-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BZJO0KIwAcYx8NlMsJic5Gh2m02ZnhYYNKD6gefKK0sl5N64B5pTH0nzliv69x5t S1m3m7soc9IPNml/PEbGXA== 0000810663-97-000002.txt : 19970401 0000810663-97-000002.hdr.sgml : 19970401 ACCESSION NUMBER: 0000810663-97-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970211 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L P V CENTRAL INDEX KEY: 0000852953 STANDARD INDUSTRIAL CLASSIFICATION: 6513 IRS NUMBER: 043054464 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-19706 FILM NUMBER: 97524479 BUSINESS ADDRESS: STREET 1: 101 ARCH ST CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6174393911 10-Q 1 QH5 Q2 February 12, 1997 Securities and Exchange Commission Filer Support, Edgar Operation Center, Stop 0-7 6432 General Green Way Alexandria, VA 22312 Re: Boston Financial Qualified Housing Tax Credits L.P. V Report on Form 10-Q Edgar for Quarter Ended December 31, 1996 File No. 0-19706 Dear Sir/Madam: Pursuant to the requirements of Rule 901(d) of Regulation S-T, enclosed is one copy of subject report. Very truly yours, /s/Veronica J. Curioso Veronica J. Curioso Assistant Controller QH5-10Q3.DOC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 (Mark One) [ X ]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 1996 ---------------------------------------------- OR [ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to For Quarter Ended December 31, 1996 Commission file number 0-19706 --------------------------------- Boston Financial Qualified Housing Tax Credits L.P. V (Exact name of registrant as specified in its charter) Massachusetts 04-3054464 State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 101 Arch Street, Boston, MA 02110-1106 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (617) 439-3911 ------------------------ 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 X No . BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V (A Limited Partnership) TABLE OF CONTENTS PART I - FINANCIAL INFORMATION Page No. - - ------------------------------ Item 1. Financial Statements Balance Sheets - December 31, 1996 (Unaudited) and March 31, 1996 1 Statements of Operations (Unaudited) - For the Three and Nine Months Ended December 31, 1996 and 1995 2 Statement of Changes in Partners' Equity (Deficiency) (Unaudited) - For the Nine Months Ended December 31, 1996 3 Statements of Cash Flows (Unaudited) - For the Nine Months Ended December 31, 1996 and 1995 4 Notes to Financial Statements (Unaudited) 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 PART II - OTHER INFORMATION Items 1-6 9 SIGNATURE 10 BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V (A Limited Partnership) BALANCE SHEETS
December 31, March 31, 1996 1996 (Unaudited) Assets Current assets: Cash and cash equivalents $ 501,380 $ 243,644 Other current assets 22,263 25,408 ---------------- --------------- Total current assets 523,643 269,052 Investments in Local Limited Partnerships (Note 2) 31,742,802 34,878,562 Marketable securities, at fair value (Note 1) 2,789,137 3,099,255 ---------------- --------------- Total Assets $ 35,055,582 $ 38,246,869 ================ =============== Liabilities and Partners' Equity (Deficiency) Current liabilities: Accounts payable to affiliates $ 114,572 $ 71,527 Accounts payable and accrued expenses 55,848 67,883 ---------------- --------------- Total current liabilities 170,420 139,410 ---------------- --------------- Other liabilities: Deferred revenue (Note 3) 171,216 179,318 ---------------- --------------- General, Initial and Investor Limited Partners' Equity 34,738,065 37,953,300 Net unrealized losses on marketable securities (24,119) (25,159) ---------------- --------------- Total Partners' Equity 34,713,946 37,928,141 ---------------- --------------- Total Liabilities and Partners' Equity $ 35,055,582 $ 38,246,869 ================ ===============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V (A Limited Partnership) STATEMENTS OF OPERATIONS (Unaudited) For the Three and Nine Months Ended December 31, 1996 and 1995
