American Tax Credit Trust Series I (ATCTIX) 10-Q 30 Oct 15 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 29, 2015	Oct. 30, 2015
Document and Entity Information:
Entity Registrant Name	AMERICAN TAX CREDIT TRUST SERIES I
Document Type	10-Q
Document Period End Date	Sep. 29, 2015
Trading Symbol	atctix
Amendment Flag	false
Entity Central Index Key	897,315
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	2,016
Document Fiscal Period Focus	Q2

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Sep. 29, 2015	Mar. 30, 2015
Cash and liquid investments
Cash and cash equivalents	$ 17,121	$ 18,886
Investment in Pemberwick Fund, a short duration bond fund	343,826	363,917
Total cash and liquid investments	360,947	382,803
Investment in local partnerships	469,286	395,782
Total assets	830,233	778,585
Liabilities
Accounts payable and accrued expenses	12,125	15,925
Payable to manager and affiliates	648,615	586,503
Total liabilities	$ 660,740	$ 602,428
Commitments and contingencies
Owners' equity (deficit)
Manager	$ (162,201)	$ (162,142)
Beneficial owners (18,654 units of beneficial ownership interest outstanding)	330,460	336,253
Accumulated other comprehensive income	1,234	2,046
Total equity (deficit)	169,493	176,157
Total liabilities & equity (deficit)	$ 830,233	$ 778,585

BALANCE SHEETS PARENTHETICAL

BALANCE SHEETS PARENTHETICAL - shares	Sep. 29, 2015	Mar. 30, 2015
BALANCE SHEETS PARENTHETICAL
Units of beneficial ownership interest outstanding	18,654	18,654

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Sep. 29, 2015	Sep. 29, 2014	Sep. 29, 2015	Sep. 29, 2014
REVENUE
Interest	$ 868	$ 2,298	$ 1,727	$ 3,891
Other income from local partnerships	10,562		10,562	3,000
TOTAL REVENUE	11,430	2,298	12,289	6,891
EXPENSES
Management fee	32,136	32,472	64,609	59,625
Professional fees	8,364	8,333	19,321	18,910
Printing, postage and other	3,718	10,708	9,965	10,853
TOTAL EXPENSES	44,218	51,513	93,895	89,388
LOSS PRIOR TO EQUITY IN INCOME OF INVESTMENT IN LOCAL PARTNERSHIPS AND GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	(32,788)	(49,215)	(81,606)	(82,497)
Equity in income of investment in local partnerships	21,320	76,912	73,504	157,742
INCOME (LOSS) PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	(11,468)	27,697	(8,102)	75,245
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	2,250		2,250
NET INCOME (LOSS)	(9,218)	27,697	(5,852)	75,245
NET INCOME (LOSS) ATTRIBUTABLE TO
Manager income (loss)	(93)	277	(59)	752
Beneficial owners income (loss)	$ (9,125)	$ 27,420	$ (5,793)	$ 74,493
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest)	$ (0.49)	$ 1.47	$ (0.31)	$ 3.99

STATEMENTS OF COMPREHENSIVE INC

STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 29, 2015	Sep. 29, 2014	Sep. 29, 2015	Sep. 29, 2014
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
NET INCOME (LOSS)	$ (9,218)	$ 27,697	$ (5,852)	$ 75,245
Other comprehensive loss - investment in Pemberwick Fund	(87)	(1,425)	(812)	(125)
COMPREHENSIVE INCOME (LOSS)	$ (9,305)	$ 26,272	$ (6,664)	$ 75,120

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Sep. 29, 2015	Sep. 29, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received	$ 1,618	$ 3,024
Cash paid for management fees	(2,497)	(2,591)
Cash paid for professional fees	(22,251)	(25,885)
Cash paid for printing, postage and other expenses	(10,835)	(11,890)
Net cash used in operating activities	(33,965)	(37,342)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds in connection with sale of limited partner interests/local partnership properties	2,250
Investments in Pemberwick Fund	(1,612)	(2,937)
Redemptions from Pemberwick Fund	21,000	95,000
Distributions received from local partnerships	10,562	63,233
Net cash provided by investing activities	32,200	155,296
CASH FLOWS FROM FINANCING ACTIVITIES
Distributions to owners		(131,824)
Net cash used in financing activities		(131,824)
Net decrease in cash and cash equivalents	(1,765)	(13,870)
Cash and cash equivalents at beginning of period	18,886	111,475
CASH AND CASH EQUIVALENTS AT END OF PERIOD	17,121	97,605
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized loss on investment in Pemberwick Fund	$ (812)	$ (125)

STATEMENTS OF CASH FLOWS - CONT

STATEMENTS OF CASH FLOWS - CONTINUED - USD ($)	6 Months Ended
	Sep. 29, 2015	Sep. 29, 2014
STATEMENTS OF CASH FLOWS - CONTINUED
Net income (loss)	$ (5,852)	$ 75,245
Adjustments to reconcile net income (loss) to net cash used in operating activities
Equity in income of investment in local partnerships	(73,504)	(157,742)
Gain on sale of limited partner interests/local partnership properties	(2,250)
Gain on redemptions from Pemberwick Fund	(109)	(867)
Other income from local partnerships	(10,562)	(3,000)
Decrease in accounts payable and accrued expenses	(3,800)	(8,012)
Increase in payable to manager and affiliates	62,112	57,034
NET CASH USED IN OPERATING ACTIVITIES	$ (33,965)	$ (37,342)

