Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended |
Mar. 31, 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-K |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Document Fiscal Period Focus | 'FY |
Document Fiscal Year Focus | '2014 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Public Float | $36,497,000 |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Assets | ' | ' |
Cash and cash equivalents | $640,312 | $636,452 |
Investments in Local Limited Partnerships (Note 3) | 0 | 0 |
Other assets | 43 | 243 |
Total Assets | 640,355 | 636,695 |
Liabilities and Partners' Equity | ' | ' |
Due to affiliate (Note 4) | 85,249 | 76,499 |
Accrued expenses | 42,952 | 27,831 |
Total Liabilities | 128,201 | 104,330 |
General, Initial and Investor Limited Partners' Equity | 512,154 | 532,365 |
Total Liabilities and Partners' Equity | $640,355 | $636,695 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Revenue: | ' | ' |
Interest income | $1,872 | $2,709 |
Cash distribution income | 1,058,526 | 0 |
Total Revenue | 1,060,398 | 2,709 |
Expenses: | ' | ' |
Asset management fees, affiliate (Note 4) | 288,701 | 284,017 |
General and administrative (includes reimbursements to an affiliate in the amount of $55,073 and $51,583 in 2014 and 2013, respectively) (Note 4) | 158,811 | 157,485 |
Amortization | 0 | 264 |
Total Expenses | 447,512 | 441,766 |
Income (loss) before equity in income of Local Limited Partnerships and net gain on disposition of investments in Local Limited Partnerships | 612,886 | -439,057 |
Equity in income of Local Limited Partnerships (Note 3) | 366,903 | 5,000 |
Net gain on disposition of investments in Local Limited Partnerships (Note 3) | 0 | 25,319 |
Net Income (Loss) | 979,789 | -408,738 |
Net Income (Loss) allocated: | ' | ' |
General Partner | 9,798 | -4,087 |
Limited Partners | 969,991 | -404,651 |
Net Loss Allocated to Partners | $979,789 | ($408,738) |
Net Income (Loss) per Limited Partner Unit (36,497 Units) | $26.58 | ($11.09) |
STATEMENTS_OF_OPERATIONS_Paren
STATEMENTS OF OPERATIONS [Parenthetical] (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Reimbursements to affiliate (in dollars) | $55,073 | $51,583 |
Limited Partner Units | 36,497 | 36,497 |
STATEMENTS_OF_CHANGES_IN_PARTN
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (USD $) | Total | General Partner [Member] | Initial Limited Partner [Member] | Investor Limited Partners [Member] |
Balance at Mar. 31, 2012 | $941,103 | $9,412 | $100 | $931,591 |
Net Income/loss | -408,738 | -4,087 | 0 | -404,651 |
Balance at Mar. 31, 2013 | 532,365 | 5,325 | 100 | 526,940 |
Cash distributions | -1,000,000 | -10,000 | 0 | -990,000 |
Net Income/loss | 979,789 | 9,798 | 0 | 969,991 |
Balance at Mar. 31, 2014 | $512,154 | $5,123 | $100 | $506,931 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net Income (Loss) | $979,789 | ($408,738) |
Adjustments to reconcile net income (loss) to net cash used for operating activities: | ' | ' |
Equity in income of Local Limited Partnerships | -366,903 | -5,000 |
Net gain on disposition of investments in Local Limited Partnerships | 0 | -25,319 |
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 | 200 | 165 |
Due to affiliate | 8,750 | -1,054,443 |
Accrued expenses | 15,121 | 4,259 |
Net cash used for operating activities | -421,569 | -1,488,812 |
Cash flows from investing activities: | ' | ' |
Cash distributions received from Local Limited Partnerships | 1,425,429 | 15,494 |
Proceeds received from disposition of investments in Local Limited Partnerships | 0 | 2,015,000 |
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 | 3,860 | 541,682 |
Cash and cash equivalents, beginning | 636,452 | 94,770 |
Cash and cash equivalents, ending | $640,312 | $636,452 |
Organization
Organization | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Business Description and Basis of Presentation [Text Block] | ' |
1. Organization | |
Boston Financial Tax Credit Fund VIII, A Limited Partnership (the "Fund") is a Massachusetts limited partnership organized to invest in other limited partnerships or limited liability companies (collectively, "Local Limited Partnerships") which own and operate apartment complexes (each, a “Property”) which are eligible for low income housing tax credits (“Tax Credits”) that may be applied against the federal income tax liability of an investor. The Fund’s objectives are to: (i) provide investors with annual Tax Credits which they may use to reduce their federal income tax liability; (ii) preserve and protect the Fund’s capital; (iii) provide cash distributions from the operations of Local Limited Partnerships; and (iv) provide cash distributions from sale or refinancing transactions. Arch Street VIII Limited Partnership ("Arch Street L.P."), a Massachusetts limited partnership consisting of Arch Street VIII, Inc., a Massachusetts corporation ("Arch Street, Inc.") as the sole general partner, ALZA Corporation as Class A limited partner (90%) and Boston Financial BFG Investments, LLC, as Class B limited partner (9%), is the sole General Partner of the Fund. Arch Street L.P. and Arch Street, Inc. are affiliates of Boston Financial Investment Management, LP (“Boston Financial”). The fiscal year of the Fund ends on March 31. | |
The Partnership Agreement authorizes the sale of up to 200,000 units of limited partnership interest ("Units") at $1,000 per Unit in series. The first series offered 50,000 Units. On August 31, 1994, the Fund held its final investor closing. In total, the Fund received $36,497,000 of capital contributions from investors admitted as Limited Partners, for a total of 36,497 Units. | |