Three Months Ended Nine Months Ended December 31, December 31, December 31, December 31, 1996 1995 1996 1995 ------------- ------------- ------------ --------- Revenues: Investment $ 21,135 $ 40,791 $ 117,969 $ 127,843 Other (15,015) 23,650 (6,089) 54,400 ------------- ------------- ------------ ------------ Total Revenue 6,120 64,441 111,880 182,243 ------------- ------------- ------------ ------------ Expenses: Asset management fees, related party 57,286 55,889 171,858 167,667 General and administrative (includes reimbursements to affiliates in the amounts of $80,029 and $72,480 in 1996 and 1995, respectively) 42,468 50,948 171,832 162,057 Amortization 7,018 7,622 22,198 22,886 ------------- ------------- ------------ ------------ Total Expenses 106,772 114,459 365,888 352,610 ------------- ------------- ------------ ------------ Loss before equity in losses of Local Limited Partnerships (100,652) (50,018) (254,008) (170,367) Equity in losses of Local Limited Partnerships (807,822) (1,038,962) (2,961,227) (3,192,754) ------------- ------------- ------------ ------------ Net Loss $ (908,474) $ (1,088,980) $ (3,215,235) $ (3,363,121) ============= ============= ============= ============ Net Loss allocated: To General Partners $ (9,084) $ (10,890) $ (32,152) $ (33,631) To Limited Partners (899,390) (1,078,090) (3,183,083) (3,329,490) ------------- ------------- ------------ ------------ $ (908,474) $ (1,088,980) $ (3,215,235) $ (3,363,121) ============= ============= ============ ============ Net Loss per Limited Partnership Unit (68,929 Units) $ (13.05) $ (15.64) $ (46.18) $ (48.30) ============= ============= ============ =============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V (A Limited Partnership) STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY) (Unaudited) For the Nine Months December 31, 1996
Initial Investor Net General Limited Limited Unrealized Partners Partners Partners Losses Total Balance at March 31, 1996 $ (212,573) $5,000 $ 38,160,873 $ (25,159) $ 37,928,141 Net change in net unrealized losses on marketable securities available for sale - - - 1,040 1,040 Net Loss (32,152) - (3,183,083) - (3,215,235) ----------- ------ ------------ --------- ------------- Balance at December 31, 1996 $ (244,725) $5,000 $ 34,977,790 $ (24,119) $ 34,713,946 =========== ====== ============ ========= =============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V (A Limited Partnership) STATEMENTS OF CASH FLOWS (Unaudited) For the Nine Months Ended December 31, 1996 and 1995
1996 1995 --------------- --------- Net cash used for operating activities $ (231,987) $ (5,878) ------------- ----------- Cash flows from investing activities: Investments in Local Limited Partnerships - (213,500) Purchases of marketable securities (455,427) (2,462,314) Proceeds from sales and maturities of marketable securities 792,815 2,584,643 Cash distributions received from Local Limited Partnerships 152,335 142,018 ------------ ----------- Net cash provided by investing activities 489,723 50,847 ------------ ----------- Net increase in cash and cash equivalents 257,736 44,969 Cash and cash equivalents, beginning of period 243,644 72,535 ------------ ----------- Cash and cash equivalents, end of period $ 501,380 $ 117,504 ============ ===========
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V (A Limited Partnership) Notes to Financial Statements (Unaudited) The unaudited financial statements presented herein have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and note disclosures required by generally accepted accounting principles. These statements should be read in conjunction with the financial statements and notes thereto included with the Partnership's 10-K for the year ended March 31, 1996. In the opinion of management, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Partnership's financial position and results of operations. The results of operations for the periods may not be indicative of the results to be expected for the year. 1. Marketable Securities A summary of marketable securities is as follows:
Gross Gross Unrealized Unrealized Fair Cost Gains Losses Value Debt securities issued by the US Treasury $ 2,547,123 $ 1,945 $ (29,899) $ 2,519,169 Mortgage backed securities 266,133 3,835 - 269,968 ----------- -------- --------- ----------- Marketable securities at December 31, 1996 $ 2,813,256 $ 5,780 $ (29,899) $ 2,789,137 =========== ======== ========= =========== Debt securities issued by the US Treasury and other US government corporations and agencies $ 2,941,472 $ 3,462 $ (31,743) $ 2,913,191 Mortgage backed securities 139,230 3,428 - 142,658 Other debt securities 43,712 - (306) 43,406 ----------- -------- --------- ----------- Marketable securities at March 31, 1996 $ 3,124,414 $ 6,890 $ (32,049) $ 3,099,255 =========== ======== ========= ===========
The contractual maturities at December 31, 1996 are as follows:
