10-Q 1 b5120510q.htm BCTC V DECEMBER 2005 10-Q Boston Capital Tax Credit Fund III 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 December 31, 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 a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.

Large accelerated filer[ ] Accelerated filer[ ] Non-accelerated filer[ 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 DECEMBER 31, 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



December 31,
2005
(Unaudited)

March 31,
2005
(Unaudited)

ASSETS

     

INVESTMENTS IN OPERATING PARTNERSHIPS 
(Note D)


$ 80,554,324


$ 69,531,720
     

OTHER ASSETS

    
       
 

Cash and cash equivalents

10,411,150

33,668,430

Investments

13,518,298

8,694,513
 

Notes receivable

3,012,587

766,381

Acquisition costs net

9,113,388

8,242,330
 

Other assets

8,355,224

6,080,173
 

$124,964,971

$126,983,547
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses 
(Note C)


$   361,778


$  769,246
 

Accounts payable affiliates

1,127,023

414,510
 

Capital contributions payable

24,118,433

  33,501,526
 

Line of credit

          -

          -
 

25,607,234

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 December 31, 2005 and March 31, 2005, respectively







99,474,648







92,416,511

General Partner

(10,030)

(5,469)

Unrealized gain (loss) on securities

    
 

Available for sale, net

 (106,881)

  (112,777)
 

99,357,737

92,298,265
 

$124,964,971

$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



December 31,
2005
(Unaudited)

March 31,
2005
(Unaudited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 
(Note D)


$ 24,327,181


$ 25,394,408
     

OTHER ASSETS

    
 

Cash and cash equivalents

421,464

1,965,813
 

Investments

3,395,971

5,789,950
 

Notes receivable

1,245,069

278,096

Acquisition costs net

2,752,083

2,797,910
 

Other assets

   676,153

   718,213
 

$ 32,817,921

$ 36,944,390
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses 
(Note C)


$     93,913


$    135,103
 

Accounts payable affiliates

537,082

244,399
 

Capital contributions payable

4,835,791

    7,963,457
 

Line of credit

          -

          -
 

  5,466,786

  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 December 31, 2005





27,386,552





28,675,468

General Partner

(7,073)

(3,843)

Unrealized gain (loss) on securities

    
 

available for sale, net

   (28,344)

   (70,194)
 

 27,351,135

 28,601,431
 

$ 32,817,921

$ 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



December 31,
2005
(Unaudited)

March 31,
2005
(Unaudited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 
(Note D)


$17,208,949


$17,215,034
     

OTHER ASSETS

    
 

Cash and cash equivalents

1,928,165

3,559,396
 

Investments

503,077

2,904,563
 

Notes receivable

557,254

185,292

Acquisition costs net

2,049,787

1,996,000
 

Other assets

   979,908

980,409
 

$23,227,140

$26,840,694
     

LIABILITIES

     
 

Accounts payable & accrued expenses 
(Note C)


$    68,494


$  77,805
 

Accounts payable affiliates

300,643

121,984
 

Capital contributions payable

3,685,564

7,222,638
 

Line of credit

         -

         -
 

4,054,701

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 December 31, 2005





19,174,391





19,462,122

General Partner

(1,983)

(1,272)

Unrealized gain (loss) on securities

    
 

Available for sale, net

   31

  (42,583)
 

19,172,439

19,418,267
 

$23,227,140

$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



December 31,
2005
(Unaudited)

March 31,
2005
(Unaudited)

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 
(Note D)


$39,018,194


$26,922,278
     

OTHER ASSETS

    
 

Cash and cash equivalents

8,061,521

28,143,221
 

Investments

9,619,250

-
 

Notes receivable

1,210,264

302,993

Acquisition costs net

4,311,518

3,448,420
 

Other assets

6,699,163

4,381,551
 

$68,919,910

$63,198,463
     

LIABILITIES

    
     
 

Accounts payable & accrued expenses 
(Note C)