The General Partner initially designated 5% of the Gross Proceeds as Reserves, as defined in the Partnership Agreement. The Reserves were established to be used for working capital of the Fund and contingencies related to the ownership of Local Limited Partnership interests. The General Partner may increase or decrease such Reserves, from time to time, as it deems appropriate. At March 31, 2014 and 2013, approximately $585,000 and $604,000 respectively, has been designated as Reserves and is included as a component of cash and cash equivalents on the accompanying balance sheet. | |
Generally, profits, losses, tax credits and cash flows from operations are allocated 99% to the Limited Partners and 1% to the General Partner. Net proceeds from a sale of the Fund’s interest in a Local Limited Partnership or refinancing of a Local Limited Partnership’s debt will be allocated 95% to the Limited Partners and 5% to the General Partner, after certain priority payments. The General Partner may have an obligation to fund deficits in its capital accounts, subject to limits set forth in the Partnership Agreement. However, to the extent that the General Partner’s capital accounts are in a deficit position, certain items of net income may be allocated to the General Partner in accordance with the Partnership Agreement. | |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies [Text Block] | ' |
2. Significant Accounting Policies | |
Cash Equivalents | |
Cash equivalents represent short-term, highly liquid instruments with original maturities of 90 days or less. | |
Concentration of Credit Risk | |
The Fund invests its cash primarily in money market and demand deposit accounts with commercial banks. At times, cash balances at a limited number of banks and financial institutions may exceed federally insured amounts. Management believes it mitigates its credit risk by investing in major financial institutions. | |
Investments in Local Limited Partnerships | |
The Fund is involved with the Local Limited Partnerships in which it invests as a non-controlling equity holder. The investments in Local Limited Partnerships are made primarily to obtain federal income Tax Credits on behalf of the Fund’s investors. Such Tax Credits are not reflected on the books of the Fund. The Local Limited Partnerships are Variable Interest Entities ("VIE"s) because the owners of the equity at risk do not have the power to direct their operations. A VIE must be consolidated by the entity which is determined to be the VIE’s primary beneficiary which is the entity that has both (i) the power to direct the activities of the VIE and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. | |
The general partners or managing members of the Local Limited Partnerships (the “Local General Partners”), who are considered to be the primary beneficiaries, direct the activities of the Local Limited Partnerships and are responsible for maintaining compliance with the tax credit program and for providing subordinated financial support in the event operations cannot support debt and property tax payments. The Fund accounts for its investments using the equity method of accounting because it is not the primary beneficiary of these Local Limited Partnerships. | |
Under the equity method, the investments in Local Limited Partnerships are carried at cost, adjusted for the Fund’s share of net income or loss and for cash distributions from the Local Limited Partnerships. Equity in income or loss of the Local Limited Partnerships is included currently in the Fund's operations. A liability is recorded for capital contributions payable to Local Limited Partnerships. In the event that a Local Limited Partnership records other comprehensive income or loss, the Fund will evaluate its impact on the Fund and determine whether it should be recorded as other comprehensive income or loss. Under the equity method, a Local Limited Partnership investment will not be carried below zero. To the extent that a Local Limited Partnership with a carrying value of zero incurs additional losses, the excess losses will be suspended and offset against future income. Income from these Local Limited Partnerships will not be recorded until all of the related suspended losses have been offset. To the extent that a Local Limited Partnership with a carrying value of zero distributes cash to the Fund, the distribution is recorded as income in the Fund’s statement of operations. | |
The Fund's exposure to economic and financial statement losses is limited to its investment balance in the Local Limited Partnership and estimated future funding commitments. To the extent that the Fund does not receive the full amount of Tax Credits specified in its initial investment contribution agreement, it may be eligible to receive payments from the Local General Partner pursuant to capital contribution adjuster provisions as more explicitly defined in each Local Limited Partnership Agreement. The Fund may be subject to additional losses to the extent of any additional financial support that the Fund voluntarily provides in the future. The Fund, through its ownership percentages, may participate in Property disposition proceeds, the timing and amounts of which are unknown. The Fund does not guarantee any of the mortgages or other debt of the Local Limited Partnerships. | |