Fair Cost Value Due in one year or less $ 396,973 $ 396,200 Due in one year to five years 2,150,150 2,122,969 Mortgage backed securities 266,133 269,968 ----------- ----------- $ 2,813,256 $ 2,789,137 =========== ===========
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V (A Limited Partnership) Notes to Financial Statements (continued) (Unaudited) 1. Marketable Securities (continued) Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations. Proceeds from sales and maturities were approximately $793,000 and $2,585,000 for the nine months ended December 31, 1996 and 1995. Included in investment income are gross gains of $27,176 and $13,194 and gross losses of $946 and $12,177 which were realized on these sales during the nine months ended December 31, 1996 and 1995, respectively. 2. Investments in Local Limited Partnerships The Partnership has acquired interests in twenty-seven Local Limited Partnerships which own and operate multi-family housing complexes, most of which are government-assisted. The Partnership, as Investor Limited Partner pursuant to the various Local Limited Partnership Agreements, has generally acquired a 99% interest in the profits, losses, tax credits, and cash flows from operations of each of the Local Limited Partnerships, with the exception of Strathern Park/Lorne Park Apartments and Huguenot Park which are 95% and 88.6%, respectively. Upon dissolution, proceeds will be distributed according to each respective partnership agreement. The following is a summary of Investments in Local Limited Partnerships at December 31, 1996 (Unaudited):
Capital contributions paid to Local Limited Partnerships and purchase price paid to withdrawing partners of Local Limited Partnerships $ 55,520,042 Cumulative equity in losses of Local Limited Partnerships (24,058,295) Cumulative cash distributions received from Local Limited Partnerships (610,568) Investments in Local Limited Partnerships before adjustment 30,851,179 Excess of investment cost over the underlying net assets acquired: Acquisition fees and expenses 1,039,751 Accumulated amortization of acquisition fees and expenses (148,128) Investments in Local Limited Partnerships $ 31,742,802 =============
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V (A Limited Partnership) Notes to Financial Statements (continued) (Unaudited) 2. Investments in Local Limited Partnerships (continued) Summarized financial information from the combined financial statements of all Local Limited Partnerships in which the Partnership has invested is as follows: Summarized Balance Sheets - as of September 30, 1996 (Unaudited)
Assets: Investment property, net $ 120,557,035 Current assets 3,290,051 Other assets 6,120,823 -------------- Total Assets $ 129,967,909 ============== Liabilities and Partners' Equity: Current liabilities $ 7,671,371 Long-term debt 84,966,910 Other liabilities 1,703,669 -------------- Total Liabilities 94,341,950 Partners' Equity 35,625,959 -------------- Total Liabilities and Partners' Equity $ 129,967,909 ============== Summarized Income Statements - for the nine months ended September 30, 1996 (Unaudited) Rental and other income: $ 10,958,084 -------------- Expenses: Operating 5,305,180 Interest 4,941,548 Depreciation and amortization 3,738,871 -------------- Total Expenses 13,985,599 Net Loss $ (3,027,515) ============== Partnership's share of Net Loss $ (2,961,227) ============== Other Partners' share of Net Loss $ (66,288) ==============
3. Deferred Revenue Under the terms of a Local Limited Partnership Agreement, the Partnership was required to fund a Supplemental Reserve in the amount of $196,000. The original purpose of the contribution was to fund the development expenses of a Local Limited Partnership. Since the funds were not needed, the Local Limited Partnership Agreement allows that the established Supplemental Reserve along with the interest earned, are available to pay the Partnership its annual priority distribution. As of December 31, 1996, $55,000 has been released to the Partnership. The balance of the Supplemental Reserve is included in cash and cash equivalents. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V (A Limited Partnership) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Liquidity and Capital Resources At December 31, 1996, the Partnership had cash and cash equivalents of $501,380 as compared with $243,644 at March 31, 1996. The increase is attributable to proceeds from sales and maturities of marketable securities in excess of purchases of marketable securities and cash distributions received from Local Limited Partnerships. These increases are offset by net cash used for operations. Approximately $2,735,000 of marketable securities has been designated as Reserves by the Managing General Partner. The Reserves were established to be used for working capital of the Partnership and contingencies related to the ownership of Local Limited Partnership interests. Management believes that the investment income earned on the Reserves, along with cash distributions received from Local Limited Partnerships, to the extent available, will be sufficient to fund the Partnership's ongoing operations and any contingencies that may arise. Reserves may be used to fund Partnership operating deficits, if the Managing General Partner deems funding appropriate. Since the Partnership invests as a limited partner, the Partnership has no contractual duty to provide additional funds to Local Limited Partnerships beyond its specified investment. Thus, at December 31, 1996 , the Partnership had no contractual or other obligation to any Local Limited Partnership which had not been paid or provided for. In the event a Local Limited Partnership encounters operating difficulties requiring additional funds, the Partnership might deem it in its best interest to provide such funds, voluntarily, in order to protect its investment. No such event has occurred to date. Cash Distributions No cash distributions were made during the nine months ended December 31, 1996. Results of Operations The Partnership's results of operations for the three and nine months ended December 31, 1996 resulted in a net loss of $908,474 and $3,215,235 as compared to net losses of $1,088,980 and $3,363,121 for the same periods in 1995. The decrease in net losses is primarily attributable to a decrease in equity in losses of Local Limited Partnerships, offset by a decrease in revenue. The decrease in equity in losses of Local Limited Partnerships is due to improved operations which has resulted from an increase in occupancy and rental revenue of certain Local Limited Partnships. The decrease in revenue is due to reclassification of a prior year distribution which decreased investments in Local Limited Partnerships. Property Discussions Limited Partnership interests have been acquired in twenty-seven Local Limited Partnerships which are located in ten states and the virgin islands. Five of the properties, totaling 612 units, are existing and underwent rehabilitation; Twenty-two properties, consisting of 1,762 units, are new construction. All properties have completed construction or rehabilitation and initial lease-up. All but one of the Local Limited Partnerships are operating satisfactorily. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V (A Limited Partnership) PART II OTHER INFORMATION Items 1-5 Not applicable Item 6 Exhibits and reports on Form 8-K (a) Exhibits - None (b) Reports on Form 8-K - No reports on Form 8-K were filed during the quarter ended December 31, 1996. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V (A Limited Partnership) SIGNATURE 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, thereunto duly authorized. DATED: February 12, 1997 BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V By: Arch Street V, Inc., its Managing General Partner /s/Georgia Murray Georgia Murray A Managing Director, Treasurer and Chief Financial Officer EX-27 2 QH5 FINANCIAL DATA SCHEDULE FOR Q3 FY 97
5 9-MOS MAR-31-1997 DEC-31-1996 501,380 2,789,137 000 000 000 22,263 000 000 35,055,582 170,420 000 000 000 000 34,713,946 35,055,582 000 111,880 000 000 365,888 000 000 000 000 000 000 000 000 (3,215,235) (46.18) 000 Current Assets includes Prepaid insurance of $6,771 and Interest receivable of $15,492. Total Assets includes Investments in Local Limited Partnerships of $31,742,802. Included in Current Liabilities are Accounts payable to affiliates of $114,572 and accounts payable and accrued expenses of $55,848. Included in Total Liabilities and Equity is Deferred revenue of $171,216. Total Revenue includes Investment of $117,969 and Other revenue of $(6,089). Included in Other Expenses are General and Administrative of $171,832, Asset management fees of $171,858 and Amortization of $22,198. Net Loss includes Equity in losses of Local Limited Partnerships of $2,961,227.
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