1. Basis of Presentation

1. Basis of Presentation	6 Months Ended
	Sep. 29, 2015
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 September 29, 2015 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 six months ended September 29, 2015 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	6 Months Ended
	Sep. 29, 2015
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 September 29, 2015, the Trust holds a Local Partnership Interest in five Local Partnerships. The Trust has no legal obligation to fund any operating deficits of the Local Partnerships. During the six months ended September 29, 2015, the Trust sold its Local Partnership Interest in Ledge/McLaren Limited Partnership (“Ledge/McLaren”) to an affiliate of the Local General Partner of Ledge/McLaren; the Trust received $2,250 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) for the six months ended September 29, 2015. After accounting for its share of cumulative income, losses and distributions, the Trust’s investment in Ledge/McLaren had reached a zero balance prior to the sale. For the six months ended September 29, 2015, the investment in local partnerships activity consists of the following: Investment in local partnerships as of March 30, 2015 $ 395,782 Distributions from Local Partnerships (10,562) Distributions classified as other income 10,562 Equity in income of investment in local partnerships 73,504 * Investment in local partnerships as of September 29, 2015 $ 469,286 *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. 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 September 29, 2015 and the equity in income from the Trust’s investment in St. John Housing represents more than 20% of the Trust’s net loss for the six 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 six months ended June 30, 2015: Total assets $ 5,279,624 Total liabilities $ 2,617,508 Revenue $ 671,443 Net income $ 74,246

3. Investment in Pemberwick Fun

3. Investment in Pemberwick Fund	6 Months Ended
	Sep. 29, 2015
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 $10.04 per share as of September 29, 2015. An unrealized gain of $1,234 is reflected as accumulated other comprehensive income in the accompanying unaudited balance sheet as of September 29, 2015. The Trust has earned $55,007 of interest revenue from the date of its initial investment in Pemberwick through September 29, 2015.

4. Additional Information

4. Additional Information	6 Months Ended
	Sep. 29, 2015
Notes
4. Additional Information	4. Additional Information Additional information, including the audited March 30, 2015 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, 2015 on file with the Securities and Exchange Commission.

2. Investment in Local Partne12

2. Investment in Local Partnerships: Schedule of Investment In Local Partnerships Activity (Tables)	6 Months Ended
	Sep. 29, 2015
Tables/Schedules
Schedule of Investment In Local Partnerships Activity	Investment in local partnerships as of March 30, 2015 $ 395,782 Distributions from Local Partnerships (10,562) Distributions classified as other income 10,562 Equity in income of investment in local partnerships 73,504 * Investment in local partnerships as of September 29, 2015 $ 469,286

2. Investment in Local Partne13

2. Investment in Local Partnerships: Certain Unaudited Balance Sheet And Operating Statement Data for St. John Housing (Tables)	6 Months Ended
	Sep. 29, 2015
Tables/Schedules
Certain Unaudited Balance Sheet And Operating Statement Data for St. John Housing	Total assets $ 5,279,624 Total liabilities $ 2,617,508 Revenue $ 671,443 Net income $ 74,246

2. Investment in Local Partne14

2. Investment in Local Partnerships: Capital Contributions (Details)	Sep. 29, 2015USD ($)
Details
Capital contributions in the aggregate	$ 14,837,956

2. Investment in Local Partne15

2. Investment in Local Partnerships (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 29, 2015	Sep. 29, 2015
Details
Proceeds in connection with sale of limited partner interests/local partnership properties		$ 2,250
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES	$ 2,250	$ 2,250

2. Investment in Local Partne16

2. Investment in Local Partnerships: Schedule of Investment In Local Partnerships Activity (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 29, 2015	Sep. 29, 2015	Sep. 29, 2014	Mar. 30, 2015
Details
Investment in local partnerships	$ 469,286	$ 469,286		$ 395,782
Other income from local partnerships	$ (10,562)	(10,562)	$ (3,000)
Distributions classified as other income		10,562
Equity in income of investment in local partnerships		$ 73,504

2. Investment in Local Partne17

2. Investment in Local Partnerships: Certain Unaudited Balance Sheet And Operating Statement Data for St. John Housing (Details)	6 Months Ended
	Jun. 29, 2015USD ($)
Details
Investment Total Assets - St. John Housing	$ 5,279,624
Investment Total Liabilities - St. John Housing	2,617,508
Investment Revenue - St. John Housing	671,443
Investment Net Income - St. John Housing	$ 74,246

3. Investment in Pemberwick F18

3. Investment in Pemberwick Fund (Details)	Sep. 29, 2015USD ($)$ / shares
Details
Pemberwick Net Asset Value | $ / shares	$ 10.04
Unrealized gain reflected as accumulated other comprehensive income	$ 1,234
Aggregate interest revenue from investment in Pemberwick	$ 55,007