$  199,371


$  556,338
 

Accounts payable affiliates

289,298

48,127
 

Capital contributions payable

15,597,078

18,315,431
 

Line of credit

         -

         -
 

16,085,747

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 December 31, 2005 and March 31, 2005, respectively







52,913,705







44,278,921

General Partner

(974)

(354)

Unrealized gain (loss) on securities

    
 

Available for sale, net

  (78,568)

         -
 

52,834,163

44,278,567
 

$68,919,910

$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 December 31,
(Unaudited)

 


  2005


  2004
     

Income

    
 

Interest income

$   287,093

$  128,540
 

Other income

         -

         -
 

   287,093

   128,540

Share of income (loss) from Operating 
Partnerships(Note D)


(365,912)


-
     

Expenses

    
 

Professional fees

22,313

12,212
 

Fund management fee (Note C)

251,284

147,681
 

Organization costs

-

87,827
 

Amortization

88,273

24,718
 

General and administrative expenses

    82,199

    54,158
 

  444,069

  326,596
     

NET INCOME (LOSS)

$ (522,888)

$ (198,056)
     

Net income (loss) allocated to
limited partners


$ (521,581)


$ (197,561)
     

Net income (loss) allocated to
general partner


$   (1,307)


$   (495)
     

Net income (loss) per BAC

$     (.04)

$     (.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 December 31,
(Unaudited)

Series 47


    2005


    2004
     

Income

    
 

Interest income

$    43,119

$    75,142
 

Other income

         -

         -
 

    43,119

    75,142

Share of income (loss) from Operating 
Partnerships(Note D)


(251,508)


-
     

Expenses

    
 

Professional fees

7,478

7,739
 

Fund management fee (Note C)

95,441

86,313
 

Organization costs

-

-
 

Amortization

27,183

24,718
 

General and administrative expenses

    24,690

    35,963

  

  154,792

  154,733
     

NET INCOME (LOSS)

$ (363,181)

$ (79,591)
     

Net income (loss) allocated to limited
partners


$ (362,273)


$ (79,392)
     

Net income (loss) allocated to general
partner


$   (908)


$   (199)
     

Net income (loss) per BAC

$     (.10)

$     (.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 December 31,
(Unaudited)

Series 48


    2005


    2004

     

Income

    
 

Interest income

$    10,634

$   40,820
 

Other income

         -

         -
 

    10,634

   40,820

Share of income (loss) from Operating 
Partnerships(Note D)


  2,240


   -
     

Expenses

    
 

Professional fees

3,539

4,044
 

Fund management fee (Note C) 

59,553

55,367
 

Organization costs

-

-
 

Amortization

19,600

-
 

General and administrative expenses

    10,263

    16,226

  

    92,955

    75,637
     

NET INCOME (LOSS)

$  (80,081)

$  (34,817)
     

Net income (loss) allocated to limited
partners


$  (79,881)


$ (34,730)
     

Net income (loss) allocated to general 
partner

$   (200)

$   (87)
     

Net income (loss) per BAC


$  (.03)


$  (.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 December 31,
(Unaudited)

Series 49


    2005


    2004

     

Income

    
 

Interest income

$    233,340

$   12,578
 

Other income

         -

          -
 

   233,340

   12,578

Share of income (loss) from Operating 
Partnerships(Note D)


(116,644)


   -
     

Expenses

    
 

Professional fees

11,296

429
 

Fund management fee (Note C) 

96,290

6,001
 

Organization costs

-

87,827
 

Amortization

41,490

-
 

General and administrative expenses

    47,246

     1,969

  

   196,322

   96,226
     

NET INCOME (LOSS)

$  (79,626)

$  (83,648)
     

Net income (loss) allocated to limited
partners


$  (79,427)


$ (83,439)
     

Net income (loss) allocated to general 
partner

$   (199)

$   (209)
     

Net income (loss) per BAC


$  (.01)


$  (.03)
     








 

 








The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

 


  2005


  2004
     

Income

    
 

