share of loss for the three months ended March 31, 2019 | (236,196) | (357,921) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 12,606,064 | 19,817,505 |
Impairment loss in investment in operating limited partnerships | (1,279,314) | (1,881,446) |
Historic tax credits | 0 | 0 |
Other | 3,434,284 | 2,247,499 |
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 December 31, 2018 | 0 | (3,229,489) |
Estimated share of loss for the three months ended March 31, 2019 | 0 | (18,909) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 0 | 3,285,519 |
Impairment loss in investment in operating limited partnerships | 0 | (34,041) |
Historic tax credits | 0 | 0 |
Other | 0 | (3,080) |
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 December 31, 2018 | (6,249,737) | (6,626,315) |
Estimated share of loss for the three months ended March 31, 2019 | 0 | 0 |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 4,883,010 | 4,909,316 |
Impairment loss in investment in operating limited partnerships | (333,505) | (333,505) |
Historic tax credits | 0 | 0 |
Other | 1,700,232 | 2,050,504 |
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 December 31, 2018 | (1,699,993) | (2,141,413) |
Estimated share of loss for the three months ended March 31, 2019 | (64,862) | (99,965) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 1,778,668 | 2,872,436 |
Impairment loss in investment in operating limited partnerships | (322,505) | (322,505) |
Historic tax credits | 0 | 0 |
Other | 308,692 | (308,553) |
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 December 31, 2018 | (6,575,108) | (6,259,636) |
Estimated share of loss for the three months ended March 31, 2019 | (171,334) | (232,601) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 5,944,386 | 6,077,395 |
Impairment loss in investment in operating limited partnerships | (623,304) | (963,351) |
Historic tax credits | 0 | 0 |
Other | 1,425,360 | 1,378,193 |
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 December 31, 2018 | 0 | (1,568,784) |
Estimated share of loss for the three months ended March 31, 2019 | 0 | (6,446) |
Add back operating limited partnership losses not recognized for financial reporting purposes under the equity method | 0 | 2,672,839 |
Impairment loss in investment in operating limited partnerships | 0 | (228,044) |
Historic tax credits | 0 | 0 |
Other | 0 | (869,565) |
Investments in operating limited partnerships - as reported | $ 0 | $ 0 |