Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Sep. 30, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'WNC HOUSING TAX CREDIT FUND IV L P SERIES 1 | ' |
Entity Central Index Key | '0000913496 | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filer | 'No | ' |
Entity's Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Public Float | ' | $0 |
Entity Common Stock, Shares Outstanding | 0 | ' |
Document Fiscal Period Focus | 'FY | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
ASSETS | ' | ' |
Cash | $227,091 | $277,329 |
Prepaid asset management fees | ' | 24,250 |
Prepaid expenses | ' | 8,692 |
Other assets | 1,611 | 15,448 |
Investments in Local Limited Partnerships, net (Notes 2 and 3) | ' | ' |
Total Assets | 228,702 | 325,719 |
Liabilities: | ' | ' |
Accrued expenses | ' | 446 |
Accrued fees and expenses due to General Partner and Affiliate | 13,217 | ' |
Total Liabilities | 13,217 | 446 |
Partners' Equity (Deficit) | ' | ' |
General Partner | -71,359 | -70,261 |
Limited Partners (10,000 Partnership Units authorized; 9,939 and 9,962, respectively, Partnership Units issued and outstanding) | 286,844 | 395,534 |
Total Partners' Equity (Deficit) | 215,485 | 325,273 |
Total Liabilities and Partners' Equity (Deficit) | $228,702 | $325,719 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Limited Partners, Units authorized | 10,000 | 10,000 |
Limited Partners, Units issued | 9,939 | 9,962 |
Limited Partners, Units outstanding | 9,939 | 9,962 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Operating income: | ' | ' | ' |
Reporting fees | $637 | $13,458 | $5,211 |
Distribution income | 8,996 | 20,758 | 19,256 |
Total operating income | 9,633 | 34,216 | 24,467 |
Operating expenses: | ' | ' | ' |
Asset management fees (Note 3) | 24,585 | 25,250 | 35,000 |
Accounting and legal fees | 41,026 | 29,325 | 39,511 |
Write off of other assets | 4,792 | 25,705 | ' |
Write off of advances to Local Limited Partnerships | 6,589 | 12,256 | 31,294 |
Professional services | 10,720 | 18,460 | 8,291 |
Other | 13,582 | 3,155 | 12,680 |
Total operating expenses | 101,294 | 114,151 | 126,776 |
Loss from operations | -91,661 | -79,935 | -102,309 |
Gain (loss) on sale of Local limited Partnerships (Note 2) | -18,215 | 359,383 | 392,308 |
Interest income | 88 | 27 | 34 |
Net income (loss) | -109,788 | 279,475 | 290,033 |
Net income (loss) allocated to: | ' | ' | ' |
General Partner | -1,098 | 2,795 | 2,900 |
Limited Partners | ($108,690) | $276,680 | $287,133 |
Net income (loss) per Partnership Unit | ($10.94) | $27.77 | $28.71 |
Outstanding weighted Partnership Units | 9,939 | 9,962 | 10,000 |
Statement_of_Partners_Equity_D
Statement of Partners' Equity (Deficit) (USD $) | General Partner (Member) | Limited Partner [Member] | Total |
Partners' equity (deficit) at Mar. 31, 2011 | ($102,610) | ($168,279) | ($270,889) |
Contributions (Note 5) | 26,654 | ' | 26,654 |
Net income (loss) | 2,900 | 287,133 | 290,033 |
Partners' equity (deficit) at Mar. 31, 2012 | -73,056 | 118,854 | 45,798 |
Net income (loss) | 2,795 | 276,680 | 279,475 |
Partners' equity (deficit) at Mar. 31, 2013 | -70,261 | 395,534 | 325,273 |
Net income (loss) | -1,098 | -108,690 | -109,788 |
Partners' equity (deficit) at Mar. 31, 2014 | ($71,359) | $286,844 | $215,485 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | ($109,788) | $279,475 | $290,033 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' |
(Gain) loss on sale of Local Limited Partnerships | 18,215 | -359,383 | -392,308 |
Write off advances to Limited Partnerships | 6,589 | 12,256 | 31,294 |
(Increase) decrease in other assets | 13,837 | -5,133 | -68,871 |
(Increase) decrease in prepaid asset management fee | 24,250 | -24,250 | ' |
(Increase) decrease in prepaid expenses | 8,692 | -8,692 | ' |
Increase (decrease) in accrued expenses | -446 | 446 | ' |
Increase (decrease) in accrued fees and expenses due to General Partner and affiliates | 13,217 | -101,181 | -217,821 |
Net used in operating activities | -25,434 | -206,462 | -357,673 |
Cash flows from investing activities: | ' | ' | ' |
Advances to Local Limited Partnerships | -6,589 | -12,256 | -31,294 |
Net proceeds (payments) made on sale of Local Limited Partnerships | -18,215 | 392,373 | 417,874 |
Net cash provided by (used in) investing activities | -24,804 | 380,117 | 386,580 |
Net increase (decrease) in cash | -50,238 | 173,655 | 28,907 |
Cash, beginning of year | 277,329 | 103,674 | 74,767 |
Cash, end of year | 227,091 | 277,329 | 103,674 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' | ' |
Taxes paid | 800 | 800 | 800 |
NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' | ' |
Advances made to the Partnership by the General Partner in prior years were converted to General Partner equity. | ' | ' | $26,654 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Organization and Summary of Significant Accounting Policies | ' | ||||||||||||||||||||
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||
Organization | |||||||||||||||||||||
WNC Housing Tax Credit Fund IV, L.P., Series 1 (the “Partnership”) is a California Limited Partnership formed under the laws of the State of California on May 4, 1993, and commenced operations on October 20, 1993. The Partnership was formed to acquire limited partnership interests in other limited partnerships (“Local Limited Partnerships”) which own multi-family housing complexes (“Housing Complexes”) that are eligible for Federal low income housing tax credits (“Low Income Housing Tax Credits”). The local general partners (the “Local General Partners”) of each Local Limited Partnership retain responsibility for maintaining, operating and managing the Housing Complex. Each Local Limited Partnership is governed by its agreement of limited partnership (the “Local Limited Partnership Agreement”). | |||||||||||||||||||||
The general partner of the Partnership is WNC Tax Credit Partners IV, L.P. (“TCP IV’ or the “General Partner”). The General Partner of TCP IV is WNC & Associates, Inc. (“Associates”). The chairman and the president of Associates owns all of the outstanding stock of Associates. The business of the Partnership is conducted primarily through the General Partner, as the Partnership has no employees of its own. | |||||||||||||||||||||
The Partnership shall continue in full force and effect until December 31, 2050 unless terminated prior to that date pursuant to the partnership agreement or law. | |||||||||||||||||||||
The financial statements include only activity relating to the business of the Partnership, and do not give effect to any assets that the partners may have outside of their interests in the Partnership, or to any obligations, including income taxes, of the partners. | |||||||||||||||||||||
The partnership agreement authorized the sale of up to 10,000 units of limited partnership interest (“Partnership Units”) at $1,000 per Partnership Unit. The offering of Partnership Units had concluded in July 1994, at which time 10,000 Partnership Units representing subscriptions in the amount of $10,000,000 had been accepted. As of March 31, 2014, a total of 9,939 Partnership units remain outstanding. The General Partner has a 1% interest in operating profits and losses, taxable income and losses, cash available for distribution from the Partnership and Low Income Housing Tax Credits of the Partnership. The investors (the “Limited Partners”) in the Partnership will be allocated the remaining 99% of these items in proportion to their respective investments. | |||||||||||||||||||||
The proceeds from the disposition of any of the Housing Complexes will be used first to pay debts and other obligations per the respective Local Limited Partnership Agreement. Any remaining proceeds will then be paid to the partners of the Local Limited Partnership, including the Partnership, in accordance with the terms of the particular Local Limited Partnership Agreement. The sale of a Housing Complex may be subject to other restrictions and obligations. Accordingly, there can be no assurance that a Local Limited Partnership will be able to sell its Housing Complex. Even if it does so, there can be no assurance that any significant amounts of cash will be distributed to the Partnership. Should such distributions occur, the Limited Partners will be entitled to receive distributions from the proceeds remaining after payment of Partnership obligations and funding reserves, equal to their capital contributions and their return on investment (as defined in the Partnership Agreement). The General Partner would then be entitled to receive proceeds equal to its capital contributions from the remainder. Any additional sale or refinancing proceeds will be distributed 99% to the Limited Partners (in proportion to their respective investments) and 1% to the General Partner. | |||||||||||||||||||||
Risks and Uncertainties | |||||||||||||||||||||
An investment in the Partnership and the Partnership’s investments in Local Limited Partnerships and their Housing Complexes are subject to risks. These risks may impact the tax benefits of an investment in the Partnership, and the amount of proceeds available for distribution to the Limited Partners, if any, on liquidation of the Partnership’s investments. Some of those risks include the following: | |||||||||||||||||||||