Interest income

$    669,252

$  200,509
 

Other income

         -

         -
 

   669,252

   200,509

Share of loss from Operating
Partnerships (Note D)


(1,104,600)


-
     

Expenses

    
 

Professional fees

132,692

31,775
 

Fund management fee (Note C)

758,376

289,818
 

Organization costs

-

289,293
 

Amortization

260,853

24,718
 

General and administrative expenses

   237,377

   143,430
 

 1,389,298

  779,034
     

NET INCOME (LOSS)

$(1,824,646)

$ (578,525)
     

Net income (loss) allocated to
limited partners


$(1,820,085)


$ (577,079)
     

Net income (loss) allocated to
general partner


$    (4,561)


$  (1,446)
     

Net income (loss) per BAC

$      (.15)

$     (.06)
     







 


 

 

 








The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 47


    2005


    2004
     

Income

    
 

Interest income

$    126,181

$   136,186
 

Other income

         -

         -
 

   126,181

   136,186

Share of loss from Operating
Partnerships(Note D)


(927,621)


-
     

Expenses

    
 

Professional fees

41,627

26,022
 

Fund management fee (Note C)

291,683

212,394
 

Organization costs

-

99,946
 

Amortization

80,888

24,718
 

General and administrative expenses

     76,508

   106,305

  

  490,706

  469,385
     

NET INCOME (LOSS)

$(1,292,146)

$ (333,199)
     

Net income (loss) allocated to limited
partners


$(1,288,916)


$ (332,366)
     

Net income (loss) allocated to general
partner


$   (3,230)


$   (833)
     

Net income (loss) per BAC

$     (.37)

$     (.10)
     







 

 











The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 48


    2005


    2004

     

Income

    
 

Interest income

$    55,398

$    51,507
 

Other income

         -

         -
 

    55,398

   51,507

Share of loss from Operating 
Partnerships(Note D)


  (49,293)


   -
     

Expenses

    
 

Professional fees

23,177

5,324
 

Fund management fee (Note C) 

178,659

71,423
 

Organization costs

-

101,520
 

Amortization

57,709

-
 

General and administrative expenses

    31,051

    28,787

  

   290,596

   207,054
     

NET INCOME (LOSS)

$ (284,491)

$ (155,547)
     

Net income (loss) allocated to limited
partners


$ (283,780)


$ (155,158)
     

Net income (loss) allocated to general 
partner

$   (711)

$   (389)
     

Net income (loss) per BAC


$  (.12)


$  (.07)
     


 

 

 

 













The accompanying notes are an integral part of this statement


Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 49


    2005


    2004
     

Income

    
 

Interest income

$   487,673

$ 12,816
 

Other income

         -

         -
 

   487,673

  12,816

Share of loss from Operating 
Partnerships(Note D)


(127,686)


   -
     

Expenses

    
 

Professional fees

67,888

429
 

Fund management fee (Note C) 

288,034

6,001
 

Organization costs

-

87,827
 

Amortization

122,256

-
 

General and administrative expenses

   129,818

     8,338

  

   607,996

  102,595
     

NET INCOME (LOSS)

$ (248,009)

$  (89,779)
     

Net income (loss) allocated to limited
partners


$ (247,389)


$  (89,555)
     

Net income (loss) allocated to general 
partner

$   (620)


$  (224)
     

Net income (loss) per BAC


$  (.04)


$  (.03)
     





 

 

 

 










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)

Nine Months Ended December 31, 2005
(Unaudited)

 



Limited
Partners



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)

  (1,820,085)

    (4,561)

         -

  (1,824,646)
         

Unrealized income (loss)

on securities available

for sale

 

          -

 

          -

 

    5,896

 

    5,896
         

Partners' capital
(deficit),
  December 31, 2005



$ 99,474,648



$  (10,030)



$  (106,881)



$ 99,357,737
         











 














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)

Nine Months Ended December 31, 2005
(Unaudited)

 



Limited
Partners



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)

  (1,288,916)

   (3,230)

         -

  (1,292,146)
         

