10-Q 1 b590510q.htm BCTC V SEPTEMBER 2005 10-Q Boston Capital Tax Credit Fund V L

FORM 10-Q

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

(Mark One)

(X)   QUARTERLY REPORT PERSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

      For the quarterly period ended September 30, 2005

                                             or

( )   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

      For the transition period from _______ to _______
Commission file number        0-26200

BOSTON CAPITAL TAX CREDIT FUND V L.P.
(Exact name of registrant as specified in its charter)

Delaware

14-1897569

(State or other jurisdiction

(I.R.S. Employer

of incorporation or organization)

Identification No.)

 

One Boston Place, Suite 2100, Boston, Massachusetts  02108
(Address of principal executive offices)           (Zip Code)

Registrant's telephone number, including area code (617)624-8900

(Former name, former address and former fiscal year, if changed since last report)

      Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

    

No

X

 

      Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes

    

No

X

 

      Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

    

No

X

 

 

 

 

 

BOSTON CAPITAL TAX CREDIT FUND V L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2005

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION

  
   

Pages
 

Item 1. Financial Statements
     
   

Balance Sheets

3-6
   

Statements of Operations

7-14
   

Statements of Changes in Partners' 
Capital

15-17
   

Statements of Cash Flows

18-25
   

Notes to Financial Statements

26-32
     
 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of 

Operations



32-35
     
 

Item 3. Quantitative and Qualitative Disclosure About Market Risk


37
     
 

Item 4. Evaluation of Disclosure and Procedures

37
     

PART II - OTHER INFORMATION

  
     
 

Item 6. Exhibits and Reports on Form 8-K

38
     
     
 

Signatures

39
     
   

 
     

 

 

 

Boston Capital Tax Credit Fund V L.P.

BALANCE SHEETS



September 30,
2005
(Unaudited)

March 31,
2005
(Unaudited)

ASSETS

     

INVESTMENTS IN OPERATING PARTNERSHIPS 
(Note D)


$ 86,324,868


$ 69,531,720
     

OTHER ASSETS

    
       
 

Cash and cash equivalents

16,087,914

33,668,430

Investments

13,384,491

8,694,513
 

Notes receivable

3,784,017

766,381

Acquisition costs net

9,086,421

8,242,330
 

Other assets

5,247,737

6,080,173
 

$133,915,448

$126,983,547
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses 
(Note C)


$   353,101


$  769,246
 

Accounts payable affiliates

874,739

414,510
 

Capital contributions payable

32,726,349

  33,501,526
 

Line of credit

          -

          -
 

33,954,189

34,685,282
     

PARTNERS' EQUITY (DEFICIT)

    
     

Limited Partners

    
 

Units of limited partnership 
interest, $10 stated value per BAC; 
15,500,000 authorized BACs; 
11,777,706 and 10,785,967 issued and outstanding, 
as of September 30, 2005 and March 31, 2005, respectively







99,996,225







92,416,511

General Partner

(8,723)

(5,469)

Unrealized gain (loss) on securities

    
 

Available for sale, net

   (26,243)

  (112,777)
 

99,961,259

92,298,265
 

$133,915,448

$126,983,547

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.
BALANCE SHEETS

Series 47



September 30,
2005
(Unaudited)

March 31,
2005
(Unaudited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 
(Note D)


$ 24,538,100


$ 25,394,408
     

OTHER ASSETS

    
 

Cash and cash equivalents

1,412,083

1,965,813
 

Investments

3,288,108

5,789,950
 

Notes receivable

1,245,069

278,096

Acquisition costs net

2,759,782

2,797,910
 

Other assets

   316,466

   718,213
 

$ 33,559,608

$ 36,944,390
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses 
(Note C)


$     93,913


$    135,103
 

Accounts payable affiliates

440,641

244,399
 

Capital contributions payable

5,289,110

    7,963,457
 

Line of credit

          -

          -
 

  5,823,664

  8,342,959
     

PARTNERS' EQUITY (DEFICIT)

    
     

Limited Partners

    

Units of limited partnership 
interest, $10 stated value per BAC; 
15,500,000 authorized BACs; 
3,478,334 issued and outstanding, 
as of September 30, 2005





27,748,823





28,675,468

General Partner

(6,165)

(3,843)

Unrealized gain (loss) on securities

    
 

available for sale, net

    (6,714)

   (70,194)
 

 27,735,944

 28,601,431
 

$ 33,559,608

$ 36,944,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.
BALANCE SHEETS

Series 48



September 30,
2005
(Unaudited)

March 31,
2005
(Unaudited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 
(Note D)


$17,207,076


$17,215,034
     

OTHER ASSETS

    
 

Cash and cash equivalents

2,069,639

3,559,396
 

Investments

487,098

2,904,563
 

Notes receivable

557,254

185,292

Acquisition costs net

2,049,896

1,996,000
 

Other assets

   979,908

980,409
 

$23,350,871

$26,840,694
     

LIABILITIES

     
 

