Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Dec. 31, 2013 | Feb. 14, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'Boston Financial Tax Credit Fund VIII LP | ' |
Entity Central Index Key | '0000911568 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'BFTCVIII | ' |
Entity Common Stock, Shares Outstanding | ' | 0 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Assets | ' | ' |
Cash and cash equivalents | $759,183 | $636,452 |
Investments in Local Limited Partnerships (Note 1) | 0 | 0 |
Other assets | 189 | 243 |
Total Assets | 759,372 | 636,695 |
Liabilities and Partners' Equity | ' | ' |
Due to affiliate | 88,994 | 76,499 |
Accrued expenses | 39,530 | 27,831 |
Total Liabilities | 128,524 | 104,330 |
General, Initial and Investor Limited Partners' Equity | 630,848 | 532,365 |
Total Liabilities and Partners' Equity | $759,372 | $636,695 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenue: | ' | ' | ' | ' |
Investment | $369 | $242 | $1,287 | $1,020 |
Cash distribution income | 1,058,526 | 0 | 1,058,526 | 0 |
Total Revenue | 1,058,895 | 242 | 1,059,813 | 1,020 |
Expenses: | ' | ' | ' | ' |
Asset management fees, affiliate | 71,906 | 70,704 | 215,717 | 212,111 |
General and administrative (includes reimbursements to an affiliate in the amounts of $17,088 and $22,750 for the three months and $41,347 and $46,991 for the nine months ended December 31, 2013 and 2012, respectively) | 36,950 | 46,052 | 112,516 | 118,059 |
Amortization | 0 | 0 | 0 | 264 |
Total Expenses | 108,856 | 116,756 | 328,233 | 330,434 |
Income (loss) before equity in income of Local Limited Partnerships and loss on disposition of investments Local Limited Partnerships | 950,039 | -116,514 | 731,580 | -329,414 |
Equity in income of Local Limited Partnerships (Note 1) | 366,903 | 0 | 366,903 | 59,722 |
Loss on disposition of investments in Local Limited Partnerships (Note 1) | 0 | 0 | 0 | -29,403 |
Net Income (Loss) | 1,316,942 | -116,514 | 1,098,483 | -299,095 |
Net Income (Loss) allocated: | ' | ' | ' | ' |
General Partner | 13,170 | -1,165 | 10,985 | -2,991 |
Limited Partners | 1,303,772 | -115,349 | 1,087,498 | -296,104 |
Net Loss Allocated to Partners | $1,316,942 | ($116,514) | $1,098,483 | ($299,095) |
Net Income (Loss) Per Limited Partner Unit (36,497 Units) | $35.72 | ($3.16) | $29.80 | ($8.11) |
CONDENSED_STATEMENTS_OF_OPERAT1
CONDENSED STATEMENTS OF OPERATIONS [Parenthetical] (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reimbursements to affiliate (in dollars) | $17,088 | $22,750 | $41,347 | $46,991 |
Limited Partner Units | ' | ' | 36,497 | ' |
CONDENSED_STATEMENT_OF_CHANGES
CONDENSED STATEMENT OF CHANGES IN PARTNERS' EQUITY (USD $) | Total | General Partner [Member] | Initial Limited Partner [Member] | Investor Limited Partners [Member] |
Balance at Mar. 31, 2013 | $532,365 | $5,325 | $100 | $526,940 |
Cash distributions | -1,000,000 | -10,000 | 0 | -990,000 |
Net Income | 1,098,483 | 10,985 | 0 | 1,087,498 |
Balance at Dec. 31, 2013 | $630,848 | $6,310 | $100 | $624,438 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | ' | ' |
Net Income (Loss) | $1,098,483 | ($299,095) |
Adjustments to reconcile net income (loss) to net cash used for operating activities: | ' | ' |
Equity in income of Local Limited Partnerships | -366,903 | -59,722 |
Loss on disposition of investments in Local Limited Partnerships | 0 | 29,403 |
Cash distributions included in net income | -1,058,526 | 0 |
Amortization | 0 | 264 |
Increase (decrease) in cash arising from changes in operating assets and liabilities: | ' | ' |
Other assets | 54 | -68 |
Due to affiliate | 12,495 | -1,060,238 |
Accrued expenses | 11,699 | -1,658 |
Net cash used for operating activities | -302,698 | -1,391,114 |
Cash flows from investing activities: | ' | ' |
Proceeds received from disposition of investments in Local Limited Partnerships | 0 | 2,015,000 |
Cash distributions received from Local Limited Partnerships | 1,425,429 | 15,494 |
Net cash provided by investing activities | 1,425,429 | 2,030,494 |
Cash flows from financing activities: | ' | ' |
Cash distributions | -1,000,000 | 0 |
Net cash used for financing activities | -1,000,000 | 0 |
Net increase in cash and cash equivalents | 122,731 | 639,380 |
Cash and cash equivalents, beginning | 636,452 | 94,770 |
Cash and cash equivalents, ending | $759,183 | $734,150 |
Investments_in_Local_Limited_P
Investments in Local Limited Partnerships | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Equity Method Investments Disclosure [Text Block] | ' | |||||||