Unrealized income (loss)

on securities available

for sale

 

          -

 

          -

 

     41,850

 

    41,850
         

Partners' capital
(deficit),
  December 31, 2005



$ 27,386,552



$  (7,073)



$   (28,344)



$ 27,351,135
         

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)

  (283,780)

     (711)

         -

(284,491)
         

Unrealized income (loss)

on securities available

for sale

 

          -

 

          -

 

    42,614

 

    42,614
         

Partners' capital
(deficit),
  December 31, 2005



$ 19,174,391



$   (1,983)



$   31



$ 19,172,439
         





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)

Nine Months Ended December 31, 2005
(Unaudited)

 



Limited
Partners



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)

   (247,389)

     (620)

         -

(248,009)
         

Unrealized income (loss)

on securities available

for sale

 

          -

 

         -

 

   (78,568)

 

   (78,568)
         

Partners' capital
(deficit),
  December 31, 2005



$ 52,913,705



$   (974)



$   (78,568)



$ 52,834,163
         






 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

 

2005

2004

Cash flows from operating activities:

    
     
 

Net income (loss)

$ (1,824,646)

$ (578,525)
 

Adjustments

    
 

Amortization

260,853

24,718
 

Distributions from Operating
  Partnerships


-


-
 

Share of Loss from Operating
  Partnerships


1,104,600


-
 

Changes in assets and liabilities

    
 

(Decrease) Increase in accounts
  payable and accrued expenses


(407,468)


1,198,309
 

Decrease (Increase) in prepaid
  expenses


-


-
 

Decrease (Increase) in accounts
  receivable


(2,275,051)


(5,391,068)
 

(Decrease) Increase in accounts
  payable affiliates


712,513


(66,944)
       
 

Net cash (used in) provided by 
operating activities


(2,429,199)


(4,813,510)
     
     

Cash flows from investing activities:

    
     
 

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



(1,247,250)



(5,663,280)
 

Capital contributions paid to 
  Operating Partnerships


(21,394,958)


(21,464,656)
 

Advances to Operating Partnerships

(2,246,206)

(1,038,093)
 

Investments

 (4,817,889)

 (8,858,340)

Net cash (used in) provided by
investing activities


(29,706,303)


(37,024,369)


 

 

 

 




The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

 

2005

2004
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

(1,038,659)

(9,214,124)
 

Line of credit

-

(2,678,132)
 

Capital contributions received

   9,916,881

  72,346,590
       
 

Net cash (used in) provided by
financing activities


   8,878,222


  60,454,334
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


(23,257,280)


  18,616,455
     

Cash and cash equivalents, beginning

  33,668,430

   6,659,989
     

Cash and cash equivalents, ending

$  10,411,150

$  25,276,444
     

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





$  12,257,271





$  31,246,540
     









 

 

 

 

 










The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 47

 

2005

2004

Cash flows from operating activities:

    
     
 

Net income (loss)

$ (1,292,146)

$   (333,199)

Adjustments

 

Amortization

80,888

24,718
 

Distributions from Operating
  Partnerships


-


-
 

Share of Loss from Operating
  Partnerships


927,621


-
 

Changes in assets and liabilities

    
 

(Decrease) Increase in accounts
  payable and accrued expenses


(41,190)


(660,917)
 

Decrease (Increase) in accounts
  receivable


42,060


6,902,240
 

(Decrease) Increase in accounts
  payable affiliates


292,683


(261,891)
       
 

Net cash (used in) provided by 
operating activities


9,916


5,670,951
     
     

Cash flows from investing activities:

    
     
 

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



(34,467)



(1,523,998)
 

Capital contributions paid to 
  Operating Partnerships


(2,988,654)


(12,580,668)
 

Advances to Operating Partnerships

(966,973)

(235,100)
 

Investments

2,435,829

(5,894,244)
       
 

Net cash (used in) provided by
investing activities


(1,554,265)


(20,234,010)

 

 

 

 

 

 

 

 

 

 