Accounts payable & accrued expenses 
(Note C)


$    68,494


$  77,805
 

Accounts payable affiliates

241,090

121,984
 

Capital contributions payable

3,785,564

7,222,638
 

Line of credit

         -

         -
 

4,095,148

7,422,427
     

PARTNERS' EQUITY (DEFICIT)

    
     

Limited Partners

    
 

Units of limited partnership 
interest, $10 stated value per BAC; 
15,500,000 authorized BACs; 

2,299,372 issued and outstanding, 
as of September 30, 2005





19,254,271





19,462,122

General Partner

(1,783)

(1,272)

Unrealized gain (loss) on securities

    
 

Available for sale, net

   3,235

  (42,583)
 

19,255,723

19,418,267
 

$23,350,871

$26,840,694
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of this statement

 

Boston Capital Tax Credit Fund V L.P.
BALANCE SHEETS

Series 49



September 30,
2005
(Unaudited)

March 31,
2005
(Unaudited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 
(Note D)


$44,579,692


$26,922,278
     

OTHER ASSETS

    
 

Cash and cash equivalents

12,606,192

28,143,221
 

Investments

9,609,285

-
 

Notes receivable

1,981,694

302,993

Acquisition costs net

4,276,743

3,448,420
 

Other assets

3,951,363

4,381,551
 

$77,004,969

$63,198,463
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses 
(Note C)


$  190,694


$  556,338
 

Accounts payable affiliates

193,008

48,127
 

Capital contributions payable

23,651,675

18,315,431
 

Line of credit

         -

         -
 

24,035,377

18,919,896
     

PARTNERS' EQUITY (DEFICIT)

    
     

Limited Partners

    
 

Units of limited partnership 
interest, $10 stated value per BAC; 
15,500,000 authorized BACs; 

6,000,000 and $5,008,261 issued and outstanding, 
as of September 30, 2005 and March 31, 2005, respectively







52,993,131







44,278,921

General Partner

(775)

(354)

Unrealized gain (loss) on securities

    
 

Available for sale, net

  (22,764)

         -
 

52,969,592

44,278,567
 

$77,004,969

$63,198,463
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

 


  2005


  2004
     

Income

    
 

Interest income

$   184,360

$   50,554
 

Other income

         -

         -
 

   184,360

    50,554

Share of loss from Operating
Partnerships (Note D)


(372,316)


-
     

Expenses

    
 

Professional fees

64,672

12,030
 

Fund management fee (Note C)

253,373

110,073
 

Organization costs

-

-
 

Amortization

87,106

-
 

General and administrative expenses

    71,543

    60,346
 

  476,694

  182,449
     

NET INCOME (LOSS)

$ (664,650)

$ (131,895)
     

Net income (loss) allocated to
limited partners


$ (662,989)


$ (131,566)
     

Net income (loss) allocated to
general partner


$   (1,661)


$   (329)
     

Net income (loss) per BAC

$     (.06)

$     (.02)
     






 

 

 

 

 

 

 










The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 47


    2005


    2004
     

Income

    
 

Interest income

$    32,064

$    40,295
 

Other income

         -

         -
 

    32,064

    40,295

Share of loss from Operating
Partnerships(Note D)


(357,576)


-
     

Expenses

    
 

Professional fees

24,340

11,775
 

Fund management fee (Note C)

98,034

94,017
 

Organization costs

-

-
 

Amortization

26,934

-
 

General and administrative expenses

    20,878

    45,100

  

  170,186

  150,892
     

NET INCOME (LOSS)

$ (495,698)

$ (110,597)
     

Net income (loss) allocated to limited
partners


$ (494,459)


$ (110,321)
     

Net income (loss) allocated to general
partner


$   (1,239)


$   (276)
     

Net income (loss) per BAC

$     (.14)

$     (.03)
     










 

 

 

 






The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 48


    2005


    2004

     

Income

    
 

Interest income

$    17,793

$   10,020
 

Other income

         -

         -
 

    17,793

   10,020

Share of loss from Operating 
Partnerships(Note D)


  (8,973)


   -
     

Expenses

    
 

Professional fees

13,406

255
 

Fund management fee (Note C) 

59,553

16,056
 

Organization costs

-

-
 

Amortization

19,349

-
 

General and administrative expenses

     6,094

     8,877

  

    98,402

    25,188
     

NET INCOME (LOSS)

$  (89,582)

$  (15,168)
     

Net income (loss) allocated to limited
partners


$  (89,358)


$ (15,130)
     

Net income (loss) allocated to general 
partner

$   (224)

$   (38)
     

Net income (loss) per BAC


$  (.04)


$  (.01)
     





 

 

 











The accompanying notes are an integral part of this statement


Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 49


    2005


    2004

     

Income

    
 

Interest income

$    134,503

$     239
 

Other income

         -

         -
 

   134,503

   239

Share of loss from Operating 
Partnerships(Note D)


  (5,767)


   -
     

Expenses

    
 