1. Investments in Local Limited Partnerships | ||||||||
The Fund currently has a limited partner interest in one Local Limited Partnership which was organized for the purpose of owning and operating government-assisted, multi-family housing complexes. The Fund's ownership interest in the Local Limited Partnership is 77%. The Fund may have negotiated or may negotiate options with the Local General Partner to purchase or sell the Fund’s interests in the Local Limited Partnership at the end of the 15-year period during which properties that receive tax credits must remain in compliance with rent restrictions and set-aside requirements (the “Compliance Period”) for nominal prices. In the event that the Properties are sold to third parties, or upon dissolution of the Local Limited Partnerships, proceeds will be distributed according to the terms of each Local Limited Partnership’s partnership agreement. | ||||||||
The following is a summary of investments in Local Limited Partnerships at December 31, 2013 and March 31, 2013: | ||||||||
31-Dec | 31-Mar | |||||||
Capital contributions paid to Local Limited Partnerships | $ | 1,697,298 | $ | 4,015,376 | ||||
Cumulative equity in losses of Local Limited Partnerships (excluding | -1,712,856 | -2,971,814 | ||||||
cumulative unrecognized losses of $515,615 and $945,515 at | ||||||||
December 31 and March 31, 2013, respectively) | ||||||||
Cumulative cash distributions received from Local Limited Partnerships | - | -43,323 | ||||||
Investments in Local Limited Partnerships before adjustments | -15,558 | 1,000,239 | ||||||
Excess investment costs over the underlying assets acquired: | ||||||||
Acquisition fees and expenses | 21,077 | 49,892 | ||||||
Cumulative amortization of acquisition fees and expenses | -5,519 | -15,131 | ||||||
Investments in Local Limited Partnerships before impairment | - | 1,035,000 | ||||||
Cumulative impairment on investments in Local Limited Partnerships | - | -1,035,000 | ||||||
Investments in Local Limited Partnerships | $ | - | $ | - | ||||
The Fund has recorded an impairment for its investments in certain Local Limited Partnerships in order to appropriately reflect the estimated net realizable value of these investments. | ||||||||
The Fund’s share of net income (losses) of the Local Limited Partnerships for the nine months ended December 31, 2013 and 2012 is $796,803 and ($423,985), respectively. For the nine months ended December 31, 2013 and 2012, the Fund has not recognized $24,340 and $543,360, respectively, of equity in losses relating to certain Local Limited Partnerships in which cumulative equity in losses and cumulative distributions exceeded its total investment in the Local Limited Partnerships. Previously unrecognized losses of $454,240 and $59,653 are included in losses recognized during the nine months ended December 31, 2013 and 2012, respectively. | ||||||||
During the nine months ended December 31, 2013, the property owned by one of the Local Limited Partnerships was sold. The sale resulted in a distribution to the Fund of $1,425,429. As a result of the property sale, the Local Limited Partnership was dissolved and the Fund no longer has an interest in this Local Limited Partnership as of December 31, 2013. The Fund’s net investment value in the Local Limited Partnership at the time of the sale was zero. | ||||||||
During the nine months ended December 31, 2012, the Fund disposed of its interest in two Local Limited Partnerships. The Fund received $2,015,000 from the disposition of these interests. The Fund’s investment value at the time of the dispositions was $2,044,403 resulting in a loss on disposition of investments in Local Limited Partnerships of $29,403 for the nine months ended December 31, 2012. | ||||||||
Significant_Subsidiaries
Significant Subsidiaries | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Significant Subsidiaries [Abstract] | ' | |||||||
Significant Subsidiaries [Text Block] | ' | |||||||
2. Significant Subsidiaries | ||||||||
The following Local Limited Partnership invested in by the Fund represents more than 20% of the Fund’s total assets or equity as of December 31, 2013 or 2012 or net losses for the three months then ended. The following financial information represents the performance of this Local Limited Partnership for the three months ended September 30, 2013 and 2012: | ||||||||
2013 | 2012 | |||||||
Webster Court Apartments | ||||||||
Revenue | $ | 169,819 | $ | 153,321 | ||||