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 47

 

2005

2004
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

-

(2,019,370)
 

Line of credit

-

(2,678,132)
 

Capital contributions received

-

 16,333,890
     
 

Net cash (used in) provided by
financing activities


  -


 11,636,388
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


(1,544,349)


(2,926,671)

     

Cash and cash equivalents, beginning

  1,965,813

  6,659,989
     

Cash and cash equivalents, ending

$   421,464

$  3,733,318
     

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





$   591,815





$  7,319,950
     





 

 

 

 

 











The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 48

 

2005

2004

Cash flows from operating activities:

    
     
 

Net income (loss)

$   (284,491)

$   (155,547)
 

Adjustments

    
 

Amortization

57,709

-
 

Distributions from Operating
  Partnerships


-


-
 

Share of Loss from Operating
  Partnerships


49,293


-
 

Changes in assets and liabilities

    
 

(Decrease) Increase in accounts
  payable and accrued expenses


(9,311)


50,767
 

Decrease (Increase) in accounts
  receivable


501

(1,327,981)
 

(Decrease) Increase in accounts
  payable affiliates


178,659


33,067
 

Net cash (used in) provided by 
operating activities


(7,640)


(1,399,694)
     
     

Cash flows from investing activities:

    
     
 

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



(112,888)



(1,918,973)
 

Capital contributions paid to 
  Operating Partnerships


(3,578,890)


(6,864,802)
 

Advances to Operating Partnerships

(371,962)

-
 

Investments

2,444,100

(2,964,096)
       

Net cash (used in) provided by
investing activities


(1,619,640)


(11,747,871)


 

 

 

 

 

 

 

 

 



The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 48

 

2005

2004
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

(3,951)

(2,984,784)
 

Line of credit

          -

          -
 

Capital contributions received

 -

 22,993,720
       
 

Net cash (used in) provided by
financing activities


  (3,951)


 20,008,936
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


(1,631,231)


  6,861,371
     

Cash and cash equivalents, beginning

  3,559,396

     -
     

Cash and cash equivalents, ending

$  1,928,165

$  6,861,371
     

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





$   -





$ 10,408,772
     




 

 

 














The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 49

 

2005

2004

Cash flows from operating activities:

    
     
 

Net income (loss)

$   (248,009)

$   (89,779)
 

Adjustments

    
 

Amortization

122,256

-
 

Distributions from Operating
  Partnerships


-


-
 

Share of Loss from Operating
  Partnerships


127,686


-
 

Changes in assets and liabilities

    
 

(Decrease) Increase in accounts
  payable and accrued expenses


(356,967)


1,808,459
 

Decrease (Increase) in accounts
  receivable


(2,317,612)


(10,965,327)
 

(Decrease) Increase in accounts
  payable affiliates


241,171


161,880
 

Net cash (used in) provided by 
operating activities


(2,431,475)


(9,084,767)

     
     

Cash flows from investing activities:

    
     
 

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



(1,099,895)



(2,220,309)
 

Capital contributions paid to 
  Operating Partnerships


(14,827,414)


(2,019,186)
 

Advances to Operating Partnerships

(907,271)

       (802,993)
 

Investments

 (9,697,818)

 -
       
 

Net cash (used in) provided by
investing activities


(26,532,398)


(5,042,488)

 

 

 

 

 

 

 

 

 

 

 




The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 49

 

2005

2004
     

Continued

    
     

Cash flows from financing activities:

    
     
 

Sales and registration costs paid

(1,034,708)

(4,209,970)
 

Line of credit

          -

          -
 

Capital contributions received

  9,916,881

  33,018,980
       
 

Net cash (used in) provided by
financing activities


  8,882,173


  28,809,010
     
     

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS


(20,081,700)


14,681,755

     

Cash and cash equivalents, beginning

28,143,221

 -
     

Cash and cash equivalents, ending

$  8,061,521

$  14,681,755

     

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





$  11,665,456





$  13,517,818
     







 

 

 

 










The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS
December 31, 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 December 31, 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 December 31, 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

The Fund concluded its public offering of BACs in the Fund on April 29, 2005.