Excess investment costs over the underlying net assets acquired have arisen from acquisition fees and expenses paid. These fees and expenses are included in the Fund's investments in Local Limited Partnerships and are being amortized on a straight-line basis over 35 years once construction of the Properties is completed and until a Local Limited Partnership’s respective investment balance has been reduced to zero. | |
The Fund is subject to risks inherent in the ownership of Property which are beyond its control, such as fluctuations in occupancy rates and operating expenses, variations in rental schedules, proper maintenance of facilities and continued eligibility of Tax Credits. If the cost of operating a Property exceeds the rental income earned thereon, the Fund may deem it in its best interest to voluntarily provide funds and advances in order to protect its investment. The Fund assesses the collectability of any advances at the time the advance is made and records a reserve if collectability is not reasonably assured. | |
Periodically, the carrying value of each investment in Local Limited Partnership is tested for other-than-temporary impairment. Other-than-temporary impairment exists when the carrying value of a Local Limited Partnership exceeds the estimated remaining benefits. If this occurs, a provision is recorded to reduce the investment to the sum of the estimated remaining benefits. The estimated remaining benefits for each Local Limited Partnership consists of the estimated future benefit from tax losses, Tax Credits and distributions over the estimated life of the investment and the estimated residual proceeds at disposition. Estimated residual proceeds are allocated in accordance with the terms of each Local Limited Partnership Agreement. Generally, the carrying values of most Local Limited Partnerships will decline through losses and distributions. However, the Fund may record an impairment loss if the expiration of Tax Credits outpaces losses and distributions from a Local Limited Partnership. | |
Management has elected to report results of the Local Limited Partnerships on a 90-day lag basis because the Local Limited Partnerships report their results on a calendar year basis. Accordingly, the financial information of the Local Limited Partnerships that is included in the accompanying financial statements is as of December 31, 2013 and 2012 and for the years then ended. | |
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 amount of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Income Taxes | |
The Fund has elected to be treated as a partnership which is a pass-through entity for federal 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 partners on their respective income tax returns. 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. The Fund is required to and does file tax returns with the Internal Revenue Service and other state and local tax jurisdictions which are subject to examination for tax years 2010 through 2013. | |
Subsequent Events | |
Events that occur after the balance sheet date but before the financial statements were available to be issued are 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 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. | |
Investments_in_Local_Limited_P
Investments in Local Limited Partnerships | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||
Equity Method Investments Disclosure [Text Block] | ' | |||||||
3. 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 a government-assisted, multi-family housing complex. 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 interest 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 March 31, 2014 and 2013: | ||||||||
2014 | 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 $595,386 and $945,515 at | ||||||||
March 31, 2014 and 2013, respectively) | -1,712,856 | -2,971,814 | ||||||
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 following is the summarized December 31, 2013 and 2012 financial information of the Local Limited Partnerships in which the Fund invested during the years ended March 31, 2014 and 2013, respectively (due to the Fund's policy of reporting the financial information of its Local Limited Partnership interests on a 90 day lag basis). The following financial information excludes the financial statements of one Local Limited Partnership for each of the years ended December 31, 2013 and 2012. | ||||||||
Summarized Combined Balance Sheets - as of December 31, | ||||||||
2013 | 2012 | |||||||
Assets: | ||||||||
Investment property, net | $ | 2,470,378 | $ | 5,931,273 | ||||
Other assets | 855,038 | 1,269,534 | ||||||
Total Assets | $ | 3,325,416 | $ | 7,200,807 | ||||
Liabilities and Partners' Deficiency: | ||||||||
Mortgage notes payable | $ | 4,502,758 | $ | 7,027,109 | ||||
Other liabilities | 123,046 | 760,120 | ||||||
Total Liabilities | 4,625,804 | 7,787,229 | ||||||
Fund's equity (deficiency) | -610,947 | 97,450 | ||||||
Other partners' deficiency | -689,441 | -683,872 | ||||||
Total Partners' Deficiency | -1,300,388 | -586,422 | ||||||
Total Liabilities and Partners' Deficiency | $ | 3,325,416 | $ | 7,200,807 | ||||
Summarized Combined Statements of Operations - for the years ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Rental and other income | $ | 1,028,339 | $ | 5,336,402 | ||||
Expenses: | ||||||||
Operating | 873,044 | 2,244,537 | ||||||
Interest | - | 789,298 | ||||||
Depreciation and amortization | 290,504 | 806,722 | ||||||