Net Loss | $ | -15,497 | $ | -1,401 | ||||
Investments_in_Local_Limited_P1
Investments in Local Limited Partnerships (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Schedule Of Local Limited Partnership Investments [Table Text Block] | ' | |||||||
The following is a summary of investments in Local Limited Partnerships at December 31, 2013 and March 31, 2013: | ||||||||
31-Dec | 31-Mar | |||||||
Capital contributions paid to Local Limited Partnerships | $ | 1,697,298 | $ | 4,015,376 | ||||
Cumulative equity in losses of Local Limited Partnerships (excluding | -1,712,856 | -2,971,814 | ||||||
cumulative unrecognized losses of $515,615 and $945,515 at | ||||||||
December 31 and March 31, 2013, respectively) | ||||||||
Cumulative cash distributions received from Local Limited Partnerships | - | -43,323 | ||||||
Investments in Local Limited Partnerships before adjustments | -15,558 | 1,000,239 | ||||||
Excess investment costs over the underlying assets acquired: | ||||||||
Acquisition fees and expenses | 21,077 | 49,892 | ||||||
Cumulative amortization of acquisition fees and expenses | -5,519 | -15,131 | ||||||
Investments in Local Limited Partnerships before impairment | - | 1,035,000 | ||||||
Cumulative impairment on investments in Local Limited Partnerships | - | -1,035,000 | ||||||
Investments in Local Limited Partnerships | $ | - | $ | - | ||||
Significant_Subsidiaries_Table
Significant Subsidiaries (Tables) | 9 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Significant Subsidiaries [Abstract] | ' | |||||||
Equity Method Investments [Table Text Block] | ' | |||||||
The following financial information represents the performance of this Local Limited Partnership for the three months ended September 30, 2013 and 2012: | ||||||||
2013 | 2012 | |||||||
Webster Court Apartments | ||||||||
Revenue | $ | 169,819 | $ | 153,321 | ||||
Net Loss | $ | -15,497 | $ | -1,401 | ||||
Investments_in_Local_Limited_P2
Investments in Local Limited Partnerships (Details) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
Capital contributions paid to Local Limited Partnerships | $1,697,298 | $4,015,376 |
Cumulative equity in losses of Local Limited Partnerships (excluding cumulative unrecognized losses of $515,615 and $945,515 at December 31 and March 31, 2013, respectively) | -1,712,856 | -2,971,814 |
Cumulative cash distributions received from Local Limited Partnerships | 0 | -43,323 |
Investments in Local Limited Partnerships before adjustments | -15,558 | 1,000,239 |
Excess investment costs over the underlying assets acquired: | ' | ' |
Acquisition fees and expenses | 21,077 | 49,892 |
Cumulative amortization of acquisition fees and expenses | -5,519 | -15,131 |
Investments in Local Limited Partnerships before impairment | 0 | 1,035,000 |
Cumulative impairment on investments in Local Limited Partnerships | 0 | -1,035,000 |
Investments in Local Limited Partnerships | $0 | $0 |
Investments_in_Local_Limited_P3
Investments in Local Limited Partnerships (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | |
Cumulative Unrecognized Equity Losses In Local Limited Partnerships | $515,615 | $59,653 | $515,615 | $59,653 | $945,515 |
Proceeds from Limited Partnership Investments | ' | ' | 0 | 2,015,000 | ' |
Investment Owned, at Fair Value | ' | 2,044,403 | ' | 2,044,403 | ' |
Unrecognized Equity Losses Cumulative Equity In Losses And Distributions In Excess Of Total Investment | ' | ' | 24,340 | 543,360 | ' |
Fund's share of net losses of LLPs | ' | ' | 796,803 | -423,985 | ' |
Loss on disposition of investments in Local Limited Partnerships (Note 1) | 0 | 0 | 0 | -29,403 | ' |
Cash Distributions Received From Local Limited Partnerships | ' | ' | $1,425,429 | $15,494 | ' |
Local Limited Partnerships [Member] | ' | ' | ' | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | ' | ' | 77.00% | ' | ' |
Significant_Subsidiaries_Detai
Significant Subsidiaries (Details) (Oak Knoll Renaissance, Limited Partnership [Member], USD $) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Oak Knoll Renaissance, Limited Partnership [Member] | ' | ' |
Revenue | $169,819 | $153,321 |
Net Loss | ($15,497) | ($1,401) |
Significant_Subsidiaries_Detai1
Significant Subsidiaries (Details Textual) | 9 Months Ended |
Dec. 31, 2013 | |
Equity Method Investment, Ownership Percentage Criteria | 'The following Local Limited Partnership invested in by the Fund represents more than 20% of the Fund’s total assets or equity as of December 31, 2013 or 2012 or net losses for the three months then ended. |