Professional fees

26,926

-
 

Fund management fee (Note C) 

95,786

-
 

Organization costs

-

-
 

Amortization

40,823

-
 

General and administrative expenses

    44,571

     6,369

  

   208,106

     6,369
     

NET INCOME (LOSS)

$  (79,370)

$  (6,130)
     

Net income (loss) allocated to limited
partners


$  (79,172)


$ (6,115)
     

Net income (loss) allocated to general 
partner

$   (198)

$   (15)
     

Net income (loss) per BAC


$  (.03)


$  (.01)
     








 

 








The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

 


  2005


  2004
     

Income

    
 

Interest income

$    382,157

$   71,973
 

Other income

         -

         -
 

   382,157

    71,973

Share of loss from Operating
Partnerships (Note D)


(738,688)


-
     

Expenses

    
 

Professional fees

110,380

19,563
 

Fund management fee (Note C)

507,092

142,137
 

Organization costs

-

201,466
 

Amortization

172,579

-
 

General and administrative expenses

   155,180

    89,269
 

  945,231

  452,435
     

NET INCOME (LOSS)

$(1,301,762)

$ (380,462)
     

Net income (loss) allocated to
limited partners


$(1,298,508)


$ (379,511)
     

Net income (loss) allocated to
general partner


$    (3,254)


$   (951)
     

Net income (loss) per BAC

$      (.11)

$     (.06)
     







 


 

 

 








The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 47


    2005


    2004
     

Income

    
 

Interest income

$    83,061

$    61,045
 

Other income

         -

         -
 

    83,061

    61,045

Share of loss from Operating
Partnerships(Note D)


(676,113)


-
     

Expenses

    
 

Professional fees

34,149

18,283
 

Fund management fee (Note C)

196,242

126,081
 

Organization costs

-

99,946
 

Amortization

53,705

-
 

General and administrative expenses

    51,819

    70,340

  

  335,915

  314,650
     

NET INCOME (LOSS)

$ (928,967)

$ (253,605)
     

Net income (loss) allocated to limited
partners


$ (926,645)


$ (252,971)
     

Net income (loss) allocated to general
partner


$   (2,322)


$   (634)
     

Net income (loss) per BAC

$     (.27)

$     (.07)
     







 

 











The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 48


    2005


    2004

     

Income

    
 

Interest income

$    44,763

$    10,689
 

Other income

         -

         -
 

    44,763

   10,689

Share of loss from Operating 
Partnerships(Note D)


  (51,533)


   -
     

Expenses

    
 

Professional fees

19,638

1,280
 

Fund management fee (Note C) 

119,106

16,056
 

Organization costs

-

101,520
 

Amortization

38,108

-
 

General and administrative expenses

    20,789

    12,560

  

   197,641

   131,416
     

NET INCOME (LOSS)

$ (204,411)

$ (120,727)
     

Net income (loss) allocated to limited
partners


$ (203,900)


$ (120,425)
     

Net income (loss) allocated to general 
partner

$   (511)

$   (302)
     

Net income (loss) per BAC


$  (.09)


$  (.05)
     


 

 

 

 













The accompanying notes are an integral part of this statement


Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 49


    2005


    2004
     

Income

    
 

Interest income

$   254,333

$ 239
 

Other income

         -

         -
 

   254,333

     239

Share of loss from Operating 
Partnerships(Note D)


  (11,042)


   -
     

Expenses

    
 

Professional fees

56,593

-
 

Fund management fee (Note C) 

191,744

-
 

Organization costs

-

-
 

Amortization

80,766

-
 

General and administrative expenses

    82,572

     6,369

  

   411,675

    6,369
     

NET INCOME (LOSS)

$ (168,384)

$  (6,130)
     

Net income (loss) allocated to limited
partners


$ (167,963)


$  (6,115)
     

Net income (loss) allocated to general 
partner

$   (421)

$   (15)
     

Net income (loss) per BAC


$  (.03)


$  (.01)
     





 

 

 

 










The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2005
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total
         

Partners' capital
(deficit)
  April 1, 2005



$ 92,416,511



$  (5,469)



$  (112,777)



$ 92,298,265
         

Capital contributions

 9,916,881

-

-

 9,916,881
         

Selling commissions and
  registration costs


(1,038,659)


-


-


(1,038,659)
         

Net income (loss)

  (1,298,508)

    (3,254)

         -

  (1,301,762)
         

Unrealized income (loss)

on securities available

for sale

 

          -

 

          -

 

    86,534

 

    86,534
         

Partners' capital
(deficit),
  September 30, 2005



$ 99,996,225



$  (8,723)



$  (26,243)



$ 99,961,259
         











 














The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2005
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 47

        

Partners' capital
(deficit)
  April 1, 2005



$ 28,675,468



$   (3,843)



$   (70,194)



$ 28,601,431
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


-


-


-


-
         

Net income (loss)

  (926,645)

   (2,322)

         -

  (928,967)
         