Total Expenses | 1,163,548 | 3,840,557 | ||||||
Net Income (Loss) | $ | -135,209 | $ | 1,495,845 | ||||
Fund’s share of Net Income (Loss) | $ | -104,111 | $ | 1,489,300 | ||||
Other partners' share of Net Income (Loss) | $ | -31,098 | $ | 6,545 | ||||
The 2013 financial information of one Local Limited Partnership, which was disposed of during the year ended March 31, 2014 as discussed below, is not included in the above summarized combined financial information. The Fund’s estimated equity in income of this Local Limited Partnership is $821,143 for the year ended March 31, 2014, a portion of which is not recognized since it is offset by previously unrecognized losses as described below. | ||||||||
The 2012 financial information of one Local Limited Partnership, which was disposed of during the year ended March 31, 2013, as discussed below, is not included in the above summarized combined financial information. The Fund's estimated equity in income of this Local Limited Partnership is $5,000 for the year ended March 31, 2013. | ||||||||
For the years ended March 31, 2014 and 2013, the Fund has not recognized $104,111 and $38,647, respectively, of equity in losses relating to certain Local Limited Partnerships in which cumulative equity in losses and distributions exceeded its total investment in the Local Limited Partnerships. Previously unrecognized losses of $454,240 and $1,527,947 are included in losses recognized in the years ended March 31, 2014 and 2013, respectively. | ||||||||
The Fund’s equity (deficiency) as reflected by the Local Limited Partnerships of ($610,947) and $97,450 at December 31, 2013 and 2012, respectively, differs from the Fund’s investments in Local Limited Partnerships before adjustments of ($15,558) and $1,000,239 at March 31, 2014 and 2013, respectively, due to cumulative unrecognized losses as described above and differences in the accounting treatment of miscellaneous items. | ||||||||
During the year ended March 31, 2014, 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 March 31, 2014. The Fund's net investment value at the time of the disposition was zero. | ||||||||
During the year ended March 31, 2013, the Fund disposed of its interest in two Local Limited Partnerships. The Fund's aggregate net investment value at the time of the dispositions was $1,989,681. The Fund received $2,015,000 during the year ended March 31, 2013 from the disposition of these interests, resulting in a net gain on disposition of investments in Local Limited Partnerships of $25,319. | ||||||||
Transactions_with_Affiliates
Transactions with Affiliates | 12 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
4. Transactions with Affiliates | |
In accordance with the Partnership Agreement, the General Partner earns a base amount of 0.50% (annually adjusted by the CPI factor) of the Gross Proceeds as the annual asset management fee for administering the affairs of the Fund. Asset management fees for the years ended March 31, 2014 and 2013 are $288,701 and $284,017, respectively. During the years ended March 31, 2014, and 2013, $287,623 and $1,308,786, respectively, were paid out of available cash flow for asset management fees. As of March 31, 2014 and 2013, $72,984 and $71,906, respectively, is payable for asset management fees. | |
An affiliate of the General Partner is reimbursed for the cost of the Fund’s salaries and benefits expenses. Included in general and administrative expenses for the years ended March 31, 2014 and 2013 are $55,073 and $51,583, respectively, that the Fund incurred for these expenses. During the years ended March 31, 2014 and 2013, $47,401 and $81,257 respectively, were paid for these expenses. As of March 31, 2014 and 2013, $12,265 and $4,593 respectively, is payable to the General Partner or its affiliates. | |
In accordance with the Partnership Agreement, the General Partner or its affiliates may be entitled to a subordinated disposition fee equal to 1.00% of the sales price of a property owned by a Local Limited Partnership. | |
Federal_Income_Taxes
Federal Income Taxes | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||
5. Federal Income Taxes | |||||||||||
The following schedule reconciles the reported financial statement net income (loss) for the fiscal years ended March 31, 2014 and 2013 to the net income (loss) reported on Form 1065, U.S. Partnership Return of Income for the years ended December 31, 2013 and 2012: | |||||||||||
2013 | 2012 | ||||||||||
Net Income (Loss) per financial statements | $ | 979,789 | $ | -408,738 | |||||||
Equity in income of Local Limited Partnerships for tax (financial | |||||||||||
reporting) purposes in excess of equity in income for financial | |||||||||||
reporting (tax) purposes | 945,359 | -16,792 | |||||||||
Recognition of previously unrecognized equity in losses of Local | |||||||||||
Limited Partnerships for financial reporting purposes, net of | |||||||||||
current year unrecognized losses | 350,129 | 1,489,300 | |||||||||
Adjustment to reflect March 31 fiscal year end to | |||||||||||
December 31 taxable year end | 9,051 | -10,603 | |||||||||
Amortization for tax purposes in excess of amortization | |||||||||||
for financial reporting purposes | -1,771 | -20,117 | |||||||||
Net Loss on disposition of investments in Local Limited | |||||||||||
Partnerships for tax purposes in excess of gain recognized for financial | |||||||||||
reporting purposes | -416,650 | -1,555,630 | |||||||||
Cash distributions included in net income for financial reporting purposes | -1,058,526 | - | |||||||||
