Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 30, 2017 | Feb. 02, 2018 | |
Document and Entity Information: | ||
Entity Registrant Name | AMERICAN TAX CREDIT TRUST SERIES I | |
Document Type | 10-Q | |
Document Period End Date | Dec. 30, 2017 | |
Trading Symbol | atctix | |
Amendment Flag | false | |
Entity Central Index Key | 897,315 | |
Current Fiscal Year End Date | --03-30 | |
Entity Common Stock, Shares Outstanding | 0 | |
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 | 2,018 | |
Document Fiscal Period Focus | Q3 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 30, 2017 | Mar. 30, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 25,332 | $ 22,904 |
Investment in Pemberwick Fund, a short duration bond fund | 1,693,824 | 1,314,600 |
Total assets | 1,719,156 | 1,337,504 |
Liabilities | ||
Accounts payable and accrued expenses | 19,683 | 24,615 |
Payable to manager and affiliates | 417 | 456,082 |
Total liabilities | 20,100 | 480,697 |
Commitments and contingencies | ||
Owners' equity (deficit) | ||
Manager | (148,832) | (157,271) |
Beneficial owners (18,654 units of beneficial ownership interest outstanding) | 1,853,452 | 1,018,017 |
Accumulated other comprehensive loss | (5,564) | (3,939) |
Total equity (deficit) | 1,699,056 | 856,807 |
Total liabilities & equity (deficit) | $ 1,719,156 | $ 1,337,504 |
BALANCE SHEETS PARENTHETICAL
BALANCE SHEETS PARENTHETICAL - shares | Dec. 30, 2017 | Mar. 30, 2017 |
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, 2017 | Dec. 30, 2016 | Dec. 30, 2017 | Dec. 30, 2016 | |
REVENUE | ||||
Interest | $ 7,010 | $ 3,775 | $ 17,161 | $ 7,516 |
TOTAL REVENUE | 7,010 | 3,775 | 17,161 | 7,516 |
EXPENSES | ||||
Management fee | 8,903 | 14,716 | 32,522 | 50,993 |
Professional fees | 9,221 | 9,423 | 33,732 | 30,087 |
Printing, postage and other | 3,482 | 2,272 | 7,033 | 8,689 |
TOTAL EXPENSES | 21,606 | 26,411 | 73,287 | 89,769 |
LOSS PRIOR TO GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES | (14,596) | (22,636) | (56,126) | (82,253) |
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES | 900,000 | 1,331,798 | ||
NET INCOME (LOSS) | (14,596) | (22,636) | 843,874 | 1,249,545 |
NET INCOME (LOSS) ATTRIBUTABLE TO | ||||
Manager income (loss) | (146) | (226) | 8,439 | 210,062 |
Beneficial owners income (loss) | $ (14,450) | $ (22,410) | $ 835,435 | $ 1,039,483 |
NET INCOME (LOSS) per unit of beneficial ownership interest (18,654 units of beneficial ownership interest) | $ (0.77) | $ (1.21) | $ 44.79 | $ 55.72 |
STATEMENTS OF COMPREHENSIVE INC
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 30, 2017 | Dec. 30, 2016 | Dec. 30, 2017 | Dec. 30, 2016 | |
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||
NET INCOME (LOSS) | $ (14,596) | $ (22,636) | $ 843,874 | $ 1,249,545 |
Other comprehensive loss - investment in Pemberwick Fund | (1,015) | (6,493) | (1,625) | (5,959) |
COMPREHENSIVE INCOME (LOSS) | $ (15,611) | $ (29,129) | $ 842,249 | $ 1,243,586 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Dec. 30, 2017 | Dec. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Interest Received | $ 18,211 | $ 7,362 |
Cash paid for management fees | (488,187) | (3,675) |
Cash paid for professional fees | (37,409) | (39,306) |
Cash paid for printing, postage and other expenses | (8,288) | (6,536) |
Net cash used in operating activities | (515,673) | (42,155) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds in connection with sale of limited partner interests/local partnership properties | 900,000 | 1,331,798 |
Investments in Pemberwick Fund | (717,899) | (1,314,360) |
Redemptions from Pemberwick Fund | 336,000 | 25,000 |
Net cash provided by investing activities | 518,101 | 42,438 |
Net increase in cash and cash equivalents | 2,428 | 283 |
Cash and cash equivalents at beginning of period | 22,904 | 9,514 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 25,332 | 9,797 |
SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Unrealized loss on investment in Pemberwick Fund | $ (1,625) | $ (5,959) |
STATEMENTS OF CASH FLOWS - CONT
STATEMENTS OF CASH FLOWS - CONTINUED - USD ($) | 9 Months Ended | |
Dec. 30, 2017 | Dec. 30, 2016 | |
STATEMENTS OF CASH FLOWS - CONTINUED | ||
Net income | $ 843,874 | $ 1,249,545 |