Unrealized income (loss)

on securities available

for sale

 

          -

 

          -

 

     63,480

 

    63,480
         

Partners' capital
(deficit),
  September 30, 2005



$ 27,748,823



$  (6,165)



$   (6,714)



$ 27,735,944
         

Series 48

        

Partners' capital
(deficit)
  April 1, 2005



$ 19,462,122



$   (1,272)



$   (42,583)



$ 19,418,267
         

Capital contributions

-

-

-

-
         

Selling commissions and
  registration costs


(3,951)


-


-


(3,951)
         

Net income (loss)

  (203,900)

     (511)

         -

(204,411)
         

Unrealized income (loss)

on securities available

for sale

 

          -

 

          -

 

    45,818

 

    45,818
         

Partners' capital
(deficit),
  September 30, 2005



$ 19,254,271



$   (1,783)



$   3,235



$ 19,255,723
         





The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2005
(Unaudited)

 





Assignees



General
Partner


Accumulated
or other
comprehensive
income





Total

Series 49

        

Partners' capital
(deficit)
  April 1, 2005



$ 44,278,921



$   (354)



$  -



$ 44,278,567
         

Capital contributions

9,916,881

-

-

9,916,881
         

Selling commissions and
  registration costs


(1,034,708)


-


-


(1,034,708)
         

Net income (loss)

   (167,963)

     (421)

         -

(168,384)
         

Unrealized income (loss)

on securities available

for sale

 

          -

 

         -

 

   (22,764)

 

   (22,764)
         

Partners' capital
(deficit),
  September 30, 2005



$ 52,993,131



$   (775)



$   (22,764)



$ 52,969,592
         






 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

 

2005

2004

Cash flows from operating activities:

    
     
 

Net income (loss)

$ (1,301,762)

$ (380,462)
 

Adjustments

    
 

Amortization

172,579

-
 

Distributions from Operating
  Partnerships


-


-
 

Share of Loss from Operating
  Partnerships


738,688


-
 

Changes in assets and liabilities

    
 

(Decrease) Increase in accounts
  payable and accrued expenses


(416,145)


(61,562)
 

Decrease (Increase) in prepaid
  expenses


-


-
 

Decrease (Increase) in accounts
  receivable


832,436


3,487,643
 

(Decrease) Increase in accounts
  payable affiliates


460,229


(258,941)
       
 

Net cash (used in) provided by 
operating activities


486,025


2,786,678
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



(1,134,917)



(3,650,189)
 

Capital contributions paid to 
  Operating Partnerships


(18,188,766)


(14,876,128)
 

Advances to Operating Partnerships

(3,017,636)

(468,000)
 

Investments

 (4,603,444)

 (5,516,843)

Net cash (used in) provided by
investing activities


(26,944,763)


(24,511,160)


 

 

 

 




The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

 

2005

2004
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

(1,038,659)

(5,719,689)
 

Line of credit

-

(2,678,132)
 

Capital contributions received

   9,916,881

  45,553,685
       
 

Net cash (used in) provided by
financing activities


   8,878,222


  37,155,864
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


(17,580,516)


  15,431,382
     

Cash and cash equivalents, beginning

  33,668,430

   6,659,989
     

Cash and cash equivalents, ending

$  16,087,914

$  22,091,371
     

Supplemental schedule of non-cash
  investing and financing activities:
  The fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$  9,089,313





$  16,648,616
     









 

 

 

 

 










The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 47

 

2005

2004

Cash flows from operating activities:

    
     
 

Net income (loss)

$   (928,967)

$   (253,605)

Adjustments

 

Amortization

53,705

-
 

Distributions from Operating
  Partnerships


-


-
 

Share of Loss from Operating
  Partnerships


676,113


-
 

Changes in assets and liabilities

    
 

(Decrease) Increase in accounts
  payable and accrued expenses


(41,190)


(678,394)
 

Decrease (Increase) in accounts
  receivable


401,747


6,489,844
 

(Decrease) Increase in accounts
  payable affiliates


196,242


(304,608)
       
 

Net cash (used in) provided by 
operating activities


357,650


5,253,237
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



(16,011)



(1,440,405)
 

Capital contributions paid to 
  Operating Partnerships


(2,493,718)


(8,776,310)
 

Advances to Operating Partnerships

(966,973)

(468,000)
 

Investments

2,565,322

(5,516,843)
       
 

Net cash (used in) provided by
investing activities


(911,380)


(16,201,558)

 

 

 

 

 

 

 

 

 

 



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 47

 

2005

2004
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

(2,010,367)
 

Line of credit

-

(2,678,132)
 

Capital contributions received

-

 16,333,890
     
 

Net cash (used in) provided by
financing activities


  -


 11,645,391
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


(553,730)


697,070
     

Cash and cash equivalents, beginning

  1,965,813

  6,659,989
     

Cash and cash equivalents, ending

$  1,412,083

$  7,357,059
     

Supplemental schedule of non-cash
  investing and financing activities:
  The fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$   -