Net Income (Loss) per tax return | $ | 807,381 | $ | -522,580 | |||||||
The differences in the assets and liabilities of the Fund for financial reporting purposes and tax purposes as of March 31, 2014 and December 31, 2013, respectively, are as follows: | |||||||||||
Financial | |||||||||||
Reporting | Tax | ||||||||||
Purposes | Purposes | Differences | |||||||||
Investments in Local Limited Partnerships | $ | - | $ | -574,261 | $ | 574,261 | |||||
Other assets | $ | 640,355 | $ | 5,423,740 | $ | -4,783,385 | |||||
Liabilities | $ | 128,201 | $ | -128,524 | $ | 256,725 | |||||
The differences in assets and liabilities of the Fund for financial reporting and tax purposes are primarily attributable to: (i) the cumulative equity in losses from Local Limited Partnerships for tax reporting purposes is approximately $566,000 more than for financial reporting purposes, including approximately $595,000 of losses the Fund has not recognized relating to certain Local Limited Partnerships whose cumulative equity in losses exceeded the total investment; (ii) the cumulative amortization of acquisition fees for tax purposes exceeds financial reporting purposes by approximately $9,000; and (iii) organizational and offering costs of approximately $4,664,000 that have been capitalized for tax purposes are charged to Limited Partners’ equity for financial reporting purposes. | |||||||||||
The differences in the assets and liabilities of the Fund for financial reporting purposes and tax purposes as of March 31, 2013 and December 31, 2012, respectively, are as follows: | |||||||||||
Financial | |||||||||||
Reporting | Tax | ||||||||||
Purposes | Purposes | Differences | |||||||||
Investments in Local Limited Partnerships | $ | - | $ | -392,802 | $ | 392,802 | |||||
Other assets | $ | 636,695 | $ | 5,398,994 | $ | -4,762,299 | |||||
Liabilities | $ | 104,330 | $ | 92,618 | $ | 11,712 | |||||
The differences in assets and liabilities of the Fund for financial reporting and tax purposes are primarily attributable to: (i) the cumulative equity in losses from Local Limited Partnerships for tax reporting purposes is approximately $1,410,000 more than for financial reporting purposes, including approximately $945,000 of losses the Fund has not recognized relating to certain Local Limited Partnerships whose cumulative equity in losses exceeded the total investment; (ii) the cumulative amortization of acquisition fees for tax purposes exceeds financial reporting purposes by approximately $17,000; (iii) the Fund has provided an impairment allowance of approximately $1,035,000 against its investments in Local Limited Partnerships for financial reporting purposes; and (iv) organizational and offering costs of approximately $4,664,000 that have been capitalized for tax purposes are charged to Limited Partners’ equity for financial reporting purposes. | |||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Cash and Cash Equivalents, Policy [Policy Text Block] | ' |
Cash Equivalents | |
Cash equivalents represent short-term, highly liquid instruments with original maturities of 90 days or less. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' |
Concentration of Credit Risk | |
The Fund invests its cash primarily in money market and demand deposit accounts with commercial banks. At times, cash balances at a limited number of banks and financial institutions may exceed federally insured amounts. Management believes it mitigates its credit risk by investing in major financial institutions. | |
Investment, Policy [Policy Text Block] | ' |
Investments in Local Limited Partnerships | |
The Fund is involved with the Local Limited Partnerships in which it invests as a non-controlling equity holder. The investments in Local Limited Partnerships are made primarily to obtain federal income Tax Credits on behalf of the Fund’s investors. Such Tax Credits are not reflected on the books of the Fund. The Local Limited Partnerships are Variable Interest Entities ("VIE"s) because the owners of the equity at risk do not have the power to direct their operations. A VIE must be consolidated by the entity which is determined to be the VIE’s primary beneficiary which is the entity that has both (i) the power to direct the activities of the VIE and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. | |
The general partners or managing members of the Local Limited Partnerships (the “Local General Partners”), who are considered to be the primary beneficiaries, direct the activities of the Local Limited Partnerships and are responsible for maintaining compliance with the tax credit program and for providing subordinated financial support in the event operations cannot support debt and property tax payments. The Fund accounts for its investments using the equity method of accounting because it is not the primary beneficiary of these Local Limited Partnerships. | |