Adjustments to reconcile net income to net cash used in operating activities | ||
Gain on sale of limited partner interests/local partnership properties | (900,000) | (1,331,798) |
(Gain) loss on redemptions from Pemberwick Fund | 1,050 | (154) |
Decrease in accounts payable and accrued expenses | (4,932) | (7,066) |
Increase (decrease) in payable to manager and affiliates | (455,665) | 47,318 |
NET CASH USED IN OPERATING ACTIVITIES | $ (515,673) | $ (42,155) |
1. Basis of Presentation
1. Basis of Presentation | 9 Months Ended |
Dec. 30, 2017 | |
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. 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, 2017 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, 2017 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, 2017 | |
Notes | |
2. Investment in Local Partnerships | 2. Investment in Local Partnerships The Trust initially acquired limited partner equity interests (the Local Partnership Interest or Local Partnership Interests) in ten partnerships (the Local Partnership or 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, 2017, the Trust holds a Local Partnership Interest in one Local Partnership, Vision Limited Dividend Housing Association Limited Partnership (Vision). The results of operations of Vision are provided by the general partner of Vision on an unaudited basis during interim periods. The Trust has no legal obligation to fund any operating deficits of Vision. In the event the operations of Vision result in a loss, equity in loss of investment in Vision allocated to the Trust is recognized to the extent of the Trusts investment balance in Vision. Equity in loss in excess of the Trusts investment balance in Vision is allocated to other partners capital in Vision. As a result of cumulative equity losses and distributions, the Trusts investment in Vision reached a zero balance in a prior year. During the nine months ended December 30, 2017, the Trust sold its Local Partnership Interest in Creative Choice Homes VII, Ltd. to an unaffiliated third party; the Trust received $900,000 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the nine months ended December 30, 2017. |
3. Investment in Pemberwick Fun
3. Investment in Pemberwick Fund | 9 Months Ended |
Dec. 30, 2017 | |
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 Trusts 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. Pemberwicks net asset value (NAV) is $10.02 per share as of December 30, 2017. An unrealized loss of $5,564 is reflected as accumulated other comprehensive loss in the accompanying unaudited balance sheet as of December 30, 2017. The Trust has earned $85,803 of interest revenue from the date of its initial investment in Pemberwick through December 30, 2017. |
4. Additional Information
4. Additional Information | 9 Months Ended |
Dec. 30, 2017 | |
Notes | |
4. Additional Information | 4. Additional Information Additional information, including the audited March 30, 2017 Financial Statements and the Organization, Purpose and Summary of Significant Accounting Policies, is included in the Trust's Annual Report on Form 10-K for the fiscal year ended March 30, 2017 on file with the Securities and Exchange Commission. |
2. Investment in Local Partne12
2. Investment in Local Partnerships: Capital Contributions (Details) | Dec. 30, 2017USD ($) |
Details | |
Capital contributions in the aggregate | $ 14,837,956 |
2. Investment in Local Partne13
2. Investment in Local Partnerships (Details) - USD ($) | 9 Months Ended | |
Dec. 30, 2017 | Dec. 30, 2016 | |
Proceeds in connection with sale of limited partner interests/local partnership properties | $ 900,000 | $ 1,331,798 |
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES | 900,000 | $ 1,331,798 |
Creative Choice Homes VII, Ltd. | ||
Proceeds in connection with sale of limited partner interests/local partnership properties | 900,000 | |
GAIN ON SALE OF LIMITED PARTNER INTERESTS/LOCAL PARTNERSHIP PROPERTIES | $ 900,000 |
3. Investment in Pemberwick F14
3. Investment in Pemberwick Fund (Details) | Dec. 30, 2017USD ($)$ / shares |
Details | |
Pemberwick Net Asset Value | $ / shares | $ 10.02 |
Unrealized loss reflected as accumulated other comprehensive loss | $ 5,564 |
Aggregate interest revenue from investment in Pemberwick | $ 85,803 |