$  8,425,036
     





 

 

 

 

 











The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 48

 

2005

2004

Cash flows from operating activities:

    
     
 

Net income (loss)

$   (204,411)

$   (120,727)
 

Adjustments

    
 

Amortization

38,108

-
 

Distributions from Operating
  Partnerships


-


-
 

Share of Loss from Operating
  Partnerships


51,533


-
 

Changes in assets and liabilities

    
 

(Decrease) Increase in accounts
  payable and accrued expenses


(9,311)


57,558
 

Decrease (Increase) in accounts
  receivable


501


(6,526)
 

(Decrease) Increase in accounts
  payable affiliates


119,106


6,467
 

Net cash (used in) provided by 
operating activities


(4,474)


(63,228)
     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



(93,763)



(1,791,217)
 

Capital contributions paid to 
  Operating Partnerships


(3,478,890)


(5,505,940)
 

Advances to Operating Partnerships

(371,962)

-
 

Investments

2,463,283

-
       
 

Net cash (used in) provided by
investing activities


(1,481,332)


(7,297,157)


 

 

 

 

 

 

 

 

 



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 48

 

2005

2004
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

(3,951)

(2,975,397)
 

Line of credit

          -

          -
 

Capital contributions received

 -

 22,993,720
       
 

Net cash (used in) provided by
financing activities


  (3,951)


 20,018,323
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


(1,489,757)


 12,657,938
     

Cash and cash equivalents, beginning

  3,559,396

     -
     

Cash and cash equivalents, ending

$  2,069,639

$ 12,657,938
     

Supplemental schedule of non-cash
  investing and financing activities:
  The fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$   -





$  6,441,945
     




 

 

 














The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 49

 

2005

2004

Cash flows from operating activities:

    
     
 

Net income (loss)

$   (168,384)

$   (6,130)
 

Adjustments

    
 

Amortization

80,766

-
 

Distributions from Operating
  Partnerships


-


-
 

Share of Loss from Operating
  Partnerships


11,042


-
 

Changes in assets and liabilities

    
 

(Decrease) Increase in accounts
  payable and accrued expenses


(365,644)


559,274
 

Decrease (Increase) in accounts
  receivable


430,188


(2,995,675)
 

(Decrease) Increase in accounts
  payable affiliates


144,881


39,200
 

Net cash (used in) provided by 
operating activities


132,849


(2,403,331)

     
     

Cash flows from investing activities:

    
     
 

Acquisition costs repaid (paid) for
  Operating Partnerships acquired
  or to be acquired



(1,025,143)



(418,567)
 

Capital contributions paid to 
  Operating Partnerships


(12,216,158)


(593,878)
 

Advances to Operating Partnerships

(1,678,701)

          -
 

Investments

 (9,632,049)

 -
       
 

Net cash (used in) provided by
investing activities


(24,552,051)


(1,012,445)

 

 

 

 

 

 

 

 

 

 

 




The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 49

 

2005

2004
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

(1,034,708)

(733,925)
 

Line of credit

          -

          -
 

Capital contributions received

  9,916,881

  6,226,075
       
 

Net cash (used in) provided by
financing activities


  8,882,173


  5,492,150
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


(15,537,029)


2,076,374

     

Cash and cash equivalents, beginning

28,143,221

 -
     

Cash and cash equivalents, ending

$  12,606,192

$  2,076,374

     

Supplemental schedule of non-cash
  investing and financing activities:
  The fund has increased its investments
  for unpaid capital contributions
  due to the Operating Partnerships





$  9,089,313





$  1,781,635
     







 

 

 

 










The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS
September 30, 2005
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund V L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 15, 2003, for the purpose of acquiring, holding, and disposing of limited partnership interests in Operating Partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). The General Partner of the Fund is Boston Capital Associates V LLC, a Delaware limited liability company. The members of the General Partner are Boston Capital Companion Limited Partnership, a Massachusetts limited partnership, and John P. Manning, who is the managing member. Additional managers of the General Partner are Jeffrey H. Goldstein and Marc N. Teal. The general partner of Boston Capital Companion Limited Partnership is Boston Capital Partners II Corporation whose sole shareholder is John P. Manning. John P. Manning is the principal of Boston Capital Partners, Inc.

The Assignor Limited Partner is BCTC V Assignor Corp., a Delaware corporation which is wholly-owned by John P. Manning. The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the Limited Partnership Interest of the Assignor Limited Partner will be assigned by the Assignor Limited Partner by means of beneficial assignee certificates ("BACs") to investors and investors will be entitled to all the rights and economic benefits of a Limited Partner of the Fund including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-11 and the related prospectus, as supplemented (the "Prospectus") were filed with the Securities and Exchange Commission and became effective January 2, 2004 in connection with a public offering ("Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 7,000,000 BACs at $10 per BAC. On August 10, 2004 an amendment to Form S-11, which registered an additional 8,500,000 BACs for sale to the public in one or more series became effective. As of September 30, 2005, subscriptions had been received and accepted by the Fund for 11,777,706 BAC's representing capital contributions of $117,777,060.