Under the equity method, the investments in Local Limited Partnerships are carried at cost, adjusted for the Fund’s share of net income or loss and for cash distributions from the Local Limited Partnerships. Equity in income or loss of the Local Limited Partnerships is included currently in the Fund's operations. A liability is recorded for capital contributions payable to Local Limited Partnerships. In the event that a Local Limited Partnership records other comprehensive income or loss, the Fund will evaluate its impact on the Fund and determine whether it should be recorded as other comprehensive income or loss. Under the equity method, a Local Limited Partnership investment will not be carried below zero. To the extent that a Local Limited Partnership with a carrying value of zero incurs additional losses, the excess losses will be suspended and offset against future income. Income from these Local Limited Partnerships will not be recorded until all of the related suspended losses have been offset. To the extent that a Local Limited Partnership with a carrying value of zero distributes cash to the Fund, the distribution is recorded as income in the Fund’s statement of operations. | |
The Fund's exposure to economic and financial statement losses is limited to its investment balance in the Local Limited Partnership and estimated future funding commitments. To the extent that the Fund does not receive the full amount of Tax Credits specified in its initial investment contribution agreement, it may be eligible to receive payments from the Local General Partner pursuant to capital contribution adjuster provisions as more explicitly defined in each Local Limited Partnership Agreement. The Fund may be subject to additional losses to the extent of any additional financial support that the Fund voluntarily provides in the future. The Fund, through its ownership percentages, may participate in Property disposition proceeds, the timing and amounts of which are unknown. The Fund does not guarantee any of the mortgages or other debt of the Local Limited Partnerships. | |
Excess investment costs over the underlying net assets acquired have arisen from acquisition fees and expenses paid. These fees and expenses are included in the Fund's investments in Local Limited Partnerships and are being amortized on a straight-line basis over 35 years once construction of the Properties is completed and until a Local Limited Partnership’s respective investment balance has been reduced to zero. | |
The Fund is subject to risks inherent in the ownership of Property which are beyond its control, such as fluctuations in occupancy rates and operating expenses, variations in rental schedules, proper maintenance of facilities and continued eligibility of Tax Credits. If the cost of operating a Property exceeds the rental income earned thereon, the Fund may deem it in its best interest to voluntarily provide funds and advances in order to protect its investment. The Fund assesses the collectability of any advances at the time the advance is made and records a reserve if collectability is not reasonably assured. | |
Periodically, the carrying value of each investment in Local Limited Partnership is tested for other-than-temporary impairment. Other-than-temporary impairment exists when the carrying value of a Local Limited Partnership exceeds the estimated remaining benefits. If this occurs, a provision is recorded to reduce the investment to the sum of the estimated remaining benefits. The estimated remaining benefits for each Local Limited Partnership consists of the estimated future benefit from tax losses, Tax Credits and distributions over the estimated life of the investment and the estimated residual proceeds at disposition. Estimated residual proceeds are allocated in accordance with the terms of each Local Limited Partnership Agreement. Generally, the carrying values of most Local Limited Partnerships will decline through losses and distributions. However, the Fund may record an impairment loss if the expiration of Tax Credits outpaces losses and distributions from a Local Limited Partnership. | |
Management has elected to report results of the Local Limited Partnerships on a 90-day lag basis because the Local Limited Partnerships report their results on a calendar year basis. Accordingly, the financial information of the Local Limited Partnerships that is included in the accompanying financial statements is as of December 31, 2013 and 2012 and for the years then ended. | |
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 amount of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Income Tax, Policy [Policy Text Block] | ' |
Income Taxes | |
The Fund has elected to be treated as a partnership which is a pass-through entity for federal 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 partners on their respective income tax returns. 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. The Fund is required to and does file tax returns with the Internal Revenue Service and other state and local tax jurisdictions which are subject to examination for tax years 2010 through 2013. | |
Subsequent Events, Policy [Policy Text Block] | ' |
Subsequent Events | |
Events that occur after the balance sheet date but before the financial statements were available to be issued are 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 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. | |
Investments_in_Local_Limited_P1
Investments in Local Limited Partnerships (Tables) | 12 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 March 31, 2014 and 2013: | ||||||||
2014 | 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 $595,386 and $945,515 at | ||||||||
March 31, 2014 and 2013, respectively) | -1,712,856 | -2,971,814 | ||||||
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 | $ | - | $ | - | ||||
Schedule of Condensed Balance Sheet [Table Text Block] | ' | |||||||
Summarized Combined Balance Sheets - as of December 31, | ||||||||
2013 | 2012 | |||||||
Assets: | ||||||||