The Low Income Housing Tax Credits rules are extremely complicated. Noncompliance with these rules results in the loss of future Low Income Housing Tax Credits and the fractional recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that an individual can use is limited to the tax liability due on the person’s last $25,000 of taxable income. The Local Limited Partnerships may be unable to sell the Housing Complexes at a price which would result in the Partnership realizing cash distributions or proceeds from the transaction. Accordingly, the Partnership may be unable to distribute any cash to its Limited Partners. Low Income Housing Tax Credits may be the only benefit from an investment in the Partnership. | |||||||||||||||||||||
The Partnership has invested in a limited number of Local Limited Partnerships. Such limited diversity means that the results of operation of each single Housing Complex will have a greater impact on the Partnership. With limited diversity, poor performance of one Housing Complex could impair the Partnership’s ability to satisfy its investment objectives. Each Housing Complex is subject to mortgage indebtedness. If a Local Limited Partnership failed to pay its mortgage, it could lose its Housing Complex in foreclosure. If foreclosure were to occur during the first 15 years (the “Compliance Period”), the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of prior Low Income Housing Tax Credits, and a loss of the Partnership’s investment in the Housing Complex would occur. The Partnership is a limited partner or non-managing member of each Local Limited Partnership. Accordingly, the Partnership will have very limited rights with respect to management of the Local Limited Partnerships. The Partnership will rely totally on the Local General Partners. Neither the Partnership’s investments in Local Limited Partnerships, nor the Local Limited Partnerships’ investments in Housing Complexes, are readily marketable. To the extent the Housing Complexes receive government financing or operating subsidies, they may be subject to one or more of the following risks: difficulties in obtaining tenants for the Housing Complexes; difficulties in obtaining rent increases; limitations on cash distributions; limitations on sales or refinancing of Housing Complexes; limitations on transfers of interests in Local Limited Partnerships; limitations on removal of Local General Partners; limitations on subsidy programs; and possible changes in applicable regulations. Uninsured casualties could result in loss of property and Low Income Housing Tax Credits and recapture of Low Income Housing Tax Credits previously taken. The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar properties, and neighborhood conditions, among others. | |||||||||||||||||||||
The ability of Limited Partners to claim tax losses from the Partnership is limited. The IRS may audit the Partnership or a Local Limited Partnership and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to the Limited Partners could be reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax benefits from an investment in the Partnership. Changes in tax laws could also impact the tax benefits from an investment in the Partnership and/or the value of the Housing Complexes. | |||||||||||||||||||||
All of the Low Income Housing Tax Credits anticipated to be realized from the Local Limited Partnerships have been realized. The Partnership does not anticipate being allocated any Low Income Housing Tax Credits from the Local Limited Partnerships in the future. | |||||||||||||||||||||
No trading market for the Partnership Units exists or is expected to develop. Limited Partners may be unable to sell their Partnership Units except at a discount and should consider their Partnership Units to be a long-term investment. Individual Limited Partners will have no recourse if they disagree with actions authorized by a vote of the majority of Limited Partners. | |||||||||||||||||||||
Exit Strategy | |||||||||||||||||||||
The Compliance Period for a Housing Complex is generally 15 years following construction or rehabilitation completion. Associates was one of the first in the industry to offer syndicated investments in Low Income Housing Tax Credits. The initial programs have completed their Compliance Periods. | |||||||||||||||||||||
Upon the sale of a Local Limited Partnership Interest or Housing Complex after the end of the Compliance Period, there would be no recapture of Low Income Housing Tax Credits. A sale prior to the end of the Compliance Period could result in recapture if certain conditions are not met. | |||||||||||||||||||||
With that in mind, the General Partner is continuing its review of the Housing Complexes. The review considers many factors, including extended use requirements (such as those due to mortgage restrictions or state compliance agreements), the condition of the Housing Complexes, and the tax consequences to the Limited Partners from the sale of the Housing Complexes. | |||||||||||||||||||||
Upon identifying those Housing Complexes with the highest potential for a successful sale, refinancing or re-syndication, the Partnership expects to proceed with efforts to liquidate them. The objective is to wind down the Partnership as Low Income Housing Tax Credits are no longer available. Local Limited Partnership Interests may be disposed of any time by the General Partner in its discretion. While liquidation of the Housing Complexes continues to be evaluated, the dissolution of the Partnership was not imminent as of March 31, 2014. | |||||||||||||||||||||
The proceeds from the disposition of any of the Housing Complexes will be used first to pay debts and other obligations per the respective Local Limited Partnership Agreement. Any remaining proceeds will then be paid to the partners of the Local Limited Partnership, including the Partnership, in accordance with the terms of the particular Local Limited Partnership Agreement. The sale of a Housing Complex may be subject to other restrictions and obligations. Accordingly, there can be no assurance that a Local Limited Partnership will be able to sell its Housing Complex. Even if it does so, there can be no assurance that any significant amounts of cash will be distributed to the Partnership, as the proceeds first would be used to pay Partnership obligations and funding of reserves. | |||||||||||||||||||||
On March 1, 2011, the Partnership filed preliminary consent solicitation materials with the Securities and Exchange Commission (“SEC”) regarding the adoption of a plan of liquidation. Definitive materials were filed with the SEC on April 1, 2011. Materials were disseminated to the Limited Partners on April 8, 2011. The Partnership sought approval to have a formal plan of liquidation of selling its limited partnership interests or selling the underlying Housing Complexes of each of the Local Limited Partnerships. On June 1, 2011 the Partnership received the majority vote in favor of the plan for dissolution. Therefore, the Partnership is engaging third party appraisers to appraise several or all of the Local Limited Partnerships in this Partnership. The appraisal is one of the preliminary steps that need to be completed in order to move forward with the approved liquidation plan. The expense incurred for the appraisals, or any other disposition related expenses the Partnership incurs, are being capitalized and will remain on the balance sheets until the respective Local Limited Partnership is sold. At the time of disposition the capitalized costs will be netted with any cash proceeds that are received in order to calculate the gain or loss on the disposition. | |||||||||||||||||||||
As of March 31, 2013, the Partnership had sold its Local Limited Partnership Interest in Beckwood Manor Seven, L.P., Alpine Manor, L.P., Briscoe Manor, Fawn Haven, L.P., Fort Stockton Manor, Pampa Manor Apartments, Vernon Manor Apartments, Baycity Village Apartments, L.P., Madisonville Manor, L.P., Northside Plaza Apartments, L.P., Evergreen Four, L.P., Waterford Place, L.P., Hidden Valley, L.P., Seneca Falls East Apartment Company II, L.P. and Regency Court Apartments, L.P. Each of the Local Limited Partnerships had completed its Compliance Period. | |||||||||||||||||||||
During the year ended March 31, 2014, the Partnership sold its Local Limited Partnership Interest in Yantis Housing, Ltd. (“Yantis”) to an unrelated third party for $2. Yantis was appraised for $180,000 and had a mortgage balance of $579,452 as of December 31, 2012. The Partnership incurred approximately $18,217 in sales related expenses which were netted against the proceeds to calculate a loss on sale of $(18,215). No cash distribution will be made to the Limited Partners as a result of this sale. The Partnership’s investment balance was zero at the time of the sale. The Compliance Period has been completed therefore there is no risk of recapture. | |||||||||||||||||||||