 

 

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2005
(Unaudited)

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2005 and for the three and nine 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 December 31, 2005 by contractual maturity are as follows:

 

Amortized Cost
   

Due in one year or less

$ 4,806,658

Due after one year

8,818,521

Total

$13,625,179

 

The fair market value of the securities is $13,518,298. The difference being an unrealized loss on securities available for sale of $106,881, as of December 31, 2005.

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 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 December 31, 2005 and 2004 are as follows:
 

2005

2004

Series 47

$   96,441

$   57,213

Series 48

59,553

26,599

Series 49

96,290

6,001

Total

$ 252,284

$ 89,813


The fund management fees paid for the quarter ended December 31, 2005 and 2004 are as follows:
 

2005

2004

Series 47

$   -

$   43,596

Series 48

-

28,767

Series 49

-

-

Total

$ -

$ 72,363

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2005 and 2004 the Fund has limited partnership interests in 42 and 28 Operating Partnerships which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at December 31, 2005 and 2004 is as follows:
 

2005

2004

  

Series 47

15

13

  

Series 48

10

11

*

Series 49

17

4

  

Total

42

28

  

* The reduction in the number of properties between 2005 and 2004 is do to a miscalculation in the prior year.

 

Boston Capital Tax Credit Fund V L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 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 nine months ended September 30, 2005.


COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

 
 

        Series 47*

        2005
   

Revenues

  
 

Rental

$ 1,574,238
 

Interest and other

    70,344
 

 1,644,582
   

Expenses

  
 

Interest

677,697
 

Depreciation and amortization

511,113
 

Operating expenses

 1,396,444
 

 2,585,254
   

NET LOSS

$ (940,672)
   

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


$ (931,265)
   

Net loss allocated to other Partners


$   (9,407)
   

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund V L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2005

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

 
 

        Series 48*

        2005
   

Revenues

  
 

Rental

$    389,723
 

Interest and other

    13,441
 

   403,164
   

Expenses

  
 

Interest

97,896
 

Depreciation and amortization

92,029
 

Operating expenses

   263,030
 

   452,955
   

NET LOSS

$  (49,791)
   

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


$  (49,293)
   

Net loss allocated to other Partners


$     (498)
   

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund V L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2005

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

 
 

        Series 49*

        2005
   

Revenues

  
 

Rental

$    401,810
 

Interest and other

    19,387
 

   421,197
   

Expenses

  
 

Interest

125,988
 

Depreciation and amortization

-
 

Operating expenses

   424,185
 

   550,173
   

NET LOSS

$ (128,976)
   

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


$ (127,686)
   

Net loss allocated to other Partners


$   (1,290)
   

 

 

 

 

*The Operating Partnerships in Series 49 did not commence operations until after September 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 December 31, 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, Series 48, and Series 49 in order to maintain adequate Fund reserves. 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 December 31, 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 $26,379,160.

 

 

During the quarter ended December 31, 2005, Series 47 recorded capital contribution releases of $494,936. Series 47 has outstanding contributions payable in the amount of $4,835,791 as of December 31, 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 $3,590,722 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 December 31, 2005, Series 48 recorded capital contribution releases of $100,000. Series 48 has outstanding contributions payable in the amount of $3,685,564 as of December 31, 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 $2,150,002 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 17 Operating Partnerships in the amount of $38,983,875.

During the quarter ended December 31, 2004, Series 49 recorded capital contribution releases of $2,611,256. Series 49 has outstanding contributions payable in the amount of $15,597,078 as of December 31, 2005. Of the amount outstanding $7,493,691 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 $8,103,387 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 December 31, 2005 Boston Capital Tax Credit Fund V LP did not have any amounts outstanding on the line of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

Results of Operations

As of December 31, 2005 the Fund held limited partnership interests in 42 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 December 31, 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 December 31, 2005 for Series 47, Series 48, and Series 49 were $95,441, $59,553, and $96,290, 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 December 31, 2005 the average Qualified Occupancy was 90.3%. The series had a total of 15 properties at December 31, 2005. Out of the total 9 were at 100% Qualified Occupancy and 6 were in initial lease up. Since all of the properties were acquired after December 31, 2004, there is no comparative information to report.