Investment property, net | $ | 2,470,378 | $ | 5,931,273 | ||||
Other assets | 855,038 | 1,269,534 | ||||||
Total Assets | $ | 3,325,416 | $ | 7,200,807 | ||||
Liabilities and Partners' Deficiency: | ||||||||
Mortgage notes payable | $ | 4,502,758 | $ | 7,027,109 | ||||
Other liabilities | 123,046 | 760,120 | ||||||
Total Liabilities | 4,625,804 | 7,787,229 | ||||||
Fund's equity (deficiency) | -610,947 | 97,450 | ||||||
Other partners' deficiency | -689,441 | -683,872 | ||||||
Total Partners' Deficiency | -1,300,388 | -586,422 | ||||||
Total Liabilities and Partners' Deficiency | $ | 3,325,416 | $ | 7,200,807 | ||||
Schedule of Condensed Financial Statements [Table Text Block] | ' | |||||||
Summarized Combined Statements of Operations - for the years ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Rental and other income | $ | 1,028,339 | $ | 5,336,402 | ||||
Expenses: | ||||||||
Operating | 873,044 | 2,244,537 | ||||||
Interest | - | 789,298 | ||||||
Depreciation and amortization | 290,504 | 806,722 | ||||||
Total Expenses | 1,163,548 | 3,840,557 | ||||||
Net Income (Loss) | $ | -135,209 | $ | 1,495,845 | ||||
Fund’s share of Net Income (Loss) | $ | -104,111 | $ | 1,489,300 | ||||
Other partners' share of Net Income (Loss) | $ | -31,098 | $ | 6,545 | ||||
Federal_Income_Taxes_Tables
Federal Income Taxes (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||
The following schedule reconciles the reported financial statement net income (loss) for the fiscal years ended March 31, 2014 and 2013 to the net income (loss) reported on Form 1065, U.S. Partnership Return of Income for the years ended December 31, 2013 and 2012: | |||||||||||
2013 | 2012 | ||||||||||
Net Income (Loss) per financial statements | $ | 979,789 | $ | -408,738 | |||||||
Equity in income of Local Limited Partnerships for tax (financial | |||||||||||
reporting) purposes in excess of equity in income for financial | |||||||||||
reporting (tax) purposes | 945,359 | -16,792 | |||||||||
Recognition of previously unrecognized equity in losses of Local | |||||||||||
Limited Partnerships for financial reporting purposes, net of | |||||||||||
current year unrecognized losses | 350,129 | 1,489,300 | |||||||||
Adjustment to reflect March 31 fiscal year end to | |||||||||||
December 31 taxable year end | 9,051 | -10,603 | |||||||||
Amortization for tax purposes in excess of amortization | |||||||||||
for financial reporting purposes | -1,771 | -20,117 | |||||||||
Net Loss on disposition of investments in Local Limited | |||||||||||
Partnerships for tax purposes in excess of gain recognized for financial | |||||||||||
reporting purposes | -416,650 | -1,555,630 | |||||||||
Cash distributions included in net income for financial reporting purposes | -1,058,526 | - | |||||||||
Net Income (Loss) per tax return | $ | 807,381 | $ | -522,580 | |||||||
Schedule Of Assets And Liabilities Reconciliation Between Financial Reporting And Tax Purposes [Table Text Block] | ' | ||||||||||
The differences in the assets and liabilities of the Fund for financial reporting purposes and tax purposes as of March 31, 2014 and December 31, 2013, respectively, are as follows: | |||||||||||
Financial | |||||||||||
Reporting | Tax | ||||||||||
Purposes | Purposes | Differences | |||||||||
Investments in Local Limited Partnerships | $ | - | $ | -574,261 | $ | 574,261 | |||||
Other assets | $ | 640,355 | $ | 5,423,740 | $ | -4,783,385 | |||||
Liabilities | $ | 128,201 | $ | -128,524 | $ | 256,725 | |||||
The differences in the assets and liabilities of the Fund for financial reporting purposes and tax purposes as of March 31, 2013 and December 31, 2012, respectively, are as follows: | |||||||||||
Financial | |||||||||||
Reporting | Tax | ||||||||||
Purposes | Purposes | Differences | |||||||||
Investments in Local Limited Partnerships | $ | - | $ | -392,802 | $ | 392,802 | |||||
Other assets | $ | 636,695 | $ | 5,398,994 | $ | -4,762,299 | |||||
Liabilities | $ | 104,330 | $ | 92,618 | $ | 11,712 | |||||
Organization_Details_Textual
Organization (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net Proceeds From Sale Refinancing General Partner Sharing Percentage | 5.00% | ' |
Net Proceeds From Sale Refinancing Limited Partners Sharing Percentage | 95.00% | ' |
General Partner Cumulative Earnings Sharing Percentage | 1.00% | ' |
Limited Partners Cumulative Earnings Sharing Percentage | 99.00% | ' |
Local Limited Partnerships Reserves | $585,000 | $604,000 |
Percentage Of Gross Proceeds Designated As Reserves | 5.00% | ' |
Proceeds From Issuance Of Limited Partners Units | $36,497,000 | ' |
Limited Partner Units | 36,497 | 36,497 |
Limited Partners Capital Account, Units Authorized | 200,000 | ' |
Limited Partner Units Price Per Unit | $1,000 | ' |
First Series [Member] | ' | ' |
Limited Partners Capital Account, Units Issued | 50,000 | ' |
Alza Corporation [Member] | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 90.00% | ' |
Boston Financial Bfg Investments Llc [Member] | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 9.00% | ' |
Significant_Accounting_Policie2
Significant Accounting Policies (Details Textual) | 12 Months Ended |
Mar. 31, 2014 | |
Amortization Period Of Other Expenses | '35 years |
Investments_in_Local_Limited_P2
Investments in Local Limited Partnerships (Details) (USD $) | Mar. 31, 2014 | 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 $595,386 and $945,515 at March 31, 2014 and 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 1) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Local Limited Partnership [Member] | Local Limited Partnership [Member] | ||||