The Offering, including information regarding the issuance of BACs in series, is described on pages 161 to 167 of the Prospectus, as supplemented, under the caption "The Offering", which is incorporated herein by reference.

Below is a summary of the BACs sold and total equity raised by series as of the September 30, 2005:

Series

Closing Date

BACs Sold

Equity Raised

Series 47

April 30, 2004

3,478,334

$34,783,340

Series 48

August 12, 2004

2,299,372

$22,993,720

Series 49

April 29, 2005

6,000,000

$60,000,000

 

 

 

 

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2005
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of September 30, 2005 and for the three and six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principals have been condensed or omitted pursuant to such rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K.

Investment Securities

The Fund has determined that all of its investment securities are to be categorized as securities available for sale. Securities classified as available for sale are those debt securities that the Fund purchased that may be liquidated prior to the maturity date should the need arise.

These securities are carried at approximate fair market value. All of the investments held by the Fund are tax-exempt municipal bonds.


The amortized cost of securities available for sale as of September 30, 2005 by contractual maturity are as follows:

 

Amortized Cost
   

Due in one year or less

$ 3,107,357

Due after one year

10,303,377

Total

$13,410,734

 

The fair market value of the securities is $13,384,491. The difference being an unrealized loss on securities available for sale of $26,243, as of September 30, 2005.

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2005
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management L.P. as follows:

An annual partnership management fee based on .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the series were added to reserves and not paid to Boston Capital Asset Management LP, the amounts accrued are not net of reporting fees received. The partnership management fee accrued for the quarters ended September 30, 2005 and 2004 are as follows:
 

2005

2004

Series 47

$   98,034

$   50,457

Series 48

59,553

6,467

Series 49

95,786

-

Total

$ 253,373

$ 56,924


The fund management fees paid for the quarter ended September 30, 2005 and 2004 are as follows:
 

2005

2004

Series 47

$   -

$   43,560

Series 48

-

9,589

Series 49

-

-

Total

$ -

$ 53,149

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2005 and 2004 the Fund has limited partnership interests in 40 and 20 Operating Partnerships which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2005 and 2004 is as follows:
 

2005

2004

Series 47

15

12

Series 48

10

7

Series 49

15

1

Total

40

20

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
September 30, 2004
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the financial results available for the Operating Partnerships would be for the six months ended June 30, 2005.


COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months Ended June 30,
(Unaudited)

 
 

        Series 47*

        2005
   

Revenues

  
 

Rental

$   533,121
 

Interest and other

    41,051
 

   574,172
   

Expenses

  
 

Interest

214,668
 

Depreciation and amortization

316,071
 

Operating expenses

   726,376
 

 1,257,115
   

NET LOSS

$ (682,943)
   

Net loss allocated to Boston Capital Tax Credit Fund V L.P.


$ (676,113)
   

Net loss allocated to other Partners


$   (6,830)
   

 

 

 

 

*The Operating Partnerships in Series 47 did not commence operations until after June 30, 2004, therefore, they do not have comparative information to report.

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund V L.P.

NOTES TO FINANCIAL STATEMENTS
September 30, 2005

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months Ended June 30,
(Unaudited)

 
 

        Series 48*

        2005
   

Revenues

  
 

Rental

$    225,864
 

Interest and other

    10,100
 

   235,964
   

Expenses

  
 

Interest

59,633
 

Depreciation and amortization

63,921
 

Operating expenses

   164,464
 

   288,018
   

NET LOSS

$  (52,054)
   

Net loss allocated to Boston Capital Tax Credit Fund V L.P.


$  (51,533)
   

Net loss allocated to other Partners


$     (521)
   

 

 

 

 

*The Operating Partnerships in Series 48 did not commence operations until after June 30, 2004, therefore, they do not have comparative information to report.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund V L.P.

NOTES TO FINANCIAL STATEMENTS
September 30, 2005

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Six months Ended June 30,
(Unaudited)

 
 

        Series 49*

        2005
   

Revenues

  
 

Rental

$    166,471
 

Interest and other

    12,004
 

   178,475
   

Expenses

  
 

Interest

49,879
 

Depreciation and amortization

-
 

Operating expenses

   139,750
 

   189,629
   

NET LOSS

$  (11,154)
   

Net loss allocated to Boston Capital Tax Credit Fund V L.P.


$ (11,042)
   

Net loss allocated to other Partners


$    (112)
   

 

 

 

 

*The Operating Partnerships in Series 49 did not commence operations until after June 30, 2004, therefore, they do not have comparative information to report.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the year ended December 31, 2005 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods. No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners and assignees individually.