As of March 31, 2014, the Partnership identified four Local Limited Partnerships for possible disposition as listed in the table below. Once the sales are finalized, the Partnership will use the cash proceeds to reimburse the General Partner or an affiliate for expenses paid on its behalf or pay accrued asset management fees. Any remaining proceeds will be placed in the Partnership’s reserves for future operating expenses. No distributions will be made to the Limited Partners. The Compliance Periods for all Local Limited Partnerships have expired so there is no risk of tax credit recapture to the investors in the Partnership. | |||||||||||||||||||||
Local Limited Partnership | Debt at | Appraisal | Estimated | Estimated | Estimated | ||||||||||||||||
12/31/13 | Value | Sales Price | Sales | Gain on sale | |||||||||||||||||
Related | |||||||||||||||||||||
Expenses | |||||||||||||||||||||
Sandpiper Square, LP | $ | 871,521 | $ | 465,000 | $ | 20,000 | $ | 5,000 | $ | 15,000 | |||||||||||
Mt Graham Housing, Ltd | 1,291,776 | 1,035,000 | 40,000 | 3,000 | 37,000 | ||||||||||||||||
HOI Limited Partnership of Lenoir | 276,747 | 635,000 | 11,100 | 7,000 | 4,100 | ||||||||||||||||
Laurel Creek Apartments* | 59,280 | 2,270,000 | - | - | - | ||||||||||||||||
* As of the date of this report, the sales price and sales related expenses cannot be determined. | |||||||||||||||||||||
Method of Accounting For Investments in Local Limited Partnerships | |||||||||||||||||||||
The Partnership accounts for its investments in Local Limited Partnerships using the equity method of accounting, whereby the Partnership adjusts its investment balance for its share of the Local Limited Partnerships’ results of operations and for any contributions made and distributions received. The Partnership reviews the carrying amount of an individual investment in a Local Limited Partnership for possible impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of such investment may not be recoverable. Recoverability of such investment is measured by the estimated value derived by management, generally consisting of the sum of the remaining future Low Income Housing Tax Credits estimated to be allocable to the Partnership and the estimated residual value to the Partnership. If an investment is considered to be impaired, the Partnership reduces the carrying value of its investment in any such Local Limited Partnership. The accounting policies of the Local Limited Partnerships, generally, are expected to be consistent with those of the Partnership. Costs incurred by the Partnership in acquiring the investments are capitalized as part of the investment account and were being amortized over 30 years (See Notes 2 and 3). | |||||||||||||||||||||
“Equity in losses of Local Limited Partnerships” for each year ended March 31 has been recorded by the Partnership based on the twelve months of reported results provided by the Local Limited Partnerships for each year ended December 31. Equity in losses from the Local Limited Partnerships allocated to the Partnership is not recognized to the extent that the investment balance would be adjusted below zero. If the Local Limited Partnerships reports net income in future years, the Partnership will resume applying the equity method only after its share of such net income equals the share of net losses not recognized during the period(s) the equity method was suspended (see Note 2). | |||||||||||||||||||||
In accordance with the accounting guidance for the consolidation of variable interest entities, the Partnership determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE. | |||||||||||||||||||||
Based on this guidance, the Local Limited Partnerships in which the Partnership invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Partnership’s interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Partnership currently records the amount of its investment in these Local Limited Partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Partnership’s balance in investment in Local Limited Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Partnership’s exposure to loss on these Local Limited Partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the Local General Partners and their guarantee against credit recapture to the investors in the Partnership. | |||||||||||||||||||||
Distributions received from the Local Limited Partners are accounted for as a reduction of the investment balance. Distributions received after the investment has reached zero are recognized as distribution income. As of March 31, 2014 and 2013, all investment accounts in Local Limited Partnerships had reached zero. | |||||||||||||||||||||
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 amounts of assets and 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 materially differ from those estimates. | |||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
The Partnership considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. For all periods presented, the Partnership had no cash equivalents. | |||||||||||||||||||||
Reporting Comprehensive Income | |||||||||||||||||||||
The Partnership had no items of other comprehensive income for all periods presented. | |||||||||||||||||||||
Net Income (Loss) Per Partnership Unit | |||||||||||||||||||||
Net income (loss) per Partnership Unit includes no dilution and is computed by dividing loss allocated to Limited Partners by the weighted average Partnership Units outstanding during the period. Calculation of diluted net income (loss) per Partnership Unit is not required. | |||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
The Partnership has elected to be treated as a pass-through entity for 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 owners on their respective income tax returns. The Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure. Income tax returns filed by the Partnership are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2010 remain open. | |||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||
The Partnership is entitled to receive reporting fees from the Local Limited Partnerships. The intent of the reporting fees is to offset (in part) administrative costs incurred by the Partnership in corresponding with the Local Limited Partnerships. Due to the uncertainty of the collection of these fees, the Partnership recognizes reporting fees as collections are made. | |||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||
From time to time, the Partnership maintains cash balances at certain financial institutions in excess of the federally insured maximum. The Partnership believes it is not exposed to any significant financial risk on cash. | |||||||||||||||||||||
Impact of Recent Accounting Pronouncements | |||||||||||||||||||||
In May 2011, the FASB issued an update to existing guidance related to fair value measurements on how to measure fair value and what disclosures to provide about fair value measurements. For fair value measurements categorized as level 3, a reporting entity should disclose quantitative information of the unobservable inputs and assumptions, description of the valuation processes and narrative description of the sensitivity of the fair value to changes in unobservable inputs. This update is effective for interim and annual periods beginning after December 15, 2011. The adoption of this update did not materially affect the Partnership’s 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] | ' | ||||||||||||
Investments In Local Limited Partnerships | ' | ||||||||||||
NOTE 2 – INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS | |||||||||||||
As of March 31, 2014 and 2013, the Partnership owns Local Limited Partnership interests in 4 and 5 Local Limited Partnerships, respectively, each of which owns one Housing complex, consisting of an aggregate of 122 and 293 apartment units, respectively. The respective Local General Partners of the Local Limited Partnerships manage the day-to-day operations of the entities. Significant Local Limited Partnership business decisions require approval from the Partnership. The Partnership, as a limited partner, is generally entitled to 99%, as specified in the Local Limited Partnership agreements, of the operating profits and losses, taxable income and losses and Low Income Housing Tax Credits of the Local Limited Partnerships. | |||||||||||||
The Partnership’s investments in Local Limited Partnerships as shown in the balance sheets at March 31, 2014 and 2013 are approximately $(546,000) and $457,000, respectively, (less than) greater than the Partnership’s equity at the preceding December 31 as shown in the Local Limited Partnerships’ combined condensed financial statements presented below. This difference is primarily due to unrecorded losses as discussed below, acquisition, selection, and other costs related to the acquisition of the investments which have been capitalized in the Partnership’s investment account, impairment losses recorded in the Partnership’s investment account and capital contributions payable to the Local Limited Partnerships which were netted against partner capital in the Local Limited Partnership’s financial statements. | |||||||||||||
For all periods presented, the investment accounts in all of the Local Limited Partnerships have reached a zero balance. Consequently, all of the Partnership’s estimate of its share of losses for the years ended March 31, 2014, 2013, and 2012 amounting to approximately $21,000, $158,000, and $167,000, respectively, have not been recognized. As of March 31, 2014, the aggregate share of net losses not recognized by the Partnership amounted to approximately $604,000. | |||||||||||||
