Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Dec. 31, 2014 | |
Document Information [Line Items] | |
Entity Registrant Name | Boston Financial Tax Credit Fund VIII LP |
Entity Central Index Key | 911568 |
Current Fiscal Year End Date | -28 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 0 |
Document Type | 10-Q |
Amendment Flag | FALSE |
Document Period End Date | 31-Dec-14 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2015 |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Assets | ||
Cash and cash equivalents | $300,498 | $640,312 |
Investments in Local Limited Partnerships (Note 1) | 0 | 0 |
Other assets | 117 | 43 |
Total Assets | 300,615 | 640,355 |
Liabilities and Partners' Equity | ||
Due to affiliate | 89,984 | 85,249 |
Accrued expenses | 23,317 | 42,952 |
Total Liabilities | 113,301 | 128,201 |
General, Initial and Investor Limited Partners' Equity | 187,314 | 512,154 |
Total Liabilities and Partners' Equity | $300,615 | $640,355 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue: | ||||
Investment | $254 | $369 | $1,120 | $1,287 |
Cash distribution income | 0 | 1,058,526 | 0 | 1,058,526 |
Total Revenue | 254 | 1,058,895 | 1,120 | 1,059,813 |
Expenses: | ||||
Asset management fees, affiliate | 72,984 | 71,906 | 218,952 | 215,717 |
General and administrative (includes reimbursements to an affiliate in the amounts of $20,289 and $17,088 for the three months and $41,907 and $41,347 for the nine months ended December 31, 2014 and 2013, respectively) | 41,111 | 36,950 | 107,008 | 112,516 |
Total Expenses | 114,095 | 108,856 | 325,960 | 328,233 |
Income (loss) before equity in income of Local Limited Partnerships | -113,841 | 950,039 | -324,840 | 731,580 |
Equity in income of Local Limited Partnerships (Note 1) | 0 | 366,903 | 0 | 366,903 |
Net Income (Loss) | -113,841 | 1,316,942 | -324,840 | 1,098,483 |
Net Income (Loss) allocated: | ||||
General Partner | -1,138 | 13,170 | -3,248 | 10,985 |
Limited Partners | -112,703 | 1,303,772 | -321,592 | 1,087,498 |
Net Income (Loss) | ($113,841) | $1,316,942 | ($324,840) | $1,098,483 |
Net Income (Loss) Per Limited Partner Unit (36,497 Units) | ($3.09) | $35.72 | ($8.81) | $29.80 |
CONDENSED_STATEMENTS_OF_OPERAT1
CONDENSED STATEMENTS OF OPERATIONS [Parenthetical] (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reimbursements to affiliate (in dollars) | $20,289 | $17,088 | $41,907 | $41,347 |
Limited Partner Units | 36,497 | 36,497 | 36,497 | 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, 2014 | $512,154 | $5,123 | $100 | $506,931 |
Net Loss | -324,840 | -3,248 | 0 | -321,592 |
Balance at Dec. 31, 2014 | $187,314 | $1,875 | $100 | $185,339 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | ||
Net Income (Loss) | ($324,840) | $1,098,483 |
Adjustments to reconcile net income (loss) to net cash used for operating activities: | ||
Equity in income of Local Limited Partnerships | 0 | -366,903 |
Cash distributions included in net income | 0 | -1,058,526 |
Increase (decrease) in cash arising from changes in operating assets and liabilities: | ||
Other assets | -74 | 54 |
Due to affiliate | 4,735 | 12,495 |
Accrued expenses | -19,635 | 11,699 |
Net cash used for operating activities | -339,814 | -302,698 |
Cash flows from investing activities: | ||
Cash distributions received from Local Limited Partnerships | 0 | 1,425,429 |
Net cash provided by investing activities | 0 | 1,425,429 |
Cash flows from financing activities: | ||
Cash distributions | 0 | -1,000,000 |
Net cash used for financing activities | 0 | -1,000,000 |
Net increase (decrease) in cash and cash equivalents | -339,814 | 122,731 |
Cash and cash equivalents, beginning | 640,312 | 636,452 |
Cash and cash equivalents, ending | $300,498 | $759,183 |
Investments_in_Local_Limited_P
Investments in Local Limited Partnerships | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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 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 Property is sold to a third party, or upon dissolution of the Local Limited Partnership, proceeds will be distributed according to the terms of the Local Limited Partnership’s partnership agreement. | ||||||||
The following is a summary of investments in Local Limited Partnerships at December 31, 2014 and March 31, 2014: | ||||||||
December 31 | March 31 | |||||||
Capital contributions paid to Local Limited Partnerships | $ | 1,697,298 | $ | 1,697,298 | ||||
Cumulative equity in losses of Local Limited Partnerships (excluding | ||||||||
cumulative unrecognized losses of $745,535 and $595,386 at | ||||||||