For the period ended December 31, 2005, Series 47 reflects net loss from Operating Partnerships of $(940,672), which includes depreciation and amortization of $511,113. This is an interim period estimate; it is not indicative of the final year end results.

Series 48

As of December 31, 2005 the average Qualified Occupancy was 90.7%. The series had a total of 10 properties at December 31, 2005. Out of the total 6 were at 100% Qualified Occupancy and 4 were in initial lease up. Since all of the properties were acquired after December 31, 2004, there is no comparative information to report.

For the period ended December 31, 2005, Series 48 reflects net loss from Operating Partnerships of $(49,791), which includes depreciation and amortization of $92,029. This is an interim period estimate; it is not indicative of the final year end results.

 

 

 

 

Series 49

As of December 31, 2005 the average Qualified Occupancy was 83.1%. The series had a total of 17 properties at December 31, 2005. Out of the total 5 were at 100% Qualified Occupancy and 4 were in initial lease up. The series also had 6 properties that were still under construction and 2 property with multiple buildings some of which were under construction and some of which were in lease-up. Since all of the properties were acquired after December 31, 2004, there is no comparative information to report.

For the period ended December 31, 2005, Series 49 reflects net loss from Operating Partnerships of $(128,976). This is an interim period estimate; it is not indicative of the final year end results.

Off Balance Sheet Arrangements

None.

Recent Accounting Pronouncements

As of December 31, 2005, the partnership adopted FASB Interpretation No. 46 - Revised ("FIN46R"), "Consolidation of Variable Interest Entities." FIN 46R provides guidance on when a company 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. 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 absorbs the majority of the entity's expected losses, the majority of the expected returns, or both.

Based on the guidance of FIN 46R, the operating limited partnerships in which the partnership invests in meet the definition of a VIE. However, management does not consolidate the partnership's interests in these VIEs under FIN 46R, as it is not considered to be the primary beneficiary. The partnership currently records the amount of its investment in these partnerships as an asset in the 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 the financial statements.

The partnership's balance in investment in operating 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 partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the local general partners and their guarantee against credit recapture.

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

As discussed in its annual report on Form 10-K for the year ended 2005, Boston Capital Tax Credit Fund V L.P. (the "Partnership") was unable to obtain an audit of its financial statements included in such annual report performed in accordance with the standards of the PCAOB. This was due to the inability to obtain audits of financial statements of the entities in which the Partnership has invested (the "Operating Partnerships") performed in accordance with the standards of the PCAOB. (Audit opinions, which the Partnership's auditors originally intended to rely upon in forming their opinion, were obtained from the Operating Partnerships that are in accordance with generally accepted auditing standards for the United States, although not in accordance with the standards of PCAOB.) Accordingly, the Partnership filed its annual report on Form 10-K for the year ended 2005 as "UNAUDITED."

The Partnership continues to evaluate ways of addressing this deficiency and, together with its auditors, has discussed solutions with the SEC and the PCAOB. To date, those solutions primarily entail enhanced audit documentation required by PCAOB Audit Standard No. 3. The Partnership's auditors would have to perform additional procedures related to those Operating Partnerships in order to complete their audit.

The Partnership's auditors have been engaged to perform, and have performed, a review of the Partnership's interim financial information included in the Partnership's quarterly report on Form 10-Q for the quarter ended December 2005.

Despite the Partnership's ongoing efforts to address these matters, the Partnership at the time of this filing is an untimely filer due to the deficiency in its annual report on Form 10-K

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 December 31, 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: February 21, 2006

  

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:

February 21, 2006

/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
   
   
   
   
   
     

February 21, 2006

/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.