The financial information from the individual financial statements of the Local Limited Partnerships includes rental and interest subsidies. Rental subsidies are included in total revenues and interest subsidies are generally netted in interest expense. Approximate combined condensed financial information from the individual financial statements of the Local Limited Partnerships as of December 31 and for the years then ended is as follows: | |||||||||||||
COMBINED CONDENSED BALANCE SHEETS | |||||||||||||
2013 | 2012 | ||||||||||||
ASSETS | |||||||||||||
Buildings and improvements (net of accumulated depreciation as of December 31, 2013 and 2012 of $4,030,000 and $8,287,000 respectively) | $ | 2,275,000 | $ | 8,113,000 | |||||||||
Land | 537,000 | 602,000 | |||||||||||
Other assets | 906,000 | 1,373,000 | |||||||||||
Total assets | $ | 3,718,000 | $ | 10,088,000 | |||||||||
LIABILITIES | |||||||||||||
Mortgage payable | $ | 2,499,000 | $ | 7,994,000 | |||||||||
Due to affiliates | 20,000 | 435,000 | |||||||||||
Other liabilities | 65,000 | 789,000 | |||||||||||
Total liabilities | 2,584,000 | 9,218,000 | |||||||||||
PARTNERS’ EQUITY (DEFICIT) | |||||||||||||
WNC Housing Tax Credit Fund IV, L.P., Series 1 | 546,000 | (457,000 | ) | ||||||||||
Other partners | 588,000 | 1,327,000 | |||||||||||
Total partners’ equity (deficit) | 1,134,000 | 870,000 | |||||||||||
Total liabilities and partners’ equity (deficit) | $ | 3,718,000 | $ | 10,088,000 | |||||||||
COMBINED CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 841,000 | $ | 1,948,000 | $ | 3,288,000 | |||||||
Expenses: | |||||||||||||
Operating expenses | 495,000 | 316,000 | 445,000 | ||||||||||
Interest expense | 35,000 | 507,000 | 795,000 | ||||||||||
Depreciation and amortization | 220,000 | 1,218,000 | 2,154,000 | ||||||||||
Total expenses | 750,000 | 2,041,000 | 3,394,000 | ||||||||||
Net income (loss) | $ | 91,000 | $ | (93,000 | ) | $ | (106,000 | ) | |||||
Net income (loss) allocable to the Partnership, | $ | 90,000 | $ | (92,000 | ) | $ | (103,000 | ) | |||||
Net income (loss) recorded by the Partnership | $ | - | $ | - | $ | - | |||||||
Certain Local Limited Partnerships have incurred significant operating losses and/or have working capital deficiencies. In the event these Local Limited Partnerships continue to incur significant operating losses, additional capital contributions by the Partnership and/or the Local General Partner may be required to sustain the operations of such Local Limited Partnerships. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions | ' | ||||||||
NOTE 3 – RELATED PARTY TRANSACTIONS | |||||||||
Under the terms of the Partnership Agreement, the Partnership has paid or is obligated to the General Partner or its affiliates for the following fees: | |||||||||
Acquisition fees of up to 8% of the gross proceeds from the sale of Partnership Units as compensation for services rendered in connection with the acquisition of Local Limited Partnerships. At the end of all periods presented the Partnership incurred total acquisition fees of $800,000, which have been included in investments in Local Limited Partnerships. As of all periods presented, the fees had been fully amortized or impaired. Impairment on the intangibles is measured by comparing the Partnership’s total investment balance after impairment of investments in Local Limited Partnerships to the sum of the total of remaining Low Income Housing Tax Credits allocated to the Partnership and any estimated residual value of the investments. If an impairment loss related to the acquisition expenses was recorded, the accumulated amortization was reduced to zero at that time. | |||||||||
Reimbursement of costs incurred by of the General Partner or by an affiliate of Associates in connection with the acquisition of Local Limited Partnerships. These reimbursements have not exceeded 1.2% of the gross proceeds. At the end of all periods presented, the Partnership incurred acquisition costs of $54,949, which have been included in investments in Local Limited Partnerships. Accumulated amortization was $54,949 for all periods presented. | |||||||||
An annual asset management fee equal to the greater amount of (i) $2,000 for each Housing complex, or (ii) 0.275% of gross proceeds. In either case, the fee will be decreased or increased annually based on changes to the Consumer Price Index. However, in no event will the maximum amount exceed 0.2% of the invested assets of the Partnership, as defined. “Invested Assets” means the sum of the Partnership’s investment in Local Limited Partnership interests and the Partnership’s allocable share of mortgage loans on and other debts related to the Housing Complexes owned by such. Asset management fees of $24,585, $25,250, and $35,000 were incurred during the years ended March 31, 2014, 2013, and 2012, respectively, of which $0, $137,409, and $222,633, was paid during the years ended March 31, 2014, 2013, and 2012, respectively. During the year ended March 31, 2013, the Partnership overpaid its asset management fees by $24,250, which is included as prepaid asset management fees on the March 31, 2013 balance sheet. | |||||||||
A subordinated disposition fee in an amount equal to 1% of the sale price may be received in connection with the sale or disposition of a Housing Complex or Local Limited Partnership interest. Payment of this fee is subordinated to the Limited Partners receiving a preferred return of 16% through December 31, 2003 and 6 % thereafter (as defined in the Partnership Agreement) and is payable only if the General Partner or its affiliates render services in the sales effort. No such fee was incurred for all periods presented. | |||||||||
The Partnership reimbursed the General Partner or its affiliates for operating expenses incurred by the Partnership and paid for by the General Partner or its affiliates on behalf of the Partnership. Operating expense reimbursements paid were $51,872, $103,296, and $186,196 during the years ended March 31, 2014, 2013, and 2012, respectively. During the year ended March 31, 2013, the Partnership overpaid its reimbursements by $8,692 which is included as prepaid expenses on the March 31, 2013 balance sheet. | |||||||||
The accrued fees and expenses due to the General Partner and affiliates consist of the following at: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Asset management fee payable | $ | 335 | $ | - | |||||
Expenses paid by the General Partner or an affiliate on behalf of the Partnership | 12,882 | - | |||||||
Total | $ | 13,217 | $ | - |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | ||||||||||||||||
NOTE 4 – QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | |||||||||||||||||
The following is a summary of the quarterly operations for the years ended March 31 (rounded): | |||||||||||||||||
30-Jun | 30-Sep | 31-Dec | 31-Mar | ||||||||||||||
2014 | |||||||||||||||||
Income | $ | 10,000 | $ | - | $ | - | $ | - | |||||||||
Operating expenses | (20,000 | ) | (48,000 | ) | (9,000 | ) | (25,000 | ) | |||||||||
Loss from operations | (10,000 | ) | (48,000 | ) | (9,000 | ) | (25,000 | ) | |||||||||
Loss on sale of Local Limited Partnerships | - | - | (18,000 | ) | - | ||||||||||||
Net loss | (10,000 | ) | (48,000 | ) | (27,000 | ) | (25,000 | ) | |||||||||
Net loss available to Limited Partners | (10,000 | ) | (47,000 | ) | (27,000 | ) | (25,000 | ) | |||||||||
Net loss per Partnership Unit | (1 | ) | (5 | ) | (3 | ) | (2 | ) | |||||||||
30-Jun | 30-Sep | 31-Dec | 31-Mar | ||||||||||||||
2013 | |||||||||||||||||
Income | $ | 30,000 | $ | - | $ | - | $ | 4,000 | |||||||||
Operating expenses | (40,000 | ) | (35,000 | ) | (25,000 | ) | (14,000 | ) | |||||||||
Loss from operations | (10,000 | ) | (35,000 | ) | (25,000 | ) | (10,000 | ) | |||||||||
Gain on sale of Local Limited Partnerships | 27,000 | 70,000 | 41,000 | 221,000 | |||||||||||||
Net income | 17,000 | 35,000 | 16,000 | 211,000 | |||||||||||||
Net income available to Limited Partners | 17,000 | 34,000 | 16,000 | 210,000 | |||||||||||||
Net income per Partnership Unit | 2 | 3 | 2 | 21 | |||||||||||||
30-Jun | 30-Sep | 31-Dec | 31-Mar | ||||||||||||||
2012 | |||||||||||||||||
Income | $ | 3,000 | $ | 16,000 | $ | - | $ | 5,000 | |||||||||
Operating expenses | (45,000 | ) | (26,000 | ) | (40,000 | ) | (15,000 | ) | |||||||||
Loss from operations | (42,000 | ) | (10,000 | ) | (40,000 | ) | (10,000 | ) | |||||||||
Gain on sale of Local Limited Partnerships | - | 77,000 | 313,000 | 2,000 | |||||||||||||
Net income (loss) | (42,000 | ) | 67,000 | 273,000 | (8,000 | ) | |||||||||||
Net income (loss) available to Limited Partners | (42,000 | ) | 66,000 | 271,000 | (8,000 | ) | |||||||||||
Net income (loss) per Partnership Unit | (4 | ) | 6 | 27 | (1 | ) |
Contributions_by_the_General_P
Contributions by the General Partner | 12 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Contributions by the General Partner | ' |
NOTE 5 – CONTRIBUTIONS BY THE GENERAL PARTNER | |
