American Tax Credit Trust Series I (ATCTIX) 10-Q 5 Feb 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Dec. 30, 2013	Feb. 05, 2014
Document and Entity Information	'	'
Entity Registrant Name	'AMERICAN TAX CREDIT TRUST SERIES I	'
Document Type	'10-Q	'
Document Period End Date	30-Dec-13	'
Amendment Flag	'false	'
Entity Central Index Key	'0000897315	'
Current Fiscal Year End Date	'--03-30	'
Entity Common Stock, Shares Outstanding	'	18,654
Entity Filer Category	'Smaller Reporting Company	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Dec. 30, 2013	Mar. 30, 2013
ASSETS	'	'
Cash and cash equivalents	$119,946	$141,858
Investment in Pemberwick Fund, a short duration bond fund	653,503	819,873
Total cash and liquid investments	773,449	961,731
Investment in local partnerships	2,586,636	2,435,800
Total assets	3,360,085	3,397,531
Liabilities	'	'
Accounts payable and accrued expenses	18,438	27,587
Payable to manager and affiliates	680,597	816,571
Total liabilities	699,035	844,158
Commitments and contingencies	'	'
Owners' equity (deficit)	'	'
Manager	-137,323	-138,446
Beneficial owners (18,654 units of beneficial ownership interest outstanding)	2,793,199	2,682,020
Accumulated other comprehensive income	5,174	9,799
Total equity (deficit)	2,661,050	2,553,373
Total liabilities & equity (deficit)	$3,360,085	$3,397,531

BALANCE_SHEETS_PARENTHETICAL

BALANCE SHEETS PARENTHETICAL	Dec. 30, 2013	Mar. 30, 2013
BALANCE SHEETS PARENTHETICAL	'	'
Units of beneficial ownership interest outstanding	18,654	18,654

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
	Dec. 30, 2013	Dec. 30, 2012	Dec. 30, 2013	Dec. 30, 2012
REVENUE	'	'	'	'
Interest	$3,689	$3,130	$8,574	$8,440
Other income from local partnerships	48,750	2,500	52,500	6,250
TOTAL REVENUE	52,439	5,630	61,074	14,690
EXPENSES	'	'	'	'
Management fee	37,792	44,910	117,915	134,728
Professional fees	10,833	10,064	32,087	31,277
Printing, postage and other	3,726	2,056	6,847	9,368
TOTAL EXPENSES	52,351	57,030	156,849	175,373
INCOME (LOSS) BEFORE EQUITY IN INCOME OF INVESTMENT IN LOCAL PARTNERSHIPS	88	-51,400	-95,775	-160,683
Equity in income of investment in local partnerships	47,786	25,392	208,077	131,519
NET INCOME (LOSS)	47,874	-26,008	112,302	-29,164
Manager income (loss)	479	-260	1,123	-292
Beneficial owners income (loss)	$47,395	($25,748)	$111,179	($28,872)
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest)	$2.54	($1.38)	$5.96	($1.55)

STATEMENTS_OF_COMPREHENSIVE_IN

STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		9 Months Ended
	Dec. 30, 2013	Dec. 30, 2012	Dec. 30, 2013	Dec. 30, 2012
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)	'	'	'	'
NET INCOME (LOSS)	$47,874	($26,008)	$112,302	($29,164)
Other comprehensive income (loss) - investment in Pemberwick Fund	-570	-2	-4,625	7,463
COMPREHENSIVE INCOME (LOSS)	$47,304	($26,010)	$107,677	($21,701)

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Dec. 30, 2013	Dec. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Interest received	$8,574	$8,440
Cash paid for management fees	-253,889	-253,897
Cash paid for professional fees	-39,099	-37,242
Cash paid for printing, postage and other expenses	-8,984	-10,128
Net cash used in operating activities	-293,398	-292,827
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Investments in Pemberwick Fund	-6,870	-7,742
Redemptions from Pemberwick Fund	168,615	'
Distributions received from local partnerships	109,741	10,950
Net cash provided by investing activities	271,486	3,208
Net decrease in cash and cash equivalents	-21,912	-289,619
Cash and cash equivalents at beginning of period	141,858	405,951
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$119,946	$116,332