December 31 and March 31, 2014, respectively) | -1,712,856 | -1,712,856 | ||||||
Investments in Local Limited Partnerships before adjustments | -15,558 | -15,558 | ||||||
Excess investment costs over the underlying assets acquired: | ||||||||
Acquisition fees and expenses | 21,077 | 21,077 | ||||||
Cumulative amortization of acquisition fees and expenses | -5,519 | -5,519 | ||||||
Investments in Local Limited Partnerships | $ | - | $ | - | ||||
The Fund’s share of net income (losses) of the Local Limited Partnerships for the nine months ended December 31, 2014 and 2013 is ($150,149) and 796,803, respectively. For the nine months ended December 31, 2014 and 2013, the Fund has not recognized $150,149 and $24,340, 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 $0 and $454,240 are included in losses recognized during the nine months ended December 31, 2014 and 2013, respectively. | ||||||||
Significant_Subsidiaries
Significant Subsidiaries | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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, 2014 or 2013 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, 2014 and 2013: | ||||||||
2014 | 2013 | |||||||
Webster Court Apartments | ||||||||
Revenue | N/A | $ | 169,819 | |||||
Net Loss | N/A | $ | -15,497 | |||||
Investments_in_Local_Limited_P1
Investments in Local Limited Partnerships (Tables) | 9 Months Ended | |||||||
Dec. 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 December 31, 2014 and March 31, 2014: | |||||||
December 31 | March 31 | |||||||
Capital contributions paid to Local Limited Partnerships | $ | 1,697,298 | $ | 1,697,298 | ||||
Cumulative equity in losses of Local Limited Partnerships (excluding | ||||||||
cumulative unrecognized losses of $745,535 and $595,386 at | ||||||||
December 31 and March 31, 2014, respectively) | -1,712,856 | -1,712,856 | ||||||
Investments in Local Limited Partnerships before adjustments | -15,558 | -15,558 | ||||||
Excess investment costs over the underlying assets acquired: | ||||||||
Acquisition fees and expenses | 21,077 | 21,077 | ||||||
Cumulative amortization of acquisition fees and expenses | -5,519 | -5,519 | ||||||
Investments in Local Limited Partnerships | $ | - | $ | - | ||||
Significant_Subsidiaries_Table
Significant Subsidiaries (Tables) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
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, 2014 and 2013: | |||||||
2014 | 2013 | |||||||
Webster Court Apartments | ||||||||
Revenue | N/A | $ | 169,819 | |||||
Net Loss | N/A | $ | -15,497 | |||||
Investments_in_Local_Limited_P2
Investments in Local Limited Partnerships (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Schedule of Investments [Line Items] | ||
Capital contributions paid to Local Limited Partnerships | $1,697,298 | $1,697,298 |
Cumulative equity in losses of Local Limited Partnerships (excluding cumulative unrecognized losses of $745,535 and $595,386 at December 31 and March 31, 2014, respectively) | -1,712,856 | -1,712,856 |
Investments in Local Limited Partnerships before adjustments | -15,558 | -15,558 |
Excess investment costs over the underlying assets acquired: | ||
Acquisition fees and expenses | 21,077 | 21,077 |
Cumulative amortization of acquisition fees and expenses | -5,519 | -5,519 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Schedule of Investments [Line Items] | |||||
Net Income (Loss) | ($112,703) | $1,303,772 | ($321,592) | $1,087,498 | |
Equity in income of Local Limited Partnerships | 0 | 366,903 | 0 | 366,903 | |
Cumulative Unrecognized Losses | 745,535 | 745,535 | 595,386 | ||
Local Limited Partnerships [Member] | |||||
Schedule of Investments [Line Items] | |||||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest | 77.00% | ||||
Net Income (Loss) | -150,149 | 796,803 | |||
Equity in income of Local Limited Partnerships | 150,149 | 24,340 | |||
Equity Method Investment, Unrealized Intercompany Profit (Loss) Not Eliminated, Amount | $0 | ($454,240) |
Significant_Subsidiaries_Detai
Significant Subsidiaries (Details) (USD $) | 3 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Revenue | $0 | $169,819 |
Net Loss | $0 | ($15,497) |
Significant_Subsidiaries_Detai1
Significant Subsidiaries (Details Textual) | 3 Months Ended |
Dec. 31, 2014 | |
Equity Method Investment Ownership Percentage Criteria | The following Local Limited Partnership invested in by the Fund represents more than 20% of the Funds total assets or equity as of December 31, 2014 or 2013 or net losses for the three months then ended. |