In prior years, the Partnership had $26,654 in expenses paid by the General Partner or affiliates on its behalf. During the year end March 31, 2012, the General Partner forgave the debt as it was deemed uncollectible. The cancellation of that debt is considered a capital contribution by the General Partner to the Partnership and as such it is reflected in the statement of partners’ equity (deficit) in the Partnership’s financial statements. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Organization | ' | ||||||||||||||||||||
Organization | |||||||||||||||||||||
WNC Housing Tax Credit Fund IV, L.P., Series 1 (the “Partnership”) is a California Limited Partnership formed under the laws of the State of California on May 4, 1993, and commenced operations on October 20, 1993. The Partnership was formed to acquire limited partnership interests in other limited partnerships (“Local Limited Partnerships”) which own multi-family housing complexes (“Housing Complexes”) that are eligible for Federal low income housing tax credits (“Low Income Housing Tax Credits”). The local general partners (the “Local General Partners”) of each Local Limited Partnership retain responsibility for maintaining, operating and managing the Housing Complex. Each Local Limited Partnership is governed by its agreement of limited partnership (the “Local Limited Partnership Agreement”). | |||||||||||||||||||||
The general partner of the Partnership is WNC Tax Credit Partners IV, L.P. (“TCP IV’ or the “General Partner”). The General Partner of TCP IV is WNC & Associates, Inc. (“Associates”). The chairman and the president of Associates owns all of the outstanding stock of Associates. The business of the Partnership is conducted primarily through the General Partner, as the Partnership has no employees of its own. | |||||||||||||||||||||
The Partnership shall continue in full force and effect until December 31, 2050 unless terminated prior to that date pursuant to the partnership agreement or law. | |||||||||||||||||||||
The financial statements include only activity relating to the business of the Partnership, and do not give effect to any assets that the partners may have outside of their interests in the Partnership, or to any obligations, including income taxes, of the partners. | |||||||||||||||||||||
The partnership agreement authorized the sale of up to 10,000 units of limited partnership interest (“Partnership Units”) at $1,000 per Partnership Unit. The offering of Partnership Units had concluded in July 1994, at which time 10,000 Partnership Units representing subscriptions in the amount of $10,000,000 had been accepted. As of March 31, 2014, a total of 9,939 Partnership units remain outstanding. The General Partner has a 1% interest in operating profits and losses, taxable income and losses, cash available for distribution from the Partnership and Low Income Housing Tax Credits of the Partnership. The investors (the “Limited Partners”) in the Partnership will be allocated the remaining 99% of these items in proportion to their respective investments. | |||||||||||||||||||||
The proceeds from the disposition of any of the Housing Complexes will be used first to pay debts and other obligations per the respective Local Limited Partnership Agreement. Any remaining proceeds will then be paid to the partners of the Local Limited Partnership, including the Partnership, in accordance with the terms of the particular Local Limited Partnership Agreement. The sale of a Housing Complex may be subject to other restrictions and obligations. Accordingly, there can be no assurance that a Local Limited Partnership will be able to sell its Housing Complex. Even if it does so, there can be no assurance that any significant amounts of cash will be distributed to the Partnership. Should such distributions occur, the Limited Partners will be entitled to receive distributions from the proceeds remaining after payment of Partnership obligations and funding reserves, equal to their capital contributions and their return on investment (as defined in the Partnership Agreement). The General Partner would then be entitled to receive proceeds equal to its capital contributions from the remainder. Any additional sale or refinancing proceeds will be distributed 99% to the Limited Partners (in proportion to their respective investments) and 1% to the General Partner. | |||||||||||||||||||||
Risks and Uncertainties | ' | ||||||||||||||||||||
Risks and Uncertainties | |||||||||||||||||||||
An investment in the Partnership and the Partnership’s investments in Local Limited Partnerships and their Housing Complexes are subject to risks. These risks may impact the tax benefits of an investment in the Partnership, and the amount of proceeds available for distribution to the Limited Partners, if any, on liquidation of the Partnership’s investments. Some of those risks include the following: | |||||||||||||||||||||
The Low Income Housing Tax Credits rules are extremely complicated. Noncompliance with these rules results in the loss of future Low Income Housing Tax Credits and the fractional recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that an individual can use is limited to the tax liability due on the person’s last $25,000 of taxable income. The Local Limited Partnerships may be unable to sell the Housing Complexes at a price which would result in the Partnership realizing cash distributions or proceeds from the transaction. Accordingly, the Partnership may be unable to distribute any cash to its Limited Partners. Low Income Housing Tax Credits may be the only benefit from an investment in the Partnership. | |||||||||||||||||||||
The Partnership has invested in a limited number of Local Limited Partnerships. Such limited diversity means that the results of operation of each single Housing Complex will have a greater impact on the Partnership. With limited diversity, poor performance of one Housing Complex could impair the Partnership’s ability to satisfy its investment objectives. Each Housing Complex is subject to mortgage indebtedness. If a Local Limited Partnership failed to pay its mortgage, it could lose its Housing Complex in foreclosure. If foreclosure were to occur during the first 15 years (the “Compliance Period”), the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of prior Low Income Housing Tax Credits, and a loss of the Partnership’s investment in the Housing Complex would occur. The Partnership is a limited partner or non-managing member of each Local Limited Partnership. Accordingly, the Partnership will have very limited rights with respect to management of the Local Limited Partnerships. The Partnership will rely totally on the Local General Partners. Neither the Partnership’s investments in Local Limited Partnerships, nor the Local Limited Partnerships’ investments in Housing Complexes, are readily marketable. To the extent the Housing Complexes receive government financing or operating subsidies, they may be subject to one or more of the following risks: difficulties in obtaining tenants for the Housing Complexes; difficulties in obtaining rent increases; limitations on cash distributions; limitations on sales or refinancing of Housing Complexes; limitations on transfers of interests in Local Limited Partnerships; limitations on removal of Local General Partners; limitations on subsidy programs; and possible changes in applicable regulations. Uninsured casualties could result in loss of property and Low Income Housing Tax Credits and recapture of Low Income Housing Tax Credits previously taken. The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar properties, and neighborhood conditions, among others. | |||||||||||||||||||||
The ability of Limited Partners to claim tax losses from the Partnership is limited. The IRS may audit the Partnership or a Local Limited Partnership and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to the Limited Partners could be reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax benefits from an investment in the Partnership. Changes in tax laws could also impact the tax benefits from an investment in the Partnership and/or the value of the Housing Complexes. | |||||||||||||||||||||
All of the Low Income Housing Tax Credits anticipated to be realized from the Local Limited Partnerships have been realized. The Partnership does not anticipate being allocated any Low Income Housing Tax Credits from the Local Limited Partnerships in the future. | |||||||||||||||||||||
No trading market for the Partnership Units exists or is expected to develop. Limited Partners may be unable to sell their Partnership Units except at a discount and should consider their Partnership Units to be a long-term investment. Individual Limited Partners will have no recourse if they disagree with actions authorized by a vote of the majority of Limited Partners. | |||||||||||||||||||||
Exit Strategy | ' | ||||||||||||||||||||
Exit Strategy | |||||||||||||||||||||
The Compliance Period for a Housing Complex is generally 15 years following construction or rehabilitation completion. Associates was one of the first in the industry to offer syndicated investments in Low Income Housing Tax Credits. The initial programs have completed their Compliance Periods. | |||||||||||||||||||||
Upon the sale of a Local Limited Partnership Interest or Housing Complex after the end of the Compliance Period, there would be no recapture of Low Income Housing Tax Credits. A sale prior to the end of the Compliance Period could result in recapture if certain conditions are not met. | |||||||||||||||||||||