STATEMENTS_OF_CASH_FLOWS_CONTI

STATEMENTS OF CASH FLOWS - CONTINUED (USD $)	9 Months Ended
	Dec. 30, 2013	Dec. 30, 2012
STATEMENTS OF CASH FLOWS - CONTINUED	'	'
Net income (loss)	$112,302	($29,164)
Adjustments to reconcile net income (loss) to net cash used in operating activities	'	'
Equity in income of investment in local partnerships	-208,077	-131,519
Other income from local partnerships	-52,500	-6,250
Decrease in accounts payable and accrued expenses	-9,149	-6,725
Decrease in payable to manager and affiliates	-135,974	-119,169
NET CASH USED IN OPERATING ACTIVITIES	-293,398	-292,827
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES	'	'
Unrealized gain (loss) on investment in Pemberwick Fund	($4,625)	$7,463

1_Basis_of_Presentation

1. Basis of Presentation	9 Months Ended
	Dec. 30, 2013
Notes	'
1. Basis of Presentation	'
	1.      Basis of Presentation
	The accompanying unaudited financial statements of American Tax Credit Trust, a Delaware statutory business trust Series I (the “Trust”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. They do not include all information and footnotes required by GAAP for complete financial statements. The results of operations are impacted, in part, by the combined results of operations of the Trust’s investee partnerships (the “Local Partnerships”), which are provided by the general partners of the Local Partnerships (the “Local General Partners”) on an unaudited basis during interim periods. Accordingly, the accompanying unaudited financial statements are dependent on such unaudited information. In the opinion of the manager of the Trust (the “Manager”), the accompanying unaudited financial statements include all adjustments necessary to present fairly the financial position as of December 30, 2013 and the results of operations and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. The results of operations for the nine months ended December 30, 2013 are not necessarily indicative of the results that may be expected for the entire year.

2_Investment_in_Local_Partners

2. Investment in Local Partnerships	9 Months Ended
	Dec. 30, 2013
Notes	'
2. Investment in Local Partnerships	'
	2.      Investment in Local Partnerships
	The Trust initially acquired limited partner equity interests (the “Local Partnership Interests”) in ten Local Partnerships representing capital contributions in the aggregate amount of $14,837,956, which includes voluntary advances (the “Advances”) made to certain Local Partnerships and all of which has been paid. As of December 30, 2013, the Trust holds a Local Partnership Interest in eight Local Partnerships (see discussion below regarding the Trust’s sale of its Local Partnership Interest in St. Christopher’s Associates, L.P. V (“St. Christopher’s”) subsequent to December 30, 2013 and Edgewood Manor Associates, L.P.’s (“Edgewood”) sale of its underlying Property). The Trust has no legal obligation to fund any operating deficits of the Local Partnerships.
	For the nine months ended December 30, 2013, the investment in local partnerships activity consists of the following:
	Investment in local partnerships as of March 30, 2013	$2,435,800
	Equity in income of investment in local partnerships	208,077	*
	Distributions from Local Partnerships	-109,741
	Distributions classified as other income	52,500
	Investment in local partnerships as of December 30, 2013	$2,586,636
	*In the event the operations of a Local Partnership result in a loss, equity in loss of each investment in Local Partnership allocated to the Trust is recognized to the extent of the Trust’s investment balance in each Local Partnership. Equity in loss in excess of the Trust’s investment balance in a Local Partnership is allocated to other partners’ capital in any such Local Partnership.
	During the nine months ended December 30, 2013, the Trust sold its Local Partnership Interest in Penn Apartment Associates (“Penn Apartments”) to an affiliate of the Local General Partner of Penn Apartments. Although the Trust received no proceeds in connection with the sale, the Trust received $46,250 for distributions that were due to the Trust under the terms of the partnership agreement of Penn Apartments; such amount is included in other income from local partnerships in the accompanying unaudited statement of operations and comprehensive income (loss) for the nine months ended December 30, 2013. After accounting for its share of cumulative income, losses and distributions, the Trust’s investment in Penn Apartments reached a zero balance prior to the sale.
	During the year ended March 30, 2013, Edgewood sold its underlying Property to an unaffiliated third party. The Local General Partners of Edgewood intend to dissolve Edgewood as soon as possible. After accounting for its share of cumulative income, losses and distributions, the Trust’s investment in Edgewood reached a zero balance prior to the sale.
	Subsequent to December 30, 2013, the Partnership sold its Local Partnership Interest in St. Christopher’s to an affiliate of the Local General Partner of St. Christopher’s; there were no proceeds in connection with the sale. After accounting for its share of cumulative income, losses and distributions, the Trust’s investment in St. Christopher’s reached a zero balance prior to the sale.
	The Trust’s investment in St. John Housing Associates, L.P. (“St. John Housing”) represents more than 20% of the Trust’s total assets as of December 30, 2013 and the equity in income from the Trust’s investment in St. John Housing represents more than 20% of the Trust’s net income for the nine months then ended. The following financial information represents certain unaudited balance sheet and operating statement data of St. John Housing as of and for the nine months ended September 30, 2013:
	Total assets	$5,460,879
	Total liabilities	$2,882,247
	Revenue	$1,089,391
	Net income	$   210,179

