INVESTMENTS IN OPERATING PARTNERSHIPS

3 Months Ended

Jun. 30, 2016

Investments In and Advance To Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2016 and 2015, the Fund had limited partnership interests in 60 and 68 Operating Partnerships, respectively, which own or are constructing apartment complexes. The breakdown of Operating Partnerships within the Fund at June 30, 2016 and 2015 is as follows:

	2016	2015
Series 15	14	17
Series 16	19	21
Series 17	9	12
Series 18	12	12
Series 19	6	6
	60	68

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships.  These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations.  The contributions payable at June 30, 2016 and 2015 are as follows:

	2016	2015
Series 15	$      -	$      -
Series 16	-	50,008
Series 17	7,893	7,893
Series 18	18,554	18,554
Series 19	-	-
	$ 26,447	$ 76,455

During the three months ended June 30, 2016 the Fund disposed of one Operating Partnership. A summary of the dispositions by Series for June 30, 2016 is as follows:

Series 15	-	-	$	-	$	-
Series 16	1	-		97,615		147,623
Series 17	-	-		-		-
Series 18	-	-		-		-
Series 19	-	-		-		-
Total	1	-	$	97,615	$	147,623

* Fund proceeds from disposition does not include $50,008 which was due to a writeoff of capital contribution payable in Series 16.

During the three months ended June 30, 2015 the Fund disposed of two Operating Partnerships. A summary of the dispositions by Series for June 30, 2015 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition*		Gain on Disposition
Series 15	-	1	$	325,769	$	325,769
Series 16	-	-		-		-
Series 17	-	1		5,524,959		5,524,959
Series 18	-	-		341,833		-
Series 19	-	-		-		-
Total	-	2	$	6,192,561	$	5,850,728

* Fund proceeds from disposition include $341,833 which was receivable as of March 31, 2015 for Series 18.

The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund’s investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the condensed financial statements.

The Fund's fiscal year ends March 31st of 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 Partnerships quarterly period.  Accordingly, the current financial results available for the Operating Partnerships are for the three months ended March 31, 2016.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

	2016	2015
Revenues
Rental	$ 2,700,506	$ 3,263,242
Interest and other	51,169	62,042
	2,751,675	3,325,284
Expenses
Interest	313,528	408,660
Depreciation and amortization	666,206	845,960
Operating expenses	2,042,583	2,514,133
	3,022,317	3,768,753
NET LOSS	$ (270,642)	$ (443,469)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$ (267,934)	$ (439,032)
Net loss allocated to other     Partners	$   (2,708)	$   (4,437)

* Amounts include $267,934 and $439,032 for 2016 and 2015, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited) 

Series 15

	2016	2015
Revenues
Rental	$    592,173	$   725,157
Interest and other	13,524	12,202
	605,697	737,359
Expenses
Interest	76,495	98,002
Depreciation and amortization	137,899	187,833
Operating expenses	412,557	560,078
	626,951	845,913
NET LOSS	$   (21,254)	$  (108,554)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$   (21,041)	$  (107,468)
Net loss allocated to other     Partners	$      (213)	$    (1,086)

* Amounts include $21,041 and $107,468 for 2016 and 2015, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 16

	2016	2015
Revenues
Rental	$    850,747	$  1,126,696
Interest and other	12,292	16,743
	863,039	1,143,439
Expenses
Interest	101,234	144,524
Depreciation and amortization	190,845	290,726
Operating expenses	597,955	814,159
	890,034	1,249,409
NET LOSS	$   (26,995)	$  (105,970)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$   (26,725)	$  (104,910)
Net loss allocated to other     Partners	$      (270)	$    (1,060)

* Amounts include $26,725 and $104,910 for 2016 and 2015, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 17

	2016	2015
Revenues
Rental	$    534,473	$   700,583
Interest and other	9,481	12,712
	543,954	713,295
Expenses
Interest	55,779	88,135
Depreciation and amortization	164,820	195,800
Operating expenses	414,539	533,854
	635,138	817,789
NET LOSS	$   (91,184)	$  (104,494)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$   (90,271)	$  (103,448)
Net loss allocated to other     Partners	$      (913)	$    (1,046)

* Amounts include $90,271 and $103,448 for 2016 and 2015, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 18

	2016	2015
Revenues
Rental	$     536,554	$    523,605
Interest and other	10,682	16,560
	547,236	540,165
Expenses
Interest	55,544	54,430
Depreciation and amortization	131,833	131,150
Operating expenses	460,742	442,777
	648,119	628,357
NET LOSS	$   (100,883)	$    (88,192)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$    (99,874)	$    (87,310)
Net loss allocated to other     Partners	$    (1,009)	$      (882)

 

* Amounts include $99,874 and $87,310 for 2016 and 2015, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 19

	2016	2015
Revenues
Rental	$    186,559	$    187,201
Interest and other	5,190	3,825
	191,749	191,026
Expenses
Interest	24,476	23,569
Depreciation and amortization	40,809	40,451
Operating expenses	156,790	163,265
	222,075	227,285
NET LOSS	$   (30,326)	$   (36,259)
Net loss allocation to Boston      Capital Tax Credit Fund     III L.P.*	$   (30,023)	$   (35,896)
Net loss allocated to other     Partners	$     (303)	$     (363)

* Amounts include $30,023 and $35,896 for 2016 and 2015, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of
accounting. Under the equity method of accounting, the Fund adjusts
its investment cost for its share of each Operating Partnership’s results of
operations and for any distributions received or accrued. However, the
Fund recognizes individual operating losses only to the extent of
capital contributions. Excess losses are suspended for use in future years to
offset excess income.