With that in mind, the General Partner is continuing its review of the Housing Complexes. The review considers many factors, including extended use requirements (such as those due to mortgage restrictions or state compliance agreements), the condition of the Housing Complexes, and the tax consequences to the Limited Partners from the sale of the Housing Complexes. | |||||||||||||||||||||
Upon identifying those Housing Complexes with the highest potential for a successful sale, refinancing or re-syndication, the Partnership expects to proceed with efforts to liquidate them. The objective is to wind down the Partnership as Low Income Housing Tax Credits are no longer available. Local Limited Partnership Interests may be disposed of any time by the General Partner in its discretion. While liquidation of the Housing Complexes continues to be evaluated, the dissolution of the Partnership was not imminent as of March 31, 2014. | |||||||||||||||||||||
The proceeds from the disposition of any of the Housing Complexes will be used first to pay debts and other obligations per the respective Local Limited Partnership Agreement. Any remaining proceeds will then be paid to the partners of the Local Limited Partnership, including the Partnership, in accordance with the terms of the particular Local Limited Partnership Agreement. The sale of a Housing Complex may be subject to other restrictions and obligations. Accordingly, there can be no assurance that a Local Limited Partnership will be able to sell its Housing Complex. Even if it does so, there can be no assurance that any significant amounts of cash will be distributed to the Partnership, as the proceeds first would be used to pay Partnership obligations and funding of reserves. | |||||||||||||||||||||
On March 1, 2011, the Partnership filed preliminary consent solicitation materials with the Securities and Exchange Commission (“SEC”) regarding the adoption of a plan of liquidation. Definitive materials were filed with the SEC on April 1, 2011. Materials were disseminated to the Limited Partners on April 8, 2011. The Partnership sought approval to have a formal plan of liquidation of selling its limited partnership interests or selling the underlying Housing Complexes of each of the Local Limited Partnerships. On June 1, 2011 the Partnership received the majority vote in favor of the plan for dissolution. Therefore, the Partnership is engaging third party appraisers to appraise several or all of the Local Limited Partnerships in this Partnership. The appraisal is one of the preliminary steps that need to be completed in order to move forward with the approved liquidation plan. The expense incurred for the appraisals, or any other disposition related expenses the Partnership incurs, are being capitalized and will remain on the balance sheets until the respective Local Limited Partnership is sold. At the time of disposition the capitalized costs will be netted with any cash proceeds that are received in order to calculate the gain or loss on the disposition. | |||||||||||||||||||||
As of March 31, 2013, the Partnership had sold its Local Limited Partnership Interest in Beckwood Manor Seven, L.P., Alpine Manor, L.P., Briscoe Manor, Fawn Haven, L.P., Fort Stockton Manor, Pampa Manor Apartments, Vernon Manor Apartments, Baycity Village Apartments, L.P., Madisonville Manor, L.P., Northside Plaza Apartments, L.P., Evergreen Four, L.P., Waterford Place, L.P., Hidden Valley, L.P., Seneca Falls East Apartment Company II, L.P. and Regency Court Apartments, L.P. Each of the Local Limited Partnerships had completed its Compliance Period. | |||||||||||||||||||||
During the year ended March 31, 2014, the Partnership sold its Local Limited Partnership Interest in Yantis Housing, Ltd. (“Yantis”) to an unrelated third party for $2. Yantis was appraised for $180,000 and had a mortgage balance of $579,452 as of December 31, 2012. The Partnership incurred approximately $18,217 in sales related expenses which were netted against the proceeds to calculate a loss on sale of $(18,215). No cash distribution will be made to the Limited Partners as a result of this sale. The Partnership’s investment balance was zero at the time of the sale. The Compliance Period has been completed therefore there is no risk of recapture. | |||||||||||||||||||||
As of March 31, 2014, the Partnership identified four Local Limited Partnerships for possible disposition as listed in the table below. Once the sales are finalized, the Partnership will use the cash proceeds to reimburse the General Partner or an affiliate for expenses paid on its behalf or pay accrued asset management fees. Any remaining proceeds will be placed in the Partnership’s reserves for future operating expenses. No distributions will be made to the Limited Partners. The Compliance Periods for all Local Limited Partnerships have expired so there is no risk of tax credit recapture to the investors in the Partnership. | |||||||||||||||||||||
Local Limited Partnership | Debt at | Appraisal | Estimated | Estimated | Estimated | ||||||||||||||||
12/31/13 | Value | Sales Price | Sales | Gain on sale | |||||||||||||||||
Related | |||||||||||||||||||||
Expenses | |||||||||||||||||||||
Sandpiper Square, LP | $ | 871,521 | $ | 465,000 | $ | 20,000 | $ | 5,000 | $ | 15,000 | |||||||||||
Mt Graham Housing, Ltd | 1,291,776 | 1,035,000 | 40,000 | 3,000 | 37,000 | ||||||||||||||||
HOI Limited Partnership of Lenoir | 276,747 | 635,000 | 11,100 | 7,000 | 4,100 | ||||||||||||||||
Laurel Creek Apartments* | 59,280 | 2,270,000 | - | - | - | ||||||||||||||||
* As of the date of this report, the sales price and sales related expenses cannot be determined. | |||||||||||||||||||||
Method of Accounting for Investments in Local Limited Partnerships | ' | ||||||||||||||||||||
Method of Accounting For Investments in Local Limited Partnerships | |||||||||||||||||||||
The Partnership accounts for its investments in Local Limited Partnerships using the equity method of accounting, whereby the Partnership adjusts its investment balance for its share of the Local Limited Partnerships’ results of operations and for any contributions made and distributions received. The Partnership reviews the carrying amount of an individual investment in a Local Limited Partnership for possible impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of such investment may not be recoverable. Recoverability of such investment is measured by the estimated value derived by management, generally consisting of the sum of the remaining future Low Income Housing Tax Credits estimated to be allocable to the Partnership and the estimated residual value to the Partnership. If an investment is considered to be impaired, the Partnership reduces the carrying value of its investment in any such Local Limited Partnership. The accounting policies of the Local Limited Partnerships, generally, are expected to be consistent with those of the Partnership. Costs incurred by the Partnership in acquiring the investments are capitalized as part of the investment account and were being amortized over 30 years (See Notes 2 and 3). | |||||||||||||||||||||
“Equity in losses of Local Limited Partnerships” for each year ended March 31 has been recorded by the Partnership based on the twelve months of reported results provided by the Local Limited Partnerships for each year ended December 31. Equity in losses from the Local Limited Partnerships allocated to the Partnership is not recognized to the extent that the investment balance would be adjusted below zero. If the Local Limited Partnerships reports net income in future years, the Partnership will resume applying the equity method only after its share of such net income equals the share of net losses not recognized during the period(s) the equity method was suspended (see Note 2). | |||||||||||||||||||||
In accordance with the accounting guidance for the consolidation of variable interest entities, the Partnership determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE. | |||||||||||||||||||||
Based on this guidance, the Local Limited Partnerships in which the Partnership invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Partnership’s interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Partnership currently records the amount of its investment in these Local Limited Partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Partnership’s balance in investment in Local Limited Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Partnership’s exposure to loss on these Local Limited Partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the Local General Partners and their guarantee against credit recapture to the investors in the Partnership. | |||||||||||||||||||||
Distributions received from the Local Limited Partners are accounted for as a reduction of the investment balance. Distributions received after the investment has reached zero are recognized as distribution income. As of March 31, 2014 and 2013, all investment accounts in Local Limited Partnerships had reached zero. | |||||||||||||||||||||
Use of Estimates | ' | ||||||||||||||||||||