3_Investment_in_Pemberwick_Fun

3. Investment in Pemberwick Fund	9 Months Ended
	Dec. 30, 2013
Notes	'
3. Investment in Pemberwick Fund	'
	3.      Investment in Pemberwick Fund
	The Trust carries its investment in Pemberwick Fund, a short duration bond fund (“Pemberwick”) at estimated fair value. The fair value of the Trust’s investment in Pemberwick is classified within Level 1 of the fair value hierarchy of the guidance on Fair Value Measurements as defined in Accounting Standards Codification (“ASC”) Topic 820. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access. Pemberwick’s net asset value (“NAV”) is $10.08 per share as of December 30, 2013. An unrealized gain of $5,174 is reflected as accumulated other comprehensive income in the accompanying unaudited balance sheet as of December 30, 2013. As of December 30, 2013, the Trust has earned $44,744 of interest revenue from its investment in Pemberwick.

4_Additional_Information

4. Additional Information	9 Months Ended
	Dec. 30, 2013
Notes	'
4. Additional Information	'
	4.      Additional Information
	Additional information, including the audited March 30, 2013 Financial Statements and the Organization, Purpose and Summary of Significant Accounting Policies, is included in the Trust's Annual Report on Form 10-K for the fiscal year ended March 30, 2013 on file with the Securities and Exchange Commission.

2_Investment_in_Local_Partners1

2. Investment in Local Partnerships: Schedule of Investment In Local Partnerships Activity (Tables)	9 Months Ended
	Dec. 30, 2013
Tables/Schedules	'
Schedule of Investment In Local Partnerships Activity	'
	Investment in local partnerships as of March 30, 2013	$2,435,800
	Equity in income of investment in local partnerships	208,077	*
	Distributions from Local Partnerships	-109,741
	Distributions classified as other income	52,500
	Investment in local partnerships as of December 30, 2013	$2,586,636

2_Investment_in_Local_Partners2

2. Investment in Local Partnerships: Certain Unaudited Balance Sheet And Operating Statement Data for St. John Housing (Tables)	9 Months Ended
	Dec. 30, 2013
Tables/Schedules	'
Certain Unaudited Balance Sheet And Operating Statement Data for St. John Housing	'
	Total assets	$5,460,879
	Total liabilities	$2,882,247
	Revenue	$1,089,391
	Net income	$   210,179

2_Investment_in_Local_Partners3

2. Investment in Local Partnerships (Details) (USD $)	9 Months Ended
	Dec. 30, 2013
Details	'
Capital contributions in the aggregate	$14,837,956
Distributions received from Penn Apartment Associates	$46,250

2_Investment_in_Local_Partners4

2. Investment in Local Partnerships: Schedule of Investment In Local Partnerships Activity (Details) (USD $)	9 Months Ended
	Dec. 30, 2013	Mar. 30, 2013
Details	'	'
Investment in local partnerships	$2,586,636	$2,435,800
Equity in income of investment in local partnerships	208,077	'
Distributions from local partnerships	-109,741	'
Distributions classified as other income	$52,500	'

2_Investment_in_Local_Partners5

2. Investment in Local Partnerships: Certain Unaudited Balance Sheet And Operating Statement Data for St. John Housing (Details) (USD $)	9 Months Ended
	Sep. 29, 2013
Details	'
Investment Total Assets - St John Housing	$5,460,879
Investment Total Liabilities - St John Housing	2,882,247
Investment Revenue - St John Housing	1,089,391
Investment Net Income - St John Housing	$210,179

3_Investment_in_Pemberwick_Fun1

3. Investment in Pemberwick Fund (Details) (USD $)	Dec. 30, 2013
Details	'
Pemberwick Net Asset Value	$10.08
Unrealized gain reflected as accumulated other comprehensive income	$5,174
Aggregate interest revenue from investment in Pemberwick	$44,744