Item 2. Management's Discussions and Analysis of Financial Condition and
Results of Operations


Liquidity

The Fund's primary source of funds is the proceeds of its Public Offering. Other sources of liquidity will include (i) interest earned on capital contributions held pending investment and on working capital (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest and (iii) a line of credit. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

Boston Capital Tax Credit Fund V LP and other Funds sponsored and offered by Boston Capital Securities, Inc. have entered into a line of credit financing agreement with Citibank whereby they can collectively borrow up to $40 million for up to 90 days to meet short-term cash needs required for the investment in certain Operating Partnerships. Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line. The repayment of any draws is anticipated to be made once the Fund has received sufficient Investor proceeds. Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank. As of September 30, 2005 Boston Capital Tax Credit Fund V LP did not have any amounts outstanding on the line of credit.

The Fund is accruing the fund management fees for Series 47 and Series 48 in order to maintain adequate Fund reserves. The Fund is also accruing the fund management fees for Series 49. Pursuant to the Partnership Agreement, such liabilities will be deferred until the Fund receives sales or refinancing proceeds from the Operating Partnerships, which will be used to satisfy such liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations.

Capital Resources

The Fund offered BACs in a Public Offering declared effective by the Securities and Exchange Commission on January 2, 2004. The Fund received $34,783,340, $22,993,720 and $60,000,000 representing 3,478,334, 2,299,372 and 6,000,000 BACs from investors admitted as BAC Holders in Series 47, Series 48 and Series 49, respectively, as of September 30, 2005.

Series 47

The Fund commenced offering BACs in Series 47 on January 2, 2004. Offers and sales of BACs in Series 47 were completed on April 30, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $26,279,545.

During the quarter ended September 30, 2005, Series 47 recorded capital contribution releases of $1,470,457. Series 47 has outstanding contributions payable in the amount of $5,289,110 as of September 30, 2005. Of the amount outstanding $1,245,069 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital, and the remaining contributions of $4,044,041 will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 48

The Fund commenced offering BACs in Series 48 on May 11, 2004. Offers and sales of BACs in Series 48 were completed on August 12, 2004. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $17,433,344.

During the quarter ended September 30, 2005, Series 48 recorded capital contribution releases of $1,782,529. Series 48 has outstanding contributions payable in the amount of $3,785,564 as of September 30, 2005. Of the amount outstanding $1,535,562 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital, and the remaining contributions of $2,250,002 will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 49

The Fund commenced offering BACs in Series 49 on August 24, 2004. Offers and sales of BACs in Series 49 were completed on April 29, 2005. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $44,427,217.

During the quarter ended September 30, 2004, Series 49 recorded capital contribution releases of $9,050,124. Series 49 has outstanding contributions payable in the amount of $23,651,675 as of September 30, 2005. Of the amount outstanding $4,656,701 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital, and the remaining contributions of $18,994,974 will be released from available net offering proceeds, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Line of Credit

Boston Capital Tax Credit Fund V LP and other Funds sponsored and offered by Boston Capital Securities, Inc. have entered into a line of credit financing agreement with Citibank whereby they can collectively borrow up to $40 million for up to 90 days to meet short-term cash needs required for the investment in certain Operating Partnerships. Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line. The repayment of any draws is anticipated to be made once the Fund has received sufficient Investor proceeds. Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank. As of September 30, 2005 Boston Capital Tax Credit Fund V LP did not have any amounts outstanding on the line of credit.

 

 

 

 

 

 

 

 

 

 

 

Results of Operations

As of September 30, 2005 the Fund held limited partnership interests in 40 Operating Partnerships. In each instance the Apartment Complex owned by the applicable Operating Partnership is eligible for the Federal Housing Tax Credit. Initial occupancy of a unit in each Apartment Complex which complied with the Minimum Set-Aside Test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the Rent Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to hereinafter as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective Apartment Complexes are described more fully in the Prospectus or applicable report on Form 8-K. The General Partner believes that there is adequate casualty insurance on the properties.

The Fund's results of operations for future periods will vary significantly from those for the period ended September 30, 2005 as Series 47, Series 48 and Series 49 continue to use the funds raised to invest in partnership interests of additional Operating Partnerships.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of certain asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred for the quarter ended September 30, 2005 for Series 47, Series 48, and Series 49 were $98,034, $59,553, and $95,786, respectively.

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.

Series 47

As of September 30, 2005 the average Qualified Occupancy was 82.3%. The series had a total of 15 properties at September 30, 2005. Out of the total 8 were at 100% Qualified Occupancy and 4 were in initial lease up. The series also had 3 properties with multiple buildings some of which were under construction and some of which were in lease-up at September 30, 2005. Since all of the properties were acquired after September 30, 2004, there is no comparative information to report.

For the period ended September 30, 2005, Series 47 reflects net loss from Operating Partnerships of $(682,943), which includes depreciation and amortization of $316,071. This is an interim period estimate; it is not indicative of the final year end results.

Series 48

As of September 30, 2005 the average Qualified Occupancy was 78.3%. The series had a total of 10 properties at September 30, 2005. Out of the total 5 were at 100% Qualified Occupancy and 2 were in initial lease up. The series also had 3 properties with multiple buildings some of which were under construction and some of which were in lease-up at September 30, 2005. Since all of the properties were acquired after September 30, 2004, there is no comparative information to report.