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 amounts of assets and 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 materially differ from those estimates. | |||||||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
The Partnership considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. For all periods presented, the Partnership had no cash equivalents. | |||||||||||||||||||||
Reporting Comprehensive Income | ' | ||||||||||||||||||||
Reporting Comprehensive Income | |||||||||||||||||||||
The Partnership had no items of other comprehensive income for all periods presented. | |||||||||||||||||||||
Net Income (Loss) Per Partnership Unit | ' | ||||||||||||||||||||
Net Income (Loss) Per Partnership Unit | |||||||||||||||||||||
Net income (loss) per Partnership Unit includes no dilution and is computed by dividing loss allocated to Limited Partners by the weighted average Partnership Units outstanding during the period. Calculation of diluted net income (loss) per Partnership Unit is not required. | |||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
The Partnership has elected to be treated as a pass-through entity for 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 owners on their respective income tax returns. The Partnership’s federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Partnership is not required to take any tax positions in order to qualify as a pass-through entity. The Partnership is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Partnership has no other tax positions which must be considered for disclosure. Income tax returns filed by the Partnership are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2010 remain open. | |||||||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||
The Partnership is entitled to receive reporting fees from the Local Limited Partnerships. The intent of the reporting fees is to offset (in part) administrative costs incurred by the Partnership in corresponding with the Local Limited Partnerships. Due to the uncertainty of the collection of these fees, the Partnership recognizes reporting fees as collections are made. | |||||||||||||||||||||
Concentration of Credit Risk | ' | ||||||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||||||
From time to time, the Partnership maintains cash balances at certain financial institutions in excess of the federally insured maximum. The Partnership believes it is not exposed to any significant financial risk on cash. | |||||||||||||||||||||
Impact of Recent Accounting Pronouncements | ' | ||||||||||||||||||||
Impact of Recent Accounting Pronouncements | |||||||||||||||||||||
In May 2011, the FASB issued an update to existing guidance related to fair value measurements on how to measure fair value and what disclosures to provide about fair value measurements. For fair value measurements categorized as level 3, a reporting entity should disclose quantitative information of the unobservable inputs and assumptions, description of the valuation processes and narrative description of the sensitivity of the fair value to changes in unobservable inputs. This update is effective for interim and annual periods beginning after December 15, 2011. The adoption of this update did not materially affect the Partnership’s financial statements. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||
Schedule of Possible Disposition of Local Limited Partnerships | ' | ||||||||||||||||||||
The Compliance Periods for all Local Limited Partnerships have expired so there is no risk of tax credit recapture to the investors in the Partnership. | |||||||||||||||||||||
Local Limited Partnership | Debt at | Appraisal | Estimated | Estimated | Estimated | ||||||||||||||||
12/31/13 | Value | Sales Price | Sales | Gain on sale | |||||||||||||||||
Related | |||||||||||||||||||||
Expenses | |||||||||||||||||||||
Sandpiper Square, LP | $ | 871,521 | $ | 465,000 | $ | 20,000 | $ | 5,000 | $ | 15,000 | |||||||||||
Mt Graham Housing, Ltd | 1,291,776 | 1,035,000 | 40,000 | 3,000 | 37,000 | ||||||||||||||||
HOI Limited Partnership of Lenoir | 276,747 | 635,000 | 11,100 | 7,000 | 4,100 | ||||||||||||||||
Laurel Creek Apartments* | 59,280 | 2,270,000 | - | - | - | ||||||||||||||||
* As of the date of this report, the sales price and sales related expenses cannot be determined. |
Investments_in_Local_Limited_P1
Investments in Local Limited Partnerships (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||||||
Combined Condensed Balance Sheets | ' | ||||||||||||
COMBINED CONDENSED BALANCE SHEETS | |||||||||||||
2013 | 2012 | ||||||||||||
ASSETS | |||||||||||||
Buildings and improvements (net of accumulated depreciation as of December 31, 2013 and 2012 of $4,030,000 and $8,287,000 respectively) | $ | 2,275,000 | $ | 8,113,000 | |||||||||
Land | 537,000 | 602,000 | |||||||||||
Other assets | 906,000 | 1,373,000 | |||||||||||
Total assets | $ | 3,718,000 | $ | 10,088,000 | |||||||||
LIABILITIES | |||||||||||||
Mortgage payable | $ | 2,499,000 | $ | 7,994,000 | |||||||||
Due to affiliates | 20,000 | 435,000 | |||||||||||
Other liabilities | 65,000 | 789,000 | |||||||||||
Total liabilities | 2,584,000 | 9,218,000 | |||||||||||
PARTNERS’ EQUITY (DEFICIT) | |||||||||||||
WNC Housing Tax Credit Fund IV, L.P., Series 1 | 546,000 | (457,000 | ) | ||||||||||
Other partners | 588,000 | 1,327,000 | |||||||||||
Total partners’ equity (deficit) | 1,134,000 | 870,000 | |||||||||||
Total liabilities and partners’ equity (deficit) | $ | 3,718,000 | $ | 10,088,000 | |||||||||
Combined Condensed Statements of Operations | ' | ||||||||||||
COMBINED CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Revenues | $ | 841,000 | $ | 1,948,000 | $ | 3,288,000 | |||||||
Expenses: | |||||||||||||
Operating expenses | 495,000 | 316,000 | 445,000 | ||||||||||
Interest expense | 35,000 | 507,000 | 795,000 | ||||||||||
Depreciation and amortization | 220,000 | 1,218,000 | 2,154,000 | ||||||||||
Total expenses | 750,000 | 2,041,000 | 3,394,000 | ||||||||||
Net income (loss) | $ | 91,000 | $ | (93,000 | ) | $ | (106,000 | ) | |||||
Net income (loss) allocable to the Partnership, | $ | 90,000 | $ | (92,000 | ) | $ | (103,000 | ) | |||||
Net income (loss) recorded by the Partnership | $ | - | $ | - | $ | - |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Schedule of Accrued Fees and Expenses Due to General Partner and Affiliates | ' | ||||||||
The accrued fees and expenses due to the General Partner and affiliates consist of the following at: | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Asset management fee payable | $ | 335 | $ | - | |||||
Expenses paid by the General Partner or an affiliate on behalf of the Partnership | 12,882 | - | |||||||
Total | $ | 13,217 | $ | - |
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
The following is a summary of the quarterly operations for the years ended March 31 (rounded): | |||||||||||||||||
30-Jun | 30-Sep | 31-Dec | 31-Mar | ||||||||||||||
2014 | |||||||||||||||||
Income | $ | 10,000 | $ | - | $ | - | $ | - | |||||||||
Operating expenses | (20,000 | ) | (48,000 | ) | (9,000 | ) | (25,000 | ) | |||||||||
Loss from operations | (10,000 | ) | (48,000 | ) | (9,000 | ) | (25,000 | ) | |||||||||
Loss on sale of Local Limited Partnerships | - | - | (18,000 | ) | - | ||||||||||||
Net loss | (10,000 | ) | (48,000 | ) | (27,000 | ) | (25,000 | ) | |||||||||
Net loss available to Limited Partners | (10,000 | ) | (47,000 | ) | (27,000 | ) | (25,000 | ) | |||||||||
Net loss per Partnership Unit | (1 | ) | (5 | ) | (3 | ) | (2 | ) | |||||||||
30-Jun | 30-Sep | 31-Dec | 31-Mar | ||||||||||||||
2013 | |||||||||||||||||
Income | $ | 30,000 | $ | - | $ | - | $ | 4,000 | |||||||||
Operating expenses | (40,000 | ) | (35,000 | ) | (25,000 | ) | (14,000 | ) | |||||||||
Loss from operations | (10,000 | ) | (35,000 | ) | (25,000 | ) | (10,000 | ) | |||||||||
Gain on sale of Local Limited Partnerships | 27,000 | 70,000 | 41,000 | 221,000 | |||||||||||||
Net income | 17,000 | 35,000 | 16,000 | 211,000 | |||||||||||||
Net income available to Limited Partners | 17,000 | 34,000 | 16,000 | 210,000 | |||||||||||||
Net income per Partnership Unit | 2 | 3 | 2 | 21 | |||||||||||||
30-Jun | 30-Sep | 31-Dec | 31-Mar | ||||||||||||||
2012 | |||||||||||||||||
Income | $ | 3,000 | $ | 16,000 | $ | - | $ | 5,000 | |||||||||
Operating expenses | (45,000 | ) | (26,000 | ) | (40,000 | ) | (15,000 | ) | |||||||||
Loss from operations | (42,000 | ) | (10,000 | ) | (40,000 | ) | (10,000 | ) | |||||||||
Gain on sale of Local Limited Partnerships | - | 77,000 | 313,000 | 2,000 | |||||||||||||
Net income (loss) | (42,000 | ) | 67,000 | 273,000 | (8,000 | ) | |||||||||||
Net income (loss) available to Limited Partners | (42,000 | ) | 66,000 | 271,000 | (8,000 | ) | |||||||||||
Net income (loss) per Partnership Unit | (4 | ) | 6 | 27 | (1 | ) |
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies (Details Narrative) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Limited partnership interest, units authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000 | ' | ' |
Price per unit of limited partnership interest | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' |
Offering of partnership units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' |