Assets: | ' | ' | ' | ' | ' |
Investment property, net | ' | ' | ' | $2,470,378 | $5,931,273 |
Other assets | 43 | 243 | ' | 855,038 | 1,269,534 |
Total Assets | 640,355 | 636,695 | ' | 3,325,416 | 7,200,807 |
Liabilities and Partners' Deficiency: | ' | ' | ' | ' | ' |
Mortgage notes payable | ' | ' | ' | 4,502,758 | 7,027,109 |
Other liabilities | ' | ' | ' | 123,046 | 760,120 |
Total Liabilities | 128,201 | 104,330 | ' | 4,625,804 | 7,787,229 |
Fund's equity (deficiency) | ' | ' | ' | -610,947 | 97,450 |
Other partners' deficiency | ' | ' | ' | -689,441 | -683,872 |
Total Partners' Equity (Deficiency) | 512,154 | 532,365 | 941,103 | -1,300,388 | -586,422 |
Total Liabilities and Partners' Equity (Deficiency) | $640,355 | $636,695 | ' | $3,325,416 | $7,200,807 |
Investments_in_Local_Limited_P4
Investments in Local Limited Partnerships (Details 2) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Expenses: | ' | ' | ' | ' |
Total Expenses | $447,512 | ' | $441,766 | ' |
Net Income (Loss) | 979,789 | 979,789 | -408,738 | -408,738 |
Local Limited Partnership [Member] | ' | ' | ' | ' |
Rental and other income | ' | 1,028,339 | ' | 5,336,402 |
Expenses: | ' | ' | ' | ' |
Operating | ' | 873,044 | ' | 2,244,537 |
Interest | ' | 0 | ' | 789,298 |
Depreciation and amortization | ' | 290,504 | ' | 806,722 |
Total Expenses | ' | 1,163,548 | ' | 3,840,557 |
Net Income (Loss) | ' | -135,209 | ' | 1,495,845 |
Fundbs share of Net Income (Loss) | ' | -104,111 | ' | 1,489,300 |
Other partners' share of Net Income (Loss) | ' | ($31,098) | ' | $6,545 |
Investments_in_Local_Limited_P5
Investments in Local Limited Partnerships (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cumulative Unrecognized Equity Losses In Local Limited Partnerships | $595,386 | $945,515 |
Proceeds from Limited Partnership Investments | 0 | 2,015,000 |
Investment Owned, at Fair Value | ' | 1,989,681 |
Unrecognized Equity Losses Cumulative Equity In Losses And Distributions In Excess Of Total Investment | 104,111 | 38,647 |
Cash Distributions Received From Local Limited Partnerships | 1,425,429 | 15,494 |
Estimated Equity in Losses of Local Limited Partnership Investments | 821,143 | 5,000 |
Previously Unrecognized Equity in Losses of Local Limited Partnership | 454,240 | 1,527,947 |
Gain on Sale of Investments | $0 | $25,319 |
Local Limited Partnerships [Member] | ' | ' |
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 77.00% | ' |
Transactions_with_Affiliates_D
Transactions with Affiliates (Details Textual) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Annual Asset Management Fee Percentage Of Gross Proceeds | 0.50% | ' |
Asset Management Fees | $288,701 | $284,017 |
Payments For Asset Management Fees | 287,623 | 1,308,786 |
Asset Management Fee Payable | 72,984 | 71,906 |
Payments For Fund Expenses | 47,401 | 81,257 |
Due to Officers or Stockholders | 12,265 | 4,593 |
Limited Partnership LP, Managing or General Partner, Percentage of subordinated disposition fee | 1.00% | ' |
General and Administrative Expense [Member] | ' | ' |
Fund Expenses | $55,073 | $51,583 |
Federal_Income_Taxes_Details
Federal Income Taxes (Details) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
Net Income (Loss) per financial statements | $979,789 | $979,789 | ($408,738) | ($408,738) |
Equity in income of Local Limited Partnerships for tax (financial reporting) purposes in excess of equity in income for financial reporting (tax) purposes | ' | 945,359 | ' | -16,792 |
Recognition of previously unrecognized equity in losses of Local Limited Partnerships for financial reporting purposes, net of current year unrecognized losses | ' | 350,129 | ' | 1,489,300 |
Adjustment to reflect March 31 fiscal year end to December 31 taxable year end | ' | 9,051 | ' | -10,603 |
Amortization for tax purposes in excess of amortization for financial reporting purposes | ' | -1,771 | ' | -20,117 |
Net Loss on disposition of investments in Local Limited Partnerships for tax purposes in excess of gain recognized for financial reporting purposes | ' | -416,650 | ' | -1,555,630 |
Cash distributions included in net income for financial reporting purposes | ' | -1,058,526 | ' | 0 |
Net Income (Loss) per tax return | ' | $807,381 | ' | ($522,580) |
Federal_Income_Taxes_Details_1
Federal Income Taxes (Details 1) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 |
Tax Purposes [Member] | Tax Purposes [Member] | Differences [Member] | Differences [Member] | |||
Investments in Local Limited Partnerships | $0 | $0 | ($574,261) | ($392,802) | $574,261 | $392,802 |
Other assets | 640,355 | 636,695 | 5,423,740 | 5,398,994 | -4,783,385 | -4,762,299 |
Liabilities | $128,201 | $104,330 | ($128,524) | $92,618 | $256,725 | $11,712 |
Federal_Income_Taxes_Details_T
Federal Income Taxes (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | |
Differences [Member] | Differences [Member] | |||
Net Income Loss Reconciliation Equity In Income Of Local Limited Partnership | $945,359 | ($16,792) | $566,000 | $1,410,000 |
Net Income Loss Reconciliation Recognition Of Previously Unrecognized Equity In Income Of Local Limited Partnership | 350,129 | 1,489,300 | 595,000 | 945,000 |
Other than Temporary Impairment Losses, Investments | ' | ' | ' | 1,035,000 |
Organizational And Offering Costs | ' | ' | 4,664,000 | 4,664,000 |
Cumulative Amortization Of Acquisition Fees | ' | ' | $9,000 | $17,000 |