For the period ended September 30, 2005, Series 48 reflects net loss from Operating Partnerships of $(52,054), which includes depreciation and amortization of $63,921. This is an interim period estimate; it is not indicative of the final year end results.

 

 

Series 49

As of September 30, 2005 the average Qualified Occupancy was 70.5%. The series had a total of 15 properties at September 30, 2005. Out of the total 2 were at 100% Qualified Occupancy and 3 were in initial lease up. The series also had 9 properties that were still under construction and 1 property with multiple buildings some of which were under construction and some of which were in lease-up at June 30, 2005. Since all of the properties were acquired after September 30, 2004, there is no comparative information to report.

For the period ended September 30, 2005, Series 49 reflects net loss from Operating Partnerships of $(11,154). This is an interim period estimate; it is not indicative of the final year end results.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Off Balance Sheet Arrangements

None.

Critical Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which requires the Partnership to make certain estimates and assumptions. A summary of significant accounting policies is provided in Note 1 to the financial statements. The following section is a summary of certain aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of Partnership's financial condition and results of operations. The Partnership believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Partnership is required to assess potential impairments to its long-lived assets, which is primarily investments in limited partnerships. The Partnership accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Partnership does not control the operations of the Operating Limited Partnership.

If the book value of the Partnership's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Partnership and the estimated residual value to the Partnership, the Partnership reduces its investment in any such Operating Limited Partnership and includes such reduction in equity in loss of investment of limited partnerships.

Exceptions to Certifications

The March 31, 2005 Balance Sheet of Boston Capital Tax Credit Fund V L.P. is presented as unaudited in the Form 10-Q as the Report of the Independent Registered Public Accounting Firm could not be filed within the prescribed time period because the issuer was not able to obtain audit opinions which refer to the auditing standards of the Public Company Accounting Oversight Board (United States) (PCAOB) of property partnerships, in which the issuer holds noncontrolling limited partner interests.

Historically, the audits, and the reports thereon, of the local operating partnerships (typically owned 99% by the registrant) were performed in accordance with Generally Accepted Auditing Standards (GAAS).

On May 11, 2005 draft guidance was issued by the Public Company Accounting Oversight Board which was confirmed on June 24, 2005 by the AICPA Center for Public Company Audit Firms, that clearly establishes the requirement for the audit reports of the operating partnerships of a Public Fund to refer to the auditing standards of the PCAOB.

The audits of the operating partnerships were performed primarily during the months of January and February and refer to Generally Accepted Auditing Standards. We have all appropriate originally signed opinions from the operating partnerships, however, they do not refer to the auditing standards of the Public Company Accounting Oversight Board.

Our independent registered public accounting firm has performed an audit of the registrant for the period ending March 31, 2005, but could not issue an opinion in accordance with the standards of the Public Company Accounting Oversight Board (United States). Therefore, we are filing our 10-Q with March 31, 2005 balance sheets as "UNAUDITED" as it is without an audit opinion.

 

 

Item 3

Quantitative and Qualitative Disclosure About Market Risk
   
 

Not Applicable

 

Item 4

Controls & Procedures
     
 

(a)

Evaluation of Disclosure Controls and Procedures
   

As of the end of the period covered by this report, the Fund's General Partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Boston Capital Associates V LLC carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined in the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15. Based on that evaluation, the Partnership's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were adequate and effective in timely alerting them to material information relating to the Fund required to be included in the Fund's periodic SEC filings.
     
 

(b)

Changes in Internal Controls
   

There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended September 30, 2005 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings
   
 

None
   

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds
   
 

None
   

Item 3.

Defaults upon Senior Securities
   
 

None
   

Item 4.

Submission of Matters to a Vote of Security 
Holders
   
 

None
   

Item 5.

Other Information
   
 

None
   

Item 6.

Exhibits 
   
 

(a)Exhibits
   
   

31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herein
   
   

31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein
   
   

32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herein
     
   

32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herein
   
   
   
     

 

 

 

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
 

Boston Capital Tax Credit Fund V L.P.

 

By:

Boston Capital Associates V LLC,
General Partner
   
     

Date: November 21, 2005

  

By:

/s/ John P. Manning
John P. Manning
     
     

Managing Member

 

 

 

 


Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Fund and in the capacities and on the dates indicated:

DATE:

SIGNATURE:

TITLE:

November 21, 2005

/s/ John P. Manning

Director, President (Principal Executive Officer), Boston Capital Partners II Corp.; Director, President (Principal Executive Officer), BCTC V Assignor Corp.
 

John P. Manning
   
   
   
   
   
     

November 21, 2005

/s/ Marc N. Teal

Marc N. Teal

Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), Boston Capital Partners II Corp.; Sr. Vice President, Chief Financial Officer (Principal Financial and Accounting Officer), BCTC V Assignor Corp.