Partners subscriptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' |
Partnership units, outstanding | 9,939 | ' | ' | ' | 9,962 | ' | ' | ' | ' | ' | ' | ' | 9,939 | 9,962 | ' |
General partners interest in operating profits and losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Limited partners interest in investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.00% | ' | ' |
Percentage of sale or refinancing proceeds distribution to limited partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.00% | ' | ' |
Percentage of sale or refinancing proceeds distribution to general partners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Taxable income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' |
Compliance period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' |
Amortized period of capitalized investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' |
Sales related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,217 | ' | ' |
Loss on sale | ' | -18,000 | ' | ' | 221,000 | 41,000 | 70,000 | 27,000 | 2,000 | 313,000 | 77,000 | ' | -18,215 | 359,383 | 392,308 |
Cash distribution made to Limited Partners | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Partnership's investment balance | 286,844 | ' | ' | ' | 395,534 | ' | ' | ' | ' | ' | ' | ' | 286,844 | 395,534 | ' |
Cash equivalents | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Income tax returns filed by Partnership subject to examination, period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Local Limited Partnerships [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partnership's investment balance | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Yantis Housing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage balance | ' | ' | ' | ' | ' | 579,452 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Yantis Housing [Member] | Unrelated Third Party [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of Limited Partnership Interest to unrelated third party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Local Limited Partnership Interest, appraised value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $180,000 | ' | ' |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies - Schedule of Possible Disposition of Local Limited Partnerships (Details) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | |||
Sandpiper Square, LP [Member] | ' | ' | ||
Debt at 12/31/13 | ' | $871,521 | ||
Appraisal Value | 465,000 | ' | ||
Estimated Sales Price | 20,000 | ' | ||
Estimated Sales Related Expenses | 5,000 | ' | ||
Estimated Gain on Sale | 15,000 | ' | ||
Mt Graham Housing, Ltd [Member] | ' | ' | ||
Debt at 12/31/13 | ' | 1,291,776 | ||
Appraisal Value | 1,035,000 | ' | ||
Estimated Sales Price | 40,000 | ' | ||
Estimated Sales Related Expenses | 3,000 | ' | ||
Estimated Gain on Sale | 37,000 | ' | ||
HOI Limited Partnership of Lenoir [Member] | ' | ' | ||
Debt at 12/31/13 | ' | 276,747 | ||
Appraisal Value | 635,000 | ' | ||
Estimated Sales Price | 11,100 | ' | ||
Estimated Sales Related Expenses | 7,000 | ' | ||
Estimated Gain on Sale | 4,100 | ' | ||
Laurel Creek Apartments [Member] | ' | ' | ||
Debt at 12/31/13 | ' | 59,280 | [1] | |
Appraisal Value | 2,270,000 | [1] | ' | |
Estimated Sales Price | ' | [1] | ' | |
Estimated Sales Related Expenses | ' | [1] | ' | |
Estimated Gain on Sale | ' | [1] | ' | |
[1] | As of the date of this report, the sales price and sales related expenses cannot be determined. |
Investments_in_Local_Limited_P2
Investments in Local Limited Partnerships (Details Narrative) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Integer | Integer | ||
Equity Method Investments and Joint Ventures [Abstract] | ' | ' | ' |
Acquisition of limited partnership interests | 4 | 5 | ' |
Number of apartment units | 122 | 293 | ' |
Percentage of interests in local limited partnership | 99.00% | ' | ' |
Investment of local limited partnership | ($546,000) | $457,000 | ' |
Estimated share of loss | 21,000 | 158,000 | 167,000 |
Net losses not recognized by the Partnership amounted to approximately value | $604,000 | ' | ' |
Investments_in_Local_Limited_P3
Investments in Local Limited Partnerships - Schedule of Combined Condensed Balance Sheets (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
Local Limited Partnerships [Member] | Local Limited Partnerships [Member] | |||||
Buildings and improvements (net of accumulated depreciation as of December 31, 2013 and 2012 of $4,030,000 and $8,287,000 respectively) | ' | ' | ' | ' | $2,275,000 | $8,113,000 |
Land | ' | ' | ' | ' | 537,000 | 602,000 |
Other assets | 1,611 | 15,448 | ' | ' | 906,000 | 1,373,000 |
Total assets | 228,702 | 325,719 | ' | ' | 3,718,000 | 10,088,000 |
Mortgage payable | ' | ' | ' | ' | 2,499,000 | 7,994,000 |
Due to affiliates | ' | ' | ' | ' | 20,000 | 435,000 |
Other liabilities | ' | ' | ' | ' | 65,000 | 789,000 |
Total liabilities | 13,217 | 446 | ' | ' | 2,584,000 | 9,218,000 |
WNC Housing Tax Credit Fund IV, L.P., Series 1 | -546,000 | 457,000 | ' | ' | 546,000 | -457,000 |
Other partners | ' | ' | ' | ' | 588,000 | 1,327,000 |
Total partners' equity (deficit) | 215,485 | 325,273 | 45,798 | -270,889 | 1,134,000 | 870,000 |
Total liabilities and partners' equity (deficit) | 228,702 | 325,719 | ' | ' | 3,718,000 | 10,088,000 |
Net of accumulated depreciation of Buildings and improvements | ' | ' | ' | ' | $4,030,000 | $8,287,000 |
Investments_in_Local_Limited_P4
Investments in Local Limited Partnerships - Combined Condensed Statements of Operations (Details) (Local Limited Partnerships [Member], USD $) | 12 Months Ended | ||
Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | |
Local Limited Partnerships [Member] | ' | ' | ' |
Revenues | $841,000 | $1,948,000 | $3,288,000 |
Operating expenses | 495,000 | 316,000 | 445,000 |
Interest expense | 35,000 | 507,000 | 795,000 |
Depreciation and amortization | 220,000 | 1,218,000 | 2,154,000 |
Total expenses | 750,000 | 2,041,000 | 3,394,000 |
Net income (loss) | 91,000 | -93,000 | -106,000 |
Net income (loss) allocable to the Partnership, | 90,000 | -92,000 | -103,000 |
Net income (loss) recorded by the Partnership | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2003 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Acquisition fee percentage | 8.00% | ' | ' | ' |
Acquisition fee | $800,000 | ' | ' | ' |
Reimbursement percentage | 1.20% | ' | ' | ' |
Acquisition cost | 54,949 | ' | ' | ' |
Accumulated amortization | 54,949 | ' | ' | ' |
Asset management fee equal to the greater amount of each Housing complex | 2,000 | ' | ' | ' |
Asset management fees equal to percentage of gross proceeds | 0.28% | ' | ' | ' |
Percentage of maximum asset management fees on invested assets | 0.20% | ' | ' | ' |
Asset management fees | 24,585 | 25,250 | 35,000 | ' |
Asset management fees paid during the year | 0 | 137,409 | 222,633 | ' |
Overpaid asset management fees by partnership | ' | 24,250 | ' | ' |
Subordinated disposition fee | 1.00% | ' | ' | ' |
Percentage of preferred return from payment of subordinated disposition fee to limited partner | ' | ' | ' | 16.00% |
Percentage of preferred return payable to general partner and affiliates on sales effort | 6.00% | ' | ' | ' |
Operating expense reimbursements | 51,872 | 103,296 | 186,196 | ' |
Overpaid reimbursements value by partnership | $8,692 | ' | ' | ' |
Related_Party_Transactions_Sch
Related Party Transactions - Schedule of Accrued Fees and Expenses Due to General Partner and Affiliates (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Related Party Transactions [Abstract] | ' | ' |
Asset management fee payable | $335 | ' |
Expenses paid by the General Partner or an affiliate on behalf of the Partnership | 12,882 | ' |
Total | $13,217 | ' |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) - Schedule of Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income | ' | ' | ' | $10,000 | $4,000 | ' | ' | $30,000 | $5,000 | ' | $16,000 | $3,000 | $9,633 | $34,216 | $24,467 |
Operating expenses | -25,000 | -9,000 | -48,000 | -20,000 | -14,000 | -25,000 | -35,000 | -40,000 | -15,000 | -40,000 | -26,000 | -45,000 | 101,294 | 114,151 | 126,776 |
Loss from operations | -25,000 | -9,000 | -48,000 | -10,000 | -10,000 | -25,000 | -35,000 | -10,000 | -10,000 | -40,000 | -10,000 | -42,000 | -91,661 | -79,935 | -102,309 |
Gain (Loss) on sale of Local Limited Partnerships | ' | -18,000 | ' | ' | 221,000 | 41,000 | 70,000 | 27,000 | 2,000 | 313,000 | 77,000 | ' | -18,215 | 359,383 | 392,308 |
Net income (loss) | -25,000 | -27,000 | -48,000 | -10,000 | 211,000 | 16,000 | 35,000 | 17,000 | -8,000 | 273,000 | 67,000 | -42,000 | -109,788 | 279,475 | 290,033 |
Net income (loss) available to Limited Partners | ($25,000) | ($27,000) | ($47,000) | ($10,000) | $210,000 | $16,000 | $34,000 | $17,000 | ($8,000) | $271,000 | $66,000 | ($42,000) | ($108,690) | $276,680 | $287,133 |
Net income (loss) per Partnership Unit | ($2) | ($3) | ($5) | ($1) | $21 | $2 | $3 | $2 | ($1) | $27 | $6 | ($4) | ($10.94) | $27.77 | $28.71 |
Contributions_by_the_General_P1
Contributions by the General Partner (Details Narrative) (USD $) | 12 Months Ended |
Mar. 31, 2012 | |
Contributions By General Partner Details Narrative | ' |
Contributions of General Partner for expense payment | $26,654 |